SJW GROUP: directors' dealings · United States · SEC (Form 4)

About SJW GROUP

SJW Group is a U.S.-based water utility holding company listed on the NYSE/NASDAQ in the United States under the ticker SJW. For French-speaking investors, it is best viewed as a defensive regulated-utility name rather than a classic industrial or consumer company. Its business model is centered on essential water services, which tends to provide more stable demand and greater earnings visibility than many other sectors, although profitability remains closely tied to regulation and rate decisions. The company operates through a portfolio of wholly owned subsidiaries, including San Jose Water Company, Connecticut Water Company, The Maine Water Company and The Texas Water Company. In recent SEC reporting, SJW Group described its core business as a single reportable segment: Water Utility Services. That structure makes the company relatively easy to analyze operationally. Its activities include potable water distribution, water utility operations and related utility services for residential, commercial and institutional customers. SJW also has some ancillary and non-core activities, but the investment thesis is overwhelmingly driven by its regulated water utility platform. Historically, SJW’s roots go back to 1866 through San Jose Water Company, giving the group one of the longest operating histories in the U.S. water utility space. The company’s headquarters footprint is anchored in San Jose, California, while its utility operations extend across several U.S. states. Its customer base spans California, Connecticut, Maine and Texas, and the group has stated that it serves roughly 1.6 million people nationwide. That broad geographic spread reduces dependence on a single market, while still keeping the company within a regulated utility framework. From a competitive standpoint, SJW Group benefits from the usual utility advantages: high barriers to entry, essential service characteristics, long-lived infrastructure assets and a regulatory environment that can support disciplined capital recovery over time. At the same time, investors should recognize that the business is not immune to rate case outcomes, environmental compliance costs, drought conditions, water quality issues and broader regulatory risk. In other words, the stability of the model depends heavily on execution, infrastructure investment and constructive regulatory relationships. Recent developments remain consistent with that profile. In late 2024, SJW announced approval of a California General Rate Case by the CPUC for the 2025-2027 period, an important milestone for the company’s largest regulated market. The group has also received sustainability and responsibility recognition in 2025, reinforcing its public profile as an operator focused on environmental stewardship and infrastructure reliability. Overall, SJW Group is a U.S. listed water utility with a long operating history, a diversified multi-state footprint and a clear defensive investment profile tied to the long-term need for resilient water infrastructure.