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Washington, D.C. 20549

This combined Form 10-Q is separately filed by Edison International and SCE. Information contained in this document relating to SCE is filed by Edison International and separately by SCE. SCE makes no representation as to information relating to Edison International or its subsidiaries, except as it may relate to SCE and its subsidiaries.

The following terms and abbreviations appearing in the text of this report have the meanings indicated below.

This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect Edison International's and SCE's current expectations and projections about future events based on Edison International's and SCE's knowledge of present facts and circumstances and assumptions about future events and include any statements that do not directly relate to a historical or current fact. Other information distributed by Edison International and SCE that is incorporated in this report, or that refers to or incorporates this report, may also contain forward-looking statements. In this report and elsewhere, the words "expects," "believes," "anticipates," "estimates," "projects," "intends," "plans," "probable," "may," "will," "could," "would," "should," "targets," "preliminary," and variations of such words and similar expressions, or discussions of strategy or plans, are intended to identify forward-looking statements. Such statements necessarily involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Some of the risks, uncertainties and other important factors that could cause results to differ from those currently expected, or that otherwise could impact Edison International and SCE, 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 costs (including amounts paid for self-insured retention and co-insurance, and amounts not recoverable from the Wildfire 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 construction, 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 lower‑than‑expected load growth and higher operating and capital costs (due to factors such as supply chain constraints, tariffs, inflation, and rising interest rates), which could affect SCE’s ability to obtain regulatory approval of, or cost recovery for, operations and maintenance expenses and proposed capital investment projects, as well as influence legislative actions;

•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 WMP, its target energization times and capital investment program, including challenges related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the CAISO's 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 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 OEIS;

•risk that the California Wildfire Legislation or anticipated new California legislation 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 or contributing cause, including the longevity of the Wildfire Fund and the CPUC's interpretation of and actions under the California Wildfire Legislation, including its interpretation of the clarified prudency standard;

•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 FERC, the NRC, the California legislature 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, reforming wildfire-related liability protections available to California investor-owned utilities, 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 NERC, 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 GHG 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 customer notifications and 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 CCAs and Electric Service Providers;

•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;

•ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;

•changes in tax laws and regulations, at both the state and federal levels, or changes in the application of those laws, that could affect recorded deferred tax assets and liabilities, effective tax rates and cash flows;

•changes in rates of inflation (including whether inflation-related adjustments to SCE's authorized revenues allowed by the public utility regulators are commensurate with inflation rates), and changes in interest rates and potential future adjustments to SCE's ROE based on changes in Moody's utility bond rate index;

•availability and creditworthiness of counterparties and the resulting effects on liquidity in the power and fuel markets and/or the ability of counterparties to pay amounts owed in excess of collateral provided in support of their obligations; and

•cost of fuel for generating facilities and related transportation, which could be impacted by, among other things, disruption of natural gas storage facilities, to the extent not recovered, timely or at all, through regulated rate cost escalation provisions or balancing accounts.

Additional information about risks and uncertainties, including more detail about the factors described in this report, is contained throughout this report and in the 2025 Form 10-K, including the "Risk Factors" section. Readers are urged to read this entire report, including information incorporated by reference, as well as the 2025 Form 10-K, and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Forward-looking statements speak only as of the date they are made and neither Edison International nor SCE are obligated to publicly update or revise forward-looking statements. Readers should review future reports filed by Edison International and SCE with the SEC. Edison International and SCE post or provide direct links to (i) certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) presentations, documents and information that may be of interest to investors in a section titled "Presentations and Updates" at edisoninvestor.com in order to publicly disseminate such information. The reports, presentations, documents and information contained on, or connected to, the Edison International investor website are not deemed part of, and are not incorporated by reference into, this report.

The MD&A for the three months ended March 31, 2026, discusses material changes in the condensed consolidated financial condition, results of operations and other developments of Edison International and SCE since December 31, 2025, and as compared to the three months ended March 31, 2025. This discussion presumes that the reader has read or has access to the 2025 MD&A.

Except when otherwise stated, references to each of Edison International or SCE mean each such company with its subsidiaries on a consolidated basis. References to "Edison International Parent and Other" mean Edison International Parent and its subsidiaries other than SCE and its subsidiaries and "Edison International Parent" mean Edison International on a stand-alone basis, not consolidated with its subsidiaries.

Unless otherwise described, all the information contained in this report relates to both filers.

Edison International is the ultimate parent holding company of SCE and Edison Energy, LLC, doing business as Trio. SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central and Coastal California. Trio is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers. Trio's business activities are currently not material to report as a separate business segment.

