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2024 ANNUAL REPORT We Protect What s Precious
Dear Stockholder, In 2024, we once again delivered on our mission to provide life-sustaining, high-quality water and trusted service. We did so with unwavering operational excellence while making key infrastructure investments and employing a constructive regulatory strategy. In addition, our financial results exceeded our 2024 guidance, with diluted earnings per share (EPS) of $2.87 in accordance with Generally Accepted Accounting Principles (GAAP) and non-GAAP adjusted diluted EPS of $2.95, and we surpassed our ambitious 2024 capital expenditure goals. In December 2024, our board raised the quarterly dividend by 5% to $0.42, or $1.68 on an annualized basis. Our company has now paid a dividend for more than 80 consecutive years and increased our dividend payments for 57 years. We remain committed to achieving the operational and financial performance that supports reliable investor returns. These accomplishments are a testament to our team s ability to develop strong and trusted relationships with key stakeholders, prepare for and constructively address challenges, and successfully leverage our national footprint to execute our proven growth and investment strategy. We remain focused on uniting the power of our national platform through our deep local expertise to ensure continued exceptional service and reliability for our communities over the long term. Some of our 2024 milestones include: Investing $353 million in infrastructure for initiatives that improve reliability of service and quality of water with special attention on investments that also reduce future operating expenses. Securing a constructive general rate case decision for San Jose Water for 2025 through 2027 that was based on a settlement agreement negotiated with the Public Advocates Office. The decision, which was made in December, was timely, and new rates were effective on January 1, 2025. Securing a performance-based metric for executive compensation in our Connecticut Water general rate case a first for us in Connecticut, and it has the potential to add $1.1 million in revenue. We also secured water infrastructure and conservation adjustment increases of 3.43% in Connecticut, resulting in a $4.3 million increase in annualized revenue. Realizing an annualized revenue increase of $2.6 million in Maine, which was effective January 1, 2024, to help Maine Water cover the operating expenses and increased financing costs for the award-winning Saco Drinking Water Resource Center. Receiving approval for our first system improvement charge in March for Texas Water and filing for our second in September. As climate change continues to drive more unpredictable and extreme weather, SJW Group s geographic diversity across four states helps balance risk and enable continued and sustainable growth. We value the trust you have placed in us to leverage our business model and continue to execute our proven longterm growth strategy of investing in infrastructure, pursuing opportunistic and accretive acquisitions with discipline, and fostering constructive regulatory environments while seeking timely rate recovery across our operations. Strategic Investments to Support Our Communities Now and Well Into the Future Our $353 million invested in infrastructure aligns with our core objectives: We identify and preemptively solve problems in a cost-efficient manner, act as a force for good in our local communities, and deliver the highest-quality water and reliability to our customers. Track record of prudent investments: In 2024, we invested more than $110 million to replace approximately 46 miles, or approximately 243,000 feet of pipe across our operations, to improve reliability and reduce costly unscheduled repairs. We also further reduced our carbon footprint by constructing additional solar-generation arrays at several company facilities, expanding our use of electric vehicles, and continuing the use of advanced leak detection technology to reduce water loss. We expect that in 2025, approximately two-thirds of these investments will be recovered through forward-looking ratemaking or infrastructure recovery mechanisms. Efficient capital spend that drives future growth: The water systems we are entrusted to manage today were built by forward-thinking leaders who saw how they could foster healthy, safe, and vibrant communities. We benefit from their vision, and we take pride in our responsibility to maintain and extend these systems to meet current needs and serve future generations. That s why we recently announced a 25% increase in our five-year capital spending plan. SJW Group is planning to invest approximately $2 billion2 in drinking water and wastewater infrastructure, pending regulatory approval.
