EVOLUTION-NINJA

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2o-america-hto

=F0=9F=8F=A2 Company Overview
=F0=9F=8E=AF What does the company do?
H2O America is a regulated water and wastewater utility holding company tha=
t owns and operates a portfolio of essential water infrastructure across th=
e United States. The company provides critical services through four region=
al subsidiaries: San Jose Water Company (California), Connecticut Water Com=
pany, Maine Water Company, and Texas Water Company.
I operate as a government-sanctioned monopoly within my service territories=
, meaning I=E2=80=99m the sole provider of water services in designated reg=
ions. My core business involves the production, purchase, storage, purifica=
tion, distribution, and retail sale of drinking water, along with wastewate=
r collection and treatment services. I source water from multiple channels =
including groundwater wells, surface water from watershed run-off, reclaime=
d water, and purchased imported water.
The company serves approximately 407,000 water and wastewater connections, =
providing essential services to roughly 1.6 million people across ten state=
s. Beyond my core regulated utility operations, I offer non-tariffed servic=
es including water system operations and maintenance agreements, antenna si=
te leases, contracted services, sewer operations, and the Linebacker protec=
tion plan for drinking water customers in Connecticut and Maine.
=F0=9F=92=B0 How does it make money?
H2O America generates revenue through two primary channels, with the vast m=
ajority coming from regulated utility operations:
Revenue Breakdown (2024):
Water Utility Services: $732.58M (97.9% of total revenue)
Regulated water sales to customers based on state-approved rates
Pass-through costs for purchased water, power, and groundwater extraction
Revenue adjustment mechanisms and balancing accounts
Rate case approvals providing authorized returns on invested capital
Other Services: $15.86M (2.1% of total revenue)
Non-tariffed operations including the SJWC Cupertino concession
Property management and rental income
Contract water operations and maintenance services
Antenna site leasing on water infrastructure
Revenue Components (Q3 2025):
The company=E2=80=99s $240.6M in Q3 2025 operating revenue comprised:
Contracts with customers: $243.5M (actual water sales)
Alternative revenue programs: $4.0M net
Regulatory mechanisms: $(7.8)M net adjustment
Rental income: $0.8Ms3.amazonaws
My business model is fundamentally capital-intensive and rate-regulated. I =
invest heavily in infrastructure=E2=80=94pipes, pumps, treatment plants, an=
d distribution systems=E2=80=94then earn a state-approved rate of return on=
 this =E2=80=9Crate base.=E2=80=9D Revenue is stable and predictable becaus=
e demand for water is highly inelastic (people need water regardless of eco=
nomic conditions), and rates are set by public utility commissions to ensur=
e I can cover costs plus earn a fair return.
=F0=9F=91=A5 Who are its customers?
H2O America serves a diversified customer base across four primary customer=
 segments:
Customer Composition (Industry-Standard Breakdown):
Residential: ~85% of connections
Individual homeowners and apartment dwellers
Single-family homes and multi-family residential buildings
Most stable revenue segment with predictable usage patterns
Commercial: ~10% of connections
Retail establishments, offices, restaurants, hotels
Small to medium-sized businesses
Higher usage per connection than residential
Industrial: ~3% of connections
Manufacturing facilities and production plants
Large-scale water users for cooling and processing
Variable usage based on production cycles
Public/Other: ~2% of connectionss3.amazonaws
Government facilities, schools, hospitals
Public parks and municipal buildings
Fire protection services
The residential customer base provides the foundation of my revenue stabili=
ty. These customers use water consistently for drinking, cooking, bathing, =
and lawn irrigation. Commercial and industrial customers add higher-margin =
revenue but with slightly more cyclical exposure. The public sector provide=
s additional stability through government contracts.
My service territories span diverse communities from urban San Jose (tech h=
ub with high property values) to suburban Connecticut (affluent residential=
 areas) to growing Texas communities between San Antonio and Austin (rapid =
population growth). This geographic and demographic diversity reduces conce=
ntration risk.
=F0=9F=8C=8D Where does it operate?
H2O America operates through four regional water utilities across the Unite=
d States, with significant geographic concentration:
Geographic Distribution by Connections (~407,000 total):
California (San Jose Water Company - SJWC): 57% (~232,000 connections)
Serves approximately 1 million people
Coverage: San Jose, Cupertino, Campbell, Monte Sereno, Saratoga, Los Gatos
Service area: Portions of Santa Clara County
Largest and most established operation
High-value service territory with strong economic base
Connecticut (Connecticut Water Company - CWC): 23% (~95,000 connections)
Serves approximately 300,000 people
Coverage: 81 municipalities across Connecticut
Service area: Approximately 275 square miles
Includes ~3,000 wastewater connections in Southbury
Stable, mature market with regulatory support
Maine (Maine Water Company - MWC): 12% (~47,000 connections)
Serves approximately 160,000 people
Coverage: Multiple municipalities across Maine
Included within broader New England operations
Recent rate increases approved (13% in Camden Rockland district)
Texas (Texas Water Company - TWC): 8% (~33,000 connections)s3.amazonaws
Serves approximately 88,000 people
Coverage: Region between San Antonio and Austin
Service area: More than 271 square miles
Includes ~1,000 wastewater connections
Fastest-growing segment with massive expansion planned
Strategic Geographic Positioning:
My footprint provides regulatory diversity across four different state juri=
sdictions (California PUC, Connecticut PURA, Maine PUC, Texas PUC), reducin=
g single-regulator risk. California dominates my current operations, but th=
e pending Quadvest acquisition in Texas will dramatically shift this balanc=
e, making Texas my second-largest operation by 2028.
The company also owns undeveloped land in California and commercial propert=
ies in Connecticut, providing potential future development opportunities an=
d non-utility asset value.
=F0=9F=94=84 Business Dynamics
=F0=9F=9B=92 How often do customers buy?
H2O America benefits from the ultimate recurring revenue model=E2=80=94cust=
omers use water services continuously and predictably:
Purchasing Frequency:
Monthly billing cycle for all residential and commercial customers
Continuous consumption rather than discrete purchases
Non-discretionary service: Water is essential; customers can=E2=80=99t =E2=
=80=9Cskip a month=E2=80=9D
99%+ retention: Customers only leave service when they move out of territor=
y
Revenue Stability Mechanisms:
Regulated Rate Structures: Long-term contracts approved by state commission=
s providing stable base revenue regardless of usage variations
Balancing Accounts: Revenue adjustment mechanisms that automatically compen=
sate for volume fluctuations, ensuring revenue stability even if consumptio=
n changes
Seasonal Patterns: Summer months see increased usage for irrigation and out=
door activities (25-35% higher than winter), but balancing accounts mitigat=
e revenue impact
Multi-Year Rate Cases: California operates on a 3-year rate cycle; Connecti=
cut and Maine use Water Infrastructure and Conservation Adjustment (WICA) m=
echanisms; Texas uses Systemwide Infrastructure Cost (SIC) adjustments
Customer Retention Data:
From the Q3 2025 10-Q, I maintain extraordinarily high retention:
Bad debt/credit losses: Less than 1% of revenue ($1.05M allowance on $607M =
YTD revenue =3D 0.17%)
Customer assistance programs: Balanced through regulatory recovery mechanis=
ms
No customer churn risk: Regulated monopoly status means customers have no a=
lternative provider
Contract Length:
Unlike typical businesses, my =E2=80=9Ccontracts=E2=80=9D are essentially p=
erpetual until the customer moves. Service connections remain active for de=
cades=E2=80=94the average water infrastructure lasts 50-100 years, and cust=
omer relationships span generations within the same property.
Recent rate case approvals provide visibility:
SJWC (California): 3.91% base rate increase for 2025, plus 4% water cost in=
crease effective July 2025
CWC (Connecticut): WICA surcharge of 7.47%, Water Revenue Adjustment of 3.6=
2%
TWC (Texas): SIC increase of $4.1M in annual water revenue
MWC (Maine): 13% rate increase in Camden Rockland district
This recurring, regulated revenue model makes me one of the most predictabl=
e businesses in the public markets.
=F0=9F=93=88 Can it raise prices?
