Transaction Overview - Sempra is selling a 45% ownership stake in Sempra Infrastructure Partners for $10 billion[14] - The transaction implies an equity value of $22.2 billion and an enterprise value (EV) of $31.7 billion for Sempra Infrastructure Partners[14] - The EV/EBITDA multiple for the transaction is 13.8x[14] - The transaction is projected to result in an average EPS accretion of $0.20 on a full-year basis[14, 20] - The transaction is expected to close in Q2 – Q3 2026[14, 21] Financial Implications - The sale eliminates common equity needs in the 2025 – 2029 capital plan[20, 31] - Sempra is affirming its FY-2025 adjusted EPS guidance range of $4.30 – $4.70 and FY-2026 adjusted EPS guidance range of $4.80 – $5.30[31] - The company is targeting a 7% – 9% projected EPS CAGR for 2025 through 2029[31] Strategic Shift - The transaction sharpens Sempra's focus on becoming a leading U S utility growth business[19, 31] - The regulated business mix is expected to increase from approximately 81% pre-sale to a target of 95%[19, 34] - The sale reduces exposure to non-utility investments[19, 31] Port Arthur LNG Phase 2 - A final investment decision (FID) has been taken for Port Arthur LNG Phase 2[9, 23] - Sempra's pro-forma ownership in Port Arthur LNG Phase 2 will be 12.5%[24, 39] - The project is targeting an unlevered after-tax return of 13.2% to Sempra with an expected pro-forma equity requirement of $1 billion[26, 39]

Financial Performance - Reported Q2-2025 adjusted EPS of $0.89 and YTD-2025 adjusted EPS of $2.34[12] - Affirmed FY-2025 adjusted EPS guidance range of $4.30 - $4.70[12] - Affirmed FY-2026 EPS guidance range of $4.80 - $5.30[12] - Affirmed guidance at high-end or above projected EPS CAGR of 7% - 9% for 2025 through 2029[12] - Oncor invested $3 billion of CapEx, supporting premise count increase of 20,000[16] Strategic Initiatives - Invested over $5 billion of CapEx in 1H-2025[11] - Executed an effort to save $300 million by phasing out certain non-economic regulatory programs in California[11] - Initiated Ecogas sale process[11] - Extended ROFO process with existing limited partners and signed non-binding letter of intent with KKR[11] Operational Excellence and Infrastructure Development - Hardened 100% of SDGE's transmission system located in Tier 3 HFTD, with 100% of all HFTD transmission expected in 2028[11] - Safely completed 1,000th LNG cargo from Cameron LNG Phase 1 since start of operations[11] - SDGE awarded estimated $600 million of projects in finalized CAISO 2024 – 2025 Transmission Plan[16]