Among other initiatives, these investments will support: Remediation of per- and polyfluorinated substances (PFAS) impacted water sources to meet new U.S. Environmental Protection Agency (EPA) standards; Continued installation of smart meters in California to enhance customer transparency, detect leaks earlier, and promote water conservation; Generation of solar power to reduce both greenhouse gas emissions (GHG) and operating expenses; and Upgrades to aging infrastructure to ensure future generations of customers and communities have reliable service and high-quality water. A Force for Good Water is one of our most precious resources, and we take our responsibility as stewards of this life-sustaining essence seriously. We recently published our updated SJW Group Corporate Sustainability Report, available at sjwgroup.com, which highlights our achievements. We continue to build on that success and are planning for our future by addressing the effects of climate change and working to reduce the carbon footprint of our organization. We are working toward our commitment to reduce carbon emissions by 50% in 2030 from our 2019 baseline, underscoring our environmental stewardship and costeffective investment strategy. To reach our goal, each subsidiary is working to reduce their GHG emissions through measures that include minimizing energy use through identifying and implementing operational efficiencies, eliminating waste from operations, procuring clean energy, and replacing internal combustion engines with electric vehicles when it makes economic sense to do so. In 2025, we estimate that our state operations will use a minimum of 50% and up to 100% green energy. We believe there are substantial benefits of solar generation as a clean energy source, and we will continue to make disciplined investments in this area as part of our strategy to advance infrastructure projects that reduce operating costs for customers. SJW Group was honored to have been named One of America s Most Responsible Companies 2025 by Newsweek and cited as one of the top 600 U.S.-based companies making a positive global impact. I am also especially proud to share that in 2024, we established the Force for Good Foundation, a nonconsolidated not-for-profit corporation funded by SJW Group, through which we plan to make contributions to select charitable organizations with a focus on the local communities we serve. We look forward to making even more of a difference in our communities for years to come through this foundation. Our Team Is United Around Performance That Helps Our Communities Thrive and Delivers Value for Stockholders At SJW Group, we owe our success to our dedicated professionals across our business who work hard every day to deliver on our mission of being a best-in-class water utility for our customers, communities, environment, employees, and you our stockholders. Our priorities are clear. We will continue executing our long-term investment strategy with financial discipline, operational excellence, and an unwavering commitment to affordability. We have a deep bench of talent at SJW Group, and we were excited to expand our team with the recent addition of two exceptional leaders: Ann Kelly, chief accounting officer and principal accounting officer, and Douwe Busschops, chief information officer. Ann s deep experience in financial and accounting leadership includes over 15 years at investor-owned utilities, and Douwe has more than a decade of water utility experience in both information technologies and technologies focused on the customer experience. Ann and Douwe each bring leadership styles and a commitment to service that align with our culture. Looking ahead, they are committed to enhancing their already strong teams so that our local operating utilities can direct their focus and expertise toward serving local customers and communities. In February, I announced my retirement as president and chief executive officer of SJW Group effective June 30. It has been my honor to lead the team of talented individuals across our entire organization and to be a part of this profession for 43 years. The board of directors has appointed Andrew Walters, our chief financial officer and treasurer, to be my successor as CEO. Andrew has been a true partner and a driving force behind our success. He is an outstanding choice to lead the company. Ann Kelly will assume the role of chief financial officer and treasurer effective July 1, 2025. Also, effective on July 1, 2025, Bruce Hauk will take on the added role of president of SJW Group, to become president and chief operating officer of our company and Kristen Johnson will take on the added role of president of the shared services organization, to become senior vice president, chief administrative officer, and president of the shared services organization. On behalf of the board and our leadership team, we thank our employees, who are the driving force behind our company s achievements. We have a proven ability to deliver value and reliability to both our customers and our stockholders. I m confident that under the leadership of Andrew, Bruce, and Kristen, we can continue to build upon our success and trusted relationships with all our valued stakeholders in 2025 and for years to come. Sincerely, Eric W. Thornburg President, CEO, and Chair, SJW Group
