#1SJW Group Investor Presentation August 2022#2SJW Group Forward-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," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates," "projects," "strategy," or "anticipates," 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. The accuracy of such statements is subject to 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 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) the impact of the Coronavirus ("COVID-19") pandemic on our business operations and financial results; (4) unanticipated weather conditions and changes in seasonality, including those affecting water supply and customer usage; (5) climate change and the effects thereof; (6) unexpected costs, charges or expenses; (7) our ability to successfully evaluate investments in new business and growth initiatives; (8) contamination of our water supplies and damage or failure of our water equipment and infrastructure, (9) the risk of work stoppages, strikes and other labor-related actions; (10) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber-attacks, epidemic or similar occurrences; (11) changes in general economic, political, business and financial market conditions; (12) 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 (13) legislative and general market and economic developments. Results for a quarter are not indicative of results for a full year due to seasonality and other factors. In addition, actual results are subject to other risks and uncertainties that relate more broadly to our overall business, including those more fully described in our filings with the SEC, including our most recent reports on Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements are not guarantees of performance. All information included in this presentation is as of June 30, 2022, unless stated otherwise, and we undertake no obligation to update or revise any forward-looking statements except as required by law. Use of Non-GAAP Financial Information In this presentation, the Company will be discussing the non-GAAP financial measure of Adjusted EBITDA, which is adjusted from results based on GAAP. This non-GAAP financial measure is provided to enhance the investors' overall understanding of the Company's current financial performance and the Company's prospects for the future. We have presented Adjusted EBITDA because we believe it serves as an appropriate measure to be used in evaluating the performance of our business and help our investors better compare our operating performance over multiple periods and that the exclusion of the amounts eliminated in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business performance. Non-GAAP measures should not be viewed as a substitute for the Company's financial statements prepared in accordance with GAAP. The Company's use of non-GAAP financial measures has certain limitations in that such non-GAAP financial measures may not be directly comparable to those reported by other companies. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for the limitation of the non-GAAP presentation by providing a detailed reconciliation of Adjusted EBITDA to net income in Appendix 1. 2#3SJW Group Leadership 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 40 years of water utility experience Kristen Johnson Chief Administrative Officer 15 years of water utility experience Andy Gere President and Chief Operating Officer of San Jose Water 26 years of water utility experience Jim Lynch Chief Accounting Officer 17 years of water utility experience Willie Brown Vice President, General Counsel and Corporate Secretary 14 years of water utility experience Maureen Westbrook President of New England Region 34 years of water utility experience Andrew Walters Chief Financial Officer and Treasurer 20 years of utility experience Bruce Hauk Chief Corporate Development and Strategy Officer 26 years of water utility experience 3#4SJW Group Our Success Builds On... 