H2O America possesses moderate pricing power within a heavily regulated fra=
mework. While I cannot unilaterally raise prices like an unregulated busine=
ss, several factors support consistent rate increases:
Regulatory Pricing Power: =E2=9C=85 STRONG
Evidence of Pricing Ability:
Consistent Rate Case Approvals (2024-2025):
California SJWC: +3.91% general rate increase plus +4% water cost recovery
Connecticut CWC: +7.47% WICA infrastructure surcharge, +3.62% water revenue=
 adjustment
Texas TWC: +$4.1M annual revenue through SIC mechanism
Maine MWC: +13% in Camden Rockland service area
Automatic Cost Recovery Mechanisms:
Pass-through costs: Water supply, power, and groundwater extraction charges=
 automatically recovered
Balancing accounts: Regulatory assets totaling $242.4M allow recovery of un=
der-collected costs
PFAS settlement proceeds: $18.5M received in 2025 (additional regulatory li=
ability for future customer benefit)
Infrastructure Investment Recovery:
2025 capital expenditure: $473M budgeted (74% deployed through Q3)
Rate base growth: Investing $369.6M YTD in infrastructure that earns regula=
ted returns
Return on equity: State-approved ROE ranging from 9.0% to 10.5% depending o=
n jurisdiction
Margin Expansion Evidence:
From the 10-Q financial statements:
Operating income Q3 2025: $64.6M vs. $58.4M Q3 2024 (+10.7%)
Operating margin improvement: 26.8% vs. 25.9% year-over-year
Net income growth: +21.4% year-over-year (outpacing revenue growth of 11.4%=
)
EPS growth: $2.48 YTD 2025 vs. $2.18 YTD 2024 (+13.8%)
Constraints on Pricing Power:
=E2=9D=8C Regulatory Lag: 12-24 months between filing rate cases and implem=
entation
=E2=9D=8C Political Sensitivity: Water affordability concerns limit aggress=
ive rate requests
=E2=9D=8C Cost Justification Required: Must demonstrate need through capita=
l investments and operating costs
=E2=9D=8C Public Hearings: Community opposition can slow or reduce requeste=
d increases
Competitive Dynamics:
My pricing power is fundamentally different from competitive markets. I don=
=E2=80=99t compete on price=E2=80=94I=E2=80=99m the only provider. Instead,=
 pricing power derives from:
Justifying investments: Demonstrating infrastructure needs (aging pipes, wa=
ter quality, capacity)
Regulatory relationships: Maintaining constructive dialogue with state comm=
issions
Operational efficiency: Showing prudent cost management to justify rate rel=
ief
2025 Performance:
The proof is in the numbers. Despite inflationary pressures raising costs s=
ignificantly:
Production expenses: +15% year-over-year (water costs, power, groundwater c=
harges)
Administrative costs: +13% year-over-year
Yet operating income: +14% year-over-year through approved rate increases
Investment Perspective:
I can reliably raise prices 2-5% annually through a combination of general =
rate cases, infrastructure surcharges, and automatic cost adjustments. This=
 pricing power is less than discretionary consumer companies but more relia=
ble and predictable, with virtually no demand elasticity consequences. When=
 I raise rates, customers don=E2=80=99t cut consumption materially=E2=80=94=
they pay because water is essential.
=F0=9F=93=89 What happens in a recession?
H2O America demonstrates exceptional recession resilience as a provider of =
essential infrastructure services. Based on historical performance and busi=
ness characteristics, I would expect the company to experience minimal impa=
ct during economic downturns:
Recession Resistance: =E2=9C=85 VERY STRONG
Historical Evidence:
2020 COVID-19 Pandemic Performance:
Revenue 2020: $564.5M (+34.3% vs. 2019 despite pandemic)
Net income 2020: $61.5M (stable)
Dividend maintained and increased: +6.9% to $1.24/share
No service disruptions: Continued operations uninterrupted
Customer assistance programs: Implemented without material revenue impact d=
ue to regulatory recovery
2008-2009 Financial Crisis Performance:
(Based on utility industry norms and company=E2=80=99s regulated structure)
Water utilities typically see <5% revenue decline even in severe recessions
Essential service status provides demand insulation
Regulatory frameworks include decoupling mechanisms that separate revenue f=
rom volume
Customer payment plans and assistance programs prevent service disconnectio=
ns
Recession-Proof Characteristics:
Inelastic Demand:
Water consumption for drinking, sanitation, and basic needs is non-discreti=
onary
Even unemployed households continue water service (avg. bill $40-80/month)
Commercial/industrial reduction partially offset by residential usage stabi=
lity
Regulatory Revenue Protection:
Balancing accounts: Current regulatory assets of $242.4M allow recovery of =
revenue shortfalls
Rate case adjustments: Can file for rate relief if costs exceed revenues
Authorized returns: State commissions ensure utilities remain financially v=
iable
Diversified Customer Base:
85% residential customers (most stable)
Geographic diversity across California, Connecticut, Maine, Texas
No single customer concentration risk
Fixed-Cost Recovery:
Majority of costs (infrastructure, debt service, personnel) are fixed
Rate structures designed to recover fixed costs regardless of volume
Variable costs (power, chemicals) scale with reduced usage if necessary
Risk Factors in Recession:
=E2=9A=A0=EF=B8=8F Moderate Concerns:
Commercial/industrial customers: 13% of customer base could reduce consumpt=
ion
Construction activity: New connections growth may slow (but doesn=E2=80=99t=
 reverse existing base)
Political pressure: Regulators may resist rate increases during economic ha=
rdship
Credit losses: Could increase from current 0.17% to 0.5-1.0% of revenue
Capital access: Need to maintain investment-grade credit ratings to fund ca=
pex
Financial Resilience Indicators:
From Q3 2025 10-Q:
Cash from operations YTD: $181.3M (strong cash generation)
Liquidity: $350M revolving credit facility with minimal draws ($126M lines =
of credit)
Debt structure: Long-term fixed-rate debt with staggered maturities (minima=
l near-term refinancing risk)
Dividend coverage: 53.6% payout ratio provides substantial cushion
Credit ratings: Investment-grade from S&P (BBB+ with positive outlook per M=
arch 2025 update)
Management Commentary on Recession Risk:
From the 10-Q risk factors, management identifies these recession-related r=
isks:
=E2=80=9CChanges in demand for water and other services=E2=80=9D due to eco=
nomic conditions
=E2=80=9CChanges in general economic, political, business and financial mar=
ket conditions=E2=80=9D
But notably, no material historical impact from past downturns cited
Scenario Analysis:
Mild Recession (2-3% GDP decline):
Expected revenue impact: 0-2% decline (mostly commercial/industrial reducti=
on)
Dividend: Maintained (57-year streak suggests high commitment)
Capital spending: Continued (infrastructure needs don=E2=80=99t disappear)
Credit rating: Stable (essential service, regulated recovery)
Severe Recession (5%+ GDP decline):
Expected revenue impact: 3-5% decline
Dividend: Likely maintained but growth may pause
Capital spending: Reduced 10-20% (defer non-critical projects)
Credit rating: Watch negative but likely maintains investment grade
Bottom Line:
In a recession, I would be one of the last companies to feel pain and among=
 the first to recover. My essential service status, regulatory protections,=
 and fixed-cost recovery mechanisms make me virtually recession-proof. The =
biggest risk isn=E2=80=99t lost revenue=E2=80=94it=E2=80=99s slower growth =
(fewer new connections, delayed rate cases, reduced capital spending) rathe=
r than actual decline. Historical evidence shows water utilities typically =
experience 0-5% revenue impact even in severe recessions, with rapid recove=
ry once economy stabilizes.
=F0=9F=92=8E Dividend Statistics and Investment Opportunity...

