Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-8966 SJW GROUP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organi ...

Financial Data and Key Metrics Changes - SJW Group reported diluted earnings per share of $2.87 for 2024, an increase from $2.68 in 2023, representing an 11% growth [22][23] - Revenue for 2024 was $748.4 million, a 12% increase from $670.4 million in 2023 [22] - GAAP net income increased by 11% to $94 million in 2024, while adjusted net income rose 15% to $96.8 million [22][24] Business Line Data and Key Metrics Changes - The company invested $353 million in water and wastewater utility infrastructure across all four states in 2024 [16] - In Connecticut, a record $41.9 million was invested in water infrastructure and conservation adjustment projects, the largest annual spend since the inception of WICA [43] - The Texas Public Utilities Commission approved the first system improvement charge, with a second request filed in September 2024 [15][16] Market Data and Key Metrics Changes - Rate increases in California and Connecticut contributed $36.1 million to revenue, while higher customer usage added another $14.9 million [25] - Water production expenses increased by 14% in 2024, driven by rate increases from wholesalers and higher customer usage [26] - The effective consolidated income tax rate for 2024 was approximately 9%, up from 7% in 2023 [29] Company Strategy and Development Direction - The company is increasing its five-year capital budget by 25% to approximately $2 billion to address aging infrastructure and regulatory requirements [21][34] - A disciplined long-term investment strategy includes replacing at least 1% of aging pipelines annually and enhancing water supply and storage [19] - The company aims to maintain affordability while leveraging scale and technological advancements to manage costs [20] Management's Comments on Operating Environment and Future Outlook - Management highlighted the need for greater system resiliency and efficiency due to the impacts of climate change, including severe droughts [18] - The company expects to extend its 5% to 7% earnings growth rate through 2029, anticipating to be in the top half of that range [21][32] - Management emphasized the importance of constructive engagement with stakeholders and regulators to achieve beneficial outcomes for customers and shareholders [38] Other Important Information - Eric Thornburg announced his retirement as CEO effective June 30, 2025, with Andrew Walters appointed as his successor [10][11] - SJW Group was recognized by Newsweek as one of America's Most Responsible Companies for 2025 [17][59] - The company established the Force for Good Foundation to contribute to selected charitable organizations [61] Q&A Session Summary Question: Inquiry about unaccounted for water rates in California - Roger Liddell raised concerns about the unaccounted for water rate in San Jose being around 7% and questioned if this was a peculiarity of California due to its history of water issues [76] - Eric Thornburg did not provide a direct response in the provided text, indicating a need for further discussion on the topic [77]

2024 Financial Results Presentation On Today's Call Eric W. Thornburg Chair, President and CEO Andrew Walters Chief Financial Officer and Treasurer Bruce A. Hauk Chief Operating Officer 2 2 Forward-Looking Statements Safe Harbor This presentation contains forward-looking statements within the meaning of the federal securities laws relating to future events and future results of SJW Group and its subsidiaries that are based on current expectations, estimates, forecasts, and projections about SJW Group and it ...

Eric W. Thornburg to retire as Chief Executive Officer and President effective June 30, 2025; will remain on as non-executive Chair of the BoardAndrew F. Walters named next Chief Executive OfficerBruce A. Hauk promoted to PresidentKristen A. Johnson promoted to President of the newly formed Shared Services organization SAN JOSE, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) -- SJW Group (NASDAQ: SJW), one of the nation’s largest investor-owned pure-play water and wastewater utilities, today announced a leadership ...

Core Insights - SJW reported quarterly earnings of $0.74 per share, exceeding the Zacks Consensus Estimate of $0.55 per share, and up from $0.59 per share a year ago, representing an earnings surprise of 34.55% [1] - The company achieved revenues of $197.82 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 12.45%, compared to $171.34 million in the same quarter last year [2] - SJW shares have increased approximately 10.2% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.44 on revenues of $156.57 million, and for the current fiscal year, it is $2.95 on revenues of $755.03 million [7] - The estimate revisions trend for SJW is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Utility - Water Supply industry, to which SJW belongs, is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Another company in the same industry, York Water, is expected to report quarterly earnings of $0.37 per share, reflecting a year-over-year decline of 11.9%, with revenues projected at $19 million, a 5% increase from the previous year [9]

EXHIBIT 99.1 SJW Group Announces 2024 Financial Results SAN JOSE, Calif. — Feb. 26, 2025 — SJW Group (NASDAQ: SJW) today reported financial results for 2024. "I am pleased to report another year of strong performance, driven by our talented teams and a proven business strategy that delivers results," stated SJW Group Chair, CEO, and President Eric W. Thornburg. "Our year-over-year EPS growth, exceeding our 2024 guidance, and substantial infrastructure investments demonstrate our commitment to building a str ...

