SAN DIEGO GAS & ELECTRIC CO

We discuss herein Sempra’s results of operations and significant changes in earnings, revenues and costs by segment, as well as Parent and other, for the three months (Q3) and nine months (YTD) ended September 30, 2025 compared to the same periods in 2024. We also discuss herein the impact of foreign currency and inflation rates on Sempra’s results of operations.

Due to the delay in the issuance of the CPUC’s FD in the SDG&E and SoCalGas 2024 GRC, Sempra California recorded revenues in the first three quarters of 2024 based on levels authorized for 2023 under the 2019 GRC. In December 2024, the CPUC approved an FD in the 2024 GRC, effective retroactive to January 1, 2024, for which Sempra California recorded the retroactive impacts in the fourth quarter of 2024. Sempra California’s authorized base revenues in the first three quarters of 2025 are based on the revenues authorized for the 2024 test year plus the amount authorized for attrition for 2025. We provide additional information on the 2024 GRC FD in Note 4 of the Notes to Condensed Consolidated Financial Statements in this report and in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report.

RESULTS OF OPERATIONS

(Dollars and shares in millions, except per share amounts)

Sempra California

Sempra California’s earnings are comprised of SDG&E and SoCalGas. Because changes in SDG&E’s and SoCalGas’ cost of natural gas and/or electricity are recovered in rates, changes in these costs are offset in the changes in revenues and therefore do not impact earnings, other than potential impacts related to the GCIM for SoCalGas that we describe below. In addition to the changes in cost or market prices, natural gas or electric revenues recorded during a period are impacted by the difference between customer billings and recorded or CPUC-authorized amounts. These differences are required to be balanced over time, resulting in over- and undercollected regulatory balancing accounts. We discuss balancing accounts and their effects further in Note 4 of the Notes to Condensed Consolidated Financial Statements in this report and in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report.

In the three months ended September 30, 2025 compared to the same period in 2024, the increase in earnings of $123 million (50%) was primarily due to:

▪$92 million higher income tax benefits primarily from flow-through items, including impacts from the election to accelerate self-developed software deductions, and from the resolution of prior year income tax items

▪$47 million higher CPUC base operating margin, net of operating expenses including higher depreciation and $9 million lower authorized cost of capital. In the first three quarters of 2024, Sempra California recorded CPUC-authorized base revenues based on 2023 authorized levels

▪$16 million higher net interest expense

In the nine months ended September 30, 2025 compared to the same period in 2024, the increase in earnings of $208 million (18%) was primarily due to:

▪$134 million higher income tax benefits primarily from flow-through items, including gas repairs tax benefits (which in the first three quarters of 2024 were recorded as a regulatory liability that was released in the fourth quarter of 2024 as a result of the 2024 GRC FD) and impacts from the election to accelerate self-developed software deductions, and from the resolution of prior year income tax items

▪$119 million higher CPUC base operating margin, net of operating expenses including higher depreciation and $31 million lower authorized cost of capital. In the first three quarters of 2024, Sempra California recorded CPUC-authorized base revenues based on 2023 authorized levels

▪$10 million regulatory award approved by the CPUC in 2025

▪$7 million higher net regulatory interest income

▪$7 million higher electric transmission margin

▪$48 million higher net interest expense

▪$25 million from disallowed regulatory recovery of COVID-19 costs

Sempra Texas Utilities

In the three months ended September 30, 2025 compared to the same period in 2024, the increase in earnings of $45 million (17%) was primarily due to higher equity earnings from Oncor Holdings driven by:

▪overall higher revenues primarily attributable to:

◦rate updates to reflect increases in invested capital

◦increase due to Oncor’s SRP and the UTM

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

▪higher O&M

In the nine months ended September 30, 2025 compared to the same period in 2024, the increase in earnings of $14 million (2%) was primarily due to higher equity earnings from Oncor Holdings driven by:

▪overall higher revenues primarily attributable to:

◦rate updates to reflect increases in invested capital

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

◦customer growth

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

▪higher O&M

In the three months ended September 30, 2025 compared to the same period in 2024, losses were $580 million compared to earnings of $230 million primarily due to:

▪$705 million income tax expense in 2025 to adjust deferred income tax liabilities related to outside basis differences in our investment in SI Partners as a result of management’s decision to classify the asset as held for sale

▪$100 million unfavorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of a $32 million unfavorable impact in 2025 compared to a $68 million favorable impact in 2024

▪$26 million unfavorable impact related to a customer’s early termination of firm transportation agreements, including interest expense

▪$18 million lower income tax benefit primarily from outside basis differences

▪$10 million higher O&M in 2025 from higher provisions for expected credit losses

▪$26 million from asset and supply optimization driven by higher optimization of transport and storage contracts offset by unrealized losses on commodity derivatives in 2025 compared to unrealized gains on commodity derivatives in 2024 due to changes in natural gas prices

▪$9 million higher revenues driven by satisfaction of performance obligations related to customer payments received in advance from a contract modification in December 2024 on an LNG storage and regasification agreement

In the nine months ended September 30, 2025 compared to the same period in 2024, losses were $362 million compared to earnings of $652 million primarily due to:

▪$731 million income tax expense in 2025 as a result of management’s decision to classify SI Partners and Ecogas as held for sale, comprised of the following:

◦$705 million income tax expense to adjust deferred income tax liabilities related to outside basis differences in our investment in SI Partners

◦$26 million income tax expense due to the recognition of a deferred tax liability on our outside basis difference in Ecogas

▪$302 million unfavorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of a $122 million unfavorable impact in 2025 compared to a $180 million favorable impact in 2024

▪$26 million unfavorable impact related to a customer’s early termination of firm transportation agreements, including interest expense

▪$17 million from TdM driven by lower volumes and lower power prices and unrealized losses in 2025 compared to unrealized gains in 2024 on commodity derivatives due to changes in power prices

▪$16 million lower income tax benefit primarily from outside basis differences

▪$9 million interest expense from unrealized losses in 2025 on interest rate swaps related to the PA LNG Phase 1 project

▪$26 million higher revenues driven by satisfaction of performance obligations related to customer payments received in advance from a contract modification in December 2024 on an LNG storage and regasification agreement

▪$22 million from asset and supply optimization driven by higher optimization of transport and storage contracts and higher LNG diversion fees offset by higher unrealized losses on commodity derivatives due to changes in natural gas prices

▪$12 million higher net interest income from a change in the fair value of the Support Agreement and higher capitalization of interest expense in 2025 from projects under construction

▪$7 million higher revenues due to the commencement of commercial operations at the Topolobampo marine terminal in June 2024

Parent and Other

In the three months ended September 30, 2025 compared to the same period in 2024, the decrease in losses of $81 million was primarily due to:

▪$191 million net income tax benefit in 2025 from changes to a valuation allowance against certain tax credit carryforwards offset by changes in state income tax apportionment as a result of management’s decision to classify SI Partners as held for sale

▪$22 million income tax benefit in 2025 from the impacts of the OBBBA

▪$17 million income tax expense in 2024 from changes to a valuation allowance against certain tax credit carryforwards

▪$30 million higher net interest expense

▪$13 million higher income tax expense from the interim period application of an annual forecasted consolidated ETR

▪$11 million preferred deemed dividends related to the notice of redemption of series C preferred stock in September 2025

▪$10 million lower net investment gains on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plan

In the nine months ended September 30, 2025 compared to the same period in 2024, the decrease in losses of $84 million (29%) was primarily due to:

▪$191 million net income tax benefit in 2025 from changes to a valuation allowance against certain tax credit carryforwards offset by changes in state income tax apportionment as a result of management’s decision to classify SI Partners as held for sale

▪$22 million income tax benefit in 2025 from the impacts of the OBBBA

▪$17 million income tax expense in 2024 from changes to a valuation allowance against certain tax credit carryforwards

▪$70 million higher net interest expense

▪$11 million preferred deemed dividends related to the notice of redemption of series C preferred stock in September 2025

The regulatory framework permits SDG&E and SoCalGas to recover certain program expenditures and other costs authorized by the CPUC (referred to as “refundable programs”).

