# EDGAR Filing Document

**Accession Number:** 0001193311
**File Stem:** 0001193125-25-265880
**Filing Date:** 2025-11
**Character Count:** 60448
**Document Hash:** 1e79f2cffac1b1c3cc919ed75376626f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-265880.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001193125-25-265880

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ONCOR ELECTRIC DELIVERY CO LLC
- **CENTRAL INDEX KEY:** 0001193311
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 752967830
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-100240
- **FILM NUMBER:** 251451946

**BUSINESS ADDRESS:**
- **STREET 1:** 1616 WOODALL RODGERS FWY
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75202
- **BUSINESS PHONE:** 214-486-2000

**MAIL ADDRESS:**
- **STREET 1:** 1616 WOODALL RODGERS FWY
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ONCOR ELECTRIC DELIVERY CO
- **DATE OF NAME CHANGE:** 20070425

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TXU ELECTRIC DELIVERY CO
- **DATE OF NAME CHANGE:** 20040714

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ONCOR ELECTRIC DELIVERY CO
- **DATE OF NAME CHANGE:** 20020926

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form 8-K

#### Current Report

#### Pursuant to Section 13 or 15(d)

#### of The Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported) - November 5, 2025

## ONCOR ELECTRIC DELIVERY COMPANY LLC

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **DELAWARE** | **333-100240** | **75-2967830** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

#### 1616 Woodall Rodgers Fwy., Dallas, Texas 75202

#### (Address of principal executive offices, including zip code)

#### Registrant's telephone number, including area code - (214) 486-2000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol** | **Name of each exchange**<br> **on which registered** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **ITEM 2.02** | **RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**  |

---

On November 5, 2025, Oncor Electric Delivery Company LLC ("Oncor") issued a press release discussing its financial results for the three and nine months ended September 30, 2025. The press release is furnished herewith as Exhibit 99.1.

---

| | |
|:---|:---|
| **ITEM 7.01** | **REGULATION FD DISCLOSURE.**  |

---

On November 5, 2025, Sempra, the indirect owner of a majority of Oncor's outstanding equity interests, distributed a slide presentation containing certain information relating to Oncor. Slides containing information related to Oncor are furnished herewith as Exhibit 99.2. References in the slides to "Sempra Texas" refer to Sempra's indirect 80.25% ownership interest in Oncor and its indirect 50% ownership interest in Sharyland Utilities, L.L.C.

The slide presentation was distributed in connection with Sempra's discussion of its financial results for the three and nine months ended September 30, 2025, which is being webcast live at 12 pm ET on November 5, 2025. Oncor executives will participate in the webcast. The webcast will be available on Sempra's website at www.sempra.com. A replay of the webcast will also be available on Sempra's website a few hours after its conclusion.

*In accordance with General Instruction B.2 of Form 8-K, the information presented herein under Item 2.02 and Item 7.01 and set forth in the attached Exhibit 99.1 and Exhibit 99.2 shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and is not to be incorporated by reference into any filing of Oncor under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.* 

<u>Forward-Looking Statements</u>

The press release and the slide presentation contain forward-looking statements relating to Oncor within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. All statements, other than statements of historical facts, that are included in the press release and the slides, as well as statements made in presentations, in response to questions or otherwise, that address activities, events or developments that Oncor expects or anticipates to occur in the future, including such matters as projections, capital allocation, future capital expenditures, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of facilities, market and industry developments and the growth of Oncor's business and operations (often, but not always, through the use of words or phrases such as "intends," "plans," "will likely result," "expects," "is expected to," "will continue," "is anticipated," "estimated," "forecast," "should," "projection," "target," "goal," "objective" and "outlook"), are forward-looking statements. Although Oncor believes that in making any such forward-looking statement its expectations are based on reasonable assumptions, any such forward-looking statement involves risks, uncertainties and assumptions. Factors that could cause Oncor's actual results to differ materially from those projected in such forward-looking statements include: legislation, governmental policies and orders, and regulatory actions; legal and administrative proceedings and settlements, including the exercise of equitable powers by courts; weather conditions and other natural phenomena, including severe weather events, natural disasters or wildfires; cyber-attacks on Oncor or Oncor's third-party vendors; changes in expected Electric Reliability Council of Texas, Inc. ("ERCOT") and service territory growth; changes in, or cancellations of, anticipated projects, including customer requested interconnection projects; physical attacks on Oncor's system, acts of sabotage, wars, terrorist activities, wildfires, fires, explosions, natural disasters, hazards customary to the industry, or other emergency events; Oncor's ability to obtain adequate insurance on reasonable terms and the possibility that it may not have adequate insurance to cover all losses incurred by Oncor or third-party liabilities; adverse actions by credit rating agencies; health epidemics and pandemics, including their impact on Oncor's business and the economy in general; interrupted or degraded service on key technology platforms, facilities failures, or equipment interruptions; economic conditions, including the impact of a recessionary environment, inflation, foreign policy and global trade restrictions; supply chain disruptions, including as a result of

