Slide 1: Second Quarter 2026 Earnings Results
Second Quarter 2026 Earnings Results Building America’s Leading Utility Growth Business 1/1/2025 August 6, 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: 2026 Value Creation Initiatives
2026 Value Creation Initiatives Initiatives Updates 1 1 Investing $13B to modernize and expand energy ✓ $6B+ capital invested in first half 1 2 infrastructure, delivering improved financial returns ✓ ERCOT endorsed $7B+ of new transmission projects ✓ Oncor base rate settlement approved with new rate
Slide 4: Capital Opportunities at Oncor ($B)
Capital Opportunities at Oncor ($B) Recent ERCOT endorsements provide improved confidence in Oncor’s $10B of incremental capital opportunities, 1 with visibility to additional upside capital from the Batch Zero process through 2030 2026 – 2030 $3 $3 Additional Batch Zero $4 SRP Capital Investments 2
Slide 5: Batch Zero Presents Upside Capital Opportunity at Oncor
Batch Zero Presents Upside Capital Opportunity at Oncor 1 Oncor’s overall interconnection queue increases to 298 GW. 44 GW of customer requests are under ERCOT evaluation in Batch Zero, representing potential 140%+ increase over Oncor's 31 GW peak demand. Batch Zero Applicable Load* 2 ▪ Initial subm
Slide 6: Q2-2026 Financial Results
Q2-2026 Financial Results Three months ended Six months ended June 30, June 30, (Dollars and shares in millions, except EPS) 2026 2025 2026 2025 GAAP Earnings $ 796 $ 461 $ 1,833 $ 1,367 Impact from regulatory disallowances — 25 — 25 Impact from foreign currency and inflation on monetary positions i
Slide 7: Q2-2026 Adjusted Earnings Drivers ($M)
Q2-2026 Adjusted Earnings Drivers ($M) $26 $2 $762 $24 ($11) $138 In-line Higher net interest Lower depreciation Higher CPUC base expense + other, due to held for sale operating margin partially offset classification and and electric by higher tax lower O&M + other, transmission margin, benefits par
Slide 8: Sempra Value Proposition
Sempra Value Proposition Strong first half financial results advance Sempra’s corporate strategy, which targets a compelling mix of current yield, durable earnings growth, and long-term capital appreciation Investment Highlights Guidance 1 ✓ Record $65B 2026 – 2030 base capital plan prioritizing uti
Slide 9: General
Appendix General
Slide 10: Strategic Capital Recycling Efficiently Funds Utility Growth
Strategic Capital Recycling Efficiently Funds Utility Growth Key Benefits of SI Partners Transaction Capital Recycling Proceeds Funds Utility Growth 1 ✓ Advances 95% regulated mix and lowers risk profile ✓ CA ✓ Helps efficiently fund high-value Texas utility growth ✓ 2 $11.5B $97B ✓ Eliminates need
Slide 11: Credit Ratings
Credit Ratings 1 Moody’s S&P Fitch Baa2 BBB+ BBB+ Sempra Negative Negative Stable Baa1 A- BBB+ Oncor Stable Stable Stable A3 BBB+ BBB+ SDGE Stable Stable Stable 2 A2 A- A SoCalGas Stable Stable Stable Sempra Baa3 BBB BBB Infrastructure Stable CreditWatch Negative Stable = upgrade since last earnings
Slide 12: Sempra Texas
Appendix Sempra Texas
Slide 13: Advancing Oncor's Transmission Build Out
Advancing Oncor's Transmission Build Out 1 2,3 Permian Basin Reliability Projects North & Central Transmission Upgrades ▪ Estimated Oncor Investment: $8B ▪ Estimated Oncor Investment: $7B ▪ Circuit Miles: 1,500 ▪ Circuit Miles: 1,800 ▪ Expected Construction Window: 2024 – 2030 ▪ Expected Constructio
Slide 14: Sempra California
Appendix Sempra California
Slide 15: 2028 GRC Application
2028 GRC Application 1 GRC filings reinforce investment in safety and reliability while maintaining a disciplined focus on affordability and cost control ▪ Applications reflect capital investments focused on wildfire SDGE mitigation, electric reliability and resilience, and pipeline integrity TY 202
Slide 16: Business Unit Earnings + Non-GAAP Financial and Other Measures
