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0000827052FALSE0000092103FALSE00008270522025-04-292025-04-290000827052eix:SoutherncaliforniaedisoncompanyMember2025-04-292025-04-29


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2025
Commission
File Number
Exact Name of Registrant
as specified in its charter
State or Other Jurisdiction of
Incorporation or Organization
IRS Employer
Identification Number
1-9936
EDISON INTERNATIONAL
California 95-4137452
1-2313 SOUTHERN CALIFORNIA EDISON COMPANY California 95-1240335
EdisonInternationalLogo.jpg
SouthernCaliforniaEdisonLogo.jpg
2244 Walnut Grove Avenue 2244 Walnut Grove Avenue
(P.O. Box 976) (P.O. Box 800)
Rosemead, CA 91770 Rosemead, CA 91770
(Address of principal executive offices) (Address of principal executive offices)
(626) 302-2222
(626) 302-1212
(Registrant's telephone number, including area code) (Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ☐ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ☐ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ☐ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ☐ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Edison International:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, no par value EIX NYSE LLC
Southern California Edison Company: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company Edison International
Emerging growth company Southern California Edison Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Edison International
Southern California Edison Company



This current report and its exhibits include forward-looking statements. Edison International and Southern California Edison Company ("SCE") based these forward-looking statements on their current expectations and projections about future events in light of their knowledge of facts as of the date of this current report and their assumptions about future circumstances. These forward-looking statements are subject to various risks and uncertainties that may be outside the control of Edison International and SCE. Edison International and SCE have no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise. This current report should be read with Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent quarterly Report on Form 10-Q. Additionally, Edison International and SCE provide direct links to Edison International and SCE presentations, documents and other information at www.edisoninvestor.com (Presentations and Updates) in order to publicly disseminate such information.
Item 2.02    Results of Operations and Financial Condition
On April 29, 2025, Edison International issued a press release reporting its financial results and the financial results for its subsidiary, Southern California Edison Company, for the quarter ended March 31, 2025. A copy of the press release is attached as Exhibit 99.1. On the same day, members of Edison International's management will speak to investors via a financial teleconference. Senior management's prepared remarks and accompanying presentation are attached as Exhibit 99.2 and Exhibit 99.3 to this report. The information furnished in this Item 2.02 and Exhibits 99.1, 99.2, and 99.3 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933.
Item 7.01    Regulation FD Disclosure
Members of Edison International management will use the information in the presentation furnished as Exhibit 99.3 to this report in meetings with institutional investors and analysts and at investor conferences. The attached presentation will also be posted on www.edisoninvestor.com.
Item 9.01    Financial Statements and Exhibits
(d) Exhibits

EXHIBIT INDEX
Exhibit No. Description
99.1
99.2
99.3
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EDISON INTERNATIONAL
(Registrant)
/s/ Kara G. Ryan
Kara G. Ryan
Vice President, Chief Accounting Officer and Controller


Date: April 29, 2025


SOUTHERN CALIFORNIA EDISON COMPANY
(Registrant)
/s/ Kara G. Ryan
Kara G. Ryan
Vice President, Chief Accounting Officer and Controller


Date: April 29, 2025



EX-99.1 2 eix-2025x04x29exx991.htm EX-99.1 EDISON INTERNATIONAL PRESS RELEASE DATED APRIL 29, 2025 Document


Exhibit 99.1


image.jpg
NEWS

Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255
News@sce.com

Edison International Reports First-Quarter 2025 Results

•First-quarter 2025 GAAP EPS of $3.73; Core EPS of $1.37
•Eaton Fire investigation continues; working closely with state and county leaders and communities to rebuild wildfire-impacted areas stronger
•Strong regulatory progress: TKM settlement approved; filed 2026 Cost of Capital and NextGen ERP applications; reached settlement in WMCE proceeding
•Affirmed 2025 Core EPS guidance of $5.94-$6.34
•Continued confidence in delivering 5-7% Core EPS growth from 2025 to 2028 ($6.74-$7.14)

ROSEMEAD, Calif., April 29, 2025 — Edison International (NYSE: EIX) today reported first-quarter net income of $1,436 million, or $3.73 per share, compared to a net loss of $11 million, or $0.03 per share, in the first quarter of last year. As adjusted, first-quarter core earnings were $528 million, or $1.37 per share, compared to core earnings of $438 million, or $1.13 per share, in the first quarter of last year.

Southern California Edison’s first-quarter 2025 core earnings per share (EPS) increased year over year, primarily due to a benefit to interest expense related to cost recoveries authorized under the TKM Settlement Agreement.

Edison International Parent and Other’s first-quarter 2025 core loss per share increased year over year, primarily due to higher interest expense.

"We have continued engaging with key stakeholders to find solutions to support the safety of the community and enhance California’s industry-leading AB 1054 regulatory framework,” said Pedro J. Pizarro, president and CEO of Edison International. “The conversations we’ve had make us confident that stakeholders understand the criticality of addressing the issue and the important role the investor-owned utilities play in supporting California’s growth and economic development.”

Pizarro added, “We are working closely with state and county leaders and the communities of Altadena and Malibu to rebuild wildfire-impacted areas stronger than ever. Once constructed, SCE’s grid hardening in these areas will increase reliability and reduce the exposure of electrical distribution infrastructure to high wind and other extreme weather events, helping us better protect and serve our communities.”

Edison International uses core earnings internally for financial planning and analysis of performance. Core earnings are also used when communicating with investors and analysts regarding Edison International’s earnings results to facilitate comparisons of the company’s performance from period to period. Please see the attached tables to reconcile core earnings to basic GAAP earnings.







2025 Earnings Guidance

The company affirmed it's earnings guidance range for 2025 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.


2025 Earnings Guidance
as of Feb. 27, 2025
2025 Earnings Guidance
as of April 29, 2025
Low High Low High
EIX Basic EPS
$ 5.94  $ 6.34  $ 8.30  $ 8.70 
Less: Non-Core Items
—  —  2.36  2.36 
EIX Core EPS
$ 5.94  $ 6.34  $ 5.94  $ 6.34 

*There were $908 million, or $2.36 per share, of non-core items recorded for the three months ended March 31, 2025. Basic EPS guidance only incorporates non-core items to March 31, 2025.

First-Quarter 2025 Earnings Conference Call and Webcast Details

When:
Tuesday, April 29, 1:30-2:30 p.m. (PDT)
Telephone Numbers: 1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) — Passcode: Edison
Telephone Replay: 1-800-685-6667 (U.S.) and 1-203-369-3864 (Int’l) — Passcode: 5794
Telephone replay available through May 13 at 6 p.m. (PDT)
Webcast
www.edisoninvestor.com

Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation, and Form 10-Q to the company’s investor relations website. These materials are available at www.edisoninvestor.com.





