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FEBRUARY 18, 2026 FOURTH-QUARTER 2025 FINANCIAL RESULTS
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1Edison International | Fourth-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 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 affordability on SCE’s ability to obtain regulatory approval of, or cost recovery for, operations and maintenance expenses, proposed capital investment projects, forecasted load growth does not occur, and increased costs due to supply chain constraints, tariffs, inflation and rising interest rates and the impact of legislative actions on affordability; • 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, its target energizat ion times and capital investment program, including challenges 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“), California Senate Bill 254 (“SB 254”) or other 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 California Public Utilities Commission (“CPUC”) interpretation of and actions under AB 1054 or SB 254, 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, 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 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 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 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: edisoninvestor.com. These filings also provide additional information on historical and other factual data contained in this presentation. Forward-Looking Statements
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2Edison International | Fourth-Quarter 2025 Earnings Call Key Messages $11.58 2025 GAAP EPS $6.55 2025 Core EPS1 Reiterated and Extended 5–7% Core EPS CAGR 2025–20302 Introduced $5.90–6.20 2026 Core EPS Guidance1 Unwavering commitment to customers, communities, and capital contributors—safety, affordability, execution 2025 Core EPS above guidance extends track record of delivering on commitments Introduced 2026 Core EPS1 guidance of $5.90–6.20 and 2027 Core EPS guidance of $6.25–6.65 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 starting point of $5.84, which is the midpoint of the original 2025 EPS guidance range of $5.50–5.90 plus run-rate interest expense benefit resulting from the TKM Settlement Agreement of 14¢ 2 Strengthened execution and wildfire-risk reduction reinforce SCE’s operational and safety leadership 1 3 4 6 Recent regulatory decisions provide strong visibility into achieving multi-year targets 2 Continued confidence in delivering 5–7% Core EPS1 growth from 2025 to 2028 and extending to 203025
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3Edison International | Fourth-Quarter 2025 Earnings Call EIX has a solid track record of delivering on Core EPS guidance over the last two decades 2025 2024 2023 2022 2021 Exceeded In-line In-line In-line Exceeded 2020 2019 2017 2016 2015 In-line In-line Exceeded In-line Exceeded 2014 2013 2011 2010 2009 Exceeded Exceeded Exceeded In-line Exceeded 2008 2007 2006 2005 2004 In-line Exceeded Exceeded Exceeded Exceeded EIX Actual Core EPS vs. Guidance Range History1 1. 2012 and 2018 not shown because Core EPS guidance was not given in those years dueto GRC decision timing + + ++ + + + + + + + +
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4Edison International | Fourth-Quarter 2025 Earnings Call 1 2 3 Eaton Fire: Currently unable to estimate potential losses; SCE has clear sources for funding claims resolution1 1. 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 2. For further details, see "Management Overview—Southern California Wildfires and Mudslides” in the 2025 10-K 3. As of February 13, 2026 4. 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 5. Customer-funded self-insurance includes a $12.5 million shareholder contribution 6. 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 Clear funding sources mitigate balance sheet exposure from claims resolution4While 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 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. • 2,345 claims submitted for households, consisting of more than 6,778 individuals • 507 offers extended totaling more than $165 million • 71 claims payments already made to individuals, totaling more than $15 million Investigation Status2 Wildfire Recovery Compensation Program Stats3 First $1Bn5 Customer–funded self-insurance Up to remaining capacity of Wildfire Fund Reimbursement from Wildfire Fund 1 Above capacity of Wildfire Fund SB 254 provides ability to securitize 6