------

tariffs, global trade disruptions, competition for goods and services, and service provider availability; unanticipated changes in electricity demand in ERCOT or Oncor's service territory; ERCOT grid needs and ERCOT market conditions, including insufficient electricity generation within the ERCOT market or disruptions at power generation facilities that supply power within the ERCOT market; changes in business strategy, development plans or vendor relationships; changes in interest rates, foreign currency exchange rates, or rates of inflation; significant changes in operating expenses, liquidity needs and/or capital expenditures; inability of various counterparties to meet their financial and other obligations to Oncor, including failure of counterparties to timely perform under agreements; general industry and ERCOT trends; significant decreases in demand or consumption of electricity delivered by Oncor, including as a result of increased consumer use of third-party distributed energy resources or other technologies; changes in technology used by and services offered by Oncor; changes in employee and contractor labor availability and cost; significant changes in Oncor's relationship with its employees, and the potential adverse effects if labor disputes or grievances were to occur; changes in assumptions used to estimate costs of providing employee benefits, including pension and other postretirement employee benefits, and future funding requirements related thereto; significant changes in accounting policies or critical accounting estimates material to Oncor; commercial bank and financial market conditions, macroeconomic conditions, access to capital, the cost of such capital, and the results of financing and refinancing efforts, including availability of funds and the potential impact of any disruptions in U.S. or foreign capital and credit markets; financial market volatility and the impact of volatile financial markets on investments, including investments held by Oncor's pension and other postretirement employee benefit plans; circumstances which may contribute to future impairment of goodwill, intangible or other long-lived assets; Oncor's adoption and deployment of artificial intelligence; financial and other restrictions under Oncor's debt agreements; Oncor's ability to generate sufficient cash flow to make interest payments on its debt instruments; and Oncor's ability to effectively execute its operational and financing strategy.

Further discussion of risks and uncertainties that could cause actual results to differ materially from management's current projections, forecasts, estimates and expectations is contained in filings made by Oncor with the U.S. Securities and Exchange Commission. Specifically, Oncor makes reference to the section entitled "Risk Factors" in its annual and quarterly reports. Any forward-looking statement speaks only as of the date on which it is made, and, except as may be required by law, Oncor undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for Oncor to predict all of them; nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. As such, you should not unduly rely on such forward-looking statements.

---

| | |
|:---|:---|
| **ITEM 9.01** | **FINANCIAL STATEMENTS AND EXHIBITS.**  |

---

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Description** |
| 99.1 | [Press release issued on November 5, 2025.](d82988dex991.htm) |
| 99.2 | [Presentation slides distributed on November 5, 2025.](d82988dex992.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

------

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **ONCOR ELECTRIC DELIVERY COMPANY LLC** | **ONCOR ELECTRIC DELIVERY COMPANY LLC** |
| By: | /s/ Kevin R. Fease |
| Name: | Kevin R. Fease |
| Title: | Vice President and Treasurer |

---

Dated: November 5, 2025

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g82988g1105031520502.jpg)

**NEWS RELEASE** 

**For additional information, contact:** 

**Oncor Communications: 877.426.1616** 

**Oncor Investor Relations: 214.486.6035** 

**ONCOR REPORTS THIRD QUARTER 2025 RESULTS** 

**DALLAS (November 5, 2025)** — Oncor Electric Delivery Company LLC (Oncor) today reported net income of $380 million for the three months ended September 30, 2025, compared to net income of $324 million in the three months ended September 30, 2024. The increase in net income of $56 million was driven by overall higher revenues primarily attributable to updated interim rates to reflect increases in invested capital, an increase in other regulated revenues recognized related to Oncor's System Resiliency Plan (SRP) and the Unified Tracker Mechanism (UTM), and customer growth, partially offset by higher interest expense and depreciation expense associated with increases in invested capital, and higher operation and maintenance expense. Financial and operational results are provided in Tables A, B, C, D, and E below.

"Oncor continues to execute on its company-record capital plan, a capital plan that we expect to continue to grow to meet the critical needs of our growing State," said Oncor CEO Allen Nye. "Oncor is currently finalizing its next long-term capital plan and anticipates unveiling in early 2026 a new base five-year plan that is at least 30% higher than our previous five-year plan."

Oncor also reported net income of $820 million for the nine months ended September 30, 2025, compared to net income of $800 million in the nine months ended September 30, 2024. The increase in net income of $20 million was driven by overall higher revenues primarily attributable to updated interim rates to reflect increases in invested capital, an increase in other regulated revenues recognized related to the SRP and the establishment of the UTM, and customer growth, partially offset by higher operation and maintenance expense, and higher interest expense and depreciation expense associated with increases in invested capital.

Oncor is finalizing its 2026 through 2030 base five-year capital plan and expects to announce that new plan in the first half of 2026. Oncor currently anticipates that new base five-year capital plan will be at least 30% higher than the 2025 through 2029 $36.1 billion base capital plan. Oncor also expects significant potential capital expenditure opportunities incremental to the 2026 through 2030 base capital plan.

------

**Management Updates** 

In October, Oncor's Executive Vice president and Chief Operating Officer Jim Greer submitted notice of his intention to retire effective December 31, 2025. Oncor's Board of Directors has elected Ellen Buck, who has served as Oncor's Vice President of Business and Operations Services since 2017, to serve as Oncor's Senior Vice President and Chief Operating Officer, effective January 1, 2026.

"After 41 years of dedicated service to Oncor, my good friend Jim Greer is retiring, leaving a legacy of excellence and safety that has shaped this company and the communities we serve," said Nye. "I can't thank Jim enough for his service to our company and our State, and I wish him all the best in his retirement. I'm excited that Ellen will be stepping into the Chief Operating Officer role upon Jim's retirement. Ellen has two decades of experience at the company and is truly one of the finest operators in the United States. Her leadership will be key as Oncor continues to execute the biggest capital deployment strategy in the company's history."

