Release Details

• Diluted earnings of $0.58 per share, an increase of $0.20 compared to $0.38 in the same quarter last year
• $115.7 million investment in infrastructure projects in the first half of 2023
• Constructive California Cost of Capital Decision providing Water Cost of Capital Mechanism (WCCM)-
  adjusted return on equity of 9.31%
• Quarterly dividend of $0.38 per share declared

SAN JOSE, Calif. – July 31, 2023 – SJW Group (NYSE: SJW) today reported financial results for the second
quarter ended June 30, 2023.

"We are pleased with our financial results for the quarter, which demonstrate the strength of our water utility
operations and our commitment to providing high-quality and reliable water service to our customers,” stated SJW
Group Chair, CEO, and President, Eric W. Thornburg. “We continued to deliver on our growth strategy by investing
in our water supply and infrastructure across our local operations, as well as securing a constructive decision in the
California Cost of Capital proceeding. Our strong operating performance and continued strategic execution
positions us well for the future."

Operating Results
As noted in the company's first quarter 2023 financial results, comparisons between 2023 and 2022 operating results
are affected by and reflect the delay in San Jose Water Company's (SJWC) 2022 to 2024 general rate case (GRC)
proceeding. As a reminder, while the California Public Utilities Commission (CPUC) approved the settlement
agreement and SJWC recorded the authorized revenue increase from the GRC in the fourth quarter of 2022, the
revenue increase was retroactive back to January 1, 2022. This delayed recognition of GRC-authorized revenues
affects quarter-over-quarter comparisons through 2023.

Operating results for the second quarter were also affected by the end of the declared drought emergency and
mandatory conservation, as well as an unusually cool and wet season in California. We have experienced reduced
water usage in Maine and Texas principally due to weather. As of April 11, 2023 SJWC was no longer afforded the
revenue protections of the Water Conservation Memorandum Account (WCMA) and Water Conservation Expense
Memorandum Account (WCEMA) that were in place to offset the effect of lower water usage due to mandatory
conservation. On April 20, 2023 SJWC filed with the CPUC requesting continuation of the WCMA and WCEMA
based on its water wholesaler’s declaration of a 15% voluntary water-use reduction goal. The CPUC has not issued
a decision on SJWC’s filing and results for the quarter do not include any benefit from these two regulatory
mechanisms beyond April 11. Weather and usage will continue to be a factor for the remainder of 2023.

Quarterly Operating Results
Net income for the quarter ended June 30, 2023 was $18.3 million, or $0.58 per diluted share, up 58% compared to
$11.6 million, or $0.38 per diluted share, in the same quarter last year. The increase was primarily driven by rate
filings in California and Maine, the delay in SJWC's 2022 GRC, and a decrease in income taxes due to the release of
uncertain tax position reserve.

Operating revenue for the quarter ended June 30, 2023 was $156.9 million, up 5% compared to $149.0 million for
the same quarter last year. The increase was primarily driven by $14.7 million in rate filings, $1.4 million in
earnings from regulatory mechanisms, and customer growth of $0.9 million; partially offset by lower customer
usage of $9.0 million driven primarily by weather conditions.

Operating expenses for the quarter ended June 30, 2023 were $125.7 million, up 3% compared to $122.6 million for
the same quarter last year. This change in operating expenses reflects:

• A slight increase in water production expenses of $2.2 million, or $61.9 million in the second quarter 2023
  compared to $59.7 million in the same quarter last year.
• An increase in depreciation and amortization of $0.9 million primarily due to increases in new utility plant
  additions.
• A decrease in maintenance expenses of $0.6 million primarily due to timing of contract work and materials
  expense.
• An increase in taxes other than income of $0.3 million.

The effective consolidated income tax rates for the second quarter of June 30, 2023 and 2022 were approximately
(9)% and 17%, respectively. The lower effective tax rate was primarily due to the partial release of uncertain tax
position reserve.

