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So if I can get everybody to go to web page 5, please. We’ll do a fast recap on what we did for the 12 months. At first, we went into the fourth quarter actually forward of funds and performing properly. However I feel as a lot of you noticed, we had a serious storm on the West Coast in December, and the monetary ends in December have been clearly affected by moist, chilly climate. That is actually the second time we’ve had an atmospheric river that basically hit the entire West Coast.
Usually, if you concentrate on California, it’s a lengthy state, and whereas we’d get moist climate in Northern California, the demand for water providers stays excessive in Southern California as a result of it tends to be hotter. That is a type of storms that was from all the way in which from the Canadian border all the way in which right down to the Baja Coast on the California facet, to the Gulf of Mexico, and so we had a reasonably large climate affect that Jim might be speaking about later. As a spotlight for 2025, we invested a file $517,000,000 into our infrastructure techniques, and that features a further $52,300,000 invested within the fourth quarter alone.
In 2025, we elevated our annual dividend by a file 10.7%, and that was adopted by our 59th annual dividend improve earlier this 12 months in 2026 by a further 8%. We obtained, in the course of the fourth quarter, our extension for our value of capital within the state of California, which permits us to retain a ten.27% ROE till January 2028. I imagine this is likely one of the highest ROEs of a water utility in North America. And we’ve obtained approval to extend interim charges by the fee. When the choice didn’t come out in December, the fee gave us the inexperienced gentle to implement an interim charge improve of three% that we carried out in January in California.
So total, a busy 12 months from that perspective on the speed facet. Along with that, we additionally maintained our A+ steady credit standing from S&P, which I imagine is likely one of the highest rated utilities in North America. There’s a lot to get into within the particulars, so I’m going to show it again to Jim to undergo among the particulars on the monetary outcomes. Jim?
James Lynch: Nice. Thanks, Martin. In This fall 2025, income was $220,000,000 and that compares to $222,000,000 in 2024. Internet earnings for the quarter was $11,500,000, or $0.19 per diluted share, in comparison with the prior 12 months interval of $19,700,000, or $0.33 per diluted share. As Martin talked about, our ends in the fourth quarter have been negatively impacted by the robust statewide climate sample over a lot of California in the course of the month of December that created exceptionally moist and chilly climate. Transferring to slip six, you may see the affect of this and different actions in the course of the fourth quarter on our earnings outcomes as in comparison with 2024.
Whereas tariff charge adjustments and different regulatory actions generated a rise of $0.48 per share, the weather-induced consumption decline led to a $0.59 earnings per share lower. Actually, of the $12,700,000 in consumption lower skilled in 2025, $14,600,000 of it occurred within the fourth quarter. As well as, the three-year conservation program authorized within the 2021 charge case resulted in This fall, with closing bills and the expense true-up lowering earnings by $0.10 per share. Slide eight reveals our 2025 year-end monetary outcomes. As a lot of you already know, the Firm’s delayed 2021 charge case choice resulted in 2023 interim charge reduction, which was recorded in 2024.
So in reporting our outcomes, we’ve offered each the GAAP and non-GAAP measures for 2024, basically eradicating the affect of the 2023 interim charge reduction from our 2024 outcomes. Working income for 2025 was $1,000,000,000. This in comparison with $1,370,000,000 in 2024. When in comparison with non-GAAP 2024 income of $949,300,000, our income for the 12 months truly elevated by $50,800,000, or roughly 5.4%. Internet earnings attributed to Group was $128,200,000 in comparison with web earnings of $190,800,000 in 2024. Once more, when in comparison with 2024 non-GAAP earnings of $126,800,000, our web earnings elevated $1,400,000, or 1%. In 2025, diluted earnings per share was $2.15 in comparison with $3.25 in 2024.
And, once more, eradicating the 2023 charge reduction from our 2024 numbers, the non-GAAP 2024 earnings per share was $2.16, which was basically flat whenever you evaluate it to 2025. Turning to slip 9. The first drivers of our 2025 diluted earnings per share have been tariff charge adjustments and different regulatory actions, consumption decreases of $0.19 per share, and depreciation expense will increase of $0.18 per share. Mixed, these added $1.05 per diluted share. Turning to slip 10, the will increase have been primarily offset by wholesale water charges that, web of the quantity decreases, diminished diluted earnings per share by $0.27, and by earnings taxes, which have been decrease year-over-year as a consequence of decrease taxable earnings and the associated results on our earnings tax charge.
