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Here are 1-3 brief analogies for Edison International:

• Like your local internet provider (e.g., Comcast or AT&T), but they deliver electricity.
• Like a water utility, but they deliver electricity to a vast region of California.
• Like UPS or FedEx, but they deliver electricity through power lines instead of packages.

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• Electric Power: Edison International generates, transmits, and distributes electricity to residential, commercial, and industrial customers across Southern, Central, and Coastal California.
• Energy Solutions: The company provides specialized energy solutions tailored for commercial and industrial users.

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Edison International primarily serves various categories of customers, including individuals and businesses, across Southern, Central, and Coastal California. Its major customer categories include:

• Residential customers
• Commercial customers
• Industrial customers

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• NextEra Energy (NEE)
• The AES Corporation (AES)
• Eaton Corporation (ETN)
• ABB Ltd (ABB)

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Pedro Pizarro, President and Chief Executive Officer

Pedro Pizarro joined Edison International in 1999 and was elected Chief Executive Officer in October 2016. Previously, he served as president of Edison Mission Energy (EME), a subsidiary of Edison International, from 2011 until the sale of its assets to NRG Energy in April 2014. Before joining Edison International and Southern California Edison, Mr. Pizarro was a senior engagement manager with McKinsey & Company, where his work included corporate strategy, mergers and acquisitions, and operational and organizational engagements for energy, technology, engineering services, and banking clients. He holds a Ph.D. in chemistry from the California Institute of Technology and a bachelor's degree in chemistry from Harvard University.

Maria Rigatti, Executive Vice President and Chief Financial Officer

Maria Rigatti became Executive Vice President and Chief Financial Officer of Edison International in October 2016. Before this role, she was Senior Vice President and CFO at Southern California Edison from July 2014 to September 2016. Prior to that, Ms. Rigatti was Senior Vice President and CFO at Edison Mission Energy (EME) from December 2010 to April 2014 and was actively involved in the sale of substantially all of EME's assets to NRG Energy in 2014. She previously held positions at PIRA Energy Group, Gas Energy Inc., and The Chase Manhattan Bank. Ms. Rigatti earned an MBA in finance from New York University and a bachelor's degree in finance from Manhattan College.

Caroline Choi, Executive Vice President, Public Policy & Corporate Affairs

Caroline Choi serves as Executive Vice President of Public Policy & Corporate Affairs for Edison International and its utility subsidiary, Southern California Edison.

Adam S. Umanoff, Executive Vice President, General Counsel and Corporate Secretary

Adam S. Umanoff has been Executive Vice President and General Counsel at Edison International since January 2015, also serving as Corporate Secretary.

Steven D. Powell, President and Chief Executive Officer, Southern California Edison

Steven D. Powell is the President and Chief Executive Officer of Southern California Edison (SCE), Edison International's primary subsidiary.

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Key Risks to Edison International (EIX)

The primary risks to Edison International's business are centered around its operations as an electric utility in California, particularly concerning environmental, regulatory, and security challenges.

1. Wildfire Risk and Associated Liabilities: Edison International faces significant financial and operational risks due to the persistent threat of catastrophic wildfires in California. The company's equipment can potentially cause or contribute to these fires, leading to substantial liabilities, legal challenges, and unquantified wildfire litigation (such as the Eaton Fire). These risks can severely impact the company's financial stability, increase insurance premiums, and necessitate considerable investments in infrastructure for mitigation, including grid hardening and undergrounding power lines.

2. Regulatory and Legislative Environment: As a regulated utility in California, Edison International is heavily influenced by the state's complex regulatory and legislative landscape. This includes the need for approval from the California Public Utilities Commission (CPUC) for major capital plans and rate increases. There is a risk of disallowance of cost recovery for significant investments and exposure to policy uncertainty stemming from upcoming elections and new wildfire legislation (e.g., SB 254). Regulatory restrictions on operational measures, such as Public Safety Power Shutoffs (PSPS), also pose challenges. Furthermore, competition from Community Choice Aggregators (CCAs) and Electric Service Providers (ESPs) presents an ongoing risk to the company's market position.

