Edison International · NYSE:EIX
Edison International — Q4 2025 Earnings Presentation
25 slides from Edison International's earnings presentation, Feb 18, 2026
Slide 1: Fourth-Quarter 2025 Financial Results
FOURTH-QUARTER 2025 FINANCIAL RESULTS FEBRUARY 18, 2026
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 Unwavering commitment to customers, communities, and capital contributors—safety, affordability, execution $11.58 $6.55 2025 GAAP EPS 2025 Core EPS1 2025 Core EPS above guidance extends track record of 2 delivering on commitments Introduced 2026 Core EPS1 guidance of $5.90–6.20 and In
Slide 4: EIX has a solid track record of delivering on Core EPS guidance over the last two decades
EIX has a solid track record of delivering on Core EPS guidance over the last two decades EIX Actual Core EPS vs. Guidance Range History1 2025 2024 2023 2022 2021 + Exceeded In-line In-line In-line + Exceeded 2020 2019 2017 2016 2015 In-line In-line + Exceeded In-line + Exceeded 2014
Slide 5: Eaton Fire: Currently unable to estimate potential losses; clear funding sources
Eaton Fire: Currently unable to estimate potential losses; SCE has clear sources for funding claims resolution1 Investigation Status2 Clear funding sources mitigate balance sheet While SCE has not conclusively determined causation, SCE is not exposure from claims resolution4 aware of evidence pointi
Slide 6: SCE enters 2026 with greater clarity following significant regulatory year in 2025
SCE enters 2026 with substantially greater clarity into outlook following significant regulatory year in 2025 = Final Decision Received Application 2025 2026 2027 2028 Next Steps General Rate Case (A.23-05-010) File 2029 GRC n/a TKM Recovery; Financing (A.23-08-013; A.25-04-021) n/a 2023 WMCE
Slide 7: Fourth Quarter Earnings Summary
Fourth Quarter Earnings Summary Q4 2025 Q4 2024 Variance Key SCE EPS Drivers Takeaways Higher revenue $ 0.46 Basic Earnings Per Share (EPS) Higher depreciation (0.05) Fourth-quarter 2025 Core EPS SCE $ 5.08 $ 1.11 $ 3.97 Higher property and other taxes (0.04) increased year over year, Lower interest
Slide 8: Full Year Earnings Summary
Full Year Earnings Summary 2025 2024 Variance Key SCE EPS Drivers Takeaways Higher revenue $ 1.80 Basic Earnings Per Share (EPS) Higher O&M (0.14) 2025 Core EPS increased year SCE $ 12.70 $ 4.20 $ 8.50 Higher depreciation (0.49) over year, primarily due to: Higher property and other taxes (0.06) EIX
Slide 9: EIX added another year of strong execution in 2025
EIX added another year of strong execution in 2025 Extended track record of delivering • 2025 Core EPS of $6.55, above initial guidance range1 on Core EPS guidance and achieved • Solid track record of delivering on Core EPS guidance over last two decades • Delivered on multi-year Core EPS growth t
Slide 10: 2026 Key Focus Areas
2026 Key Focus Areas Operational • Wildfire mitigation work — continued execution of wildfire mitigation plan • Execute on $7+ billion capital plan — strengthen reliability, resilience, and readiness to meet customer needs • Continue track record of operational excellence — drive toward long-term ob
Slide 11: Five-year capex plan of ~$38–$41 billion
Five-year capex plan of ~$38–$41 billion to strengthen reliability, resilience, and readiness to meet customer needs 2026–2030 Capital Expenditures Plan1 Forecast through 2030 includes: Capital Expenditures, $ in Billions • 2025 GRC approval • CAISO-awarded FERC transmission $9.0 $9.1 projects 1.1 1
Slide 12: Projected ~7% rate base growth driven by investments to enable load growth
Projected ~7% rate base growth driven by investments to enable customer-driven load growth 2025–2030 SCE Rate Base Forecast through 2030 includes: Weighted Average Rate Base, $ in Billions • 2025 GRC approval ~7% CAGR • CAISO-awarded FERC transmission 2025–2030 projects • Advanced metering infrastru
Slide 13: EIX introduces 2026 and 2027 Core EPS guidance
EIX introduces 2026 Core EPS guidance of $5.90–6.20 and 2027 Core EPS guidance of $6.25–6.65 EIX 2026 and 2027 Core Earnings Per Share Guidance Ranges Now providing 2027 outlook given visibility through GRC 2026 2027 cycle Guidance Guidance • Expected to be at high-end SCE EPS 6.81–7.07 7.20–7.53 of
Slide 14: 2026 Core EPS guidance represents ~3.5% growth
2026 Core EPS guidance represents ~3.5% growth, muted primarily by variances not expected to affect later periods Drivers of 2026 Core EPS compared to original 2025 midpoint1 $ per Share 0.28 0.18 (0.11) (0.07) (0.07) 5.84 6.05 Variances not expected to affect later periods Original 2025 Rate Base G
Slide 15: 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 Guidance SCE EPS 7.74–8.04 EIX Parent and Other (1.00)–(0.90) EIX Consolidated Core EPS $6.74–7.14 Share Count (in millions) 385 1. Compound annual growth rate
Slide 16: 2026–2028 Modeling Considerations
2026–2028 Modeling Considerations Variable 2026 2027 2028 SCE Rate Base ($ billions) $50.8 $54.3–54.4 $57.7–58.1 Rate Base Mix (CPUC/FERC) 85% / 15% 85% / 15% 86% / 14% Authorized ROEs (CPUC/FERC) 10.03% / 10.30% 10.03% / 10.30% 10.03% / 10.30% Authorized Equity Ratios (CPUC/FERC) 52% / 47.5% 52% /
Slide 17: EIX extends 5–7% Core EPS growth for 2025 to 2030, with no equity needs
EIX extends 5–7% Core EPS growth for 2025 to 2030, with no equity needs in financing plan Achievable EPS growth for 2030 2026–2030 EIX consolidated financing plan2 Core Earnings per Share Guidance1 $ in Billions $7.45–8.20 Dividends3 Incremental Debt2,4 5–7% $7–9 $9–12 $5.84 CAGR Net cash provided b
Slide 18: Rate base and EPS growth aligned with grid 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% 2025–2030 $38–41 billion 2026–2030 capital program ~5% 22 consecutive years of dividend growth current dividend yield2 Target dividend payout o
Slide 19: Additional Information
ADDITIONAL INFORMATION
Slide 20: Resolution of legacy wildfires: TKM and Woolsey settlements
Resolution of legacy wildfires: TKM and Wooley settlements approved; Woolsey securitization 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, SCE
Slide 21: 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 ~$8.0 $ in Millions Approved Applications billion Application / Account Balance @ Dec. 31, ’25 Recovery Through Remaining Rate Recovery b
Slide 22: 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 Q4 2025 Q4 2024 2025 2024 Basic Earnings $ 1,848 $ 340 $ 4,459 $ 1,284 Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events (claims and expen
Slide 23: 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 Q4 2025 Q4 2024 2025 2024 Basic EPS $ 4.80 $ 0.88 $ 11.58 $ 3.33 Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events (claims and expenses), net
Slide 24: 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 2026 EPS Available to Edison International Low High Basic EIX EPS $5.90 $6.20 Total Non-Core Items1 – – Core EIX EPS $5.90 $6.20 1. Non-core items are presented
Slide 25: 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 and core EPS internally for financial planning and for analysis of p