In addition, Oncor's Board of Directors has promoted Don Clevenger, who currently serves as Oncor's Senior Vice President and Chief Financial Officer, to serve as Oncor's Executive Vice President and Chief Financial Officer, effective January 1, 2026.

**Operational Highlights** 

Oncor is executing on its portion of the Permian Basin Reliability Plan (PBRP) recently approved by the Public Utility Commission of Texas (PUCT) by securing critical long-lead time equipment, including large power transformers, high-voltage circuit breakers, and electrical reactors. Leveraging its supplier relationships, Oncor has obtained commitments from suppliers on delivery timelines, with initial equipment expected to arrive in the first quarter of 2027 to help meet expedited project timelines. In addition, Oncor has begun securing the real estate rights to support the buildout for PBRP substations. This execution strategy extends to Oncor's Certificate of Convenience and Necessity (CCN) amendment filings. During the third quarter, Oncor filed two new CCN amendment applications for needed transmission projects, building on the eleven filings filed in the first and second quarters of 2025. Six previously filed projects also received regulatory approval during the third quarter, continuing the momentum of efficient and timely regulatory approvals. Oncor's first PBRP 765 kV line is expected to be energized by the end of 2028. All PBRP projects are targeted for completion by the end of 2030.

In addition to the PBRP, Oncor anticipates completing significant projects related to the buildout of the Eastern Portion of the Electric Reliability Council of Texas, Inc.'s (ERCOT) Strategic Transmission Expansion Plan (STEP). Oncor has also submitted the remainder of its 138 kV and 345 kV projects identified in the 2024 ERCOT's Regional Transmission Plan for review at ERCOT. In total, Oncor anticipates being responsible for more than half of the investment related to the PBRP and the Eastern portion of STEP.

In the third quarter of 2025, Oncor built, rebuilt, or upgraded approximately 660 circuit miles of transmission and distribution lines and increased premises by nearly 16,000, reflecting ongoing population and business growth in Texas. Active transmission point-of-interconnection (POI) requests continued to rise in the third quarter, remaining well above year-ago levels. As of November 4, 2025, Oncor held approximately $2.8 billion in customer collateral for active generation and large commercial and industrial (LC&I) transmission POI requests.

------

As of September 30, 2025, Oncor's active LC&I interconnection queue included over 600 requests which is approximately 60% higher than at the same time last year. Those requests include approximately 210 gigawatts from data centers and over 16 gigawatts of load from various other industrial sectors, demonstrating broad-based industrial growth within Oncor's service territory. In addition, Oncor had 573 active generation POI requests in queue at September 30, 2025, composed of approximately 48% storage, 40% solar, 8% wind, and 4% gas.

**Regulatory Update** 

Oncor's pending base rate review continues to advance. In September, the administrative law judge assigned to Oncor's base rate review approved a settlement agreement among the parties relating to interim rates that provides, if the proceeding is still pending on January 1, 2026, Oncor will be able to surcharge (or refund) final approved rates back to that date. In advance of the scheduled hearing on the merits in mid-November, Oncor continues to engage in settlement discussions with parties.

**Liquidity** 

As of November 4, 2025, Oncor's available liquidity totaled approximately $3.6 billion, consisting of cash on hand and available borrowing capacity under its credit facilities, commercial paper programs, and accounts receivable facility. Oncor anticipates these resources, combined with projected cash flows from operations and future financing activities, will be sufficient to meet capital expenditures, maturities of long-term debt, and other operational needs for at least the next twelve months.

**Sempra Internet Broadcast Today** 

Sempra (NYSE: SRE) will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET, which will include discussion of third quarter 2025 results and other information relating to Oncor. Oncor executives will also participate in the broadcast. Access to the broadcast is available by logging onto the Investors section of Sempra's website, <u>sempra.com/investors</u>. Prior to the conference call, an accompanying slide presentation will be posted on <u>sempra.com/investors</u>. For those unable to participate in the live webcast, it will be available on replay a few hours after its conclusion at <u>sempra.com/investors</u>.

**Quarterly Report on Form 10-Q** 

Oncor's Quarterly Report on Form 10-Q for the period ended September 30, 2025 will be filed with the U.S. Securities and Exchange Commission after Sempra's conference call and once filed, will be available on Oncor's website, <u>oncor.com</u>.

------

**About Oncor** 

Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity transmission and distribution business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest transmission and distribution system in Texas, delivering electricity to more than 4.1 million homes and businesses and operating more than 144,000 circuit miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.

------

**Oncor Electric Delivery Company LLC** 

**Table A – Condensed Statements of Consolidated Income (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(U.S. dollars in millions)** | **(U.S. dollars in millions)** | **(U.S. dollars in millions)** | **(U.S. dollars in millions)** |
|  Operating revenues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610 |
|  Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wholesale transmission service | 374 | 351 | 1094 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operation and maintenance | 385 | 338 | 1123 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 300 | 269 | 877 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision in lieu of income taxes | 80 | 72 | 174 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxes other than amounts related to income taxes | 154 | 151 | 443 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 1293 | 1181 | 3711 | 3375 |
|  Operating income | 552 | 479 | 1336 | 1235 |
|  Other (income) and deductions – net | (29) | (15) | (61) | (45) |
|  Non-operating benefit in lieu of income taxes |  |  | (1) | (1) |
|  Interest expense and related charges | 201 | 170 | 578 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $380 | $324 | $820 | $800 |

