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 Performance - FY2025 - Organic sales grew by 2% driven by volume and pricing[7] - Core earnings per share (EPS) increased by 4% to $6.83 compared to the prior year[8] - Currency neutral core EPS also increased by 4%[8] - Adjusted free cash flow productivity was 87%[9] Financial Performance - Q4 FY2025 - Organic sales grew by 2%[26] - Core EPS grew by 6%[26] - Currency neutral core EPS grew by 5%[26] - Adjusted free cash flow productivity was 110%[26] Shareholder Returns - The company returned $9.9 billion to shareholders via dividends and share repurchases in FY2025[23] - Total cash returned to owners over the past 10 years amounts to $151 billion[23] - Share repurchase amounted to $6.5 billion in FY2025[23] FY2026 Guidance - The company projects organic sales growth of +0% to +4%[55] - Net sales growth is projected to be +1% to +5%, including a 1% positive impact from foreign exchange and acquisitions/divestitures[55] - Core EPS growth is guided at +0% to +4%[57] - The company anticipates paying approximately $10 billion in dividends and repurchasing approximately $5 billion in shares[60]