EDISON INTERNATIONAL

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.

SCE implemented a customer-funded wildfire self-insurance program in July 2023. With the commencement of this program, Edison International and SCE no longer consider wildfire-related claim losses to be representative of ongoing earnings and treat such costs as non-core items.

1 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 insurance contract are tax-effected at the federal statutory rate of 21%.

Edison International's 2025 earnings increased $3,175 million, driven by an increase in SCE's earnings of $3,270 million, partially offset by an increase in Edison International Parent and Other loss of $95 million. SCE's higher net income consisted of $679 million of higher core earnings and $2,591 million of higher non-core earnings. Edison International Parent and Other's higher net loss consisted of $59 million of higher core loss and $36 million of higher non-core loss.

In January and December 2025, the CPUC approved the TKM Settlement Agreement and the Woolsey Settlement Agreement, respectively. As a result, in the year ended 2025, SCE recorded cost recoveries through CPUC electric rates authorized under both the TKM Settlement Agreement and the Woolsey 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 in 2025 was primarily due to higher revenue from the 2025 GRC final decision and a benefit to interest expense related to cost recoveries authorized under the TKM and Woolsey Settlement Agreements. The increase in Edison International Parent and Other's core loss in 2025, was primarily due to higher interest expense and preferred stock redemption loss.

Consolidated non-core items for 2025 and 2024 for Edison International included:

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

•Net earnings recorded in 2025 related to the TKM Settlement Agreement, including ongoing legal expenses: $1,341 million ($966 million after-tax) of claim costs and $55 million ($40 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).

•Net earnings recorded in 2025 related to the Woolsey Settlement Agreement, including ongoing legal expenses: $1,603 million ($1,154 million after-tax) of claim costs and $35 million ($25 million after-tax) of legal expenses authorized for recovery, partially offset by impairment of incremental restoration-related assets of $10 million ($7 million after-tax).

•Charges of $5 million ($3 million after tax) recorded in 2025, and $493 million ($355 million after-tax) recorded in 2024, related to claim costs and related legal expenses, net of expected regulatory recoveries.

•Eaton Fire claims and expenses:

•Charges of $15 million ($11 million after tax) recorded in 2025 primarily from the shareholder contribution related to SCE's customer-funded self-insurance coverage and legal and other expenses.

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

•Charges of $1 million ($1 million after-tax) recorded in 2025 consisted of $15 million of legal expenses, net of expected regulatory recoveries, partially offset by $14 million of insurance reimbursements for costs incurred in previous years.

•Charges of $162 million ($117 million after-tax) recorded in 2024 for wildfire claims and related legal expenses, net of expected insurance and regulatory recoveries.

•Charges of $144 million ($104 million after-tax) recorded in 2025 and $146 million ($105 million after-tax) recorded in 2024 from the amortization of SCE's contributions to the Wildfire Fund. See "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies" for further information.

•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 "Results of Operations —Impact of 2025 GRC" for further information.

•Severance costs of $50 million ($36 million after-tax), net of expected FERC recovery, recorded in 2024 due to reductions in workforce.

•Charges of $50 million ($39 million after-tax) recorded in 2025 and $4 million ($3 million after-tax) recorded in 2024, both related to wildfire claims insured by EIS. See "Notes to Consolidated Financial Statements— Note 12. Commitments and Contingencies" for further information.

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