Information responding to this section is included in the MD&A under the heading "Market Risk Exposures" and is incorporated herein by reference. 21 Table of Contents CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Condensed Consolidated Statements of Income Edison International Three months ended June 30, Six months ended June 30, (in millions, except per-share amounts, unaudited) 2026 2025 2026 2025 Operating revenue $ 4,357 $ 4,543 $ 8,460 $ 8,354 Purchased power and fuel 1,137 1,157 2,107 2,204 Operation and maintenance 1,071 1,580 2,088 2,563 Wildfire-related claims, net of (recoveries) 18 — 13 (1,305) Wildfire Fund expense 36 36 71 72 Depreciation and amortization 834 826 1,668 1,568 Property and other taxes 171 168 350 334 Other (2) 1 (3) 9 Total operating expenses 3,265 3,768 6,294 5,445 Operating income 1,092 775 2,166 2,909 Interest expense (514) (504) (1,038) (805) Other income, net 97 113 218 220 Income before income taxes 675 384 1,346 2,324 Income tax expense (benefit) 114 (14) 215 434 Net income 561 398 1,131 1,890 Less: Preference stock dividend requirements of SCE 26 33 55 67 Preferred stock dividend requirements of Edison International 1 22 11 44 Net income available to Edison International common shareholders $ 534 $ 343 $ 1,065 $ 1,779 Basic earnings per share: Weighted average shares of common stock outstanding 385 385 385 385 Basic earnings per common share available to Edison International common shareholders $ 1.39 $ 0.89 $ 2.77 $ 4.62 Diluted earnings per share: Weighted average shares of common stock outstanding, including effect of dilutive securities 387 386 387 386 Diluted earnings per common share available to Edison International common shareholders $ 1.38 $ 0.89 $ 2.75 $ 4.61 The accompanying notes are an integral part of these condensed consolidated financial statements. 22 Table of Contents Condensed Consolidated Statements of Comprehensive Income Edison International Three months ended June 30, Six months ended June 30, (in millions, unaudited) 2026 2025 2026 2025 Net income $ 561 $ 398 $ 1,131 $ 1,890 Other comprehensive income, net of tax: Pension and postretirement benefits other than pensions 1 1 1 1 Foreign currency translation adjustments (4) 1 (4) 1 Other comprehensive (loss) income, net of tax (3) 2 (3) 2 Comprehensive income 558 400 1,128 1,892 Less: Comprehensive income attributable to noncontrolling interests 26 33 55 67 Comprehensive income attributable to Edison International $ 532 $ 367 $ 1,073 $ 1,825 The accompanying notes are an integral part of these condensed consolidated financial statements. 23 Table of Contents Condensed Consolidated Balance Sheets Edison International (in millions, unaudited) June 30, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 242 $ 158 Receivables, net of allowances for uncollectible accounts of $338 and $356 at respective dates 1,819 1,463 Accrued unbilled revenue 1,042 1,238 Inventory 567 535 Prepaid expenses 112 119 Regulatory assets 2,855 3,290 Wildfire Fund contributions 138 138 Other current assets 570 745 Total current assets 7,345 7,686 Nuclear decommissioning trusts 4,784 4,535 Other investments 71 51 Total investments 4,855 4,586 Utility property, plant and equipment, net of accumulated depreciation and amortization of $15,408 and $15,060 at respective dates 64,923 63,131 Nonutility property, plant and equipment, net of accumulated depreciation of $101 and $132 at respective dates 183 197 Total property, plant and equipment 65,106 63,328 Long-term receivables, net of allowances for uncollectible accounts of $39 and $49 at respective dates 32 38 Regulatory assets (include $3,051 and $3,092 related to a Variable Interest Entity ("VIE") at respective dates) 12,966 12,960 Wildfire Fund contributions 1,671 1,740 Operating lease right-of-use assets 1,137 1,161 Long-term insurance receivables 805 359 Other long-term assets 2,254 2,168 Total other assets 18,865 18,426 Total assets $ 96,171 $ 94,026 The accompanying notes are an integral part of these condensed consolidated financial statements. 24 Table of Contents Condensed Consolidated Balance Sheets Edison International (in millions, except share amounts, unaudited) June 30, 2026 December 31, 2025 LIABILITIES AND EQUITY Short-term debt $ 1,521 $ 2,390 Current portion of long-term debt 3,797 1,928 Accounts payable 2,159 2,344 Wildfire-related claims 808 585 Accrued interest 558 473 Regulatory liabilities 727 1,158 Current portion of operating lease liabilities 121 120 Other current liabilities 1,401 1,538 Total current liabilities 11,092 10,536 Long-term debt (includes $2,979 and $3,022 related to a VIE at respective dates) 37,085 36,070 Deferred income taxes and credits 9,484 9,114 Pensions and benefits 364 370 Asset retirement obligations 2,607 2,583 Regulatory liabilities 11,244 10,627 Operating lease liabilities 1,016 1,041 Wildfire-related claims 626 721 Other deferred credits and other long-term liabilities 3,560 3,705 Total deferred credits and other liabilities 28,901 28,161 Total liabilities 77,078 74,767 Commitments and contingencies (Note 12) Preferred stock (50,000,000 shares authorized; zero and 414,342 shares of Series A and 83,503 and 87,937 shares of Series B issued and outstanding at respective dates) 83 497 Common stock, no par value (800,000,000 shares authorized; 384,787,767 and 384,787,056 shares issued and outstanding at respective dates) 6,347 6,362 Accumulated other comprehensive income 3 6 Retained earnings 11,096 10,714 Total Edison International's shareholders' equity 17,529 17,579 Noncontrolling interests – preference stock of SCE 1,564 1,680 Total equity 19,093 19,259 Total liabilities and equity $ 96,171 $ 94,026 The accompanying notes are an integral part of these condensed consolidated financial statements. 25 Table of Contents Condensed Consolidated Statements of Cash Flows Edison International Six months ended June 30, (in millions, unaudited) 2026 2025 Cash flows from operating activities: Net income $ 1,131 $ 1,890 Adjustments to reconcile to net cash provided by operating activities: Depreciation and amortization 1,668 1,568 Equity allowance for funds used during construction (113) (93) Deferred income taxes 146 420 Wildfire Fund amortization expense 71 72 Other 103 77 Nuclear decommissioning trusts 11 (102) Changes in operating assets and liabilities: Receivables (392) 248 Inventory (39) 12 Accounts payable 56 50 Other current assets and liabilities (9) (247) Derivative assets and liabilities, net 12 44 Regulatory assets and liabilities, net 460 (1,600) Wildfire-related claims, net of insurance recoveries (357) (211) Other noncurrent assets and liabilities (51) (22) Net cash provided by operating activities 2,697 2,106 Cash flows from financing activities: Long-term debt issued, net of premium, discount and issuance costs of $(5) and $(49) for the respective periods 4,545 3,501 Long-term debt repaid (1,677) (726) Short-term debt issued 3 18 Short-term debt repaid (437) — Common stock repurchased (30) (29) Preferred stock repurchased (538) — Commercial paper repayments, net of borrowing (426) (1,012) Dividends and distribution to noncontrolling interests (52) (67) Common stock dividends paid (675) (637) Preferred stock dividends paid (13) (44) Other 2 (13) Net cash provided by financing activities 702 991 Cash flows from investing activities: Capital expenditures (3,385) (3,120) Proceeds from sale of nuclear decommissioning trust investments 3,666 2,680 Purchases of nuclear decommissioning trust investments (3,684) (2,580) Proceeds from sale of a subsidiary, net of cash transferred 15 — Other (7) 18 Net cash used in investing activities (3,395) (3,002) Net increase in cash and cash equivalents and restricted cash and cash equivalents 4 95 Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 720 684 Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 724 $ 779 The accompanying notes are an integral part of these condensed consolidated financial statements. 26 Table of Contents Condensed Consolidated Statements of Income Southern California Edison Company Three months ended June 30, Six months ended June 30, (in millions, unaudited) 2026 2025 2026 2025 Operating revenue $ 4,348 $ 4,532 $ 8,444 $ 8,334 Purchased power and fuel 1,137 1,157 2,107 2,204 Operation and maintenance 1,041 1,553 2,039 2,515 Wildfire-related claims, net of (recoveries) 17 — 14 (1,355) Wildfire Fund expense 36 36 71 72 Depreciation and amortization 833 825 1,666 1,566 Property and other taxes 169 167 347 332 Other (2) — (2) 8 Total operating expenses 3,231 3,738 6,242 5,342 Operating income 1,117 794 2,202 2,992 Interest expense (415) (421) (845) (641) Other income, net 117 117 238 228 Income before income taxes 819 490 1,595 2,579 Income tax expense 150 14 278 502 Net income 669 476 1,317 2,077 Less: Preference stock dividend requirements 26 33 55 67 Net income available to common stock $ 643 $ 443 $ 1,262 $ 2,010 Condensed Consolidated Statements of Comprehensive Income Southern California Edison Company Three months ended June 30, Six months ended June 30, (in millions, unaudited) 2026 2025 2026 2025 Net income $ 669 $ 476 $ 1,317 $ 2,077 Other comprehensive income, net of tax: Pension and postretirement benefits other than pensions — 1 1 1 Other comprehensive income, net of tax — 1 1 1 Comprehensive income $ 669 $ 477 $ 1,318 $ 2,078 The accompanying notes are an integral part of these condensed consolidated financial statements. 27 Table of Contents Condensed Consolidated Balance Sheets Southern California Edison Company (in millions, unaudited) June 30, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 171 $ 98 Receivables, net of allowances for uncollectible accounts of $338 and $353 at respective dates 1,818 1,455 Accrued unbilled revenue 1,042 1,236 Inventory 567 535 Prepaid expenses 112 118 Regulatory assets 2,855 3,290 Wildfire Fund contributions 138 138 Other current assets 556 743 Total current assets 7,259 7,613 Nuclear decommissioning trusts 4,784 4,535 Other investments 59 40 Total investments 4,843 4,575 Utility property, plant and equipment, net of accumulated depreciation and amortization of $15,408 and $15,060 at respective dates 64,923 63,131 Nonutility property, plant and equipment, net of accumulated depreciation of $100 and $113 at respective dates 182 188 Total property, plant and equipment 65,105 63,319 Long-term receivables, net of allowances for uncollectible accounts of $39 and $49 at respective dates 32 38 Regulatory assets (include $3,051 and $3,092 related to a VIE at respective dates) 12,966 12,960 Wildfire Fund contributions 1,671 1,740 Operating lease right-of-use assets 1,134 1,155 Long-term insurance receivables 697 145 Long-term insurance receivables due from affiliate 118 226 Other long-term assets 2,193 2,074 Total other assets 18,811 18,338 Total assets $ 96,018 $ 93,845 The accompanying notes are an integral part of these condensed consolidated financial statements. 28 Table of Contents Condensed Consolidated Balance Sheets Southern California Edison Company (in millions, except share amounts, unaudited) June 30, 2026 December 31, 2025 LIABILITIES AND EQUITY Short-term debt $ 741 $ 1,036 Current portion of long-term debt 3,197 1,928 Accounts payable 2,162 2,353 Wildfire-related claims 808 585 Accrued interest 504 432 Regulatory liabilities 727 1,158 Current portion of operating lease liabilities 121 118 Other current liabilities 1,541 1,599 Total current liabilities 9,801 9,209 Long-term debt (includes $2,979 and $3,022 related to a VIE at respective dates) 31,824 31,255 Deferred income taxes and credits 11,071 10,712 Pensions and benefits 88 87 Asset retirement obligations 2,607 2,583 Regulatory liabilities 11,244 10,627 Operating lease liabilities 1,013 1,037 Wildfire-related claims 626 721 Other deferred credits and other long-term liabilities 3,539 3,684 Total deferred credits and other liabilities 30,188 29,451 Total liabilities 71,813 69,915 Commitments and contingencies (Note 12) Preference stock 1,595 1,714 Common stock, no par value (560,000,000 shares authorized; 434,888,104 shares issued and outstanding at respective dates) 2,168 2,168 Additional paid-in capital 8,961 8,970 Accumulated other comprehensive loss (11) (12) Retained earnings 11,492 11,090 Total equity 24,205 23,930 Total liabilities and equity $ 96,018 $ 93,845 The accompanying notes are an integral part of these condensed consolidated financial statements. 29 Table of Contents Condensed Consolidated Statements of Cash Flows Southern California Edison Company Six months ended June 30, (in millions, unaudited) 2026 2025 Cash flows from operating activities: Net income $ 1,317 $ 2,077 Adjustments to reconcile to net cash provided by operating activities: Depreciation and amortization 1,666 1,566 Equity allowance for funds used during construction (113) (93) Deferred income taxes 135 469 Wildfire Fund amortization expense 71 72 Other 61 51 Nuclear decommissioning trusts 11 (102) Changes in operating assets and liabilities: Receivables (395) 242 Inventory (39) 12 Accounts payable 48 (28) Other current assets and liabilities 64 (241) Derivative assets and liabilities, net 12 44 Regulatory assets and liabilities, net 460 (1,600) Wildfire-related claims, net of insurance recoveries (354) (211) Other noncurrent assets and liabilities (44) (7) Net cash provided by operating activities 2,900 2,251 Cash flows from financing activities: Long-term debt issued, net of premium, discount and issuance costs of $3 and $(38) for the respective periods 3,503 2,962 Long-term debt repaid (1,677) (326) Short-term debt repaid (282) — Preference stock redeemed (119) — Commercial paper repayments, net of borrowing (6) (795) Common stock dividends paid (860) (860) Preference stock dividends paid (52) (67) Other (7) (17) Net cash provided by financing activities 500 897 Cash flows from investing activities: Capital expenditures (3,384) (3,118) Proceeds from sale of nuclear decommissioning trust investments 3,666 2,680 Purchases of nuclear decommissioning trust investments (3,684) (2,580) Other (2) 19 Net cash used in investing activities (3,404) (2,999) Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents (4) 149 Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 657 565 Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 653 $ 714 The accompanying notes are an integral part of these condensed consolidated financial statements. 