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5Edison International | Fourth-Quarter 2025 Earnings Call SCE enters 2026 with substantially greater clarity into outlook following significant regulatory year in 2025 Application 2025 2026 2027 2028 Next Steps General Rate Case (A.23-05-010) n/a TKM Recovery; Financing (A.23-08-013; A.25-04-021) n/a 2023 WMCE; 2024 WMCE (A.24-04-005; A.25-12-002) Awaiting scoping memo to set procedural schedule 2022 WMVM (A.23-10-001) n/a Cost of Capital (A.25-03-012) n/a Woolsey Recovery; Financing (A.24-10-002; A.26-01-007) Prehearing conference on Feb. 19 NextGen ERP (A.25-03-009) Reply briefs due Feb. 20 Advanced Metering Infra. 2.0 (Not yet filed) Plan to file in Q1 2026 = Final Decision Received File 2029 GRC File 2029 CoC File standalone application
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6Edison International | Fourth-Quarter 2025 Earnings Call Key SCE EPS Drivers Higher revenue 0.46$ Higher depreciation (0.05) Higher property and other taxes (0.04) Lower interest expense 0.45 Higher other income 0.03 Div on preference stock 0.01 Total core drivers 0.86$ Non-core items1 3.11 Total 3.97$ Total core drivers (0.05)$ Non-core items — Total (0.05)$ EIX EPS Q4 2025 Q4 2024 Variance Basic Earnings Per Share (EPS) SCE 5.08$ 1.11$ 3.97$ EIX Parent & Other (0.28) (0.23) (0.05) Basic EPS 4.80$ 0.88$ 3.92$ Less: Non-core Items1 SCE 2.94$ (0.17)$ 3.11$ EIX Parent & Other — — — Total Non-core Items 2.94$ (0.17)$ 3.11$ Core Earnings Per Share (EPS) SCE 2.14$ 1.28$ 0.86$ EIX Parent & Other (0.28) (0.23) (0.05) Core EPS 1.86$ 1.05$ 0.81$ Fourth Quarter Earnings Summary 1. See EIX Core EPS Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix Note: Diluted earnings were $4.81 and $0.87 per share for the three months ended December 31, 2025 and 2024, respectively Fourth-quarter 2025 Core EPS increased year over year, primarily due to: SCE: A benefit to interest expense related to cost recoveries authorized under the Woolsey Settlement Agreement and higher revenue from the 2025 GRC final decision EIX Parent and Other: Preferred stock redemption loss due to recognition of original issuance costs Takeaways
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7Edison International | Fourth-Quarter 2025 Earnings Call Key SCE EPS Drivers Higher revenue 1.80$ Higher O&M (0.14) Higher depreciation (0.49) Higher property and other taxes (0.06) Lower interest expense 0.77 Lower other income (0.07) Income taxes (0.11) Div on preference stock 0.08 Total core drivers 1.78$ Non-core items1 6.72 Total 8.50$ Total core drivers (0.16)$ Non-core items1 (0.09) Total (0.25)$ EIX EPS 2025 2024 Variance Basic Earnings Per Share (EPS) SCE 12.70$ 4.20$ 8.50$ EIX Parent & Other (1.12) (0.87) (0.25) Basic EPS 11.58$ 3.33$ 8.25$ Less: Non-core Items1 SCE 5.13$ (1.59)$ 6.72$ EIX Parent & Other (0.10) (0.01) (0.09) Total Non-core Items 5.03$ (1.60)$ 6.63$ Core Earnings Per Share (EPS) SCE 7.57$ 5.79$ 1.78$ EIX Parent & Other (1.02) (0.86) (0.16) Core EPS 6.55$ 4.93$ 1.62$ Full Year Earnings Summary 1. See EIX Core EPS Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix Note: Diluted earnings were $11.58 and $3.31 per share for the twelve months ended December 31, 2025 and 2024, respectively 2025 Core EPS increased year over year, primarily due to: SCE: Higher revenue from the 2025 GRC final decision and benefits to interest expense related to cost recoveries authorized under the TKM and Woolsey Settlement Agreements EIX Parent and Other: Higher interest expense and preferred stock redemption loss due to recognition of original issuance costs Takeaways
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8Edison International | Fourth-Quarter 2025 Earnings Call EIX added another year of strong execution in 2025 Extended track record of delivering on Core EPS guidance and achieved 2021–2025 growth target • 2025 Core EPS of $6.55, above initial guidance range1 • Solid track record of delivering on Core EPS guidance over last two decades • Delivered on multi-year Core EPS growth target set in 2021, successfully managing headwinds Continued progress in wildfire mitigation efforts • Installed 700+ miles of covered conductor, bringing total deployment to more than 7,000 miles • No ignitions due to failure of covered conductor2 Settlements for 2017/2018 Events cost recovery approved by CPUC • Successfully completed TKM and Woolsey cost recovery proceedings (overall approval is 43% of total request = ~$3.6 billion) • Completed securitization of TKM cost recovery (~$1.6 billion) Significant regulatory progress resolving major proceedings • Final decisions on 2025 GRC, 2026 cost of capital, 2023 WMCE, 2022 WMVM, TKM and Woolsey cost recovery settlement agreements • Maintained lowest system-average rate among major California IOUs for 17th consecutive year Grew dividend for 22nd consecutive year • Raised dividend 6%, reflecting confidence in EIX’s financial strength and outlook, and commitment to achieving long-term EPS growth target 1. See Earnings Per Share Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix 2. Refers to the ignition drivers covered conductor is designed to mitigate
