# EDGAR Filing Document

**Accession Number:** 0000092103
**File Stem:** 0000827052-25-000100
**Filing Date:** 2025-10
**Character Count:** 486022
**Document Hash:** b0349f2b5720f0a3b56c8924e3a44adc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000827052-25-000100.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000827052-25-000100

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 124

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EDISON INTERNATIONAL
- **CENTRAL INDEX KEY:** 0000827052
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 954137452
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09936
- **FILM NUMBER:** 251424909

**BUSINESS ADDRESS:**
- **STREET 1:** 2244 WALNUT GROVE AVE,
- **STREET 2:** P O BOX 800
- **CITY:** ROSEMEAD
- **STATE:** CA
- **ZIP:** 91770
- **BUSINESS PHONE:** (626) 302-2222

**MAIL ADDRESS:**
- **STREET 1:** 2244 WALNUT GROVE AVE,
- **STREET 2:** P O BOX 800
- **CITY:** ROSEMEAD
- **STATE:** CA
- **ZIP:** 91770

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCECORP
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SOUTHERN CALIFORNIA EDISON Co
- **CENTRAL INDEX KEY:** 0000092103
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 951240335
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-02313
- **FILM NUMBER:** 251424910

**BUSINESS ADDRESS:**
- **STREET 1:** 2244 WALNUT GROVE AVE
- **STREET 2:** P O BOX 800
- **CITY:** ROSEMEAD
- **STATE:** CA
- **ZIP:** 91770
- **BUSINESS PHONE:** 6263021212

**MAIL ADDRESS:**
- **STREET 1:** 2244 WALNUT GROVE AVE
- **CITY:** ROSEMEAD
- **STATE:** CA
- **ZIP:** 91770

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHERN CALIFORNIA EDISON CO
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? eix-20250930

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 10-Q**

---

| | |
|:---|:---|
| **(Mark One)** | **(Mark One)** |
| 🗹 | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the quarterly period ended September 30, 2025** |
| □ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to** |

---

---

| | | | |
|:---|:---|:---|:---|
| Commission<br>File Number | Exact Name of Registrant<br>as specified in its charter | State or Other Jurisdiction of<br>Incorporation or Organization | IRS Employer<br>Identification Number |
| 1-9936 | EDISON INTERNATIONAL | California | 95-4137452 |
| 1-2313 | SOUTHERN CALIFORNIA EDISON COMPANY | California | 95-1240335 |

---

---

| | |
|:---|:---|
| **EDISON INTERNATIONAL** | **SOUTHERN CALIFORNIA EDISON COMPANY** |
| **2244 Walnut Grove Avenue** | **2244 Walnut Grove Avenue** |
| **(P.O. Box 976)** | **(P.O. Box 800)** |
| **Rosemead, California 91770** | **Rosemead, California 91770** |
| (Address of principal executive offices) | (Address of principal executive offices) |
| **(626) 302-2222** | **(626) 302-1212** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |

---

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **Edison International:** | | |
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, no par value | EIX | NYSE LLC |
| **Southern California Edison Company: None.** | **Southern California Edison Company: None.** | **Southern California Edison Company: None.** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. |
| Edison International | Yes | 🗹 | No | □ | Southern California Edison Company | Yes | 🗹 | No | □ |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). |
| Edison International | Yes | 🗹 | No | □ | Southern California Edison Company | Yes | 🗹 | No | □ |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-12 of the Exchange Act. | Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-12 of the Exchange Act. | Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-12 of the Exchange Act. | Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-12 of the Exchange Act. | Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-12 of the Exchange Act. | Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-12 of the Exchange Act. |
| Edison International | Large Accelerated Filer | Accelerated Filer | Non-accelerated Filer | Smaller Reporting Company | Emerging growth company |
| | 🗹 | □ | □ | □ | □ |
| Southern California Edison Company | Large Accelerated Filer | Accelerated Filer | Non-accelerated Filer | Smaller Reporting Company | 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. | 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. | 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. | 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. |
| Edison International | □ | Southern California Edison Company | □ |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). |
| Edison International | Yes | □ | No | 🗹 | Southern California Edison Company | Yes | □ | No | 🗹 |
| Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: | Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: | Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: | Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: | Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: | Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: | Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: | Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: | Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: | Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: |

---

---

| | |
|:---|:---|
| Common Stock outstanding as of October 21, 2025: | |
| Edison International | 384,787,056 Shares |
| Southern California Edison Company | 434,888,104 Shares |

---

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | SEC Form 10-Q |
| | | Reference Number |
| **<u>[GLOSSARY](#ic8d4942da5f84528abe28ed8dec1dd44_10)</u>** | [iii](#ic8d4942da5f84528abe28ed8dec1dd44_10) | |
| **<u>[FORWARD-LOOKING STATEMENTS](#ic8d4942da5f84528abe28ed8dec1dd44_13)</u>** | [1](#ic8d4942da5f84528abe28ed8dec1dd44_13) | |
| **<u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#ic8d4942da5f84528abe28ed8dec1dd44_16)</u>** | [3](#ic8d4942da5f84528abe28ed8dec1dd44_16) | **<u>[Part I, Item 2](#ic8d4942da5f84528abe28ed8dec1dd44_16)</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[MANAGEMENT OVERVIEW](#ic8d4942da5f84528abe28ed8dec1dd44_19)</u>** | [3](#ic8d4942da5f84528abe28ed8dec1dd44_19) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Highlights of Operating Results](#ic8d4942da5f84528abe28ed8dec1dd44_22)</u>** | [3](#ic8d4942da5f84528abe28ed8dec1dd44_22) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[2025 General Rate Case](#ic8d4942da5f84528abe28ed8dec1dd44_25)</u>** | [5](#ic8d4942da5f84528abe28ed8dec1dd44_25) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Cost of Capital Application](#ic8d4942da5f84528abe28ed8dec1dd44_31)</u>** | [6](#ic8d4942da5f84528abe28ed8dec1dd44_31) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Capital Program](#ic8d4942da5f84528abe28ed8dec1dd44_34)</u>** | [6](#ic8d4942da5f84528abe28ed8dec1dd44_34) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Southern California Wildfires and Mudslides](#ic8d4942da5f84528abe28ed8dec1dd44_40)</u>** | [7](#ic8d4942da5f84528abe28ed8dec1dd44_40) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[RESULTS OF OPERATIONS](#ic8d4942da5f84528abe28ed8dec1dd44_43)</u>** | [12](#ic8d4942da5f84528abe28ed8dec1dd44_43) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Southern California Edison Company](#ic8d4942da5f84528abe28ed8dec1dd44_46)</u>** | [12](#ic8d4942da5f84528abe28ed8dec1dd44_46) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>[Impact of 2025 GRC](#ic8d4942da5f84528abe28ed8dec1dd44_3298534884090)</u>*** | [12](#ic8d4942da5f84528abe28ed8dec1dd44_3298534884090) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>[Three months ended September 30, 2025 versus September 30, 2024](#ic8d4942da5f84528abe28ed8dec1dd44_49)</u>*** | [12](#ic8d4942da5f84528abe28ed8dec1dd44_49) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>[Nine months ended September 30, 2025 versus September 30, 2024](#ic8d4942da5f84528abe28ed8dec1dd44_52)</u>*** | [14](#ic8d4942da5f84528abe28ed8dec1dd44_52) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Edison International Parent and Other](#ic8d4942da5f84528abe28ed8dec1dd44_55)</u>** | [16](#ic8d4942da5f84528abe28ed8dec1dd44_55) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>[Loss from Operations](#ic8d4942da5f84528abe28ed8dec1dd44_58)</u>*** | [16](#ic8d4942da5f84528abe28ed8dec1dd44_58) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[LIQUIDITY AND CAPITAL RESOURCES](#ic8d4942da5f84528abe28ed8dec1dd44_61)</u>** | [16](#ic8d4942da5f84528abe28ed8dec1dd44_61) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Southern California Edison Company](#ic8d4942da5f84528abe28ed8dec1dd44_64)</u>** | [16](#ic8d4942da5f84528abe28ed8dec1dd44_64) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>[Available Liquidity](#ic8d4942da5f84528abe28ed8dec1dd44_67)</u>*** | [17](#ic8d4942da5f84528abe28ed8dec1dd44_67) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>[Regulatory Proceedings](#ic8d4942da5f84528abe28ed8dec1dd44_70)</u>*** | [18](#ic8d4942da5f84528abe28ed8dec1dd44_70) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>[Capital Investment Plan](#ic8d4942da5f84528abe28ed8dec1dd44_73)</u>*** | [18](#ic8d4942da5f84528abe28ed8dec1dd44_73) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>[SCE Dividends](#ic8d4942da5f84528abe28ed8dec1dd44_779)</u>*** | [19](#ic8d4942da5f84528abe28ed8dec1dd44_779) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>[Margin and Collateral Deposits](#ic8d4942da5f84528abe28ed8dec1dd44_76)</u>*** | [19](#ic8d4942da5f84528abe28ed8dec1dd44_76) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Edison International Parent and Other](#ic8d4942da5f84528abe28ed8dec1dd44_79)</u>** | [20](#ic8d4942da5f84528abe28ed8dec1dd44_79) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>[Edison International Income taxes](#ic8d4942da5f84528abe28ed8dec1dd44_82)</u>*** | [21](#ic8d4942da5f84528abe28ed8dec1dd44_82) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Historical Cash Flows](#ic8d4942da5f84528abe28ed8dec1dd44_85)</u>** | [21](#ic8d4942da5f84528abe28ed8dec1dd44_85) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>[Southern California Edison Company](#ic8d4942da5f84528abe28ed8dec1dd44_88)</u>*** | [21](#ic8d4942da5f84528abe28ed8dec1dd44_88) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>[Edison International Parent and Other](#ic8d4942da5f84528abe28ed8dec1dd44_91)</u>*** | [24](#ic8d4942da5f84528abe28ed8dec1dd44_91) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Contingencies](#ic8d4942da5f84528abe28ed8dec1dd44_94)</u>** | [24](#ic8d4942da5f84528abe28ed8dec1dd44_94) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[MARKET RISK EXPOSURES](#ic8d4942da5f84528abe28ed8dec1dd44_97)</u>** | [24](#ic8d4942da5f84528abe28ed8dec1dd44_97) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[CRITICAL ACCOUNTING ESTIMATES AND POLICIES](#ic8d4942da5f84528abe28ed8dec1dd44_100)</u>** | [24](#ic8d4942da5f84528abe28ed8dec1dd44_100) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[NEW ACCOUNTING GUIDANCE](#ic8d4942da5f84528abe28ed8dec1dd44_103)</u>** | [25](#ic8d4942da5f84528abe28ed8dec1dd44_103) | |
| **<u>[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ic8d4942da5f84528abe28ed8dec1dd44_106)</u>** | [25](#ic8d4942da5f84528abe28ed8dec1dd44_106) | **<u>[Part I, Item 3](#ic8d4942da5f84528abe28ed8dec1dd44_106)</u>** |
| **<u>[CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](#ic8d4942da5f84528abe28ed8dec1dd44_109)</u>** | [26](#ic8d4942da5f84528abe28ed8dec1dd44_109) | **<u>[Part I, Item 1](#ic8d4942da5f84528abe28ed8dec1dd44_109)</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Condensed Consolidated Statements of Income for Edison International](#ic8d4942da5f84528abe28ed8dec1dd44_112)</u>** | [26](#ic8d4942da5f84528abe28ed8dec1dd44_112) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Condensed Consolidated Statements of Comprehensive Income for Edison International](#ic8d4942da5f84528abe28ed8dec1dd44_115)</u>** | [27](#ic8d4942da5f84528abe28ed8dec1dd44_115) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Condensed Consolidated Balance Sheets for Edison International](#ic8d4942da5f84528abe28ed8dec1dd44_118)</u>** | [28](#ic8d4942da5f84528abe28ed8dec1dd44_118) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Condensed Consolidated Statements of Cash Flows for Edison International](#ic8d4942da5f84528abe28ed8dec1dd44_124)</u>** | [30](#ic8d4942da5f84528abe28ed8dec1dd44_124) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Condensed Consolidated Statements of Income for Southern California Edison Company](#ic8d4942da5f84528abe28ed8dec1dd44_127)</u>** | [31](#ic8d4942da5f84528abe28ed8dec1dd44_127) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Condensed Consolidated Statements of Comprehensive Income for Southern California Edison Company](#ic8d4942da5f84528abe28ed8dec1dd44_130)</u>** | [31](#ic8d4942da5f84528abe28ed8dec1dd44_130) | |

---

i

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Condensed Consolidated Balance Sheets for Southern California Edison Company](#ic8d4942da5f84528abe28ed8dec1dd44_133)</u>** | [32](#ic8d4942da5f84528abe28ed8dec1dd44_133) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Condensed Consolidated Statements of Cash Flows for Southern California Edison Company](#ic8d4942da5f84528abe28ed8dec1dd44_139)</u>** | [34](#ic8d4942da5f84528abe28ed8dec1dd44_139) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[NOTES TO](#ic8d4942da5f84528abe28ed8dec1dd44_142)[CONDENSED](#ic8d4942da5f84528abe28ed8dec1dd44_142)[CONSOLIDATED FINANCIAL STATEMENTS](#ic8d4942da5f84528abe28ed8dec1dd44_142)</u>** | [35](#ic8d4942da5f84528abe28ed8dec1dd44_142) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 1. Summary of Significant Accounting Policies](#ic8d4942da5f84528abe28ed8dec1dd44_145)</u>** | [35](#ic8d4942da5f84528abe28ed8dec1dd44_145) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 2. Condensed Consolidated Statements of Changes in Equity](#ic8d4942da5f84528abe28ed8dec1dd44_148)</u>** | [40](#ic8d4942da5f84528abe28ed8dec1dd44_148) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 3. Variable Interest Entities](#ic8d4942da5f84528abe28ed8dec1dd44_151)</u>** | [43](#ic8d4942da5f84528abe28ed8dec1dd44_151) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 4. Fair Value Measurements](#ic8d4942da5f84528abe28ed8dec1dd44_154)</u>** | [45](#ic8d4942da5f84528abe28ed8dec1dd44_154) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 5. Debt and Credit Agreements](#ic8d4942da5f84528abe28ed8dec1dd44_157)</u>** | [48](#ic8d4942da5f84528abe28ed8dec1dd44_157) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 6. Derivative Instruments](#ic8d4942da5f84528abe28ed8dec1dd44_160)</u>** | [49](#ic8d4942da5f84528abe28ed8dec1dd44_160) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 7. Revenue](#ic8d4942da5f84528abe28ed8dec1dd44_163)</u>** | [50](#ic8d4942da5f84528abe28ed8dec1dd44_163) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 8. Income Taxes](#ic8d4942da5f84528abe28ed8dec1dd44_166)</u>** | [51](#ic8d4942da5f84528abe28ed8dec1dd44_166) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 9. Compensation and Benefit Plans](#ic8d4942da5f84528abe28ed8dec1dd44_169)</u>** | [52](#ic8d4942da5f84528abe28ed8dec1dd44_169) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 10. Investments](#ic8d4942da5f84528abe28ed8dec1dd44_172)</u>** | [53](#ic8d4942da5f84528abe28ed8dec1dd44_172) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 11. Regulatory Assets and Liabilities](#ic8d4942da5f84528abe28ed8dec1dd44_178)</u>** | [54](#ic8d4942da5f84528abe28ed8dec1dd44_178) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 12. Commitments and Contingencies](#ic8d4942da5f84528abe28ed8dec1dd44_181)</u>** | [55](#ic8d4942da5f84528abe28ed8dec1dd44_181) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 13. Equity](#ic8d4942da5f84528abe28ed8dec1dd44_184)</u>** | [68](#ic8d4942da5f84528abe28ed8dec1dd44_184) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 14. Accumulated Other Comprehensive Income (Loss)](#ic8d4942da5f84528abe28ed8dec1dd44_187)</u>** | [68](#ic8d4942da5f84528abe28ed8dec1dd44_187) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 15. Other Income, Net](#ic8d4942da5f84528abe28ed8dec1dd44_190)</u>** | [69](#ic8d4942da5f84528abe28ed8dec1dd44_190) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 16. Supplemental Cash Flows Information](#ic8d4942da5f84528abe28ed8dec1dd44_193)</u>** | [69](#ic8d4942da5f84528abe28ed8dec1dd44_193) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Note 17. Related-Party Transactions](#ic8d4942da5f84528abe28ed8dec1dd44_196)</u>** | [69](#ic8d4942da5f84528abe28ed8dec1dd44_196) | |
| **<u>[CONTROLS AND PROCEDURES](#ic8d4942da5f84528abe28ed8dec1dd44_199)</u>** | [70](#ic8d4942da5f84528abe28ed8dec1dd44_199) | **<u>[Part I, Item 4](#ic8d4942da5f84528abe28ed8dec1dd44_199)</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Disclosure Controls and Procedures](#ic8d4942da5f84528abe28ed8dec1dd44_202)</u>** | [70](#ic8d4942da5f84528abe28ed8dec1dd44_202) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Changes in Internal Control Over Financial Reporting](#ic8d4942da5f84528abe28ed8dec1dd44_205)</u>** | [70](#ic8d4942da5f84528abe28ed8dec1dd44_205) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Jointly Owned Utility Plant](#ic8d4942da5f84528abe28ed8dec1dd44_208)</u>** | [70](#ic8d4942da5f84528abe28ed8dec1dd44_208) | |
| **<u>[LEGAL PROCEEDINGS](#ic8d4942da5f84528abe28ed8dec1dd44_211)</u>** | [70](#ic8d4942da5f84528abe28ed8dec1dd44_211) | **<u>[Part II, Item 1](#ic8d4942da5f84528abe28ed8dec1dd44_211)</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[2017/2018 Wildfire/Mudslide Events](#ic8d4942da5f84528abe28ed8dec1dd44_214)</u>** | [70](#ic8d4942da5f84528abe28ed8dec1dd44_214) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Eaton Fire](#ic8d4942da5f84528abe28ed8dec1dd44_217)</u>** | [71](#ic8d4942da5f84528abe28ed8dec1dd44_217) | |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Environmental Proceedings](#ic8d4942da5f84528abe28ed8dec1dd44_220)</u>** | [71](#ic8d4942da5f84528abe28ed8dec1dd44_220) | |
| **<u>[UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#ic8d4942da5f84528abe28ed8dec1dd44_798)</u>** | [71](#ic8d4942da5f84528abe28ed8dec1dd44_798) | **<u>[Part II, Item 2](#ic8d4942da5f84528abe28ed8dec1dd44_798)</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Purchases of Equity Securities by Edison International and Affiliated Purchasers](#ic8d4942da5f84528abe28ed8dec1dd44_223)</u>** | [71](#ic8d4942da5f84528abe28ed8dec1dd44_223) | |
| **<u>[OTHER INFORMATION](#ic8d4942da5f84528abe28ed8dec1dd44_789)</u>** | [71](#ic8d4942da5f84528abe28ed8dec1dd44_223) | **<u>[Part II Item 5](#ic8d4942da5f84528abe28ed8dec1dd44_789)</u>** |
| **<u>[EXHIBITS](#ic8d4942da5f84528abe28ed8dec1dd44_226)</u>** | [72](#ic8d4942da5f84528abe28ed8dec1dd44_226) | **<u>[Part II, Item 6](#ic8d4942da5f84528abe28ed8dec1dd44_226)</u>** |
| **<u>[SIGNATURES](#ic8d4942da5f84528abe28ed8dec1dd44_229)</u>** | [73](#ic8d4942da5f84528abe28ed8dec1dd44_229) | |

---

This combined Form 10-Q is separately filed by Edison International and SCE. Information contained in this document relating to SCE is filed by Edison International and separately by SCE. SCE makes no representation as to information relating to Edison International or its subsidiaries, except as it may relate to SCE and its subsidiaries.

ii

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**GLOSSARY** 

The following terms and abbreviations appearing in the text of this report have the meanings indicated below.

---

| | |
|:---|:---|
| 2017/2018 Wildfire/Mudslide Events | the Thomas Fire, the Koenigstein Fire, the Montecito Mudslides and the Woolsey Fire, collectively |
| 2024 10-K | Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2024 |
| 2024 MD&A | Edison International's and SCE's MD&A for the calendar year 2024, which was included in the 2024 Form 10-K |
| AB 1054 | California Assembly Bill 1054, executed by the governor of California on July 12, 2019 |
| AB 1054 Excluded Capital Expenditures | $1.6 billion in wildfire risk mitigation capital expenditures that SCE has excluded from the equity portion of SCE's rate base as required under AB 1054 |
| ARO(s) | asset retirement obligation(s) |
| CAISO | California Independent System Operator |
| Cal Advocates | the California Public Advocates Office |
| CAL FIRE | the California Department of Forestry and Fire Protection |
| CAL OES | the California Governor's Office of Emergency Services |
| Capistrano Wind | a group of wind projects referred to as Capistrano Wind |
| Capital Structure Compliance Period | January 1, 2023 to December 31, 2025, the current compliance period for SCE's CPUC authorized capital structure |
| CCAs | community choice aggregators which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses |
| Continuation Account | a new account within the Wildfire Insurance Fund established under SB 254 that may be available for fires ignited on or after the SB 254 Effective Date |
| CPUC | California Public Utilities Commission |
| DERs | distributed energy resources |
| DGC | the decommissioning general contractor engaged by SCE to undertake a significant scope of decommissioning activities at San Onofre |
| Eaton Fire | a wind-driven fire that originated in Los Angeles County in January 2025 |
| Eaton Subrogation Settlement | a settlement agreement entered into between SCE and an insurance claimant in the Eaton Fire litigation in September 2025 |
| ECS | SCE commercial telecommunications services operated under the name of Edison Carrier Solutions |
| EIS | Edison Insurance Services, Inc., a wholly-owned subsidiary of Edison International licensed to provide insurance to Edison International and its subsidiaries  |
| Electric Service Provider | an entity other than an investor-owned utility or CCA that provides electric power and ancillary services to retail customers |
| ERRA | Energy Resource Recovery Account |
| Fast curve settings | protective settings used to mitigate the risk of wildfires in high fire risk areas by increasing the speed with which a protective device reacts to most fault currents |
| FERC | Federal Energy Regulatory Commission |
| Fitch | Fitch Ratings, Inc. |
| GAAP | generally accepted accounting principles in the United States |
| GHG | greenhouse gas |
| GRC | general rate case |
| Initial Account | an account within the Wildfire Insurance Fund established under AB 1054 available for fires ignited before the SB 254 Effective Date |
| IRA | Inflation Reduction Act of 2022 |
| Koenigstein Fire | a wind-driven fire that originated near Koenigstein Road in the City of Santa Paula in Ventura County, California, on December 4, 2017 |
| LAFD | the Los Angeles Fire Department |

---

iii

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | |
|:---|:---|
| Liability Cap | a cap on the aggregate requirement to reimburse the Wildfire Insurance Fund over a trailing three calendar year period which applies if certain conditions are met and is equal to 20% of the equity portion of the utility's transmission and distribution rate base, excluding general plant and intangibles, for the year of the applicable wildfire's ignition |
| MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations in this report |
| Montecito Mudslides | the debris flows and flooding in Montecito, Santa Barbara County, California, that occurred in January 2018 |
| Moody's | Moody's Investors Service, Inc. |
| MW | Megawatt(s) |
| NDCTP | Nuclear Decommissioning Cost Triennial Proceeding, a CPUC proceeding to review decommissioning costs |
| NERC | North American Electric Reliability Corporation |
| NRC | United States Nuclear Regulatory Commission |
| OEIS | Office of Energy Infrastructure Safety of the California Natural Resources Agency |
| Other Wildfire Events | Collectively, all the wildfires that originated in Southern California in and after 2017 but before 2025 where SCE's equipment has been or may be alleged to be associated with the fire's ignition, except for the Thomas Fire, the Koenigstein Fire and the Woolsey Fire |
| PABA | Portfolio Allocation Balancing Account |
| Palo Verde | nuclear electric generating facility located near Phoenix, Arizona in which SCE holds a 15.8% ownership interest |
| PBOP(s) | postretirement benefits other than pension(s) |
| PG&E | Pacific Gas & Electric Company |
| PSPS | Public Safety Power Shutoff(s) |
| ROE | return on common equity |
| RPS | California's Renewables Portfolio Standard |
| S&P | Standard & Poor's Financial Services LLC |
| San Onofre | retired nuclear generating facility located in south San Clemente, California in which SCE holds a 78.21% ownership interest |
| SB 254 | California Senate Bill 254, executed by the governor of California on September 19, 2025 |
| SB 254 Effective Date | September 19, 2025 |
| SB 254 Excluded Capital Expenditures | $2.9 billion in wildfire risk mitigation capital expenditures, approved on or after January 1, 2026, that SCE believes will be required to exclude from the equity portion of SCE's rate base as required under SB 254 |
| SCE | Southern California Edison Company, a wholly-owned subsidiary of Edison International |
| SDG&E | San Diego Gas & Electric Company |
| SEC | U.S. Securities and Exchange Commission |
| SED | Safety and Enforcement Division of the CPUC |
| SED Agreement | an agreement dated October 21, 2021 between SCE and the SED regarding the 2017/2018 Wildfire/Mudslide Events and three other 2017 wildfires |
| Thomas Fire | a wind-driven fire that originated in the Anlauf Canyon area of Ventura County, California, on December 4, 2017 |
| TKM | collectively, the Thomas Fire, the Koenigstein Fire and the Montecito Mudslides |
| TKM Settlement Agreement | a settlement agreement entered into between SCE and the California Public Advocates Office in August 2024 in the CPUC-jurisdictional rate recovery proceeding related to TKM |
| Track 4 | Track 4 of the 2021 GRC, which addressed SCE's revenue requirement for 2024 |
| Trio | Edison Energy, LLC, an indirect wholly-owned non-utility subsidiary of Edison International doing business as "Trio" |
| WCCP | Wildfire Covered Conductor Program |
| WMP | a wildfire mitigation plan required to be filed to describe a utility's plans to construct, operate, and maintain electrical lines and equipment that will help minimize the risk of catastrophic wildfires caused by such electrical lines and equipment |

---

iv

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | |
|:---|:---|
| Wildfire Insurance Fund | the insurance fund established under AB 1054 and expanded under SB 254 |
| Wildfire Recovery Compensation Program | a program designed to allow eligible individuals and businesses impacted by the Eaton Fire to seek expedited resolution of their claims, expected to be launched by SCE in the fall of 2025 |
| Woolsey Fire | a wind-driven fire that originated in Ventura County in November 2018 |

---

v

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**FORWARD-LOOKING STATEMENTS**

This quarterly report on Form 10-Q contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect Edison International's and SCE's current expectations and projections about future events based on Edison International's and SCE's knowledge of present facts and circumstances and assumptions about future events and include any statements that do not directly relate to a historical or current fact. Other information distributed by Edison International and SCE that is incorporated in this report, or that refers to or incorporates this report, may also contain forward-looking statements. In this report and elsewhere, the words "expects," "believes," "anticipates," "estimates," "projects," "intends," "plans," "probable," "may," "will," "could," "would," "should," "targets," "judgment," "forecast," and variations of such words and similar expressions, or discussions of strategy or plans, are intended to identify forward-looking statements. Such statements necessarily involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Some of the risks, uncertainties and other important factors that could cause results to differ from those currently expected, or that otherwise could impact Edison International and SCE, include, but are not limited to the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related and debris flow-related costs (including amounts paid for self-insured retention and co-insurance, and amounts not recoverable from the Wildfire Insurance Fund), and costs incurred for wildfire restoration efforts and to mitigate the risk of utility equipment causing future wildfires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cybersecurity of Edison International's and SCE's critical information technology systems for grid control and business, employee and customer data, and the physical security of Edison International's and SCE's critical assets and personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the operation and maintenance of electrical facilities, including worker, contractor, and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of affordability on SCE's ability to obtain regulatory approval of, or cost recovery for, operations and maintenance expenses, proposed capital investment projects, and increased costs due to supply chain constraints, tariffs, inflation and rising interest rates and the impact of legislative actions on affordability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability of SCE to update its grid infrastructure to maintain system integrity and reliability, and meet electrification needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability of SCE to implement its operational and strategic plans, including its WMP, its target energization times and capital investment program, including challenges related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the CAISO's transmission plans, and governmental approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including PSPS and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability of SCE to obtain safety certifications from OEIS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk that AB 1054, SB 254 or other new California legislation does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial or contributing cause, including the longevity of the Wildfire Insurance Fund and the CPUC's interpretation of and actions under AB 1054 or SB 254, including its interpretation of the prudency standard clarified by AB 1054;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decisions and other actions by the CPUC, the FERC, the NRC, the California legislature and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, approval of regulatory proceeding settlements, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, reforming wildfire-related liability protections available to California investor-owned utilities, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governmental, statutory, regulatory, or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market adopted by the NERC, CAISO, Western Electricity

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

Coordinating Council, and similar regulatory bodies in adjoining regions, and changes in the United States' and California's environmental priorities that lessen the importance placed on GHG reduction and other climate related priorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to wildfires where SCE's equipment is alleged to be associated with ignition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extreme weather-related incidents (including events caused, or exacerbated, by climate change), such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events and other natural disasters (such as earthquakes), which could cause, among other things, worker and public safety issues, property damage, outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as CCAs and Electric Service Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions by credit rating agencies to downgrade Edison International or SCE's credit ratings or to place those ratings on negative watch or negative outlook;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws and regulations, at both the state and federal levels, or changes in the application of those laws, that could affect recorded deferred tax assets and liabilities, effective tax rates and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in rates of inflation (including whether inflation-related adjustments to SCE's authorized revenues allowed by the public utility regulators are commensurate with inflation rates), and changes in interest rates and potential future adjustments to SCE's ROE based on changes in Moody's utility bond rate index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability and creditworthiness of counterparties and the resulting effects on liquidity in the power and fuel markets and/or the ability of counterparties to pay amounts owed in excess of collateral provided in support of their obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost of fuel for generating facilities and related transportation, which could be impacted by, among other things, disruption of natural gas storage facilities, to the extent not recovered, timely or at all, through regulated rate cost escalation provisions or balancing accounts.

Additional information about risks and uncertainties, including more detail about the factors described in this report, is contained throughout this report and in the 2024 Form 10-K, including the "Risk Factors" section. Readers are urged to read this entire report, including information incorporated by reference, as well as the 2024 Form 10-K, and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Forward-looking statements speak only as of the date they are made and neither Edison International nor SCE are obligated to publicly update or revise forward-looking statements. Readers should review future reports filed by Edison International and SCE with the SEC. Edison International and SCE post or provide direct links to (i) certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) presentations, documents and information that may be of interest to investors in a section titled "Presentations and Updates" at www.edisoninvestor.com in order to publicly disseminate such information. The reports, presentations, documents and information contained on, or connected to, the Edison International investor website are not deemed part of, and are not incorporated by reference into, this report.

The MD&A for the nine months ended September 30, 2025, discusses material changes in the condensed consolidated financial condition, results of operations and other developments of Edison International and SCE since December 31, 2024, and as compared to the nine months ended September 30, 2024. This discussion presumes that the reader has read or has access to the 2024 MD&A.

Except when otherwise stated, references to each of Edison International or SCE mean each such company with its subsidiaries on a consolidated basis. References to "Edison International Parent and Other" mean Edison International Parent and its subsidiaries other than SCE and its subsidiaries and "Edison International Parent" mean Edison International on a stand-alone basis, not consolidated with its subsidiaries. Unless otherwise described, all the information contained in this report relates to both filers.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**MANAGEMENT OVERVIEW**

**Highlights of Operating Results**

Edison International is the ultimate parent holding company of SCE and Edison Energy, LLC, doing business as Trio. SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central and Coastal California. Trio is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers. Trio's business activities are currently not material to report as a separate business segment.

Edison International's earnings are prepared in accordance with GAAP. Management uses core earnings (loss) internally for financial planning and for analysis of performance. Core earnings (loss) are also used when communicating with investors and analysts regarding Edison International's earnings results to facilitate comparisons of the company's performance from period to period. Core earnings (loss) are a non-GAAP financial measure and may not be comparable to those of other companies. Core earnings (loss) are defined as earnings available to Edison International shareholders less non-core items. Non-core items include income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as write downs, asset impairments and other income and expense related to changes in law, outcomes in tax, regulatory or legal proceedings, and exit activities, including sale of certain assets and other activities that are no longer continuing.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, | |
| (in millions) | 2025 | 2024 | Change | 2025 | 2024 | Change |
| Net income (loss) available to Edison International |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SCE | $925 | $602 | $323 | $2935 | $1190 | $1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edison International Parent and Other | (93) | (86) | (7) | (324) | (246) | (78) |
| &nbsp;&nbsp;&nbsp;Edison International | 832 | 516 | 316 | 2611 | 944 | 1667 |
| Less: Non-core items |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SCE |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2017/2018 Wildfire/Mudslide Events (claims and expenses), net of recoveries | (3) | (7) | 4 | 1334 | (485) | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Wildfire Events (claims and expenses), net of recoveries | (2) | (3) | 1 | 4 | (124) | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildfire Insurance Fund expense | (36) | (36) |  | (108) | (109) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charges related to disallowed historical capital expenditures in SCE's 2025 GRC decision | (76) |  | (76) | (76) |  | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance costs, net of recovery |  | (44) | 44 |  | (44) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense)<sup>1</sup> | 48 | 25 | 23 | (307) | 213 | (520) |
| &nbsp;&nbsp;&nbsp;SCE non-core items | (69) | (65) | (4) | 847 | (549) | 1396 |
| &nbsp;&nbsp;&nbsp;Edison International Parent and Other |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildfire claims insured by EIS |  | (1) | 1 | (50) | (2) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit<sup>1</sup> |  |  |  | 11 |  | 11 |
| &nbsp;&nbsp;&nbsp;Edison International Parent and Other non-core items |  | (1) | 1 | (39) | (2) | (37) |
| &nbsp;&nbsp;&nbsp;Total non-core items | (69) | (66) | (3) | 808 | (551) | 1359 |
| Core earnings (loss) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SCE | 994 | 667 | 327 | 2088 | 1739 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edison International Parent and Other | (93) | (85) | (8) | (285) | (244) | (41) |
| &nbsp;&nbsp;&nbsp;Edison International | $901 | $582 | $319 | $1803 | $1495 | $308 |

---

<sup>1</sup>SCE and Edison International Parent and Other non-core items are tax-effected at an estimated statutory rate of approximately 28%; wildfire claims insured by EIS are tax-effected at the federal statutory rate of 21%.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

Edison International's third quarter 2025 earnings increased $316 million from the third quarter of 2024, resulting from an increase in SCE's earnings of $323 million and an increase in Edison International Parent and Other's loss of $7 million. SCE's higher net income consisted of $327 million of higher core earnings, partially offset by $4 million of higher non-core loss. Edison International Parent and Other's loss increased by $7 million due to $8 million of higher core loss, partially offset by $1 million of lower non-core loss.

Edison International's earnings for the nine months ended September 30, 2025 increased $1,667 million from the same period ended September 30, 2024, resulting from an increase in SCE's earnings of $1,745 million, partially offset by an increase in Edison International Parent and Other's loss of $78 million. SCE's higher net income consisted of $1,396 million of higher non-core earnings and $349 million of higher core earnings. Edison International Parent and Other's higher net loss consisted of $41 million of higher core loss and $37 million of higher non-core loss.

As discussed in the 2024 Form 10-K, the CPUC approved the TKM Settlement Agreement in January 2025. As a result, in the first nine months of 2025, SCE recorded cost recoveries through CPUC electric rates authorized under the TKM Settlement Agreement. These cost recoveries are reflected either as core earnings or non-core items, as discussed below. This classification is consistent with the original classification when the respective costs were incurred.

The increase in SCE's core earnings for the three months ended September 30, 2025 from the same period in 2024 was primarily due to higher revenue from the 2025 GRC final decision. The increase in SCE's core earnings for the nine months ended September 30, 2025, from the same period in 2024, was primarily due to higher revenue from the 2025 GRC final decision, a benefit to interest expense related to cost recoveries authorized under the TKM Settlement Agreement, partially offset by the net impact of wildfire-related regulatory decisions received in the second quarter of 2025 and 2024. The increase in Edison International Parent and Other's core loss for the three and nine months ended September 30, 2025, was primarily due to higher interest expense.

Consolidated non-core items for the nine months ended September 30, 2025 and 2024 for Edison International included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net earnings recorded in 2025 related to the TKM Settlement Agreement, including ongoing activities: $1,341 million ($966 million after-tax) of claim costs and $58 million ($42 million after-tax) of legal expenses authorized for recovery, partially offset by shareholder-funded wildfire mitigation expenses of $50 million ($36 million after-tax) and impairment of incremental restoration-related assets of $8 million ($6 million after-tax).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charges of $7 million ($5 million after-tax) recorded in 2025, and $485 million ($349 million after-tax) recorded in 2024, both related to claim costs and related legal expenses, net of expected regulatory recoveries.

See "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies" for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other Wildfire Events claims and expenses, net of recoveries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net earnings of $4 million ($3 million after-tax) recorded in 2025 consisted of $14 million of insurance reimbursements for costs incurred in previous years, partially offset by $10 million of legal expenses, net of expected regulatory recoveries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charges of $124 million ($90 million after-tax) recorded in 2024 for wildfire claims and related legal expenses, net of expected insurance and regulatory recoveries.

See "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies" for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charges of $108 million ($78 million after-tax) and $109 million ($78 million after-tax) recorded in 2025 and 2024, respectively, from amortization of SCE's contributions to the Wildfire Insurance Fund. See "Notes to Condensed Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies" for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net charges of $76 million ($39 million after-tax) recorded in 2025, primarily related to the impairment of utility property, plant and equipment associated with historical capital expenditures disallowed in SCE's 2025 GRC final decision. See "Management Overview—2025 General Rate Case" for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Severance costs of $44 million ($32 million after-tax), net of expected FERC recovery, recorded in 2024 due to reductions in workforce.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charges of $50 million ($39 million after-tax) recorded in 2025 and $2 million ($2 million after-tax) recorded in 2024, both related to wildfire claims insured by EIS. See "Notes to Condensed Consolidated Financial Statements— Note 12. Commitments and Contingencies" for further information.

See "Results of Operations" for discussion of SCE's and Edison International Parent and Other's results of operations.

**2025 General Rate Case**

***Revenue Requirements***

In September 2025, the CPUC approved a final decision on the 2025 GRC, which resulted in a base rate revenue requirement of $9.7 billion in 2025, an increase of $880 million over the adjusted 2024 authorized revenue requirement (see table below for more details). The final decision also authorized adjustment to the post-test years' revenue requirements, allowing the application of an attrition index to operation and maintenance expenses, with the index capped at five percent each year, along with budget-based wildfire mitigation capital additions. Additionally, the final decision adopted zero escalation for all of SCE's non-wildfire related capital additions in the attrition years. Assuming a three percent attrition index increase each year, the final decision results in post-test years' revenue requirement adjustments of $544 million, $522 million, and $447 million, for 2026, 2027, and 2028, respectively.

The table below sets out the authorized revenue and costs of service for the 2024 authorized revenue requirement and the 2025 GRC final decision:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | 2024<br>Authorized<br>Revenue | Adjustments<sup>1</sup> | Adjusted<br>2024<br>Authorized<br>Revenue | 2025<br>Final Decision<br>Authorized<br>Revenue<sup>2</sup> | Increase |  |
| Authorized revenue | $8582 | $198 | $8780 | $9660 | $880 | <sup>3</sup> |
| Cost of service: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operation and maintenance | 2734 |  | 2734 | 2857 | 123 | <sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 2284 | 108 | 2392 | 2729 | 337 | <sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and payroll taxes | 487 | 6 | 493 | 550 | 57 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 403 | 25 | 428 | 554 | 126 |  |
| Authorized return | 2674 | 59 | 2733 | 2970 | 237 | <sup>6</sup> |
| Total | $8582 | $198 | $8780 | $9660 | $880 |  |

---

<sup>1</sup>Adjustments to the 2024 authorized revenue requirement primarily related to the Customer Service Re-Platform project, which was recovered through a CPUC non-GRC recovery mechanism and approved to be included in the GRC-authorized revenue in the 2025 GRC.

<sup>2</sup>Reflects SCE's GRC authorized revenue as filed in SCE's September 2025 GRC implementation advice letter.

<sup>3</sup>Authorized revenue increased $661 million for the nine-month period ended 2025 compared to the same period in 2024. See "Results of Operations—SCE—Impact of 2025 GRC" for further information.

<sup>4</sup>Authorized revenue for operation and maintenance expenses increased primarily due to higher authorized wildfire expenditures.

<sup>5</sup>Authorized revenue for depreciation increased primarily due to higher plant balances.

<sup>6</sup>Authorized revenue for return increased primarily due to authorized rate base growth.

In the first and second quarters of 2025, SCE recognized revenue based on the 2024 authorized GRC revenue requirement in the absence of a 2025 GRC final decision. The approved 2025 revenue requirement in the 2025 GRC final decision is retroactive to January 1, 2025. SCE recorded the corresponding year-to-date impact in the third quarter of 2025, resulting in $661 million of increased authorized revenue. Additionally, SCE recorded net charges of $76 million ($39 million after-tax) in the same quarter, primarily due to an $88 million impairment of utility property, plant and equipment associated with historical capital expenditures disallowed in the final decision, mainly related to the rooftop solar photovoltaic program. This was partially offset by the recognition of a $12 million clean energy subsidy previously received for this program.

The CPUC has approved the establishment of a memorandum account, making the authorized revenue requirement changes effective January 1, 2025. Under the final decision, the increase in authorized revenues of $902 million for January 2025 through September 2025 will be collected over a 24-month period beginning October 1, 2025.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

***Capital Expenditures***

The final decision authorized CPUC-jurisdictional capital expenditures of $6.1 billion for 2025. For 2025 – 2028, the decision authorized capital expenditures of approximately $1 billion to support 212 miles of the wildfire mitigation targeted undergrounding ("TUG") program, along with the deployment of 1,653 circuit miles of covered conductors in high fire risk areas. The final decision authorized a two-way Grid Hardening Balancing Account to track the difference between actual TUG costs up to the approved mile limit and the authorized amounts, with spending in excess of 110% of authorized amounts subject to reasonableness review. SCE is also authorized to record incremental TUG costs that exceed the approved scope in the existing Wildfire Mitigation Plan Memorandum Account, with cost recovery subject to reasonableness review. Additionally, the final decision authorized SCE to establish a memorandum account to track and record capital expenditures above the amounts authorized to support SCE's grid readiness for future transportation electrification demand, with cost recovery subject to reasonableness review.

**Cost of Capital Application** 

SCE's 2025 CPUC-authorized ROE is 10.33% and weighted average return on rate base is 7.66%.

On March 20, 2025, SCE filed its application with the CPUC for authority to establish its authorized cost of capital for utility operations for a three-year term beginning in 2026 and to reset the related annual cost of capital adjustment mechanism. In August 2025, SCE updated its costs of long-term debt and preferred equity requests based on updated information. As a result, SCE is seeking an ROE of 11.75%, a cost of long-term debt of 4.71%, and a cost of preferred equity of 6.89%. SCE also seeks to maintain its current authorized capital structure, after CPUC-allowed exclusions, of 52% common equity, 43% long-term debt, and 5% preferred equity. Based on the capital structure and cost factors discussed above, SCE's weighted average return on rate base would be 8.48% for 2026. If approved, this application would increase SCE's revenue requirement in 2026 by approximately $448 million compared to the cost of capital currently in rates. In July 2025, the CPUC set a schedule for the 2026 cost of capital proceeding that would result in a proposed decision in the fourth quarter of 2025.

**Capital Program**

***Capital Expenditures***

Total capital expenditures (including accruals) were $4.7 billion and $4.0 billion for the nine months ended September 30, 2025 and 2024, respectively.

SCE's capital expenditure forecast has been updated since the filing of the 2024 Form 10-K to reflect planned CPUC-jurisdictional spending as informed by the 2025 GRC final decision (See "—2025 General Rate Case— Capital Expenditures" for further information) and expected FERC capital expenditures.