SJW Group Large National Pure-Play Water/Wastewater Provider With Deep Local Expertise, Committed to Sustainably Serving Our Communities 2 0 2 4 AT A G L A N C E OUR COMPANY operations in California, Connecticut, Maine, and Texas serving ~1.6M people ~407,000 service connections 822 water professionals across 4 states OUR CAPITAL AND CUSTOMERS $353M infrastructure investment 46 miles of pipeline replaced 8 new solar-generation arrays online $9.1M financial assistance secured for customers OUR COMMITMENT TO SUSTAINABILITY AND COMMUNITIES 32% GHG reduction achieved 2019 to 2023 66% increase in solar energy produced $3M Force For Good Foundation $400K community donations OUR FINANCIAL HIGHLIGHTS 80+ years of dividend payments 3 57 years of dividend increases 10% increase in net utility plant 11% adjusted earnings per share increase
Financial Highlights AT A G L A N C E 2024 2023 2022 $748,439 $93,967 $96,784 $670,363 $84,987 $83,926 $620,698 $73,828 $69,527 $195,526 $190,831 $166,199 33,629 32,701 32,780 $2.87 $2.87 $2.95 $1.60 32,023 31,575 31,663 $2.69 $2.68 $2.65 $1.52 30,802 30,305 30,424 $2.44 $2.43 $2.29 $1.44 $4,658 $1,707 $1,367 $4,345 $1,527 $1,233 $3,755 $1,492 $1,111 (in thousands, except per-share amounts and where otherwise noted) Operating Results Total operating revenue Net income Adjusted net income 1 Cash Flow Data Net cash provided by operating activities Common Stock Data Shares of common stock outstanding Year-end Weighted average basic Weighted average diluted Basic earnings per share Diluted earnings per share Adjusted diluted earnings per share1 Dividends paid per share Balance Sheet Data (in millions) Total assets Long-term debt, less current maturities Total SJW Group stockholders equity Net Utility Plant Dividends Declared (in millions) 3500 (per share) $3,489 3000 (in millions) 3.0 350 $3,171 2500 Capital Expenditures 400 2.0 $2,630 1.5 $1.60 2000 300 $1.52 $1.44 250 500 $219 50 2024 2023 2022 0.0 2.5 $2.43 Adjusted Earnings per share1 $2.95 $2.65 $2.29 2.0 1.5 1.5 1.0 1.0 0.5 0.5 100 0.5 0 $2.68 3.0 $272 150 1000 $2.87 2.0 200 1.0 1500 2.5 $353 Diluted Earnings per share 2024 2023 2022 0 2024 2023 2022 0.0 2024 2023 2022 0.0 2024 2023 2022 A full reconciliation of GAAP net income to adjusted net income for the years ended December 31, 2022, 2023, and 2024 is included in the table on page 11. 1 Members of the community toured Connecticut Water s Heritage Village wastewater treatment plant during an open house this summer. 4
 • shareholder letter icon 4/1/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/9/2023 SJW Stockholder Letter
 • stockholder letter icon 4/3/2023 SJW Stockholder Letter
 • stockholder letter icon 4/26/2024 SJW Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters
 • Benford's Law Stocks icon SJW Benford's Law Stock Score = 78


SJW Shareholder/Stockholder Letter Transcript:

2024
ANNUAL REPORT
We Protect What   s Precious

Dear Stockholder,
In 2024, we once again delivered on our mission to provide
life-sustaining, high-quality water and trusted service. We
did so with unwavering operational excellence while making
key infrastructure investments and employing a constructive
regulatory strategy. In addition, our financial results exceeded
our 2024 guidance, with diluted earnings per share (EPS) of $2.87
in accordance with Generally Accepted Accounting Principles
(GAAP) and non-GAAP adjusted diluted EPS of $2.95, and we
surpassed our ambitious 2024 capital expenditure goals.
In December 2024, our board raised the quarterly dividend
by 5% to $0.42, or $1.68 on an annualized basis. Our company
has now paid a dividend for more than 80 consecutive
years and increased our dividend payments for 57 years. We
remain committed to achieving the operational and financial
performance that supports reliable investor returns.
These accomplishments are a testament to our team   s ability to
develop strong and trusted relationships with key stakeholders,
prepare for and constructively address challenges, and
successfully leverage our national footprint to execute our
proven growth and investment strategy. We remain focused on
uniting the power of our national platform through our deep local
expertise to ensure continued exceptional service and reliability
for our communities over the long term. Some of our 2024
milestones include:
    Investing $353 million in infrastructure for initiatives that
improve reliability of service and quality of water with special
attention on investments that also reduce future operating
expenses.
    Securing a constructive general rate case decision for San
Jose Water for 2025 through 2027 that was based on a
settlement agreement negotiated with the Public Advocates
Office. The decision, which was made in December, was
timely, and new rates were effective on January 1, 2025.
    Securing a performance-based metric for executive
compensation in our Connecticut Water general rate case    
a first for us in Connecticut, and it has the potential to add $1.1
million in revenue. We also secured water infrastructure and
conservation adjustment increases of 3.43% in Connecticut,
resulting in a $4.3 million increase in annualized revenue.
    Realizing an annualized revenue increase of $2.6 million in
Maine, which was effective January 1, 2024, to help Maine
Water cover the operating expenses and increased financing
costs for the award-winning Saco Drinking Water Resource
Center.
    Receiving approval for our first system improvement
charge in March for Texas Water and filing for our
second in September.
As climate change continues to drive more unpredictable
and extreme weather, SJW Group   s geographic diversity
across four states helps balance risk and enable continued
and sustainable growth.
