Financial Data and Key Metrics Changes - Edison International reported third quarter core earnings per share (EPS) of $2.34, up from $1.51 a year ago, influenced by a true-up for the 2025 General Rate Case [5][17] - The company narrowed its 2025 core EPS guidance range to $5.95-$6.20, reflecting strong year-to-date performance and outlook for the remainder of the year [5][18] - The long-term core EPS growth target remains at 5%-7% through 2028 [5][17] Business Line Data and Key Metrics Changes - Southern California Edison (SCE) has made significant progress in wildfire mitigation, deploying over 6,800 miles of covered conductor and planning to harden nearly 90% of its distribution lines in high fire risk areas by year-end [13][14] - The final decision on the 2025 General Rate Case authorizes base revenue of $9.7 billion, supporting investments in wildfire mitigation and safety [12][13] Market Data and Key Metrics Changes - California's legislative session concluded with the passage of SB 254, which establishes an $18 billion continuation account for wildfire claims, enhancing financial stability for investor-owned utilities [6][8] - The company anticipates a near-term load growth compound annual growth rate (CAGR) of up to 3%, with long-term projections indicating electricity sales could nearly double over the next two decades [25] Company Strategy and Development Direction - The company is focused on maintaining affordability for customers while investing in safety and reliability, particularly in response to wildfire risks [12][15] - Edison International is committed to working with legislators and stakeholders to shape a sustainable and equitable framework for addressing climate-driven natural disasters [9][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the legislative actions taken to support utilities and mitigate wildfire risks, indicating a positive outlook for future legislative developments [9][16] - The company remains focused on customer costs and maintaining healthy credit ratings, emphasizing the importance of financial health in the context of regulatory changes [62] Other Important Information - The company is preparing for significant capital expenditures of $28 billion-$29 billion over the next four years, focusing on infrastructure replacement and system resiliency [19][20] - The passage of SB 254 allows for securitization of wildfire claims payments, which is expected to minimize costs and improve financial flexibility [23][24] Q&A Session Summary Question: Clarification on the $0.10 charge related to preferred equity - Management confirmed that the $0.10 charge is related to preferred equity series with rate resets in March 2026 and March 2027, and they are evaluating options for addressing this [32][34] Question: Participation level in the Wildfire Recovery Compensation Program - Management indicated that the program has not yet launched but is expected to finalize soon, and participation rates will be crucial for estimating losses [35][37] Question: Growth rate trends and clarity on EPS trajectory - Management expressed confidence in the 5%-7% EPS growth rate, citing clarity from the General Rate Case and various regulatory proceedings [45][46] Question: Impact of SB 254 on capital expenditures - Management clarified that the capital expenditures related to wildfire mitigation under SB 254 will be spent after the 2029 rate case cycle [98][100] Question: Breakdown of near-term sales growth - Management noted that near-term sales growth is expected to be driven by electrification, residential growth, and increases in commercial and industrial consumption [104]

Financial Data and Key Metrics Changes - Edison International reported third quarter core earnings per share (EPS) of $2.34, up from $1.51 a year ago, influenced by a true-up for the 2025 General Rate Case [5][17] - The company narrowed its 2025 core EPS guidance range to $5.95 to $6.20, reflecting strong year-to-date performance and outlook for the remainder of the year [5][18] - The company reaffirmed its long-term core EPS growth target of 5% to 7% through 2028 [5][17] Business Line Data and Key Metrics Changes - Southern California Edison (SCE) has made significant progress in wildfire mitigation, deploying over 6,800 miles of covered conductor and planning to harden nearly 90% of its distribution lines in high fire risk areas by year-end [13][14] - The final decision on the 2025 General Rate Case authorized base revenue of $9.7 billion, supporting investments in wildfire mitigation and reliability [12][13] Market Data and Key Metrics Changes - California's legislative session concluded with the passage of SB 254, creating an $18 billion continuation account to support utilities and customers in wildfire risk management [6][8] - The company expects a near-term load growth compound annual growth rate (CAGR) of up to 3%, with long-term electricity sales projected to nearly double over the next two decades [25] Company Strategy and Development Direction - The company is focused on legislative and regulatory progress to enhance financial stability and operational execution, particularly in wildfire risk management [15][16] - Edison International is committed to maintaining affordability for customers while investing in safety and reliability [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the legislative actions taken to address wildfire risks and the financial stability of investor-owned utilities [6][9] - The company is optimistic about future legislative actions and the potential for meaningful reforms to address climate-driven natural disasters [9][16] Other Important Information - The company is preparing for a comprehensive report due in April 2026 to evaluate long-term reforms related to wildfire risk and cost allocation [8][9] - SCE expects to receive approximately $1.6 billion in securitization proceeds from the TKM settlement by year-end [22] Q&A Session Summary Question: Clarification on the $0.10 charge related to preferred equity - Management confirmed that the $0.10 charge is related to preferred equity series with rate resets in March 2026 and March 2027, and they are evaluating options for addressing this [32][33] Question: Participation level in the Wildfire Recovery Compensation Program - Management indicated that the program has not yet launched but is expected to finalize soon, and participation rates will be crucial for estimating losses [35][36] Question: Growth rate trends and guidance - Management expressed confidence in the 5% to 7% EPS growth rate, citing clarity from the General Rate Case and various regulatory proceedings [45][46] Question: SB 254 CapEx and equity return - Management clarified that the CapEx related to wildfire mitigation under SB 254 will not earn an equity return and will be considered in future rate cases [97][98] Question: Breakdown of near-term sales growth - Management noted that the near-term sales growth of 1% to 3% is driven by electrification, residential growth, and commercial and industrial customers [104]