The table below reflects forecast capital expenditures for 2025 – 2028, based on authorized and planned CPUC-jurisdictional spending and current management expectations of FERC-jurisdictional spending. CPUC-jurisdictional spending includes amounts authorized in the 2025 GRC, and other planned non-GRC CPUC capital spending. Forecast expenditures for FERC capital projects are subject to change due to factors such as timeliness of permitting, licensing, regulatory approvals, contractor bids, supply chain issues, and other operational considerations.

Based on management's judgment of potential capital spending variability informed by historical precedent of previously authorized amounts, potential permitting delays, and other operational considerations, a range case was prepared reflecting reductions to CPUC non-GRC capital expenditures and FERC capital expenditures.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

SCE's 2025 – 2028 forecast for major capital expenditures is set forth in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in billions) | 2025 | 2026 | 2027 | 2028 | Total<br>2025 – 2028 |
| Traditional capital expenditures |  |  |  |  |  |
| Distribution | $5 | $5.3 | $5.4 | $5.2 | $20.9 |
| Transmission | 0.5 | 0.8 | 0.9 | 0.9 | 3.1 |
| Generation | 0.2 | 0.2 | 0.2 | 0.3 | 0.9 |
| Subtotal | 5.7 | 6.3 | 6.5 | 6.4 | 24.9 |
| Wildfire mitigation-related capital expenditures | 1.1 | 1.0 | 1.2 | 1.1 | 4.4 |
| Total capital expenditures | $6.8 | $7.3 | $7.7 | $7.5 | $29.3 |
| Total capital expenditures using range case discussed below | $6.6 | $7.1 | $7.5 | $7.3 | $28.5 |

---

In addition to the amounts presented in the table above, SCE expects to make additional CPUC capital investments, the recovery of which will be subject to future regulatory approval. This includes non-GRC programs, such as additional spending on an advanced metering infrastructure program. SCE expects the total expenditures of these programs to be at least $2 billion, most of which will be incurred beyond 2028.

Furthermore, in May 2025, the CAISO approved its 2024 – 2025 Transmission Plan, which identified six transmission projects expected to be constructed by SCE with anticipated capital expenditures of approximately $300 million. As discussed in "Management Overview—Capital Program" in the 2024 MD&A, SCE also expects to construct projects associated with previously approved CAISO Transmission Plans requiring capital investment of at least $2 billion. Most of the capital expenditures are expected to be incurred beyond 2028.

***Rate Base***

SCE's authorized CPUC-jurisdictional rate base is determined through the GRC and other regulatory proceedings. Differences between actual and CPUC-authorized rate base are addressed in subsequent GRCs or other regulatory proceedings. FERC-jurisdictional rate base is determined based on actual capital expenditures.

Reflected below is SCE's weighted average annual rate base for 2025 – 2028, based on the capital expenditure forecasts discussed above. In addition, the table below does not reflect the SB 254 Excluded Capital Expenditures, which SCE plans to recover through the issuance of securitized bonds. For further information, see "—Southern California Wildfires and Mudslides—Senate Bill 254—SB 254 Excluded Capital Expenditures."

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in billions) | 2025 | 2026 | 2027 | 2028 |
| Rate base | $47.4 | $50.4 | $54.3 | $57.5 |
| Rate base using range case discussed above | $47.2 | $49.9 | $53.6 | $56.5 |

---

**Southern California Wildfires and Mudslides**

Unprecedented weather conditions in California due to climate change have contributed to wildfires, including those where SCE's equipment has been alleged to be associated with the fire's ignition, that have caused loss of life and substantial damage in SCE's service area, including as recently as January 2025.

In September 2025, a Continuation Account within the Wildfire Insurance Fund was established under SB 254, described below, to supplement the Initial Account within the Wildfire Insurance Fund by potentially providing up to $18 billion of additional funding for the Wildfire Insurance Fund. Under SB 254, the Initial Account of the Wildfire Insurance Fund will be available for fires ignited before September 19, 2025 (the "SB 254 Effective Date") and the Continuation Account may become available for fires ignited after the SB 254 Effective Date. As described below, the Continuation Account will be funded contingent upon certain conditions. Once all claims under the Initial Account are resolved and no further claims are anticipated, any remaining assets in the Initial Account will be transferred to the Continuation Account. See "—Senate Bill 254" for further information.

In recognition of the need for further action, SB 254 requires the administrator of the Wildfire Insurance Fund to submit to the California legislature and the governor, by April 1, 2026, a report that evaluates and sets forth recommendations on new models or approaches that mitigate damage, accelerate recovery, and responsibly and equitably allocate the burdens from natural catastrophes, including wildfires, across stakeholders, to complement or replace the Wildfire Insurance Fund.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

While Edison International and SCE continue to pursue legislative strategies to address California investor-owned utilities' exposure to wildfire-related liabilities, they cannot predict whether or when there will be a comprehensive economy-wide solution mitigating the significant risk faced by California investor-owned utilities related to wildfires.

***Eaton Fire***

In January 2025, several wind-driven wildfires impacted portions of SCE's service area, causing loss of life, substantial damage and service outages for SCE customers. One of the largest of these wildfires, the Eaton Fire, ignited in SCE's service area in Los Angeles County and spread under conditions of an extreme Santa Ana windstorm.

CAL FIRE has reported that the Eaton Fire burned approximately 14,000 acres and resulted in 18 civilian fatalities and 9 fire personnel injuries/illnesses. An additional fatality has also been reported to be attributed to the Eaton Fire. In addition, according to preliminary information provided by CAL FIRE, the Eaton Fire destroyed approximately 6,018 single residence structures, 3,146 other minor structures, 96 multiple residences and 158 mixed commercial/residential and nonresidential commercial structures; and damaged approximately 750 residential structures, 260 other minor structures, 28 multiple residences and 35 mixed commercial/residential and nonresidential commercial structures. Fire authorities have estimated suppression costs at approximately $100 million.

The Los Angeles County Fire Department is leading the investigation into the origin and cause of the Eaton Fire, with the assistance of CAL FIRE, and has identified a preliminary area of origin of the fire. SCE has transmission facilities in the preliminary area of origin. As part of its investigation, the Los Angeles County Fire Department initially requested that SCE preserve in-place its equipment in the preliminary area of origin. Subsequently, in coordination with the Los Angeles County Fire Department and other interested parties, SCE removed certain equipment as part of its investigation. The SED is also conducting an investigation with respect to the Eaton Fire.

Multiple lawsuits related to the Eaton Fire have been initiated against SCE and Edison International. SCE's internal review into the facts and circumstances of the Eaton Fire is complex and ongoing. SCE's review includes ongoing inspections of its facilities and records and of third-party information and testing. While SCE has not conclusively determined that its equipment caused the ignition of the Eaton Fire, concerning circumstantial evidence suggests that a de-energized idle SCE transmission facility in the preliminary area of origin may have been associated with the ignition of the fire. Additionally, while SCE has not determined the mechanism of ignition of the Eaton Fire, it is not aware of evidence pointing to another possible source of ignition. Absent additional evidence, SCE believes that it is likely that its equipment could be found to have been associated with the ignition of the Eaton Fire and is pursuing settlement of claims through its Wildfire Recovery Compensation Program.

In September 2025, SCE entered into an agreement (the "Eaton Subrogation Settlement") with an insurance claimant in the Eaton Fire litigation (the "Subrogation Claimant"), under which SCE agreed to pay the Subrogation Claimant $0.52 for each dollar in claims paid or to be paid by the Subrogation Claimant to its policy holders, up to an agreed upon cap. The Subrogation Claimant had paid its policy holders an aggregate of approximately $500 million as of July 31, 2025. No admission of wrongdoing or liability was made in reaching the Eaton Subrogation Settlement, and the Subrogation Claimant agreed to release SCE and Edison International from all claims and potential claims related to or arising from the Eaton Fire. In the third quarter of 2025, SCE recorded $300 million in losses related to the Eaton Subrogation Settlement and will record additional amounts as they become estimable. In the third quarter of 2025, Edison International and SCE also recorded expected recoveries from customer funded self-insurance of $279 million and expected recoveries through FERC electric rates of $21 million related to the Eaton Subrogation Settlement.

In light of pending litigation, it is probable that Edison International and SCE will incur additional material losses in connection with the Eaton Fire. SCE expects to launch its Wildfire Recovery Compensation Program, a program designed to allow eligible individuals and businesses impacted by the Eaton Fire to seek expedited resolution of their claims, in the fall of 2025. Given SCE's ongoing review into the cause of the Eaton Fire and, among other things, the complexities associated with estimating damages, uncertainties related to the sufficiency of insurance held by plaintiffs and uncertainties related to litigation processes and participation in the Wildfire Recovery Compensation Program, Edison International and SCE are currently unable to reasonably estimate a range of losses that may be incurred.

SCE has $1.0 billion of customer-funded self-insurance coverage available for wildfires ignited between January 1, 2025 and December 31, 2025, subject to a shareholder contribution of 2.5% of any self-insurance costs ultimately paid exceeding $500 million, up to a maximum possible contribution of $12.5 million.

SCE has advised the administrator of the Wildfire Insurance Fund that it anticipates that future resolution of eligible claims arising from the Eaton Fire will require seeking reimbursement from the Initial Account and the administrator has confirmed that the Eaton Fire is a "covered wildfire" for purposes of accessing the Initial Account. SCE will be reimbursed for losses incurred in excess of $1.0 billion for eligible claims for third-party damages related to the Eaton Fire from the Initial Account, subject to approval of the fund administrator and the Initial Account's claims-paying capacity, initially

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

approximately $21 billion for all three participating utilities. Based on PG&E's public disclosures for the first quarter of 2025, the fund administrator has paid or reserved approximately $1.1 billion of the Initial Account reflecting estimates of losses related to the 2019 Kincade fire and 2021 Dixie fire. The fund administrator is expected to reimburse eligible claims on a first come, first served basis, subject to the fund administrator's review.

SCE would file an application with the CPUC for review of its costs and expenses related to the Eaton Fire after it has resolved all or, if authorized by the CPUC, substantially all third-party damage claims related to the fire, or upon earlier request of the fund administrator. Because SCE held a valid safety certification at the time of the Eaton Fire, SCE will be presumed to have acted prudently unless a party in the proceeding creates "serious doubt" as to the reasonableness of its conduct, in which case SCE will have the burden of dispelling that doubt and proving its conduct was prudent. The prudency standard does not necessitate perfect conduct and AB 1054 requires that the CPUC allow recovery if it determines that SCE's conduct related to the ignition of the Eaton Fire was consistent with actions of a reasonable utility. SCE believes that the CPUC's determination regarding the reasonableness of its ignition-related conduct should be based on an evaluation of the reasonableness of its overall policies, systems, and practices. The CPUC has not applied the AB 1054 prudency framework to a wildfire cost-recovery proceeding.

SCE believes that it is a reasonable operator of its electric system. Based on the information it has reviewed as of October 28, 2025, SCE believes that it would be able to make a good faith showing that its conduct with respect to its transmission facilities in the preliminary area of origin was consistent with the actions of a reasonable utility.

The CPUC will determine the prudency of SCE's ignition-related conduct in a formal proceeding. If the CPUC finds that SCE's conduct related to the ignition of the Eaton Fire was not prudent, it may nevertheless allow cost recovery in full or in part taking into account factors both within and beyond SCE's control that may have exacerbated the costs and expenses, including, for example, humidity, temperature and winds. Because SCE held a safety certification at the time of the ignition, it will be required to reimburse the Initial Account only for amounts disallowed by the CPUC up to the Liability Cap, unless the fund administrator finds that SCE's actions or inactions relative to the ignition of the Eaton Fire constitute conscious or willful disregard of the rights and safety of others, in which case SCE will be required to reimburse the Initial Account for all amounts withdrawn. SCE's requirement to reimburse the Initial Account for any amounts disallowed for fires ignited in 2025 is capped at approximately $4.2 billion. SCE will be able to seek recovery of prudently incurred uninsured wildfire costs not covered by the Initial Account, assessed under the prudency standard clarified under AB 1054, through electric rates.

***2017/2018 Wildfire/Mudslide Events***

Multiple lawsuits and investigations related to the 2017/2018 Wildfire/Mudslide Events have been initiated against SCE and Edison International. SCE has previously entered into settlements with a number of local public entities, subrogation and individual plaintiffs in the TKM and Woolsey Fire litigations and under the SED Agreement. As of October 21, 2025, in addition to the outstanding claims of approximately 100 of the approximately 15,000 initial individual plaintiffs, there were alleged and potential claims of certain public entity plaintiffs, including CAL OES, outstanding.

As discussed in the 2024 Form 10-K, the CPUC approved the TKM Settlement Agreement in January 2025. As a result, in the first quarter of 2025, SCE recorded cost recoveries through CPUC electric rates of $1.6 billion, consisting of $1.3 billion uninsured claims and $0.3 billion associated costs, including legal and financing costs. In April 2025, SCE requested approval from the CPUC to finance these amounts through the issuance of securitized bonds and received a final decision in August 2025 that authorized the transaction. SCE will also implement into CPUC-jurisdictional rates the revenue requirement related to recovery of approximately $55 million of approximately $65 million in restoration costs incurred. Additionally, SCE recorded $50 million of shareholder-funded wildfire mitigation expenses.

As discussed in the 2024 10-K, in October 2024, SCE filed an application (the "Woolsey Application") to seek CPUC-jurisdictional rate recovery of prudently incurred losses related to the Woolsey Fire. SCE also sought recovery of approximately $84 million in restoration costs in the proceeding. In September 2025, SCE, Cal Advocates, the Energy Producers and Users Coalition, and Small Business Utility Advocates filed a joint motion in the proceeding seeking approval of a settlement agreement between such parties (the "Woolsey Settlement Agreement"). One party to the proceeding, the Wild Tree Foundation, has opposed the Woolsey Settlement Agreement. If approved by the CPUC, the impacts of the Woolsey Settlement Agreement will be recorded in the period in which a CPUC final decision approving the settlement is received.

Under the Woolsey Settlement Agreement, if approved by the CPUC, SCE will be authorized to recover 35%, or approximately $2.0 billion, of approximately $5.6 billion of losses, consisting of approximately $1.6 billion of uninsured claims paid as of May 31, 2025, and $0.4 billion of costs, comprised of legal costs paid as of May 31, 2025, and estimated ongoing financing costs. SCE will also be authorized to recover 35% of losses paid after May 31, 2025. SCE's requests for recovery exclude $250 million of uninsured claims and related financing costs which SCE waived its right to seek recovery of under the SED Agreement. Subject to approval of the Woolsey Settlement Agreement, SCE will request approval from

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

the CPUC to finance the amounts authorized under the Woolsey Settlement Agreement through the issuance of securitized bonds. The parties agreed that if SCE's anticipated application for securitization is denied, the authorized amounts will be recovered in rates over five years, financed using long-term debt.

Further, SCE will be authorized to recover approximately $71 million of approximately $84 million in restoration costs incurred. In the Woolsey Settlement Agreement, SCE also waived its right to seek recovery of uninsured losses tracked in a Wildfire Expense Memorandum Account and incurred in connection with fires that ignited prior to July 12, 2019, the date AB 1054 was adopted. SCE estimates that the waived pre-AB 1054 losses are approximately $157 million.

If the Woolsey Settlement Agreement is approved, SCE will be allowed to permanently exclude any after-tax charges to equity associated with the costs disallowed or waived in the Woolsey Settlement Agreement and the debt issued to finance those costs from its CPUC regulatory capital structure.

Through September 30, 2025, SCE has recorded estimated losses of $9.9 billion, recoveries from insurance of $2.0 billion, all of which have been collected, and expected recoveries through electric rates of $1.8 billion, $403 million of which has been collected through FERC rates subject to refund, related to the 2017/2018 Wildfire/Mudslide Events claims. The cumulative after-tax net charges to earnings related to the 2017/2018 Wildfire/Mudslide Events recorded through September 30, 2025, have been $4.4 billion.

As of September 30, 2025, SCE had paid $9.7 billion under executed settlements and had $60 million to be paid under executed settlements, including $47 million to be paid under the SED Agreement, related to the 2017/2018 Wildfire/Mudslide Events. After giving effect to all payment obligations under settlements entered into through September 30, 2025, Edison International's and SCE's best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events was $157 million.

Estimated losses for the 2017/2018 Wildfire/Mudslide Events litigation are based on a number of assumptions and are subject to change as additional information becomes available. Actual losses incurred may be higher or lower than estimated based on several factors, including the uncertainty in estimating damages that have been or may be alleged. Edison International and SCE may incur a material loss in excess of amounts accrued in connection with the remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events.

***Other Wildfire Events***

In addition to the 2017/2018 Wildfire/Mudslide Events, several other wildfires significantly impacted portions of SCE's service area prior to 2025, including the 2017 Creek Fire, the 2019 Saddle Ridge Fire, the 2020 Bobcat Fire, the 2020 Silverado Fire, the 2022 Coastal Fire and the 2022 Fairview Fire.

Through September 30, 2025, SCE has recorded total estimated losses of $1.2 billion, expected recoveries from insurance and third parties of $800 million and expected recoveries through electric rates of $130 million related to the Other Wildfire Events claims. The cumulative after-tax net charges to earnings recorded through September 30, 2025 have been $165 million.

As of September 30, 2025, SCE had paid $899 million under executed settlements and had $29 million to be paid under executed settlements related to the Other Wildfire Events and Edison International's and SCE's estimated losses for remaining alleged and potential claims (established at the low end of the estimated range of reasonably possible losses) related to the Other Wildfire Events was $232 million. As of the same date, SCE had assets for expected recoveries through insurance and third parties of $319 million and through electric rates of $116 million on its condensed consolidated balance sheets related to the Other Wildfire Events.

Edison International and SCE may incur material losses in excess of the amounts accrued for certain of the Other Wildfire Events. Edison International and SCE expect that additional losses incurred in connection with any such fire will be covered by insurance, subject to self-insured retentions and co-insurance, and expect that any such additional losses after expected recoveries from insurance and third parties and through electric rates will not be material. For information on the Creek Fire, see "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides" in this report.

In light of the prudency standard the CPUC is required to apply under AB 1054 to utilities holding a safety certification at the time a wildfire ignited after July 12, 2019, SCE has concluded, at this time, that both uninsured CPUC-jurisdictional and uninsured FERC-jurisdictional wildfire-related costs related to the Other Wildfire Events that ignited after July 2019 for which it has deferred as regulatory assets are probable of recovery through electric rates. SCE will continue to evaluate the probability of recovery based on available evidence, including regulatory decisions, such as any CPUC decisions illustrating the interpretation and/or application of the prudency standard under AB 1054, and for each applicable fire, evidence that could cast serious doubt as to the reasonableness of SCE's conduct relative to that fire.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

***Senate Bill 254***

This summary of SB 254 is based on SCE's interpretation of the legislation and legislative intent.

*Contributions to the Continuation Account*

SB 254 expands the Wildfire Insurance Fund originally created under AB 1054 by establishing a new continuation account within the Wildfire Insurance Fund (the "Continuation Account"), which may provide up to $18 billion of additional funding for the Wildfire Insurance Fund.

Under SB 254, if the administrator of the Wildfire Insurance Fund determines, on or before December 31, 2028, that annual contributions to the fund are required and the CPUC subsequently extends the non-bypassable charge imposed on customers under AB 1054 until January 1, 2046, the Continuation Account will be funded by a combination of contributions from customers and the three participating investor-owned utilities.

Upon the CPUC's decision to extend the non-bypassable charge, PG&E's, SCE's, and SDG&E's customers will be required to contribute an aggregate of $9 billion through a dedicated rate component. The dedicated rate component collected from customers will be directly contributed to the Continuation Account or used to support the issuance of up to $9 billion in bonds by the California Department of Water Resources, the proceeds of which would be contributed to the fund. In addition to funding contributions to the Continuation Account, the amount collected from utility customers will pay for, among other things, any interest and financing costs related to any bonds that are issued by the California Department of Water Resources to support the contributions to the fund.

In addition to customer contributions, PG&E, SCE, and SDG&E have agreed, if required, to contribute an aggregate of $300 million annually (SCE's share is $143.6 million) from 2029 through 2045 for a total aggregate contribution of approximately $5.1 billion. In addition, if the administrator determines that the Continuation Account requires additional contributions, PG&E, SCE, and SDG&E will contribute an additional $780 million annually (SCE's share is $373.2 million) over a five-year period for a total aggregate additional contribution of approximately $3.9 billion (the "Contingent Contribution"). If the administrator terminates the Continuation Account prior to the final installment of the Contingent Contribution, one-half of the remaining unpaid installment payments will be credited to customer rates.

SCE's contributions to the Continuation Account are not recoverable through electric rates and will be excluded from the measurement of SCE's CPUC-jurisdictional authorized capital structure. SCE will also not be entitled to cost recovery for any borrowing costs incurred in connection with its contributions to the Continuation Account.

*Liability Cap*

Under SB 254, the reimbursement Liability Cap for all fires covered by the Wildfire Insurance Fund is calculated for the year of the fire's ignition, replacing the previous calculation that used the year of disallowance. Also, a participating utility's obligation to reimburse the Continuation Account (but not the Initial Account) for disallowed costs will be reduced by its contributions to the Continuation Account.

*SB 254 Excluded Capital Expenditures*

SCE expects to exclude approximately $2.9 billion of wildfire risk mitigation capital expenditures approved on or after January 1, 2026, from the equity portion of SCE's rate base. SCE can apply for irrevocable orders from the CPUC to finance these capital expenditures, including through the issuance of securitized bonds, and can recover any prudently incurred financing costs.

*Securitization of Amounts that Exceed Initial Account*

For fires ignited between January 1, 2025 and the SB 254 Effective Date, if the Initial Account is exhausted, participating utilities may, before seeking a prudency review, directly apply for a CPUC financing order to authorize the recovery of eligible claims that exceed amounts available in the Initial Account through fixed recovery charges. However if the CPUC determines that the costs were not prudently incurred, participating utilities will be required to return any amounts recovered back to customers over a period that matches the remaining duration of the financing instrument through credits to customer rates.

For further information on Southern California Wildfires and Mudslides, see "Risk Factors," "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—Initial and annual contributions to the wildfire insurance fund established pursuant to California Assembly Bill 1054," and "Business—Southern California Wildfires" in the 2024 Form 10-K; and "Notes to Condensed Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—Wildfire Insurance Fund," and "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides" in this report.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**RESULTS OF OPERATIONS**

**SCE**

The tables below show SCE's condensed consolidated statements of income for the three and nine months ended September 30, 2025 and 2024. In general, expenses SCE is authorized to pass through directly to customers (such as purchase power and fuel expense, flow-through taxes, as well as costs incurred for various programs and activities, such as public purpose programs and vegetation management activities) and the corresponding amount of revenues collected to recover those pass-through costs do not impact net income.

***Impact of 2025 GRC***

The 2025 GRC final decision determines the amount of revenue that SCE is authorized to collect from customers to recover anticipated costs, including return on rate base. As discussed in "Management Overview—2025 General Rate Case," the 2025 GRC final decision approved an authorized revenue requirement of $9.7 billion in 2025, an increase of $880 million over the adjusted 2024 authorized revenue requirement. This led to an increase in authorized revenue of $243 million and $661 million for the three-month and the nine-month periods ended 2025, respectively, compared to the same periods in 2024. See "Management Overview—2025 General Rate Case" for further information.

In the first and second quarters of 2025, SCE recognized revenue based on the 2024 authorized revenue requirement in the absence of a 2025 GRC final decision. Upon receipt of the 2025 GRC final decision in September 2025, SCE retroactively recorded $418 million of increased authorized revenue for the first and second quarters in the third quarter of 2025. Additionally, SCE recorded net asset impairment related charges of $76 million ($39 million after-tax) in the same quarter. See "Management Overview—2025 General Rate Case" for further information.

The following tables summarize SCE's results of operations for the periods indicated.

***Three months ended September 30, 2025 versus September 30, 2024***

---

| | | | |
|:---|:---|:---|:---|
| | Three months ended<br>September 30, | Three months ended<br>September 30, | Favorable (Unfavorable) |
| (in millions) | 2025 | 2024 | 2025 to 2024 |
| **Operating revenue** | $5740 | $5188 | $552 |
| Purchased power and fuel | 1701 | 1898 | 197 |
| Operation and maintenance | 1153 | 1364 | 211 |
| Wildfire-related claims, net of recoveries | 295 |  | (295) |
| Wildfire Insurance Fund expense | 36 | 36 |  |
| Depreciation and amortization | 861 | 710 | (151) |
| Property and other taxes | 160 | 167 | 7 |
| Asset impairment | 88 |  | (88) |
| **Total operating expenses** | 4294 | 4175 | (119) |
| **Operating income** | 1446 | 1013 | 433 |
| Interest expense | (403) | (403) |  |
| Other income, net | 119 | 126 | (7) |
| **Income before income taxes** | 1162 | 736 | 426 |
| Income tax expense | 203 | 95 | (108) |
| **Net income** | 959 | 641 | 318 |
| Less: Preference stock dividend requirements | 34 | 39 | 5 |
| **Net income available to common stock** | $925 | $602 | $323 |

---

*Operating Revenue* 

Higher net operating revenue of $552 million was primarily due to:

• An increase in revenue of $661 million resulting from implementing the 2025 GRC final decision in the third quarter of 2025, as discussed in "Management Overview—2025 General Rate Case." Of this amount, $70 million had already been recorded in the first two quarters of 2025 as non-GRC balancing account revenue. Following the final decision,

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

this was reclassified as GRC authorized revenue, resulting in a net increase in revenue of $591 million in the third quarter of 2025.

• A net decrease in revenue of $55 million related to net lower expenses that are passed through to customers, which mainly included decreases in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchased power and fuel expense of $197 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operation and maintenance expense of $169 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax expense of $14 million;

offset by increases in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wildfire-related claims, net of recoveries of $295 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depreciation and amortization expense of $17 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest expense of $6 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Property and other taxes of $5 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other income, net of $2 million.

*Purchased Power and Fuel*

A decrease in purchased power and fuel costs of $197 million was primarily due to lower energy prices and lower hedging losses (offset in "Operating Revenue" above).

*Operation and Maintenance*

A decrease in operation and maintenance expense of $211 million was primarily due to:

• A net decrease of $169 million mainly related to lower previously deferred wildfire mitigation, vegetation management, and emergency restoration costs authorized for recovery in 2025 than in 2024 (offset in "Operating Revenue" above).

• A decrease of $54 million mainly related to severance costs recorded in 2024 due to workforce reduction.

Wildfire-related Claims, Net of Recoveries

An increase in wildfire-related claims, net of recoveries of $295 million was due to wildfire claim costs recorded in 2025 for the Eaton Subrogation Settlement. These costs were covered by customer-funded wildfire self-insurance and expected FERC recovery (both offset in "Operating Revenue" above). For further information, see "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."

*Depreciation and Amortization*

An increase in depreciation and amortization expense of $151 million was primarily due to higher plant balances, $17 million of which were pass-through costs mainly associated with utility owned energy storage projects and wildfire mitigation costs (offset in "Operating Revenue" above).

*Asset Impairment*

A charge of $88 million recorded in 2025 related to impairment of utility property, plant and equipment associated with historical capital expenditures disallowed in SCE's 2025 GRC final decision. See "Management Overview—2025 General Rate Case" for further information.

*Income Taxes*

An increase in income tax expense of $108 million was primarily due to $118 million of higher tax expense on higher pre-tax income, partially offset by $10 million of higher flow-through tax benefits that were passed through to customers (offset the corresponding pre-tax amount in "Operating Revenue"). See "Notes to Condensed Consolidated Financial Statements—Note 8. Income Taxes" for a reconciliation of the federal statutory rate to the effective income tax rate.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

***Nine months ended September 30, 2025 versus September 30, 2024***

---

| | | | |
|:---|:---|:---|:---|
| | Nine months ended<br>September 30, | Nine months ended<br>September 30, | Favorable (Unfavorable) |
| (in millions) | 2025 | 2024 | 2025 to 2024 |
| **Operating revenue** | $14074 | $13576 | $498 |
| Purchased power and fuel | 3905 | 4140 | 235 |
| Operation and maintenance | 3668 | 3913 | 245 |
| Wildfire-related claims, net of (recoveries) | (1060) | 614 | 1674 |
| Wildfire Insurance Fund expense | 108 | 109 | 1 |
| Depreciation and amortization | 2427 | 2136 | (291) |
| Property and other taxes | 492 | 474 | (18) |
| Asset impairment | 96 |  | (96) |
| **Total operating expenses** | 9636 | 11386 | 1750 |
| **Operating income** | 4438 | 2190 | 2248 |
| Interest expense | (1044) | (1185) | 141 |
| Other income, net | 347 | 408 | (61) |
| **Income before income taxes** | 3741 | 1413 | 2328 |
| Income tax expense | 705 | 94 | (611) |
| Net income | 3036 | 1319 | 1717 |
| Less: Preference stock dividend requirements | 101 | 129 | 28 |
| **Net income available to common stock** | $2935 | $1190 | $1745 |

---

*Operating Revenue*

Higher operating revenue of $498 million was primarily due to:

• A net increase in revenue of $661 million resulted from higher authorized revenue in the 2025 GRC final decision, as discussed above.

• An increase in revenue of $51 million related to higher balancing account rate base primarily associated with wildfire mitigation efforts and utility owned energy storage projects.

• A decrease in revenue of $214 million related to net lower expenses that are passed through to customers, which mainly included decreases in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operation and maintenance expense of $249 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchased power and fuel expense of $235 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax expense of $89 million;

offset by increases in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wildfire-related claims, net of recoveries of $261 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depreciation and amortization expense of $59 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest expense of $23 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Property and other taxes of $10 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other income, net of $6 million.

*Purchased Power and Fuel*

A decrease in purchased power and fuel costs of $235 million was primarily due to lower energy prices and lower hedging losses (offset in "Operating Revenue" above).

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

*Operation and Maintenance*

A decrease in operation and maintenance expense of $245 million was primarily due to:

• A net decrease of $249 million mainly related to lower previously deferred wildfire mitigation, vegetation management, and emergency restoration costs authorized for recovery in 2025 than in 2024 (offset in "Operating Revenue" above).

• A decrease of $58 million related to recoveries of legal costs under the TKM Settlement Agreement. See "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."

• A decrease of $47 million related to severance costs recorded in 2024 due to workforce reductions.

partially offset by:

• A charge of $62 million recorded in 2025 primarily associated with disallowed historical expenses related to 2021 GRC wildfire mitigation memorandum account balances. For additional information, see "Liquidity and Capital Resources—SCE—Regulatory Proceedings."

• A charge of $50 million recorded in 2025 related to shareholder-funded wildfire mitigation costs stipulated under the TKM Settlement Agreement. See "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."

*Wildfire-related Claims, Net of Recoveries*

A decrease in wildfire-related claims, net of recoveries of $1,674 million was primarily due to:

• A recovery of $1,341 million in claim costs was recorded in 2025 as authorized under the TKM Settlement Agreement.

• A decrease of $490 million related to claim costs for 2017/2018 Wildfire/Mudslide Events recorded in 2024, $27 million of which was expected to be recovered through FERC rates (offset in "Operating Revenue" above).

• A decrease of $124 million related to claim costs recorded in 2024 for Other Wildfire Events, $7 million of which was expected to be recovered through FERC rates (offset in "Operating Revenue" above).

• A decrease of $14 million related to insurance reimbursements recorded in 2025 for costs incurred in previous years related to Other Wildfire Events.

partially offset by:

• An increase of $295 million related to wildfire claim costs recorded in 2025 for the Eaton Subrogation Settlement. These costs were covered by customer-funded wildfire self-insurance and expected FERC recovery (both offset in "Operating Revenue" above).

For further information, see "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."

*Depreciation and Amortization*

An increase in depreciation and amortization expense of $291 million was primarily due to higher plant balances, $59 million of which were pass-through costs mainly associated with utility owned energy storage projects and wildfire mitigation costs (offset in "Operating Revenue" above).

*Property and Other Taxes*

An increase in property and other taxes expense of $18 million was primarily due to higher assessed property values, $10 million of which were pass-through costs mainly associated with utility owned energy storage projects and wildfire mitigation costs (offset in "Operating Revenue" above).

*Asset Impairment*

Charges of $96 million recorded in 2025 primarily related to an $88 million impairment of utility property, plant and equipment associated with historical capital expenditures disallowed in SCE's 2025 GRC final decision. See "Management Overview—2025 General Rate Case" for further information.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

*Interest Expense*

A net decrease in interest expense of $141 million was primarily due to a $171 million benefit related to cost recoveries authorized under the TKM Settlement Agreement, partially offset by higher interest expense from higher borrowings, $23 million of which was pass-through expense mainly associated with wildfire mitigation efforts and utility owned energy storage projects (offset in "Operating Revenue" above).

*Other Income, net*

A decrease in other income, net of $61 million was primarily due to lower interest income driven by lower balancing account undercollection balances, and $6 million of higher pass-through costs (offset in "Operating Revenue" above).

*Income Taxes*

An increase in income tax expense of $611 million was primarily due to $675 million higher tax expense on higher pre-tax income, partially offset by $64 million higher flow-through tax benefits that are passed through to customers (offset the pre-tax amount in "Operating Revenue" above). See "Notes to Condensed Consolidated Financial Statements—Note 8. Income Taxes" for a reconciliation of the federal statutory rate to the effective income tax rate.

*Preference Stock Dividend Requirements*

A decrease in preference stock dividend requirements of $28 million was primarily due to a lower amount of outstanding preference stock following redemptions in 2024.

**Edison International Parent and Other**

Results of operations for Edison International Parent and Other include amounts from other subsidiaries that are not reportable segments, as well as intercompany eliminations.

***Loss from Operations***

The following table summarizes the results of Edison International Parent and Other:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended September 30, | Three months ended September 30, | Favorable (Unfavorable) | Nine months ended September 30, | Nine months ended September 30, | Favorable (Unfavorable) |
| (in millions) | 2025 | 2024 | 2025 to 2024 | 2025 | 2024 | 2025 to 2024 |
| Edison International Parent and Other net loss | $(71) | $(64) | $(7) | $(258) | $(181) | $(77) |
| Less: Preferred stock dividend requirements | 22 | 22 |  | 66 | 65 | 1 |
| Edison International Parent and Other net loss available to common shareholders | $(93) | $(86) | $(7) | $(324) | $(246) | $(78) |

---

The net loss available to common shareholders from operations of Edison International Parent and Other increased by $7 million for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to higher interest expense.

The net loss available to common shareholders from operations of Edison International Parent and Other increased $78 million for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to expenses from wildfire claims insured by an EIS insurance contract (see "Notes to Condensed Consolidated Financial Statements— Note 12. Commitments and Contingencies and Note 17. Related-Party Transactions" for further information) and higher interest expense.

**LIQUIDITY AND CAPITAL RESOURCES**

**SCE**

SCE's ability to operate its business, fund capital expenditures, and implement its business strategy is dependent upon its operating cash flow and access to the bank and capital markets. SCE's overall cash flows fluctuate based on, among other things, its ability to recover its costs in a timely manner from its customers through regulated rates, changes in commodity prices and volumes, collateral requirements, interest obligations, dividend payments to and equity contributions from Edison International, obligations to preference shareholders, and the outcome of tax, regulatory and legal matters.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

In the next 12 months, SCE expects to fund its cash requirements through operating cash flows, capital market and bank financings, and wildfire-related cost recoveries through securitization financings. SCE also has availability under its credit facility and agreements with lenders to issue bilateral unsecured standby letters of credit to fund cash requirements. SCE may issue additional debt for general corporate purposes.

In April 2025, SCE requested approval from the CPUC to securitize approximately $1.6 billion of cost recoveries authorized under the TKM Settlement Agreement. In August 2025, the CPUC issued an irrevocable order authorizing SCE to finance the amount through the issuance of securitized bonds. For further details, see "Management Overview—Southern California Wildfires and Mudslides."

During the nine months ended September 30, 2025, SCE issued a total of $3.0 billion of first and refunding mortgage bonds. For further details, see "Notes to Condensed Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

Following the passage of SB 254 in September 2025, Moody's reaffirmed SCE's long-term issuer credit rating and outlook, and Fitch also reaffirmed SCE's credit rating and revised its outlook from ratings watch negative to stable. However, S&P downgraded SCE's long-term issuer credit rating. For further details on SB 254, see "Management Overview—Southern California Wildfires and Mudslides—Senate Bill 254." The following table summarizes SCE's current long-term issuer credit ratings and outlook from the major credit rating agencies as of October 21, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | Moody's | Fitch | S&P |
| Credit Rating | Baa1 | BBB | BBB- |
| Outlook | Stable | Stable | Negative |

---

SCE's credit ratings may be affected by various factors. These include, but are not limited to, failure by regulators to successfully implement AB 1054 and SB 254 in a consistent and credit-supportive manner, or investigations into wildfire events or associated settlements result in material utility liability exposure, particularly in the absence of broader credit-supportive legislative actions to mitigate SCE's wildfire risk, including those to be recommended under SB 254 in a report due April 1, 2026. Additionally, a persistent increase in the frequency and severity of wildfires in California may lead the credit rating agencies to reassess SCE's wildfire-related operational risk exposure or believe the Wildfire Insurance Fund is at risk of material depletion. Credit rating downgrades increase the cost and may impact the availability of short-term and long-term borrowings, including commercial paper, credit facilities, bond financings or other borrowings. In addition, some of SCE's power procurement contracts and environmental remediation obligations would require SCE to pay related liabilities or post additional collateral if SCE's credit rating were to fall below investment grade. For further details, see "—Margin and Collateral Deposits."

For restrictions on SCE's ability to pay dividends, see "—SCE Dividends."

***Available Liquidity***

At September 30, 2025, SCE had cash on hand of $305 million and approximately $2.1 billion available to borrow on its $3.4 billion revolving credit facility. The credit facility is available for borrowing needs until May 2029. The aggregate maximum principal amount under the SCE revolving credit facility may be increased up to $4.0 billion, provided that additional lender commitments are obtained. SCE also had standby letters of credit with total capacity of $660 million, and the unused amount was $467 million as of September 30, 2025. For further details, see "Notes to Condensed Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

SCE may finance balancing account undercollections and working capital requirements to support operations and capital expenditures with commercial paper, its credit facilities or other borrowings, subject to availability in the bank and capital markets and within levels authorized by the CPUC. As necessary, SCE will utilize its available liquidity, capital market financings, other borrowings or parent company equity contributions to SCE in order to meet its obligations as they become due, including costs related to the wildfire events. For further information, see "Management Overview—Southern California Wildfires and Mudslides."

*Debt Covenant*

SCE's credit facilities require a debt to total capitalization ratio as defined in the applicable agreements of less than or equal to 0.65 to 1. At September 30, 2025, SCE's debt to total capitalization ratio was 0.58 to 1.

At September 30, 2025, SCE was in compliance with all financial covenants that affect access to capital.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

***Regulatory Proceedings***

*Wildfire-related Regulatory Proceedings*

In response to the increase in wildfire activity and faster progression of and increase in damage from wildfires across SCE's service area and throughout California, SCE has incurred wildfire mitigation and wildfire and drought restoration related spending at levels significantly exceeding amounts authorized in SCE's GRCs. For regulatory proceedings related to the 2017/2018 Wildfire/Mudslide Events, see "Management Overview—Southern California Wildfires and Mudslides."

2021 GRC Wildfire Mitigation Memorandum Account Balances

In October 2023, SCE requested authorization to recover an initial revenue requirement of $384 million, including interest, associated with 2022 operations and maintenance and capital expenditures incremental to GRC-authorized levels in wildfire mitigation memorandum accounts and the vegetation management balancing account. In July 2024, the CPUC approved SCE's request for interim rate recovery of $210 million of this revenue requirement, subject to refund. The revenue requirement for interim rate recovery is being recovered in rates over 17 months starting October 1, 2024.

In June 2025, the CPUC issued a final decision that authorized recovery of $291 million in operations and maintenance expenses and $99 million in capital expenditures. The portion of the initial revenue requirement above the interim rate recovery levels has been implemented in customer rates over a 12-month period starting October 1, 2025, along with ongoing capital revenue requirement and interest. Additionally, the final decision denied recovery of $65 million in operations and maintenance expenses, and determined that $36 million of requested capital expenditures were not eligible for recovery as part of this proceeding. SCE has filed an application for rehearing with the CPUC regarding the disallowances in this decision, citing factual errors and internal inconsistencies in the decision.

Multi-year Wildfire Mitigation and Catastrophic Events Filing ("WMCE Filing")

In April 2024, SCE filed its WMCE Filing, seeking to recover incremental operating and maintenance expenses of $320 million and incremental capital expenditures of $702 million, primarily associated with 2019 – 2023 WCCP capital expenditures recorded in the wildfire risk mitigation balancing account, 2023 operations and maintenance and capital expenditures incremental to amounts authorized in wildfire mitigation accounts and the vegetation management balancing account, storm-related costs associated with certain 2020 – 2022 events recorded in the catastrophic event memorandum account, and certain wildfire liability insurance premium expenses recorded in the wildfire expense memorandum account, which were denied without prejudice in a previous decision.

In March 2025, SCE, Cal Advocates, and Small Business Utility Advocates filed a joint motion seeking approval of a settlement agreement for the WMCE proceeding. The settlement agreement seeks the CPUC's approval to recover $702 million in capital expenditures and $308 million in operation and maintenance expenses. In June 2025, the CPUC issued a final decision adopting the settlement agreement as filed. This resulted in an initial revenue requirement of $314 million, which has been implemented into customer rates over a 12-month period starting October 1, 2025, along with ongoing capital revenue requirement and interest.

*NextGen Enterprise Resource Planning ("ERP") Program* 

In March 2025, SCE filed an application with the CPUC seeking funding for the replacement of its core ERP system that has been in service for over 15 years and will soon reach the end of its service life. SCE requested funding through a balancing account of recorded and forecast capital expenditures of approximately $1.1 billion and operations and maintenance expenditures of $239 million.

*2026 FERC Formula Rate Annual Update*

In June 2025, SCE provided its preliminary 2026 annual transmission revenue requirement update to interested parties. The update proposes a 2026 transmission revenue requirement of $1.5 billion, which is a $153 million, or 11%, increase from the 2025 annual rates. The increase is primarily due to 2026 rates reflecting recovery of previous undercollections. SCE expects to file its 2026 annual update with the FERC by December 1, 2025, with the proposed rates effective January 1, 2026.

***Capital Investment Plan***

*Utility Owned Storage*

As discussed in "Liquidity and Capital Resources—Capital Investment Plan" in the 2024 MD&A, in October 2021, SCE contracted with Ameresco, Inc. ("Ameresco") for the construction of utility owned energy storage projects to be in service by August 1, 2022 at three sites in SCE's service area with an aggregate capacity of 537.5 MW, consisting of a 225 MW project, a 200 MW project, and a 112.5 MW project. The 200 MW and 112.5 MW projects went in service during the third

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

quarter of 2024. While Ameresco has stated that the 225 MW project met the requirements to go in service in May 2025, SCE has objected, and as of September 30, 2025, discussions are ongoing between the parties.

***SCE Dividends***

As discussed in the 2024 Form 10-K, the CPUC regulates SCE's capital structure which limits the dividends it may pay to its shareholders. In the third quarter of 2023, the CPUC issued a decision on SCE's application to the CPUC for an extension of the waiver of compliance with its equity ratio requirement that allows SCE to exclude from its equity ratio calculations (i) net charges accrued in connection with the 2017/2018 Wildfire/Mudslide Events and (ii) debt issued for the purpose of paying claims related to the 2017/2018 Wildfire/Mudslide Events up to an amount equal to the net charges accrued in connection with the 2017/2018 Wildfire/Mudslide Events. Under the decision, effective as of the beginning of the cost of capital cycle on January 1, 2023, the CPUC also authorized SCE to exclude from its equity ratio calculations debt that exceeds the net charges accrued in connection with the 2017/2018 Wildfire/Mudslide Events due to the timing difference between the wildfire claims payment and the realization of the cash tax benefits.

