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 25, 2021

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, 2020. Additionally, Edison International and SCE provide direct links to EIX and SCE presentations, documents and other information at www.edisoninvestor.com (Events and Presentations) in order to publicly disseminate such information.

Item  2.02    Results of Operations and Financial Condition

On February 25, 2021, 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, 2020. 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  7.01    Regulation 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 posted on www.edisoninvestor.com.

Item  9.01    Financial Statements and Exhibits

(d)    Exhibits

    EXHIBIT INDEX

Exhibit No.	Description
99.1	Edison International Press Release dated February 25, 2021
99.2	Edison International Fourth Quarter and Full-Year 2020 Financial Results Conference Call Prepared Remarks dated February 25, 2021
99.3	Edison International Fourth Quarter and Full-Year 2020 Financial Results Conference Call Presentation dated February 25, 2021
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 25, 2021

SOUTHERN CALIFORNIA EDISON COMPANY

(Registrant)

/s/ Aaron D. Moss

Aaron D. Moss

Vice President and Controller

Date: February 25, 2021

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 2020 Results

•Fourth Quarter 2020 GAAP EPS of$1.39; Core EPS of $1.19

•Full-Year 2020 GAAP EPS of $1.98; Core EPS of $4.52 exceeds midpoint of initial guidance range

•Edison International declares quarterly dividend of $0.6625 per share; annualized rate of $2.65 per share

•EIX will issue securities with up to $1 billion of equity content in 2021

ROSEMEAD, Calif., February 25, 2021 — Edison International (NYSE: EIX) today reported fourth quarter 2020 net income of $526 million, or $1.39 per share, compared to net income of $143 million, or $0.40 per share, in the fourth quarter 2019. As adjusted, fourth quarter 2020 core earnings were $451 million, or $1.19 per share, compared to core earnings of $355 million, or $0.99 per share, in the fourth quarter 2019.

Southern California Edison's (SCE) fourth quarter core earnings per share (EPS) was higher primarily from higher CPUC-related revenue due to the 2018 GRC decision's escalation mechanism, lower expenses from regulatory deferrals related to 2020 wildfire mitigation activities, a 2020 adjustment to 2018–2019 regulatory deferrals from the approval of the GRC track 2 settlement, and higher deferral of customer uncollectibles. These were partially offset by the increase in shares outstanding primarily associated with the equity offering in May 2020.

SCE's non-core loss per share was lower primarily due to lower charges for SCE's 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries, and gains from SCE's sale of San Onofre nuclear fuel.

Edison International Parent and Other's fourth quarter 2020 net income per share increased by $0.28 compared to fourth quarter 2019. The higher income per share was primarily due to a non-core gain from the sale of an investment in a lease of a hydroelectric power plant in Vidalia, Louisiana.

“In 2020, SCE made substantial progress on its comprehensive wildfire mitigation strategy. SCE accomplished the vast majority of its 2020 program targets and, in many cases, exceeded those goals, despite the challenges faced during the COVID-19 pandemic,” said Pedro J. Pizarro, president and CEO of Edison International. “Since the end of 2018, SCE’s execution of its wildfire mitigation strategy has reduced the risk of wildfires associated with utility infrastructure, despite a record-setting California wildfire season last year.”

Pizarro added, “SCE has also made significant progress toward resolving pending wildfire-related litigation. In total, SCE has resolved approximately two-thirds of the best estimate of total losses established last September. Looking ahead, SCE is planning for the critical role it plays in sustainability, particularly from the unique vantage point of a wires-focused business. This will include significant capital investment opportunities to support the electrification of transportation and buildings, as outlined in SCE’s Pathway 2045 and Reimagining the Grid white papers.”

Edison International Reports Fourth Quarter and Full-Year 2020 Financial Results

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Full-Year Earnings

For 2020, Edison International reported net income of $0.7 billion, or $1.98 per share, compared to $1.3 billion, or $3.78 per share, for 2019. As adjusted, Edison International's core earnings were $1.7 billion, or $4.52 per share, compared to $1.6 billion, or $4.70 per share, in 2019.