---

------

**Oncor Electric Delivery Company LLC** 

**Table B – Condensed Statements of Consolidated Cash Flows (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
|  | **(U.S. dollars in millions)** | **(U.S. dollars in millions)** |
|  Cash flows – operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization, including regulatory amortization | 1002 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision in lieu of deferred income taxes – net | 166 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other – net |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (200) | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | (143) | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable – trade | 5 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory assets – recoverable SRP | (111) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory assets – recoverable UTM | (55) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory assets – self-insurance reserve | (165) | (337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory under/over recoveries – net | 110 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer deposits | 53 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension and OPEB plans | (144) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accruals | 120 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other – assets | (127) | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other – liabilities | 80 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash provided by operating activities | 1411 | 1239 |
|  Cash flows – financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuances of senior secured notes | 3466 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayments of senior secured notes | (350) | (500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Borrowings under AR Facility | 510 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayments under AR Facility | (510) | (400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Borrowings under $500M Credit Facility |  | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment for senior secured notes extinguishment | (441) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in short-term borrowings | (594) | (218) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital contributions from members | 1857 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to members | (573) | (376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Debt premium, discount, financing and reacquisition costs – net | (42) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash provided by financing activities | 3323 | 2050 |
|  Cash flows – investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | (4547) | (3314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales tax audit settlement refund |  | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other – net | 32 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash used in investing activities | (4515) | (3233) |
|  Net change in cash, cash equivalents and restricted cash | 219 | 56 |
|  Cash, cash equivalents and restricted cash – beginning balance | 262 | 151 |
|  Cash, cash equivalents and restricted cash – ending balance | $481 | $207 |

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**Oncor Electric Delivery Company LLC** 

**Table C – Condensed Consolidated Balance Sheets (Unaudited)** 

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| | | |
|:---|:---|:---|
|  | **At September 30,**<br>**2025** | **At December 31,**<br>**2024** |
|  | **(U.S. dollars in millions)** | **(U.S. dollars in millions)** |
| **ASSETS** | **ASSETS** | **ASSETS** |
|  Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $198 | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restricted cash, current | 22 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable – net | 1166 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amounts receivable from members related to income taxes | 48 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials and supplies inventories – at average cost | 605 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepayments and other current assets | 139 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 2178 | 1642 |
|  Restricted cash, noncurrent | 261 | 206 |
|  Investments and other property | 196 | 183 |
|  Property, plant and equipment – net | 35701 | 31769 |
|  Goodwill | 4740 | 4740 |
|  Regulatory assets | 1919 | 1671 |
|  Right-of-use operating lease assets | 241 | 209 |
|  Other noncurrent assets | 112 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40451 |
| **LIABILITIES AND MEMBERSHIP INTERESTS** | **LIABILITIES AND MEMBERSHIP INTERESTS** | **LIABILITIES AND MEMBERSHIP INTERESTS** |
|  Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | $- | $594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable – trade | 1022 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amounts payable to members related to income taxes | 22 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued taxes other than amounts related to income | 249 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued interest | 269 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating lease and other current liabilities | 405 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 1967 | 2183 |
|  Long-term debt, noncurrent | 17958 | 15234 |
|  Liability in lieu of deferred income taxes | 2765 | 2552 |
|  Regulatory liabilities | 3087 | 2973 |
|  Employee benefit plan obligations | 1244 | 1384 |
|  Operating lease obligations | 220 | 193 |
|  Other noncurrent obligations | 436 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 27677 | 24821 |
|  Commitments and contingencies |  |  |
|  Membership interests: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital account – number of units outstanding at September 30, 2025 and December 31, 2024 – 635,000,000 | 17918 | 15814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (247) | (184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total membership interests | 17671 | 15630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and membership interests | $45348 | $40451 |

---

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**Oncor Electric Delivery Company LLC** 

**Table D – Operating Statistics** 

**Mixed Measures** 

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| | | | |
|:---|:---|:---|:---|
|  | **Twelve Months Ended September 30,** | **Twelve Months Ended September 30,** | |
|  | **2025** | **2024** | **%**<br> **Change** |
|  **Reliability statistics (a):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; System Average Interruption Duration Index (SAIDI) (non-storm) | 82.2 | 71.1 | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; System Average Interruption Frequency Index (SAIFI) (non-storm) | 1.2 | 1 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Customer Average Interruption Duration Index (CAIDI) (non-storm) | 70.8 | 70.4 | 0.6 |
|  **Electricity points of delivery (end of period and in thousands):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricity distribution points of delivery (based on number of active meters) | 4100 | 4027 | 1.8 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | |
|  | **2025** | **2024** | **Increase**<br>**(Decrease)** | **2025** | **2024** | **Increase**<br>**(Decrease)** |
|  **Residential system weighted weather data (b):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooling degree days | 1112 | 1207 | (95) | 1710 | 1884 | (174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Heating degree days |  |  |  | 589 | 459 | 130 |
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **%** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **%** |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
|  **Operating statistics:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric energy volumes (gigawatt-hours) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential | 15034 | 15217 | (1.2) | 37567 | 37113 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial, industrial, small business and other | 35727 | 30991 | 15.3 | 94426 | 86751 | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total electric energy volumes | 50761 | 46208 | 9.9 | 131993 | 123864 | 6.6 |

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(a) SAIDI is the average number of minutes electric service is interrupted per consumer in a twelve-month period. SAIFI is the
average number of electric service interruptions per consumer in a twelve-month period. CAIDI is the average duration in minutes per electric service interruption in a twelve-month period. In each case, our non-storm reliability performance reflects electric service interruptions of one minute or more per customer. Each of these results excludes outages during significant storm events.

