#1Investor Presentation March 2024 SJW Group#2National Pure-Play Water/Wastewater: Local Expertise Our Mission Trusted, passionate, and socially-responsible professionals delivering life-sustaining, high-quality water and exceptional service while protecting the environment, enhancing our communities and providing a fair return to shareholders Corporate HQ . ASSETS. 5,400+ 39 Miles of pipe Water treatment plants 400+ Wells • 5 Wastewater facilities 300+ Water storage facilities 160+ Pumping H stations ~1.5M People served across CA, CT, ME and TX Market Data¹ As of March 8, 2024, unless otherwise noted: $3.6 Billion Total Enterprise Value $1.8 Billion Market Capitalization 2.8% Dividend Yield 30% Five-Year Total Shareholder Return as of December 31, 2023 $670 Million Operating Revenue in 2023 Resources As of December 31, 2023, unless otherwise noted: 405,850 Water & Wastewater Connections $2.1 Billion Rate Base² 1 Source: Bloomberg 2 An approximation of rate base, which includes net utility plant not yet included in rate base pending rate case filings/outcomes SJW Group 2#3Strategically Diverse Business Model • Economic, Weather and Regulatory Diversity Pure-Play Regulated Water/Wastewater Geographic Diversity $31.9M 34% 95% 2023 Net Income Regulated vs. Unregulated1 ■ Regulated ■ Unregulated 5% 12023 net income of the water utility services business segment, excludes real estate 2023 Regulated $3.6M 4% Net Income by State $4.7M 5% $54.1M 57% ■CA CT ■ME ■TX SJW Group 3#4Building Blocks for Delivering Value Shareholders Leverage regulatory compact Infrastructure investment and earning a return "of and on" investments Focus on core water and wastewater Maintain constructive regulatory relationships Deliver growth that adds shareholder value Customers/Communities Provide high-quality water while supporting conservation High level of community engagement Deliver world-class service Customer financial assistance programs Be a positive force in the community Environment Sustainability is at the core of our business Passionate about stewardship and the value of water Protect and manage water and watersheds for the future Use available rate-making tools to encourage conservation Leverage technology to minimize water loss Employees Passionate employees delivering a life- sustaining service Values-based, team-oriented approach Healthy, safe and secure workplace Invest in education and leadership development for our water professionals SJW Group 4#5Key Investment Highlights Growth Capital and Customers • . Invested $272M in water/wastewater infrastructure in 2023 Announced $230M CapEx estimate for per- and polyfluoroalkyl substances (PFAS) remediation, subject to regulatory approval Texas customer base quadrupled between 2006 and 2022, operations in three of the five fastest-growing counties in the U.S., and in 2023 outstanding development units (potential connections) increased 47%. Geographic and Regulatory Diversity • • Diversity of operations in four-state regulatory and weather environments that help balance risk Achieved constructive regulatory outcome in California Cost of Capital proceeding that provides for return on equity increases, including maintained use of the Water Cost of Capital Mechanism System improvement charge in Texas, and general rate cases and infrastructure investment surcharges in Connecticut and Maine Commitment to ESG • Strong Dividend • Progress in carbon emissions reduction - science-based target to reduce Scope 1 and 2 carbon emissions 50% by 2030 Fostering environmental stewardship – nonrevenue water performance at 10.4% in 2023 Recognized for excellence in supplier diversity - $63M, or 21%, of addressable spend in 2023 support supplier responsibility through Vendor Code of Conduct, and committed to diversity, equity and inclusion Track Record • Dividend growth exceeding 6% over the past five years Paid a dividend for 80 consecutive years, with increases in the past 56 consecutive years SJW Group LO 5#6Strategy for Continued Growth Capital Expenditures (CapEx) • • • Investment in water utility infrastructure and earning a return "of and on" that investment Five-year