In the first quarter of 2025, the CPUC approved the TKM Settlement Agreement, under which SCE is allowed to permanently exclude any after-tax charges to equity associated with the costs disallowed or funded by shareholders in the TKM Settlement Agreement, and the debt issued to finance these costs. In September 2025, SCE and various intervenors jointly filed a motion seeking approval of a settlement agreement related to the Woolsey Fire. This settlement agreement includes equity ratio calculation exclusions similar to those in the TKM Settlement Agreement. As the CPUC has not yet issued a final decision on cost recovery for the Woolsey Fire, SCE filed an application in August 2025 to extend the existing waiver of compliance with its equity ratio requirement. Under the CPUC's rules, SCE is not deemed to be in violation of the equity ratio requirement while the waiver application is pending resolution.

For information on the California law requirements on the declaration of dividends, see "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—SCE Dividends" in the 2024 Form 10-K.

***Margin and Collateral Deposits***

Certain derivative instruments, power and energy procurement contracts, and other contractual arrangements contain collateral requirements. Future collateral requirements may differ from the requirements at September 30, 2025, due to the addition of incremental power and energy procurement contracts with collateral requirements, if any, the impact of changes in wholesale power and natural gas prices on SCE's contractual obligations, and the impact of SCE's credit ratings falling below investment grade. See "—SCE" above for further information on SCE's credit ratings.

The table below provides the amount of collateral posted by SCE to its counterparties as well as the potential collateral that would have been required as of September 30, 2025, if SCE's credit rating had been downgraded to below investment grade as of that date. The table below also provides the potential collateral that could be required due to adverse changes in wholesale power and natural gas prices over the remaining lives of existing power and fuel contracts.

In addition to amounts shown in the table, power and fuel contract counterparties may also institute new collateral requirements, applicable to future transactions to allow SCE to continue trading in power and fuel contracts at the time of a downgrade or upon significant increases in market prices.

---

| | |
|:---|:---|
| (in millions) |  |
| Collateral posted as of September 30, 2025<sup>1</sup> | $316 |
| Incremental collateral requirements for purchased power and fuel contracts resulting from a potential downgrade of SCE's credit rating to below investment grade<sup>2</sup> | 23 |
| Incremental collateral requirements for purchased power and fuel contracts resulting from adverse market price movements<sup>3</sup> | 55 |
| Posted and potential collateral requirements | $394 |

---

<sup>1</sup>Net collateral provided to counterparties and other brokers consisted of $203 million in letters of credit and surety bonds and $113 million of cash collateral.

<sup>2</sup>Represents potential collateral requirements for accounts payable and mark-to-market valuation at September 30, 2025. The requirements vary throughout the period and are generally lower at the end of the month.

<sup>3</sup>Incremental collateral requirements were based on potential changes in SCE's forward positions as of September 30, 2025, due to adverse market price movements over the remaining lives of the existing power and fuel contracts using a 95% confidence level.

Furthermore, SCE may be required to post collateral for workers' compensation in excess of standard formula amounts, currently up to $115 million, in the event of volatile credit rating conditions, during which the Office of Self-Insurance Plans, which oversees workers' compensation self-insurance within California, may exercise discretion to impose higher

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

collateral requirements. SCE posted $12 million under such discretionary authority in the second quarter of 2025. SCE may also be required to post up to $50 million in collateral in connection with its environmental remediation obligations, within 120 days of the end of the fiscal year in which a downgrade below investment grade occurs.

**Edison International Parent and Other**

In the next 12 months, Edison International Parent expects to fund its net cash requirements through cash on hand, dividends from SCE, and capital market and bank financings. Edison International Parent may finance its ongoing cash requirements, including dividends, working capital requirements, payment of obligations, and capital investments, including capital contributions to subsidiaries, with short-term or other financings, subject to availability in the bank and capital markets.

In the first quarter of 2025, Edison International Parent issued $550 million of 6.25% senior notes due in 2030. For further details, see "Notes to Condensed Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

At September 30, 2025, Edison International Parent and Other had cash on hand of $59 million and $0.8 billion available to borrow on its $1.5 billion revolving credit facility. The credit facility is available for borrowing needs until May 2029. The aggregate maximum principal amount under the Edison International Parent revolving credit facility may be increased up to $2.0 billion, provided that additional lender commitments are obtained. For further information, see "Notes to Condensed Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

Edison International Parent and Other's liquidity and its ability to pay operating expenses and pay dividends to preferred and common shareholders are dependent on access to the bank and capital markets, dividends from SCE, realization of tax benefits and its ability to meet California law requirements for the declaration of dividends. For information on the California law requirements on the declaration of dividends, see "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—SCE Dividends" in the 2024 Form 10-K. Edison International intends to maintain its target payout ratio of 45% – 55% of SCE's core earnings, subject to the factors identified above.

Edison International's ability to declare and pay common dividends may be restricted under the terms of its Series A and Series B Preferred Stock. For further information, see "Notes to Consolidated Financial Statements—Note 14. Equity" in the 2024 Form 10-K.

Edison International Parent's credit facility requires a consolidated debt to total capitalization ratio as defined in the applicable agreements of less than or equal to 0.70 to 1. At September 30, 2025, Edison International's consolidated debt to total capitalization ratio was 0.64 to 1.

At September 30, 2025, Edison International Parent was in compliance with all financial covenants that affect access to capital.

Following the passage of SB 254 in September 2025, Moody's reaffirmed Edison International Parent's long-term issuer credit rating and outlook, and Fitch also reaffirmed Edison International Parent's credit rating and revised its outlook from ratings watch negative to stable. However, S&P downgraded Edison International Parent's long-term issuer credit rating. For further details on SB 254, see "Management Overview—Southern California Wildfires and Mudslides—Senate Bill 254." The following table summarizes Edison International Parent's current long-term issuer credit ratings and outlook from the major credit rating agencies as of October 21, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | Moody's | Fitch | S&P |
| Credit Rating | Baa2 | BBB | BBB- |
| Outlook | Stable | Stable | Negative |

---

Edison International Parent's credit ratings may be affected by various factors. These include, but are not limited to, failure by regulators to successfully implement AB 1054 and SB 254 in a consistent and credit-supportive manner, or investigations into wildfire events or associated settlements result in material utility liability exposure, particularly in the absence of broader credit-supportive legislative actions to mitigate SCE's wildfire risk, including those to be recommended under SB 254 in a report due April 1, 2026. Additionally, a persistent increase in the frequency and severity of wildfires in California may lead the credit rating agencies to reassess Edison International Parent's wildfire-related operational risk exposure or believe the Wildfire Insurance Fund is at risk of material depletion. Credit rating downgrades increase the cost and may impact the availability of short-term and long-term borrowings, including commercial paper, credit facilities, bond financings or other borrowings.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

***Edison International Income Taxes***

*Inflation Reduction Act of 2022*

The IRA imposes a 15% corporate alternative minimum tax ("CAMT") on adjusted financial statement income ("AFSI") of corporations with average AFSI exceeding $1.0 billion over the three preceding calendar years. The CAMT was effective beginning January 1, 2023. Based on the current interpretation of the law and historical financial data, Edison International estimates that it will exceed the $1.0 billion threshold and be subject to CAMT on its consolidated federal tax returns beginning in 2026. SCE will also be subject to CAMT in 2026.

Under the IRA, SCE generated investment tax credits of approximately $231 million in 2024 related to utility owned storage projects and $29 million in nuclear production tax credits. In the third quarter of 2025, SCE monetized the majority of these credits for $236 million. SCE expects to pass the proceeds, net of transaction fees, back to customers.

*The One Big Beautiful Bill Act of 2025*

On July 4, 2025, the One Big Beautiful Bill Act of 2025 ("OBBBA") was enacted into law. The OBBBA, among other things, phases out various clean energy credits enacted as part of the IRA. These phase-outs are not expected to impact the investment tax credits related to SCE's utility owned storage projects discussed above under "Edison International Income Taxes—Inflation Reduction Act of 2022." Edison International and SCE are continuing to evaluate the full scope of potential financial impacts, with most of these impacts expected to be passed through to customers under regulated ratemaking requirements.

**Historical Cash Flows**

***SCE***

---

| | | | |
|:---|:---|:---|:---|
| | Nine months ended September 30, | Nine months ended September 30, | Change |
| (in millions) | 2025 | 2024 | Inflow/(Outflow) |
| Net cash provided by operating activities | $4455 | $4037 | $418 |
| Net cash provided by financing activities | 302 | 188 | 114 |
| Net cash used in investing activities | (4488) | (4093) | (395) |
| Net increase in cash, cash equivalents and restricted cash | $269 | $132 | $137 |

---

*Net Cash Provided by Operating Activities*

The following table summarizes major categories of net cash for operating activities as provided in more detail in SCE's condensed consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
| | Nine months ended September 30, | Nine months ended September 30, | Change |
| (in millions) | 2025 | 2024 | Inflow/(Outflow) |
| Net income | $3036 | $1319 |  |
| Non-cash items<sup>1</sup> | 3246 | 2173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 6282 | 3492 | 2790 |
| Changes in cash flow resulting from working capital<sup>2</sup> | (304) | (834) | 530 |
| Regulatory assets and liabilities | (1373) | 1557 | (2930) |
| Wildfire-related claims<sup>3</sup> | (447) | (304) | (143) |
| Other noncurrent assets and liabilities<sup>4</sup> | 297 | 126 | 171 |
| Net cash provided by operating activities | $4455 | $4037 | $418 |

---

<sup>1</sup>Non-cash items include depreciation and amortization, equity allowance for funds used during construction, impairment, deferred income taxes, Wildfire Insurance Fund amortization expenses, and other.

<sup>2</sup>Changes in working capital items include receivables, inventory, accounts payable, tax receivables and payables, derivative assets and liabilities, and other current assets and liabilities.

<sup>3</sup>The amount in 2025 represents payments of $208 million for 2017/2018 Wildfire/Mudslide Events, $335 million for Other Wildfire Events, and $225 million for Eaton Fire, partially offset by an increase in wildfire estimated losses of $321 million. The amount in

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

2024 represents payments of $636 million for 2017/2018 Wildfire/Mudslide Events and $342 million for Other Wildfire Events, partially offset by an increase in wildfire estimated losses of $674 million.

<sup>4</sup>Includes nuclear decommissioning trusts. See "Nuclear Decommissioning Activities" below for further information. The 2025 amount includes $236 million in cash proceeds primarily from the monetization of investment tax credits related to utility owned storage projects, which SCE expects to flow through to customers. The 2024 amount also includes cash received from customers to fund certain construction projects and cash received from certain state incentive programs to pass through to customers.

Net cash provided by operating activities was impacted by the following:

Net income and non-cash items increased by $2.8 billion primarily due to net earnings recorded in 2025 from approximately $1.6 billion cost recoveries authorized under the TKM Settlement Agreement (which offset in the regulatory assets and liabilities changes discussed below), higher revenue from the 2025 GRC final decision, and a benefit to interest expense related to cost recoveries authorized under the TKM Settlement Agreement, partially offset by the net impact of wildfire related regulatory decisions received in the second quarter of 2025.

The net outflows in cash resulting from working capital was $304 million and $834 million during the nine months ended September 30, 2025 and 2024, respectively. Net cash outflows in both 2025 and 2024 were primarily due to the increases in customer receivables and unbilled revenue, partially offset by higher energy payables, in both years, driven by higher energy usage during the summer months. The lower net cash outflow in 2025 compared to 2024 was mainly due to cash collected from the sale of renewable energy credits under a CPUC-established program during 2025.

Net cash (used in) / provided by regulatory assets and liabilities, including changes in net undercollections recorded in balancing accounts, was $(1.4) billion and $1.6 billion during the nine months ended September 30, 2025 and 2024, respectively. SCE has a number of balancing and memorandum accounts, which impact cash flows based on differences between timing of collection through rates and incurring expenditures. In 2025, changes related to regulatory assets and liabilities were primarily driven by current year net undercollections resulting from cost recoveries authorized under the TKM Settlement Agreement (which offset in the net income and non-cash items discussed above). In addition, upon the 2025 GRC final decision issued in September 2025, the increase in authorized revenues for January through September 2025 was authorized to be collected over a 24-month period starting October 2025. These impacts were partially offset by recovery of prior year undercollections. Cash inflow in 2024 was primarily due to recovery of prior-year undercollections.

*Net Cash Provided by Financing Activities*

The following table summarizes cash provided by financing activities for the nine months ended September 30, 2025 and 2024, respectively. Issuances of debt are discussed in "Notes to Condensed Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

---

| | | | |
|:---|:---|:---|:---|
| | Nine months ended September 30, | Nine months ended September 30, | Change |
| (in millions) | 2025 | 2024 | Inflow/(Outflow) |
| Issuances of long-term debt, net of discount and issuance costs | $2963 | $4217 | $(1254) |
| Long-term debt repaid | (1227) | (2176) | 949 |
| Short-term debt borrowed | 410 |  | 410 |
| Short-term debt repaid |  | (386) | 386 |
| Commercial paper repayments, net of borrowing | (449) | (609) | 160 |
| Preference stock issued, net of issuance cost |  | 345 | (345) |
| Preference stock redeemed |  | (350) | 350 |
| Payment of common stock dividends to Edison International Parent | (1290) | (720) | (570) |
| Payment of preference stock dividends | (101) | (130) | 29 |
| Other | (4) | (3) | (1) |
| Net cash provided by financing activities | $302 | $188 | $114 |

---

*Net Cash Used in Investing Activities*

Cash flows used in investing activities are primarily due to total capital expenditures of $4.6 billion and $4.2 billion for nine months ended September 30, 2025 and 2024, respectively. In addition, SCE had a net redemption of nuclear decommissioning trust investments of $104 million and $70 million during the nine months ended September 30, 2025 and 2024, respectively. See "Nuclear Decommissioning Activities" below for further discussion.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

*Nuclear Decommissioning Activities* 

SCE's condensed consolidated statements of cash flows include nuclear decommissioning activities, which are reflected in the following line items:

---

| | | | |
|:---|:---|:---|:---|
| | Nine months ended September 30, | Nine months ended September 30, | Change |
| (in millions) | 2025 | 2024 | Inflow/(Outflow) |
| Net cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings from nuclear decommissioning trust investments | $35 | $33 | $2 |
| &nbsp;&nbsp;&nbsp;SCE's decommissioning costs | (131) | (162) | 31 |
|  | (96) | (129) | 33 |
| Net cash provided by investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of investments | 4502 | 3558 | 944 |
| &nbsp;&nbsp;&nbsp;Purchases of investments | (4398) | (3488) | (910) |
|  | 104 | 70 | 34 |
| Net cash inflow (outflow) | $8 | $(59) | $67 |

---

Net cash used in operating activities relates to interest and dividends less administrative expenses, taxes and SCE's decommissioning costs. Investing activities represent the purchase and sale of investments within the nuclear decommissioning trusts, including the reinvestment of earnings from nuclear decommissioning trust investments. The net cash impact reflects timing of decommissioning payments ($131 million and $162 million in 2025 and 2024, respectively) and reimbursements to SCE from the nuclear decommissioning trust ($141 million and $151 million in 2025 and 2024, respectively). The net cash outflow in 2024 also includes $19 million of tax benefits received and a $30 million disallowance under the 2021 NDCTP, both contributed by SCE to the decommissioning trust.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

***Edison International Parent and Other***

The table below sets forth condensed historical cash flow from operations for Edison International Parent and Other, including intercompany eliminations.

---

| | | | |
|:---|:---|:---|:---|
| | Nine months ended September 30, | Nine months ended September 30, | Change |
| (in millions) | 2025 | 2024 | Inflow/(Outflow) |
| Net cash used in operating activities | $(227) | $(193) | $(34) |
| Net cash provided by financing activities | 176 | 176 |  |
| Net cash used in investing activities | (5) | (4) | (1) |
| Net decrease in cash, cash equivalents and restricted cash | $(56) | $(21) | $(35) |

---

*Net Cash Used in Operating Activities*

Net cash used in operating activities increased by $34 million in 2025 compared to 2024. This was primarily due to $50 million wildfire-related claims and related legal expenses paid by EIS to SCE (for further information, see "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides"), and $61 million higher interest and operating costs, partially offset by $77 million collection from SCE.

*Net Cash Provided by Financing Activities*

Net cash provided by financing activities was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Nine months ended September 30, | Nine months ended September 30, | Change |
| (in millions) | 2025 | 2024 | Inflow/(Outflow) |
| Dividends paid to Edison International common shareholders | $(955) | $(896) | $(59) |
| Dividends paid to Edison International preferred shareholders | (87) | (88) | 1 |
| Dividends received from SCE | 1290 | 720 | 570 |
| Long-term debt issuance, net of discount and issuance costs | 539 | 496 | 43 |
| Receipt from stock option exercises |  | 204 | (204) |
| Long-term debt repayments | (800) |  | (800) |
| Issuance of short-term debt | 100 |  | 100 |
| Repayments of short-term debt | (20) | (15) | (5) |
| Common stock repurchased | (32) |  | (32) |
| Preferred stock repurchased |  | (28) | 28 |
| Commercial paper financing, net | 135 | (208) | 343 |
| Other | 6 | (9) | 15 |
| Net cash provided by financing activities | $176 | $176 | $— |

---

**Contingencies**

Edison International's and SCE's material contingencies are discussed in "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies."

**MARKET RISK EXPOSURES**

Edison International's and SCE's primary market risks are described in the 2024 Form 10-K, and there have been no material changes during the nine months ended September 30, 2025. For further discussion of market risk exposures, including commodity price risk, and credit risk, see "Notes to Condensed Consolidated Financial Statements—Note 4. Fair Value Measurements" and "Note 6. Derivative Instruments."

**CRITICAL ACCOUNTING ESTIMATES AND POLICIES**

For a discussion of Edison International's and SCE's critical accounting policies, see "Critical Accounting Estimates and Policies" in the 2024 MD&A.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

In addition, for additional information regarding the Wildfire Insurance Fund, see "Notes to Condensed Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—Wildfire Insurance Fund."

**NEW ACCOUNTING GUIDANCE**

New accounting guidance is discussed in "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—New Accounting Guidance."

**QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Information responding to this section is included in the MD&A under the heading "Market Risk Exposures" and is incorporated herein by reference.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Condensed Consolidated Statements of Income** | **Edison International** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended<br>September 30, | Nine months ended<br>September 30, |
| (in millions, except per-share amounts, unaudited) | 2025 | 2024 | 2025 | 2024 |
| **Operating revenue** | $5750 | $5201 | $14104 | $13615 |
| Purchased power and fuel | 1701 | 1898 | 3905 | 4140 |
| Operation and maintenance | 1175 | 1393 | 3738 | 3995 |
| Wildfire-related claims, net of (recoveries) | 295 | 1 | (1010) | 616 |
| Wildfire Insurance Fund expense | 36 | 36 | 108 | 109 |
| Depreciation and amortization | 862 | 710 | 2430 | 2138 |
| Property and other taxes | 161 | 168 | 495 | 477 |
| Asset impairment and other | 88 |  | 97 |  |
| **Total operating expenses** | 4318 | 4206 | 9763 | 11475 |
| **Operating income** | 1432 | 995 | 4341 | 2140 |
| Interest expense | (488) | (477) | (1293) | (1401) |
| Other income, net | 119 | 127 | 339 | 413 |
| **Income before income taxes** | 1063 | 645 | 3387 | 1152 |
| Income tax expense | 175 | 68 | 609 | 14 |
| **Net income** | 888 | 577 | 2778 | 1138 |
| Less: Preference stock dividend requirements of SCE | 34 | 39 | 101 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock dividend requirements of Edison International | 22 | 22 | 66 | 65 |
| **Net income available to Edison International common shareholders** | $832 | $516 | $2611 | $944 |
| **Basic earnings per share:** |  |  |  |  |
| Weighted average shares of common stock outstanding | 385 | 387 | 385 | 386 |
| **Basic earnings per common share available to Edison International common shareholders** | $2.16 | $1.33 | $6.78 | $2.45 |
| **Diluted earnings per share:** |  |  |  |  |
| Weighted average shares of common stock outstanding, including effect of dilutive securities | 386 | 390 | 386 | 388 |
| **Diluted earnings per common share available to Edison International common shareholders** | $2.16 | $1.32 | $6.76 | $2.44 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | |
|:---|:---|
| **Condensed Consolidated Statements of Comprehensive Income** | **Edison International** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
| (in millions, unaudited) | 2025 | 2024 | 2025 | 2024 |
| **Net income** | $888 | $577 | $2778 | $1138 |
| Other comprehensive income, net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pension and postretirement benefits other than pensions |  | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments |  | 1 | 1 | 1 |
| **Other comprehensive income, net of tax** |  | 2 | 2 | 3 |
| **Comprehensive income** | 888 | 579 | 2780 | 1141 |
| Less: Comprehensive income attributable to noncontrolling interests | 34 | 39 | 101 | 129 |
| **Comprehensive income attributable to Edison International** | $854 | $540 | $2679 | $1012 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | |
|:---|:---|
| **Condensed Consolidated Balance Sheets** | **Edison International** |

---

---

| | | |
|:---|:---|:---|
| (in millions, unaudited) | September 30,<br>2025 | December 31,<br>2024 |
| **ASSETS** |  |  |
| Cash and cash equivalents | $364 | $193 |
| Receivables, net of allowances for uncollectible accounts of $326 and $352 at respective dates | 2284 | 2169 |
| Accrued unbilled revenue | 1159 | 848 |
| Inventory | 524 | 538 |
| Prepaid expenses | 116 | 103 |
| Regulatory assets | 2703 | 2748 |
| Wildfire Insurance Fund contributions | 138 | 138 |
| Other current assets | 440 | 418 |
| **Total current assets** | 7728 | 7155 |
| Nuclear decommissioning trusts | 4475 | 4286 |
| Other investments | 70 | 57 |
| **Total investments** | 4545 | 4343 |
| Utility property, plant and equipment, net of accumulated depreciation and amortization of $14,923 and $14,207 at respective dates | 61588 | 59047 |
| Nonutility property, plant and equipment, net of accumulated depreciation of $128 and $124 at respective dates | 200 | 207 |
| **Total property, plant and equipment** | 61788 | 59254 |
| Receivables, net of allowances for uncollectible accounts of $41 and $43 at respective dates | 50 | 62 |
| Regulatory assets (include $1,476 and $1,512 related to a Variable Interest Entity ("VIE") at respective dates) | 10686 | 8886 |
| Wildfire Insurance Fund contributions | 1774 | 1878 |
| Operating lease right-of-use assets | 1180 | 1180 |
| Long-term insurance receivables | 307 | 418 |
| Other long-term assets | 2431 | 2403 |
| **Total other assets** | 16428 | 14827 |
| **Total assets** | $90489 | $85579 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | |
|:---|:---|
| **Condensed Consolidated Balance Sheets** | **Edison International** |

---

---

| | | |
|:---|:---|:---|
| (in millions, except share amounts, unaudited) | September 30,<br>2025 | December 31,<br>2024 |
| **LIABILITIES AND EQUITY** |  |  |
| Short-term debt | $1879 | $998 |
| Current portion of long-term debt | 1899 | 2049 |
| Accounts payable | 2346 | 2000 |
| Wildfire-related claims | 98 | 60 |
| Accrued interest | 436 | 422 |
| Regulatory liabilities | 1109 | 1347 |
| Current portion of operating lease liabilities | 120 | 124 |
| Other current liabilities | 1532 | 1439 |
| **Total current liabilities** | 9419 | 8439 |
| **Long-term debt** (includes $1,444 and $1,468 related to a VIE at respective dates) | 34479 | 33534 |
| Deferred income taxes and credits | 8433 | 7180 |
| Pensions and benefits | 370 | 384 |
| Asset retirement obligations | 2540 | 2580 |
| Regulatory liabilities | 10736 | 10159 |
| Operating lease liabilities | 1060 | 1056 |
| Wildfire-related claims | 456 | 941 |
| Other deferred credits and other long-term liabilities | 3666 | 3566 |
| **Total deferred credits and other liabilities** | 27261 | 25866 |
| **Total liabilities** | 71159 | 67839 |
| Commitments and contingencies (Note 12) |  |  |
| Preferred stock (50,000,000 shares authorized; 1,159,317 shares of Series A and 503,454 shares of Series B issued and outstanding at respective dates) | 1645 | 1645 |
| Common stock, no par value (800,000,000 shares authorized; 384,787,056 and 384,784,719 shares issued and outstanding at respective dates) | 6343 | 6353 |
| Accumulated other comprehensive income | 2 |  |
| Retained earnings | 9165 | 7567 |
| **Total Edison International's shareholders' equity** | 17155 | 15565 |
| Noncontrolling interests – preference stock of SCE | 2175 | 2175 |
| **Total equity** | 19330 | 17740 |
| **Total liabilities and equity** | $90489 | $85579 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | |
|:---|:---|
| **Condensed Consolidated Statements of Cash Flows** | **Edison International** |

---

---

| | | |
|:---|:---|:---|
| | Nine months ended September 30, | Nine months ended September 30, |
| (in millions, unaudited) | 2025 | 2024 |
| **Cash flows from operating activities:** |  |  |
| Net income | $2778 | $1138 |
| Adjustments to reconcile to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 2430 | 2183 |
| &nbsp;&nbsp;&nbsp;Equity allowance for funds used during construction | (140) | (143) |
| &nbsp;&nbsp;&nbsp;Asset impairment and other | 97 |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 598 | (42) |
| &nbsp;&nbsp;&nbsp;Wildfire Insurance Fund amortization expense | 108 | 109 |
| &nbsp;&nbsp;&nbsp;Other | 123 | 43 |
| Nuclear decommissioning trusts | (106) | (118) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Receivables | (152) | (847) |
| &nbsp;&nbsp;&nbsp;Inventory | 10 | (9) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 362 | 336 |
| &nbsp;&nbsp;&nbsp;Tax receivables and payables | 154 | 198 |
| &nbsp;&nbsp;&nbsp;Other current assets and liabilities | (539) | (492) |
| &nbsp;&nbsp;&nbsp;Derivative assets and liabilities, net | (37) | (2) |
| &nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (1373) | 1557 |
| &nbsp;&nbsp;&nbsp;Wildfire-related insurance receivable | 111 | 115 |
| &nbsp;&nbsp;&nbsp;Wildfire-related claims | (447) | (304) |
| &nbsp;&nbsp;&nbsp;Other noncurrent assets and liabilities | 251 | 122 |
| **Net cash provided by operating activities** | 4228 | 3844 |
| **Cash flows from financing activities:** |  |  |
| Long-term debt issued, net of discount and issuance costs of $49 and $37 for the respective periods | 3502 | 4713 |
| Long-term debt repaid | (2027) | (2176) |
| Short-term debt issued | 510 |  |
| Short-term debt repaid | (20) | (401) |
| Common stock repurchased | (32) |  |
| Preference stock issued, net of issuance cost |  | 345 |
| Preferred stock repurchased |  | (378) |
| Commercial paper repayments, net of borrowing | (314) | (817) |
| Dividends and distribution to noncontrolling interests | (101) | (130) |
| Common stock dividends paid | (955) | (896) |
| Preferred stock dividends paid | (87) | (88) |
| Other | 2 | 192 |
| **Net cash provided by financing activities** | 478 | 364 |
| **Cash flows from investing activities:** |  |  |
| Capital expenditures | (4624) | (4211) |
| Proceeds from sale of nuclear decommissioning trust investments | 4502 | 3558 |
| Purchases of nuclear decommissioning trust investments | (4398) | (3488) |
| Other | 27 | 44 |
| **Net cash used in investing activities** | (4493) | (4097) |
| **Net increase in cash, cash equivalents and restricted cash** | 213 | 111 |
| Cash, cash equivalents and restricted cash at beginning of period | 684 | 532 |
| **Cash, cash equivalents and restricted cash at end of period** | $897 | $643 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | |
|:---|:---|
| **Condensed Consolidated Statements of Income** | **Southern California Edison Company** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended<br>September 30, | Nine months ended<br>September 30, |
| (in millions, unaudited) | 2025 | 2024 | 2025 | 2024 |
| **Operating revenue** | $5740 | $5188 | $14074 | $13576 |
| Purchased power and fuel | 1701 | 1898 | 3905 | 4140 |
| Operation and maintenance | 1153 | 1364 | 3668 | 3913 |
| Wildfire-related claims, net of (recoveries) | 295 |  | (1060) | 614 |
| Wildfire Insurance Fund expense | 36 | 36 | 108 | 109 |
| Depreciation and amortization | 861 | 710 | 2427 | 2136 |
| Property and other taxes | 160 | 167 | 492 | 474 |
| Asset impairment | 88 |  | 96 |  |
| **Total operating expenses** | 4294 | 4175 | 9636 | 11386 |
| **Operating income** | 1446 | 1013 | 4438 | 2190 |
| Interest expense | (403) | (403) | (1044) | (1185) |
| Other income, net | 119 | 126 | 347 | 408 |
| **Income before income taxes** | 1162 | 736 | 3741 | 1413 |
| Income tax expense | 203 | 95 | 705 | 94 |
| **Net income** | 959 | 641 | 3036 | 1319 |
| Less: Preference stock dividend requirements | 34 | 39 | 101 | 129 |
| **Net income available to common stock** | $925 | $602 | $2935 | $1190 |

---

---

| | |
|:---|:---|
| **Condensed Consolidated Statements of Comprehensive Income** | **Southern California Edison Company** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
| (in millions, unaudited) | 2025 | 2024 | 2025 | 2024 |
| **Net income** | $959 | $641 | $3036 | $1319 |
| Other comprehensive income, net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pension and postretirement benefits other than pensions |  | 1 | 1 | 2 |
| **Other comprehensive income, net of tax** |  | 1 | 1 | 2 |
| **Comprehensive income** | $959 | $642 | $3037 | $1321 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | |
|:---|:---|
| **Condensed Consolidated Balance Sheets** | **Southern California Edison Company** |

---

---

| | | |
|:---|:---|:---|
| (in millions, unaudited) | September 30,<br>2025 | December 31,<br>2024 |
| **ASSETS** |  |  |
| Cash and cash equivalents | $305 | $78 |
| Receivables, net of allowances for uncollectible accounts of $321 and $347 at respective dates | 2281 | 2160 |
| Accrued unbilled revenue | 1156 | 845 |
| Inventory | 524 | 538 |
| Prepaid expenses | 115 | 102 |
| Regulatory assets | 2703 | 2748 |
| Wildfire Insurance Fund contributions | 138 | 138 |
| Other current assets | 433 | 415 |
| **Total current assets** | 7655 | 7024 |
| Nuclear decommissioning trusts | 4475 | 4286 |
| Other investments | 61 | 38 |
| **Total investments** | 4536 | 4324 |
| Utility property, plant and equipment, net of accumulated depreciation and amortization of $14,923 and $14,207 at respective dates | 61588 | 59047 |
| Nonutility property, plant and equipment, net of accumulated depreciation of $110 and $108 at respective dates | 191 | 199 |
| **Total property, plant and equipment** | 61779 | 59246 |
| Receivables, net of allowances for uncollectible accounts of $41 and $43 at respective dates | 50 | 62 |
| Regulatory assets (include $1,476 and $1,512 related to a VIE at respective dates) | 10686 | 8886 |
| Wildfire Insurance Fund contributions | 1774 | 1878 |
| Operating lease right-of-use assets | 1174 | 1174 |
| Long-term insurance receivables | 93 | 131 |
| Long-term insurance receivables due from affiliate | 226 | 303 |
| Other long-term assets | 2344 | 2317 |
| **Total other assets** | 16347 | 14751 |
| **Total assets** | $90317 | $85345 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | |
|:---|:---|
| **Condensed Consolidated Balance Sheets** | **Southern California Edison Company** |

---

---

| | | |
|:---|:---|:---|
| (in millions, except share amounts, unaudited) | September 30,<br>2025 | December 31,<br>2024 |
| **LIABILITIES AND EQUITY** |  |  |
| Short-term debt | $1219 | $553 |
| Current portion of long-term debt | 1899 | 1249 |
| Accounts payable | 2350 | 2078 |
| Wildfire-related claims | 98 | 60 |
| Accrued interest | 365 | 385 |
| Regulatory liabilities | 1109 | 1347 |
| Current portion of operating lease liabilities | 118 | 123 |
| Other current liabilities | 2095 | 1495 |
| **Total current liabilities** | 9253 | 7290 |
| **Long-term debt** (includes $1,444 and $1,468 related to a VIE at respective dates) | 29666 | 29266 |
| Deferred income taxes and credits | 10023 | 8697 |
| Pensions and benefits | 86 | 92 |
| Asset retirement obligations | 2540 | 2580 |
| Regulatory liabilities | 10736 | 10159 |
| Operating lease liabilities | 1056 | 1051 |
| Wildfire-related claims | 456 | 941 |
| Other deferred credits and other long-term liabilities | 3640 | 3518 |
| **Total deferred credits and other liabilities** | 28537 | 27038 |
| **Total liabilities** | 67456 | 63594 |
| Commitments and contingencies (Note 12) |  |  |
| Preference stock | 2220 | 2220 |
| Common stock, no par value (560,000,000 shares authorized; 434,888,104 shares issued and outstanding at respective dates) | 2168 | 2168 |
| Additional paid-in capital | 8949 | 8950 |
| Accumulated other comprehensive loss | (8) | (9) |
| Retained earnings | 9532 | 8422 |
| **Total equity** | 22861 | 21751 |
| **Total liabilities and equity** | $90317 | $85345 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | |
|:---|:---|
| **Condensed Consolidated Statements of Cash Flows** | **Southern California Edison Company** |

---

---

| | | |
|:---|:---|:---|
| | Nine months ended September 30, | Nine months ended September 30, |
| (in millions, unaudited) | 2025 | 2024 |
| **Cash flows from operating activities:** |  |  |
| Net income | $3036 | $1319 |
| Adjustments to reconcile to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 2427 | 2177 |
| &nbsp;&nbsp;&nbsp;Equity allowance for funds used during construction | (140) | (143) |
| &nbsp;&nbsp;&nbsp;Asset impairment | 96 |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 668 | 4 |
| &nbsp;&nbsp;&nbsp;Wildfire Insurance Fund amortization expense | 108 | 109 |
| &nbsp;&nbsp;&nbsp;Other | 87 | 26 |
| Nuclear decommissioning trusts | (106) | (118) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Receivables | (159) | (868) |
| &nbsp;&nbsp;&nbsp;Inventory | 10 | (9) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 288 | 359 |
| &nbsp;&nbsp;&nbsp;Tax receivables and payables | 160 | 227 |
| &nbsp;&nbsp;&nbsp;Other current assets and liabilities | (566) | (541) |
| &nbsp;&nbsp;&nbsp;Derivative assets and liabilities, net | (37) | (2) |
| &nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (1373) | 1557 |
| &nbsp;&nbsp;&nbsp;Wildfire-related insurance receivable | 115 | 113 |
| &nbsp;&nbsp;&nbsp;Wildfire-related claims | (447) | (304) |
| &nbsp;&nbsp;&nbsp;Other noncurrent assets and liabilities | 288 | 131 |
| **Net cash provided by operating activities** | 4455 | 4037 |
| **Cash flows from financing activities:** |  |  |
| Long-term debt issued, net of discount and issuance costs of $38 and $33 for the respective periods | 2963 | 4217 |
| Long-term debt repaid | (1227) | (2176) |
| Short-term debt borrowed | 410 |  |
| Short-term debt repaid |  | (386) |
| Preference stock issued, net of issuance cost |  | 345 |
| Preference stock redeemed |  | (350) |
| Commercial paper repayments, net of borrowing | (449) | (609) |
| Common stock dividends paid | (1290) | (720) |
| Preference stock dividends paid | (101) | (130) |
| Other | (4) | (3) |
| **Net cash provided by financing activities** | 302 | 188 |
| **Cash flows from investing activities:** |  |  |
| Capital expenditures | (4621) | (4208) |
| Proceeds from sale of nuclear decommissioning trust investments | 4502 | 3558 |
| Purchases of nuclear decommissioning trust investments | (4398) | (3488) |
| Other | 29 | 45 |
| **Net cash used in investing activities** | (4488) | (4093) |
| **Net increase in cash, cash equivalents and restricted cash** | 269 | 132 |
| Cash, cash equivalents and restricted cash at beginning of period | 565 | 398 |
| **Cash, cash equivalents and restricted cash at end of period** | $834 | $530 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**Note 1. Summary of Significant Accounting Policies**

***Organization and Basis of Presentation***

Edison International is the ultimate parent holding company of SCE and Edison Energy, LLC, doing business as Trio. SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central, and Coastal California. Trio is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial, and institutional customers. Trio's business activities are currently not material to report as a separate business segment, and SCE is the single reportable segment. See "Segment Information" below for further discussion.

These combined notes to the condensed consolidated financial statements apply to both Edison International and SCE unless otherwise described. Edison International's condensed consolidated financial statements include the accounts of Edison International, SCE, and other controlled subsidiaries. References to Edison International refer to the consolidated group of Edison International and its subsidiaries. References to "Edison International Parent and Other" refer to Edison International Parent and its competitive subsidiaries and "Edison International Parent" refer to Edison International on a stand-alone basis, not consolidated with its subsidiaries. SCE's condensed consolidated financial statements include the accounts of SCE, its controlled subsidiaries and a variable interest entity, SCE Recovery Funding LLC, of which SCE is the primary beneficiary. All intercompany transactions have been eliminated from the condensed consolidated financial statements.

Edison International's and SCE's significant accounting policies were described in the "Notes to Consolidated Financial Statements" included in the 2024 Form 10-K. This quarterly report should be read in conjunction with the financial statements and notes included in the 2024 Form 10-K.

In the opinion of management, all adjustments, consisting only of adjustments of a normal recurring nature, have been made that are necessary to fairly state the condensed consolidated financial position, results of operations, and cash flows in accordance with accounting principles generally accepted in the United States ("GAAP") for the periods covered by this quarterly report on Form 10-Q. The results of operations for the interim periods presented are not necessarily indicative of the operating results for the full year.

The December 31, 2024 financial statement data was derived from the audited financial statements, but does not include all disclosures required by GAAP for complete annual financial statements.

***Segment Information***

For information on Edison International's and SCE's segment information, see Note 1 in the 2024 Form 10-K. In addition, for the three and nine months ended September 30, 2025 and 2024, Edison International's and SCE's significant segment expenses agree to those disclosed in the condensed consolidated statements of income. As of September 30, 2025 and 2024, the measures of Edison International's and SCE's segment assets are reported on Edison International's and SCE's condensed consolidated balance sheets, respectively, as total assets.

***Cash, Cash Equivalents and Restricted Cash***

The following table sets forth the cash, cash equivalents and restricted cash included in the condensed consolidated statements of cash flows:

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Edison International | Edison International | SCE | SCE |
| (in millions) | September 30,<br>2025 | December 31,<br>2024 | September 30,<br>2025 | December 31,<br>2024 |
| &nbsp;&nbsp;Cash and cash equivalents<sup>1</sup> | $364 | $193 | $305 | $78 |
| &nbsp;&nbsp;Short-term restricted cash<sup>2</sup> | 92 | 40 | 88 | 36 |
| &nbsp;&nbsp;Long-term restricted cash<sup>3</sup> | 441 | 451 | 441 | 451 |
| Total cash, cash equivalents and restricted cash | $897 | $684 | $834 | $565 |

---

<sup>1</sup>Cash equivalents consist of investments in money market funds. Generally, the carrying value of cash equivalents equals the fair value, as these investments have original maturities of three months or less.

<sup>2</sup>Includes SCE Recovery Funding LLC's restricted cash for payments of senior secured recovery bonds and cash collected for customer-funded wildfire self-insurance related to the Eaton Subrogation Settlement (see Note 12 for further information). Both are reflected in "Other current assets" on Edison International's and SCE's condensed consolidated balance sheets.

<sup>3</sup>Represents cash collected for customer-funded wildfire self-insurance and is reflected in "Other long-term assets" on Edison International's and SCE's condensed consolidated balance sheets. See Note 12 for further information.

***Allowance for Uncollectible Accounts***

The allowance for uncollectible accounts is recorded based on SCE's estimate of expected credit losses and adjusted over the life of the receivables as needed. Since the customer base of SCE is concentrated in Southern California which exposes SCE to a homogeneous set of economic conditions, the allowance is measured on a collective basis on the historical amounts written-off, assessment of customer collectibility and current economic trends, including unemployment rates and any likelihood of recession for the region. The increase in the provision of uncollectible accounts and write-offs for the three and nine months ended September 30, 2025, is driven primarily by consumer protection programs that limit disconnections for nonpayment.

The following table sets forth the changes in allowance for uncollectible accounts for SCE:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended September 30, 2025 | Three months ended September 30, 2025 | Three months ended September 30, 2025 | Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 30, 2024 |
| (in millions) | Customers | All others | Total<sup>3</sup> | Customers | All others | Total |
| Beginning balance | $335 | $22 | $357 | $349 | $15 | $364 |
| Current period provision for uncollectible accounts<sup>1</sup> | 96 | 1 | 97 | 90 |  | 90 |
| Write-offs, net of recoveries | (89) | (3) | (92) | (75) | (3) | (78) |
| Ending balance | $342 | $20 | $362 | $364 | $12 | $376 |
|  | Nine months ended September 30, 2025 | Nine months ended September 30, 2025 | Nine months ended September 30, 2025 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 |
| (in millions) | Customers | All others | Total<sup>3</sup> | Customers | All others | Total |
| Beginning balance | $372 | $18 | $390 | $347 | $17 | $364 |
| Current period provision for uncollectible accounts<sup>2</sup> | 256 | 10 | 266 | 204 | 4 | 208 |
| Write-offs, net of recoveries | (286) | (8) | (294) | (187) | (9) | (196) |
| Ending balance | $342 | $20 | $362 | $364 | $12 | $376 |

---

<sup>1</sup>This includes $76 million and $74 million of incremental costs, for the three months ended September 30, 2025 and 2024, respectively, which were probable of recovery from customers and recorded as regulatory assets.

<sup>2</sup>This includes $211 million and $170 million of incremental costs, for the nine months ended September 30, 2025 and 2024, respectively, which were probable of recovery from customers and recorded as regulatory assets.

<sup>3</sup>Approximately $41 million and $43 million of allowance for uncollectible accounts are included in "Other long-term assets" on SCE's condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

***Wildfire Insurance Fund***

*Senate Bill 254*

SB 254 expands the Wildfire Insurance Fund originally created under AB 1054 by establishing the Continuation Account within the Wildfire Insurance Fund.

The Continuation Account became operative upon all three California investor-owned utilities, PG&E, SCE, and SDG&E (collectively, the "IOUs") electing to participate and agreeing to contribute to the Continuation Account if required.

The administrator of the Wildfire Insurance Fund will determine, on or before December 31, 2028, whether contributions to the Continuation Account are required, based on either of the following conditions: (a) the fund administrator projects that the original Wildfire Insurance Fund will be depleted within three years, or (b) a participating IOU notifies the fund administrator that it anticipates more than $1 billion in eligible claims in a single coverage year for one or more wildfires that ignite after the SB 254 Effective Date. If the fund administrator determines contributions are required, the CPUC will extend the non-bypassable charge imposed under AB 1054 until January 1, 2046 to collect customer contributions for the Continuation Account of $9 billion, and the IOUs will be required to contribute an initial aggregate amount of $5.1 billion (SCE's share is $2.4 billion) over the period 2029 through 2045. Additionally, if the fund administrator determines that additional contribution from IOUs are needed to enable the Continuation Account to fund the timely payment of eligible claims due to the likelihood of exhaustion of the fund, the fund administrator may require an additional aggregate contribution from the IOUs of $3.9 billion (the "Contingent Contribution" and SCE's share is $1.9 billion). If the administrator terminates the Continuation Account prior to the final installment of the Contingent Contribution, one-half of the remaining unpaid installment payments will be credited to customer rates.

As of September 30, 2025, and as of the date of this filing, the conditions required to trigger IOU contributions to the Continuation Account have not been met. Accordingly, SCE has not recorded a contribution obligation associated with the Continuation Account on its condensed consolidated balance sheets as of September 30, 2025.

*Wildfire Insurance Fund amortization life*

The Wildfire Insurance Fund does not have a defined life and instead will terminate when the fund administrator determines that the fund has been exhausted. SCE estimates the period of coverage of the fund and amortizes contributions made to the Wildfire Insurance Fund ratably over the period of coverage similar to prepaid insurance. Estimating the period of coverage of the fund requires significant judgment. Frequency of wildfire events and estimated costs associated with wildfire events caused by participating utilities are among the significant factors used to estimate the fund's period of coverage.