30 Table of Contents NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1. Summary of Significant Accounting Policies Organization and Basis of Presentation 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. Edison Energy, LLC, a former indirect wholly-owned non-utility subsidiary of Edison International doing business as Trio. Trio did not meet the threshold for separate segment reporting. See "Segment Information" below for further discussion. In the second quarter of 2026, Edison International completed the disposition of Trio to a third-party buyer, which did not represent a strategic shift that had or would have a major effect on Edison International's operations and financial results and, therefore, did not meet the criteria for discontinued operations accounting. As a result of the disposition, Edison International derecognized Trio's assets and liabilities and recognized a $23 million loss on disposition, including transaction costs, recorded in "Other income, net" on Edison International's condensed consolidated statements of income. See Note 14 for further information. Edison International also incurred employee-related expenses associated with the disposition that were recorded in operation and maintenance expense. These combined notes to the condensed consolidated financial statements apply to both Edison International and SCE unless otherwise described. Edison International's condensed consolidated financial statements include the accounts of Edison International, SCE, and other controlled subsidiaries. References to Edison International refer to the consolidated group of Edison International and its subsidiaries. References to "Edison International Parent and Other" refer to Edison International Parent and its subsidiaries and "Edison International Parent" refer to Edison International on a stand-alone basis, not consolidated with its subsidiaries. SCE's condensed consolidated financial statements include the accounts of SCE, its controlled subsidiaries and a variable interest entity, SCE Recovery Funding LLC, of which SCE is the primary beneficiary. All intercompany transactions have been eliminated from the condensed consolidated financial statements. Edison International's and SCE's significant accounting policies were described in the "Notes to Consolidated Financial Statements" included in the 2025 Form 10-K. This quarterly report should be read in conjunction with the financial statements and notes included in the 2025 Form 10-K. In the opinion of management, all adjustments, consisting only of adjustments of a normal recurring nature, have been made that are necessary to fairly state the condensed consolidated financial position, results of operations, and cash flows in accordance with accounting principles generally accepted in the United States ("GAAP") for the periods covered by this quarterly report on Form 10-Q. The results of operations for the interim periods presented are not necessarily indicative of the operating results for the full year. The December 31, 2025 financial statement data was derived from the audited financial statements, but does not include all disclosures required by GAAP for complete annual financial statements. Segment Information For information on Edison International's and SCE's segment information, see Note 1 in the 2025 Form 10-K. In addition, for the three and six months ended June 30, 2026 and 2025, Edison International's and SCE's significant segment expenses agree to those disclosed in the condensed consolidated statements of income. As of June 30, 2026 and 2025, the measures of Edison International's and SCE's segment assets are reported on Edison International's and SCE's condensed consolidated balance sheets, respectively, as total assets. 31 Table of Contents Cash and Cash Equivalents and Restricted Cash and Cash Equivalents The following table sets forth the cash, cash equivalents, restricted cash and restricted cash equivalents included in the condensed consolidated statements of cash flows: Edison International SCE (in millions) June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Cash and cash equivalents1 $ 242 $ 158 $ 171 $ 98 Short-term restricted cash and cash equivalents2 355 552 355 549 Long-term restricted cash and cash equivalents3 127 10 127 10 Total cash and cash equivalents and restricted cash and cash equivalents $ 724 $ 720 $ 653 $ 657 1Cash equivalents consist of investments in money market funds. Generally, the carrying value of cash equivalents equals the fair value, as these investments have original maturities of three months or less. 2Includes SCE Recovery Funding LLC's restricted cash for payments of senior secured recovery bonds and cash collected for customer-funded wildfire self-insurance related to settlements (see Note 12 for further information). Both are reflected in "Other current assets" on Edison International's and SCE's condensed consolidated balance sheets. 3Represents cash collected for customer-funded wildfire self-insurance and is reflected in "Other long-term assets" on Edison International's and SCE's condensed consolidated balance sheets. See Note 12 for further information. Allowance for Uncollectible Accounts The allowance for uncollectible accounts is recorded based on SCE's estimate of expected credit losses and adjusted over the life of the receivables as needed. Since the customer base of SCE is concentrated in Southern California which exposes SCE to a homogeneous set of economic conditions, the allowance is measured on a collective basis on the historical amounts written off, assessment of customer collectibility, and current economic indicators, such as unemployment rates. In estimating expected credit losses, SCE applies a practical expedient under the current expected credit loss model, which assumes that current economic conditions as of the balance sheet date do not change over the remaining life of existing accounts receivable. The decrease in provisions for the three and six months ended June 30, 2026, was primarily due to improved collections during the period resulting from collection efforts and higher disconnection activities undertaken in 2025, the effects of which continued into 2026. The following table sets forth the changes in allowance for uncollectible accounts for SCE: Three months ended June 30, 2026 Three months ended June 30, 2025 (in millions) Customers All others Total Customers All others Total Beginning balance $ 344 $ 42 $ 386 $ 322 $ 18 $ 340 Current period provision for uncollectible accounts1 64 4 68 82 6 88 Write-offs, net of recoveries (76) (1) (77) (69) (2) (71) Ending balance $ 332 $ 45 $ 377 $ 335 $ 22 $ 357 Six months ended June 30, 2026 Six months ended June 30, 2025 (in millions) Customers All others Total Customers All others Total Beginning balance $ 360 $ 42 $ 402 $ 372 $ 18 $ 390 Current period provision for uncollectible accounts2 124 6 130 160 9 169 Write-offs, net of recoveries (152) (3) (155) (197) (5) (202) Ending balance $ 332 $ 45 $ 377 $ 335 $ 22 $ 357 1This includes $47 million and $69 million of incremental costs, for the three months ended June 30, 2026 and 2025, respectively, which were probable of recovery from customers and recorded as regulatory assets. 32 Table of Contents 2This includes $91 million and $135 million of incremental costs, for the six months ended June 30, 2026 and 2025, respectively, which were probable of recovery from customers and recorded as regulatory assets. Wildfire Fund The Wildfire Fund does not have a defined life and instead will terminate when the fund administrator determines that the fund has been exhausted. SCE estimates the period of coverage of the fund and amortizes contributions made to the Wildfire Fund ratably over the period of coverage similar to prepaid insurance. Estimating the period of coverage of the fund requires significant judgment. Frequency of wildfire events and estimated costs associated with wildfire events caused by participating utilities are among the significant factors used to estimate the fund's period of coverage. Edison International and SCE reassess the period of coverage of the fund at least annually in the first quarter each year and when new or additional information becomes available. As of the date of filing, after considering the current accrued losses for the Eaton Fire, SCE does not have new or additional information that would enable it to change its prior assessment that the Wildfire Fund would provide coverage for an estimated 20 years from the date SCE committed to participate in the Wildfire Fund. When updating its estimate, SCE includes all its fires for which losses can be reasonably estimated, and relies on publicly disclosed wildfire-related losses related to other participating utilities. As discussed in Note 12, while SCE believes that it will incur material losses in connection with the Eaton Fire, it is currently unable to reasonably estimate a range of losses that may be incurred. The Wildfire Fund amortization period will be evaluated and adjusted prospectively as new or additional information on contributions and wildfire events, including reasonably estimated losses related to the Eaton Fire, becomes available. An impairment will be recorded to the Wildfire Fund contribution asset if the asset exceeds SCE's ability to benefit from the remaining coverage provided by the Wildfire Fund. SB 254 expands the Wildfire Fund originally created under AB 1054 by establishing the Continuation Account within the Wildfire Fund. As of June 30, 2026, and as of the date of this filing, the conditions required to trigger investor-owned utility contributions to the Continuation Account have not been met. Accordingly, SCE has not recorded a contribution obligation associated with the Continuation Account on its condensed consolidated balance sheets as of June 30, 2026. As of June 30, 2026, SCE has recorded a receivable of $645 million from the Wildfire Fund, reflected in "Long-term insurance receivables." Based on the California Wildfire Legislation, a utility that submits claims to the Wildfire Fund for recovery is expected to receive such reimbursements from the Wildfire Fund, and separately file an application with CPUC for review of its costs and expenses. See Note 12 for further information. The outcome of the CPUC's prudency review could result in a refund to the Wildfire Fund. SCE will recognize a payable related to claim reimbursements to the Wildfire Fund if it determines that a refund to the Wildfire Fund is probable and estimable. SCE considers whether any party in the CPUC prudency review proceeding would prevail in raising a "serious doubt" as of the reasonableness of SCE's actions, and whether it is probable the CPUC would conclude that SCE does not meet the burden of dispelling that doubt and find SCE's conduct was not prudent. SCE considers factors within and outside SCE's control in its evaluation of whether a refund to the Wildfire Fund is probable and estimable. As of June 30, 2026, SCE determined it is not probable nor estimable that any amounts may be required to be reimbursed to the Wildfire Fund. Earnings Per Share Edison International computes earnings per common share ("EPS") using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating security. Edison International's participating securities are stock-based compensation awards, payable in common shares, which earn dividend equivalents on an equal basis with common shares once the awards are vested. 33 Table of Contents EPS available to Edison International common shareholders was computed as follows: Three months ended June 30, Six months ended June 30, (in millions, except per-share amounts) 2026 2025 2026 2025 Basic earnings per share: Net income available to Edison International common shareholders $ 534 $ 343 $ 1,065 $ 1,779 Earnings allocated to participating securities — — — (1) Income available to common shareholders $ 534 $ 343 $ 1,065 $ 1,778 Weighted average common shares outstanding 385 385 385 385 Basic earnings per share $ 1.39 $ 0.89 $ 2.77 $ 4.62 Diluted earnings per share: Income available to common shareholders $ 534 $ 343 $ 1,065 $ 1,778 Add back: Earnings allocated to participating securities — — — 1 Net income available to Edison International common shareholders $ 534 $ 343 $ 1,065 $ 1,779 Weighted average common shares outstanding 385 385 385 385 Effect of dilutive securities 2 1 2 1 Adjusted weighted average shares – diluted 387 386 387 386 Diluted earnings per share $ 1.38 $ 0.89 $ 2.75 $ 4.61 In addition to the participating securities discussed above, Edison International also may award stock options, which are payable in common shares and are included in the diluted earnings per share calculation. Stock option awards to purchase 1,903,384 and 9,879,885 shares of common stock for the three months ended June 30, 2026 and 2025, respectively, 2,072,605 and 9,041,783 shares of common stock for the six months ended June 30, 2026 and 2025, respectively, were outstanding, but were not included in the computation of diluted earnings per share because the effect would have been antidilutive. Revenue Recognition Revenue is recognized by Edison International and SCE when a performance obligation to transfer control of the promised goods is satisfied or when services are rendered to customers. This typically occurs when electricity is delivered to customers, which includes amounts for services rendered but unbilled at the end of a reporting period. Regulatory Proceedings FERC 2026 Formula Rate Update In November 2025, SCE filed its 2026 annual transmission revenue requirement update with the FERC, with rates effective January 1, 2026, subject to settlement procedures and refund. SCE requested a 2026 transmission revenue requirement of $1.5 billion, representing an increase of $157 million, or 12% higher than amounts included in the 2025 annual rates. The increase is primarily due to 2026 rates reflecting recovery of previous undercollections. Pending resolution of the FERC formula rate proceedings, SCE recognized revenue in the first six months of 2026 based on the FERC 2026 annual updated rates, subject to refund. New Accounting Guidance Accounting Guidance Not Yet Adopted In November 2024, the FASB issued an accounting standards update requiring public entities to provide disaggregated disclosure of income statement expenses. The guidance does not change the expense captions an entity presents on the face of the income statement, rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The guidance is effective for annual disclosure for the year ended December 31, 2027 and subsequent interim periods with early adoption permitted. The guidance is applied prospectively. Edison International and SCE are currently evaluating the impact of the increased disclosures from the new guidance. 