Edison International plans ~$38–$41B grid investment
EIX's financing plan lists $36–$38 billion of net cash from operations and $9–$12 billion of incremental debt, with no equity issuance forecast through 2030.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Edison International presented a 2026–2030 business outlook with an approximately $38–$41 billion capital expenditure plan for grid investment. It projects SCE rate base growth of about 7% CAGR from 2025 to 2030 and EIX consolidated core EPS growth of 5–7% CAGR from 2025 to 2030; core EPS is a non-GAAP measure.
EIX consolidated core EPS guidance is $5.90–$6.20 per share for 2026, $6.25–$6.65 for 2027 and $6.74–$7.14 for 2028. The financing plan lists $36–$38 billion of net cash from operating activities and $9–$12 billion of incremental debt against $38–$41 billion in capital expenditures and $7–$9 billion in dividends; no equity issuance is forecast through 2030.
SCE’s 2026–2028 wildfire mitigation plan includes an additional 700+ miles of covered conductor and targeted undergrounding. For the Eaton Fire, Edison International and SCE reported $1.8 billion of settlements entered into and said they cannot reasonably estimate a range of losses. As of September 30, 2026, expected recoveries recorded included $917 million from self-insurance, $859 million from the Wildfire Fund and $70 million in FERC rates.
Filing Explained
SCE has a stated share of the new wildfire fund starting in 2029, with further contributions conditional.
This Form 8-K furnishes an investor presentation reporting that California’s regular legislative session ended without wildfire-liability reform, leaving the existing framework unchanged and reform unresolved.
Under SB 254, the presentation lists annual contributions by investor-owned utilities and states SCE’s share starting in
The presentation describes separate steps for Eaton Fire claims: claims resolutions establish costs to be paid, the CPUC determines which costs are recoverable, and the Wildfire Fund administrator determines any amount SCE must repay to the Fund.
For next steps, it identifies a CPUC report on
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Capital expenditure plan: Approximately $38–$41 billion
SCE rate base growth: About 7% CAGR
EIX core EPS growth: 5–7% CAGR
+5 more
8 metrics
Capital expenditure plan
Approximately $38–$41 billion
2026–2030
SCE rate base growth
About 7% CAGR
2025–2030
EIX core EPS growth
5–7% CAGR
2025–2030 projection
EIX consolidated core EPS guidance
$5.90–$6.20 per share
2026
EIX consolidated core EPS guidance
$6.25–$6.65 per share
2027
EIX consolidated core EPS guidance
$6.74–$7.14 per share
2028
Net cash from operating activities
$36–$38 billion
EIX consolidated financing plan
Incremental debt
$9–$12 billion
EIX consolidated financing plan
Key Terms
Core EPS, Rate base, Revenue Decoupling, Balancing Accounts, +1 more
5 terms
Core EPS financial
"core earnings and core EPS are non-GAAP financial measures"
Core EPS is a company’s reported earnings per share after removing one-time or unusual items so investors see the business’s regular profit per share; think of it as the household’s monthly income after ignoring a one-off inheritance or emergency expense. It matters because it highlights the company’s underlying, repeatable profitability and makes it easier to compare performance across periods and with other firms, though the adjustments can vary by company.
Rate base financial
"SCE Rate Base Weighted Average Rate Base"
Rate base is the dollar value of the physical assets and capital a regulated utility uses to deliver its service — things like power plants, pipes, or equipment. Regulators use that value as the starting point to set prices the utility can charge by allowing a specific percentage return on that base, so a larger or higher-valued rate base usually means higher permitted revenues and therefore directly affects investor earnings and the company's ability to raise capital.
Revenue Decoupling regulatory
"Revenue Decoupling means earnings aren’t affected by changes in electricity sales"
Revenue decoupling describes a situation where a company’s sales or top-line income moves in a different direction or at a different rate than other key indicators like user growth, units sold, or market activity. For investors it signals a change in the business relationship between customers and income—like raising prices, one-time gains, or accounting shifts—and can indicate stronger pricing power or potential sustainability problems; it’s like a car’s speed rising while the number of passengers falls, prompting questions about why.
Balancing Accounts regulatory
"Balancing Accounts allow SCE to collect and refund differences to authorized revenue"
Balancing accounts is the process of checking and correcting financial records so that totals on both sides match — like making sure a household checkbook and bank statement show the same numbers. For investors, balanced accounts mean the company’s reported cash, debts and profits are accurate and trustworthy, reducing the risk of hidden errors or misleading figures that could affect the value or safety of an investment.
Forecast Ratemaking regulatory
"Forecast Ratemaking reduces regulatory lag"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is EIX's core EPS guidance for 2026–2028?
EIX's consolidated core EPS guidance is $5.90–$6.20 per share for 2026, $6.25–$6.65 for 2027 and $6.74–$7.14 for 2028. Core EPS is a non-GAAP measure.
How much sales growth does SCE project?
SCE's outlook shows about 1–3% annualized sales growth during 2025–2030, about 30–40% cumulative sales growth by 2035 and about 100% cumulative sales growth by 2045, each relative to 2025.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2026
Commission File Number | Exact Name of Registrant as specified in its charter | State or Other Jurisdiction of Incorporation or Organization | IRS Employer Identification Number | |||||||||||||||||
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| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | ||||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||||||||||||||
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Securities registered pursuant to Section 12(b) of the Act: | |||||||||||
Edison International: | |||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
| LLC | |||||||||||
Southern California Edison Company: None | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||||||
| Emerging growth company | Edison International | |||||||
| Emerging growth company | Southern California Edison Company | |||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | |||||
| Edison International | ☐ | ||||
| Southern California Edison Company | ☐ | ||||
This current report and its exhibits include forward-looking statements. Edison International and Southern California Edison Company ("SCE") based these forward-looking statements on their current expectations and projections about future events in light of their knowledge of facts as of the date of this current report and their assumptions about future circumstances. These forward-looking statements are subject to various risks and uncertainties that may be outside the control of Edison International and SCE. Edison International and SCE have no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise. This current report should be read with Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent quarterly Reports on Form 10-Q. Additionally, Edison International and SCE provide direct links to Edison International and SCE presentations, documents and other information at edisoninvestor.com (Presentations and Updates) in order to publicly disseminate such information.
Item 7.01 Regulation FD Disclosure
Members of Edison International management will use the information in the presentation furnished as Exhibit 99.1 to this report in meetings with institutional investors and analysts and at investor conferences. The attached presentation will also be posted on edisoninvestor.com.