Edison International's earnings are prepared in accordance with GAAP. 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 available 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 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. SCE implemented a customer-funded wildfire self-insurance program in 2023. With the commencement of this program, Edison International and SCE no longer consider wildfire-related claim losses to be representative of ongoing earnings and treat such costs as non-core items.

1SCE and Edison International Parent and Other non-core items are tax-effected at an estimated statutory rate of approximately 28%; wildfire claims and expenses insured by EIS are tax-effected at the federal statutory rate of 21%.

Edison International's first quarter 2026 earnings decreased $905 million from the first quarter of 2025, resulting from a decrease in SCE's earnings of $948 million, partially offset by a decrease in Edison International Parent and Other's loss of $43 million. SCE's lower net income consisted of a $16 million non-core loss in 2026 compared to $947 million non-core earnings in 2025, partially offset by $15 million of higher core earnings. Edison International Parent and Other's loss decreased by $43 million due to $40 million of higher non-core earnings and $3 million of lower core loss.

The increase in SCE's core earnings for the three months ended March 31, 2026 from the same period in 2025 was primarily due to the adoption of the 2025 GRC final decision in the third quarter of 2025, partially offset by the absence of a benefit to interest expense related to cost recoveries authorized under the TKM Settlement Agreement in 2025. The decrease in Edison International Parent and Other's core loss for the three months ended March 31, 2026, was primarily due to lower preferred stock dividends, partially offset by higher interest expense.

Consolidated non-core items for the three months ended March 31, 2026 and 2025 for Edison International included:

•Wildfire-related recoveries, net of claims and expenses:

•Net earnings of $13 million ($9 million after-tax) recorded in 2026 primarily due to expected recoveries, partially offset by claims and legal expenses associated with Other Wildfire Events.

•Net earnings of $1,351 million ($973 million after-tax) in 2025 primarily related to the TKM Settlement Agreement and insurance reimbursements related to Other Wildfire Events.

See "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies" for further information.

•Charges of $35 million ($25 million after-tax) and $36 million ($26 million after-tax) recorded in 2026 and 2025, respectively, from amortization of SCE's contributions to the Wildfire Fund. See "Notes to Condensed Consolidated Financial Statements—Note 1.  Summary of Significant Accounting Policies" for further information.

•Net earnings of $1 million ($1 million after-tax) recorded in 2026 primarily due to updated estimates of claims accruals, net of legal expenses, and charges of $50 million ($39 million after-tax) recorded in 2025, both related to wildfire claims insured by EIS. See "Notes to Condensed Consolidated Financial Statements— Note 12. Commitments and Contingencies" for further information.

See "Results of Operations" for discussion of SCE's and Edison International Parent and Other's results of operations.

Total capital expenditures (including accruals) were $1.5 billion for the three months ended March 31, 2026 and 2025. As discussed in the 2025 Form 10-K, SCE forecasts total capital expenditures ranging from $37.5 billion to $40.6 billion for 2026 – 2030, and weighted average annual rate base from $50.8 billion to $67.9 billion for 2026 – 2030. These capital program and rate base projections incorporate the planned CPUC-jurisdictional spending as informed by the 2025 GRC final decision and expected FERC capital expenditures, see "Liquidity and Capital Resources—SCE—Capital Investment Plan" below and "Management Overview — Capital Program" in the 2025 MD&A.

SCE continues to implement its WMP to reduce the risk of SCE equipment contributing to the ignition of wildfires. Further to the investments SCE is making as part of its WMP, SCE also uses its PSPS program to proactively de-energize power lines as a last resort to mitigate the risk of significant wildfires during extreme weather events. In addition, California has increased its investment in wildfire prevention and fire suppression capabilities. Yet, the potential for catastrophic wildfire activity in SCE's service area still exists.

In February 2026, the OEIS issued a final decision approving SCE’s 2026 – 2028 WMP. In March 2026, the OEIS issued SCE's safety certification which is valid until March 2, 2027. Provided SCE timely submits a request for its next safety certification, its current safety certification will remain valid until the OEIS acts on its request.

In April 2026, the CEA submitted to the California Legislature and the Governor a report required by SB 254 that evaluates California’s approach to natural catastrophe risk, including wildfires. The report identifies increasing natural catastrophe risk driven by climate‑related factors, development in wildfire‑prone areas, fuel conditions, and other systematic factors, and highlights challenges in wildfire mitigation, insurance availability, liability allocation, and post‑event recovery. The report observes that failure to address escalating wildfire risk would prolong recovery for affected communities, significantly increase electric utility costs, driving higher customer rates, and also could elevate insurance premiums statewide. Continued inaction would expose SCE to risk of credit downgrades and heightened financial stress, limiting access to capital needed to maintain safe and reliable infrastructure. Taken together, these dynamics would exacerbate affordability pressures, undermine market stability, and impede SCE's ability to support long‑term reliability and climate‑related objectives.

