Slide 1: Third Quarter 2025 Financial Results
THIRD QUARTER 2025 FINANCIAL RESULTS OCTOBER 28, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statem
Slide 3: Key Messages
Key Messages 1 Legislature passed SB 254, a key action supporting IOU financial stability; Phase 2 report due in April $2.16 $2.34 Q3 2025 GAAP EPS Q3 2025 Core EPS1 Continued strong regulatory progress: constructive 2 GRC final decision; Woolsey settlement filed Eaton Fire confirmed as a “covered w
Slide 4: SB 254 is a key action supporting IOU financial stability
SB 254 is a key action that demonstrates support for IOU financial stability and its importance for customer affordability… Creates $18Bn fund with no Enhances framework for liability upfront contribution1 cap, claims, and financing Funded 50/50 by customers and IOUs Liability cap now based on
Slide 5: Evaluation of broad long-term reforms to socialize risk
…and requires evaluation of broad long-term reforms, recognizing new models necessary to equitably socialize risk CEA to perform The CEA’s report, due to the Legislature and Governor by April 1, 2026, shall include comprehensive assessment on specific recommendations, including, but not limited to:
Slide 6: SCE and intervenors reach Woolsey settlement agreement
SCE and intervenors reach settlement agreement for Woolsey, which would authorize 35% cost recovery1 On September 19, 2025, SCE, Cal Advocates, EPUC, and SBUA filed a motion for approval of settlement agreement to recover ~$2.0 billion of ~$5.6 billion of losses1 Marks significant milestone and one
Slide 7: Resolution of legacy wildfires: TKM approved; Woolsey pending
Resolution of legacy wildfires entering final stages: TKM settlement approved; Woolsey settlement pending approval 2017/2018 Wildfire/Mudslide Events Cost Recovery Modeling Considerations TKM Woolsey Core EPS: One-time benefit recorded upon CPUC approval; (A.23-08-013) (A.24-10-002) going forward,
Slide 8: CPUC's 2025 GRC decision provides foundation for growth through 2028
CPUC’s 2025 GRC decision provides foundation for growth through 2028 Represents ~$1.1 billion increase 2025 base revenue of of request Advances investments in ~92% to fund critical grid investments ~$9.7 billion approved for customers reliable, resilient, and ready grid for customers 2026–2028 att
Slide 9: Third Quarter Earnings Summary
Third Quarter Earnings Summary Q3 2025 Q3 2024 Variance Key SCE EPS Drivers Takeaways Higher revenue $ 1.12 Basic Earnings Per Share (EPS) Higher O&M (0.02) Higher depreciation (0.25) SCE $ 2.40 $ 1.56 $ 0.84 Lower property and other taxes 0.02 In September 2025, the CPUC Lower interest expense 0.01
Slide 10: EIX narrows 2025 Core EPS guidance to $5.95–6.20
EIX narrows 2025 Core EPS guidance to $5.95–6.20 EIX 2025 Core Earnings Per Share Guidance Range 2025 Modeling Considerations SCE drivers include: 2025 2025 – AFUDC YTD Guidance – Regulatory application decisions (e.g., TKM, WMCE, WMVM) SCE 2025 EPS includes ~30¢ one-time true-up for past SCE EPS
Slide 11: Refreshed 4-year outlook
Refreshed 4-year outlook reflects meeting customer needs and confidence in delivering on long-term targets Prior Refreshed ¢ ~2.6% Reaffirmed ~2–3% System Average Rate CAGR (2024–2028) (2025–2028)1 $27–32 Bn Narrowed $28–29 Bn 4-Year Capital Plan (2025–2028) (2025–2028) 6–8% Reaffirmed 7–8% Rate Bas
Slide 12: Four-year capex plan of ~$28–$29 billion
Four-year capex plan of ~$28–$29 billion to strengthen reliability, resilience, and readiness to meet customer needs 2025–2028 Capital Expenditures Plan1 Capital Expenditures, $ in Billions Incremental long-term capital $7.7 deployment opportunities to $7.3 $7.5 serve customers $6.8 0.9 0.8 0.9 FERC
Slide 13: Projected 7–8% rate base growth
Projected 7–8% rate base growth with upside driven by investments to enable customer-driven load growth 2024–2028 SCE Rate Base Weighted Average Rate Base, $ in Billions ~8% CAGR Incremental long-term capital 2024–2028 deployment opportunities to serve customers $57.5 1. Advanced Metering $54.3 $50.