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}
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}
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}
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}
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}
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}
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}
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}
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@media (max-width: 768px) {
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}
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}
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}
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}
@media screen and (max-width: 650px) {
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}
@media (max-width: 650px) {
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}
@media (max-width: 650px) {
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}
@media (max-width: 650px) {
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}
@media (max-width: 650px) {
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}
@media (max-width: 650px) {
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}
@media screen and (max-width: 650px) {
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}
@media (max-width: 420px) {
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}
@media (max-width: 420px) {
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}
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}
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}
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}
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}
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}
@media screen and (max-width: 650px) {
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}
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}
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}
@media screen and (max-width: 650px) {
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}
@media screen and (max-width: 650px) {
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}
@media (max-width: 650px) {
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}
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}</style></head><body class=3D"email-body" style=3D"font-kerning: auto;--im=
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ding: 0;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9nZX=
RkaXZpZGVuZHMubmV0L3AvYnVzaW5lc3MtYW5hbHlzaXMtaDJvLWFtZXJpY2EtaHRvP3V0bV9jY=
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><img class=3D"header-image" role=3D"presentation" width=3D"550" height=3D"=
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/tr></tbody></table><div class=3D"post typography" dir=3D"auto" style=3D"--=
image-offset-margin: -120px;padding: 32px 0 0 0;font-size: 16px;line-height=
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er" style=3D"font-size: 16px;line-height: 26px;"><h1 class=3D"post-title pu=
blished title-X77sOw" dir=3D"auto" style=3D"direction: auto;text-align: sta=
rt;unicode-bidi: isolate;color: rgb(54,55,55);font-family: 'SF Pro Display'=
,-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe U=
I',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','=
Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz=
-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-mo=
z-appearance: optimizelegibility;appearance: optimizelegibility;margin: 0;l=
ine-height: 36px;font-size: 32px;"><a href=3D"https://substack.com/app-link=
/post?publication_id=3D6658155&post_id=3D187610040&utm_source=3Dpost-email-=
title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r=3D6k42rq&token=3D=
eyJ1c2VyX2lkIjozOTY1Nzk1OTAsInBvc3RfaWQiOjE4NzYxMDA0MCwiaWF0IjoxNzcwOTA1MjY=
2LCJleHAiOjE3NzM0OTcyNjYsImlzcyI6InB1Yi02NjU4MTU1Iiwic3ViIjoicG9zdC1yZWFjdG=
lvbiJ9._rl1VFuC1XsoWtlj0t_u8WpzNhWV8wSqXeFFsbDh8Cw" style=3D"color: rgb(54,=
55,55);text-decoration: none;">&#128202; Business Analysis: H2O America (HT=
O)</a></h1><h3 class=3D"subtitle subtitle-HEEcLo" dir=3D"auto" style=3D"dir=
ection: auto;text-align: start;unicode-bidi: isolate;font-family: 'SF Pro D=
isplay',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'=
Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI E=
moji','Segoe UI Symbol';font-weight: normal;-webkit-font-smoothing: antiali=
ased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegib=
ility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;ma=
rgin: 4px 0 0;color: #777777;line-height: 24px;font-size: 18px;margin-top: =
12px;">Is It A Good Opportunity To Invest Today</h3><table class=3D"post-me=
ta" role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cel=
lpadding=3D"0" style=3D"margin: 1em 0;height: 20px;align-items: center;"><t=
body><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cells=
pacing=3D"0" cellpadding=3D"0"><tbody><tr><td><table role=3D"presentation" =
width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr>=
<td style=3D"vertical-align:middle;"><div class=3D"pencraft pc-reset color-=
primary-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight=
-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA custom-c=
ss-email-post-author" style=3D"list-style: none;font-size: 11px;line-height=
: 20px;text-decoration: unset;color: rgb(54,55,55);margin: 0;font-family: '=
SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe=
 UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji'=
,'Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacin=
g: .2px;"><a class=3D"pencraft pc-reset color-primary-zABazT line-height-20=
-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppe=
rcase-yKDgcq reset-IxiVJZ meta-EgzBVA" style=3D"list-style: none;color: rgb=
(54,55,55);margin: 0;font-size: 11px;line-height: 20px;font-family: 'SF Com=
pact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',R=
oboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Sego=
e UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2p=
x;text-decoration: none" href=3D"https://substack.com/@getdividends">Get Di=
vidends</a></div></td></tr></tbody></table></td></tr><tr><td><table role=3D=
"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D=
"0"><tbody><tr><td style=3D"vertical-align:middle;"><div class=3D"pencraft =
pc-reset color-secondary-ls1g8s line-height-20-t4M0El font-meta-MWBumP size=
-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ met=
a-EgzBVA" style=3D"list-style: none;font-size: 11px;line-height: 20px;text-=
decoration: unset;color: rgb(119,119,119);margin: 0;font-family: 'SF Compac=
t',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Robo=
to,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe U=
I Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;"=
><time datetime=3D"2026-02-12T14:02:13.055Z">Feb 12</time></div></td><td wi=
dth=3D"4" style=3D"min-width:4px;"></td><td style=3D"vertical-align:middle;=
"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0"><tbody><tr><td style=3D"vertical-align:middle;"><div cl=
ass=3D"pencraft pc-reset color-secondary-ls1g8s line-height-20-t4M0El font-=
meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq =
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ight: 20px;text-decoration: unset;color: rgb(119,119,119);margin: 0;font-fa=
mily: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont=
,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI=
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-spacing: .2px;">&#8729;</div></td><td width=3D"4" style=3D"min-width:4px;"=
></td><td style=3D"vertical-align:middle;"><div class=3D"pencraft pc-reset =
color-paid-LmY0EP line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx wei=
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slated=3D"" style=3D"list-style: none;font-size: 11px;line-height: 20px;tex=
t-decoration: unset;color: rgb(94,73,217);margin: 0;font-family: 'SF Compac=
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>Preview</div></td></tr></tbody></table></td></tr></tbody></table></td></tr=
></tbody></table></td><td align=3D"right"><table role=3D"presentation" widt=
h=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td =
style=3D"vertical-align:middle;"><a href=3D"https://substack.com/@getdivide=
nds"><img class=3D"custom-css-email-avatar avatar-QIQ5yR" src=3D"https://su=
bstackcdn.com/image/fetch/$s_!WD94!,f_auto,q_auto:good,fl_progressive:steep=
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box;max-width: 550px;border: none;vertical-align: middle;width: 40px;height=
: 40px;min-width: 40px;min-height: 40px;object-fit: cover;margin: 0px;displ=
ay: inline;border-radius: 50%" width=3D"40" height=3D"40"></a></td></tr></t=
body></table></td></tr></tbody></table><table class=3D"email-ufi-2-top" rol=
e=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddin=
g=3D"0" style=3D"border-top: 1px solid rgb(0,0,0,.1);border-bottom: 1px sol=
id rgb(0,0,0,.1);min-width: 100%;"><tbody><tr height=3D"16"><td height=3D"1=
6" style=3D"font-size:0px;line-height:0;">&nbsp;</td></tr><tr><td><table ro=
le=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddi=
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=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"vertical=
-align:middle;"><table role=3D"presentation" width=3D"38" border=3D"0" cell=
spacing=3D"0" cellpadding=3D"0"><tbody><tr><td align=3D"center"><a class=3D=
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NzIjoicHViLTY2NTgxNTUiLCJzdWIiOiJyZWFjdGlvbiJ9.BOneSBrfkXVuykN6HOO6DDTUc5w4=
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r></tbody></table></td></tr></tbody></table></td></tr><tr height=3D"16"><td=
 height=3D"16" style=3D"font-size:0px;line-height:0;">&nbsp;</td></tr></tbo=
dy></table></div></div><div class=3D"post typography" dir=3D"auto" style=3D=
"--image-offset-margin: -120px;padding: 32px 0 0 0;font-size: 16px;line-hei=
ght: 26px;"><div class=3D"body markup" dir=3D"auto" style=3D"text-align: in=
itial;font-size: 16px;line-height: 26px;width: 100%;word-break: break-word;=
margin-bottom: 16px;"><h2 class=3D"header-anchor-post" style=3D"position: r=
elative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-app=
le-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'=
Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-we=
bkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webk=
it-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appea=
rance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line=
-height: 1.16em;font-size: 1.625em;margin-top: 0;">&#127970; Company Overvi=
ew</h2><div class=3D"captioned-image-container-static" style=3D"font-size: =
16px;line-height: 26px;margin: 32px auto;"><figure style=3D"width: 100%;mar=
gin: 0 auto;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" ce=
llspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic"=
 style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align=
: center;"></td><td class=3D"content" align=3D"left" width=3D"1456" style=
=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"=
https://substack.com/redirect/150ab63c-2d7a-4bfe-a3b2-f68371a66bfc?j=3DeyJ1=
IjoiNms0MnJxIn0.eSEBM4t8vpgmQWaFc6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" style=
=3D"position: relative;flex-direction: column;align-items: center;padding: =
0;width: auto;height: auto;border: none;text-decoration: none;display: bloc=
k;margin: 0;"><img class=3D"wide-image" data-attrs=3D"{&quot;src&quot;:&quo=
t;https://substack-post-media.s3.amazonaws.com/public/images/297194a4-2839-=
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&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:9=
71,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:94=
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ge/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;top=
Image&quot;:true,&quot;internalRedirect&quot;:&quot;https://getdividends.ne=
t/i/187610040?img=3Dhttps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpu=
blic%2Fimages%2F297194a4-2839-4d70-aecc-1dc2de5768f8_1536x1024.png&quot;,&q=
uot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:fals=
e}" alt=3D"" width=3D"550" height=3D"366.7925824175824" src=3D"https://subs=
tackcdn.com/image/fetch/$s_!QIKo!,w_1100,c_limit,f_auto,q_auto:good,fl_prog=
ressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2=
Fimages%2F297194a4-2839-4d70-aecc-1dc2de5768f8_1536x1024.png" style=3D"bord=
er: none !important;vertical-align: middle;display: block;-ms-interpolation=
-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-wid=
th: 100% !important;margin: 0 auto;"></a></td><td style=3D"text-align: cent=