(b) Degree days are measures of how warm or cold it is throughout our service territory. A degree day compares the average of
the hourly outdoor temperatures during each day to a 65° Fahrenheit standard temperature. The more extreme the outside temperature, the higher the number of degree days. A high number of degree days generally results in higher levels of energy
use for space cooling or heating.

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**Oncor Electric Delivery Company LLC** 

**Table E – Operating Revenues** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | |
|  | **2025** | **2024** | **$**<br>**Change** | **2025** | **2024** | **$**<br>**Change** |
|  | **(U.S. dollars in millions)** | **(U.S. dollars in millions)** | **(U.S. dollars in millions)** | **(U.S. dollars in millions)** | **(U.S. dollars in millions)** | **(U.S. dollars in millions)** |
|  **Operating revenues** |  |  |  |  |  |  |
|  **Revenues contributing to earnings:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenues from contracts with customers |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution base revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential (a) | $508 | $479 | $29 | $1270 | $1166 | $104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large commercial & industrial (b) | 375 | 343 | 32 | 1042 | 960 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (c) | 34 | 34 |  | 96 | 93 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distribution base revenues (d) | 917 | 856 | 61 | 2408 | 2219 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transmission base revenues (TCOS revenues) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Billed to third-party wholesale customers | 279 | 262 | 17 | 812 | 787 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Billed to REPs serving Oncor distribution customers, through TCRF | 155 | 143 | 12 | 450 | 431 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total TCOS revenues | 434 | 405 | 29 | 1262 | 1218 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other miscellaneous revenues | 24 | 27 | (3) | 72 | 73 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total revenues from contracts with customers | 1375 | 1288 | 87 | 3742 | 3510 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other regulated revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SRP revenues | 41 |  | 41 | 111 |  | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UTM revenues (e) | 36 |  | 36 | 55 |  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total other regulated revenues | 77 |  | 77 | 166 |  | 166 |
|  Total revenues contributing to earnings | 1452 | 1288 | 164 | 3908 | 3510 | 398 |
|  **Revenues collected for pass-through expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TCRF – third-party wholesale transmission service | 374 | 351 | 23 | 1094 | 1053 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; EECRF and other revenues | 19 | 21 | (2) | 45 | 47 | (2) |
|  Total revenues collected for pass-through expenses | 393 | 372 | 21 | 1139 | 1100 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 |

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(a) Distribution base revenues from residential customers are generally based on actual monthly consumption (kWh). On a
weather-normalized basis, distribution base revenues from residential customers increased 11.1% in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 and increased 9.7% in the nine months
ended September 30, 2025 as compared to the nine months ended September 30, 2024.

(b) Depending on size and annual load factor, distribution base revenues from large commercial & industrial customers
are generally based either on actual monthly demand (kilowatts) or the greater of actual monthly demand (kilowatts) or 80% of peak monthly demand during the prior 11 months.

(c) Includes distribution base revenues from small business customers whose billing is generally based on actual monthly
consumption (kWh), lighting sites and other miscellaneous distribution base revenues.

(d) The 7.1% increase in distribution base revenues in the three months ended September 30, 2025 as compared to the three
months ended September 30, 2024 (10.2% increase on a weather-normalized basis) primarily due to incremental interim distribution cost recovery factor (DCRF) rates to reflect increases in invested capital and customer growth; partially offset by
lower customer consumption, primarily attributable to milder weather. The 8.5% increase in distribution base revenues in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 (9.0% increase on a
weather-normalized basis) primarily reflects updated interim DCRF rates, increase in customer growth, and increase due to higher customer consumption, primarily attributable to weather.

(e) Includes revenues recognized for recoverable costs, associated with UTM eligible transmission and distribution capital
investments put into service after December 31, 2024, including depreciation expenses, carrying costs on unrecovered balances and related taxes.

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**Forward-Looking Statements** 

