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] - 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 reaffirmed its 2028 guidance and extended its core EPS growth target of 5%-7% through 2030 [15][20] Business Line Data and Key Metrics Changes - SCE has invested over $12 billion in customer safety and reliability over the last two years, with a focus on wildfire risk reduction and operational excellence [6][16] - The utility plans to execute a $7 billion capital plan for 2026 to meet customer needs [16] - The extended capital plan from 2026 through 2030 is projected to be between $38 billion and $41 billion, focusing on load growth-driven programs and infrastructure replacement [17] Market Data and Key Metrics Changes - SCE has the lowest system average rate among California's major investor-owned utilities, with a 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized businesses [6] - The typical non-CARE residential customer currently pays about $188 per month, slightly higher than $180 two years ago [6] Company Strategy and Development Direction - The company emphasizes commitments to customers, communities, and investors, focusing on safety, reliability, and affordability [5][7] - Edison International is actively engaging with policymakers to reinforce a stable regulatory framework that supports long-term investment [8][11] - The company is confident in its multi-year financial outlook, supported by a robust pipeline of necessary investments [12][20] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of maintaining a durable regulatory environment to protect customers from higher costs and ensure stable returns for investors [7][8] - The upcoming legislative session is seen as pivotal for shaping California's energy and resiliency policy, with a focus on mitigating catastrophic wildfires [11][44] - Management expressed confidence in achieving the extended EPS growth targets and maintaining a strong balance sheet without equity needs through 2030 [20] Other Important Information - Edison International announced enhancements to the Wildfire Recovery Compensation Program, providing stronger support for displaced renters and increasing coverage for legal expenses [8][64] - The company is collaborating with the L.A. District Attorney's office regarding the investigation into the Eaton Fire, maintaining confidence in its operational prudence [76][78] Q&A Session Summary Question: Inquiry about Eaton losses and total liability visibility - Management indicated that over 2,300 claims have been submitted under the Wildfire Recovery Compensation Program, with no current estimate for total liability due to the complexity of claims [26][28] Question: Clarification on EPS growth and financing considerations - Management explained that muted growth in 2026 is due to fewer regulatory decisions and variances in asset mix, but expects to be at the high end of the growth range in subsequent years [35][36] 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 is projected to be around $3 billion [42] Question: Comments on SB 254 processes and legislative updates - Management noted robust participation from stakeholders in the SB 254 process and emphasized the need for a predictable framework to support capital access and affordability [44][47] Question: Details on the L.A. District Attorney's investigation - Management confirmed collaboration with the attorney's office and expressed confidence in demonstrating that SCE's actions were consistent with those of a reasonable utility operator [76][78]

