Dba Sempra · NYSE:SRE
Dba Sempra — Q2 2025 Earnings Presentation
30 slides from Dba Sempra's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Earnings Results
Second Quarter 2025 Earnings Results August 7, 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: Table of Contents
Table of Contents ▪ Executive Summary ▪ Business Updates ▪ Financial Results ▪ Closing Remarks 3
Slide 4: Executive Summary
Executive Summary 2025 Value Creation Initiatives 1. Invest $13B this year, prioritizing utility investments and 4. Execute Fit for 2025, an initiative to reduce costs and improve 1 improved returns productivity ✓ Deployed over $5B of CapEx in 1H-2025 ✓ Executed an effort to save $300M by phasing ou
Slide 5: Business Updates
Business Updates Sempra Texas 1 ▪ Oncor invested $3B of CapEx, supporting premise count increase of 20,000 and built, re-built, or upgraded nearly 600 circuit miles of T+D lines 2 ▪ Passage of UTM, a legislative update expected to enhance cost recovery and improve earned annual ROE at Oncor by 50 to
Slide 6: Q2-2025 Financial Results
Q2-2025 Financial Results Sempra delivered solid 1H-2025 results through continued steady execution of its 2025 Value Creation Initiatives and demonstrated strength of its integrated growth platforms Three months ended Six months ended June 30, June 30, (Dollars and shares in millions, except EPS) 2
Slide 7: Q2-2025 Adjusted Earnings Drivers
Q2-2025 Adjusted Earnings Drivers $16M $583M $5M ($37M) $567M $26M Timing of regulatory Higher income tax award + higher benefit + higher net $6M electric transmission investment gains + margin + AFUDC Higher revenues other, partially equity + other, Lower income tax Higher equity from contract offs
Slide 8: Closing Remarks
Closing Remarks Key Q2-2025 Highlights Sempra continues to make steady progress on its Value Creation Initiatives in support of the company’s long-term growth strategy and continued transition toward a more utility-centric business model. Key updates include: ▪ Unlocking shareholder value | Capital
Slide 9: Appendix I Capital Recycling Program
Appendix I Capital Recycling Program | 9
Slide 10: Capital Recycling Program
Capital Recycling Program Making steady progress on capital recycling program transactions as we advance toward a more utility-centric business model1 Sempra Infrastructure Partners Mexico Natural Gas Distribution Business ✓ Initiated sale process at 15% – 30% (within / above range) ✓ Initiated sale
Slide 11: Appendix II General
Appendix II General @® SEMPRA | 11
Slide 12: Benefits of Diversified Utility Mix
Benefits of Diversified Utility Mix Sempra’s earnings, cash flows, and credit quality benefit from scale advantages in some of North America’s largest markets, as well as regulatory diversity across business lines Geographic + Regulatory Diversity1 $57B $80B 2025 Projected Rate Base 2029 Projected R
Slide 13: Sempra Texas | Oncor Base Rate Review
1 Sempra Texas | Oncor Base Rate Review 2 Equity Layer | ROE Requested 45% (Authorized 42.5%) | 10.55% (Authorized 9.7%) 2 Debt Layer | Cost of Debt Requested 55% (Authorized 57.5%) | 4.94% (Authorized 4.39%) 3 Test Year 2024 Rate Review Equity layer, cost of capital, cost of service, storm costs, p
Slide 14: Sempra Texas | Recent Legislation
Sempra Texas | Recent Legislation Unified Tracker Mechanism ▪ Allows qualifying electric utilities to apply for interim rate adjustments annually through 2035 ▪ Defers costs associated with eligible T+D capital investments placed into service during period covered by UTM filing HB 5247 ▪ Expected to
Slide 15: Appendix III Texas Transmission Expansion
Appendix III Texas Transmission Expansion | 15
Slide 16: Texas Transmission Expansion Progress
Texas Transmission Expansion Progress Transmission Permian Basin Reliability Expansion Plan Import PathsUpdate ERCOT 765-kV STEP ▪ PUCT confirmed 765-kV import paths in April 2025; routing underway for all projects, CCN approval expected in 2026 2024 RTP Projects Beyond Permian Basin ▪ Projects curr