plan to invest $1.6B in water/wastewater infrastructure and PFAS remediation, subject to regulatory approval Leverage era of infrastructure replacement to deliver value for customers and shareholders Constructive Regulatory Environment • • Experienced and highly regarded regulatory teams working cooperatively with state commissions to align customer and shareholder interests Regulatory lag minimized by forward-looking test year in California and infrastructure replacement surcharge mechanisms in Connecticut, Maine and Texas Acquisitions Opportunistic, with a focus on growth potential • Water and wastewater systems • National footprint for growth SANCO BANCO SJW Group 6#7Infrastructure Investment Drives Rate Base Growth SJW Group CapEx in Millions SJW Group $350 CAGR 14.9% 2018-2023 $300 $250 $200 $150 $136 $134 $199 $239 $219 $272 $332 Targeting $1.6 billion infrastructure investment over the next five years in water, wastewater, and PFAS remediation $100 2018 2019 2020 2021 2022 2023 2024 Budgeted In 2024, approximately $219 million is allocated to projects that are in forward- looking jurisdictions or eligible for infrastructure recovery mechanisms SJW Group 7#8Meeting Long-Term Investment Needs $1.6 billion in infrastructure investment planned for 2024 - 2028 Timely Recovery Through Regulatory Mechanisms in 20241 -65% Forward-Looking Test Year Infrastructure Recovery Mechanism Traditional Recovery ~35% 1 Based on budgeted investments or filings that qualify for infrastructure recovery mechanisms 2 Includes approximately $29 million for Advanced Metering Infrastructure at San Jose Water Company in 2024 2024 Budgeted CapEx In millions TX $49M CT $94M ME $20M $332M² CA $169M SJW Group 8#9Acquisition Growth and Opportunities • • 2010-2023 customer growth • • 25+ acquisitions by SJW Group and subsidiaries 72% customer growth: ~170,000 connections Transformational growth with CTWS acquisition in 2019 Recent acquisitions ⚫ KT Water Development: 570 service connections in Comal County, TX • · KT Water Resources: water wholesaler with significant water supply in Comal County, TX Connection growth in Texas quadrupled between 2006 and 2023 to more than 28,000 water and 950 wastewater connections Opportunities More than 52,000 community water systems nationwide More than 16,000 publicly owned wastewater systems nationwide Very Small, Small and Medium-Sized Community Water Systems in CA, CT, ME and TX 4,388 Very Small Systems Population Served Very Small = 25 - 300 Small 301 3,300 Medium = 3,301 -10,000 2,196 Small Systems 982 Medium Systems SJW Group 9 Sources: Company filings, EPA Drinking Water Dashboard, Cybersecurity and Infrastructure Security Agency's Water and Wastewater Systems Sector#10Strong Access to Capital Markets • S&P Credit Rating A- /negative • $350 million bank lines of credit, $171.5 million utilized¹ $83 million in gross proceeds raised ATM in 2023 • $1.8 billion market capitalization² Improving Debt to Capitalization³ 1 As of December 31, 2023 2 As of March 8, 2024 3 Includes long-term and short-term debt 61.5% 62.7% 60.7% 59.8% 58.6% 2019 2020 2021 2022 2023 SJW Group 10#11Geographic & Regulatory Diversity SJW Group 11#12Leveraging Local Expertise to Meet Local Needs Regulated Water/Wastewater • San Jose Water 232,400 service connections ⚫ Growth-supported infrastructure replacement Forward-looking • test year . Connecticut Water 107,700 water and 3,000 wastewater service connections Timely recovery of pipeline replacement through WICA and WRA Maine Water • • 33,800 service connections "Best in class” infrastructure replacement mechanism through WISC Historic test year Historic test year • Nonregulated Texas Water >28,000 water and 950 wastewater service connections • Infrastructure replacement mechanism, fair market value and filed rate doctrine for acquisitions Historic test year SJW Land: Tax-advantaged, income-producing properties for future disposition as capital needs warrant; currently unlevered Texas Water Resources: New subsidiary created to leverage acquisition of KT Water Resources SJW Group 12#13California Updates 2025 - 2027 GRC application filed with the