About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, focused on providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility delivering electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Trio (formerly Edison Energy), a portfolio of nonregulated competitive businesses providing integrated sustainability and energy advisory services to large commercial, industrial and institutional organizations in North America and Europe.












































Appendix
Use of Non-GAAP Financial Measures

Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply to the description of earnings or earnings per share.

Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.

Safe Harbor Statement

Statements contained in this release 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 statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:

•ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related and debris flow-related costs (including amounts paid for self-insured retention and co-insurance, and amounts not recoverable from the Wildfire Insurance Fund), and costs incurred for wildfire restoration efforts and to mitigate the risk of utility equipment causing future wildfires;
•the cybersecurity of Edison International's and SCE's critical information technology systems for grid control and business, employee and customer data, and the physical security of Edison International's and SCE's critical assets and personnel;
•risks associated with the operation and maintenance of electrical facilities, including worker, contractor, and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts;
•impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of affordability on SCE’s ability to obtain regulatory approval of, or cost recovery for, operations and maintenance expenses, proposed capital investment projects, and increased costs due to supply chain constraints, tariffs, inflation and rising interest rates;
•ability of SCE to update its grid infrastructure to maintain system integrity and reliability, and meet electrification needs;
•ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan and capital investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator's (“CAISO”) transmission plans, and governmental approvals;
•risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff (“PSPS”) and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;
•ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS“);



•risk that California Assembly Bill 1054 (“AB 1054“) does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including the longevity of the Wildfire Insurance Fund and the California Public Utilities Commission (“CPUC”) interpretation of and actions under AB 1054, including its interpretation of the prudency standard clarified by AB 1054;
•ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;
•decisions and other actions by the CPUC, the Federal Energy Regulatory Commission, and the United States Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, approval of regulatory proceeding settlements, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;
•governmental, statutory, regulatory, or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market adopted by the North American Electric Reliability Corporation, CAISO, Western Electricity Coordinating Council, and similar regulatory bodies in adjoining regions, and changes in the United States' and California's environmental priorities that lessen the importance placed on greenhouse gas reduction and other climate related priorities;
•potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to wildfires where SCE's equipment is alleged to be associated with ignition;
•extreme weather-related incidents (including events caused, or exacerbated, by climate change), such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events and other natural disasters (such as earthquakes), which could cause, among other things, worker and public safety issues, property damage, outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;
•risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;
•risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);
•actions by credit rating agencies to downgrade Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook.

Other important factors are discussed under the headings “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s Form 10-K and other reports filed with the Securities and Exchange Commission, which are available on our website: www.edisoninvestor.com. These filings also provide additional information on historical and other factual data contained in this release.



First Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share
Three Months Ended March 31,
2025 2024 Change
Earnings (loss) per share available to Edison International
SCE
$ 4.07  $ 0.17  $ 3.90 
Edison International Parent and Other
(0.34) (0.20) (0.14)
Edison International
3.73  (0.03) 3.76 
Less: Non-core items
SCE
2.46  (1.16) 3.62 
Edison International Parent and Other
(0.10) —  (0.10)
Total non-core items
2.36  (1.16) 3.52 
Core earnings (loss) per share
SCE
1.61  1.33  0.28 
Edison International Parent and Other
(0.24) (0.20) (0.04)
Edison International
$ 1.37  $ 1.13  $ 0.24 
Note: Diluted earnings were $3.72 and $(0.03) per share for the three months ended March 31, 2025 and 2024, respectively.

First Quarter Reconciliation of Basic Earnings to Core Earnings (in millions)
Three Months Ended March 31,
(in millions)
2025 2024 Change
Net income (loss) available to Edison International
SCE
$ 1,567  $ 65  $ 1,502 
Edison International Parent and Other
(131) (76) (55)
Edison International
1,436  (11) 1,447 
Less: Non-core items
SCE 1,2,3
947  (448) 1,395 
Edison International Parent and Other4
(39) (1) (38)
Total non-core items
908  (449) 1,357 
Core earnings (losses)
SCE
620  513  107 
Edison International Parent and Other
(92) (75) (17)
Edison International
$ 528  $ 438  $ 90 
1.Includes net earnings recorded in the three months ended March 31, 2025 related to TKM Settlement Agreement: $1,341 million ($966 million after-tax) of claim costs and $59 million ($42 million after-tax) of legal expenses authorized for recovery, partially offset by shareholder-funded wildfire mitigation expenses of $50 million ($36 million after-tax) and impairment of incremental restoration-related assets of $8 million ($6 million after-tax). Charges of $3 million ($2 million after-tax) recorded in the three months ended March 31, 2025, and $467 million ($336 million after-tax) recorded in the three months ended March 31, 2024, respectively, related to claim costs and related legal expenses, net of expected regulatory recoveries.
2.Includes net earnings of $12 million ($9 million after-tax) recorded in the three months ended March 31, 2025, which consisted of $14 million insurance reimbursements for costs incurred in previous years, partially offset by $2 million legal expenses, net of expected regulatory recoveries. Charges of $119 million ($86 million after-tax) recorded in the three months ended March 31, 2024, for wildfire claims and related legal expenses, net of expected insurance and regulatory recoveries.
3.Includes amortization of SCE's Wildfire Insurance Fund expenses of $36 million ($26 million after-tax) for the three months ended March 31, 2025 and 2024.
4.Includes wildfire claims insured by EIS of $50 million ($39 million after-tax) and $1 million ($1 million after-tax) for the three months ended March 31, 2025 and 2024, respectively.



