Slide 1: First Quarter 2026 Earnings Results
First Quarter 2026 Earnings Results Building America’s Leading Utility Growth Business 1/1/2025 May 7, 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 2026 Value Creation Initiatives support Sempra’s mission of building America’s leading utility growth business Initiatives Updates 1 1 Investing $13B to modernize and expand energy ✓ CapEx of ~$3B invested in Q1-2026 1 infrastructure, delivering improved financial ret
Slide 4: Q1-2026 Financial Results
Q1-2026 Financial Results Three months ended March 31, (Dollars and shares in millions, except EPS) 2026 2025 GAAP Earnings $ 1,037 $ 906 Impact from foreign currency and inflation on monetary positions in Mexico and associated undesignated derivatives (19) (8) Net unrealized (gains) losses on commo
Slide 5: Q1-2026 Adjusted Earnings Drivers ($M)
Q1-2026 Adjusted Earnings Drivers ($M) $44 ($48) $34 ($6) $991 $25 Higher net $942 Higher CPUC base interest expense, Lower income tax Lower depreciation operating margin net investment Higher equity benefits + higher due to held for + other losses, partially earnings from net interest sale classifi
Slide 6: Sempra Value Proposition
Sempra Value Proposition Sempra’s corporate strategy is designed to deliver value with an attractive combination of current yield, durable earnings growth, and long-term capital appreciation Investment Highlights Guidance 1 ✓ ✓ Record $65B 2026 – 2030 base capital plan prioritizing utility growth 20
Slide 7: General
Appendix General
Slide 8: Prioritizing Balance Sheet Strength
Prioritizing Balance Sheet Strength After the close of SI Partners transaction, Sempra expects to pay down parent debt and 1,2 deconsolidate SI Partners debt from financials, improving FFO-to-Debt and overall credit profile Key Credit Expected 2026 – 2030 Targeted 2 3 4 Metrics Threshold Credit Outl
Slide 9: Credit Ratings
Credit Ratings 1 Oncor’s recently approved base rate review has improved the company’s financial strength, with Moody’s moving Oncor’s credit outlook to stable Moody’s S&P Fitch Baa2 BBB+ BBB+ Sempra Negative Negative Stable Baa1 A- BBB+ Oncor Stable Stable Negative A3 BBB+ BBB+ SDGE Stable Stable S
Slide 10: Sempra Texas
Appendix Sempra Texas
Slide 11: Sempra Texas | Oncor Base Rate Review
Sempra Texas | Oncor Base Rate Review Prior Authorized Approved Timeline Authorized Equity 42.5% 43.5% ✓ Notice of Settlement 11/13/25 Layer in Principle Authorized ROE 9.70% 9.75% ✓ Settlement Filed 1/29/26 Self-Insurance $122M $200M ✓ Remanded to PUCT 2/2/26 Accrual from SOAH Cost of Debt 4.39% 4.
Slide 12: Sempra Texas | Oncor LC&I Demand Opportunity
Sempra Texas | Oncor LC&I Demand Opportunity Oncor’s qualifying load forecast of 127 GW in the 2026 ERCOT RTP is over 4 times current peak load of 31 GW1 Active Requests Load (GW) Highlights Data Center / IT 416 271 ▪ Oncor submitted qualifying load forecast of 127 GW to ERCOT1 Oil + Gas 105 4 ▪ Sug
Slide 13: Sempra Texas | Oncor's Supply Chain Drives Execution
Sempra Texas | Oncor’s Supply Chain Drives Execution Improving execution through supplier diversity, securing materials, and scaling logistics infrastructure Success Drivers Key Relationships Execution Highlights ▪ Expanding supplier base to help ensure ▪ 2,800 partners advancing execution ▪ Scaled
Slide 14: Sempra California
Appendix Sempra California
Slide 15: Sempra California | Supporting Customer Affordability
Sempra California | Supporting Customer Affordability Benefitting from a series of affordability initiatives, SDGE and SoCalGas customers pay less in wallet share for utility services than national average, with lower-income customers also receiving financial support Residential Bill as Percent of M
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 March 31, (Dollars in millions) 2026 2025 Sempra Texas Utilities GAAP Earnings $ 171 $ 146 Q1-2026 earnings are higher than Q1-2025 earnings primarily due to higher equity earnings from Oncor Holdings driven by: ▪ overall higher revenues primarily attributable to: ◦ t
Slide 18: Sempra California
Sempra California Three months ended March 31, (Dollars in millions) 2026 2025 Sempra California GAAP Earnings $ 720 $ 724 Q1-2026 earnings are lower than Q1-2025 earnings primarily due to: ▪ $34 million lower income tax benefits primarily from flow-through items, and ▪ $14 million higher net intere
Slide 19: Sempra Infrastructure
Sempra Infrastructure Three months ended March 31, (Dollars in millions) 2026 2025 Sempra Infrastructure GAAP Earnings $ 262 $ 146 Impact from foreign currency and inflation on monetary positions in Mexico and associated undesignated derivatives (19) (8) Net unrealized (gains) losses on commodity de
Slide 20: Parent & Other
Parent & Other Three months ended March 31, (Dollars in millions) 2026 2025 Parent & Other GAAP Losses $ (116) $ (110) Q1-2026 losses are higher than Q1-2025 losses primarily due to: ▪ $17 million higher net interest expense, and ▪ $14 million unfavorable impact from $4 million net investment losses
Slide 21: Sempra's Capital Plan and Q1-2026 Capital Deployed
Sempra’s Capital Plan and Q1-2026 Capital Deployed RECONCILIATION OF SEMPRA'S CAPITAL PLAN TO PROJECTED FUTURE CAPITAL EXPENDITURES 1 (Dollars in billions) Sempra California Sempra Texas Utilities Sempra Infrastructure Total Sempra Capital Plan for 2026 – 2030 Projected future capital expenditures f
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: Three months ended March 31, 2026: ▪ $19 million impact from foreign currency and i
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 three
Slide 24: Endnotes + Defined Terms
Appendix Endnotes + Defined Terms
Slide 25: Endnotes
Endnotes Slide 3: 2026 Value Creation Initiatives 1. See Appendix for information regarding Sempra’s 2026 – 2030 capital plan and CapEx. 2. Subject to FERC approval. 3. Oncor’s results for the 12 months ended 3/31/26 (77.1 minutes) would be in the industry first quartile Non-Storm SAIDI performance
Slide 26: Endnotes
Endnotes Slide 13: Sempra Texas | Oncor’s Supply Chain Drives Execution 1. Enterprise services include corporate / professional services, vegetation management, legal, realty, and technology. 2. Through 2028. Based on Oncor’s current five-year base capital plan. Slide 15: Sempra California | Support
Slide 27: Defined Terms
Defined Terms CAGR compound annual growth rate CapEx capital expenditures CEC California Energy Commission CNE Comisión Nacional de Energía (Mexico’s National Commission of Energy) CPUC California Public Utilities Commission DRIP Sempra’s direct stock purchase plan, which provides for reinvestment o