Edison International · NYSE:EIX
Edison International — Q3 2026 Earnings Presentation
21 slides from Edison International's earnings presentation, Oct 29, 2026
Slide 1: Third-Quarter 2026 Financial Results
THIRD-QUARTER 2026 FINANCIAL RESULTS OCTOBER 29, 2026
Slide 2: Forward-Looking Statements
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 statem
Slide 3: Key Messages
Key Messages 1 SCE has hardened approximately 90% of its distribution system in high fire risk areas and continues targeted $1.88 $1.92 investment to reduce remaining risk Q3 2026 GAAP EPS Q3 2026 Core EPS1 Durable wildfire reform that includes a clear liquidity 2 source and a true shareholder liabi
Slide 4: Durable wildfire reform is needed to protect customer affordability and support continued grid investment
Durable wildfire reform is needed to protect customer affordability and support continued grid investment Sacramento status1: Durable reform remains necessary despite the Costs of Inaction conclusion of the regular session Higher customer costs Regular session ended California's wildfire liability f
Slide 5: Eaton Fire decision framework: Fund supports claims; separate processes determine liability, prudence and reimbursement
Eaton Fire decision framework: Fund supports claims; separate processes determine liability, prudence and reimbursement 1 Legal: 2 CPUC Regulatory: 3 Wildfire Fund Administration: Claims and Litigation Prudence and Cost Allocation Cap on Reimbursement What costs will result from the fire? How will c
Slide 6: Eaton Fire standards: Prudence is a reasonableness test; felony liability and willful disregard are higher bars
Eaton Fire standards: Prudence is a reasonableness test; felony liability and willful disregard are fundamentally higher bars What each standard asks: SCE’s assessment based on information reviewed to date: Prudence (CPUC): Were SCE's actions consistent with those of a reasonable operator, across
Slide 7: Third Quarter Earnings Summary
Third Quarter Earnings Summary Q3 2026 Q3 2025 Variance Key SCE EPS Drivers Takeaways Lower revenue $ (0.62) Basic Earnings Per Share (EPS) Higher O&M (0.06) Third-quarter 2026 Core EPS SCE $ 2.10 $ 2.40 $ (0.30) Lower depreciation 0.09 decreased year over year, Higher property and other taxes (0.03
Slide 8: Five-year capex plan of ~$38–$41 billion to strengthen reliability, resilience, and readiness
Five-year capex plan of ~$38–$41 billion to strengthen reliability, resilience, and readiness to meet customer needs 2026–2030 Capital Expenditures Plan1 Forecast through 2030 includes: Capital Expenditures, $ in Billions • 2025 GRC approval • CAISO-awarded FERC transmission $9.0 $9.1 projects 1.1 1
Slide 9: Projected ~7% rate base growth driven by investments to enable customer-driven load growth
Projected ~7% rate base growth driven by investments to enable customer-driven load growth 2025–2030 SCE Rate Base Forecast through 2030 includes: Weighted Average Rate Base, $ in Billions • 2025 GRC approval ~7% CAGR • CAISO-awarded FERC transmission 2025–2030 projects • Advanced metering infrastru
Slide 10: Interest-rate exposure is limited, with all long-term debt fixed rate and maturities well-distributed
Interest-rate exposure is limited, with all long-term debt fixed rate and maturities well-distributed Term Loan and Long-term Debt Maturities1 $ in Millions, as of September 30, 2026 EIX Parent SCE Weighted avg. rate 3,909 Variable-rate long-term debt: $0 3,389 1,050 2,450 1,650 600 1,950 550 Short-
Slide 11: EIX reaffirms 2026–2028 Core EPS guidance
EIX reaffirms 2026–2028 Core EPS guidance EIX 2026–2028 Core Earnings Per Share Guidance Ranges 2026 2027 2028 Guidance Guidance 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) ~7% ~7.5% EIX Consolidated Core EPS $5.90–6.20 $6.25–6.65
Slide 12: EIX projects 5–7% Core EPS growth for 2025 to 2030, with no equity needs in financing plan
EIX projects 5–7% Core EPS growth for 2025 to 2030, with no equity needs in financing plan Achievable EPS growth for 2030 2026–2030 EIX consolidated financing plan1 Core Earnings per Share Guidance $ in Billions $7.45–8.20 Dividends2 Incremental Debt3 5–7% $7–9 $9–12 $5.84 CAGR Net cash provided by
Slide 13: Rate base and EPS growth aligned with grid safety, reliability, and customer affordability
Rate base and EPS growth aligned with grid safety, reliability, and customer affordability 5–7% Core EPS CAGR1 Underpinned by strong rate base growth of ~7% 2025–2030 $38–41 billion 2026–2030 capital program ~6% 22 consecutive years of dividend growth current dividend yield2 Target dividend payout o
Slide 14: Additional Information
ADDITIONAL INFORMATION
Slide 15: Year-to-date Earnings Summary
Year-to-date Earnings Summary 2026 2025 Variance Key SCE EPS Drivers Takeaways Higher revenue $ 0.36 Basic Earnings Per Share (EPS) Lower O&M 0.07 2026 Core EPS increased year SCE $ 5.38 $ 7.62 $ (2.24) Higher depreciation (0.09) over year, primarily due to: Higher property and other taxes (0.05) EI
Slide 16: Eaton Fire: Currently unable to estimate potential losses; SCE has clear sources for funding
Eaton Fire: Currently unable to estimate potential losses; SCE has clear sources for funding claims resolution1 Status of Eaton Fire Losses Clear funding sources mitigate balance sheet As of September 30, 2026 exposure from claims resolution2 Estimated range of losses: While SCE recorded losses rela
Slide 17: 2027–2028 Modeling Considerations
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 Is
Slide 18: Earnings Non-GAAP Reconciliations
Earnings Non-GAAP Reconciliations Reconciliation of EIX GAAP Earnings to EIX Core Earnings Net Income (Loss) Available to Edison International, $ in Millions Q3 2026 Q3 2025 2026 2025 SCE $ 809 $ 925 $ 2,071 $ 2,935 EIX Parent & Other (85) (93) (282) (324) Basic Earnings $ 724 $ 832 $ 1,789 $ 2,611
Slide 19: EIX Core EPS Non-GAAP Reconciliations
EIX Core EPS Non-GAAP Reconciliations Reconciliation of EIX Basic Earnings Per Share to EIX Core Earnings Per Share EPS Available to Edison International1 Q3 2026 Q3 2025 2026 2025 Basic EPS $ 1.88 $ 2.16 $ 4.65 $ 6.78 Non-Core Items SCE Wildfire-related (claims and expenses), net of recoveries 0.05
Slide 20: Earnings Per Share Non-GAAP Reconciliations
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 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
Slide 21: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures 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 p