Condensed Consolidated Statements of Income Edison International
Three months ended March 31,
(in millions, except per-share amounts, unaudited) 2025 2024
Operating revenue $ 3,811  $ 4,078 
Purchased power and fuel 1,047  1,008 
Operation and maintenance 983  1,317 
Wildfire-related claims, net of (recoveries) (1,305) 615 
Wildfire Insurance Fund expense 36  36 
Depreciation and amortization 742  702 
Property and other taxes 166  155 
Impairment — 
Total operating expenses 1,677  3,833 
Operating income 2,134  245 
Interest expense (301) (444)
Other income, net 107  138 
Income (loss) before income taxes 1,940  (61)
Income tax expense (benefit) 448  (113)
Net income 1,492  52 
Less: Preference stock dividend requirements of SCE 34  41 
Preferred stock dividend requirements of Edison International 22  22 
Net income (loss) attributable to Edison International common shareholders $ 1,436  $ (11)
Basic earnings per share:
Weighted average shares of common stock outstanding 385 385
Basic earnings (loss) per common share available to Edison International common shareholders $ 3.73  $ (0.03)
Diluted earnings per share:
Weighted average shares of common stock outstanding, including effect of dilutive securities 386 385
Diluted earnings (loss) per common share available to Edison International common shareholders $ 3.72  $ (0.03)



Condensed Consolidated Balance Sheets Edison International
(in millions, unaudited) March 31,
2025
December 31,
2024
ASSETS
Cash and cash equivalents $ 1,318  $ 193 
Receivables, less allowances of $300 and $352 for uncollectible accounts at respective dates
1,864  2,169 
Accrued unbilled revenue 805  848 
Inventory 539  538 
Prepaid expenses 262  103 
Regulatory assets 2,124  2,748 
Wildfire Insurance Fund contributions 138  138 
Other current assets 377  418 
Total current assets 7,427  7,155 
Nuclear decommissioning trusts 4,231  4,286 
Other investments 59  57 
Total investments 4,290  4,343 
Utility property, plant and equipment, less accumulated depreciation and amortization of $14,447 and $14,207 at respective dates
59,950  59,047 
Nonutility property, plant and equipment, less accumulated depreciation of $122 and $124 at respective dates
204  207 
Total property, plant and equipment 60,154  59,254 
Receivables, less allowances $44 and $43 for uncollectible accounts at respective dates
85  62 
Regulatory assets (include $1,500 and $1,512 related to a Variable Interest Entity ("VIE") at respective dates)
10,548  8,886 
Wildfire Insurance Fund contributions 1,844  1,878 
Operating lease right-of-use assets 1,169  1,180 
Long-term insurance receivables 406  418 
Other long-term assets 2,497  2,403 
Total other assets 16,549  14,827 
Total assets $ 88,420  $ 85,579 




Condensed Consolidated Balance Sheets Edison International
(in millions, except share amounts, unaudited) March 31,
2025
December 31,
2024
LIABILITIES AND EQUITY
Short-term debt $ $ 998 
Current portion of long-term debt 2,999  2,049 
Accounts payable 2,156  2,000 
Wildfire-related claims 55  60 
Accrued interest 495  422 
Regulatory liabilities 563  1,347 
Current portion of operating lease liabilities 123  124 
Other current liabilities 1,373  1,439 
Total current liabilities 7,769  8,439 
Long-term debt (include $1,468 related to a VIE at respective dates)
35,387  33,534 
Deferred income taxes and credits 7,726  7,180 
Pensions and benefits 379  384 
Asset retirement obligations 2,554  2,580 
Regulatory liabilities 10,430  10,159 
Operating lease liabilities 1,046  1,056 
Wildfire-related claims 803  941 
Other deferred credits and other long-term liabilities 3,529  3,566 
Total deferred credits and other liabilities 26,467  25,866 
Total liabilities 69,623  67,839 
Preferred stock (50,000,000 shares authorized; 1,159,317 shares of Series A and 503,454 shares of Series B issued and outstanding at respective dates)
1,645  1,645 
Common stock, no par value (800,000,000 shares authorized; 384,763,662 and 384,784,719 shares issued and outstanding at respective dates)
6,315  6,353 
Retained earnings 8,662  7,567 
Total Edison International's shareholders' equity 16,622  15,565 
Noncontrolling interests – preference stock of SCE 2,175  2,175 
Total equity 18,797  17,740 
Total liabilities and equity $ 88,420  $ 85,579 




Condensed Consolidated Statements of Cash Flows Edison International
Three Months Ended March 31,
(in millions, unaudited) 2025 2024
Cash flows from operating activities:
Net income $ 1,492  $ 52 
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization 742  707 
Equity allowance for funds used during construction (46) (47)
Impairment — 
Deferred income taxes 421  (114)
Wildfire Insurance Fund amortization expense 36  36 
Other 28  13 
Nuclear decommissioning trusts (34) (20)
Changes in operating assets and liabilities:
Receivables 269  84 
Inventory (1)
Accounts payable 70  (19)
Tax receivables and payables 14  (2)
Other current assets and liabilities (235) (300)
Derivative assets and liabilities, net 33  (17)
Regulatory assets and liabilities, net (1,443) 250 
Wildfire-related insurance receivable 12  — 
Wildfire-related claims (143) 419 
Other noncurrent assets and liabilities (4)
Net cash provided by operating activities 1,224  1,043 
Cash flows from financing activities:
Long-term debt issued, net of discount and issuance costs of $49 and $24 for the respective periods
3,501  2,976 
Long-term debt repaid (1) (601)
Short-term debt repaid —  (390)
Common stock repurchased (29) — 
Preferred stock repurchased —  (19)
Commercial paper repayments, net of borrowing (1,687) (622)
Dividends and distribution to noncontrolling interests (34) (43)
Common stock dividends paid (319) (295)
Preferred stock dividends paid (44) (44)
Other (13) 26 
Net cash provided by financing activities 1,374  988 
Cash flows from investing activities:
Capital expenditures (1,408) (1,279)
Proceeds from sale of nuclear decommissioning trust investments 1,406  1,258 
Purchases of nuclear decommissioning trust investments (1,372) (1,257)
Other — 
Net cash used in investing activities (1,374) (1,276)
Net increase in cash, cash equivalents and restricted cash 1,224  755 
Cash, cash equivalents and restricted cash at beginning of period 684  532 
Cash, cash equivalents and restricted cash at end of period $ 1,908  $ 1,287 

EX-99.2 3 eix-2025x04x29exx992.htm EX-99.2 EIX Q1 2025 CONFERENCE CALL PREPARED REMARKS DATED APRIL 29, 2025 Document
Exhibit 99.2

Prepared Remarks of Edison International CEO and CFO
First Quarter 2025 Earnings Teleconference
April 29, 2025, 1:30 p.m. (PT)



