Edison International Q4 FY2025 earnings call

Pedro Pizarro noted Edison International's 2025 core earnings per share of $6.55 was above guidance, marking successful delivery of long - term core EPS growth target. Themes included commitments to customers, communities, and investors; strength in regulatory visibility; and confidence in multiyear plan. SCE's customer engagement, wildfire risk reduction work, rate decreases, regulatory progress, and multiyear financial outlook were discussed. Maria Rigatti provided financial results details, updated capital and rate base forecasts, and discussed EPS guidance, capital plan, and regulatory activities. SCE's $7 billion capital plan, AMI 2.0 application, and Woolsey Securitization application were mentioned.

Introduced core EPS guidance for 2026 ($5.90 - $6.20) and 2027 ($6.25 - $6.65), reaffirmed 2028 outlook, extended 5% - 7% EPS growth target to 2030, projected no equity needs through 2030, and discussed capital deployment and rate base growth as drivers.

Ongoing investigations into the Eaton fire, uncertainties in estimating wildfire losses, complexity in wildfire claim and subrogation settlement processes, and potential impacts of regulatory and legislative changes on the utility's operations.

Q: On Eaton losses, when might low end of losses be estimated and complicating factors?

A: Pedro Pizarro and Maria Rigatti discussed that with many potential claims and ongoing settlement processes, no estimate yet as it depends on claim pace.

Q: On 5% - 7% growth and 2027 high end, A: Maria Rigatti explained muted growth in 2026 due to variances but 2027 at high end due to rate base growth.

Q: On AMI 2.0 application timing and capital plan, A: Maria Rigatti said filing soon, with decision in 18 months and capital breakdown.

Q: On SB 254 process, A: Pedro Pizarro and Maria Rigatti discussed economy - wide engagement and constructive themes.

Q: On 2026 drivers and variances, A: Maria Rigatti elaborated on depreciation, tax, financing variances.

Q: On WRCP program tweaks, A: Pedro Pizarro and Maria Rigatti explained changes for tenants and legal fees.

Q: On LA District Attorney's investigation and Eaton tower grounding, A: Pedro Pizarro discussed investigation scope and tower grounding details