SCE's 2020 core EPS was lower due to the increase in shares outstanding primarily related to the equity offerings in July 2019 and May 2020. Operational results were higher primarily from higher CPUC-related revenue due to the 2018 GRC decision's escalation mechanism, lower expenses from regulatory deferrals related to 2020 wildfire mitigation activities, and a 2020 adjustment to 2018–2019 regulatory deferrals from the approval of the GRC track 2 settlement. These were partially offset primarily by a true-up related to the 2018 GRC decision in the second quarter of 2019 and, to a lesser extent, higher customer uncollectibles from the COVID-19 pandemic and expenses from SCE's response to the pandemic that were unable to be deferred to regulatory assets because they were not incremental to activities and expenses previously authorized for recovery.

SCE’s non-core loss per share was higher primarily due to higher charges for wildfire-related claims for the 2017/2018 Wildfire/Mudslide Events, net of recoveries, and higher amortization of SCE's contributions to the Wildfire Insurance Fund. These were partially offset by higher gains from SCE's sale of San Onofre nuclear fuel and the absence of an impairment charge resulting from SCE's 2018 GRC final decision recorded in the second quarter 2019.

Edison International Parent and Other’s 2020 loss per share decreased by $0.18 compared to 2019. Core loss per share was higher primarily due to higher interest expense as a result of increased borrowings. Non-core income per share was higher primarily due to a gain from the sale of an investment in a lease of a hydroelectric power plant in Vidalia, Louisiana recorded in 2020.

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.

Financing Update

The company provided an update on its previously stated equity requirements. To enable SCE to continue to debt-finance the 2017/2018 Wildfire/Mudslide Events claims payments and maintain investment grade credit ratings at SCE and the parent company, Edison International will issue securities with up to $1 billion of equity content. The company expects to complete this financing activity in 2021. See the prepared remarks accompanying the company’s conference call for further information.

2021 Earnings Guidance

Edison International will provide 2021 earnings guidance after a final decision has been adopted by the CPUC on the Southern California Edison 2021 GRC, consistent with the company's prior practice.

Edison International and Southern California Edison Declare Dividends

Today, the Board of Directors of Edison International declared a quarterly common stock dividend of $0.6625 per share, payable on April 30, 2021, to shareholders of record on March 31, 2021. 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 2020 Earnings Conference Call and Webcast Details

Edison International Reports Fourth Quarter and Full-Year 2020 Financial Results

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When:	Thursday, February 25, 2021, 1:30 p.m. (Pacific Time)
Telephone Numbers:	1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) - Passcode: Edison
Telephone Replay:	1-888-296-6948 (U.S.) and 1-203-369-3028 (Int’l) - Passcode: 2548 Telephone replay available through March 12, 2021
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 2020 Financial Results

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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 and costs incurred as a result of the COVID-19 pandemic;

•ability of SCE to implement its Wildfire Mitigation Plan;

•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, 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 associated with California Assembly Bill 1054 (“AB 1054”) effectively mitigating the significant risk 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

Edison International Reports Fourth Quarter and Full-Year 2020 Financial Results

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

•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, 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 transmission and distribution infrastructure investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, power curtailment costs (payments due under power contracts in the event there is insufficient transmission to enable acceptance of power delivery), changes in the California Independent System Operator’s transmission plans, and governmental approvals; and

•risks associated with the operation of transmission and distribution assets and power generating 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 2020 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 2020 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 "Events and 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 2020 Financial Results

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

	Three months ended December 31,						Twelve months ended December 31,
	2020		2019		Change		2020		2019		Change
Earnings (loss) per share attributable to Edison International
Continuing operations
SCE	$	1.25	$	0.54	$	0.71	$	2.17	$	4.15	$	(1.98)
Edison International Parent and Other	0.14		(0.14)		0.28		(0.19)		(0.37)		0.18
Edison International	1.39		0.40		0.99		1.98		3.78		(1.80)
Less: Non-core items
SCE	(0.05)		(0.54)		0.49		(2.72)		(0.86)		(1.86)
Edison International Parent and Other	0.25		(0.05)		0.30		0.18		(0.06)		0.24
Total non-core items	0.20		(0.59)		0.79		(2.54)		(0.92)		(1.62)
Core earnings (losses)
SCE	1.30		1.08		0.22		4.89		5.01		(0.12)
Edison International Parent and Other	(0.11)		(0.09)		(0.02)		(0.37)		(0.31)		(0.06)
Edison International	$	1.19	$	0.99	$	0.20	$	4.52	$	4.70	$	(0.18)

Note: Diluted earnings were $1.39 and $0.40 per share for the three months ended December 31, 2020 and 2019, respectively, and $1.98 and $3.77 per share for the twelve months ended December 31, 2020 and 2019, respectively.