California Public Utilities Commission (CPUC) on January 2, 2024 Proposes 3-year $540 million CapEx program . · • • Addresses PFAS Reduces operating expense and greenhouse gas emissions through solar generation, energy storage systems to replace diesel generators, fleet electrification, and advanced acoustic leak detection Advances CPUC's Environmental and Social Justice Action Plan to Improve access to high-quality water service, climate resiliency, and economic and workforce development Group Insurance Balancing Account Captures difference between authorized and actual medical, dental, and opt-out insurance costs • Effective January 1, 2024 SJJJ SAN JOSE WATER WCMA and WCEMA Water Conservation Memorandum Account and Water Conservation Expense Memorandum Account Revenue and expense protection mechanisms requested due to water wholesaler's ongoing 15% conservation request Reauthorized in October 2023 and retroactive to April 20, 2023 WCMA use reduces ROE 20 basis points SJW Group 13#14California Updates • Water Cost of Capital Mechanism (WCCM) adjustment effective January 1, 2024 . . Return on Equity (ROE) increase of 70 basis points (bps) to 10.01%, less 20 bps for restoration of the WCMA, for a new ROE of 9.81% Cost of Debt of 5.28% Authorized Rate of Return (ROR) of 7.75% reflects 9.81% ROE Cost of Capital filing deferment authorized by the CPUC • Filing deferment to May 1, 2025 Maintains WCCM for 2025 Advanced Metering Infrastructure installation 2024 - 2026 • $29.0 million investment projected in 2024 $100 million project outside of the general rate case (GRC) CapEx SJJJ SAN JOSE WATER WCCM Adjustment Change in Moody's Aa bond index of plus or minus 100 bps between October 1 and September 30 triggers WCCM Adjustment ROE is adjusted by 50% of the change when the trigger is reached Cost of debt and ROR also adjusted SJW Group 14#15Connecticut Updates Filed GRC with Public Utilities Regulatory Authority (PURA) on October 3, 2023 . ● Requesting $21.4 million, or 18.1%, annualized revenue increase Proposing expansion of customer assistance programs • Decision expected in 2Q24 Water Infrastructure and Conservation Adjustment (WICA) WICA increase of 1.19% approved by PURA on September 25, 2023 Connecticut Water Connecticut Water WICA 7.38% cumulative WICA as of October 1, 2023 Annual cap on WICA: 5% Cap between GRCS: 10% WICA rolled into base rates during GRCs, and surcharge reset to zero • Effective date October 1, 2023 $1.3 million increase in annualized revenue SJW Group 15#16Maine Updates In March 2023, Maine Water Company requested a $2.9 million revenue increase in the Biddeford-Saco Division (BSD) to reflect actual operating expenses of new $60 million treatment facility and increased financing costs • On January 5, 2024, the Maine Public Utilities Commission approved a stipulation agreement between Maine Water and the Office of the Public Advocate on the BSD general rate case Provisions of the approved stipulation agreement: • • Maine Water revenues increase $2.6 million effective January 1, 2024 ROE for future Water Infrastructure Charges (WISC) at 9.5% with an assumed 51% equity/49% debt capital structure GRC rate stay out provision in the BSD through January 1, 2027 Decision on WISC filing requesting $158,000 in the Camden-Rockland Division expected in 1Q24 Maine Water Biddeford-Saco Division GRC Application filed requesting $2.9 million revenue increase in March 2023 $1.5 million in temporary rates authorized in August 2023 On January 3 2024 the MPUC approved the stipulation agreement reached with OPA SJW Group 16#17Texas Updates Strong developer interest in our service area Outstanding development units (potential connections) increased 47% in 2023 to 22,000 units¹ Serves three of the five fastest-growing counties in the United States² ● >28,000 water connections and 950 wastewater connections Connections quadrupled since 2006 System improvement charge Proposed Order issued February 13 authorizes $1.6 million in annualized revenue, final order expected in 1Q24 Drought conditions improving in portions of service area Management Plan in effect due to drought HIT TEXAS WATER