H2O America (formerly SJW Group, renamed May 2025) is a regulated water utility holding company that produces, treats, and distributes drinking water to residential, commercial, and industrial customers across California, Connecticut, Maine, and Texas. H2O America operates four regulated utilities: San Jose Water, serving ~232,000 connections in the San Jose metro area; Connecticut Water and Maine Water, together serving ~143,000 connections across 81 municipalities; and Texas Water Company, serving ~30,000 connections in the fast-growing corridor between San Antonio and Austin. As a regulated utility, H2O America earns revenue at rates set by state public utility commissions — it does not compete for customers. The core earnings driver is rate base expansion: as H2O America invests capital in water infrastructure, the base on which it earns its authorized return (ranging from 9.30% in Connecticut to 10.88% in Texas) grows. H2O America's ~$2B five-year capital plan targets pipeline replacement, PFAS treatment compliance, and advanced metering infrastructure, and underpins a 5%-7% EPS growth target through 2029. Regulatory mechanisms including infrastructure surcharges, pass-through cost recovery, and revenue decoupling help reduce earnings volatility between rate cases. H2O America is also pursuing M&A, primarily in Texas, including the pending ~$540M Quadvest acquisition, which would add ~52,400 connections in the greater Houston area. Management views M&A as additive to its organic growth plan, not a requirement for it.