Exhibit 99.1

October 26, 2023

For immediate release

CALIFORNIA WATER SERVICE GROUP ANNOUNCES

THIRD QUARTER 2023 RESULTS

SAN JOSE, CA – California Water Service Group (NYSE: CWT) (“Group”) today announced net income attributable to Group of $34.4 million and diluted earnings per share of $0.60 for the quarter ended September 30, 2023, as compared to net income attributable to Group of $55.9 million and diluted earnings per share of $1.03 for the quarter ended September 30, 2022.

Third quarter results primarily reflect the impact of the delayed proposed decision from the California Public Utilities Commission ("CPUC") on California Water Service Company’s (“Cal Water”) pending 2021 general rate case (“GRC”) to set new rates, rate design, and regulatory mechanisms. On June 29, 2023, the CPUC extended the GRC completion date to December 31, 2023. Once approved by the CPUC, the GRC accumulative adjustment will be retroactive to January 1, 2023.

Third quarter 2023 operating revenue does not include rate relief tracked in the Interim Rates Memorandum Account (IRMA) or any benefit of proposed Monterey-Style Water Revenue Adjustment Mechanism (MWRAM) and Drought Response Memorandum Account (DREMA) due to the delay in CPUC approval of our GRC Filing. Group currently estimate the adverse impact of the delayed decision on third quarter 2023 operating revenue to be between approximately $14.0 million and $27.0 million, of which $5.0 million and $5.5 million is related to DREMA, which is based on the current positions of the parties to the GRC filing and consumption-driven regulatory mechanisms. The delayed GRC is expected to move CPUC approval of the Advice Letter for DREMA 2023 revenue into calendar year 2024.

In September 2022, Cal Water and the Public Advocates Office at the CPUC filed a joint settlement motion with the CPUC covering rate design, sales forecast, and other issues. Litigated items not included in the settlement were capital investment budgets and recovery of certain expenses.

In July 2023, a second judge was assigned to the delayed case, which the Company views as a positive development.

Operating revenue was $255.0 million for the quarter ended September 30, 2023, compared to $266.3 million for the same period in 2022. The $11.3 million, or 4.3%, revenue decrease was primarily due to a $29.6 million decrease in Water Revenue Adjustment Mechanism (WRAM) and Modified Cost Balancing Account (MCBA) revenue as the mechanisms concluded on December 31, 2022, which was partially offset by $13.7 million of general rate increases and a $1.8 million decrease in revenue deferral.

Operating expenses for the third quarter of 2023 were $211.5 million, compared to $201.4 million in 2022, an increase of $10.1 million or 5.0%. Water production costs increased $3.6 million, or 4.1%, to $92.3 million in 2023 compared to $88.7 million in 2022. The increase in water production costs was primarily attributable to rate increases in purchased water and pump tax. Other operations expenses for the third quarter of 2023 increased $5.6 million, or 21.2%, to $32.3 million, compared to $26.7 million in 2022. The increase was due mostly to a $2.0 million increase in bad debt expense, $1.5 million increase in costs associated with a decrease in revenue deferral, and $0.9 million increase in labor costs. In addition, administrative and general expenses increased $0.9 million, or 2.7%, to $34.2 million during the quarter, primarily due to $0.5 million of employee labor cost increases.

Other income and expenses were $3.6 million in the third quarter of 2023, an increase of $1.6 million, or 77.2%, over the third quarter of 2022. The increase was primarily due to a $1.0 million increase in other components of net periodic benefit credit and a $0.4 million increase in allowance for equity funds used during construction.

Net interest expense in the third quarter of 2023 increased $1.5 million or 13.0% to $12.8 million as compared to the third quarter of 2022, primarily due to an increase in short-term borrowing rates and higher outstanding line of credit balances.

Income tax expense decreased $2.0 million to $3.9 million in the third quarter of 2023, as compared to $5.9 million in the third quarter of 2022. The decrease in income tax expense was mostly due to a decrease in pre-tax net operating income in the third quarter of 2023 as compared to the prior year. The effective consolidated income tax rate was approximately 11.4% for the quarters ended September 30, 2023 and 2022.

According to Chairman and Chief Executive Officer Martin A. Kropelnicki, Group achieved several positive outcomes in the third quarter, despite the regulatory delay.