SCE reassesses the period of coverage of the fund at least annually in the first quarter each year and when new or additional information becomes available. As of the date of this filing, SCE does not have new or additional information that would enable it to change its prior assessment that the Wildfire Insurance Fund would provide coverage for an estimated 20 years from the date SCE committed to participate in the Wildfire Insurance Fund. When updating its estimate, SCE includes all its fires for which losses can be reasonably estimated, and relies on publicly disclosed wildfire-related losses related to other participating utilities. As discussed in Note 12, while SCE believes that it will incur material losses in connection with the Eaton Fire, it is currently unable to reasonably estimate a range of losses that may be incurred. The Wildfire Insurance Fund amortization period will be evaluated and adjusted as new or additional information on contributions and wildfire events, including reasonably estimated losses related to the Eaton Fire, becomes available. As of September 30, 2025, the Wildfire Insurance Fund does not have any contribution associated with the Continuation Account.

Edison International and SCE adjust the period of coverage on a prospective basis and amortize the Wildfire Insurance Fund contribution asset ratably over the remaining estimated life of the fund. An impairment will be recorded to the Wildfire Insurance Fund contribution asset, if the asset exceeds SCE's ability to benefit from the remaining coverage provided by the Wildfire Insurance Fund.

***Earnings Per Share***

Edison International computes earnings per common share ("EPS") using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating security. Edison International's participating securities are stock-based compensation awards, payable in common shares, which earn dividend equivalents on an equal basis with common shares once the awards are vested.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

EPS available to Edison International common shareholders was computed as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
| (in millions, except per-share amounts) | 2025 | 2024 | 2025 | 2024 |
| Basic earnings per share: |  |  |  |  |
| Net income available to Edison International common shareholders | $832 | $516 | $2611 | $944 |
| Earnings allocated to participating securities |  |  | (1) |  |
| Income available to common shareholders | $832 | $516 | $2610 | $944 |
| Weighted average common shares outstanding | 385 | 387 | 385 | 386 |
| Basic earnings per share | $2.16 | $1.33 | $6.78 | $2.45 |
| Diluted earnings per share: |  |  |  |  |
| Income available to common shareholders | $832 | $516 | $2610 | $944 |
| Add back: Earnings allocated to participating securities |  |  | 1 | 1 |
| Net income available to Edison International common shareholders | $832 | $516 | $2611 | $945 |
| Weighted average common shares outstanding | 385 | 387 | 385 | 386 |
| Effect of dilutive securities | 1 | 3 | 1 | 2 |
| Adjusted weighted average shares – diluted | 386 | 390 | 386 | 388 |
| Diluted earnings per share | $2.16 | $1.32 | $6.76 | $2.44 |

---

In addition to the participating securities discussed above, Edison International also may award stock options, which are payable in common shares and are included in the diluted earnings per share calculation. Stock option awards to purchase 9,956,033 and 20,371 shares of common stock for the three months ended September 30, 2025 and 2024, respectively, 9,346,533 and 2,040,879 shares of common stock for the nine months ended September 30, 2025 and 2024, respectively, were outstanding, but were not included in the computation of diluted earnings per share because the effect would have been antidilutive.

***Revenue Recognition***

Revenue is recognized by Edison International and SCE when a performance obligation to transfer control of the promised goods is satisfied or when services are rendered to customers. This typically occurs when electricity is delivered to customers, which includes amounts for services rendered but unbilled at the end of a reporting period.

*Regulatory Proceedings*

2025 General Rate Case

SCE accounts for regulatory decisions in the period in which they are received and, accordingly, recorded the impact of the 2025 GRC final decision in the third quarter of 2025. In the absence of a final GRC decision, SCE recognized revenue in the first and second quarters of 2025 based on the 2024 authorized revenue requirement. The final decision received in September 2025 authorized a base revenue requirement of $9.7 billion for 2025, an increase of $1.1 billion over the revenue requirements authorized for 2024. The CPUC has approved the establishment of a memorandum account, making the authorized revenue requirement changes effective January 1, 2025. Under the final decision, the increase in authorized revenues of $902 million for January 2025 through September 2025 will be collected over a 24-month period beginning October 1, 2025.

FERC 2025 Formula Rate Update

In November 2024, SCE filed its 2025 annual transmission revenue requirement update with the FERC, with rates effective January 1, 2025. The update reflects a 2025 transmission revenue requirement of $1.3 billion, which is a $220 million, or 20%, increase from the 2024 annual revenue requirement. The lower revenue in 2024 was due to a return of prior year

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

overcollections. Pending resolution of the FERC formula rate proceedings, SCE recognized revenue in the first nine months of 2025 based on the FERC 2025 annual update rate, subject to refund.

***Impairment of Long-Lived Assets***

In September 2025, the CPUC issued a final decision in SCE's 2025 GRC proceeding. As a result of the decision, SCE recorded an $88 million impairment of utility property, plant and equipment that was disallowed by the CPUC, primarily related to the rooftop solar photovoltaic program.

***New Accounting Guidance***

*Accounting Guidance Adopted*

No material accounting standards were adopted in the nine months ended September 30, 2025.

*Accounting Guidance Not Yet Adopted*

In December 2023, the FASB issued an accounting standards update requiring additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The guidance also eliminates certain existing disclosures related to uncertain tax positions and unrecognized deferred tax liabilities. Edison International and SCE will apply this standard beginning in their annual filing for the year ended December 31, 2025, and the standard is not expected to materially affect the annual disclosures.

In November 2024, the FASB issued an accounting standards update requiring public entities to provide disaggregated disclosure of income statement expenses. The guidance does not change the expense captions an entity presents on the face of the income statement, rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The guidance is effective for annual disclosure for the year ended December 31, 2027 and subsequent interim periods with early adoption permitted. The guidance is applied prospectively. Edison International and SCE are currently evaluating the impact of the new guidance.

In July 2025, the FASB issued an accounting standards update allowing entities to elect a practical expedient when developing forecasts as part of estimating the expected credit losses on current accounts receivable and current contract assets. The practical expedient permits entities to assume that current conditions as of the balance sheet date do not change for the remaining life of such assets. The guidance is effective for annual periods after January 1, 2026 and interim reporting periods within those annual reporting periods with early adoption permitted. The guidance is applied prospectively. Edison International and SCE are currently evaluating the impact of this guidance.

In September 2025, the FASB issued an accounting standards update to amend certain aspects of the accounting for and disclosure of internal-use software. Among other things, the guidance removes all references to prescriptive and sequential software development stages and instead requires entities to begin capitalizing software costs when certain criteria are met. The guidance is effective for annual periods after January 1, 2028 and interim reporting periods within those annual reporting periods with early adoption permitted. The guidance can be applied prospectively, retrospectively, or via a modified prospective transition method. Edison International and SCE are currently evaluating the impact of this new guidance.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

 **Note 2. Condensed Consolidated Statements of Changes in Equity**

The following tables provide Edison International's changes in equity:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Equity Attributable to Edison International Shareholders | Equity Attributable to Edison International Shareholders | Equity Attributable to Edison International Shareholders | Equity Attributable to Edison International Shareholders | Equity Attributable to Edison International Shareholders | Noncontrolling<br>Interests | |
| (in millions, except per share amounts) | Preferred<br>Stock | Common<br>Stock | Accumulated<br>Other<br>Comprehensive<br>Income | Retained<br>Earnings | Subtotal | Preference<br>Stock | Total<br>Equity |
| **Balance at December 31, 2024** | $1645 | $6353 | $— | $7567 | $15565 | $2175 | $17740 |
| Net income |  |  |  | 1458 | 1458 | 34 | 1492 |
| Common stock issued |  | 2 |  |  | 2 |  | 2 |
| Common stock repurchased |  | (29) |  |  | (29) |  | (29) |
| Common stock dividends declared ($0.8275 per share) |  |  |  | (319) | (319) |  | (319) |
| Preferred stock dividend declared ($26.875 per share for Series A and $25.00 per share for Series B) |  |  |  | (44) | (44) |  | (44) |
| Dividends to noncontrolling interests ($31.250 - $46.875 per share for preference stock) |  |  |  |  |  | (34) | (34) |
| Shares withheld for tax withholdings on vested equity awards |  | (21) |  |  | (21) |  | (21) |
| Noncash stock-based compensation |  | 10 |  |  | 10 |  | 10 |
| **Balance at March 31, 2025** | $1645 | $6315 | $— | $8662 | $16622 | $2175 | $18797 |
| Net income |  |  |  | 365 | 365 | 33 | 398 |
| Other comprehensive income |  |  | 2 |  | 2 |  | 2 |
| Common stock dividends declared ($0.8275 per share) |  |  |  | (318) | (318) |  | (318) |
| Dividends to noncontrolling interests ($31.250 - $46.875 per share for preference stock) |  |  |  |  |  | (33) | (33) |
| Noncash stock-based compensation |  | 15 |  |  | 15 |  | 15 |
| **Balance at June 30, 2025** | $1645 | $6330 | $2 | $8709 | $16686 | $2175 | $18861 |
| Net income |  |  |  | 854 | 854 | 34 | 888 |
| Common stock issued |  | 2 |  |  | 2 |  | 2 |
| Common stock repurchased |  | (3) |  |  | (3) |  | (3) |
| Common stock dividends declared ($0.8275 per share) |  |  |  | (318) | (318) |  | (318) |
| Preferred stock dividend declared ($26.875 per share for Series A and $25.00 per share for Series B) |  |  |  | (44) | (44) |  | (44) |
| Dividends to noncontrolling interests ($62.500 - $93.750 per share for preference stock) |  |  |  | (35) | (35) | (34) | (69) |
| Noncash stock-based compensation |  | 14 |  | (1) | 13 |  | 13 |
| **Balance at September 30, 2025** | $1645 | $6343 | $2 | $9165 | $17155 | $2175 | $19330 |

---

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Equity Attributable to Edison International Shareholders | Equity Attributable to Edison International Shareholders | Equity Attributable to Edison International Shareholders | Equity Attributable to Edison International Shareholders | Equity Attributable to Edison International Shareholders | Noncontrolling<br>Interests | |
| (in millions, except per share amounts) | Preferred<br>Stock | Common<br>Stock | Accumulated<br>Other<br>Comprehensive<br>Loss | Retained<br>Earnings | Subtotal | Preference<br>Stock | Total<br>Equity |
| **Balance at December 31, 2023** | $1673 | $6338 | $(9) | $7499 | $15501 | $2443 | $17944 |
| Net income |  |  |  | 11 | 11 | 41 | 52 |
| Common stock issued |  | 11 |  |  | 11 |  | 11 |
| Common stock dividends declared ($0.78 per share) |  |  |  | (300) | (300) |  | (300) |
| Preferred stock dividend declared ($26.875 per share for Series A and $25.00 per share for Series B) |  |  |  | (44) | (44) |  | (44) |
| Dividends to noncontrolling interests ($24.418 - $58.854 per share for preference stock) |  |  |  |  |  | (41) | (41) |
| Noncash stock-based compensation |  | 12 |  |  | 12 |  | 12 |
| Preferred stock repurchased | (19) |  |  |  | (19) |  | (19) |
| **Balance at March 31, 2024** | $1654 | $6361 | $(9) | $7166 | $15172 | $2443 | $17615 |
| Net income |  |  |  | 460 | 460 | 49 | 509 |
| Other comprehensive income |  |  | 1 |  | 1 |  | 1 |
| Common stock issued |  | 86 |  |  | 86 |  | 86 |
| Common stock dividends declared ($0.78 per share) |  |  |  | (301) | (301) |  | (301) |
| Dividends to noncontrolling interests ($17.927 - $54.8223 per share for preference stock) |  |  |  |  |  | (43) | (43) |
| Noncash stock-based compensation |  | 14 |  | 1 | 15 |  | 15 |
| Preferred stock repurchased | (9) |  |  |  | (9) |  | (9) |
| Preference stock issued, net of issuance cost |  |  |  |  |  | 345 | 345 |
| Preference stock redeemed |  |  |  |  |  | (350) | (350) |
| **Balance at June 30, 2024** | $1645 | $6461 | $(8) | $7326 | $15424 | $2444 | $17868 |
| Net income |  |  |  | 538 | 538 | 39 | 577 |
| Other comprehensive income |  |  | 2 |  | 2 |  | 2 |
| Common stock issued |  | 64 |  |  | 64 |  | 64 |
| Common stock dividends declared ($0.78 per share) |  |  |  | (302) | (302) |  | (302) |
| Preferred stock dividend declared ($26.875 per share for Series A and $25.00 per share for Series B) |  |  |  | (44) | (44) |  | (44) |
| Dividends to noncontrolling interests ($31.25 - $51.8084 per share for preference stock) |  |  |  | (33) | (33) | (39) | (72) |
| Noncash stock-based compensation and other |  | 13 |  | 1 | 14 |  | 14 |
| **Balance at September 30, 2024** | $1645 | $6538 | $(6) | $7486 | $15663 | $2444 | $18107 |

---

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

The following tables provide SCE's changes in equity:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions, except per share amounts) | Preference<br>Stock | Common<br>Stock | Additional<br>Paid-in<br>Capital | Accumulated<br>Other<br>Comprehensive<br>Loss | Retained<br>Earnings | Total<br>Equity |
| **Balance at December 31, 2024** | $2220 | $2168 | $8950 | $(9) | $8422 | $21751 |
| Net income |  |  |  |  | 1601 | 1601 |
| Dividends declared on common stock ($0.9888 per share) |  |  |  |  | (430) | (430) |
| Dividends declared on preference stock ($31.250 - $46.875 per share) |  |  |  |  | (34) | (34) |
| Stock-based compensation |  |  | (21) |  | 1 | (20) |
| Noncash stock-based compensation |  |  | 7 |  |  | 7 |
| **Balance at March 31, 2025** | $2220 | $2168 | $8936 | $(9) | $9560 | $22875 |
| Net income |  |  |  |  | 476 | 476 |
| Other comprehensive income |  |  |  | 1 |  | 1 |
| Dividends declared on common stock (2.1385 per share) |  |  |  |  | (930) | (930) |
| Dividends declared on preference stock ($31.250 - $46.875 per share) |  |  |  |  | (33) | (33) |
| Noncash stock-based compensation |  |  | 7 |  | (1) | 6 |
| **Balance at June 30, 2025** | $2220 | $2168 | $8943 | $(8) | $9072 | $22395 |
| Net income |  |  |  |  | 959 | 959 |
| Dividends declared on common stock ($0.9888 per share) |  |  |  |  | (430) | (430) |
| Dividends declared on preference stock ($62.50 - $93.75 per share) |  |  |  |  | (69) | (69) |
| Noncash stock-based compensation |  |  | 6 |  |  | 6 |
| **Balance at September 30, 2025** | $2220 | $2168 | $8949 | $(8) | $9532 | $22861 |

---

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions, except per share amounts) | Preference<br>Stock | Common<br>Stock | Additional<br>Paid-in<br>Capital | Accumulated<br>Other<br>Comprehensive<br>Loss | Retained<br>Earnings | Total<br>Equity |
| **Balance at December 31, 2023** | $2495 | $2168 | $8446 | $(12) | $8307 | $21404 |
| Net income |  |  |  |  | 106 | 106 |
| Other comprehensive income |  |  |  | 1 |  | 1 |
| Dividends declared on common stock ($0.8278 per share) |  |  |  |  | (360) | (360) |
| Dividends declared on preference stock ($24.418 - $58.854 per share) |  |  |  |  | (41) | (41) |
| Stock-based compensation |  |  | (20) |  |  | (20) |
| Noncash stock-based compensation |  |  | 7 |  |  | 7 |
| **Balance at March 31, 2024** | $2495 | $2168 | $8433 | $(11) | $8012 | $21097 |
| Net income |  |  |  |  | 572 | 572 |
| Dividends declared on common stock ($0.8278 per share) |  |  |  |  | (360) | (360) |
| Dividends declared on preference stock ($17.927 - $54.8223 per share) |  |  |  |  | (43) | (43) |
| Stock-based compensation |  |  | (6) |  |  | (6) |
| Noncash stock-based compensation |  |  | 7 |  |  | 7 |
| Preference stock issued | 350 |  | (5) |  |  | 345 |
| Preference stock redeemed | (350) |  | 6 |  | (6) | (350) |
| **Balance at June 30, 2024** | $2495 | $2168 | $8435 | $(11) | $8175 | $21262 |
| Net income |  |  |  |  | 641 | 641 |
| Other comprehensive income |  |  |  | 1 |  | 1 |
| Dividends declared on common stock ($0.8278 per share) |  |  |  |  | (360) | (360) |
| Dividends declared on preference stock ($31.25 - $51.8084 per share for preference stock) |  |  |  |  | (72) | (72) |
| Stock-based compensation |  |  | (7) |  |  | (7) |
| Noncash stock-based compensation and other |  |  | 8 |  | 1 | 9 |
| **Balance at September 30, 2024** | $2495 | $2168 | $8436 | $(10) | $8385 | $21474 |

---

**Note 3. Variable Interest Entities**

A VIE is defined as a legal entity that meets any of the following conditions: (1) the total equity investment at risk is not sufficient to fund the entity's activities without additional subordinated financial support, (2) the equity holders as a group, lack any of the following characteristics: the power to direct activities that most significantly impact the entity's economic performance, substantive voting rights, the obligation to absorb losses, or the right to receive the expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The primary beneficiary is required to consolidate the VIE. Commercial and operating activities are generally the factors that most significantly impact the economic performance of such VIEs.

***Variable Interest in VIEs that are Consolidated***

SCE Recovery Funding LLC is a bankruptcy remote, wholly owned special purpose subsidiary of SCE, formed for the purpose of issuing securitized bonds related to SCE's AB 1054 Excluded Capital Expenditures. This entity is a VIE because its equity investment is insufficient to support its operations. The most significant activity of SCE Recovery Funding LLC is to service the securitized bonds according to the decisions made by SCE. Therefore, SCE is determined to be the primary beneficiary and consolidates SCE Recovery Funding LLC.

SCE Recovery Funding LLC issued a total of $1.6 billion of securitized bonds. The proceeds were used to acquire SCE's right, title and interest in and to non-bypassable rates and other charges to be collected from certain existing and future customers in SCE's service area ("Recovery Property"), associated with the AB 1054 Excluded Capital Expenditures, until the bonds are paid in full, and all financing costs have been recovered. The securitized bonds are secured by the Recovery Property and cash collections from the non-bypassable rates and other charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to SCE.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

The following table summarizes the impact of SCE Recovery Funding LLC on SCE's and Edison International's condensed consolidated balance sheets.

---

| | | |
|:---|:---|:---|
| (in millions) | September 30,<br>2025 | December 31,<br>2024 |
| Other current assets | $73 | $49 |
| Regulatory assets: non-current | 1476 | 1512 |
| Regulatory liabilities: current | 28 | 30 |
| Current portion of long-term debt<sup>1</sup> | 49 | 49 |
| Other current liabilities | 20 | 6 |
| Long-term debt<sup>1</sup> | 1444 | 1468 |

---

<sup>1</sup>The bondholders have no recourse to SCE. The long-term debt balance is net of unamortized debt issuance costs.

***Variable Interest in VIEs that are not Consolidated***

*Power Purchase Agreements* 

SCE has certain PPAs where the counterparty entities meet one or both of the VIE conditions discussed above and in which SCE has variable interests, including: agreements through which SCE provides natural gas to fuel the plants, fixed price contracts for renewable energy, and resource adequacy agreements that allow purchase of energy at fixed prices upon the seller's election. Since payments for capacity are the primary source of income, the most significant economic activity for these VIEs is typically the operation and maintenance of the power plants, which SCE does not perform. Therefore, SCE has concluded that it is not the primary beneficiary of any of these VIEs because it does not control the commercial and operating activities that most significantly impact the economic performance of these entities.

As of the balance sheet date, the carrying amount of assets and liabilities included in SCE's condensed consolidated balance sheet that relate to involvement with VIEs that are not consolidated, result from amounts due under the PPAs. Under these contracts, SCE recovers the costs incurred through demonstration of compliance with its CPUC-approved long-term power procurement plans. SCE has no residual interest in the entities and has not provided or guaranteed any debt or equity support, liquidity arrangements, performance guarantees, or other commitments associated with these contracts other than the purchase commitments described in Note 12 of the 2024 Form 10-K. As a result, there is no significant potential exposure to loss to SCE from its variable interest in these VIEs. The aggregate contracted capacity dedicated to SCE from these VIE projects was 6,024 MW and 5,103 MW at September 30, 2025 and 2024, respectively. The amounts that SCE paid to these projects were $292 million and $246 million for the three months ended September 30, 2025 and 2024, respectively, and $677 million and $592 million for the nine months ended September 30, 2025 and 2024, respectively. These amounts are recoverable in customer rates, subject to reasonableness review.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**Note 4. Fair Value Measurements**

***Recurring Fair Value Measurements***

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (referred to as an "exit price"). Fair value of an asset or liability considers assumptions that market participants would use in pricing the asset or liability, including assumptions about nonperformance risk. As of September 30, 2025 and December 31, 2024, nonperformance risk was not material for Edison International or SCE.

Assets and liabilities are categorized into a three-level fair value hierarchy based on valuation inputs used to determine fair value.

Level 1 – The fair value of Edison International's and SCE's Level 1 assets and liabilities is determined using unadjusted quoted prices in active markets that are available at the measurement date for identical assets and liabilities. This level includes exchange-traded equity securities, U.S. treasury securities, mutual funds, and money market funds.

Level 2 – Edison International's and SCE's Level 2 assets and liabilities include fixed income securities, primarily consisting of U.S. government and agency bonds, municipal bonds and corporate bonds, and over-the-counter commodity derivatives. The fair value of fixed income securities is determined using a market approach by obtaining quoted prices for similar assets and liabilities in active markets and inputs that are observable, either directly or indirectly, for substantially the full term of the instrument.

The fair value of SCE's over-the-counter commodity derivative contracts is determined using an income approach. SCE uses standard pricing models to determine the net present value of estimated future cash flows. Inputs to the pricing models include forward published or posted clearing prices from an exchange (Intercontinental Exchange) for similar instruments and discount rates. A primary price source that best represents trade activity for each market is used to develop observable forward market prices in determining the fair value of these positions. Broker quotes, prices from exchanges, or comparison to executed trades are used to validate and corroborate the primary price source. These price quotations reflect mid-market prices (average of bid and ask) and are obtained from sources believed to provide the most liquid market for the commodity.

Level 3 – This level primarily consists of congestion revenue rights ("CRRs"), which are derivative contracts that trade infrequently with significant unobservable inputs (CAISO CRR auction prices). SCE employs a market valuation approach of utilizing historical CRR prices as a proxy for forward prices. SCE also enters into certain physically settled resource adequacy contracts with a financially settled electricity component ("Fin Toll arrangements"). For these Fin Toll arrangements, SCE uses an income model valuation approach to estimate the significant unobservable inputs (hourly power prices). Edison International Parent and Other does not have any Level 3 assets and liabilities.

Assumptions are made in order to value derivative contracts in which observable inputs are not available. In circumstances where fair value cannot be verified with observable market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. Modeling methodologies, inputs, and techniques are reviewed and assessed as markets continue to develop and more pricing information becomes available, and the fair value is adjusted when it is concluded that a change in inputs or techniques would result in a new valuation that better reflects the fair value of those derivative contracts. See Note 6 for a discussion of derivative instruments.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

*SCE*

The following table sets forth assets and liabilities of SCE that were accounted for at fair value by level within the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 |
| (in millions) | Level 1 | Level 2 | Level 3 | Netting<br>and<br>Collateral<sup>1</sup> | Total |
| Assets at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivative contracts | $— | $— | $140 | $(3) | $137 |
| &nbsp;&nbsp;&nbsp;Money market funds and other | 12 | 22 |  |  | 34 |
| &nbsp;&nbsp;&nbsp;Nuclear decommissioning trusts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks<sup>2</sup> | 1834 |  |  |  | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income<sup>3</sup> | 1017 | 1676 |  |  | 2693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, primarily cash equivalents | 133 | 31 |  |  | 164 |
| &nbsp;&nbsp;Subtotal of nuclear decommissioning trusts<sup>4</sup> | 2984 | 1707 |  |  | 4691 |
| Total assets | 2996 | 1729 | 140 | (3) | 4862 |
| Liabilities at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivative contracts |  | 83 | 3 | (86) |  |
| Total liabilities |  | 83 | 3 | (86) |  |
| Net assets | $2996 | $1646 | $137 | $83 | $4862 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| (in millions) | Level 1 | Level 2 | Level 3 | Netting<br>and<br>Collateral<sup>1</sup> | Total |
| Assets at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivative contracts | $— | $1 | $212 | $(1) | $212 |
| &nbsp;&nbsp;&nbsp;Other |  | 22 |  |  | 22 |
| &nbsp;&nbsp;&nbsp;Nuclear decommissioning trusts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks<sup>2</sup> | 1631 |  |  |  | 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income<sup>3</sup> | 975 | 1618 |  |  | 2593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, primarily cash equivalents | 128 | 39 |  |  | 167 |
| &nbsp;&nbsp;Subtotal of nuclear decommissioning trusts<sup>4</sup> | 2734 | 1657 |  |  | 4391 |
| Total assets | 2734 | 1680 | 212 | (1) | 4625 |
| Liabilities at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivative contracts |  | 47 |  | (47) |  |
| Total liabilities |  | 47 |  | (47) |  |
| Net assets | $2734 | $1633 | $212 | $46 | $4625 |

---

<sup>1</sup>Represents the netting of assets and liabilities under master netting agreements and cash collateral.

<sup>2</sup>Approximately 72% and 75% of SCE's equity investments were in companies located in the United States at September 30, 2025 and December 31, 2024, respectively.

<sup>3</sup>Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $61 million and $94 million at September 30, 2025 and December 31, 2024, respectively.

<sup>4</sup>Excludes net payables of $216 million and $105 million at September 30, 2025 and December 31, 2024, respectively, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

*SCE Fair Value of Level 3*

The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Fair value of net assets at beginning of period | $179 | $79 | $212 | $91 |
| Sales |  | (1) |  | (1) |
| Settlements | (16) | 8 | (30) | 12 |
| Total realized/unrealized gains (losses)<sup>1</sup> | (26) | (49) | (45) | (65) |
| Fair value of net assets at end of period | $137 | $37 | $137 | $37 |

---

<sup>1</sup>Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.

There were no material transfers into or out of Level 3 during 2025 and 2024.

The following table sets forth the significant unobservable inputs used to determine fair value for Level 3 assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Fair Value<br>(in millions) | Fair Value<br>(in millions) | Significant<br>Unobservable<br>Input | Range<br>($ per MWh) | Weighted<br>Average<br>($ per MWh) |
| | Assets | Liabilities | Significant<br>Unobservable<br>Input | Range<br>($ per MWh) | Weighted<br>Average<br>($ per MWh) |
| September 30, 2025 |  |  |  |  |  |
| &nbsp;&nbsp;CRRs | $135 | $3 | CAISO CRR auction prices | $(19.88) - $28,322.72 | $27.79 |
| &nbsp;&nbsp;Fin Toll arrangements | 5 |  | Hourly Forecast Power Prices | 0.00 - 89.95 | 33.40 |
| December 31, 2024 |  |  |  |  |  |
| &nbsp;&nbsp;CRRs | $212 | $— | CAISO CRR auction prices | $(4.64) - $50,048.16 | $27.20 |

---

*Level 3 Fair Value Uncertainty*

For CRRs, increases or decreases in CAISO auction prices would result in higher or lower fair value, respectively.

For Fin Toll arrangements, the fair value measurements are sensitive to the spread between daily high and daily low hourly power prices. Increases or decreases in this spread would result in higher or lower fair value, respectively.

*Nuclear Decommissioning Trusts*

SCE's nuclear decommissioning trust investments include equity securities, U.S. treasury securities, and other fixed income securities. Equity and treasury securities are classified as Level 1 as fair value is determined by observable market prices in active or highly liquid and transparent markets. The remaining fixed income securities are classified as Level 2. There are no securities classified as Level 3 in the nuclear decommissioning trusts. See Note 10 for more information on nuclear decommissioning trusts.

*Edison International Parent and Other*

Edison International Parent and Other assets measured at fair value and classified as Level 1 consisted of money market funds of $51 million and $101 million at September 30, 2025 and December 31, 2024, respectively. Assets measured at fair value and classified as Level 2 were immaterial at September 30, 2025 and December 31, 2024, respectively. There were no securities classified as Level 3 for Edison International Parent and Other at September 30, 2025 and December 31, 2024, respectively.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

***Fair Value of Debt Recorded at Carrying Value***

The carrying value and fair value of Edison International's and SCE's long-term debt (including the current portion of long-term debt) are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | September 30, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2024 |
| (in millions) | Carrying<br>Value<sup>1</sup> | Fair<br>Value<sup>2</sup> | Carrying<br>Value<sup>1</sup> | Fair<br>Value<sup>2</sup> |
| Edison International | $36378 | $34014 | $35583 | $33160 |
| SCE | 31565 | 29086 | 30515 | 27994 |

---

<sup>1</sup>Carrying value is net of debt issuance costs.

<sup>2</sup>The fair value of long-term debt is classified as Level 2.

**Note 5. Debt and Credit Agreements**

***Long-Term Debt***

During the nine months ended September 30, 2025, SCE issued the following first and refunding mortgage bonds:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Month of Issuance | Rate | Maturity Date | Amount <br>(in millions) |
| Series 2025A | January 2025 | 5.45% | 2035 | $850 |
| Series 2025B | January 2025 | 5.90% | 2055 | 650 |
| Series 2025C | March 2025 | 5.25% | 2030 | 850 |
| Series 2025D | March 2025 | 6.20% | 2055 | 650 |
| Total |  |  |  | $3000 |

---

The proceeds were used to repay commercial paper borrowings and for general corporate purposes.

In March 2025, Edison International Parent issued $550 million of 6.25% senior notes due in 2030. The proceeds were used to repay commercial paper and for general corporate purposes.

***Credit Agreements and Short-Term Debt***

The following table summarizes the status of the credit facilities at September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions, except for rates) | (in millions, except for rates) | (in millions, except for rates) | (in millions, except for rates) | (in millions, except for rates) | (in millions, except for rates) | (in millions, except for rates) |
| Borrower | Termination Date | Secured Overnight Financing Rate ("SOFR") Plus (bps) | Commitment | Outstanding Borrowings | Outstanding Letters of Credit | Amount Available |
| Edison International Parent<sup>1, 3</sup> | May 2029 | 128 | $1500 | $662 | $— | $838 |
| SCE<sup>2, 3</sup> | May 2029 | 108 | 3350 | 1227 | 2 | 2121 |
| Total Edison International | Total Edison International | Total Edison International | $4850 | $1889 | $2 | $2959 |

---

<sup>1</sup>At September 30, 2025, Edison International Parent had $660 million outstanding commercial paper, net of a $2 million discount, at a weighted-average interest rate of 4.63%.

<sup>2</sup>At September 30, 2025, SCE had $1.2 billion outstanding commercial paper, net of a $8 million discount, at a weighted-average interest rate of 4.81%.

<sup>3</sup>The aggregate maximum principal amount under the SCE and Edison International Parent revolving credit facilities may be increased up to $4.0 billion and $2.0 billion, respectively, provided that additional lender commitments are obtained. In May 2025, Edison International Parent and SCE amended their credit facilities to extend the maturity date to May 2029.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

***Uncommitted Letters of Credit***

SCE entered into agreements with certain lenders for bilateral unsecured standby letters of credit ("SBLC") with a total capacity of $660 million that is uncommitted and supported by reimbursement agreements. The SBLCs are not subject to any collateral or security requirements. At September 30, 2025, SCE had $193 million outstanding under these agreements, which expire between October 2025 and November 2026.

**Note 6. Derivative Instruments**

Derivative financial instruments are used to manage exposure to commodity price risk resulting from SCE's electricity, natural gas and resource adequacy procurement activities. The risks of fluctuating commodity prices are managed in part by entering into forward commodity transactions, including options, swaps, futures, and Fin Toll arrangements. To mitigate credit risk from counterparties in the event of nonperformance, master netting agreements are used whenever possible, and counterparties may be required to pledge collateral depending on the creditworthiness of each counterparty and the risk associated with the transaction.

Certain power and gas contracts contain a provision that requires SCE to maintain an investment grade rating from the major credit rating agencies, referred to as a credit-risk-related contingent feature. If SCE's credit rating were to fall below investment grade, SCE may be required to post additional collateral to cover derivative liabilities and the related outstanding payables. The fair value of these derivative contracts and any related collateral were immaterial as of September 30, 2025 and December 31, 2024.

SCE presents its derivative assets and liabilities, recorded at fair value, on a net basis on its condensed consolidated balance sheets when subject to master netting agreements or similar agreements. Derivative positions are also offset against margin and cash collateral deposits. See Note 4 for a discussion of fair value of derivative instruments.

The following table summarizes the gross and net fair values of SCE's commodity derivative instruments:

---

| | | |
|:---|:---|:---|
| | September 30, 2025 | September 30, 2025 |
| (in millions) | Derivative Assets<br>Short-Term<sup>1</sup> | Derivative Liabilities<br>Short-Term<sup>2</sup> |
| Commodity derivative contracts |  |  |
| &nbsp;&nbsp;&nbsp;Gross amounts recognized | $140 | $86 |
| &nbsp;&nbsp;&nbsp;Gross amounts offset in the condensed consolidated balance sheets | (3) | (3) |
| &nbsp;&nbsp;&nbsp;Cash collateral posted |  | (83) |
| Net amounts presented in the condensed consolidated balance sheets | $137 | $— |

---

---

| | | |
|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 |
| (in millions) | Derivative Assets<br>Short-Term<sup>1</sup> | Derivative Liabilities<br>Short-Term<sup>2</sup> |
| Commodity derivative contracts |  |  |
| &nbsp;&nbsp;&nbsp;Gross amounts recognized | $213 | $47 |
| &nbsp;&nbsp;&nbsp;Gross amounts offset in the condensed consolidated balance sheets | (1) | (1) |
| &nbsp;&nbsp;&nbsp;Cash collateral posted |  | (46) |
| Net amounts presented in the condensed consolidated balance sheets | $212 | $— |

---

<sup>1</sup>Included in "Other current assets" on SCE's condensed consolidated balance sheets.

<sup>2</sup>Included in "Other current liabilities" on SCE's condensed consolidated balance sheets.

At September 30, 2025, SCE posted $114 million of cash collateral, of which $83 million was offset against derivative liabilities and $31 million was reflected in "Other current assets" on SCE's condensed consolidated balance sheets. At December 31, 2024, SCE posted $74 million of cash collateral, of which $46 million was offset against derivative liabilities and $28 million was reflected in "Other current assets" on the condensed consolidated balance sheets.

***Financial Statement Impact of Derivative Instruments***

SCE recognizes realized gains and losses on derivative instruments as purchased power expense and unrealized gains and losses as regulatory assets or liabilities. Both realized and unrealized gains and losses are expected to be refunded to or

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

recovered from customers and therefore do not affect earnings. Cash flows from derivative activities, including cash collateral, are reported in cash flows from operating activities in SCE's condensed consolidated statements of cash flows.

The following table summarizes the gains/(losses) of SCE's economic hedging activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Realized | $(37) | $(187) | $(81) | $(313) |
| Unrealized | (122) | (19) | (111) | (56) |

---

***Notional Volumes of Derivative Instruments***

The following table summarizes the notional volumes of derivatives used for SCE's economic hedging activities:

---

| | | | |
|:---|:---|:---|:---|
| Commodity | Unit of<br>Measure | Economic Hedges | Economic Hedges |
| Commodity | Unit of<br>Measure | September 30, 2025 | December 31, 2024 |
| Electricity options, swaps and forwards | Gigawatt hours | 5679 | 3295 |
| Natural gas options, swaps and forwards | Billion cubic feet | 8 | 4 |
| Congestion revenue rights | Gigawatt hours | 4973 | 8141 |
| Fin Toll arrangements | Gigawatt hours | 236 |  |

---

**Note 7. Revenue**

The following table is a summary of SCE's revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended<br>September 30, | Nine months ended<br>September 30, |
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Revenue from contracts with customers<sup>1</sup> |  |  |  |  |
| Commercial | $2558 | $2731 | $5980 | $6132 |
| Residential | 2478 | 2845 | 5563 | 5770 |
| Other | 807 | 987 | 2222 | 2532 |
| Total revenue from contracts with customer<sup>2</sup> | 5843 | 6563 | 13765 | 14434 |
| Alternative revenue program and other<sup>3</sup> | (103) | (1375) | 309 | (858) |
| Total operating revenue | $5740 | $5188 | $14074 | $13576 |

---

<sup>1</sup>The revenue requirement in the 2025 GRC final decision are retroactive to January 1, 2025. SCE recorded the impact of the 2025 GRC decision in the third quarter of 2025, including $418 million related to the six-month period ended June 30, 2025.

<sup>2</sup>At September 30, 2025 and December 31, 2024, SCE's receivables related to contracts from customers were $3.2 billion and $2.9 billion, respectively, which include accrued unbilled revenue of $1.2 billion and $845 million, respectively.

<sup>3</sup>Includes differences between revenues from contracts with customers and authorized levels for certain CPUC and FERC revenues.

***Deferred Revenue***

As of September 30, 2025, SCE has deferred revenue of $344 million related to the sale of the use of transfer capability of West of Devers transmission line, of which $13 million and $331 million are included in "Other current liabilities" and "Other deferred credits and other long-term liabilities," respectively, on SCE's condensed consolidated balance sheets. The deferred revenue is amortized straight-line over the period of 30 years starting in 2021.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**Note 8. Income Taxes**

***Effective Tax Rate***

The table below provides a reconciliation of income tax expense computed at the federal statutory income tax rate to the income tax provision:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Edison International: |  |  |  |  |
| Income from operations before income taxes | $1063 | $645 | $3387 | $1152 |
| Provision for income tax at federal statutory rate of 21% | 223 | 136 | 711 | 242 |
| Increase (decrease) in income tax from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State tax, net of federal tax effect | 43 | 12 | 134 | (18) |
| &nbsp;&nbsp;&nbsp;Property-related | (72) | (78) | (198) | (195) |
| &nbsp;&nbsp;&nbsp;Other | (19) | (2) | (38) | (15) |
| Total income tax expense | $175 | $68 | $609 | $14 |
| Effective tax rate | 16.5% | 10.5% | 18.0% | 1.2% |
| SCE: |  |  |  |  |
| Income from operations before income taxes | $1162 | $736 | $3741 | $1413 |
| Provision for income tax at federal statutory rate of 21% | 244 | 155 | 786 | 297 |
| Increase (decrease) in income tax from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State tax, net of federal tax effect | 50 | 18 | 156 |  |
| &nbsp;&nbsp;&nbsp;Property-related | (72) | (78) | (198) | (195) |
| &nbsp;&nbsp;&nbsp;Other | (19) |  | (39) | (8) |
| Total income tax expense | $203 | $95 | $705 | $94 |
| Effective tax rate | 17.5% | 12.9% | 18.8% | 6.7% |

---

The CPUC requires flow-through ratemaking treatment for the current tax benefit arising from certain property-related and other temporary differences which reverse over time. Flow-through items reduce current authorized revenue requirement in SCE's rate cases and result in a regulatory asset for recovery of deferred income taxes in future periods. The difference between the authorized amounts as determined in SCE's rate cases, adjusted for balancing and memorandum account activities, and the recorded flow-through items also result in increases or decreases in regulatory assets with a corresponding impact on the effective tax rate to the extent that recorded deferred amounts are expected to be recovered in future rates. For further information, see Note 11.

Under the IRA, SCE generated investment tax credits of approximately $231 million in 2024 related to utility owned storage projects and $29 million in nuclear production tax credits. In the third quarter of 2025, SCE monetized the majority of these credits for $236 million. SCE expects to pass the proceeds, net of transaction fees, back to customers.

***Tax Disputes***

The tax years that remain open for examination by the IRS and the California Franchise Tax Board are 2021 – 2023, and 2013 – 2018 & 2020 – 2023, respectively.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**Note 9. Compensation and Benefit Plans**

***Pension Plans***

Net periodic pension expense components are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Edison International: |  |  |  |  |
| Service cost | $23 | $24 | $69 | $72 |
| Non-service cost (benefit) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest cost | 48 | 44 | 144 | 132 |
| &nbsp;&nbsp;&nbsp;Expected return on plan assets | (58) | (58) | (174) | (176) |
| &nbsp;&nbsp;Amortization of net loss<sup>1</sup> | 1 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Regulatory adjustment | (8) | (5) | (23) | (15) |
| &nbsp;&nbsp;Total non-service benefit<sup>2</sup> | (17) | (19) | (51) | (57) |
| Total expense | $6 | $5 | $18 | $15 |
| SCE: |  |  |  |  |
| Service cost | $23 | $24 | $69 | $72 |
| Non-service cost (benefit) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest cost | 45 | 41 | 134 | 122 |
| &nbsp;&nbsp;&nbsp;Expected return on plan assets | (55) | (56) | (165) | (166) |
| &nbsp;&nbsp;Amortization of net loss<sup>1</sup> |  | 1 |  | 2 |
| &nbsp;&nbsp;&nbsp;Regulatory adjustment | (8) | (5) | (23) | (15) |
| &nbsp;&nbsp;Total non-service benefit<sup>2</sup> | (18) | (19) | (54) | (57) |
| Total expense | $5 | $5 | $15 | $15 |

---

<sup>1</sup>Represents the amount of net loss reclassified from other comprehensive loss.

<sup>2</sup>Included in "Other Income, net" on Edison International's and SCE's condensed consolidated statements of income.

***Postretirement Benefits Other Than Pensions ("PBOP")***

Net periodic PBOP expense components for Edison International and SCE are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Service cost | $3 | $3 | $9 | $9 |
| Non-service cost (benefit) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest cost | 10 | 9 | 30 | 27 |
| &nbsp;&nbsp;&nbsp;Expected return on plan assets | (27) | (28) | (81) | (84) |
| &nbsp;&nbsp;&nbsp;Amortization of net gain | (20) | (24) | (60) | (72) |
| &nbsp;&nbsp;&nbsp;Regulatory adjustment | 34 | 40 | 102 | 120 |
| &nbsp;&nbsp;Total non-service benefit<sup>1</sup> | (3) | (3) | (9) | (9) |
| Total expense | $— | $— | $— | $— |

---

<sup>1</sup>Included in "Other income, net" on Edison International's and SCE's condensed consolidated statements of income.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**Note 10. Investments** 

Future decommissioning costs related to SCE's nuclear assets are expected to be funded from independent decommissioning trusts.

The following table sets forth amortized cost and fair value of the trust investments (see Note 4 for a discussion on fair value of the trust investments):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Amortized Costs | Amortized Costs | Fair Values | Fair Values |
| (in millions) | Longest<br>Maturity Dates | September 30,<br>2025 | December 31,<br>2024 | September 30,<br>2025 | December 31,<br>2024 |
| Municipal bonds | 2067 | $738 | $729 | $911 | $860 |
| Government and agency securities | 2074 | 1193 | 1201 | 1401 | 1341 |
| Corporate bonds | 2072 | 320 | 346 | 381 | 392 |
| Short-term investments and receivables/(payables)<sup>1</sup> | One-year | 143 | 152 | (52) | 62 |
| Total debt securities and other |  | $2394 | $2428 | 2641 | 2655 |
| Equity securities |  |  |  | 1834 | 1631 |
| Total<sup>2</sup> |  |  |  | $4475 | $4286 |

---

<sup>1</sup>As of September 30, 2025 and December 31, 2024, short-term investments included $11 million and $18 million of repurchase agreement payable by financial institutions which earned interest, were fully secured by U.S. Treasury securities, and mature by October 1, 2025 and January 2, 2025, respectively.

<sup>2</sup>Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $436 million and $373 million as of September 30, 2025 and December 31, 2024, respectively.

Trust fund earnings (based on specific identification) increase the trust fund balance and the ARO regulatory liability. Unrealized holding gains, net of losses, were $1.9 billion and $1.7 billion at September 30, 2025 and December 31, 2024, respectively.

