Dba Sempra · NYSE:SRE
Dba Sempra — Q1 2025 Earnings Presentation
21 slides from Dba Sempra's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Earnings Results
First Quarter 2025 Earnings Results May 8, 2025
Slide 2: Information Regarding Forward Looking Statements
Information Regarding Forward Looking Statements 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 guaran
Slide 3: Executive Summary
Executive Summary Financial Updates 1 ▪ Reporting Q1-2025 adjusted EPS of $1.44 compared to Q1-2024 adjusted EPS of $1.34 1,2,3 ▪ Affirming FY-2025 adjusted EPS guidance range of $4.30 – $4.70 2,3 ▪ Affirming FY-2026 EPS guidance range of $4.80 – $5.30 3,4 ▪ Guiding to the high-end or above the proj
Slide 4: Business Updates
Business Updates Sempra Texas 1 ▪ ERCOT set a new all-time winter peak demand of 80.5 GW ▪ PUCT approved plan to build ERCOT’s first extra high voltage transmission lines to meet Permian Basin’s rapidly growing power needs ▪ Oncor filed 7 CCNs in Q1 for transmission projects supporting load growth,
Slide 5: Q1-2025 Financial Results
Q1-2025 Financial Results Three months ended March 31, (Dollars and shares in millions, except EPS) 2025 2024 GAAP Earnings $ 906 $ 801 Impact from foreign currency and inflation on monetary positions in Mexico (8) 41 Net unrealized losses on commodity derivatives 35 12 Net unrealized losses on inte
Slide 6: Q1-2025 Adjusted Earnings Drivers
Q1-2025 Adjusted Earnings Drivers $54M ($37M) ($2M) ($15M) $88M $942M Lower equity In-line Higher income earnings from higher Higher net tax benefits, interest + operating interest partially offset expenses, partially expense, $854M partially offset by higher net offset by higher Higher CPUC interes
Slide 7: Closing Remarks
Closing Remarks In 2025, we are executing on 5 key value creation initiatives, setting the foundation to continue what we expect to be a decisive decade of growth Successful execution of these 5 initiatives is expected to deliver 3 key outcomes: ▪ First, simplify our business model and divest non-co
Slide 8: Appendix
Appendix | 8
Slide 9: Texas Transmission Expansion
Texas Transmission Expansion Due to substantial load growth, the state of Texas has launched a major, high voltage transmission construction program. Oncor expects to build a significant portion. Transmission Expansion Progress ERCOT 765-kV STEP Cost Estimates1 Projects Cost ($B) Permian Basin Relia
Slide 10: Capital Recycling Program
Capital Recycling Program Continuation of capital recycling program with two proposed transactions, targeting to close both in 12 – 18 months.1 Next update expected on Q2-2025 earnings call. Sale of Minority Interest in SI Partners Divesting Mexico Natural Gas Distribution Business 2 Select Key Aspe
Slide 11: Proposed 2026 Cost of Capital Requests
Proposed 2026 Cost of Capital Requests CPUC Cost of Capital Applications ▪ In March 2025, SDGE and SoCalGas filed their 2026 applications to update their respective cost of capital with the CPUC ▪ Upon approval, 2026 Cost of Capital would be effective 2026 – 2028, subject to the CCM ▪ CPUC final dec
Slide 12: Credit Ratings
1 Credit Ratings S&P Fitch Moody’s Issuer Rating BBB+ BBB+ Baa2 Sempra Outlook Negative Stable Negative Issuer Rating A BBB+ Baa1 Sempra Oncor Texas Outlook Negative Negative Negative Issuer Rating BBB+ BBB+ A3 SDGE Outlook Stable Stable Stable Sempra California Issuer Rating A- A A2 SoCalGas Outloo
Slide 13: Sempra California
Sempra California Three months ended March 31, (Dollars in millions) 2025 2024 Sempra California GAAP Earnings $ 724 $ 582 Q1-2025 earnings are higher than Q1-2024 earnings primarily due to: ▪ $88 million higher CPUC base operating margin, net of operating expenses and $13 million lower authorized c
Slide 14: Sempra Texas
Sempra Texas Three months ended March 31, (Dollars in millions) 2025 2024 Sempra Texas Utilities GAAP Earnings $ 146 $ 183 Q1-2025 earnings are lower than Q1-2024 earnings primarily due to lower equity earnings from Oncor Holdings driven by: ▪ higher interest expense and depreciation expense associa
Slide 15: Sempra Infrastructure
Sempra Infrastructure Three months ended March 31, (Dollars in millions) 2025 2024 Sempra Infrastructure GAAP Earnings $ 146 $ 131 Impact from foreign currency and inflation on monetary positions in Mexico (8) 41 Net unrealized losses on commodity derivatives 35 12 Net unrealized losses on interest
Slide 16: Parent & Other
Parent & Other Three months ended March 31, (Dollars in millions) 2025 2024 Parent & Other GAAP Losses $ (110) $ (95) Q1-2025 losses are higher than Q1-2024 losses primarily due to $17 million higher net interest expense. 16
Slide 17: 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 March 31, 2025: ▪ $8 million impact from foreign currency an
Slide 18: 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 (Dollars in millions) 1 Three months ended March 31, 2025 GAAP Earnings (Losses) $ 724 $ 146 $ 146 $ 1,016 $ (110) $ 906 Impact from for
Slide 19: 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: • $8 million impact from foreign currency and inflation on our monetary positions in Mexico • $(35) million net unrealized
Slide 20: 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 CAGR compound annual growth rate CCM cost of capital adjustment mechanism CCN Certificate of Convenience and Necessity CPUC California Public Utilities Com
Slide 21: Defined Terms
Defined Terms SI Partners Sempra Infrastructure Partners, LP, the holding company for most of Sempra’s subsidiaries not subject to California or Texas utility regulation SoCalGas Southern California Gas Company STEP Strategic Transmission Expansion Plan T+D transmission and distribution 21