8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2022

Commission File Number	Exact Name of Registrant as specified in its charter	State or Other Jurisdiction of Incorporation or Organization	IRS Employer Identification Number
1-9936	EDISON INTERNATIONAL	California	95-4137452
1-2313	SOUTHERN CALIFORNIA EDISON COMPANY	California	95-1240335

2244 Walnut Grove Avenue			2244 Walnut Grove Avenue
(P.O. Box 976)			(P.O. Box 800)
Rosemead,	California	91770	Rosemead,	California	91770
(Address of principal executive offices)			(Address of principal executive offices)
(626) 302-2222			(626) 302-1212
(Registrant's telephone number, including area code)			(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ☐ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ☐ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ☐ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ☐ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Edison International:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	EIX	NYSE	LLC

Southern California Edison Company: None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company	Edison International	☐
Emerging growth company	Southern California Edison Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Edison International	☐
Southern California Edison Company	☐

This current report and its exhibits include forward-looking statements. Edison International and Southern California Edison Company ("SCE") based these forward-looking statements on their current expectations and projections about future events in light of their knowledge of facts as of the date of this current report and their assumptions about future circumstances. These forward-looking statements are subject to various risks and uncertainties that may be outside the control of Edison International and SCE. Edison International and SCE have no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise. This current report should be read with Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2021. Additionally, Edison International and SCE provide direct links to EIX and SCE presentations, documents and other information at www.edisoninvestor.com (Presentations) in order to publicly disseminate such information.

Item  2.02Results of Operations and Financial Condition

On February 24, 2022, Edison International issued a press release reporting its financial results and the financial results for its subsidiary, Southern California Edison Company, for the quarter and year ended December 31, 2021. A copy of the press release is attached as Exhibit 99.1. On the same day, members of Edison International's management will speak to investors via a financial teleconference. Senior management's prepared remarks and accompanying presentation are attached as Exhibit 99.2 and Exhibit 99.3 to this report. The information furnished in this Item 2.02 and Exhibits 99.1, 99.2, and 99.3 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933

Item  7.01Regulation FD Disclosure

Members of Edison International management will use the information in the presentation furnished as Exhibit 99.3 to this report in meetings with institutional investors and analysts and at investor conferences. The attached presentation will also be posted on www.edisoninvestor.com.

Item  9.01Financial Statements and Exhibits

(d) Exhibits

EXHIBIT INDEX

ebrf
Exhibit No.	Description
99.1	Edison International Press Release dated February 24, 2022
99.2	Edison International Fourth quarter and Full-Year 2021 Financial Results Conference Call Prepared Remarks dated February 24, 2022
99.3	Edison International Fourth Quarter and Full-Year 2021 Financial Results Conference Call Presentation dated February 24, 2022
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EDISON INTERNATIONAL

(Registrant)

/s/ Aaron D. Moss

Aaron D. Moss

Vice President and Controller

Date: February 24, 2022

SOUTHERN CALIFORNIA EDISON COMPANY

(Registrant)

/s/ Kate Sturgess

Kate Sturgess

Vice President and Controller

Date: February 24, 2022

EX-99.1

Exhibit 99.1

		NEWS
FOR IMMEDIATE RELEASE	Investor Relations: Sam Ramraj, (626) 302-2540
	Media Contact: Jeff Monford, (626) 476-8120

Edison International Reports Fourth Quarter and Full-Year 2021 Results

● Fourth Quarter 2021 GAAP earnings per share of $1.38; Core EPS of $1.16

● Full-Year 2021 GAAP EPS of $2.00; Core EPS of $4.59 exceeds guidance

● Edison International declares quarterly dividend of $0.70 per share; annualized rate of $2.80 per share

● EIX announces 2022 EPS guidance of $4.40–4.70 and reiterates long-term EPS growth rate target of 5–7%

ROSEMEAD, Calif., February 24, 2022 — Edison International (NYSE: EIX) today reported fourth quarter 2021 net income of $523 million, or $1.38 per share, compared to net income of $526 million, or $1.39 per share, in the fourth quarter of 2020. As adjusted, fourth quarter 2021 core earnings were $440 million, or $1.16 per share, compared to core earnings of $451 million, or $1.19 per share, in the fourth quarter of 2020.

Southern California Edison’s (SCE) fourth quarter 2021 core earnings per share (EPS) increased year-over-year primarily due to higher revenue from the 2021 General Rate Case (GRC) final decision and income tax benefits from the settlement of 2007 – 2012 California tax audits, partially offset by higher operation and maintenance expenses and higher net financing costs.

Edison International Parent and Other's fourth quarter 2021 loss per share increased year-over-year primarily due to higher preferred dividends as a result of preferred equity issuances in 2021.

“We delivered solid 2021 results with EPS exceeding the guidance range. Additionally, SCE continues to significantly reduce wildfire risk and the utility’s ongoing and planned mitigation actions give us increased confidence of further risk reduction,” said Pedro J. Pizarro, president and CEO of Edison International.

Pizarro added, “SCE sees substantial investment opportunities over the next several years to bolster grid safety and resiliency. Furthermore, with one of the strongest electrification profiles in the industry, SCE is accelerating economywide electrification with investments in transportation and building electrification to help meet California’s climate goals. All these initiatives give us high confidence in achieving EPS growth of 5 to 7% from 2021 to 2025. Combined with the 4%+ current dividend yield, we see strong potential for double-digit total return for EIX shares — before potential P/E multiple expansion to recognize significant utility and government risk reduction progress to-date and yet ahead.”

Full-Year Earnings

For 2021, Edison International reported net income of $759 million, or $2.00 per share, compared to $739 million, or $1.98 per share, for 2020. As adjusted, Edison International's core earnings were $1,741 million, or $4.59 per share, compared to $1,686 million, or $4.52 per share, in 2020.

SCE's full-year core EPS was higher due to higher revenue from the 2021 GRC final decision, higher FERC revenue and income tax benefits from the settlement of 2007 – 2012 California tax audits, partially offset by lower insurance benefits and higher property taxes.

Edison International Reports Fourth Quarter and Full-Year 2021 Financial Results

Page 2 of 10

Edison International Parent and Other’s full-year loss per share increased primarily due to higher preferred dividends as a result of preferred equity issuances in 2021.

Edison International uses core earnings, which is a non-GAAP financial measure that adjusts for significant discrete items that management does not consider representative of ongoing earnings. Edison International management believes that core earnings provide more meaningful comparisons of performance from period to period. Please see the attached tables for a reconciliation of core earnings to basic GAAP earnings.

2022 Earnings Guidance

The company announced its earnings guidance range for 2022 as summarized in the following chart. See pages 12 and 13 of the presentation accompanying the company’s conference call for further information and assumptions.

	2022 Earnings Guidance
	as of February 24, 2022
	Low		High
EIX Basic EPS	$	4.40	$	4.70
Less: Non-core Items		—		—
EIX Core EPS	$	4.40	$	4.70

Edison International and Southern California Edison Declare Dividends

Today, the Board of Directors of Edison International declared a quarterly common stock dividend of $0.70 per share, payable on April 30, 2022, to shareholders of record on March 31, 2022. They also declared dividends on preferred stock. Additionally, the Board of Directors of Southern California Edison Company today declared dividends on preference stock. For more information, please see the related news release at www.edisoninvestor.com.

Fourth Quarter and Full-Year 2021 Earnings Conference Call and Webcast Details

When:	Thursday, February 24, 2022, 1:30 p.m. (Pacific Time)
Telephone Numbers:	1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison
Telephone Replay:	1-800-835-8067 (US) and 1-203-369-3354 (Int’l) - Passcode: 3482
	Telephone replay available through March 10, 2022
Webcast:	www.edisoninvestor.com

Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation, and Form 10-K to the company's investor relations website. These materials are available at www.edisoninvestor.com.

About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy, a global energy advisory company delivering comprehensive, data-driven energy solutions to commercial and industrial users to meet their cost, sustainability and risk goals.

Edison International Reports Fourth Quarter and Full-Year 2021 Financial Results

Page 3 of 10

Appendix

Use of Non-GAAP Financial Measures

Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply to the description of earnings or earnings per share.

Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.