3. Cybersecurity and Physical Security Risks: Edison International is exposed to risks from successful cyberattacks or physical security breaches on its information technology and operational technology systems. The increasing sophistication and dynamic nature of these threats require continuous vigilance and investment to prevent disruptions to operations or material impacts on its financial condition.

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The clear emerging threats for Edison International (EIX) are:

1. Distributed Energy Resources (DERs): The accelerating adoption of rooftop solar panels combined with rapidly advancing battery storage technologies enables customers to generate and store their own electricity. This reduces their reliance on EIX for power supply, directly impacting the utility's electricity sales volume and revenue. This trend is akin to Netflix displacing Blockbuster by offering an alternative means of accessing content, as customers find alternative ways to source their energy needs outside the traditional utility grid.
2. Community Choice Aggregators (CCAs): In California, CCAs are local governmental entities that procure electricity for residents and businesses within their jurisdictions. While EIX continues to operate and maintain the transmission and distribution infrastructure, CCAs take over the power procurement and supply relationship with customers. This disintermediates EIX from a significant portion of its customer base regarding electricity generation and supply, shifting a core revenue stream and customer relationship to another entity, much like how Uber challenged the traditional direct customer relationship of taxicab companies.

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The addressable market for Edison International's main products and services is detailed below:

• Electric Power Generation and Distribution: The addressable market size for the Electric Power Transmission industry in California, which includes electric bulk power transmission and control, electric power distribution, and wholesale electricity brokering and marketing, is projected to be $51.4 billion in 2026. This market size is for the state of California, where Edison International, through its subsidiary Southern California Edison (SCE), delivers electricity to 15 million customers across Southern, Central, and Coastal California.

• Energy Solutions: Null

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1. Rate Base Growth from Capital Investments: Edison International plans substantial capital expenditures, ranging from $28 billion to $29 billion between 2024 and 2028, and a $38-$41 billion capital plan for 2026-2030, primarily focused on grid modernization, infrastructure replacement, and wildfire mitigation. These investments are projected to drive an annual rate base growth of 7-8%, upon which the company can earn a regulated return, directly contributing to revenue growth.
2. Favorable Regulatory Outcomes and Rate Adjustments: Approved General Rate Cases (GRC) by the California Public Utilities Commission (CPUC) are a significant driver, allowing Southern California Edison (SCE) to recover costs and earn a return on its investments. The 2025 GRC, for instance, authorized substantial base revenues and supported critical capital investments, which will contribute to revenue. Settlements for wildfire cost recovery, such as the TKM and Woolsey agreements, also positively impact revenue through authorized cost recovery and reduced interest expense.
3. Increased Demand from Electrification and Load Growth: The ongoing electrification trends in California, including the growing adoption of electric vehicles (EVs), new housing developments, and industrial expansion, are expected to drive increased electricity demand. This includes substantial load growth from large-scale users like data centers. SCE projects a 35% load growth by 2035 and 80% by 2045, reflecting a significant long-term driver for revenue.
4. Wildfire Mitigation and Grid Hardening Investments: Continued strategic investments in wildfire mitigation and grid hardening measures, such as the installation of covered conductors and other infrastructure resilience programs, are crucial for safe and reliable operations in California. These necessary investments receive regulatory support for cost recovery, thereby adding to the rate base and contributing to revenue generation.

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Share Repurchases

• Edison International's Board of Directors authorized a stock repurchase program of up to $200 million, effective July 29, 2024, and continuing until December 31, 2025. This program is intended to offset dilution from common stock issued under the company's long-term incentive compensation programs.

Share Issuance

• Edison International projects no equity issuance through 2030, with its financing plan through that period relying on operating cash flow and incremental debt.

Capital Expenditures

• Southern California Edison (SCE), a subsidiary of Edison International, plans capital spending of approximately $38 billion to $41 billion from 2026 to 2030.
• SCE anticipates $7 billion in capital expenditures for 2026.
• The primary focus of these capital expenditures includes distribution grid reliability, resilience, wildfire mitigation, and electrification efforts across Southern, Central, and Coastal California.