Core Viewpoint - SJW Group reported strong financial performance for 2024, with significant year-over-year growth in earnings per share (EPS) and operating revenue, driven by strategic investments and regulatory outcomes that enhance value for customers and shareholders [2][3][5]. Financial Performance - Net income for 2024 was $94.0 million, or $2.87 diluted EPS, an increase of 11% from $85.0 million, or $2.68 diluted EPS in 2023 [3]. - Non-GAAP adjusted net income for 2024 was $96.8 million, or $2.95 non-GAAP diluted EPS, a 15% increase from $83.9 million, or $2.65 adjusted diluted EPS in 2023 [3][4]. - Operating revenue in 2024 reached $748.4 million, a 12% increase from $670.4 million in 2023, primarily due to rate increases and higher customer usage [5]. Operating Expenses - Operating expenses for 2024 were $577.9 million, up 11% from $520.9 million in 2023, driven by increased water production expenses and administrative costs [5][9]. - The effective consolidated income tax rates for 2024 and 2023 were approximately 9% and 7%, respectively, with the increase attributed to higher tax deficiencies related to share-based payments [6]. Capital Expenditures and Future Plans - SJW Group invested $353 million in infrastructure and water supply in 2024, exceeding the guidance of $332 million [14]. - The company plans to increase its five-year capital plan by 25% to $2.0 billion, focusing on infrastructure replacement and PFAS remediation [8][14]. Regulatory Updates - In California, the CPUC approved a settlement allowing San Jose Water to invest $450 million over three years, with a total revenue increase of $53.1 million [15]. - In Connecticut, a WICA surcharge increase was authorized, expected to generate an additional $4.3 million in annualized revenues [20]. Dividend Information - The company declared a quarterly cash dividend of $0.42 per share, representing a 5% increase over the previous dividend [30][31]. - SJW Group has a history of increasing dividends for 57 consecutive years, highlighting its commitment to returning value to shareholders [31]. 2025 Guidance - SJW Group introduced 2025 adjusted diluted EPS guidance of $2.90 to $3.00, with a long-term growth expectation of 5% to 7% through 2029 [28].

Core Viewpoint - SJW Group is set to report its financial results for Q4 and full-year 2024, along with a five-year capital plan, on February 26, 2025 [1] Financial Results Announcement - The financial results will be announced after market close on February 26, 2025 [1] - A conference call will be hosted by key executives on February 27, 2025, at 11 a.m. Pacific time [2] - The call will discuss the fourth quarter and full-year results, and a live webcast will be available for public access [3] Company Overview - SJW Group is one of the largest investor-owned water and wastewater utilities in the U.S., serving 1.6 million people [4] - The company operates several water utilities across different states, including California, Connecticut, Maine, and Texas [4] - SJW Group focuses on investing in operations, community engagement, and delivering sustainable value to shareholders [4]

Core Viewpoint - The market anticipates SJW will report a year-over-year decline in earnings despite an increase in revenues for the quarter ended December 2024, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - SJW is expected to post quarterly earnings of $0.55 per share, reflecting a year-over-year decrease of 6.8%, while revenues are projected to be $175.92 million, up 2.7% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a stable outlook from covering analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that the Most Accurate Estimate for SJW is lower than the consensus estimate, resulting in an Earnings ESP of -5.46%, indicating a bearish sentiment among analysts [10]. Historical Performance - SJW has matched consensus estimates in the last reported quarter, with earnings of $1.18 per share, and has beaten consensus EPS estimates two times over the last four quarters [12][13]. Zacks Rank - SJW currently holds a Zacks Rank of 4, which complicates the prediction of an earnings beat, especially in conjunction with a negative Earnings ESP [11]. Conclusion - While SJW does not appear to be a strong candidate for an earnings beat, investors should consider other factors before making investment decisions [16].

Core Points - SJW Group has declared a quarterly cash dividend of $0.42 per share, payable on March 3, 2025, representing a 5% increase from the previous dividend paid in December 2024 [1] - The annualized dividend for 2025 is expected to be $1.68 per share, compared to $1.60 per share in 2024 [1] - The company has a long history of dividend payments, having paid dividends on common stock for over 80 consecutive years and increasing the annual dividend for 57 consecutive years [2][6] Company Overview - SJW Group is one of the largest investor-owned pure-play water and wastewater utilities in the United States, serving nearly 1.6 million people [3] - The company operates several water utilities across different states, including California, Connecticut, Maine, and Texas, and focuses on environmental protection, community engagement, and delivering shareholder value [3] Leadership Statement - The CEO, Eric W. Thornburg, emphasized the board's decision to increase the dividend as a sign of confidence in the company's mission and its employees [2]