Edison International · NYSE:EIX
Edison International — Q1 2025 Earnings Presentation
22 slides from Edison International's earnings presentation, Apr 29, 2025
Slide 1: First-Quarter 2025 Financial Results
FIRST-QUARTER 2025 FINANCIAL RESULTS APRIL 29, 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: First Quarter Key Messages
First Quarter Key Messages 1 Eaton Fire investigation continues; working closely with state and county leaders and communities to $3.73 $1.37 Q1 2025 GAAP EPS Q1 2025 Core EPS1 rebuild wildfire-impacted areas stronger Strong regulatory progress: TKM settlement approved; filed 2026 Cost of Capital an
Slide 4: Edison for the Record site launched to provide the facts
Edison for the Record site launched to provide the facts and correct inaccuracies about our business Visit: edison.com/fortherecord or click below Reporting on the rapidly developing events surrounding the recent Southern California windstorms and wildfires is clearly challenging. Journalists have a
Slide 5: First-Quarter Earnings Summary
First-Quarter Earnings Summary Q1 2025 Q1 2024 Variance Key SCE EPS Drivers Higher revenue $ 0.01 Basic Earnings Per Share (EPS) Lower O&M 0.03 Higher depreciation (0.04) SCE $ 4.07 $ 0.17 $ 3.90 Higher property and other taxes (0.01) EIX Parent & Other (0.34) (0.20) (0.14) Lower interest expense 0.
Slide 6: 2026 cost of capital application filed in March, requesting ROE of 11.75%
2026 cost of capital application filed in March, requesting an ROE of 11.75% Request for 2026–2028 Key Drivers SCE’s Proposed Schedule Event Date ROE 11.75% (vs. 2025 authorized of 10.33%) Ongoing wildfire risk Application Filed 3/20/25 (Request does not include an ROE “adder" Protests & Respons
Slide 7: 2025 GRC record complete — now awaiting proposed decision
2025 GRC record complete — now awaiting proposed decision All steps by parties complete. Awaiting issuance of proposed decision Event Date Reply Briefs August 5, 2024 Proposed Decision (PD) TBD Following GRC final decision, we will Oral Arguments TBD refresh our projections and guidance Fi
Slide 8: GRC underpins ~$38–43 billion 2023–2028 capex forecast
GRC underpins ~$38–43 billion 2023–2028 capex forecast; substantial additional investment opportunities offer upside Capital deployment expected to increase in 2025–20281 Capital Expenditures, $ in Billions Forecast Forecast does not include $8.1 $8.2 $7.7 substantial additional capital $7.5 0.9 1.0
Slide 9: Projected ~6–8% rate base growth 2023–2028
Projected ~6–8% rate base growth 2023–2028; substantial additional investment opportunities offer upside Strong rate base growth driven by wildfire mitigation and important grid work to support California’s leading role in clean energy transition Rate Base1, $ in Billions ~8% CAGR Forecast does not
Slide 10: Reaffirmed 2025 Core EPS guidance of $5.94–6.34
Reaffirmed 2025 Core EPS guidance of $5.94–6.34 Includes 44¢ (30¢ true-up + 14¢ interest reduction) from TKM settlement 2025 Core Earnings per Share Component Ranges Component Modeling Considerations Rate Base EPS • CPUC ROE of 10.33% and FERC ROE 10.30% (based on capex levels) • Reflects reduction
Slide 11: EIX expects 5–7% Core EPS growth for 2025–2028
EIX expects 5–7% Core EPS growth for 2025–2028, with financing plan showing minimal 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 Dividends3 Equity 5–7% Incremental Debt4 $6–7 ~$0.4 CAGR $8–11 (
Slide 12: Rate base and EPS growth aligned with grid safety and reliability
Rate base and EPS growth aligned with grid safety and reliability 5–7% Core EPS CAGR1 Underpinned by strong rate base growth of ~6–8% 2025–2028 $38–43 billion 2023–2028 capital program ~6% 21 consecutive years of dividend growth current dividend yield2 Target dividend payout of 45–55% of SCE core ea
Slide 13: Additional Information
ADDITIONAL INFORMATION
Slide 14: SCE Key Regulatory Proceedings
SCE Key Regulatory Proceedings Proceeding Description Next Steps Base Rates 2025 GRC Sets CPUC base revenue requirement for 2025–2028. For more Awaiting proposed decision (A.23-05-010) information, see the Investor Guide to SCE’s 2025 GRC NextGen Enterprise Requesting funding for ~$1.1B of capex and
Slide 15: Resolution of legacy wildfires entering final stages
Resolution of legacy wildfires entering final stages: TKM settlement approved, and Woolsey proceeding in progress Both cost recovery applications for 2017/2018 TKM: 2025 Modeling Considerations Wildfire/Mudslide Events now filed CPUC final decision on settlement accounted for in first quarter result
Slide 16: Woolsey Cost Recovery Schedule
Woolsey Cost Recovery Schedule Event Date Application Filed October 8, 2024 Protests and responses November 12, 2024 SCE’s reply to protests November 22, 2024 Prehearing Conference December 20, 2024 Scoping ruling issued March 10, 2025 Intervenors’ prepared direct testimony June 3, 2025 Re
Slide 17: Cash flow from memo account recovery and securitization strengthens balance sheet
Cash flow from memo account recovery and securitization strengthens our balance sheet and credit metrics Remaining GRC and Wildfire-related Application Recoveries $ in Millions ~$5.4 Approved Applications billion Application / Account Balance @ Mar. 31, ’25 Recovery Through Remaining Rate Recovery b
Slide 18: Key 2028 Earnings Sensitivities
Key 2028 Earnings Sensitivities Sensitivity Variable (“Per year” amounts refer to 2025–2028) 2028 EPS1 Capex & Rate Base $100 million/year of capex ~5¢ Rate Base AFUDC Annual capex of 1¢ $200 million Requested ~$400 million increase If requested increase +15–35¢ in depreciation in 2025 GRC not autho
Slide 19: 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 Q1 2025 Q1 2024 SCE $ 1,567 $ 65 EIX Parent & Other (131) (76) Basic Earnings $ 1,436 $ (11) Non-Core Items SCE 2017/2018 Wildfire/Mudslide Ev
Slide 20: 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 Q1 2025 Q1 2024 Basic EPS $ 3.73 $ (0.03) Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events (claims and expenses), net of recoveries 3.48 (1.
Slide 21: 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 $8.30 $8.70 Total Non-Core Items1 2.36 2.36 Core EIX EPS $5.94 $6.34 1. Non-core items are pre
Slide 22: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Edison International's earnings 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 performance. Core earnings (loss) are also