Safe Harbor Statement

Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:

• ability of SCE to recover its costs through regulated rates, including uninsured wildfire-related and debris flow-related costs, costs incurred to mitigate the risk of utility equipment causing future wildfires, costs incurred to implement SCE's new customer service system, costs incurred as a result of the COVID-19 pandemic, and increased labor and materials costs due to supply chain constraints and inflation;

• ability of SCE to implement its Wildfire Mitigation Plan and capital program;

• risks of regulatory or legislative restrictions that would limit SCE's ability to implement Public Safety Power Shutoff (“PSPS”) when conditions warrant or would otherwise limit SCE's operational PSPS practices;

• risks associated with implementing PSPS, including regulatory fines and penalties, claims for damages and reputational harm;

• ability of SCE to maintain a valid safety certification;

• ability to obtain sufficient insurance at a reasonable cost, including insurance relating to SCE's nuclear facilities and wildfire-related claims, and to recover the costs of such insurance or, in the event liabilities exceed insured amounts, the ability to recover uninsured losses from customers or other parties;

• extreme weather-related incidents (including events caused, or exacerbated, by climate change, such as wildfires, debris flows, droughts, high wind events and extreme heat events) and other natural disasters (such as earthquakes), which could cause, among other things, public safety issues, property damage, operational issues (such as rotating outages and issues due to damaged infrastructure), PSPS activations and unanticipated costs;

• risks that California Assembly Bill 1054 (“AB 1054”) does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including the longevity of the Wildfire Insurance Fund and

Edison International Reports Fourth Quarter and Full-Year 2021 Financial Results

Page 4 of 10

the CPUC's interpretation of and actions under AB 1054, including its interpretation of the prudency standard established under AB 1054;

• ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;

• decisions and other actions by the California Public Utilities Commission, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;

• ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;

• risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel, delays, contractual disputes, and cost overruns;

• pandemics, such as COVID-19, and other events that cause regional, statewide, national or global disruption, which could impact, among other things, Edison International's and SCE's business, operations, cash flows, liquidity and/or financial results and cause Edison International and SCE to incur unanticipated costs;

• physical security of Edison International's and SCE's critical assets and personnel and the cybersecurity of Edison International's and SCE's critical information technology systems for grid control, and business, employee and customer data;

• risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);

• risks inherent in SCE's capital investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, changes in the California Independent System Operator’s transmission plans, and governmental approvals; and

• risks associated with the operation of electrical facilities, including worker and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts.

Additional information about risks and uncertainties, including more detail about the factors described in this report, is contained throughout this report and in the 2021 Form 10-K, including the "Risk Factors" section. Readers are urged to read this entire report, including information incorporated by reference, as well as the 2021 Form 10-K, and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Edison International and SCE post or provide direct links (i) to certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) to certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) to presentations, documents and other information that may be of interest to investors in a section title "Presentations" at www.edisoninvestor.com in order to publicly disseminate such information.

These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Readers should review future reports filed by Edison International and SCE with the SEC.

Edison International Reports Fourth Quarter and Full-Year 2021 Financial Results

Page 5 of 10

Fourth Quarter and Full-Year Reconciliation of Basic Earnings Per Share to Core Earnings Per Share

	Three months ended						Twelve months ended
	December 31,						December 31,
	2021		2020		Change		2021		2020		Change
Earnings (loss) per share attributable to Edison International
SCE	$	1.21	$	1.25	$	(0.04)	$	2.18	$	2.17	$	0.01
Edison International Parent and Other		0.17		0.14		0.03		(0.18)		(0.19)		0.01
Edison International		1.38		1.39		(0.01)		2.00		1.98		0.02
Less: Non-core items
SCE		(0.13)		(0.05)		(0.08)		(2.94)		(2.72)		(0.22)
Edison International Parent and Other		0.35		0.25		0.10		0.35		0.18		0.17
Total non-core items		0.22		0.20		0.02		(2.59)		(2.54)		(0.05)
Core earnings (losses)
SCE		1.34		1.30		0.04		5.12		4.89		0.23
Edison International Parent and Other		(0.18)		(0.11)		(0.07)		(0.53)		(0.37)		(0.16)
Edison International	$	1.16	$	1.19	$	(0.03)	$	4.59	$	4.52	$	0.07

Note: Diluted earnings were $1.37 and $1.39 per share for the three months ended December 31, 2021 and 2020, respectively, and $2.00 and $1.98 per share for the twelve months ended December 31, 2021 and 2020, respectively.

Fourth Quarter and Full-Year Reconciliation of Basic Earnings Per Share to Core Earnings (in millions)

	Three months ended						Twelve months ended
	December 31,						December 31,
(in millions)	2021		2020		Change		2021		2020		Change
Net income (loss) attributable to Edison International
SCE	$	458	$	474	$	(16)	$	829	$	810	$	19
Edison International Parent and Other		65		52		13		(70)		(71)		1
Edison International		523		526		(3)		759		739		20
Less: Non-core items
SCE1,2,3,4,6		(49)		(21)		(28)		(1,114)		(1,015)		(99)
Edison International Parent and Other3,5,7,8,9		132		96		36		132		68		64
Total non-core items		83		75		8		(982)		(947)		(35)
Core earnings (losses)
SCE		507		495		12		1,943		1,825		118
Edison International Parent and Other		(67)		(44)		(23)		(202)		(139)		(63)
Edison International	$	440	$	451	$	(11)	$	1,741	$	1,686	$	55

¹ Includes amortization of SCE’s Wildfire Insurance Fund expenses of $54 million ($39 million after-tax) and $215 million ($155 million after-tax) for the quarter and year-ended December 31, 2021, respectively and $84 million ($61 million after-tax) and $336 million ($242 million after-tax) for the quarter and year-ended December 31, 2020, respectively.

² Includes charges of $14 million ($10 million after-tax) and $1.2 billion ($919 million after-tax) for the quarter and year-ended December 31, 2021, respectively and $13 million ($10 million after-tax) and $1.2 billion ($899 million after-tax) for the quarter and year-ended December 31, 2020, respectively for SCE's 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries.

³ Includes an income tax benefit of $18 million and an income tax expense of $3 million recorded in the first quarter of 2020 for SCE and Edison International Parent and Other, respectively, due to re-measurement of uncertain tax positions related to the 2010 – 2012 California state tax filings currently under audit.

⁴ Includes gains of $10 million ($7 million after-tax) recorded in the second quarter of 2021 and $70 million ($50 million after-tax) and $150 million ($108 million after-tax) for the quarter and year-ended December 31, 2020, respectively for SCE's sale of San Onofre nuclear fuel.

Edison International Reports Fourth Quarter and Full-Year 2021 Financial Results

Page 6 of 10

⁵ Includes an impairment charge of $34 million ($25 million after-tax) recorded in the second quarter of 2020 for Edison International Parent and Other related to Edison Energy's goodwill.

⁶ Includes an impairment charge of $79 million ($47 million after-tax) recorded in the third quarter of 2021 related to disallowed historical capital expenditures in SCE's 2021 GRC final decision.

⁷ Includes an income tax benefit of $115 million for Edison International Parent and Other recorded in the fourth quarter of 2021 related to the settlement of the 2007 – 2012 California tax audits with the California Franchise Tax Board.

⁸ Includes a gain of $132 million ($96 million after-tax) recorded in the fourth quarter of 2020 for Edison International Parent and Other's sale of an investment in a lease of a hydroelectric power plant in Vidalia, Louisiana.

⁹ Includes earnings of $24 million (17 million after-tax) for Edison International Parent and Other recorded in the fourth quarter of 2021 related to customer revenues for EIS insurance contract.

Edison International Reports Fourth Quarter and Full-Year 2021 Financial Results

Page 7 of 10

Consolidated Statements of Income	Edison International
	Three months ended				Twelve months ended
	December 31,				December 31,
(in millions, except per-share amounts)	2021		2020		2021		2020
Total operating revenue	$	3,331	$	3,157	$	14,905	$	13,578
Purchased power and fuel		1,156		1,119		5,540		4,932
Operation and maintenance		828		724		3,645		3,609
Wildfire-related claims, net of insurance recoveries		—		25		1,276		1,328
Wildfire Insurance Fund expense		54		84		215		336
Depreciation and amortization		561		504		2,218		1,967
Property and other taxes		109		110		465		438
Impairment and other expense (income)		2		(70)		71		(116)
Gain on sale of lease interest and other operating income		—		(133)		(2)		(133)
Total operating expenses		2,710		2,363		13,428		12,361
Operating income		621		794		1,477		1,217
Interest expense		(231)		(226)		(925)		(902)
Other income		42		34		237		251
Income before income taxes		432		602		789		566
Income tax (benefit) expense		(139)		50		(136)		(305)
Net income		571		552		925		871
Preferred and preference stock dividend requirements of SCE		26		26		106		132
Preferred stock dividend requirement of Edison International		22		—		60		—
Net income attributable to Edison International common shareholders	$	523	$	526	$	759	$	739
Basic earnings per share:
Weighted average shares of common stock outstanding		380		378		380		373
Basic earnings per common share attributable to Edison International common shareholders	$	1.38	$	1.39	$	2.00	$	1.98
Diluted earnings per share:
Weighted average shares of common stock outstanding, including effect of dilutive securities		381		379		380		374
Diluted earnings per common share attributable to Edison International common shareholders	$	1.37	$	1.39	$	2.00	$	1.98