34 Table of Contents In September 2025, the FASB issued an accounting standards update to amend certain aspects of the accounting for and disclosure of internal-use software. Among other things, the guidance removes all references to prescriptive and sequential software development stages and instead requires entities to begin capitalizing software costs when certain criteria are met. The guidance is effective for annual and interim periods beginning January 1, 2028 with early adoption permitted. The guidance can be applied prospectively, retrospectively, or via a modified prospective transition method. Edison International and SCE are currently evaluating the impact of this new guidance. In December 2025, the FASB issued an accounting standards update to establish guidance on the recognition, measurement, and presentation of government grants received by business entities. The guidance is effective for annual and interim periods beginning January 1, 2029 with early adoption permitted. The guidance can be applied on a modified prospective basis, a modified retrospective basis, or a full retrospective basis. Edison International and SCE are currently evaluating the impact of this new guidance. In May 2026, the FASB issued an accounting standards update to establish guidance for the recognition, measurement, presentation and disclosure of environmental credits and compliance obligations that may be settled by using environmental credits. The guidance is effective for annual and interim periods beginning January 1, 2028 with early adoption permitted. The guidance is adopted on a retrospective basis by recognizing a cumulative effect adjustment to retained earnings at the date of initial application. Edison International and SCE are currently evaluating the impact of this new guidance. Note 2. Condensed Consolidated Statements of Changes in Equity The following tables provide Edison International's changes in equity: Equity Attributable to Edison International Shareholders Noncontrolling Interests Preferred stock Common stock Accumulated Other Comprehensive Income Retained Earnings Subtotal Preference Stock Total Equity (in millions, except shares and per-share amounts) Shares Amount Shares Amount Balance at December 31, 2025 502,279 $ 497 384,787,056 $ 6,362 $ 6 $ 10,714 $ 17,579 $ 1,680 $ 19,259 Net income — — — — — 541 541 29 570 Common stock issued — — 404,516 2 — — 2 — 2 Common stock repurchased — — (397,631) (26) — — (26) — (26) Common stock dividends declared ($0.8775 per share) — — — — — (338) (338) — (338) Preferred stock dividends declared ($26.875 per share for Series A and $25.00 per share for Series B) — — — — — (13) (13) — (13) Dividends to noncontrolling interests ($31.250 - $46.875 per share for preference stock) — — — — — (1) (1) (26) (27) Shares withheld for tax withholdings on vested equity awards — — — (16) — — (16) — (16) Noncash stock-based compensation and other — — — 10 — 1 11 — 11 Preference stock redeemed — — — — — — — (119) (119) Preferred stock repurchased (418,776) (414) — — — (5) (419) — (419) Balance at March 31, 2026 83,503 $ 83 384,793,941 $ 6,332 $ 6 $ 10,899 $ 17,320 $ 1,564 $ 18,884 Net income — — — — — 535 535 26 561 Other comprehensive income — — — — (3) — (3) — (3) Common stock issued — — 50,523 — — — — — — Common stock repurchased — — (56,697) (4) — — (4) — (4) Common stock dividends declared ($0.8775 per share) — — — — — (337) (337) — (337) Dividends to noncontrolling interests ($31.250 - $46.875 per share for preference stock) — — — — — 1 1 (26) (25) Shares withheld for tax withholdings on vested equity awards — — — (1) — — (1) — (1) Noncash stock-based compensation and other — — — 20 — (2) 18 — 18 Balance at June 30, 2026 83,503 $ 83 384,787,767 $ 6,347 $ 3 $ 11,096 $ 17,529 $ 1,564 $ 19,093 35 Table of Contents Equity Attributable to Edison International Shareholders Noncontrolling Interests Preferred stock Common stock AccumulatedOtherComprehensiveIncome Retained Earnings Subtotal Preference Stock Total Equity (in millions, except shares and per-share amounts) Shares Amount Shares Amount Balance at December 31, 2024 1,662,771 $ 1,645 384,784,719 $ 6,353 $ — $ 7,567 $ 15,565 $ 2,175 $ 17,740 Net income — — — — — 1,458 1,458 34 1,492 Common stock issued — — 478,943 2 — — 2 — 2 Common stock repurchased — — (500,000) (29) — — (29) — (29) Common stock dividends declared ($0.8275 per share) — — — — — (319) (319) — (319) Preferred stock dividends declared ($26.875 per share for Series A and $25.00 per share for Series B) — — — — — (44) (44) — (44) Dividends to noncontrolling interests ($31.250 - $46.875 per share for preference stock) — — — — — — — (34) (34) Shares withheld for tax withholdings on vested equity awards — — — (21) — — (21) — (21) Noncash stock-based compensation — — — 10 — — 10 — 10 Balance at March 31, 2025 1,662,771 $ 1,645 384,763,662 $ 6,315 $ — $ 8,662 $ 16,622 $ 2,175 $ 18,797 Net income — — — — — 365 365 33 398 Other comprehensive income — — — — 2 — 2 — 2 Common stock issued — — 22,735 — — — — — — Common stock dividends declared ($0.8275 per share) — — — — — (318) (318) — (318) Dividends to noncontrolling interests ($31.250 - $46.875 per share for preference stock) — — — — — — — (33) (33) Noncash stock-based compensation — — — 15 — — 15 — 15 Balance at June 30, 2025 1,662,771 $ 1,645 384,786,397 $ 6,330 $ 2 $ 8,709 $ 16,686 $ 2,175 $ 18,861 36 Table of Contents The following tables provide SCE's changes in equity: (in millions, except per-share amounts) Preference Stock Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Equity Balance at December 31, 2025 $ 1,714 $ 2,168 $ 8,970 $ (12) $ 11,090 $ 23,930 Net income — — — — 648 648 Other comprehensive income — — — 1 — 1 Dividends declared on common stock ($0.9888 per share) — — — — (430) (430) Dividends declared on preference stock ($31.250 - $46.875 per share) — — — — (27) (27) Stock-based compensation — — (22) — — (22) Noncash stock-based compensation and other — — 5 — 1 6 Preference stock redeemed (119) — 3 — (3) (119) Balance at March 31, 2026 $ 1,595 $ 2,168 $ 8,956 $ (11) $ 11,279 $ 23,987 Net income — — — — 669 669 Dividends declared on common stock ($0.9888 per share) — — — — (430) (430) Dividends declared on preference stock ($31.250 - $46.875 per share) — — — — (25) (25) Stock-based compensation — — (2) — — (2) Noncash stock-based compensation and other — — 7 — (1) 6 Balance at June 30, 2026 $ 1,595 $ 2,168 $ 8,961 $ (11) $ 11,492 $ 24,205 (in millions, except per-share amounts) Preference Stock Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Equity Balance at December 31, 2024 $ 2,220 $ 2,168 $ 8,950 $ (9) $ 8,422 $ 21,751 Net income — — — — 1,601 1,601 Dividends declared on common stock ($0.9888 per share) — — — — (430) (430) Dividends declared on preference stock ($31.250 - $46.875 per share) — — — — (34) (34) Stock-based compensation — — (21) — 1 (20) Noncash stock-based compensation — — 7 — — 7 Balance at March 31, 2025 $ 2,220 $ 2,168 $ 8,936 $ (9) $ 9,560 $ 22,875 Net income — — — — 476 476 Other comprehensive income — — — 1 — 1 Dividends declared on common stock ($2.1385 per share) — — — — (930) (930) Dividends declared on preference stock ($31.250 - $46.875 per share) — — — — (33) (33) Noncash stock-based compensation and other — — 7 — (1) 6 Balance at June 30, 2025 $ 2,220 $ 2,168 $ 8,943 $ (8) $ 9,072 $ 22,395 Note 3. Variable Interest Entities A VIE is defined as a legal entity that meets any of the following conditions: (1) the total equity investment at risk is not sufficient to fund the entity's activities without additional subordinated financial support, (2) the equity holders as a group, lack any of the following characteristics: the power to direct activities that most significantly impact the entity's economic performance, substantive voting rights, the obligation to absorb losses, or the right to receive the expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The primary beneficiary is 37 Table of Contents required to consolidate the VIE. Commercial and operating activities are generally the factors that most significantly impact the economic performance of such VIEs. Variable Interest in VIEs that are Consolidated SCE Recovery Funding LLC is a bankruptcy remote, wholly-owned special purpose subsidiary of SCE, formed for the purpose of issuing securitized bonds. This entity is a VIE because its equity investment is insufficient to support its operations. The most significant activity of SCE Recovery Funding LLC is to service the securitized bonds according to the decisions made by SCE. Therefore, SCE is determined to be the primary beneficiary and consolidates SCE Recovery Funding LLC. SCE Recovery Funding LLC has issued a total of $3.2 billion of securitized bonds as of June 30, 2026. The proceeds were used to acquire SCE's right, title, and interest in and to non-bypassable rates and other charges to be collected from certain existing and future customers in SCE's service area ("Recovery Property"), associated with the AB 1054 Excluded Capital Expenditures and costs approved for recovery under the TKM Settlement Agreement, until the bonds are paid in full, and all financing costs have been recovered. The securitized bonds are secured by the Recovery Property and cash collections from the non-bypassable rates and other charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to SCE. In July 2026, SCE Recovery Funding LLC issued $2.0 billion of securitized bonds. For further details, see Note 5. The following table summarizes the impact of SCE Recovery Funding LLC on SCE's and Edison International's condensed consolidated balance sheets. (in millions) June 30, 2026 December 31, 2025 Other current assets $ 141 $ 49 Regulatory assets: non-current 3,051 3,092 Regulatory liabilities: current 44 12 Current portion of long-term debt1 97 78 Other current liabilities 55 14 Long-term debt1 2,979 3,022 1The bondholders have no recourse to SCE. The long-term debt balance is net of unamortized debt issuance costs. Variable Interest in VIEs that are not Consolidated Power Purchase Agreements SCE has certain power purchase agreements ("PPAs") where the counterparty entities meet one or both of the VIE conditions discussed above and in which SCE has variable interests, including: agreements through which SCE provides natural gas to fuel the plants, fixed price contracts for renewable energy, and resource adequacy agreements that allow purchase of energy at fixed prices upon the seller's election. Since payments for capacity are the primary source of income, the most significant economic activity for these VIEs is typically the operation and maintenance of the power plants, which SCE does not perform. Therefore, SCE has concluded that it is not the primary beneficiary of any of these VIEs because it does not control the commercial and operating activities that most significantly impact the economic performance of these entities. As of the balance sheet date, the carrying amount of assets and liabilities included in SCE's condensed consolidated balance sheet that relate to involvement with VIEs that are not consolidated, result from amounts due under the PPAs. Under these contracts, SCE recovers the costs incurred through demonstration of compliance with its CPUC-approved long-term power procurement plans. SCE has no residual interest in the entities and has not provided or guaranteed any debt or equity support, liquidity arrangements, performance guarantees, or other commitments associated with these contracts other than the purchase commitments described in Note 12 of the 2025 Form 10-K. As a result, there is no significant potential exposure to loss to SCE from its variable interest in these VIEs. The aggregate contracted capacity dedicated to SCE from these VIE projects was 6,064 MW and 5,785 MW at June 30, 2026 and 2025, respectively. The amounts that SCE paid to these projects were $244 million and $213 million for the three months ended June 30, 2026 and 2025, respectively, and $448 million and $385 million for the six months ended June 30, 2026 and 2025, respectively. These amounts are recoverable in customer rates, subject to a reasonableness review. 38 Table of Contents Note 4. Fair Value Measurements Recurring Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (referred to as an "exit price"). Fair value of an asset or liability considers assumptions that market participants would use in pricing the asset or liability, including assumptions about nonperformance risk. As of June 30, 2026 and December 31, 2025, nonperformance risk was not material for Edison International or SCE. Assets and liabilities are categorized into a three-level fair value hierarchy based on valuation inputs used to determine fair value. Level 1 – The fair value of Edison International's and SCE's Level 1 assets and liabilities is determined using unadjusted quoted prices in active markets that are available at the measurement date for identical assets and liabilities. This level includes exchange-traded equity securities, U.S. treasury securities, mutual funds, and money market funds. Level 2 – Edison International's and SCE's Level 2 assets and liabilities include fixed income securities, primarily consisting of U.S. government and agency bonds, municipal bonds and corporate bonds, and over-the-counter commodity derivatives. The fair value of fixed income securities is determined using a market approach by obtaining quoted prices for similar assets and liabilities in active markets and inputs that are observable, either directly or indirectly, for substantially the full term of the instrument. The fair value of SCE's over-the-counter commodity derivative contracts is determined using an income approach. SCE uses standard pricing models to determine the net present value of estimated future cash flows. Inputs to the pricing models include forward published or posted clearing prices from an exchange (Intercontinental Exchange) for similar instruments and discount rates. A primary price source that best represents trade activity for each market is used to develop observable forward market prices in determining the fair value of these positions. Broker quotes, prices from exchanges, or comparison to executed trades are used to validate and corroborate the primary price source. These price quotations reflect mid-market prices (average of bid and ask) and are obtained from sources believed to provide the most liquid market for the commodity. Level 3 – This level primarily consists of congestion revenue rights ("CRRs"), which are derivative contracts that trade infrequently with significant unobservable inputs (CAISO CRR auction prices). SCE employs a market valuation approach of utilizing historical CRR prices as a proxy for forward prices. SCE also enters into certain physically settled resource adequacy contracts with a financially settled electricity component ("Fin Toll arrangements"). For these Fin Toll arrangements, SCE uses an income model valuation approach to estimate the significant unobservable inputs (hourly power prices). Edison International Parent and Other does not have any Level 3 assets and liabilities. Assumptions are made in order to value derivative contracts in which observable inputs are not available. In circumstances where fair value cannot be verified with observable market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. Modeling methodologies, inputs, and techniques are reviewed and assessed as markets continue to develop and more pricing information becomes available, and the fair value is adjusted when it is concluded that a change in inputs or techniques would result in a new valuation that better reflects the fair value of those derivative contracts. See Note 6 for a discussion of derivative instruments. SCE The following table sets forth assets and liabilities of SCE that were accounted for at fair value by level within the fair value hierarchy: 39 Table of Contents June 30, 2026 (in millions) Level 1 Level 2 Level 3 NettingandCollateral1 Total Assets at fair value Derivative contracts $ — $ 1 $ 15 $ (1) $ 15 Money market funds and other 45 17 — — 62 Nuclear decommissioning trusts: Stocks2 2,163 — — — 2,163 Fixed income3 844 1,655 — — 2,499 Short-term investments, primarily cash equivalents 138 87 — — 225 Subtotal of nuclear decommissioning trusts4 3,145 1,742 — — 4,887 Total assets 3,190 1,760 15 (1) 4,964 Liabilities at fair value Derivative contracts — 46 — (46) — Total liabilities — 46 — (46) — Net assets $ 3,190 $ 1,714 $ 15 $ 45 $ 4,964 December 31, 2025 (in millions) Level 1 Level 2 Level 3 NettingandCollateral1 Total Assets at fair value Derivative contracts $ — $ — $ 48 $ — $ 48 Money market funds and other 34 22 — — 56 Nuclear decommissioning trusts: Stocks2 1,909 — — — 1,909 Fixed income3 981 1,665 — — 2,646 Short-term investments, primarily cash equivalents 191 40 — — 231 Subtotal of nuclear decommissioning trusts4 3,081 1,705 — — 4,786 Total assets 3,115 1,727 48 — 4,890 Liabilities at fair value Derivative contracts — 57 — (57) — Total liabilities — 57 — (57) — Net assets $ 3,115 $ 1,670 $ 48 $ 57 $ 4,890 1Represents the netting of assets and liabilities under master netting agreements and cash collateral. 2Approximately 70% and 71% of SCE's equity investments were in companies located in the United States at June 30, 2026 and December 31, 2025, respectively. 3Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $64 million and $60 million at June 30, 2026 and December 31, 2025, respectively. 