Here are 1-3 brief analogies for Sempra:

1. It's like Edison International (a major California utility) meets Cheniere Energy (a leading LNG exporter), combining stable regulated utilities with significant global energy infrastructure projects.

2. A large utility holding company similar to Southern Company or Duke Energy, but with a strong and growing additional focus on large-scale natural gas and LNG export infrastructure.

3. Imagine an energy infrastructure giant like Kinder Morgan, but which also owns and operates major regulated electric and natural gas utilities, similar to PG&E or Edison International.

• Electricity Distribution and Transmission: Provides safe and reliable delivery of electricity to homes and businesses in its service territories.
• Natural Gas Distribution and Transmission: Delivers natural gas to residential, commercial, and industrial customers through extensive pipeline networks.
• Liquefied Natural Gas (LNG) Export: Operates facilities for the liquefaction, storage, and export of natural gas to global markets.
• Energy Infrastructure Development: Develops and invests in large-scale energy infrastructure projects, including natural gas pipelines and storage facilities.

Jeffrey W. Martin, Chairman, Chief Executive Officer and President

Jeffrey W. Martin leads Sempra as Chairman, Chief Executive Officer, and President. He joined Sempra in 2004, initially working in the company's mergers and acquisitions group. Prior to becoming CEO in 2018, he held various leadership positions within Sempra, including Executive Vice President and Chief Financial Officer for Sempra Energy from 2017 to 2018, Chief Executive Officer of San Diego Gas & Electric from 2014 to 2016, and President and Chief Executive Officer of Sempra U.S. Gas & Power and Sempra Generation from 2010 to 2013. Before his tenure at Sempra, Martin served as Chief Financial Officer of NewEnergy, Inc. He also worked as corporate counsel at UniSource Energy Corporation and as an attorney at Snell & Wilmer, LLP, where his practice focused on corporate and commercial finance and real estate.

Karen Sedgwick, Executive Vice President and Chief Financial Officer

Karen Sedgwick was appointed Executive Vice President and Chief Financial Officer of Sempra effective January 1, 2024. She has over 31 years of experience within the Sempra family of companies, holding numerous financial leadership roles. Her prior positions include responsibilities in Treasury and Cash Management, Investor Relations, Financial Planning, Audit Services, and Enterprise Risk Management and Compliance.

Justin Bird, Executive Vice President

Justin Bird serves as Executive Vice President of Sempra and Chief Executive Officer of Sempra Infrastructure. He has been with the Sempra family of companies for nearly 20 years, holding various leadership roles including Chief Executive Officer of Sempra LNG. In his current role as Executive Vice President of Sempra, he is also responsible for corporate functions such as Corporate Development and Financial Planning.

Caroline Winn, Executive Vice President

Caroline Winn is an Executive Vice President of Sempra and also serves as the Chief Executive Officer of San Diego Gas & Electric (SDG&E), one of Sempra's California utilities. With over 35 years of experience in the utility industry, all within the Sempra family of companies, she joined as an associate engineer in 1986. Her previous roles include Chief Operating Officer for SDG&E from 2017 to 2020, Chief Energy Delivery Officer, Vice President of Customer Services, and Director of Supply Chain Management.

Peter R. Wall, Senior Vice President, Controller and Chief Accounting Officer

Peter R. Wall is the Senior Vice President, Controller, and Chief Accounting Officer at Sempra. He joined Sempra in 2012 as an Assistant Controller, following a 14-year career at Ernst & Young LLP. Prior to his current role, he served as Vice President and Chief Financial Officer for Sempra U.S. Gas & Power from 2015 to 2016, and for Sempra's domestic infrastructure businesses in 2017.

The accelerating trend of municipal and state-level policies to ban or significantly restrict natural gas infrastructure and consumption, particularly in new construction and increasingly for existing buildings. This directly impacts Sempra's natural gas utility subsidiaries by limiting future growth and potentially eroding existing demand for natural gas delivery services, challenging a core business segment.

Sempra (SRE) operates across several key energy infrastructure markets. The addressable market sizes for its main products and services are as follows:

• California Utilities (Electric Power Transmission and Distribution):
  • The market size for the Electric Power Transmission industry in California is estimated at $51.4 billion in 2025.
• California Utilities (Natural Gas Distribution):
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• Sempra Texas Utilities (Electric Transmission and Distribution):
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• Sempra Infrastructure Partners (Liquefied Natural Gas - LNG):
  • The global liquefied natural gas (LNG) market size was valued at USD 167.06 billion in 2024 and is projected to reach USD 227.28 billion by 2032.
  • The North America LNG market size was valued at USD 54.44 billion in 2024.
• Sempra Infrastructure Partners (Renewable Energy):
  • The North American renewable energy market size was valued at approximately USD 341.32 billion in 2024.

