Dba Sempra · NYSE:SRE
Dba Sempra — Q3 2025 Earnings Presentation
39 slides from Dba Sempra's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Earnings Results
Third Quarter 2025 Earnings Results November 5, 2025
Slide 2: About This Presentation
About This Presentation This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may
Slide 3: Table of Contents
Table of Contents ▪ Executive Summary ▪ 2025 Value Creation Initiatives ▪ Business Updates ▪ Financial Results ▪ Closing Remarks 3 Endnotes are included in the Appendix
Slide 4: Executive Summary
Executive Summary Over the long-term, Sempra is expected to benefit from 5 critical success factors: 1. Simpler business model; 2. Improving balance sheet; 3. Constructive regulation; 4. Higher capital deployment; and 5. Positive sector tailwinds That’s why we set a goal of building America’s leadin
Slide 5: 2025 Value Creation Initiatives
2025 Value Creation Initiatives 1 Invest $13B this year prioritizing utility 1 ✓ Deployed ~$9B CapEx YTD investments and improved returns ✓ Improved Oncor earned ROE through UTM 2 Unlock value in our LNG franchise ✓ Announced definitive equity sales agreement ✓ Reached FID Port Arthur LNG Phase 2 Se
Slide 6: Business Updates
Business Updates Sempra California ▪ SB 254 bolsters IOU financial safeguards, enhancing Wildfire Fund durability and claims liquidity through $18B Continuation Account ▪ Continued cost efficiencies with workforce refinement Sempra Infrastructure 1 ▪ Signed definitive sales agreement to sell 45% sta
Slide 7: Texas Transmission Expansion Drives Significant Expected CapEx Increase
Texas Transmission Expansion Drives Significant Expected CapEx Increase 1 Transmission Expansion Overview ERCOT 765-kV STEP 2 Transmission Expansion Projects ERCOT Cost ($B) PBRP Projects $14 – 15 3 Import Paths 765-kV $10 Local Common Projects 138 – 345-kV $5 4 2024 RTP Projects Beyond PBRP $18 – 2
Slide 8: Q3-2025 Financial Results
Q3-2025 Financial Results Three months ended Nine months ended September 30, September 30, (Dollars and shares in millions, except EPS) 2025 2024 2025 2024 GAAP Earnings $ 77 $ 638 $ 1,444 $ 2,152 Impact from regulatory disallowances – – 25 – Impact from foreign currency and inflation on monetary po
Slide 9: Q3-2025 Adjusted Earnings Drivers
Q3-2025 Adjusted Earnings Drivers $26M ($32M) $45M $728M $47M Higher asset Higher net optimization, interest expense, $76M Higher equity offset by lower lower investment earnings from transportation gains + other, Higher CPUC base invested capital, and lower tax offset by lower operating margin, Onc
Slide 10: Closing Remarks
Closing Remarks Highlights Steady progress advancing the company’s Value Creation Initiatives supports our mission of building America’s leading utility growth business: ▪ SI Partners transaction expected to unlock shareholder value by simplifying Sempra’s business model, strengthening balance sheet
Slide 11: Appendix I: Sempra Texas
Appendix | Sempra Texas @® SEMPRA | 11
Slide 12: Quarter-Over-Quarter Increase in LC&I Active Requests / Load
Quarter-Over-Quarter Increase in LC&I Active Requests / Load Oncor is experiencing robust LC&I demand growth, with 606 active requests totaling 226 GW and 1 projects its peak demand to more than double by 2031 from current peak demand of 31 GW Q3-2025 Active Requests Load Data Center / IT 356 210 GW
Slide 13: Oncor Base Rate Review
1 Oncor Base Rate Review Sempra continues to see strong potential in a portfolio of capital opportunities in Texas, as Oncor pursues base rate review to align cost structure with today’s operating environment Key Metrics Proceeding Schedule Equity Layer Requested 45% (Authorized 42.5%) Event Date RO
Slide 14: Appendix II: Sempra California
Appendix II Sempra California | 14
Slide 15: SB 254 Strengthens Financial Backstop
SB 254 Strengthens Financial Backstop Continuation Account Structure Wildfire Fund & Continuation Account Mechanics ▪ Up to $18B with no upfront IOU contribution Funding available for claims exceeding $1B 3 SDGE has specific insurance to cover initial $1B in eligible claims ▪ 50/50 funding split bet
Slide 16: CPUC Cost of Capital
CPUC Cost of Capital A final decision is expected by year-end with updated cost of capital effective at the start of 2026 2025 Authorized Requested SDGE Capital Structure Return on Rate Base Capital Structure Return on Rate Base Long-Term Debt 45.25% 4.34% 46.0% 4.62% Preferred Equity 2.75% 6.22% 0.