4Excludes net payables of $103 million and $251 million at June 30, 2026 and December 31, 2025, respectively, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases. 40 Table of Contents SCE Fair Value of Level 3 The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Fair value of net assets at beginning of period $ 18 $ 156 $ 48 $ 212 Settlements (12) (4) (23) (14) Total realized/unrealized gains (losses)1 9 27 (10) (19) Fair value of net assets at end of period $ 15 $ 179 $ 15 $ 179 1Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities. There were no material transfers into or out of Level 3 during 2026 and 2025. The following table sets forth the significant unobservable inputs used to determine fair value for Level 3 assets: Fair Value (in millions) Significant Unobservable Input Range ($ per MWh) Weighted Average ($ per MWh) Assets June 30, 2026 CRRs $ 10 CAISO CRR auction prices $(7.47) - $74.14 $ 15.28 Fin Toll arrangements 5 Hourly Forecast Power Prices 11.88 - 120.97 42.19 December 31, 2025 CRRs $ 43 CAISO CRR auction prices $(5.28) - $14,484.70 $ 8.39 Fin Toll arrangements 5 Hourly Forecast Power Prices 0.00 - 97.04 42.16 Level 3 Fair Value Uncertainty For CRRs, increases or decreases in CAISO auction prices would result in higher or lower fair value, respectively. For Fin Toll arrangements, the fair value measurements are sensitive to the spread between daily high and daily low hourly power prices. Increases or decreases in this spread would result in higher or lower fair value, respectively. Nuclear Decommissioning Trusts SCE's nuclear decommissioning trust investments include equity securities, U.S. treasury securities, and other fixed income securities. Equity and treasury securities are classified as Level 1 as fair value is determined by observable market prices in active or highly liquid and transparent markets. The remaining fixed income securities are classified as Level 2. There are no securities classified as Level 3 in the nuclear decommissioning trusts. See Note 10 for more information on nuclear decommissioning trusts. Edison International Parent and Other Edison International Parent and Other assets measured at fair value and classified as Level 1 consisted of money market funds of $68 million and $51 million at June 30, 2026 and December 31, 2025, respectively. Assets measured at fair value and classified as Level 2 were immaterial at June 30, 2026 and December 31, 2025. There were no securities classified as Level 3 for Edison International Parent and Other at June 30, 2026 and December 31, 2025. 41 Table of Contents Fair Value of Debt Recorded at Carrying Value The carrying value and fair value of Edison International's and SCE's long-term debt (including the current portion of long-term debt) are as follows: June 30, 2026 December 31, 2025 (in millions) CarryingValue1 FairValue2 CarryingValue1 FairValue2 Edison International $ 40,882 $ 38,166 $ 37,998 $ 35,721 SCE 35,021 32,220 33,183 30,744 1Carrying value is net of debt issuance costs. 2The fair value of long-term debt is classified as Level 2. Note 5. Debt and Credit Agreements Long-Term Debt During the six months ended June 30, 2026, SCE issued the following first and refunding mortgage bonds: Description Month of Issuance Rate Maturity Date Amount (in millions) Series 2024D March 2026 5.15% 2029 $ 600 Series 2026A March 2026 4.80% 2033 600 Series 2026B May 2026 4.95% 2031 500 Total $ 1,700 The proceeds were used to repay commercial paper borrowings and for general corporate purposes. In February 2026, Edison International Parent issued $550 million of 4.80% senior notes due in 2031 and in May 2026 issued $500 million of 5.00% senior notes due in 2028. The proceeds were used to repay commercial paper and for general corporate purposes. Credit Agreements and Short-Term Debt The following table summarizes the status of the credit facilities at June 30, 2026: (in millions, except for rates) Borrower1 Termination Date Commitment Commercial Paper Outstanding2 Letters of Credit Outstanding Amount Available Edison International Parent May 2030 $ 1,500 $ 180 $ — $ 1,320 SCE May 2030 3,350 742 2 2,606 Total Edison International $ 4,850 $ 922 $ 2 $ 3,926 1The aggregate maximum principal amount under the Edison International Parent and SCE revolving credit facilities may be increased up to $2.0 billion and $4.0 billion, respectively, provided that additional lender commitments are obtained. In the second quarter of 2026, Edison International Parent and SCE amended their credit facilities to extend the maturity dates to May 2030, with additional one year extension options. 2The weighted-average interest rates on commercial paper outstanding at June 30, 2026 were 4.15% for Edison International Parent and 4.31% for SCE. Term Loan In February 2026, SCE entered into a term loan agreement to borrow $1.5 billion maturing in March 2027 with a variable interest rate based on SOFR plus 1.00%. The proceeds were used for general corporate and working capital purposes, including the repayment of all borrowings under the $300 million unsecured term loan agreement, dated as of February 11, 2026. 42 Table of Contents Uncommitted Letters of Credit SCE entered into agreements with certain lenders for bilateral unsecured standby letters of credit ("SBLC") with a total capacity of $635 million that is uncommitted and supported by reimbursement agreements. The SBLCs are not subject to any collateral or security requirements. At June 30, 2026, SCE had $111 million outstanding under these agreements, which expire between July 2026 and July 2027. Debt Financing Subsequent to June 30, 2026 In July 2026, SCE Recovery Funding LLC issued $2.0 billion of Senior Secured Recovery Bonds, Series 2026-A, in three tranches and used the proceeds to acquire SCE's right, title, and interest in and to the Recovery Property. The three tranches of Senior Secured Recovery Bonds consisted of $600 million, 5.39% with final maturity in 2045, $645 million, 6.04% with final maturity in 2054, and $709 million, 6.09% with final maturity in 2061. For further details, see Note 3. SCE used the proceeds it received from the sale of Recovery Property to finance cost recoveries authorized under the Woolsey Settlement Agreement. Note 6. Derivative Instruments Derivative financial instruments are used to manage exposure to commodity price risk resulting from SCE's electricity and natural gas procurement activities. The risks of fluctuating commodity prices are managed in part by entering into forward commodity transactions, including options, swaps, futures, and Fin Toll arrangements. To mitigate credit risk from counterparties in the event of nonperformance, master netting agreements are used whenever possible, and counterparties may be required to pledge collateral depending on the creditworthiness of each counterparty and the risk associated with the transaction. Certain of SCE's derivative contracts contain credit-risk-related contingent features that require posting of collateral upon a downgrade of SCE's credit ratings to below investment grade by one or more major credit rating agencies. As of June 30, 2026 and December 31, 2025, the fair values of these derivative liabilities were immaterial, for which SCE posted $60 million and $105 million of collateral, respectively. In the event SCE's credit rating were to fall below investment grade, SCE may be required to post additional collateral to cover derivative liabilities and related outstanding payables. If the credit-risk-related contingent features underlying these contracts were triggered on June 30, 2026, and December 31, 2025, SCE would have been required to post no collateral and an additional $3 million of collateral, respectively, most of which is related to outstanding net payables under the contracts. SCE presents its derivative assets and liabilities, recorded at fair value, on a net basis on its condensed consolidated balance sheets when subject to master netting agreements or similar agreements. Derivative positions are also offset against margin and cash collateral deposits. See Note 4 for a discussion of fair value of derivative instruments. The following table summarizes the gross and net fair values of SCE's commodity derivative instruments: June 30, 2026 (in millions) Derivative AssetsShort-Term1 Derivative LiabilitiesShort-Term2 Commodity derivative contracts Gross amounts recognized $ 16 $ 46 Gross amounts offset on the condensed consolidated balance sheets (1) (1) Cash collateral and related accruals — (45) Net amounts presented on the condensed consolidated balance sheets $ 15 $ — December 31, 2025 (in millions) Derivative AssetsShort-Term1 Derivative LiabilitiesShort-Term2 Commodity derivative contracts Gross amounts recognized $ 48 $ 57 Cash collateral and related accruals — (57) Net amounts presented on the condensed consolidated balance sheets $ 48 $ — 1Included in "Other current assets" on SCE's condensed consolidated balance sheets. 2Included in "Other current liabilities" on SCE's condensed consolidated balance sheets. 43 Table of Contents At June 30, 2026, SCE had $85 million of cash collateral and related accruals, of which $45 million was offset against derivative liabilities and $40 million was reflected in "Other current assets" on SCE's condensed consolidated balance sheets. At December 31, 2025, SCE had $66 million of cash collateral and related accruals, of which $57 million was offset against derivative liabilities and $9 million was reflected in "Other current assets" on the condensed consolidated balance sheets. Financial Statement Impact of Derivative Instruments SCE recognizes realized gains and losses on derivative instruments as purchased power expense and unrealized gains and losses as regulatory assets or liabilities. Both realized and unrealized gains and losses are expected to be recovered from customers and therefore do not affect earnings. Cash flows from derivative activities, including cash collateral, are reported in cash flows from operating activities in SCE's condensed consolidated statements of cash flows. The following table summarizes the gains/(losses) of SCE's economic hedging activity: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Realized $ (12) $ (3) $ (50) $ (43) Unrealized (14) 35 (21) 11 Notional Volumes of Derivative Instruments The following table summarizes the notional volumes of derivatives used for SCE's economic hedging activities: Commodity Unit of Measure Economic Hedges June 30, 2026 December 31, 2025 Electricity options, swaps and forwards Gigawatt hours 7,851 3,249 Natural gas options, swaps and forwards Billion cubic feet 2 4 Congestion revenue rights Gigawatt hours 720 5,566 Fin Toll arrangements Gigawatt hours 315 228 Note 7. Revenue The following table is a summary of SCE's revenue: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Revenue from contracts with customers1 Commercial $ 2,073 $ 1,874 $ 3,423 $ 3,422 Residential 1,759 1,506 3,909 3,085 Other 768 773 1,318 1,415 Total revenue from contracts with customers 4,600 4,153 8,650 7,922 Alternative revenue program and other2 (252) 379 (206) 412 Total operating revenue $ 4,348 $ 4,532 $ 8,444 $ 8,334 1SCE recorded CPUC revenue based on annual revenue requirement set by a methodology established in the GRC proceeds and FERC revenue authorized through a formula rate. For further information, see Note 1. 2Includes differences between revenues from contracts with customers and authorized levels for certain CPUC and FERC revenues. At June 30, 2026 and December 31, 2025, SCE's receivables related to contracts from customers were $2.8 billion and $2.7 billion, respectively, which include accrued unbilled revenue of $1.0 billion and $1.2 billion, respectively. Deferred Revenue As of June 30, 2026, SCE has deferred revenue of $334 million related to the sale of the use of transfer capability of West of Devers transmission line, of which $13 million and $321 million are included in "Other current liabilities" and "Other 44 Table of Contents deferred credits and other long-term liabilities," respectively, on SCE's condensed consolidated balance sheets. The deferred revenue is amortized straight-line over 30 years starting in 2021. Note 8. Income Taxes Effective Tax Rate The table below provides a reconciliation of income tax expense computed at the federal statutory income tax rate to the income tax provision: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 (in millions) Amount % Amount % Amount % Amount % Edison International: Income from operations before income taxes $ 675 $ 384 $ 1,346 $ 2,324 Federal statutory tax rate $ 142 21.0 % $ 81 21.0 % $ 283 21.0 % $ 488 21.0 % State income tax, net of federal income tax effect1 20 3.0 % (18) (4.7) % 41 3.0 % 91 3.9 % Tax credits — — % (5) (1.3) % (15) (1.1) % (11) (0.5) % Other adjustments Property-related (57) (8.4) % (68) (17.7) % (122) (9.0) % (126) (5.4) % Corporate alternative minimum tax 2 0.3 % — — % 20 1.5 % — — % Other 7 1.0 % (4) (0.9) % 8 0.6 % (8) (0.3) % Effective tax rate $ 114 16.9 % $ (14) (3.6) % $ 215 16.0 % $ 434 18.7 % SCE: Income from operations before income taxes $ 819 $ 490 $ 1,595 $ 2,579 Federal statutory tax rate $ 172 21.0 % $ 103 21.0 % $ 335 21.0 % $ 542 21.0 % State income tax, net of federal income tax effect1 32 3.9 % (11) (2.2) % 59 3.7 % 106 4.2 % Tax credits — — % (5) (1.0) % (15) (0.9) % (11) (0.5) % Other adjustments Property-related (57) (7.0) % (68) (13.9) % (122) (7.7) % (126) (4.9) % Corporate alternative minimum tax 2 0.3 % — — % 20 1.3 % — — % Other 1 0.1 % (5) (1.0) % 1 — % (9) (0.3) % Effective tax rate $ 150 18.3 % $ 14 2.9 % $ 278 17.4 % $ 502 19.5 % 1State taxes in California represents substantially all of the tax effect in this category. The CPUC requires flow-through ratemaking. For SCE, it includes property-related adjustments, the corporate alternative minimum tax, and other temporary differences which reverse over time. These flow-through items increase or decrease SCE's current authorized revenue requirements in rate cases and give rise to regulatory assets or liabilities for deferred income taxes expected to be realized in future periods. Differences between the amounts authorized in SCE's rate cases, adjusted for balancing and memorandum account activity, and flow-through amounts recorded also result in changes to tax-related regulatory assets and liabilities, with a corresponding impact on the effective tax rate, to the extent recovery in future rates is probable. For further information, see Note 11. The IRA imposed a CAMT, which Edison International and SCE are subject to beginning in 2026. Edison International and SCE expect that any CAMT paid will be creditable against future income taxes. In addition, under the IRA, SCE expects to generate $158 million investment tax credit in future periods related to utility owned storage projects. The associated tax benefits will be recognized and returned to customers as the credits are utilized. 45 Table of Contents Tax Disputes The tax years currently open for examination are 2022 – 2025 for the Internal Revenue Service and 2013 – 2018 and 2021 – 2025 for the Franchise Tax Board. Income Taxes Paid Edison International makes income tax payments to the taxing authorities on behalf of the consolidated group. SCE makes tax-allocation payments to Edison International under the applicable tax-allocation agreement. SCE does not make payments to the taxing authorities directly. The components of income tax paid, net of refunds by location of taxing jurisdiction are: Edison International SCE Six months ended June 30, (in millions) 2026 2025 2026 2025 Federal $ — $ — $ 18 $ — California 113 — 89 — Note 9. Compensation and Benefit Plans Pension Plans Net periodic pension expense components are: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Edison International: Service cost $ 25 $ 23 $ 50 $ 46 Non-service cost (benefit) Interest cost 48 48 96 96 Expected return on plan assets (61) (58) (122) (116) Amortization of net loss1 — 1 1 1 Regulatory adjustment (5) (8) (10) (15) Total non-service benefit2 (18) (17) (35) (34) Total expense $ 7 $ 6 $ 15 $ 12 SCE: Service cost $ 24 $ 23 $ 48 $ 46 Non-service cost (benefit) Interest cost 45 45 90 89 Expected return on plan assets (58) (55) (116) (110) Amortization of net loss1 — — 1 — Regulatory adjustment (5) (8) (10) (15) Total non-service benefit2 (18) (18) (35) (36) Total expense $ 6 $ 5 $ 13 $ 10 1Represents the amount of net loss reclassified from other comprehensive loss. 2Included in "Other income, net" on Edison International's and SCE's condensed consolidated statements of income. 