The following table summarizes the gains and losses for the trust investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Gross realized gains | $36 | $84 | $82 | $186 |
| Gross realized losses | (8) | (8) | (14) | (22) |
| Net unrealized gains for equity securities | 104 | 31 | 190 | 116 |

---

Due to regulatory mechanisms, changes in the assets of the trusts from income or loss items do not materially affect earnings.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**Note 11. Regulatory Assets and Liabilities**

***Regulatory Assets***

SCE's regulatory assets included on the condensed consolidated balance sheets are:

---

| | | |
|:---|:---|:---|
| (in millions) | September 30,<br>2025 | December 31,<br>2024 |
| Current: |  |  |
| &nbsp;&nbsp;&nbsp;Regulatory balancing and memorandum accounts | $2669 | $2723 |
| &nbsp;&nbsp;&nbsp;Other | 34 | 25 |
| Total current | 2703 | 2748 |
| Long-term: |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 6376 | 5982 |
| &nbsp;&nbsp;&nbsp;Unamortized investments, net of accumulated amortization | 124 | 115 |
| &nbsp;&nbsp;&nbsp;Unamortized losses on reacquired debt | 81 | 88 |
| &nbsp;&nbsp;&nbsp;Regulatory balancing and memorandum accounts | 2274 | 867 |
| &nbsp;&nbsp;&nbsp;Environmental remediation | 217 | 222 |
| &nbsp;&nbsp;&nbsp;Recovery assets | 1476 | 1512 |
| &nbsp;&nbsp;&nbsp;Other | 138 | 100 |
| Total long-term | 10686 | 8886 |
| Total regulatory assets | $13389 | $11634 |

---

For more information, see Note 11 of the 2024 Form 10-K.

***Regulatory Liabilities***

SCE's regulatory liabilities included on the condensed consolidated balance sheets are:

---

| | | |
|:---|:---|:---|
| (in millions) | September 30,<br>2025 | December 31,<br>2024 |
| Current: |  |  |
| &nbsp;&nbsp;&nbsp;Regulatory balancing and memorandum accounts | $1017 | $1144 |
| &nbsp;&nbsp;&nbsp;Energy derivatives | 54 | 165 |
| &nbsp;&nbsp;&nbsp;Other | 38 | 38 |
| Total current | 1109 | 1347 |
| Long-term: |  |  |
| &nbsp;&nbsp;&nbsp;Costs of removal | 2693 | 2520 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 2143 | 2163 |
| &nbsp;&nbsp;&nbsp;Recoveries in excess of ARO liabilities | 1982 | 1748 |
| &nbsp;&nbsp;&nbsp;Regulatory balancing and memorandum accounts | 2175 | 2023 |
| &nbsp;&nbsp;&nbsp;Pension and other postretirement benefits | 1708 | 1690 |
| &nbsp;&nbsp;&nbsp;Other | 35 | 15 |
| Total long-term | 10736 | 10159 |
| Total regulatory liabilities | $11845 | $11506 |

---

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

***Net Regulatory Balancing and Memorandum Accounts***

The following table summarizes the significant components of regulatory balancing and memorandum accounts included in the above tables of regulatory assets and liabilities:

---

| | | |
|:---|:---|:---|
| (in millions) | September 30,<br>2025 | December 31,<br>2024 |
| Asset (liability) |  |  |
| &nbsp;&nbsp;&nbsp;Energy procurement related costs | $325 | $(97) |
| &nbsp;&nbsp;&nbsp;Public purpose and energy efficiency | (2189) | (1708) |
| &nbsp;&nbsp;GRC related balancing accounts<sup>1</sup> | 1188 | 976 |
| &nbsp;&nbsp;&nbsp;FERC related balancing accounts | 48 | 125 |
| &nbsp;&nbsp;Wildfire risk mitigation and insurance<sup>2</sup> | 151 | 741 |
| &nbsp;&nbsp;TKM Settlement cost recovery<sup>3</sup> | 1619 |  |
| &nbsp;&nbsp;Wildfire and drought restoration<sup>4</sup> | 291 | 238 |
| &nbsp;&nbsp;&nbsp;Tax accounting memorandum account | (72) | (40) |
| &nbsp;&nbsp;&nbsp;Other | 390 | 188 |
| Assets, net of liabilities | $1751 | $423 |

---

<sup>1 &nbsp;&nbsp;&nbsp;&nbsp;</sup>The GRC related balancing accounts primarily consist of the base revenue requirement balancing account ("BRRBA"), the vegetation management balancing account ("VMBA"), the Wildfire Risk Mitigation balancing account ("WRMBA") and the risk management balancing account ("RMBA").

<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>The 2025 GRC decision approved the establishment of a two-way Grid Hardening Balancing Account to track the difference between the actual TUG program costs up to the approved mile limit and the authorized amounts, with spending in excess of 110% of authorized amounts subject to reasonableness review. Additionally, the final decision authorized SCE to establish a memorandum account to track and record capital expenditures above the amounts authorized to support SCE's grid readiness for future transportation electrification demand, with cost recovery subject to reasonableness review.

<sup>2 &nbsp;&nbsp;&nbsp;&nbsp;</sup>The wildfire risk mitigation and insurance regulatory assets represent wildfire-related costs that are probable of future recovery from customers, subject to a reasonableness review. The Wildfire Expense Memorandum Account ("WEMA") is used to track incremental wildfire insurance costs and uninsured wildfire-related financing, legal and claim costs related to the Other Wildfire Events that SCE believes are probable of recovery. See Note 12 for further details. The Wildfire Mitigation Plan Memorandum Account is used to track costs incurred to implement SCE's wildfire mitigation plan that are not currently reflected in SCE's revenue requirements. The Fire Risk Mitigation Memorandum Account is used to track costs related to the reduction of fire risk that are incremental to costs approved for recovery in SCE's GRCs that are not tracked in any other wildfire-related memorandum account.

<sup>3 &nbsp;&nbsp;&nbsp;&nbsp;</sup>Cost recoveries authorized under the TKM Settlement Agreement. See Note 12 for more information.

<sup>4 &nbsp;&nbsp;&nbsp;&nbsp;</sup>The wildfire and drought restoration regulatory assets represent restoration costs that are recorded in a Catastrophic Event Memorandum Account.

**Note 12. Commitments and Contingencies**

***Indemnities***

Edison International and SCE have agreed to provide indemnifications through contracts entered into in the normal course of business. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, indemnities for specified environmental liabilities and income taxes or other contractual arrangements. Edison International's and SCE's obligations under these agreements may or may not be limited in terms of time and/or amount, and in some instances Edison International and SCE may have recourse against third parties. Edison International and SCE have not recorded a liability related to these indemnities. The overall maximum amount of the obligations under these indemnifications cannot be reasonably estimated.

***Contingencies***

In addition to the matters disclosed in these Notes, Edison International and SCE are involved in other legal, tax, and regulatory proceedings before various courts and governmental agencies regarding matters arising in the ordinary course of business. Edison International and SCE believe the outcome of each of these other proceedings will not materially affect its financial position, results of operations and cash flows. Legal costs expected to be incurred by Edison International and SCE in connection with loss contingencies are expensed as incurred.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

*Southern California Wildfires and Mudslides*

Unprecedented weather conditions in California due to climate change have contributed to wildfires, including those where SCE's equipment has been alleged to be associated with the fire's ignition, that have caused loss of life and substantial damage in SCE's service area, including as recently as January 2025.

Numerous claims related to wildfire events have been initiated against SCE and Edison International. Edison International and SCE have, or may, incur material losses in connection with the 2017/2018 Wildfire/Mudslide Events, the Other Wildfire Events that are described below, and the January 2025 Eaton Fire. Of the Other Wildfire Events described below, only the 2017 Creek Fire ignited prior to the adoption of AB 1054 in July 2019. SCE's equipment has been, and may further be, alleged to be associated with other wildfires that have originated in Southern California, and SCE's service area remains susceptible to additional wildfire activity.

Liability Overview

The extent of legal liability for wildfire-related damages in actions against utilities depends on a number of factors, including whether the utility substantially caused or contributed to the damages and whether parties seeking recovery of damages will be required to show negligence in addition to causation. California courts have previously found utilities to be strictly liable for property damage along with associated interest and attorneys' fees, regardless of fault, by applying the theory of inverse condemnation when a utility's facilities were determined to be a substantial cause of a wildfire that caused the property damage. If inverse condemnation is held to be inapplicable to SCE in connection with a wildfire, SCE still could be held liable for property damages and associated interest if the property damages were found to have been proximately caused by SCE's negligence. If SCE were to be found negligent, SCE could also be held liable for, among other things, fire suppression costs, business interruption losses, evacuation costs, clean-up costs, medical expenses, and personal injury/wrongful death claims, including claims for non-economic damages. Additionally, SCE could potentially be subject to fines and penalties for alleged violations of CPUC rules and state laws investigated in connection with the ignition of a wildfire.

While investigations into the cause of a wildfire event are conducted by one or more fire agencies, fire agency findings do not determine legal causation of or assign legal liability for a wildfire event. Final determinations of legal causation and liability for wildfire events, including determinations of whether SCE was negligent, would only be made during lengthy and complex litigation processes, and settlements may be reached before determinations of legal liability are ever made. Even when investigations are still pending or legal liability is disputed, an assessment of likely outcomes, including through future settlement of disputed claims, may require estimated losses to be accrued under accounting standards. Each reporting period, management reviews its loss estimates for remaining alleged and potential claims related to wildfire events. The process for estimating losses associated with alleged and potential wildfire related claims requires management to exercise significant judgment based on a number of assumptions and subjective factors, including, but not limited to: estimates of known and expected claims by third parties based on currently available information, opinions of counsel regarding litigation risk, the status of and developments in the course of litigation, and prior experience litigating and settling wildfire litigation claims. As additional information becomes available, management's estimates and assumptions regarding the causes and financial impact of wildfire events may change. Actual losses incurred may be higher or lower than estimated based on several factors, including the uncertainty in estimating damages that have been or may be alleged and in estimating settlement outcomes.

Estimates and Assumptions

Edison International and SCE may incur a material loss in excess of amounts accrued in connection with the remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events and Other Wildfire Events. Due to the number of uncertainties and possible outcomes related to the 2017/2018 Wildfire/Mudslide Events and the Other Wildfire Events litigation, Edison International and SCE cannot estimate the upper end of the range of reasonably possible losses that may be incurred in connection with the 2017/2018 Wildfire/Mudslide Events or the Other Wildfire Events.

Estimated losses for wildfire litigation are based on a number of assumptions and are subject to change as additional information becomes available. Actual losses incurred may be higher or lower than estimated based on several factors, including the uncertainty in estimating damages that have been or may be alleged and uncertainty in estimating settlement outcomes. For instance, SCE receives additional information with respect to damages claimed as claims mediation and trial processes progress. Other factors that can cause actual losses incurred to be higher or lower than estimated include the ability to reach settlements and the outcomes of settlements reached through claims mediation processes, uncertainties related to the impact of outcomes of wildfire litigation against other parties and increasingly negative jury sentiments in general litigation, uncertainties related to the sufficiency of insurance held by plaintiffs, uncertainties related to litigation processes, including whether plaintiffs will ultimately pursue claims, uncertainty as to the legal and factual determinations to be made during litigation, including uncertainty as to the contributing causes of wildfire events, the complexities associated with fires that merge, as applicable for the Thomas and Koenigstein Fires, and, for the Montecito Mudslides,

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

whether inverse condemnation will be held applicable to SCE with respect to damages caused by the mudslides, and the uncertainty as to how these factors impact future settlements.

Litigation

*2017/2018 Wildfire/Mudslide Events*

Wildfires in SCE's service area in December 2017 and November 2018 caused loss of life, substantial damage to both residential and business properties, and service outages for SCE customers. The investigating government agencies, the Ventura County Fire Department ("VCFD") and CAL FIRE, have determined that the largest of the 2017 fires in SCE's service area originated on December 4, 2017, in the Anlauf Canyon area of Ventura County, followed shortly thereafter by a second fire that originated near Koenigstein Road in the City of Santa Paula. According to CAL FIRE, the Thomas and Koenigstein Fires, collectively, burned over 280,000 acres, destroyed or damaged an estimated 1,343 structures and resulted in two confirmed fatalities. The largest of the November 2018 fires in SCE's service area, the Woolsey Fire, originated in Ventura County. According to CAL FIRE, the Woolsey Fire burned almost 100,000 acres, destroyed an estimated 1,643 structures, damaged an estimated 364 structures and resulted in three confirmed fatalities. Four additional fatalities are alleged to have been associated with the Woolsey Fire.

Multiple lawsuits related to the Thomas and Koenigstein Fires and the Woolsey Fire have been initiated against SCE and Edison International. Some of the Thomas and Koenigstein Fires lawsuits claim that SCE and Edison International have responsibility for the damages caused by debris flows and flooding in Montecito and surrounding areas in January 2018 based on a theory alleging that SCE has responsibility for the Thomas and/or Koenigstein Fires and further alleging that the Thomas and/or Koenigstein Fires proximately caused the Montecito Mudslides. According to Santa Barbara County initial reports, the Montecito Mudslides destroyed an estimated 135 structures, damaged an estimated 324 structures, and resulted in 21 confirmed fatalities, with two additional fatalities presumed but not officially confirmed.

The lawsuits related to the 2017/2018 Wildfire/Mudslide Events naming SCE as a defendant have been filed by three categories of plaintiffs: individual plaintiffs, subrogation plaintiffs and public entity plaintiffs. A number of the lawsuits also name Edison International as a defendant and some of the lawsuits were filed as purported class actions. As of October 21, 2025, in addition to the outstanding claims of approximately 100 individual plaintiffs, there were alleged and potential claims of certain public entity plaintiffs, including CAL OES, outstanding. SCE has settled all fire suppression claims and subrogation plaintiffs' claims related to the 2017/2018 Wildfire/Mudslide Events, except for one indemnification claim.

In January 2019, SCE filed a cross-complaint against certain local public entities alleging that failures by these entities, such as failure to adequately plan for flood hazards and build and maintain adequate debris basins, roads, bridges and other channel crossings, among other things, caused, contributed to or exacerbated the losses that resulted from the Montecito Mudslides. Some of SCE's cross-claims are still outstanding.

The litigation could take a number of years to be completely resolved because of the complexity of the matters and number of plaintiffs. As of October 21, 2025, SCE has entered into settlements with approximately 13,700 individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events litigation. The statutes of limitations for individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events have expired.

In October 2021, SCE and the SED executed an agreement to resolve the SED's investigations into the 2017/2018 Wildfire/Mudslide Events and three other 2017 wildfires for, among other things, aggregate costs of $550 million. The $550 million in costs was composed of a $110 million fine to be paid to the State of California General Fund, $65 million of shareholder-funded safety measures, and an agreement by SCE to waive its right to seek cost recovery in CPUC-jurisdictional rates for $125 million and $250 million of third-party uninsured claims payments (and related financing costs) in the TKM litigation and the Woolsey Fire litigation, respectively. The SED Agreement provides that SCE may, on a permanent basis, exclude from its ratemaking capital structure any after-tax charges to equity or debt borrowed to finance costs incurred under the SED Agreement. The SED Agreement also imposes other obligations on SCE, including reporting requirements and safety-focused studies. SCE did not admit imprudence, negligence, or liability with respect to the 2017/2018 Wildfire/Mudslide Events in the SED Agreement.

*2017 Creek Fire*

The "Creek Fire" originated near Sylmar in Los Angeles County in December 2017 and burned approximately 16,000 acres, destroyed an estimated 123 structures, damaged an estimated 81 structures, and resulted in 3 civilian injuries. While the United States Forest Service's ("USFS") January 2018 report of investigation concluded that the Los Angeles Department of Water and Power ("LADWP") long-span transmission lines slapping together in high winds resulted in arcing and ignition of the fire, in August 2024, the USFS issued a supplemental report concluding that the fire was caused by SCE power lines. In 2023, the USFS dismissed its claim against LADWP and filed a claim against SCE to recover over $40 million for fire-suppression costs incurred by the USFS and environmental damage to U.S. lands. Multiple other

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

lawsuits related to the Creek Fire were also filed by individual plaintiffs and subrogation plaintiffs naming SCE as defendant. SCE has settled substantially all of the claims that were filed against it related to the Creek Fire and does not expect to incur additional losses in excess of amounts accrued for the Creek Fire.

*2019 Saddle Ridge Fire*

The "Saddle Ridge Fire," originated in Los Angeles County in October 2019 and burned approximately 9,000 acres, destroyed an estimated 19 structures, damaged an estimated 88 structures, and resulted in one fatality and injuries to eight fire fighters. In August 2023, SCE received a signed report of investigation from the LAFD, in which the LAFD stated with respect to the Saddle Ridge Fire that the cause of ignition was unintentional, the form of heat was undetermined, the item first ignited was undetermined and the material type first ignited was undetermined. The LAFD report noted that no other competent ignition sources other than SCE's transmission lines were found in the specific origin area of the Saddle Ridge Fire. The SED is conducting an investigation with respect to the Saddle Ridge Fire. Multiple lawsuits related to the Saddle Ridge Fire were filed by plaintiffs naming SCE as defendant. An inverse condemnation bench trial in the Saddle Ridge Fire litigation has been set for March 2026. Based on pending litigation and without considering insurance recoveries, it is reasonably possible that SCE will incur a material loss in connection with the Saddle Ridge Fire, but the range of reasonably possible losses that could be incurred cannot be estimated at this time. SCE has not determined that losses in connection with the Saddle Ridge Fire are probable and consequently has not accrued a charge for potential losses relating to the Saddle Ridge Fire.

*2020 Bobcat Fire*

The "Bobcat Fire" was reported in the vicinity of Cogswell Dam in Los Angeles County in September 2020. The USFS has reported that the Bobcat Fire burned approximately 116,000 acres in Los Angeles County, destroyed an estimated 87 homes, one commercial property and 83 minor structures, damaged an estimated 28 homes and 19 minor structures, and resulted in injuries to six firefighters. In addition, fire authorities have estimated suppression costs at approximately $80 million. An investigation into the cause of the Bobcat Fire was led by the USFS. In May 2023, SCE received a report of investigation from the USFS, in which the USFS finds that the Bobcat Fire was caused when an SCE electrical wire made contact with a tree limb. The SED has concluded its investigation of the Bobcat Fire and found no violations of its rules and regulations by SCE related to the Bobcat Fire. Multiple lawsuits related to the Bobcat Fire were filed by plaintiffs, including individual plaintiffs, subrogation plaintiffs and the United States of America, naming SCE as a defendant. SCE has settled substantially all of the claims that were filed against it related to the Bobcat Fire and does not expect to incur additional losses in excess of amounts accrued for the Bobcat Fire.

*2020 Silverado Fire*

The "Silverado Fire" originated in Orange County in October 2020 and burned over 12,000 acres. The Orange County Fire Authority ("OCFA"). OCFA jointly with CAL FIRE have reported that the Silverado Fire destroyed five structures, damaged nine other structures and resulted in two firefighter injuries. There were also four other structures damaged or destroyed. In addition, methane re-generation pipelines were destroyed and approximately 200 acres of avocado orchards were damaged in the fire. Fire authorities have estimated suppression costs at approximately $20 million. An investigation into the cause of the Silverado Fire was conducted by the OCFA and CAL FIRE. OCFA and CAL FIRE concluded in their October 2020 report of investigation that contact between an SCE conductor and a T-Mobile USA, Inc. ("T-Mobile") line resulted in ignition of the Silverado Fire. In 2024, SCE paid a fine of approximately $2 million imposed by the SED for failure to comply with maintenance requirements with respect to two conductors. Multiple lawsuits related to the Silverado Fire were filed by plaintiffs, including individual plaintiffs, subrogation plaintiffs, CAL FIRE, T-Mobile, County of Orange and Cal OES, naming SCE as a defendant. SCE has settled substantially all of the claims that were filed against it related to the Silverado Fire and does not expect to incur additional losses in excess of the amounts accrued for the Silverado Fire.

*2022 Coastal Fire* 

The "Coastal Fire" originated in Orange County in May 2022 and burned approximately 200 acres. The Orange County Fire Authority ("OCFA") has reported that the Coastal Fire destroyed 20 residential structures and damaged 11 residential structures. Two firefighters also reportedly sustained minor injuries. In addition, fire authorities have estimated suppression costs at approximately $3 million. While SCE's investigation remains ongoing, SCE's information reflects that an SCE circuit in the area experienced an anomaly (a relay) approximately 2 minutes prior to the reported time of the fire. An investigation into the cause of the Coastal Fire was led by the OCFA. The OCFA has retained SCE equipment in connection with its investigation. In September 2024, SCE received a report of investigation from the OCFA, in which the OCFA finds that the Coastal Fire was unintentionally caused by sparks from overhead SCE electrical equipment igniting vegetation under the equipment. The SED is conducting an investigation with respect to the Coastal Fire. SCE has settled subrogation plaintiff claims and claims brought by the County of Orange related to the Coastal Fire. Individual plaintiffs have also filed complaints against SCE related to the Coastal Fire. As of October 21, 2025, no trials are scheduled in the Coastal Fire litigation. SCE expects to obtain and review additional information and materials in the possession of third

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

parties during the course of its internal reviews and the litigation process. SCE has accrued charges for potential losses relating to the Coastal Fire.

*2022 Fairview Fire* 

The "Fairview Fire" originated in Riverside County in September 2022 and burned approximately 28,000 acres. CAL FIRE has reported that the Fairview Fire destroyed 22 residential structures, damaged five residential structures, and destroyed or damaged 17 minor structures. CAL FIRE also reported two civilian fatalities, one civilian injury and two injuries to responding fire personnel. In addition, fire authorities have estimated suppression costs at $39 million. While SCE's investigation remains ongoing, SCE's information reflects that an SCE circuit in the area experienced an anomaly (a relay) approximately 8 minutes prior to the reported start time of the fire. In November 2023, SCE received a report of investigation conducted by CAL FIRE, in which CAL FIRE finds that the Fairview Fire was caused when a sagging SCE electrical conductor came in contact with a communication line, causing sparks to fall and ignite surrounding vegetation. In March 2025, the SED issued a citation for approximately $2 million for violations of the SED's rules and regulations, including SCE's failure to comply with clearance requirements with respect to its electrical conductor. SCE has settled subrogation plaintiff claims related to the Fairview Fire. A jury trial in the Fairview Fire individual plaintiff litigation has been set for June 2026. SCE expects to obtain and review additional information and materials in the possession of third parties during the course of its internal reviews and the litigation process. SCE has accrued charges for potential losses relating to the Fairview Fire.

*2025 Eaton Fire* 

In January 2025, several wind-driven wildfires impacted portions of SCE's service area, causing loss of life, substantial damage and service outages for SCE customers. One of the largest of these wildfires, the "Eaton Fire," ignited in SCE's service area in Los Angeles County and spread under conditions of an extreme Santa Ana windstorm.

CAL FIRE has reported that the Eaton Fire burned approximately 14,000 acres and resulted in 18 civilian fatalities and 9 fire personnel injuries/illnesses. An additional fatality has also been reported to be attributed to the Eaton Fire. In addition, according to preliminary information provided by CAL FIRE, the Eaton Fire destroyed approximately 6,018 single residence structures, 3,146 other minor structures, 96 multiple residences and 158 mixed commercial/residential and nonresidential commercial structures; and damaged approximately 750 residential structures, 260 other minor structures, 28 multiple residences and 35 mixed commercial/residential and nonresidential commercial structures. Fire authorities have estimated suppression costs at approximately $100 million.

The Los Angeles County Fire Department is leading the investigation into the origin and cause of the Eaton Fire, with the assistance of CAL FIRE, and has identified a preliminary area of origin of the fire. SCE has transmission facilities in the preliminary area of origin. As part of its investigation, the Los Angeles County Fire Department initially requested that SCE preserve in-place its equipment in the preliminary area of origin. Subsequently, in coordination with the Los Angeles County Fire Department and other interested parties, SCE removed certain equipment as part of its investigation. The SED is also conducting an investigation with respect to the Eaton Fire.

Multiple lawsuits related to the Eaton Fire have been initiated against SCE. A number of the lawsuits also name Edison International as a defendant and some of the lawsuits were filed as purported class actions. As of October 21, 2025, SCE was aware of approximately 500 lawsuits representing approximately 6,500 individual plaintiffs, subrogation lawsuits, and lawsuits by public entity plaintiffs related to the Eaton Fire. A bellwether jury trial has been set for January 2027.

SCE's internal review into the facts and circumstances of the Eaton Fire is complex and ongoing. SCE's review includes ongoing inspections of its facilities and records and of third-party information and testing. While SCE has not conclusively determined that its equipment caused the ignition of the Eaton Fire, concerning circumstantial evidence suggests that a de-energized idle SCE transmission facility in the preliminary area of origin may have been associated with the ignition of the fire. Additionally, while SCE has not determined the mechanism of ignition of the Eaton Fire, it is not aware of evidence pointing to another possible source of ignition. Absent additional evidence, SCE believes that it is likely that its equipment could be found to have been associated with the ignition of the Eaton Fire and is pursuing settlement of claims through its Wildfire Recovery Compensation Program.

In September 2025, SCE entered into an agreement (the "Eaton Subrogation Settlement") with an insurance claimant in the Eaton Fire litigation (the "Subrogation Claimant"), under which SCE agreed to pay the Subrogation Claimant $0.52 for each dollar in claims paid or to be paid by the Subrogation Claimant to its policy holders, up to an agreed upon cap. The Subrogation Claimant had paid its policy holders an aggregate of approximately $500 million as of July 31, 2025. No admission of wrongdoing or liability was made in reaching the Eaton Subrogation Settlement, and the Subrogation Claimant agreed to release SCE and Edison International from all claims and potential claims related to or arising from the Eaton Fire. In the third quarter of 2025, SCE recorded $300 million in losses related to the Eaton Subrogation Settlement and will record additional amounts as they become estimable. In the third quarter of 2025, Edison International and SCE

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

also recorded expected recoveries from customer-funded wildfire self-insurance of $279 million and expected recoveries through FERC electric rates of $21 million related to the Eaton Subrogation Settlement.

In light of pending litigation, it is probable that Edison International and SCE will incur additional material losses in connection with the Eaton Fire. SCE expects to launch its Wildfire Recovery Compensation Program in the fall of 2025. Given SCE's ongoing review into the cause of the Eaton Fire and, among other things, the complexities associated with estimating damages, uncertainties related to the sufficiency of insurance held by plaintiffs and uncertainties related to litigation processes and participation in the Wildfire Recovery Compensation Program, Edison International and SCE are currently unable to reasonably estimate a range of losses that may be incurred.

Settlement of Claims

The following table presents settlements paid:

---

| | | | |
|:---|:---|:---|:---|
| (in millions) | Inception to September 30, 2025 | Three months ended September 30, 2025 | Nine months ended September 30, 2025 |
| 2017/2018 Wildfire/Mudslide Events | $9662 | $50 | $208 |
| Other Wildfire Events | 899 | 208 | 335 |
| Eaton Fire | 225 | 225 | 225 |
| Total | $10786 | $483 | $768 |

---

Edison International and SCE have not admitted wrongdoing or liability as part of any settlements related to the 2017/2018 Wildfire/Mudslide Events, the Other Wildfire Events, or the Eaton Fire. SCE continues to explore reasonable settlement opportunities with plaintiffs in outstanding wildfire litigation.

Loss Estimates

The following table presents changes in estimated losses since December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | 2017/2018 Wildfire/Mudslide Events | Other Wildfire Events | Eaton Fire | Total |
| Balance at December 31, 2024 | $426 | $575 | $— | $1001 |
| Increase in accrued estimated losses |  | 21 | 300 | 321 |
| Amounts paid | (208) | (335) | (225) | (768) |
| Balance at September 30, 2025 | $218 | $261 | $75 | $554 |

---

Edison International's and SCE's condensed consolidated balance sheets included fixed payments to be made under executed settlement agreements and accrued estimated losses presented in the tables below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | 2017/2018 Wildfire/Mudslide Events | Other Wildfire Events | Eaton Fire | Total |
| Current portion of wildfire-related claims liabilities<sup>1</sup> | $34 | $29 | $35 | $98 |
| Long term wildfire-related claims liabilities<sup>2</sup> | 184 | 232 | 40 | 456 |
| Total balance at September 30, 2025 | $218 | $261 | $75 | $554 |

---

---

| | | | |
|:---|:---|:---|:---|
| (in millions) | 2017/2018 Wildfire/Mudslide Events | Other Wildfire Events | Total |
| Current portion of wildfire-related claims liabilities<sup>1</sup> | $48 | $12 | $60 |
| Long term wildfire-related claims liabilities<sup>2</sup> | 378 | 563 | 941 |
| Total balance at December 31, 2024 | $426 | $575 | $1001 |

---

<sup>1</sup>At September 30, 2025, current liabilities related to 2017/2018 Wildfire/Mudslide Events consisted of $14 million of settlements executed and $20 million of short-term payables under the SED Agreement. At December 31, 2024, current liabilities related to 2017/2018 Wildfire/Mudslide Events consisted of $29 million of settlements executed and $19 million of short-term payables under the SED Agreement.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

<sup>2</sup>At September 30, 2025, long-term wildfire-related claims related to 2017/2018 Wildfire/Mudslide Events consisted of $27 million of long-term payables under the SED Agreement and $157 million of estimate of expected losses for remaining alleged and potential claims. At December 31, 2024, long-term wildfire-related claims related to 2017/2018 Wildfire/Mudslide Events consisted of $38 million of long-term payables under the SED Agreement and $340 million of estimate of expected losses for remaining alleged and potential claims.

Management reviews its loss estimates for remaining alleged and potential claims related to wildfire litigation quarterly. Edison International and SCE have accrued their best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events and at the low end of the estimated range of reasonably possible losses for the Other Wildfire Events as no amount within the range of reasonably possible losses for the Other Wildfire Events appears, at this time, to be a better estimate than any other amount within the range. While Edison International and SCE may incur a material loss in excess of the amounts accrued, they cannot estimate the upper end of the range of reasonably possible losses that may be incurred in connection with the 2017/2018 Wildfire/Mudslide Events or the Other Wildfire Events. The estimated losses for the 2017/2018 Wildfire/Mudslide Events do not include estimates of potential losses related to certain potential public entity plaintiff claims, including CAL OES's claim in the TKM litigation for which the statute of limitations has been tolled, as losses from these alleged and potential claims are not estimable at this time.

While SCE recorded estimable losses related to the Eaton Subrogation Settlement in the third quarter of 2025, Edison International and SCE are currently unable to reasonably estimate a range of losses that may be incurred in connection with the Eaton Fire.

For the three months ended September 30, 2025, SCE's condensed consolidated statements of income included wildfire-related claims, net of expected recoveries as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended September 30, 2025 | Three months ended September 30, 2025 | Three months ended September 30, 2025 | Three months ended September 30, 2025 |
| (in millions) | 2017/2018 Wildfire/Mudslide Events | Other Wildfire Events | Eaton Fire<sup>1</sup> | Total |
| Wildfire-related claims | $— | $— | $295 | $295 |
| Customer-funded wildfire self-insurance |  |  | (279) | (279) |
| Expected recoveries from FERC customers |  |  | (16) | (16) |
| Total pre-tax gain |  |  |  |  |
| Income tax expense |  |  |  |  |
| Total after-tax gain | $— | $— | $— | $— |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;In the third quarter of 2025, SCE recorded $300 million in losses related to the Eaton Subrogation Settlement, including accrued estimated losses. Of these accrued estimated losses, $5 million was deferred as a FERC regulatory asset, eligible to be included in FERC rates when the losses are paid. As a result, wildfire-related claims reported on SCE's condensed consolidated statements of income was $295 million for the three months ended September 30, 2025.

For the three months ended September 30, 2024, there were no wildfire-related claims, net of expected recoveries on SCE's condensed consolidated statements of income.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

For the nine months ended September 30, 2025 and 2024, SCE's condensed consolidated statements of income included wildfire-related claims, net of expected recoveries as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Nine months ended September 30, 2025 | Nine months ended September 30, 2025 | Nine months ended September 30, 2025 | Nine months ended September 30, 2025 |
| (in millions) | 2017/2018 Wildfire/Mudslide Events | Other Wildfire Events | Eaton Fire<sup>2</sup> | Total |
| Wildfire-related claims | $— | $21 | $295 | $316 |
| Expected recoveries from insurance and third parties<sup>1</sup> |  | (82) |  | (82) |
| Customer-funded wildfire self-insurance |  |  | (279) | (279) |
| Expected (recoveries from)/refund to CPUC customers | (1341) | 44 |  | (1297) |
| Expected (recoveries from)/refund to FERC customers |  | 3 | (16) | (13) |
| Total pre-tax gain | (1341) | (14) |  | (1355) |
| Income tax expense | 375 | 4 |  | 379 |
| Total after-tax gain | $(966) | $(10) | $— | $(976) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 |
| (in millions) | 2017/2018 Wildfire/Mudslide Events | Other Wildfire Events | Total |
| Wildfire-related claims | $490 | $184 | $674 |
| Expected recoveries from insurance and third parties<sup>3</sup> |  | (60) | (60) |
| Expected revenue from FERC customers | (27) | (7) | (34) |
| Total pre-tax charge | 463 | 117 | 580 |
| Income tax benefit | (130) | (33) | (163) |
| Total after-tax charge | $333 | $84 | $417 |

---

<sup>1</sup>For the nine months ended September 30, 2025, EIS, a wholly-owned subsidiary of Edison International, incurred $50 million insurance expense, which consisted of $47 million of wildfire claims and $3 million of related legal costs. Wildfire claims were included in the insurance recoveries of SCE, offset by reduction in expected recovery from CPUC and FERC customers, and was excluded from insurance recoveries of Edison International.

<sup>2</sup>In the third quarter of 2025, SCE recorded $300 million in losses related to the Eaton Subrogation Settlement, including accrued estimated losses. Of these accrued estimated losses, $5 million was deferred as a FERC regulatory asset, eligible to be included in FERC rates when the losses are paid. As a result, wildfire-related claims reported on SCE's condensed consolidated statements of income was $295 million for the nine months ended September 30, 2025.

<sup>3</sup>For the nine months ended September 30, 2024, EIS incurred $1 million insurance expense. This amount was included in the insurance recoveries of SCE but were excluded from those of Edison International.

In total, through September 30, 2025, SCE has recorded estimated losses of $11.4 billion, expected recoveries from insurance and third parties of $2.8 billion, expected recoveries through electric rates of $1.9 billion, and recoveries from customer-funded wildfire self-insurance of $300 million related to the 2017/2018 Wildfire/Mudslide Events, the Other Wildfire Events, and the Eaton Fire. The after-tax net charges to earnings recorded through September 30, 2025, have been $4.6 billion.

Recoveries

SCE has exhausted expected insurance recoveries related to the 2017/2018 Wildfire/Mudslide Events. Expected recoveries from insurance recorded for the Other Wildfire Events are supported by SCE's insurance coverage for multiple policy years. Edison International and SCE record a receivable for insurance recoveries when recovery of a recorded loss is determined to be probable.

Recovery of SCE's losses realized in connection with the Woolsey Fire and the Other Wildfire Events in excess of available insurance is subject to approval by regulators. The CPUC and FERC may not allow SCE to recover uninsured

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

losses through electric rates, including by requiring refund of amounts recovered, if it is determined that such losses were not prudently incurred. Under accounting standards for rate-regulated enterprises, SCE defers costs as regulatory assets in the period it concludes that such costs are probable of future recovery in electric rates. SCE utilizes objectively determinable evidence to form its view on the probability of future recovery.

While Edison International and SCE may incur material losses in excess of the amounts accrued for certain of the Other Wildfire Events, Edison International and SCE expect that additional losses incurred in connection with any such fire will be covered by insurance, subject to self-insured retentions and co-insurance, and expect that any such additional losses after expected recoveries from insurance and through electric rates will not be material.

The following table sets forth SCE's total recoveries received since inception and expected to receive as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | 2017/2018 Wildfire/Mudslide Events<sup>1</sup> | Other Wildfire Events | Eaton Fire | Total |
| Recoveries from insurance and third parties | $2000 | $800 | $— | $2800 |
| Customer-funded wildfire self-insurance |  |  | 279 | 279 |
| FERC recoveries | 440 | 22 | 21 | 483 |
| CPUC-RMBA recoveries |  | 12 |  | 12 |
| CPUC-WEMA deferral | 1341 | 96 |  | 1437 |
| Total | $3781 | $930 | $300 | $5011 |

---

<sup>1</sup>Recoveries related to the 2017/2018 Wildfire/Mudslide Events only includes TKM, because the Woolsey Settlement Agreement has not been approved by the CPUC.

The following tables summarize expected recoveries from insurance and third parties, and through electric rates as of September 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 |
| (in millions) | 2017/2018 Wildfire/Mudslide Events<sup>1</sup> | Other Wildfire Events | Eaton Fire | Total |
| Short-term receivables from customer-funded wildfire self-insurance | $— | $— | $279 | $279 |
| Long-term receivables from insurance and third parties |  | 319 |  | 319 |
| FERC related balancing accounts | 37 | 20 | 21 | 78 |
| CPUC-WEMA | 1341 | 96 |  | 1437 |
| Total | $1378 | $435 | $300 | $2113 |

---

---

| | | | |
|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| (in millions) | 2017/2018 Wildfire/Mudslide Events<sup>1</sup> | Other Wildfire Events | Total |
| Long-term receivables from insurance and third parties | $— | $434 | $434 |
| FERC related balancing accounts | 64 | 9 | 73 |
| CPUC-WEMA |  | 140 | 140 |
| Total | $64 | $583 | $647 |

---

<sup>1</sup>Recoveries related to the 2017/2018 Wildfire/Mudslide Events only includes TKM, because the Woolsey Settlement Agreement has not been approved by the CPUC.

For events that occurred in 2017 and early 2018, principally the Thomas and Koenigstein Fires and Montecito Mudslides, SCE had $1.0 billion of wildfire-specific insurance coverage, subject to a self-insured retention of $10 million per occurrence. For the Woolsey Fire, SCE had an additional $1.0 billion of wildfire-specific insurance coverage, subject to a self-insured retention of $10 million per occurrence. SCE recovered $2.0 billion from its insurance carriers in relation to

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

the claims related to the 2017/2018 Wildfire/Mudslide Events and $18 million related to the Creek Fire. Additional insurance was not available for the Creek Fire because wildfire insurance for the period in which the fire was ignited was almost fully exhausted as a result of the TKM litigation.

SCE has approximately $1.2 billion of wildfire-specific insurance coverage for events that occurred during the period June 1, 2019 through June 30, 2020, subject to up to $165 million of co-insurance and self-insured retention, which resulted in net coverage of approximately $1.0 billion.

SCE has approximately $1.0 billion of wildfire-specific insurance coverage for events that occurred during the period July 1, 2020 through June 30, 2021, subject to up to $130 million of self-insured retention and co-insurance per fire, which results in net coverage of approximately $870 million.

SCE has approximately $1.0 billion of wildfire-specific insurance coverage for events that occurred during the period July 1, 2021 through June 30, 2022, subject to up to $163 million of self-insured retention and co-insurance per fire, which resulted in net coverage of approximately $837 million.

SCE has approximately $1.0 billion of wildfire-specific insurance coverage for events that occurred during the period July 1, 2022 through June 30, 2023, subject to up to $63 million of self-insured retention and co-insurance per fire, which results in net coverage of approximately $937 million.

SCE has $1.0 billion of customer-funded self-insurance coverage available for wildfires ignited between January 1, 2025 and December 31, 2025, including the Eaton Fire, under its self-insurance program described below, up to a maximum possible contribution of $12.5 million. SCE has advised the administrator of the Wildfire Insurance Fund that it anticipates that future resolution of eligible claims arising from the Eaton Fire will require seeking reimbursement from the Initial Account.

SCE's wildfire insurance expense for the July 1, 2022 through June 30, 2023 policy period was approximately $450 million, of which $357 million was paid to commercial insurance carriers (commercial insurance carriers other than EIS are referred to herein as "Third-Party Commercial Insurers"). The difference between the Third-Party Commercial Insurer cost and total cost for the July 1, 2022 through June 30, 2023 policy period was paid in premiums to EIS (see Note 17 for further information). Wildfire insurance premiums paid for the July 1, 2022 through June 30, 2023 policy period are being recovered through customer rates. As a result of an EIS insurance policy amendment, in the first quarter of 2025, EIS recorded a $50 million wildfire insurance expense (by utilizing the premiums already collected as discussed above), and SCE recorded the corresponding insurance recovery from EIS, which reduced expected WEMA recoveries. On the Edison International consolidated statements of income, the EIS insurance expense is eliminated with SCE's insurance recovery from EIS.

In May 2023, the CPUC allowed SCE to establish an expanded self-insurance program for wildfire-related costs that will be funded through CPUC-jurisdictional rates, in lieu of obtaining wildfire liability insurance from the commercial insurance market. Beginning on July 1, 2023, SCE implemented its customer-funded wildfire self-insurance program. In 2023 and 2024 SCE collected $150 million and $300 million, respectively, through CPUC-jurisdictional rates in support of SCE's customer-funded wildfire self-insurance program.

In July 2024, the CPUC issued a decision in the 2025 GRC proceeding authorizing this self-insurance framework to continue through at least 2028, supporting a self-insurance fund of up to $1.0 billion per policy year. From 2025 through 2028, $300 million will be collected annually until a total available self-insurance accrual amount of $1.0 billion is achieved. As of September 30, 2025, SCE has collected $224 million for the January 1, 2025 through December 31, 2025 period for its customer-funded wildfire self-insurance and is authorized to collect an additional $76 million through December 31, 2025.

If losses are accrued for wildfire-related claims for wildfires that occur between July 1, 2023 and the end of 2028, customer rates will be increased in subsequent years, as needed, to allow for full recovery of the amounts accrued up to $1.0 billion per policy year, subject to a shareholder contribution of 2.5% of any self-insurance costs ultimately paid exceeding $500 million in any policy year, up to a maximum annual contribution of $12.5 million per policy year. SCE's self-insurance program meets its obligation to maintain reasonable insurance coverage under AB 1054 for the January 1, 2025 through December 31, 2025 period.

*Recoveries through Electric Rates*

CPUC recoveries pre-AB 1054

Regulatory recovery of SCE's losses realized in connection with the 2017/2018 Wildfire/Mudslide Events in excess of available insurance is subject to approval by regulators. Under accounting standards for rate-regulated enterprises, SCE defers costs as regulatory assets in the period it concludes that such costs are probable of future recovery in electric rates.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

SCE utilizes objectively determinable evidence to form its view on probability of future recovery. The only directly comparable precedent in which a California investor-owned utility sought recovery for uninsured wildfire claims related costs and the CPUC made a prudency determination is SDG&E's requests for cost recovery related to 2007 wildfire activity, where the FERC allowed recovery of all FERC-jurisdictional wildfire claims related costs while the CPUC rejected recovery of all CPUC-jurisdictional wildfire claims related costs based on a determination that SDG&E did not meet the CPUC's prudency standard ("SDG&E Decision"). The SDG&E Decision is evidence of a California investor-owned utility seeking recovery for uninsured wildfire-related costs and FERC allowing recovery of all FERC-jurisdictional wildfire-related costs while the CPUC rejected recovery of all CPUC-jurisdictional wildfire-related costs based on a determination that the utility did not meet the CPUC's prudency standard.

In August 2023, SCE filed an application to seek CPUC-jurisdictional rate recovery of prudently incurred losses related to the Thomas Fire, the Koenigstein Fire and the Montecito Mudslides, consisting of uninsured claims and associated costs, including legal costs and financing costs. In January 2025, the CPUC approved the TKM Settlement Agreement and closed the proceeding. Under the TKM Settlement Agreement, SCE is authorized to recover 60%, or approximately $1.6 billion, of approximately $2.7 billion of losses, consisting of approximately $1.3 billion of uninsured claims paid as of May 31, 2024 and $0.3 billion of associated costs, composed of legal fees and financing costs incurred as of May 31, 2024 and estimated ongoing financing costs. SCE is also authorized to recover 60% of claims paid and related costs incurred after May 31, 2024, other than for $125 million of uninsured claims and related financing costs which SCE waived its right to seek recovery of under the SED Agreement. As a result, in the first quarter of 2025, SCE recorded a regulatory asset for recoveries authorized under the TKM Settlement Agreement. As of June 30, 2025, the balance of the regulatory asset was $1.6 billion, consisting of $1.3 billion uninsured claims and $0.3 billion associated costs, including legal and financing costs. SCE was also authorized to recover approximately $55 million of approximately $65 million in incremental restoration costs, inclusive of operations and maintenance expenses, incurred related to the Thomas and Koenigstein Fires. Additionally, SCE recorded $50 million of shareholder-funded wildfire mitigation expenses.