We proceed to make vital investments in our water infrastructure throughout 2025 to make sure the supply of protected, dependable water service. Our capital investments for the quarter and year-to-date have been $152,300,000 and $517,000,000, respectively. This file stage of annual funding represents a 19.8% improve over building ranges in 2024. As a reminder, our capital funding estimates for 2026 and 2027 offered on this slide don’t embody $235,000,000 of anticipated remaining PFAS undertaking expenditures, which we count on might be incurred over the following few years. As well as, the estimates don’t embody any capital investments required in Nevada or Oregon.
The constructive affect of our capital funding program and what it’s having on our charge base is offered on slide 11. If authorized as requested, the 2024 California GRC, coupled with deliberate capital investments in our utilities in different states and our lately introduced system acquisitions in Nevada and Oregon, would end in a compounded annual charge base progress of just about 12% by means of 2027. Transferring to slip 12. We proceed to take care of a robust liquidity profile to execute our capital plan, to fund BVRT greenfield utility progress, and to combine Nevada and Oregon techniques. At year-end, we had $51,800,000 in unrestricted money and $45,600,000 in restricted money, together with roughly $470,000,000 accessible on our financial institution strains of credit score.
We keep credit score services totaling $600,000,000 which might be expandable to $800,000,000, with maturities extending to March 2028. On October 1, 2025, we issued $370,000,000 in long-term financing, which consisted of a mixture of Group notes and Cal Water first mortgage bonds. We additionally renewed our ATM program in Might 2025 with a $350,000,000 shelf registration, and accomplished $1,500,000 of program gross sales within the 2025 fourth quarter. Importantly, underscoring the energy of our stability sheet, each Group and Cal Water maintained robust credit score rankings of A+ steady from S&P International. And eventually, in January 2026, we declared our 324th consecutive quarterly dividend of $0.33 per share. We additionally introduced our supposed 2026 annual dividend of $1.34 per share.
The $0.10 per share improve represents an 8.1% improve over 2025. This might be our 59th consecutive introduced improve. So we had lots happening in 2025, and we’re actually trying ahead to 2026. With that, I’ll flip it again over to Martin.
Martin Kropelnicki: Alright. Thanks, Jim. And simply to remind everybody, 2025 was the third 12 months of the speed case. Once you take a look at the press releases, individuals would possibly say, properly, you’re basically flat year-over-year. You might be off a penny year-over-year, however bear in mind popping out of COVID, there was a reasonably large spike in inflation. We have now absorbed these prices inside that interval, and we’re ready for charge reduction on that. Traditionally, the third 12 months of the speed case in California, being roughly 92% of our whole operations, we actually really feel that inflationary lag in that third 12 months. So all in, I’m proud of how we ended up the 12 months.
We’d have ended up stronger if we didn’t have that atmospheric river actually wipe out the West Coast consumption right here in December. However, total, I feel we completed the 12 months in an excellent place as we anticipate the speed case in California. I’m on slide 13, and I wish to discuss just a little bit extra in regards to the cope with our buddies at Nexus Water. Once you take a look at slide 13, this acquisition is significant as a result of it strengthens our place as a pacesetter within the Western US by including two extra states and diversifying our geographic footprint. Along with that, it additionally will increase our regulatory diversification by X.
In case you exclude BVRT, this provides about 40% to our operations outdoors the state of California. So the geographical diversification and the regulatory diversification, we expect, are actually, actually necessary. At year-end 2025, the acquired techniques signify about $109,000,000 of charge base and a purchase order worth of roughly two instances charge base, according to our allocation of capital and our disciplined method to taking a look at acquisitions.
As well as, on the proposed buy worth, we imagine this deal might be accretive inside the first 12 months, backing out among the one-time integration prices that we’ll have getting into these two new markets, closing the deal, and welcoming the Nexus workers to California Water Service Group as soon as the deal is authorized by the regulatory commissions within the acceptable jurisdictions. So total, we’re actually proud of this deal. We count on it to be accretive the primary 12 months, and we look ahead to integrating the techniques onto our platform. Transferring on to slip 14, it simply provides you an illustration of what the footprint appears to be like like as we function and broaden into a complete of eight states.
