Dba Sempra · NYSE:SRE
Dba Sempra — Q4 2025 Earnings Presentation
47 slides from Dba Sempra's earnings presentation, Feb 26, 2026
Slide 1: Building America's Leading Utility Growth Business
Building America’s Leading Utility Growth Business 2025 – 2030 February 26, 2026
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 ▪ 2025 Accomplishments ▪ 2025 Financial Results ▪ 2026 – 2030 Plan ▪ Appendix ▪ Business Commentary ▪ Business Unit Earnings ▪ Non-GAAP Financial and Other Measures 3
Slide 4: 2025 Accomplishments + Financial Results
2025 Accomplishments + Financial Results
Slide 5: 2025 Accomplishments
2025 Accomplishments Value Creation Initiatives Accomplishments 1 Invest $13B prioritizing utility ✓ Invested ~$13B CapEx 1 investments and improved returns ✓ Increased rate base from $50B to $57B ✓ Improved Oncor earned ROE through UTM ✓ Declared $1.7B common dividends 2 ✓ Reported record adj. EPS
Slide 6: Q4 + FY-2025 Financial Results
Q4 + FY-2025 Financial Results Three months ended Years ended December 31, December 31, (Dollars and shares in millions, except EPS) 2025 2024 2025 2024 GAAP Earnings $ 352 $ 665 $ 1,796 $ 2,817 Impact from regulatory disallowances 432 104 457 104 Impact of Track 2 FD for first nine months of 2025 2
Slide 7: FY-2025 Adjusted Earnings Drivers ($M)
FY-2025 Adjusted Earnings Drivers ($M) $123 ($41) $3,066 $80 ($213) $148 Higher net interest $2,969 expense, partially Higher asset and offset by higher Higher equity supply optimization, Lower income tax income tax benefit, earnings from Higher CPUC transportation and benefits and investment gains
Slide 8: 2026 – 2030 Plan
2026 – 2030 Plan
Slide 9: 2026 Value Creation Initiatives
2026 Value Creation Initiatives 1 Investing $13B to modernize and expand energy infrastructure, delivering improved financial returns 1 ✓ ✓ Filed Oncor base rate review settlement for PUCT approval ✓ ✓ Initiated ECA LNG Phase 1 and PAPLC commissioning ▪ Targeting Cimarrón Wind COD Q1 2 Efficiently s
Slide 10: 2026 – 2030 Capital Plan + Upside Opportunities ($B)
2026 – 2030 Capital Plan + Upside Opportunities ($B) 1 2 $65B Capital Plan $9B CapEx Upside Opportunities $2.7 $3.4 $1.9 $1.0 $13.4 $13.1 $12.7 $12.9 $12.8 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 Sempra TX Sempra CA (SDGE) Sempra CA (SoCalGas) SI Base Capital Plan Sempra TX SI 10
Slide 11: Projected Rate Base Growth ($B)
Projected Rate Base Growth ($B) 1 Increasing capital allocation to Texas expected to accelerate rate base growth and improve visibility to future cash flows and earnings $97 $87 $81 18 $72 17 16 $65 23 $57 16 16 22 21 15 19 18 17 56 44 48 37 31 25 2025A 2026 2027 2028 2029 2030 Sempra TX Sempra CA G
Slide 12: 2026 – 2030 Financing Plan ($B)
2026 – 2030 Financing Plan ($B) 1 Improved operating cash flows 13% year-over-year, combined with significant capital recycling proceeds eliminate need for common equity issuances to fund base capital plan2,3 $43 ($20) ($9) ($65) $6 $45 ✓✓ $2.2B cash expected after 5 plan period ✓✓ 25% stake implies
Slide 13: Prioritizing Balance Sheet Strength
Prioritizing Balance Sheet Strength The close of SI Partners transaction and completion of Oncor base rate review are expected to strengthen credit metrics as we reduce debt and advance toward 95% regulated business mix1 Key Credit Expected 2026 – 2030 Sempra 2 3 4 Metrics Threshold Credit Outlook C
Slide 14: Long-Term EPS Outlook
Long-Term EPS Outlook 1 2030 Outlook reflects improving visibility to the strength of the company’s earnings profile, supporting 7% – 9% projected long-term EPS growth rate2 $6.70 – $7.50 9.5% growth off 2025 adj. guidance midpoint EPS $5.10 – $5.70 $4.80 – $5.30 9.5% growth off 12% 2025 adj. $4.30
Slide 15: Sempra Value Proposition
Sempra Value Proposition Simplifying the business and prioritizing a more utility-centric model improves visibility to future financial performance and supports management’s confidence in 2030 Outlook 5 Investment Highlights Projected 2030 Rate Base 1 ✓ Record $65B 2026 – 2030 capital plan prioritiz
Slide 16: Appendix: General
Appendix General
Slide 17: 2-Year Segment Guidance + Drivers
2-Year Segment Guidance + Drivers Adj. 1 Adj. 1 2025 2026 Guidance 2027 Guidance (Dollars and shares in millions, except EPS) Actual Low – High Low – High Sempra Texas $861 $1,180 – $1,260 $1,410 – $1,520 Sempra California 1,885 1,930 – 2,060 1,970 – 2,120 Sempra Infrastructure 767 290 – 375 160 – 2