Edison International Reports Fourth Quarter and Full-Year 2020 Financial Results

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

	Three months ended December 31,						Twelve months ended December 31,
(in millions)	2020		2019		Change		2020		2019		Change
Net income (loss) attributable to Edison International
SCE	$	474	$	194	$	280	$	810	$	1,409	$	(599)
Edison International Parent and Other	52		(51)		103		(71)		(125)		54
Edison International	526		143		383		739		1,284		(545)
Less: Non-core items
SCE1,2,3,4,5,6	(21)		(194)		173		(1,015)		(293)		(722)
Edison International Parent and Other2,7,8	96		(18)		114		68		(18)		86
Total non-core items	75		(212)		287		(947)		(311)		(636)
Core earnings (losses)
SCE	495		388		107		1,825		1,702		123
Edison International Parent and Other	(44)		(33)		(11)		(139)		(107)		(32)
Edison International	$	451	$	355	$	96	$	1,686	$	1,595	$	91

1    Includes amortization of SCE’s Wildfire Insurance Fund expenses of $84 million ($61 million after-tax) and $336 million ($242 million after-tax) for the quarter and year-ended December 31, 2020, respectively and $85 million ($61 million after-tax) and $152 million ($109 million after-tax) for the quarter and year-ended December 31, 2019, respectively.

2    Includes income tax benefit of $18 million and 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.

3    Includes income tax benefits of $19 million and $88 million for the quarter and year-ended December 31, 2019, respectively for SCE related to changes in the allocation of deferred tax re-measurement between customers and shareholders as a result of a CPUC resolution issued in February 2019. The resolution determined that customers are only entitled to excess deferred taxes which were included when setting rates and other deferred tax re-measurement belongs to shareholders.

4    Includes gains of $70 million ($50 million after-tax) and $150 million ($108 million after-tax) for the quarter and year-ended December 31, 2020, respectively and $7 million ($5 million after-tax) and $11 million ($8 million after-tax) for the quarter and year-ended December 31, 2019, respectively for SCE's sale of San Onofre nuclear fuel.

5    Includes charges of $13 million ($10 million after-tax) and $1.2 billion ($899 million after-tax) for the quarter and year-ended December 31, 2020, respectively and $218 million ($157 million after-tax) for the fourth quarter of 2019 for SCE's 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries.

6    Includes an impairment charge of $170 million ($123 million after-tax) recorded in the second quarter of 2019 for SCE related to disallowed historical capital expenditures in SCE's 2018 GRC decision.

7    Includes goodwill impairment charges of $34 million ($25 million after-tax) recorded in the second quarter of 2020 for Edison International Parent and Other related to Edison Energy stemming from the economic impact of COVID-19 and $25 million ($18 million after-tax) recorded in the fourth quarter of 2019 for Edison Energy following a goodwill assessment.

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 of an investment in a lease of a hydroelectric power plant in Vidalia, Louisiana.

Edison International Reports Fourth Quarter and Full-Year 2020 Financial Results

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Consolidated Statements of Income					Edison International
	Three months ended December 31,				Twelve months ended December 31,
(in millions, except per-share amounts, unaudited)	2020		2019		2020		2019
Total operating revenue	$	3,157	$	2,970	$	13,578	$	12,347
Purchased power and fuel	1,119		991		4,932		4,839
Operation and maintenance	724		767		3,609		3,018
Wildfire-related claims, net of insurance recoveries	25		255		1,328		255
Wildfire Insurance Fund expense	84		85		336		152
Depreciation and amortization	504		470		1,967		1,730
Property and other taxes	110		97		438		399
Impairment and other (income) expense	(70)		18		(116)		184
Gain on sale of lease interest and other operating income	(133)		—		(133)		(5)
Total operating expenses	2,363		2,683		12,361		10,572
Operating income	794		287		1,217		1,775
Interest expense	(226)		(222)		(902)		(841)
Other income	34		42		251		193
Income before income taxes	602		107		566		1,127
Income tax expense (benefit)	50		(66)		(305)		(278)
Net income	552		173		871		1,405
Preferred and preference stock dividend requirements of SCE	26		30		132		121
Net income attributable to Edison International common shareholders	$	526	$	143	$	739	$	1,284
Basic earnings per share:
Weighted average shares of common stock outstanding	378		360		373		340
Basic earnings per common share attributable to Edison International common shareholders:	$	1.39	$	0.40	$	1.98	$	3.78
Diluted earnings per share:
Weighted average shares of common stock outstanding, including effect of dilutive securities	379		361		374		341
Diluted earnings per common share attributable to Edison International common shareholders	$	1.39	$	0.40	$	1.98	$	3.77

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Consolidated Balance Sheets	Edison International
(in millions, unaudited)	December 31, 2020		December 31, 2019
ASSETS
Cash and cash equivalents	$	87	$	68
Receivables, less allowances of $188 and $50 for uncollectible accounts at respective dates	1,130		788
Accrued unbilled revenue	521		488
Insurance receivable	708		—
Income tax receivables	68		118
Inventory	405		364
Prepaid expenses	281		214
Regulatory assets	1,314		1,009
Wildfire Insurance Fund contributions	323		323
Other current assets	224		188
Total current assets	5,061		3,560
Nuclear decommissioning trusts	4,833		4,562
Other investments	53		64
Total investments	4,886		4,626
Utility property, plant and equipment, less accumulated depreciation and amortization of $10,681 and $9,958  at respective dates	47,653		44,198
Nonutility property, plant and equipment, less accumulated depreciation of $94 and $86 at respective dates	186		87
Total property, plant and equipment	47,839		44,285
Regulatory assets	7,120		6,088
Wildfire Insurance Fund contributions	2,443		2,767
Operating lease right-of-use assets	1,088		693
Long-term insurance receivables	75		1715
Other long-term assets	860		648
Total long-term assets	11,586		11,911
Total assets	$	69,372	$	64,382

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Consolidated Balance Sheets	Edison International
(in millions, except share amounts, unaudited)	December 31, 2020		December 31, 2019
LIABILITIES AND EQUITY
Short-term debt	$	2,398	$	550
Current portion of long-term debt	1,029		479
Accounts payable	1,980		1,752
Customer deposits	243		302
Regulatory liabilities	569		972
Current portion of operating lease liabilities	215		80
Wildfire-related claims	2,231		—
Other current liabilities	1,612		1,388
Total current liabilities	10,277		5,523
Long-term debt	19,632		17,864
Deferred income taxes and credits	5,368		5,078
Pensions and benefits	563		674
Asset retirement obligations	2,930		3,029
Regulatory liabilities	8,589		8,385
Operating lease liabilities	873		613
Wildfire-related claims	2,281		4,568
Other deferred credits and other long-term liabilities	2,910		3,152
Total deferred credits and other liabilities	23,514		25,499
Total liabilities	53,423		48,886
Commitments and contingencies
Common stock, no par value (800,000,000 shares authorized; 378,907,147 and 361,985,133 shares issued and outstanding at respective dates)	5,962		4,990
Accumulated other comprehensive loss	(69)		(69)
Retained earnings	8,155		8,382
Total Edison International's common shareholders' equity	14,048		13,303
Noncontrolling interests – preferred and preference stock of SCE	1,901		2,193
Total equity	15,949		15,496
Total liabilities and equity	$	69,372	$	64,382