So once more, diversifying out of California, extending our footprint in these different states, and I used to be doing a little work in preparation with our board and looking out again in 1926 after we have been based, and we began with 4 little water techniques in Northern California and the way they’ve grown. Sooner or later, we purchased the system referred to as Bear Gulch within the Nineteen Twenties and early Nineteen Thirties, and I’m positive some individuals thought, why would they wish to purchase a system down in Silicon Valley? All it’s farmland down there.
So, you already know, as we purchase these new techniques, you already know, we like to consider them as seeds in strong markets that may develop over time, and that’s according to our capital technique. Search for techniques in rising markets that we will proceed to speculate capital in and develop out their infrastructure to proceed to enhance service and unfold our baseline value over a bigger base. Each states, Oregon and Nevada, function underneath a hybrid ratemaking framework, which actually supplies some visibility into the long run charge reduction for capital investments which might be wanted.
As well as, Nevada permits for a DSIC, which we expect is a regulatory greatest follow, and the framework is according to our present long-term infrastructure funding technique. On slide 14, this deal will add about 36,000 equal residential models, so it’s water and wastewater. With a bigger footprint, we see alternatives to optimize our company prices and leverage our base to permit us to decrease the general marginal value for purchasers whereas ensuring we meet and exceed water high quality requirements and construct resiliency into the system. We can even profit from robust regulatory relationships inside the states. We have been very impressed with the staff and the states of Oregon and Nevada.
As we all know, we’re massive believers in robust regulatory relationships, and we imagine that’s the underpinning of the long-term stability of the system and our success on the regulatory facet. As well as, these techniques include embedded progress pipelines, together with each tuck-in acquisitions and different alternatives so as to add across the present techniques to develop out. So we’re enthusiastic about that. After which lastly, we have been very impressed with the workers and the asset high quality of the techniques. Once you take a look at offers, I feel most of you already know Shilen as our Chief Enterprise Improvement Officer, however loads of instances you go take a look at somebody they usually look totally different than you or they function totally different than you.
You recognize, we have been very impressed with the operation in Nexus Water. Taking a look at slide 16, I’m going at hand that over to Shilen. It’s not stunning for these of you that know Rob McClain and the administration group at Nexus. They do an excellent job, not solely with their individuals, however with the standard of their techniques that they function in. So we look ahead to a clean approval course of with the commissions in Oregon and Nevada, integrating the techniques onto our platform, particularly within the state of Nevada, which we deem as a high-growth state. Shilen has additionally been our Basic Supervisor in Texas, managing our Texas operations.
Shilen, you wish to discuss in regards to the transaction we executed and what’s going on in Texas?
Shilen Patel: Sure. Thanks, Martin. We have now entered into an settlement to amass the remaining excellent membership curiosity in BVRT in Texas. As you recall, it was a three way partnership, and we’re buying a minority. Upon closing, we are going to turn into the only real proprietor of seven regulated water and wastewater utilities situated within the high-growth hall between Austin and San Antonio. As you may see on this slide, at 2025 year-end we’ve greater than 19,000 dedicated prospects, about 5,000 are related at the moment, with a further 20,000 probably within the subsequent foreseeable future, after which about 100,000 within the long-term potential prospects as our techniques develop and mature.
The transaction would require our Texas subsidiary to file a change-of-control utility, and it’s contingent on regulatory approval and different customary closing circumstances, together with the PUCT and in addition California Water Service Group board approval as soon as we obtain PUCT approval. Strategically, consolidating full possession enhances governance, simplifies the construction, and permits us to completely seize the long-term progress and infrastructure funding alternatives inside this market. We proceed to broaden by means of ongoing system buildouts, with sustained buyer progress and infrastructure enhancements, actually positioning the platform to assist that progress. I’m actually trying ahead to persevering with to construct on the successes that the group regionally have put in place for the final six to seven years.
Martin, I’ll flip it to you.
Martin Kropelnicki: Positive. Thanks, Shilen.