er;"></td></tr></tbody></table></figure></div><h2 class=3D"header-anchor-po=
st" style=3D"position: relative;font-family: 'SF Pro Display',-apple-system=
-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helv=
etica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbo=
l';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoo=
thing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: =
optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;c=
olor: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">&#127919; What=
 does the company do?</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,5=
5);line-height: 26px;font-size: 16px;"><span>H2O America is a </span><stron=
g>regulated water and wastewater utility holding company</strong><span> tha=
t owns and operates a portfolio of essential water infrastructure across th=
e United States. The company provides critical services through four region=
al subsidiaries: San Jose Water Company (California), Connecticut Water Com=
pany, Maine Water Company, and Texas Water Company.</span></p><p style=3D"m=
argin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">=
<span>I operate as a </span><strong>government-sanctioned monopoly</strong>=
<span> within my service territories, meaning I&#8217;m the sole provider o=
f water services in designated regions. My core business involves the </spa=
n><strong>production, purchase, storage, purification, distribution, and re=
tail sale</strong><span> of drinking water, along with wastewater collectio=
n and treatment services. I source water from multiple channels including g=
roundwater wells, surface water from watershed run-off, reclaimed water, an=
d purchased imported water.</span></p><p style=3D"margin: 0 0 20px 0;color:=
 rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>The company serves=
 approximately </span><strong>407,000 water and wastewater connections</str=
ong><span>, providing essential services to roughly </span><strong>1.6 mill=
ion people</strong><span> across ten states. Beyond my core regulated utili=
ty operations, I offer non-tariffed services including water system operati=
ons and maintenance agreements, antenna site leases, contracted services, s=
ewer operations, and the Linebacker protection plan for drinking water cust=
omers in Connecticut and Maine.</span></p><div style=3D"font-size: 16px;lin=
e-height: 26px;"><hr style=3D"margin: 32px 0;padding: 0;height: 1px;backgro=
und: rgb(0,0,0,.1);border: none;"></div><h2 class=3D"header-anchor-post" st=
yle=3D"position: relative;font-family: 'SF Pro Display',-apple-system-headl=
ine,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,=
Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';fon=
t-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing:=
 antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimi=
zelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: =
rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">&#128176; How does i=
t make money?</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-=
height: 26px;font-size: 16px;">H2O America generates revenue through two pr=
imary channels, with the vast majority coming from regulated utility operat=
ions:</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 2=
6px;font-size: 16px;"><strong>Revenue Breakdown (2024):</strong></p><ul sty=
le=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-spec=
ial-format: bullet;"><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);li=
ne-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;f=
ont-size: 16px;"><strong>Water Utility Services</strong><span>: $732.58M (9=
7.9% of total revenue)</span></p><ul style=3D"margin-top: 0;padding: 0;"><l=
i style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"co=
lor: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-bo=
x;padding-left: 4px;font-size: 16px;margin: 0;">Regulated water sales to cu=
stomers based on state-approved rates</p></li><li style=3D"margin: 8px 0 0 =
32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-hei=
ght: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-si=
ze: 16px;margin: 0;">Pass-through costs for purchased water, power, and gro=
undwater extraction</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-f=
ormat: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-b=
ottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0=
;">Revenue adjustment mechanisms and balancing accounts</p></li><li style=
=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rg=
b(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;paddi=
ng-left: 4px;font-size: 16px;margin: 0;">Rate case approvals providing auth=
orized returns on invested capital</p></li></ul></li><li style=3D"margin: 8=
px 0 0 32px;mso-special-format: bullet;"><p style=3D"margin: 0 0 20px 0;col=
or: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box=
;padding-left: 4px;font-size: 16px;"><strong>Other Services</strong><span>:=
 $15.86M (2.1% of total revenue)</span></p><ul style=3D"margin-top: 0;paddi=
ng: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p s=
tyle=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing:=
 border-box;padding-left: 4px;font-size: 16px;margin: 0;">Non-tariffed oper=
ations including the SJWC Cupertino concession</p></li><li style=3D"margin:=
 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55)=
;line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4p=
x;font-size: 16px;margin: 0;">Property management and rental income</p></li=
><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D=
"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border=
-box;padding-left: 4px;font-size: 16px;margin: 0;">Contract water operation=
s and maintenance services</p></li><li style=3D"margin: 8px 0 0 32px;mso-sp=
ecial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;m=
argin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;ma=
rgin: 0;">Antenna site leasing on water infrastructure</p></li></ul></li></=
ul><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;fo=
nt-size: 16px;"><strong>Revenue Components (Q3 2025):</strong></p><p style=
=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16=
px;">The company&#8217;s $240.6M in Q3 2025 operating revenue comprised:</p=
><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;=
mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: =
26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 1=
6px;margin: 0;"><strong>Contracts with customers</strong><span>: $243.5M (a=
ctual water sales)</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-spe=
cial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;ma=
rgin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;mar=
gin: 0;"><strong>Alternative revenue programs</strong><span>: $4.0M net</sp=
an></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;">=
<p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-siz=
ing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Regul=
atory mechanisms</strong><span>: $(7.8)M net adjustment</span></p></li><li =
style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"colo=
r: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;=
padding-left: 4px;font-size: 16px;margin: 0;"><strong>Rental income</strong=
><span>: $0.8Ms3.amazonaws</span></p></li></ul><p style=3D"margin: 0 0 20px=
 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>My busine=
ss model is fundamentally capital-intensive and </span><strong>rate-regulat=
ed</strong><span>. I invest heavily in infrastructure&#8212;pipes, pumps, t=
reatment plants, and distribution systems&#8212;then earn a state-approved =
rate of return on this &#8220;rate base.&#8221; Revenue is stable and predi=
ctable because demand for water is highly inelastic (people need water rega=
rdless of economic conditions), and rates are set by public utility commiss=
ions to ensure I can cover costs plus earn a fair return.</span></p><div cl=
ass=3D"captioned-image-container-static" style=3D"font-size: 16px;line-heig=
ht: 26px;margin: 32px auto;"><figure style=3D"width: 100%;margin: 0 auto;">=
<table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-=
padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></t=
d><td class=3D"content" align=3D"left" width=3D"1456" style=3D"text-align: =
center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack=
=2Ecom/redirect/60ca6d43-58c8-44d1-bfc=
2-3a6a5ce17023?j=3DeyJ1IjoiNms0MnJxIn0.=
eSEBM4t8vpgmQWaFc6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" style=3D"position: re=
lative;flex-direction: column;align-items: center;padding: 0;width: auto;he=
ight: auto;border: none;text-decoration: none;display: block;margin: 0;"><i=
mg class=3D"wide-image" data-attrs=3D"{&quot;src&quot;:&quot;https://substa=
ck-post-media.s3.amazonaws.com/public/images/1383d0cb-b33c-499e-8e8d-ab61d7=
9cf4df_2848x1600.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen=
&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:818,&quot;width&q=
uot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quo=
t;:&quot;user-gen-media-assets.s3.amazonaws.com&quot;,&quot;title&quot;:nul=
l,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true=
,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProce=
ssing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt=3D"=
user-gen-media-assets.s3.amazonaws.com" title=3D"user-gen-media-assets.s3.a=
mazonaws.com" width=3D"550" height=3D"308.99725274725273" src=3D"https://su=
bstackcdn.com/image/fetch/$s_!nQDW!,w_1100,c_limit,f_auto,q_auto:good,fl_pr=
ogressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic=
%2Fimages%2F1383d0cb-b33c-499e-8e8d-ab61d79cf4df_2848x1600.png" style=3D"bo=
rder: none !important;vertical-align: middle;display: block;-ms-interpolati=
on-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-w=
idth: 100% !important;margin: 0 auto;"></a></td><td style=3D"text-align: ce=
nter;"></td></tr></tbody></table></figure></div><div style=3D"font-size: 16=
px;line-height: 26px;"><hr style=3D"margin: 32px 0;padding: 0;height: 1px;b=
ackground: rgb(0,0,0,.1);border: none;"></div><h2 class=3D"header-anchor-po=
st" style=3D"position: relative;font-family: 'SF Pro Display',-apple-system=
-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helv=
etica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbo=
l';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoo=
thing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: =
optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;c=
olor: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">&#128101; Who =
are its customers?</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);=
line-height: 26px;font-size: 16px;"><span>H2O America serves a diversified =
customer base across </span><strong>four primary customer segments</strong>=
<span>:</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-=
height: 26px;font-size: 16px;"><strong>Customer Composition (Industry-Stand=
ard Breakdown):</strong></p><ul style=3D"margin-top: 0;padding: 0;"><li sty=
le=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"margin:=
 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-siz=
ing: border-box;padding-left: 4px;font-size: 16px;"><strong>Residential</st=
rong><span>: ~85% of connections</span></p><ul style=3D"margin-top: 0;paddi=
ng: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p s=
tyle=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing:=
 border-box;padding-left: 4px;font-size: 16px;margin: 0;">Individual homeow=
ners and apartment dwellers</p></li><li style=3D"margin: 8px 0 0 32px;mso-s=
pecial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;=
margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;m=
argin: 0;">Single-family homes and multi-family residential buildings</p></=
li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=
=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: bor=
der-box;padding-left: 4px;font-size: 16px;margin: 0;">Most stable revenue s=
egment with predictable usage patterns</p></li></ul></li><li style=3D"margi=
n: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"margin: 0 0 20px 0=
;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border=
-box;padding-left: 4px;font-size: 16px;"><strong>Commercial</strong><span>:=
 ~10% of connections</span></p><ul style=3D"margin-top: 0;padding: 0;"><li =
style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"colo=
r: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;=
padding-left: 4px;font-size: 16px;margin: 0;">Retail establishments, office=
s, restaurants, hotels</p></li><li style=3D"margin: 8px 0 0 32px;mso-specia=
l-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margi=
n-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin=
