[Management View]
Core earnings per share (EPS) for Q3 2025 were $2.34, up from $1.51 a year earlier, largely due to a retroactive true-up for the 2025 general rate case. The 2025 core EPS guidance was narrowed to $5.95–$6.20 per share. The 5%–7% core EPS growth target was reaffirmed, with a baseline of $5.84 for 2025 maintained for long-term projections.

[Outlook]
The company expects continued policy-driven demand growth, particularly in EV adoption, and future investments beyond 2028 to meet long-term electrification goals. The 2025–2028 financing strategy does not require new equity issuance, supported by anticipated proceeds from wildfire settlements.

[Financial Performance]
Core EPS for Q3 2025 was $2.34, up from $1.51 a year ago. The year-over-year increase was attributed to a retroactive true-up for the 2025 general rate case. The 2025 core EPS guidance was narrowed to $5.95–$6.20 per share, incorporating potential costs tied to refinancing related to the TKM and Woolsey cost recoveries.

[Q&A Highlights]
Question 1: You brought up the 10¢ for the equity preferred as it relates to the '25 guide. Can you confirm if this is just a charge for both the 2026-2027 maturities, or is that still up for debate? What are your options for addressing that?
Answer: We have two preferred equity series with rate resets in March 2026 and March 2027. We are evaluating options and considering early steps rather than waiting for the reset dates. The 10¢ represents transaction costs that would occur regardless of timing. Options are broad, and more details will come.

Question 2: Regarding the Eaton fire, can you discuss the participation level in the recovery compensation program and when we might have a low range estimate for the liability against the fund?
Answer: The program has not yet launched; it is in the finalization stage. Participation rates will be key to estimating losses. The process will be long, and we currently do not have an estimate of total potential losses. SB 254 protections, such as the liability cap and securitization provisions, are helpful.

Question 3: Is there a part within the growth rate range that you feel you're trending toward now, the upper half or the lower half?
Answer: We are confident in the 5% to 7% EPS growth range. We have incorporated new information, including the GRC, regulatory proceedings, and settlements. The key takeaways are reaffirming the growth range, increased clarity, and a stronger balance sheet.

Question 4: What do you see as viable for limiting EIX's liability in the phase two process of SB 254, and how will the process be tracked?
Answer: The California Earthquake Authority (CEA) is leading the process with deadlines for abstracts and full papers. Submissions will be public, providing transparency. We are working closely with other utilities and stakeholders. Governor Newsom's executive order assigns specific tasks to agencies, contributing to the process.

[Sentiment Analysis]
The tone of the management was confident and optimistic, emphasizing progress in regulatory proceedings and legislative support. Analysts' questions focused on clarifications and future implications, indicating a cautious but positive outlook.

[Quarterly Comparison]
| Metric | Q3 2025 | Q3 2024 |
|--------|---------|---------|
| Core EPS | $2.34 | $1.51 |
| 2025 Core EPS Guidance | $5.95–$6.20 | N/A |

[Risks and Concerns]
Potential risks include the finalization and impact of the Eaton fire losses, regulatory approvals for settlements, and the execution of the financing strategy without new equity issuance. Legislative changes and wildfire-related liabilities remain key concerns.

[Final Takeaway]
Edison International's Q3 2025 performance was bolstered by regulatory decisions and legislative support, particularly SB 254, which enhances the recovery framework for wildfire-related costs. The company's strategic focus on grid hardening, electrification, and financial stability positions it well for sustained growth. However, uncertainties around wildfire liabilities and regulatory approvals remain critical watch points for investors.