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Pay vs Performance Disclosure

6 Months Ended

12 Months Ended

Dec. 31, 2025

Jul. 01, 2025

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

USD ($)

$ / shares

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

$ / shares

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table


							Value of Initial Fixed $100 Investment Based on:
Year	SCT Total for Mr. Thornburg ($)	Compensation Actually Paid to Mr. Thornburg ($)	SCT Total for Mr. Walters ($)	Compensation Actually Paid to Mr. Walters ($)(1)	Average SCT Total for Non-CEO NEOs ($) (2)	Average Compensation Actually Paid to Non-CEO NEOs ($) (1)(2)	TSR ($)	S&P 1000 Utilities Index TSR ($)(3)	Net Income (thousands) ($)	Adjusted Diluted EPS ($) (4)
2025	3,065,270	1,958,555	2,872,942	1,866,987	1,321,343	1,057,626	80.00	152.99	102,578	2.99
2024	4,047,608	1,809,440	—	—	1,411,736	1,084,127	77.73	131.50	93,967	2.93
2023	4,210,736	3,040,179	—	—	1,350,918	967,212	100.38	105.79	84,987	2.76
2022	3,185,995	4,590,645	—	—	992,647	1,043,718	122.09	120.33	73,828	2.37
2021	3,288,886	2,754,516	—	—	995,670	1,004,775	107.66	121.01	60,478	1.87

Company Selected Measure Name

Adjusted Diluted EPS

Named Executive Officers, Footnote

The following individuals are our other Named Executive Officers for each fiscal year:


Year	CEO	Non-CEO NEOs
2025	Eric Thornburg (CEO 1) & Andrew Walters (CEO 2)	Willie Brown, Bruce Hauk, Kristen Johnson, and Ann Kelly
2024	Eric Thornburg	Bruce Hauk, Kristen Johnson, Tanya Moniz-Witten, and Andrew Walters
2023	Eric Thornburg	Willie Brown, Bruce Hauk, Kristen Johnson, and Andrew Walters
2022	Eric Thornburg	Andrew Gere, Bruce Hauk, Kristen Johnson, James Lynch, Andrew Walters, and Maureen Westbrook
2021	Eric Thornburg	Andrew Gere, James Lynch, Andrew Walters, and Maureen Westbrook

Adjustment To PEO Compensation, Footnote

Compensation actually paid to our named executive officers represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, adjusted as follows:


	2021		2022		2023		2024		2025	2025
Adjustments	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Mr. Walters	Average non-CEO NEOs
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY	(1,282,631)	(262,473)	(1,692,981)	(311,991)	(1,709,660)	(287,875)	(1,670,168)	(390,421)	(1,783,435)	(1,690,019)	(376,344)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End	1,242,978	262,208	2,197,855	261,303	1,376,320	233,398	928,369	279,873	1,542,670	990,028	335,150
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date	—	8,019	—	7,200	—	6,299	—	6,795	—	—	7,158


	2021		2022		2023		2024		2025	2025
Adjustments	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Mr. Walters	Average non-CEO NEOs
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End	(215,751)	(20,597)	316,753	23,261	(459,915)	(73,131)	(639,460)	(73,661)	(110,288)	(22,411)	(10,035)
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date	(128,319)	(8,834)	136,732	(220)	(213,231)	(25,328)	(657,019)	(65,131)	(531,104)	(258,013)	(83,127)
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End	—	—	—	(28,750)	—	—	—	—	—	—	—
Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date	—	—	—	—	—	—		—	—	—	—
Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY	—	—	—	—	—	—	—	—	—	—	—
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Non qualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY	(634,950)	(84,225)	(49,697)	(6,469)	(688,654)	(297,356)	(750,912)	(146,317)	(806,463)	(25,540)	(212,731)
Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans	484,303	103,258	495,988	106,739	524,583	57,427	551,022	58,151	581,905	—	72,787


	2021		2022		2023		2024		2025	2025
Adjustments	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Mr. Walters	Average non-CEO NEOs
Increase for Above-Market or Preferential Earnings on Deferred Compensation that is not Tax Qualified	—	11,749	—	—	—	2,860	—	3,102	—	—	3,426
TOTAL ADJUSTMENTS	(534,370)	9,105	1,404,650	51,073	(1,170,557)	(383,706)	(2,238,168)	(327,609)	(1,106,715)	(1,005,955)	(263,716)

Non-PEO NEO Average Total Compensation Amount

$ 1,321,343

$ 1,411,736

$ 1,350,918

$ 992,647

$ 995,670

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,057,626

1,084,127

967,212

1,043,718

1,004,775

Adjustment to Non-PEO NEO Compensation Footnote

Compensation actually paid to our named executive officers represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, adjusted as follows:


	2021		2022		2023		2024		2025	2025
Adjustments	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Mr. Walters	Average non-CEO NEOs
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY	(1,282,631)	(262,473)	(1,692,981)	(311,991)	(1,709,660)	(287,875)	(1,670,168)	(390,421)	(1,783,435)	(1,690,019)	(376,344)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End	1,242,978	262,208	2,197,855	261,303	1,376,320	233,398	928,369	279,873	1,542,670	990,028	335,150
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date	—	8,019	—	7,200	—	6,299	—	6,795	—	—	7,158


	2021		2022		2023		2024		2025	2025
Adjustments	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Mr. Walters	Average non-CEO NEOs
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End	(215,751)	(20,597)	316,753	23,261	(459,915)	(73,131)	(639,460)	(73,661)	(110,288)	(22,411)	(10,035)
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date	(128,319)	(8,834)	136,732	(220)	(213,231)	(25,328)	(657,019)	(65,131)	(531,104)	(258,013)	(83,127)
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End	—	—	—	(28,750)	—	—	—	—	—	—	—
Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date	—	—	—	—	—	—		—	—	—	—
Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY	—	—	—	—	—	—	—	—	—	—	—
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Non qualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY	(634,950)	(84,225)	(49,697)	(6,469)	(688,654)	(297,356)	(750,912)	(146,317)	(806,463)	(25,540)	(212,731)
Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans	484,303	103,258	495,988	106,739	524,583	57,427	551,022	58,151	581,905	—	72,787


	2021		2022		2023		2024		2025	2025
Adjustments	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Average non-CEO NEOs	Mr. Thornburg	Mr. Walters	Average non-CEO NEOs
Increase for Above-Market or Preferential Earnings on Deferred Compensation that is not Tax Qualified	—	11,749	—	—	—	2,860	—	3,102	—	—	3,426
TOTAL ADJUSTMENTS	(534,370)	9,105	1,404,650	51,073	(1,170,557)	(383,706)	(2,238,168)	(327,609)	(1,106,715)	(1,005,955)	(263,716)

Compensation Actually Paid vs. Total Shareholder Return

The line graphs below compare: (i) the compensation actually paid to Mr. Thornburg (CEO 1) who retired effective July 1, 2025, and to Mr. Walters, our current CEO (CEO 2), and the average of the compensation actually paid to our remaining named executive officers, with (ii) our cumulative TSR, (iii) Comparator Group TSR, (iv) our Net Income, and (v) our Adjusted Diluted EPS, in each case, for the fiscal years ended December 31, 2021, 2022, 2023, 2024, and 2025.

TSR amounts reported in the graph assume an initial fixed investment of $100, and that all dividends, if any, were reinvested.

Compensation Actually Paid vs. Net Income

TSR amounts reported in the graph assume an initial fixed investment of $100, and that all dividends, if any, were reinvested.

Compensation Actually Paid vs. Company Selected Measure

TSR amounts reported in the graph assume an initial fixed investment of $100, and that all dividends, if any, were reinvested.

Total Shareholder Return Vs Peer Group

TSR amounts reported in the graph assume an initial fixed investment of $100, and that all dividends, if any, were reinvested.

Tabular List, Table

Adjusted diluted EPS;

•Capital additions;

•Customer satisfaction;

•Employee satisfaction;

•Environmental leadership – water quality;

•Return on equity; and

•rTSR percentile positioning.

Total Shareholder Return Amount

$ 80.00

77.73

100.38

122.09

107.66

Peer Group Total Shareholder Return Amount

152.99

131.50

105.79

120.33

121.01

Net Income (Loss)

$ 102,578,000

$ 93,967,000

$ 84,987,000

$ 73,828,000

$ 60,478,000

Company Selected Measure Amount | $ / shares

2.99

2.93

2.76

2.37

1.87

PEO Name

Andrew F. Walters

Eric W. Thornburg

Eric Thornburg

Additional 402(v) Disclosure

TSR is cumulative for the measurement periods beginning on December 31, 2020 and ending on December 31 of each of 2025, 2024, 2023, 2022, and 2021, respectively, calculated in accordance with Item 201(e) of Regulation S-K. The S&P 1000 Utilities Index is the same index we use in our relative TSR plan to help determine compensation for our named executive officers and is described as such in the Compensation Discussion and Analysis section.

Measure:: 1

Pay vs Performance Disclosure

Name

•Adjusted diluted EPS

Non-GAAP Measure Description

Adjusted Diluted EPS is a non-GAAP measure that is derived from diluted earnings per share reported in H2O America's audited financial statements adjusted to exclude certain compensation-related items, gains and losses on asset sales, changes in the fair value of equity investments, impairments of long-lived assets, and acquisition-related costs. Adjusted Diluted EPS presented above is calculated as defined in H2O America's incentive plans which may provide for different adjustments compared to the adjustments the Corporation uses to calculate Adjusted Diluted EPS that is presented in earnings releases, investor presentations, and other external communications. Refer to Appendix A of this Proxy Statement for a reconciliation to the most directly comparable GAAP measure.

Measure:: 2