Greg Milleman: Turning to the 2024 California basic charge case, we expect a proposed choice very quickly. As we beforehand reported, within the case we proposed to speculate $1,600,000,000 in water infrastructure so as to proceed offering protected and dependable water service to our prospects. We additionally requested income changes of just a bit underneath $3,000,000 over the three-year interval.
Given the place we’re within the course of, and given the truth that the fee can vote as early as 30 days after the proposed choice is issued and oral arguments are made, we imagine that if the fee have been to situation a proposed choice by March 5, there could be satisfactory time for the fee to think about and undertake the ultimate choice on the subsequent voting assembly on April 9. Clearly, we are going to present an replace after we obtain the proposed choice. Turning to slip 18. I’ll present a quick replace on regulatory exercise throughout our different jurisdictions, and I’ll begin with Hawaii.
In November 2025, we filed a charge case in Hawaii for our Kapalua district requesting $2,200,000 in annual revenues to recuperate increased working prices and system enhancements. Moreover, in October 2025, the Hawaii PUC authorized a $4,700,000 annual income improve for Hawaii Water’s 5 Waikoloa techniques, with a two-year phase-in that started in October 2025. Transferring to Texas, throughout 2025 interim charges have been adopted and carried out in July 2025. These charges should not topic to refund, and we’re ready on a closing PUCT approval that’s at the moment pending. Transferring to Washington.
In September 2025, Washington Water filed a charge case with the Washington Utilities and Transportation Fee requesting a $4,900,000 annual income improve to recuperate prices of system investments and rising working prices. We count on the case to be accomplished and new charges carried out in 2026. Total, these filings exhibit our continued funding in infrastructure, proactive regulatory engagement, and disciplined efforts to align charges with the price of offering protected, dependable service. Martin, again to you.
Martin Kropelnicki: Thanks, Greg. And I’m now on that final web page. So what are we centered on in 2026, our centennial 12 months? At first, we’re dedicated to a well timed completion with Nexus Water for Nevada and for Oregon and dealing with Nexus Water to utterly transition there, and in a manner that’s good for purchasers and good for the staff. We count on to efficiently shut these transactions on time. We’ll proceed to pursue progress alternatives in these high-growth areas, in addition to change-of-control purposes that we’re engaged on.
After which, after all, as soon as we get the 2024 charge case achieved, it’s a three-year cycle in California, after which we’ve the speed case that Greg simply talked about in Hawaii and in Mexico—properly, it simply retains shifting ahead. As Greg talked about, we’ve loads of regulatory actions happening, whether or not it’s the acquisitions we introduced or planning the 2027 basic charge case. Once more, simply to remind everybody, the first progress engine at California Water Service Group is basically the reinvestment of present capital into our charge base. And as Jim stated, we have been nearly 10% year-over-year in CapEx. That’s the major progress genetics, any of the PFAS stuff.
After which, secondarily, we plan on strategic acquisitions like what we’ve achieved right here with Nexus that add to the present platform. However having standards that we use to judge acquisitions is basically necessary as a result of we wish to keep that 10% cadence on the CapEx line, whereas balancing public well being and sustainability and reliability. Affordability continues to be a difficulty. We all know and perceive that. We have now been capable of preserve our charges inexpensive and keep our charge base progress and guarantee our techniques are resilient, and we’re constructing resiliency into our techniques as we cope with issues like local weather change.
After which, after all, lastly, we proceed our disciplined technique on the regulatory facet, working with our regulators, staying centered on the speed circumstances, getting these to place us to the wants of our buyer, and persevering with with our capital substitute program. So we are going to proceed taking a look at that and ensuring we’re being disciplined. With that, Desiree, we are going to open it up for questions, please.
Operator: We’ll now open for questions. If you need to ask a query, press star then the primary in your phone keypad.
Martin Kropelnicki: I’d say that the California Water Affiliation over the previous three or 4 years has been actually centered on educating the commissioners in regards to the impacts of the delays on prospects, and we’ve seen actions shifting to get the circumstances out on a extra well timed foundation. Second, one of many lead advocates for that’s the commissioner that’s assigned to our case, Commissioner Matt Baker, and he’s very centered on getting choices out on time.
After which the third factor with the place we’re feeling the place our proposed choice needs to be popping out fairly quickly is the water division workers on the fee has been asking us for data to assist them course of and get to publish the PD. Similar to what they did within the 2018 GRCs proper earlier than the PDs got here out. And that long run, the circumstances will come out on a extra well timed foundation. So that’s the place I really feel. After which quick time period for our case, we see it popping out within the very close to future.
