Financial Data and Key Metrics Changes - Edison International reported a core earnings per share (EPS) of $6.55 for 2025, exceeding guidance and marking a successful delivery of the long-term core EPS growth target established in 2021 [4][14] - The fourth quarter core EPS was $1.86, with the full-year 2025 core EPS exceeding the high end of the guidance range [14][15] - The company faced headwinds such as record inflation and rising interest rates but still managed to deliver on commitments [15] Business Line Data and Key Metrics Changes - SCE has installed over 7,000 miles of covered conductor in high fire risk areas, representing over 90% of its planned grid hardening effort [5][6] - A 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized business customers were announced, starting from a position of having the lowest system average rate among California's major investor-owned utilities [6][7] Market Data and Key Metrics Changes - The company is actively engaging with policymakers to reinforce the value of a stable regulatory framework, which is crucial for long-term investment and customer protection [8][11] - Edison International's capital plan for 2026 through 2030 is projected to be between $38 billion and $41 billion, focusing on load growth-driven programs and wildfire mitigation [17][18] Company Strategy and Development Direction - The company is committed to enhancing safety, reliability, and affordability while maintaining a strong investment-grade balance sheet [7][12] - Edison International is extending its core EPS growth target to 2030, with a long-term growth rate target of 5%-7% [12][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the multi-year financial outlook, reaffirming guidance for 2028 and extending the EPS growth target through 2030 [12][20] - The upcoming legislative session is seen as pivotal for shaping California's energy and resiliency policy, with a focus on mitigating catastrophic wildfires [11][43] Other Important Information - The company has committed $2 million to the Pasadena Community Foundation to support community members affected by the Eaton Fire [10] - Edison International is working on a Woolsey securitization application to securitize about $2 billion in costs associated with the Woolsey settlement agreement [21] Q&A Session Summary Question: Update on Eaton losses and total liability estimates - Management indicated that over 2,300 claims have been submitted under the Wildfire Recovery Compensation Program, with no current estimate for total losses due to the complexity of the claims process [26][28] Question: Clarification on 5%-7% EPS growth range - Management confirmed that muted growth in 2026 is due to fewer regulatory decisions and other variances, but expects to be at the high end of the growth range in 2027 [34][35] Question: Timing of AMI 2.0 application and capital plan - The AMI 2.0 application is expected to be filed in the coming months, with a decision anticipated in about 18 months, and the total request will be around $3 billion [41] Question: LA District Attorney's investigation - Management stated that they are collaborating with the attorney's office and remain confident in SCE's actions being consistent with those of a reasonable utility operator [75][76]

Financial Data and Key Metrics Changes - Edison International reported a core earnings per share (EPS) of $6.55 for full-year 2025, exceeding guidance and marking a successful delivery of the long-term core EPS growth target established in 2021 [5][16] - The fourth quarter core EPS was $1.86, with the full-year 2025 core EPS reflecting disciplined execution and cost management despite challenges such as inflation and rising interest rates [16][17] Business Line Data and Key Metrics Changes - Southern California Edison (SCE) has installed over 7,000 miles of covered conductor in high fire risk areas, achieving over 90% of its planned grid hardening effort [6][7] - SCE announced a 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized business customers, maintaining the lowest system average rate among California's major investor-owned utilities [7][8] Market Data and Key Metrics Changes - The company is focused on maintaining a stable regulatory environment to support long-term investments and protect customers from higher costs, with credit rating agencies evaluating California-specific risk factors [9][10] - The projected rate base growth is approximately 7% from 2025 to 2030, driven by essential investments in infrastructure and wildfire mitigation [20][22] Company Strategy and Development Direction - Edison International is committed to enhancing safety, reliability, and affordability while engaging with policymakers to reinforce a stable regulatory framework [10][12] - The company is extending its core EPS growth target to 2030, with a long-term growth rate target of 5%-7% and an attractive dividend yield of approximately 5% [14][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the multi-year financial outlook, reaffirming guidance for 2028 and extending the EPS growth target through 2030 [17][22] - The upcoming legislative session is seen as pivotal for shaping California's energy and resiliency policy, with a focus on mitigating catastrophic wildfires [13][47] Other Important Information - Edison International is actively addressing wildfire-related claims, with over 2,300 claims submitted under the Wildfire Recovery Compensation Program [10][29] - The company is donating $2 million to support community members affected by the Eaton Fire, demonstrating its commitment to community recovery [12] Q&A Session Summary Question: Inquiry about Eaton losses and total liability visibility - Management indicated that over 2,300 claims have been submitted, with the total potential claims expected to be much higher, making it difficult to estimate total losses at this time [29][30] Question: Clarification on EPS growth and financing considerations - Management explained that muted growth in 2026 is due to fewer regulatory decisions and asset mix differences, but they expect growth to be at the high end of the 5%-7% range in 2027 [37][38] Question: Updates on the AMI 2.0 application and capital plan - The AMI 2.0 application is expected to be filed in the coming months, with a decision anticipated in about 18 months, and the total request will exceed $3 billion [45][46] Question: Discussion on the LA District Attorney's investigation - Management expressed confidence in SCE's actions being consistent with those of a reasonable utility operator and indicated ongoing collaboration with the attorney's office [79][80]