The CPUC did not make a determination regarding SCE's prudency when it approved the TKM Settlement Agreement. Therefore, notwithstanding CPUC approval of the TKM Settlement Agreement, and in light of the CPUC's interpretation and application of the prudency standard to SDG&E continuing to create substantial uncertainty regarding how that standard will be applied to an investor-owned utility in wildfire cost-recovery proceedings for fires ignited prior to July 12, 2019, SCE did not record a regulatory asset for recoveries related to the Woolsey Fire or Creek Fire, both pre-AB 1054 events, in connection with the approval of the TKM Settlement Agreement.

In October 2024, SCE filed an application (the "Woolsey Application") to seek CPUC-jurisdictional rate recovery of prudently incurred losses related to the Woolsey Fire, consisting of uninsured claims and associated costs, including legal and financing costs. In September 2025, SCE, Cal Advocates, the Energy Producers and Users Coalition, and Small Business Utility Advocates filed a joint motion in the proceeding seeking approval of a settlement agreement between such parties (the "Woolsey Settlement Agreement"). One party to the proceeding, the Wild Tree Foundation, has opposed the Woolsey Settlement Agreement. If approved by the CPUC, the impacts of the Woolsey Settlement Agreement will be recorded in the period in which a CPUC final decision approving the settlement is received.

Under the Woolsey Settlement Agreement, if approved by the CPUC, SCE will be authorized to recover 35%, or approximately $2.0 billion, of approximately $5.6 billion of losses, consisting of approximately $1.6 billion of uninsured claims paid as of May 31, 2025, and $0.4 billion of costs, comprised of legal costs paid as of May 31, 2025, and estimated ongoing financing costs. SCE will also be authorized to recover 35% of losses paid after May 31, 2025. SCE's requests for recovery exclude $250 million of uninsured claims and related financing costs which SCE waived its right to seek recovery of under the SED Agreement. Further, SCE will also be authorized to recover approximately $71 million of approximately $84 million in incremental restoration costs, inclusive of operations and maintenance expenses, incurred related to the Woolsey Fire.

In the Woolsey Settlement Agreement, SCE also waived its right to seek recovery of uninsured losses tracked in a Wildfire Expense Memorandum Account and incurred in connection with fires that ignited prior to July 12, 2019, the date AB 1054 was adopted, including the Creek Fire. SCE estimates that the waived pre-AB 1054 losses are approximately $157 million.

CPUC recoveries post-AB 1054

Under accounting standards for rate-regulated enterprises, SCE defers costs as regulatory assets in the period it concludes that such costs are probable of future recovery in electric rates. SCE utilizes objectively determinable evidence to form its view on probability of future recovery. The only directly comparable precedent in which a California investor-owned utility sought recovery for uninsured wildfire claims related costs and the CPUC made a prudency determination is SDG&E's requests for cost recovery related to 2007 wildfire activity, where the FERC allowed recovery of all FERC-jurisdictional wildfire claims related costs while the CPUC rejected recovery of all CPUC-jurisdictional wildfire claims related costs based on a determination that SDG&E did not meet the CPUC's prudency standard ("SDG&E Decision"). The SDG&E Decision is evidence of a California investor-owned utility seeking recovery for uninsured wildfire-related costs

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

and FERC allowing recovery of all FERC-jurisdictional wildfire-related costs while the CPUC rejected recovery of all CPUC-jurisdictional wildfire-related costs based on a determination that the utility did not meet the CPUC's prudency standard.

The SDG&E Decision was prior to the adoption of AB 1054 on July 12, 2019, after which date AB 1054 clarified that the CPUC must find a utility to be prudent if the utility's conduct related to the ignition was consistent with actions that a reasonable utility would have undertaken in good faith under similar circumstances, at the relevant point in time, and based on the information available at that time. Further, utilities with a valid safety certification at the time of the relevant wildfire will be presumed to have acted prudently related to a wildfire ignition unless a party in the cost recovery proceeding creates serious doubt as to the reasonableness of the utility's conduct, at which time, the burden shifts back to the utility to prove its conduct was prudent.

Each of the Other Wildfire Events discussed above, with the exception of the Creek Fire, was ignited after July 12, 2019, and SCE has held a valid safety certification since July 15, 2019. While a California investor-owned utility has not yet sought a prudency review related to recovery for uninsured claims and other costs related to wildfires ignited after the adoption of AB 1054, SCE believes that for fires ignited after July 12, 2019, and for investor-owned utilities holding a safety certification at the time of the fire, the CPUC will apply a standard of review similar to that applied by the FERC which presumes all costs requested by an investor-owned utility are reasonable and prudent unless serious doubt as to the reasonableness of the utility's conduct is created. As such, SCE has concluded, at this time, that uninsured CPUC-jurisdictional wildfire-related costs related to those Other Wildfire Events occurring after AB 1054 that it has deferred as regulatory assets are probable of recovery through electric rates. SCE will continue to evaluate the probability of recovery based on available evidence, including regulatory decisions, such as any CPUC decisions illustrating the interpretation and/or application of the prudency standard under AB 1054, and, for each applicable fire, evidence that could create serious doubt as to the reasonableness of SCE's conduct relative to that fire. The CPUC may not allow SCE to recover uninsured losses related to the Other Wildfire Events through electric rates if it is determined that such losses were not prudently incurred.

FERC recoveries

Through the operation of its FERC Formula Rate, and based upon the precedent established in SDG&E's recovery of FERC-jurisdictional wildfire-related costs, SCE believes it is probable it will recover its FERC-jurisdictional costs related to the 2017/2018 Wildfire/Mudslide Events, the Other Wildfire Events, and the Eaton Fire. FERC recoveries are subject to refund, and SCE will continue to evaluate the probability of recovery of FERC-jurisdictional costs related to the 2017/2018 Wildfire/Mudslide Events, the Other Wildfire Events, and the Eaton Fire based on available evidence, including any FERC decisions to allow or disallow recovery of FERC-jurisdictional wildfire related costs based on a state regulator's decision on whether to permit recovery of related costs.

Wildfire Insurance Fund

SCE has advised the administrator of the Wildfire Insurance Fund that it anticipates that future resolution of eligible claims arising from the Eaton Fire will require seeking reimbursement from the Initial Account and the administrator has confirmed that the Eaton Fire is a "covered wildfire" for purposes of accessing the Initial Account. SCE will be reimbursed for losses incurred in excess of $1.0 billion for eligible claims for third-party damages related to the Eaton Fire from the Initial Account, subject to approval of the fund administrator and the Initial Account's claims-paying capacity, initially approximately $21 billion for all three participating utilities.

SCE would file an application with the CPUC for review of its costs and expenses related to the Eaton Fire after it has resolved all or, if authorized by the CPUC, substantially all third-party damage claims related to the fire, or upon earlier request of the fund administrator. The CPUC will determine the prudency of SCE's ignition-related conduct in a formal proceeding. If the CPUC finds that SCE's conduct related to the ignition of the Eaton Fire was not prudent, SCE will be required to reimburse the Initial Account only for amounts disallowed by the CPUC up to the Liability Cap, unless the fund administrator finds that SCE's actions or inactions relative to the ignition of the Eaton Fire constitute conscious or willful disregard of the rights and safety of others, in which case SCE will be required to reimburse the Initial Account for all amounts withdrawn. SCE's requirement to reimburse the Initial Account for any amounts disallowed for fires ignited in 2025 is capped at approximately $4.2 billion. SCE will be able to seek recovery of prudently incurred uninsured wildfire costs not covered by the Initial Account, assessed under the prudency standard clarified under AB 1054, through electric rates.

*Environmental Remediation*

SCE records its environmental remediation and restoration liabilities when site assessments and/or remedial actions are probable and a range of reasonably likely cleanup costs can be estimated. SCE reviews its sites and measures the liability quarterly, by assessing a range of reasonably likely costs for each identified site using currently available information,

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

including existing technology, presently enacted laws and regulations, experience gained at similar sites, and the probable level of involvement and financial condition of other potentially responsible parties. These estimates include costs for site investigations, remediation, operation and maintenance, monitoring, and site closure. Unless there is a single probable amount, SCE records the lower end of this reasonably likely range of costs (reflected in "Other long-term liabilities") at undiscounted amounts as timing of cash flows is uncertain.

At September 30, 2025, SCE's recorded estimated minimum liability to remediate its 18 identified material sites (sites with a liability balance at September 30, 2025, in which the upper end of the range of expected costs is at least $1 million) was $223 million, including $150 million related to San Onofre. In addition to these sites, SCE also has 17 immaterial sites with a liability balance as of September 30, 2025, for which the total minimum recorded liability was $4 million. Of the $227 million total environmental remediation liability for SCE, $217 million has been recorded as a regulatory asset. SCE expects to recover $34 million through an incentive mechanism that allows SCE to recover 90% of its environmental remediation costs at certain sites (SCE may request to include additional sites in this mechanism) and $183 million through proceedings that allow SCE to recover up to 100% of the costs incurred at certain sites through customer rates. SCE's identified sites include several sites for which there is a lack of currently available information, including the nature and magnitude of contamination, and the extent, if any, that SCE may be held responsible for contributing to any costs incurred for remediating these sites. Thus, no reasonable estimate of cleanup costs can be made for these sites.

The ultimate costs to clean up SCE's identified sites may vary from its recorded liability due to numerous uncertainties inherent in the estimation process, such as: the extent and nature of contamination; the scarcity of reliable data for identified sites; the varying costs of alternative cleanup methods; developments resulting from investigatory studies; the possibility of identifying additional sites; and the time periods over which site remediation is expected to occur. SCE believes that, due to these uncertainties, it is reasonably possible that cleanup costs at the identified material sites and immaterial sites could exceed its recorded liability by up to $90 million and $2 million, respectively. The upper limit of this range of costs was estimated using assumptions least favorable to SCE among a range of reasonably possible outcomes.

SCE expects to clean up and mitigate its identified sites over a period of up to 35 years. Remediation costs for each of the next five years are expected to range from $10 million to $21 million. Costs incurred for the nine months ended September 30, 2025 and 2024 were $9 million for both years, and were included in the "Operation and maintenance" expense on Edison International's and SCE's condensed consolidated statements of income.

Based upon the CPUC's regulatory treatment of environmental remediation costs incurred at SCE, SCE believes that costs ultimately recorded will not materially affect its results of operations, financial position, or cash flows. There can be no assurance, however, that future developments, including additional information about existing sites or the identification of new sites, will not require material revisions to estimates.

*Nuclear Insurance*

SCE is a member of Nuclear Electric Insurance Limited ("NEIL"), a mutual insurance company owned by entities with nuclear facilities. NEIL provides insurance for nuclear property damage, including damages caused by acts of terrorism up to specified limits, and for accidental outages for active facilities. The amount of nuclear property damage insurance purchased for San Onofre and Palo Verde exceeds the minimum federal requirement of $50 million and $1.1 billion, respectively. If NEIL losses at any nuclear facility covered by the arrangement were to exceed the accumulated funds for these insurance programs, SCE could be assessed retrospective premium adjustments of up to approximately $17 million per year.

Federal law limits public offsite liability claims for bodily injury and property damage from a nuclear incident to the amount of available financial protection, which is currently approximately $560 million for San Onofre and $16.3 billion for Palo Verde. SCE and other owners of San Onofre and Palo Verde have purchased the maximum private primary insurance available through a Facility Form issued by American Nuclear Insurers. SCE withdrew from participation in the secondary insurance pool for San Onofre for offsite liability insurance effective January 5, 2018. Based on its ownership interests in Palo Verde, SCE could be required to pay a maximum of approximately $79 million per nuclear incident for future incidents. However, it would have to pay no more than approximately $12 million per future incident in any one year. Based on its ownership interests in San Onofre and Palo Verde prior to January 5, 2018, SCE could be required to pay a maximum of approximately $255 million per nuclear incident and a maximum of $38 million per year per incident for liabilities arising from events prior to January 5, 2018, although SCE is not aware of any such events.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**Note 13. Equity**

***Common Stock***

*Stock Repurchase Programs*

On December 12, 2024, the Edison International Board of Directors authorized a stock repurchase program effective February 20, 2025, for repurchase of up to $75 million of its common stock until February 18, 2026 ("2025 Repurchase Program"). The 2025 Repurchase Program will be used to offset dilution from common stock issued under Edison International's long-term incentive compensation programs and will be funded using Edison International's working capital.

The timing and the amount of any repurchased common stock will be determined by Edison International's management based on their evaluation of market conditions and other factors. The 2025 Repurchase Program may be executed through various methods, including open market purchases, privately negotiated transactions, and other transactions in accordance with applicable securities laws. Any repurchased shares of common stock will be retired. The 2025 Repurchase Program does not obligate Edison International to acquire any particular amount of common stock, and it may be suspended or discontinued at any time at its discretion.

During the three and nine months ended September 30, 2025, Edison International repurchased and retired 49,779 shares and 549,779 shares, respectively, for an average price per share of $54.40 and $58.56, respectively, under the 2025 Repurchase Program. As of September 30, 2025, $43 million authorized repurchase amount remained under the 2025 Share Repurchase Program.

**Note 14. Accumulated Other Comprehensive Income (Loss)**

The changes in accumulated other comprehensive loss, net of tax, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Edison International: |  |  |  |  |
| Beginning balance | $2 | $(8) | $— | $(9) |
| Pension and PBOP: |  |  |  |  |
| &nbsp;&nbsp;Reclassified from accumulated other comprehensive loss<sup>1</sup> |  | 1 | 1 | 2 |
| Foreign currency translation adjustments |  | 1 | 1 | 1 |
| Change |  | 2 | 2 | 3 |
| Ending Balance | $2 | $(6) | $2 | $(6) |
| SCE: |  |  |  |  |
| Beginning balance | $(8) | $(11) | $(9) | $(12) |
| Pension and PBOP: |  |  |  |  |
| &nbsp;&nbsp;Reclassified from accumulated other comprehensive loss<sup>1</sup> |  | 1 | 1 | 2 |
| Change |  | 1 | 1 | 2 |
| Ending Balance | $(8) | $(10) | $(8) | $(10) |

---

<sup>1</sup>These items are included in the computation of net periodic pension and PBOP Plan expense. See Note 9 for additional information.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**Note 15. Other Income, Net**

Other income net of expenses is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended<br>September 30, | Nine months ended<br>September 30, |
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| SCE other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity AFUDC | $47 | $47 | $140 | $143 |
| &nbsp;&nbsp;&nbsp;Increase in cash surrender value of life insurance policies and life insurance benefits | 10 | 9 | 39 | 34 |
| &nbsp;&nbsp;&nbsp;Interest income | 52 | 64 | 133 | 200 |
| &nbsp;&nbsp;&nbsp;Net periodic benefit income – non-service components | 21 | 22 | 63 | 66 |
| &nbsp;&nbsp;&nbsp;Civic, political and related activities and donations | (8) | (12) | (19) | (24) |
| &nbsp;&nbsp;&nbsp;Other | (3) | (4) | (9) | (11) |
| Total SCE other income, net | 119 | 126 | 347 | 408 |
| Other income (expense) of Edison International Parent and Other: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss on equity securities | (2) |  | (12) |  |
| &nbsp;&nbsp;&nbsp;Interest income and other | 2 | 1 | 4 | 5 |
| Total Edison International other income, net | $119 | $127 | $339 | $413 |

---

**Note 16. Supplemental Cash Flows Information**

Supplemental cash flows information is:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Edison International | Edison International | SCE | SCE |
| | Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Cash payments (receipts): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest, net of amounts capitalized | $1298 | $1152 | $1091 | $991 |
| &nbsp;&nbsp;Income taxes, net<sup>1</sup> | (236) |  | (236) |  |
| Non-cash financing and investing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared but not paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 318 | 302 | 930 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preference stock of SCE | 35 | 39 | 35 | 39 |

---

<sup>1 &nbsp;&nbsp;&nbsp;&nbsp;</sup>Relates to proceeds from the monetization of investment and production tax credits. See Note 8 for additional information.

SCE's accrued capital expenditures at September 30, 2025 and 2024 were $636 million and $546 million, respectively. Accrued capital expenditures are included in investing activities in the condensed consolidated statements of cash flows in the periods paid.

**Note 17. Related-Party Transactions**

In July 2022, SCE purchased wildfire liability insurance for premiums of $273 million from EIS, for the period to June 30, 2023. SCE subsequently did not renew or purchase wildfire liability insurance from EIS for additional periods. In lieu of obtaining wildfire liability insurance from the commercial insurance market, SCE implemented its customer-funded wildfire self-insurance program beginning July 1, 2023. In addition, one of the EIS wildfire liability insurance policies was amended in February 2025 to reimburse SCE for $50 million in claim costs and related legal expenses for a wildfire occurring during the July 1, 2022 through June 30, 2023 policy period. For further information, see Note 12. The expected insurance recoveries from previously purchased wildfire-related insurance from EIS included in SCE's condensed consolidated balance sheets were $226 million and $303 million at September 30, 2025 and December 31, 2024, respectively.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**CONTROLS AND PROCEDURES**

**Disclosure Controls and Procedures**

The management of Edison International and SCE, under the supervision and with the participation of Edison International's and SCE's respective Chief Executive Officers and Chief Financial Officers, have evaluated the effectiveness of Edison International's and SCE's disclosure controls and procedures (as that term is defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as amended), respectively, as of the end of the third quarter of 2025. Based on that evaluation, Edison International's and SCE's respective Chief Executive Officers and Chief Financial Officers have each concluded that, as of the end of the period, Edison International's and SCE's disclosure controls and procedures, respectively, were effective.

**Changes in Internal Control Over Financial Reporting**

There were no changes in Edison International's or SCE's internal control over financial reporting, respectively, during the third quarter of 2025 that have materially affected, or are reasonably likely to materially affect, Edison International's or SCE's internal control over financial reporting.

**Jointly Owned Utility Plant**

Edison International's and SCE's respective scope of evaluation of internal control over financial reporting includes their Jointly Owned Utility Projects as discussed in "Notes to Consolidated Financial Statements—Note 2. Property, Plant and Equipment" in the 2024 Form 10-K.

**LEGAL PROCEEDINGS** 

**2017/2018 Wildfire/Mudslide Events**

The lawsuits related to the 2017/2018 Wildfire/Mudslide Events naming SCE as a defendant have been filed by three categories of plaintiffs: individual plaintiffs, subrogation plaintiffs and public entity plaintiffs. A number of the lawsuits also name Edison International as a defendant and some of the lawsuits were filed as purported class actions. As of October 21, 2025, in addition to the outstanding claims of approximately 100 claims of approximately 15,000 initial individual plaintiffs, there were alleged and potential claims of certain public entity plaintiffs, including CAL OES, outstanding. SCE has settled all fire suppression and subrogation plaintiffs' claims related to the 2017/2018 Wildfire/Mudslide Events. The litigation could take a number of years to be completely resolved because of the complexity of the matters and number of plaintiffs. The statutes of limitations for individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events have expired.

As of October 21, 2025, SCE was aware of approximately 12 pending unsettled lawsuits representing approximately 32 individual plaintiffs related to the Thomas and Koenigstein Fires and the Montecito Mudslides naming SCE as a defendant. Approximately 7 of the approximately 12 lawsuits also name Edison International as a defendant based on its ownership and alleged control of SCE. One of the lawsuits was filed as a purported class action. The lawsuits, which have been filed in the superior courts of Ventura, Santa Barbara and Los Angeles Counties allege, among other things, negligence, inverse condemnation, trespass, private nuisance, and violations of the public utilities and health and safety codes. SCE and certain of the individual plaintiffs in the Thomas and Koenigstein Fire litigation have been pursuing settlements of claims under a mediation program adopted to promote an efficient and orderly settlement process. As of October 21, 2025, three damages only trials have been set for January, April and May 2026 for three individual plaintiff households in the TKM litigation.

As of October 21, 2025, SCE was aware of approximately 30 currently pending unsettled lawsuits representing approximately 70 individual plaintiffs related to the Woolsey Fire naming SCE as a defendant. Approximately 25 of the 30 lawsuits also name Edison International as a defendant based on its ownership and alleged control of SCE. The lawsuits, which have been filed in the superior courts of Ventura and Los Angeles Counties allege, among other things, negligence, inverse condemnation, personal injury, wrongful death, trespass, private nuisance, and violations of the public utilities and health and safety codes. SCE and certain of the individual plaintiffs in the Woolsey Fire litigation have been pursuing settlements of claims under a mediation program adopted to promote an efficient and orderly settlement process. As of October 21, 2025, a trial has been set for CAL OES in March 2026 and one damages only trial has been set for July 2026 for an individual plaintiff household in the Woolsey Fire litigation.

The Thomas and Koenigstein Fires and Montecito Mudslides lawsuits are being coordinated in the Los Angeles Superior Court. The Woolsey Fire lawsuits have also been coordinated in the Los Angeles Superior Court.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**Eaton Fire**

In January 2025, several wind-driven wildfires impacted portions of SCE's service area, causing loss of life, substantial damage and service outages for SCE customers. One of the largest of these wildfires, the Eaton Fire, ignited in SCE's service area in Los Angeles County and spread under conditions of an extreme Santa Ana windstorm.

Multiple lawsuits related to the Eaton Fire have been initiated against SCE. A number of the lawsuits also name Edison International as a defendant and some of the lawsuits were filed as purported class actions. As of October 21, 2025, SCE was aware of approximately 500 currently pending lawsuits representing approximately 6,500 individual plaintiffs, subrogation lawsuits, and lawsuits by public entity plaintiffs including the United States of America, the County of Los Angeles, the City of Pasadena and the City of Sierra Madre related to the Eaton Fire. A bellwether jury trial has been set for January 2027.

For information on the 2017/2018 Wildfire/Mudslide Events and the Eaton Fire, see "Notes to Condensed Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides" in this report.

**Environmental Proceedings**

Each of Edison International and SCE have elected to disclose environmental proceedings described in Item 103(c)(3)(iii) of Regulation S-K unless it reasonably believes that such proceeding will result in no monetary sanctions, or in monetary sanctions, exclusive of interest and costs, of less than $1 million.

**UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

**Purchases of Equity Securities by Edison International and Affiliated Purchasers** 

The following table contains information about all purchases of Edison International's common stock made by or on behalf of Edison International in the third quarter of 2025. For further information about Edison International's common stock repurchase programs, see "Notes to Condensed Consolidated Financial Statements—Note 13 Equity."

---

| | | | | |
|:---|:---|:---|:---|:---|
| | (a) Total<br> Number of Shares (or Units Purchased)<sup>1</sup> | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs |
| July 1, 2025 to <br>July 31, 2025 |  |  |  |  |
| August 1, 2025 to <br>August 31, 2025 | 49779 | $54.40 | 49779 | $42806498 |
| September 1, 2025 to <br>September 30, 2025 |  |  |  |  |
| Total | 49779 | $54.40 | 49779 | $42809498 |

---

<sup>1</sup>Purchases were made pursuant to Edison International's 2025 common stock repurchase program disclosed in the 2024 10-K .

**OTHER INFORMATION**

**Trading Plans** 

During the quarter ended September 30, 2025, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 10.1\*\* | <u>[Edison International and Southern California Edison Company Director Compensation Schedule, as adopted August 28, 2025](eix-20250930xex101.htm)</u> |
| 10.2\*\* | <u>[Edison International 2008 Executive Retirement Plan, as amended and restated effective August 27, 2025](eix-20250930xex102.htm)</u> |
| 31.1 | <u>[Certifications of the Chief Executive Officer and Chief Financial Officer of Edison International pursuant to Section 302 of the Sarbanes-Oxley Act](eix20250930-ex311.htm)</u> |
| 31.2 | <u>[Certifications of the Chief Executive Officer and Chief Financial Officer of Southern California Edison Company pursuant to Section 302 of the Sarbanes-Oxley Act](eix20250930-ex312.htm)</u> |
| 32.1 | <u>[Certifications of the Chief Executive Officer and the Chief Financial Officer of Edison International required by Section 906 of the Sarbanes-Oxley Act](eix-20250930xex321.htm)</u> |
| 32.2 | <u>[Certifications of the Chief Executive Officer and the Chief Financial Officer of Southern California Edison Company required by Section 906 of the Sarbanes-Oxley Act](eix-20250930xexx322.htm)</u> |
| 101.1 | Financial statements from the quarterly report on Form 10-Q of Edison International for the quarter ended September 30, 2025, filed on October 28, 2025, formatted in Inline XBRL: (i) the Condensed Consolidated Statements of Income; (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Balance Sheets; (iv) the Condensed Consolidated Statements of Cash Flows; and (v) the Notes to Condensed Consolidated Financial Statements |
| 101.2 | Financial statements from the quarterly report on Form 10-Q of Southern California Edison Company for the quarter ended September 30, 2025, filed on October 28, 2025, formatted in Inline XBRL: (i) the Condensed Consolidated Statements of Income; (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Balance Sheets; (iv) the Condensed Consolidated Statements of Cash Flows; and (v) the Notes to Condensed Consolidated Financial Statements |
| 104 | The cover page of this report formatted in Inline XBRL (included as Exhibit 101) |

---

__________________________________________________________________

\*\*Indicates a management contract or compensatory plan or arrangement as required by Item 15(a)(3).

Edison International and SCE will furnish a copy of any exhibit listed in the accompanying Exhibit Index upon written request and upon payment to Edison International or SCE of their reasonable expenses of furnishing such exhibit, which shall be limited to photocopying charges and, if mailed to the requesting party, the cost of first-class postage.

------

<u>[Table](#ic8d4942da5f84528abe28ed8dec1dd44_7)[of](#ic8d4942da5f84528abe28ed8dec1dd44_7)[Contents](#ic8d4942da5f84528abe28ed8dec1dd44_7)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | EDISON INTERNATIONAL | | SOUTHERN CALIFORNIA EDISON COMPANY |
| By: | /s/ Kara G. Ryan | By: | /s/ Kara G. Ryan |
|  | **Kara G. Ryan<br>Vice President, Chief Accounting Officer and Controller<br>(Duly Authorized Officer and Principal Accounting Officer)** |  | **Kara G. Ryan<br>Vice President, Chief Accounting Officer and Controller<br>(Duly Authorized Officer and Principal Accounting Officer)** |
| Date: | October 28, 2025 | Date: | October 28, 2025 |

---

## Exhibit 10.1

**Exhibit 10.1**

EDISON INTERNATIONAL AND SOUTHERN CALIFORNIA EDISON COMPANY

DIRECTOR COMPENSATION SCHEDULE

As Adopted August 28, 2025

Effective October 1, 2025, except as otherwise provided below, non-employee Directors of Edison International ("EIX") and/or Southern California Edison Company ("SCE") will receive the annual retainers, expense reimbursements and equity-based awards described below as compensation for serving as a Director. The equity-based award provisions described below are effective as to awards in connection with the election or reelection of Directors on or after August 28, 2025. The annual retainers and equity-based awards described below are subject to the limits on director compensation set forth in the EIX 2007 Performance Incentive Plan or applicable successor plan thereto, as in effect at the applicable time (the "Plan").

Notwithstanding anything herein to the contrary, Directors who are employees of EIX or SCE shall not receive additional compensation for serving as Directors (other than participation in the EIX Director Matching Gifts Program). Directors who serve on both the EIX Board and the SCE Board, and their corresponding Board Committees, will not receive additional compensation for serving on two Boards.

**<u>Annual Retainers</u>**

*Board Retainer* – Each non-employee Director other than the Chair of the EIX Board will receive an annual board retainer of $127,500 to be paid in advance in quarterly installments of $31,875 for any calendar quarter or portion thereof during which the individual serves as a Director.

*Board Committee Chair Retainer* – The non-employee Director who serves as the Chair of the Audit and Finance Committee will receive an additional annual retainer of $25,000. Each non-employee Director who serves as the Chair of the Compensation and Executive Personnel Committee, the Nominating and Governance Committee, or the Safety and Operations Committee will receive an additional annual retainer of $20,000. The Committee Chair retainers shall be paid in advance in equal quarterly installments for any calendar quarter or portion thereof during which the Director serves as a Committee Chair.

*Chair of EIX Board Retainer* – A non-employee Director who serves as the Chair of the EIX Board for the fourth quarter of 2025 or any portion thereof will receive a board retainer of $55,000 for such quarter. Effective January 1, 2026, a non-employee Director who serves as the Chair of the EIX Board will receive an annual board retainer of $300,000 to be paid in advance in quarterly installments of $75,000 for any calendar quarter or portion thereof during which the Director serves as the Chair of the EIX Board.

------

The quarterly retainer installments will be paid on the first business day of the calendar quarter. Initial quarterly retainer installments will be paid as soon as possible following the effective date of the election.

**<u>Meeting Fees</u>**

Except as may otherwise be approved by the Board, no meeting fees shall be paid to Directors.

**<u>Expense Reimbursement</u>**

A Director will promptly be reimbursed after submitting to the Corporate Secretary a statement of expenses, supported by receipts and any other requested documentation, for (i) reasonable expenses incurred by the Director to attend Board meetings, Committee meetings, or business meetings attended on behalf of the corporation in his or her capacity as a Director, (ii) reasonable expenses incurred by the Director in connection with his or her spouse's or partner's travel to attend an event sponsored by EIX and/or SCE if such attendance is at the invitation of EIX or SCE, and (iii) reasonable program fees and expenses incurred by the Director to attend director education programs that are relevant to service on the Board.<sup>1</sup> For the avoidance of doubt, a Director may decline to seek reimbursement for any of the fees and expenses set forth in the preceding sentence.

**<u>Equity-Based Awards</u>**<sup>2</sup>

Equity-based awards ("Awards") will be granted under and subject to the terms of the Plan, *except* that any award payable in cash will be deemed paid outside of the Plan. The Awards consist of fully vested Edison International deferred stock units ("DSUs") and/or Edison International common stock ("Common Stock"). Each DSU represents the value of one share of Common Stock and will be credited to the Director's account under the EIX 2008 Director Deferred Compensation Plan (the "DDCP") and subject to its terms. DSUs include dividend equivalent rights that are converted to additional DSUs. The

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;To the extent any expense reimbursements provided for in this Director Compensation Schedule are taxable to a Director and provide for a deferral of compensation within the meaning of Section 409A of the Internal Revenue Code, the Director shall complete all steps required for reimbursement so as to facilitate payment, and any such reimbursements shall be paid to the Director on or before December 31 of the calendar year following the calendar year in which the expense was incurred. Such reimbursements shall not be subject to liquidation or exchange for other benefits, and the expenses eligible for reimbursement in one calendar year shall not affect the expenses eligible for reimbursement in any other calendar year.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;With respect to equity-based awards approved and granted by the EIX Board under current and prior compensation plans of EIX, this Director Compensation Schedule does not alter the intent of the EIX Board to have the awards and subsequent transactions by the Directors occurring pursuant to the awards continue to comply with and be exempt under Section 16(b) of the Securities Exchange Act of 1934, as amended, pursuant to Rule 16b-3 promulgated thereunder (or any successor provision thereto).

&nbsp;&nbsp;&nbsp;&nbsp;

------

number of DSUs or shares of Common Stock awarded to a Director in any particular instance will be calculated by dividing the applicable equity award amount to be granted on that date (expressed in dollars and determined as set forth below, the "Award Amount") by the fair market value of a share of Common Stock as of that date, rounded up to the nearest whole share. Fair market value for these purposes shall be determined in accordance with the Plan. Each Award will be subject to terms and conditions approved in advance by the Board.

*Initial Election and Annual Reelection Awards* – Each non-employee Director initially elected or reelected to the Board, other than a non-employee Director who serves as Chair of the EIX Board on the date of such election or reelection, will receive Common Stock and/or DSUs with an aggregate Award Amount of $192,500, except that Initial Election Awards will be subject to proration as provided below. The date of grant shall be the date of such initial election or reelection. The portion of the Award to be granted in Common Stock and/or DSUs shall be determined in accordance with the DDCP.

*Awards to Chair of the EIX Board*.

Effective January 1, 2026, a non-employee Director serving as the Chair of the EIX Board will be eligible to receive Award(s) of Common Stock and/or DSUs as follows:

*Initial Chair Award* – Upon the initial appointment of a non-employee Director as Chair of the EIX Board who has not previously received an Award of Common Stock and/or DSUs during the calendar year of his or her appointment as Chair of the EIX Board, the Director will receive an Initial Chair Award of Common Stock and/or DSUs with an Award Amount equal to $200,000 subject to proration as provided below. The date of grant of such Award shall be the effective date of such appointment.<sup>3</sup>

*Additional Chair Award* – Upon the initial appointment of a non-employee Director as Chair of the EIX Board who has previously received an Award of Common Stock and/or DSUs during the calendar year of his or her appointment as Chair of the EIX Board, the Director will receive an Additional Chair Award of Common Stock and/or DSUs with an Award Amount of $7,500 subject to proration as provided below. The date of grant of such Award shall be the effective date of such appointment.<sup>3</sup>

*Reappointment Chair Award* – If a non-employee Director serving as Chair of the EIX Board is reelected to the EIX Board and is reappointed or otherwise remains

<sup>3</sup> In the event there is an initial appointment of a non-employee Director as Chair of the EIX Board between August 28, 2025 and December 31, 2025, then the Director will receive an Initial Chair Award of Common Stock and/or DSUs with an Award Amount of $285,000 or an Additional Chair Award of Common Stock and/or DSUs with an Award Amount of $92,500, in each case subject to proration as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;

------

Chair of the EIX Board following such reelection, then that Director will receive a Reappointment Chair Award of Common Stock and/or DSUs with an Award Amount of $200,000, the grant date of which shall be the date of such reelection.

The portion of the Initial Chair Award, Additional Chair Award, or Reappointment Chair Award to be granted in Common Stock and/or DSUs shall be determined in accordance with the DDCP.

*Proration of Certain Awards.* The Initial Election Award, Initial Chair Award, and Additional Chair Award amounts provided for above are subject to proration if the grant date of the Award occurs (i) in the second quarter of EIX's fiscal year and after the date of EIX's annual meeting of shareholders for that year, (ii) in the third quarter of EIX's fiscal year, or (iii) in the fourth quarter of EIX's fiscal year. In determining the Award Amount as to any such Award, the applicable dollar amount set forth above will be multiplied by a percentage determined in accordance with the table set forth below.

---

| | |
|:---|:---|
| *<br>If the grant date of the award occurs:* | *Then the applicable percentage is:* |
| In the first quarter of EIX's fiscal year, or in the second quarter of EIX's fiscal year and on or before the date of EIX's annual meeting of shareholders for that year  | 100% (no proration) |
| In the second quarter of EIX's fiscal year and after the date of EIX's annual meeting of shareholders for that year | 75% |
| In the third quarter of EIX's fiscal year | 50% |
| In the fourth quarter of EIX's fiscal year | 25% |

---

However, if a non-employee Director receives an Initial Election Award, Initial Chair Award, and/or Additional Chair Award during a particular EIX fiscal year and on or before the date of EIX's annual meeting of shareholders for that year, the Director will not receive that same Award Amount again if he or she is reelected as a Director in that fiscal year.

*EIX Affiliate Boards* – SCE non-employee Directors who do not serve on the EIX Board will receive Awards equal in amount to EIX non-employee Directors if the SCE Board authorizes such compensation. Differing amounts of SCE Awards, and Awards for non-employee directors of other EIX affiliates, may only be made with additional approval of the EIX Board.

**<u>Director Deferred Compensation Plan</u>**

&nbsp;&nbsp;&nbsp;&nbsp;

------

Each non-employee Director of EIX or SCE is eligible to participate in the DDCP in accordance with its terms. The DDCP allows participating Directors the opportunity to make pre-tax deferrals from annual retainers, meeting fees (if any), and equity-based awards. The DDCP sets forth the terms of participation, including, if applicable, mandatory deferral of compensation that is otherwise payable to the Director for the year of initial election.

**<u>Matching Gift Program</u>**

Directors of EIX and SCE are eligible to participate in the EIX Director Matching Gifts Program.

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 10.2

**Exhibit 10.2**

**EDISON INTERNATIONAL**

**2008 EXECUTIVE RETIREMENT PLAN**

Amended and Restated Effective

August 27, 2025 (except as otherwise provided)

**PREAMBLE**

The purpose of this Plan is to provide supplemental retirement benefits to Participants and surviving spouses or other designated Beneficiaries of such Participants.

This Plan applies to benefits that are accrued or vested after December 31, 2004, and is intended to comply with Section 409A of the Internal Revenue Code and the regulations promulgated thereunder. Benefits that were accrued and vested prior to 2005 shall be paid under the Predecessor Plan in accordance with the terms therein, and shall not be subject to any of the terms of this Plan. In no event shall a Participant receive benefits under this Plan and the Predecessor Plan with respect to the same years of service.

**ARTICLE 1<br>DEFINITIONS**

Capitalized terms in the text of the Plan are defined as follows:

**401(k) Earnings** means the Participant's "Earnings" taken into account for purposes of determining "Deferrals" under the Savings Plan, with "Earnings" and "Deferrals" having the meanings set forth in the Savings Plan, provided however, that as to a Non-Cash Balance Participant who first commences participation in the Plan on or after January 1, 2021 and as to a True-Up Participant who first commences participation in the Plan on or after January 1, 2019, the Participant's 401(k) Earnings taken into account as to the first Plan Year the individual is a Participant shall be limited to 401(k) Earnings earned by the Participant on and after the first day of the first payroll period applicable to the Participant that commences after the last day of the thirty-day period (or such shorter period as may be prescribed by the Administrator) for the individual to make an initial Payment Election after first becoming a Participant.

**Administrator** means the Compensation and Executive Personnel Committee of the Board of Directors of EIX.

**Affiliate** means EIX or any corporation or entity which (i) along with EIX, is a component member of a "controlled group of corporations" within the meaning of Section 414(b) of the Code, and (ii) has approved the participation of its Executives in the Plan.

**Beneficiary** means the person or persons or entity designated as such in accordance with Article 6 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;1

------

**Benefit Feature** means one of the levels of benefit under the Plan as described in <br>Section 3.2(a).

**Board** means the Board of Directors of EIX.

**Bonus** means (i) the dollar amount of bonus (if any) awarded by the Employer to the Participant pursuant to the terms of the Executive Incentive Compensation Plan, the 2007 Performance Incentive Plan, or a successor plan governing annual executive bonuses (collectively, the "Executive Bonus Plan") and (ii) for a Qualifying Severance in connection with a Separation from Service that occurs on or after January 1, 2023, the dollar amount of the Participant's target bonus under the Executive Bonus Plan for the calendar year preceding the year of the Separation from Service if a bonus is not paid to the Participant under the Executive Bonus Plan for such preceding calendar year because the Separation from Service occurs before the vesting date under the Executive Bonus Plan for such bonus. Notwithstanding the foregoing, effective for any Bonus for 2018 or a later year, the Administrator shall have discretion to provide that, for purposes of determining benefits under this Plan, a Participant shall be treated as having received (i) the Bonus that would otherwise be taken into account pursuant to the preceding sentence or (ii) such other amount as determined by the Administrator that is no greater than the Participant's target bonus for the year under the Executive Bonus Plan. As to a Non-Cash Balance Participant who first commences participation in the Plan on or after <br>January 1, 2021 and as to a True-Up Participant who first commences participation in the Plan on or after January 1, 2019, the Participant's Bonus taken into account as to the first Plan Year the individual is a Participant shall be the Participant's Bonus earned during the Plan Year multiplied by the ratio of (i) the number of full payroll periods remaining in the Plan Year after the last day of the thirty-day period (or such shorter period as may be prescribed by the Administrator) for the individual to make an initial Payment Election after first becoming a Participant to (ii) the total number of full payroll periods during the Plan Year that such individual is an Executive.

**Cash Balance Pay Credits** means the Participant's "Pay Credits" for purposes of the Qualified Plan, as defined in the Qualified Plan. As to an individual who first commences participation in the Plan on or after January 1, 2019, the Participant's Cash Balance Pay Credits taken into account as to the first Plan Year the individual is a Participant shall equal the Participant's Pay Credits for purposes of the Qualified Plan for that Plan Year multiplied by the ratio of (i) the number of full payroll periods remaining in the Plan Year after the last day of the thirty-day period (or such shorter period as may be prescribed by the Administrator) for the individual to make an initial Payment Election after first becoming a Participant to (ii) the total number of full payroll periods during the Plan Year that such individual is employed by an Affiliate.

**Change in Control** means a Change in Control of EIX as defined in the Severance Plan.

**Code** means the Internal Revenue Code of 1986, as amended.

**Contingent Event** means the Participant's Disability or death while employed by an Affiliate or Separation from Service for other reasons if such event occurs prior to the Participant's Retirement.

&nbsp;&nbsp;&nbsp;&nbsp;2

------

**Contingent Payment Election** means an election regarding the time and form of payment made or deemed made in accordance with Section 4.2.

**Crediting Rate** means the rate at which interest will be credited when interest at the "Crediting Rate" is specified pursuant the Plan. If the Valuation Date for a Participant is before 2018, the Crediting Rate will be the interest crediting rate in effect for the Qualified Plan. If the Valuation Date for a Participant is after 2017, the Crediting Rate will be determined annually in advance of the calendar year and will be equal to the average monthly Moody's Corporate Bond Yield for Baa Public Utility Bonds for the 60 months preceding September 1st of the prior year. Notwithstanding the foregoing, EIX reserves the right to prospectively change the definition of Crediting Rate.

**Disability** means the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve months or (ii) is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less than three months under a plan covering employees of the Employer.

**EIX** means Edison International.

**Employer** means the Affiliate employing the Participant. Notwithstanding the foregoing, with respect to a particular Participant's benefits under the Plan, for purposes of determining which Affiliate is obligated to pay such benefits, Employer as to such Participant and benefits means the Affiliate employing the Participant upon the Participant's Separation from Service (or, as to any distribution of any benefit under the Plan prior to the Participant's Separation from Service, the Affiliate employing the Participant at the time of such distribution).

**ERISA** means the Employee Retirement Income Security Act of 1974, as amended.

**Executive** means an employee of an Affiliate who is designated an Executive by the Chief Executive Officer ("CEO") of that Affiliate or who is elected as a Vice President or officer of higher rank by the board of that Affiliate or by the Board.

**Executive Profit Sharing Credits** mean the amounts the Employer would have contributed to the Savings Plan if the Participant were not subject to Sections 415 and 401(a)(17) of the Code and if the Participant's elective deferrals under the EIX 2008 Executive Deferred Compensation Plan or predecessor or successor plans governing nonqualified deferrals were included in the definition of Earnings under the Savings Plan.

**Executive Retirement Account** or **ERA** means the notional cash balance account established for record keeping purposes for a Participant pursuant to Section 3.4 of the Plan.

**Executive Retirement Account Credits** or **ERA Credits** means the amounts credited to a Participant's Executive Retirement Account under Section 3.4 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;3

------

**Executive Retirement Account Salary Base** or **ERA Salary Base** means (i) for a Non-Cash Balance Participant, the amount (if any) by which the Participant's Salary for the applicable calendar year exceeds his or her 401(k) Earnings for that year, and (ii) for any other Participant, the amount (if any) by which the Participant's Salary for the applicable calendar year exceeds the compensation limit for that year set by the Secretary of the Treasury for purposes of Section 401(a)(17) of the Internal Revenue Code.

**Executive Retirement Account Salary Base Differential** or **ERA Salary Base Differential** means (i) for a Non-Cash Balance Participant, the amount (if any) by which (1) the Participant's annual rate of Salary in effect immediately prior to the Participant's Separation from Service exceeds (2) the Participant's annual rate of 401(k) Earnings in effect immediately prior to the Participant's Separation from Service, and (ii) for any other Participant, the amount (if any) by which (1) the Participant's annual rate of Salary in effect immediately prior to the Participant's Separation from Service exceeds (2) the compensation limit set by the Secretary of the Treasury for purposes of Section 401(a)(17) of the Internal Revenue Code for the year in which the Participant's Separation from Service occurs.