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 watershed for the future Use available rate-making tools to encourage conservation 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#5SJW Group Profile Large National Pure-Play Water/Wastewater With Local Expertise . ASSETS Economic, Weather and Regulatory Diversity 5,400+ Miles of pipe 39 Water treatment plants 400+ Wells New England HQ Corporate HQ 5 Wastewater facilities 300+ Water storage facilities 160+ Pumping stations ~1.5M People served across CA, CT, ME and TX • Market Data¹ As of August 19, 2022, unless otherwise noted: $3.6 Billion Total Enterprise Value $2.0 Billion Market Capitalization 2.1% Dividend Yield 144% Five-Year Total Shareholder Return (12/31/2021) $574 Million Operating Revenue in 2021 Resources As of December 31, 2021, unless otherwise noted: 398,000 Service Connections $1.8 Billion Rate Base² SJW Group 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 5#6Geographically Diverse Pure-Play Water/Wastewater Pure-Play Regulated Water/Wastewater $67.5M 93% 2021 Net Income Regulated vs. Unregulated $5.3M 7% ■ Regulated ■ Unregulated SJW Group Data as of December 31, 2021 Geographic Diversity $22.5M 32% $38.7M 55% 2021 Net Income $3.9M 6% by State $3.0M 4% ■CA CT ME TX ■ TN $1.9M 3%#7Growth Strategy Capital Expenditures (CapEx) . Investment in water utility infrastructure and earning a return "of and on" that investment Five-year plan to invest $1.3 billion in water/wastewater infrastructure; subject to regulatory approval Constructive Regulatory Environment Experienced and highly regarded regulatory teams working cooperatively with state commissions to align customer and shareholder interests Infrastructure surcharge mechanisms in Connecticut, Maine and Texas, forward-looking test year in California Acquisitions Opportunistic, with a focus on growth potential Water and wastewater systems National footprint for growth SJW Group $313 SANCO BANCO 7#8SJW Group Acquisition Growth and Opportunities 2010 2020 Customer Growth - 25+ acquisitions by SJW Group and subsidiaries • 65% customer growth, ~154K new customers • • Transformational growth with CTWS acquisition in 2019 2021 Acquisitions SJWTX completed acquisitions of Kendall West, Bandera East and Clear Water Estates - Completed acquisitions represent over 1,800 service connections Clear Water Estates first fair market value acquisition in Texas by any utility Connection growth in Texas nearly quadrupled between 2006 and 2021 to more than 25,000 water and wastewater connections Opportunities More than 8,400 community water systems in CA, CT, ME and TX More than 16,000 publicly owned wastewater systems nationwide Very Small, Small and Medium-Sized Community Water Systems Sources: Company filings, EPA Drinking Water Dashboard, Cybersecurity and Infrastructure Security Agency, "Water and Wastewater Systems Sector" In CA, CT, ME and TX 14,020 Very Small Systems Population Served Very Small = 25-300 Small 301-3,300 Medium = 3,301 - 10,000 1,023 Medium Systems 2,879 Small Systems#9SJW Group Infrastructure Investment Drives Rate Base Growth $240 $190 CAGR 12.8% SJW Group CapEx in millions $141 $136 $134 $140 $129 $90 $199 $239 $223 · • SJW Group Targeting $1.3 billion infrastructure investment over the next five years in water and wastewater systems In 2022, approximately $150 million allocated to projects that are in forward-looking jurisdictions or eligible for infrastructure recovery mechanisms $40 2016 2017 2018 2019 2020 2021 2022 Budgeted#102022 CapEx A water toast to commission the new Saco River Drinking Water Treatment Facility in July 2022, with Maine Governor Janet Mills (right) Annual replacement of approximately 1% of pipeline across all four states of operation, with approximately $75 million invested annually Significant "generational investment" with new facility in Biddeford, Maine, replacing 1884 plant; $100 million in advanced metering infrastructure (AMI) implementation, with bulk of spend between 2024 and 2026. SJW Group Budgeted 2022 CapEx CA $115.1M TX $24.5M CT $223M $61.4M ME $21.8M Timely Recovery Through Regulatory Mechanisms -67% ~51% Forward-Looking Test Year ~16% Infrastructure Recovery Mechanism -33% Traditional Recovery -33% 10 10#11SJW Group SJWC Rate Cases/Regulatory • Advanced Metering Infrastructure (AMI) Approved by CPUC in June - - Approximately $100 million for AMI deployment Bulk of spend 2024 - 2026 Separate from general rate case (GRC) settlement First approval for large-scale investor-owned water utility in CA Cost of Capital - - - Increase requested in revenue and return on equity (ROE) to 10.3% Requested capital structure of 55% equity and 45% debt Decrease proposed in average cost of debt to 5.48% Decision expected in 3Q 2022 SJJJ SAN JOSE WATER Supports water conservation Provides near real-time access to water usage Helps customers manage usage and bills Further drives reduction in water lost to undetected homeowner leaks 11#12SJW Group • SJWC Rate Cases/Regulatory 2022- 2024 Rate Case Pending Before the CPUC - Settlement agreement between SJW and Public Advocates Office