COMPANY Texas had the highest population growth of any U.S. state in the 2020 Census. Texas Water serves the rapidly growing area in the Austin-San Antonio corridor Bandera Medina Travis Gillespie Blanco Austin Kendall Comal Bexar San Antonio Hays Guadalupe Caldwell Gonzales Bas . Service area in state 2, 3 and 4 drought conditions 1 Assumes a build-out of 10 years or longer 2 Source: U.S. Census Bureau population growth in counties with a population of at least 10,000, 2010 - 2019 SJW Group 17#18Environmental, Social & Governance SJW Group 18#19ESG Initiatives & Commitments . ENVIRONMENTAL SOCIAL GOVERNANCE Dedicated Board Sustainability Committee Use and Protection of 14,000 Acres of Watershed Land Greenhouse Gas (GHG) Inventory Completed, with a Goal of 50% Reduction in Scope 1 and Scope 2 Emissions by 2030 Water Loss Prevention and Advanced Leak Detection Customer Assistance Programs Supplier Diversity Program Active Environmental Health and Safety Committee Diversity, Equity and Inclusion Council CEO Pledge - CEO Action for Diversity and Inclusion Community Outreach and Support Employee Health and Safety Policy Human Rights Policy Employee Ethics, Conduct and Cybersecurity Training Anonymous Reporting Hotlines and Whistleblower Policy Vendor Code of Conduct SJW Group 19#20GHG Reduction and Sustainability Infrastructure investment reducing GHG emissions and operating expenses . Owned solar generation in California and Connecticut • • 6,197 MWh/year by year-end 2024 Fleet electrification GHG Emissions (MTCO²e) 20,000 2019 GHG Baseline 50% Reduction Goal 15,000 10,000 5,000 0 2019 2020 2021 2022 Renewable Energy¹ Generating annual operating expense savings • GHG Reduction Goal: 50% Scope 1 and Scope to by 2030 from 2019 baseline 100% Approximately 23% reduction achieved through 20223 80% Corporate Sustainability Report 60% 40% www.sjwgroup.com/investor-relations/esg 20% 12023 and 2024 are estimates, California estimates range from 40% to 50% 0% 22019 is the baseline 3 2021 and 2022 GHG emission data has been audited by an ANSI National Accreditation Board accredited organization under ISO 14066 2022 2023 2024 Projected Scope 2 ■Scope 1 ■California Connecticut Maine Texas SJW Group 20#21Social Responsibility Affordability and Access: In 2023, SJW Group helped customers secure federal assistance (LIHWAP) and offered rate assistance programs Supplier Diversity: In 2023, SJW Group's diverse spend was $63 million, or 21% of addressable spend Charitable Giving: Approximately $400,000 in 2023 SJW Group 21#22Governance and Oversight Board of Directors Receives briefings from the board's Sustainability Committee at regular board meetings Sustainability Committee of the Board Receives written reports and updates from management that include progress on metrics and updates from the ESG Council ESG Council Comprised of state presidents, members of the SJW Group executive leadership team and individuals representing ESG initiatives within the organization who collaborate and report on ESG initiatives and targets Sustainability Team Comprised of senior leaders from a cross-section of functional areas who meet regularly to discuss strategy and planning necessary to identify and achieve ESG goals Corporate Governance Policies Code of Ethics for Financial Executives Code of Conduct Corporate Governance Policies Environmental Policy Health and Safety Policy Human Right to Water Policy Human Rights Policy Nomination of Directors Policy Vendor Code of Conduct Policy Whistleblower Policy Available at www.sjwgroup.com/investor- relations/corporate-charters-policies SJW Group 22#23Force for Good • Employee Safety . Good Place to Work Index - world class Gender Balanced Board1 . 