Economic Indicators - U.S. consumer confidence declined by 1.0 point to 94.6 in October, reflecting concerns over a softening labor market and high living costs [2][7] - The Expectations Index fell by 2.9 points to 71.5, remaining below the 80-point threshold that often signals an impending recession [2] - The unemployment rate rose to 4.3%, the highest since October 2021, with only 22,000 jobs added in August and 79,000 in July [2] Corporate News - UnitedHealth Group (UNH) raised its 2025 earnings outlook, projecting adjusted net earnings of at least $16.25 per share and net earnings of at least $14.90 per share [3][7] - The company reported third-quarter 2025 revenues of $113.2 billion, a 12% year-over-year increase, with UnitedHealthcare revenues climbing 16% to $87.1 billion [3] - Despite the positive outlook, UnitedHealth anticipates significant pressure on its Medicaid business in 2026 [3][7] Monetary Policy - The Reserve Bank of New Zealand (RBNZ) confirmed that recent interest rate cuts are effectively easing borrowing costs, with the Official Cash Rate (OCR) lowered by 50 basis points to 2.5% [4][7] - Financial conditions in New Zealand have improved, with credit flowing more easily across the economy [4] Legal and Regulatory Issues - Edison International (EIX) faces potential liability related to the Eaton Fire, with the U.S. Department of Justice suing Southern California Edison for over $40 million in costs [5] - The company's valuation has reportedly dropped from $30 billion to $22.6 billion since the fires [5] European Politics - Centrist groups in the European Parliament are demanding significant changes to the proposed €2 trillion seven-year budget for the EU, citing concerns over renationalization of funds and lack of parliamentary oversight [6][7]

Core Insights - Edison International (EIX) reported quarterly earnings of $2.34 per share, exceeding the Zacks Consensus Estimate of $2.16 per share, and showing a significant increase from $1.51 per share a year ago, representing an earnings surprise of +8.33% [1] - The company generated revenues of $5.75 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.58% and increasing from $5.2 billion year-over-year [2] - Edison International has outperformed consensus EPS estimates three times in the last four quarters, indicating a positive trend in earnings performance [2] Earnings Outlook - The future performance of Edison International's stock will largely depend on management's commentary during the earnings call and the sustainability of the recent earnings numbers [3][4] - The current consensus EPS estimate for the upcoming quarter is $2.04 on revenues of $4.55 billion, while for the current fiscal year, the estimate is $6.10 on revenues of $18.42 billion [7] Industry Context - The Utility - Electric Power industry, to which Edison International belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] Stock Performance - Edison International shares have declined approximately 28.7% since the beginning of the year, contrasting with the S&P 500's gain of 16.9%, highlighting underperformance relative to the broader market [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations for it to outperform the market in the near future [6]

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 ...