Edison International Reports Fourth Quarter and Full-Year 2021 Financial Results

Page 8 of 10

Consolidated Balance Sheets	Edison International
	December 31,		December 31,
(in millions)	2021		2020
ASSETS
Cash and cash equivalents	$	390	$	87
Receivables, less allowances of $193 and $188 for uncollectible accounts at respective dates		1,398		1,130
Accrued unbilled revenue		794		521
Insurance receivable		—		708
Inventory		420		405
Prepaid expenses		258		281
Regulatory assets		1,778		1,314
Wildfire Insurance Fund contributions		204		323
Other current assets		249		292
Total current assets		5,491		5,061
Nuclear decommissioning trusts		4,870		4,833
Marketable securities		12		—
Other investments		39		53
Total investments		4,921		4,886
Utility property, plant and equipment, less accumulated depreciation and amortization of $11,407 and $10,681 at respective dates		50,497		47,653
Nonutility property, plant and equipment, less accumulated depreciation of $98 and $94 at respective dates		203		186
Total property, plant and equipment		50,700		47,839
Receivables, less allowances of $116 uncollectible accounts at December 31, 2021		122		—
Regulatory assets (includes $325 at December 31, 2021 related to Variable Interest Entities "VIEs")		7,660		7,120
Wildfire Insurance Fund contributions		2,359		2,443
Operating lease right-of-use assets		1,932		1,088
Long-term insurance receivable		75		75
Other long-term assets		1,485		860
Total long-term assets		13,633		11,586
Total assets	$	74,745	$	69,372

Edison International Reports Fourth Quarter and Full-Year 2021 Financial Results

Page 9 of 10

Consolidated Balance Sheets	Edison International
	December 31,		December 31,
(in millions, except share amounts)	2021		2020
LIABILITIES AND EQUITY
Short-term debt	$	2,354	$	2,398
Current portion of long-term debt		1,077		1,029
Accounts payable		2,002		1,980
Wildfire-related claims		131		2,231
Customer deposits		193		243
Regulatory liabilities		603		569
Current portion of operating lease liabilities		582		215
Other current liabilities		1,667		1,612
Total current liabilities		8,609		10,277
Long-term debt (Includes $314 at December 31, 2021 related to VIEs)		24,170		19,632
Deferred income taxes and credits		5,740		5,368
Pensions and benefits		496		563
Asset retirement obligations		2,772		2,930
Regulatory liabilities		8,981		8,589
Operating lease liabilities		1,350		873
Wildfire-related claims		1,733		2,281
Other deferred credits and other long-term liabilities		3,105		2,910
Total deferred credits and other liabilities		24,177		23,514
Total liabilities		56,956		53,423
Commitments and contingencies
Preferred stock (50,000,000 shares authorized; 1,250,000 shares of Series A and 750,000 shares of Series B issued and outstanding at December 31, 2021)		1,977		—
Common stock, no par value (800,000,000 shares authorized; 380,378,145 and 378,907,147 shares issued and outstanding at respective dates)		6,071		5,962
Accumulated other comprehensive loss		(54)		(69)
Retained earnings		7,894		8,155
Total Edison International's shareholders' equity		15,888		14,048
Noncontrolling interests – preference stock of SCE		1,901		1,901
Total equity		17,789		15,949
Total liabilities and equity	$	74,745	$	69,372

Edison International Reports Fourth Quarter and Full-Year 2021 Financial Results

Page 10 of 10

Consolidated Statements of Cash Flows	Edison International
	Year ended December 31,
(in millions)	2021		2020		2019
Cash flows from operating activities:
Net income	$	925	$	871	$	1,405
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization		2,288		2,029		1,803
Allowance for equity during construction		(118)		(121)		(101)
Impairment and other expense (income)		71		(116)		184
Gain on sale of lease interest and other operating income		(2)		(133)		(5)
Deferred income taxes		43		(296)		(284)
Wildfire Insurance Fund amortization expense		215		336		152
Other		40		36		34
Nuclear decommissioning trusts		(256)		(197)		(106)
Proceeds from Morongo Transmission LLC		400		—		—
Contributions to Wildfire Insurance Fund		(95)		(95)		(2,457)
Changes in operating assets and liabilities:
Receivables		(514)		(283)		(76)
Inventory		(21)		(43)		(83)
Accounts payable		138		87		288
Tax receivables and payables		13		113		88
Other current assets and liabilities		(333)		4		(13)
Regulatory assets and liabilities, net		(720)		(1,799)		(1,278)
Wildfire-related insurance receivable		708		932		285
Wildfire-related claims		(2,648)		(56)		(101)
Other noncurrent assets and liabilities		(123)		(6)		(42)
Net cash provided by (used in) operating activities		11		1,263		(307)
Cash flows from financing activities:
Long-term debt issued or remarketed, plus premium and net of discount and issuance costs of $(43), $23 and $(4) for the respective years		5,412		3,073		3,696
Long-term debt repaid or repurchased		(1,037)		(1,099)		(82)
Short-term debt issued		2,654		2,994		1,750
Short-term debt repaid		(2,255)		(1,126)		(1,750)
Common stock issued		32		912		2,391
Preferred stock issued, net		1,977		—		—
Preferred and preference stock redeemed		—		(308)		—
Commercial paper (repayments) borrowing, net		(254)		304		(172)
Dividends and distribution to noncontrolling interests		(106)		(118)		(121)
Common stock dividends paid		(988)		(928)		(810)
Preferred stock dividends paid		(35)		—		—
Other		45		23		1
Net cash provided by financing activities		5,445		3,727		4,903
Cash flows from investing activities:
Capital expenditures		(5,505)		(5,484)		(4,877)
Proceeds from sale of nuclear decommissioning trust investments		3,961		5,927		4,389
Purchases of nuclear decommissioning trust investments		(3,705)		(5,730)		(4,283)
Other		98		316		93
Net cash used in investing activities		(5,151)		(4,971)		(4,678)
Net increase (decrease) in cash, cash equivalents and restricted cash		305		19		(82)
Cash, cash equivalents and restricted cash at beginning of year		89		70		152
Cash, cash equivalents and restricted cash at end of year	$	394	$	89	$	70

EX-99.2

Exhibit 99.2

Prepared Remarks of Edison International CEO and CFO

Fourth Quarter 2021 Earnings Teleconference

February 24, 2022, 1:30 p.m. (PT)

Pedro Pizarro, President and Chief Executive Officer, Edison International

Today, Edison International reported core earnings per share of $4.59 for 2021, which exceeded the guidance range we provided on last quarter’s call and was higher than $4.52 a year ago. We are introducing our 2022 EPS guidance range of $4.40 to $4.70 and are reiterating our high confidence in our longer-term EPS growth target of 5 to 7% through 2025. Maria will discuss our financial performance and outlook.

In my comments today, I will address three key themes that underpin the double-digit total return potential for EIX shares. I will start with the tremendous progress and results achieved by SCE in recent years in reducing wildfire risk, and what gives us increased confidence of further risk reduction. I will then highlight our clean energy transformation that is underway and the substantial capital investment opportunities over the next few years to support the state’s goals. Lastly, I will discuss our operational excellence culture that will enable us to deliver greater value for customers, investors, employees, and other stakeholders. These initiatives, combined with our dividend yield, present an attractive total shareholder return potential — before even factoring the increase in our price-to-earnings multiple that we believe is merited by SCE’s wildfire risk reduction to date and ongoing utility and government wildfire mitigation efforts.

I am extremely pleased to say that the 2021 fire season marks the third consecutive year without a catastrophic wildfire associated with SCE’s infrastructure. This is despite another severe wildfire season and intensifying drought conditions in the state. We believe this illustrates the cumulative effect of SCE’s and the state’s wildfire mitigation investments and practices over the last several years, as shown on page 3. During 2021, the utility continued its strong execution of its wildfire mitigation plan and in many cases exceeded program goals.

In its 2022 wildfire mitigation plan update, SCE reiterated that covered conductor is one of the most effective measures to reduce wildfire and PSPS risks in its service area. As shown on page 4, several factors contribute to our confidence in the covered conductor program. Further, SCE is evaluating the potential for additional enhanced mitigation, including undergrounding in certain areas based on unique factors. Reducing wildfire risk will remain a top priority for the company and this will require significant capital investment, including $2.2 billion over the next two years through the GRC track 1 period. Overall, SCE estimates that its mitigation work through December 2021 has reduced the probability of losses from catastrophic wildfire by 65 to 70% relative to pre-2018 levels; note that this is an increase from the 55 to 65% we reported previously for mitigation work through June 2021. As shown on page 5, SCE expects to further reduce risk with continued grid hardening investments, including deploying an additional 1,100 miles of covered conductor in 2022.

This encouraging risk reduction metric does not take into account significant improvements at the state and federal levels to date and in progress. The governor’s proposed budget continues the trend of increased wildfire suppression and prevention investment, with CAL FIRE’s headcount set to be 45% higher than just five years ago. It also includes continued funding for aerial resources and the investments to date already have made CAL FIRE’s fleet of more than 60 aircraft the largest civil aerial firefighting fleet in the world. The state budget would also add $1.2 billion to the previously approved $1.5 billion Wildfire and Forest Resilience Strategy to support forest health and fire prevention. We were also pleased to see the Biden Administration’s multibillion dollar plan to bolster fire prevention in the West, as 57% of the forest lands in California are owned by the federal government.

