Exhibit 99.1

California Water Service Group Reports Fourth Quarter and Full Year 2024 Results

SAN JOSE, Calif., February 27, 2025 (GLOBE NEWSWIRE) -- California Water Service Group (Group or Company, NYSE: CWT), a leading publicly traded water utility serving California, Hawaii, New Mexico, Washington, and Texas, today reported financial results for the fourth quarter and full year of 2024.

Highlights included:

“Our strong operational and financial performance in 2024 demonstrates our team’s exceptional execution of our business strategy. A key milestone was filing our 2024 California GRC, which includes investments to provide a safe and sustainable water supply to our customers. As we enter 2025, we’re focused on working together with the CPUC to advance this rate case to a timely decision,” said Chairman and CEO Martin A. Kropelnicki.

Q4 2024 Financial Results

Full Year 2024 Financial Results

Impact of 2023 Interim Rates on 2024 Results

As a result of the Q1 2024 adoption of the 2021 California GRC decision, interim rate relief related to 2023 totaling $87.5 million of revenue and $64.0 million of net income was included in 2024 operating results. This included $20.2 million of revenue and $13.6 million of net income that was attributable to the three months ending Dec. 31, 2023.

Liquidity, Financing, and Capital Investment

In 2024, Group increased its cash position to $95.7 million from $85.0 million in 2023, of which $45.6 million was restricted, and had additional short-term borrowing capacity of $395 million, subject to meeting the borrowing conditions on its Group and Group subsidiary California Water Service (Cal Water) lines of credit.

On Aug. 2, 2024, the CPUC approved an application for Cal Water to issue up to $1.3 billion in new debt and equity securities.

On Oct. 22, 2024, Cal Water issued $125.0 million in aggregate principal amount of its 5.22% First Mortgage Bonds (Bonds) due Oct. 22, 2054. The Bonds include terms and conditions similar to Cal Water’s existing First Mortgage Bond indebtedness.

Group capital investments during the 12-month period ended Dec. 31, 2024, increased to a record total of $471.0 million, up 23% over the same period last year.

California Regulatory Activity

2024 General Rate Case and Infrastructure Improvement Plan

On July 8, 2024, Cal Water submitted a GRC that included infrastructure improvement plans for 2025-2027. Cal Water proposes to invest more than $1.6 billion in its districts from 2025-2027 in order to support its ability to provide a reliable supply of high-quality water and enhance sustainability. In its application, Cal Water proposes to adjust rates to increase total revenue by $140.6 million, or 17.1%, in 2026; $74.2 million, or 7.7%, in 2027; and $83.6 million, or 8.1%, in 2028. Importantly, the application also proposes a Low-Use Water Equity Program that would decouple revenue from water sales to assist low-water-using, lower-income customers.

The triennial filing, which began in July 2024, is an approximately 18-month review process leading to a final CPUC decision.

The GRC is progressing on time, with the assigned commissioner issuing a Scoping Memo and Ruling in Nov. 2024 and subsequently completing public participation hearings for customers. In addition, in Jan. 2025, Cal Water received a report from CalPA providing comments on our filing. Cal Water has 60 days to provide a response to the CalPA report. Given the progress made in the proceeding and recent decisions issued by the CPUC for other water utilities, the Company is optimistic a final decision can be reached as scheduled.

Cost of Capital

The CPUC has authorized Cal Water to maintain its current cost of capital structure through Dec. 31, 2026. Cal Water’s current cost of capital includes:

The CPUC’s decision postpones Cal Water’s next Cost of Capital application from May 1, 2025, to May 1, 2026. Additionally, the CPUC reauthorized the WCCM, which may trigger an ROE adjustment based on changes in the Moody’s Utilities Bond Index. The next WCCM calculation will be performed as of Sept. 30, 2025, and the adjustment that results from the calculation, if any, would take effect Jan. 1, 2026.

Emergency Response Actions

Group maintained its emergency response leadership throughout 2024, regularly conducting Community Emergency Operations Response training for its employees, first responders, and organizations across its service areas.