filed in January $54 million revenue increase over three years $25 million in 2022 $350 million three-year capital budget New rates, if approved, expected to be effective 4Q 2022 and retroactive to January 1 2022 Third-Party Supply Cost Increase Was Approved Effective July 1, 2022, Increased revenue requirement by $24.3 million, or 6% Drought Response Water Conservation Memorandum Account, Water Conservation Expense Memorandum Account and other mechanisms employed to encourage conservation while allowing the company the opportunity to earn its authorized return SJJJ SAN JOSE WATER Constructive rate case settlement agreement benefiting customers and SJW Recognizes need for continued investment via $350 million three-year capital program Further aligns authorized and actual consumption Greater revenue recovery in the fixed charge 12#13SJW Group Recent CWC Regulatory Activity Water Infrastructure and Conservation Adjustment - 2022 WICA increases expected to generate $3.4 million in annualized revenue - 3.26% covering approximately $31 million in completed projects • Acquisition Approval - Miami Beach Water Company • Target to File GRCS Approximately Every Three Years Connecticut Water Connecticut Water WICA 3.26% cumulative WICA as of July 1, 2022 Annualized revenue of $3.4 million 5% annual cap on WICA increase 10% cap between general rate cases 13#14SJW Group Recent MWC Regulatory Activity • • Step 2 of Multiyear GRC in Biddeford-Saco Division Effective July 1, 2022 - - Authorized $6.3 million increase in annual revenue Step 1 was innovative rate-smoothing mechanism approved in July 2021 and benefiting customers as of July 1, 2022 Step 3 filing is expected in the second half of 2022 WISC - 3% WISC increase for Skowhegan Division approved - The first part authorized a $50K increase in revenue effective January 1, 2022 The second part authorized an additional $50K in revenue effective August 1, 2022 GRCS Pending in 4 divisions Would generate >$500K, as filed Maine Water MPUC Approval for Biddeford-Saco Division 9.7% negotiated ROE 6.287% weighted average cost of capital $6.3M increase in annual revenues - Decisions expected in the second half of 2022 14#15SJW Group Recent SJWTX Regulatory Activity Increase in Canyon Lake Service Area Water Pass-Through Charge Effective March 1, 2022 - $413,000 annualized revenue increase SJWTX Now Serves 25,000 Water and wastewater connections Between Austin and San Antonio - Customer base has more than tripled over 15 years SJJJTX Texas had the highest population growth of any state in the U.S. 2020 Census SJWTX serves three of the five fastest-growing counties in the nation1 in the San Antonio - Austin corridor - Serves about 72,000 people - Diverse portfolio of water supplies - Growing wastewater business Organic growth and acquisitions 1 Source: U.S. Census Bureau population growth in counties with a population of at least 10,000, 2010-2019 Ker Bandera Travis Gillespie Blanco Austin Kendall Bexar San Antonio Medina Comal Mays Caldwell Guadalupe Gonzales Bas 15#16SJW Group Environment, Social and Governance (ESG) ENVIRONMENTAL SOCIAL GOVERNANCE Dedicated board sustainability committee Continued focus on use and protection of over 10,000 acres of watershed land Greenhouse gas (GHG) inventory completed and set new goal of 50% reduction in Scope 1 and Scope 2 emissions by 2030 • Assistance programs for customers Supplier diversity program World-class customer satisfaction Adopted vendor code of conduct in 2021 Active Environmental Health and Safety Committee Diversity, Equity and Inclusion Council CEO Pledge CEO Action for Diversity and Inclusion Human rights policy Employees participate in ethics, conduct and cybersecurity training GHG Reduction Goal Cut Scope 1 and 2 emissions 50% by 2030 sjwgroup.com/investor-relations/esg 16#17SJW Group ESG Rankings and Awards . ESG Scores From ISS - - • Governance - 1 best possible rating Social - 3 tied for first among water utility peers Environment - 5 tied for second among water utility peers Gender-Balanced Board Recognized by 50/50 Women on Boards Supplier Diversity Program Recognized by CPUC and US Veterans Magazine USA Top Workplace in 2022 - CT Water Only 9% of Russell 3000 companies have gender-balanced boards¹ 9% Corporate ESG Performance SJW Group Board Gender Balanced TOP 50 WOMEN WORK PLACES 50 ON BOARDS 2022 Prime RATED BY ISS ESG▷ 1 Source 5050wob.com USA 17#18SJW Group Stable and Consistent Dividend Growth • 5.9% Increase in Annual Dividend over 2021 • $1.44 per Share (Annual) • Continuously