Slide 1: Fourth-Quarter 2024 Financial Results
FOURTH-QUARTER 2024 FINANCIAL RESULTS FEBRUARY 27, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statem
Slide 3: Fourth Quarter Key Messages
Fourth Quarter Key Messages 1 2024 Core EPS above midpoint of guidance extends track record of delivering on guidance $3.33 $4.93 2024 GAAP EPS 2024 Core EPS1 In January, TKM settlement approved, authorizing 2 $1.6Bn of cost recovery for pre-AB 1054 wildfire Revised 3 Engaged in supporting community
Slide 4: Useful Links and Resources
Useful Links and Resources1 Southern California Wildfires Document Library (including ESIRs and Section 315 letters) Wildfire Mitigation AB 1054-Related SCE Wildfire Safety Webpage AB 1054 (2019) Wildfire Mitigation Plan & Related Documents SB 599 (2022) Vegetation Management SCE Safety Certificatio
Slide 5: California has a comprehensive wildfire risk reduction profile
California has a comprehensive wildfire risk reduction profile, benefiting customers and investors Legislation Regulation Suppression AB 1054 passed in Wildfire Mitigation Plan CAL FIRE Budget: Doubled July 2019 since 2017-18 Codified prudent Safety Certification CAL FIRE Staffing: >80% manager stan
Slide 6: AB 1054 provides a clear regulatory construct for wildfire liability and cost recovery
AB 1054 provides a clear regulatory construct for determining wildfire liability and cost recovery Safety Assumes Established Caps liability certification utility ~$21 billion to reimburse process prudency wildfire fund wildfire fund Annual process Standard codified into Provides liquidity to SCE’s
Slide 7: Fourth-Quarter Earnings Summary
Fourth-Quarter Earnings Summary Q4 2024 Q4 2023 Variance Key SCE EPS Drivers2 Higher revenue $ 0.33 Basic Earnings Per Share (EPS) Higher O&M (0.27) Higher depreciation (0.07) SCE $ 1.11 $ 1.16 $ (0.05) Lower property and other taxes 0.01 EIX Parent & Other (0.23) (0.17) (0.06) Impairment, net of ot
Slide 8: Full Year Earnings Summary
Full Year Earnings Summary 2024 2023 Variance Key SCE EPS Drivers2 Higher revenue $ 1.26 Basic Earnings Per Share (EPS) Higher O&M (0.33) Wildfire-related claims 0.01 SCE $ 4.20 $ 3.84 $ 0.36 Higher depreciation (0.23) EIX Parent & Other (0.87) (0.72) (0.15) Higher property and other taxes (0.05) Hi
Slide 9: EIX has a solid track record of delivering on Core EPS guidance
EIX has a solid track record of delivering on Core EPS guidance over the last two decades EIX Actual Core EPS vs. Guidance Range History1 2024 2023 2022 2021 2020 In-line In-line In-line + Exceeded In-line 2019 2017 2016 2015 2014 In-line + Exceeded In-line + Exceeded + Exceeded 2013
Slide 10: EIX added another year of strong execution in 2024
EIX added another year of strong execution in 2024 Extended track record of • 2024 Core EPS of $4.93, above the midpoint of initial guidance range1 delivering on full-year Core EPS guidance • EIX has a solid track record of delivering on Core EPS guidance over the last two decades Continued progre
Slide 11: 2025 Key Regulatory, Operational, and Financial Focus Areas
2025 Key Regulatory, Operational, and Financial Focus Areas Operational • Build back stronger — infrastructure restoration related to January 2025 wildfires • Wildfire mitigation work — nearing 90% completion of planned hardening • Continue track record of operational excellence — drive toward long-
Slide 12: GRC underpins ~$38–43 billion 2023–2028 capex forecast
GRC underpins ~$38–43 billion 2023–2028 capex forecast; substantial additional investment opportunities offer upside Capital deployment expected to increase in 2025–20281 Capital Expenditures, $ in Billions Forecast Forecast does not include $8.1 $8.2 $7.7 substantial additional capital $7.5 0.9 1.0
Slide 13: Over 85% of SCE's capital investments are in its distribution grid
Over 85% of SCE’s capital investments are in its distribution grid and essential to reliability, resiliency, and readiness objectives SCE forecasts investing $38–43 billion from 2023 to 2028 to support SCE’s wildfire mitigation strategy and clean energy transformation in California Percentage of 202
Slide 14: Projected ~6–8% rate base growth 2023–2028
Projected ~6–8% rate base growth 2023–2028; substantial additional investment opportunities offer upside Strong rate base growth driven by wildfire mitigation and important grid work to support California’s leading role in clean energy transition Rate Base1, $ in Billions ~8% CAGR Forecast does not
Slide 15: Revised 2025 Core EPS guidance of $5.94–6.34
Revised 2025 Core EPS guidance of $5.94–6.34 incorporates approved TKM settlement Includes 44¢ (30¢ true-up + 14¢ interest reduction) from TKM settlement 2025 Core Earnings per Share Component Ranges Component Modeling Considerations Rate Base EPS • CPUC ROE of 10.33% and FERC ROE 10.30% (based on c