Slide 18: Sempra Rate Base: Effective Capital Recycling
Effective Capital Recycling ($B) 1 Disciplined capital recycling has been an effective tool to augment funding for rate base growth while reducing equity issuances $10.0 3 45% SI stake sale $97 $5.2 30% SI stake sale 2 $57 Sempra Rate Base $5.8 ~600% S. America Utility Sales $46 Projected Rate Base
Slide 19: Credit Ratings
Credit Ratings 1 Moody’s S&P Fitch Baa2 BBB+ BBB+ Sempra Negative Negative Stable Baa1 A- BBB+ Oncor Negative Stable Negative A3 BBB+ BBB+ SDGE Stable Stable Stable 2 A2 A- A SoCalGas Stable Stable Stable Sempra Baa3 BBB BBB Infrastructure Stable CreditWatch Negative Stable 19
Slide 20: Appendix: Sempra Texas
Appendix Sempra Texas
Slide 21: Sempra Texas | Oncor Capital Investment Projections ($B)
Sempra Texas | Oncor Capital Investment Projections ($B) 1 $47.5B Capital Plan Rate Base $69 $10.0 $10.1 0.3 $9.4 $9.0 1.0 $9.0 $59 2.1 $54 1.0 2.3 2.0 2.3 $46 2.0 $39 $31 7.3 6.6 6.7 6.3 5.6 0.4 0.4 0.4 0.4 0.4 2026 2027 2028 2029 2030 2025A 2026 2027 2028 2029 2030 Technology Transmission Distribu
Slide 22: Sempra Texas | Oncor Significant Capital Growth
Sempra Texas | Oncor Significant Capital Growth Oncor’s base plan includes major transmission projects with regulatory approval, Permian Reliability projects and LC&I projects that have reached defined development milestones 1 $11B Increase to Prior Capital Plan ERCOT 765-kV STEP ▪ $6B Permian Relia
Slide 23: Sempra Texas | Oncor LC&I Demand Opportunity
Sempra Texas | Oncor LC&I Demand Opportunity 1 Oncor LC&I queue nearly doubled year-over-year to 273 GW Active Requests Load 2026 RTP Load Data Center / IT 384 255 GW ▪ At least 38 GW of large load currently expected to be included in Oil + Gas 114 4 GW 4 Oncor’s 2026 RTP filing 2 Utility + Governme
Slide 24: Sempra Texas | Oncor Base Rate Review
Sempra Texas | Oncor Base Rate Review 1 Settlement Timeline Revenue Increase 2024 Test Year | $560M annualized 2 ✓ Notice of Settlement in 11/13/25 Principle Authorized Equity Layer 43.5% (increased by 100 bps) ✓ Settlement Filed 1/29/26 Authorized ROE 9.75% (increased by 5 bps) ✓ Remanded to 2/2/26
Slide 25: Appendix: Sempra California
Appendix Sempra California
Slide 26: Sempra California | Capital Investment Projections ($B)
Sempra California | Capital Investment Projections ($B) $23.5B Capital Plan1 Rate Base $41 $5.4 $39 6% CAGR $5.1 $37 4 SDGE Gas $35 4 $34 4 $4.5 $32 3 7 3% CAGR $4.3 $4.2 3 6 SDGE FERC Electric 2.3 3 6 2.3 6 6 2.0 6 4% CAGR 2.1 1.9 11 11 SDGE CPUC Electric 10 10 10 9 2.8 3.1 6% CAGR 2.5 17 18 19 2.2
Slide 27: Sempra California | Key Metrics
Sempra California | Key Metrics 2024 GRC Cycle1 SDGE: $2.7B (7.5% increase vs 2023) SoCalGas: $3.8B (9.3% increase vs 2023) 2024 GRC Attrition Attrition (2025 – 2027): 5.5%, 4.2%, 4.1% Attrition (2025 – 2027): 5.0%, 2.9%, 2.9% Period Test Year File 2028 TY GRC (2028 – 2031) Timeline 2024 – 2027 2024
Slide 28: Business Unit Earnings + Non-GAAP Financial and Other Measures
Appendix Business Unit Earnings + Non-GAAP Financial and Other Measures
Slide 29: Sempra Texas
Sempra Texas Three months ended Years ended December 31, December 31, (Dollars in millions) 2025 2024 2025 2024 Sempra Texas Utilities GAAP Earnings $ 201 $ 135 $ 861 $ 781 Q4-2025 earnings are higher than Q4-2024 earnings primarily due to higher equity earnings from Oncor Holdings driven by: ▪ over
Slide 30: Sempra California
Sempra California Three months ended Years ended December 31, December 31, (Dollars in millions) 2025 2024 2025 2024 Sempra California GAAP Earnings $ 75 $ 701 $ 1,428 $ 1,846 Impact from regulatory disallowances 432 104 457 104 Impact of Track 2 FD for first nine months of 2025 28 — — — Retroactive
Slide 31: Sempra Infrastructure
Sempra Infrastructure Three months ended Years ended December 31, December 31, (Dollars in millions) 2025 2024 2025 2024 Sempra Infrastructure GAAP Earnings (Losses) $ 202 $ 259 $ (160) $ 911 Impact from foreign currency and inflation on monetary positions in Mexico 59 (84) 181 (263) Net unrealized
Slide 32: Parent & Other
