EDISON INTERNATIONAL Q2 FY26 Results

Edison International’s strong start to the first half of 2026 reinforces our confidence in our full-year outlook. We remain focused on making communities safer and more resilient through wildfire mitigation and on supporting a reliable, affordable and clean energy future. SCE is continuing to sharpen how it prioritizes wildfire mitigation. The utility’s approach is increasingly location-specific, consequence-informed and adaptive. Using better data, advanced wildfire modeling and climate-informed analysis, we are directing mitigation to areas where it can provide the greatest safety benefit while maintaining a focus on affordability for customers. Edison International’s second-quarter 2026 core EPS was $1.54, bringing year-to-date core EPS to $2.97. With this strong start to the first half of the year, we are confident in reaffirming our 2026 core EPS guidance and other financial targets, including our 5 to 7% core EPS growth over the long term. On the legislative front, we’re actively engaged with the Governor’s office, legislators, and key stakeholders on both wildfire reform and affordability. There is continued recognition that the current framework is placing increasing pressure on customers, communities, and the cost of financing the investments utilities are making to support California’s climate goals. Consistent with the themes we have highlighted, discussions center on aligning risk, supporting affordability, and maintaining access to capital at a reasonable cost. But this is about more than utility finance. Moody’s recently highlighted that the implications extend beyond utilities. They note that wildfire-related costs can affect electricity rates, affordability, and California’s broader economic competitiveness. S&P has also observed that wildfire-related financial risks increasingly extend beyond investor-owned utilities to public utilities, local governments, insurers, and the communities they serve. That is why establishing a durable long-term solution matters not only for utilities, but for customers, businesses, and the state's economy as a whole. While we are encouraged by Sacramento leadership’s focus on this important topic, we also recognize that the outcome remains uncertain so we will be thoughtful about the implications of what the Legislature ultimately enacts. SCE's current GRC authorization supports the utility's plan through 2028, and future investments will continue to be evaluated through a disciplined benefit-cost lens. SCE will continue to safely serve customers and maintain its unwavering focus on safety. At the same time, the clarity and quality of the legislative outcome will influence the cost of capital available to support future investment. A durable and financeable framework will help maintain access to lower-cost capital, supporting affordability for customers and continued infrastructure investment. Conversely, a framework without sufficient predictability will increase Edison’s financing costs, making SCE’s investments for customers’ benefit more expensive. It will also influence how we prioritize and deploy future capital. SCE took the first step in the next GRC process and filed its Risk Assessment Mitigation Phase, or RAMP, application in May. This outlines the risk mitigations that guide proposed investments across wildfire risk, transmission and distribution reliability, cybersecurity, climate adaptation, and other safety-related measures. For context, the investments identified in past RAMP filings accounted for about a third of the total capital requested in the GRC. As in prior cycles, this process provides a clear, safety- and risk-driven framework for evaluating capital needs and supports consistent engagement with regulators and stakeholders on safety and risk priorities. A key topic in RAMP is wildfire mitigation. SCE’s strategy continues to be comprehensive as noted on page 3. What is increasingly important is execution and prioritization. SCE is using more advanced wildfire modeling, improved data, and climate-informed analysis to better identify where wildfire consequences could be greatest. SCE has developed an enhanced wildfire risk model that combines multiple data sources to improve how it identifies, prioritizes, and plans safety measures, while accounting for high-impact wildfire events that may not be reflected in historical data. The utility is also broadening the range of risks and failure scenarios it evaluates, reflecting both lessons learned and a more comprehensive understanding of how wildfire risk can develop. That includes looking beyond individual equipment incidents and assessing how multiple conditions and events can combine to influence safety consequences. All this will inform SCE’s mitigation investments in the next GRC, which will include continued grid hardening with additional covered conductor and targeted undergrounding during the 2029 through 2032 period. SCE’s preliminary estimates in the RAMP application for continued hardening are about 450 miles of covered conductor and approximately 190 miles of targeted undergrounding. To summarize, SCE’s approach is increasingly location-specific, consequence-informed, and adaptive. This builds on the substantial progress SCE has already made hardening its system, including the deployment of about 800 miles of covered conductor and about 90 miles of undergrounding including all rebuild areas since January 2025. Importantly, SCE has not experienced a covered conductor failure associated with the risks that technology is designed to mitigate. Combined with millions of inspections and vegetation management activities, as well as expanded situational awareness capabilities, these efforts have materially strengthened the grid and reduced wildfire risk. As a result, SCE is continuing to sharpen how it prioritizes mitigation, not only by looking at where the likelihood of ignition is highest, but also by identifying where the potential consequences to communities could be greatest. The utility is directing mitigation to areas where it can provide the greatest safety benefit, using better data and ongoing learning to adjust as conditions change, all while focusing on affordability for customers. I’d now like to highlight an initiative I’m personally excited about as we think about Edison’s future. We are increasingly combining operating experience with richer data, advanced analytics, and AI-enabled capabilities to improve how risks are identified, prioritized, and managed. Advances in AI will be among the most important tools available to utilities over the next decade. For SCE, the opportunity extends well beyond individual use cases. AI is an important enabler of the utility's long-term transformation — helping accelerate operational excellence, improve how the grid is planned and operated, and strengthen wildfire mitigation efforts. The focus is on delivering tangible outcomes: better decisions, faster execution, lower costs, and improved customer value. As these capabilities continue to mature, SCE expects them to become an increasingly important driver of safety, reliability, affordability, and overall business performance. Aaron will provide some examples of in-flight activities shortly. Moving on to the Wildfire Recovery Compensation Program, or WRCP, there is continued community interest in the voluntary program. SCE has now extended more than 2,200 offers totaling over $775 million to over 12,300 community members impacted by the Eaton Fire. SCE remains committed to providing information to community members to make informed decisions about what is best for their situation.