Financial Data and Key Metrics Changes - Edison International reported third quarter core earnings per share (EPS) of $2.34, up from $1.51 a year ago, although this comparison is not meaningful due to a true-up for the 2025 General Rate Case [4][17] - The company narrowed its 2025 core EPS guidance range to $5.95 to $6.20, reflecting strong year-to-date performance and outlook for the remainder of the year [4][18] - The company reaffirmed its long-term core EPS growth target of 5% to 7% through 2028 [4][17] Business Line Data and Key Metrics Changes - Southern California Edison (SCE) has made significant progress in wildfire mitigation, having deployed over 6,800 miles of covered conductor and hardened nearly 90% of its distribution lines in high fire risk areas [12][13] - The final decision on the 2025 General Rate Case authorized base revenue of $9.7 billion, supporting investments in wildfire mitigation and safety [12] Market Data and Key Metrics Changes - California's legislative session concluded with the passage of SB 254, which creates an up to $18 billion continuation account to support utilities and customers in wildfire risk management [5][6] - The company expects a near-term load growth compound annual growth rate (CAGR) of up to 3%, driven by electrification and new housing developments [24] Company Strategy and Development Direction - The company is focused on legislative and regulatory progress to enhance financial stability and address wildfire risks, with SB 254 seen as a constructive step [5][6] - Edison International is committed to maintaining affordability for customers while investing in safety and reliability [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the legislative actions taken to address wildfire risks and the financial stability of investor-owned utilities [5][6] - The company anticipates significant investments in infrastructure upgrades to meet growing demand, particularly in electrification and new housing [24] Other Important Information - The company has a four-year capital plan of $28 billion to $29 billion, incorporating substantial investments in infrastructure and wildfire mitigation [19] - Edison International expects to receive approximately $1.6 billion in securitization proceeds from the TKM settlement by year-end [21] Q&A Session Summary Question: Clarification on the $0.10 charge related to preferred equity - Management confirmed that the $0.10 charge is related to preferred equity series with rate resets in March 2026 and March 2027, and they are evaluating options for addressing this [28][30] Question: Participation level in the Wildfire Recovery Compensation Program - Management indicated that the program has not yet launched but is expected to finalize soon, and they are working with experts to ensure effective implementation [32][33] Question: Guidance on EPS growth rate - Management expressed confidence in the 5% to 7% EPS growth target, citing clarity from recent regulatory proceedings and settlements [38] Question: Phase two process for wildfire liability - Management discussed the transparency of the phase two process and the engagement with stakeholders to shape future legislative actions [42][45] Question: Customer cost and capital allocation - Management emphasized the importance of maintaining healthy balance sheets and credit ratings to minimize customer costs, while also considering capital returns to shareholders [51][52] Question: Near-term sales growth breakdown - Management provided insights into the balanced mix of electrification, residential growth, and commercial industrial demand driving the projected 1% to 3% sales growth [78]

Core Insights - Edison International reported a better-than-expected profit for the third quarter, benefiting from higher rates for its services [1] Company Summary - The utility company experienced an increase in profitability due to elevated service rates [1]