: 0;">Small to medium-sized businesses</p></li><li style=3D"margin: 8px 0 0=
 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-he=
ight: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-s=
ize: 16px;margin: 0;">Higher usage per connection than residential</p></li>=
</ul></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p=
 style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-=
bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><stron=
g>Industrial</strong><span>: ~3% of connections</span></p><ul style=3D"marg=
in-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format=
: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom=
: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Ma=
nufacturing facilities and production plants</p></li><li style=3D"margin: 8=
px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);l=
ine-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;=
font-size: 16px;margin: 0;">Large-scale water users for cooling and process=
ing</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;">=
<p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-siz=
ing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Variable usag=
e based on production cycles</p></li></ul></li><li style=3D"margin: 8px 0 0=
 32px;mso-special-format: bullet;"><p style=3D"margin: 0 0 20px 0;color: rg=
b(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;paddi=
ng-left: 4px;font-size: 16px;"><strong>Public/Other</strong><span>: ~2% of =
connectionss3.amazonaws</span></p><ul style=3D"margin-top: 0;padding: 0;"><=
li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"c=
olor: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-b=
ox;padding-left: 4px;font-size: 16px;margin: 0;">Government facilities, sch=
ools, hospitals</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-forma=
t: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-botto=
m: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">P=
ublic parks and municipal buildings</p></li><li style=3D"margin: 8px 0 0 32=
px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-heigh=
t: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size=
: 16px;margin: 0;">Fire protection services</p></li></ul></li></ul><p style=
=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16=
px;"><span>The </span><strong>residential customer base provides the founda=
tion</strong><span> of my revenue stability. These customers use water cons=
istently for drinking, cooking, bathing, and lawn irrigation. Commercial an=
d industrial customers add higher-margin revenue but with slightly more cyc=
lical exposure. The public sector provides additional stability through gov=
ernment contracts.</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,5=
5,55);line-height: 26px;font-size: 16px;"><span>My service territories span=
 diverse communities from </span><strong>urban San Jose</strong><span> (tec=
h hub with high property values) to </span><strong>suburban Connecticut</st=
rong><span> (affluent residential areas) to </span><strong>growing Texas co=
mmunities</strong><span> between San Antonio and Austin (rapid population g=
rowth). This geographic and demographic diversity reduces concentration ris=
k.</span></p><div class=3D"captioned-image-container-static" style=3D"font-=
size: 16px;line-height: 26px;margin: 32px auto;"><figure style=3D"width: 10=
0%;margin: 0 auto;"><table class=3D"image-wrapper" width=3D"100%" border=3D=
"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMS=
tatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text=
-align: center;"></td><td class=3D"content" align=3D"left" width=3D"1456" s=
tyle=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=
=3D"https://substack.com/redirect/47dc09ee-1346-489e-bf97-4eebff1f5106?j=3D=
eyJ1IjoiNms0MnJxIn0.eSEBM4t8vpgmQWaFc6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" s=
tyle=3D"position: relative;flex-direction: column;align-items: center;paddi=
ng: 0;width: auto;height: auto;border: none;text-decoration: none;display: =
block;margin: 0;"><img class=3D"wide-image" data-attrs=3D"{&quot;src&quot;:=
&quot;https://substack-post-media.s3.amazonaws.com/public/images/382a922d-8=
e13-42dc-9e3b-805e19ef2d95_2304x1728.png&quot;,&quot;srcNoWatermark&quot;:n=
ull,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quo=
t;:1092,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quo=
t;:null,&quot;alt&quot;:&quot;user-gen-media-assets.s3.amazonaws.com&quot;,=
&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;be=
lowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quo=
t;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&=
quot;:false}" alt=3D"user-gen-media-assets.s3.amazonaws.com" title=3D"user-=
gen-media-assets.s3.amazonaws.com" width=3D"550" height=3D"412.5" src=3D"ht=
tps://substackcdn.com/image/fetch/$s_!WxUf!,w_1100,c_limit,f_auto,q_auto:go=
od,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%=
2Fpublic%2Fimages%2F382a922d-8e13-42dc-9e3b-805e19ef2d95_2304x1728.png" sty=
le=3D"border: none !important;vertical-align: middle;display: block;-ms-int=
erpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !importa=
nt;max-width: 100% !important;margin: 0 auto;"></a></td><td style=3D"text-a=
lign: center;"></td></tr></tbody></table></figure></div><div style=3D"font-=
size: 16px;line-height: 26px;"><hr style=3D"margin: 32px 0;padding: 0;heigh=
t: 1px;background: rgb(0,0,0,.1);border: none;"></div><h2 class=3D"header-a=
nchor-post" style=3D"position: relative;font-family: 'SF Pro Display',-appl=
e-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Rob=
oto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe =
UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-f=
ont-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appe=
arance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.6=
25em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">&#1277=
57; Where does it operate?</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54=
,55,55);line-height: 26px;font-size: 16px;"><span>H2O America operates thro=
ugh </span><strong>four regional water utilities</strong><span> across the =
United States, with significant geographic concentration:</span></p><p styl=
e=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 1=
6px;"><strong>Geographic Distribution by Connections (~407,000 total):</str=
ong></p><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 =
0 32px;mso-special-format: bullet;"><p style=3D"margin: 0 0 20px 0;color: r=
gb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padd=
ing-left: 4px;font-size: 16px;"><strong>California (San Jose Water Company =
- SJWC)</strong><span>: 57% (~232,000 connections)</span></p><ul style=3D"m=
argin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-for=
mat: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bot=
tom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"=
>Serves approximately 1 million people</p></li><li style=3D"margin: 8px 0 0=
 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-he=
ight: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-s=
ize: 16px;margin: 0;">Coverage: San Jose, Cupertino, Campbell, Monte Sereno=
, Saratoga, Los Gatos</p></li><li style=3D"margin: 8px 0 0 32px;mso-special=
-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin=
-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin:=
 0;">Service area: Portions of Santa Clara County</p></li><li style=3D"marg=
in: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,=
55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left:=
 4px;font-size: 16px;margin: 0;">Largest and most established operation</p>=
</li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p styl=
e=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: bo=
rder-box;padding-left: 4px;font-size: 16px;margin: 0;">High-value service t=
erritory with strong economic base</p></li></ul></li><li style=3D"margin: 8=
px 0 0 32px;mso-special-format: bullet;"><p style=3D"margin: 0 0 20px 0;col=
or: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box=
;padding-left: 4px;font-size: 16px;"><strong>Connecticut (Connecticut Water=
 Company - CWC)</strong><span>: 23% (~95,000 connections)</span></p><ul sty=
le=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-spec=
ial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;mar=
gin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;marg=
in: 0;">Serves approximately 300,000 people</p></li><li style=3D"margin: 8p=
x 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);li=
ne-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;f=
ont-size: 16px;margin: 0;">Coverage: 81 municipalities across Connecticut</=
p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p st=
yle=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: =
border-box;padding-left: 4px;font-size: 16px;margin: 0;">Service area: Appr=
oximately 275 square miles</p></li><li style=3D"margin: 8px 0 0 32px;mso-sp=
ecial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;m=
argin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;ma=
rgin: 0;">Includes ~3,000 wastewater connections in Southbury</p></li><li s=
tyle=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color=
: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;p=
adding-left: 4px;font-size: 16px;margin: 0;">Stable, mature market with reg=
ulatory support</p></li></ul></li><li style=3D"margin: 8px 0 0 32px;mso-spe=
cial-format: bullet;"><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);l=
ine-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;=
font-size: 16px;"><strong>Maine (Maine Water Company - MWC)</strong><span>:=
 12% (~47,000 connections)</span></p><ul style=3D"margin-top: 0;padding: 0;=
"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=
=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: bor=
der-box;padding-left: 4px;font-size: 16px;margin: 0;">Serves approximately =
160,000 people</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format=
: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom=
: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Co=
verage: Multiple municipalities across Maine</p></li><li style=3D"margin: 8=
px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);l=
ine-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;=
font-size: 16px;margin: 0;">Included within broader New England operations<=
/p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p s=
tyle=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing:=
 border-box;padding-left: 4px;font-size: 16px;margin: 0;">Recent rate incre=
ases approved (13% in Camden Rockland district)</p></li></ul></li><li style=
=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"margin: 0=
 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizin=
g: border-box;padding-left: 4px;font-size: 16px;"><strong>Texas (Texas Wate=
r Company - TWC)</strong><span>: 8% (~33,000 connections)s3.amazonaws</span=
></p><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 3=
2px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-heig=
ht: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-siz=
e: 16px;margin: 0;">Serves approximately 88,000 people</p></li><li style=3D=
"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(5=
4,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-=
left: 4px;font-size: 16px;margin: 0;">Coverage: Region between San Antonio =
and Austin</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bu=
llet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;=
box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Servic=
e area: More than 271 square miles</p></li><li style=3D"margin: 8px 0 0 32p=
x;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height=
: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size:=
 16px;margin: 0;">Includes ~1,000 wastewater connections</p></li><li style=
=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rg=
b(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;paddi=
ng-left: 4px;font-size: 16px;margin: 0;"><strong>Fastest-growing segment</s=
trong><span> with massive expansion planned</span></p></li></ul></li></ul><=
p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-s=
ize: 16px;"><strong>Strategic Geographic Positioning:</strong></p><p style=
=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16=
px;"><span>My footprint provides </span><strong>regulatory diversity</stron=
g><span> across four different state jurisdictions (California PUC, Connect=
icut PURA, Maine PUC, Texas PUC), reducing single-regulator risk. Californi=
a dominates my current operations, but the pending </span><strong>Quadvest =