James Lynch: We weren’t getting questions. As Greg stated, we received loads of questions on the very, very finish, after which the stuff was submitted, after which we waited and waited and waited and waited. There was not loads of communication.
Martin Kropelnicki: I used to be being politically right in my opening feedback, Davis. However you already know, within the final charge case, it was simply sort of like a black gap. The PD got here out hastily. It has been actually totally different on this case. The decide, when it was delayed, gave us the three% interim charge improve instantly, which we thought was good. They’ve been asking questions all through the method, which is sweet. And so we’ve seen loads of exercise, which leads us to imagine they’re very centered on it. They haven’t given us any assurances of a date, nevertheless it has been very clear that they’ve made it a precedence on the fee.
I feel the opposite massive factor that has modified now from the place it was within the 2021 charge case is affordability is a giant situation. And whenever you cope with issues in California just like the skyrocketing electrical charges that individuals needed to cope with and fuel charges which might be up, you already know, the commissions are getting extra scrutiny about charge will increase. And so you can not get a charge case out and have the thought of creating our charge improve look worse than what it truly is. I don’t assume the fee likes being in that place. And whilst you have an assigned ALJ, it will possibly range commissioner by commissioner.
The true listening to officer actually is the commissioner as a result of they cope with these complaints from prospects when charges go up. And so the commissioner sort of units the tone in these circumstances. So I feel we’re lucky we’ve Baker assigned to our case, who used to run the Workplace of Ratepayer Advocates. He has been setting the tone: we have to get the speed circumstances out on time and be cheap and diligent in our method. So I feel for now, I frankly count on to get a choice right here comparatively quickly. Clearly, when it comes out, it’s materials. So we 18 it instantly when it comes out.
Davis: That’s tremendous useful, and thanks each for all the small print there.
Davis: Possibly my second query, Martin, I respect you citing the DSIC in Nevada. I used to be simply going to ask about possibly the friendliness of working environments, or particularly any key regulatory mechanisms in both Oregon or Nevada which might be value calling out, both which might be in place now or that you simply is perhaps pursuing. That might be useful. And I feel, Jim, you additionally talked about in your feedback, CapEx, after all, doesn’t embody potential investments in these, and possibly it’s too early to say, however any ideas on what these would possibly seem like could be useful too.
Greg Milleman: Yeah. Positive. Allow us to begin with Nevada. Nevada has a really cheap fee surroundings, which is constructive. Additionally they have decoupling in Nevada. They permit building work in progress in charge base. They’ve a mechanism for interim charge memorandum accounts in case your case is late. They permit changes for adjustments in your water manufacturing prices out of your wholesalers, and their circumstances take about six months to finish. In Oregon, they’ve a hybrid system of a charge case with a historic check 12 months that permits a couple of half 12 months of capital enhancements in your first 12 months being included within the case. As well as, Nevada permits for a DSIC.
They’re permitting consolidated or statewide charges to be phased in over six years for the water techniques. In Oregon, about half of the techniques are nonregulated wastewater techniques. Nexus has handled them as they deal with their regulated entities, they usually file a charge case for these entities. These are the sort of frameworks within the two states.
James Lynch: Yeah. And I feel so far as the CapEx goes, Davis, because of that, there may be sort of a capital plan of their final charge case. In order we transfer ahead and get extra familiarity with the techniques, that quantity might change. However I’d count on within the first couple of years, someplace between $20,000,000 to $30,000,000 in CapEx between the 2 techniques. Initially, they’re historic. We are able to clearly work by means of them, however Nevada did file a pre-approval of what the degrees are going to be at the least in Nevada. We really feel there may be additionally loads of alternative there for tuck-in acquisitions across the techniques, particularly in Nevada.
I feel there may be some nice alternative there that we’re going to have the ability to reap the benefits of, not solely as a result of it supplies us the diversification that Martin talked about, however as a result of there is a chance for us to proceed funding progress.