46 Table of Contents Postretirement Benefits Other Than Pensions ("PBOP") Net periodic PBOP expense components for Edison International and SCE are: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Service cost $ 3 $ 3 $ 6 $ 6 Non-service cost (benefit) Interest cost 10 10 20 20 Expected return on plan assets (29) (27) (58) (54) Amortization of net gain (15) (20) (30) (40) Regulatory adjustment 26 34 52 68 Total non-service benefit1 (8) (3) (16) (6) Total earnings $ (5) $ — $ (10) $ — 1Included in "Other income, net" on Edison International's and SCE's condensed consolidated statements of income. Note 10. Investments Future decommissioning costs related to SCE's nuclear assets are expected to be funded from independent decommissioning trusts. The following table sets forth amortized cost and fair value of the trust investments (see Note 4 for a discussion on fair value of the trust investments): Amortized Costs Fair Values (in millions) Longest Maturity Dates June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Municipal bonds 2067 $ 707 $ 718 $ 845 $ 899 Government and agency securities 2074 1,091 1,149 1,220 1,367 Corporate bonds 2072 385 315 434 380 Short-term investments and receivables/(payables)1 One-year 203 200 122 (20) Total debt securities and other $ 2,386 $ 2,382 2,621 2,626 Equity securities 2,163 1,909 Total2 $ 4,784 $ 4,535 1As of June 30, 2026 and December 31, 2025, short-term investments included $67 million and $27 million of repurchase agreement payable by financial institutions which earned interest, were fully secured by U.S. Treasury securities, and mature by July 2, 2026 and January 2, 2026, respectively. 2Represents amounts before reduction for deferred tax liabilities on net unrealized gains of $517 million and $455 million as of June 30, 2026 and December 31, 2025, respectively. Trust fund earnings (based on specific identification) increase the trust fund balance and the ARO regulatory liability. Unrealized holding gains, net of losses, were $2.2 billion and $2.0 billion at June 30, 2026 and December 31, 2025, respectively. The following table summarizes the gains and losses for the trust investments: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Gross realized gains $ 9 $ 22 $ 19 $ 46 Gross realized losses (4) (5) (7) (6) Net unrealized gains for equity securities 302 146 239 86 47 Table of Contents Due to regulatory mechanisms, changes in the assets of the trusts from income or loss items do not materially affect earnings. Note 11. Regulatory Assets and Liabilities Regulatory Assets SCE's regulatory assets included on the condensed consolidated balance sheets are: (in millions) June 30, 2026 December 31, 2025 Current: Regulatory balancing and memorandum accounts $ 2,790 $ 3,246 Other 65 44 Total current 2,855 3,290 Long-term: Deferred income taxes 6,652 6,427 Unamortized investments, net of accumulated amortization 143 126 Unamortized losses on reacquired debt 74 79 Regulatory balancing and memorandum accounts 2,683 2,843 Environmental remediation 214 213 Recovery assets 3,051 3,092 Other 149 180 Total long-term 12,966 12,960 Total regulatory assets $ 15,821 $ 16,250 For more information, see Note 11 of the 2025 Form 10-K. Regulatory Liabilities SCE's regulatory liabilities included on the condensed consolidated balance sheets are: (in millions) June 30, 2026 December 31, 2025 Current: Regulatory balancing and memorandum accounts $ 677 $ 1,139 Other 50 19 Total current 727 1,158 Long-term: Costs of removal 2,944 2,737 Deferred income taxes 2,138 2,126 Recoveries in excess of ARO liabilities 2,272 2,057 Regulatory balancing and memorandum accounts 2,019 1,842 Pension and other postretirement benefits 1,841 1,829 Other 30 36 Total long-term 11,244 10,627 Total regulatory liabilities $ 11,971 $ 11,785 For more information, see Note 11 of the 2025 Form 10-K. 48 Table of Contents Net Regulatory Balancing and Memorandum Accounts The following table summarizes the significant components of regulatory balancing and memorandum accounts included in the above tables of regulatory assets and liabilities: (in millions) June 30, 2026 December 31, 2025 Asset (liability) Energy procurement related costs $ 226 $ 589 Public purpose and energy efficiency (2,112) (2,054) GRC-related balancing accounts1 1,858 1,945 FERC-related balancing accounts 174 204 Wildfire risk mitigation and insurance2 385 289 Wildfire and drought restoration3 238 215 Woolsey Settlement cost recovery 1,819 1,766 Tax accounting memorandum account (15) (3) Other 204 157 Assets, net of liabilities $ 2,777 $ 3,108 1 The GRC-related balancing accounts primarily consist of the Base Revenue Requirement Balancing Account ("BRRBA"), the Vegetation Management Balancing Account ("VMBA"), the Wildfire Risk Mitigation Balancing Account ("WRMBA") and the Risk Management Balancing Account ("RMBA"). The 2025 GRC decision approved the establishment of a two-way Grid Hardening Balancing Account to track the difference between the actual Targeted Undergrounding Program and Rapid Earth Fault Current Limiter costs up to the approved mile limit and the authorized amounts, with spending in excess of 110% of authorized amounts subject to reasonableness review. Additionally, the final decision authorized SCE to establish a memorandum account to track and record capital expenditures above the amounts authorized to support SCE's grid readiness for future transportation electrification demand, with cost recovery subject to reasonableness review. 2 The wildfire risk mitigation and insurance regulatory assets represent wildfire-related costs that are probable of future recovery from customers, subject to a reasonableness review. The Wildfire Expense Memorandum Account ("WEMA") is used to track incremental wildfire insurance costs and uninsured wildfire-related financing, legal and claim costs related to the Other Wildfire Events that SCE believes are probable of recovery. See Note 12 for further details. The Wildfire Mitigation Plan Memorandum Account is used to track costs incurred to implement SCE's wildfire mitigation plan that are not currently reflected in SCE's revenue requirements. The Fire Risk Mitigation Memorandum Account is used to track costs related to the reduction of fire risk that are incremental to costs approved for recovery in SCE's GRCs that are not tracked in any other wildfire-related memorandum account. 3 The wildfire and drought restoration regulatory assets represent restoration costs that are recorded in a Catastrophic Event Memorandum Account. Note 12. Commitments and Contingencies Indemnities Edison International and SCE have agreed to provide indemnification through contracts entered into in the normal course of business and through contracts related to acquisitions and dispositions. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, indemnities for specified environmental liabilities and income taxes or other contractual arrangements. Edison International's and SCE's obligations under these agreements may or may not be limited in terms of time and/or amount, and in some instances Edison International and SCE may have recourse against third parties. Edison International and SCE have not recorded a liability related to these indemnities. The overall maximum amount of the obligations under these indemnifications cannot be reasonably estimated. Contingencies In addition to the matters disclosed in these Notes, Edison International and SCE are involved in other legal, tax, and regulatory proceedings before various courts and governmental agencies regarding matters arising in the ordinary course of business, all of which are subject to uncertainties. Edison International and SCE believe the outcome of each of these other proceedings will not materially affect its financial position, results of operations and cash flows. Legal costs expected to be incurred by Edison International and SCE in connection with loss contingencies are expensed as incurred. 49 Table of Contents Southern California Wildfires and Mudslides 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. Numerous claims related to wildfire events have been initiated against SCE and Edison International. Edison International and SCE have, or may, incur material losses in connection with the 2017/2018 Wildfire/Mudslide Events, the Other Wildfire Events that are described below, and the January 2025 Eaton Fire. Of the Other Wildfire Events described below, only the 2017 Creek Fire ignited prior to the adoption of AB 1054 in July 2019. SCE's equipment has been, and may further be, alleged to be associated with other wildfires that have originated in Southern California, and SCE's service area remains susceptible to additional wildfire activity. Liability Overview The extent of legal liability for wildfire-related damages in actions against utilities depends on a number of factors, including whether the utility substantially caused or contributed to the damages and whether parties seeking recovery of damages will be required to show negligence in addition to causation. California courts have previously found utilities to be strictly liable for property damage along with associated interest and attorneys' fees, regardless of fault, by applying the theory of inverse condemnation when a utility's facilities that are serving the public were determined to be a substantial cause of a wildfire that caused the property damage. If inverse condemnation is held to be inapplicable to SCE in connection with a wildfire, SCE still could be held liable for property damages and associated interest if the property damages were found to have been proximately caused by SCE's negligence. If SCE were to be found negligent, SCE could also be held liable for, among other things, fire suppression costs, business interruption losses, evacuation costs, clean-up costs, medical expenses, and personal injury/wrongful death claims, including claims for non-economic damages. Additionally, SCE could potentially be subject to fines and penalties for alleged violations of CPUC rules and state laws investigated in connection with the ignition of a wildfire. While investigations into the cause of a wildfire event are conducted by one or more fire agencies, fire agency findings do not determine legal causation of or assign legal liability for a wildfire event. Final determinations of legal causation and liability for wildfire events, including determinations of whether SCE was negligent, would only be made during lengthy and complex litigation processes, and settlements may be reached before determinations of legal liability are ever made. Even when investigations are still pending or legal liability is disputed, an assessment of likely outcomes, including through future settlement of claims, may require estimated losses to be accrued under accounting standards. Estimates and Assumptions Each reporting period, management reviews its loss estimates for remaining alleged and potential claims related to wildfire events. The process for estimating losses associated with alleged and potential wildfire-related claims requires management to exercise significant judgment based on a number of assumptions and subjective factors, including, but not limited to: volume of claims, damages asserted and associated loss, opinions of counsel regarding litigation risk, the status of and developments in the course of litigation, prior experience litigating and settling wildfire litigation claims, the amount of insurance that may offset losses, and estimating contributory liabilities from third parties who may be responsible for portions of loss. Estimated losses for wildfire litigation are based on a number of assumptions and are subject to change as additional information becomes available. As additional information becomes available, management's estimates and assumptions regarding the causes and financial impact of wildfire events may change. Actual losses incurred may be higher or lower than estimated based on several factors, including the uncertainty in estimating damages that have been or may be alleged and uncertainty in estimating settlement outcomes. For instance, SCE receives additional information with respect to damages claimed as claims mediation and trial processes progress. Other factors that can cause actual losses incurred to be higher or lower than estimated include the ability to reach settlements and the outcomes of settlements reached through claims mediation processes, uncertainties related to the impact of outcomes of wildfire litigation against other parties and increasingly negative jury sentiments in general litigation, uncertainties related to the sufficiency of insurance held by plaintiffs and potential plaintiffs, uncertainties related to litigation processes, including whether potential plaintiffs will ultimately pursue claims, uncertainty as to the legal and factual determinations to be made during litigation, including uncertainty as to the contributing causes of wildfire events, and the uncertainty as to how these factors impact future settlements. 50 Table of Contents Litigation 2017/2018 Wildfire/Mudslide Events Wildfires in SCE's service area in December 2017 and November 2018 caused loss of life, substantial damage to both residential and business properties, and service outages for SCE customers. The investigating government agencies, the Ventura County Fire Department ("VCFD") and CAL FIRE, have determined that the largest of the 2017 fires in SCE's service area originated on December 4, 2017, in the Anlauf Canyon area of Ventura County, followed shortly thereafter by a second fire that originated near Koenigstein Road in the City of Santa Paula. According to CAL FIRE, the Thomas and Koenigstein Fires, collectively, burned over 280,000 acres, destroyed or damaged an estimated 1,343 structures and resulted in two confirmed fatalities. The largest of the November 2018 fires in SCE's service area, the Woolsey Fire, originated in Ventura County. According to CAL FIRE, the Woolsey Fire burned almost 100,000 acres, destroyed an estimated 1,643 structures, damaged an estimated 364 structures and resulted in three confirmed fatalities. Four additional fatalities are alleged to have been associated with the Woolsey Fire. Multiple lawsuits related to the Thomas and Koenigstein Fires and the Woolsey Fire have been initiated against SCE and Edison International. Some of the Thomas and Koenigstein Fires lawsuits claim that SCE and Edison International have responsibility for the damages caused by debris flows and flooding in Montecito and surrounding areas in January 2018 based on a theory alleging that SCE has responsibility for the Thomas and/or Koenigstein Fires and further alleging that the Thomas and/or Koenigstein Fires proximately caused the Montecito Mudslides. According to Santa Barbara County initial reports, the Montecito Mudslides destroyed an estimated 135 structures, damaged an estimated 324 structures, and resulted in 21 confirmed fatalities, with two additional fatalities presumed but not officially confirmed. The lawsuits related to the 2017/2018 Wildfire/Mudslide Events naming SCE as a defendant have been filed by three categories of plaintiffs: individual plaintiffs, subrogation plaintiffs and public entity plaintiffs. A number of the lawsuits also name Edison International as a defendant and some of the lawsuits were filed as purported class actions. As of July 23, 2026, in addition to the outstanding claims of approximately 50 individual plaintiffs, there were alleged and potential