We value the trust you have placed in us to leverage our
business model and continue to execute our proven longterm growth strategy of investing in infrastructure, pursuing
opportunistic and accretive acquisitions with discipline,
and fostering constructive regulatory environments while
seeking timely rate recovery across our operations.
Strategic Investments to Support Our
Communities Now and Well Into the Future
Our $353 million invested in infrastructure aligns with
our core objectives: We identify and preemptively solve
problems in a cost-efficient manner, act as a force for good
in our local communities, and deliver the highest-quality
water and reliability to our customers.
Track record of prudent investments: In 2024, we
invested more than $110 million to replace approximately
46 miles, or approximately 243,000 feet of pipe across
our operations, to improve reliability and reduce costly
unscheduled repairs. We also further reduced our carbon
footprint by constructing additional solar-generation
arrays at several company facilities, expanding our use of
electric vehicles, and continuing the use of advanced leak
detection technology to reduce water loss. We expect that
in 2025, approximately two-thirds of these investments
will be recovered through forward-looking ratemaking or
infrastructure recovery mechanisms.
Efficient capital spend that drives future growth: The water
systems we are entrusted to manage today were built by
forward-thinking leaders who saw how they could foster
healthy, safe, and vibrant communities. We benefit from their
vision, and we take pride in our responsibility to maintain
and extend these systems to meet current needs and serve
future generations. That   s why we recently announced a 25%
increase in our five-year capital spending plan. SJW Group is
planning to invest approximately $2 billion2 in drinking water
and wastewater infrastructure, pending regulatory approval.

Among other initiatives, these investments will support:
    Remediation of per- and polyfluorinated substances
(PFAS)     impacted water sources to meet new U.S.
Environmental Protection Agency (EPA) standards;
    Continued installation of smart meters in California to
enhance customer transparency, detect leaks earlier,
and promote water conservation;
    Generation of solar power to reduce both greenhouse
gas emissions (GHG) and operating expenses; and
    Upgrades to aging infrastructure to ensure future
generations of customers and communities have
reliable service and high-quality water.
A Force for Good
Water is one of our most precious resources, and we take
our responsibility as stewards of this life-sustaining essence
seriously. We recently published our updated SJW Group
Corporate Sustainability Report, available at sjwgroup.com,
which highlights our achievements. We continue to build on
that success and are planning for our future by addressing
the effects of climate change and working to reduce the
carbon footprint of our organization.
We are working toward our commitment to reduce
carbon emissions by 50% in 2030 from our 2019 baseline,
underscoring our environmental stewardship and costeffective investment strategy. To reach our goal, each
subsidiary is working to reduce their GHG emissions through
measures that include minimizing energy use through
identifying and implementing operational efficiencies,
eliminating waste from operations, procuring clean energy,
and replacing internal combustion engines with electric
vehicles when it makes economic sense to do so. In 2025, we
estimate that our state operations will use a minimum of 50%
and up to 100% green energy.
We believe there are substantial benefits of solar generation
as a clean energy source, and we will continue to make
disciplined investments in this area as part of our strategy to
advance infrastructure projects that reduce operating costs
for customers.
SJW Group was honored to have been named    One of
America   s Most Responsible Companies 2025    by Newsweek
and cited as one of the top 600 U.S.-based companies making
a positive global impact.
I am also especially proud to share that in 2024, we
established the Force for Good Foundation, a nonconsolidated not-for-profit corporation funded by SJW
Group, through which we plan to make contributions to
select charitable organizations with a focus on the local
communities we serve. We look forward to making even
more of a difference in our communities for years to come
through this foundation.
Our Team Is United Around Performance That
Helps Our Communities Thrive and Delivers
Value for Stockholders
At SJW Group, we owe our success to our dedicated
professionals across our business who work hard every day
to deliver on our mission of being a best-in-class water utility
for our customers, communities, environment, employees,
and you     our stockholders. Our priorities are clear. We will
continue executing our long-term investment strategy with
financial discipline, operational excellence, and an unwavering
commitment to affordability.
We have a deep bench of talent at SJW Group, and we were
excited to expand our team with the recent addition of two
exceptional leaders: Ann Kelly, chief accounting officer and
principal accounting officer, and Douwe Busschops, chief
information officer. Ann   s deep experience in financial and
accounting leadership includes over 15 years at investor-owned
utilities, and Douwe has more than a decade of water utility
experience in both information technologies and technologies
focused on the customer experience. Ann and Douwe each bring
leadership styles and a commitment to service that align with
our culture. Looking ahead, they are committed to enhancing
their already strong teams so that our local operating utilities can
direct their focus and expertise toward serving local customers
and communities.