Davis: Tremendous useful once more and thanks. Possibly if I could possibly be grasping and sneak in yet another fast one. I noticed yesterday the EPA seems to have formally moved ahead now with the PFAS push-out that has been talked about for a couple of quarters. I do know we’ve talked about this earlier than, and Martin, you’ve stated your plans right here most likely won’t change. Proceed to make the upgrades as they arrive. However possibly simply give any replace on funds which might be flowing because of the category motion swimsuit, after which if that first piece is certainly right. And thanks very a lot.
James Lynch: Yeah. No. Good query, Davis. I feel I’ve used the instance: it’s actually laborious to take a look at a mom with their little one and say, sure, there’s something within the water that’s not protected, however don’t worry about it for 3 years. That simply doesn’t work. And I feel customers have gotten pretty properly educated on water, as a result of, you already know, as a utility, our product is consumable, and it’s ingested. There isn’t any room for error on water high quality. It’s completely essential. That’s the reason it’s in our bonus plan. That’s the reason it’s revealed proper up entrance. We present what the ramifications are.
Our aim is to satisfy all major and secondary water high quality requirements each second that we function in. Clearly, as this turns into a brand new MCL, we’ve to be compliant with it. So we’re shifting ahead with our plans. What we’ve seen when you’ve had this battle between the states and feds on when does it go, the place does it go—if the feds have stated, hey, we’d delay this three years—we’ve seen states say, okay, however we’re going to make it efficient sooner. As a result of, once more, I don’t assume anybody needs to not shield their residents. I feel that’s actually necessary. So we’re shifting forward as deliberate.
In 2025, I imagine we spent about $20,000,000 on our PFAS applications, and that’s actually getting all this system logistics up, the planning for all the development, placing the contracts out to bid, procuring all of the supplies, and scheduling out. We’re operating it as a company, group-sponsored program. There’s a PMO—undertaking administration workplace—with an excellent engineer main that program. The senior administration group will get updates on it on a regular basis, and all the things is being scheduled out. We’re going to proceed going full steam forward. I count on in 2026 we’re going to spend between $50,000,000 and $70,000,000 on PFAS. Once more, that’s incremental to the capital numbers that Jim has shared.
When it comes to recoveries, what’s the web quantity that we’ve recovered up to now? Is it forty-some-odd million?
James Lynch: The online quantity is barely beneath $40,000,000 after the attorneys have taken out their share of the proceeds. However we proceed to work on different alternatives to fund these investments. We have now a fairly robust grant program underway that’s actually going to assist us, I feel, in a few of our extra challenged districts and states. So we’re taking a look at potential grant {dollars} along with the restoration {dollars}. The opposite factor I’d simply add is that $235,000,000 that we’re anticipating when it comes to spend for PFAS, it’s a must to consider it in two tranches.
One is the remedy, and the opposite is the place new wells have to be drilled so as to both substitute previous wells or to place new wells in the place we don’t imagine there may be as massive of a contamination downside. The remedy goes to be in place a lot faster than the wells. It normally takes us three, 4, 5 years relying upon the allowing course of to get these wells going. A majority of the remedy, we anticipate proper now, might be put in place by the 2020 step—properly, it’s phased, however sure.
Davis: Excellent. Thanks very a lot. Respect all of the element.
Martin Kropelnicki: Alright, Davis. Have an excellent day. Please be happy to name with follow-up. Take care.
Operator: And, once more, if you want to ask a query, press star then the primary in your phone keypad. There aren’t any additional questions presently. I want to flip the decision again over to Martin Kropelnicki for closing remarks.
Martin Kropelnicki: Alright, Desiree. Thanks everybody for becoming a member of us right here immediately. Clearly, 2026 is beginning off with a bang. We have now a lot to do on our agenda at California Water Service Group, and we are going to look ahead to integrating the acquisitions that we talked about, the Nexus acquisitions in addition to the BVRT acquisitions that we introduced, getting the speed circumstances—staying centered on the speed circumstances, getting these to place us as shortly as doable—after which persevering with with the PFAS remedy in our capital program. There might be a lot to speak about on the finish of Q1, and we are going to look ahead to supplying you with an replace then. So till then, thanks for becoming a member of us immediately.
Be protected, and we are going to discuss to everybody quickly. Thanks.
Operator: Girls and gents, that concludes immediately’s name. Thanks all for becoming a member of in. You might now disconnect.
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