claims of certain public entity plaintiffs, including CAL OES, outstanding. SCE has settled all fire suppression claims and subrogation plaintiffs' claims related to the 2017/2018 Wildfire/Mudslide Events, except for one indemnification claim. In January 2019, SCE filed a cross-complaint against certain local public entities alleging that failures by these entities, such as failure to adequately plan for flood hazards and build and maintain adequate debris basins, roads, bridges and other channel crossings, among other things, caused, contributed to or exacerbated the losses that resulted from the Montecito Mudslides. Once SCE has settled all individual plaintiff claims in the TKM litigation that impact the corresponding cross-claims, SCE intends to appeal certain procedural issues to maintain its ability to pursue the cross-claims. The litigation could take a number of years to be completely resolved because of the complexity of the matters and number of plaintiffs. As of July 23, 2026, SCE has entered into settlements with approximately 13,800 individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events litigation. The statutes of limitations for individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events have expired. In October 2021, SCE and the SED executed an agreement to resolve the SED's investigations into the 2017/2018 Wildfire/Mudslide Events and three other 2017 wildfires for, among other things, aggregate costs of $550 million. The $550 million in costs was composed of a $110 million fine to be paid to the State of California General Fund, $65 million of shareholder-funded safety measures, and an agreement by SCE to waive its right to seek cost recovery in CPUC-jurisdictional rates for $125 million and $250 million of third-party uninsured claims payments (and related financing costs) in the TKM litigation and the Woolsey Fire litigation, respectively. The SED Agreement provides that SCE may, on a permanent basis, exclude from its ratemaking capital structure any after-tax charges to equity or debt borrowed to finance costs incurred under the SED Agreement. The SED Agreement also imposes other obligations on SCE, including reporting requirements and safety-focused studies. SCE did not admit imprudence, negligence, or liability with respect to the 2017/2018 Wildfire/Mudslide Events in the SED Agreement. Other Wildfire Events SCE has settled substantially all of the claims that were filed against it related to the 2017 Creek Fire, the 2020 Bobcat Fire, and the 2020 Silverado Fire and does not expect to incur additional losses in excess of amounts accrued for each such fire. While Edison International and SCE may incur material losses in excess of the amounts accrued for certain of the Other Wildfire Events, Edison International and SCE expect that additional losses incurred in connection with any such fire, will be covered by insurance, subject to self-insured retentions and co-insurance, and expect that any such additional losses after expected recoveries from insurance and through electric rates will not be material. 51 Table of Contents 2019 Saddle Ridge Fire The "Saddle Ridge Fire," originated in Los Angeles County in October 2019 and burned approximately 9,000 acres, destroyed an estimated 19 structures, damaged an estimated 88 structures, and resulted in one fatality and injuries to eight firefighters. In August 2023, SCE received a signed report of investigation from the LAFD, in which the LAFD stated with respect to the Saddle Ridge Fire that the cause of ignition was unintentional, the form of heat was undetermined, the item first ignited was undetermined and the material type first ignited was undetermined. The LAFD report noted that no other competent ignition sources other than SCE's transmission lines were found in the specific origin area of the Saddle Ridge Fire. The SED issued an undated report listing alleged violations of CPUC General Orders by SCE related to the Saddle Ridge Fire and noting that the alleged violations, under certain circumstances, could have led to a fire ignition. Multiple lawsuits related to the Saddle Ridge Fire were filed by plaintiffs naming SCE as defendant. An inverse condemnation bench trial in the Saddle Ridge Fire litigation has been set for October 2026. SCE has accrued charges for potential losses relating to the Saddle Ridge Fire. 2022 Coastal Fire The "Coastal Fire" originated in Orange County in May 2022 and burned approximately 200 acres. The Orange County Fire Authority ("OCFA") has reported that the Coastal Fire destroyed 20 residential structures and damaged 11 residential structures. Two firefighters also reportedly sustained minor injuries. In addition, fire authorities have estimated suppression costs at approximately $3 million. While SCE's investigation remains ongoing, SCE's information reflects that a SCE circuit in the area experienced an anomaly (a relay) approximately 2 minutes prior to the reported time of the fire. An investigation into the cause of the Coastal Fire was led by the OCFA. The OCFA has retained SCE equipment in connection with its investigation. In September 2024, SCE received a report of investigation from the OCFA, in which the OCFA finds that the Coastal Fire was unintentionally caused by sparks from overhead SCE electrical equipment igniting vegetation under the equipment. The SED issued a notice of violation in 2025 with respect to the Coastal Fire. SCE has settled subrogation plaintiff claims and claims brought by the County of Orange related to the Coastal Fire. Individual plaintiffs have also filed complaints against SCE related to the Coastal Fire. As of July 23, 2026, no trials are scheduled in the Coastal Fire litigation. SCE expects to obtain and review additional information and materials in the possession of third parties during the course of its internal reviews and the litigation process. SCE has accrued charges for potential losses relating to the Coastal Fire. 2022 Fairview Fire The "Fairview Fire" originated in Riverside County in September 2022 and burned approximately 28,000 acres. CAL FIRE has reported that the Fairview Fire destroyed 22 residential structures, damaged five residential structures, and destroyed or damaged 17 minor structures. CAL FIRE also reported two civilian fatalities, one civilian injury and two injuries to responding fire personnel. In addition, fire authorities have estimated suppression costs at $39 million. While SCE's investigation remains ongoing, SCE's information reflects that an SCE circuit in the area experienced an anomaly (a relay) approximately 8 minutes prior to the reported start time of the fire. In November 2023, SCE received a report of investigation conducted by CAL FIRE, in which CAL FIRE finds that the Fairview Fire was caused when a sagging SCE electrical conductor came in contact with a communication line, causing sparks to fall and ignite surrounding vegetation. In March 2025, the SED issued a citation for approximately $2 million for alleged violations of the SED's rules and regulations, including SCE's failure post-fire to comply with clearance requirements with respect to its electrical conductor. SCE has settled subrogation plaintiff claims related to the Fairview Fire. SCE expects to obtain and review additional information and materials in the possession of third parties during the course of its internal reviews and the litigation process. SCE has accrued charges for potential losses relating to the Fairview Fire. 2025 Eaton Fire In January 2025, several wind-driven wildfires impacted portions of SCE's service area, causing loss of life, substantial damage to both residential and business properties and service outages for SCE customers. One of the largest of these wildfires, the "Eaton Fire," ignited in SCE's service area in Los Angeles County and spread due to a number of contributing factors under conditions of an extreme Santa Ana windstorm. CAL FIRE has reported that the Eaton Fire burned approximately 14,000 acres and resulted in 19 civilian fatalities and 9 fire personnel injuries/illnesses. In addition, according to preliminary information provided by CAL FIRE, the Eaton Fire destroyed approximately 6,018 single residence structures, 3,146 other minor structures, 96 multiple residences and 158 mixed commercial/residential and nonresidential commercial structures; and damaged approximately 750 residential structures, 260 other minor structures, 28 multiple residences and 35 mixed commercial/residential and nonresidential commercial structures. Fire authorities have estimated suppression costs at approximately $100 million. The Los Angeles County Fire Department is leading the investigation into the origin and cause of the Eaton Fire, with the assistance of CAL FIRE, and has identified a preliminary area of origin of the fire. SCE has transmission facilities in the 52 Table of Contents preliminary area of origin and the SED is conducting an investigation with respect to the Eaton Fire. Edison International and SCE are also aware of an ongoing investigation by the Los Angeles District Attorney's Office of the Eaton Fire for the purpose of determining whether any criminal violations have occurred. SCE could be subject to material fines, penalties, or restitution if it is determined that it failed to comply with applicable laws and regulations. SCE is not aware of any basis for felony liability with regards to the Eaton Fire. Multiple lawsuits related to the Eaton Fire have been initiated against SCE. A number of the lawsuits also name Edison International as a defendant and some of the lawsuits were filed as purported class actions. As of July 23, 2026, SCE was aware of approximately 2,000 lawsuits related to the Eaton Fire: representing lawsuits by approximately 32,000 individual plaintiffs and also lawsuits by subrogation plaintiffs and public entity plaintiffs. A bellwether jury trial in the Eaton Fire litigation has been set for January 2027. SCE's internal review into the facts and circumstances of the Eaton Fire is complex and ongoing. SCE's review includes ongoing inspections of its facilities and records and of third-party information and testing. While SCE has not conclusively determined that its equipment caused the ignition of the Eaton Fire, a viable explanation is that a de-energized idle SCE transmission facility in the preliminary area of origin was associated with the ignition of the fire, and SCE is not aware of evidence pointing to another possible source of ignition. Absent additional evidence, SCE believes that it is likely that its equipment was associated with the ignition of the Eaton Fire and is pursuing settlement of claims through its Wildfire Recovery Compensation Program. SCE has entered into settlements with insurance claimants and individual and business claimants under its Wildfire Recovery Compensation Program related to the Eaton Fire. In total, as of June 30, 2026, SCE had recorded $1.6 billion in losses related to these settlements. SCE also recorded expected recoveries from customer-funded self-insurance of $917 million, from the Wildfire Fund of $645 million, and through FERC electric rates of $70 million. See "—Settlement of Claims," "—Accrued Losses" and "—Recoveries" below for further details. No admission of wrongdoing or liability was made in reaching the settlements described above and the claimants party to the settlements have agreed to release SCE and Edison International from all claims and potential claims related to or arising from the Eaton Fire. In light of pending litigation, it is probable that Edison International and SCE will incur additional material losses in connection with the Eaton Fire. Given, among other things, the complexities associated with estimating damages, the large number and varying types of claims and the interrelationship among the claims, uncertainties related to the sufficiency of insurance held by plaintiffs and potential plaintiffs, and uncertainties related to litigation processes and the Wildfire Recovery Compensation Program, Edison International and SCE are currently unable to reasonably estimate a range of losses that may be incurred in connection with the Eaton Fire. Settlement of Claims The following table presents settlements paid. (in millions) Inception to June 30, 2026 Three months ended June 30, 2026 Six months ended June 30, 2026 2017/2018 Wildfire/Mudslide Events $ 9,707 $ 10 $ 19 Other Wildfire Events 1,028 62 85 Eaton Fire 517 237 280 Total $ 11,252 $ 309 $ 384 Edison International and SCE have not admitted wrongdoing or liability as part of any settlements related to the 2017/2018 Wildfire/Mudslide Events, the Other Wildfire Events, or the Eaton Fire. SCE continues to explore reasonable settlement opportunities with plaintiffs in outstanding wildfire litigation. 53 Table of Contents Accrued Losses The following table presents changes in accrued losses since December 31, 2025. (in millions) 2017/2018 Wildfire/Mudslide Events Other Wildfire Events Eaton Fire Total Balance at December 31, 2025 $ 192 $ 217 $ 897 $ 1,306 Increase in accrued losses — 1 511 512 Amounts paid (19) (85) (280) (384) Balance at June 30, 2026 $ 173 $ 133 $ 1,128 $ 1,434 Edison International's and SCE's condensed consolidated balance sheets included fixed payments to be made under settlements and accrued estimated losses presented in the tables below. (in millions) 2017/2018 Wildfire/Mudslide Events Other Wildfire Events Eaton Fire Total Current portion of wildfire-related claims liabilities1 $ 24 $ 3 $ 781 $ 808 Long-term wildfire-related claims liabilities2 149 130 347 626 Total balance at June 30, 2026 $ 173 $ 133 $ 1,128 $ 1,434 (in millions) 2017/2018 Wildfire/Mudslide Events Other Wildfire Events Eaton Fire Total Current portion of wildfire-related claims liabilities1 $ 31 $ 4 $ 550 $ 585 Long-term wildfire-related claims liabilities2 161 213 347 721 Total balance at December 31, 2025 $ 192 $ 217 $ 897 $ 1,306 1At June 30, 2026, current liabilities related to 2017/2018 Wildfire/Mudslide Events consisted of $24 million of short-term payables under the SED Agreement. At December 31, 2025, current liabilities related to 2017/2018 Wildfire/Mudslide Events consisted of $6 million of settlements executed and $25 million of short-term payables under the SED Agreement. 