HEI 4Q and Full Year 2025 Financial Results February 27, 2026 Non-GAAP Financial Information This presentation refers to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles, including Core Earnings, Core Net Income and other Core measures. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. See Appendix for definition of Core Earnings and Core EPS. | 20 ...

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]

Financial Performance - HEI's GAAP income from continuing operations for 3Q 2025 was $30.7 million, or $0.18 EPS[15] - Excluding Maui wildfire expenses ($3.4 million) and Pacific Current gain on sale (negative $1.3 million), Core earnings were $32.8 million, or $0.19 EPS[15] - As of the end of 3Q, the HoldCo and Utility had $40 million and $504 million of unrestricted cash on hand, respectively[26] Wildfire Tort Litigation and Risk Reduction - Definitive settlement agreements signed in November of 2024, consistent with key terms announced in August of 2024[11] - The company expects to make its first payment under the settlement no sooner than early 2026[11] - The company replaced or upgraded 3,628 wood poles[14] - The company replaced 36 miles of overhead copper conductor with stronger aluminum conductor[14] - The company replaced 10,361 expulsion fuses with firesafe fuses[14] Capital Investment and Strategy - The company anticipates investing nearly $400 million in capital between 2025 and 2027 to reduce wildfire risk, with approximately $120 million invested in 2025[39] - The company successfully executed a $500 million Utility senior unsecured notes offering in September[26] Regulatory and Legislative Actions - Governor Green signed legislation into law in July 2025, appropriating the State's contribution to the settlement[11] - Act 301 ensures the State of Hawaii's $807 million obligation is fully funded[37]

Core Insights - PG&E Corporation is recognized as a leading infrastructure stock with significant growth potential due to its recent achievements in wildfire risk reduction [1] Group 1: Underground Powerlines Initiative - Pacific Gas and Electric Company has successfully constructed and energized 1,000 miles of underground powerlines in high fire risk areas, marking the largest undergrounding effort by a utility to mitigate wildfire risks [2][3] - The undergrounding process effectively eliminates nearly all wildfire risk in the specific locations where these lines are installed, surpassing the driving distance from the Oregon-California border to the California-Mexico border, which is 932 miles [2] Group 2: Risk Reduction Achievements - Since 2023, PG&E's total hardening efforts, which include stronger overhead poles and wires, have permanently removed 8.4% of wildfire ignition risk from its entire system [3] - By the end of 2026, PG&E anticipates that a total of 1,600 miles of powerlines will be underground, contributing to an overall system-wide risk reduction of 18% [3] Group 3: Company Overview - PG&E Corporation, through its subsidiary, provides electricity and natural gas services to customers in northern and central California [4]

Financial Performance - The company's GAAP income from continuing operations was $267 million, or $015 per share[15] - Core earnings from continuing operations reached $398 million, or $023 per share[15] - Maui wildfire expenses reduced earnings by $34 million, or $002 per share[15] - Loss on sale at Pacific further decreased earnings by $98 million, or $006 per share[15] - Adjusted O&M excluding pension decreased from $1246 million in 1Q24 to $1220 million in 1Q25[30] Liquidity and Capital Allocation - The HoldCo and Utility had $492 million and $130 million of unrestricted cash on hand, respectively, as of the end of 1Q[17] - $479 million has been set aside in a special purpose entity for the first settlement payment[17] - Additional ~$600 million in liquidity is available from the ATM program, Utility accounts receivable backed credit facility, and corporate credit facility capacity[17] - $384 million in holding company long term debt was retired on April 9[17] - The Utility declared a $10 million dividend to HEI for the quarter[17] Wildfire Safety and Litigation - The company plans to invest nearly $400 million in capital from 2025 to 2027, with approximately $120 million invested in 2025, to enhance wildfire safety[22] - The Hawaii State Legislature passed House Bill 1001, appropriating funds to address the State of Hawaii's settlement of claims related to the Maui wildfire tort litigation settlement[13]