In a filing dated January 13, 2026, Ausbil Investment Management Ltd disclosed the acquisition of 53,119 shares of SJW, representing a new position valued at approximately $2.60 million based on quarter‐end valuations. This stake accounts for 1.48% of the firm’s reportable U.S. equity assets as of December 31, 2025, signaling confidence in SJW’s steady cash flows and regulated business model.

Over the trailing twelve months ending Q3 2025, SJW generated revenues of $804.2 million, up from $785.4 million a year earlier, driven by rate adjustments and expansion in water service connections. Net income for the same period rose to $109.3 million, reflecting disciplined cost controls and higher regulatory‐approved returns on invested capital. The company’s dividend yield stands at 3.24%, offering investors a reliable income stream.

SJW serves over 460,000 connections across California, Connecticut, Maine and Texas, supplying water to roughly 1.5 million end‐users and providing wastewater services to more than 4,000 connections. This geographic diversification mitigates regional weather and regulatory risks, while non‐tariffed revenues—such as system maintenance agreements and antenna site leases—contribute approximately 5% of total revenues, enhancing margin stability.

In Q3 2025, SJW completed the acquisition of two regional water systems in Texas, adding 12,000 new connections and projected to contribute $10 million in incremental annual revenues upon integration. With a current price‐to‐earnings multiple of 16.6—below its five‐year average—the stock trades at a relative valuation discount versus regulated utility peers. Coupled with ongoing capital expenditure programs targeting leak reduction and infrastructure modernization, this positions SJW for sustained earnings growth and attractive total return potential.