Against this backdrop, the report presents a framework of policy options organized around three non‑exclusive pathways: committing to community‑level wildfire mitigation, including measures to reduce the severity and scale of catastrophic events through coordinated community‑based risk reduction, home‑ and neighborhood‑level hardening, and risk-informed targeting of mitigation investments; equitably allocating catastrophe burdens among stakeholders, including through insurance and liability‑related mechanisms such as insurance market reforms, quicker compensation and claims‑handling structures, and potential changes to utility wildfire liability frameworks; and defining potential state roles in catastrophe resilience, including options such as expanded or restructured catastrophe financing mechanisms, state‑level risk pooling or backstops, and other approaches intended to address extreme loss events.

The report discusses options with varying implementation timeframes and fiscal impacts and does not recommend or endorse any specific policy approach. Edison International and SCE are engaging with stakeholders in the legislative process related to wildfire-related risks, however, they cannot predict whether or when there will be a comprehensive economy-wide solution mitigating the significant risk faced by California investor-owned utilities related to wildfires.

In January 2025, several wind-driven wildfires impacted portions of SCE's service area, causing loss of life, substantial damage to both residential and business properties, and service outages for SCE customers. One of the largest of these wildfires, the Eaton Fire, ignited in SCE's service area in Los Angeles County and spread due to a number of contributing factors under conditions of an extreme Santa Ana windstorm.

The Los Angeles County Fire Department is leading the investigation into the origin and cause of the Eaton Fire, with the assistance of CAL FIRE, and has identified a preliminary area of origin of the fire. SCE has transmission facilities in the preliminary area of origin and the SED is conducting an investigation with respect to the Eaton Fire. Edison International and SCE are also aware of an ongoing investigation by the Los Angeles District Attorney's Office of the Eaton Fire for the purpose of determining whether any criminal violations have occurred. SCE could be subject to material fines, penalties, or restitution if it is determined that it failed to comply with applicable laws and regulations. SCE is not aware of any basis for felony liability with regards to the Eaton Fire. Any fines and penalties incurred in connection with the Eaton Fire will not be recoverable from insurance, from the Wildfire Fund, or through electric rates.

Multiple lawsuits related to the Eaton Fire have been initiated against SCE and Edison International by individual plaintiffs, subrogation plaintiffs, and public entity plaintiffs related to the Eaton Fire. A bellwether jury trial in the Eaton Fire litigation has been set for January 2027.

SCE’s internal review into the facts and circumstances of the Eaton Fire is complex and ongoing. SCE's review includes ongoing inspections of its facilities and records and of third-party information and testing. While SCE has not conclusively determined that its equipment caused the ignition of the Eaton Fire, a viable explanation is that a de-energized idle SCE transmission facility in the preliminary area of origin was associated with the ignition of the fire and SCE is not aware of evidence pointing to another possible source of ignition. Absent additional evidence, SCE believes that it is likely that its equipment could have been associated with the ignition of the Eaton Fire and is pursuing settlement of claims through its Wildfire Recovery Compensation Program, a program designed to enable eligible individuals and businesses impacted by the Eaton Fire to seek expedited resolution of their claims.

SCE has entered into settlements with insurance claimants and claimants under its Wildfire Recovery Compensation Program related to the Eaton Fire. As of March 31, 2026, SCE had recorded $1.3 billion in losses related to these settlements. SCE also recorded expected recoveries from customer-funded self-insurance of $917 million, from the Wildfire Fund of $295 million, and through FERC electric rates of $70 million. In total, through March 31, 2026, the net after-tax charge to earnings recorded related to the settlements was $9 million, the after-tax impact of the required $12.5 million shareholder contribution related to SCE's customer-funded self-insurance coverage.

In January 2026, SCE filed a cross-complaint against certain public and private entities whose actions or inaction may have caused, contributed to or exacerbated the losses that resulted from the fire.

SCE exhausted self-insurance recoveries available for losses related to the Eaton Fire as a result of costs incurred and settlements entered into as of February 11, 2026. SCE has advised the administrator of the Wildfire Fund that it anticipates that it will seek reimbursement of eligible claims arising from the Eaton Fire from the Initial Account and the administrator has confirmed that the Eaton Fire is a "covered wildfire" for purposes of accessing the Initial Account. SCE will be reimbursed for losses incurred in excess of $1.0 billion for eligible claims for third-party damages related to the Eaton Fire from the Initial Account, subject to approval of the fund administrator and the Initial Account's claims-paying capacity. The fund administrator has reported that the fund's claims-paying capacity for the Eaton Fire, as of September 30, 2025, exceeds $21 billion.