“The delay in Cal Water’s GRC clearly had a temporary adverse impact on our results, but I believe the appointment of a second judge on the case is a promising development. I am hopeful that we will see meaningful progress before the end of the year. Additionally, there is good news to report for the third quarter:

The bottom line is that regulatory delays are eventually resolved, but our focus continues to be on executing our strategy,” Kropelnicki said.

Year-to-Date Results

For the nine-month period ended September 30, 2023, net income attributable to Group was $21.8 million or $0.38 earnings per diluted common share, compared to a net income attributable to Group of $76.4 million or $1.41 earnings per diluted common share for the nine-month period ended September 30, 2022. Results for the nine-month period ended September 30, 2023 reflect the impact of the delayed proposed decision from the CPUC on Cal Water’s pending GRC to set new rates, rate design, and regulatory mechanisms. Group currently estimate the adverse impact of the delayed decision on the nine-month period ended September 30, 2023 operating revenue to be between approximately $60.0 million and $93.0 million, of which $16.0 million and $18.0 is related to DREMA, which is based on the current positions of the parties to the GRC Filing and consumption driven regulatory mechanisms. When the CPUC approves GRC IRMA and MWRAM 2023 operating revenue, it will be retroactive to January 1, 2023, and a cumulative adjustment will be recorded. Delayed GRC is expected to move CPUC approval of the Advice Letter for 2023 DREMA operating revenue into calendar year 2024.

Operating revenue was $580.1 million for the nine-month period ended September 30, 2023, compared to $645.5 million for the same period in 2022. The $65.4 million, or 10.1%, revenue decrease was primarily due to a $48.8 million decrease in WRAM and MCBA revenue as the mechanism concluded on December 31, 2022, a $20.0 million increase in revenue deferral, a $12.6 million, or 5.6%, decrease in customer usage which was partially offset by $18.9 million of general rate increases.

Operating expenses for the nine-month period ended September 30, 2023 were $538.2 million, compared to $544.1 million in 2022, a decrease of $5.9 million or 1.1%. Water production costs decreased $3.0 million mostly due to a decrease in customer usage. Other operations expense decreased $7.1 million primarily from the deferral of $16.4 million of costs associated with revenue deferral which was partially offset by a $2.8 million increase in labor costs, a $1.3 million increase in bad debt expense, a $1.2 million increase in wastewater operating costs, a $1.1 million increase in conservation expense, a $1.0 million increase in general maintenance costs, and a $0.8 million increase in water quality lab testing fees. Income tax benefit decreased $7.3 million due mostly to a decrease in pre-tax net operating income. The expense decreases were partially offset by a $5.8 million increase in administrative and general expenses, a $3.2 million increase in depreciation and amortization expense, and a $1.8 million increase in property and other taxes.

Other income and expenses were $17.0 million for the nine-month period ended September 30, 2023, an increase of $9.3 million, or 121.9%, over the same period in 2022. The increase was mostly due to a $0.7 million increase in unrealized gains on non-qualified benefit plan investments for the nine-month period ended September 30, 2023 and a $9.3 million unrealized loss on non-qualified benefit plan investments over the same period in 2022.

Net interest expense for the nine-month period ended September 30, 2023 increased $4.3 million, or 12.7%, to $37.5 million as compared to the same period in 2022, primarily due to an increase in short-term borrowing rates and higher outstanding line of credit balances.

Liquidity and Financing

Group maintained $69.0 million of cash as of September 30, 2023, of which $34.3 million was classified as restricted, and had additional short-term borrowing capacity of $485.0 million, subject to meeting the borrowing conditions on the Group and Cal Water line of credit facilities. Group’s At-the-Market equity program increased cash by $112.7 million during the first nine-months of 2023. Group’s aged accounts receivable past due more than 60 days increased from $13.1 million as of June 30, 2023 to $14.4 million as of September 30, 2023 mostly due to a decrease in payments from customers with delinquent balances during the third quarter of 2023. In 2022, Cal Water began working with an outside service, PromisePay, to provide customers with flexible payment plans to help them pay delinquent bills. Cal Water collected $2.3 million from PromisePay and currently has PromisePay commitments of $2.5 million. Also, the State of California extended its arrearage program to help customers struggling to pay monthly water bills. The program covers delinquent customer balances more than 60 days past due or written-off during the period from June 16, 2021 to December 31, 2022. Cal Water will file an application with the State Water Resource Control Board to request funds during the month of November 2023.