Pedro Pizarro, President and Chief Executive Officer, Edison International

Just three months have passed since the devastating wildfires, and all of us at Edison continue to keep those affected in our thoughts. We are working closely with state and county leaders and the communities of Altadena and Malibu to rebuild wildfire-impacted areas stronger than ever. I will share further updates in a minute after touching on our earnings headlines.
Today, Edison International reported core earnings per share of $1.37 compared to $1.13 a year ago. However, this year-over-year comparison is not particularly meaningful because SCE has not received a decision in its 2025 General Rate Case. SCE recognized revenue from CPUC activities for both the first quarter 2024 and 2025 largely based on 2024 authorized base revenue requirements, with 2025 adjusted for the lower authorized CPUC ROE. Looking ahead, we remain confident in our ability to meet our 2025 EPS guidance and deliver a 5 to 7% core EPS CAGR through 2028. Maria will discuss our financial performance in her remarks.
We recently provided Governor Newsom with SCE’s initial comprehensive plan to rebuild the impacted electrical distribution infrastructure in the Palisades and Eaton Fire areas. Under this plan, SCE would underground more than 150 circuit miles, including nearly all distribution power lines in High Fire Risk Areas within the burn scars of the affected communities. Once constructed, this grid hardening will increase reliability and make electrical distribution infrastructure more resilient to high wind and other extreme weather events, helping us better protect and serve our communities.
On the Eaton Fire, SCE’s investigation continues. Since our last update, the utility completed additional physical and video inspections of electrical equipment in Eaton Canyon, which were carried out in collaboration with stakeholders. Analysis of the images, videos, and equipment is ongoing. The utility also recently began the removal of portions of the idle facilities in Eaton Canyon for further expert review. While SCE has not conclusively determined that its equipment was associated with the ignition of the Eaton Fire, it is also not aware of evidence conclusively pointing to another source of ignition.
1


Absent additional evidence, SCE believes that its equipment could have been associated with the ignition of the Eaton Fire. As such, in light of pending litigation, it is probable that EIX and SCE will incur material losses in connection with the Eaton Fire.
As always, we are committed to being transparent throughout this process. With significant media coverage surrounding the Eaton Fire, we have noted numerous instances where facts have been mispresented. To address factual errors and misstatements, we launched a new page on our website called “Edison for the Record.” I encourage you to take a look; a link can be found on page 3.
I will reiterate that we continue to believe that SCE is a reasonable operator of its electric system. If it is determined that SCE’s transmission equipment was associated with the ignition of the Eaton Fire, based on the information we have reviewed thus far, we remain confident that SCE would make a good faith showing that its conduct with respect to its transmission facilities in the Eaton Canyon area was consistent with actions of a reasonable utility.
Turning to the legislative front, we have continued to engage in broad discussions with legislators and the Governor’s office to support the safety of our communities and enhance California’s industry-leading AB 1054 regulatory framework. The conversations we’ve had leave us with no doubt that stakeholders understand the criticality of addressing the issue and the important role the investor-owned utilities play in supporting California’s growth and economic development. We are confident policymakers are focused on the need to strengthen and restore confidence in California’s wildfire framework.
On the regulatory front, I’m pleased to share that SCE continues to reach important milestones this year. The CPUC’s unanimous approval of the TKM settlement agreement signals a constructive California regulatory environment. Last month, the Woolsey cost recovery ALJ issued the scoping memo, adopting the schedule SCE and intervenors jointly proposed. The next major filings will be intervenor testimony in early June and rebuttal testimony in mid-July. The schedule also includes a motion for consideration of a settlement agreement or joint statement of stipulations of issues due in mid-August. As we have noted in the past, SCE is open to settlement discussions if a fair and reasonable outcome can be achieved, benefiting customers and shareholders.
2


We will keep you updated as the utility continues its progress toward resolution in this proceeding. Maria will highlight other milestones in her remarks.
On SCE’s 2025 General Rate Case, the ALJ recently made an administrative ruling extending the statutory deadline, which is typical and expected based on the prior calendar. Nonetheless, we continue to be optimistic that we will see a proposed decision in the first half of the year, with a final decision as soon as 30 days later. The GRC will support SCE’s commitment to providing electric service that is reliable, resilient, and ready for customers’ needs. The utility’s significant investment plan is driven by the need to resume a traditional level of infrastructure replacement work necessary for system reliability and continue its wildfire mitigation programs that protect the safety of customers and the public. SCE’s full GRC request also includes about $1.4 billion of annual capital spending on wildfire mitigation and includes hardening an additional 1,800 miles of the utility’s overhead distribution infrastructure.
SCE will submit its 2026 Wildfire Mitigation Plan in May. This comprehensive WMP reflects our collective priorities — risk mitigation, public safety, and affordability. It also includes continued deployment of covered conductor and targeted undergrounding. The utility looks forward to executing its integrated wildfire mitigation strategy, which prioritizes industry-leading practices such as grid hardening, asset inspections, and vegetation management.
Before I turn it over to Maria, I would like to take a moment to say thanks to a few very special members of our team. Last week, Vanessa Chang retired from our Board of Directors. We congratulate Vanessa on her retirement and are thankful for her 18 years of dedicated service and leadership on the Board. I also want to recognize our former general counsel, Adam Umanoff, who we previously announced will be retiring in July. Adam has been the ideal general counsel: a business leader above all who is also a consummate legal expert. On top of that, Adam has been a steadfast friend to many in our organization — and to me. On behalf of our board and management team, we want to thank Adam for his outstanding service. At the same time, I’m delighted to welcome Chonda Nwamu, who joined us earlier this month as our new general counsel. Chonda brings substantial expertise within our sector and a solid understanding of California’s legal, political, and regulatory environments. We are excited to have Chonda here and look forward to her leadership and partnership.
3


Maria Rigatti, Executive Vice President and Chief Financial Officer, Edison International

My comments today will cover first quarter 2025 results, provide additional insight into key regulatory proceedings, and update you on other financial topics.
Starting with the first quarter, EIX reported core EPS of $1.37. Page 4 provides the year-over-year quarterly variance analysis. As Pedro mentioned, the year-over-year comparison is not particularly meaningful because SCE has not received a final decision in its 2025 General Rate Case. SCE is booking revenues at 2024 authorized levels, adjusted for the change in ROE, and will record a true-up when it receives a final decision. First quarter core EPS includes about 30 cents associated with the TKM settlement approval, partially offset by higher interest expense at EIX Parent and Other.
On the regulatory front, I want to echo Pedro’s comment on SCE making significant progress across numerous proceedings. Let me highlight a few. First, SCE recently reached a settlement agreement with intervenors in its WMCE proceeding related to wildfire mitigation and restoration. The settlement, which is awaiting CPUC approval, would authorize 100% of the capital expenditures along with 96% of the O&M. It would also contribute about 10 cents per share of true-up earnings and about $700 million of rate base, both of which are embedded in our 2025 guidance.
Second, on SCE’s 2026 cost of capital application, summarized on page 5, SCE requested an ROE of 11.75% and proposed updating the embedded costs of debt and preferred equity. The request also recommends the continuation of the cost of capital mechanism and to reset the benchmark. The utility made a strong case for its ROE based on risks that differentiate California utilities from their peers in other jurisdictions. SCE’s proposed schedule calls for a PD in November, which would allow for a final decision by year-end. Historically, the CPUC has issued timely decisions on cost of capital applications.
Third, SCE filed its NextGen ERP application with the CPUC, seeking total capital investment of about $1.1 billion. The utility expects this program will provide substantial benefits to customers and enable business improvements. As a reminder, this program is not currently embedded in our capital and rate base projections.
4