SCE will file an application with the CPUC for review of its costs and expenses related to the Eaton Fire after it has resolved all or, if authorized by the CPUC, substantially all third-party damage claims related to the fire, or upon earlier request of the fund administrator. Because SCE held a valid safety certification at the time of the Eaton Fire, SCE will be presumed to have acted prudently unless a party in the proceeding creates "serious doubt" as to the reasonableness of its conduct, in which case SCE will have the burden of dispelling that doubt and proving its conduct was prudent. The prudency standard does not necessitate perfect conduct and California Wildfire Legislation requires that the CPUC allow recovery if it determines that SCE's conduct related to the ignition of the Eaton Fire was consistent with actions of a reasonable utility. SCE believes that the CPUC's determination regarding the reasonableness of its ignition-related conduct should be based on an evaluation of the reasonableness of its overall policies, systems, and practices. The CPUC has not yet issued a decision applying the California Wildfire Legislation prudency framework to a wildfire cost-recovery proceeding.

SCE believes that it is a reasonable operator of its electric system. Based on the information it has reviewed, SCE believes that it will be able to make a good faith showing that its conduct with respect to its transmission facilities in the preliminary area of origin was consistent with the actions of a reasonable utility.

The CPUC will determine the prudency of SCE's ignition-related conduct in a formal proceeding. If the CPUC finds that SCE's conduct related to the ignition of the Eaton Fire was not prudent, it may nevertheless allow cost recovery in full or in part taking into account factors both within and beyond SCE's control that may have exacerbated the costs, including, for example, winds, humidity, temperature, emergency response, evacuation timing and availability of firefighting resources. Because SCE held a safety certification at the time of the ignition, it will be required to reimburse the Initial Account only for amounts disallowed by the CPUC up to the applicable Liability Cap of approximately $4.3 billion, unless the fund administrator finds that SCE's actions or inactions relative to the ignition of the Eaton Fire constitute conscious or willful disregard of the rights and safety of others, in which case SCE will be required to reimburse the Initial Account for all withdrawn amounts that the CPUC disallowed.

SCE will be able to seek recovery of prudently incurred uninsured wildfire costs not covered by the Initial Account, assessed under the prudency standard clarified under the California Wildfire Legislation, through electric rates.

For further information on Southern California Wildfires, see "MD&A—Management Overview—Southern California Wildfires and Mudslides," "Risk Factors," "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—Wildfire Fund," "Business—Southern California Wildfires" and "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides" in the 2025 Form 10-K; and "Notes to Condensed Consolidated Financial Statements—Note 1.  Summary of Significant Accounting Policies—Wildfire Fund," and "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides" in this report.

The following discusses SCE's condensed consolidated statements of income for the three months ended March 31, 2026 and 2025. In general, expenses SCE is authorized to pass through directly to customers (such as purchased power and fuel expenses, flow-through taxes, as well as costs incurred for various programs and activities, such as public purpose programs and vegetation management activities) and the corresponding amount of revenues collected to recover those pass-through costs do not impact net income.

The following tables summarize SCE's results of operations for the periods indicated.

An increase in operating revenue of $294 million was primarily due to:

•An increase in revenue of $282 million driven by the 2025 GRC final decision, including the 2026 escalation mechanism set forth in the 2025 GRC decision. SCE's results of operations for the three months ended March 31, 2025 were based on the 2024 authorized revenue. SCE received the final 2025 GRC decision in the third quarter of 2025 and the authorized revenue attributable to first quarter of 2025 but recorded subsequently in 2025 was approximately $202 million.

•An increase in revenue of $15 million related to net higher expenses that are passed through to customers, which mainly included increases in:

•Interest expense of $29 million;

•Depreciation and amortization expense of $25 million;

•Operation and maintenance expense of $16 million;

•Income tax expense of $14 million;

•Wildfire-related claims, net of recoveries of $8 million;

•Property and other taxes of $4 million; partially offset by decreases in:

•Purchased power and fuel expense of $77 million;

•Other income of $4 million.

A decrease in purchased power and fuel costs of $77 million was primarily due to lower energy prices, partially offset by higher capacity costs (offset in "Operating Revenue" above).

An increase in operation and maintenance expense of $36 million was primarily due to:

•An increase of $18 million mainly related to higher inspections and preventative maintenance activities in 2026.

•A net increase of $16 million pass-through costs (offset in "Operating Revenue" above), which is mainly related to higher public programs expenses and higher previously deferred costs authorized for recovery in 2026, partially offset by lower uncollectible expense.