12% of the Russell 3000 have gender balanced boards Diverse Supplier Spend MSCI ESG Rating History National Association of Clean Water Agencies' recognition for watershed stewardship in California MSCI Rating: 'A' Named to the 2024 Newsweek Excellence Index . Highest-ranked water utility 1Source: 50/50 Women on Board, www.5050wob.com A BBB BB BB 00 B 2019 2020 2021 2022 MSCI report on SJW Group from September 2023 2023 SJW Group 23#24Key Financial Highlights & 2024 Guidance SJW Group 24#25Financial Results: 4Q 2023 • . ● Quarter-over-quarter results comparison was impacted by the delay in San Jose Water Company's 2022 to 2024 general rate case decision that came in October 2022 Restoration of WCMA and Water Conservation Expense Memorandum Account (WCEMA) retroactive to April 20, 2023 reflected entirely in 4Q results Customer usage decreased in Maine and Texas IN MILLIONS except for earnings per share (EPS) 4Q 2023 4Q 2022 CHANGE Revenue $171.3 $171.4 ―% increase Net Income $18.9 $33.5 43% decrease Diluted EPS $0.59 $1.09 46% decrease SJW Group 25#26Financial Results: 2023 IN MILLIONS except for EPS YTD 2023 YTD 2022 CHANGE Revenue $670.4 $620.7 8% increase Net Income $85.0 $73.8 15% increase Diluted EPS $2.68 $2.43 10% increase SJW Group 26#27Stable and Consistent Dividend Growth • 5.3% increase in annual dividend over 2023 . • $1.60 per share (annual) Dividends paid continuously for more than 80 years Annual dividend increase for 56 consecutive years Dividends Paid 2018 - 2023 CAGR 6.3% $1.60 $1.52 $1.44 $1.36 $1.28 $1.20 $1.12 2018 2019 2020 2021 2022 2023 2024 Approved SJW Group 27#28Earnings per Share and Net Utility Plant 2019-2023 Diluted EPS1 Net Utility Plant in millions $0.82 $2.14 $2.03 $2.68 $3,500 $2.43 $2,630 $2,497 $2,500 $2,335 $2,206 $3,170 $1,500 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 = 1EPS earnings per share Source: Company filings, investor presentations SJW Group 28#292024 Guidance • • • • Guidance Diluted EPS 2024 $2.68 - $2.78 2024 EPS Forecast Equity issuance, excluding acquisition growth 5-Year CapEx $55M to $65M $1.6B2 $2.68 to $2.781 Factors underlying 2024 guidance: A Return on Equity (ROE) increase in California from 9.31% to 9.81% (net of a 20 bps reduction for reimplementation of the WCMA) effective January 1, 2024 The impact of the completed Biddeford-Saco rate case with a 9.5% ROE and 51% equity / 49% debt capital structure effective January 1, 2024 Constructive regulatory decisions on current and prospective regulatory filings • 14-cents of 2023 diluted EPS was due to the partial release of income tax reserves • Strategic reinvestments in the business in 2024 · Guidance range consistent with long-term growth rate • Long-term growth rate: 5% - 7% Nonlinear and anchored off of 2022 diluted EPS of $2.43 1 SJW Group's earnings guidance is subject to numerous risks and uncertainties, including, without limitation, those factors described in the "Forward-Looking Statements" on slide 33 and the "Risk Factors" section of the company's annual and quarterly reports filed with the Securities and Exchange Commission 2 Five-year CapEx includes approximately $230 million for PFAS treatment SJW Group 29#30Management & Board of Directors SJW Group 30#31Leadership Team Experienced, Record of Execution, Regional Focus and Dedication Leveraged expertise across the multistate platform with a commitment to local communities Eric W. Thornburg Chairman, President and Chief Executive Officer 41 years of water utility experience Andrew Walters Chief Financial Officer and Treasurer 21 years of utility experience Kristen Johnson Senior Vice President and Chief Administrative Officer 16 years of water utility experience Bruce Hauk Chief Operating Officer of SJW Group 26 years of water utility experience Willie Brown Vice President, General Counsel and Corporate Secretary 14 years of water utility experience Craig Patla President of New England Region 32 years of water utility experience SJW Group 31#32Board of Directors Eric Thornburg Chairman Director Since 2017 Carl Guardino Director Since 2020 Committees: Nominating and Governance Sustainability Mary Ann Hanley Director Since 2019 Committees: Audit Nominating and Governance Heather Hunt Director Since 2019 Committees: Executive Compensation Nominating and Governance (Chair) Rebecca A. Klein Director Since 2021 Committees: Executive Compensation Sustainability Denise L. Kruger Director Since 2023 Gregory P. Landis Lead Independent Director Director Since 2016 Committees: Audit Executive Compensation (Chair) Finance Daniel B. More Director