Lastly, with the $1.6 billion TKM cost recovery settlement now approved, within the next few weeks SCE will file an application requesting authorization to issue securitized bonds.
Moving to SCE's GRC, the utility's request provides the foundation for advancing critical customer objectives—reliability, resiliency, and readiness—as well as supporting our growth outlook through 2028. As you can see on page 6, we will refresh our guidance following a GRC final decision. We wanted to be proactive in sharing with you that six weeks after a final decision, we will provide our updated capital and rate base projections, 2025 Core EPS range, long-term Core EPS growth, and financing plan.
Turning to SCE’s capital expenditure and rate base forecasts, shown on pages 7 and 8, the utility continues to execute against a capital plan that targets key programs while maintaining flexibility in later years to adapt to what is ultimately authorized in the GRC. As I highlighted in comments going into 2025, we continue to see substantial additional capital opportunities that are incremental to the plan. This includes investments to enhance our distribution system and more than $2 billion of FERC transmission spending. In addition, SCE plans to file an application for its advanced metering infrastructure program to request funding to replace its smart meter fleet, the majority of which were installed more than a decade ago. This program will address technology obsolescence and offers a chance to incorporate future capabilities that benefit customers. The program is expected to provide insights into energy usage and enable smarter energy management, thereby enhancing grid efficiency.
Turning to financing activities, I will highlight two recent transactions. In March, EIX issued $550 million of senior notes, which successfully addresses our parent debt needs for 2025. Additionally, SCE issued $1.5 billion of long-term debt as part of its planned financings for the year. Both of these offerings saw strong investor support and were significantly oversubscribed.
5


Moving to EPS guidance on pages 9 and 10, we are confident in affirming the 2025 range of $5.94 to $6.34 and reaffirming our long-term EPS growth expectations of 5 to 7% from 2025 to 2028, which translates to $6.74 to $7.14 of 2028 EPS.
Let me conclude by reinforcing our confidence in delivering on our financial targets. With a strong regulatory backdrop and robust rate base growth, coupled with the significant need for incremental grid investment, we are well positioned to deliver on the company’s near- and long-term growth expectations.
6
EX-99.3 4 eixq12025earningstelecon.htm EX-99.3 EIX Q1 2025 FINANCIAL RESULTS PRESENTATION DATED APRIL 29, 2025 eixq12025earningstelecon
APRIL 29, 2025 FIRST-QUARTER 2025 FINANCIAL RESULTS Exhibit 99.3


 
1Edison International | First-Quarter 2025 Earnings Call 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 statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the: • ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related and debris flow-related costs (including amounts paid for self-insured retention and co-insurance, and amounts not recoverable from the Wildfire Insurance Fund), and costs incurred for wildfire restoration efforts and to mitigate the risk of utility equipment causing future wildfires; • the cybersecurity of Edison International's and SCE's critical information technology systems for grid control and business, employee and customer data, and the physical security of Edison International's and SCE's critical assets and personnel; • risks associated with the operation and maintenance of electrical facilities, including worker, contractor, and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts; • impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of affordability on SCE’s ability to obtain regulatory approval of, or cost recovery for, operations and maintenance expenses, proposed capital investment projects, and increased costs due to supply chain constraints, tariffs, inflation and rising interest rates; • ability of SCE to update its grid infrastructure to maintain system integrity and reliability, and meet electrification needs; • ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan and capital investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator's (“CAISO”) transmission plans, and governmental approvals; • risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff (“PSPS”) and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation; • ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS“); • risk that California Assembly Bill 1054 (“AB 1054“) does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including the longevity of the Wildfire Insurance Fund and the California Public Utilities Commission (“CPUC”) interpretation of and actions under AB 1054, including its interpretation of the prudency standard clarified by AB 1054; • ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers; • decisions and other actions by the CPUC, the Federal Energy Regulatory Commission, and the United States Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, approval of regulatory proceeding settlements, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions; • governmental, statutory, regulatory, or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market adopted by the North American Electric Reliability Corporation, CAISO, Western Electricity Coordinating Council, and similar regulatory bodies in adjoining regions, and changes in the United States' and California's environmental priorities that lessen the importance placed on greenhouse gas reduction and other climate related priorities; • potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to wildfires where SCE's equipment is alleged to be associated with ignition; • extreme weather-related incidents (including events caused, or exacerbated, by climate change), such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events and other natural disasters (such as earthquakes), which could cause, among other things, worker and public safety issues, property damage, outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs; • risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns; • risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs); • actions by credit rating agencies to downgrade Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook. Other important factors are discussed under the headings “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s Form 10-K and other reports filed with the Securities and Exchange Commission, which are available on our website: www.edisoninvestor.com. These filings also provide additional information on historical and other factual data contained in this presentation. Forward-Looking Statements


 
2Edison International | First-Quarter 2025 Earnings Call First Quarter Key Messages $3.73 Q1 2025 GAAP EPS $1.37 Q1 2025 Core EPS1 Reiterated 5–7% Core EPS CAGR 2025–20282 Affirmed $5.94–6.34 2025 Core EPS Guidance1 Eaton Fire investigation continues; working closely with state and county leaders and communities to rebuild wildfire-impacted areas stronger Strong regulatory progress: TKM settlement approved; filed 2026 Cost of Capital and NextGen ERP applications; reached settlement in WMCE proceeding Affirmed 2025 Core EPS1 guidance of $5.94–6.34 1. See Earnings Per Share Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix 2. Compound annual growth rate (CAGR) based on the midpoint of the original 2025 EPS guidance range of $5.50–5.90 plus run-rate interest expense reduction resulting from the TKM Settlement Agreement of 14¢ Continued confidence in delivering 5–7% Core EPS1 growth from 2025 to 2028 ($6.74–7.14)2 1 2 3 4