Operating Results Year-to-Date
Net income for the first half of 2023 was $29.8 million, or $0.95 per diluted share, up 95% compared to $15.3
million, or $0.50 per diluted share, in the same period last year. The increase was primarily driven by rate filings in
California and Maine, and the delay in SJWC's 2022 GRC.

Operating revenue for the first half of 2023 was $294.2 million, up 8% compared to $273.3 million for the same
period last year. The increase was primarily driven by $32.1 million in rate filings, $2.4 million earnings from
regulatory mechanisms, and customer growth of $1.9 million; partially offset by lower customer usage of $15.6
million driven primarily by weather conditions.

Operating expenses for the first six months of June 2023 were $237.8 million, up 3% compared to $230.4 million
for the same period last year. This change in operating expenses reflects:

• A slight increase in water production expenses of $2.9 million, or $108.9 million in the first six months of
  2023 compared to $106.1 million in the same period last year.
• A decrease in the gain on sale of nonutility properties of $5.5 million due to the recording of a nonrecurring
  sale of non-utility properties in 2022, and no recorded gain on the sale of nonutility properties in
  2023.
• A decrease in depreciation and amortization of $0.4 million primarily due to a $2.4 million one-time impact
  related to amortization on certain Cupertino concession assets in 2022 offset by increases in depreciation
  related new utility plant additions.
• A decrease in maintenance expenses of $1.2 million primarily due to timing of contract work and materials
  expense.

The effective consolidated income tax rates for the first six months ended June 30, 2023 and 2022 were
approximately (1)% and 18%, respectively. The lower effective tax rate was primarily due to the partial release of
uncertain tax position reserve.

Capital Expenditures
During the first six months of 2023, SJW Group invested $115.7 million in infrastructure and water supply, which is
approximately 45% of the 2023 capital expenditures budget.

SJW Group plans to invest more than $1.6 billion in capital over the next 5 years to build and maintain its water and
wastewater operations, and install PFAS treatment, subject to regulatory approvals and availability of funding.

Rate Activity and Regulatory Updates
California
On June 29, 2023 the CPUC issued a final decision in the Cost of Capital (CoC) proceeding for SJWC and other
Class A water utilities for the years 2022 through 2024. The prospective decision continued the WCCM, previously
authorized in the past CoC decisions. The WCCM provides for adjustments to SJWC’s return on equity and cost of
debt if the average Moody’s Aa utility bond index rate between October 1, 2021 and September 30, 2022 varies by
more than 100 basis points when compared to the same period from the prior year. The index rate in that period
increased 103 basis points, surpassing the required WCCM trigger.

SJWC filed Advice Letter No. 598 to trigger the WCCM on June 30, 2023. On July 31, 2023 the company expects
to file a separate advice letter to implement new rates that reflect a WCCM-adjusted return on equity of 9.31%, a
cost of debt of 5.26%, and an overall rate of return of 7.47%. In accordance with the CoC final decision, new rates
will be effective as of the date of the filing.

Connecticut
The Connecticut Water Company filed an application with the Connecticut Public Utilities Regulatory Authority for
$11.5 million in projects completed through the Water Infrastructure and Conservation Adjustment (WICA). The
company expects a decision on that application and an effective date of any authorized increase in the fourth quarter
of 2023. If approved as filed, the requested increase would generate approximately $1.3 million in annualized
revenues, and the cumulative WICA would be 7.38%. The cumulative WICA cap between general rate cases is
10%.

Maine
On July 3, 2023 Maine Water Company requested that the Maine Public Utilities Commission (MPUC) authorize a
temporary annualized revenue increase of $1.5 million in its Biddeford Saco Division. The request is related to
Maine Water's March 2023 filing with the MPUC for a $2.9 million revenue increase to recover the operating
expenses and increased borrowing costs of the $60 million Saco River Drinking Water Resource Center that went
in-service in June 2022. The temporary revenue increase requested represents the uncontested amount between the
company and the Office of Public Advocate. The authorization of temporary rates and the final amount of the
revenue increase in the general rate case will be determined by the MPUC. A final decision on the general rate case
request of $2.9 million is expected in the fourth quarter of 2023.