Utilities: Natural Gas Revenues and Cost of Natural Gas

Our utilities revenues include natural gas revenues at Sempra California and Sempra Infrastructure, which includes Ecogas. Intercompany revenues are eliminated in Sempra’s Condensed Consolidated Statements of Operations.

SDG&E and SoCalGas operate under a regulatory framework that permits the cost of natural gas purchased for core customers to be passed through to customers in rates substantially as incurred and without markup. The GCIM provides for SoCalGas to share in the savings and/or costs from buying natural gas for its core customers at prices below or above monthly market-based benchmarks. This mechanism permits full recovery of costs incurred when average purchase costs are within a price range around the benchmark price. Any higher costs incurred or savings realized outside this range are shared between SoCalGas and its core customers. We provide further discussion in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report.

(1)Excludes depreciation and amortization, which are presented separately on Sempra’s Condensed Consolidated Statements of Operations.

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s natural gas revenues increased by $168 million (14%) driven by Sempra California, which included:

▪$122 million higher CPUC-authorized base revenues, including certain incremental and balanced capital projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD offset by $7 million lower authorized cost of capital

▪$108 million increase in cost of natural gas sold, which we discuss below

▪$58 million higher regulatory revenues, including gas repairs tax benefits, which are offset in income tax (expense) benefit. Gas repairs tax benefits in the first three quarters of 2024 were recorded as a regulatory liability that was released in the fourth quarter of 2024 as a result of the 2024 GRC FD

▪$65 million lower revenues from incremental and balanced capital projects, including those that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD and lower authorized cost of capital

▪$51 million lower regulatory revenues associated with impacts from the election to accelerate self-developed software deductions, which are offset in income tax (expense) benefit

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of natural gas increased by $111 million driven by Sempra California, primarily due to higher average natural gas prices.

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s natural gas revenues increased by $397 million (8%) driven by Sempra California, which included:

▪$430 million higher CPUC-authorized base revenues, including certain incremental and balanced capital projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD offset by $28 million lower authorized cost of capital

▪$103 million higher regulatory revenues, including gas repairs tax benefits, which are offset in income tax (expense) benefit. Gas repairs tax benefits in the first three quarters of 2024 were recorded as a regulatory liability that was released in the fourth quarter of 2024 as a result of the 2024 GRC FD

▪$94 million increase in cost of natural gas sold, which we discuss below

▪$67 million higher revenues associated with refundable programs, which are fully offset in O&M

▪$14 million regulatory award approved by the CPUC in 2025

▪$14 million higher revenues from higher non-service components of net periodic benefit cost, which fully offsets in other income, net

▪$206 million lower revenues from incremental and balanced capital projects, including those that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD and lower authorized cost of capital

▪$51 million lower regulatory revenues associated with impacts from the election to accelerate self-developed software deductions, which are offset in income tax (expense) benefit

▪$29 million lower revenues from disallowed regulatory recovery of COVID-19 costs

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of natural gas increased by $96 million (12%) driven by Sempra California, which included:

▪$112 million higher average natural gas prices

▪$18 million lower volumes driven by weather

Utilities: Electric Revenues and Cost of Electric Fuel and Purchased Power

Our utilities revenues include electric revenues at Sempra California, substantially all of which is at SDG&E. Intercompany revenues are eliminated in Sempra’s Condensed Consolidated Statements of Operations.

SDG&E operates under a regulatory framework that permits it to recover the actual cost incurred to generate or procure electricity based on annual estimates of the cost of electricity supplied to customers. The differences in cost between estimates and actual are recovered or refunded in subsequent periods through rates.

Utility cost of electric fuel and purchased power includes utility-owned generation, power purchased from third parties, and net power purchases and sales to/from the California ISO.

(1) Excludes depreciation and amortization, which are presented separately on Sempra’s Condensed Consolidated Statements of Operations.