Slide 17: Appendix IV Business Unit Earnings + Non-GAAP Financial Measures
Appendix IV Business Unit Earnings + Non-GAAP Financial Measures | 17
Slide 18: Sempra California
Sempra California Three months ended Six months ended June 30, June 30, (Dollars in millions) 2025 2024 2025 2024 Sempra California GAAP Earnings $ 259 $ 316 $ 983 $ 898 Impact from regulatory disallowances 25 – 25 – Sempra California Adjusted Earnings1 $ 284 $ 316 $ 1,008 $ 898 Q2-2025 adjusted ear
Slide 19: Sempra Texas
Sempra Texas Three months ended Six months ended June 30, June 30, (Dollars in millions) 2025 2024 2025 2024 Sempra Texas Utilities GAAP Earnings $ 208 $ 202 $ 354 $ 385 Q2-2025 earnings are higher than Q2-2024 earnings primarily due to higher equity earnings from Oncor Holdings driven by: ▪ overall
Slide 20: Sempra Infrastructure
Sempra Infrastructure Three months ended Six months ended June 30, June 30, (Dollars in millions) 2025 2024 2025 2024 Sempra Infrastructure GAAP Earnings $ 72 $ 291 $ 218 $ 422 Impact from foreign currency and inflation on monetary positions in Mexico 98 (153) 90 (112) Net unrealized (gains) losses
Slide 21: Parent & Other
Parent & Other Three months ended Six months ended June 30, June 30, (Dollars in millions) 2025 2024 2025 2024 Parent & Other GAAP Losses $ (78) $ (96) $ (188) $ (191) Impact from foreign currency and inflation on monetary positions in Mexico (1) 1 (1) 1 Parent & Other Adjusted Losses1 $ (79) $ (95)
Slide 22: 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 June 30, 2025: ▪ $(25) million impact from regulatory disall
Slide 23: 2025 and 2024 Adjusted Earnings and Adjusted EPS
2025 and 2024 Adjusted Earnings and Adjusted EPS Income tax Non- Non- Pretax (benefit) controlling Pretax Income tax controlling amount expense(1) interests Earnings Diluted EPS amount benefit(1) interests Earnings Diluted EPS (Dollars in millions, except EPS; shares in thousands) Three months ended
Slide 24: 2025 and 2024 Adjusted Earnings (Losses) by Business Unit
2025 and 2024 Adjusted Earnings (Losses) by Business Unit Sempra Sempra Texas Sempra Total California Utilities Infrastructure Segment Totals Parent & Other Sempra (Dollars in millions) 1 Three months ended June 30, 2025 GAAP Earnings (Losses) $ 259 $ 208 $ 72 $ 539 $ (78) $ 461 Impact from regulato
Slide 25: 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: • $(25) million impact from regulatory disallowances related to the recovery of COVID-19 costs at Sempra California • $(89
Slide 26: Appendix V Endnotes + Defined Terms
Appendix V Endnotes + Defined Terms | 26
Slide 27: Endnotes
Endnotes Slide 4: Executive Summary 1. Reflects Sempra’s projected capital investments for 2025 within its 2025 – 2029 capital plan, which includes Sempra’s proportionate ownership interest in projected CapEx at unconsolidated entities while excluding Sempra’s projected capital contributions to thos
Slide 28: Endnotes
Endnotes Slide 12: Benefits of Diversified Utility Mix 1. Projected rate base as described on the Q4-2024 earnings call on February 25, 2025. Sempra California rate base estimates calculated using 13-month weighted-average projections, excluding CWIP. Rate base estimates reflect Sempra’s proportiona
Slide 29: Defined Terms
Defined Terms AFUDC allowance for funds used during construction CAGR compound annual growth rate CAISO California Independent System Operator CapEx capital expenditures CCN Certificate of Convenience and Necessity CPUC California Public Utilities Commission CWIP construction work in progress DOE U.
Slide 30: Defined Terms Continued
Defined Terms Continued Oncor Oncor Electric Delivery Company LLC PA LNG Port Arthur LNG PBRP Permian Basin Reliability Plan PUCT Public Utility Commission of Texas ROE return on equity ROFO Right of First Offer RPG Regional Planning Group RTP Regional Transmission Plan SB Senate Bill SDGE San Diego