EDISON INTERNATIONAL

SCE

Net Cash Provided by Operating Activities

The following table summarizes major categories of net cash provided by operating activities as provided in more detail in SCE's consolidated statements of cash flows for 2025 and 2024:

1 Includes nuclear decommissioning trusts. See "Nuclear Decommissioning Activities" below for further information. The amount in 2025 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 amount in 2024 also includes cash received from customers to fund certain construction projects and cash received for a state incentive program to pass through to customers.

Net cash provided by operating activities increased by $769 million in 2025 compared to 2024. The increase was primarily due to $645 million from changes in working capital and the investment tax credit proceeds of $236 million mentioned above in the change of other noncurrent assets and liabilities.

The net inflows (outflows) in cash resulting from working capital were $424 million and $(221) million in 2025 and 2024, respectively. Net cash inflows for 2025 were primarily due to cash collected from the sale of renewable energy credits under a CPUC-established program during 2025 and a decrease in accounts receivable primarily resulted from improved collection. The net cash outflow in 2024 was mainly due to increases in unbilled revenue and power procurement related receivables.

Net cash (used in)/provided by regulatory assets and liabilities, including changes in net over or undercollections recorded in balancing accounts, was $(3,445) million and $1,219 million in 2025 and 2024, respectively. Net decrease in regulatory assets and liabilities of $4.7 billion is primarily due to cost recoveries authorized under the TKM and Woolsey Settlement Agreements, as well as higher revenue from the 2025 GRC final decision, which is mostly offset with the increase in net income after adjustment for non-cash items. In addition, the remaining change in regulatory assets and liabilities is mainly due to a decrease in the recovery of prior year undercollections in 2025 compared to 2024. This decrease is driven by undercollections caused by higher gas prices in 2023, which were collected in 2024.

Net Cash Provided by Financing Activities

The following table summarizes cash provided by financing activities for 2025 and 2024. Issuances of debt are discussed in "Notes to Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

Net Cash Used in Investing Activities

Cash flows used in investing activities are primarily due to capital expenditures and funding of nuclear decommissioning trusts. Cash used in capital expenditures were $6.5 billion and $5.7 billion for 2025 and 2024, respectively, primarily related to transmission, distribution and generation investments. SCE had a net redemption of nuclear decommissioning trust investments of $121 million in both 2025 and 2024. See "Nuclear Decommissioning Activities" below for further discussion.

Nuclear Decommissioning Activities

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

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.

Funds for decommissioning costs are requested from the nuclear decommissioning trusts one month in advance. Decommissioning disbursements are funded from sales of investments of the nuclear decommissioning trusts. The net cash impact reflects timing of decommissioning payments ($166 million and $222 million in 2025 and 2024, respectively) and reimbursements to SCE from the nuclear decommissioning trust ($176 million and $214 million in 2025 and 2024, respectively). The net cash outflow in 2024 also primarily includes $19 million of tax benefits received and a $30 million disallowance under the 2021 NDCTP (For further details, see "—Decommissioning of San Onofre), both contributed by SCE to the decommissioning trust.

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

Net Cash Used in Operating Activities

Net cash used in operating activities decreased by $17 million in 2025 compared to 2024. This is primarily due to $77 million intercompany tax settlement from SCE, partially offset by $50 million wildfire-related claims and related legal expenses paid by EIS to SCE (for further information, see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides"), and $10 million higher interest and operating costs.

Net Cash Provided by Financing Activities

Net cash provided by financing activities was as follows: