EDISON INTERNATIONAL (EIX)

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, which 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.

In the second quarter of 2026, Edison International completed the disposition of Trio, a former indirect wholly-owned subsidiary. Trio's business activities have not been material to Edison International. See "Results of Operations—Edison International Parent and Other—Trio" and "Notes to Condensed Consolidated Financial Statements—Note 1.  Summary of Significant Accounting Policies" for further information.

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 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.

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1SCE and Edison International Parent and Other non-core items are tax-effected at an estimated statutory rate of approximately 28%; wildfire claims and expenses insured by EIS are tax-effected at the federal statutory rate of 21%. No net tax benefit was recognized for the Trio disposition loss as the related tax benefits are not expected to be realized.

2As a result of the disposition of Trio in the second quarter of 2026, Trio-related income and expenses are classified as non-core items. Trio's after-tax operating losses of $4 million from the first quarter of 2026 were recast to non-core and included in the six months ended June 30, 2026 amount. Trio's after-tax operating losses of $2 million and $7 million for the three and six months ended June 30, 2025, respectively, were included in core earnings as originally reported.

Edison International's second quarter 2026 earnings increased $191 million from the second quarter of 2025, resulting from an increase in SCE's earnings of $200 million, partially offset by an increase in Edison International Parent and Other's loss of $9 million. SCE's higher net income reflected $198 million of higher core earnings and a $2 million lower non-core loss. Edison International Parent and Other's loss increased by $9 million due to a $29 million non-core loss in 2026, partially offset by $20 million of lower core loss compared to 2025.

Edison International's earnings for the six months ended June 30, 2026 decreased $714 million from the same period ended June 30, 2025, resulting from a decrease in SCE's earnings of $748 million, partially offset by a decrease in Edison International Parent and Other's loss of $34 million. SCE's lower net income reflected a $45 million non-core loss in 2026 compared to a $916 million non-core benefit in 2025, partially offset by $213 million of higher core earnings. Edison International Parent and Other's loss decreased by $34 million due to $27 million of lower core loss and $7 million of lower non-core loss.

The increase in SCE's core earnings for the three and six months ended June 30, 2026, compared to the same periods in 2025, was primarily due to the adoption of the 2025 GRC final decision in the third quarter of 2025. The increase for the six-month period was partially offset by the absence of a benefit to interest expense related to cost recoveries authorized under the TKM Settlement Agreement in 2025.

The decrease in Edison International Parent and Other's core loss for the three and six months ended June 30, 2026, was primarily due to lower preferred stock dividends, partially offset by higher interest expense.

Consolidated non-core items for the six months ended June 30, 2026 and 2025 for Edison International included:

•Wildfire-related recoveries, net of claims and expenses:

•Net earnings of $9 million ($6 million after-tax) recorded in 2026 primarily due to expected recoveries, partially offset by claims and legal expenses associated with Other Wildfire Events.

•Net earnings of $1,343 million ($968 million after-tax) in 2025 primarily related to the TKM Settlement Agreement and insurance reimbursements related to Other Wildfire Events.

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

•Charges of $71 million ($51 million after-tax) and $72 million ($52 million after-tax) recorded in 2026 and 2025, respectively, from amortization of SCE's contributions to the Wildfire Fund. See "Notes to Condensed Consolidated Financial Statements—Note 1.  Summary of Significant Accounting Policies" for further information.

•Losses of $36 million ($33 million after-tax) in 2026 related to the disposition of Trio, including Trio's operating losses, the loss on disposition, and related transaction and employee costs. See "Results of Operations—Edison International Parent and Other—Trio" and "Notes to Condensed Consolidated Financial Statements—Note 1.  Summary of Significant Accounting Policies" for further information.

•Net earnings of $1 million ($1 million after-tax) recorded in 2026 primarily due to updated estimates of claims accruals, net of legal expenses, and charges of $50 million ($39 million after-tax) recorded in 2025, 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.

Capital Program

Total capital expenditures (including accruals) were $3.1 billion for both six months ended June 30, 2026 and 2025. As discussed in the 2025 Form 10-K, SCE forecasts total capital expenditures ranging from $37.5 billion to $40.6 billion for 2026 – 2030, and weighted average annual rate base from $50.8 billion to $67.9 billion for 2026 – 2030. These capital program and rate base projections incorporate the planned CPUC-jurisdictional spending as informed by the 2025 GRC

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final decision and expected FERC capital expenditures, see "Liquidity and Capital Resources—SCE—Capital Investment Plan" below and "Management Overview—Capital Program" in the 2025 MD&A.

In May 2026, the CAISO approved its 2025-2026 Transmission Plan, which identified new transmission projects expected to be constructed by SCE and finalized the CAISO's reassessment of certain SCE projects from the 2022-2023 Transmission Plan. As a result of this reassessment, certain previously approved projects were removed or modified and offset by newly approved projects. SCE's total anticipated capital expenditures for CAISO-approved transmission projects remain approximately $3 billion, of which approximately $1 billion is included in the total forecasted capital expenditures from 2026 – 2030. For further information, see "Management Overview—Capital Program" in the 2025 MD&A.

Southern California Wildfires

Unprecedented weather conditions in California due to climate change and greater concentrations of residents in high-fire risk areas, among other things, 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.

SCE continues to implement its WMP to reduce the risk of SCE equipment contributing to the ignition of wildfires. Further to the investments SCE is making as part of its WMP, SCE also uses its PSPS program to proactively de-energize power lines as a last resort to mitigate the risk of significant wildfires during extreme weather events. In addition, California has increased its investment in wildfire prevention and fire suppression capabilities. Yet, the potential for catastrophic wildfire activity in SCE's service area still exists. In February 2026, the OEIS issued a final decision approving SCE’s 2026 – 2028 WMP. In March 2026, the OEIS issued SCE's safety certification which is valid until the later of March 2, 2027, and when OEIS acts on SCE's timely submittal of a request for its next safety certification.

In April 2026, the CEA submitted to the California Legislature and the Governor a report required by SB 254 that evaluates California’s approach to natural catastrophe risk, including wildfires. The report identifies increasing natural catastrophe risk driven by climate‑related factors, development in wildfire‑prone areas, fuel conditions, and other systematic factors, and highlights challenges in wildfire mitigation, insurance availability, liability allocation, and post‑event recovery. The report observes that failure to address escalating wildfire risk would prolong recovery for affected communities, significantly increase electric utility costs, driving higher customer rates, and also could elevate insur

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

The discussion related to the changes in financial condition for 2024 compared to 2023 is incorporated by reference to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC in February 2025.

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.

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.

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1SCE 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).

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•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.

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

•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.

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

•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.

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

•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.

Electricity Industry Trends

The electric power industry is undergoing urgent and fundamental changes in how energy infrastructure is planned and built, driven by new sources of demand, such as electric vehicles, data centers, and building electrification; technological innovations that support clean energy adoption, such as distributed generation and energy storage; and government actions to reduce GHG emissions. These factors, coupled with the increasing impacts of climate change, are altering the way in which electricity is generated and delivered. These changes are further amplified by rapidly rising electricity demand across the U.S. economy, which is reshaping investment needs and grid planning timelines.

Rising electricity demand across the U.S. economy is a primary force reshaping grid needs and investment planning. SCE projects electricity demand to nearly double between 2025 and 2045, driven by transportation electrification, new residential housing, and increases in commercial and industrial consumption. These economy-wide trends create broad customer and climate benefits by supporting long-term emissions reduction. Emerging market uncertainties, tighter resource timelines, and rising costs have increased the complexity of long‑term clean energy planning, adding pressure to California's climate goals. Despite this, California has demonstrated strong long-term support of transportation electrification. Edison International believes that more state policy support, along with public and private investment, is needed to enable California to reach its 2030 and 2045 GHG reduction targets. Additional policy and regulatory support is also needed to de-risk the development of clean firm resources, adjust planning processes to enable proactive grid build-

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out, and streamline permitting processes. The current federal administration has declared a national emergency on energy, stressing the need for a reliable, diversified, and affordable supply of energy. The integrity and expansion of energy infrastructure is an immediate and pressing priority.

In parallel, climate change impacts continue to intensify the need for system resilience and clean‑energy adoption. The impacts of climate change are apparent and accelerating. In 2024, the Earth experienced its hottest year on record. This spike in temperature is making extreme weather events commonplace. In California alone, climate-related disasters have cost the state tens of billions of dollars since 2018, with the 2025 wildfires being particularly devastating. Climate change is expected to have far-reaching effects on society, necessitating industry-wide solutions to enhance grid resilience and support a clean, reliable and affordable grid.

Recent federal actions have challenged clean energy standards and regulations in jurisdictions across the country. Rising customer cost pressures underscore the

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