On June 30, 2023 a water infrastructure surcharge was filed with the MPUC for the company’s Camden Rockland
Division. If approved as requested, annualized revenues generated would be $158,000. A decision is expected in the
third quarter of 2023.

Texas
On July 24, 2023 the Texas Public Utilities Commission (PUCT) approved Texas Water Company's (TWC)
application to acquire KT Water Development. KT Water Development provides service to approximately 570
residential water connections. We expect to close on the acquisition during the third quarter. The PUCT's final
decision that transfers the Certificate of Convenience and Necessity (CCN) to TWC is expected in the fourth
quarter, which is when we anticipate approval of our request for fair market value and filed rate doctrine treatment.

On June 15, 2023 the PUCT approved the application for the transfer of 520 acres of water CCN and 314 acres of
sewer CCN from the San Antonio Water System's to TWC's CCN. No customers were transferred as part of the
transaction.

On April 10, 2023 TWC filed an application with the PUCT to acquire the Elm Ridge water system that serves 21
residential customers. TWC has asked for filed rate doctrine treatment, which allows the acquiring utility’s current
rates to be applied at the time of acquisition.

TWC's application for a system improvement charge (SIC) is pending before the PUCT. We expect the PUCT to
issue a final decision on the application by the end of the first quarter of 2024. The SIC would allow TWC to add
certain utility plant additions made since 2020 to its rate base, thereby increasing revenue and avoiding the
immediate need for a general rate case. The SIC is projected to increase TWC’s water revenue by $1.6 million and
sewer revenue by $29 thousand within one year of the SIC's approval.

ESG Initiatives & Recognition
Institutional Shareholder Services’ (ISS) most recent review of the company’s ESG activities shows that among its
U.S. water utility peers, SJW Group is tied for second in overall environmental score, third for overall social score,
and has the second highest overall governance score possible. The company has again been recognized with a Prime
status by ISS ESG. Prime status is awarded to those companies with an ESG performance above the sector-specific
PRIME threshold.

So far this year in 2023, SJW Group is progressing on new initiatives to reduce the use of fossil fuels and
greenhouse gas emissions. We have achieved 50% of our 2023 fleet electrification goal in California and are on
track to reach our goal of replacing 25 internal combustion powered vehicles with battery electric vehicles (BEVs)
in 2023. In total, BEVs and biofueled vehicles constitute 32% of our vehicle fleet in California. The BEVs will be
charged at new EV charging stations at our facilities, including some that are solar powered. We are fueling some of
our generators with biodiesel fuel beginning this year – a measure that we estimate will reduce the use of 23,000 gallons of standard diesel fuel. Further, in California we are making preparations to install a ‘Megapack’ energy
storage battery to replace a diesel fueled generator by 2025.

These projects reflect the company’s commitment to ESG and are among the many planned initiatives to help the
company meet its goal of reducing GHG emissions by 50% in 2023 compared to 2019.

Earnings Guidance Reaffirmed
In consideration of the first half-year results, SJW Group reaffirms the company’s 2023 full-year guidance:

• Net income per diluted common share of $2.40 to $2.50;
• Non-linear long-term diluted EPS growth of 5% to 7%, anchored off of 2022 diluted EPS of $2.43; and
• Regulated infrastructure investments of approximately $255 million in 2023.

Guidance for 2023 is based on the following factors: no significant rate cases expected in 2023; continued inflation
affecting interest costs, labor costs and other expenses; usage recovery associated with the end of mandatory water
conservation; and changes in the effective tax rate. It further assumes typical weather conditions in California,
Maine and Texas, and revenue protection in Connecticut via the Water Revenue Adjustment that reconciles actual
revenues to authorized revenues.