Edison International Reports Fourth Quarter and Full-Year 2020 Financial Results

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Consolidated Statements of Cash Flows	Edison International
	Years ended December 31,
(in millions, unaudited)	2020		2019		2018
Cash flows from operating activities:
Net income (loss)	$	871	$	1,405	$	(316)
Less: Income from discontinued operations	—		—		34
Income (loss) from continuing operations	871		1,405		(350)
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization	2,029		1,803		1,940
Allowance for equity during construction	(121)		(101)		(104)
Impairment and other (income) expense	(116)		184		78
Gain on sale of lease interest and other operating income	(133)		(5)		(7)
Deferred income taxes	(296)		(284)		(527)
Wildfire Insurance Fund amortization expense	336		152		—
Other	36		34		42
Nuclear decommissioning trusts	(197)		(106)		(109)
Contributions to Wildfire Insurance Fund	(95)		(2,457)		—
Changes in operating assets and liabilities:
Receivables	(283)		(76)		(39)
Inventory	(43)		(83)		(49)
Accounts payable	87		288		(31)
Tax receivables and payables	113		88		32
Other current assets and liabilities	4		(13)		(79)
Regulatory assets and liabilities, net	(1,799)		(1,278)		(92)
Wildfire-related insurance receivable	932		285		(2,000)
Wildfire-related claims	(56)		(101)		4,669
Other noncurrent assets and liabilities	(6)		(42)		(197)
Net cash provided by (used in) operating activities	1,263		(307)		3,177
Cash flows from financing activities:
Long-term debt issued, plus premium and net of discount and issuance costs of $23, $(4) and $(63) for the respective periods	3,073		3,696		3,237
Long-term debt repaid or repurchased	(1,099)		(82)		(654)
Short-term debt borrowed	2,994		1,750		—
Short-term debt repaid	(1,126)		(1,750)		—
Common stock issued	912		2,391		—
Preferred and preference stock redeemed	(308)		—		—
Commercial paper and other short-term borrowing (repayments), net	304		(172)		(1,611)
Dividends and distribution to noncontrolling interests	(118)		(121)		(121)
Dividends paid	(928)		(810)		(788)
Other	23		1		19
Net cash provided by financing activities	3,727		4,903		82
Cash flows from investing activities:
Capital expenditures	(5,484)		(4,877)		(4,509)
Proceeds from sale of nuclear decommissioning trust investments	5,927		4,389		4,340
Purchases of nuclear decommissioning trust investments	(5,730)		(4,283)		(4,231)
Proceeds from sale of San Onofre nuclear fuel	158		11		3
Proceeds from sale of lease investment	132		—		—
Other	26		82		158
Net cash used in investing activities	(4,971)		(4,678)		(4,239)
Net increase (decrease) in cash, cash equivalents and restricted cash	19		(82)		(980)
Cash, cash equivalents and restricted cash at beginning of year	70		152		1,132
Cash, cash equivalents and restricted cash at end of year	$	89	$	70	152

EX-99.2

Exhibit 99.2

Prepared Remarks of Edison International CEO and CFO

Fourth Quarter 2020 Earnings Teleconference

February 25, 2021, 1:30 p.m. (PT)

Pedro Pizarro, President and Chief Executive Officer, Edison International

Let me start with sentiments of support for the residents of Texas and other states impacted physically and financially by last week’s frigid weather. Climate change is a major part of the story, and our industry must continue our collective efforts on climate mitigation and adaptation.

Today, Edison International reported core earnings per share of $4.52 for 2020. This exceeded the midpoint of our initial guidance range and is within the narrowed range we updated on our last earnings call. Core EPS of $4.52 was lower than $4.70 a year ago, and the decline was due to 44 cents of equity share dilution. On an operational basis excluding dilution, core EPS was 26 cents higher, driven by strong performance at SCE. Maria will discuss our financial performance in detail in her remarks.

In 2020, SCE made substantial progress on its comprehensive wildfire mitigation strategy. This continues to advance one of SCE’s top priorities — increasing grid resiliency to adapt to the changing climate and to protect public safety. SCE accomplished the vast majority of its 2020 program targets and, in many cases, exceeded those goals, despite the challenges we all faced during the COVID-19 pandemic. We have highlighted several measures of SCE’s progress and execution on page 2 of the slide deck we issued with our earnings release. Since the end of 2018, SCE’s execution of its wildfire mitigation strategy has reduced the risk of wildfires associated with utility infrastructure, despite a record-setting California wildfire season last year. For the second consecutive year, we do not believe damages from any wildfire alleged to be caused by SCE equipment will exceed insurance.

