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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]

Core Insights - The article emphasizes that utility companies are evolving into significant players in the AI sector, offering attractive dividend yields of up to 10.4% as demand for AI infrastructure grows [2][22]. Utility Sector Dynamics - Texas is experiencing a surge in power demand, projected to increase by 62% by 2030, with Oncor indicating that current interconnection requests exceed double the peak demand [3][4]. - Portland General Electric (PGE) is leveraging AI technology to enhance grid flexibility, allowing for quicker interconnections for data centers, which positions it for growth despite being a traditional utility [5][6]. Investment Opportunities - Edison International (EIX) offers a nearly 6% yield and a low forward P/E ratio of 9, indicating it may be undervalued despite its known wildfire risks and litigation history [6][7]. - Brookfield Infrastructure Partners (BIP) provides a 4.9% yield and has a diverse asset base that includes significant infrastructure for electricity and data centers, benefiting from the AI megatrend [11][12]. Fund Performance - The MEGI NYLI CBRE Global Infrastructure Megatrends Term Fund offers a 10.1% distribution rate, with a substantial portion of its assets allocated to utility companies, although it also includes exposure to other sectors [17][19]. - The Gabelli Utility Trust (GUT) has a distribution rate of 10.4% and focuses heavily on utility stocks, making it a competitive option for investors seeking utility exposure [20][21].

Core Viewpoint - Edison International (EIX) is set to release its third-quarter 2025 results on October 28, with expectations of an earnings surprise based on previous performance [1][7]. Factors Impacting Q3 Performance - The company has been heavily investing in grid hardening, wildfire mitigation, and renewable energy integration, which are expected to positively influence its earnings [2][11]. - A settlement related to TKM is anticipated to have reduced interest expenses, contributing to improved earnings [3]. - Cooler temperatures in Southern California during July likely decreased electricity demand, negatively impacting sales volumes [4][11]. - Wildfire activity in California may have disrupted power supply operations, leading to temporary outages and increased maintenance costs [5][6][11]. - Higher operations and maintenance expenses for restoration efforts are expected to have affected quarterly earnings [6]. Earnings Expectations - The Zacks Consensus Estimate for EIX's earnings is $1.52 per share, reflecting a year-over-year increase of 0.7% [7]. - Revenue estimates are set at $5.20 billion, indicating a slight decline of 0.01% year over year [7]. Predictive Model Insights - The company's Earnings ESP is +7.15%, suggesting a strong likelihood of an earnings beat [8]. - Edison International currently holds a Zacks Rank of 2 (Buy), further supporting the potential for positive earnings results [9]. Industry Comparisons - Other companies in the industry, such as Xcel Energy (XEL), Eversource Energy (ES), and Alliant Energy (LNT), are also expected to report earnings beats, with respective Earnings ESPs and Zacks Ranks indicating favorable conditions [12][13][14].

Core Thesis - Edison International (EIX) is viewed positively due to its low valuation and potential for capital appreciation, despite legal risks associated with wildfires [1][4][5] Company Overview - Edison International is a California-focused electric utility company, primarily through its subsidiary Southern California Edison (SCE), serving approximately 50,000 square miles [2] - The stock price peaked at $87.75 in November 2024 but has since declined to around $52, largely due to wildfire-related concerns [2] Legal Risks - The company is linked to a wildfire that caused billions in damages, with the key risk being whether EIX is found negligent [3] - If deemed liable but non-negligent, EIX would pay about $4 billion, with the rest covered by government funds [3] - A finding of negligence could lead to uncapped liabilities, threatening financial stability, although there is currently no evidence of negligent behavior [4] Valuation and Investment Opportunity - EIX trades at a low price-to-earnings ratio of 8 compared to industry averages near 20, and offers a dividend yield of 6.19% [4] - The combination of a depressed stock price and strong cash return makes EIX an attractive opportunity for investors willing to accept legal uncertainties [4][5] Future Outlook - If legal matters resolve favorably, the stock could experience significant upside, while the underlying business remains stable with strong regulatory support and long-term growth prospects [5] - EIX presents a risk-adjusted investment case where patience through the resolution of contingent liabilities could yield both capital appreciation and consistent income [5] Hedge Fund Interest - Edison International is not among the 30 most popular stocks among hedge funds, with 42 hedge fund portfolios holding EIX at the end of the second quarter, down from 44 in the previous quarter [7]

Core Insights - During market turbulence, investors often seek dividend-yielding stocks, which typically have high free cash flows and offer substantial dividends [1] Group 1: Edison International (NYSE:EIX) - Dividend yield is 5.67% [7] - Barclays analyst Nicholas Campanella maintained an Overweight rating and raised the price target from $65 to $69 on October 21, 2025, with a 70% accuracy rate [7] - Jefferies analyst Julien Dumoulin-Smith downgraded the stock from Buy to Hold and cut the price target from $70 to $57 on October 2, 2025, with a 67% accuracy rate [7] - On September 22, Edison's board declared a quarterly common stock dividend of $0.8275 per share [7] Group 2: Portland General Electric Co (NYSE:POR) - Dividend yield is 4.67% [7] - Barclays analyst Nicholas Campanella maintained an Equal-Weight rating and raised the price target from $43 to $47 on October 21, 2025, with a 70% accuracy rate [7] - JP Morgan analyst Richard Sunderland maintained a Neutral rating and cut the price target from $46 to $45 on May 19, 2025, with a 66% accuracy rate [7] - Portland General Electric will host an analyst conference call and webcast on October 31 to review its third quarter financial results [7] Group 3: Eversource Energy (NYSE:ES) - Dividend yield is 4.11% [7] - B of A Securities analyst Ross Fowler upgraded the stock from Neutral to Buy and raised the price target from $73 to $85 on October 21, 2025, with a 68% accuracy rate [7] - Janney Montgomery analyst Michael Gaugler downgraded the stock from Buy to Neutral on October 13, 2025, with a 70% accuracy rate [7] - Eversource Energy will host an earnings conference call on November 5 to discuss its financial performance and business updates through the third quarter [7]