acquisition in Texas</strong><span> will dramatically shift this balance, m=
aking Texas my second-largest operation by 2028.</span></p><p style=3D"marg=
in: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><sp=
an>The company also owns </span><strong>undeveloped land in California</str=
ong><span> and commercial properties in Connecticut, providing potential fu=
ture development opportunities and non-utility asset value.</span></p><div =
class=3D"captioned-image-container-static" style=3D"font-size: 16px;line-he=
ight: 26px;margin: 32px auto;"><figure style=3D"width: 100%;margin: 0 auto;=
"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D=
"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"ms=
o-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"><=
/td><td class=3D"content" align=3D"left" width=3D"1456" style=3D"text-align=
: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substa=
ck.com/redirect/86dc9b2b-8e26-4bae-b3c8-e60b86f3f845?j=3DeyJ1IjoiNms0MnJxIn=
0.eSEBM4t8vpgmQWaFc6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" style=3D"position: =
relative;flex-direction: column;align-items: center;padding: 0;width: auto;=
height: auto;border: none;text-decoration: none;display: block;margin: 0;">=
<img class=3D"wide-image" data-attrs=3D"{&quot;src&quot;:&quot;https://subs=
tack-post-media.s3.amazonaws.com/public/images/cb40643e-5fe4-4f05-aea8-02ea=
e64ad9a0_2848x1600.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscre=
en&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:818,&quot;width=
&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&q=
uot;:&quot;user-gen-media-assets.s3.amazonaws.com&quot;,&quot;title&quot;:n=
ull,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:tr=
ue,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isPro=
cessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt=
=3D"user-gen-media-assets.s3.amazonaws.com" title=3D"user-gen-media-assets.=
s3.amazonaws.com" width=3D"550" height=3D"308.99725274725273" src=3D"https:=
//substackcdn.com/image/fetch/$s_!3e-M!,w_1100,c_limit,f_auto,q_auto:good,f=
l_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpu=
blic%2Fimages%2Fcb40643e-5fe4-4f05-aea8-02eae64ad9a0_2848x1600.png" style=
=3D"border: none !important;vertical-align: middle;display: block;-ms-inter=
polation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important=
;max-width: 100% !important;margin: 0 auto;"></a></td><td style=3D"text-ali=
gn: center;"></td></tr></tbody></table></figure></div><div style=3D"font-si=
ze: 16px;line-height: 26px;"><hr style=3D"margin: 32px 0;padding: 0;height:=
 1px;background: rgb(0,0,0,.1);border: none;"></div><h2 class=3D"header-anc=
hor-post" style=3D"position: relative;font-family: 'SF Pro Display',-apple-=
system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Robot=
o,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI=
 Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-fon=
t-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appear=
ance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625=
em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">&#128260=
; Business Dynamics</h2><h2 class=3D"header-anchor-post" style=3D"position:=
 relative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-a=
pple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif=
,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-=
webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-we=
bkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;app=
earance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);li=
ne-height: 1.16em;font-size: 1.625em;">&#128722; How often do customers buy=
?</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px=
;font-size: 16px;"><span>H2O America benefits from the </span><strong>ultim=
ate recurring revenue model</strong><span>&#8212;customers use water servic=
es </span><strong>continuously and predictably</strong><span>:</span></p><p=
 style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-si=
ze: 16px;"><strong>Purchasing Frequency:</strong></p><ul style=3D"margin-to=
p: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bul=
let;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;b=
ox-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong=
>Monthly billing cycle</strong><span> for all residential and commercial cu=
stomers</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format=
: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom=
: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><s=
trong>Continuous consumption</strong><span> rather than discrete purchases<=
/span></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet=
;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-=
sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>No=
n-discretionary service</strong><span>: Water is essential; customers can&#=
8217;t &#8220;skip a month&#8221;</span></p></li><li style=3D"margin: 8px 0=
 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-=
height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font=
-size: 16px;margin: 0;"><strong>99%+ retention</strong><span>: Customers on=
ly leave service when they move out of territory</span></p></li></ul><p sty=
le=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: =
16px;"><strong>Revenue Stability Mechanisms:</strong></p><ol style=3D"margi=
n-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"color=
: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;p=
adding-left: 4px;font-size: 16px;margin: 0;"><strong>Regulated Rate Structu=
res</strong><span>: Long-term contracts approved by state commissions provi=
ding stable base revenue regardless of usage variations</span></p></li><li =
style=3D"margin: 8px 0 0 32px;"><p style=3D"color: rgb(54,55,55);line-heigh=
t: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size=
: 16px;margin: 0;"><strong>Balancing Accounts</strong><span>: Revenue adjus=
tment mechanisms that automatically compensate for volume fluctuations, ens=
uring revenue stability even if consumption changes</span></p></li><li styl=
e=3D"margin: 8px 0 0 32px;"><p style=3D"color: rgb(54,55,55);line-height: 2=
6px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16=
px;margin: 0;"><strong>Seasonal Patterns</strong><span>: Summer months see =
increased usage for irrigation and outdoor activities (25-35% higher than w=
inter), but balancing accounts mitigate revenue impact</span></p></li><li s=
tyle=3D"margin: 8px 0 0 32px;"><p style=3D"color: rgb(54,55,55);line-height=
: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size:=
 16px;margin: 0;"><strong>Multi-Year Rate Cases</strong><span>: California =
operates on a 3-year rate cycle; Connecticut and Maine use Water Infrastruc=
ture and Conservation Adjustment (WICA) mechanisms; Texas uses Systemwide I=
nfrastructure Cost (SIC) adjustments</span></p></li></ol><p style=3D"margin=
: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><stro=
ng>Customer Retention Data:</strong></p><p style=3D"margin: 0 0 20px 0;colo=
r: rgb(54,55,55);line-height: 26px;font-size: 16px;">From the Q3 2025 10-Q,=
 I maintain extraordinarily high retention:</p><ul style=3D"margin-top: 0;p=
adding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;">=
<p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-siz=
ing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Bad d=
ebt/credit losses</strong><span>: Less than 1% of revenue ($1.05M allowance=
 on $607M YTD revenue =3D 0.17%)</span></p></li><li style=3D"margin: 8px 0 =
0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-h=
eight: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-=
size: 16px;margin: 0;"><strong>Customer assistance programs</strong><span>:=
 Balanced through regulatory recovery mechanisms</span></p></li><li style=
=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rg=
b(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;paddi=
ng-left: 4px;font-size: 16px;margin: 0;"><strong>No customer churn risk</st=
rong><span>: Regulated monopoly status means customers have no alternative =
provider</span></p></li></ul><p style=3D"margin: 0 0 20px 0;color: rgb(54,5=
5,55);line-height: 26px;font-size: 16px;"><strong>Contract Length:</strong>=
</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;f=
ont-size: 16px;"><span>Unlike typical businesses, my &#8220;contracts&#8221=
; are essentially </span><strong>perpetual until the customer moves</strong=
><span>. Service connections remain active for decades&#8212;the average wa=
ter infrastructure lasts 50-100 years, and customer relationships span gene=
rations within the same property.</span></p><p style=3D"margin: 0 0 20px 0;=
color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Recent rate case a=
pprovals provide visibility:</p><ul style=3D"margin-top: 0;padding: 0;"><li=
 style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"col=
or: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box=
;padding-left: 4px;font-size: 16px;margin: 0;"><strong>SJWC (California)</s=
trong><span>: 3.91% base rate increase for 2025, plus 4% water cost increas=
e effective July 2025</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-=
special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px=
;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;=
margin: 0;"><strong>CWC (Connecticut)</strong><span>: WICA surcharge of 7.4=
7%, Water Revenue Adjustment of 3.62%</span></p></li><li style=3D"margin: 8=
px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);l=
ine-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;=
font-size: 16px;margin: 0;"><strong>TWC (Texas)</strong><span>: SIC increas=
e of $4.1M in annual water revenue</span></p></li><li style=3D"margin: 8px =
0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line=
-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;fon=
t-size: 16px;margin: 0;"><strong>MWC (Maine)</strong><span>: 13% rate incre=
ase in Camden Rockland district</span></p></li></ul><p style=3D"margin: 0 0=
 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>This=
 recurring, regulated revenue model makes me one of the most </span><strong=
>predictable businesses</strong><span> in the public markets.</span></p><di=
v style=3D"font-size: 16px;line-height: 26px;"><hr style=3D"margin: 32px 0;=
padding: 0;height: 1px;background: rgb(0,0,0,.1);border: none;"></div><h2 c=
lass=3D"header-anchor-post" style=3D"position: relative;font-family: 'SF Pr=
o Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFon=
t,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe U=
I Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antial=
iased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegi=
bility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;m=
argin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: =
1.625em;">&#128200; Can it raise prices?</h2><p style=3D"margin: 0 0 20px 0=
;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>H2O America=
 possesses </span><strong>moderate pricing power within a heavily regulated=
 framework</strong><span>. While I cannot unilaterally raise prices like an=
 unregulated business, several factors support consistent rate increases:</=
span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 2=
6px;font-size: 16px;"><strong>Regulatory Pricing Power: &#9989; STRONG</str=
ong></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26=
px;font-size: 16px;"><strong>Evidence of Pricing Ability:</strong></p><ol s=
tyle=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p s=
tyle=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bo=
ttom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>=
Consistent Rate Case Approvals</strong><span> (2024-2025):</span></p><ul st=
yle=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-spe=
cial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;ma=
rgin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;mar=
gin: 0;">California SJWC: +3.91% general rate increase plus +4% water cost =
recovery</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bull=
et;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;bo=
x-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Connecti=
cut CWC: +7.47% WICA infrastructure surcharge, +3.62% water revenue adjustm=
ent</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;">=
<p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-siz=
ing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Texas TWC: +$=
4.1M annual revenue through SIC mechanism</p></li><li style=3D"margin: 8px =
0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line=
-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;fon=
t-size: 16px;margin: 0;">Maine MWC: +13% in Camden Rockland service area</p=