Notable exercises included subsidiary Hawaii Water Service’s July 2024 drills in Maui and on the Big Island, which brought together employees, emergency responders, regulatory agencies, state officials, utilities, contractors, and community partners.

None of Cal Water’s service areas were directly impacted by the Southern California wildfires in early 2025; however, in response, the Company has made contributions to the American Red Cross, World Central Kitchen, California Fire Foundation, Pasadena Humane, and SPCA LA. Group remains committed to supporting both its affected employees and the impacted communities during this challenging time.

Group’s proactive emergency preparedness focuses on wildfire risk mitigation through strategic vegetation management, infrastructure upgrades, crew positioning, and backup power systems. It has invested nearly $55 million over the past five years in pumps, pipelines and emergency generators to mitigate wildfire risk, and has made contributions of nearly $1 million to support local fire agencies across its service areas.

For additional details, please see Form 10-K which will be available at https://www.calwatergroup.com/investors/financials-filings-reports/sec-filings

Quarterly Earnings Teleconference

All stockholders and interested investors are invited to attend the conference call on Thursday, Feb. 27, 2025 at 8 a.m. PT (11 a.m. ET) by dialing 1-800-715-9871 or 1-646-307-1963 and keying in ID# 5777452. Alternatively, the live audio webcast may be accessed at https://edge.media-server.com/mmc/p/cbxzkhb6. Please join at least 15 minutes in advance to ensure a timely connection to the call. A replay of the call will be available from 2 p.m. ET on Thursday, Feb. 27, 2025, through Monday, Mar. 31, 2025, at 1-800-770-2030 or 1-609-800-9909 using ID# 5777452, or at the webcast above. The call will be hosted by Chairman and Chief Executive Officer Martin A. Kropelnicki; Senior Vice President, Chief Financial Officer and Treasurer James P. Lynch; and Vice President, Rates and Regulatory Affairs, Greg A. Milleman. Prior to the call, the Company will furnish a slide presentation on its website.

About California Water Service Group

California Water Service Group is the parent company of regulated utilities California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, as well as Texas Water Service, a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater service to more than 2.1 million people in California, Hawaii, New Mexico, Washington, and Texas. California Water Service Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at www.calwatergroup.com.

This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The forward-looking statements are intended to qualify under provisions of the federal securities laws for “safe harbor” treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management’s beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing Group’s expected financial performance, Group’s plans and proposals pursuant to and timing of the 2024 California GRC; and authorized cost of capital and potential adjustments to same. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results to be different than those expected or anticipated include, but are not limited to: our ability to invest or apply the proceeds from the issuance of common stock in an accretive manner; governmental and regulatory commissions’ decisions, including decisions on proper disposition of property; consequences of eminent domain actions relating to our water systems; changes in regulatory commissions’ policies and procedures, including with respect to our ability to proposed fully decoupled WRAMs; the outcome and timeliness of the CPUC’s 2024 California GRC; increased risk of inverse condemnation losses as a result of climate change and drought; our ability to renew leases to operate water systems owned by others on beneficial terms; changes in California State Water Resources Control Board water quality standards; changes in environmental compliance and water quality requirements; electric power interruptions, especially as a result of public safety power shutoff programs; housing and customer growth; the impact of opposition to rate increases; our ability to recover costs; availability of water supplies; issues with the implementation, maintenance or security of our information technology systems; civil disturbances or terrorist threats or acts; the adequacy of our efforts to mitigate physical and cyber security risks and threats; the ability of our enterprise risk management processes to identify or address risks adequately; labor relations matters as we negotiate with the unions; changes in customer water use patterns and the effects of conservation, including as a result of drought conditions; our ability to complete, in a timely manner or at all, successfully integrate and achieve anticipated benefits from announced acquisitions; the impact of weather, climate change, natural disasters, and actual or threatened public health emergencies, including disease outbreaks, on our operations, water quality, water availability, water sales and operating results and the adequacy of our emergency preparedness; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; risks associated with expanding our business and operations geographically; the impact of stagnating or worsening business and economic conditions, including inflationary pressures, general economic slowdown or a recession, increasing interest rates, instability of certain financial institutions, changes in monetary policy, adverse capital markets activity or macroeconomic conditions as a result of geopolitical conflicts, and the prospect of a shutdown of the U.S. federal government; the impact of market conditions and volatility on unrealized gains or losses on our non-qualified benefit plan investments and our operating results; the impact of weather and timing of meter reads on our accrued unbilled revenue; the impact of evolving legal and regulatory requirements, including emerging environmental, social and governance requirements and our ability to comply with PFAS regulations; and other risks and unforeseen events described in our Securities and Exchange Commission (“SEC”) filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph, as well as the Annual Report on Form 10-K, Quarterly 10-Q, and other reports filed from time-to-time with the SEC. We are not under any obligation, and we expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