Slide 14: 5–7% Core EPS growth with no equity needs
EIX expects 5–7% Core EPS growth for 2025–2028, with financing plan showing no equity needs Achievable EPS growth for 2028 2025–2028 EIX consolidated financing plan2 Core Earnings per Share Guidance1 $ in Billions $6.74–7.14 $6.14 5–7% Dividends3 Incremental Debt2,4 CAGR $6–7 $7–9 (Includes interest
Slide 15: FAQs: 2025 Guidance and 2025–2028 Core EPS Growth
1 FAQs: 2025 Guidance and 2025–2028 Core EPS Growth 1) Why is the implied midpoint of the narrowed 2025 core EPS guidance range lower? • Solely related to ~10¢ of one-time costs associated with expected early refinancing of EIX preferred equity before year-end. 2) Rate base from the GRC is lower, bu
Slide 16: FAQs: 2025 Guidance and Core EPS Growth (continued)
1 FAQs: 2025 Guidance and 2025–2028 Core EPS Growth (continued) 4) What factors could enable you to hit the high end of the 5–7% core EPS CAGR guidance for 2025–2028? • Delivering on the high end of SCE’s rate base forecast is a key starting point. • Continued execution leading to better-than-author
Slide 17: FAQs: Capital and Rate Base
2 FAQs: Capital and Rate Base 6) What are the primary drivers of the lower 2025–2028 rate base forecast vs. the prior forecast? • Our refreshed rate base projections primarily reflect updating for the GRC final decision (91% of capex was approved), NextGen ERP application, and other non-GRC forecast
Slide 18: FAQs: ROE and Financing Plan
3 FAQs: ROE and Financing Plan 8) What CPUC ROE is built into your guidance? • Our core EPS growth guidance incorporates a range of potential outcomes around the current 10.33%. • SCE is awaiting a proposed decision in the 2026 cost of capital proceeding, which will authorize SCE’s CPUC ROE for 2026
Slide 19: SCE's load growth driven by economywide trends
SCE’s load growth driven by economywide trends with broad customer and climate benefits SCE’s diverse and durable drivers of demand… …expected to result in sustained load growth Transportation Electrification Near-term ~1–3% Rapid growth potential supported by strong CA EV sales, fleet electrificati
Slide 20: Rate base and EPS growth aligned with safety, reliability and affordability
Rate base and EPS growth aligned with grid safety, reliability and customer affordability 5–7% Core EPS CAGR1 Underpinned by strong rate base growth of 7–8% 2025–2028 $28–29 billion 2025–2028 capital program ~6% 21 consecutive years of dividend growth current dividend yield2 Target dividend payout o
Slide 21: Additional Information
ADDITIONAL INFORMATION
Slide 22: Year-To-Date Earnings Summary
Year-To-Date Earnings Summary YTD 2025 YTD 2024 Variance Key SCE EPS Drivers Takeaways Higher revenue $ 1.38 In September 2025, the CPUC Basic Earnings Per Share (EPS) Higher O&M (0.17) approved a final decision on the Higher depreciation (0.44) SCE $ 7.62 $ 3.09 $ 4.53 Higher property and other tax
Slide 23: EIX reaffirms 2028 Core EPS guidance of $6.74–7.14
EIX reaffirms 2028 Core EPS guidance of $6.74–7.14, representing 5–7% growth from 20251 EIX 2028 Core Earnings Per Share Guidance Range 2028 Modeling Considerations SCE Rate Base $56.5–57.5 billion 2028 Guidance Rate Base Mix ~86% CPUC / ~14% FERC Range of outcomes around current SCE EPS 7.89–8.19 C
Slide 24: Key Takeaways of Woolsey Cost Recovery Settlement Agreement
Key Takeaways of Woolsey Cost Recovery Settlement Agreement Authorized 35% of claims, financing, and legal costs (~$2 billion WEMA recovery) Amounts 85% of restoration costs (~$70 million CEMA recovery) Permanent Capital Permanently exclude after-tax charges to equity and associated debt from SCE’s
Slide 25: Fewer major regulatory applications in coming years
Fewer major regulatory applications in coming years increases visibility to financial outlook = Final Decision Received Application 2025 2026 2027 2028 Next Steps General Rate Cases (A.23-05-010) File 2029 GRC n/a TKM Cost Recovery; Financing (A.23-08-013; A.25-04-021) n/a 2023 WMCE (A.24-04-
Slide 26: Cash flow from memo account recovery and securitization
Cash flow from memo account recovery and securitization strengthens our balance sheet and credit metrics Remaining GRC and Wildfire-related Application Recoveries ~$6.0 $ in Millions Approved Applications billion Application / Account Balance @ Sept. 30, ’25 Recovery Through Remaining Rate Recovery
Slide 27: Earnings Non-GAAP Reconciliations
Earnings Non-GAAP Reconciliations Reconciliation of EIX GAAP Earnings to EIX Core Earnings Net Income (Loss) Available to Edison International, $ in Millions Q3 2025 Q2 2024 2025 2024 SCE $ 925 $ 602 $ 2,935 $ 1,190 EIX Parent & Other (93) (86) (324) (246) Basic Earnings $ 832 $ 516 $ 2,611 $ 944 No
Slide 28: EIX Core EPS Non-GAAP Reconciliations
EIX Core EPS Non-GAAP Reconciliations Reconciliation of EIX Basic Earnings Per Share to EIX Core Earnings Per Share EPS Available to Edison International1 Q3 2025 Q3 2024 2025 2024 Basic EPS $ 2.16 $ 1.33 $ 6.78 $ 2.45 Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events (claims and expenses), net
Slide 29: Earnings Per Share Non-GAAP Reconciliations
Earnings Per Share Non-GAAP Reconciliations Reconciliation of EIX Basic Earnings Per Share Guidance to EIX Core Earnings Per Share Guidance 2025 EPS Available to Edison International Low High Basic EIX EPS $8.05 $8.30 Total Non-Core Items1 (2.10) (2.10) Core EIX EPS $5.95 $6.20 1. Non-core items are
Slide 30: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Edison International's earnings and basic earnings per share (EPS) are prepared in accordance with generally accepted accounting principles used in the United States. Management uses core earnings (loss) internally for financial planning and for analysis of perform