A decrease in recoveries of wildfire-related claims of $1,352 million was primarily due to

•$1,341 million claim costs recovery authorized and recorded in 2025 under the TKM Settlement Agreement;

•$14 million insurance reimbursements recorded in 2025 related to Other Wildfire Events;

•$8 million of net recognition of previously deferred claim costs expected to be recovered through FERC rates (offset in "Operating Revenue" above);

partially offset by:

•Benefits of $11 million mainly due to expected recoveries related to Other Wildfire Events.

For further information, see "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."

An increase in depreciation and amortization expense of $92 million was primarily due to higher plant balances, $25 million of which were pass-through costs mainly associated with securitization debt (offset in "Operating Revenue" above).

An increase in property and other taxes of $13 million was primarily related to higher assessed property values and $4 million of higher pass-through costs (offset in "Operating Revenue" above).

An increase in interest expense of $210 million was primarily due to:

•$171 million cost recovery authorized and recorded in 2025 under the TKM Settlement Agreement.

•$29 million pass-through expense mainly associated with increased securitization debt (offset in "Operating Revenue" above);

•$10 million higher interest expense from an increase in borrowings.

An increase in other income of $10 million was primarily due to an increase in equity allowance for funds used during construction and $4 million of higher pass-through costs (offset in "Operating Revenue" above).

A decrease in income tax expense of $360 million was primarily due to $370 million of lower tax expense on lower pre-tax income, partially offset by $10 million of lower flow-through tax benefits that were passed through to customers (offset the corresponding pre-tax amount in "Operating Revenue").

See "Notes to Condensed Consolidated Financial Statements—Note 8. Income Taxes" for a reconciliation of the federal statutory rate to the effective income tax rate.

Results of operations for Edison International Parent and Other include amounts from other subsidiaries that are not reportable segments, as well as intercompany eliminations.

The following table summarizes the results of Edison International Parent and Other:

The net loss available to common shareholders from operations of Edison International Parent and Other decreased $43 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to lower expenses from wildfire claims insured by an EIS insurance contract (see "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies and Note 16. Related-Party Transactions" for further information), and lower preferred stock dividends, partially offset by higher interest expense.

SCE's ability to operate its business, fund capital expenditures, and implement its business strategy is dependent upon its operating cash flow and access to the bank and capital markets. SCE's overall cash flows fluctuate based on, among other things, its ability to recover its costs in a timely manner from its customers through regulated rates, changes in commodity prices and volumes, collateral requirements, interest obligations, dividend payments to and equity contributions from Edison International, obligations to preference shareholders, and the outcome of tax, regulatory and legal matters.

In the next 12 months, SCE expects to fund its cash requirements through operating cash flows, capital market and bank financings, and equity contributions from Edison International Parent, as needed. In addition, SCE expects to fund authorized wildfire-related cost recoveries through securitization financings, and fund costs related to the Eaton Fire through customer-funded self-insurance and reimbursement from the Initial Account of the Wildfire Fund. SCE also has availability under its credit facility and agreements with lenders to issue bilateral unsecured standby letters of credit to fund cash requirements. SCE may issue additional debt for general corporate purposes.

SCE expects to finance approximately $2.0 billion of cost recoveries authorized under the Woolsey Settlement Agreement through the issuance of securitized recovery bonds, subject to the approval of a securitization financing application filed with the CPUC in January 2026. In April 2026, a proposed decision was issued approving the application and a final decision by the CPUC is expected in May 2026. For further details on the financing order, see "—Regulatory Proceedings—Financing Order." For further details on the settlements, see "Management Overview—Southern California Wildfires and Mudslides" in the 2025 Form 10-K.

During the three months ended March 31, 2026, SCE issued a total of $1.2 billion of first and refunding mortgage bonds. In February 2026, SCE entered into a term loan agreement to borrow $1.5 billion due in March 2027, which was partially used to repay all borrowings under a February 2026 $300 million unsecured term loan agreement. For further details, see "Notes to Condensed Consolidated Financial Statements—Note 5.  Debt and Credit Agreements."

In March 2026, SCE fully redeemed 5.45% Fixed-to-Floating Rate Trust Preference Securities issued by SCE Trust V for an aggregate amount paid of $119 million. SCE subsequently exchanged all of these securities for SCE's Series K preference stock, which it retired. For further details, see "Notes to Condensed Consolidated Financial Statements—Note 13. Equity."

For restrictions on SCE's ability to pay dividends, see "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—SCE Dividends" in the 2025 Form 10-K.

SCE's credit ratings may be affected by various factors, including failure by regulators to successfully implement the California Wildfire Legislation in a timely, consistent and credit-supportive manner, or investigations into wildfire events or associated settlements result in material utility liability exposure. In April 2026, the CEA submitted to the California Legislature and the Governor a report required under SB 254. The report observes that continued inaction to address escalating wildfire risk would expose utilities to risk of credit downgrades and heightened financial stress, limiting access to capital needed to maintain safe and reliable infrastructure. SCE cannot predict whether or when there will be a comprehensive economy-wide solution mitigating the significant risk faced by California investor-owned utilities related to wildfires. For further discussion about the report see "— Management Overview—Southern California Wildfires."