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Financial Performance - Q3 2025 GAAP EPS was $2.16, and Core EPS was $2.34[7] - Edison International narrowed its 2025 Core EPS guidance to $5.95–6.20[5, 7] - The company reaffirmed its confidence in delivering 5–7% Core EPS growth from 2025 to 2028, projecting an EPS of $6.74–7.14 in 2028[5] - The 2025-2028 capital plan is projected to be approximately $28–29 billion[17, 26] Regulatory and Legal Developments - California Legislature passed SB 254, establishing an $18 billion fund to support IOU financial stability, funded 50/50 by customers and IOUs, with SCE's share at approximately $145 million per year starting in 2029[5, 8] - A settlement agreement was filed to recover approximately $2.0 billion out of $5.6 billion in losses related to the Woolsey fire, representing 35% cost recovery[5, 14] - The CPUC's 2025 General Rate Case (GRC) decision approved approximately 92% of the requested base revenue, amounting to ~$9.7 billion, and 91% of the requested capital investment[17] Strategic Outlook - Edison International projects a rate base CAGR of 7–8% from 2024 to 2028[17, 31] - The company anticipates approximately 1-3% annual sales growth in the near term (2025-2028), 40-50% cumulative sales growth by 2035, and nearly 100% cumulative sales growth by 2045[52, 53] - The company expects to spend approximately $500–700 million during the 2026–2028 period on SB 254 capex[47]

Financial Performance - For the three months ended September 30, 2025, Southern California Edison Company reported a loss from operations, reflecting a significant impact from wildfire-related costs[6]. - Edison International's net income for Q3 2025 was $832 million, an increase of $316 million compared to Q3 2024, driven by SCE's earnings increase of $323 million[20]. - For the nine months ended September 30, 2025, Edison International's earnings rose by $1,667 million, with SCE contributing $1,745 million to this increase[21]. - SCE's core earnings for Q3 2025 were $994 million, up $327 million from Q3 2024, primarily due to higher revenue from the 2025 GRC final decision[23]. - The net income available to common stock for the nine months ended September 30, 2025, was $2,935 million, an increase of $1,745 million compared to $1,190 million in 2024[98]. - Net income for the nine months ended September 30, 2025, was $3,036 million, up from $1,319 million in 2024[144]. - Basic earnings per share available to Edison International common shareholders increased to $6.78 for the nine months ended September 30, 2025, compared to $2.45 in 2024[160]. - The company reported an operating income of $4,438 million for the nine months ended September 30, 2025, compared to $2,190 million in 2024, a significant increase of 102%[172]. Revenue and Rate Adjustments - The CPUC approved a base rate revenue requirement of $9.7 billion for 2025, reflecting an increase of $880 million over the adjusted 2024 revenue requirement[28]. - The final decision from the 2025 General Rate Case authorized a base revenue requirement of $9.7 billion for 2025, an increase of $1.1 billion (12.8%) over 2024[202]. - Authorized revenue for 2024 is $8,582 million, increasing to $9,660 million in 2025, representing a $1,078 million increase[29]. - The increase in authorized revenues of $902 million for January to September 2025 will be collected over a 24-month period starting October 1, 2025[202]. - SCE's 2025 annual transmission revenue requirement update reflects a $1.3 billion requirement, which is a $220 million (20%) increase from 2024[203]. Wildfire Mitigation and Related Costs - The company anticipates a capital investment plan of $2.9 billion for wildfire risk mitigation expenditures, which will be excluded from the equity portion of SCE's rate base as required under SB 254[10]. - The 2025 General Rate Case (GRC) is expected to influence revenue requirements significantly, with a focus on cost recovery for wildfire-related expenses[6]. - SCE recorded $1,341 million in claim costs related to the TKM Settlement Agreement in 2025, with $966 million after-tax recoveries[26]. - SCE expects to incur additional material losses related to the Eaton Fire, with a Wildfire Recovery Compensation Program launching in fall 2025[53]. - SCE has $1.0 billion of customer-funded self-insurance coverage for wildfires in 2025, with a shareholder contribution of 2.5% for costs exceeding $500 million[54]. - SCE anticipates reimbursement for losses exceeding $1.0 billion related to the Eaton Fire from the Initial Account, which has an estimated claims-paying capacity of approximately $21 billion for all participating utilities[55][56]. Capital Expenditures and Investments - Capital expenditures authorized for 2025 are $6.1 billion, including $1 billion for wildfire mitigation programs[33]. - Total capital expenditures for the nine months ended September 30, 2025, were $4.7 billion, up from $4.0 billion in the same period of 2024[36]. - SCE's forecast for total capital expenditures from 2025 to 2028 is approximately $29.3 billion[39]. - The establishment of a memorandum account for capital expenditures above authorized amounts is aimed at supporting grid readiness for future transportation electrification demand[33]. Liquidity and Financial Position - Edison International's liquidity position remains strong, with available liquidity reported at $1.6 billion, ensuring the company can meet its operational needs[7]. - As of September 30, 2025, SCE had cash on hand of $305 million and approximately $2.1 billion available to borrow on its $3.4 billion revolving credit facility, which is accessible until May 2029[116]. - SCE's debt to total capitalization ratio was 0.58 to 1 as of September 30, 2025, remaining compliant with all financial covenants affecting access to capital[117]. - Edison International Parent's consolidated debt to total capitalization ratio was 0.64 to 1 as of September 30, 2025, in compliance with financial covenants[137]. Operational Challenges and Strategies - Edison International is facing challenges related to supply chain constraints and rising interest rates, which may impact its capital investment projects[12]. - The company is committed to enhancing cybersecurity measures for its critical information technology systems to protect against potential threats[12]. - Edison International's workforce management strategy focuses on attracting and retaining skilled workers to support its operational and strategic plans[12]. Other Financial Metrics - Total operating expenses for the three months ended September 30, 2025, were $4,294 million, a decrease of $119 million compared to $4,175 million in 2024[89]. - Interest expense decreased by $141 million for the nine months ended September 30, 2025, primarily due to cost recoveries authorized under the TKM Settlement Agreement[106]. - The company reported a provision for uncollectible accounts of $256 million for the nine months ended September 30, 2025, compared to $204 million in 2024, an increase of 25.5%[191]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $4,455 million, an increase of $418 million compared to $4,037 million in 2024[142].

Exhibit 99.1 NEWS Investor Relations: Sam Ramraj, (626) 302-2540 Media Relations: (626) 302-2255 news@sce.com Edison International Reports Third Quarter 2025 Results ROSEMEAD, Calif., Oct. 28, 2025 — Edison International (NYSE: EIX) today reported third-quarter net income of $832 million, or $2.16 per share, compared to net income of $516 million, or $1.33 per share, in the third quarter of last year. As adjusted, third-quarter core earnings were $901 million, or $2.34 per share, compared to core earnings o ...

Core Insights - Utilities are evolving into essential players in the AI sector, offering attractive dividends while traditional investors focus on momentum stocks [3][20] - The demand for electricity is projected to surge significantly, particularly in Texas, where power demand is expected to increase by 62% by 2030, with Oncor indicating that current projections may be conservative [4] - Companies like Portland General Electric (PGE) are leveraging AI technologies to enhance grid flexibility and meet growing data center demands, showcasing genuine growth potential in the utility sector [5][6] Group 1: Texas Utility Landscape - Texas is experiencing a strained grid due to rapid population growth and industrial expansion, with ERCOT forecasting a 62% increase in power demand by 2030 [4] - Oncor, Texas's largest utility, has 186 GW of interconnection requests, indicating a demand that exceeds current peak capacity by 118% [4] Group 2: Portland General Electric (PGE) - PGE is utilizing AI tools to optimize grid capacity, freeing up over 80 megawatts for data center interconnections [6] - The utility is investing in infrastructure to mitigate wildfire risks while capitalizing on the growing data center market in Oregon [6] Group 3: Edison International (EIX) - Edison International offers a nearly 6% yield and has a low forward P/E ratio of 9, indicating it may be undervalued [8] - The company faces known wildfire risks and ongoing litigation, which have impacted its stock performance and investor sentiment [9][10] Group 4: Brookfield Infrastructure Partners (BIP) - Brookfield Infrastructure Partners combines stable cash flow with growth opportunities in the AI sector, managing extensive electricity and natural gas connections [11][12] - The company has a strong track record of raising distributions for 16 consecutive years, although it operates as a master limited partnership [14] Group 5: Investment Vehicles - Closed-end funds like the Gabelli Utility Trust (GUT) and MEGI offer exposure to utility companies and infrastructure, with GUT having a distribution rate of 10.4% [18] - MEGI has a distribution rate of 10.1% and includes a diverse asset allocation, though it trades at a discount to net asset value [16][17]

Core Insights - The article compares Edison International (EIX) and NextEra Energy (NEE) to determine which stock offers better value for investors [1] Valuation Metrics - EIX has a forward P/E ratio of 9.39, while NEE has a forward P/E of 22.62, indicating EIX may be undervalued [5] - EIX's PEG ratio is 0.86, compared to NEE's PEG ratio of 2.81, suggesting EIX has a more favorable growth outlook relative to its price [5] - EIX's P/B ratio is 1.28, while NEE's P/B ratio is 2.82, further supporting EIX's valuation advantage [6] Analyst Outlook - EIX holds a Zacks Rank of 2 (Buy), indicating a more positive earnings estimate revision trend compared to NEE, which has a Zacks Rank of 3 (Hold) [3][7] - The improving earnings outlook for EIX positions it as a superior value option in the current market [7]