Cal Water proposed to the CPUC spending $1.0 billion on new capital projects in 2022-2024. We evaluate new capital project expenditures in California in the context of the pending GRC filing and these may change as the case moves forward. On October 6, 2023, Cal Water filed a financing application with the CPUC to issue up to $1.3 billion of new equity and debt securities, in addition to previously authorized amounts, to fund infrastructure improvements during the next three years.

On October 25, 2023, the Board of Directors approved a quarterly cash dividend of $0.26 per share of common stock.

Other Information

All stockholders and interested investors are invited to attend the conference call on October 26, 2023 at 8:00 a.m. PT (11:00 a.m. ET) by dialing 1-800-715-9871 or 1-646-307-1963 and keying in ID# 3102733, or you may access the live audio webcast at https://edge.media-server.com/mmc/p/u8y8yg3h. Please join at least 15 minutes in advance to ensure a timely connection to the call. A replay of the call will be available from 3:00 p.m. ET on Thursday, October 26, 2023 through Monday, December 25, 2023, at 1-800-770-2030 or 1-609-800-9909, ID# 3102733, or by accessing the webcast above. The call will be hosted by Chairman and Chief Executive Officer Martin A. Kropelnicki, Vice President and Chief Financial Officer David B. Healey, and Vice President, Rates and Regulatory Affairs Greg A. Milleman. Prior to the call, Cal Water will furnish a slide presentation on its website at 9:00 a.m. ET.

About California Water Service Group

California Water Service Group is the parent company of regulated utilities California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, as well as Texas Water Service, a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater service to more than 2.1 million people in California, Hawaii, New Mexico, Washington, and Texas. California Water Service Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at www.calwatergroup.com.

This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management’s beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing future rates, effects of Cal Water’s Water Cost of Capital Mechanism, expectations regarding the GRC filing and the regulatory process and the estimated impacts related thereto, and proposed capital expenditures. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results to be different than those expected or anticipated include, but are not limited to: our ability to invest or apply the proceeds from the issuance of common stock in an accretive manner; governmental and regulatory commissions' decisions, including decisions on proper disposition of property; consequences of eminent domain actions relating to our water systems; changes in regulatory commissions' policies and procedures, such as the CPUC’s decision in 2020 to preclude companies from proposing fully decoupled WRAMs, which impacted our GRC filing; the outcome and timeliness of regulatory commissions' actions concerning rate relief and other matters, including with respect to our GRC filing and our Cost of Capital filing; increased risk of inverse condemnation losses as a result of climate change and drought; our ability to renew leases to operate water systems owned by others on beneficial terms; changes in California State Water Resources Control Board water quality standards; changes in environmental compliance and water quality requirements; electric power interruptions, especially as a result of Public Safety Power Shutoff (PSPS) programs; housing and customer growth; the impact of opposition to rate increases; our ability to recover costs; availability of water supplies; issues with the implementation, maintenance or security of our information technology systems; civil disturbances or terrorist threats or acts; the adequacy of our efforts to mitigate physical and cyber security risks and threats; the ability of our enterprise risk management processes to identify or address risks adequately; labor relations matters as we negotiate with the unions; changes in customer water use patterns and the effects of conservation, including as a result of drought conditions; our ability to complete, in a timely manner or at all, successfully integrate and achieve anticipated benefits from announced acquisitions; the impact of weather, climate change, natural disasters, and actual or threatened public health emergencies, including disease outbreaks, on our operations, water quality, water availability, water sales and operating results and the adequacy of our emergency preparedness; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; risks associated with expanding our business and operations geographically; the impact of stagnating or worsening business and economic conditions, including inflationary pressures, general economic slowdown or a recession, increasing interest rates, instability of certain financial institutions, changes in monetary policy, adverse capital markets activity or macroeconomic conditions as a result of the geopolitical conflicts, and the prospect of a shutdown of the U.S. federal government; the impact of market conditions and volatility on unrealized gains or losses on our non-qualified benefit plan investments and our operating results; the impact of weather and timing of meter reads on our accrued unbilled revenue; the impact of evolving legal and regulatory requirements, including emerging environmental, social and governance requirements; and other risks and unforeseen events described in our SEC filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph, as well as the Annual 10-K, Quarterly 10-Q, and other reports filed from time-to-time with the Securities and Exchange Commission (SEC). We are not under any obligation, and we expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