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s electric revenues increased by $191 million (18%) driven by Sempra California, which included:

▪$140 million increase in cost of electric fuel and purchased power, which we discuss below

▪$40 million higher CPUC-authorized base revenues, including certain incremental and balanced capital projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD offset by $6 million lower authorized cost of capital

▪$15 million higher revenues from incremental and balanced capital projects offset by certain projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD and lower authorized cost of capital

▪$12 million higher revenues from transmission operations

▪$19 million lower regulatory revenues associated with impacts from the election to accelerate self-developed software deductions, which are offset in income tax (expense) benefit

▪$7 million lower regulatory revenues from higher ITCs from standalone energy storage projects, which are offset in income tax (expense) benefit

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of electric fuel and purchased power increased by $140 million driven by Sempra California, which included:

▪$140 million higher purchased power primarily due to change in excess capacity sales and tolling agreements

▪$30 million lower sales to the California ISO due to lower market prices

▪$28 million lower purchased power from the California ISO due to lower market prices and lower customer demand from departing load now served by CCAs

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s electric revenues increased by $81 million (2%) driven by Sempra California, which included:

▪$87 million higher CPUC-authorized base revenues, including certain incremental and balanced capital projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD offset by $15 million lower authorized cost of capital

▪$37 million increase in cost of electric fuel and purchased power, which we discuss below

▪$29 million higher revenues from incremental and balanced capital projects offset by certain projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD and lower authorized cost of capital

▪$25 million higher revenues from transmission operations

▪$74 million lower regulatory revenues from higher ITCs from standalone energy storage projects, which are offset in income tax (expense) benefit

▪$19 million lower regulatory revenues associated with impacts from the election to accelerate self-developed software deductions, which are offset in income tax (expense) benefit

▪$9 million lower revenues associated with refundable programs, which are fully offset in O&M

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of electric fuel and purchased power increased by $38 million (17%) driven by Sempra California, which included:

▪$67 million higher purchased power primarily due to tolling agreements and change in excess capacity sales

▪$45 million lower sales to the California ISO due to lower market prices

▪$72 million lower purchased power from the California ISO due to lower market prices and lower customer demand from departing load now served by CCAs

Energy-Related Businesses: Revenues and Cost of Sales

(1) Includes eliminations of intercompany activity.

(2)Excludes depreciation and amortization, which are presented separately on Sempra’s Condensed Consolidated Statements of Operations.

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s revenues from energy-related businesses increased by $16 million (3%) primarily due to:

▪$39 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including:

◦$90 million driven by higher natural gas prices and higher volumes associated with optimization of transport and storage contracts

◦$60 million from $50 million unrealized losses in 2025 compared to $10 million unrealized gains in 2024 on commodity derivatives

▪$18 million higher revenues driven by satisfaction of performance obligations related to customer payments received in advance from a contract modification in December 2024 on an LNG storage and regasification agreement

▪$30 million lower transportation revenues driven by a customer’s early termination of firm transportation agreements

▪$8 million from TdM due to lower power prices and lower volumes

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of sales from energy-related businesses decreased by $17 million (13%) primarily due to $19 million lower LNG purchases offset by higher natural gas purchases related to asset and supply optimization.

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s revenues from energy-related businesses increased by $48 million (4%) primarily due to:

▪$53 million higher revenues driven by satisfaction of performance obligations related to customer payments received in advance from a contract modification in December 2024 on an LNG storage and regasification agreement

▪$51 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including:

◦$75 million driven by higher natural gas prices and higher volumes associated with optimization of transport and storage contracts

◦$22 million primarily from higher diversion fees due to higher natural gas prices

◦$45 million from higher unrealized losses on commodity derivatives

▪$15 million higher revenues in 2025 due to the commencement of commercial operations at the Topolobampo marine terminal in June 2024

▪$30 million lower transportation revenues driven by a customer’s early termination of firm transportation agreements

▪$15 million from TdM mainly due to lower volumes and lower power prices

▪$13 million from lower power prices from solar power generation assets and lower volumes from wind power generation assets

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of sales from energy-related businesses increased by $24 million (8%) primarily due to $24 million driven by higher natural gas purchases offset by lower LNG purchases related to asset and supply optimization.