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9Edison International | Fourth-Quarter 2025 Earnings Call 2026 Key Focus Areas Operational • Wildfire mitigation work — continued execution of wildfire mitigation plan • Execute on $7+ billion capital plan — strengthen reliability, resilience, and readiness to meet customer needs • Continue track record of operational excellence — drive toward long-term objectives across safety, reliability, customer satisfaction, and affordability Regulatory & Legislative • SB 254 Natural Catastrophe Resiliency Study & Legislation — drive discussions on a whole- of-society solution that enhances public safety, improves affordability, and supports the predictability for long-term investment in a clean, reliable energy system for California • NextGen ERP application — achieve constructive final decision on program that enables business improvements that provide grid resiliency, customer cost savings, and other benefits • File Advanced Metering Infrastructure 2.0 application — >$3 billion capital program Financial • Another year of solid execution — deliver on Core EPS1 guidance and remain on track to deliver on multiyear EPS targets • Execute efficient financings — OpCo and Parent debt issuances to finance growth and refinance maturities with no equity issuance 1. See Earnings Per Share Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix
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10Edison International | Fourth-Quarter 2025 Earnings Call 2026–2030 Capital Expenditures Plan1 Five-year capex plan of ~$38–$41 billion to strengthen reliability, resilience, and readiness to meet customer needs Capital Expenditures, $ in Billions 1. 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. 2. Annual Range Case capital reflects variability associated with future requests based on management judgment, potential for permitting delays and other operational considerations 6.5 6.7 6.7 7.9 8.1 0.8 0.9 0.9 1.1 1.0 $7.3 $7.6 $7.6 $9.0 $9.1 2026 2027 2028 2029 2030 CPUC FERC Range Case2 $7.1 $7.3 $7.2 $8.0 $7.9 Forecast through 2030 includes: • 2025 GRC approval • CAISO-awarded FERC transmission projects • Advanced metering infrastructure program (~50% of total >$3bn projected spend is 2026–2030) • Planned 2029 GRC request Beyond 2030, continued long- term capital investment opportunities to serve customers • 2029 GRC investments • CAISO-awarded FERC transmission projects (~$2bn) • Advanced metering infrastructure program (~50% of total >$3bn projected spend is 2031–2033)
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11Edison International | Fourth-Quarter 2025 Earnings Call 40.1 43.2 46.4 49.8 53.8 58.4 7.5 7.6 8.0 8.3 8.8 9.5 $47.6 $50.8 $54.4 $58.1 $62.6 $67.9 2025 2026 2027 2028 2029 2030 Projected ~7% rate base growth driven by investments to enable customer-driven load growth CPUC FERC ~7% CAGR 2025–2030 Range Case (Recorded) $50.8 $54.3 $57.7 $61.7 $66.1 2025–2030 SCE Rate Base Weighted Average Rate Base, $ in Billions Forecast through 2030 includes: • 2025 GRC approval • CAISO-awarded FERC transmission projects • Advanced metering infrastructure program (~50% of total >$3bn projected spend is 2026–2030) • Planned 2029 GRC request Beyond 2030, continued long- term capital investment opportunities to serve customers • 2029 GRC investments • CAISO-awarded FERC transmission projects (~$2bn) • Advanced metering infrastructure program (~50% of total >$3bn projected spend is 2031–2033)
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12Edison International | Fourth-Quarter 2025 Earnings Call Note: See Earnings Per Share Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. All tax-effected information on this slide is based on our current combined statutory tax rate of approximately 28%. Totals may not add due to rounding 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 (0.91)–(0.87) (0.95)–(0.88) EIX Consolidated Core EPS $5.90–6.20 $6.25–6.65 Share Count (in millions) 385 385 EIX introduces 2026 Core EPS guidance of $5.90–6.20 and 2027 Core EPS guidance of $6.25–6.65 ~7% Growth Now 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 • Additional modeling considerations can be found on page 15
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13Edison International | Fourth-Quarter 2025 Earnings Call 5.84 0.28 0.18 (0.11) (0.07) (0.07) 6.05 Original 2025 Midpoint Rate Base Growth, Net of Lower CPUC ROE Woolsey Interest Benefit 2025 Regulatory Decision True-ups Depreciation- and Property Tax- related Tax, Financing, and Other 2026 Core EPS Guidance (@ Midpoint) 2026 Core EPS guidance represents ~3.5% growth, muted primarily by variances not expected to affect later periods Drivers of 2026 Core EPS compared to original 2025 midpoint1 $ per Share 1. Original 2025 midpoint represents the midpoint of the original 2025 Core EPS guidance range for $5.50–5.90 plus run-rate interest expense benefit resulting from the TKM Settlement Agreement of 14¢ Note: See Earnings Per Share Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. Non-core items are presented as recorded Variances not expected to affect later periods
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14Edison International | Fourth-Quarter 2025 Earnings Call 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 benefit resulting from the TKM Settlement Agreement of 14¢ Note: See Earnings Per Share Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. All tax-effected information on this slide is based on our current combined statutory tax rate of approximately 28%. Totals may not add due to rounding EIX 2028 Core Earnings Per Share Guidance Range 2028 Guidance SCE EPS 7.74–8.04 EIX Parent and Other (1.00)–(0.90) EIX Consolidated Core EPS $6.74–7.14 Share Count (in millions) 385 EIX reaffirms 2028 Core EPS guidance of $6.74–7.14, representing 5–7% growth from 20251
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15Edison International | Fourth-Quarter 2025 Earnings Call 2026–2028 Modeling Considerations Variable 2026 2027 2028 SCE Rate Base ($ billions) $50.8 $54.3–54.4 $57.7–58.1 Rate Base Mix (CPUC/FERC) 85% / 15% 85% / 15% 86% / 14% Authorized ROEs (CPUC/FERC) 10.03% / 10.30% 10.03% / 10.30% 10.03% / 10.30% Authorized Equity Ratios (CPUC/FERC) 52% / 47.5% 52% / 47.5% 52% / 47.5% TKM/Woolsey Interest Benefit1 (Core EPS) ~32¢ ~32¢ ~32¢ SCE Wildfire Debt Rate (Pre-tax) 5.3% weighted average portfolio; incorporates current yield curve, maturities, and financing assumptions EIX Parent Debt Rate (Pre-tax) 5.4% weighted average portfolio; incorporates current yield curve, maturities, and financing assumptions Equity Issuance ($ millions) No equity issuance forecasted from 2026–2030 Share Count (millions) 385 385 385 1. Compared to 2024 baseline
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16Edison International | Fourth-Quarter 2025 Earnings Call EIX extends 5–7% Core EPS growth for 2025 to 2030, with no equity needs in financing plan 1. For 2025, represents the midpoint of the original 2025 Core EPS guidance range for $5.50–5.90 plus run-rate interest expense benefit resulting from the TKM Settlement Agreement of 14¢ 2. Financing plan is subject to change. Incorporates expected Woolsey securitization 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 $7.45–8.20 Original 2025 Midpoint 2030 Target Achievable EPS growth for 2030 Core Earnings per Share Guidance1 5–7% CAGR 2026–2030 EIX consolidated financing plan2 $ in Billions Uses Sources Capital Plan $38–41 Dividends3 $7–9 Net cash provided by operating activities $36–38 Incremental Debt2,4 $9–12
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17Edison International | Fourth-Quarter 2025 Earnings Call Rate base and EPS growth aligned with grid safety, reliability, and customer affordability 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 benefit resulting from the TKM Settlement Agreement of 14¢ 2. Based on EIX stock price on February 17, 2026 3. Relative to 2025 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
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ADDITIONAL INFORMATION
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19Edison International | Fourth-Quarter 2025 Earnings Call Resolution of legacy wildfires: TKM and Wooley settlements approved; Woolsey securitization pending approval TKM (A.23-08-013) Woolsey (A.24-10-002) Value ~$1.6 billion (Settlement value)1 ~$2.0 billion (Settlement value)1 Next Steps None — securitization completed in 2025 Targeting issuance of securitized bonds by mid-2026 Avg. Residential Customer Cost2 ~$1.04/month ~$1.18/month (vs. average bill of ~$188) Modeling Considerations2017/2018 Wildfire/Mudslide Events Cost Recovery 1. Approved TKM settlement authorizes recovery of 60% of WEMA costs (claims and associated financing and legal expenses) and 85% of CEMA costs. Approved Woolsey settlement authorizes recovery of 35% 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 Core EPS: One-time benefit recorded upon CPUC approval; going forward, SCE realizes interest expense benefit Cash Flow: Securitization follows CPUC approval of financing order – TKM: ~$1.6 billion completed in 2025 – Woolsey: ~$2.0 billion expected mid-2026 Use of Proceeds: – Offsets normal-course debt issuances as SCE reallocates outstanding debt for rate base growth One-time True-up in 2025 Ongoing Post-Decision TKM ~30¢ (Q1 2025) ~14¢ (annualized) Woolsey ~46¢ (Q4 2025) ~18¢ (annualized)
