Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 361

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 361
---
 on Results of Operations.” See Note 1 of the Notes to Condensed Consolidated Financial Statements in this report and Notes 1 and 7 of the Notes to Consolidated Financial Statements in the Annual Report for further details about our accounting for income taxes and items subject to flow-through treatment.

107

Equity Earnings

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s equity earnings increased by $18 million (4%) to $472 million primarily due to:

▪$45 million at Oncor Holdings driven by:

◦overall higher revenues primarily attributable to:

•rate updates to reflect increases in invested capital

•increase due to Oncor’s SRP and the UTM

Offset by:

◦higher interest expense and depreciation expense associated with increases in invested capital

◦higher O&M

Offset by:

▪$24 million at IMG due to an income tax expense in 2025 compared to an income tax benefit in 2024 primarily from foreign currency and inflation effects

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s equity earnings decreased by $45 million (4%) remaining at $1.2 billion primarily due to:

▪$74 million at IMG due to an income tax expense in 2025 compared to an income tax benefit in 2024 primarily from foreign currency and inflation effects

Offset by:

▪$19 million at Cameron LNG JV primarily from higher maintenance revenues and lower interest expense

▪$15 million at Oncor Holdings driven by:

◦overall higher revenues primarily attributable to:

•rate updates to reflect increases in invested capital

•increase due to Oncor’s SRP and the establishment of the UTM

•customer growth

Offset by:

◦higher interest expense and depreciation expense associated with increases in invested capital

◦higher O&M

Earnings Attributable to Noncontrolling Interests

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s earnings attributable to NCI decreased by $55 million to $55 million primarily due to a decrease in SI Partners subsidiaries’ net income driven by foreign currency and inflation effects on our monetary positions in Mexico.

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s earnings attributable to NCI decreased by $222 million to $103 million primarily