Protecting against the threat of extreme weather today lays the foundation for the increasingly reliable and resilient grid necessary for the clean energy transition. Through SCE, one of the largest utilities in the country, Edison is leading this transition through its thought leadership and SCE’s programs to accelerate economywide electrification. On slide 6, I would like to highlight that Edison International has one of the strongest electrification profiles in the

2

industry. Starting with transportation electrification, SCE has the largest programs among U.S. investor-owned utilities, and California is on the leading edge of electric vehicle adoption. In fact, 1 in 7 EVs registered in the U.S. are in SCE’s service area. EV adoption will be critical to achieving California’s climate goals and we estimate this could add over 50 million megawatt hours of incremental electricity consumption by SCE’s customers by 2045.

Building electrification is another critical opportunity to reduce GHG emissions and is the area of the California economy where the least amount of progress has been made to date. In December, SCE proposed a $677 million program to jumpstart widespread adoption of electric heat pumps in buildings. Last month, Governor Newsom’s budget proposed almost $1 billion to accelerate building decarbonization. The governor’s proposal is a welcome complement to SCE’s plan and is a meaningful addition to help meet California’s climate goals. Additionally, energy storage will be an important part of an electric-led future to ensure reliability of the grid. As we highlighted previously, SCE is investing $1 billion to construct 535 megawatts of utility-owned storage. The CPUC has approved this investment and the project is on track to be in service by August.

These projects and programs help to advance the vision set forth in SCE’s Pathway 2045 analysis. Underpinning the need to electrify the economy is substantial continued investment in the grid through 2045. In late January, the California ISO released its first ever 20-year transmission outlook, which estimates over $30 billion of transmission investment is needed by 2040 to meet the state’s climate goals. We see this as generally consistent with SCE’s Pathway 2045 work that identified over $40 billion of transmission investment CAISO-wide. SCE estimates that CAISO’s outlook includes approximately $8 billion of transmission investments in our utility’s service area, which supports the potential for continued long-term rate base growth beyond 2025. The SCE team will be fully engaged in the CAISO processes that lie ahead to turn this conceptual plan into real projects, and will be focused on bringing ideas to the CAISO table that maximize the value of existing transmission lines, upgrades and new projects to make the clean energy transition as affordable as possible for all CAISO customers. In

3

upcoming regulatory proceedings, including 2021 GRC track 4 and the 2025 GRC, SCE will provide greater visibility into the near-term investments needed to ensure we remain on-track to help achieve the state’s climate goals.

To achieve our ambitious long-term goals, operational excellence is imperative and will be a constant focus.For over a decade, SCE has proactively pursued cost-reduction efforts to manage affordability for its customers. This focus on cost management has allowed the utility to absorb some of the rising cost to serve customers, which in recent years has largely been driven by investments to reduce wildfire risk and strengthen the grid’s reliability. I want to highlight that SCE’s system average rate has grown less than local inflation over the last 20 years, and SCE’s average rate is the lowest among the large California IOUs. Last year, SCE advanced its operational capabilities with new systems and digital tools deployed across the company that resulted in enhanced data quality, improved power line inspection and maintenance, and enriched abilities to gather and act on customer feedback. To further our capabilities and focus on operational excellence, we launched an employee-led continuous improvement program late last year. Employees have enthusiastically provided thousands of ideas that we believe will have positive, measurable impact on safety, affordability, and quality. We expect the ideas that SCE will implement over the next two years will enable delivering greater value for customers, investors, employees, and other stakeholders. I look forward to telling you about the results of this program in the future.

Maria Rigatti, Executive Vice President and Chief Financial Officer, Edison International

My comments today will cover fourth quarter 2021 results, our capital expenditure and rate base forecasts, our 2022 guidance, and updates on other financial topics.

Edison International reported core earnings of $1.16 per share for the fourth quarter. Full year 2021 core EPS was $4.59, which exceeded our guidance range.

4

On page 7, you can see SCE’s key fourth quarter EPS drivers on the right-hand side. Core EPS increased year-over-year primarily due to higher revenue from the 2021 GRC final decision and income tax benefits from the settlement of California tax audits, partially offset by higher O&M expenses and higher net financing costs. The increase in O&M is due to a variety of miscellaneous items. Net financing costs were higher primarily due to the debt issued throughout 2021 to finance the resolution of wildfire-related claims. At EIX Parent and Other, the core loss per share was 7 cents higher than in fourth quarter 2020. This was primarily due to dividends on the preferred equity we issued at the parent in March and November of 2021.

Now let’s move to SCE’s capital expenditure and rate base forecasts. As shown on page 8, we continue to see significant capital expenditure opportunities at SCE driven by investments in the safety and reliability of the grid. In 2022, we project the highest capital spending level in our history, which includes SCE’s $1 billion investment in utility-owned storage to support summer 2022 reliability.

As shown on page 9, our capital forecast results in projected rate base growth of 7 to 9% from 2021 to 2025. We are confident in this range, which is driven by continued investment in wildfire mitigation, infrastructure replacement, and SCE’s programs to accelerate electrification.

Page 10 provides an update on the 2022 cost of capital proceeding. The CPUC’s scoping memo separates the cost of capital mechanism into two issues: whether extraordinary circumstances warrant a departure from the cost of capital mechanism and, if so, how to set the cost of capital for 2022. SCE recently submitted its opening testimony, reiterating that extraordinary circumstances over the last couple of years warrant a departure from the mechanism and recommending that the 2022 cost of capital components should be left unchanged. Our earnings guidance is based on this position and in consideration of the wide range of potential outcomes in the proceeding. I will address this when I discuss our 2022 earnings guidance. Additionally, the CPUC ruled that this proceeding is limited to 2022 and

5

directed the utilities to file their cost of capital requests for 2023 through 2025 at the regularly scheduled time, which is in April of this year.

Turning to page 11, SCE continues to make solid progress settling individual plaintiff claims across the 2017 and 2018 Wildfire and Mudslide Events. In total, the utility has resolved approximately 78% of the best estimate of total losses. At the appropriate time, SCE will seek CPUC recovery of eligible and prudently-incurred costs. As a reminder, SCE is funding claims payments with debt that is outside its ratemaking capital structure.

Turning to guidance, pages 12 and 13 show our 2022 guidance and the key assumptions for modeling purposes. We are initiating a 2022 EPS guidance range of $4.40 to $4.70. To address the components, let’s start with rate base EPS, which we forecast at $5.34. Given the status of SCE’s cost of capital proceeding, we are basing guidance on the current ROE of 10.3%. To help you better understand the sensitivity, a 10-basis point change in ROE results in a 4-cent change in EPS. After receiving a final decision from the CPUC, we will provide an update on guidance to incorporate any changes in the ROE and our outlook for the rest of the year.

Let’s next discuss SCE operational variances, which add to rate base earnings. This is forecasted at a net contribution of 11 to 38 cents per share. This includes 10 cents related to the currently authorized costs of debt and preferred equity that will be addressed in the 2022 cost of capital proceeding I mentioned a moment ago. Consistent with our approach with ROE, the currently authorized costs of debt and preferred are reflected in guidance. As we expected, the remaining variances are not as large as we have seen in the past. Prior years benefitted from items that aren’t expected to recur going forward.

For EIX Parent and Other, we expect a total expense of 70 to 73 cents per share. The year over year increase is driven primarily by a full year of dividend expense from the $2 billion of preferred equity issued last year.

6

Lastly, we have 32 cents per share of SCE costs excluded from authorized. The primary increase in this category is the interest expense on debt issued to fund wildfire claims payments. As we previously communicated, SCE will have a full year of interest on the debt issued during 2021 plus interest on debt issued throughout 2022 to fund additional settlements.

I would now like to provide the parent company’s 2022 financing plan. Turning to page 14, we project total financing needs of $1.2 billion, including the $300 to $400 million of equity content we previously discussed. We continue to expect to issue securities with an annual average of up to $250 million of equity content from 2022 through 2025. In 2022, the amount is higher than average because of SCE’s $1 billion utility owned storage investment that was accelerated into this year. However, this does not increase the total expected over the period. Additionally, we expect to refinance the $700 million of maturing parent debt with new debt issuances.

Turning to page 15, we are confident in reiterating our 5 to 7% EPS CAGR from 2021 to 2025. This would result in 2025 earnings of approximately $5.50 to $5.90 per share. We have provided modeling considerations for 2025 EPS to give clarity behind our confidence in achieving this range. As you can see in the table on the right, we expect 2025 EPS to be driven by strong growth in SCE’s rate base earnings, with offsets from increases in financing costs at the parent and costs to fund wildfire claims payments. Our earnings growth is underpinned by the capital investment opportunities at SCE that will create a strong foundation for climate adaptation and the clean energy transition.