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20Edison International | Fourth-Quarter 2025 Earnings Call ~$8.0 billion memo account recovery 2021–20251 ~$3.2 billion securitizations of AB 1054 capex and TKM cost recovery completed ~$3.5 billion remaining recoveries through 2027 Cash flow from memo account recovery and securitization strengthens our balance sheet and credit metrics Approved Applications Application / Account Balance @ Dec. 31, ’25 Recovery Through Remaining Rate Recovery by Year 2026 2027 2028 2025 GRC (Jan–Sept. ’25) 789 Sept. ‘27 451 338 – 2023 WMCE 312 Sept. ‘26 312 – – 2022 WM/VM 128 Sept. ‘26 128 – – Woolsey CEMA 50 May ‘27 29 21 – TKM CEMA 14 Jun. ‘26 14 – – Various others 229 Varies 229 – – Total 1,522 1,163 359 – Pending Applications2 (Subject to CPUC Authorization) Application Request2,3,4 Expected Amort.2 Expected Rate Recovery by Year3 2026 2027 2028 Woolsey Securitization 1,951 n/a 1,951 – – 2024 WMCE 48 12 months – 48 – Total Including Securitization 1,999 1,951 48 – 1. Includes ~$3.2 billion recovered through securitization of AB 1054 capital expenditures and TKM authorized costs 2. Pending Applications reflects applications already submitted to the CPUC. 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 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 4. Woolsey Securitization estimate will be further refined as timing and costs of securitization transaction are evaluated Note: Numbers may not add due to rounding Remaining GRC and Wildfire-related Application Recoveries $ in Millions
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21Edison International | Fourth-Quarter 2025 Earnings Call Q4 2025 Q4 2024 2025 2024 Basic Earnings 1,848$ 340$ 4,459$ 1,284$ Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events (claims and expenses), net of recoveries 1,627 (8) 2,961 (493) Eaton Fire claims and expenses (15) — (15) — Other Wildfire Events (claims and expenses), net of recoveries (5) (38) (1) (162) Wildfire Fund expense (36) (37) (144) (146) Net charges related to disallowed historical capital expenditures in SCE's 2025 GRC decision — — (76) — Severance costs, net of recovery — (6) — (50) Income tax (expense) benefit1 (440) 25 (747) 238 Subtotal SCE 1,131 (64) 1,978 (613) EIX Parent & Other Wildfire claims insured by EIS — (2) (50) (4) Income tax benefit1 — 1 11 1 Subtotal EIX Parent & Other — (1) (39) (3) Less: Total non-core items 1,131$ (65)$ 1,939$ (616)$ SCE 823 493 2,911 2,232 EIX Parent & Other (106) (88) (391) (332) Core Earnings 717$ 405$ 2,520$ 1,900$ 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
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22Edison International | Fourth-Quarter 2025 Earnings Call Q4 2025 Q4 2024 2025 2024 Basic EPS 4.80$ 0.88$ 11.58$ 3.33$ Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events (claims and expenses), net of recoveries 4.22 (0.02) 7.68 (1.28) Eaton Fire claims and expenses (0.04) — (0.04) — Other Wildfire Events (claims and expenses), net of recoveries (0.01) (0.10) — (0.42) Wildfire Insurance Fund expense (0.09) (0.10) (0.37) (0.38) Net charges related to disallowed historical capital expenditures in SCE's 2025 GRC decision — — (0.20) — Severance costs, net of recovery — (0.02) — (0.13) Income tax (expense) benefit2 (1.14) 0.07 (1.94) 0.62 Subtotal SCE 2.94 (0.17) 5.13 (1.59) EIX Parent & Other Wildfire claims insured by EIS — — (0.13) (0.01) Income tax benefit2 — — 0.03 — Subtotal EIX Parent & Other — — (0.10) (0.01) Less: Total non-core items 2.94 (0.17) 5.03 (1.60) Core EPS 1.86$ 1.05$ 6.55$ 4.93$ EIX Core EPS Non-GAAP Reconciliations 1. EPS is based on weighted-average share count of 385 million and 386 million for 2025 and 2024, respectively 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
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23Edison International | Fourth-Quarter 2025 Earnings Call Low High Basic EIX EPS $5.90 $6.20 Total Non-Core Items1 – – Core EIX EPS $5.90 $6.20 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 2026 EPS Available to Edison International
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24Edison International | Fourth-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 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.