##

Contact 

David Healey 

(408) 367-8200 (analysts)

Shannon Dean 

(408) 367-8243 (media)

(In thousands, except per share data)

For the Three Months ended:

For the Nine Months ended:

Exhibit 99.2

0 Third Quarter 2023 Results Presentation October 26, 2023

INVESTOR RELATIONS Forward - Looking Statements This presentation contains forward - looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The forward - looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by th e PSLRA. Forward - looking statements in this presentation are based on currently available information, expectations, estimates, assumptions and projections, and our management’s beli ef s, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of his tor ical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could , e stimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identi fy forward - looking statements. Examples of forward - looking statements in this presentation include, but are not limited to, statements describing future rates, effects of DREMA, IRMA, and MWRAM, completion of pending acquisitions, estimated investments and depreciation, rate base estimates, expectations regarding the 2021 GRC filing and the regulatory process and the estimated impacts related thereto, and proposed capital expenditures. Forward - looking statements are not guarantees of future performance. They ar e based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results m ay vary materially from what is contained in a forward - looking statement. Factors that may cause actual results to be different than those expected or anticipated include, but are not limited to: the impact of the ongoing COVID - 19 pandemic and related public health measures; our ability to invest or apply the proceeds from the issuance of common st ock in an accretive manner; governmental and regulatory commissions' decisions, including decisions on proper disposition of property; consequences of eminent domain acti ons relating to our water systems; changes in regulatory commissions' policies and procedures , such as the CPUC’s decision in 2020 to preclude companies from proposing fully decoupled WRAMs in their next GRC filing (which impacted our 2021 GRC filing related to our operations commencing in 2023) ; the outcome and timeliness of regulatory commissions' actions concerning rate relief and other matters, including with respect to our 2021 GRC filing; increased risk of inverse condemnation losses as a result of cl ima te change and drought; our ability to renew leases to operate water systems owned by others on beneficial terms; changes in California State Water Resources Control Board water qu ality standards; changes in environmental compliance and water quality requirements; electric power interruptions, especially as a result of Public Safety Power Shutof f ( PSPS) programs; housing and customer growth; the impact of opposition to rate increases; our ability to recover costs; availability of water supplies; issues with the impleme nta tion, maintenance or security of our information technology systems; civil disturbances or terrorist threats or acts; the adequacy of our efforts to mitigate physical and cy ber security risks and threats; the ability of our enterprise risk management processes to identify or address risks adequately; labor relations matters as we negotiate with the unions; c han ges in customer water use patterns and the effects of conservation, including as a result of drought conditions; our ability to complete, in a timely manner or at all, suc cessfully integrate and achieve anticipated benefits from announced acquisitions; the impact of weather, climate change, natural disasters, and actual or threatened public health em ergencies, including disease outbreaks, on our operations, water quality, water availability, water sales and operating results and the adequacy of our emergency preparedne ss; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; risks associated with expanding our business and operations geographically; the impact of stagnating or worsening business and economic conditions, in cluding inflationary pressures, general economic slowdown or a recession, increasing interest rates, and changes in monetary policy; the impact of market conditions and volatility on unrealized gains or losses on our non - qualified benefit plan investments and our operating results; the impact of weather and timing of meter reads on our accrued unbilled revenue; and other risks and unforeseen events described in our SEC filings. When considering forward - looking statements, you should keep in mind the caution ary statements included in this paragraph, as well as the Annual 10 - K, Quarterly 10 - Q, and other reports filed from time - to - time with the Securities and Exchange Commission ( SEC). We are not under any obligation, and we expressly disclaim any obligation to update or alter any forward - looking statements, whether as a result of new information, fut ure events or otherwise. 1

INVESTOR RELATIONS David Healey Vice President, CFO & Treasurer Greg Milleman Vice President, Rates & Regulatory Affairs Marty Kropelnicki Chairman & CEO Today’s Participants 2

INVESTOR RELATIONS Presentation Overview • Our Values and Priorities • Third Quarter Financial Results and Unrecorded Regulatory Mechanisms • Year - to - Date Financial Results and Unrecorded Regulatory Mechanisms • California Regulatory Update • PFAS Regulation Update • CapEx and Rate Base Tables • In Summary 3

