Edison International — Oct 28, 2025 release

• The largest GRC-related reductions to our rate base forecast from the previously-disclosed forecast by 2028 are:  ~$1.7 billion of reduced targeted undergrounding  ~$1 billion lower non-capital-related component of rate base • Various other GRC reductions, as well as non-GRC, and FERC updates reduced the 2028 projection by ~$1.3 billion. The NextGen ERP project helps offset by contributing ~$1 billion of rate base by 2028. 7) How much SB 254 capex is embedded in your capital forecast? • We currently expect to spend ~$500–700 million during the 2026–2028 period. • Our refreshed capex forecast includes this spending. It is excluded from our rate base projections because SB 254 prohibits the inclusion of it in SCE’s equity rate base.   17Edison International | Third-Quarter 2025 Earnings Call FAQs: ROE and Financing Plan3 9) How can you finance your growth without issuing equity? 10) What is your current thinking on addressing the preferred securities at the parent? • Our FFO-to-debt metric has substantially strengthened from the TKM and Woolsey cost recoveries. • Over the past several years, our equity needs to support rate base growth have been minimal. • We issued equity content securities ($2 billion of preferred equity and $950 million of junior subordinated notes in 2021 and 2023) to support our credit metrics, primarily due to TKM/Woolsey-related settlements. • With TKM securitization proceeds expected by year end 2025 and Woolsey approximately a year later, our FFO/Debt ratio should be comfortably within our targeted 15–17% range without issuing equity. • The two preferred equity series reset in March 2026 and March 2027. • We are looking at cost-efficient options for early refinancing. 8)