Item 9.01 Financial Statements and Exhibits
| (d) | Exhibits | ||||
EXHIBIT INDEX
| Exhibit No. | Description | ||||
| 99.1 | Edison International Business Update Presentation dated October 29, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EDISON INTERNATIONAL | |||||
| (Registrant) | |||||
| /s/ Kara G. Ryan | |||||
| Kara G. Ryan | |||||
| Vice President, Chief Accounting Officer and Controller | |||||
Date: October 29, 2026
| SOUTHERN CALIFORNIA EDISON COMPANY | |||||
| (Registrant) | |||||
| /s/ Kara G. Ryan | |||||
| Kara G. Ryan | |||||
| Vice President, Chief Accounting Officer and Controller | |||||
Date: October 29, 2026
OCTOBER 29, 2026 BUSINESS UPDATE Exhibit 99.1
1Edison International | October 2026 Business Update Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the: • ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related costs (including amounts paid for self-insured retention and co-insurance, and amounts not recoverable from the Wildfire Fund), and costs incurred for wildfire restoration efforts and to mitigate the risk of utility equipment causing future wildfires; • the cybersecurity of Edison International's and SCE's critical information technology systems for grid control and business, employee and customer data, and the physical security of Edison International's and SCE's critical assets and personnel; • risks associated with the construction, operation, and maintenance of electrical facilities, including worker, contractor, and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts; • impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of lower-than-expected load growth and higher operating and capital costs (due to factors such as supply chain constraints, tariffs, inflation, and rising interest rates), which could affect SCE’s ability to obtain regulatory approval of, or cost recovery for, operations and maintenance expenses, proposed capital investment projects, and authorized returns on equity, as well as influence legislative actions; • ability of SCE to update its grid infrastructure to maintain system integrity and reliability, and meet electrification needs; • ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan, its target energization times and capital investment program, including challenges related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator's (“CAISO”) transmission plans, and governmental approvals; • risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff (“PSPS”) and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation; • ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS“); • risk that the California Wildfire Legislation, together with any future legislation, does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial or contributing cause, including the longevity of the Wildfire Fund and the California Public Utilities Commission (“CPUC”) interpretation of and actions under the California Wildfire Legislation, including its interpretation of the clarified prudency standard; • ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers; • decisions and other actions by the CPUC, the Federal Energy Regulatory Commission, and the United States Nuclear Regulatory Commission, the California legislature and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, approval of regulatory proceeding settlements, determinations of authorized rates of return or return on equity, prudency determinations for wildfire-related costs, the availability and sufficiency of the Wildfire Fund and related cost recovery mechanisms, issuance of SCE's wildfire safety certification, reforming wildfire-related liability protections available to California investor-owned utilities, wildfire mitigation efforts, approval and implementation of electrification programs, restrictions on the issuance of dividends, and delays in executive, regulatory and legislative actions; • governmental, statutory, regulatory, or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market adopted by the North American Electric Reliability Corporation, CAISO, Western Electricity Coordinating Council, and similar regulatory bodies in adjoining regions, and changes in the United States' and California's environmental priorities that lessen the importance placed on greenhouse gas reduction and other climate related priorities; • potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to customer notifications and to wildfires where SCE's equipment is alleged to be associated with ignition; • extreme weather-related incidents (including events caused, or exacerbated, by climate change), such as wildfires, debris flows, flooding, accelerated coastal erosion, droughts, high wind events and extreme heat events and other natural disasters (such as earthquakes), which could cause, among other things, worker and public safety issues, property damage, outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs; • risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns; • risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs); • actions by credit rating agencies to downgrade Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook, including downgrades that may be made if the California legislature does not timely adopt legislation that effectively mitigates the significant wildfire-related risk faced by California investor-owned utilities; • ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms; • changes in tax laws and regulations, at both the state and federal levels, or changes in the application of those laws, that could affect recorded deferred tax assets and liabilities, effective tax rates and cash flows; • changes in rates of inflation (including whether inflation-related adjustments to SCE's authorized revenues allowed by the public utility regulators are commensurate with inflation rates), and changes in interest rates and potential future adjustments to SCE's ROE based on changes in Moody's utility bond rate index; • availability and creditworthiness of counterparties and the resulting effects on liquidity in the power and fuel markets and/or the ability of counterparties to pay amounts owed in excess of collateral provided in support of their obligations; and • cost of fuel for generating facilities and related transportation, which could be impacted by, among other things, disruption of natural gas storage facilities, to the extent not recovered, timely or at all, through regulated rate cost escalation provisions or balancing accounts. Other important factors are discussed under the headings “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s Form 10-K and other reports filed with the Securities and Exchange Commission, which are available on our website: edisoninvestor.com. These filings also provide additional information on historical and other factual data contained in this presentation.