Sempra (SRE) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions. The company's forward guidance and project updates highlight significant investments in regulated utilities, the advancement of major energy infrastructure projects, and a strategic focus on core markets.

Here are five expected drivers of Sempra's future revenue growth:

1. Significant Capital Investments in U.S. Utilities: Sempra is executing an expansive capital plan, with a substantial portion dedicated to modernizing and expanding its regulated utility infrastructure in California and Texas. For instance, its Texas subsidiary, Oncor, plans to increase capital spending by over 30% between 2026 and 2030, driven by rapid business migration and population growth across the state. These investments in the rate base are expected to secure future regulated returns and underpin long-term revenue growth.
2. Progress and Completion of Major LNG Projects: The advancement and anticipated completion of large-scale liquefied natural gas (LNG) projects, such as Port Arthur LNG and ECA LNG, are key revenue drivers. Port Arthur LNG Phase 1 is on schedule, with Train 1 expected to be operational in 2027, and ECA LNG Phase 1 is over 95% complete. These projects are expected to significantly enhance future cash flows and long-term revenue generation by capitalizing on sustained global demand for U.S. LNG.
3. Strategic Shift Towards a Utility-Focused Business Model and Capital Recycling: Sempra is strategically simplifying its business model by increasing its focus on regulated utility operations. The sale of a 45% stake in Sempra Infrastructure Partners for $10 billion is a key example, which is expected to improve Sempra’s business growth profile by increasing the mix of regulated earnings and unlocking reinvestment capital for its U.S. utilities. This transaction is anticipated to be accretive to EPS starting in 2027.
4. Favorable Regulatory Mechanisms in Texas: Regulatory developments in Texas, such as the passage of Texas House Bill 5247, which established the Unified Tracker Mechanism (UTM), are expected to benefit Oncor. This mechanism is designed to reduce regulatory lag and is projected to improve Oncor's earned Return on Equity (ROE) by 50 to 100 basis points, thereby supporting higher margins and steady long-term revenue.
5. Growth in Demand from Population and Business Expansion in Texas: Rapid population growth and ongoing business migration into Texas are fueling increased demand for energy and associated infrastructure. This organic growth in the customer base and energy consumption directly translates into increased opportunities for Sempra’s Texas utilities, driving higher levels of capital spending and, consequently, revenue growth.

Share Repurchases

• Sempra executed approximately $1.25 billion in share repurchases between 2020 and 2024.
• Common stock repurchases amounted to $(58) million in Q3 2025 and $(58) million in Q2 2025.

Share Issuance

• Sempra conducted a $1.3 billion equity offering in November 2023.
• An additional $271 million equity offering was made in December 2024 under a $3.0 billion At-The-Market (ATM) program.
• Issuances of common stock were $26 million in Q3 2025 and $19 million in Q2 2025.

Inbound Investments

• Sempra agreed to sell a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR and Canada Pension Plan Investment Board (CPP Investments) for $10 billion in cash. This transaction, expected to close in Q2-Q3 2026, implies an equity value of $22.2 billion for Sempra Infrastructure Partners.
• The proceeds from this sale are intended to be reinvested into Sempra's U.S. utilities and eliminate the need for common equity issuances in its previously announced 2025-2029 capital plan.
• Sempra previously divested a 20% non-controlling interest in Sempra Infrastructure to KKR in 2021 for approximately $16.9 billion and a 10% stake to Abu Dhabi Investment Authority (ADIA) in 2022 for $17.9 billion.

Outbound Investments

• Sempra Infrastructure Partners reached a final investment decision for Port Arthur LNG Phase 2, which includes estimated incremental capital expenditures of $12 billion, plus an approximate $2 billion payment for shared common facilities. Commercial operations for Trains 3 and 4 are expected in 2030 and 2031.
• Sempra plans to sell certain energy infrastructure assets in Mexico, including Ecogas Mexico, as part of a capital recycling program to simplify its portfolio and reinvest in U.S. utilities.

Capital Expenditures

• Sempra plans to invest approximately $13 billion in energy infrastructure in 2025, with over $10 billion directed towards its U.S. utilities.
• The company's 2025-2029 capital plan includes $56 billion for clean energy and LNG growth.
• Oncor, a Sempra subsidiary, has a $36 billion base capital plan for 2025-2029 and anticipates a more than 30% increase in its 2026-2030 capital plan, primarily focused on expanding the grid to meet rising demand from industrial customers and North Texas data centers.