4 BOARD UPDATE 4 BOARD UPDATE INVESTOR RELATIONS 4

INVESTOR RELATIONS Third Quarter Financial Highlights 5 Operating revenue decreased $11.3M • $29.6M decrease in WRAM and MCBA revenue as the mechanisms concluded on December 31, 2022. • Partially offset by $13.7M in general rate increases and $1.8M from reduction in revenue deferral. Total operating expenses increased $10.1M • $3.6M increase in water production costs. • $2.0M increase in bad debt expense. • $1.5M increase in costs from reduction in revenue deferral. • $1.4M increase in labor costs. • $1.1M increase in depreciation and amortization.

INVESTOR RELATIONS (Amounts are in millions, except for EPS) Q3 2022 Q3 2023 Variance Operating Revenue $266.3 $255.0 (4.3%) Operating Expenses $201.4 $211.5 5.0% Net Interest Expense $11.3 $12.8 13.0% Net In come Attributable to CWT $55.9 $34.4 (38.4%) Diluted EPS $1.03 $0.60 (41.8%) Capital Investments $77.5 $96.9 25.0% Financial Results: Third Quarter 2023 6

7 INVESTOR RELATIONS Unrecorded California Regulatory Mechanisms Due to delayed California 2021 General Rate Case (GRC) filing, we did not record certain regulatory mechanisms in Q3 2023 and Year - to - Date September 30, 2023: Interim Rate Memorandum Account (IRMA)*: Tracks difference between interim rates and final rates authorized by California Public Utilities Commission (CPUC) in our 2021 GRC filing; our practice is to record IRMA balances as operating revenue when amounts are known and approved by the CPUC. Monterey - Style Water Revenue Adjustment Mechanism ( MWRAM)*: Tracks difference between actual sales revenue and modeled single - quantity rate revenue authorized by CPUC; our practice is to record MWRAM balances as operating revenue when amounts are known and approved by the CPUC. Drought Response Memorandum Account (DREMA)*: Tracks reduced sales revenues when customer demand is affected by requests for voluntary or mandatory usage reductions; our practice is to file an Advice Letter to authorize recovery of DREMA balances as operating revenue when amounts are known and the Advice Letter is approved by the CPUC. *Regulatory mechanism transactions are retroactive to January 1, 2023.

INVESTOR RELATIONS Based on current positions of parties to 2021 GRC filing, we estimated an understatement of operating revenue during Q3 2023 to be in the $14M – $27M range ($0.22 to $0.41 EPS @ ), of which $5.0M – $5.5M ($0.08 EPS @ ) is related to DREMA. Delayed 2021 GRC is expected to move CPUC approval of Advice Letter filing for 2023 DREMA revenue into 2024. Unrecorded California Regulatory M echanisms in Q3 2023 8 *IRMA value will depend on CPUC approval of GRC. MWRAM was requested in 2021 GRC and was not disputed by any other party to the proceeding; its value will depend on CPUC approval of GRC. DREMA is an authorized memorandum account, and its value will depend on CPUC approval of GRC rates. Ranges are current estimates based on available information and may change as 2021 GRC progresses. Due to mechanism’s connection to customer billings, third quarter estimates are not necessarily indicative of potential impacts in future quarters. @ Estimated impact to EPS reflects the estimated impact to net income , which is operating revenue multiplied by 88.6% ( reflects an assumed effective corporate income tax rate of 11.4%), and divided by the diluted weighted average common shares outstanding during the period. Operating Revenue Range Earnings Per Share Range Regulatory High Low High Low Mechanism * (in millions) (in millions) (in millions) (in millions) IRMA $ 28.0 $ 15.1 $ 0.43 $ 0.23 MWRAM $ (6.5) $ (6.1) $ (0.10) $ (0.09) Subtotal $ 21.5 $ 9.0 $ 0.33 $ 0.14 DREMA $ 5.5 $ 5.0 $ 0.08 $ 0.08 Total $ 27.0 $ 14.0 $ 0.41 $ 0.22

INVESTOR RELATIONS Additional Q3 2023 Highlights 9 9 Invested $96.9M in capital improvements during Q3 2023, a 25% increase over Q3 2022 General rate increase were $13.7M during the Q3 2023. 2024 operating revenue is expected to increase approximately $10.0M from the increase in Cal Water’s return on equity to 10.27%, effective January 1, 2024. Cal Water entered into an agreement with the California Department of Community Services & Development to help low - income customers access funds through the State’s Low - Income Household Water Assistance Program to pay monthly water bills. It’s another example of our ongoing efforts to provide affordable water services to our customers.