 
3Edison International | First-Quarter 2025 Earnings Call Edison for the Record site launched to provide the facts and correct inaccuracies about our business Reporting on the rapidly developing events surrounding the recent Southern California windstorms and wildfires is clearly challenging. Journalists have a critical job to do, and Edison International and Southern California Edison are steadfast in our commitment to working with them to get the facts right and provide accurate accounts Visit: edison.com/fortherecord or click below


 
4Edison International | First-Quarter 2025 Earnings Call Key SCE EPS Drivers Higher revenue 0.01$ Lower O&M 0.03 Higher depreciation (0.04) Higher property and other taxes (0.01) Lower interest expense 0.31 Lower other income (0.04) Div on preference stock 0.02 Total core drivers 0.28$ Non-core items1 3.62 Total 3.90$ Total core drivers (0.04)$ Non-core items1 (0.10) Total (0.14)$ EIX EPS Q1 2025 Q1 2024 Variance Basic Earnings Per Share (EPS) SCE 4.07$ 0.17$ 3.90$ EIX Parent & Other (0.34) (0.20) (0.14) Basic EPS 3.73$ (0.03)$ 3.76$ Less: Non-core Items1 SCE 2.46$ (1.16)$ 3.62$ EIX Parent & Other (0.10) — (0.10) Total Non-core Items 2.36$ (1.16)$ 3.52$ Core Earnings Per Share (EPS) SCE 1.61$ 1.33$ 0.28$ EIX Parent & Other (0.24) (0.20) (0.04) Core EPS 1.37$ 1.13$ 0.24$ First-Quarter Earnings Summary 1. See EIX Core EPS Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix Note: Diluted earnings were $3.72 and $(0.03) per share for the three months ended March 31, 2025 and 2024, respectively


 
5Edison International | First-Quarter 2025 Earnings Call Ongoing wildfire risk (Request does not include an ROE “adder" above the reasonable range) SCE’s role in advancing California’s clean energy goals for customers Strengthens SCE’s credit, supporting lower borrowing costs for customers 2026 cost of capital application filed in March, requesting an ROE of 11.75% Request for 2026–2028 ROE (vs. 2025 authorized of 10.33%) 11.75% Equity Ratio (no change) 52% Update Cost of Debt (vs. 2025 authorized of 4.58%) 4.75% Update Cost of Preferred (vs. 2025 authorized of 6.42%) 6.95% Continue Cost of Capital Adjustment Mechanism (Includes updating benchmark to the monthly average for October 2024–September 2025) Key Drivers SCE’s Proposed Schedule Event Date  Application Filed 3/20/25  Protests & Responses 4/24/25 SCE Reply to Protests 5/5/25 Prehearing Conf. 5/9/25 Intervenor Testimony 6/16/25 Rebuttal Testimony 7/21/25 Cost of Debt Update 8/1/25 Evidentiary Hearings 8/4–8/6/25 Opening Briefs Due 9/3/25 Reply Briefs Due 9/17/25 Proposed Decision 11/14/25


 
6Edison International | First-Quarter 2025 Earnings Call 2025 GRC record complete — now awaiting proposed decision 1. Does not reflect updates to 2025 cost of capital All steps by parties complete. Awaiting issuance of proposed decision Following GRC final decision, we will refresh our projections and guidance 6 weeks after the decision  Requested Annual GRC Revenue Requirement Increases1 $ Millions 2025 2026 2027 2028 ~$1,900 ~$670 ~$750 ~$730 Event Date Reply Briefs August 5, 2024 Proposed Decision (PD) TBD Oral Arguments TBD Final Decision ≥30 days after PD *Final decision will be retroactive to January 1, 2025 Expect refresh of capital and rate base projections, 2025 Core EPS range, long- term Core EPS growth, and financing plan


 
7Edison International | First-Quarter 2025 Earnings Call 5.2 5.4 6.7 7.2 7.2 7.0 0.2 0.3 0.8 0.9 1.0 0.7 $5.4 $5.7 $7.5 $8.1 $8.2 $7.7 2023 2024 2025 2026 2027 2028 Capital deployment expected to increase in 2025–20281 Range Case2 (Recorded) (Recorded) $6.6 $6.8 $6.8 $6.4 GRC underpins ~$38–43 billion 2023–2028 capex forecast; substantial additional investment opportunities offer upside CPUC FERC Capital Expenditures, $ in Billions Forecast does not include substantial additional capital deployment opportunities 1. NextGen ERP (~$1bn; filed March ‘25) 2. Advanced Metering Infrastructure (est. filing 1Q26) 3. Other grid investments supporting restoration, reliability, resilience, and readiness 4. FERC transmission $3bn+ $2bn+ Forecast 1. Forecast for 2025 includes amounts requested in SCE’s 2025 GRC filing. Additionally, reflects non-GRC spending subject to future regulatory requests beyond GRC proceedings and FERC Formula Rate updates 2. Annual Range Case capital reflects variability associated with future requests based on management judgment, potential for permitting delays and other operational considerations


 
8Edison International | First-Quarter 2025 Earnings Call 33.6 35.4 41.8 45.3 48.7 51.8 7.6 7.4 7.6 7.7 8.1 8.8 $41.2 $42.8 $49.4 $53.0 $56.8 $60.6 2023 2024 2025 2026 2027 2028 Projected ~6–8% rate base growth 2023–2028; substantial additional investment opportunities offer upside CPUC FERC ~8% CAGR 2023–2028 Rate Base1, $ in Billions Strong rate base growth driven by wildfire mitigation and important grid work to support California’s leading role in clean energy transition Range Case2 (Recorded) (Recorded) $48.1 $50.4 $52.8 $55.3 1. Weighted-average year basis 2. Range Case rate base reflects only changes in forecast capital expenditures Forecast does not include substantial additional capital deployment opportunities 1. NextGen ERP (~$1bn; filed March ‘25) 2. Advanced Metering Infrastructure (est. filing 1Q26) 3. Other grid investments supporting restoration, reliability, resilience, and readiness 4. FERC transmission $3bn+ $2bn+


 
9Edison International | First-Quarter 2025 Earnings Call Reaffirmed 2025 Core EPS guidance of $5.94–6.34 Component Modeling Considerations Rate Base EPS (based on capex levels) 6.60–6.80 • CPUC ROE of 10.33% and FERC ROE 10.30% • Reflects reduction in 2025 ROE from Cost of Capital Phase 2 decision SCE Op. Variance 1.05–1.25 • AFUDC is the largest contributor: ~40¢ • Includes ~30¢ one-time true-up for past TKM interest expense • Timing of regulatory decisions and other variances (including financing) from authorized SCE Costs Excluded from Authorized (0.85)–(0.75) • Primarily wildfire claims payment-related debt • Reflects interest expense reduction associated with TKM settlement • No refinancings or additional issuances remaining as part of 2025 financing plan EIX Parent & Other (0.88)–(0.93) • No refinancings or additional issuances remaining as part of 2025 financing plan 2025 Core Earnings per Share Component Ranges Includes 44¢ (30¢ true-up + 14¢ interest reduction) from TKM settlement