7

EX-99.3

Exhibit 99.3

February 24, 2022 Fourth Quarter and Full - Year 2021 Financial Results

1 Statements contained in this presentation about future performance, including, without limitation, operating results, capital ex penditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward - looking statements. These forward - looking statements r eflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward - looking stateme nts represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Im por tant factors that could cause different results include, but are not limited to the: • ability of SCE to recover its costs through regulated rates, including uninsured wildfire - related and debris flow - related costs, costs incurred to mitigate the risk of utility equipment causing future wildfires, costs incurred to implement SCE's new customer service system, costs incurred as a result of the CO VID - 19 pandemic, and increased labor and materials costs due to supply chain constraints and inflation; • ability of SCE to implement its Wildfire Mitigation Plan and capital program; • risks of regulatory or legislative restrictions that would limit SCE’s ability to implement Public Safety Power Shutoff (“PSP S”) when conditions warrant or would otherwise limit SCE’s operational PSPS practices; • risks associated with implementing PSPS, including regulatory fines and penalties, claims for damages and reputational harm; • ability of SCE to maintain a valid safety certification; • ability to obtain sufficient insurance at a reasonable cost, including insurance relating to SCE's nuclear facilities and wil dfi re - related claims, and to recover the costs of such insurance or, in the event liabilities exceed insured amounts, the ability to recover uninsured losses from customers or other parties; • extreme weather - related incidents (including events caused, or exacerbated, by climate change, such as wildfires, debris flows, droughts, high wind events and extreme heat events) and other natural disasters (such as earthquakes), which could cause, among other things, public safety issues, property damage, ope rational issues (such as rotating outages and issues due to damaged infrastructure), PSPS activations and unanticipated costs; • risk that California Assembly Bill 1054 (“AB 1054”) does not effectively mitigate the significant exposure faced by Californi a i nvestor - owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including the longevity o f t he Wildfire Insurance Fund and the CPUC's interpretation of and actions under AB 1054, including its interpretation of the prudency standard established under AB 1054; • ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its co ntract workers; • decisions and other actions by the California Public Utilities Commission, the Federal Energy Regulatory Commission, the Nucl ear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, determinations of authorized rates of re turn or return on equity, the recoverability of wildfire - related and debris flow - related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, approval an d implementation of electrification programs, and delays in executive, regulatory and legislative actions; • ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms; • risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public oppositi on, permitting, governmental approvals, on - site storage of spent nuclear fuel, delays, contractual disputes, and cost overruns; • pandemics, such as COVID - 19, and other events that cause regional, statewide, national or global disruption, which could impact, among other things, Edison International's and SCE's business, operations, cash flows, liquidity and/or financial results and cause Edison International and SCE to incur unantici pat ed costs; • physical security of Edison International's and SCE's critical assets and personnel and the cybersecurity of Edison Internati ona l's and SCE's critical information technology systems for grid control, and business, employee and customer data; • risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible cus tom er bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to g ene rate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers , o ther than electrical corporations (like SCE) and CCAs); • risks inherent in SCE’s capital investment program, including those related to project site identification, public opposition , e nvironmental mitigation, construction, permitting, changes in the California Independent System Operator’s transmission plans, and governmental approvals; and • risks associated with the operation of electrical facilities, including worker and public safety issues, the risk of utility ass ets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts. Other important factors are discussed under the headings “Forward - Looking Statements”, “Risk Factors” and “Management’s Discussi on and Analysis” in Edison International’s Form 10 - K and other reports filed with the Securities and Exchange Commission, which are available on our website: www.edisoninvestor.c om. These filings also provide additional information on historical and other factual data contained in this presentation. Forward - Looking Statements February 24, 2022

2 Edison International Fourth Quarter Update Q4 2021 core EPS driven by rate base growth GAAP EPS: $1.38 Core EPS 1 : $1.16 EIX announces 2022 EPS guidance $4.40 – 4.70 2022 Core EPS 1 Strong execution of wildfire mitigation plan, exceeding many program goals Installed ~1,500 miles of covered conductor in 2021, bringing total to 2,900+ miles SCE continues leadership of clean energy transition with building electrification filing Proposed $677 million 2 plan to incentivize building electrification EIX reiterates long - term EPS growth rate 5 – 7% EPS CAGR 2021 – 2025 3 1. See Earnings Per Share Non - GAAP Reconciliations and Use of Non - GAAP Financial Measures in Appendix 2. Composed of $200 million for customer - side electrical infrastructure upgrades for which SCE has requested inclusion as a regulat ory asset in rate base, $69 million in capital expenditures, and $408 million of operations and maintenance expense includes heat pump incentives, program administration, and implementation costs 3. Compound annual growth rate (CAGR) based on the midpoint of the initial 2021 EPS guidance range of $4.42 – 4.62 established Septem ber 16, 2021 February 24, 2022

3 The 2021 fire season marks 3 consecutive years without a catastrophic wildfire associated with SCE’s infrastructure 1 February 24, 2022 SCE’s grid hardening and situational awareness measures ~30% of overhead wires in HFRA with covered conductor 2 1. While there is not universal consensus on the threshold that qualifies a wildfire as “catastrophic,” both OEIS and the SB 901 /AB 1054 statutory framework use the term to guide wildfire mitigation activities and regulatory requirements. For purposes of this presentation, SCE is using OEIS’s definition of a “catastrophic wil dfire,” which is as follows: A wildfire directly causing one or more deaths, damaging or destroying more than 500 structures, or burning more than 140,000 acres of land 2. HFRA = High Fire Risk Areas; refers to distribution infrastructure in HFRA 3. Based on 2021 weather and fuel conditions 4. CAL FIRE positions based on the 2017 - 18 California State Budget as originally enacted and the Governor’s Proposed 2022 - 23 Budget .. Includes all CAL FIRE positions. Source of size of CAL FIRE fleet is CAL FIRE. Budget support for Wildfire & Forest Resilience Strategy includes $1.5 billion included in the 2021 - 22 state budget an d $1.2 billion included in the Governor’s Proposed 2022 - 23 Budget 80%+ of circuits 2 programmed with fast curve settings to protect against faults 1,460+ weather stations providing real - time weather data 166 HD cameras providing thorough coverage of HFRA California investment in wildfire suppression and prevention ~45% increase in CAL FIRE positions since 2017 4 SCE’s improved PSPS execution and community support 64 Community resource centers to provide resources and support for customers during PSPS events 6,000+ critical care backup batteries deployed in 2021 to support customers 60+ aircraft in CAL FIRE’s fleet — largest civil aerial firefighting fleet in the world 4 $2.7 billion State budget support for Wildfire & Forest Resilience Strategy 4 70%+ reduction in PSPS outage time in 2021 on frequently impacted circuits 3

4 https://library.sce.com/conten t/dam/eix/documents/investo rs/wildfires - document - library/Wildfire_CaliforniaBiom es.pdf Covered conductor is one of the most effective measures to reduce wildfire and PSPS risks in SCE’s service area February 24, 2022 Execution Speed Geography Unique Factors Cost to Implement ~ 1.5 ~ 5.5 ~ 0.6 Under- ground Covered Conductor Undergrounding is considered where there is: • High burn frequency • Limited egress • Wind speeds exceeding covered conductor PSPS thresholds • Exceptionally high potential consequence (>10,000 acres) Covered conductor can be deployed within 16 – 24+ months, and sometimes faster Undergrounding generally takes 25 – 36+ months Covered conductor installation costs significantly lower than undergrounding Undergrounding costs vary depending on construction methods, locational, and operational factors Contact from vegetation and other objects is a key risk factor in much of SCE’s area Covered conductor is very effective in mitigating these risks 1. Based on data provided in SCE’s 2022 WMP Update 2. Through December 31, 2021 3. Undergrounded miles is a hypothetical approximation of underground lines that could have been constructed through December 31 , 2 021, based on SCE’s assumptions and experience with planning and executing undergrounding projects Covered conductor is a very valuable tool to expeditiously and cost - effectively reduce wildfire risk specific to SCE. Undergrounding considered for certain locations based on risk profile Cost per mile 1 $ in Millions Chaparral (brushland) presents different primary risk factors than heavily forested areas ~65 – 90% lower Click to view larger image Vegetation Type Evergreen Forest Deciduous Forest Broadleaved Forest Chaparral Grassland Desert Scrub Actual installed miles of covered conductor 2 vs. hypothetical undergrounded miles 3 ~A few Hundred Covered Conductor Under - ground ~2,900+ Several hundred miles currently under consideration for additional enhanced mitigation, including undergrounding

