H2O AMERICA Business Summary

H2O America (NASDAQ: HTO), formerly known as SJW Group, is a prominent investor-owned water and wastewater utility that operates through a national network of regional subsidiaries, including San Jose Water, Connecticut Water, Maine Water, and Texas Water. The company generates the vast majority of its revenue through regulated water utility services, which involve the production, purification, and distribution of water to approximately 1.6 million people across 407,000 service connections. A smaller secondary revenue stream is derived from its non-regulated segment, which includes real estate services and non-tariffed municipal service agreements. H2O America competes directly with other major investor-owned utilities such as American States Water (AWR), California Water Service Group (CWT), and Middlesex Water (MSEX), distinguishing itself through a multi-state footprint and a strategic focus on high-growth regions like Texas, supported by a $2.7 billion capital investment plan through 2030. The company is currently led by Andrew F. Walters, who serves as both Chief Executive Officer and Chair of the Board as of February 2026. Walters brings over 26 years of experience in infrastructure private equity and investment banking from tenures at JP Morgan and Citigroup. He is supported by a seasoned executive team including Ann P. Kelly as Chief Financial Officer and Bruce A. Hauk as President and Chief Operating Officer, the latter of whom previously held senior leadership roles at NextEra Water and American Water. The company's governance was recently strengthened by the March 1, 2026, appointment of industry veteran Nick O. Rowe to the Board of Directors. While the firm traces its historical roots back to the founding of San Jose Water in 1866, its modern leadership is characterized by a transition toward a pure-play water utility model and a commitment to 58 consecutive years of dividend growth.