Financial Data and Key Metrics Changes - The company reported full year 2025 core earnings of $1.50 per share, which is up 10% from 2024, marking the fourth consecutive year of double-digit core EPS growth [5][20] - The 2026 core EPS guidance range has been raised to $1.64-$1.66, implying a 10% EPS growth at the midpoint [5][6] - The company achieved a 43% reduction in serious injuries and fatalities compared to 2024, and a 30% improvement in serious preventable motor vehicle incident rate [6][7] Business Line Data and Key Metrics Changes - Operating and maintenance savings amounted to $0.20 for the year, with $0.09 redeployed back into the system for customer benefits [20] - The company has cut application intake time for new connections by 40%, from an average of 76 days to 45 days [20] - The company has seen significant growth in projects moving into the final engineering stage, now standing at almost 3.6 gigawatts, more than doubling from the previous quarter [18] Market Data and Key Metrics Changes - The company delivered its fourth reduction in electric rates in two years, with bundled residential electric rates now 11% lower than in January 2024 [8][15] - The average monthly bill for typical customers is about $20 less than before, indicating a positive impact on affordability [8][15] - The company reported an 18% EV penetration in the final quarter of the year, indicating strong demand for electric vehicle load [50] Company Strategy and Development Direction - The company aims for a growth outlook of 9%+ annually from 2027 through 2030, focusing on safety, reliability, and affordability [6][10] - The company is committed to addressing California's wildfire challenges and has initiated a new venture, Emberpoint, to integrate next-generation wildfire solutions [12][13] - The company plans to file for approximately 5,000 miles of additional undergrounding over 10 years, starting in 2028, as part of its wildfire mitigation strategy [14][15] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of legislative outcomes related to wildfire risk and affordability, indicating that the current model is not sustainable for customers [27][36] - The company is focused on ensuring that the risk associated with the current legal construct is quantifiable and manageable for both customers and investors [36][39] - Management expressed confidence in the ongoing legislative process and the potential for positive outcomes that would benefit both customers and investors [36][81] Other Important Information - The company has a $73 billion 5-year capital plan, with no new common equity required through 2030 [21][22] - The company has doubled its annual share dividend to $0.20 for 2026, with expectations for consistent increases in the next two years [22] - The company reduced non-fuel O&M by 2.5% in 2025, exceeding its target for four consecutive years [24] Q&A Session Summary Question: What is the company's view on the CEA process and legislative timing? - Management indicated that the legislative effort is complex and emphasized the importance of getting it right, expressing hope for timely resolution [33][34] Question: How would the company prioritize capital allocation if progress on legislation stalls? - Management stated that all aspects of the plan would be on the table if progress halts, emphasizing the need for an attractive legislative construct to sustain valuation [37][40] Question: What are the expectations regarding the Kincade and Dixie cost recovery proceedings? - Management outlined the recovery of over $1 billion in claims related to the Kincade and Dixie wildfires, emphasizing the prudency of their actions [90][91]

Financial Data and Key Metrics Changes - The company reported full year 2025 core earnings of $1.50 per share, which is up 10% from 2024, marking the fourth consecutive year of double-digit core EPS growth [4][20] - The 2026 core EPS guidance range has been raised to $1.64-$1.66, implying a 10% growth at the midpoint [4] - Non-fuel O&M costs were reduced by 2.5% in 2025, exceeding targets for four consecutive years [25] Business Line Data and Key Metrics Changes - The company achieved a 43% reduction in serious injuries and fatalities compared to 2024, and a 30% improvement in serious preventable motor vehicle incidents [5][11] - System-wide performance, measured by SAIDI, improved by 19% from 2024 [6] - The company redeployed over $700 million for customer benefits while still delivering for investors [9] Market Data and Key Metrics Changes - The company has 3.6 GW of data center demand in the final engineering stage, which is expected to contribute to rate-reducing load growth [28] - Bundled residential electric rates are now 11% lower than in January 2024, with typical customers paying about $20 less per month [6][15] Company Strategy and Development Direction - The company aims for a growth outlook of 9%+ annually from 2027 through 2030, focusing on safety, reliability, and affordability [5] - The company is committed to addressing California's wildfire challenges and is actively engaged in the legislative process for wildfire policy reform [9][10] - The updated simple, affordable model targets a future bill trajectory of 0%-3% increase, emphasizing O&M savings and electric load growth [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the legislative process regarding wildfire risk and cost allocation, emphasizing the need for a sustainable and affordable model for customers [36][40] - The company is focused on maintaining investment-grade ratings and efficient financing to support its capital plan [22][61] Other Important Information - The company announced a doubling of its annual share dividend to $0.20 for 2026, with expectations for consistent increases in the next two years [22] - The company is actively working on wildfire mitigation strategies, including a new venture with Lockheed Martin to enhance wildfire safety [12] Q&A Session Summary Question: What is the company's view on the CEA process and legislative timing? - Management emphasized the complexity of the legislative effort and the importance of getting it right, expressing hope for timely resolution but prioritizing effective outcomes [35][36] Question: How would the company prioritize capital allocation if progress on legislation stalls? - Management stated that all aspects of the plan would be on the table if progress halts, emphasizing the need for an attractive legislative construct to sustain valuation [38][42] Question: What are the expectations for the Kincade and Dixie cost recovery proceedings? - The company is seeking recovery for over $1 billion in claims related to these wildfires, asserting that they have made a strong case for prudency [92][93]

2025 FOURTH QUARTER AND FULL YEAR EARNINGS Delivering For Customers AND Investors February 12, 2026 1 Forward-Looking Statements This presentation and the oral remarks made in connection with it contain statements regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") future performance, including expectations, objectives, and forecasts about operating results (including 2026 non-GAAP core earnings), debt and equity issuances, refinancing activity, rate base growth, capital expe ...