INVESTOR RELATIONS EPS Bridge Q3 2022 to Q3 2023 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $0.01 - $0.08 $ 1.03 $0.22 - $0.46 $0.60 - $0. 06 10 $ 1.03 - $0. 06

INVESTOR RELATIONS 11 Year - to - Date 2023 Financial Highlights Operating revenue decreased $65.4M • $48.8M decrease in WRAM and MCBA revenue as the mechanism concluded on December 31, 2022. • $20.0M increase in revenue deferral. • $25.3M decrease in billed metered revenue, mostly due to a 5.6% decrease in customer usage. • Partially offset by $18.9M of general rate increases, a $5.7M increase from a change in balancing accounts, and a $2.6M increase from interest on net WRAM and MCBA balances. Total operating expenses decreased $5.9M • $16.4M decrease in costs associated with revenue deferral. • $3.0M decrease in water production costs mostly due to a decrease in customer usage. • Partially offset by labor cost increases of $7.7M , depreciation and amortization increases of $3.2M , and property and other taxes increases of $1.9M .

INVESTOR RELATIONS 12 (Amounts are in millions, except for EPS) YTD Sept 30, 2022 YTD Sept 30, 2023 Variance Operating Revenue $645.5 $580.1 (10.1%) Operating Expenses $544.1 $538.2 (1.1%) Net Interest Expense $33.2 $37.5 12.7% Net In come Attributable to CWT $76.4 $21.8 (71.5%) Diluted EPS $1.41 $0.38 (72.8%) Capital Investments $222.1 $274.1 23.4% Financial Results: Year - to - Date 2023

INVESTOR RELATIONS Based on current positions of parties to 2021 GRC filing, we estimated an understatement of operating revenue YTD September 30, 2023 to be in the $60M – $93M range ($0.93 to $1.45 EPS @ ), of which $16.0M – $18.0M ($0.25 – $0.28 EPS @ ) is related to DREMA. Delayed 2021 GRC is expected to move CPUC approval of Advice Letter filing for 2023 DREMA revenue into 2024. Unrecorded California Regulatory M echanisms Year - to - Date 2023 13 *IRMA value will depend on CPUC approval of GRC. MWRAM was requested in 2021 GRC and was not disputed by any other party to the proceeding; its value would also depend on CPUC approval of GRC. DREMA is an authorized memorandum account, and its value would also depend on CPUC approved GRC rates. Ranges are current estimates based on available information and may change as 2021 GRC progresses. Due to mechanism’s connection to customer billings, YTD September 30, 2023 estimates are not necessarily indicative of potential impacts in future periods. @ Estimated impact to EPS reflects the estimated impact to net income, which is operating revenue multiplied by 88.6% (reflects an assumed effective corporate income tax rate of 11.4%), and divided by the diluted weighted average common shares outstanding during the period. Operating Revenue Range Earnings Per Share Range Regulatory High Low High Low Mechanism * (in millions) (in millions) (in millions) (in millions) IRMA $ 64.6 $ 33.6 $ 1.01 $ 0.52 MWRAM $ 10.4 $ 10.4 $ 0.16 $ 0.16 Subtotal $ 75.0 $ 44.0 $ 1.17 $ 0.68 DREMA $ 18.0 $ 16.0 $ 0.28 $ 0.25 Total $ 93.0 $ 60.0 $ 1.45 $ 0.93

INVESTOR RELATIONS EPS Bridge YTD 2022 to YTD 2023 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $0.15 - $0.06 - $0.78 - $0.25 - $0.03 $ 1.41 - $0.21 $0.31 - $0.38 - $0.16 14 14

