Edison International : PRESENTATION 2026 q1

Published: 2026-04-28 17:55:13 ET EIX

Published on 04/28/2026 at 05:55 pm EDT

First-quarter performance reflects continued disciplined execution, steady operational progress, and clear focus on affordability and other priorities that matter most to our customers, communities, and capital providers

$1.38

Q1 2026 GAAP EPS

$1.42

Q1 2026 Core EPS1

Affirmed 2026 Core EPS1 guidance of $5.90-6.20

Affirmed

$5.90-6.20

2026 Core EPS Guidance1

Continued confidence in delivering 5-7% Core EPS1 growth from 2025 to 20302

Reiterated

5-7%

Core EPS CAGR 2025-20302

See Earnings Per Share Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix

Compound annual growth rate (CAGR) based on starting point of $5.84

Edison International | First-Quarter 2026 Earnings Call 2

Whole of society framing

Study comprehensively analyzes wildfire risk as the result of interacting forces that cannot be addressed through incremental changes to any single part of the system

Cost-of-inaction baseline

Study quantifies cost of inaction as a baseline to compare "Policy Pathways" against, presenting a call to action for the State to develop a durable way to address systemic challenges

Study presents options via three non-exclusive policy pathways for legislative consideration

1 Commit to Community Wildfire Risk Reduction

Focuses on targeted, risk-based mitigation and long-term investments to reduce losses in the highest-risk communities

2 Equitably Allocate Catastrophe Burdens

Examines options to rebalance how catastrophe costs are shared to support recovery, affordability, and system stability

3 State Roles for Addressing Catastrophe Resiliency

Evaluates expanded state participation to address financing and protection gaps not covered by existing mechanisms

Q1 2026 Q1 2025 Variance

Key SCE EPS Drivers

Higher revenue

$ 0.52

Takeaways

Basic Earnings Per Share (EPS)

Higher O&M (0.03)

Higher depreciation (0.12)

Higher property and other taxes (0.02)

Higher interest expense (0.34)

Higher other income 0.02

Div on preference stock 0.01

First-quarter 2026 Core EPS increased year over year, primarily due to:

▲ SCE: The adoption of the

SCE

$ 1.61 $

4.07 $

(2.46)

EIX Parent & Other

(0.23)

(0.34)

0.11

Basic EPS

$ 1.38 $

3.73 $

(2.35)

Less: Non-core Items1

SCE

$ (0.04) $

2.46 $

(2.50)

EIX Parent & Other

(0.10)

0.10

Total Non-core Items

(0.04) $

2.36 $

(2.40)

Core Earnings Per Share (EPS)

SCE

$ 1.65 $

1.61 $

0.04

EIX Parent & Other

(0.23)

(0.24)

0.01

Core EPS

$ 1.42 $

1.37 $

0.05

Total core drivers

$ 0.04

2025 GRC final decision in

Non-core items1 (2.50)

the third quarter of 2025,

Total

$ (2.46)

partially offset by the

EIX EPS

absence of a benefit to

Total core drivers

$ 0.01

interest expense related

Non-core items 0.10

to cost recoveries

1. See EIX Core EPS Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix

Note: Diluted earnings were $1.37 and $3.72 per share for the three months ended March 31, 2026 and 2025, respectively

Total

$ 0.11

authorized under the TKM Settlement Agreement in Q1 2025

▲ EIX Parent and Other: Lower preferred stock dividends, partially offset by higher interest expense

Forecast through 2030 includes:

2025 GRC approval

CAISO-awarded FERC transmission projects

Advanced metering infrastructure program (~50% of total $3.1bn projected spend is 2026-2030)

Planned 2029 GRC request

Beyond 2030, continued longterm capital investment opportunities to serve customers

2029 GRC investments

CAISO-awarded FERC transmission projects (~$2bn)

Advanced metering infrastructure program (~50% of total $3.1bn projected spend is 2031-2033)

2026-2030 Capital Expenditures Plan1

Capital Expenditures, $ in Billions

1.0

1.1

$9.0 $9.1

FERC CPUC

$7.3 $7.6 $7.6

0.8

0.9

6.5

6.7

7.9

8.1

Range

2026 2027 2028 2029 2030

Case2 $7.1 $7.3 $7.2 $8.0 $7.9

Forecast includes amounts approved in SCE's 2025 GRC filing. Additionally, reflects non-GRC spending subject to future regulatory requests beyond GRC proceedings and FERC Formula Rate annual updates

Annual Range Case capital reflects variability associated with future requests based on management judgment, potential for permitting delays and other operational considerations

Forecast through 2030 includes:

2025 GRC approval

CAISO-awarded FERC transmission projects

Advanced metering infrastructure program (~50% of total $3.1bn projected spend is 2026-2030)

Planned 2029 GRC request

Beyond 2030, continued longterm capital investment opportunities to serve customers

2029 GRC investments

CAISO-awarded FERC transmission projects (~$2bn)

Advanced metering infrastructure program (~50% of total $3.1bn projected spend is 2031-2033)

2025-2030 SCE Rate Base

Weighted Average Rate Base, $ in Billions

8.0

9.5

8.8

8.3

58.4

7.6

7.5

40.1

43.2

46.4

49.8

53.8

~7% CAGR 2025-2030

FERC CPUC

$47.6

$50.8 $54.4

$58.1 $62.6

$67.9

Range

2025 2026 2027 2028 2029 2030

Case (Recorded) $50.8 $54.3 $57.7 $61.7 $66.1

Providing 2027 outlook given visibility through GRC cycle

Expected to be at high-end of long-term growth rate range of 5-7%

Core EPS growth driven primarily by ~7% rate base growth

Modeling considerations can be found in Additional Information section

EIX 2026 and 2027 Core Earnings Per Share Guidance Ranges

2026

Guidance

2027

Guidance

SCE EPS 6.81-7.07 7.20-7.53

EIX Parent and Other EPS (0.91)-(0.87) (0.95)-(0.88)

EIX Consolidated Core EPS

$5.90-6.20

~7% Growth

$6.25-6.65

Share Count (in millions) 385 385

EIX 2028 Core Earnings Per Share Guidance Range

2028

Guidance

SCE EPS

7.74-8.04

EIX Parent and Other EPS

(1.00)-(0.90)

EIX Consolidated Core EPS

$6.74-7.14

Share Count (in millions)

385

Compound annual growth rate (CAGR) based on starting point of $5.84

Achievable EPS growth for 2030

Core Earnings per Share Guidance

$7.45-8.20

2026-2030 EIX consolidated financing plan1

$ in Billions

$5.84

5-7% CAGR

Capital Plan

$38-41

Net cash provided by operating activities

$36-38

Incremental Debt3

$9-12

Dividends2

$7-9

Original 2025 Midpoint

2030

Target

Uses Sources

Financing plan is subject to change. Incorporates expected Woolsey securitization

EIX Dividends includes common and preferred dividends, which are subject to approval by the EIX Board of Directors

Incremental to refinancing of maturities. Values shown include both SCE and parent debt

5-7% Core EPS CAGR1

2025-2030

Underpinned by strong rate base growth of ~7%

$38-41 billion 2026-2030 capital program

~5%

current dividend yield2

22 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 ~30-40% load growth by 2035 and nearly doubling by 20453

Compound annual growth rate (CAGR) based on starting point of $5.84

Based on EIX stock price on April 27, 2026

Relative to 2025

Investigation Status2

While SCE has not conclusively determined causation, SCE is not aware of evidence pointing to another possible source of ignition.

Absent additional evidence, SCE believes that it is likely that its

Clear funding sources mitigate balance sheet exposure from claims resolution4

5 Customer-funded

equipment could have been associated with the ignition of the Eaton Fire.

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.

Wildfire Recovery Compensation Program Stats3

Nearly 3,150 claims submitted, consisting of almost 9,500 individuals, trusts, and legal entities

Nearly 1,500 offers extended to nearly 3,700 claimants, totaling more than $500 million

More than 735 claimants paid, totaling more than $100 million

Refers to claims for third-party damages related to the Eaton Fire eligible for reimbursement from the Wildfire Fund's Initial Account, which will be subject to approval of the fund administrator

For further details, see "Management Overview-Southern California Wildfires and Mudslides" in the 2025 10-K

As of April 27, 2026

Refers to funding sources prior to a CPUC determination of prudency. For further details, see "Management Overview-Southern California Wildfires and Mudslides" in the 2025 10-K

Customer-funded self-insurance includes a $12.5 million shareholder contribution

First $1Bn

Up to remaining capacity of Wildfire Fund

Above capacity of Wildfire Fund

self-insurance

Reimbursement from Wildfire Fund1

SB 254 provides ability to securitize6

Subject to CPUC approval. If the CPUC determines that the costs were not prudently incurred, SCE will be required to return any amounts recovered back to customers over a period that matches the remaining duration of the financing instrument through credits to customer rates

~$8.3 billion

memo account recovery 2021-1Q20261

~$3.2 billion

securitizations of

AB 1054 capex and TKM cost recovery completed

~$3.2 billion

remaining recoveries through 2027

~$3.2 billion remaining GRC and wildfire-related application recoveries2

Expected annual rate recovery or securitization; $ in Millions

$2.8

2.0

0.4

0.8

$0.4

By 2027, nearly all of GRC and wildfire-related memo account recoveries will be complete; currently $0 in 2028+ with fewer expected applications in the future

Woolsey Securitization

Rate Recovery3

Q2-Q4 2026 2027 2028

Includes ~$3.2 billion recovered through securitization of AB 1054 capital expenditures and TKM authorized costs

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 Woolsey 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. Woolsey Securitization estimate will be further refined as timing and costs of securitization transaction are evaluated

Includes approved applications including the 2025 GRC, 2023 WMCE, 2022 WM/VM, Woolsey CEMA, TKM CEMA, and various others account for ~$1.2 billion; also includes pending applications already submitted to the CPUC. Requested revenue requirement shown. Amounts and amortization subject to CPUC approval Note: Numbers may not add due to rounding

Variable 2026 2027 2028

SCE Rate Base ($ billions)

$50.8

$54.3-54.4

$57.7-58.1

Rate Base Mix (CPUC/FERC)

85% / 15%

86% / 14%

Authorized ROEs (CPUC/FERC)

10.03% / 10.30%

Authorized Equity Ratios (CPUC/FERC)

52% / 47.5%

TKM/Woolsey Interest Benefit1 (Core EPS)

~32¢

SCE Wildfire Debt Rate (Pre-tax)

incorporates curre

5.3% weighted average portfolio;

EIX Parent Debt Rate (Pre-tax)

incorporates curre

5.4% weighted average portfolio;

Equity Issuance ($ millions)

No equity issuance forecasted from 2026-2030

Share Count (millions)

385

Compared to 2024 baseline

Reconciliation of EIX GAAP Earnings to EIX Core Earnings

Net Income (Loss) Available to Edison International, $ in Millions

Q1 2026

Q1 2025

SCE

$ 619

$ 1,567

EIX Parent & Other

(88)

(131)

Basic Earnings

$ 531

$ 1,436

Non-Core Items

SCE

Wildfire-related recoveries, net of claims and expenses

1,351

Wildfire Fund expense

(35)

(36)

Income tax benefit (expense)1

(368)

Subtotal SCE

(16)

947

EIX Parent & Other

Changes to wildfire claims and expenses insured by EIS

(50)

Income tax benefit1

Subtotal EIX Parent & Other

(39)

Less: Total non-core items

$ (15)

$ 908

SCE

635

620

EIX Parent & Other

(89)

(92)

Core Earnings

$ 546

$ 528

Reconciliation of EIX Basic Earnings Per Share to EIX Core Earnings Per Share

EPS Available to Edison International1

Q1 2026

Q1 2025

Basic EPS

$ 1.38

$ 3.73

Non-Core Items

SCE

Wildfire-related recoveries, net of claims and expenses

0.03

3.51

Wildfire Fund expense

(0.09)

Income tax benefit (expense)2

0.02

(0.96)

Subtotal SCE

(0.04)

2.46

EIX Parent & Other

Changes to wildfire claims and expenses insured by EIS

(0.13)

Income tax benefit2

0.03

Subtotal EIX Parent & Other

(0.10)

Less: Total non-core items

(0.04)

2.36

Core EPS

$ 1.42

$ 1.37

EPS is based on weighted-average share count of 385 million for both 2026 and 2025

Reconciliation of EIX Basic Earnings Per Share Guidance to EIX Core Earnings Per Share Guidance

2026 EPS Available to Edison International

Low

High

Basic EIX EPS

$5.86

$6.16

Total Non-Core Items1

(0.04)

Core EIX EPS

$5.90

$6.20

Non-core items are presented as they are recorded

Edison International's earnings and basic earnings per share (EPS) are prepared in accordance with generally accepted accounting principles used in the United States. Management uses core earnings and core EPS internally for financial planning and for analysis of performance. Core earnings and core EPS 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 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 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. The Company is unable to provide a reconciliation of forward-looking core EPS guidance for 2027, 2028, and 2030 to the most directly comparable GAAP measure because certain items affecting GAAP EPS, including but not limited to

wildfire-related costs, regulatory outcomes, and other non-core items, are inherently unpredictable and cannot be estimated without unreasonable effort. The probable significance of these items is such that they could have a material impact on GAAP results in future periods.

EIX Investor Relations Contact

Sam Ramraj, Vice President

(626) 302-2540

[email protected]

Derek Matsushima, Principal Manager

(626) 302-3625

[email protected]

Disclaimer

Edison International published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:55 UTC.