1) Leadership Transition and Strategic Focus - CEO Pedro Pizarro acknowledged CFO Maria Rigatti's upcoming retirement and welcomed Susan Hardwick to the Board, emphasizing her extensive experience in utilities. - The company is reaffirming its core EPS guidance for 2026 at $5.90 to $6.20, with a long-term growth target of 5% to 7%. - The strategic focus remains on safety, reliability, and community resilience, particularly in wildfire mitigation and grid improvements.

2) Financial Performance and Regulatory Outlook - Edison International reported Q1 2026 core EPS of $1.42, a $0.05 increase YoY, driven by the adoption of the GRC decision. - The capital plan for 2026-2030 is set at $38 billion to $41 billion, aimed at enhancing grid infrastructure and supporting California's clean energy goals. - The company expects a 7% compound annual growth in SCE's rate base from 2025 to 2030, with no new equity needs anticipated for the next five years.

3) Wildfire Mitigation and Legislative Engagement - SCE's wildfire mitigation efforts are approximately 93% complete, with significant investments in grid hardening and advanced technologies like AI and LiDAR for risk management. - The California Earthquake Authority's recent report highlights the urgent need for legislative action on wildfire risk, with Edison actively engaging in discussions to shape effective policies. - The company is advocating for a return to an investor-owned utility cost of service model to ensure fair capital recovery for shareholders.

4) Operational Excellence and AI Integration - SCE is leveraging AI for operational improvements, including grid inspections and customer service enhancements, which are expected to yield significant cost savings. - The AMI 2.0 application, filed in March, seeks $3.1 billion in capital investment to modernize smart meters and improve operational efficiency. - Ongoing efforts in operational excellence aim to maintain the lowest average rates among large investor-owned utilities in California.

5) Challenges and Future Visibility - The company faces uncertainty regarding the Wildfire Recovery Compensation Program, with over 3,100 claims filed but no clear estimate of total liabilities yet. - Legislative outcomes regarding wildfire risk and affordability remain uncertain, with potential implications for future capital allocation and cost of capital. - The call did not provide specific timelines for the AMI 2.0 decision or clarity on the pace of wildfire claims.

Bottom line: Edison International is positioned for steady growth with a strong focus on safety and operational excellence, but faces challenges in legislative engagement and wildfire compensation visibility that could impact future performance.