2At June 30, 2026, long-term wildfire-related claims related to 2017/2018 Wildfire/Mudslide Events consisted of $14 million of long-term payables under the SED Agreement and $135 million of estimate of expected losses for remaining alleged and potential claims. At December 31, 2025, long-term wildfire-related claims related to 2017/2018 Wildfire/Mudslide Events consisted of $17 million of long-term payables under the SED Agreement and $144 million of estimate of expected losses for remaining alleged and potential claims. Management reviews its loss estimates for remaining alleged and potential claims related to wildfire litigation quarterly. Edison International and SCE have accrued their best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events and at the low end of the estimated range of reasonably possible losses for the Other Wildfire Events as no amount within the range of reasonably possible losses for the Other Wildfire Events appears, at this time, to be a better estimate than any other amount within the range. Edison International and SCE may incur a material loss in excess of amounts accrued in connection with the remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events and Other Wildfire Events. Due to the number of uncertainties and possible outcomes related to the 2017/2018 Wildfire/Mudslide Events and Other Wildfire Events litigation, Edison International and SCE cannot estimate the upper end of the range of reasonably possible losses that may be incurred in connection with the 2017/2018 Wildfire/Mudslide Events or the Other Wildfire Events. The estimated losses for the 2017/2018 Wildfire/Mudslide Events do not include estimates of potential losses related to certain potential public entity plaintiff claims, including CAL OES's claim in the TKM litigation, for which the statute of limitations has been tolled, as losses from these alleged and potential claims are not estimable at this time. While SCE recorded losses related to settlements that have been entered into related to the Eaton Fire, Edison International and SCE are currently unable to reasonably estimate a range of losses that may be incurred in connection with the Eaton Fire. 54 Table of Contents For the three and six months ended June 30, 2026, SCE recorded wildfire-related claims, net of expected recoveries as follows: Three months ended June 30, 2026 (in millions) Eaton Fire Total Wildfire-related claims $ 350 $ 350 Expected recoveries from Wildfire Fund (350) (350) Total pre-tax (gain)/charge — — Income tax expense/(benefit) — — Total after-tax (gain)/charge $ — $ — Six months ended June 30, 2026 (in millions) Other Wildfire Events Eaton Fire Total Wildfire-related claims $ 1 $ 511 $ 512 Reversal of expected recoveries from insurance and third parties 39 — 39 Expected recoveries from Wildfire Fund — (511) (511) Expected recoveries from CPUC customers (47) — (47) Expected recoveries from FERC customers (3) — (3) Total pre-tax gain (10) — (10) Income tax expense 3 — 3 Total after-tax gain $ (7) $ — $ (7) For the three months ended June 30, 2025, there were no wildfire-related claims, net of expected recoveries on SCE's condensed consolidated statements of income. For the six months ended June 30, 2025, SCE recorded wildfire-related claims, net of expected recoveries as follows: Six months ended June 30, 2025 (in millions) 2017/2018 Wildfire/Mudslide Events Other Wildfire Events Total Wildfire-related claims $ — $ 21 $ 21 Expected recoveries from insurance and third parties1 — (82) (82) Expected (recoveries from)/refund to CPUC customers (1,341) 44 (1,297) Expected refund to FERC customers — 3 3 Total pre-tax gain (1,341) (14) (1,355) Income tax expense 375 4 379 Total after-tax gain $ (966) $ (10) $ (976) 1For the six months ended June 30, 2025, EIS incurred $50 million insurance expenses, which consisted of $47 million of wildfire claims and $3 million of related legal costs. In total, through June 30, 2026, SCE has recorded losses of $12.7 billion, expected recoveries from insurance and third parties of $2.8 billion, expected recoveries through electric rates of $3.6 billion, expected recoveries from customer-funded wildfire self-insurance of $0.9 billion, and expected recoveries from the Wildfire Fund of $0.6 billion related to the 2017/2018 Wildfire/Mudslide Events, the Other Wildfire Events, and the Eaton Fire. The after-tax net charges to earnings recorded through June 30, 2026 have been $3.4 billion. Recoveries Wildfire-related losses that Edison International or SCE incurs may be recovered from insurance, including customer-funded wildfire self-insurance, third-parties, the Wildfire Fund, and through electric rates. Fines and penalties incurred in connection with a wildfire are not recoverable from insurance, the Wildfire Fund, or through electric rates. 55 Table of Contents The following tables summarize expected recoveries from insurance and third parties, the Wildfire Fund, and through electric rates for the Other Wildfire Events and the Eaton Fire as of June 30, 2026 and December 31, 2025. For recoveries related to the 2017/2018 Wildfire/Mudslide Events, see below discussion in "—Recoveries through Electric Rates." June 30, 2026 (in millions) Other Wildfire Events Eaton Fire Total Expected recoveries from customer-funded wildfire self-insurance $ — $ 487 $ 487 Long-term receivables from insurance and third parties 170 — 170 Long-term receivables from Wildfire Fund recoveries1 — 645 645 FERC-related balancing accounts 14 61 75 CPUC-regulatory assets 146 — 146 Total $ 330 $ 1,193 $ 1,523 December 31, 2025 (in millions) Other Wildfire Events Eaton Fire Total Expected recoveries from customer-funded wildfire self-insurance $ — $ 709 $ 709 Long-term receivables from insurance and third parties 237 — 237 Long-term receivables from Wildfire Fund recoveries — 134 134 FERC-related balancing accounts 20 70 90 CPUC-regulatory assets 96 — 96 Total $ 353 $ 913 $ 1,266 1As of June 30, 2026, no amounts have been recovered from the Wildfire Fund. Recoveries through Insurance Edison International and SCE record a receivable for insurance recoveries when recovery of a recorded loss is determined to be probable. SCE has exhausted expected insurance recoveries related to the 2017/2018 Wildfire/Mudslide Events. Expected recoveries from insurance recorded for the Other Wildfire Events are supported by SCE's insurance coverage for multiple policy years. SCE exhausted self-insurance recoveries available for losses related to the Eaton Fire as a result of costs incurred and settlements entered into as of February 11, 2026. For events that occurred in 2017 and early 2018, principally the Thomas and Koenigstein Fires and Montecito Mudslides, SCE had $1.0 billion of wildfire-specific insurance coverage, subject to a self-insured retention of $10 million per occurrence. For the Woolsey Fire, SCE had an additional $1.0 billion of wildfire-specific insurance coverage, subject to a self-insured retention of $10 million per occurrence. SCE recovered $2.0 billion from its insurance carriers in relation to the claims related to the 2017/2018 Wildfire/Mudslide Events and $18 million related to the Creek Fire. Additional insurance was not available for the Creek Fire because wildfire insurance for the period in which the fire was ignited was almost fully exhausted as a result of the TKM litigation. SCE has approximately $1.2 billion of wildfire-specific insurance coverage for events that occurred during the period June 1, 2019 through June 30, 2020, subject to up to $165 million of co-insurance and self-insured retention, which resulted in net coverage of approximately $1.0 billion. SCE has approximately $1.0 billion of wildfire-specific insurance coverage for events that occurred during the period July 1, 2020 through June 30, 2021, subject to up to $130 million of self-insured retention and co-insurance per fire, which resulted in net coverage of approximately $870 million. SCE has approximately $1.0 billion of wildfire-specific insurance coverage for events that occurred during the period July 1, 2021 through June 30, 2022, subject to up to $163 million of self-insured retention and co-insurance per fire, which resulted in net coverage of approximately $837 million. SCE has approximately $1.0 billion of wildfire-specific insurance coverage for events that occurred during the period July 1, 2022 through June 30, 2023, subject to up to $63 million of self-insured retention and co-insurance per fire, which resulted in net coverage of approximately $937 million. 56 Table of Contents SCE's wildfire insurance expense for the July 1, 2022 through June 30, 2023 policy period was approximately $450 million, of which $357 million was paid to commercial insurance carriers (commercial insurance carriers other than EIS are referred to herein as "Third-Party Commercial Insurers"). The difference between the Third-Party Commercial Insurer cost and total cost for the July 1, 2022 through June 30, 2023 policy period was paid in premiums to EIS (see Note 16 for further information). Wildfire insurance premiums paid for the July 1, 2022 through June 30, 2023 policy period are being recovered through customer rates. As a result of an EIS insurance policy amendment, in the first quarter of 2025, EIS recorded a $50 million wildfire insurance expense (by utilizing the premiums already collected as discussed above), and SCE recorded the corresponding insurance recovery from EIS, which reduced expected WEMA recoveries. In the Edison International condensed consolidated statements of income, the EIS insurance expense is eliminated with SCE's insurance recovery from EIS. In May 2023, the CPUC allowed SCE to establish an expanded self-insurance program for wildfire-related costs that will be funded through CPUC-jurisdictional rates, in lieu of obtaining wildfire liability insurance from the commercial insurance market. Beginning on July 1, 2023, SCE implemented its customer-funded wildfire self-insurance program. In 2023 and 2024, SCE collected $150 million and $300 million, respectively, through CPUC-jurisdictional rates in support of SCE's customer-funded wildfire self-insurance program. In July 2024, the CPUC issued a decision in the 2025 GRC proceeding authorizing this self-insurance framework to continue through at least 2028, supporting a self-insurance fund of up to $1.0 billion per policy year. From 2025 through 2028, approximately $300 million would be collected annually, subject to revenue requirement adjustments, until a total available self-insurance accrual amount of $1.0 billion is achieved. In 2025, SCE collected $300 million through CPUC-jurisdictional rates in support of its customer-funded wildfire self-insurance program. SCE has $1.0 billion of customer-funded self-insurance coverage available for wildfires ignited between January 1, 2025 and December 31, 2025, primarily the Eaton Fire, subject to up to a maximum shareholder contribution of $12.5 million. SCE has $1.0 billion of customer-funded self-insurance coverage available for wildfires ignited between January 1, 2026 and December 31, 2026 under its self-insurance program described below, subject to up to a maximum possible shareholder contribution of $12.5 million. SCE's self-insurance program meets its obligation to maintain reasonable insurance coverage under the California Wildfire Legislation for the January 1, 2026 through December 31, 2026 period. When losses are accrued for wildfire-related claims for wildfires that occur between July 1, 2023 and the end of 2028, customer rates will be increased in subsequent years, as needed, to allow for full recovery of the amounts accrued up to $1.0 billion per policy year, subject to a shareholder contribution of 2.5% of any self-insurance costs ultimately paid exceeding $500 million in any policy year, up to a maximum contribution of $12.5 million per policy year. As a result of accrued losses related to the Eaton Fire, in April 2026 the CPUC approved SCE's request to adjust revenue requirements to be collected from customers from $274 million to $650 million for 2026. As of June 30, 2026, SCE collected $166 million through CPUC-jurisdictional rates for SCE's customer-funded wildfire self-insurance program and is authorized to collect an additional $327 million through December 31, 2026 with the remaining $157 million expected to be collected in 2027, subject to regulatory balancing account adjustments. Recoveries through Electric Rates Under accounting standards for rate-regulated enterprises, SCE defers costs as regulatory assets in the period it concludes that such costs are probable of future recovery in electric rates. The CPUC and FERC may not allow SCE to recover uninsured losses through electric rates, including by FERC requiring refund of amounts recovered, if it is determined that such losses were not prudently incurred. SCE utilizes objectively determinable evidence to form its view on the probability of future recovery and refund. CPUC Recoveries Pre-AB 1054 The only precedent in which a California investor-owned utility sought recovery for uninsured wildfire claims related costs and the CPUC made a prudency determination is SDG&E's requests for cost recovery related to 2007 wildfire activity, where the FERC allowed recovery of all FERC-jurisdictional wildfire claims related costs while the CPUC rejected recovery of all CPUC-jurisdictional wildfire claims related costs based on a determination that SDG&E did not meet the CPUC's prudency standard ("SDG&E Decision"). The SDG&E Decision is evidence of a California investor-owned utility seeking recovery for uninsured wildfire-related costs and FERC allowing recovery of all FERC-jurisdictional wildfire-related costs while the CPUC rejected recovery of all CPUC-jurisdictional wildfire-related costs based on a determination that the utility did not meet the CPUC's prudency standard. Under the TKM Settlement Agreement approved by the CPUC in January 2025, SCE is authorized to recover 60%, or approximately $1.6 billion, of approximately $2.7 billion of losses, consisting of approximately $1.3 billion of uninsured claims paid as of May 31, 2024 and $0.3 billion of associated costs, composed of legal fees and financing costs incurred as of May 31, 2024 and estimated ongoing financing costs. SCE is also authorized to recover 60% of claims paid and related 57 Table of Contents costs incurred after May 31, 2024, other than for $125 million of uninsured claims and related financing costs which SCE waived its right to seek recovery of under the SED Agreement. As a result, in 2025, SCE recorded a regulatory asset for recoveries authorized under the TKM Settlement Agreement. SCE was also authorized to recover approximately $55 million of approximately $65 million in incremental restoration costs, inclusive of operations and maintenance expenses, incurred related to the Thomas and Koenigstein Fires. Additionally, SCE recorded $50 million of shareholder-funded wildfire mitigation expenses. Under the Woolsey Settlement Agreement approved by the CPUC in December 2025, SCE is authorized to recover 35%, or approximately $2.0 billion, of approximately $5.6 billion of losses, consisting of approximately $1.6 billion of uninsured claims paid as of May 31, 2025, and $0.4 billion of costs, comprised of legal costs paid as of May 31, 2025, and estimated ongoing financing costs. SCE is also authorized to recover 35% of losses paid after May 31, 2025. SCE’s requests for recovery exclude $250 million of uninsured claims and related financing costs which SCE waived its right to seek recovery of under the SED Agreement. As a result, in 2025, SCE recorded a regulatory asset for recoveries authorized under the Woolsey Settlement Agreement. SCE was also authorized to recover approximately $71 million of approximately $84 million in incremental restoration costs, inclusive of operations and maintenance expenses, incurred related to the Woolsey Fire. In the Woolsey Settlement Agreement, SCE also waived its right to seek recovery of uninsured losses tracked in a Wildfire Expense Memorandum Account and incurred in connection with fires that ignited prior to July 12, 2019, the date AB 1054 was adopted, including the Creek Fire. SCE estimates that the waived pre-AB 1054 losses are approximately $157 million. CPUC Recoveries Post-AB 1054 The SDG&E Decision was prior to the adoption of AB 1054 on July 12, 2019, after which date AB 1054 clarified that the CPUC must find a utility to be prudent if the utility's conduct related to the ignition was consistent with actions that a reasonable utility would have undertaken in good faith under similar circumstances, at the relevant point in time, and based on the information available at that time. Further, utilities with a valid safety certification at the time of the relevant wildfire will be presumed to have acted prudently related to a wildfire ignition unless a party in the cost recovery proceeding creates serious doubt as to the reasonableness of the utility's conduct, at which time, the burden shifts back to the utility to prove its conduct was prudent. The Eaton Fire and each of the Other Wildfire Events discussed above, with the exception of the Creek Fire, was ignited