H2O AMERICA

H2O America, formerly known as SJW Group and trading as H2O on the Nasdaq Global Select Market, operates as a holding company providing water and wastewater utility services across multiple states. The company's website is located at h2oamerica.com.

The company's core business consists of producing, purchasing, storing, purifying, distributing, and selling water and wastewater services through its wholly owned subsidiaries. H2O America's primary reportable segment is Water Utility Services, which includes San Jose Water Company serving approximately 232,000 connections across 140 square miles in the San Jose metropolitan area of California; Connecticut Water Service, Inc. and its subsidiaries serving approximately 143,000 connections across 275 square miles in Connecticut and Maine; and The Texas Water Company providing service to approximately 30,000 connections across more than 271 square miles in the region between San Antonio and Austin, Texas. The company also operates non-tariffed water system operations and maintenance services through its subsidiaries, as well as property management and real estate activities through H2O America Land Company and Chester Realty, Inc.

H2O America serves approximately one million people in California, 465,000 people across Connecticut and Maine, and approximately 90,000 people in Texas. The company operates under rate regulation by state public utility commissions in California, Connecticut, Texas, and Maine, which establish authorized rates of return on equity ranging from 9.30 percent to 10.88 percent and authorized capital structures. The regulated utility model provides stable, recurring revenue through cost-of-service ratemaking mechanisms designed to recover operating expenses and provide fair returns on invested capital.

The company's competitive advantages include long-standing franchises with indefinite terms in most service areas, established water supply agreements with local agencies, and regulatory frameworks that limit direct competition. In July 2025, H2O America announced proposed transactions to acquire substantially all assets of Quadvest, L.P., including both regulated water and sewer utility operations and wholesale water and sewer businesses in Texas, representing a significant expansion of its Texas operations. The company maintains a diversified geographic footprint across four states with established infrastructure and customer bases, positioning it as a regional water utility operator with growth opportunities in its existing markets.