In February, I announced my retirement as president and chief
executive officer of SJW Group effective June 30. It has been my
honor to lead the team of talented individuals across our entire
organization and to be a part of this profession for 43 years.
The board of directors has appointed Andrew Walters, our chief
financial officer and treasurer, to be my successor as CEO. Andrew
has been a true partner and a driving force behind our success.
He is an outstanding choice to lead the company. Ann Kelly will
assume the role of chief financial officer and treasurer effective
July 1, 2025.
Also, effective on July 1, 2025, Bruce Hauk will take on the added
role of president of SJW Group, to become president and chief
operating officer of our company and Kristen Johnson will take on
the added role of president of the shared services organization,
to become senior vice president, chief administrative officer, and
president of the shared services organization.
On behalf of the board and our leadership team, we thank our
employees, who are the driving force behind our company   s
achievements. We have a proven ability to deliver value and
reliability to both our customers and our stockholders. I   m
confident that under the leadership of Andrew, Bruce, and
Kristen, we can continue to build upon our success and trusted
relationships with all our valued stakeholders in 2025 and for
years to come.
Sincerely,
Eric W. Thornburg
President, CEO, and Chair, SJW Group

SJW Group
Large National Pure-Play Water/Wastewater Provider With Deep Local Expertise,
Committed to Sustainably Serving Our Communities
2 0 2 4 AT A G L A N C E
OUR COMPANY
operations in
California, Connecticut,
Maine, and Texas
serving
~1.6M
people
~407,000
service connections
822
water professionals
across 4 states
OUR CAPITAL AND CUSTOMERS
$353M
infrastructure
investment
46
miles of pipeline
replaced
8
new solar-generation
arrays online
$9.1M
financial assistance
secured for customers
OUR COMMITMENT TO SUSTAINABILITY AND COMMUNITIES
32%
GHG reduction achieved
2019 to 2023
66%
increase in
solar energy produced
$3M
Force For Good
Foundation
$400K
community
donations
OUR FINANCIAL HIGHLIGHTS
80+
years of
dividend payments
3
57
years of dividend
increases
10%
increase in
net utility plant
11%
adjusted earnings per
share increase

Financial Highlights
AT A G L A N C E
2024
2023
2022
$748,439
$93,967
$96,784
$670,363
$84,987
$83,926
$620,698
$73,828
$69,527
$195,526
$190,831
$166,199
33,629
32,701
32,780
$2.87
$2.87
$2.95
$1.60
32,023
31,575
31,663
$2.69
$2.68
$2.65
$1.52
30,802
30,305
30,424
$2.44
$2.43
$2.29
$1.44
$4,658
$1,707
$1,367
$4,345
$1,527
$1,233
$3,755
$1,492
$1,111
(in thousands, except per-share amounts and where otherwise noted)
Operating Results
Total operating revenue
Net income
Adjusted net income 1
Cash Flow Data
Net cash provided by operating activities
Common Stock Data
Shares of common stock outstanding
Year-end
Weighted average     basic
Weighted average     diluted
Basic earnings per share
Diluted earnings per share
Adjusted diluted earnings per share1
Dividends paid per share
Balance Sheet Data (in millions)
Total assets
Long-term debt, less current maturities
Total SJW Group stockholders    equity
Net Utility Plant
Dividends Declared
(in millions)
3500
(per share)
$3,489
3000
(in millions)
3.0
350
$3,171
2500
Capital Expenditures
400
2.0
$2,630
1.5
$1.60
2000
300
$1.52
$1.44
250
500
$219
50
2024
2023
2022
0.0
2.5
$2.43
Adjusted Earnings
per share1
$2.95
$2.65
$2.29
2.0
1.5
1.5
1.0
1.0
0.5
0.5
100
0.5
0
$2.68
3.0
$272
150
1000
$2.87
2.0
200
1.0
1500
2.5
$353
Diluted Earnings
per share
2024
2023
2022
0
2024
2023
2022
0.0
2024
2023
2022
0.0
2024
2023
2022
A full reconciliation of GAAP net income to adjusted net income for the years ended December 31, 2022, 2023, and 2024 is included in the table on page 11.
1
Members of the community toured
Connecticut Water   s Heritage Village
wastewater treatment plant during an
open house this summer.
4



shareholder letter icon 4/1/2025 Letter Continued (Full PDF)
 

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