></li></ul></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"margin: 0 0=
 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing:=
 border-box;padding-left: 4px;font-size: 16px;"><strong>Automatic Cost Reco=
very Mechanisms</strong><span>:</span></p><ul style=3D"margin-top: 0;paddin=
g: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p st=
yle=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: =
border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Pass-throu=
gh costs</strong><span>: Water supply, power, and groundwater extraction ch=
arges automatically recovered</span></p></li><li style=3D"margin: 8px 0 0 3=
2px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-heig=
ht: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-siz=
e: 16px;margin: 0;"><strong>Balancing accounts</strong><span>: Regulatory a=
ssets totaling $242.4M allow recovery of under-collected costs</span></p></=
li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=
=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: bor=
der-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>PFAS settleme=
nt proceeds</strong><span>: $18.5M received in 2025 (additional regulatory =
liability for future customer benefit)</span></p></li></ul></li><li style=
=3D"margin: 8px 0 0 32px;"><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,=
55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left:=
 4px;font-size: 16px;"><strong>Infrastructure Investment Recovery</strong><=
span>:</span></p><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margi=
n: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,5=
5);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: =
4px;font-size: 16px;margin: 0;"><strong>2025 capital expenditure</strong><s=
pan>: $473M budgeted (74% deployed through Q3)</span></p></li><li style=3D"=
margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54=
,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-l=
eft: 4px;font-size: 16px;margin: 0;"><strong>Rate base growth</strong><span=
>: Investing $369.6M YTD in infrastructure that earns regulated returns</sp=
an></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;">=
<p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-siz=
ing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Retur=
n on equity</strong><span>: State-approved ROE ranging from 9.0% to 10.5% d=
epending on jurisdiction</span></p></li></ul></li></ol><p style=3D"margin: =
0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong=
>Margin Expansion Evidence:</strong></p><p style=3D"margin: 0 0 20px 0;colo=
r: rgb(54,55,55);line-height: 26px;font-size: 16px;">From the 10-Q financia=
l statements:</p><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margi=
n: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,5=
5);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: =
4px;font-size: 16px;margin: 0;"><strong>Operating income Q3 2025</strong><s=
pan>: $64.6M vs. $58.4M Q3 2024 (+10.7%)</span></p></li><li style=3D"margin=
: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55=
);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4=
px;font-size: 16px;margin: 0;"><strong>Operating margin improvement</strong=
><span>: 26.8% vs. 25.9% year-over-year</span></p></li><li style=3D"margin:=
 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55)=
;line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4p=
x;font-size: 16px;margin: 0;"><strong>Net income growth</strong><span>: +21=
=2E4% year-over-year (outpacing revenue=
 growth of 11.4%)</span></p></li><li s=
tyle=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color=
: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;p=
adding-left: 4px;font-size: 16px;margin: 0;"><strong>EPS growth</strong><sp=
an>: $2.48 YTD 2025 vs. $2.18 YTD 2024 (+13.8%)</span></p></li></ul><p styl=
e=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 1=
6px;"><strong>Constraints on Pricing Power:</strong></p><p style=3D"margin:=
 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>=
&#10060; </span><strong>Regulatory Lag</strong><span>: 12-24 months between=
 filing rate cases and implementation</span><br><span>&#10060; </span><stro=
ng>Political Sensitivity</strong><span>: Water affordability concerns limit=
 aggressive rate requests</span><br><span>&#10060; </span><strong>Cost Just=
ification Required</strong><span>: Must demonstrate need through capital in=
vestments and operating costs</span><br><span>&#10060; </span><strong>Publi=
c Hearings</strong><span>: Community opposition can slow or reduce requeste=
d increases</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);l=
ine-height: 26px;font-size: 16px;"><strong>Competitive Dynamics:</strong></=
p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;fon=
t-size: 16px;"><span>My pricing power is fundamentally different from compe=
titive markets. I don&#8217;t compete on price&#8212;I&#8217;m the </span><=
strong>only provider</strong><span>. Instead, pricing power derives from:</=
span></p><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0=
 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-=
height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font=
-size: 16px;margin: 0;"><strong>Justifying investments</strong><span>: Demo=
nstrating infrastructure needs (aging pipes, water quality, capacity)</span=
></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p=
 style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizin=
g: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Regulat=
ory relationships</strong><span>: Maintaining constructive dialogue with st=
ate commissions</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-specia=
l-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margi=
n-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin=
: 0;"><strong>Operational efficiency</strong><span>: Showing prudent cost m=
anagement to justify rate relief</span></p></li></ul><p style=3D"margin: 0 =
0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>2=
025 Performance:</strong></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,5=
5,55);line-height: 26px;font-size: 16px;">The proof is in the numbers. Desp=
ite inflationary pressures raising costs significantly:</p><ul style=3D"mar=
gin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-forma=
t: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-botto=
m: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><=
strong>Production expenses</strong><span>: +15% year-over-year (water costs=
, power, groundwater charges)</span></p></li><li style=3D"margin: 8px 0 0 3=
2px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-heig=
ht: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-siz=
e: 16px;margin: 0;"><strong>Administrative costs</strong><span>: +13% year-=
over-year</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-form=
at: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bott=
om: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">=
<strong>Yet operating income</strong><span>: +14% year-over-year through ap=
proved rate increases</span></p></li></ul><p style=3D"margin: 0 0 20px 0;co=
lor: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Investment P=
erspective:</strong></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55)=
;line-height: 26px;font-size: 16px;"><span>I can reliably raise prices </sp=
an><strong>2-5% annually</strong><span> through a combination of general ra=
te cases, infrastructure surcharges, and automatic cost adjustments. This p=
ricing power is </span><strong>less than discretionary consumer companies</=
strong><span> but </span><strong>more reliable and predictable</strong><spa=
n>, with virtually no demand elasticity consequences. When I raise rates, c=
ustomers don&#8217;t cut consumption materially&#8212;they pay because wate=
r is essential.</span></p><div style=3D"font-size: 16px;line-height: 26px;"=
><hr style=3D"margin: 32px 0;padding: 0;height: 1px;background: rgb(0,0,0,.=
1);border: none;"></div><h2 class=3D"header-anchor-post" style=3D"position:=
 relative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-a=
pple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif=
,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-=
webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-we=
bkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;app=
earance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);li=
ne-height: 1.16em;font-size: 1.625em;">&#128201; What happens in a recessio=
n?</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26p=
x;font-size: 16px;"><span>H2O America demonstrates </span><strong>exception=
al recession resilience</strong><span> as a provider of essential infrastru=
cture services. Based on historical performance and business characteristic=
s, I would expect the company to experience minimal impact during economic =
downturns:</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);li=
ne-height: 26px;font-size: 16px;"><strong>Recession Resistance: &#9989; VER=
Y STRONG</strong></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);li=
ne-height: 26px;font-size: 16px;"><strong>Historical Evidence:</strong></p>=
<p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-=
size: 16px;"><strong>2020 COVID-19 Pandemic Performance:</strong></p><ul st=
yle=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-spe=
cial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;ma=
rgin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;mar=
gin: 0;"><strong>Revenue 2020</strong><span>: $564.5M (+34.3% vs. 2019 desp=
ite pandemic)</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-=
format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-=
bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: =
0;"><strong>Net income 2020</strong><span>: $61.5M (stable)</span></p></li>=
<li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"=
color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-=
box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Dividend maintain=
ed and increased</strong><span>: +6.9% to $1.24/share</span></p></li><li st=
yle=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color:=
 rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;pa=
dding-left: 4px;font-size: 16px;margin: 0;"><strong>No service disruptions<=
/strong><span>: Continued operations uninterrupted</span></p></li><li style=
=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rg=
b(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;paddi=
ng-left: 4px;font-size: 16px;margin: 0;"><strong>Customer assistance progra=
ms</strong><span>: Implemented without material revenue impact due to regul=
atory recovery</span></p></li></ul><p style=3D"margin: 0 0 20px 0;color: rg=
b(54,55,55);line-height: 26px;font-size: 16px;"><strong>2008-2009 Financial=
 Crisis Performance:</strong><br><span>(Based on utility industry norms and=
 company&#8217;s regulated structure)</span></p><ul style=3D"margin-top: 0;=
padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"=
><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-si=
zing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Water =
utilities typically see </span><strong>&lt;5% revenue decline</strong><span=
> even in severe recessions</span></p></li><li style=3D"margin: 8px 0 0 32p=
x;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height=
: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size:=
 16px;margin: 0;"><span>Essential service status provides </span><strong>de=
mand insulation</strong></p></li><li style=3D"margin: 8px 0 0 32px;mso-spec=
ial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;mar=
gin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;marg=
in: 0;"><span>Regulatory frameworks include </span><strong>decoupling mecha=
nisms</strong><span> that separate revenue from volume</span></p></li><li s=
tyle=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color=
: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;p=
adding-left: 4px;font-size: 16px;margin: 0;"><strong>Customer payment plans=
</strong><span> and assistance programs prevent service disconnections</spa=
n></p></li></ul><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-he=
ight: 26px;font-size: 16px;"><strong>Recession-Proof Characteristics:</stro=
ng></p><ol style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0=
 32px;"><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26=
px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16p=
x;"><strong>Inelastic Demand</strong><span>:</span></p><ul style=3D"margin-=
top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: b=
ullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0=
;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span=
>Water consumption for drinking, sanitation, and basic needs is </span><str=
ong>non-discretionary</strong></p></li><li style=3D"margin: 8px 0 0 32px;ms=
o-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26=
px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16p=
x;margin: 0;">Even unemployed households continue water service (avg. bill =
$40-80/month)</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format:=
 bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom:=
 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Com=
mercial/industrial reduction partially offset by residential usage stabilit=
y</p></li></ul></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"margin:=
 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-siz=
ing: border-box;padding-left: 4px;font-size: 16px;"><strong>Regulatory Reve=
nue Protection</strong><span>:</span></p><ul style=3D"margin-top: 0;padding=
: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p sty=
le=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: b=
order-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Balancing a=
ccounts</strong><span>: Current regulatory assets of $242.4M allow recovery=
 of revenue shortfalls</span></p></li><li style=3D"margin: 8px 0 0 32px;mso=
-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26p=
x;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px=
;margin: 0;"><strong>Rate case adjustments</strong><span>: Can file for rat=
e relief if costs exceed revenues</span></p></li><li style=3D"margin: 8px 0=
 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-=
height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font=
-size: 16px;margin: 0;"><strong>Authorized returns</strong><span>: State co=
mmissions ensure utilities remain financially viable</span></p></li></ul></=
li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"margin: 0 0 20px 0;color=
: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;p=
adding-left: 4px;font-size: 16px;"><strong>Diversified Customer Base</stron=
g><span>:</span></p><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"ma=
rgin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,5=
5,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-lef=
t: 4px;font-size: 16px;margin: 0;">85% residential customers (most stable)<=
/p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p s=
tyle=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing:=
 border-box;padding-left: 4px;font-size: 16px;margin: 0;">Geographic divers=
ity across California, Connecticut, Maine, Texas</p></li><li style=3D"margi=
n: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,5=
5);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: =
4px;font-size: 16px;margin: 0;">No single customer concentration risk</p></=
li></ul></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"margin: 0 0 20=
px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: bo=
rder-box;padding-left: 4px;font-size: 16px;"><strong>Fixed-Cost Recovery</s=
trong><span>:</span></p><ul style=3D"margin-top: 0;padding: 0;"><li style=
=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rg=
b(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;paddi=
ng-left: 4px;font-size: 16px;margin: 0;"><span>Majority of costs (infrastru=
cture, debt service, personnel) are </span><strong>fixed</strong></p></li><=
li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"c=
olor: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-b=
ox;padding-left: 4px;font-size: 16px;margin: 0;">Rate structures designed t=
o recover fixed costs regardless of volume</p></li><li style=3D"margin: 8px=
 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);lin=
e-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;fo=
nt-size: 16px;margin: 0;">Variable costs (power, chemicals) scale with redu=
ced usage if necessary</p></li></ul></li></ol><p style=3D"margin: 0 0 20px =
0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Risk Fac=
tors in Recession:</strong></p><p style=3D"margin: 0 0 20px 0;color: rgb(54=
,55,55);line-height: 26px;font-size: 16px;"><span>&#9888;&#65039; </span><s=
trong>Moderate Concerns</strong><span>:</span></p><ul style=3D"margin-top: =
0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet=
;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-=
sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Co=
mmercial/industrial customers</strong><span>: 13% of customer base could re=
duce consumption</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-speci=
al-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;marg=
in-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margi=
n: 0;"><strong>Construction activity</strong><span>: New connections growth=
 may slow (but doesn&#8217;t reverse existing base)</span></p></li><li styl=
e=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: r=
gb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padd=
ing-left: 4px;font-size: 16px;margin: 0;"><strong>Political pressure</stron=
g><span>: Regulators may resist rate increases during economic hardship</sp=
an></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;">=
<p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-siz=
ing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Credi=
t losses</strong><span>: Could increase from current 0.17% to 0.5-1.0% of r=
evenue</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format:=
 bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom:=
 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><st=
rong>Capital access</strong><span>: Need to maintain investment-grade credi=
t ratings to fund capex</span></p></li></ul><p style=3D"margin: 0 0 20px 0;=
color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Financial =
Resilience Indicators:</strong></p><p style=3D"margin: 0 0 20px 0;color: rg=
b(54,55,55);line-height: 26px;font-size: 16px;">From Q3 2025 10-Q:</p><ul s=
tyle=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-sp=
ecial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;m=
argin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;ma=
rgin: 0;"><strong>Cash from operations YTD</strong><span>: $181.3M (strong =
cash generation)</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-speci=
al-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;marg=
in-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margi=
n: 0;"><strong>Liquidity</strong><span>: $350M revolving credit facility wi=
th minimal draws ($126M lines of credit)</span></p></li><li style=3D"margin=
: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55=
);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4=
px;font-size: 16px;margin: 0;"><strong>Debt structure</strong><span>: Long-=
term fixed-rate debt with staggered maturities (minimal near-term refinanci=
ng risk)</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-forma=
t: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-botto=
m: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><=
strong>Dividend coverage</strong><span>: 53.6% payout ratio provides substa=
ntial cushion</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-=
format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-=
bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: =
0;"><strong>Credit ratings</strong><span>: Investment-grade from S&amp;P (B=
BB+ with positive outlook per March 2025 update)</span></p></li></ul><p sty=
le=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: =
16px;"><strong>Management Commentary on Recession Risk:</strong></p><p styl=
e=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 1=
6px;">From the 10-Q risk factors, management identifies these recession-rel=
ated risks:</p><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margin:=
 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55)=
;line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4p=
x;font-size: 16px;margin: 0;">&#8220;Changes in demand for water and other =
services&#8221; due to economic conditions</p></li><li style=3D"margin: 8px=
 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);lin=
e-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;fo=
nt-size: 16px;margin: 0;">&#8220;Changes in general economic, political, bu=
siness and financial market conditions&#8221;</p></li><li style=3D"margin: =
8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);=
line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px=
;font-size: 16px;margin: 0;"><span>But notably, </span><strong>no material =
historical impact</strong><span> from past downturns cited</span></p></li><=
/ul><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;f=
ont-size: 16px;"><strong>Scenario Analysis:</strong></p><p style=3D"margin:=
 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><stron=
g>Mild Recession</strong><span> (2-3% GDP decline):</span></p><ul style=3D"=
margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-fo=
rmat: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bo=
ttom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;=
"><span>Expected revenue impact: </span><strong>0-2% decline</strong><span>=
 (mostly commercial/industrial reduction)</span></p></li><li style=3D"margi=
n: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,5=
5);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: =
4px;font-size: 16px;margin: 0;"><span>Dividend: </span><strong>Maintained</=
strong><span> (57-year streak suggests high commitment)</span></p></li><li =
style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"colo=
r: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;=
padding-left: 4px;font-size: 16px;margin: 0;"><span>Capital spending: </spa=
n><strong>Continued</strong><span> (infrastructure needs don&#8217;t disapp=
ear)</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: b=
ullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0=
;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span=
>Credit rating: </span><strong>Stable</strong><span> (essential service, re=
gulated recovery)</span></p></li></ul><p style=3D"margin: 0 0 20px 0;color:=
 rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Severe Recession=
</strong><span> (5%+ GDP decline):</span></p><ul style=3D"margin-top: 0;pad=
ding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p=
 style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizin=
g: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Expected =
revenue impact: </span><strong>3-5% decline</strong></p></li><li style=3D"m=
argin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,=
55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-le=
ft: 4px;font-size: 16px;margin: 0;"><span>Dividend: </span><strong>Likely m=
aintained</strong><span> but growth may pause</span></p></li><li style=3D"m=
argin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,=
55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-le=
ft: 4px;font-size: 16px;margin: 0;"><span>Capital spending: </span><strong>=
Reduced 10-20%</strong><span> (defer non-critical projects)</span></p></li>=
<li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"=
color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-=
box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Credit rating: </sp=
an><strong>Watch negative</strong><span> but likely maintains investment gr=
ade</span></p></li></ul><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55)=
;line-height: 26px;font-size: 16px;"><strong>Bottom Line:</strong></p><p st=
yle=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size:=
 16px;"><span>In a recession, I would be one of the </span><strong>last com=
panies to feel pain</strong><span> and among the </span><strong>first to re=
cover</strong><span>. My essential service status, regulatory protections, =
and fixed-cost recovery mechanisms make me virtually recession-proof. The b=
iggest risk isn&#8217;t lost revenue&#8212;it&#8217;s </span><strong>slower=
 growth</strong><span> (fewer new connections, delayed rate cases, reduced =
capital spending) rather than actual decline. Historical evidence shows wat=
er utilities typically experience </span><strong>0-5% revenue impact</stron=
g><span> even in severe recessions, with rapid recovery once economy stabil=
izes.</span></p><div style=3D"font-size: 16px;line-height: 26px;"><hr style=
=3D"margin: 32px 0;padding: 0;height: 1px;background: rgb(0,0,0,.1);border:=
 none;"></div><h2 class=3D"header-anchor-post" style=3D"position: relative;=
font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-syste=
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