(1) Includes eliminations of intercompany activity.

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s O&M increased by $23 million (2%) primarily due to:

▪$39 million increase at Sempra Infrastructure due to:

◦$18 million from higher provisions for expected credit losses

◦$17 million primarily due to higher expenses in 2025 in advance of ECA LNG Phase 1 commencing commercial operations and higher maintenance expenses

◦$8 million higher development costs and certain non-capitalized expenses from projects under construction

▪$16 million increase at Parent and other primarily due to non-recoverable insurance claims in 2025

▪$33 million decrease at Sempra California primarily due to lower non-refundable operating costs

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s O&M increased by $60 million (2%) primarily due to:

▪$32 million increase at Sempra California due to:

◦$58 million higher expenses associated with refundable programs, which costs are recovered in revenue

◦$29 million lower non-refundable operating costs

▪ $28 million increase at Sempra Infrastructure due to:

◦$22 million primarily due to higher expenses in 2025 in advance of ECA LNG Phase 1 commencing commercial operations and higher maintenance expenses

◦$12 million higher development costs and certain non-capitalized expenses from projects under construction

▪Parent and other was consistent with the prior year due to:

◦$22 million due to non-recoverable insurance claims in 2025

◦$10 million from $5 million compensation benefit in 2025 compared to $5 million compensation expense in 2024

◦$4 million due to lower deferred compensation expense

Other Income, Net

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s other income, net, decreased by $16 million (25%) to $49 million primarily due to:

▪$19 million higher non-service components of net periodic benefit cost primarily at Sempra California

▪$7 million lower investment gains on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plan at Parent and other

▪$7 million from $3 million gains in 2025 compared to $4 million losses in 2024 from impacts associated with interest rate and foreign exchange instruments and foreign currency transactions driven by other foreign currency transactional effects at Sempra Infrastructure

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s other income, net, increased by $5 million (3%) to $199 million primarily due to:

▪$16 million higher AFUDC equity at Sempra Infrastructure

▪$12 million from $8 million gains in 2025 compared to $4 million losses in 2024 from impacts associated with interest rate and foreign exchange instruments and foreign currency transactions driven by other foreign currency transactional effects primarily at Sempra Infrastructure

▪$9 million higher net interest income on regulatory balancing accounts at Sempra California

▪$23 million higher non-service components of net periodic benefit cost primarily at Sempra California

▪$7 million reduction in regulatory interest from disallowed regulatory recovery of COVID-19 costs at Sempra California

Interest Income

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s interest income increased by $18 million (38%) to $65 million primarily due to a $14 million change in the fair value of the Support Agreement at Sempra Infrastructure.

Interest Expense

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s interest expense increased by $75 million (23%) to $403 million primarily due to:

▪$39 million at Parent and other from higher debt balances from debt issuances

▪$21 million at Sempra California from higher debt balances from debt issuances

▪$16 million at Sempra Infrastructure primarily from higher interest expense related to a customer’s early termination of firm transportation agreements

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s interest expense increased by $251 million (27%) to $1.2 billion due to:

▪$104 million at Parent and other from higher debt balances from debt issuances offset by higher capitalization of interest expense in 2025 from projects under construction at Sempra Infrastructure

▪$87 million at Sempra Infrastructure primarily from $60 million in unrealized losses in 2025 on interest rate swaps related to the PA LNG Phase 1 project and higher interest expense related to a customer’s early termination of firm transportation agreements offset by higher capitalization of interest expense in 2025 from projects under construction

▪$60 million at Sempra California from higher debt balances from debt issuances

(1) We discuss how we recognize equity earnings in Note 5 of the Notes to Consolidated Financial Statements in the Annual Report.

We report as part of our pretax results the income or loss attributable to NCI. However, we do not record income taxes for a portion of this income or loss, as some of our entities with NCI are currently treated as partnerships for U.S. income tax purposes, and thus we are only liable for income taxes on the portion of the earnings that are allocated to us. Our pretax income, however, includes 100% of these entities. If our entities with NCI grow, and if we continue to invest in such entities, the impact on our ETR may become more significant.