Core Thesis - PG&E Corporation is viewed positively due to its progress in mitigating wildfire risks and potential regulatory clarity, which could lead to a revaluation of the company [1][5]. Company Overview - PG&E Corporation serves approximately 16 million customers in Northern and Central California, focusing on electric transmission and distribution as well as gas distribution [2]. - The company's earnings are largely determined by rates approved by the California Public Utilities Commission (CPUC), making regulatory outcomes crucial for long-term value [2]. Current Challenges - The stock trades at a discount due to ongoing concerns about wildfire liability, linked to PG&E's 2019 bankruptcy after its equipment was associated with catastrophic wildfires in 2017-2018 [3]. - Investor perception remains focused on wildfire risks, which pressures regulators to impose stringent safety standards and elevated costs, overshadowing operational improvements [3]. Mitigation Efforts - PG&E has made significant strides in reducing wildfire risk by undergrounding high-risk power lines, with approximately 1,000 miles completed by the third quarter of 2025, and deploying thousands of sensors and reinforced infrastructure [4]. - The demand for data centers, driven by AI, is expected to add up to 10 GW of incremental load over the next decade, enhancing grid utilization and economic activity [4]. Future Catalysts - The upcoming General Rate Case decision for 2027-2030 is anticipated to be constructive, as PG&E is requesting a modest revenue increase justified by wildfire mitigation and grid upgrades [5]. - Improving safety metrics, rising power demand, and potential regulatory clarity position PG&E as an undervalued regulated utility with a path toward earnings normalization and multiple expansion [5][7].

Core Insights - Edison International is addressing the aftermath of the Eaton fire, which may have been caused by its equipment, and is working on a wildlife compensation fund to support affected victims [2][3][4] Company Actions - The company has launched a wildfire recovery compensation program allowing impacted individuals to file claims directly, with an expedited process for offers within 90 days [5][6] - Edison International has engaged experts to design the compensation program, aiming to attract a significant number of claims from eligible properties [6][7] Risk Mitigation Efforts - The company acknowledges that wildfire risk will increase, with predictions of a 20% rise in wildfire ignitions in California by 2050 [10] - Edison International has been proactive in redesigning its infrastructure, with 27% of its 50,000 square miles territory classified as high fire risk, and has replaced 6,800 miles of overhead bare wire with insulated wire to mitigate risks [11][12] Regulatory Environment - The state has implemented laws such as AB 1054 and SB 254 to establish clear wildfire mitigation plans and liability caps for utilities, balancing accountability and financial health [14][15] - A new study is mandated to assess building codes, insurance access, and the broader economic impacts of wildfire risks, recognizing that utilities should not bear the catastrophic risk alone [16][17]

Earnings Performance - IDACORP's net income for the three months ended September 30, 2025, was $124.437 million, compared to $113.605 million for the same period in 2024[13] - Diluted earnings per share increased to $2.26 for the three months ended September 30, 2025, from $2.12 in 2024[13] - For the nine months ended September 30, 2025, net income was $279.865 million, up from $251.298 million in 2024[13] - Diluted earnings per share for the nine months ended September 30, 2025, were $5.13, compared to $4.82 in 2024[13] Load and Customer Growth - The 2025 Integrated Resource Plan (IRP) forecasts an 8.3% annual growth rate for retail sales (billed MWh) over the next 5 years[14] - The 2025 IRP forecasts a 5.1% annual growth rate for annual peak demand over the next 5 years[14] - Idaho Power customer growth was 2.3% year-over-year as of September 30, 2025[17] Rate Case Settlement - A settlement has been reached for Idaho General Rate Case, requesting a $110 million increase in total annual Idaho-jurisdictional revenue, equivalent to a 7.48% rise, pending IPUC approval[29] - The settlement provides for a 9.6% Idaho-jurisdiction return on equity (ROE) and a 7.41% authorized rate of return applied to an Idaho-jurisdiction retail rate base of approximately $4.9 billion[29] Financial Outlook - IDACORP's earnings per share guidance for 2025 is $5.80 - $5.90 per diluted share[43] - Idaho Power's additional amortization of ADITC is estimated to be $50 - $60 million[43] - Idaho Power's O&M expense is projected to be $470 - $480 million[43]

Financial Data and Key Metrics Changes - Xcel Energy reported GAAP earnings of $0.88 per share for Q3 2025, while ongoing earnings, excluding a non-recurring charge of $290 million, were $1.24 per share [4][16] - Earnings for Q3 2025 decreased slightly from $1.25 per share in Q3 2024, with significant earnings drivers including regulatory outcomes and electric and natural gas sales growth [16][24] - Weather-normalized electric sales increased by 2.5% through Q3 2025, with a forecast of 3% growth for the full year [17][24] Business Line Data and Key Metrics Changes - O&M expenses increased by $37 million compared to 2024, primarily due to a $25 million rise in health and benefit costs [17] - The company is experiencing strong residential sales growth across all operating companies, particularly in the oil and gas sector in New Mexico [64] Market Data and Key Metrics Changes - Xcel Energy's residential electricity and natural gas bills have been 28% and 12% below the national average, respectively, over the past five years [9] - The company has connected over 200,000 customers with nearly $300 million in financial resources since 2024, supporting those in need of assistance with energy bills [10] Company Strategy and Development Direction - Xcel Energy is reaffirming its earnings guidance for 2025 and has introduced an updated five-year infrastructure investment plan totaling $60 billion, aimed at meeting growing energy demand and enhancing system reliability [6][21] - The plan includes investments in renewable generation, natural gas-fired generation, and energy storage, with a focus on reducing wildfire risks and improving resiliency [7][8][21] - The company is leveraging artificial intelligence to enhance operational efficiency and customer satisfaction, with applications in risk modeling and infrastructure maintenance [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings guidance for the 21st consecutive year, highlighting a strong track record in the industry [6] - The company is optimistic about its growth opportunities, particularly in renewable energy and data center contracts, while maintaining a balanced financing strategy [21][22] - Management emphasized the importance of maintaining a strong balance sheet and credit metrics amid elevated capital expenditures [66] Other Important Information - Xcel Energy has made significant progress in settling wildfire claims, with a low-end estimated liability of $410 million and approximately $500 million in insurance coverage [20] - The company is actively pursuing renewable resource procurement to capture production tax credits before they expire [18] Q&A Session Summary Question: Clarification on EPS growth and guidance - Management confirmed that the 9% growth includes 2026 and is based on the midpoint of the current year's guidance [30] Question: Equity content in the capital plan - The $7 billion equity plan is considered from this point forward, with a focus on managing credit metrics [31] Question: Capital expenditure profile and growth rate - Management acknowledged that the capital plan is front-end loaded, with expectations for future opportunities to fill in the back end of the plan [36][40] Question: Load growth outlook across regions - Management noted strong growth in the SPS region driven by the oil and gas sector, while other regions are experiencing shifts in timing for data center loads [63] Question: Equipment availability and supply chain management - Management highlighted proactive measures taken to secure necessary equipment and maintain relationships with suppliers to mitigate supply chain challenges [72][75] Question: Trends in renewable versus gas generation - Management indicated a balanced approach, with significant investments in both renewables and natural gas to ensure system reliability [94]

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]

2025 THIRD QUARTER EARNINGS Delivering For Customers AND Investors October 23, 2025 1 Forward-Looking Statements Planning For Wide-Ranging Wildfire Policy Reform… This presentation and the oral remarks made in connection with it contain statements regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") future performance, including expectations, objectives, and forecasts about operating results (including 2025 and 2026 non-GAAP core earnings), debt and equity issuances, refinanci ...