2Edison International | October 2026 Business Update Wildfire Mitigation Financial Information AppendixIntroduction Electrifying the Future: Customers and Clean Energy Edison International leads the transformation of the electric power industry One of the nation’s largest electric-only utilities, with over 5 million customer accounts in 50,000 square-mile service area EIX’s principal subsidiary, with $38–41 billion electric infrastructure investment opportunity from 2026 through 2030 Growth driven by investment in strengthening and modernizing the grid and advancing California’s aggressive climate goals Wires-focused rate base, with limited power generation ownership (<20% of power delivered from owned generation) Focused on opportunities in clean energy, advancing electrification, building a modernized and more reliable grid, and enabling customers’ technology choices
3Edison International | October 2026 Business Update Wildfire Mitigation Financial Information AppendixIntroduction Electrifying the Future: Customers and Clean Energy Thesis: Wires-focused utility investing in reliability, resiliency, and climate adaptation to enable clean energy transition Constructive California and Federal regulatory structures Aggressive climate goals met with clean, efficient, economywide electrification Significant investment required to ensure the grid is reliable, resilient, and ready for widespread electrification Investment in electric-led clean energy future results in strong rate base and dividend growth Decoupling of sales Forward-looking ratemaking Wildfire prudency standard California GHG reduction Helping customers make clean energy choices Address wildfire risk and climate adaptation needs Infrastructure replacement Electrification infrastructure ~7% 2025–2030 rate base CAGR Target dividend payout of 45–55% of SCE core earnings
4Edison International | October 2026 Business Update Wildfire Mitigation Financial Information AppendixIntroduction Electrifying the Future: Customers and Clean Energy California’s regulatory mechanisms provide revenue certainty Revenue Decoupling means earnings aren’t affected by changes in electricity sales Long-standing regulatory mechanism that breaks the link between retail electricity sales and revenue; promotes energy efficiency, helps stabilize customer bills, and supports environmental goals Changes in sales only affect timing of cash collection Balancing Accounts allow SCE to collect and refund differences to authorized revenue SCE has several balancing accounts, including for variances in sales volume, such as those related to weather Fuel & purchased power recovered on forecast basis, with over/under-collections trued-up via balancing accounts Forecast Ratemaking reduces regulatory lag Four-year GRC cycle with forward-looking test year and attrition year increases CPUC has historically authorized mechanism that gives SCE opportunity to offset some inflationary price increases Cost of capital proceedings on three-year cycle separate from GRC with mechanism to reasonably adjust cost of capital if market conditions change significantly during cycles
SCE WILDFIRE MITIGATION: APPROACH, PROGRESS, AND RESULTS
6Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy SB 254 (2025) & Natural Catastrophe Resiliency Study AB 1054 (2019) & SB 599 (2022) SCE Safety Certification Wildfire Fund AB 1054 and SB 254-Related Edison for the Record Map of SCE’s Service Area Stories and Videos on SCE’s Wildfire Mitigation Efforts and PSPS Other Useful Links and Resources1 Weather Stations Wildfire Cameras PSPS Information PSPS Decision Making Role of Weather in PSPS SCE Wildfire Safety Webpage Wildfire Mitigation Plan & Related Documents Vegetation Management Southern California Wildfires Document Library (including ESIRs and Section 315 letters) Situational Awareness Wildfire Mitigation 1. This page contains links to third-party websites, provided for the convenience of investors. Direct links to documents and information issued by third parties are provided on this page and should not be construed as an endorsement or adoption of or an agreement with such content by Edison International or SCE. Third-party content is the responsibility of the third-party, and Edison International and SCE disclaim all liability for any statements made in such third-party content
7Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy SCE’s 2026–2028 Wildfire Mitigation Plan is a layered defense strategy to safeguard our communities Distribution hardening Additional 700+ miles of covered conductor and targeted undergrounding Transmission hardening Enhanced standards and proactive upgrades to reduce ignition risk on transmission infrastructure New technology deployment Deploying new and expanded tools to identify and prevent ignition risks early Public Safety Power Shutoffs (PSPS) Last-resort tool to prevent ignitions during extreme weather; focused on reducing impacts Situational awareness Using weather stations, HD cameras, and forecasting to monitor and respond to wildfire risk Continued investment builds on ongoing efforts to reduce the risk of wildfires associated with utility equipment while applying latest learnings Vegetation management Removing hazardous trees and maintaining clearances to prevent vegetation-related ignitions Aerial suppression Supporting aerial firefighting resources to improve rapid wildfire response and public safety Refine other strategies Continuously improving mitigation through lessons learned, modeling, and utility collaboration
8Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy SCE’s preliminary 2029+ wildfire mitigation portfolio targets efficiency through enhanced risk-based analysis SCE continues to advance wildfire mitigation through more granular modeling, climate-informed analysis, and circuit-level prioritization Risk-Prioritized SpendSafer Grid More Adaptive System Improve safety, especially in high fire risk areas Direct mitigation to areas where wildfire consequences can be greatest Proactively adapt to changing conditions Incorporate better data, climate- informed assumptions, and lessons learned to continuously refine risk assessments Prioritize the highest-impact solutions Compare mitigation options at the circuit level to prioritize the highest-impact solutions Enables continued investment while improving targeting and efficiency of incremental spend
9Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy SCE is seeing proof points and results from its substantial wildfire mitigation efforts 1. Since 2018 and as of September 30, 2026 2. Refers to the ignition drivers covered conductor is designed to mitigate 7,230+ MILES OF COVERED CONDUCTOR1 2.3 MILLION+ TRIMS AND REMOVALS IN HFRA1 2 MILLION+ HFRA INSPECTIONS1 ~2,000 WEATHER STATIONS1 ~200 HD CAMERAS1 No ignitions due to failure of covered conductor2 ~90% visual coverage of SCE’s High Fire Risk Area
10Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy SCE has successfully hardened ~90% of High Fire Risk Area distribution system Underground (7,650+ miles) Covered Conductor (7,230+ miles) Status of Currently Planned Grid Hardening in HFRA1 Distribution circuit miles, As of September 30, 2026 Completed 14,880+ miles 1. Refers to circuit miles of distribution infrastructure in SCE’s high fire risk areas (HFRA) 2. Reflects covered conductor and undergrounding through 2028 as authorized in SCE’s 2025 GRC Remaining Planned2 (Up to ~880 miles) Next steps: complete GRC-approved miles and evaluate remaining HFRA hardening for 2029–2032 Complete up to 880 miles through 2028 under approved GRC Assess incremental proactive hardening in 2029–2032 using Wildfire Integrated Model (subject to regulatory approval)
11Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy Durable wildfire reform is needed to protect customer affordability and support continued grid investment Sacramento status1: Durable reform remains necessary despite the conclusion of the regular session Regular session ended without reform California's wildfire liability framework remains unchanged Long-term solution remains necessary Clear and durable liquidity source for claims resolution Shareholder liability cap not tied to life of Wildfire Fund Framework that supports customer affordability and continued grid investment Efforts toward reform continue SCE and other California IOUs continue engaging with a broad group of stakeholders SCE supports reconvening Legislature in a special session If reform not achieved in 2026, efforts would continue with new Governor and Legislature in 2027 Key upcoming dates Nov. 2 CPUC report on statewide impact of lack of structural reform Nov. 15 Constitutional deadline to pass and present a bill to governor 2027 Absent action in 2026, reform efforts move to next legislative session Costs of Inaction Higher customer costs Elevated credit spreads are adding real costs to customer bills Reduced grid investment Higher financing costs could constrain investment supporting electrification, clean energy, and load growth Pressure on California’s economy Continued uncertainty increases cost of financing safe, reliable grid needed to support economic growth 1. As of October 28, 2026
12Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy SB 254 is a key action that demonstrates support for IOU financial stability and its importance for customer affordability 1. References to “Wildfire Fund” refer to the fund established under AB 1054 in 2019; “New fund” refers to the Continuation Account established under SB 254. Funding of the Continuation Account is dependent upon a determination by the fund administrator and CPUC authorization of extending customer charges 2. If the administrator winds up and terminates the account before the final installment payment is paid, IOUs shall provide one-half of the remaining unpaid installment payments as rate credits to their ratepayers 3. Any remaining value in the Wildfire Fund rolls over to the new fund after satisfying covered wildfires 4. Subject to CPUC approval; SB 254 was signed by the governor on September 19, 2025, which is the effective date of the bill 5. Based on the assumption that SCE’s share will be determined according to its allocation of the IOU contributions to the Continuation Account Excludes $6Bn in wildfire capex from rate base Creates $18Bn fund with no upfront contribution1 Funded 50/50 by customers and IOUs – IOUs: $300MM/year for 2029–2045 – plus $3.9Bn over 5 years if need determined by administrator2 – Customers: $900MM/year for 2036–2045 SCE share: 47.85% (~$145MM/year starting 2029) New fund available only for wildfires ignited after Sept. 19, 2025 (SB 254’s effective date); initial fund available only for wildfires ignited before effective date1,3 Enhances framework for liability cap, claims, and financing Liability cap now based on year of ignition—improving certainty of amount—rather than year of disallowance If Wildfire Fund1 exhausted, IOU may issue securitized bonds to fund claims payments for covered wildfires ignited between Jan. 1, 2025, and Sept. 19, 20254 If required to reimburse new fund, IOU may reduce reimbursement by amount of contributions paid Gives IOUs right of first refusal for subrogation claim sales for wildfires ignited after SB 254’s effective date IOUs to securitize $6Bn of wildfire mitigation capital spending (SCE share: ~$2.9Bn)5 Constructive for potential Eaton Fire losses
13Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy AB 10541 provides a strong regulatory construct for determining wildfire liability and cost recovery Established safety certification process and additional safety oversight Under AB 1054, SCE can obtain an annual safety certification following submission of required safety information, including an approved wildfire mitigation plan Safety certifications valid until the later of 12 months after issuance and when the Office of Energy Infrastructure Safety acts on utility’s timely submittal of a request for its next safety certification Codified prudency standard and assumes utility prudency unless serious doubt created Provided a utility is “safety certified,” establishes a prudency standard that assumes utility is prudent, unless intervenors create serious doubt Prudency based on reasonable utility conduct with potential for full or partial recovery, considering factors within and beyond a utility’s control (e.g., humidity, temperature, winds) Standard survives even if Wildfire Insurance Fund is depleted Established $21+ billion Wildfire Fund to enhance liquidity Reimburses utility for eligible claims payments above $1 billion required insurance coverage2 Currently ~$15.1 billion of assets, invested ~80% Treasury/Agency and ~20% corporate securities3 Administrator recently estimated the fund's claim paying capacity for the Eaton Fire is at least $21 billion Caps utility reimbursement liability if found imprudent (SCE 2025 cap: ~$4.3Bn5) If found prudent, no requirement to reimburse fund for claims covered by fund If found imprudent or partially imprudent, shareholders reimburse fund up to cap Reimbursement capped if utility has valid safety certification.4 The cap covers trailing three-year period and limits reimbursement to 20% of electric T&D equity rate base at time of ignition5 1. California Assembly Bill 1054, executed by the governor of California on July 12, 2019 2. Or amount required by fund administrator, whichever is higher 3. Source: California Earthquake Authority Financial Report presented at the August 6, 2026 California Catastrophe Response Council meeting 4. And has not been found to have acted with conscious or willful disregard of the rights and safety of others 5. Excluding general plant and intangibles. Liability cap calculation amended by California Senate Bill 254 (2025) to be based on year of ignition
14Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy Wildfire Fund provides liquidity for claims payments and ceiling on liability to reimburse fund AB 1054 Wildfire Fund (Initial Account) Mechanics1 1. This summary is based on Edison International’s interpretation of Assembly Bill 1054 (2019) and clarifications made in Senate Bill 599 (2022) and Senate Bill 254 (2025) 2. “Eligible claims”: claims for third-party damages from covered wildfires less annual utility retention (larger of $1.0 billion or required insurance layer per fund administrator) 3. Excluding general plant and intangibles • Pay out claims to claimants subject to fund administrator approval • Subrogation claims settled at ≤40% approved unless exceptional facts and circumstances; higher amounts may be approved by fund administrator Fund payment of “eligible claims”2 CPUC prudency determination (serious doubt standard if utility holds safety cert.) • Covers claims payments resulting from wildfires ignited on or after July 12, 2019, either (a) caused by PG&E, SCE, or SDG&E, as determined by the governmental agency responsible for determining causation, or (b) asserted to have been caused by PG&E, SCE, or SDG&E, and results in a court-approved dismissal resulting from settlement of third-party damage claims, in excess of annual utility insurance ($1 billion)2 • Claim-paying capacity of $21+ billion. Fund can securitize future contributions if necessary to capitalize the fund • Fund reimbursed if imprudent (see below right), but does not have a separate replenishment mechanism Wildfire Fund • Liability cap of 20% of T&D Equity Rate Base (~$4.3Bn for SCE for 2025)3 unless found to have acted with conscious or willful disregard of the rights and safety of others • Liability cap lapses when fund exhausted; prudency standard remains If found imprudent, IOU reimburses Wildfire Fund up to 3-year rolling cap If found prudent, IOU does not reimburse Wildfire Fund PG&E: $4.8Bn initial + $193MM annually through 2028 SCE: $2.4Bn initial + $95MM annually through 2028 SDG&E: $0.3Bn initial + $13MM annually through 2028 IOUs contribute $10.5 billion Customers contribute $0.9Bn annually through 2035. May be directly contributed to Fund or used to support issuance of bonds by California DWR Customers contribute non-bypassable charge
15Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy SCE does not reimburse Fund for eligible claims above annual aggregate insurance of $1 billionIf authorized 100% recovery1 SCE’s Insurance Wildfire Insurance Fund Utility Shareholders 1. Claims typically settle at a percentage of the asserted damages 2. Costs in application may be allocated for cost recovery in full or in part considering factors within and beyond utility’s control, including humidity, temperature, and winds 1.0 9.0 1.0 4.74.3 If authorized 0% recovery1 $10 billion cost of paid claims1 (Wildfire Fund reimburses utility for claims paid above IOU insurance of $1 billion) SCE cost recovery application and CPUC review2 (Presumption of prudence if safety certification held) Liability cap for subsequent events over 3-year period reduced by amount reimbursed $10.0 $10.0 Example of Wildfire Fund operations, reimbursement, and IOU liability from a hypothetical wildfire resulting in $10 billion of paid claims $ in Billions; Example based on SCE’s 2025 Liability Cap Wildfire Fund illustrated: Eligible claims paid by fund and potential reimbursement is capped Partial recovery can be authorized2
16Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy $2.0 $2.5 $2.9 $2.5 $2.6 $3.7 $4.1 $4.2 $4.2 $4.7 '17-18 '18-19 '19-20 '20-21 '21-22 '22-23 '23-24 '24-25 '25-26 '26-27 California has continued to increase investments in wildfire suppression and prevention 70+ aircraft make CAL FIRE’s fleet the largest civil aerial firefighting fleet in the world2 1. As initially enacted. Does not include subsequent Emergency Fund funding 2. https://www.fire.ca.gov/what-we-do/fire-protection/aviation-program 3. Budgeted across departments and budget years. Portions of the funding for the Wildfire & Forest Resilience Strategy are captured within CAL FIRE’s overall budget 4. https://www.gov.ca.gov/2025/01/13/california-forest-management-hotter-drier-climate/ CAL FIRE’s budget has doubled since 2017-18 CAL FIRE Enacted Budget by Budget Year, $ in Billions1 CAL FIRE’s staffing has increased by >100% since 2017-18 Thousands of CAL FIRE Budget Year Positions1 6.9 7.2 7.7 8.1 8.8 11.3 12.0 12.5 13.3 14.0 '17-18 '18-19 '19-20 '20-21 '21-22 '22-23 '23-24 '24-25 '25-26 '26-27 State has committed $2.6 billion over 7 years3 for Wildfire & Forest Resilience Strategy Increased use of new technology including drones, AI-powered tools to spot fires, and advanced mapping4
17Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy 1 2 3 Eaton Fire: Currently unable to estimate potential losses; SCE has clear sources for funding claims resolution1 1. Refers to claims for third-party damages related to the Eaton Fire eligible for reimbursement from the Wildfire Fund’s Initial Account, which will be subject to approval of the fund administrator 2. Refers to funding sources prior to a CPUC determination of prudency. For further details, see "Management Overview—Southern California Wildfires and Mudslides” in the 2025 10-K 3. Customer-funded self-insurance includes a $12.5 million shareholder contribution 4. Subject to CPUC approval. If the CPUC determines that the costs were not prudently incurred, SCE will be required to return any amounts recovered back to customers over a period that matches the remaining duration of the financing instrument through credits to customer rates Clear funding sources mitigate balance sheet exposure from claims resolution2 Estimated range of losses: While SCE recorded losses related to settlements that have been entered into related to the Eaton Fire, Edison International and SCE are currently unable to reasonably estimate a range of losses that may be incurred in connection with the Eaton Fire. Total settlements entered into: $1.8Bn Expected recoveries recorded2 • Self-insurance $917MM • Wildfire Fund $859MM • FERC rates $70MM Status of Eaton Fire Losses First $1 billion3 Customer–funded self- insurance Eligible third-party claims above first $1 billion Reimbursement from Wildfire Fund1 $207MM received to-date Above capacity of Wildfire Fund SB 254 provides ability to securitize4 As of September 30, 2026
18Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy Eaton Fire decision framework: Fund supports claims; separate processes determine liability, prudence and reimbursement 1. The costs and fees of litigation are not included in reimbursements from the Fund, which is dedicated for claim resolution, and would be tracked for cost recovery in WEMA 2. CPUC may initiate separate enforcement action to assess compliance with regulations Legal: Claims and Litigation CPUC Regulatory: Prudence and Cost Allocation Wildfire Fund Administration: Cap on Reimbursement What costs will result from the fire? How will costs be allocated? How much, if any, is owed to the Fund? • Claims may be resolved through Wildfire Recovery Compensation Program, settlements or court judgment • Litigation may address legal causation, inverse condemnation, negligence, recovery from third-parties, and damages • Settlements can resolve claims without final determination of negligence or other liability OUTPUT: Costs to be paid to plaintiffs1 • CPUC review generally follows resolution of claims and cross-claims • CPUC evaluates whether SCE’s conduct related to ignition was consistent with the actions of a reasonable utility under the circumstances2 • Safety certification creates presumption of prudence unless intervenor raises serious doubt, which SCE would seek to dispel • CPUC may allow full, partial or no recovery, including consideration of exacerbating factors within and beyond SCE’s control OUTPUT: Recoverable vs. disallowed costs, and any resulting Fund reimbursement • If CPUC disallows amounts withdrawn from the Fund, SCE must reimburse the Fund, subject to reimbursement cap • After CPUC review, Fund Administrator determines whether SCE’s actions or inactions constituted conscious or willful disregard of the rights and safety of others • Such a finding would remove cap on reimbursement to Fund, up to amount disallowed by CPUC OUTPUT: Amount required to reimburse the Wildfire Fund 1 2 3
19Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy Eaton Fire standards: Prudence is a reasonableness test; felony liability and willful disregard are fundamentally higher bars What each standard asks: Prudence (CPUC): Were SCE's actions consistent with those of a reasonable operator, across a range of acceptable practices? The CPUC can also weigh factors within and beyond SCE's control that increased the costs. Felony liability (criminal court): Did SCE act with criminal intent or recklessness, proven beyond a reasonable doubt? Conscious or willful disregard (Wildfire Fund Administrator): Did SCE act intentionally, aware that its conduct would cause harm?1 SCE’s assessment based on information reviewed to date: SCE believes that it will be able to make a good faith showing of prudence when it submits its application to CPUC SCE believes that there is no basis for a finding of conscious or willful disregard of the rights and safety of others with regard to the Eaton Fire SCE believes that there is no basis for a finding of felony liability with regard to the Eaton Fire These are substantially different levels of conduct and intent 1. "Conscious or willful disregard" is not defined in AB 1054 and has not been interpreted
ELECTRIFYING THE FUTURE: CUSTOMERS AND CLEAN ENERGY
21Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy Electrification nearly doubles load by 2045, requiring significant grid expansion and underpinning EIX’s net-zero strategy Reaching California’s GHG goals requires near-complete transformation of energy use by 2045 EIX contributes to this transition through clean energy delivery, reducing operational emissions, and neutralizing remaining emissions distribution grid expansion and 4x rate of transmission expansion of retail sales served with carbon-free electricity by 2045 of vehicles and buildings need to be electrified by 2045 EIX plans to reduce Scope 1, 2, and 3 emissions to net zero by 2045 100% 10x faster More than 90% Net zero See here: https://www.edison.com/clean-energy/countdown-to-2045 See here: https://www.edison.com/clean-energy/reaching-net-zero Find more insights in Edison’s white papers:
22Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy SCE’s load growth driven by economywide trends with broad customer and climate benefits SCE’s diverse and durable drivers of demand… …expected to result in sustained load growth Transportation Electrification Rapid growth potential supported by strong CA EV sales, fleet electrification, and public charging Residential New housing development and population growth, partially offset by solar adoption Commercial & Industrial High-tech warehouses, data centers, and building electrification Near-term (2025–2030) Clean load growth supporting both affordability and decarbonization ~1–3% annualized sales growth ~30–40% cumulative sales growth1 ~100% cumulative sales growth1 Mid-term (By 2035) Long-term (By 2045) 1. Relative to 2025
23Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy SCE’s future load growth captures value from EV adoption, helping affordability by providing downward pressure on rates 1. Includes both light duty and non-light duty EV load 2. Source: EPRI analysis of Experian data through July 2026 Despite termination of federal incentives, nearly one in every five cars sold in CA is electric2 SCE’s Charge Ready programs are expected to stimulate growth in EV adoption and the buildout of charging infrastructure SCE’s programs include a focus on serving multi-family dwellings and disadvantaged communities State budget funding of ~$6 billion to accelerate zero-emission vehicles represents significant progress in helping spur adoption Electric vehicles in SCE’s service area made up ~3,000 GWh of load in 2025 and could grow to 50,000+ GWh by 2045 Electric load from electric vehicles in SCE’s service area, GWh1 - 10,000 20,000 30,000 40,000 50,000 60,000 2025 2045 ~16x increase
24Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy Edison International has one of the strongest electrification profiles in the industry 1. Source: EPRI analysis of Experian data through July 2026 State multiyear package includes ~$435 million for equitable building decarbonization SCE considering further steps to help state close current deployment gap Target to have 27 million residential heat pumps in California by 2045 If target achieved, represents 8 million MWh of incremental load in SCE’s service area by 2045 SCE has installed or procured ~9.3 GW of storage capacity; ~6.5 GW currently online SCE commissioned ~365 MW and commissioning additional ~225 MW of utility-owned storage to support reliability Project 30+ GW of utility-scale storage needed California-wide by 2045 Growing energy storage capacity supports reliability as economy increasingly relies on electricity Largest U.S. IOU EV charging programs with over $850 million of approved funding plus over $1 billion of incentives Substantial state budget commitments to accelerate zero-emission vehicles ~19% of new cars sold in California YTD 2026 were zero emission vehicles1 Current trajectory of 12 million EVs in CA (4.6 million in SCE’s area) by 2035 Represents over 20 million MWh in SCE’s service area by 2035 and ~50 million MWh by 2045 Transportation Electrification Energy Storage Building Electrification
25Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy SCE residential total energy share of wallet falls in lowest-cost U.S. quartile, with potential to decline through electrification 2025 Est. Avg. Residential Customer Share of Wallet (% of Income)1 Electricity and total energy share of wallet in SCE’s service area compare favorably to U.S. benchmarks 1. Quartile bars reflect percentile thresholds (upper bounds) in the national distribution, not individual states. EIX analysis and assumptions based on representative utilities in each state, excluding Alaska and Hawaii, median household income data from U.S. Census Bureau, electricity expenditure data from EIA, natural gas expenditure data from AGA and EIA, gasoline price data from EIA, and gasoline consumption calculated from vehicles per household from the US Census, vehicle-miles traveled per vehicle from FHWA Highway Statistics Series, and gas mileage from Bureau of Transportation Statistics - 2% 4% 6% 8% 10% 12% 14% Electricity Natural Gas Gasoline Lowest-cost quartile (≤25th percentile) US Median Highest-cost quartile 75th percentile SCE total energy share of wallet is below the 25th-percentile U.S. threshold
26Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy 2026 2045 By 2045, electricity demand is projected to nearly double from 2025, primarily due to electrification Households will benefit from these savings well before 2045, with the average SCE household expected to see more than 10% savings by the mid-2030s Household savings driven by reduced fossil fuel expenses more than offsetting increase in electricity expense Improvements in equipment efficiency, energy efficiency, and demand response programs reduce consumption Adoption of electrified technologies results in significant savings for average SCE customer household 1. Reflects annual energy expenses using SCE data. Vehicles and appliance costs are not included. Assumes the average SCE customer in 2045 would have electric vehicle, solar, storage, and electric water and space heating 2. Reflects the proportion of household income spent on energy. For 2045, projected median household income based on historical growth rates, then normalized to 2026$ Annual residential household energy expenses (2026$)1 Total annual energy expenses for the average SCE customer household decreases by ~36% by 2045 $4,160 $6,452 Home Solar Electricity Bill Home Gas Bill Gasoline ~6% <3%Share of wallet2
27Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy 39.3 32.6 28.0 SDG&E PG&E SCE SCE has lowest system average rate among California IOUs driven by focus on customer affordability Major California IOU System Average Rates1 Cents per kWh, Based on current rates 1. All rates include California Climate Credit. Sources: SCE Advice 5897-E effective October 1, 2026, PG&E Advice 7846-E effective March 1, 2026, SDG&E Advice 4868-E effective August 1, 2026 Expect system average rate growth at or below inflation through 2030 Rising load growth driven by electrification and other factors further supports affordability Strong track record and continued focus on operational excellence to reduce costs +40% vs. SCE +16% vs. SCE
28Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy 2019–2024: SCE’s rate trend outpaced inflation, largely driven by external events1 (power supply, weather, wildfire) Rate increases below inflation for 20 years. External drivers largely drove 2019–2024. Expect return to inflation-level growth 2001–2019 SCE’s rates trend below local inflation for nearly 20 years SCE System Average Rate3 Local inflation Cents per kWh 1. 68% of total rate increase from 2019–2024 driven by External Events, including 45% from Power Supply & Weather, 21% from Wildfire, and 2% from Public Purpose Programs. Power Supply includes items such as undercollection of rates in 2023 due to milder than anticipated weather and other one-time events. 32% of total rate increase from 2019–2024 driven by Standard Operations, including 28% from Load Growth & Infrastructure Replacement and 4% from Power Supply — Clean Energy 2. Forecast subject to change. Actual rates will vary based on actual authorized rates, changes in market prices, variability in sales, collections, timing of regulatory decisions, and other factors 3. All rates include California Climate Credit 2024–2028 Expect system average rate growth at or below inflation2 30 10 15 20 25 30 35 2000 '05 '10 '15 '20 '25 2030
29Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy Composition of Bundled System Revenue Requirement1 6% Transmission Investment in operations and maintenance for high-voltage transmission lines 34% Distribution Grid maintenance and new equipment, including poles, wires, and substations 12% Wildfire Covered conductor, vegetation clearing, enhanced inspections, weather stations, HD cameras, and insurance 3% Public Purpose Programs Mandated state programs, including incentives for energy efficiency and protection for low-income customers 11% Taxes Federal, state, county, and city taxes and uncollectibles 34% Power Supply Cost of energy sources, including natural gas, hydro, solar, and wind 1. Based on rates as of October 1, 2026
30Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy SCE delivers on California’s energy goals while managing affordability—despite higher policy-driven cost burdens +38% vs. SCE +37% vs. SCE SCE vs. LADWP: Average Non-CARE Residential Bill1 $ per Month; Based on 500 kWh consumption 1. Based on rates as of October 1, 2026. Including Utility Users Tax (UUT). UUT is a local tax levied by cities on utility services, which is not part of SCE’s revenue requirement. Utilities collect the UUT through customers’ electric bills and remit the funds to the appropriate local government 2. Other includes Wildfire Fund Charge, Nuclear Decommissioning Charge, Public Utilities Commission Reimbursement Fee 3. Public Purpose Programs also includes CARE surcharge / discount, extension of Diablo Canyon operations costs 4. Taxes includes Federal & State Income Tax, Property Tax, Franchise Fees & Uncollectibles, and UUT 5. Southern California Edison (SCE) serves a 50,000 square mile area in Central, Coastal, and Southern California. The Los Angeles Department of Water and Power (LADWP) serves a ~473 square mile area IOU customers fund broader set of public mandates—including wildfire mitigation, decarbonization, and equity programs—not reflected in municipal utility bills Despite these added responsibilities, IOUs operate efficiently—maintaining grid reliability, advancing clean energy, accessing deep capital markets, and delivering shareholder returns (i.e., reflecting regulated cost of capital) $199 $160 0 50 100 150 200 LADWP Transmission & Distribution Power Supply Taxes4 Wildfire Public Purpose3Other2 ~105 ~3,200Customers per Sq. Mile5: …while serving significantly larger area with lower customer density
FINANCIAL INFORMATION
32Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy 2026–2030 Capital Expenditures Plan1 Five-year capex plan of ~$38–$41 billion to strengthen reliability, resilience, and readiness to meet customer needs Capital Expenditures, $ in Billions 1. Forecast includes amounts approved in SCE’s 2025 GRC filing. Additionally, reflects non-GRC spending subject to future regulatory requests beyond GRC proceedings and FERC Formula Rate annual updates 2. Annual Range Case capital reflects variability associated with future requests based on management judgment, potential for permitting delays and other operational considerations 6.5 6.7 6.7 7.9 8.1 0.8 0.9 0.9 1.1 1.0 $7.3 $7.6 $7.6 $9.0 $9.1 2026 2027 2028 2029 2030 CPUC FERC Range Case2 $7.1 $7.3 $7.2 $8.0 $7.9 Forecast through 2030 includes: • 2025 GRC approval • CAISO-awarded FERC transmission projects • Advanced metering infrastructure program (~50% of total $3.1Bn projected spend is 2026–2030) • Planned 2029 GRC request Beyond 2030, continued long- term capital investment opportunities to serve customers • 2029 GRC investments • CAISO-awarded FERC transmission projects (~$2Bn) • Advanced metering infrastructure program (~50% of total $3.1Bn projected spend is 2031–2033)
33Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy 22% 22% 14% 12% 11% 10% 6% 3% Load Growth & Electrification Infrastructure Replacement Inspections & Maintenance Wildfire Management Transmission Other Distribution Advanced Metering Infra. Generation Over 85% of SCE’s capital investments are in its distribution grid and essential to reliability, resiliency, and readiness objectives >85% distribution grid SCE forecasts investing $38–41 billion from 2026 to 2030 to support SCE’s wildfire mitigation strategy and clean energy transformation in California Percentage of 2026–2030 capital plan
34Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy 40.1 43.2 46.4 49.8 53.8 58.4 7.5 7.6 8.0 8.3 8.8 9.5 $47.6 $50.8 $54.4 $58.1 $62.6 $67.9 2025 2026 2027 2028 2029 2030 Projected ~7% rate base growth driven by investments to enable customer-driven load growth CPUC FERC ~7% CAGR 2025–2030 Range Case (Recorded) $50.8 $54.3 $57.7 $61.7 $66.1 2025–2030 SCE Rate Base Weighted Average Rate Base, $ in Billions Forecast through 2030 includes: • 2025 GRC approval • CAISO-awarded FERC transmission projects • Advanced metering infrastructure program (~50% of total $3.1Bn projected spend is 2026–2030) • Planned 2029 GRC request Beyond 2030, continued long- term capital investment opportunities to serve customers • 2029 GRC investments • CAISO-awarded FERC transmission projects (~$2Bn) • Advanced metering infrastructure program (~50% of total $3.1Bn projected spend is 2031–2033)
35Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy 2026 Guidance 2027 Guidance 2028 Guidance SCE EPS 6.81–7.07 7.20–7.53 7.74–8.04 EIX Parent and Other EPS (0.91)–(0.87) (0.95)–(0.88) (1.00)–(0.90) EIX Consolidated Core EPS $5.90–6.20 $6.25–6.65 $6.74–7.14 Share Count (in millions) 385 385 385 Note: See Earnings Per Share Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. All tax-effected information on this slide is based on our current combined statutory tax rate of approximately 28%. Totals may not add due to rounding EIX 2026–2028 Core Earnings Per Share Guidance Ranges EIX reaffirms 2026–2028 Core EPS guidance ~7% Growth ~7.5% Growth
36Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy SCE entered 2026 with substantially greater clarity into outlook following significant regulatory year in 2025 Application 2025 2026 2027 2028 Next Steps General Rate Case (A.23-05-010) n/a TKM Recovery; Financing (A.23-08-013; A.25-04-021) n/a 2023 WMCE; 2024 WMCE (A.24-04-005; A.25-12-002) Awaiting proposed decision 2022 WMVM (A.23-10-001) n/a Cost of Capital (A.25-03-012) n/a Woolsey Recovery; Financing (A.24-10-002; A.26-01-007) n/a NextGen ERP (A.25-03-009) Awaiting proposed decision Advanced Metering Infra. 2.0 (A.26-03-030) Supplemental testimony due November 20 = Final Decision Received File 2029 GRC File 2029 CoC
37Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy EIX and SCE are committed to investment grade credit ratings 1. Based on S&P’s methodology SCE EIX Moody’s Baa1 Stable Baa2 Stable S&P BBB- Negative BBB- Negative Fitch BBB Negative BBB Negative Targeting EIX long-term FFO-to-Debt ratio of 15–17%1 By end of 2027, SCE will have recovered $11+ billion of historical costs since 2021, enhancing its balance sheet and credit metrics ~16% of $36 billion long-term debt portfolio at parent Credit strengths include: – Stable, regulated T&D operations – Extensive cost recovery mechanisms – Credit supportive measures under AB 1054 and SB 254 – Wildfire mitigation investments Investment grade ratings at SCE and EIX Long-term Issuer Rating and Outlook as of October 28, 2026
38Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy 1,850 1,739 2,859 1,400 600 1,650 1,050 550 600 2,450 3,389 3,909 1,950 2026 2027 2028 2029 2030 Variable-rate long-term debt: $0 Short-term debt: ~$0.8Bn Commercial paper and term loan outstanding as of September 30, 2026 @ ~5.0% Interest-rate exposure is limited, with all long-term debt fixed rate and maturities well-distributed 1. Excludes amortization of securitized bonds and short-term debt except for the $600 million term loan that is due December 22, 2026 Term Loan and Long-term Debt Maturities1 $ in Millions, as of September 30, 2026 SCEEIX Parent 5.3% 4.9% 4.8% 4.7% Weighted avg. rate 5.3%
39Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy EIX has a solid track record of delivering on Core EPS guidance over the last two decades 2025 2024 2023 2022 2021 Exceeded In-line In-line In-line Exceeded 2020 2019 2017 2016 2015 In-line In-line Exceeded In-line Exceeded 2014 2013 2011 2010 2009 Exceeded Exceeded Exceeded In-line Exceeded 2008 2007 2006 2005 2004 In-line Exceeded Exceeded Exceeded Exceeded EIX Actual Core EPS vs. Guidance Range History1 1. 2012 and 2018 not shown because Core EPS guidance was not given in those years due to GRC decision timing + + ++ + + + + + + + +
40Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy EIX has 22 consecutive years of dividend growth $0.80 $3.51 2004 2026 7% CAGR Dividends per Share1 1. 2026 dividend annualized based on dividend declaration on December 11, 2025
41Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy EIX projects 5–7% Core EPS growth for 2025 to 2030, with no equity needs in financing plan 1. Financing plan is subject to change 2. EIX Dividends includes common and preferred dividends, which are subject to approval by the EIX Board of Directors 3. Incremental to refinancing of maturities. Values shown include both SCE and parent debt $5.84 $7.45–8.20 Original 2025 Midpoint 2030 Target Achievable EPS growth for 2030 Core Earnings per Share Guidance 5–7% CAGR 2026–2030 EIX consolidated financing plan1 $ in Billions Uses Sources Capital Plan $38–41 Dividends2 $7–9 Net cash provided by operating activities $36–38 Incremental Debt3 $9–12
42Edison International | October 2026 Business Update Financial Information AppendixIntroduction Wildfire Mitigation Electrifying the Future: Customers and Clean Energy Rate base and EPS growth aligned with grid safety, reliability, and customer affordability 1. Compound annual growth rate (CAGR) based on starting point of $5.84 2. Based on EIX stock price on October 28, 2026 3. Relative to 2025 5–7% Core EPS CAGR1 2025–2030 Underpinned by strong rate base growth of ~7% $38–41 billion 2026–2030 capital program ~6% current dividend yield2 22 consecutive years of dividend growth Target dividend payout of 45–55% of SCE core earnings Investments in safety and reliability of the grid, with focus on customer affordability Lowest system average rate among CA IOUs System average rate growth expected to be at or below local inflation through 2030 One of the strongest electrification profiles in the industry Industry-leading programs for transportation electrification Expected ~30–40% load growth by 2035 and nearly doubling by 20453
APPENDIX
44Edison International | October 2026 Business Update AppendixIntroduction Financial InformationWildfire Mitigation Electrifying the Future: Customers and Clean Energy 2027–2028 Modeling Considerations Variable 2027 2028 SCE Rate Base ($ billions) $54.3–54.4 $57.7–58.1 Rate Base Mix (CPUC/FERC) 85% / 15% 86% / 14% Authorized ROEs (CPUC/FERC) 10.03% / 10.30% 10.03% / 10.30% Authorized Equity Ratios (CPUC/FERC) 52% / 47.5% 52% / 47.5% SCE Debt Refinancing and New Issue Rate1 (Pre-tax) 6.0–6.5% EIX Parent Debt Refinancing and New Issue Rate1 (Pre-tax) 6.0–6.5% Equity Issuance ($ millions) No equity issuance forecasted through 2030 Share Count (millions) 385 385 1. Weighted average rate for issuances reflecting issuance timing, debt volume and tenors, and market conditions over the forecast period
45Edison International | October 2026 Business Update AppendixIntroduction Financial InformationWildfire Mitigation Electrifying the Future: Customers and Clean Energy Low High Basic EIX EPS $5.66 $5.96 Total Non-Core Items1 (0.24) (0.24) Core EIX EPS $5.90 $6.20 1. Non-core items are presented as they are recorded Earnings Per Share Non-GAAP Reconciliations Reconciliation of EIX Basic Earnings Per Share Guidance to EIX Core Earnings Per Share Guidance 2026 EPS Available to Edison International
46Edison International | October 2026 Business Update AppendixIntroduction Financial InformationWildfire Mitigation Electrifying the Future: Customers and Clean Energy Use of Non-GAAP Financial Measures EIX Investor Relations Contact Sam Ramraj, Vice President Derek Matsushima, Principal Manager (626) 302-2540 (626) 302-3625 Sam.Ramraj@edisonintl.com Derek.Matsushima@edisonintl.com Edison International's earnings and basic earnings per share (EPS) are prepared in accordance with generally accepted accounting principles used in the United States. Management uses core earnings and core EPS internally for financial planning and for analysis of performance. Core earnings and core EPS are also used when communicating with investors and analysts regarding Edison International's earnings results to facilitate comparisons of the company's performance from period to period. Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS attributable to Edison International shareholders less non-core items. Non-core items include income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as write downs, asset impairments, wildfire-related claims, and other income and expense related to changes in law, outcomes in tax, regulatory or legal proceedings, and exit activities, including sale of certain assets and other activities that are no longer continuing. A reconciliation of Non-GAAP information to GAAP information is included either on the slide where the information appears or on another slide referenced in this presentation. The Company is unable to provide a reconciliation of forward-looking core EPS guidance for 2027, 2028, and 2030 to the most directly comparable GAAP measure because certain items affecting GAAP EPS, including but not limited to wildfire-related costs, regulatory outcomes, and other non-core items, are inherently unpredictable and cannot be estimated without unreasonable effort. The probable significance of these items is such that they could have a material impact on GAAP results in future periods.