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Edison International — Apr 29, 2025 release

Fiscal 2025 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000827052-25-000042
Open on SEC.gov ↗
Showing in the filing
Update Cost of Preferred
“6.95%”
Period
FY2026
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 48
Core Earnings per Share CAGR for the long term
“5–7%”
Core EPS for FY2025
“$5.94–6.34”
Core EPS for FY2028
“$6.74–7.14”
Request for 2026–2028 ROE for FY2026
“11.75%”
Requested ROE (2026 Cost of Capital applicat… for FY2026
“11.75%”
Equity Ratio (no change) for FY2026
“52%”
Update Cost of Debt for FY2026
“4.75%”
Update Cost of Preferred for FY2026
“6.95%”
Requested Annual GRC Revenue Requirement Inc… for FY2025
“~$1,900”
Requested Annual GRC Revenue Requirement Inc… for FY2026
“~$670”
Requested Annual GRC Revenue Requirement Inc… for FY2027
“~$750”
Requested Annual GRC Revenue Requirement Inc… for FY2028
“~$730”
Capital Expenditures (Total) for FY2025
“$7.5”
Capital Expenditures (Total) for FY2026
“$8.1”
Capital Expenditures (Total) for FY2027
“$8.2”
Capital Expenditures (Total) for FY2028
“$7.7”
Capital Expenditures (Range Case) for FY2025
“$6.6”
Capital Expenditures (Range Case) for FY2027
“$6.8”
Capital Expenditures (Range Case) for FY2026
“$6.8”
Capital Expenditures (Range Case) for FY2028
“$6.4”
GRC capex forecast for FY2023
“~$38–43 billion”
Rate Base (Total) for FY2025
“$49.4”
Rate Base (Total) for FY2026
“$53.0”
Rate Base (Total) for FY2027
“$56.8”
Rate Base (Total) for FY2028
“$60.6”
Rate base growth for FY2023
“~6–8%”
Rate Base (Range Case) for FY2025
“$48.1”
Rate Base (Range Case) for FY2026
“$50.4”
Rate Base (Range Case) for FY2027
“$52.8”
Rate Base (Range Case) for FY2028
“$55.3”
Rate Base EPS (based on capex levels) for FY2025
“6.60–6.80”
SCE Op. Variance for FY2025
“1.05–1.25”
SCE Costs Excluded from Authorized for FY2025
“(0.85)–(0.75)”
EIX Parent & Other for FY2025
“(0.88)–(0.93)”
Achievable EPS growth for 2028 Core Earnings… for FY2028
“$6.74–7.14”
Capital Plan (Uses) for the long term
“$27–32”
Dividends (Uses) for FY2025
“$6–7”
Net cash provided by operating activities (S… for FY2025
“$25–28”
Incremental Debt (Sources) for FY2025
“$8–11”
Equity (Sources) for FY2025
“~$0.4”
Target dividend payout of SCE core earnings for the long term
“45–55%”
Dividend payout target
“45–55% of SCE core earnings”
Load growth for FY2045
“80%”
Securitization review and implementation tim… for FY2025
“~6 months”
Securitization proceeds for FY2025
“~$1.6 billion”
Basic EIX EPS for FY2025
“$8.70”
Total Non-Core Items for FY2025
“2.36”
Core EPS for FY2025
“$5.94”
Exhibit 99.1 · the passage around this item
… earlier in the release
See EIX Core EPS Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix Note: Diluted earnings were $3.72 and $(0.03) per share for the three months ended March 31, 2025 and 2024, respectively   5Edison International | First-Quarter 2025 Earnings Call Ongoing wildfire risk (Request does not include an ROE “adder" above the reasonable range) SCE’s role in advancing California’s clean energy goals for customers Strengthens SCE’s credit, supporting lower borrowing costs for customers 2026 cost of capital application filed in March, requesting an ROE of 11.75% Request for 2026–2028 ROE (vs. 2025 authorized of 10.33%) 11.75% Equity Ratio (no change) 52% Update Cost of Debt (vs. 2025 authorized of 4.58%) 4.75% Update Cost of Preferred (vs. 2025 authorized of 6.42%) 6.95% Continue Cost of Capital Adjustment Mechanism (Includes updating benchmark to the monthly average for October 2024–September 2025) Key Drivers SCE’s Proposed Schedule Event Date  Application Filed 3/20/25  Protests & Responses 4/24/25 SCE Reply to Protests 5/5/25 Prehearing Conf. 5/9/25 Intervenor Testimony 6/16/25 Rebuttal Testimony 7/21/25 Cost of Debt Update 8/1/25 Evidentiary Hearings 8/4–8/6/25 Opening Briefs Due 9/3/25 Reply Briefs Due 9/17/25 Proposed Decision 11/14/25   6Edison International | First-Quarter 2025 Earnings Call 2025 GRC record complete — now awaiting proposed decision 1. Does not reflect updates to 2025 cost of capital All steps by parties complete. Awaiting issuance of proposed decision Following GRC final decision, we will refresh our projections and guidance 6 weeks after the decision  Requested Annual GRC Revenue Requirement Increases1 $ Millions 2025 2026 2027 2028 ~$1,900 ~$670 ~$750 ~$730 Event Date Reply Briefs August 5, 2024 Proposed Decision (PD) TBD Oral Arguments TBD Final Decision ≥30 days after PD *Final decision will be retroactive to January 1, 2025 Expect refresh of capital and rate base projections, 2025 Core EPS range,
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.