H2O America

Good day, and thank you for standing by. Welcome to the H2O America 2026 Q1 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Jonathan Reeder. Please go ahead.

Thank you, Siobhan. Welcome to the first quarter of 2026 Financial Results Conference Call for H2O America. My name is Jonathan Reeder, and I am the Senior Director of Treasury and Investor Relations for H2O America. Presenting today will be Andrew Walters, Chair of the Board and Chief Executive Officer, Ann Kelley, Chief Financial Officer and Treasurer, and Bruce Hawk, President and Chief Operating Officer. For those who would like to follow along, slides accompanying our remarks are available on our website at h2o-america.com. Before we begin today, I would like to remind you that this presentation and related materials posted on our website may contain forward-looking statements These statements are based on estimates and assumptions made by the company in light of its experience, historical trends, current conditions, and expected future results, as well as other factors that the company believes are appropriate under the circumstances. Many factors could cause the company's actual results and performance to differ materially from those expressed or implied by the forward-looking statements. For a description of some of the factors that could cause actual results to be different from statements in this presentation, we refer you to the financial results press release and to our most recent forms 10-K, 10-Q, an 8-K file of the Securities Exchange Commission, copies of which may be obtained on our website. All forward-looking statements are made as of today, and H2O America disclaims any duty to update or revise such statements. You will have an opportunity to ask questions at the end of the presentation. This webcast is being recorded, and an archive of the webcast will be available until July 29, 2026. You can access the press release and the webcast at H2O America's website. In addition, some of the information discussed today includes the non-GAAP financial measures of adjusted net income and adjusted diluted earnings per share, but have not been calculated in accordance with generally accepted accounting principles in the United States for GAAP. These non-GAAP financial measures should be considered as a supplement to the financial information prepared on a GAAP basis, rather than as an alternative to the respective GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the table in the appendix of our presentation. I WILL NOW TURN THE CALL OVER TO ANDREW.

WELCOME, EVERYONE, AND THANK YOU FOR JOINING US TODAY. WE ARE PLEASED TO PROVIDE YOU WITH AN UPDATE ON OUR STRONG FIRST QUARTER 2026 RESULTS DURING WHICH WE EARN 49 CENTS PER SHARE ON A GAP DILUTED BASIS AND 50 CENTS PER SHARE ON ADJUSTED Our first quarter 2026 results were consistent with our internal expectations in support of our standalone 2026 EPS guidance of $3.08 per share to $3.18. Before I ask Dan to discuss the quarterly results in more detail, I want to update everyone on the very successful equity raise that we executed in early March. Following our year-end 2025 update, and taking advantage of what we viewed as a receptive equity market. We decided to take the QuadVest acquisition-related equity risk off the table by coming to the market with a $550 million equity offering to fund not only the transaction, but also the $100 to $125 million of equity needed for our 2026 standalone capital budget. Our equity offering received an overwhelmingly positive response from investors. as it was more than five times oversubscribed and priced at a tight 2.6% discount. Due to the overwhelming demand and our desire to accommodate some very high-quality, long-term oriented investors into our shareholder base, we upsized the issuance to $700 million, including the green sheet. The upsizing also served to address our forecasted equity needs through 2027. I believe the successful equity offering is a direct reflection of the hard work of all my partners here at H2O America and their dedication to providing our customers with high-quality, reliable service while executing on the financial goals that we have communicated to investors. At the same time, we recognize that our work is far from complete. We remain steadfast in our commitment to deliver on the 2026-2030 plan that we rolled out at the end of February. including our increased long-term EPS caterer target of 16%. The core element of the plan is our tried-and-true strategy of growing the business and creating shareholder value by making the much-needed water infrastructure investments across the national footprint of our systems while constructively engaging our key local stakeholders in a consensus-building process to provide timely regulatory recovery while maintaining customer affordability. As a reminder, our plan does not include any M&A opportunities beyond our two pending Texas acquisitions. On the regulatory front, our teams have been busy working to secure the necessary approvals to execute on our long-term plan. This includes leveraging infrastructure investment mechanisms, recoveries in Connecticut, Maine, Texas, as well as making a PFAS remediation project recovery filing CONNECTICUT AS WELL AS CALIFORNIA. IN ADDITION, A GREAT DEAL OF THOUGHT AND EFFORT HAS GONE INTO PREPARING OUR GENERAL RATE CASE FILINGS IN CONNECTICUT AND MAINE. AND OF COURSE, THERE WAS A FILING OF THE QUAD VEST LP SALES TRANSFER MERGER APPLICATION EARLIER IN THE YEAR, AND OUR FOCUS CONTINUES TO BE ON CLOSING THE TRANSFORMATIVE ACQUISITION LATER THIS YEAR AND DELIVERING ON THE ANTICIPATED ACCRETION BEGINNING IN 2028. Bruce will provide more detailed updates on QuadVest transactions as well as some of our key regulatory loans later in the call. But now I will turn it over to Anne to provide details on our first quarter 2026 results and the key elements of our financial plan. Anne.