CALIFORNIA WATER SERVICE GROUP

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

CALIFORNIA WATER SERVICE GROUP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In thousands, except per share data)

Exhibit 99.2

Fourth Quarter and Full Year 2024 Earnings Presentation February 27, 2025

2 Today’s Speakers Marty Kropelnicki Chairman & CEO James Lynch Sr.

Vice President, CFO & Treasurer Greg Milleman Vice President, Rates & Regulatory Affairs 3 This presentation contains forward - looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (PSLRA) . The forward - looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the PSLRA . Forward - looking statements in this presentation are based on currently available information, expectations, estimates, assumptions and projections, and our management's beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions . These statements are not statements of historical fact . When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks, commits, on schedule, indicative or variations of these words or similar expressions are intended to identify forward - looking statements . Examples of forward - looking statements in this presentation include, but are not limited to, statements describing our expectations regarding potential increases in revenue, dividends, capital investments or expenditures, depreciation, regulated rate base growth, sufficiency of cash to support capital investment and growth and authorized cost of capital and potential adjustments to the same, our plans and proposals pursuant to and timing of the 2024 California General Rate Case and our plans or strategy regarding capital allocation, balance sheet management and the year ahead . Forward - looking statements are not guarantees of future performance . They are based on numerous assumptions that we believe are reasonable but are subject to uncertainty and risks . Actual results may vary materially from what is contained in a forward - looking statement . Factors that may cause actual results to be different than those expected or anticipated include, but are not limited to : our ability to integrate business acquisitions and operate them in an effective and accretive manner ; governmental and regulatory commissions' decisions ; consequences of eminent domain actions relating to our water systems ; changes in regulatory commissions' policies and procedures ; the outcome and timeliness of regulatory commissions' actions concerning rate relief and other actions ; changes in water quality standards ; changes in environmental compliance and water quality requirements ; electric power interruptions ; the impact of opposition to rate increases ; our ability to recover costs ; availability of water supplies ; issues with the implementation, maintenance or security of our information technology systems ; civil disturbances or terrorist threats or acts ; the adequacy of our efforts to mitigate physical and cyber security risks and threats ; the ability of our enterprise risk management processes to identify or address risks adequately ; changes in customer water use patterns and the effects of conservation ; the impact of weather, climate change, natural disasters, and actual or threatened public health emergencies ; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends ; the impact of market conditions and volatility on unrealized gains or losses on our operating results ; risks associated with expanding our business and operations geographically ; and other risks and unforeseen events described in our Annual Report on Form 10 - K and other reports filed from time to time with the SEC . In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward - looking statements, which speak only as of the date of this presentation . We are not under any obligation, and we expressly disclaim any obligation to update or alter any forward - looking statements, whether as a result of new information, future events or otherwise . Nothing in this presentation constitutes an offer to sell, or a solicitation of an offer to buy, any securities or should be treated or relied upon as a recommendation or advice . A credit rating is not a recommendation to buy, sell or hold any securities, may be changed at any time by the applicable ratings agency and should be evaluated independently of any other information .