 
10Edison International | First-Quarter 2025 Earnings Call EIX expects 5–7% Core EPS growth for 2025–2028, with financing plan showing minimal equity needs 1. For 2025, represents the midpoint of the original 2025 Core EPS guidance range for $5.50–5.90 plus run-rate interest expense reduction of 14¢ and one-time true up for past interest expense of 30¢ associated with TKM Settlement Agreement 2. Financing plan is subject to change. Does not incorporate TKM settlement agreement or potential cost recovery in the Woolsey cost recovery proceeding, which could materially change the financing plan 3. EIX Dividends includes common and preferred dividends, which are subject to approval by the EIX Board of Directors 4. Incremental to refinancing of maturities. Values shown include both SCE and parent debt $5.84 $6.14 $6.74–7.14 2025 Midpoint 2028 Achievable EPS growth for 2028 Core Earnings per Share Guidance1 5–7% CAGR Uses Sources 2025–2028 EIX consolidated financing plan2 $ in Billions Capital Plan $27–32 Dividends3 $6–7 Net cash provided by operating activities $25–28 Incremental Debt4 $8–11 Equity ~$0.4 (excluding one-time TKM settlement true-up) (Includes 14¢ interest expense impact from TKM settlement)


 
11Edison International | First-Quarter 2025 Earnings Call Rate base and EPS growth aligned with grid safety and reliability 1. Compound annual growth rate (CAGR) based the midpoint of the original 2025 Core EPS guidance range of $5.50–5.90 plus run-rate interest expense reduction resulting from the TKM Settlement Agreement of 14¢ 2. Based on EIX stock price on April 28, 2025 3. Relative to 2022 5–7% Core EPS CAGR1 2025–2028 Underpinned by strong rate base growth of ~6–8% $38–43 billion 2023–2028 capital program ~6% current dividend yield2 21 consecutive years of dividend growth Target dividend payout of 45–55% of SCE core earnings Investments in safety and reliability of the grid Wildfire mitigation execution reduces risk for customers Creates strong foundation for climate adaptation and the clean energy transition One of the strongest electrification profiles in the industry Industry-leading programs for transportation electrification Expected 35% load growth by 2035 and 80% by 20453


 
ADDITIONAL INFORMATION


 
13Edison International | First-Quarter 2025 Earnings Call SCE Key Regulatory Proceedings Proceeding Description Next Steps Base Rates 2025 GRC (A.23-05-010) Sets CPUC base revenue requirement for 2025–2028. For more information, see the Investor Guide to SCE’s 2025 GRC Awaiting proposed decision NextGen Enterprise Resource Planning Program (A.25-03-009) Requesting funding for ~$1.1B of capex and ~$239MM of O&M for 2024–2031 associated with the NextGen ERP Implementation Phase Awaiting scoping memo to set procedural schedule 2026 Cost of Capital (A.25-03-012) Requesting authorized cost of capital for utility operations in 2026 and to reset the annual Cost of Capital Adjustment Mechanism (CCM) Awaiting scoping memo to set procedural schedule Wildfire Woolsey Cost Recovery (A.24-10-002) Request recovery of $5.4 billion of costs to resolve claims associated with the Woolsey fire and $84 million of restoration costs Intervenor testimony due June 3, 2025 2022 Wildfire Mitigation & Vegetation Management (A.23-10-001) Requesting approval of ~$384MM of rev. req. for incremental 2022 wildfire mitigation capex and O&M, and incremental 2022 veg. management O&M; Interim rate recovery of $210 million over 17-month period approved by CPUC in July 2024 Awaiting proposed decision Wildfire Mitigation & Vegetation Management, Catastrophic Events (WMCE) (A.24-04-005) Requesting approval of $326MM of rev. req. for incremental 2023 wildfire mitigation capex and O&M, incremental 2023 veg. management O&M, cumulative 2019–2023 incremental wildfire covered conductor program capex, storm-related costs associated with certain 2020–2022 events, and certain wildfire liability insurance premium expenses Awaiting proposed decision on settlement agreement with intervenors


 
14Edison International | First-Quarter 2025 Earnings Call Resolution of legacy wildfires entering final stages: TKM settlement approved, and Woolsey proceeding in progress TKM (A.23-08-013) Woolsey (A.24-10-002) Value ~$1.6 billion (Settlement value)1 ~$5.4 billion (Request) Next Steps File application in Q2 for financing order authorizing securitization Intervenor testimony to be filed in June Rebuttal testimony due mid-July Motion for consideration of settlement or joint statement due mid-Aug. Avg. Residential Customer Cost2 ~$1.04/month ~$3.44/month (vs. average bill of ~$175) Remaining Ind. Plaintiffs ~50 ~160 TKM: 2025 Modeling ConsiderationsBoth cost recovery applications for 2017/2018 Wildfire/Mudslide Events now filed 1. Approved settlement authorizes recovery of 60% of WEMA costs (claims and associated financing and legal expenses) and 85% of CEMA costs 2. For WEMA costs only. Estimated cost assuming securitization. Average bill shown is for non-CARE residential customers CPUC final decision on settlement accounted for in first quarter results – ~30¢ one-time core EPS impact (for interest incurred up to decision date) – Begin deferring interest expense on $1.6 billion of debt (full-year run rate of 14¢) Securitization follows CPUC approval of financing order – SCE will file separate application in Q2 – Expect ~6 months for review and implementation – Proceeds of ~$1.6 billion expected by year-end 2025 Use of proceeds – Offsets normal-course debt issuances as SCE reallocates outstanding debt for rate base growth 


 
15Edison International | First-Quarter 2025 Earnings Call Woolsey Cost Recovery Schedule Event Date  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 March 10, 2025 Intervenors’ prepared direct testimony June 3, 2025 Rebuttal testimony July 15, 2025 Meet & Confer July 25–August 11, 2025 Motion for consideration of settlement or joint statement of stipulations & issues August 12, 2025 Status conference regarding evidentiary hearings August 26, 2025 Evidentiary Hearings (if needed) September 8–12, 2025 Opening Briefs October 24, 2025 Reply Briefs November 21, 2025 Proposed Decision (PD) (≤ 90 days after submission) 1st Quarter 2026 Final Decision (≥ 30 days after PD) 1st Quarter 2026