5 SCE estimates its wildfire mitigation and PSPS have reduced probability of losses from catastrophic wildfires by ~65 - 70% 1,2 1. Baseline risk estimated by RMS using its wildfire model, the location of SCE’s assets, and SCE reported ignitions from 2014 - 2020 .. Risk reduction calculated by applying SCE - provided mitigation effectiveness and locations of covered conductor, tree removals, inspections, line clearing, and PSPS. Ra nge may vary for other loss thresholds 2. Includes 50,000 year - long simulations using 20 years of weather and fire modeling weighted for the last 5 years to reflect recen t experience and climate - change impacts 3. Annual losses represent potential claims resulting from wildfire. Total potential insured losses, such as damages to assets o f h omeowners and businesses, estimated by RMS, and uninsured losses, such as personal injury, fire suppression, and damage to publicly - owned assets estimated by SCE based on m anagement experience and judgment 4. Fund refers to AB 1054 Wildfire Insurance Fund. SCE used the one - year RMS loss estimates with its estimates for the size of unin sured losses to quantify the reduction in probability of experiencing $3.5 billion in losses over a three - year period, excess of $1 billion aggregate each year, after whi ch the AB 1054 liability cap would apply SCE expects to further reduce risk and decrease the need for PSPS with continued grid hardening investments Pre - 2018 Q4 2021 Estimated Risk Reduction PSPS Contribution Annual Risk of ≥$1.0 billion loss 3 ~7.6% ~2.6% ~65% reduction in estimated probability of accessing the Wildfire Fund Risk of ≥$3.5 billion drawn from Fund over 3 years 3 ~4.2% ~1.3% ~70% reduction in estimated probability of exceeding AB 1054 liability cap 1. Baseline risk estimated by Risk Management Solutions, Inc. (RMS) using its wildfire model, relying on the following data prov ide d by SCE: the location of SCE’s assets, reported ignitions from 2014 – 2020, mitigation effectiveness and locations of installed covered conductor, tree removals, inspections, line clearing, and P SPS de - energization criteria 2. There are risks inherent in the simulation analyses, models and predictions of SCE and RMS relating to the likelihood of and dam age due to wildfires. As with any simulation analysis or model related to physical systems, particularly those with lower frequencies of occurrence and potentially high severity outcomes, the actu al losses from catastrophic wildfire events may differ from the results of the simulation analyses and models of RMS and SCE. Range may vary for other loss thresholds 3. Includes ( i ) total potential insured losses estimated by RMS, and (ii) total potential uninsured losses estimated by SCE based on manage men t experience and consultation with insurance industry experts. “Fund” refers to CA AB 1054 Wildfire Insurance Fund. SCE used RMS loss estimates along with its estimates of uninsur ed losses to quantify the reductions in estimated probability. Q4 2021 results now include a “Post Loss Amplification Factor” which accounts for dimensions like post - event resource scarcity (e.g., la bor, materials) February 24, 2022 30% of total risk reduction vs. 40% as of Q2 2021 Decreasing dependency on PSPS vs. 55% as of Q2 2021 vs. 65% as of Q2 2021

6 Transportation Electrification Energy Storage Edison International has one of the strongest electrification profiles in the industry February 24, 2022 Building Electrification 1. As of December 2021. Source: DMV on data provided by EPRI 2. Based on SCE analysis. SCE’s Pathway 2045 analysis estimates that 7.5 million light - duty EVs are needed by 2030 for California t o meet its decarbonization target Largest U.S. IOU EV charging programs with over $800 million of approved funding Substantial state budget commitments to accelerate zero - emission vehicles 1 in 7 U.S. EVs are in SCE’s service area 1 Current trajectory of 4.7 million EVs in CA (1.7 million in SCE’s area) by 2030, and need to achieve 7.5 million 2 Represents ~6.7 million MWh of incremental load in SCE’s area by 2030 and ~50 million MWh by 2045 SCE recently proposed $677 million plan to accelerate adoption of 250,000 heat pumps State’s proposed $962 million investment in building decarbonization complements SCE’s plan Target to have 20 million residential heat pumps in California by 2045 Represents ~2.2 million MWh of incremental load in SCE’s area by 2030 ~9.8 million MWh by 2045 SCE has installed or procured ~3.2 GW of storage capacity SCE constructing ~535 MW of utility - owned storage to support reliability Project 30 GW of utility - scale storage needed California - wide by 2045 Growing energy storage capacity supports reliability as economy increasingly relies on electricity

7 Higher revenue 0.11 $ CPUC revenue - 2021 GRC authorized 0.18 CPUC revenue - Other 3 (0.09) FERC and other operating revenue 0.02 Higher O&M (0.08) Wildfire-related claims 0.05 Higher depreciation (0.11) Higher net financing costs (0.03) Income taxes 3 0.08 Other income and expenses 0.02 Total core drivers 0.04 $ Non-core items 1 (0.08) Total (0.04) $ (0.07) $ Total core drivers (0.07) $ Non-core items 1 0.10 Total 0.03 $ Key SCE EPS Drivers 2 Key EIX EPS Drivers 2 EIX Parent and Other - Higher preferred dividend Fourth Quarter Earnings Summary February 24, 2022 1. See Earnings Non - GAAP Reconciliation and Use of Non - GAAP Financial Measures in Appendix 2. For comparability, 2021 fourth quarter core EPS drivers are reported based on 2020 weighted - average share count of 378.7 million .. 2021 fourth quarter weighted - average shares outstanding is 380.1 million 3. Includes $0.02 of higher tax benefits related to balancing accounts, which are offset in revenue Note: Diluted earnings were $1.37 and $1.39 per share for the three months ended December 31, 2021 and 2020, respectively Q4 2021 Q4 2020 Variance Basic Earnings Per Share (EPS) SCE 1.21 $ 1.25 $ (0.04) $ EIX Parent & Other 0.17 0.14 0.03 Basic EPS 1.38 $ 1.39 $ (0.01) $ Less: Non-core Items 1 SCE (0.13) $ (0.05) $ (0.08) $ EIX Parent & Other 0.35 0.25 0.10 Total Non-core Items 0.22 $ 0.20 $ 0.02 $ Core Earnings Per Share (EPS) SCE 1.34 $ 1.30 $ 0.04 $ EIX Parent & Other (0.18) (0.11) (0.07) Core EPS 1.16 $ 1.19 $ (0.03) $

8 Range Case 2 n/a 6.0 5. 2 5.2 5.2 5.4 6.2 5.5 – 5.7 6.0 6.8 2021 2022 2023 2024 2025 SCE has significant capital expenditure opportunities driven by investments in the safety and reliability of the grid February 24, 2022 Capital deployment expected to increase beyond the current GRC cycle and will be proposed in future applications Capital Expenditures, $ in Billions Total 2021 – 2025 capital plan of $27 – 30 billion driven by investments in safety and reliability GRC track 1 and other approvals underpin spending through 2023 Primary 2023+ potential: – Deployment of incremental miles of covered conductor 3 – Investment to support infrastructure replacement and load growth – Transmission and energy storage investments to meet long - term state GHG targets 1. Forecast for 2024 includes amounts expected to be requested in track 4 of SCE’s 2021 GRC. Forecast for 2025 includes amounts cur rently expected to be requested in SCE’s 2025 GRC filing. Additionally, reflects non - GRC spending subject to future regulatory requests beyond GRC proceedings and FERC Formula Rate updat es 2. Annual Range Case capital reflects variability associated with future requests based on management judgment, potential for pe rmi tting delays and other operational considerations; GRC forecast is in line with authorized spend over the 2021 GRC track 1 cycle 3. The final decision in track 1 of SCE’s 2021 GRC established a cost recovery mechanism that would allow SCE to install additio nal covered conductor miles above the 4,500 circuit - mile level approved in the decision, including within the track 1 GRC period, subject to after - the - fact reasonableness review Future Requests 1

9 Range Case 2 n/a 38.5 41.2 43.8 46.6 2021 GRC track 1 decision provides rate base visibility through 2023; future applications expected to extend growth February 24, 2022 1. Weighted - average year basis. Excludes rate base associated with ~$1.6 billion of wildfire mitigation - related spend that shall no t earn an equity return under AB 1054 2. Range Case rate base reflects capital expenditure Range Case forecast 3. The final decision in track 1 of SCE’s 2021 GRC established a cost recovery mechanism that would allow SCE to install additio nal covered conductor miles above the 4,500 circuit - mile level approved in the decision, including within the track 1 GRC period, subject to after - the - fact reasonableness review From a 2021 base, rate base growth forecast of 7 – 9% through 2025, reflecting future incremental investment Rate Base 1 $ in Billions Forecast includes recovery of utility - owned storage for summer 2022 reliability and SCE’s building electrification request Substantial longer - term rate base growth potential from: – Deployment of incremental miles of covered conductor 3 – Investment to support infrastructure replacement and load growth – Transmission and energy storage investments to meet long - term state GHG targets 35.3 38.7 41.3 – 41.8 46.0 49.4 2021 2022 2023 2024 2025 ~9 % 2021 – 2025 CAGR Future Requests

10 CPUC’s scoping memo separates the 2022 cost of capital mechanism (CCM) into two steps 2022 cost of capital being addressed in ongoing proceeding; separately, IOUs will file cost of capital request for 2023 – ’25 February 24, 2022 Key Dates 2022 Cost of Capital Evidentiary hearing Feb. 24 – 25 Opening briefs Mar. 11 Reply briefs Mar. 25 Proposed decision on Phase 1 TBD Phase 2 (if necessary) TBD 2023 – 2025 Cost of Capital IOUs file applications April 20 1. In its application, and updated in its November 2021 compliance filing, SCE requested costs of capital of 10.53% for equity, 5.8 9% for preferred equity, and 4.32% for debt. As an alternative, SCE proposed maintaining its current ROE of 10.3% and setting the cost of preferred equity at 5.89% and the cost of debt at 4.32% Phase 1 (Current) Are there extraordinary circumstances that warrant a departure from the CCM for 2022?  ✓ or Cost of Capital Mechanism triggers; Phase 1 closes Equity 9.72% Preferred 5.89% Debt 4.32% WACC 7.21% Open Phase 2 to consider alternative proposals for 2022 1 Leave 2022 cost of capital at pre - 2022 levels; Phase 1 closes Equity 10.30% Preferred 5.70% Debt 4.74% WACC 7.68%