Additional Year - to - Date 2023 Highlights • Invested $274.1M in capital improvements during first nine months of 2023, 23.4% increase over same period last year. • M aintained $69.0M of cash as of September 30, 2022, of which $34.3M was classified as restricted, and had additional short - term borrowing capacity of $485.0M , subject to meeting the borrowing conditions on the line of credit facilities. • At - the - market (ATM) program increased cash and cash equivalents $112.7M during the first nine months to fund capital expenditures and general corporate purposes; our current ATM program continues through March 31, 2025. • Increased cash and cash equivalents $32.8M from collection of WRAM and MCBA December 31, 2022 receivable balances. • Net other income increased in 2023 as compared to 2022, mostly due a $9.3M unrealized loss on non - qualified benefit plan investments during the first nine months of 2022 as compared to a $0.7M increase in unrealized gains on non - qualified benefit plan investments during the first nine months of 2023. 15 INVESTOR RELATIONS

INVESTOR RELATIONS California Cost of Capital Update Decision approved Water Cost of Capital Mechanism (WCCM), which adjusts rate of return when Moody’s Utilities Bond Index fluctuates between Cost of Capital proceedings during the 12 month period from October 1 to September 30. 2024 operating revenue is expected to increase approximately $10.0M from the increase in Cal Water’s return on equity and rate of return effective January 1, 2024. The California Water Cost of Capital Mechanism triggered again on September 30, 2023 and increased Cal Water’s return on equity to 10.27% and rate of return to 7.46% , effective January 1, 2024. Cal Water’s Cost of Capital decision was implemented on July 31, 2023 16

INVESTOR RELATIONS California General Rate Case Update In April 2023, Cal Water granted approval to increase most customer rates by 4% , effective May 5, 2023. In July 2023, CPUC co - assigned second Administrative Law Judge (ALJ) to Cal Water’s 2021 GRC to help complete proposed decision more quickly. In June 2023, CPUC extended 2021 GRC completion date to December 31, 2023. 17

Other Regulatory Update Other GRC’s In July 2023, the Washington Utilities and Transportation Commission approved an annual revenue increase of $2.1M , effective July 28, 2023. Drought Cost Recovery In July 2023, Cal Water requested recovery of $1.4M of drought expenses incurred in districts for the period from June 14, 2021 to December 31, 2022. 18 California Financing Application In October 2023, Cal Water filed a financing application with the CPUC to issue up to $1.3 Billion of new equity and debt securities to finance water infrastructure investments during the next three years.

INVESTOR RELATIONS 19 PFAS Regulation Update • In March, U.S. Environmental Protection Agency published draft Maximum Contaminant Levels (MCLs) for PFAS compounds. • Based on current information, if regulation is adopted in current form, we estimate capital investments of approximately $200M needed to comply. o Draft regulation, if unchanged, would require compliance by 2026 . While our regulators have strong track record of allowing recovery for water treatment investments, there are also other potential sources of funds that could offset some or all investment over time. Cal Water filed an application to include infrastructure investments as well as operating expenses in its’ existing memorandum account.

INVESTOR RELATIONS $118 $116 $131 $177 $229 $259 $272 $274 $299 $293 $328 $360 $365 $55 $58 $61 $61 $64 $77 $84 $89 $99 $115 $133 $0 $50 $100 $150 $200 $250 $300 $350 $400 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023* 2024* Capital Investment Depreciation Capital Investment and Depreciation (in millions) * 2023 - 2024 estimated investments and depreciation include amounts filed in California 2021 GRC plus estimates for other states and does not yet include estimates for PFAS treatment. 2015 - 2022 TOTAL CapEx 3x DEPRECIATION $109 20 $274 YTD $124 20

INVESTOR RELATIONS Estimated Regulated Rate Base of CWT (in billions) *2023 - 2025 rate base estimates include filed proposal in 2021 California General Rate Case plus estimated rate base in other sta tes; these values are not yet adopted and are subject to review and approval of CPUC and other regulators. $1.06 $1.12 $1.24 $1.61 $2.75 $1.26 $1.82 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 2016 2017 2018 2019 2020 2021 2022 2023* 2024* 2025* $1.95 $2.25 $2.50 21 21

INVESTOR RELATIONS In Summary 22 • Results in line given delayed 2021 GRC. • Revenue shortfall in 2023 due to temporary absence of regulatory mechanisms; we anticipate potential future recognition of these mechanisms would result in additional revenue when the CPUC approves the 2021 GRC. • While we wait for regulatory decision in California, we continue to execute our business, capital, and operational plans.

DISCUSSION