 
16Edison International | First-Quarter 2025 Earnings Call ~$5.4 billion memo account recovery 2021– Q1 20251 ~$1.6 billion securitizations of AB 1054 capex completed ~$2.8 billion remaining recoveries through 2026 Cash flow from memo account recovery and securitization strengthens our balance sheet and credit metrics Approved Applications Application / Account Balance @ Mar. 31, ’25 Recovery Through Remaining Rate Recovery by Year 2025 2026 2027  2022 CEMA 144 Sept. ’25 144 – –  2022 WM/VM—interim rate recovery 137 Feb. ‘26 112 25 – CSRP Track 1 76 Dec. ’25 76 – – GRC Track 3 67 Sept. ’25 67 – –  2021 WM/VM 63 May ’25 63 – – Various others 233 Varies 219 14 – Total 721 682 39 – Pending Applications2 (Subject to CPUC Authorization) Application Request2,3 Expected Amort.2 Expected Rate Recovery by Year3 2025 2026 2027 WMCE 326 12 months 82 245 – 2022 WM/VM—non-interim rate recovery 174 12 months 44 131 – Total Rate Recovery 500 125 375 – TKM Securitization 1,627 n/a 1,627 – – Total Including Securitization 2,127 1,752 375 – 1. Includes ~$1.6 billion recovered through securitization of AB 1054 capital expenditures 2. Pending Applications reflects applications already submitted to the CPUC. Additional CEMA applications will be made for other events. Requested revenue requirement shown. Amounts and amortization subject to CPUC approval 3. Reflects request at the time of the application. SCE continues to record capital-related revenue requirements and interest that would also be authorized upon commission approval. For TKM securitization, amount reflects costs recovered upfront. Recovery in customer rates of costs to service the bonds takes place over the tenor of the debt at a fixed recovery charge rate Note: Numbers may not add due to rounding Remaining GRC and Wildfire-related Application Recoveries $ in Millions


 
17Edison International | First-Quarter 2025 Earnings Call Key 2028 Earnings Sensitivities Variable Sensitivity 2028 EPS1(“Per year” amounts refer to 2025–2028) Capex & Rate Base Rate Base $100 million/year of capex ~5¢ AFUDC Annual capex of $200 million 1¢ Requested ~$400 million increase in depreciation in 2025 GRC If requested increase not authorized +15–35¢ (on range case) Rates & Financing CPUC ROE (Currently 10.33%) 10 bps 7¢2 FERC ROE (Currently 10.30%) 10 bps 1¢2 Wildfire Debt Rate (5.4% weighted average portfolio) 20 bps 2¢ EIX Parent Debt Rate (5.3% weighted average portfolio) 20 bps 2¢ Equity (~$100 million/year 2025–2028) For each $10 million/year reduction +1¢ 1. Assumes 390 million shares outstanding for 2028 2. Based on a CPUC / FERC rate base mix of 86% CPUC / 14% FERC and current authorized capital structures


 
18Edison International | First-Quarter 2025 Earnings Call Q1 2025 Q1 2024 SCE 1,567$ 65$ EIX Parent & Other (131) (76) Basic Earnings 1,436$ (11)$ Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events (claims and expenses), net of recoveries 1,339 (467) Other Wildfire Events (claims and expenses), net of recoveries 12 (119) Wildfire Insurance Fund expense (36) (36) Income tax (expense) benefit1 (368) 174 Subtotal SCE 947 (448) EIX Parent & Other Wildfire claims insured by EIS (50) (1) Income tax benefit1 11 — Subtotal EIX Parent & Other (39) (1) Less: Total non-core items 908$ (449)$ SCE 620 513 EIX Parent & Other (92) (75) Core Earnings 528$ 438$ Earnings Non-GAAP Reconciliations 1. SCE non-core items are tax-affected at an estimated statutory rate of approximately 28%; wildfire claims insured by EIS are tax-affected at the federal statutory rate of 21% Reconciliation of EIX GAAP Earnings to EIX Core Earnings Net Income (Loss) Available to Edison International, $ in Millions


 
19Edison International | First-Quarter 2025 Earnings Call Q1 2025 Q1 2024 Basic EPS 3.73$ (0.03)$ Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events (claims and expenses), net of recoveries 3.48 (1.21) Other Wildfire Events (claims and expenses), net of recoveries 0.03 (0.31) Wildfire Insurance Fund expense (0.09) (0.09) Income tax (expense) benefit2 (0.96) 0.45 Subtotal SCE 2.46 (1.16) EIX Parent & Other Wildfire claims insured by EIS (0.13) — Income tax benefit2 0.03 — Subtotal EIX Parent & Other (0.10) — Less: Total non-core items 2.36 (1.16) Core EPS 1.37$ 1.13$ EIX Core EPS Non-GAAP Reconciliations 1. EPS is based on weighted-average share count of 385 million for both 2025 and 2024 2. SCE non-core items are tax-affected at an estimated statutory rate of approximately 28%; wildfire claims insured by EIS are tax-affected at the federal statutory rate of 21% Reconciliation of EIX Basic Earnings Per Share to EIX Core Earnings Per Share EPS Available to Edison International1


 
20Edison International | First-Quarter 2025 Earnings Call Low High Basic EIX EPS $8.30 $8.70 Total Non-Core Items1 2.36 2.36 Core EIX EPS $5.94 $6.34 1. Non-core items are presented as they are recorded 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


 
21Edison International | First-Quarter 2025 Earnings Call Use of Non-GAAP Financial Measures EIX Investor Relations Contact Sam Ramraj, Vice President Derek Matsushima, Principal Manager (626) 302-2540 (626) 302-3625 Sam.Ramraj@edisonintl.com Derek.Matsushima@edisonintl.com 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 used when communicating with investors and analysts regarding Edison International's earnings results to facilitate comparisons of the company's performance from period to period. Core earnings (loss) are a non-GAAP financial measure and may not be comparable to those of other companies. Core earnings (loss) are defined as earnings attributable to Edison International shareholders less non-core items. Non-core items include income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as write downs, asset impairments, wildfire-related claims, and other income and expense related to changes in law, outcomes in tax, regulatory or legal proceedings, and exit activities, including sale of certain assets and other activities that are no longer continuing. A reconciliation of Non-GAAP information to GAAP information is included either on the slide where the information appears or on another slide referenced in this presentation.