This news release contains forward-looking statements relating to Oncor within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. All statements, other than statements of historical facts, that are included in this news release, as well as statements made in presentations, in response to questions or otherwise, that address activities, events or developments that Oncor expects or anticipates to occur in the future, including such matters as projections, capital allocation, future capital expenditures, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of facilities, market and industry developments and the growth of Oncor's business and operations (often, but not always, through the use of words or phrases such as "intends," "plans," "will likely result," "expects," "is expected to," "will continue," "is anticipated," "estimated," "forecast," "should," "projection," "target," "goal," "objective" and "outlook"), are forward-looking statements. Although Oncor believes that in making any such forward-looking statement its expectations are based on reasonable assumptions, any such forward-looking statement involves risks, uncertainties and assumptions. Factors that could cause Oncor's actual results to differ materially from those projected in such forward-looking statements include: legislation, governmental policies and orders, and regulatory actions; legal and administrative proceedings and settlements, including the exercise of equitable powers by courts; weather conditions and other natural phenomena, including severe weather events, natural disasters or wildfires; cyber-attacks on Oncor or Oncor's third-party vendors; changes in expected ERCOT and service territory growth; changes in, or cancellations of, anticipated projects, including customer requested interconnection projects; physical attacks on Oncor's system, acts of sabotage, wars, terrorist activities, wildfires, fires, explosions, natural disasters, hazards customary to the industry, or other emergency events; Oncor's ability to obtain adequate insurance on reasonable terms and the possibility that it may not have adequate insurance to cover all losses incurred by Oncor or third-party liabilities; adverse actions by credit rating agencies; health epidemics and pandemics, including their impact on Oncor's business and the economy in general; interrupted or degraded service on key technology platforms, facilities failures, or equipment interruptions; economic conditions, including the impact of a recessionary environment, inflation, foreign policy, and global trade restrictions; supply chain disruptions, including as a result of tariffs, global trade disruptions, competition for goods and services, and service provider availability; unanticipated changes in electricity demand in ERCOT or Oncor's service territory; ERCOT grid needs and ERCOT market conditions, including insufficient electricity generation within the ERCOT market or disruptions at power generation facilities that supply power within the ERCOT market; changes in business strategy, development plans or vendor relationships; changes in interest rates, foreign currency exchange rates, or rates of inflation; significant changes in operating expenses, liquidity needs and/or capital expenditures; inability of various counterparties to meet their financial and other obligations to Oncor, including failure of counterparties to timely perform under agreements; general industry and ERCOT trends; significant decreases in demand or consumption of electricity delivered by Oncor, including as a result of increased consumer use of third-party distributed energy resources or other technologies; changes in technology used by and services offered by Oncor; changes in employee and contractor labor availability and cost; significant changes in Oncor's relationship with its employees, and the potential adverse effects if labor disputes or grievances were to occur; changes in assumptions used to estimate costs of providing employee benefits,

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including pension and other postretirement employee benefits, and future funding requirements related thereto; significant changes in accounting policies or critical accounting estimates material to Oncor; commercial bank and financial market conditions, macroeconomic conditions, access to capital, the cost of such capital, and the results of financing and refinancing efforts, including availability of funds and the potential impact of any disruptions in U.S. or foreign capital and credit markets; financial market volatility and the impact of volatile financial markets on investments, including investments held by Oncor's pension and other postretirement employee benefit plans; circumstances which may contribute to future impairment of goodwill, intangible or other long-lived assets; Oncor's adoption and deployment of artificial intelligence; financial and other restrictions under Oncor's debt agreements; Oncor's ability to generate sufficient cash flow to make interest payments on its debt instruments; and Oncor's ability to effectively execute its operational and financing strategy.

Further discussion of risks and uncertainties that could cause actual results to differ materially from management's current projections, forecasts, estimates and expectations is contained in filings made by Oncor with the U.S. Securities and Exchange Commission. Specifically, Oncor makes reference to the section entitled "Risk Factors" in its annual and quarterly reports. Any forward-looking statement speaks only as of the date on which it is made, and, except as may be required by law, Oncor undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for Oncor to predict all of them; nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. As such, you should not unduly rely on such forward-looking statements.

None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.

## Exhibit 99.2

![](g82988ex99_2p1g1.jpg)

Exhibit 99.2 Business Updates Sempra California ▪ SB 254 bolsters IOU financial safeguards, enhancing Wildfire Fund durability and claims liquidity through $18B Continuation Account ▪ Continued cost efficiencies with workforce refinement Sempra Infrastructure 1 ▪ Signed definitive sales agreement to sell 45% stake in SI Partners for $10B ▪ Expected to deconsolidate SI Partners' debt upon transaction close 2,3 ▪ Port Arthur LNG Phase 2 reached FID and full noticetoproceed issued under Bechtel's fixedprice EPC contract 3 ▪ Advanced 6 major construction projects driving future growth prospects Sempra Texas ▪ Hearing scheduled for November 17 on Oncor's base rate review 4 ▪ Advancing 765kV CapEx opportunity for Oncor with projected inservice dates through 2034 5 ▪ Oncor invested $4.5B CapEx YTD \| Q3 Premise count increased ~16,000 and built or upgraded ~660 circuit miles of T+D lines 6 ▪ Transmission expansion plans driving substantial expected increase to Oncor's 2026 – 2030 capital plan 6

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![](g82988ex99_2p2g1.jpg)

Texas Transmission Expansion Drives Signi ficant Exp ected CapEx Increase 1 Transmission Expansion Overview ERCOT 765kV STEP 2 Transmission Expa nsion Pr ojects ERCOT Cos t ($B) PBRP Pr ojects $14 – 15 3 Import P aths 765kV $10 Local Common P rojects 138 – 3 45 kV $5 4 2024 RTP Pr ojects Be yond PBRP $18 – 20 765 kV Joint Projects (Eastern portion) $10 Upgrades and New F acilities 138 – 345 kV $8 – 10 Total ER COT Es timated Cos t $32 – 35 3 Approved 765kV Lines (Oncor projects) 3 Approved 765kV Lines (Other) Expected Increase to Oncor's Capital Pla n 3 Approved 765 kV Substation 4 Proposed New 765kV Lines (Oncor projects) 5 4 Proposed New 765kV Lines (Other) 30%+ 4 Proposed 765kV Substation 7

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![](g82988ex99_2p3g1.jpg)

QuarterOver Quarter Incr ease in LC&I Active R equests / Load Oncor is experiencing robust LC&I demand growth, with 606 active requests totaling 226 GW and 1 projects its peak demand to more than double by 2031 from current peak demand of 31 GW Q32025 Active Requests Load Data Cen ter / IT 356 210 GW Oil + Gas 101 4 GW Utility + Government 93 3 GW Manufacturing 29 5 GW Other 27 4 GW Total 606 226 GW QuarterOverQuarter Increase in LC&I Active Requests / Load 10% 12

