Overview Key strengths Key risks Predominantly low-risk, regulated water utility operations. Limited size and customer base. Effective management of regulatory risk and use of various regulatory mechanisms in multiple jurisdictions. Negative discretionary cash flow indicates external funding needs. Largely residential and commercial customer base provides stable cash flow. The California Public Utilities Commission (CPUC) approved SJWC?s $53.1 million MYRP rate increase for the 2025-2027 period. Specifically, the CPUC authorized a revenue increase of $21.3 million in 2025, a $14.4 million increase in 2026, and an increase of $17.3 million in 2027. SJWC expects to invest $450 million, focusing on per- and polyfluoroalkyl substances remediation and treatment and reducing greenhouse gas emissions. We believe the MYRP rate case outcome is constructive