Forward - Looking Statements and Other Important Information 4 Recent Highlights Strong 2024 results with and without the 2023 interim rate relief impacts from 2021 General Rate Case (GRC) decision Invested record level of capital investments totaling $471 million Ongoing and proactive emergency preparedness and response; not impacted by 2025 LA wildfires 1 2 3 4 Authorization from the CPUC granting a one - year extension in our Cost of Capital Application to May 1, 2026 Progress on the 2024 California GRC filing; Remains on schedule 5 5 Fourth Quarter 2024 Financials % Change $ Variance Q4 2023 Q4 2024 (in millions except EPS amounts and percentages) 3.6% $7.7 $214.5 $222.2 Operating Revenue 5.9% $10.6 $179.3 $189.9 Operating Expenses 20.6% $2.6 $12.3 $14.9 Net Interest Expense 34.7% $10.5 $30.1 $19.7 Net Income Attributable to CWT 36.5% $0.19 $0.52 $0.33 Diluted Earnings per Share Note: Due to adoption of the 2021 CA GRC, Q1 2024 revenue and net income included interim rate relief totaling $87.5M and $64 .0M , respectively, attributable to 2023.

This included $20.2M revenue and $13.6M net income, respectively, attributable to Q4 2023.

$0.52 $0.45 $0.10 - $0.15 - $0.36 - $0.06 - $0.13 - $0.04 $0.33 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 Diluted EPS Bridge Q4 2023 to Q4 2024 6 7 Full Year 2024 Financials % Change $ Variance 2023 2024 (in millions except EPS amounts and percentages) 30.5% $242.2 $794.6 $1,036.8 Operating Revenue 13.1% $94.3 $717.5 $811.8 Operating Expenses 15.5% $7.7 $49.8 $57.6 Net Interest Expense 267.6% $138.9 $51.9 $190.8 Net Income Attributable to CWT 257.1% $2.34 $0.91 $3.25 Diluted Earnings per Share Note: Due to adoption of the 2021 CA GRC, Q1 2024 revenue and net income included interim rate relief totaling $87.5M and $64 .0M , respectively , attributable to 2023.

$0.91 $1.73 $1.53 - $0.31 - $0.15 - $0.06 - $0.11 - $0.25 - $0.04 $3.25 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 Diluted EPS Bridge 2023 to 2024 8 9 Growth in capital investment outpaces depreciation (in millions) 2015 - 2024 TOTAL CapEx 3x DEPRECIATION *Estimates for 2025 - 2027 are based on amounts requested in the 2024 California GRC application plus estimated capital expenditur es in other states; these capital expenditures are subject to review and approval by the CPUC and other regulators.

Note: Estimates for 2025 - 2027 exclude an anticipated $226.0M (before recovery offsets) of estimated PFAS - related capital investm ents that will be incurred over multiple years. $177 $229 $259 $272 $274 $299 $293 $328 $384 $471 $660 $750 $655 $61 $64 $77 $84 $89 $99 $109 $115 $121 $132 $144 $136 $150 $0 $100 $200 $300 $400 $500 $600 $700 $800 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* 2026* 2027* Capital Investment Depreciation Capital Investment & Depreciation CapEx 2025 - 2027* > 4x Depreciation 10 Estimated to achieve over $3.3 billion by 2027 *2025 - 2027 rate base estimates include amounts requested in the 2024 California GRC plus estimated rate base in other states; th ese values are not yet adopted and are subject to review and approval by the CPUC and other regulators.

Note: Amounts presented for 2025 - 2027 exclude an anticipated $226.0M (before recovery offsets) in PFAS treatment capital investm ents that will be incurred over multiple years. Regulated Rate Base Growth $1.24 $1.26 $1.61 $1.87 $2.01 $2.20 $2.34 $2.58 $2.93 $3.35 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 2018 2019 2020 2021 2022 2023 2024 2025* 2026* 2027* (in billions)