Additionally, a persistent increase in the frequency and severity of wildfires in California may lead the credit rating agencies to reassess SCE's wildfire-related operational risk exposure or believe the Wildfire Fund is at risk of material depletion. Credit rating downgrades increase the cost and may impact the availability of short-term and long-term borrowings, including commercial paper, credit facilities, bond financings or other borrowings. In addition, some of SCE's power procurement contracts, environmental remediation obligations and workers' compensation self-insurance would require SCE to pay related liabilities or post additional collateral if SCE's credit rating were to fall below investment grade. For further details, see "—Margin and Collateral Deposits."

At March 31, 2026, SCE had cash on hand of $110 million and restricted cash of $517 million collected from customer-funded self-insurance. SCE also has approximately $3.3 billion available to borrow on its $3.4 billion revolving credit facility. The credit facility is available for borrowing needs until May 2029. The aggregate maximum principal amount under the SCE revolving credit facility may be increased up to $4.0 billion, provided that additional lender commitments are obtained. SCE also had standby letters of credit with total capacity of $660 million, and the unused amount was $560 million as of March 31, 2026.

For further details, see "Notes to Condensed Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

SCE may finance balancing account undercollections and working capital requirements to support operations and capital expenditures with commercial paper, its credit facilities or other borrowings, subject to availability in the bank and capital markets and within levels authorized by the CPUC. As necessary, SCE will utilize its available liquidity, capital market financings, other borrowings or parent company equity contributions to SCE in order to meet its obligations as they become due, including costs related to the wildfire events. SCE expects to use customer-funded self-insurance and reimbursement from the Initial Account to fund wildfire claims. For further information, see "Management Overview—Southern California Wildfires."

SCE's credit facilities and term loan require a debt to total capitalization ratio as defined in the applicable agreements of less than or equal to 0.65 to 1. At March 31, 2026, SCE's debt to total capitalization ratio was 0.57 to 1.

At March 31, 2026, SCE was in compliance with all financial covenants that affect access to capital.

2024 Multi-year Wildfire Mitigation and Catastrophic Events Filing ("2024 WMCE Filing")

In December 2025, SCE filed its 2024 WMCE Filing, seeking to recover incremental operating and maintenance expenses of $55 million and incremental capital expenditures of $78 million, recorded in the wildfire risk mitigation balancing account, as well as incremental storm-related costs associated with certain 2017 – 2021 events recorded in the catastrophic event memorandum account. The application also seeks recovery of $36 million in wildfire mitigation related capital expenditures incurred in 2022 that were previously denied without prejudice and permitted to be included in base rates as part of the post-test year ratemaking mechanism. In April 2026, the CPUC adopted a schedule with a proposed decision expected in the first quarter of 2027.

In March 2025, SCE filed an application with the CPUC seeking authorization to recover costs related to its NextGen ERP Program. In April 2026, the CPUC issued a procedural ruling requesting additional information from SCE, which SCE timely provided. SCE anticipates that a proposed decision will be issued by the CPUC in 2026. While this ruling may extend the schedule for a final CPUC decision within 2026, it does not alter the scope of the application. Any delay could affect the timing of cost recovery and increase implementation‑related uncertainty.

In January 2026, SCE filed an application with the CPUC seeking an irrevocable order to finance approximately $2.0 billion of costs and expenses related to the Woolsey Fire and associated financing costs through the issuance of securitized bonds. These amounts were approved for recovery in the Woolsey Settlement Agreement. In April 2026, the CPUC issued a proposed decision approving the requested financing order. For further details on the settlements, see "Management Overview—Southern California Wildfires and Mudslides" in the 2025 Form 10-K.

In March 2026, SCE filed an application with the CPUC requesting approval of the AMI 2.0 program, which is intended to replace SCE's existing metering infrastructure, including meters, network communications, software systems, and data analytics, as well as to enable new customer programs. The application seeks authorization for forecasted capital expenditures of $3.1 billion and operations and maintenance costs of $366 million to be incurred between 2026 and 2033, as well as authorization to establish an AMI 2.0 Memorandum Account and an AMI 2.0 Balancing Account to record the associated costs.

In March 2026, the CPUC approved the Certificate of Public Convenience and Necessity for the project, authorizing the construction to proceed. Construction for the project is expected to begin in the third quarter of 2026. For further details on the project, see "Liquidity and Capital Resources — Southern California Edison Company — Capital Investment Plan" in 2025 Form 10-K.