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![](g82988ex99_2p4g1.jpg)

1 Oncor Base Ra te R eview Sempra continues to see s trong potential in a portfolio of capital opportunities in Texas, as Oncor pursues base rate review to align cost structure with today's operating environment Key Metrics Proceeding Schedule Event Date Equity L ayer Requested 45% (Authorized 42.5%) Application Filed 6/26/25 2 ✓ ROE 10.55% (Authorized 9.7%) Interim Rates Motio n fil ed 7/8/25 ✓ Debt L ayer Requested 55% (Authorized 57.5%) Prehearing Conference 8/8/25 ✓ 2 Cost of De bt 4.94% (Authorized 4.39%) Interim Rates App roved 9/9/25 ✓ Intervenor Testimony 10/17/25 ✓ 3 Test Y ear 2024 Rebuttal Testimony 10/31/25 ✓ Annual R ev. R eq. Incr ease $834M Hearing on Merits 11/17 – 11/21/25 Initial Briefs 12/15/25 Equity layer, c ost of c apital, cost of ser vice, storm c osts, Rate R eview Interim Rates E ffective 1/1/26 prudency review for n ew assets in ser vice Reply Briefs 1/2/26 Interim rates ap proved, subject to refund or sur charge Target Proposal f or De cision 3/3/26 Interim Ra tes based upon the final r ates ap proved by the Commission Target Fi nal Or der April 20 26 13

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![](g82988ex99_2p5g1.jpg)

Endnotes Slide 4: E xecutive Summary 1. See Appendix for in formation regarding adjusted EPS an d adjusted EPS g uidance range, which are n onGAAP financial measures. GAAP EPS for Q 32025 an d YTD2025 w as $0.12 an d $2.21, re spectively. Updating GAAP EPS g uidance range for F Y2025 to $3 .05 – $3.45. 2. 2025 an d 2026 E PS g uidance ranges are based on certain assumptions and management judgment. Does not contemplate the anticipated impacts of th e proposed sale of Ecogas. 3. Referenced projected CAGR is based on midpoint of 2025 ad justed EPS g uidance range and internal estimates for 2029, in cluding certain assumptions and management judgment. Yearover year EPS g rowth rate is expected to vary. Do es not contemplate the anticipated impacts of the proposed sale of Ecogas. Slide 5: 2025 V alue Creation Initiatives 1. Sempra previously estimated $13B o f p rojected capital investments in 2025 w ithin its 2025 – 2029 c apital plan as an nounced on its Q42024 e arnings call on February 25, 2025. T his 2025 p rojection and the 2025 – 2029 c apital plan do n ot reflect the impact of the planned sale of a p ortion of our e quity interest in SI Partners or th e positive FID for Po rt A rthur LNG Phas e 2 an d are not being affirmed or updated at th is time. Sempra's projected capital investments in 2025 an d its YTD Cap Ex o f ~ $9B are calculated to in clude Sempra's proportionate ownership interest in projected CapEx at u nconsolidated entities while excluding Sempra's projected capital c ontributions to those entities, and also exclude noncontrolling interest's proportionate ownership interest in projected CapEx at S empra and at u nconsolidated entities. Slide 6: Bu siness Updates 1. Gross p roceeds are before KKR fee reimbursement of $338M, d evelopment credit of $340M an d other closing and postclosing adjustments. $5.3B o f p roceeds are to b e received postclosing under notes and other instruments expected to mature in December 2027 an d December 2033. S ale is subject to vario us conditions to closing. 2. Contract p riceis subject toadjustment. 3. The ability to complete major c onstruction and development projects is subject to a n umber of ri sks anduncertainties. 4. Subject to re gulatory approval. 5. Represents 100% o f O ncor Y TD Cap Ex. 6. The expected increase of 30% + re fers to O ncor's forthcoming 2026 – 2030 c apital plan, which has not been finalized, and is over the 2025 – 2029 b ase plan of $36.1B. Slide 7: Tex as Transmission Expansion Drives Significant Expected CapEx Increase 1. The Texas 765kV S TEP, w ith the approved PBRP, re presents the total E RCOT initiative and includes: 2,468 mil es of new 765kV li nes, 649 mil es of n ew 345kV lines, 1,098 mil es of e xisting 345kV u pgrades, 324 mil es of new 138 kV li nes, 1,287 mil es of e xisting 138kV u pgrades, and 446 mil es of e xisting 69to138kV c onversions. 2. Costsare pursuant to published ERCOTestimates inthe PBRP S tudy (PUCTDocket N o. 55 718) an dthe 2024RTP (is sued 12/20/2024) an dhave been updated basedon (1)the 2024RTP 34 5kV Plan and Texas765kV co mparison as filed with the PUCT o n 1/4/2025, (2) PB RP import path costs as p resented in ERCOT Per mian Cost Up date Letter filed with the PUCT o n 3/27/2025, an d (3) p roject e stimates included in the Joint Filings with ERCOT fo r th e Eastern 765kV u nder RPG projects 25RP G022 an d 25RPG025. E stimates may change significantly, including as a re sult of final approved routes. 3. Individual projects included in the PUCT ap proved PBRP re quire additional regulatory approvals (CCN). 4. Projects are currently undergoing ERCOT R egional Planning Review in accordance w ith ERCOT N odal Pro tocol 3.11.4. 5. The expected increase of 30% + re fers to O ncor's forthcoming 2026 – 2030 c apital plan, which has not been finalized, and is over the 2025 – 2029 b ase plan of $36.1B. Slide 8: Q 32025 F inancial Results 1. See Appendix for in formation regarding adjusted earnings and adjusted EPS, w hich are n onGAAP financial measures. Slide 9: Q 32025 A djusted Earnings Drivers 1. See Appendix for in formation regarding adjusted earnings, which is a n onGAAP financial measure. 35