after July 12, 2019, and SCE has held a valid safety certification since July 15, 2019. While a California investor-owned utility has not yet received a final decision on a prudency review related to recovery for uninsured claims and other costs related to wildfires ignited after the adoption of AB 1054, SCE believes that for fires ignited after July 12, 2019, and for investor-owned utilities holding a safety certification at the time of the fire, the CPUC will apply a standard of review similar to that applied by the FERC which presumes all costs requested by an investor-owned utility are reasonable and prudent unless serious doubt as to the reasonableness of the utility's conduct is created. As such, SCE has concluded, at this time, that uninsured CPUC-jurisdictional wildfire-related costs related to wildfire events occurring after the adoption of AB 1054 that it has deferred as regulatory assets are probable of recovery through electric rates. SCE will continue to evaluate the probability of recovery based on available evidence, including regulatory decisions. Evidence that SCE may consider in its evaluation includes, among other factors, its status as a holder of a valid safety certification, the legislative intent of AB 1054, facts and other evidence known to date related to the ignition, and any regulatory decisions on wildfire cost recovery, including those illustrating the interpretation and/or application of the prudency framework under the California Wildfire Legislation. The CPUC may not allow SCE to recover uninsured losses related to the wildfire events through electric rates if it is determined that such losses were not prudently incurred. In an AB 1054 proceeding, the CPUC may allocate costs taking into account factors both within and beyond the utility’s control that may have exacerbated the costs, including humidity, temperature, and winds. FERC Recoveries Through the operation of its FERC formula rate, and based upon the precedent established in SDG&E's recovery of FERC-jurisdictional wildfire-related costs, SCE believes it is probable it will recover its FERC-jurisdictional costs related to the 2017/2018 Wildfire/Mudslide Events, the Other Wildfire Events, and the Eaton Fire. In total, as of June 30, 2026, SCE's recoveries received since inception, and expected to be received through FERC electric rates, were $440 million related to the 2017/2018 Wildfire/Mudslide Events, $23 million related to the Other Wildfire Events, and $70 million related to the Eaton Fire. FERC recoveries are subject to refund, and SCE will continue to evaluate the probability of recovery and refund obligations of FERC-jurisdictional costs related to the 2017/2018 Wildfire/Mudslide Events, the Other Wildfire Events, and the Eaton Fire based on available evidence, including any FERC decisions to allow or disallow recovery of FERC-jurisdictional wildfire-related costs based on a state regulator's decision on whether to permit recovery of related costs. 58 Table of Contents Recoveries through the Wildfire Fund SCE has advised the administrator of the Wildfire Fund that it anticipates seeking reimbursement of eligible claims arising from the Eaton Fire from the Initial Account and the administrator has confirmed that the Eaton Fire is a "covered wildfire" for purposes of accessing the Initial Account. SCE will be reimbursed for losses incurred in excess of $1.0 billion for eligible claims for third-party damages related to the Eaton Fire from the Initial Account, subject to approval of the fund administrator and the Initial Account's claims-paying capacity. The fund administrator has reported that approximately $21 billion in the fund's claim paying capacity will be available for the Eaton Fire. Edison International and SCE record a receivable for recoveries from the Wildfire Fund when recovery of a recorded loss from the fund is determined to be probable. SCE will file an application with the CPUC for review of its costs and expenses related to the Eaton Fire after it has resolved all or, if authorized by the CPUC, substantially all third-party damage claims related to the fire, or upon earlier request of the fund administrator. The CPUC will determine the prudency of SCE's ignition-related conduct in a formal proceeding. If the CPUC finds that SCE's conduct related to the ignition of the Eaton Fire was not prudent, SCE will be required to reimburse the Initial Account only for amounts disallowed by the CPUC up to the applicable Liability Cap of approximately $4.3 billion, unless the fund administrator finds that SCE's actions or inactions relative to the ignition of the Eaton Fire constitute conscious or willful disregard of the rights and safety of others, in which case SCE will be required to reimburse the Initial Account for withdrawn amounts that the CPUC disallowed. For further discussion of SCE's reimbursement obligations, see Note 1. SCE will be able to seek recovery of prudently incurred uninsured wildfire costs not covered by the Initial Account, assessed under the prudency standard clarified under AB 1054, through electric rates. Environmental Remediation SCE records its environmental remediation liabilities when site assessments and/or remedial actions are probable and a range of reasonably likely cleanup costs can be estimated. SCE reviews its sites and measures the liability quarterly, by assessing a range of reasonably likely costs for each identified site using currently available information, including existing technology, presently enacted laws and regulations, experience gained at similar sites, and the probable level of involvement and financial condition of other potentially responsible parties. These estimates include costs for site investigations, remediation, operation and maintenance, monitoring, and site closure. Unless there is a single probable amount, SCE records the low end of this reasonably likely range of costs (reflected in "Other long-term liabilities") at undiscounted amounts as timing of cash flows is uncertain. At June 30, 2026, SCE's recorded estimated minimum liability to remediate its 19 identified material sites (sites with a liability balance at June 30, 2026, in which the upper end of the range of expected costs is at least $1 million) was $218 million, including $146 million related to San Onofre. In addition to these sites, SCE also has 14 immaterial sites with a liability balance as of June 30, 2026, for which the total minimum recorded liability was $5 million. Of the $223 million total environmental remediation liability for SCE, $214 million has been recorded as a regulatory asset. SCE expects to recover $36 million through an incentive mechanism that allows SCE to recover 90% of its environmental remediation costs at certain sites (SCE may request to include additional sites in this mechanism) and $178 million through proceedings that allow SCE to recover up to 100% of the costs incurred at certain sites through customer rates. SCE's identified sites include several sites for which there is a lack of currently available information, including the nature and magnitude of contamination, and the extent, if any, that SCE may be held responsible for contributing to any costs incurred for remediating these sites. Thus, no reasonable estimate of cleanup costs can be made for these sites. The ultimate costs to clean up SCE's identified sites may vary from its recorded liability due to numerous uncertainties inherent in the estimation process, such as: the extent and nature of contamination; the scarcity of reliable data for identified sites; the varying costs of alternative cleanup methods; developments resulting from investigatory studies; the possibility of identifying additional sites; and the time periods over which site remediation is expected to occur. SCE believes that, due to these uncertainties, it is reasonably possible that cleanup costs could exceed its recorded liability. The upper end of the range of additional costs of approximately $94 million at the identified material sites and $2 million at immaterial sites was estimated using assumptions least favorable to SCE among a range of reasonably possible outcomes. SCE expects to clean up and mitigate its identified sites over a period of up to approximately 35 years, though some sites may require a longer time period. Remediation costs for each of the next five years are expected to range from $6 million to $21 million. Costs incurred for the six months ended June 30, 2026 and 2025 were $4 million and $6 million, respectively, and were included in the "Operation and maintenance" expense on Edison International's and SCE's condensed consolidated statements of income. Based upon the CPUC's regulatory treatment of environmental remediation costs incurred at SCE, SCE believes that costs ultimately recorded will not materially affect its results of operations, financial position, or cash flows. There can be no 59 Table of Contents assurance, however, that future developments, including additional information about existing sites or the identification of new sites, will not require material revisions to estimates. Nuclear Insurance SCE is a member of Nuclear Electric Insurance Limited ("NEIL"), a mutual insurance company owned by entities with nuclear facilities. NEIL provides insurance for nuclear property damage, including damages caused by acts of terrorism up to specified limits, and for accidental outages for active facilities. The amount of nuclear property damage insurance purchased for San Onofre and Palo Verde exceeds the minimum federal requirement of $50 million and $1.1 billion, respectively. If NEIL losses at any nuclear facility covered by the arrangement were to exceed the accumulated funds for these insurance programs, SCE could be assessed retrospective premium adjustments of up to approximately $16 million per year. Federal law limits public offsite liability claims for bodily injury and property damage from a nuclear incident to the amount of available financial protection, which is currently approximately $560 million for San Onofre and $16.3 billion for Palo Verde. SCE and other owners of San Onofre and Palo Verde have purchased the maximum private primary insurance available through a Facility Form issued by American Nuclear Insurers. SCE withdrew from participation in the secondary insurance pool for San Onofre for offsite liability insurance effective January 5, 2018. Based on its ownership interests in Palo Verde, SCE could be required to pay a maximum of approximately $79 million per nuclear incident for future incidents. However, it would have to pay no more than approximately $12 million per future incident in any one year. Based on its ownership interests in San Onofre and Palo Verde prior to January 5, 2018, SCE could be required to pay a maximum of approximately $255 million per nuclear incident and a maximum of $38 million per year per incident for liabilities arising from events prior to January 5, 2018, although SCE is not aware of any such events. Note 13. Equity Common Stock Stock Repurchase Programs The Edison International Board of Directors authorizes stock repurchase programs to repurchase common stock. These programs are intended to offset dilution from common stock issued under Edison International's long-term incentive compensation programs and are funded using Edison International's working capital. The timing and the amount of any repurchases of common stock will be determined by Edison International's management based on their evaluation of market conditions and other factors. Repurchases may be executed through various methods, including open market purchases, privately negotiated transactions, and other transactions in accordance with applicable securities laws. Any repurchased shares of common stock will be retired. The programs do not obligate Edison International to acquire any particular amount of common stock, and may be suspended or discontinued at any time at its discretion. In December 2025, the Edison International Board of Directors authorized a program that provides for the repurchase of up to $70 million of common stock from February 20, 2026 to March 2, 2027 (the "2026 Share Repurchase Program"). In December 2024, the Edison International Board of Directors authorized a program for repurchase of up to $75 million of its common stock from February 2025 until February 2026 (the "2025 Share Repurchase Program"). During the three months ended June 30, 2026, Edison International repurchased and retired 56,697 shares under the 2026 Repurchase Program. During the six months ended June 30, 2026, Edison International repurchased and retired 454,328 shares under the 2025 and 2026 Repurchase Programs. As of June 30, 2026, $55 million of common stock remained available for repurchase under the 2026 Repurchase Program. Preferred Stock In the first quarter of 2026, Edison International redeemed all remaining shares of its Series A Preferred Stock and repurchased 4,434 shares of its Series B Preferred Stock for $414 million and $4 million, respectively. Edison International recorded a $5 million loss on the repurchase and redemption of the preferred stocks, which was reflected in "Preferred stock dividend requirements of Edison International" in the condensed consolidated statements of income. Preference Stock of SCE In March 2026, SCE redeemed all remaining shares of its Series K for $119 million. SCE recorded a $3 million loss on the redemption of the preference stock, and the loss was reflected in "Preference stock dividend requirements" in the condensed consolidated statements of income. 60 Table of Contents Note 14. Other Income, Net Other income net of expenses is as follows: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 SCE other income (expense): Equity allowance for funds used during construction $ 57 $ 47 $ 113 $ 93 Increase in cash surrender value of life insurance policies and life insurance benefits 9 19 19 29 Interest income 40 38 81 81 Net periodic benefit income – non-service components 26 21 51 42 Civic, political and related activities and donations (12) (6) (20) (11) Other (3) (2) (6) (6) Total SCE other income, net 117 117 238 228 Other income (expense) of Edison International Parent and Other: Net loss on equity securities — (5) — (10) Interest income and other 3 1 3 2 Loss on disposition of Trio (23) — (23) — Total Edison International other income, net $ 97 $ 113 $ 218 $ 220 Note 15. Supplemental Cash Flows Information Supplemental cash flows information is: Edison International SCE Six months ended June 30, (in millions) 2026 2025 2026 2025 Cash payments: Interest, net of amounts capitalized $ 918 $ 793 $ 740 $ 643 Non-cash financing and investing activities: Dividends declared but not paid: Common stock 337 318 430 930 SCE's accrued capital expenditures at June 30, 2026 and 2025 were $680 million and $565 million, respectively. Accrued capital expenditures are included in investing activities in the condensed consolidated statements of cash flows in the period paid. Note 16. Related-Party Transactions SCE purchased wildfire liability insurance from EIS prior to its customer-funded wildfire self-insurance, which was implemented in July 2023. In addition, one of the EIS wildfire liability insurance policies was amended in February 2025 to reimburse SCE for $50 million in claim costs and related legal expenses for a wildfire occurring during the July 1, 2022 through June 30, 2023 policy period. For further information, see Note 12. The expected insurance recoveries from previously purchased wildfire-related insurance from EIS included in SCE's condensed consolidated balance sheets were $118 million and $226 million at June 30, 2026 and December 31, 2025, respectively. 61 Table of Contents