Slide 17: Appendix III: Sempra Infrastructure
Appendix III Sempra Infrastructure | 17
Slide 18: SI Partners Transaction Overview
1 SI Partners Transaction Overview Deal Summary Organizational Structure 2 ▪ Selling 45% ownership stake for $10B 3 ▪ 13.8x EV/EBITDA 4 Pro-Forma Ownership ▪ Implied equity value of $22.2B and EV of $31.7B (Illustrative) 5 ▪ Projecting $0.20 average EPS accretion on full-year basis ▪ Transaction exp
Slide 19: SI Partners Implied Equity Valuation
SI Partners Implied Equity Valuation ($B) 45% Sold 1 4 $15.1 Raised Through Sales of 75% Interest in SI Partners $10 Proceeds 4 $22.2 10% Sold $1.8 Proceeds 20% Sold 3 20% CAGR $3.4 Proceeds Implied equity valuation Sell-Side $17.9 in SI Partners since 4 2 2020 SOTP $16.9 $5.5 $9 Implied equity valu
Slide 20: Appendix IV: Credit Ratings, Business Unit Earnings, Non-GAAP Measures
Appendix IV Credit Ratings + Business Unit Earnings + Non-GAAP Financial Measures | 20
Slide 21: Credit Ratings
1 Credit Ratings Through the sale of a portion of our interest in SI Partners, Sempra advances toward a 95% 2 regulated business mix and expects to improve its credit profile while reducing debt Issuer Ratings S&P Fitch Moody’s BBB+ BBB+ Baa2 Sempra Negative Stable Negative Sempra A- BBB+ Baa1 Oncor
Slide 22: Sempra California
Sempra California Three months ended Nine months ended September 30, September 30, (Dollars in millions) 2025 2024 2025 2024 Sempra California GAAP Earnings $ 370 $ 247 $ 1,353 $ 1,145 Impact from regulatory disallowances — – 25 – 1 Sempra California Adjusted Earnings $ 370 $ 247 $ 1,378 $ 1,145 Q3-
Slide 23: Sempra Texas
Sempra Texas Three months ended Nine months ended September 30, September 30, (Dollars in millions) 2025 2024 2025 2024 Sempra Texas Utilities GAAP Earnings $ 306 $ 261 $ 660 $ 646 Q3-2025 earnings are higher than Q3-2024 earnings primarily due to higher equity earnings from Oncor Holdings driven by
Slide 24: Sempra Infrastructure
Sempra Infrastructure Three months ended Nine months ended September 30, September 30, (Dollars in millions) 2025 2024 2025 2024 Sempra Infrastructure GAAP (Losses) Earnings $ (580) $ 230 $ (362) $ 652 Impact from foreign currency and inflation on monetary positions in Mexico 32 (67) 122 (179) Net u
Slide 25: Parent & Other
Parent & Other Three months ended Nine months ended September 30, September 30, (Dollars in millions) 2025 2024 2025 2024 Parent & Other GAAP Losses $ (19) $ (100) $ (207) $ (291) Impact from foreign currency and inflation on monetary positions in Mexico – – (1) 1 Tax items related to assets held fo
Slide 26: 2025 and 2024 Adjusted Earnings and Adjusted EPS
2025 and 2024 Adjusted Earnings and Adjusted EPS Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2025 and 2024 as follows: Three months ended September 30, 2025: ▪ $(32) million impact from foreign curr
Slide 27: 2025 and 2024 Adjusted Earnings and Adjusted EPS (Continued)
2025 and 2024 Adjusted Earnings and Adjusted EPS (Continued) Income tax Non- Income tax Non- Pretax expense controlling Pretax (benefit) controlling amount (benefit)1 interests Earnings Diluted EPS amount expense1 interests Earnings Diluted EPS (Dollars in millions, except EPS; shares in thousands)
Slide 28: 2025 and 2024 Adjusted Earnings (Losses) by Business Unit
2025 and 2024 Adjusted Earnings (Losses) by Business Unit Sempra Sempra Texas Sempra Segment Parent & Total California Utilities Infrastructure Totals Other Sempra 1 (Dollars in millions) Three months ended September 30, 2025 GAAP Earnings (Losses) $ 370 $ 306 $ (580) $ 96 $ (19) $ 77 Impact from fo