Our guidance is also subject to risks and uncertainties, including, without limitation, those factors outlined in the
“Forward Looking Statements” of this release and the “Risk Factors” section of the company’s annual and quarterly
reports filed with the Securities and Exchange Commission.

Dividend
The directors of SJW Group have declared a quarterly cash dividend on common stock of $0.38 per share, payable
on September 1, 2023, to shareholders of record at the close of business on August 7, 2023. Dividends have been
paid on SJW Group’s and its predecessor’s common stock for more than 79 consecutive years. For 55 consecutive
years, SJW Group stockholders have received an increase in their calendar year dividend without interruption or
reduction, which places it in an exclusive group of companies on the New York Stock Exchange.

Financial Results Call Information
Eric W. Thornburg, president, chief executive officer and board chair, and Andrew F. Walters, chief financial
officer and treasurer, will review results for the second quarter 2023 in a live webcast presentation at 11 a.m. PT, or
2 p.m. ET, on Monday, July 31, 2023.

Interested parties may access the webcast and related presentation materials at the website www.sjwgroup.com. An
archive of the webcast will be available until October 23, 2023.

About SJW Group
SJW Group is among the largest investor-owned pure-play water and wastewater utilities in the United States,
providing life-sustaining and high-quality water service to nearly 1.5 million people. SJW Group’s locally led and
operated water utilities - San Jose Water Company in California, The Connecticut Water Company in Connecticut,
The Maine Water Company in Maine, and SJWTX, Inc. (dba The Texas Water Company) in Texas - possess the
financial strength, operational expertise, and technological innovation to safeguard the environment, deliver
outstanding service to customers, and provide opportunities to employees. SJW Group remains focused on investing
in its operations, remaining actively engaged in its local communities, and delivering continued sustainable value to
its stockholders. For more information about SJW Group, please visit www.sjwgroup.com.

Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act
of 1995, as amended. Some of these forward-looking statements can be identified by the use of forward-looking
words such as “believes,” “expects,” “estimates,” “anticipates,” “intends,” “seeks,” “plans,” “projects,” “may,”
“should,” “will,” or the negative of those words or other comparable terminology. These forward looking statements
are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict.
These forward-looking statements involve a number of risks, uncertainties and assumptions including, but not
limited to, the following factors: (1) the effect of water, utility, environmental and other governmental policies and
regulations, including regulatory actions concerning rates, authorized return on equity, authorized capital structures, capital expenditures and other decisions; (2) changes in demand for water and other services; (3) unanticipated
weather conditions and changes in seasonality including those affecting water supply and customer usage; (4) the
effect of the impact of climate change; (5) unexpected costs, charges or expenses; (6) our ability to successfully
evaluate investments in new business and growth initiatives; (7) contamination of our water supplies and damage or
failure of our water equipment and infrastructure; (8) the risk of work stoppages, strikes and other labor-related
actions; (9) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes,
terrorist acts, physical attacks, cyber-attacks, epidemic, or similar occurrences; (10) changes in general economic,
political, business and financial market conditions; (11) the ability to obtain financing on favorable terms, which can
be affected by various factors, including credit ratings, changes in interest rates, compliance with regulatory
requirements, compliance with the terms and conditions of our outstanding indebtedness, and general market and
economic conditions; and (12) legislative, and general market and economic developments. The risks, uncertainties
and other factors may cause the actual results, performance or achievements of SJW Group to be materially
different from any future results, performance or achievements expressed or implied by such forward-looking
statements.

Results for a quarter are not indicative of results for a full year due to seasonality and other factors. Other factors
that may cause actual results, performance or achievements to materially differ are described in SJW Group’s most
recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with
the SEC. Forward-looking statements are not guarantees of performance, and speak only as of the date made. SJW
Group undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise.

SJW Group Contacts:
Andrew F. Walters
Chief Financial Officer and Treasurer
408-279-7818
Andrew.Walters@sjwater.com

Daniel J. Meaney, APR
Director of Corporate and External Communications
860.664.6016
Daniel.Meaney@ctwater.com