Capital Allocation | Balance Sheet Continue to maintain financial discipline with strong balance sheet, while allocating capital in efficient manner Group announced an $0.08 increase in annual dividend; declared 320 th consecutive quarterly dividend of $0.30 per share and a one - time special dividend of $0.04 per share Group maintained at - the - market stock issuance program; used opportunistically to raise $ 86.5M during 2024 to support capital growth and business investments CPUC approved postponement of Cal Water Cost of Capital application to May 2026; authorized capital structure of 53.4% equity and 46.6% debt supports future growth Cal Water received authorization from the CPUC in August 2024 to issue up to $1.3 billion in future debt and equity securities Statistics as of December 31, 2024 11 Liquidity Profile Group maintains strong liquidity profile to execute capital plan and strategic M&A investments • Expect to have adequate cash to support capital investment and growth • Credit facilities of $600M can be expanded up to $800M; facilities mature in March 2028 • Global credit rating A+/stable affirmed at S&P Global • Cal Water First Mortgage Bonds rated AA - Statistics as of December 31, 2024 12 (in millions) $50.1 $45.6 $395.0 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 Unrestricted cash Restricted cash Available credit

13 Dividend Program Strong history of returning cash to shareholders 320 th $0.30 Consecutive Quarterly Dividend in Amount of 58 th $1.20 Annual Increase Expected to Yield Annual Dividend of $0.04 $1.24 One - Time Special Dividend Brings Anticipated Dividend to 10.71% Annual Increase (Reflects One - Time Special Dividend) 7.7% Five - Year Dividend CAGR $0.92 $1.00 $1.04 $1.12 $1.24 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 2021 2022 2023 2024 2025* *Anticipated annual dividend includes one - time special dividend 14 2024 California General Rate Case Key updates since filing : • Assigned CPUC Commissioner issued Scoping Memo and Ruling in November 2024 • Public participation hearings held for all service areas, with Cal Water receiving strong support • Company received California Public Advocates report in late January 2025 and is preparing rebuttal in accordance with Scoping Memo and Ruling Investment proposed for Cal Water districts from 2025 - 27 $1.6B Application proposes Low - Use Water Equity Program that would decouple revenue from water sales to enhance affordability LUWEP Month - long process begun for triennial filing with CPUC 18 (anticipated ) Requests rate adjustments necessary to generate total revenue increases of: • $140.6M , or 17.1%, for 2026 • $74.2M , or 7.7%, for 2027 • $83.6M , or 8.1%, for 2028 Cost of Capital & Other Regulatory Updates 15 • CPUC granted Cal Water request to postpone Cost of Capital Application to May 1 , 2026 , effectively maintaining Cal Water’s current capital structure through Dec . 31 , 2026 , including 10 . 27 % return on equity • The CPUC also reauthorized the Water Cost of Capital Mechanism (WCCM) . The WCCM automatically adjusts the rate of return when the Moody's Utilities Bond Index fluctuates between Cost of Capital applications • The ROE will remain 10 . 27 % through Dec . 31 , 2026 , unless the WCCM is triggered when next measured on Sept . 30 , 2025 . If a change in the ROE is required, it would become effective on Jan . 1 , 2026 Cost of Capital Other States • Group has initiated a more proactive approach in pursuing rate adjustments in other states • This will enable us to recover on our capital investments in a more timely manner • This approach should benefit customers by providing for smaller, incremental adjustments rather than large increases on a less frequent basis

Emergency Preparedness & Response Leadership 16 Dedicated Training Regular Community Emergency Operations Response training across service areas, including notable Hawaii Water drills (July 2024) with multi - agency participation Investment in Safety Nearly $1M of stockholder funds contributed over last five years to support local fire agencies across service areas; including $175,000 in 2024 Proactive Wildfire Mitigation Comprehensive approach including vegetation management, infrastructure upgrades, crew positioning, and backup power systems Community Support $100,000 contributed to multiple organizations to support Southern California wildfire relief efforts The Year Ahead 17 Continue to progress 2024 California GRC and work toward a timely resolution Stay keenly focused on expense management as Cal Water enters the third year of the 2021 GRC Refresh S - 3 filing in support of renewing At - The - Market (ATM) program; expected to be completed in first half of 2025 Continue to execute our capital investment plan, which includes projects designed to protect our assets from natural disaster impacts Evaluate strategic growth areas including through targeted domestic M&A Provide our customers with best - in - class service and support

Conclusion