**Non-Cash Balance Participant** means a Participant who is described either in Section 3.1(c) below (other than a Participant who was employed by an Affiliate before January 1, 2018 but is not described in Section 3.1(d)) or in Section 3.1(d) below.

**Officer** means the CEOs, Presidents, Executive Vice Presidents, Senior Vice Presidents and elected Vice Presidents of EIX and its Affiliates. Other employees of EIX and its Affiliates, including officers who are not elected Vice Presidents or above, shall not be treated as Officers for purposes of the Plan, unless the Administrator specifically designates any such employee as an Officer for purposes of the Plan.

**Participant** means an individual who either (1) is an employee of an Affiliate, who (i) is a U.S. employee or an expatriate and is based and paid in the U.S.; (ii) has been designated as an Executive by the Administrator, the Affiliate's board or the Affiliate's CEO for purposes of the Plan; and (iii) qualifies as a member of the "select group of management or highly compensated employees" under ERISA, provided that an individual first designated as an Executive on or after December 1, 2020 shall not be a Participant until the first day of the calendar quarter following the calendar quarter in which the Executive satisfies such criteria, except as otherwise specified in writing by the Administrator; or (2) is a person who has a vested benefit under the Plan by virtue of prior employment as an Executive of an Affiliate, which vested benefit has not yet been completely distributed.

**Payment Election** means a Primary Payment Election or a Contingent Payment Election, or a payment election pursuant to Section 4.1.1, as the case may be, subject to change pursuant to Section 4.3. Payment Elections shall be made in the manner prescribed by the Administrator, or its delegate, which may include electronic elections.

**Payment Event** means: (i) as to an individual who first commenced participation in the Plan prior to 2021, the Participant's Separation from Service for any reason other than death or

&nbsp;&nbsp;&nbsp;&nbsp;4

------

Disability; and (ii) as to an individual who first commenced participation in the Plan after 2020, the Participant's Separation from Service for any reason other than death.

**Plan** means the EIX 2008 Executive Retirement Plan.

**Predecessor Plan** means the Southern California Edison Company Executive Retirement Plan.

**Primary Payment Election** means an election regarding the time and form of payments made or deemed made in accordance with Section 4.1.

**Profit Sharing** means the programs under which some Affiliates have made profit sharing or gain sharing contributions to the Savings Plan.

**Profit Sharing Modifier Percentage** means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Zero percent (0%) as to a Participant hired by an Employer on or after December 31, 2017 and prior to July 1, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Zero percent (0%) as to a Participant hired (whether a new hire or a rehire) by an Employer on or after July 1, 2024 whose Profit Sharing Contribution Percentage is equal to six percent (6%); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;An amount equal to the difference between six percent (6%) and the applicable Profit Sharing Contribution Percentage as to a Participant hired (whether a new hire or a rehire) by an Employer on or after July 1, 2024 whose Profit Sharing Contribution Percentage is less than six percent (6%).

**Profit Sharing Contribution Percentage** means, as to a Participant hired (whether a new hire or a rehire) by an Employer on or after July 1, 2024, the percent taken from the following schedule with the term "Age and Service Points" having the meaning set forth in the Savings Plan and with the determination of Age and Service Points and the applicable contribution percent determined in accordance with the provisions of the Savings Plan applicable to determining the "Fixed Profit Sharing Contribution" contribution percent for employees who are not represented for collective bargaining purposes:

---

| | |
|:---|:---|
| If the Participant's<br>Age and Service Points Equal: | The Participant's Profit Sharing<br>Contribution Percent is: |
| 45 or less | 4% |
| 46 – 59 | 5% |
| 60 or more | 6% |

---

**Qualified Plan** means the Southern California Edison Company Retirement Plan, or a successor plan, intended to qualify under Section 401(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;5

------

**Qualifying Officer** means an Executive serving in one of the following "Qualifying Officer Roles": the most senior officer of EIX, the most senior officer of Southern California Edison Company, the General Counsel of EIX, or the Chief Financial Officer of EIX. In the case of an Executive who served in a Qualifying Officer Role, ceased to hold a Qualifying Officer Role, but continued to provide transition support to an immediate successor for the Qualifying Officer Role, such Executive shall continue to be considered a "Qualifying Officer" until the earliest of (i) the date such transition support ends, (ii) three months after the Executive ceased serving in a Qualifying Officer Role, and (iii) the Executive's Separation from Service.

**Qualifying Severance** means a Participant is entitled to benefits under the Severance Plan or any similar successor plan as in effect upon the Participant's Separation from Service, and has satisfied all conditions for such benefits.

**Retirement** means Separation from Service upon attainment of at least age 55 with at least five Years of Service.

**Salary** means (i) for purposes of determining the ERA Salary Base on a payroll period basis for (x) a Non-Cash Balance Participant for any Plan Year or (y) for any other Executive for the 2018 Plan Year, the product of the Executive's hourly Basic Pay (determined by dividing annualized Basic Pay by 2,080 hours) on the last day of the payroll period on which the Executive is employed by the Employer, times 80 hours, (ii) for purposes of True-Up Participants, the sum of the True-Up Participant's Salary for the payroll periods for the Plan Year in which he or she serves at least one day as an Executive, with the Salary for each such payroll period determined in the same manner as clause (i) above, and (iii) for other purposes, the Executive's Basic Pay. "Basic Pay" means the Executive's basic pay from the Employer (excluding Bonuses, special awards, commissions, severance pay, and other non-regular forms of compensation) before reductions for deferrals under the Savings Plan or the EIX 2008 Executive Deferred Compensation Plan or predecessor or successor plans governing deferral of salary. As to a Non-Cash Balance Participant who first commences participation in the Plan on or after January 1, 2021 and as to a True-Up Participant who first commences participation in the Plan on or after January 1, 2019, the Participant's Salary taken into account as to the first Plan Year the individual is a Participant shall be limited to the Salary earned by the Participant on and after the first day of the first payroll period applicable to the Participant that commences after the last day of the thirty-day period (or such shorter period as may be prescribed by the Administrator) for the individual to make an initial Payment Election after first becoming a Participant. Notwithstanding the foregoing, the Administrator, or its delegate, may prescribe a different definition of Salary for a Plan Year (or part thereof) if such definition is set forth in the form or instructions for the Payment Election for such Plan Year.

**Savings Plan** means the Edison 401(k) Savings Plan, or a successor plan.

**Separation from Service** occurs: (i) with respect to an individual who is a Participant on or prior to December 31, 2023, when such Participant dies, retires, or otherwise has a termination of employment from the Employer that constitutes a "separation from service" within the meaning of Treasury Regulation Section 1.409A-1(h)(1), without regard to the optional

&nbsp;&nbsp;&nbsp;&nbsp;6

------

alternative definitions available thereunder; and (ii) with respect to an individual who becomes a Participant following December 31, 2023, when such Participant dies, retires, or otherwise has a termination of employment from the Employer that constitutes a "separation from service" within the meaning of Treasury Regulation Section 1.409A-1(h)(1), *provided* that a termination of employment from the Employer constituting such a "separation from service" shall be deemed to occur on the date on which it is reasonably anticipated that the level of bona fide services that the Participant will perform after such date (whether as an employee or as an independent contractor) will permanently decrease to less than 50 percent of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the full period of services to the Employer if the Participant has been providing services to the Employer less than 36 months), all as determined in accordance with Treasury Regulation Section 1.409A-1(h).

**Severance Plan** means the EIX 2008 Executive Severance Plan (or any similar successor plan).

**Similar Plan** means a plan required to be aggregated with this Plan under Treasury Regulation Section 1.409A-1(c)(2)(i).

**Specified Employee** means a Participant who is designated as an elected Vice President or above by the Administrator, using the identification date and methods determined by the Administrator.

**Target Bonus Amount** means, as to a particular Participant, the amount obtained by multiplying (1) the stated target bonus percentage (as a percentage of salary) in effect immediately prior to the Participant's Separation from Service (or, if the Participant first commenced participation in the Plan prior to 2021, the earlier of the Participant's Separation from Service or Disability) for the bonus to be awarded to the Participant pursuant to the terms of the Executive Bonus Plan, multiplied by (2) the Participant's annual rate of Salary in effect immediately prior to the Participant's Separation from Service (or, if the Participant first commenced participation in the Plan prior to 2021, the earlier of the Participant's Separation from Service or Disability).

**Termination of Employment** means the voluntary or involuntary Separation from Service for any reason other than Retirement or death.

**Total Compensation** means (i) for Participants not eligible for Benefit Feature (iii), the monthly average Salary based on the Participant's 36 highest consecutive months of Salary, and (ii) for Participants eligible for Benefit Feature (iii), the monthly average Salary plus Bonus based on the 36 consecutive months in which the Participant had the highest combination of Salary and Bonus. The 36 months need not be consecutive for individuals who were Participants in the Predecessor Plan and eligible for Benefit Feature (iii) before January 1, 2008. For purposes of determining the highest 36 months for Participants eligible for Benefit Feature (iii), each of the Participant's annual Bonuses will be spread evenly over the months worked in the years in which the Bonuses were earned. If a vested individual terminates prior to Retirement and was no longer an Officer or designated Executive at the time employment was terminated,

&nbsp;&nbsp;&nbsp;&nbsp;7

------

the Plan benefit described in Section 3.3(a) will be based on the Participant's Total Compensation and service determined as of the last date of the Participant's status as an Officer or designated Executive.

**True-Up Participant** means a Participant who is an Officer or other designated Executive on or after January 1, 2019, but is not a Non-Cash-Balance Participant.

**Unforeseeable Emergency** means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant's Beneficiary, or the Participant's spouse or dependent (as defined in Code Section 152, without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B)); loss of the Participant's property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant's control.

**Valuation Date** means the date as of which the Participant's benefit will be calculated, and is the first day of the month following the month in which the final day of employment falls prior to Separation from Service (or if the Participant first commenced participation in the Plan prior to 2021, the earlier of the Participant's Separation from Service or Disability), except that if the Participant's Separation from Service is a Termination of Employment, the Valuation Date is the later of (1) the first day of the month of the Participant's 55th birthday or (2) the first day of the month following the month in which the Participant's final day of employment occurs prior to Termination of Employment.

**Year of Service** means a year of service as determined in accordance with the terms of the Qualified Plan (in the case of a Participant who does not actually participate in the Qualified Plan, determined in accordance with the terms of the Qualified Plan as though the Participant was a participant in the Qualified Plan). For Participants grandfathered in the defined-benefit final average pay benefit feature of the Qualified Plan (other than any such grandfathered Participants who were hired by an Affiliate or its subsidiaries in 1999 from Commonwealth Edison Company), years of service will be determined according to the same rules applicable to such benefit. For all other Participants, years of service will be determined according to the rules applicable to the cash-balance feature of the Qualified Plan. A Participant's prior service with Commonwealth Edison Company will be recognized for purposes of this Plan if the individual was a Participant on or before April 1, 2012 and was hired by an Affiliate (or its subsidiaries) in 1999 from Commonwealth Edison Company in connection with an acquisition transaction involving Edison Mission Energy. A Participant's prior service with Citizens Power LLC will be recognized for purposes of this Plan if the individual was a Participant on or before <br>April 1, 2012 and was hired by an Affiliate (or its subsidiaries) in 2000 in connection with the acquisition of Citizens Power LLC by Edison Mission Energy.

**ARTICLE 2<br>PARTICIPATION**

Individuals are eligible to participate in the Plan when they become Officers or are designated as Executives by the Affiliate's board or the Affiliate's CEO for purposes of this

&nbsp;&nbsp;&nbsp;&nbsp;8

------

Plan. Participation in the Plan will continue as long as the individual remains an Officer or a designated Executive (subject to any applicable Plan restrictions) or has a vested benefit under the Plan that has not been completely paid out.

**ARTICLE 3<br>BENEFIT DETERMINATION AND VESTING**

**3.1&nbsp;&nbsp;&nbsp;&nbsp;Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Benefits under the Plan will be payable with respect to any vested Participant following Retirement or the occurrence of a Contingent Event to the extent a benefit under the Plan is determined to exist by calculations as provided under the applicable provisions of this Article 3. Effective January 1, 2018, an ERA Credits feature has been added to the Plan as provided in Section 3.4 below. Prior to such date, a Participant's benefit under the Plan will be determined as provided in Sections 3.2 and 3.3 hereof. From and after such date, a Participant's benefit under the Plan will be determined as provided below in this Section 3.1. In each case, the Participant's benefit will be subject to vesting, as provided in Section 3.5, and to the provisions of Sections 3.6 and 3.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If a Participant was an Officer or a designated Executive at any time prior to January 1, 2018, the Participant's benefit under the Plan (subject to vesting as provided in Section 3.5) will be equal to the <u>lesser</u> of the amounts determined under paragraphs (i) and (ii) of this Section 3.1(b), determined based on lump sum values as of the applicable Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Participant's total benefit as determined under Sections 3.2 and 3.3 below, taking into account the Participant's Total Compensation and Years of Service accrued at any time (whether before or after January 1, 2018). Such determination will be made without regard to Section 3.3(c) and will not include any ERA Credits under Section 3.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Participant's total benefit determined as the sum of (x) the Participant's total benefit as determined under Sections 3.2 and 3.3 below (giving effect to Section 3.3(c) below), and (y) the amounts credited to the Participant's Executive Retirement Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If a Participant first becomes an Officer or a designated Executive on or after January 1, 2018, the Participant will be eligible only to receive ERA Credits (and earnings thereon) to the Participant's Executive Retirement Account as provided in Section 3.4 and will not be eligible for any benefits under Sections 3.2 and 3.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any Plan provisions to the contrary, if a Participant who has experienced a Separation from Service is rehired on or after January 1, 2018 and becomes an Officer or designated Executive, the Participant will be treated for additional benefit accrual purposes as if he or she was a new participant in the Plan: he or she will be eligible to receive additional ERA Credits (and earnings thereon) as provided in Section 3.4, but will not be eligible for any additional benefit accruals under Sections 3.2 and 3.3.

&nbsp;&nbsp;&nbsp;&nbsp;9

------

**3.2&nbsp;&nbsp;&nbsp;&nbsp;Benefit Features**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Plan provides a supplemental retirement benefit calculated in accordance with Section 3.3 below. This supplemental retirement benefit incorporates the following Benefit Features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Recognition of the amount of Salary that is not recognized for purposes of calculating benefits under the Qualified Plan or Profit Sharing contributions to the Savings Plan due to limits imposed by the Code under Sections 415(b) or 401(a)(17).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Recognition of deferred Salary that is not recognized for purposes of calculating benefits under the Qualified Plan or Profit Sharing contributions to the Savings Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Recognition of Bonuses that are not recognized for purposes of calculating benefits under the Qualified Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Participants who are Officers on the date of their termination of employment are eligible for all three Benefit Features. Other Participants are eligible for Benefit Features (i) and (ii) only; provided, however, as to a Participant who was once an Officer but who is not described in the immediately preceding sentence, such Participant shall be eligible for Benefit Features (i) and (ii) only, but his or her benefits shall not be less than if the Participant had terminated employment on December 11, 2012 and had Bonuses recognized for purposes of determining his or her benefits as of December 11, 2012.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Participants in the Predecessor Plan on December 31, 1994 and Participants who were CEOs, Presidents, Executive Vice Presidents or Senior Vice Presidents of EIX or its Affiliates or elected Vice Presidents of EIX, Southern California Edison Company or Edison Capital prior to January 1, 2006, are also eligible for all three Benefit Features and an additional 0.75% benefit accrual for each Year of Service up to ten Years of Service (this additional 0.75% benefit accrual is taken into account when calculating the value of the single life annuity benefit for purposes of Section 3.3(b)), unless they were participants in the Predecessor Plan on December 31, 1992 and elected not to participate in the Executive Disability and Survivor Benefit Program, in which case they are eligible for all three Benefit Features but not for the additional 0.75% benefit accrual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the above, elected Vice Presidents of Edison Mission Energy, Edison Mission Marketing and Trading, and Midwest Generation whose Separation from Service occurred prior to January 1, 2006, are eligible for Benefit Features (i) and (ii) only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Section 3.2, the three Benefit Features in this Section 3.2 and the additional 0.75% benefit accrual in Section 3.2(c) are subject to the provisions of Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;10

------

**3.3&nbsp;&nbsp;&nbsp;&nbsp;Benefit Computation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;EIX will calculate at the time of a Participant's Disability (if the Participant first commenced participation in the Plan prior to 2021) or Separation from Service the amount of any benefit payable under the Plan. The benefit payable under this Section 3.3 will be the greater of (1) the value of the single life annuity calculated pursuant to Section 3.3(b), reduced by (i) the value of the single life annuity(ies) (unreduced for a contingent annuitant) payable to the Participant under the terms of the Qualified Plan, or other Affiliate defined benefit plan, including the actuarial single life annuity value of any in-service distribution previously commenced by the Participant under the Qualified Plan, but after taking into account any applicable restrictions or limitations as to such payments required by the Code or other applicable law or the terms of the Qualified Plan, or other applicable Affiliate defined benefit plan; (ii) the actuarial single life annuity value, as defined in the Qualified Plan, of the Participant's Profit Sharing Account under the Savings Plan, or a successor plan; and (iii) the portion of the Participant's Social Security benefit specified in the Qualified Plan or (2) the actuarial single life annuity value of the notional account derived from any Executive Profit Sharing Credits allocated to the Participant plus earnings thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Participant's Total Compensation and Years of Service will be used to calculate the value of the single life annuity benefit based on the "Supplemental A" formula set forth in Section 4.02(a) of the Qualified Plan, including Subsection (1) but excluding Subsection (2), and Section 4.12(b) of the Qualified Plan (provided, however, that individuals who become Participants after December 31, 2016 shall not be entitled to a benefit in this Plan based on the benefit formula in Section 4.12(b) of the Qualified Plan), and also, in the case of Disability or Death, Exhibit B of the Qualified Plan, or, in the case of Termination of Employment, Exhibit G of the Qualified Plan, notwithstanding the Participant's eligibility for such benefits under the terms of the Qualified Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, for purposes of determining a Participant's benefit under clause (x) of Section 3.1(b)(ii), the "Supplemental A" formula set forth in Section 4.02(a) of the Qualified Plan used to determine the value of the Participant's single life annuity benefit as provided in Section 3.3(b) with respect to any Years of Service accrued after <br>December 31, 2017 shall be modified as follows: "one percent (1%)" shall replace "one and three-quarters percent (1-3/4%)" as applied to the Participant's Total Compensation for each of the Participant's first thirty (30) Years of Service; and "one-half of one percent (0.5%)" shall replace "one percent (1%)" as applied to the Participant's Total Compensation for each of the Participant's Years of Service in excess of thirty (30).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If a Participant who was an Executive prior to January 1, 2022 (for clarity, this Section 3.3(d) does not apply to any Participant who first became an Executive on or after January 1, 2022) experiences a Qualifying Severance, then an additional Year of Service credit (in the case of a Qualifying Termination Event associated with a Change in Control as defined in the Severance Plan, two years for Senior Vice Presidents and Executive Vice Presidents of EIX or Southern California Edison Company, but three years for a Qualifying Officer) and an additional year of age (in the case of a Qualifying Termination Event associated with a Change

&nbsp;&nbsp;&nbsp;&nbsp;11

------

in Control as defined in the Severance Plan, two years for Senior Vice Presidents and Executive Vice Presidents of EIX or Southern California Edison Company, but three years for a Qualifying Officer) shall be included for purposes of the benefit calculation under Section 3.3(b), including in applying the benefit formula under the Qualified Plan for grandfathered employees who are not yet age 55 but who have 68 points. The value added by this severance enhancement shall be the difference between (i) the gross benefit calculated as described in Section 3.3(b) but with the additional age and service credits, before any reduction for benefits under other plans pursuant to Section 3.3(a), and (ii) the unenhanced gross benefit calculated under Section 3.3(b). Notwithstanding anything to the contrary in this Section 3.3(d), if a Participant becomes entitled to benefits under the Severance Plan or any similar successor plan and is subsequently rehired as an Executive prior to the date lump sum payments or initial installment or annuity payments commence, the Participant shall not be entitled to any additional Year of Service or age credits under this Section 3.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Participants who are also eligible for Profit Sharing may receive Executive Profit Sharing Credits. If any Profit Sharing contribution is reduced because a portion of the Participant's Salary is excluded either because of nonqualified Salary deferrals or the limits imposed by Sections 415 and 401(a)(17) of the Code, the amount by which the contribution was reduced will be credited to a notional Executive Profit Sharing Credit account under the Plan as of the date of the Profit Sharing contribution. Amounts in this notional account will earn notional interest at the rates in effect for cash balance interest credits in the Qualified Plan, credited daily and compounded annually. The resulting notional Executive Profit Sharing Credit amount will be taken into account in calculating the benefit described in Section 3.3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The lump sum value of the benefit payable under Sections 3.3 as of the Valuation Date will be actuarially determined as the present value of the Participant's single life annuity benefit under Section 3.3 as of that date, using the discount rate and mortality table then in effect for lump sum determination in the Qualified Plan, except that the lump sum value may not be less than the value of the notional Executive Profit Sharing Credit account balance as of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;A vested Participant who remains employed with an Affiliate until Retirement but is no longer an Officer or designated Executive will retain a Section 3.3 benefit based on the Participant's Total Compensation and service determined as of the last date of the Participant's eligible status and reduced by the amounts specified in Section 3.3(a) determined upon the Participant's Retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;As to a Participant whose Separation from Service (or if earlier, Disability) occurs after December 31, 2016, the following additional rules shall apply in calculating the amount of any benefit payable under the Plan with respect to the Participant's accrued but unused Sick Time Allowance Credits (as that term is used in the Qualified Plan):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;In applying the benefit formula set forth in Section 4.12(b) of the Qualified Plan, the Participant's accrued but unused Sick Time Allowance Credits taken into account for purposes of this Section 3.3 shall be the lesser of (a) the Participant's accrued but unused Sick Time Allowance Credits as of December 31, 2016, or (b) the

&nbsp;&nbsp;&nbsp;&nbsp;12

------

Participant's accrued but unused Sick Time Allowance Credits as of the Participant's Separation from Service (or if earlier, Disability).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The form and timing of payment of the benefit attributable to such accrued but unused Sick Time Allowance Credits shall be deemed to be calculated under Section 4.12(b) of the Qualified Plan as in effect on January 1, 2015 (disregarding, for example, any change in the Qualified Plan that takes effect after that date to provide for such benefit to be paid in a single lump sum).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Section 3.3, the benefits calculated pursuant to this Section 3.3 are subject to the provisions of Section 3.1.

**3.4&nbsp;&nbsp;&nbsp;&nbsp;Executive Retirement Account Credits**

This Section 3.4 shall be effective January 1, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>ERA Credits for Non-Cash-Balance Participants</u>. For each calendar year (commencing with 2018), ERA Salary Credits will be added by the Administrator to the <br>Non-Cash-Balance Participant's Executive Retirement Account in an amount equal to the sum of (i) twelve percent (12%) of the Non-Cash-Balance Participant's ERA Salary Base for the calendar year plus (ii) the product of such Participant's Profit Sharing Modifier Percentage multiplied by such Participant's 401(k) Earnings for that calendar year. Beginning with the 2018 Bonus (which is payable in 2019), ERA Bonus Credits will be added by the Administrator to the Non-Cash-Balance Participant's Executive Retirement Account in an amount equal to twelve percent (12%) of the Non-Cash-Balance Participant's Bonus. ERA Credits will be credited (conditionally until vesting and subject to Section 3.4(c)) to the Executive Retirement Account effective as of the time the ERA Salary Base or Bonus to which the ERA Credits relate is actually paid. If a Non-Cash-Balance Participant has his or her employment transferred from an Affiliate to a non-participating affiliate of EIX, then ERA Bonus Credits will be added for the Non-Cash-Balance Participant's Bonus with respect to the Non-Cash-Balance Participant's employment by the Affiliate during the year in which the transfer occurred. As to a Non-Cash Balance Participant who is first employed by an Affiliate on or after January 1, 2021 and who commences participation in the Plan in the calendar year the individual is first employed by an Affiliate, ERA Salary Credits will be added by the Administrator to the Non-Cash-Balance Participant's Executive Retirement Account for the calendar year in which the Participant is first employed by an Affiliate, in an amount equal to the result of the following formula, but only if the result is a positive number: (i) six percent (6%) of the Participant's 401(k) Earnings for that calendar year, minus (ii) the maximum matching contribution that could be made to the Participant under the Savings Plan for that calendar year assuming that the Participant maximized the Participant's "Deferrals" to the Savings Plan for that calendar year and taking into account, without limitation, (x) the limits under Section 402(g) of the Code and (y) the Participant's substantiated elective deferrals for that calendar year to any plan sponsored by an entity that is not a component member of EIX's "controlled group of corporations" within the meaning of Section 414(b) of the Code. Any ERA Credits pursuant to the preceding sentence will be credited (conditionally until vesting and subject to Section 3.4(c)) to the Participant's

&nbsp;&nbsp;&nbsp;&nbsp;13

------

Executive Retirement Account effective as of the last day of the calendar year with respect to which such amounts are being credited.

<u>ERA Credits for 2018 for Other Participants</u>. For purposes of the 2018 calendar year for Participants who are not Non-Cash-Balance Participants, ERA Credits will be added by the Administrator to the Participant's Executive Retirement Account in an amount equal to twelve percent (12%) of the Participant's ERA Salary Base for 2018. In addition, ERA Credits will be added by the Administrator to the Participant's Executive Retirement Account in an amount equal to twelve percent (12%) of the Participant's 2018 Bonus (which is payable in 2019). ERA Credits will be credited (conditionally until vesting and subject to Section 3.4(c)) to the Executive Retirement Account effective as of the time the ERA Salary Base or Bonus to which the ERA Credits relate is actually paid. If a Participant has his or her employment transferred from an Affiliate to a non-participating affiliate of EIX, then ERA Bonus Credits will be added for the Participant's Bonus with respect to the Participant's employment by the Affiliate during the year in which the transfer occurred.

<u>ERA Credits for True-Up Participants</u>. For True-Up Participants, the amount of ERA Salary Credits for a calendar year after 2018 will be the result of the following formula: twelve percent (12%) of the Participant's Salary for the calendar year, minus the sum of (i) the Participant's Cash Balance Pay Credits for the calendar year and (ii) six percent (6%) of the Participant's 401(k) Earnings for the calendar year. The amount of ERA Bonus Credits for a calendar (beginning with the 2019 Bonus payable in 2020) will equal twelve percent (12%) of the Participant's Bonus for the calendar year, subject to the following reduction: if the equation for a Participant's ERA Salary Credits for a calendar year results in a negative number (the "Adjustment"), then the Participant's ERA Salary Credits for that calendar year will be zero and the Adjustment will be applied to the Participant's ERA Bonus Credits for that calendar year, thereby reducing the ERA Bonus Credits; if the Adjustment would reduce the Participant's ERA Bonus Credits for that calendar year below zero, then the Participant's ERA Bonus Credits for that calendar year will be zero and the remainder of the Adjustment (i.e., the amount of the Adjustment remaining when ERA Bonus Credits are reduced to zero) will be disregarded. ERA Credits will be added by the Administrator to the True-Up Participant's Executive Retirement Account by April 30 of the following year. ERA Salary Credits for a calendar year will be credited (conditionally until vesting and subject to Section 3.4(c)) to the True-Up Participant's Executive Retirement Account effective as of December 31 of the calendar year; provided, however, for a calendar year in which a True-Up Participant experiences a Separation from Service or Disability, the True-Up Participant's ERA Salary Credits for that calendar year will be added to his or her Executive Retirement Account within 60 days of, and will be credited effective as of, the Separation from Service or Disability. ERA Bonus Credits for a calendar year will be credited (conditionally until vesting and subject to Section 3.4(c)) to the True-Up Participant's Executive Retirement Account effective as of the date the Bonus to which the ERA Credits relate is actually paid. If a Participant has his or her employment transferred from an Affiliate to a non-participating affiliate of EIX, then ERA Credits will be added to the Participant's Executive Retirement Account with respect to Salary and Bonus attributable to the Participant's employment by the Affiliate during the year in which the transfer occurred.

&nbsp;&nbsp;&nbsp;&nbsp;14

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>ERA Interest Credits for Non-Cash-Balance Participants</u>. The Administrator will credit interest at the Crediting Rate (conditionally until vesting and subject to Section 3.4(c)) to a Non-Cash-Balance Participant's Executive Retirement Account on a daily basis, compounded annually, until the Valuation Date. No interest will be credited on ERA Credits for any date on or before the date when the ERA Salary Base or Bonus to which the ERA Credit relates is actually paid (for example, if a Participant's 2018 Bonus is paid on February 28, 2019, the related ERA Credits will be credited as of that date and interest will begin being credited on those ERA Credits on a go-forward basis as of March 1, 2019). After the Valuation Date, interest will be credited in accordance with Section 3.7.

<u>ERA Interest Credits for 2018 Salary and Bonus for Other Participants</u>. With respect to ERA Credits for Salary and Bonus for 2018 for a Participant who is not a Non-Cash Balance Participant, the Administrator will credit interest at the Crediting Rate (conditionally until vesting and subject to Section 3.4(c)) to the Participant's Executive Retirement Account on a daily basis, compounded annually, commencing on the date described in the next sentence and continuing until the Valuation Date. Interest will be credited commencing the day following the date when the ERA Salary Base or Bonus to which the ERA Credit relates is actually paid (for example, if a Participant's 2018 Bonus is paid on February 28, 2019, the related ERA Credits will be credited as of that date and interest will begin being credited on those ERA Credits on a go-forward basis as of March 1, 2019). After the Valuation Date, interest will be credited in accordance with Section 3.7.

<u>ERA Interest Credits for True-Up Participants</u>. With respect to ERA Credits for Salary and Bonus for 2019 and subsequent years for True-Up Participants, the Administrator will credit interest (conditionally until vesting and subject to Section 3.4(c)) in the manner described in this paragraph. With respect to ERA Salary Credits for a Plan Year, the Administrator will credit interest as follows: the ERA Salary Credits for the Plan Year (after the Adjustment, if any) will be multiplied by the annual Crediting Rate (converted into a decimal format) and the result will be multiplied by a fraction, the numerator of which is the number of months in the Plan Year during which the True-Up Participant served at least one day as an Executive, and the denominator of which is twenty-four (24); the resulting simplified interest will be credited on the "Simplified Interest Crediting Date," which shall be December 31 of the Plan Year or, if earlier, the last day of the month in which the Participant's Separation from Service or Disability occurs; commencing the day after the Simplified Interest Crediting Date, interest will be credited at the Crediting Rate on a daily basis, compounded annually, until the Valuation Date. With respect to ERA Bonus Credits for a Plan Year, no interest will be credited for the date as of which the ERA Bonus Credits (after the Adjustment, if any) are credited, but commencing as of the following day, the Administrator will credit interest at the Crediting Rate on a daily basis, compounded annually, until the Valuation Date. After the Valuation Date, all interest will be credited in accordance with Section 3.7.

<u>Prospective Changes</u>. Notwithstanding anything to the contrary in this Section 3.4(b), the Administrator, or its delegate, may prospectively change the methodology for calculating ERA Interest Credits.

&nbsp;&nbsp;&nbsp;&nbsp;15

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the event a Participant is entitled to the benefit specified in Section 3.1(b)(i), the Participant's Executive Retirement Account shall be disregarded and automatically cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event a Participant is entitled to the benefit specified in Section 3.1(b)(ii) or Section 3.1(c), the benefit attributable to the Participant's Executive Retirement Account shall be subject to the payment election provisions of Article 4 and, if the Participant's benefit is determined under Section 3.1(b)(ii), the Participant's Executive Retirement Account shall be paid on the same schedule as the Participant's benefit determined under Sections 3.2 and 3.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If a Participant who was an Executive prior to January 1, 2022 (for clarity, this Section 3.4(e) does not apply to any Participant who first became an Executive on or after January 1, 2022) experiences a Qualifying Severance, then ERA Credits will be added by the Administrator to the Participant's Executive Retirement Account in an amount equal to twelve percent (12%) times the sum of (i) the Participant's ERA Salary Base Differential plus (ii) the Participant's Target Bonus Amount. In the case of a Qualifying Termination Event associated with a Change in Control as defined in the Severance Plan, "twelve percent (12%)" in the preceding sentence will be replaced by: "twenty-four percent (24%)" if the Participant is a Senior Vice President or Executive Vice President of EIX or Southern California Edison Company; "thirty-six percent (36%)" if the Participant is a Qualifying Officer. Such ERA credits will be credited effective as of the date of the Separation from Service. Notwithstanding anything to the contrary in this Section 3.4(e), if a Participant becomes entitled to benefits under the Severance Plan or any similar successor plan and is subsequently rehired as an Executive prior to the date lump sum payments or initial installment or annuity payments commence, any additional ERA credits under this Section 3.4(e) shall be disregarded and automatically cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Section 3.4, the Administrator, or its delegate, may prescribe rules in the form or instructions for any Payment Election for a Plan Year that are different than the rules set forth in this Section 3.4 for purposes of determining Executive Retirement Account credits for the Plan Year. For clarity, no ERA Credits will be credited with respect to a Participant for any Plan Year prior to the Plan Year in which the individual is first a Participant.

**3.5&nbsp;&nbsp;&nbsp;&nbsp;Vesting**

Subject to the provisions of Section 3.4, the right to receive benefits under the Plan (including any amounts credited to a Participant's Executive Retirement Account, if a Participant is entitled to such amounts under Section 3.1) will vest (i) when the Participant has completed five Years of Service with an Affiliate, (ii) upon the Participant's Disability while employed with an Affiliate, (iii) upon the Participant's death while employed with an Affiliate, or (iv) upon the Participant's Separation from Service if the Participant experiences a Qualifying Severance. Notwithstanding the foregoing, credits and benefits under the Plan (together with any earnings or interest credited thereon pursuant to the Plan) shall be subject to recoupment and/or forfeiture to the extent that they are calculated or based upon a Bonus or other incentive-based compensation that is subject to forfeiture and/or recoupment in accordance with applicable law, pursuant to any recoupment, "clawback" or similar policy maintained by EIX or its Affiliates, or pursuant to the

&nbsp;&nbsp;&nbsp;&nbsp;16

------

terms of the Bonus award or incentive-based compensation award to which the credits or benefits relate.

**3.6&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for Final Bonus**

If the final Bonus is determined after benefits under the Plan are paid or commenced, the benefit will be recalculated from inception (as a point of clarity, ERA Credits for the final Bonus will be credited, in accordance with and subject to Section 3.4, as of the date the Bonus is actually paid, but for purposes of Section 3.1(b) the value of those ERA Credits will be calculated as of the Valuation Date using the discount rate in effect for lump sum determination in the Qualified Plan as of the Valuation Date) and a one-time adjustment will be made to true-up payments already made, and future payments, if any, will be adjusted accordingly. Any true-up payment will be made within two and one-half months of the date the final Bonus is determined.

**3.7&nbsp;&nbsp;&nbsp;&nbsp;Valuation Date Notional Account**

A notional account will be established as the Plan benefit as of the Valuation Date, with an initial value equal to the lump sum value calculated pursuant Article 3. The account will be credited with interest at the Crediting Rate on a daily basis, compounded annually, until the account has been fully paid out (or annuity payments commence, as the case may be) according to the terms of the Plan and the Participant's Payment Election.

**ARTICLE 4<br>PAYMENT ELECTIONS**<sup>1</sup>

**4.1&nbsp;&nbsp;&nbsp;&nbsp;Primary Payment Election for Plan Years Prior to 2019 (except as otherwise provided)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each year (through December 31, 2017), a Participant may make a Primary Payment Election specifying the payment schedule for the benefits to be accrued in the following Plan Year (concluding with the 2018 Plan Year) by submitting an election to the Administrator in such time and manner established by the Administrator. By way of example, benefits attributable to Bonus compensation will be treated as accrued during the Plan Year when the relevant services are performed (and not any later year when the Bonus is actually paid), and any benefits attributable to additional Year of Service or age credits triggered by a Participant's Separation from Service under the Severance Plan will be treated as accrued during the Plan Year when the Participant's Separation from Service occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this paragraph, a Primary Payment Election made for one Plan Year shall apply for subsequent Plan Years unless prior to a subsequent Plan Year the Participant submits a new Primary Payment Election for the subsequent Plan Year. If (i) a Primary Payment Election in effect with respect to one Plan Year (the first Plan Year) carries over and applies to the next Plan Year (the second Plan Year) pursuant to the preceding sentence, and (ii) the Participant's Primary Payment Election in effect with respect to the first Plan Year is

<sup>1</sup> For purposes of clarity, the provisions of this Plan regarding Payment Elections for the 2021 Plan Year are effective beginning with Payment Elections made in 2020 for the 2021 Plan Year.

&nbsp;&nbsp;&nbsp;&nbsp;17

------

that payments shall commence upon the later of the Participant's Retirement or the first day of a specific month and year, then the same Primary Payment Election (including the same specified date) will apply to the second Plan Year; provided that if the specified date payout election in effect with respect to the first Plan Year is a date in the first or second Plan Year, the Participant shall be deemed to have made a Primary Payment Election for the second Plan Year that the benefits accrued in the second Plan Year shall commence payment upon the Participant's Retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;On or before December 31, 2008, Participants may make a special Primary Payment Election in accordance with the transition rule under Section 409A of the Code for Plan benefits previously scheduled to commence payment after the calendar year in which the special Primary Payment Election is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The choices available for a Primary Payment Election are as provided in the applicable Primary Payment Election form, but may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Joint and survivor life annuity paid in monthly installments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Contingent life annuity paid in monthly installments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Monthly installments for 60 to 180 months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;A single lump sum; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Two to fifteen installments paid annually; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Any combination of the choices listed in (iii), (iv) and (v).

Payments under a Primary Payment Election may commence upon (i) the Participant's Retirement, (ii) the later of the Participant's Retirement or the first day of a specific month and year, or (iii) the first day of the month that is a specified number of months and/or years following the Participant's Retirement or the first day of a specified month a specified number of years following the calendar year in which the Participant's Retirement occurs (provided that if the date otherwise determined pursuant to clauses (ii) and (iii) is later than the later of the Participant's Retirement or the month and year in which the Participant attains age 75, the date pursuant to clauses (ii) and (iii) shall be the later of the Participant's Retirement or the month and year in which the Participant attains age 75). If the Participant elects under a Primary Payment Election to receive payment pursuant to clause (ii) and the Participant dies prior to the later of Retirement or the specified payment date, payment shall be made pursuant to the Participant's Contingent Payment Election (if any) for the Participant's death (regardless of whether the Participant's death occurs while the Participant is employed by an Affiliate or thereafter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If no Primary Payment Election has been made, the Primary Payment Election shall be deemed to be a joint and survivor annuity paid in monthly installments commencing upon the Participant's Retirement (or, if earlier, the Participant's death or Disability); provided, however, that if a Participant first becomes an Officer or a designated Executive on or after

&nbsp;&nbsp;&nbsp;&nbsp;18

------

January 1, 2018, the Primary Payment Election shall be deemed (if no Primary Payment Election has been made) to be a lump sum payable upon Retirement (or, if earlier, the Participant's death or Disability).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section 4.5, lump sum payments or initial installment or annuity payments will be made within 90 days (60 days in the case of a payment triggered by a specified payment date) of the scheduled dates, and interest will be added at the Crediting Rate to the payment amount for the days elapsed between the scheduled payment date and the actual date of payment. If the Participant's delivery of a release would change the amount of his or her Plan benefit, and the period for the Participant to consider, execute, and revoke such release spans two different calendar years, and the 90- or 60-day period, as applicable, specified above for the payment of any benefit contingent on such release also spans those two years, payment of the portion of the benefit contingent upon such release (and earnings thereon) shall be made in the time period otherwise specified above but in the second of those two years.

If paid in installments, the installments will be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of calculating installments, the account will be valued as of the Valuation Date and subsequently as of December 31 each year, with installments for the next calendar year adjusted according to procedures established by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For individuals who first commenced participation in the Plan prior to 2021, the installments will be paid in amounts that will amortize the balance with interest credited at the Crediting Rate on a daily basis, compounded annually, over the period of time benefits are to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For individuals who first commenced participation in the Plan after 2020, annual installment amounts shall be determined by dividing (a) by (b), where (a) equals the account value as of the last valuation under clause (i) above and (b) equals the remaining number of installment payments. The balance will continue to be credited with interest at the Crediting Rate until the last installment payment is made.

Notwithstanding anything herein to the contrary, distribution in installments shall be treated as a single payment as of the date of the initial installment for purposes of Section 409A of the Code. If paid in monthly installments, the installments may be paid in a single check or in more than one check for any given month, provided that in either such case the total amount of the monthly payment shall not change.

If the applicable Payment Election or deemed Payment Election is for payment in the form of an annuity, the annuity value of the Plan benefit will be calculated in a manner consistent with the provisions of the Qualified Plan except that this Plan will govern where its provisions under Section 3.3 (which shall also apply to Section 3.4(d) for purposes of calculating the applicable annuity value of any benefit derived from an Executive Retirement Account) are inconsistent with those of the Qualified Plan.

&nbsp;&nbsp;&nbsp;&nbsp;19

------

**4.1.1&nbsp;&nbsp;&nbsp;&nbsp;Payment Election for 2019 and Later Plan Years** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If a Participant first commenced participation in the Plan prior to 2021, the Participant may elect, as part of a Payment Election for each Plan Year from 2019 through 2021, and subject to the conditions set forth in this Section 4.1.1, that payments commence upon: (i) the Participant's Payment Event; (ii) the later of the Participant's Payment Event or January 1 of a specified year that may be no later than the year in which the Participant attains age 75; (iii) January 1 of the year following the Payment Event; or (iv) January 1 of the fifth year following the Payment Event. If the date otherwise determined pursuant to clauses (iii) and (iv) above is later than the later of the Participant's Payment Event or the month and year in which the Participant attains age 75, the commencement date pursuant to clauses (iii) and (iv) shall be the later of the Participant's Payment Event or the month and year in which the Participant attains age 75. If the Payment Event is a Separation from Service prior to Retirement (other than due to death), the commencement date pursuant to clauses (i) through (iv) above shall be determined as if the Payment Event was the later of the Participant's Separation from Service or the first day of the month of the Participant's 55th birthday.

If a Participant first commenced participation in the Plan after 2020, the Participant may elect, as part of a Payment Election that applies to all Plan benefits accrued by the Participant in the Plan Year of initial participation and all subsequent Plan Years, and subject to the conditions set forth in this Section 4.1.1, that payments commence upon: (i) the later of January 1 of the year following the Participant's Payment Event or the first day of the seventh month following the Participant's Payment Event; or (ii) the later of the first day of the seventh month following the Participant's Payment Event or January 1 of a specified year; provided, however, that if the Payment Event is a Separation from Service prior to Retirement (other than due to death), the commencement date shall be determined as if the Payment Event was the later of the Participant's Separation from Service or the first day of the month of the Participant's 55th birthday.

Notwithstanding any provisions to the contrary in this Plan, a Participant's Payment Election for the 2021 Plan Year (or for the first Plan Year that the individual participates in the Plan, if the individual is not a Participant for the 2021 Plan Year) shall also apply to all benefits accrued by the Participant under the Plan in all subsequent Plan Years (the "Single Payment Election for 2021 and Later Years").

Unless otherwise provided by the Administrator, or its delegate, in the applicable Payment Election form or instructions, the choices available for a Payment Election are as follows: a single lump sum; five, ten or fifteen installments paid annually; a joint and survivor life annuity paid in monthly installments; or Contingent life annuity paid in monthly installments.