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![](g82988ex99_2p6g1.jpg)

Endnotes (Continued) Slide 10: C losing Remarks 1. Planned sale of a p ortion of o ur equity interest in SI Pa rtners is subject to various conditions to c losing. 2. Based on ~5year average starting the first full year 2027 th rough 2031. D oes not contemplate the anticipated impacts of th e UTM o r incremental CapEx, wh ich ar e expected to b e accretive. 3. Does not include shares issued under Sempra's 401(k) p lans or DRIP o r s hares sold under forward c ontracts in Sempra's ATM program that are expected to s ettle at a fu ture date. See endnote 1 fo r S lide 5 fo r in formation regarding Sempra's 2025 – 2029 c apital plan, which is not being affirmed or u pdated at th is time. 4. The expected increase of 30% + re fers to O ncor's forthcoming 2026 – 2030 c apital plan, which has not been finalized, and is over the 2025 – 2029 b ase plan of $36.1B. In addition to th e base capital plan, Oncor expects significant potential incremental capital expenditure opportunities for th e 2026 – 2030 p eriod. 5. See Appendix for information regarding adjusted EPS an d adjusted EPS g uidance range, which are n onGAAP financial measures. Slide 12: Q uarterOverQuarter Increase in LC&I A ctive Requests / Load 1. Based on Q12025 o fficer c ertification to E RCOT o f 29.5 G W in load as w ell as 9 G W of load that h ad signed interconnection agreements and provided required customer collateral as o f th at time. Slide 13: O ncor Base Rate Review 1. Oncor's b ase rate review is subject to PUCT ap proval. The final approved order and order timing may d iffer materially and adversely from any requests made therein. 2. Represents request in comprehensive base rate review. PUCT Do cket N o. 58306. A uthorized numbers reflect current regulatory capital structure and ROE e stablished in PUCT Do cket N o. 53601. 3. Represents actual h istorical yearend 2024 re venue with certain adjustments. Revenue request of 13% in crease over rates at th e time of fil ing. Slide 15: S B 254 S trengthens Financial Backstop 1. Contingent contributions owed if Wildfire Fund's administrator determines there is additional need to p revent Fund exhaustion. 2. Reimbursement under the Wildfire Fund is capped at 20% o f an IOU's T +D equity rate base in the year of th e applicable prudency determination. Reimbursement under the Continuation Account, w hose funds are only available for wildfires that ignited on or afte r September 19, 2025, is cappedat th elesser of (1)the disallowed costs,or (2)20%of an IOU'sT+D e quity ratebasefor th eyear of ignition of th eapplicable wildfire,less (a)prior reimbursements by the IOU for an y covered wildfirerelated disallowances within three years before the date of ignition of th e applicable wildfire, and (b) any unused shareholder contributions by the IOU not alr eady credited. 3. Only claims in excess of th e greater of $1B o r th e amount of insurance coverage required by the Wildfire Fund's administrator are eligible for re imbursement from the Wildfire Fund or th e Continuation Account. 4. Liability cap e stimate based on 2024 T +D e quity rate b ase. Slide 18: S I Partners Transaction Overview 1. Dollar amounts for the consideration and related metrics with respect to th e sale of an e quity interest in SI Partners reflect or are based on gross proceeds, which are subject to adjustments and which sale is subject to vario us conditions to closing. 2. Gross p roceeds are before KKR fee reimbursement of $338M, d evelopment credit of $340M an d other closing and postclosing adjustments. $5.3B o f p roceeds are to b e received postclosing under notes and other instruments expected to mature in December 2027 an d December 2033. 3. At SI Partners. EV/EBITDA is calculated before KKR fee reimbursement, development credit and other closing and postclosing adjustments, and uses nonGAAP financial measures. See Appendix for information regarding nonGAAP financial measures. 4. At SI Partners. Implied equity value and EV are c alculated before KKR fee reimbursement, development credit and other closing and postclosing adjustments, and EV u ses a n onGAAP financial measure. See Appendix for in formation regarding this nonGAAP financial measure. 5. Based on ~5year average starting the first full year 2027 th rough 2031. Do es not contemplate the anticipated impacts of th e UTM o r incremental CapEx, w hich are expected to b e accretive. 6. Pre sale based on 2024 ad justed earnings, excluding Parent and Other. See Appendix for in formation regarding adjusted earnings, which is a n onGAAP financial measure. 7. Aspirational goal to ac hieve 95% re gulated business mix in earnings, excluding Parent and Other. 8. FFOtoDebt is a n on GAAP financial measure. See Appendix for information regarding this nonGAAP financial measure. 9. Does not include shares issued under Sempra's 401(k) p lans or DRIP o r s hares sold under forward c ontracts in Sempra's ATM program that are expected to s ettle at a fu ture date. See endnote 1 fo r S lide 5 fo r in formation regarding Sempra's 2025 – 2029 c apital plan, which is not being affirmed or u pdated at th is time. 10. CPPIB w ill participate as an indirect coinvestor with KKR an d thereby acquire an in direct ownership interest in SI Partners. 11. Represents SI Partners. 36