Appendix Business Unit Earnings + Non-GAAP Financial and Other Measures
Slide 17: Sempra Texas
Sempra Texas Three months ended Six months ended June 30, June 30, (Dollars in millions) 2026 2025 2026 2025 Sempra Texas Utilities GAAP Earnings $ 346 $ 208 $ 517 $ 354 Q2-2026 earnings are higher than Q2-2025 earnings primarily due to higher equity earnings from Oncor Holdings driven by: ▪ overall
Slide 18: Sempra California
Sempra California Three months ended Six months ended June 30, June 30, (Dollars in millions) 2026 2025 2026 2025 Sempra California GAAP Earnings $ 297 $ 259 $ 1,017 $ 983 Impact from regulatory disallowances — 25 — 25 1 Sempra California Adjusted Earnings $ 297 $ 284 $ 1,017 $ 1,008 Q2-2026 earning
Slide 19: Sempra Infrastructure
Sempra Infrastructure Three months ended Six months ended June 30, June 30, (Dollars in millions) 2026 2025 2026 2025 Sempra Infrastructure GAAP Earnings $ 230 $ 72 $ 492 $ 218 Impact from foreign currency and inflation on monetary positions in Mexico and associated undesignated derivatives 71 98 52
Slide 20: Parent & Other
Parent & Other Three months ended Six months ended June 30, June 30, (Dollars in millions) 2026 2025 2026 2025 Parent & Other GAAP Losses $ (77) $ (78) $ (193) $ (188) Impact from foreign currency and inflation on monetary positions in Mexico — (1) — (1) 1 Parent & Other Adjusted Losses $ (77) $ (79
Slide 21: Q2-2026 and Q2-2025 Adjusted Earnings and Adjusted EPS
Q2-2026 and Q2-2025 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 2026 and 2025 as follows: Three months ended June 30, 2026: ▪ $(71) million impact from foreign currenc
Slide 22: 2026 and 2025 Adjusted Earnings and Adjusted EPS
2026 and 2025 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 2026 and 2025 as follows: Six months ended June 30, 2026: ▪ $(52) million impact from foreign currency and in
Slide 23: 2026 Adjusted EPS Guidance Range
2026 Adjusted EPS Guidance Range 1 RECONCILIATION OF SEMPRA 2026 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2026 GAAP EPS GUIDANCE RANGE Sempra 2026 Adjusted EPS Guidance Range of $4.80 to $5.30 excludes items (after the effects of income taxes and, if applicable, noncontrolling interests) for the six mo
Slide 24: Sempra's Capital Plan, VCI Target and Q2-2026 Capital Deployed
Sempra’s Capital Plan, VCI Target and Q2-2026 Capital Deployed RECONCILIATION OF SEMPRA'S CAPITAL PLAN TO PROJECTED FUTURE CAPITAL EXPENDITURES 1 Sempra California Sempra Texas Utilities Sempra Infrastructure Total Sempra (Dollars in billions) Capital Plan for 2026 – 2030 Projected future capital ex
Slide 25: Endnotes + Defined Terms
Appendix Endnotes + Defined Terms
Slide 26: Endnotes
Endnotes Slide 3: 2026 Value Creation Initiatives 1. See Appendix for information regarding Sempra’s 2026 – 2030 capital plan and 2026 capital expenditures. 2. Preliminary estimated investment for ERCOT RPG-endorsed projects, all of which are subject to regulatory approval and only a portion of whic
Slide 27: Endnotes (Continued)
Endnotes (Continued) Slide 11: Credit Ratings 1. As of 8/1/2026. 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 13: Advancing Oncor's Transmis
Slide 28: Defined Terms
Defined Terms AFUDC allowance for funds used during construction AI artificial intelligence CAGR compound annual growth rate CAISO California Independent System Operator CCN Certificate of Convenience and Necessity CoC cost of capital CPUC California Public Utilities Commission DRIP Sempra’s direct
Slide 29: Defined Terms (Continued)
Defined Terms (Continued) Sharyland Sharyland Utilities, L.L.C. SI Sempra Infrastructure SI Partners Sempra Infrastructure Partners, LP, the holding company for most of Sempra’s businesses not subject to California or Texas utility regulation SoCalGas Southern California Gas Company SRP System Resil