11 2017/2018 Wildfire/Mudslide Events Update: Less than 22% of best estimate remains February 24, 2022 SCE continues to make substantial progress resolving claims 1 Remaining expected potential losses, $ in Billions 7.5 1.6 Best Estimate of Total Losses Remaining Expected Potential Losses (At 12/31/2021) Less than 22 % of best estimate remains to be resolved SCE has not admitted wrongdoing or liability as part of any settlements California Attorney General's Office completed investigation of Thomas Fire and Woolsey Fire without pursuing criminal charges SCE will seek CPUC recovery of prudently - incurred, actual losses in excess of insurance 2 – SCE may seek recovery of 2017 and 2018 events in separate applications 1 1. After giving effect to approximately $131 million in fixed payments due under settlements executed before December 31, 2021, but not paid at December 31, 2021. In addition, the CPUC approved the SED Agreement in December 2021, but its approval has been legally challenged. SCE's obligations under the SED Agreement w ill only commence after CPUC approval of the SED Agreement is final and non - appealable 2. Other than for CPUC - jurisdictional rate recovery of the $375 million of losses foreclosed from cost recovery if the agreement wi th the Safety and Enforcement Division of the CPUC becomes final and non - appealable

12 EIX initiates 2022 core EPS guidance of $4.40 – 4.70 February 24, 2022 2022 Guidance 1 SCE 2022 Rate Base EPS 5.34 SCE Operational Variances 0.11 – 0.38 EIX Parent and Other (0.73) – (0.70 ) EIX Operational Results 4.72 – 5.02 SCE Costs Excluded from Authorized (0.32 ) EIX Consolidated Core EPS $4.40 – 4.70 1. 2022 guidance based on weighted average shares assumption of 381.4 million 2. SCE is unable to conclude, at this time, that these amounts are probable of recovery; however, recovery may be sought as part of future cost recovery applications Note: See Earnings Per Share Non - GAAP Reconciliations and Use of Non - GAAP Financial Measures in Appendix. All tax - effected infor mation on this slide is based on our current combined statutory tax rate of approximately 28%. Totals may not add due to rounding EIX 2022 Core Earnings Per Share Guidance Range Building from SCE Rate Base EPS Key components of variances from SCE rate base EPS 1 Rate Base EPS Recording at current cost of capital pending 2022 cost of capital decision SCE Operational Variances Includes financing benefits associated with 2022 cost of capital proceeding 0.10 EIX Parent and Other Operating expense, other (0.15) – (0.13 ) Interest expense (0.26 ) EIX preferred dividends (0.32) – (0.31 ) SCE Costs Excluded from Authorized Wildfire Insurance Fund contribution interest expense (0.09 ) Wildfire claims payment debt interest expense 2 (0.07 ) Short - and long - term incentive comp not in rates; SB 901 disallowed exec comp (0.16 )

13 2022 EIX Core Earnings Guidance Assumptions February 24, 2022 1. Beginning in 2023, Intervenors have an annual opportunity to terminate the TO2019A Formula Rate. The earliest any new rate co uld become effective is January 1, 2024 2. Does not include securities with equity content that could be issued to enable SCE to issue debt to finance payments for reso lut ion of claims related to the 2017/2018 Wildfire/Mudslide Events while allowing Edison International and SCE to maintain investment grade credit ratings Note: All tax - effected information on this slide is based on our current combined statutory tax rate of approximately 28% 2022 Assumption Additional Notes CPUC Rate Base ($ in Billions) $31.3 • Assumes CSRP track 1 decision in 2022. Decision delay would defer ~$55 million earnings to 2023 Return on Equity (ROE) 10.30% • ROE sensitivity: 4 cents EPS for 10bps change in ROE Equity in Capital Structure 52.0% FERC Rate Base ($ in Billions) $7.4 Return on Equity (ROE) 1 10.30% Equity in Capital Structure 1 47.5% Other Items SCE Operational Variances ($ Millions, after - tax) ~$40 – 145 Representative items: • AFUDC $120 • Financing benefits associated with 2022 cost of capital proceeding $38 • Shareholder - funded expenses not recovered in GRC $45 SCE Wildfire Claims Payment Debt Interest Expense ($ Millions, after - tax) ~$27 • SCE funds resolution of wildfire claims with debt. Additional debt expected to be issued during 2022 • $3 billion outstanding at 12/31/2021 EIX Equity Issuance 2 ($ in Millions) ~$300 – 400 of equity content • Higher than average of up to $250/year in 2022 – ’25 driven by anticipated capex associated with SCE's utility owned storage projects EIX Preferred Dividends ($ in Millions) ~$120

14 EIX parent projects total 2022 financing needs of $1.2 billion, including $300 – 400 million equity content February 24, 2022 1. Financing plans are subject to change 2. Edison International expects to issue securities containing up to $250 million of equity content annually, on average from 20 22 through 2025. The higher - than - average equity content expected in 2022 is driven by the anticipated capital expenditures associated with SCE's utility owned storage projects $1,200 $700 parent debt maturities $500 investment in SCE to support rate base growth Use of Proceeds 2022 EIX Financing Plan 1 $ in Millions Expect to issue securities with $300 – 400 million of equity content (consistent with prior disclosure) 2 in combination of: – Potential for cash proceeds of ~$400 – 600 million from preferred equity issuance (50% equity content) – ~$100 million common equity via internal programs (100% equity content) – If needed, use of at - the - market program (100% equity content) Expect to refinance $700 million of parent debt maturities with new debt issuances

15 4.52 4.40 – 4.70 5.50 – 5.90 2021 Guidance Midpoint 2022 Guidance 2023 2024 2025 EIX reaffirms 2021 – 2025 EPS growth rate target, which would result in 2025 EPS of $5.50 – 5.90 February 24, 2022 Earnings progression expected to continue to 2025 Core Earnings per Share 1. Based on the midpoint of initial 2021 Core EPS guidance range of $4.42 – 4.62 established September 16, 2021 2. Components are rounded to the nearest 5 cents and based on EIX 2022 guidance share count of 381.4 million shares. For the pur pos es of this illustration, all costs and dilution associated with any equity content issued beyond 2022 are reflected in the EIX Parent and Other line. Actual financing activity may vary and is s ubj ect to change 5 – 7% 2021 – ’25 CAGR 1 • Annual core EPS growth during the period expected to be non - linear • Growth in any given year can be outside the range 1 2025 Core EPS Components 2 Core Earnings per Share Key Assumptions • 2025 rate base ($bn) $46.6 – 49.4 – FERC ~16% of rate base • Authorized ROE 10.30% • Not assuming financing benefits during 2023 – 2025 period • Up to $250 million per year, on average, equity content 2022 – 2025, as previously disclosed Approximate Ranges 2 2025 Rate Base EPS $6.45 – 6.90 SCE Op. Variances 0.20 – 0.30 EIX Parent and Other (including dilution) (0.80) – (0.95 ) SCE Costs Excluded from Authorized (0.35 ) EIX Cons. Core EPS $5.50 – 5.90

16 EIX has double - digit total return potential, supported by leadership role in clean energy transition February 24, 2022 9 – 11%+ total return o pportunity 4 before potential P/E multiple expansion driven by estimated 65 – 70% risk reduction to - date, a nd ongoing utility and government wildfire mitigation efforts 1. Compound annual growth rate (CAGR) based on the midpoint of the 2021 Core EPS guidance range of $4.42 – 4.62 established on Septem ber 16, 2021 2. Based on EIX stock price on February 23, 2022 3. Building electrification programs subject to CPUC approval 4. At current P/E multiple. Excludes changes in P/E multiple and potential dividend growth 5 – 7% core EPS CAGR 1 2021 to 2025 Strong rate base growth of ~7 – 9% $27 – 30 billion 2021 – 2025 capital program 4%+ current dividend yield 2 Target dividend payout of 45 – 55% of SCE core earnings Investments in safety and reliability of the grid Wildfire mitigation execution reduces risk for customers Creates strong foundation for climate adaptation and the clean energy transition One of the strongest electrification profiles in the industry Industry - leading programs for transportation electrification and building electrification 3 Potential for 60% load growth by 2045