Since 2015 Committees: Audit (Chair) Executive Compensation Finance (Chair) Carol P. Wallace Director Since 2019 Committees: Audit Finance Sustainability SJW Group 32#33Forward-Looking Statements Safe Harbor This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as "believes," "expects," "estimates," "anticipates," "intends," "seeks," "plans," "projects," "may," "should," "will," or the negative of those words or other comparable terminology. These forward looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. These forward-looking statements involve a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) the effect of water, utility, environmental and other governmental policies and regulations, including regulatory actions concerning rates, authorized return on equity, authorized capital structures, capital expenditures and other decisions; (2) changes in demand for water and other services; (3) unanticipated weather conditions and changes in seasonality including those affecting water supply and customer usage; (4) the effect of the impact of climate change; (5) unexpected costs, charges or expenses; (6) our ability to successfully evaluate investments in new business and growth initiatives; (7) contamination of our water supplies and damage or failure of our water equipment and infrastructure; (8) the risk of work stoppages, strikes and other labor-related actions; (9) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber-attacks, epidemic, or similar occurrences; (10) changes in general economic, political, business and financial market conditions; (11) the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, changes in interest rates, compliance with regulatory requirements, compliance with the terms and conditions of our outstanding indebtedness, and general market and economic conditions; and (12) legislative, and general market and economic developments. The risks, uncertainties and other factors may cause the actual results, performance or achievements of SJW Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Results for a quarter are not indicative of results for a full year due to seasonality and other factors. Other factors that may cause actual results, performance or achievements to materially differ are described in SJW Group's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. Forward- looking statements are not guarantees of performance, and speak only as of the date made. SJW Group undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. SJW Group 33#34Appendix SJW Group 34#35Customer Bills Customer bills as a percentage of median household income1 San Jose Water 0.9% $0 $1,362 $515 $0 $80,000 Avg Annual Water Bill MHI Maine Water 0.7% Connecticut Water 0.8% $770 $152,241 $99,740 $160,000 $0 $80,000 $160,000 Avg Annual Water Bill MHI $900 Texas Water 0.8% $72,126 $117,867 $80,000 $160,000 $0 $80,000 $160,000 Avg Water Bill MHI Avg Annual Water Bill MHI 1as of 12/31/23 MHI = 2022 US Census weighted average of median household income for zip codes served based on data available through ESRI Bill data is based on actual average residential customer usage for the year 2022 at December 2023 rates in the largest division/service area SJW Group 35#36PFAS and Lead Line Updates PFAS . • • Supporting U.S. EPA's proposed standard for per- and polyfluoroalkyl substances (PFAS) in drinking water Part of class action settlements against PFAS manufacturers for approximately $11.5 billion Advocating that all affected water and wastewater utilities have access to available federal and state funding for treatment Current PFAS CapEx estimate for treatment at EPA's proposed maximum contaminant levels is $230 million Approximately $110 million in CA and $120 million in CT Lead Service Lines • Service line material inventory to be completed by October 2024 New EPA proposal to replace all lead services within 10 years SJW Group 36#37GHG Emissions 2019 - 2022 SJW Group GHG Emissions (MTCO2e) SJW TWC MWC CWC Motric 2022 2021 2020 2019 2022 2021 2020 2019 2022 2021 2020 2019 2022 2021 2020 2019 Scope 1 1,235 1,055 966 1,252 906 760 664 1,083 962 796 755 838 2,223 2,246 2,400 