Parent & Other Three months ended Years ended December 31, December 31, (Dollars in millions) 2025 2024 2025 2024 Parent & Other GAAP Losses $ (126) $ (430) $ (333) $ (721) Impact from foreign currency and inflation on monetary positions in Mexico — — (1) 1 Tax items related to assets held for sale
Slide 33: Q4-2025 and Q4-2024 Adjusted Earnings and Adjusted EPS
Q4-2025 and Q4-2024 Adjusted Earnings and Adjusted EPS 1 Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2025 and 2024 as follows: Three months ended December 31, 2025: ▪ $(432) million charge from regulatory
Slide 34: FY-2025 and FY-2024 Adjusted Earnings and Adjusted EPS
FY-2025 and FY-2024 Adjusted Earnings and Adjusted EPS 1 Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2025 and 2024 as follows: Year ended December 31, 2025: ▪ $(457) million impact from regulatory disallo
Slide 35: FY-2025 Adjusted Earnings (Losses) by Business Unit
FY-2025 Adjusted Earnings (Losses) by Business Unit 1 Sempra Adjusted Earnings excludes items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2025 as follows: Sempra Sempra Sempra Total Segment (Dollars in millions)2 California Texas Utilities Infrastructure
Slide 36: Adjusted EPS Guidance Ranges
Adjusted EPS Guidance Ranges 1 RECONCILIATION OF SEMPRA 2025 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2025 GAAP 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: ▪ $(457) million impact fro
Slide 37: Sempra's Capital Plan and Capital Plan by Year
Sempra’s Capital Plan and Capital Plan by Year 1 RECONCILIATION OF SEMPRA'S CAPITAL PLAN TO PROJECTED FUTURE CAPITAL EXPENDITURES (Dollars in billions) Sempra California Sempra Texas Utilities Sempra Infrastructure Total Sempra Capital Plan for 2026 – 2030 Projected future capital expenditures for P
Slide 38: Ecogas 2025 EV/EBITDA
Ecogas 2025 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. EV is calculated using an implied equity value based on transaction proceeds adjusted for Net Debt, which represents
Slide 39: Sempra's Financial Plan
Sempra’s Financial Plan 1 Sempra Operating Debt Debt (Dollars in billions) Cash Flows Issuances Maturities Net Debt Financial Plan for 2026-2030 Projected future cash flows – GAAP $ 28 $ 20 $ (13) $ 7 Cash flows at unconsolidated entities2 17 23 (7) 16 Projected future cash flows – Adjusted $ 45 $ 4
Slide 40: 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 41: Endnotes + Defined Terms
Appendix Endnotes + Defined Terms
Slide 42: Endnotes
Endnotes Slide 5: 2025 Accomplishments 1. Sempra California rate base of $29B and $32B for 2024 and 2025, respectively, is the value of assets on which SDGE and SoCalGas are permitted to earn a specified rate of return in accordance with rules set by regulatory agencies and is calculated using a 13-
Slide 43: Endnotes (Continued)
Endnotes (Continued) Slide 13: Prioritizing Balance Sheet Strength 1. Targeting 95% regulated business mix in earnings, excluding Parent and Other, in 2027 and beyond. 2. FFO-to-Debt, Holdco Debt-to-Total Debt, and FFO Leverage are based on application of each credit rating agency’s respective metho
Slide 44: Endnotes (Continued)
Endnotes (Continued) Slide 19: Credit Ratings 1. As of 2/2026. A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time. 2. No issuer rating available. Reflects the senior unsecured rating. Slide 21: Sempra Texas | Oncor Capital
Slide 45: Endnotes (Continued)
Endnotes (Continued) Slide 33: Q4-2025 and Q4-2024 Adjusted Earnings and Adjusted EPS | Slide 34: FY-2025 and FY-2024 Adjusted Earnings and Adjusted EPS | Slide 35: 2025 Adjusted Earnings (Losses) by Business Unit 1. Sempra Adjusted Earnings, Adjusted EPS and Adjusted EPS Guidance Range are non-GAAP
Slide 46: Defined Terms
Defined Terms CAGR compound annual growth rate CapEx capital expenditures CCM cost of capital adjustment mechanism CCN Certificate of Convenience and Necessity COD commercial operations date CPUC California Public Utilities Commission DRIP Sempra’s direct stock purchase plan, which provides for rein
Slide 47: Defined Terms (Continued)
Defined Terms (Continued) NCI noncontrolling interest O&M operation and maintenance expense Oncor Oncor Electric Delivery Company LLC PA LNG Port Arthur LNG, LLC or Port Arthur LNG Phase II, LLC, as applicable PAPLC Port Arthur Pipeline Louisiana Connector PBRP Permian Basin Reliability Plan PFM Pet