Certain derivative instruments, power and energy procurement contracts, and other contractual arrangements contain collateral requirements. Future collateral requirements may differ from the requirements at March 31, 2026, due to the addition of incremental power and energy procurement contracts with collateral requirements, if any, the impact of changes in wholesale power and natural gas prices on SCE's contractual obligations, and the impact of SCE's credit ratings falling below investment grade. See "—SCE" above for further information on SCE's credit ratings.

The table below provides the amount of collateral posted by SCE to its counterparties as well as the potential collateral that would have been required as of March 31, 2026, if SCE's credit rating had been downgraded to below investment grade as of that date. The table below also provides the potential collateral that could be required due to adverse changes in wholesale power and natural gas prices over the remaining lives of existing power and fuel contracts.

In addition to amounts shown in the table, power and fuel contract counterparties may also institute new collateral requirements, applicable to future transactions to allow SCE to continue trading in power and fuel contracts at the time of a downgrade or upon significant increases in market prices.

1Net collateral provided to counterparties and other brokers consisted of $108 million in letters of credit and surety bonds and $52 million of cash collateral.

2Represents potential collateral requirements for accounts payable and mark-to-market valuation at March 31, 2026. Requirement varies throughout the period and is generally lower at the end of the month.

3Incremental collateral requirements were based on potential changes in SCE's forward positions as of March 31, 2026, due to adverse market price movements over the remaining lives of the existing power and fuel derivative contracts using a 95% confidence level.

Furthermore, SCE may be required to post collateral for workers' compensation in excess of standard formula amounts, currently up to $115 million, in the event of volatile credit rating conditions, during which the Office of Self-Insurance Plans, which oversees workers' compensation self-insurance within California, may exercise discretion to impose higher collateral requirements. As of March 31, 2026, SCE had $12 million of collateral posted under such discretionary authority. SCE may also be required to post up to $50 million in collateral in connection with its environmental remediation obligations, within 120 days of the end of the fiscal year in which a downgrade below investment grade occurs.

In the next 12 months, Edison International Parent expects to fund its net cash requirements through cash on hand, dividends from SCE, and capital market and bank financings. Edison International Parent may finance its ongoing cash requirements, including dividends, working capital requirements, payment of obligations, and capital investments, including capital contributions to subsidiaries, with short-term or other financings, subject to availability in the bank and capital markets.

At March 31, 2026, Edison International Parent and Other had cash on hand of $58 million and $0.9 billion available to borrow on its $1.5 billion revolving credit facility. The credit facility is available for borrowing needs until May 2029. The aggregate maximum principal amount under the Edison International Parent revolving credit facility may be increased up to $2.0 billion, provided that additional lender commitments are obtained. For further details, see "Notes to Condensed Consolidated Financial Statements—Note 5.  Debt and Credit Agreements."

In the first quarter of 2026, Edison International Parent issued $550 million of 4.80% senior notes due in 2031. For further details, see "Notes to Condensed Consolidated Financial Statements—Note 5.  Debt and Credit Agreements."

In the first quarter of 2026, Edison International redeemed all remaining shares of its 5.375% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series A ("Series A Preferred Stock") and repurchased 4,434 shares of 5.00% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series B ("Series B Preferred Stock") for $414 million and $4 million, respectively. For further details, see "Notes to Condensed Consolidated Financial Statements—Note 13. Equity."

Edison International Parent and Other's liquidity and its ability to pay operating expenses and pay dividends to preferred and common shareholders are dependent on access to the bank and capital markets, dividends from SCE, realization of tax benefits and its ability to meet California law requirements for the declaration of dividends. For information on the California law requirements on the declaration of dividends, see "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—SCE Dividends" in the 2025 Form 10-K. Edison International intends to maintain its target payout ratio of 45% – 55% of SCE's core earnings, subject to the factors identified above.

Edison International's ability to declare and pay common dividends may be restricted under the terms of its Series A and Series B Preferred Stock. For further information, see "Notes to Consolidated Financial Statements—Note 14. Equity" in the 2025 Form 10-K.

Edison International Parent's credit facility and term loan require a consolidated debt to total capitalization ratio as defined in the applicable agreements of less than or equal to 0.70 to 1. At March 31, 2026, Edison International's consolidated debt to total capitalization ratio was 0.65 to 1.

At March 31, 2026, Edison International Parent was in compliance with all financial covenants that affect access to capital.