Appendix

18 Cash flow from memo account recovery and securitization strengthens our balance sheet and credit metrics February 24, 2022 Approved Applications Application / Account Balance @ Dec. 31 Recovery Through Rate Recovery by Year 2022 2023 2024 2025 ✓ GRC Track 1 (Jan. – Sept. 2021 Balance) 642 Dec. ’23 321 321 – – ✓ GRC Track 2 401 Feb. ’25 111 134 134 22 ✓ 2020 – 2021 Residential Uncollectibles 1 193 Feb. ’25 129 34 26 4 ✓ WEMA1 189 Dec. ’22 189 – – – ✓ 2019 CEMA 62 Dec. ’22 62 – – – Total 1,487 812 489 160 26 Pending & Future Applications (Subject to CPUC Authorization) Application Request 2 Expected Amort. 2 Expected Rate Recovery by Year 3 2022 2023 2024 2025 GRC Track 3 497 12 months 290 207 – – WEMA2 215 12 months 125 90 – – 2022 CEMA (to be filed) 4 212 12 months – – 212 – 2021 CEMA 132 12 months – 77 55 – Total 1,056 415 374 267 – Expected Securitizations 5 AB 1054 Capital Included In: Amount 2022 2023 2024 2025 ✓ GRC Tracks 1 & 2 (completed) 518 518 – – – GRC Track 3 730 – 730 – – Total 1,248 518 730 – – 1. 2020 – 2021 Residential Uncollectibles are tracked in a balancing account authorized by the CPUC and implemented in rates without a separate application 2. Requested revenue requirement for GRC track 3, WEMA2, 2022 CEMA, and 2021 CEMA; and securitization of AB 1054 capex for GRC t rac ks 1 – 3. Amounts and amortization subject to CPUC approval 3. Actual timing will depend on the timing of CPUC authorizations and implementation in customer rates or execution of securitiz ati on transactions 4. In 2022, SCE expects to file CEMA requests for 2020 Emergency Wildfire Restoration for recovery of amounts incremental to aut hor ized revenue requirements. Final requested amount may change 5. Amounts reflect capital costs recovered upfront via securitization. Recovery in customer rates of costs to service the bonds tak es place over the tenor of the debt at a fixed recovery charge rate GRC, Uncollectibles, Wildfire - related, and Wildfire Insurance Applications $ in Millions

19 Full - Year 2021 Earnings Summary February 24, 2022 1. See Earnings Non - GAAP Reconciliations and Use of Non - GAAP Financial Measures in Appendix 2. For comparability, 2021 core drivers are reported based on 2020 weighted - average share count of 372.7 million. 2021 weighted - ave rage shares outstanding is 379.7 million 3. Includes $0.42 of lower tax benefits related to balancing accounts, which are offset in revenue Note: Diluted earnings were $2.00 and $1.98 per share for the twelve months ended December 31, 2021 and 2020, respectively 2021 2020 Variance Basic Earnings Per Share (EPS) SCE 2.18 $ 2.17 $ 0.01 $ EIX Parent & Other (0.18) (0.19) 0.01 Basic EPS 2.00 $ 1.98 $ 0.02 $ Less: Non-core Items 1 SCE (2.94) $ (2.72) $ (0.22) $ EIX Parent & Other 0.35 0.18 0.17 Total Non-core Items (2.59) $ (2.54) $ (0.05) $ Core Earnings Per Share (EPS) SCE 5.12 $ 4.89 $ 0.23 $ EIX Parent & Other (0.53) (0.37) (0.16) Core EPS 4.59 $ 4.52 $ 0.07 $ Key SCE EPS Drivers 2 Higher revenue 0.82 $ CPUC revenue - 2021 GRC authorized 0.68 CPUC revenue - Other 3 0.04 FERC and other operating revenue 0.10 Lower O&M 0.51 Wildfire-related claims 0.04 Higher depreciation (0.47) Lower net financing costs 0.01 Income taxes 3 (0.45) Other (0.14) Property and other taxes (0.05) Other income and expenses (0.09) Results prior to impact from share dilution 0.32 $ Impact from share dilution (0.09) Total core drivers 0.23 $ Non-core items 1 (0.22) Total 0.01 $ (0.17) $ Results prior to impact from share dilution (0.17) $ Impact from share dilution 0.01 Total core drivers (0.16) $ Non-core items 1 0.17 Total 0.01 $ Key EIX EPS Drivers 2 EIX Parent and Other - Higher preferred dividend

20 Earnings Non - GAAP Reconciliations February 24, 2022 Q4 2021 Q4 2020 2021 2020 SCE 458 $ 474 $ 829 $ 810 $ EIX Parent & Other 65 52 (70) (71) Basic Earnings 523 $ 526 $ 759 $ 739 $ Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries (10) (10) (919) (899) Wildfire Insurance Fund expense (39) (61) (155) (242) Sale of San Onofre nuclear fuel — 50 7 108 Disallowed historical capital expenditures in SCE's GRC decision — — (47) — Re-measurement of tax assets and liabilities — — — 18 EIX Parent & Other Settlement of 2007 – 2012 California tax audits 115 — 115 — Customer revenues for EIS insurance contract 17 — 17 — Sale of Vidalia lease — 96 — 96 Goodwill impairment — — — (25) Re-measurement of tax liabilities — — — (3) Less: Total non-core items 83 $ 75 $ (982) $ (947) $ SCE 507 495 1,943 1,825 EIX Parent & Other (67) (44) (202) (139) Core Earnings 440 $ 451 $ 1,741 $ 1,686 $ 1. Non - core items are tax - effected at an estimated statutory rate of approximately 28% Reconciliation of EIX GAAP Earnings to EIX Core Earnings Earnings (Losses) Attributable to Edison International, $ in Millions 1

21 EIX Core EPS Non - GAAP Reconciliations February 24, 2022 1. 2021 EPS drivers are reported based on weighted - average share counts of 380.1 million and 379.7 million for fourth quarter and f ull year, respectively; 2020 EPS drivers are based on weighted - average share counts of 378.7 million and 372.7 million for fourth quarter and full year, respectively Reconciliation of EIX Basic Earnings Per Share to EIX Core Earnings Per Share EPS Attributable to Edison International 1 Q4 2021 Q4 2020 2021 2020 Basic EPS 1.38 $ 1.39 $ 2.00 $ 1.98 $ Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries (0.03) (0.02) (2.43) (2.41) Wildfire Insurance Fund expense (0.10) (0.16) (0.41) (0.65) Sale of San Onofre nuclear fuel — 0.13 0.02 0.29 Disallowed historical capital expenditures in SCE's GRC decision — — (0.12) — Re-measurement of tax assets and liabilities — — — 0.05 EIX Parent & Other Settlement of 2007 – 2012 California tax audits 0.30 — 0.30 — Customer revenues for EIS insurance contract 0.05 — 0.05 — Sale of Vidalia lease — 0.25 — 0.26 Goodwill impairment — — — (0.07) Re-measurement of tax liabilities — — — (0.01) Less: Total non-core items 0.22 0.20 (2.59) (2.54) Core EPS 1.16 $ 1.19 $ 4.59 $ 4.52 $

22 Low High Basic EIX EPS $4.40 $4.70 Total Non - Core Items 2 — — Core EIX EPS $4.40 $4.70 1. EPS is calculated on the assumed weighted - average share count for 2022 of 381.4 million 2. Non - core items are presented as they are recorded Earnings Per Share Non - GAAP Reconciliations February 24, 2022 Reconciliation of EIX Basic Earnings Per Share Guidance to EIX Core Earnings Per Share Guidance 1 2022 EPS Attributable to Edison International

23 Edison International's earnings are prepared in accordance with generally accepted accounting principles used in the United States. Management uses core earnings (losses) internally for financial planning and for analysis of performance. Core earnings (losses) are also used when communicating with investors and analysts regarding Edison International's earnings results to facilitate comparisons of the company's performance from period to period. Core earnings (losses) are a non - GAAP financial measure and may not be comparable to those of other companies. Core earnings (losses) are defined as earnings attributable to Edison International shareholders less non - core items. Non - core items include income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as write downs, asset impairments and other income and expense related to changes in law, outcomes in tax, regulatory or legal proceedings, and exit activities, including sale of certain assets and other activities that are no longer continuing. A reconciliation of Non - GAAP information to GAAP information is included either on the slide where the information appears or on another slide referenced in this presentation. EIX Investor Relations Contact Sam Ramraj, Vice President Derek Matsushima, Senior Manager (626) 302 - 2540 (626) 302 - 3625 Sam.Ramraj@edisonintl.com Derek.Matsushima@edisonintl.com Use of Non - GAAP Financial Measures February 24, 2022

XML

Document and Entity Information	Feb. 24, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 24, 2022
Entity File Number	1-9936
Entity Registrant Name	EDISON INTERNATIONAL
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	95-4137452
Entity Address, Address Line One	2244 Walnut Grove Avenue
Entity Address, Adress Line Two	(P.O. Box 976)
Entity Address, City or Town	Rosemead
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91770
City Area Code	(626)
Local Phone Number	302-2222
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	EIX
Security Exchange Name	NYSE
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000827052
Amendment Flag	false
Southern California Edison
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 24, 2022
Entity File Number	1-2313
Entity Registrant Name	SOUTHERN CALIFORNIA EDISON COMPANY
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	95-1240335
Entity Address, Address Line One	2244 Walnut Grove Avenue
Entity Address, Adress Line Two	(P.O. Box 800)
Entity Address, City or Town	Rosemead
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91770
City Area Code	(626)
Local Phone Number	302-1212
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000092103
Amendment Flag	false