Paid Dividends for More Than 78 years • Annual Dividend Increase for 54 Consecutive Years Dividends 2017 - 2022 CAGR 10.1% $1.44 $1.36 $1.28 $1.20 $1.12 $1.04 2017 2018 2019 2020 2021 2022 budgeted 18#19SJW Group Earnings per Share and Net Utility Plant 2017-2021 Diluted EPS $2.86 $1.82 $2.14 $0.82 $2.03 $3,000 $2,000 Net Utility Plant in millions $1,329 $1,239 $2,497 $2,335 $2,206 $1,000 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Source: Company filings, investor presentations 19#202022 Guidance, Sensitivities, Key Assumptions Full-Year Impact Return on Equity Sensitivity + 10 bps² . Regulatory Outcomes CA GRC per settlement . CA cost of capital decision • ME GRCS in four divisions Adjusted EPS $0.02 2022 EPS Forecast $2.30 - $2.401 SJW Group Equity Issuance of $30 million - $40 million in 2022, Excluding Acquisition Growth 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 2 and the "Risk Factors" section of the company's annual and quarterly reports filed with the Securities and Exchange Commission = 2 bps basis points 20#21SJW Group Key Investment Highlights Growth Capital and Customers • ⚫ Robust five-year capital investment plan of $1.3 billion in water/wastewater infrastructure, subject to regulatory approval • Texas operation more than tripled in size between 2006 and 2021 Recent acquisitions include Kendall West and Bandera East utilities in 4Q 2021 and Texas Country Water in 1Q 2022 Geographic and Regulatory Diversity Commitment to ESG Strong Dividend Track Record • . • • Diversity of operations in four-state regulatory and weather environments that help balance risk Regulatory lag is minimized by forward test year in CA and infrastructure replacement surcharge mechanisms in CT, ME and TX Going forward, intend to stagger rate filings for SJW's large utilities and target filings every 3-4 years Reducing carbon emissions - Science-based target to reduce Scope 1 and 2 carbon emissions 50% by 2030 Fostering environmental stewardship - 100% environmental compliance and 15% non-revenue water target Leading ISS ESG ratings - ISS Environmental (5), Social (3), and Governance (1) Supporting supplier responsibility -Adopted vendor code of conduct, recognized excellence in supplier diversity, and committed to diversity, equity and inclusion Industry-leading dividend growth, exceeding 10% over the past five years Paid a dividend for 78 consecutive years Increased the dividend 54 consecutive years 21#22SJW Group Appendix 22#23SJW Group Lake Elsman Storage Lake Elsman Storage - 2022, 2021, 2020 and Five-Year Average (Million Gallons) 2100 2000 1900 1800 1,039 MG produced through 2Q 20221 1700 1600 1500 1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan Euer-0 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan Euer-o Euer-0 0-Jan 퉁퉁 Euer-0 0-Jan Euer-0 퉁퉁 0-Jan 0-Jan 0-Jan 6/30/22 1,103 MG 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan Euer-0 Elsman Overflow (2,005 MG) 2022 Drawdown to Date 2021 Drawdown 2020 Drawdown 5-Yr Avg Five-Year Average 2021 Drawdown 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan 3 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan 0-Jan 1 There are three other surface water locations in addition to Lake Elsman; however, they are not material to the overall supply. Euer-0 0-Jan 0-Jan 23#24SJW Group Adjusted EBITDA RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 2021 Net Income 60,478 $ 2020 61,515 $ 2018 38,767 $ For the Year Ended December 31 (in thousands) 2019 23,403 $ 2017 59,204 $ 2016 2015 52,839 $ 37,882 Add (Subtract): Income attributable to the noncontrolling interest $ Income Tax Expense Interest Expense Interest Income Depreciation and Amortization EBITDA Write-off of Regulatory Asset Account CTWS Merger Related Expenses Post CTWS Merger Integration Costs Merger Related Customer Credits Loss (Gain) on Sale of Equity Investment Loss (Gain) on Sale of Utility property Gain on Sale of Real Estate Investments Gain on Sale of Nonutility Properties Impairment of Long-Lived Asset Adjusted EBITDA SSSSSSSSSSSSSSS $ 8,369 $ 54,339 $ $ 8,380 $ 54,255 224 $ 8,454 $ $ 10,065 $ $ 31,796 $ 24,332 $ 1,896 $ 35,393 $ 22,929 $ $ 33,542 $ 23,272 21,838 $ 22,186 - $ (6,536) $ (155) $ - $ $ 94,400 $ 89,279 $ 65,592 $ 217,586 I - $ I - $ $ (927) $ (7,494) $ $ 2,211 $ $ SSSSSSSASASASA $ 213,429 $ 122,933 $ 54,601 $ 127,610 $ 48,292 $ 44,625 $ 40,740 167,714 $ 152,844 $ 124,080 $ $ 9,386 $ - $ $ $ - I I . I - SASASA CA SA SA SA SA $ 15,768 $ 18,610 $ $ SA $ $ 4,860 $ $ $ $ $ 2,767 $ $ - $ - $ 423 $ $ (3,197) $ $ (948) $ (929) $ $ 20 $ (9) $ (12,499) $ - $ 55959 $ $ SASASA $ (6,903) $ (10,419) $ (1,886) - $ $ $ $ $ 211,376 $ 212,481 $ 154,805 $ 146,634 $ 148,312 $ 139,228 $ 122,194 24#25Key Statistics by State As of December 31, 2021 California Connecticut Texas Maine Authorized capital structure (debt/equity) 47% / 53% 47% / 53% 37% / 63% 50% / 50% 2021 capital structure (debt/equity) 49.3% / 50.7% 45.6% / 54.4% 40.3% / 59.7% 42.2% / 57.8% Authorized return on equity 8.90% 9.00% 10.88% 9.81%1 Authorized rate base (in millions) $958.9 $549.4 $43.3 $63.3 Estimated rate base at year-end (in millions) $1023.1 $613.6 $95.1 $87.6 Water connections 232,000 107,000 24,000 32,500 Wastewater connections 0 3,000 800 0 Total Connections 232,000 110,000 24,800 32,500 SJW Group 1 Maine Water's return on equity set at 9.7% in all divisions effective July 1, 2022, as part of the approved settlement agreement in the Biddeford-Saco division general rate case. 25#26SJW Group Debt Financing The debt financing for SJW Group and its subsidiaries was largely completed for 2022 • MWC entered into a credit agreement for $15 million, due May 31, 2042 . CWC issued $25 million of 4.71% senior notes, due December 15, 2052 - Delayed draw structure, with closing to occur December 2022 SJWC issued $70 million of 4.84% senior notes, due February 1, 2053 - Delayed draw structure, with closing to occur January 2023 26#27SJW Group The Infrastructure Replacement Era Opportunity for well-managed, customer-centric, Investor-Owned Water and Wastewater American Society of Civil Engineers 2021 Report Card for America's Infrastructure Water . • 50,000 water systems • 2.2 million miles of underground pipe • 27% increase in water main breaks between 2012 and 2018 (250,000 to 300,000 estimated breaks per year, or a break every two minutes) • 85% of population served by municipalities EPA Drinking Water State Revolving Fund appropriations level in 2019 and declined in 2020 Wastewater • ⚫ 16,000 publicly owned sewer systems ⚫ EPA Clean Water State Revolving Fund appropriations level in 2019 and declined in 2020 and 2021 . EPA estimates 850 billion gallons of treated sewage discharged into our waterways annually Source: American Society of Civil Engineers, 2021 Infrastructure Report Card 4 Drinking Water Wastewater C D+ 27#28SJW Group Long-Term Strategy ⚫ Deliver Exceptional Service to Families and Communities • Protect Employee and Public Health • Grow Regulated Water and Wastewater Utility Business • Invest Capital (CapEx) to Serve Customers and Conserve Natural Resources File Timely Infrastructure Surcharges and General Rate Cases • Steward Constructive Regulatory Relationships • • • Increase Shareholder Value Through Prudent Acquisitions Support and Expand Supplier Diversity Program Conduct Our Business While Honoring the Highest Ethical Standards Focus on Water and Wastewater Service, Not Sales • Be a Positive Force in the Communities Where We Live, Work and Serve MARBLE LUI DRIVESTRY 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. 28#29SJW Group SJW Group at a Glance: Pure-Play Water Regulated Water/Wastewater San Jose Water • 231,000 service connections • Growth supported infrastructure replacement • Connecticut Water 105,000 water and 3,000 wastewater service connections Timely recovery of pipeline replacement through WICA,* WRAM** • Maine Water 35,000 service connections "Best in Class" infrastructure replacement mechanism through WISC* . . SJWTX ⚫ 25,000 service connections in Texas Infrastructure replacement mechanism, Fair Market Value and filed rate doctrine for acquisitions Historic test year • Forward test year Historic test year Historic test year Nonregulated SJW Land: Tax-advantaged, income-producing properties for future disposition as capital needs warrant; currently unlevered *WICA is the Water Infrastructure and Conservation Adjustment and WISC is the Water Infrastructure Charge **WRAM is the Water Revenue Adjustment Mechanism 29#30SJW Group Financial Highlights: SJW Group $225,000 $200,000 Adjusted EBITDA* (in thousands) $212,481 $211,376 Debt to Capitalization 59.5% 59.8% 59.7% $175,000 $154,805 $148,312 $150,000 $146,634 $139,228 $125,000 $100,000 $75,000 $50,000 32.7% 50.7% 48.2% اللاااا $25,000 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 *Non-GAAP Financial Information This presentation includes the non-GAAP financial measure of adjusted EBITDA. A reconciliation of this measure to the most directly comparable GAAP measure is included in Appendix I to this presentation. 30