Edison International Parent's credit ratings may be affected by various factors, including failure by regulators to successfully implement the California Wildfire Legislation in a timely, consistent and credit-supportive manner, or investigations into wildfire events or associated settlements result in material utility liability exposure. In April 2026, the CEA submitted to the California Legislature and the Governor a report required under SB 254. The report observes that continued inaction to address escalating wildfire risk would expose utilities to risk of credit downgrades and heightened financial stress, limiting access to capital needed to maintain safe and reliable infrastructure. Edison International and SCE cannot predict whether or when there will be a comprehensive economy-wide solution mitigating the significant risk faced by California investor-owned utilities related to wildfires. For further discussion about the report see "— Management Overview—Southern California Wildfires."

Additionally, a persistent increase in the frequency and severity of wildfires in California may lead the credit rating agencies to reassess Edison International Parent's wildfire-related operational risk exposure or believe the Wildfire Fund is at risk of material depletion. Credit rating downgrades increase the cost and may impact the availability of short-term and long-term borrowings, including commercial paper, credit facilities, note financings or other borrowings.

The following table summarizes major categories of net cash provided by operating activities as provided in more detail in SCE's condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025.

1Includes nuclear decommissioning trusts. See "Nuclear Decommissioning Activities" below for further information.

Net cash provided by operating activities increased by $248 million in the first quarter of 2026 compared to the same period of 2025. The change was primarily due to the increase in 2026 escalation mechanism for rates set forth in the 2025 GRC final decision and the decrease in wildfire-related claim payments, partially offset by a decrease from changes in working capital.

The net (outflows) inflows in cash resulting from working capital was $(49) million and $44 million during the three months ended March 31, 2026 and 2025, respectively. Net cash outflows in 2026 were primarily due to payments of operating expenses, partially offset by inflows from net decreases in customer receivables and unbilled revenue. Net cash inflows in 2025 were primarily due to cash collected from the sale of renewable energy credits under a CPUC-established program.

Net cash provided by (used in) regulatory assets and liabilities, including changes in net over or undercollections recorded in balancing accounts, was $81 million and $(1.4) billion during the three months ended March 31, 2026 and 2025, respectively. Net increase in regulatory assets and liabilities of $1.5 billion is primarily due to cost recoveries authorized under the TKM Settlement Agreement in 2025, which is mostly offset with the decrease in net income after adjustment for non-cash items.

The following table summarizes cash provided by financing activities for the three months ended March 31, 2026 and 2025, respectively. Issuances of debt are discussed in "Notes to Condensed Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

Cash flows used in investing activities are primarily due to total capital expenditures of $1.5 billion and $1.4 billion for three months ended March 31, 2026 and 2025, respectively. In addition, SCE had a net (purchase) redemption of nuclear decommissioning trust investments of $(2) million and $34 million during the three months ended March 31, 2026 and 2025, respectively. See "Nuclear Decommissioning Activities" below for further discussion.

SCE's condensed consolidated statements of cash flows include nuclear decommissioning activities, which are reflected in the following line items:

Net cash provided by (used in) operating activities relates to interest and dividends less administrative expenses, taxes and SCE's decommissioning costs. Investing activities represent the purchase and sale of investments within the nuclear decommissioning trusts, including the reinvestment of earnings from nuclear decommissioning trust investments. The net cash impact reflects timing of decommissioning payments ($20 million and $61 million in 2026 and 2025, respectively) and reimbursements to SCE from the nuclear decommissioning trust ($27 million and $59 million in 2026 and 2025, respectively).

The table below sets forth condensed historical cash flow from operations for Edison International Parent and Other, including intercompany eliminations.

Net cash used in operating activities increased by $45 million in 2026 compared to 2025. This was primarily due to a $77 million cash inflow in 2025 from an intercompany tax settlement with SCE, offset by $32 million lower operating expense.

Net cash provided by financing activities was as follows:

Edison International's and SCE's material contingencies are discussed in "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies."

Edison International's and SCE's primary market risks are described in the 2025 Form 10-K, and there have been no material changes during the three months ended March 31, 2026. For further discussion of market risk exposures, including commodity price risk, and credit risk, see "Notes to Condensed Consolidated Financial Statements—Note 4.  Fair Value Measurements" and "Note 6.  Derivative Instruments."

For a discussion of Edison International's and SCE's critical accounting policies, see "Critical Accounting Estimates and Policies" in the 2025 MD&A.

In addition, for information regarding the Wildfire Fund, see "Notes to Condensed Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—Wildfire Fund."

New accounting guidance is discussed in "Notes to Condensed Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—New Accounting Guidance." Information responding to this section is included in the MD&A under the heading "Market Risk Exposures" and is incorporated herein by reference.

									Three months ended March 31,
(in millions, unaudited)															2026						2025
Net income															$	570					$	1,492
Comprehensive income															570						1,492
Less: Comprehensive income attributable to noncontrolling interests															29						34
Comprehensive income attributable to Edison International															$	541					$	1,458