Slide 16: EIX expects 5–7% Core EPS growth for 2025–2028
EIX expects 5–7% Core EPS growth for 2025–2028, with financing plan showing minimal equity needs Achievable EPS growth for 2028 2025–2028 EIX consolidated financing plan2 Core Earnings per Share Guidance1 $ in Billions $6.74–7.14 $6.14 Dividends3 Equity 5–7% Incremental Debt4 $6–7 ~$0.4 CAGR $8–11 (
Slide 17: EIX's rate base and EPS growth aligned with clean energy goals
EIX’s rate base and EPS growth aligned with enabling the state’s clean energy goals 5–7% Core EPS CAGR1 Underpinned by strong rate base growth of ~6–8% 2025–2028 $38–43 billion 2023–2028 capital program ~6% 21 consecutive years of dividend growth current dividend yield2 Target dividend payout of 45–
Slide 18: Additional Information
ADDITIONAL INFORMATION
Slide 19: AB 1054 provides a strong regulatory construct for wildfire liability
AB 10541 provides a strong regulatory construct for determining wildfire liability and cost recovery Established safety Under AB 1054, SCE can obtain an annual safety certification following submission of required safety information, including an approved wildfire mitigation plan certification proce
Slide 20: Wildfire Insurance Fund provides liquidity for claims payments
Wildfire Insurance Fund provides liquidity for claims payments and ceiling on liability to reimburse fund AB 1054 Wildfire Insurance Fund Mechanics1 IOUs contribute $10.5 billion Customers contribute non-bypassable charge PG&E: $4.8Bn initial + $193MM annually through 2028 Customers contribute $0.9B
Slide 21: Wildfire Fund Illustrated: Eligible claims paid by Fund
Wildfire Fund Illustrated: Eligible claims paid by Fund and potential reimbursement is capped Example of Wildfire Insurance Fund operations, reimbursement, and IOU liability from a hypothetical wildfire resulting in $10 billion of paid claims $ in Billions; Example based on SCE’s 2024 Liability Cap
Slide 22: SCE Key Regulatory Proceedings
SCE Key Regulatory Proceedings Proceeding Description Next Steps Base Rates 2025 GRC Sets CPUC base revenue requirement for 2025–2028. For more Awaiting proposed decision (A.23-05-010) information, see the Investor Guide to SCE’s 2025 GRC Wildfire Woolsey Cost Recovery Request recovery of $5.4 billi
Slide 23: Woolsey Cost Recovery Proposed Schedule
Woolsey Cost Recovery Proposed Schedule Event Parties’ Proposed Date1 Application Filed October 8, 2024 Protests and responses November 12, 2024 SCE’s reply to protests November 22, 2024 Prehearing Conference December 20, 2024 Scoping ruling issued Pending Intervenors’ prepared direct testim
Slide 24: Cash flow from memo account recovery and securitization
Cash flow from memo account recovery and securitization strengthens our balance sheet and credit metrics Remaining GRC and Wildfire-related Application Recoveries $ in Millions ~$4.9 Approved Applications billion Application / Account Balance @ Dec. 31, ’24 Recovery Through Remaining Rate Recovery b
Slide 25: Key 2028 Earnings Sensitivities
Key 2028 Earnings Sensitivities Sensitivity Variable (“Per year” amounts refer to 2025–2028) 2028 EPS1 Capex & Rate Base $100 million/year of capex ~5¢ Rate Base AFUDC Annual capex of 1¢ $200 million Requested ~$400 million increase If requested increase +15–35¢ in depreciation in 2025 GRC not autho
Slide 26: Earnings Non-GAAP Reconciliations
Earnings Non-GAAP Reconciliations Reconciliation of EIX GAAP Earnings to EIX Core Earnings Net Income (Loss) Available to Edison International, $ in Millions Q4 2024 Q4 2023 2024 2023 SCE $ 429 $ 445 $ 1,619 $ 1,474 EIX Parent & Other (89) (67) (335) (277) Basic Earnings $ 340 $ 378 $ 1,284 $ 1,197
Slide 27: EIX Core EPS Non-GAAP Reconciliations
EIX Core EPS Non-GAAP Reconciliations Reconciliation of EIX Basic Earnings Per Share to EIX Core Earnings Per Share EPS Available to Edison International1 Q4 2024 Q4 2023 2024 2023 Basic EPS $ 0.88 $ 0.99 $ 3.33 $ 3.12 Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events claims and expenses, net of
Slide 28: Earnings Per Share Non-GAAP Reconciliations
Earnings Per Share Non-GAAP Reconciliations Reconciliation of EIX Basic Earnings Per Share Guidance to EIX Core Earnings Per Share Guidance 2025 EPS Available to Edison International Low High Basic EIX EPS $5.94 $6.34 Total Non-Core Items1 – – Core EIX EPS $5.94 $6.34 1. Non-core items are presented
Slide 29: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Edison International's earnings are prepared in accordance with generally accepted accounting principles used in the United States. Management uses core earnings (loss) internally for financial planning and for analysis of performance. Core earnings (loss) are also