Edison International

and Executive Vice President and Chief Financial Officer Maria Rigotti. Also on the call are other members of the management team. Materials supporting today's call are available at www.edisoninvestor.com. These include a form 10-Q, prepared remarks from Pedro and Maria, and the teleconference presentation. Tomorrow, we will distribute our regular business update presentation. During this call, we will make forward-looking statements about the outlook for Edison International and its subsidiaries. Actual results could differ materially from current expectations. Important factors that could cause different results are set forth in our SEC filings. Please read these carefully. The presentation includes certain outlook assumptions as well as reconciliation of non-GAAP measures to the nearest GAAP measure. During the question and answer session, please limit yourself to one question and one follow-up. I will now turn the call over to Pedro.

Well, thank you, Sam, and good afternoon, everyone. Just three months have passed since the devastating wildfires, and all of us at Edison continue to keep everyone affected in our thoughts. We're working closely with state and county leaders and the communities of Altadena and Malibu to rebuild wildfire-impacted areas stronger than ever. I will share further updates in a minute after touching on our earnings headlines. Today, Edison International reported core earnings per share of $1.37 compared to $1.13 a year ago. However, this year-over-year comparison is not particularly meaningful because SCE has not received a decision in its 2025 general rate case. SCE recognized revenue from CPUC activities for both the first quarter of 2024 and 2025, largely based on 2024 authorized base revenue requirements, with 2025 adjusted for the lower authorized EPUC ROE. Looking ahead, we remain confident in our ability to meet our 2025 EPS guidance and deliver a 5% to 7% core EPS CAGR to 2028. Maria will discuss her financial performance in her remarks. We recently provided Governor Newsom with SCE's initial comprehensive plan to rebuild the impacted electrical distribution infrastructure in the Palisades and Ethan fire areas. Under this plan, SCE would underground more than 150 circuit miles, including nearly all distribution power lines in high-fire risk areas within the burn scars of the affected communities. Once constructed, this grid hardening will increase reliability and make electrical distribution infrastructure more resilient to high wind and other extreme weather events, helping us better protect and serve our communities. On the Eaton Fire, SCE's investigation continues. Since our last update, the utility completed additional physical and video inspections of electrical equipment in Eaton Canyon, which were carried out in collaboration with stakeholders. Analysis of the images, videos, and equipment is ongoing. The utility also recently began the removal of portions of the idle facilities in Eaton Canyon for further expert review. While FCE has not conclusively determined that its equipment was associated with the ignition of the Eaton fire, it is also not aware of evidence conclusively pointing to another source of ignition. Absent additional evidence, SCE believes that its equipment could have been associated with the ignition of the Ethan Fire. As such, and in light of pending litigation, it is probable that EIX and SCE will incur material losses in connection with the Ethan Fire. As always, we are committed to being transparent throughout this process. With significant media coverage surrounding the Ethan Fire, We have noted numerous instances where facts have been misrepresented. To address factual errors and misstatements, we launched a new page on our website called Edison for the Record. I encourage you to take a look and a link can be found on page three. I will reiterate that we continue to believe that FCE is a reasonable operator of its electric system. if it is determined that SCE's transmission equipment was associated with the ignition of the Eaton fire. Based on the information we have reviewed thus far, we remain confident that SCE would make a good faith showing that its conduct with respect to its transmission facilities in the Eaton Canyon area was consistent with actions of a reasonable utility. Turning to the legislative front, we have continued to engage in broad discussions with legislators, and the governor's office to support the safety of our communities and enhance California's industry-leading AB 1054 regulatory framework. The conversations we've had leave us with no doubt that stakeholders understand the criticality of addressing the issue and the important role the investor-owned utilities play in supporting California's growth and economic development. We are confident policymakers are focused on the need to strengthen and restore confidence in California's wildfire framework. On the regulatory front, I'm pleased to share that SCE continues to reach important milestones this year. The CPUC's unanimous approval of the TKM settlement agreement signals a constructive California regulatory environment. Last month, the Woolsey Cost Recovery ALJ issued the scoping memo adopting the schedule SCE and intervenors jointly proposed. The next major filings will be intervenor testimony in early June and rebuttal testimony in mid-July. The schedule also includes a motion for consideration of a settlement agreement or joint statement of stipulations of issues due in mid-August. As we have noted in the past, SCE is open to settlement discussions if a fair and reasonable outcome can be achieved, benefiting customers and shareholders. We will keep you updated as the utility continues its progress toward resolution in this proceeding. Maria will highlight other milestones in her remarks. On SCE's 2025 general rate case, the ALJ recently made an administrative ruling extending the statutory deadline, which is typical and expected based on the prior calendar. Nonetheless, We continue to be optimistic that we will see a proposed decision in the first half of the year with the final decision as soon as 30 days later. The GRC will support SCE's commitment to providing electric service that is reliable, resilient, and ready for customers' needs. The utility's significant investment plan is driven by the need to resume a traditional level of infrastructure replacement work necessary for system reliability. and continue its wildfire mitigation programs that protect the safety of customers and the public. SCE's full GRC request also includes about $1.4 billion of annual capital spending on wildfire mitigation and includes hardening an additional 1,800 miles of the utility's overhead distribution infrastructure. SCE will submit its 2026 Wildfire Mitigation Plan in May. This comprehensive WMP reflects our collective priorities, risk mitigation, public safety, and affordability. It also includes continued deployment of covered conductor and targeted undergrounding. The utility looks forward to executing its integrated wildfire mitigation strategy, which prioritizes industry-leading practices such as grid hardening, asset inspections, and vegetation management. Before I turn it over to Maria, I would like to take a moment to say a big, big thanks to a few very special members of our team. Last week, Vanessa Chang retired from our board of directors. And we congratulate Vanessa on her retirement and are so thankful for her 18 years of dedicated service and leadership on the board. I also want to recognize our former general counsel, Adam Yumanof, who we previously announced will be retiring in July. Adam has, simply put, been the ideal general counsel. He is a business leader above all, who is also a consonant legal expert. On top of that, Adam has been a steadfast friend to many in our organization, and absolutely, he's been that to me. On behalf of our board and management team, we want to thank Adam for his outstanding service. At the same time, I am delighted to welcome Sean Dunwamu, who joined us earlier this month as our new general counsel. Shonda brings substantial expertise within our sector and a solid understanding of California's legal, political, and regulatory environments. We're excited to have Shonda here and look forward to her leadership and partnership. All right, Maria, with that, turn it over to you for the financial report.