Slide 29: 2025 Adjusted EPS Guidance Range
2025 Adjusted EPS Guidance Range Sempra 2025 Adjusted EPS Guidance Range of $4.30 to $4.70 excludes items (after the effects of income taxes and, if applicable, NCI) as follows: ▪ $(25) million impact from regulatory disallowances related to the recovery of COVID-19 costs at Sempra California ▪ $(12
Slide 30: SI Partners EV/EBITDA
SI Partners EV/EBITDA Management and external users, such as industry analysts and investors, use the EV/EBITDA ratio as a supplemental measure of valuation and operating performance of SI Partners. EV is calculated using an implied equity value based on transaction proceeds adjusted for Projected P
Slide 31: SI Partners EV/EBITDA (Continued)
SI Partners EV/EBITDA (Continued) The tables below reconcile SI Partners Projected Proportionate Net Debt and Projected Proportionate EBITDA to, what we consider to be, the most directly comparable measures calculated in accordance with GAAP. At December 31, 2025 1 SI Partners – Projected Proportion
Slide 32: FFO-to-Debt Ratio
FFO-to-Debt Ratio FFO, and thereby the ratio of FFO-to-Debt, are non-GAAP financial measures. As defined and used by management, FFO, which is comprised of Net Cash Provided by Operating Activities (also referred to as operating cash flows), which we consider to be the most directly comparable GAAP
Slide 33: 2024 Adjusted Earnings (Losses) by Business Unit
2024 Adjusted Earnings (Losses) by Business Unit Sempra Adjusted Earnings exclude items (after the effects of income taxes and, if applicable, NCI) in 2024 as follows: Year ended December 31, 2024: ▪ $(104) million impact from regulatory disallowances at Sempra California consisting of: • $(89) mill
Slide 34: Appendix V: Endnotes + Defined Terms
Appendix V Endnotes + Defined Terms | 34
Slide 35: Endnotes
Endnotes Slide 4: Executive Summary 1. See Appendix for information regarding adjusted EPS and adjusted EPS guidance range, which are non-GAAP financial measures. GAAP EPS for Q3-2025 and YTD-2025 was $0.12 and $2.21, respectively. Updating GAAP EPS guidance range for FY-2025 to $3.05 – $3.45. 2. 20
Slide 36: Endnotes (Continued)
Endnotes (Continued) Slide 10: Closing Remarks 1. Planned sale of a portion of our equity interest in SI Partners is subject to various conditions to closing. 2. Based on ~5-year average starting the first full year 2027 through 2031. Does not contemplate the anticipated impacts of the UTM or increm
Slide 37: Endnotes (Continued)
Endnotes (Continued) Slide 19: SI Partners Implied Equity Valuation 1. Since 2021. May not sum due to rounding. 2. Pre-SI Partners value based on pre-formation average analyst valuation as of October 2020, excluding tender offers for IEnova public shares. 3. $3.4B value from 2021 sale of equity inte
Slide 38: Defined Terms
Defined Terms ADIA Black Silverback ZC 2022 LP (assignee of Black River B 2017 Inc.), a wholly owned affiliate of Abu Dhabi Investment Authority ATM at-the-market equity offering program pursuant to the Sales Agreement Bechtel Bechtel Energy Inc. CAGR compound annual growth rate CapEx capital expend
Slide 39: Defined Terms (Continued)
Defined Terms (Continued) Oncor Oncor Electric Delivery Company LLC PA LNG Port Arthur LNG, LLC or Port Arthur LNG Phase II, LLC, as applicable PBRP Permian Basin Reliability Plan PUCT Public Utility Commission of Texas ROE return on equity ROFR right of first refusal RPG Regional Planning Group RTP