2,574 Scope 2 2,317 2,443 2,403 1,718 569 4,216 2,887 3,275 436 113 120 115 3,451 3,980 3,804 4,342 Scope 3 1,978 1,637 1,628 1,500 519 609 463 314 1,054 253 238 242 2,266 2,105 2,128 1,952 Total GHG 5,530 5,135 4,997 4,470 1,994 5,585 4,015 4,671 2,452 1,162 1,104 1,195 7,940 8,331 8,331 8,869 Note: Cells in red represent an emissions increase vs. 2019 figures, while 2021 and 2020 cells shaded green represent an emissions decrease vs. 2019 figures. Abbreviations CWC = Connecticut Water - SJW = San Jose Water - MWC = Maine Water - TWC = Texas Water SJW Group GHG Emissions (MTCO2e) Motric 2022 2021 2020 2019 Scope 1 5,326 4,856 4,786 5,748 Scope 2 6,773 10,753 9,215 9,449 Scope 3 5,817 4,604 4,456 4,008 Total GHG 17,916 20,213 18,447 19,205 12021 and 2022 GHG emission data has been audited by an ANSI National Accreditation Board accredited organization under ISO 14066 SJW Group 37#382023 Diluted EPS Bridge Change in EPS ($): YTD 2023 - YTD 2022 $2.43 $0.09 $0.01 $0.11 $0.14 $0.14 $1.30 $(0.93) $(0.23) $2.68 $(0.17) $(0.11) $(0.10) YTD 2022 Revenue Increases Income Tax Reserve Release Lower Maintenance & Oll Costs Customer growth Higher usage, net Other Water Supply Costs & Mix Interest Expense Prior Year Gain on Sale Depreciation and Amortization Allowance for Customer Credit Losses YTD 2023 SJW Group 38#39YTD Through 3Q 2023 Diluted EPS Bridge Change in EPS ($): YTD 2023 - YTD 2022 $1.33 $0.07 $0.03 $0.08 $1.52 $(0.60) $2.09 $(0.19) $(0.15) YTD 2022 Revenue Increases Income Tax Reserve Release Cupertino True-Up Other Water Supply Costs Interest Expense Prior Year Gain on YTD 2023 Amort & Mix Sale SJW Group 39#40Key Statistics by State ' As of December 31, 2023 Capital Structure and Authorized ROE Authorized capital structure (debt/equity) Authorized ROE Rate Base California Connecticut Maine1 Texas 45% / 55% 47% / 53% 50% / 50% 42% / 58%2 9.31%3 9.00% 9.70% 10.88%² Authorized rate base (in millions) $1,114 $620 $135 $432 Estimated rate base at year-end (in millions) 4 $1,136 $731 $172 $1072 Connections Water connections Wastewater connections Total Connections 232,400 107,700 33,800 28,000 0 232,400 3,000 110,700 0 950 33,800 28,950 1 Authorized capital structure and ROE for Maine Water's largest division, the Biddeford and Saco division. Effective January 1, 2024, the Biddeford and Saco division's authorized ROE is 9.5% and its authorized capital structure is 49% debt and 51% equity. 2 Estimated Approved WCCM-adjusted return on equity is 10.01% starting January 1, 2024, less a 20 basis point reduction due to the reimplementation of the WCMA 3 4 An approximation of rate base that includes net utility plan not yet included in rate base pending rate case filings and outcomes SJW Group 40#412023/24 Regulatory Filings Pending and Approved State Docket # Type* Filing Date Order Date Status Revenue Revenue Requested Approved (annualized) (annualized) Advice Letter CA WCCM 10/13/23 11/14/23 Effective 01/01/24 601 Advice Letter CA 603 Group Insurance Balancing Account 11/14/23 12/28/23 Effective 01/01/24 CA Advice Letter 605 CA Step Rate Increase Request for one-year deferment of COC filing 11/21/23 12/28/23 Effective 01/01/24 $21.3M 12/15/23 02/02/24 Approved CA 24-01-0011 GRC 01/02/24 2025 $55.2M 2026 $22.0M 2027 $25.8M CT 23-08-32 GRC 10/03/23 To be effective 7/01/24 ME ME 2023-00065 2023-00163 TX 54430 TX 56106 GRC Biddeford-Saco 3 WISC Camden-Rockland System Improvement Charge Acquisition-3009 03/31/23 01/05/24 06/30/23 Effective 01/01/24 12/30/22 -- 01/05/24 Proposed Order on 02/13/24 Application filed 01/05/24 $21.4M $2.9M $158K $1.6M $2.6M Comments WCCM trigger adjusting ROR for 2024 2024 step rate increase for 2022 to 2024 GRC Next COC filing due 5/1/25 Maintains WCCM for 2025 GRC for 2025, 2026, and 2027 rates 18.1% increase; 10.5% ROE Retroactive to 01/01/24 Rate base of $14.8M ~270 connections; filed rate doctrine and FMV 1 CA GRC requested revenue in each of covered rate years WCCM = Water Cost of Capital Mechanism; GRC = General Rate Case; WISC = Water Infrastructure Surcharge; WICA = Water Infrastructure and Conservation Adjustment; SIC System Improvement Charge = SJW Group 41