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra had an income tax expense in 2025 compared to an income tax benefit in 2024 primarily due to:

▪$514 million net income tax expense in 2025 as a result of management’s decision to classify SI Partners as held for sale, comprised of the following:

◦$705 million income tax expense to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners

◦$153 million income tax expense for changes in state income tax apportionment

◦$344 million income tax benefit from changes to a valuation allowance against certain tax credit carryforwards

▪$123 million from $45 million income tax expense in 2025 compared to $78 million income tax benefit in 2024 from foreign currency and inflation effects on our monetary positions in Mexico

▪$30 million income tax benefit in 2024 from an outside basis difference in a domestic partnership investment

▪higher income tax benefit from flow-through items, including $73 million income tax benefit in 2025 from the election to accelerate self-developed software deductions, which we discuss in Note 1 of the Notes to Condensed Consolidated Financial Statements

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra had an income tax expense in 2025 compared to an income tax benefit in 2024 primarily due to:

▪$552 million net income tax expense in 2025 as a result of management’s decision to classify SI Partners and Ecogas as held for sale, comprised of the following:

◦$705 million income tax expense to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners

◦$153 million income tax expense for changes in state income tax apportionment

◦$38 million income tax expense due to the recognition of a Mexican deferred tax liability on our outside basis differences in Ecogas

◦$344 million income tax benefit from changes to a valuation allowance against certain tax credit carryforwards

▪$368 million from $157 million income tax expense in 2025 compared to $211 million income tax benefit in 2024 from foreign currency and inflation effects on our monetary positions in Mexico

▪$30 million income tax benefit in 2024 from an outside basis difference in a domestic partnership investment

▪higher income tax benefit from flow-through items, including $73 million income tax benefit in 2025 from the election to accelerate self-developed software deductions

We discuss the impact of foreign currency exchange rates and inflation on income taxes below in “Impact of Foreign Currency and Inflation Rates on Results of Operations.” See Note 1 of the Notes to Condensed Consolidated Financial Statements in this report and Notes 1 and 7 of the Notes to Consolidated Financial Statements in the Annual Report for further details about our accounting for income taxes and items subject to flow-through treatment.

Equity Earnings

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

▪$45 million at Oncor Holdings driven by:

◦overall higher revenues primarily attributable to:

•rate updates to reflect increases in invested capital

•increase due to Oncor’s SRP and the UTM

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

◦higher O&M

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

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

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

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

▪$15 million at Oncor Holdings driven by:

◦overall higher revenues primarily attributable to:

•rate updates to reflect increases in invested capital

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

•customer growth

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

◦higher O&M

Earnings Attributable to Noncontrolling Interests

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

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s earnings attributable to NCI decreased by $222 million to $103 million primarily due to a decrease in SI Partners subsidiaries’ net income driven by foreign currency and inflation effects on our monetary positions in Mexico and unrealized losses in 2025 from interest rate swaps related to the PA LNG Phase 1 project.

IMPACT OF FOREIGN CURRENCY AND INFLATION RATES ON RESULTS OF OPERATIONS

Because our natural gas distribution utility in Mexico, Ecogas, uses its local currency as its functional currency, its revenues and expenses are translated into U.S. dollars at average exchange rates for the period for consolidation in Sempra’s results of operations. We discuss further the impact of foreign currency and inflation rates on results of operations, including impacts on income taxes and related hedging activity, in “Part II – Item 7. MD&A – Impact of Foreign Currency and Inflation Rates on Results of Operations” in the Annual Report.

Foreign Currency Translation

Any difference in average exchange rates used for the translation of income statement activity from year to year can cause a variance in Sempra’s comparative results of operations. In the three months and nine months ended September 30, 2025 compared to the same periods in 2024, the change in our earnings as a result of foreign currency translation rates was lower by $1 million.

Transactional Impacts

Income statement activities at our foreign operations and their equity method investments are also impacted by transactional gains and losses, a summary of which is shown in the table below: