Edison International

Strong earnings start; reaffirmed full-year outlook - Q2 2026 core EPS: $1.04; YTD core EPS: $2.97 - Reported EPS: $1.54 vs. $0.97 last year (year-over-year benefit largely tied to prior-year regulatory decisions and lower interest expense from the Woolsey cost recovery) - Reaffirmed 2026 core EPS guidance: $5.90–$6.20 - Long-term core EPS growth target: 5%–7% (confidence supported by capital plan + “constructive regulatory framework” + operational excellence)

Capital plan on track; large wildfire mitigation capex continues - SCE’s capital plan centered on infrastructure replacement, wildfire mitigation, and electrification-driven growth, supporting ~7% long-term rate base growth - Wildfire hardening progress (execution update): - Of ~16,800 distribution line miles in high fire risk areas, SCE has hardened ~90%, including ~7,200 miles of covered conductor - Management emphasized no covered-conductor failure tied to the intended mitigation design (a key “good” execution datapoint) - RAMP / next GRC process: SCE filed its RAMP application in May - RAMP investments previously ~1/3 of total GRC requested; this time around similar framing - Preliminary hardening estimates mentioned for 2029–2032: ~450 miles covered conductor + ~190 miles targeted undergrounding

Financing / balance sheet support: Woolsey securitization proceeds - SCE completed the Woolsey Fire cost recovery securitization generating ~$2B proceeds - Proceeds intended for recovering claims and costs and retiring related debt, which management said further strengthens the balance sheet - Key “surprising/positive” operational-financial theme: management highlighted execution and process optimization initiatives to improve productivity and cost performance (e.g., faster design and permit cycle times—aimed at affordability and execution capacity)