Notwithstanding any provisions of the preceding paragraphs in this Section 4.1.1(a) to the contrary, benefits accrued with respect to the 2019 Plan Year or any subsequent Plan Year by an individual who first commenced participation in the Plan prior to 2021 shall (except as provided in the next paragraph) be subject to the following payment rules: (i) if a Participant dies or, while employed by an Affiliate, becomes Disabled before payments have commenced, then payments

&nbsp;&nbsp;&nbsp;&nbsp;20

------

shall be made in a lump sum upon (or within 90 days following) the Participant's death or Disability; (ii) if a Participant dies or, while employed by an Affiliate, becomes Disabled after payments have commenced but before all payments have been completed, then all of the Participant's remaining benefits shall be made in a lump sum upon (or within 90 days following) the Participant's death or Disability; provided, however, that (iii) if a Participant who dies had elected either a joint and survivor annuity or a Contingent life annuity with a survivor benefit, then the survivor benefit shall be paid in accordance with the terms of the Participant's Payment Election. Notwithstanding any provisions of the preceding paragraphs in this Section 4.1.1(a) to the contrary, benefits accrued by an individual who first commenced participation in the Plan after 2020 shall (except as provided in the next paragraph) be subject to the following payment rules: (i) if a Participant dies before payments have commenced, then payments shall be made in a lump sum upon (or within 90 days following) the Participant's death; (ii) if a Participant dies after payments have commenced but before all payments have been completed, then all of the Participant's remaining benefits shall be made in a lump sum upon (or within 90 days following) the Participant's death; provided, however, that (iii) if a Participant who dies had elected either a joint and survivor annuity or a Contingent life annuity with a survivor benefit, then the survivor benefit shall be paid in accordance with the terms of the Participant's Payment Election.

Notwithstanding any provisions of this Section 4.1.1 to the contrary, if a Participant who has a Primary Payment Election in effect with respect to the 2018 Plan Year (including a deemed election) does not make a new Payment Election for benefits accrued for the 2019 Plan Year, then Sections 4.1(b) and 4.2(b) (and not the preceding provisions of this Section 4.1.1) shall continue to apply to such Participant and the Primary Payment Election (including a deemed election) for the 2018 Plan Year and the Contingent Payment Election (including a deemed election) for the 2018 Plan Year (such Primary Payment Election and Contingent Payment Election, the "2018 Elections") shall apply for the 2019 Plan Year and then for the 2020 Plan Year and then for the Single Payment Election for 2021 and Later Years, unless prior to such subsequent Plan Year (but no later than 2020 for the Single Payment Election for 2021 and Later Years) the Participant submits a new Payment Election pursuant to this Section 4.1.1 for the subsequent Plan Year. For clarity, as to any benefits accrued for a Plan Year as to which a Participant's 2018 Elections apply, such benefits shall be paid in accordance with Sections 4.1(b) and 4.2(b) and such 2018 Elections, and the preceding paragraphs of this Section 4.1.1 (including, without limitation, the death and Disability payment rules of the preceding paragraph) shall not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Section 4.1.1, a Payment Election made for one Plan Year shall apply for subsequent Plan Years unless prior to such subsequent Plan Year (but no later than 2020 for the Single Payment Election for 2021 and Later Years) the Participant submits a new Payment Election for the subsequent Plan Year. If a Payment Election in effect with respect to one Plan Year (the first Plan Year) carries over and applies to the next Plan Year (the second Plan Year) pursuant to this paragraph, and the Participant's Payment Election in effect with respect to the first Plan Year includes a specified date payout election pursuant to clause (ii) of Section 4.1.1(a), that date will apply to the second Plan Year; provided that if the specified date payout election in effect with respect to the first Plan Year is a date in the first or second Plan Year, the Participant shall be deemed to have made a Payment Election for the

&nbsp;&nbsp;&nbsp;&nbsp;21

------

second Plan Year that the benefits accrued in the second Plan Year shall commence payment upon the Participant's Payment Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;A Payment Election with respect to a Plan Year shall be made in such time and manner established by the Administrator, but in all events (except as provided in the next sentence) prior to the start of the Plan Year with respect to which the election is made. An individual who is first selected as a Participant in this Plan may make a Payment Election within thirty days (or such shorter period as may be prescribed by the Administrator) after the date the individual first becomes a Participant. In each case, if no Payment Election has been made by the Participant, the Participant's Payment Election shall be deemed to be a lump sum payable, for Participants who first commenced participation in the Plan prior to 2021, upon the earliest of the Participant's Payment Event, death, or Disability, and for Participants who first commenced participation in the Plan after 2020, upon the earlier of (i) death or (ii) the later of January 1 of the year following the Participant's Payment Event or the first day of the seventh month following the Participant's Payment Event; provided, however, that if the Payment Event is a Separation from Service prior to the first day of the month of the Participant's 55th birthday, the commencement date shall be the first day of the month of the Participant's 55th birthday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The provisions in Section 4.1(f) also apply to this Section 4.1.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Section 4.1.1, the Administrator, or its delegate, may prescribe rules in the form or instructions for any Payment Election that are different than the rules set forth in this Section 4.1.1 as to the benefits covered by such Payment Election, including expanding or limiting the forms of payment and payment commencement dates available for the Payment Election and prescribing different payment rules for death and Disability.

**4.2&nbsp;&nbsp;&nbsp;&nbsp;Contingent Payment Elections for Plan Years Prior to 2019 (except as otherwise provided)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each year (through December 31, 2017), a Participant may make Contingent Payment Elections for each of the Contingent Events of (1) the Participant's death while employed by an Affiliate, (2) the Participant's Disability while employed by an Affiliate, and (3) Termination of Employment for the benefits to be accrued in the following Plan Year (concluding with the 2018 Plan Year), which election will take effect upon the first Contingent Event that occurs before the Participant's Retirement, by submitting an election to the Administrator in such time and manner established by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this paragraph, a Contingent Payment Election made for one Plan Year shall apply for subsequent Plan Years unless prior to a subsequent Plan Year the Participant submits a new Contingent Payment Election for the subsequent Plan Year. If (i) a Contingent Payment Election in effect with respect to one Plan Year (the first Plan Year) carries over and applies to the next Plan Year (the second Plan Year) pursuant to the preceding sentence, and (ii) the Participant's Contingent Payment Election in effect with respect to the first Plan Year is that payments shall commence upon the later of the Participant's Contingent Event or the first day of a specific month and year, then the same Contingent Payment Election

&nbsp;&nbsp;&nbsp;&nbsp;22

------

(including the same specified date) will apply to the second Plan Year; provided that if the specified date payout election in effect with respect to the first Plan Year is a date in the first or second Plan Year, the Participant shall be deemed to have made a Contingent Payment Election for the Second Plan Year that the benefits accrued in the second Plan Year shall commence payment upon the Participant's Contingent Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The choices available for the Contingent Payment Elections are those specified in Section 4.1 except that the references to Retirement shall instead be the applicable Contingent Event if the event is death or Disability or the first day of the month of the Participant's 55th birthday (or, if later, Termination of Employment) if the Contingent Event is Termination of Employment.

If the Participant has made no Contingent Payment Election and a Contingent Event occurs prior to Retirement, the Administrator will pay the benefit as specified in the Participant's Primary Payment Election, except that payments scheduled for payment or commencement of payment "upon Retirement," or with a payment date determined by reference to Retirement, will be paid, commence or have payment determined by reference to the first day of the month following the date of the Contingent Event if the Contingent Event is the Participant's death or Disability, but will be the first day of the month of the Participant's 55th birthday (or, if later, Termination of Employment) if the Contingent Event is Termination of Employment. If a Contingent Event occurs prior to Retirement and the Participant has made neither a Primary Payment Election nor a Contingent Payment Election, the Payment Election shall be deemed to be a joint and survivor life annuity payable on the first day of the month following the date of the Contingent Event if the Contingent Event is the Participant's death or Disability, but payable on the first day of the month of the Participant's 55th birthday (or, if later, the first day of the month following the month in which the Participant's final day of employment occurs prior to Termination of Employment) if the Contingent Event is Termination of Employment. Notwithstanding the foregoing, if a Participant first becomes an Officer or a designated Executive in 2018, the Contingent Payment Election shall be deemed to be a lump sum payable upon on the first day of the month following the date of the Contingent Event if the Contingent Event is the Participant's death or Disability, but payable on the first day of the month of the Participant's 55th birthday (or, if later, Termination of Employment) if the Contingent Event is Termination of Employment.

**4.3&nbsp;&nbsp;&nbsp;&nbsp;Changes to Payment Elections** 

Participants may change an existing Payment Election, including a deemed Payment Election, by submitting a new written Payment Election to the Administrator, subject to the following conditions: (1) the new Payment Election shall not be effective unless made at least twelve months before the payment or commencement date scheduled under the prior Payment Election, (2) the new Payment Election must defer a lump sum payment or commencement of installment or life annuity payments for a period of at least five years from the date that the lump sum would have been paid or installment or life annuity payments would have commenced under the prior Payment Election, and (3) the election shall not be effective until twelve months after it is filed with the Administrator. For Payment Election changes submitted before 2021, a Payment

&nbsp;&nbsp;&nbsp;&nbsp;23

------

Election change will not be effective if at the time such new Payment Election is made, the imposition of the five-year delay would require that the benefits to be paid pursuant to such Payment Election would not begin until Participant's 75<sup>th</sup> birthday. Except as otherwise provided by the Administrator, or its delegate, in the form or instructions for a Payment Election change submitted after 2020, any such Payment Election change as to a Payment Event or (in the case of a change to a Contingent Payment Election) death (or, in either case, a date determined with reference to a Payment Event or death) will not be effective unless the new Payment Election defers the applicable payment start date by exactly five years from the start date under the prior Payment Election (for clarity, to the extent a Payment Election provides for payment to commence upon a specified date, rather than a date determined with reference to a Payment Event or death, the new Payment Election may defer the specified date by five or more years). After 2018, the payment schedules available under a new Payment Election are those prescribed by the Administrator, or its delegate, in the form or instructions for the Payment Election change, subject to the conditions specified in this paragraph. After 2018, a Participant will only be given one opportunity to change a Payment Election for benefit accruals with respect to each of the following (i) each Plan Year prior to 2021 and (ii) the Single Payment Election for 2021 and Later Years.

Participants who have elected a form of life annuity as their Primary Payment Election or Contingent Payment Election (including any deemed Payment Election) may change such election from one form of life annuity to another form of life annuity otherwise permitted by the Plan (to the extent applicable) by submitting a new written Payment Election to the Administrator, subject to the following conditions: (1) the new Payment Election shall not be effective unless made before the payment or commencement date scheduled under the prior Payment Election, (2) the payment or commencement date under the prior Payment Election is not changed (or the change is made pursuant to the provisions of the preceding paragraph), and (3) the annuities are actuarially equivalent (within the meaning of Treasury Regulation <br>Section 1.409A-2(b)(2)(ii).

**4.4&nbsp;&nbsp;&nbsp;&nbsp;Small Benefit Exception** 

Notwithstanding the foregoing, the Administrator may, in its sole discretion and as determined by it in writing, pay the benefits in a single lump sum if the sum of all benefits payable to the Participant under this Plan and all Similar Plans is less than or equal to the applicable dollar amount under Section 402(g)(1)(B) of the Code.

**4.5&nbsp;&nbsp;&nbsp;&nbsp;Six-Month Delay in Payment for Specified Employees** 

Notwithstanding anything herein to the contrary, in the event that a Participant who is a Specified Employee is entitled to a distribution from the Plan due to the Participant's Separation from Service, the lump sum payment or the commencement of installment or life annuity payments, as the case may be, may not be scheduled to occur or occur before the date that is the earlier of (1) six months following the Participant's Separation from Service for reasons other than death or (2) the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;24

------

**4.6&nbsp;&nbsp;&nbsp;&nbsp;Conflict of Interest Exception, Etc.** 

Notwithstanding the foregoing, the Administrator may, in its sole discretion, pay benefits in a single lump sum if permitted under Treasury Regulation Section 1.409A-3(j)(4)(iii). In addition, the Administrator may, in its sole discretion, accelerate benefits, and pay such benefits in a single lump sum, if and to the extent permitted under any of the other exceptions specified in Treasury Regulation Section 1.409A-3(j)(4) to the general rule in Section 409A of the Code prohibiting accelerated payments, provided that the terms of Section 4.4 of the Plan shall govern whether benefits will be paid in a single lump sum pursuant to the small benefit exception contained in Treasury Regulation Section 1.409A-3(j)(4)(v).

**ARTICLE 5<br>SURVIVOR BENEFITS** 

**5.1&nbsp;&nbsp;&nbsp;&nbsp;Payment**

Following the Participant's death, payment of the Participant's benefit will be made to the Participant's Beneficiary or Beneficiaries according to the payment schedule elected or deemed elected according to Article 4, subject to the payment provisions (if applicable) of Section 4.1.1.

**5.2&nbsp;&nbsp;&nbsp;&nbsp;Benefit Computation** 

In addition, if the applicable Payment Election or deemed Payment Election is for a joint and survivor life annuity, the survivor benefit is 50% of the Participant's annuity amount, payable only to the spouse married to the Participant at the earlier of the commencement of Plan benefit payments to the Participant or the Participant's death, but actuarially reduced if that spouse is more than five years younger than the Participant. If the election is for a contingent life annuity, the survivor benefit will be as elected. The survivor benefit associated with a life annuity will be calculated in a manner consistent with the survivor benefit provisions of the Qualified Plan except that this Plan will govern where its provisions under Sections 3.3 and 3.4(d) are inconsistent with those of the Qualified Plan. Notwithstanding the preceding provisions of this Section 5.2, if the Payment Election or deemed Payment Election is for a joint and survivor annuity, or a contingent life annuity, and the Participant dies on or after December 8, 2021 and while employed by an Affiliate, the survivor benefit as to any distribution of Plan benefits triggered by such Separation from Service will equal 100% of the Participant's benefit (i.e., not reduced to 50% or 75% of the Participant's annuity amount), but such benefit shall still be actuarially reduced (as otherwise provided above) for the age of the spouse or contingent annuitant, as applicable.

**ARTICLE 6<br>BENEFICIARY DESIGNATION** 

The Participant will have the right, at any time, to designate any person or persons or entity as Beneficiary (both primary and contingent) to whom payment under the Plan will be made in the event of the Participant's death; provided that if the Participant has elected (or is

&nbsp;&nbsp;&nbsp;&nbsp;25

------

deemed to have elected) a Payment Election in the form of a joint and survivor life annuity or a contingent life annuity and designates a new person or entity as Beneficiary after annuity payments have commenced, the annuity payments to such newly designated Beneficiary must be made in the same amounts and at the same times as payments would have been made to the designated Beneficiary immediately preceding the commencement of payments. The Beneficiary designation will be effective when it is submitted to the Administrator during the Participant's lifetime in accordance with procedures established by the Administrator.

The submission of a new Beneficiary designation will cancel all prior Beneficiary designations. Any finalized divorce or marriage of a Participant subsequent to the date of a Beneficiary designation will revoke such designation, unless in the case of divorce the previous spouse was not designated as a Beneficiary, and unless in the case of marriage the Participant's new spouse has previously been designated as the sole primary Beneficiary. The spouse of a married Participant must consent in writing to any designation of a Beneficiary other than the spouse.

If a Participant fails to designate a Beneficiary as provided above, or if the Beneficiary designation is revoked by marriage, divorce, or otherwise without execution of a new designation, or if every person designated as Beneficiary predeceases the Participant, then the Administrator will direct the distribution of the benefits to the Participant's estate. If a primary Beneficiary dies after the Participant's death but prior to completion of the distribution of benefits under this Plan, and no contingent Beneficiary has been designated by the Participant, any remaining payments will be made to the primary Beneficiary's Beneficiary, if one has been designated, or to the Beneficiary's estate.

**ARTICLE 7<br>CONDITIONS RELATED TO BENEFITS** 

**7.1&nbsp;&nbsp;&nbsp;&nbsp;Nonassignability**

The benefits provided under the Plan may not be alienated, assigned, transferred, pledged or hypothecated by or to any person or entity, at any time or any manner whatsoever. These benefits will be exempt from the claims of creditors of any Participant or other claimants and from all orders, decrees, levies, garnishment or executions against any Participant to the fullest extent allowed by law. Notwithstanding the foregoing, the benefit payable to a Participant may be assigned in full or in part, pursuant to a domestic relations order of a court of competent jurisdiction.

**7.2&nbsp;&nbsp;&nbsp;&nbsp;Unforeseeable Emergency** 

A Retired Participant, a Participant who has a Disability, or a Participant who is age 55 or older may submit a hardship distribution request to the Administrator in writing setting forth the reasons for the request. The Administrator will have the sole authority to approve or deny such requests. Upon a finding that the Participant has suffered an Unforeseeable Emergency, the Administrator may in its discretion, permit the Participant to accelerate distributions of benefits under the Plan in the amount reasonably necessary to alleviate the Unforeseeable Emergency.

&nbsp;&nbsp;&nbsp;&nbsp;26

------

**7.3&nbsp;&nbsp;&nbsp;&nbsp;No Right to Assets**

A Participant's benefits paid under the Plan will be paid from the general funds of the Participant's Employer, and the Participant and any Beneficiary will be no more than unsecured general creditors of that Employer with no special or prior right to any assets of the Employer for payment of any obligations hereunder. Neither the Participant nor the Beneficiary will have a claim to benefits from any other Affiliate. Notwithstanding the foregoing or anything in the definition of "Employer" to the contrary, and at the sole discretion of EIX, EIX may determine that for purposes of benefits payable under the Plan, EIX shall be deemed to be the Employer obligated to pay such benefits. Such an election by EIX may be made, in EIX's sole discretion, as to all Plan benefits, as to only certain benefits, and/or as to only certain Affiliates or Participants, and will be deemed an assumption of the specified benefit obligations of the applicable Affiliates. Subject to the further provisions hereof, EIX will be solely obligated to pay any such benefits and no Participant (or Beneficiary) will have a claim as to any other Affiliate with respect to such benefits. Upon an election by EIX under this Section 7.3, benefits covered by the election will be paid from the general funds of EIX (and not the Affiliate that would otherwise pay the benefits), provided that EIX may require that as between EIX and the Affiliate that would otherwise pay such benefits, the Affiliate will be responsible to pay EIX for the assumption of such obligations in accordance with funding arrangements determined by EIX at the time of election or any time thereafter. To the extent such Affiliate fails to comply with such funding arrangements or obtains any refund or offset of payments made from the Affiliate to EIX without the consent of EIX, the Affiliate that would otherwise be responsible for payment of benefits to the applicable Participant will remain responsible for such benefits. EIX will effectuate any such election pursuant to this Section 7.3 by providing written notice to the Administrator and the applicable Affiliates regarding the effective date of such election, and the benefits, Affiliates and Participants for which the election is applicable. The funding arrangements established by EIX at the time of its election, or from time to time thereafter, will set forth the method by which the Affiliates will remit funds to EIX in consideration of Plan benefit obligations that are assumed by EIX. Such a method may include, but is not limited to, lump sum payment by an Affiliate to EIX of relevant benefits accrued through the date of EIX's election based on the Projected Benefit Obligation ("PBO") with regular periodic payments to EIX of continuing accruals; regular periodic payments by an Affiliate to EIX of benefits accrued based on the PBO beginning with the date of EIX's election through the date such benefits become due under the Plan; lump sum payment by an Affiliate to EIX at the time benefits become due under the Plan; or intercompany payables and receivables used with funding on a "pay-as-you-go" basis.

**7.4&nbsp;&nbsp;&nbsp;&nbsp;Protective Provisions**

The Participant will cooperate with the Administrator by furnishing any and all information requested by the Administrator, in order to facilitate the payment of benefits hereunder, taking such physical examinations as the Administrator may deem necessary and signing such consents to insure or taking such other actions as may be requested by the Administrator. If the Participant refuses to cooperate, the Administrator and the Employer will have no further obligation to the Participant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;27

------

**7.5&nbsp;&nbsp;&nbsp;&nbsp;Constructive Receipt** 

Notwithstanding anything to the contrary in this Plan, in the event the Administrator determines that amounts deferred under the Plan have failed to comply with Section 409A and must be recognized as income for federal income tax purposes, distribution of the amounts included in a Participant's income will be made to such Participant. The determination of the Administrator under this Section 7.5 will be binding and conclusive.

**7.6&nbsp;&nbsp;&nbsp;&nbsp;Withholding**

The Participant or the Beneficiary will make appropriate arrangements with the Administrator for satisfaction of any federal, state or local income tax withholding requirements and Social Security or other employee tax requirements applicable to the accrual or payment of benefits under the Plan. If no other arrangements are made, the Administrator may provide, at its discretion, for such withholding and tax payments as may be required.

**7.7&nbsp;&nbsp;&nbsp;&nbsp;Incapacity**

If any person entitled to payments under this Plan is incapacitated and unable to use such payments in his or her own best interest, EIX may direct that payments (or any portion) be made to that person's legal guardian or conservator, or that person's spouse, as an alternative to payment to the person unable to use the payments. EIX will have no obligation to supervise the use of such payments, and court-appointed guardianship or conservatorship may be required.

**ARTICLE 8<br>PLAN ADMINISTRATION**

**8.1&nbsp;&nbsp;&nbsp;&nbsp;Plan Interpretation**

The Administrator will administer the Plan and interpret, construe and apply its provisions in accordance with its terms and will provide direction and oversight as necessary to management, staff, or contractors to whom day-to-day Plan operations may be delegated. The Administrator will establish, adopt or revise such rules and regulations as it may deem necessary or advisable for the administration of the Plan. The Administrator will interpret and construe the Plan to comply with Section 409A of the Code. All decisions of the Administrator will be final and binding.

**8.2&nbsp;&nbsp;&nbsp;&nbsp;Limited Liability**

Neither the Administrator, nor any of its members or designees, will be liable to any person for any action taken or omitted in connection with the interpretation and administration of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;28

------

**ARTICLE 9<br>AMENDMENT OR TERMINATION OF PLAN**

**9.1&nbsp;&nbsp;&nbsp;&nbsp;Authority to Amend or Terminate**

The Administrator will have full power and authority to prospectively modify or terminate this Plan, and the Administrator's interpretations, constructions and actions, including any determination of the Participant's account or benefits, or the amount or recipient of the payment to be made, will be binding and conclusive on all persons for all purposes. Absent the consent of the Participant, however, the Administrator will in no event have any authority to modify this section. However, no such amendment or termination will apply to any person who has then qualified for or is receiving benefits under this Plan.

**9.2&nbsp;&nbsp;&nbsp;&nbsp;Limitations**

In the event of Plan amendment or termination which has the effect of eliminating or reducing a benefit under the Plan, the benefit payable on account of a retired Participant or Beneficiary will not be impaired, and the benefits of other Participants will not be less than the benefit to which each such Participant would have been entitled if he or she had retired immediately prior to such amendment or termination.

**ARTICLE 10<br>CLAIMS AND REVIEW PROCEDURES**

**10.1&nbsp;&nbsp;&nbsp;&nbsp;Claims Procedure for Claims Other Than Due to Disability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except for claims due to Disability, the Administrator will notify a Participant or his or her Beneficiary (or person submitting a claim on behalf of the Participant or Beneficiary) (a "claimant") in writing, within 90 days after his or her written application for benefits, of his or her eligibility or noneligibility for benefits under the Plan. If the Administrator determines that a claimant is not eligible for benefits or full benefits, the notice will set forth (1) the specific reasons for the denial, (2) a specific reference to the provisions of the Plan on which the denial is based, (3) a description of any additional information or material necessary for the claimant to perfect his or her claim, and a description of why it is needed, and (4) an explanation of the Plan's claims review procedure and other appropriate information as to the steps to be taken if the claimant wishes to have the claim reviewed. If the Administrator determines that there are special circumstances requiring additional time to make a decision, the Administrator will notify the claimant of the special circumstances and the date by which a decision is expected to be made, and may extend the time for up to an additional 90-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If a claimant is determined by the Administrator not to be eligible for benefits, or if the claimant believes that he or she is entitled to greater or different benefits, the claimant will have the opportunity to have the claim reviewed by the Administrator by filing a petition for review with the Administrator within 60 days after receipt of the notice issued by the Administrator. Said petition will state the specific reasons which the claimant believes entitle him or her to benefits or to greater or different benefits. Within 60 days after receipt by the

&nbsp;&nbsp;&nbsp;&nbsp;29

------

Administrator of the petition, the Administrator will afford the claimant (and counsel, if any) an opportunity to present his or her position to the Administrator in writing, and the claimant (or counsel) will have the right to review the pertinent documents. The Administrator will notify the claimant of its decision in writing within the 60-day period, stating specifically the basis of its decision, written in a manner calculated to be understood by the claimant and the specific provisions of the Plan on which the decision is based. If, due to special circumstances (for example, because of the need for a hearing), the 60-day period is not sufficient, the decision may be deferred for up to another 60-day period at the election of the Administrator, but notice of this deferral will be given to the claimant. In the event of the death of the Participant, the same procedures will apply to the Participant's Beneficiaries.

**10.2&nbsp;&nbsp;&nbsp;&nbsp;Claims Procedure for Claims Due to Disability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of Section 10.1, this Section 10.2 and Section 10.3, a claim shall not be considered to be due to Disability if the existence of the Participant's Disability is determined by reference to whether the Participant is eligible for benefits under his or her Employer's <br>long-term disability plan applicable to the Participant, as determined by the Employer. A claim due to Disability will be approved or denied by the Administrator or its delegate, as it deems appropriate in its discretion, based on its interpretation of the Plan, medical evidence, and the analysis and conclusions of a physician selected by the Administrator or its delegate. Within a reasonable period of time, but not later than 45 days after receipt of a claim due to Disability, the Administrator or its delegate shall notify the claimant of any adverse benefit determination on the claim, unless circumstances beyond the Plan's control require an extension of time for processing the claim. Except as contemplated by this Section 10.2, in no event may the extension period exceed 30 days from the end of the initial 45-day period. If an extension is necessary, the Administrator or its delegate shall provide the claimant with a written notice to this effect prior to the expiration of the initial 45-day period. The notice shall describe the circumstances requiring the extension and the date by which the Administrator or its delegate expects to render a determination on the claim. If, prior to the end of the first 30-day extension period, the Administrator or its delegate determines that, due to circumstances beyond the control of the Plan, a decision cannot be rendered within that extension period, the period for making the determination may be extended for an additional 30 days, so long as the Administrator or its delegate notifies the claimant, prior to the expiration of the first 30-day extension period, of the circumstances requiring the extension and the date as of which the Administrator or its delegate expects to render a decision. This notice of extension shall specifically describe the standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve those issues, and that the claimant has at least 45 days within which to provide the specified information. Furthermore, in the event that a period of time is extended as permitted due to a claimant's failure to submit information necessary to decide a claim, the period for making the benefit determination shall be tolled from the date on which the notification of the extension is sent to the claimant until the date on which the claimant responds to the request for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the case of an adverse benefit determination, the Administrator or its delegate shall provide to the claimant written or electronic notification setting forth in a manner calculated

&nbsp;&nbsp;&nbsp;&nbsp;30

------

to be understood by the claimant in a culturally and linguistically appropriate manner: (i) the specific reason or reasons for the adverse benefit determination; (ii) reference to the specific Plan provisions on which the adverse benefit determination is based; (iii) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why the material or information is necessary; (iv) a description of the Plan's claim review procedures and the time limits applicable to such procedures, including a statement of the claimant's right to bring a civil action under Section 502(a) of ERISA following an adverse final benefit determination on review and in accordance with Section 10.2(c) below; (v) either the specific internal rules, guidelines, protocols, standards or other similar criteria of the Plan relied upon in making the adverse determination or a statement that such rules, guidelines, protocols, standards or other similar criteria of the Plan do not exist; (vi) if the determination is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the claimant's medical circumstances, or a statement that such explanation shall be provided free of charge upon request; (vii) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant's claim for benefits; and (viii) a discussion of the decision, including an explanation of the basis for disagreeing with or not following: (a) the views presented by the claimant to the Plan of health care professionals treating the claimant and vocational professionals who evaluated the claimant; (b) the views of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with a claimant's adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination; and (c) a disability determination made by the Social Security Administration regarding the claimant presented by the claimant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Any good-faith determination by the Administrator or its delegate will be final and binding on the Plan and the claimant unless appealed in accordance with this Section 10.2(c). Within 180 days after receipt by the claimant of notification of the adverse benefit determination, the claimant or the claimant's duly authorized representative, upon written application to the Administrator, may request that the Plan fully and fairly review the adverse benefit determination (also sometimes referred to herein as an "appeal"). Upon request and free of charge, the claimant pursuing an appeal shall have reasonable access to, and be provided copies of, all documents, records and other information relevant to the claimant's claim for benefits. The claimant shall have the opportunity to submit written comments, documents, records, and other information relating to the claim for benefits. The review: (i) shall take into account all comments, documents, records, and other information submitted regardless of whether the information was previously submitted or considered in the initial adverse benefit determination; (ii) shall not afford deference to the initial adverse benefit determination; <br>(iii) shall be conducted, at the direction of the Administrator, by an appropriate fiduciary of the Plan who is neither the individual who made the adverse benefit determination that is the subject of the review, nor the subordinate of such individual; (iv) shall identify medical and vocational experts whose advice was obtained on behalf of the Plan in connection with the initial adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination; and (v) where based in whole or in part on medical evidence or medical judgment, including determinations with regard to whether a particular treatment, drug, or other

&nbsp;&nbsp;&nbsp;&nbsp;31

------

item is experimental, investigational, or not medically necessary or appropriate, shall include consultation with a physician, with appropriate training and experience in the field of medicine involved in the medical judgment, who was neither consulted in connection with the initial adverse benefit determination, nor the subordinate of any such professional.

The appeal will then be approved or denied by the Administrator or its delegate, as it deems appropriate, based on its interpretation of the Plan in light of the medical evidence.

Before an adverse benefit determination on review of a claim due to Disability is issued, the claimant shall be provided, free of charge, with any new or additional evidence considered, relied upon, or generated by the Administrator or its delegate making the benefit determination (or at the direction of the Administrator) in connection with the claim; such evidence will be provided as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit determination on review is required to be provided to give the claimant a reasonable opportunity to respond prior to that date.

Also before an adverse benefit determination on review based on a new or additional rationale is issued, the claimant shall be provided, free of charge, the rationale; the rationale must be provided as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit determination on review is required to be provided to give the claimant a reasonable opportunity to respond prior to that date.

A final benefit determination will be made by the Administrator or its delegate, and the Administrator or its delegate shall provide the claimant with written or electronic notification of the final benefit determination within a reasonable period of time, but no later than 45 days immediately following receipt of claimant's request for review, unless special circumstances require a further extension of time for processing the claim, which extension may be up to an additional 45 days. If such an extension of time for review is required because of special circumstances, the Administrator or its delegate shall provide the claimant with a written notice of the extension prior to the commencement of the extension. The notice shall describe the special circumstances requiring the extension and the date as of which the final benefit determination shall be made. In the event that a period of time is extended due to a claimant's failure to submit information necessary to decide a claim, the period for making the benefit determination on review shall be tolled from the date on which the notification of the extension is sent to the claimant until the date on which the claimant responds to the request for additional information. In the case of an adverse final benefit determination, the Administrator or its delegate shall provide to the claimant written or electronic notification setting forth in a manner calculated to be understood by the claimant and in a culturally and linguistically appropriate manner: (i) the specific reason or reasons for the adverse final benefit determination; <br>(ii) reference to the specific Plan provisions on which the adverse final benefit determination is based; (iii) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant's claim for benefits; (iv) a statement of the claimant's right to bring a civil action under Section 502(a) of ERISA following an adverse final benefit determination on review and mandatory arbitration in accordance with Section 10.3 below; (v) either the specific internal

&nbsp;&nbsp;&nbsp;&nbsp;32

------

rules, guidelines, protocols, standards or other similar criteria of the Plan relied upon in making the adverse determination or a statement that such rules, guidelines, protocols, standards or other similar criteria of the Plan do not exist; (vi) if the determination is based on a medical necessity or experimental treatment or similar exclusion or limit, an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the claimant's medical circumstances, or a statement that such explanation shall be provided free of charge upon request; (vii) a discussion of the decision, including an explanation of the basis for disagreeing with or not following: (a) the views presented by the claimant to the Plan of health care professionals treating the claimant and vocational professionals who evaluated the claimant; <br>(b) the views of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with a claimant's adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination; and (c) a disability determination made by the Social Security Administration regarding the claimant presented by the claimant to the Plan; and (viii) the following statement: "You and your plan may have other voluntary alternative dispute resolution options, such as mediation. One way to find out what may be available is to contact your local U.S. Department of Labor Office and your State insurance regulatory agency." As described above, there shall be only one level of review of an adverse benefit determination, followed by mandatory arbitration under Section 10.3, before a claimant may bring a civil action pursuant to Section 502 of ERISA.

**10.3&nbsp;&nbsp;&nbsp;&nbsp;Dispute Arbitration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Effective as to any claims filed on or after June 19, 2014, final and binding arbitration under this Section 10.3 shall be the sole remedy available to a claimant after he or she has exhausted the claim and review procedures set forth in Section 10.1. Furthermore, exhaustion by the claimant of the claim and review procedures set forth in Section 10.1 is a mandatory prerequisite for binding arbitration under this Section 10.3. Any arbitration or civil action brought prior to the exhaustion of the claim and review procedures set forth in Section 10.1 shall be remanded to the Administrator to permit the claim and review procedures to be exhausted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;After a claimant has exhausted the claim and review procedures set forth in Section 10.1, if the claimant is determined by the Administrator not to be eligible for benefits, or if the claimant believes that he or she is entitled to greater or different benefits, the claimant may submit his or her claim to final and binding arbitration under this Section 10.3.

Any arbitration under this Section 10.3 will be held in Los Angeles County, California, in accordance with the then-current JAMS Arbitration Rules and Procedures for Employment Disputes ("JAMS Rules") and under the Federal Arbitration Act. The arbitration shall be before a single neutral arbitrator licensed to practice law and experienced in employee benefits law as well as the laws governing nonqualified deferred compensation plans, selected by mutual agreement of the parties. If the parties are unable to agree upon an arbitrator, the arbitrator shall be selected by striking in accordance with the then-current JAMS Rules from a list of arbitrators supplied by JAMS. Any and all claims and/or defenses that would otherwise be available in a court of law will be fully available to the parties. The arbitrator selected pursuant to this

&nbsp;&nbsp;&nbsp;&nbsp;33

------

paragraph (the "Arbitrator") may order such discovery as is necessary for a full and fair exploration of the issues and dispute, consistent with the expedited nature of arbitration. The Arbitrator shall apply applicable substantive law to resolve the dispute. To the fullest extent provided by federal law, the decision rendered by the Administrator pursuant to the claim and review procedures set forth in Section 10.1 shall be upheld by the Arbitrator unless the Arbitrator determines that the Administrator abused its discretion. Notwithstanding the preceding sentence, if a Change in Control occurs, then a claim review decision rendered by the Administrator within the three years following the Change in Control shall, if it is challenged by the claimant in accordance with this Section 10.3, be subject to *de novo* review by the Arbitrator. Subject to the applicable standard of review in the preceding two sentences, the Arbitrator may grant any award or relief available under applicable law that the Arbitrator deems just and equitable.

At the conclusion of the arbitration, the Arbitrator shall issue a written decision that sets forth the essential findings and conclusions upon which the Arbitrator's award or decision is based. Any award or relief granted by the Arbitrator hereunder shall be final and binding on the parties hereto, and may be enforced by any court of competent jurisdiction. The Administrator will pay the Arbitrator's fees and all other costs that are unique to the arbitration process, to the extent required by law. Otherwise, each party shall be solely responsible for paying his/her/their/its own costs/fees for the arbitration, including but not limited to attorneys' fees. However, the Arbitrator in his or her discretion may allow reasonable attorney's fees and costs of action to either party to the same extent as would be permissible if the claim(s) were filed in a court of law in lieu of arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any contrary provisions of this Section 10.3, if the claim is due to Disability, the following rules apply: (1) arbitration under this Section 10.3 shall be the mandatory second level of appeal following the exhaustion by the claimant of the claim and review procedures set forth in Section 10.2, and such exhaustion is a mandatory prerequisite for arbitration under this Section 10.3—any arbitration or civil action brought with respect to a claim due to Disability prior to the exhaustion of the claim and review procedures set forth in <br>Section 10.2 shall be remanded to the Administrator to permit the claim and review procedures to be exhausted; (2) arbitration of a claim due to Disability under this Section 10.3 shall not be binding, and the claimant shall not be precluded from challenging the decision of the Arbitrator in a civil action brought pursuant to Section 502(a) of ERISA; and (3) except as specifically set forth in this Section 10.3(c), if the claim is due to Disability, the arbitration shall be conducted as set forth in Section 10.3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Officer, Executive, Participant, or Beneficiary must bring any dispute in arbitration on an individual basis only, and not on a class, collective or representative basis and must waive the right to commence, be a party to, or be an actual or putative class member of any class, collective or representative action arising out of or relating to the Plan, including, but not limited to, any claims related to the Plan ("class action waiver"). However, if this class action waiver is found to be unenforceable by a court of competent jurisdiction, then any claim on a class, collective or representative basis shall be filed and adjudicated in a court of competent jurisdiction, and not in arbitration. Except as provided in the preceding sentence, this Section 10.3 is intended to make mandatory individual arbitration apply, as described above, to the

&nbsp;&nbsp;&nbsp;&nbsp;34

------

maximum extent permissible under ERISA; if any feature of this arbitration requirement is impermissible under ERISA, arbitration as described above shall remain required with the minimum change necessary to allow the arbitration requirement to be permissible under ERISA. This Section 10.3(d) shall apply as follows: (1) it shall apply to any claim filed on or after January 1, 2024 with respect to an Officer, Executive or Participant hired (including those rehired) by an Employer on or after January 1, 2024 and to any Beneficiary thereof and (2) it shall apply to any claim filed on or after January 1, 2025 with respect to an Officer, Executive or Participant hired (including those last rehired) by an Employer prior to January 1, 2024 and to any Beneficiary thereof.

**ARTICLE 11<br>MISCELLANEOUS**

**11.1&nbsp;&nbsp;&nbsp;&nbsp;Participation in Other Plans**

Participation in this Plan will not limit a Participant's ability to continue to participate in any other employee benefit program of an Employer, subject to and in accordance with the terms of the applicable employee benefit program.

**11.2&nbsp;&nbsp;&nbsp;&nbsp;Relationship to Qualified Plan**

This Plan will to the fullest extent possible under currently applicable law be administered in accordance with, and where practicable according to the terms of the Qualified Plan and/or Savings Plan. Notwithstanding the foregoing, the terms of this Plan shall control benefits payable under this Plan whenever the terms of the Qualified Plan and/or Savings Plan differ from this Plan.

**11.3&nbsp;&nbsp;&nbsp;&nbsp;Forfeiture**

The payments to be made pursuant to the Plan require the Participant, for so long as the Participant remains in the active employ of the Employer, to devote substantially all of his or her time, skill, diligence and attention to the business of the Employer and not to actively engage, either directly or indirectly, in any business or other activity adverse to the best interests of the business of the Employer. In addition, the Participant will remain available during Retirement for consultation in any matter related to the affairs of the Employer. Any breach of these conditions by a Participant will result in complete forfeiture by the Participant of any further benefits under the Plan. If the Participant fails to observe any of the above conditions, or if he or she is discharged by the Employer for malfeasance or willful neglect of duty, then in any of said events, the Participant's benefits under this Plan will terminate and will not be paid, and EIX and the Employer will have no further liability therefor.

**11.4&nbsp;&nbsp;&nbsp;&nbsp;Successors**

The rights and obligations of each Employer under the Plan will inure to the benefit of, and will be binding upon, the successors and assigns of the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;35

------

**11.5&nbsp;&nbsp;&nbsp;&nbsp;Trust**

The Employers will be responsible for the payment of all benefits under the Plan. At their discretion, the Employers may establish one or more grantor trusts for the purpose of providing for payment of benefits under the Plan. The trust or trusts may be irrevocable, but an Employer's share of the assets thereof will be subject to the claims of the Employer's creditors. Benefits paid to the Participant from any such trust will be considered paid by the Employer for purposes of meeting the obligations of the Employer under the Plan.

**11.6&nbsp;&nbsp;&nbsp;&nbsp;Employment Not Guaranteed**

Nothing contained in the Plan nor any action taken hereunder will be construed as a contract of employment or as giving any Participant any right to continue in employment with the Employer or any other Affiliate.

**11.7&nbsp;&nbsp;&nbsp;&nbsp;Gender, Singular and Plural**

All pronouns and variations thereof will be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. As the context may require, the singular may be read as the plural and the plural as the singular.

**11.8&nbsp;&nbsp;&nbsp;&nbsp;Captions**

The captions of the articles and sections of the Plan are for convenience only and will not control or affect the meaning or construction of any of its provisions.

**11.9&nbsp;&nbsp;&nbsp;&nbsp;Validity** 

If any provision of the Plan is held invalid, void or unenforceable, the same will not affect, in any respect whatsoever, the validity of any other provisions of the Plan.

**11.10&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Breach**

The waiver by EIX or the Administrator of any breach of any provision of the Plan by the Participant will not operate or be construed as a waiver of any subsequent breach by the Participant.

**11.11&nbsp;&nbsp;&nbsp;&nbsp;Applicable Law**

The Plan will be governed and construed in accordance with the laws of California except where the laws of California are preempted by ERISA.

**11.12&nbsp;&nbsp;&nbsp;&nbsp;Notice**

Any notice or filing required or permitted to be given to the Administrator under the Plan will be sufficient if in writing and hand-delivered, or sent by first class mail to the principal

&nbsp;&nbsp;&nbsp;&nbsp;36

------

office of EIX, directed to the attention of the Administrator. The notice will be deemed given as of the date of delivery, or, if delivery is made by mail, as of the date shown on the postmark.

**11.13&nbsp;&nbsp;&nbsp;&nbsp;ERISA Plan**

The Plan is intended to be an unfunded plan maintained primarily to provide deferred compensation benefits for "a select group of management or highly compensated employees" within the meaning of Sections 201, 301 and 401 of ERISA and therefore to be exempt from Parts 2, 3 and 4 of Title I of ERISA. EIX is the named fiduciary.

**11.14&nbsp;&nbsp;&nbsp;&nbsp;Statutes and Regulations**

Any reference to a statute or regulation herein shall include any successor to such statute or regulation.

**IN WITNESS WHEREOF**, EIX has amended and restated this Plan on the 27<sup>th</sup> day of August, 2025.

**EDISON INTERNATIONAL**

<u>/s/ Natalie Schilling</u>

Natalie Schilling

Senior Vice President, Human Resources

&nbsp;&nbsp;&nbsp;&nbsp;37

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION**

I, PEDRO J. PIZARRO, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of Edison International;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 28, 2025

---

| |
|:---|
| /s/ PEDRO J. PIZARRO |
| PEDRO J. PIZARRO<br>Chief Executive Officer |

---

------

**CERTIFICATION**

I, MARIA RIGATTI , certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of Edison International;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 28, 2025

---

| |
|:---|
| /s/ MARIA RIGATTI |
| MARIA RIGATTI<br>Chief Financial Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION** 

I, STEVEN D. POWELL, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of Southern California Edison Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 28, 2025

---

| |
|:---|
| /s/ STEVEN D. POWELL |
| STEVEN D. POWELL<br>Chief Executive Officer |

---

------

**CERTIFICATION** 

I, AARON D. MOSS, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of Southern California Edison Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 28, 2025

---

| |
|:---|
| /s/ AARON D. MOSS |
| AARON D. MOSS<br>Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**STATEMENT PURSUANT TO 18 U.S.C. SECTION 1350, AS**

**ENACTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the accompanying Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Quarterly Report"), of Edison International (the "Company"), and pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned certifies, to the best of his or her knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Quarterly Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 28, 2025

---

| |
|:---|
| /s/ PEDRO J. PIZARRO |
| PEDRO J. PIZARRO<br>Chief Executive Officer<br>Edison International |
| /s/ MARIA RIGATTI |
| MARIA RIGATTI<br>Chief Financial Officer<br>Edison International |

---

This statement accompanies the Quarterly Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**STATEMENT PURSUANT TO 18 U.S.C. SECTION 1350, AS**

**ENACTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the accompanying Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Quarterly Report"), of Southern California Edison Company (the "Company"), and pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Quarterly Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 28, 2025

---

| |
|:---|
| /s/ STEVEN D. POWELL |
| STEVEN D. POWELL<br>Chief Executive Officer<br>Southern California Edison Company |
| /s/ AARON D. MOSS |
| AARON D. MOSS<br>Chief Financial Officer<br>Southern California Edison Company |

---

This statement accompanies the Quarterly Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

<br>