Thanks, Pedro. And I echo the appreciation for Adam and Vanessa and welcome Shonda. Now, my comments today will cover first quarter 2025 results, provide additional insight into key regulatory proceedings, and update you on other financial topics. Starting with the first quarter, EIX reported core EPS of $1.37. Page 4 provides the year-over-year quarterly variance analysis. As Pedro mentioned, the year-over-year comparison is not particularly meaningful because SDE has not received a final decision in its 2025 general rate case. SCE is booking revenues at 2024 authorized levels adjusted for the change in ROE and will record a true-up when it receives a final decision. First quarter EPS includes about 30 cents associated with the TKM settlement approval, partially offset by higher interest expense at EIX, parent, and other. On the regulatory front, I want to echo Pedro's comment on SCE making significant progress across numerous proceedings. Let me highlight a few. First, SCE recently reached a settlement agreement with interveners in its WMCE proceeding related to wildfire mitigation and restoration. The settlement, which is awaiting CPUC approval, would authorize 100% of the capital expenditures along with 96% of the O&M. It would also contribute about $0.10 per share of true-up earnings and about $700 million of rate base, both of which are embedded in our 2025 guidance. Second, on SCE's 2026 cost of capital application, summarized on page five, SCE requested an ROE of 11.75% and proposed updating the embedded costs of debt and preferred equity. The request also recommends the continuation of the cost of capital mechanism and to reset the benchmark. The utility made a strong case for its ROE based on risks that differentiate California utilities from their peers in other jurisdictions. SCE's proposed schedule calls for a PD in November, which would allow for a final decision by year-end. Historically, the CPUC has issued timely decisions on cost of capital applications. Third, SCE filed its NextGen ERP application with the CPUC, seeking total capital investment of about $1.1 billion. The utility expects this program will provide substantial benefits to customers and enable business improvements. As a reminder, this program is not currently embedded in our capital and rate-based projections. Lastly, with the $1.6 billion TKM cost recovery settlement now approved, within the next few weeks, SCE will file an application requesting authorization to issue securitized bonds. Moving to SCE's GRC, the utilities request provides the foundation for advancing critical customer objectives, reliability, resiliency, and readiness. as well as supporting our growth outlook through 2028. As you can see on page six, we will refresh our guidance following a GRC final decision. We wanted to be proactive in sharing with you that six weeks after a final decision, we will provide our updated capital and rate-based projections, 2025 core EPS range, long-term core EPS growth, and financing plans. Turning to SCE's capital expenditure and rate-based forecasts, shown on pages seven and eight, The utility continues to execute against a capital plan that targets key programs while maintaining flexibility in later years to adapt to what is ultimately authorized in the GRC. As I highlighted in comments going into 2025, we continue to see substantial additional capital opportunities that are incremental to the plan. This includes investments to enhance our distribution system and more than $2 billion of FERC transmission spending. In addition, SCE plans to file an application for its advanced metering infrastructure program to request funding to replace its smart meter fleet, the majority of which were installed more than a decade ago. This program will address technology obsolescence and offers a chance to incorporate future capabilities that benefit customers. The program is expected to provide insights into energy usage and enable smarter energy management, thereby enhancing grid efficiency. Turning to the financing activities, I will highlight two recent transactions. In March, EIX issued $550 million of senior notes, which successfully addresses our parent debt needs for 2025. Additionally, SCE issued $1.5 billion of long-term debt as part of its planned financings for the year. Both of these offerings saw strong investor support and were significantly oversubscribed. Moving to EPS guidance on pages 9 and 10, We are confident in affirming the 2025 range of $5.94 to $6.34 and reaffirming our long-term EPS growth expectations of 5% to 7% from 2025 to 2028, which translates to $6.74 to $7.14 of 2028 EPS. Let me conclude by reinforcing our confidence in delivering on our financial targets. With a strong regulatory backdrop and robust rate-based growth, coupled with a significant need for incremental grid investment, we are well positioned to deliver on the company's near and long-term growth expectations. That concludes my remarks, and back to you, Sam.