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SCE is further accelerating its wildfire mitigation efforts. Earlier this month, the utility filed its 2021 Wildfire Mitigation Plan update, which describes how it has matured its wildfire mitigation capabilities and outlines the long-term plan to further advance risk-informed decision making, data management, grid hardening, and community engagement. A prime example is the covered conductor program, which will increase the percentage of distribution overhead circuit miles covered within SCE’s high fire risk areas from approximately 15% today to over 60% by the end of 2023, subject to CPUC approval. The utility continues to innovate and implement technology-based options, such as early fault detection, for reducing ignition risks. As described in its 2021 WMP, SCE estimates a 25% reduction in ignitions in high fire risk areas by 2022 as compared to 2020, assuming the same conditions as experienced in 2020.

SCE continues to improve its public safety power shutoff, or PSPS, operations, with public safety being the paramount consideration. SCE uses PSPS only when conditions warrant. Let me underscore the need for PSPS, despite the hardships it creates, by noting that in 2019 and 2020, post-PSPS patrols found at least 60 incidents of wind-related damage that could have potentially caused ignitions. In 2020, the installation of more weather stations and sectionalization devices, paired with the automation of existing devices, enabled SCE to limit PSPS footprints wherever possible, based on risk assessments, achieving a 22% reduction in customer minutes of interruption. That said, SCE recognizes there are opportunities to further improve the execution of PSPS and better support its customers. That was loud and clear in the January 19 letter from President Batjer, and in the CPUC and community input SCE leaders received during the 4 ½ hour PSPS hearing on January 26. All this especially underscored the need to improve SCE’s communications with customers, and the PSPS Action Plan filed on February 12 includes important near-term commitments to use this essential tool of last resort in a way that shows better care for our customers.

Beyond SCE, the state has been building on significant investments in its firefighting capabilities. In his 2021-22 budget, the Governor proposed an additional $1 billion to support a coordinated forest health and fire prevention strategy that maximizes technology and science-

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based approaches to protect state lands. This includes prioritizing firebreaks around high-risk communities and grants for individual homeowners to harden their properties. Recognizing the need to move quickly, the Governor also proposed that $323 million of that billion would be for early action to start these prevention projects before the next fire season. For fire suppression, the budget adds funding to support 30 additional statewide fire crews and seven large air tankers. The state will continue phasing in Black Hawk helicopters, with seven expected to be in operation this fire season and another five in 2022. These new suppression resources will help the state move more quickly to combat wildfires before they become catastrophic. The Governor and the California Insurance Commission also announced a plan to establish statewide standards for home and community hardening that will reduce wildfire risk, and help make insurance available and affordable to residents and businesses.

Shifting to past wildfires, SCE has made significant progress toward resolving pending litigation. Last month, SCE resolved all insurance subrogation claims in the pending 2018 Woolsey Fire litigation. The utility continues to make solid progress settling remaining individual plaintiff claims across the 2017 and 2018 Wildfire and Mudslide Events. In total, SCE has resolved approximately two-thirds of the best estimate of total losses established last September. Maria will provide an update on the equity financing needs related to these events later on the call.

Turning to regulatory actions, we welcome the reappointment of CPUC President Batjer for a six-year term, subject to confirmation by the Senate. President Batjer’s leadership has energized the Commission’s implementation of the state’s greenhouse gas emission reduction goals. Yesterday, the CPUC hosted an en banc to share ideas about affordability across many stakeholders. Given the economic impacts of COVID-19, this is a timely discussion and follows on many years of SCE leadership to manage system average rate growth well below the other California utilities, which we were proud to see acknowledged by the Commission staff report and others. The discussion reinforced many of the issues we have raised in our Pathway 2045 analysis, including that the grid investments needed to decarbonize the economy and improve

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local air quality through clean energy and electrification may increase electric costs but will actually result in greater affordability and equity, with the average customer spending 30% less across all forms of energy in 2045 than they do today thanks to the greater efficiency of electric technologies.

Looking ahead, SCE is planning for the critical role it plays in sustainability, particularly from the unique vantage point of a wires-focused business. This will include significant capital investment opportunities to support the electrification of transportation and buildings, as outlined in SCE’s Pathway 2045 and Reimagining the Grid white papers. The Governor’s budget proposal also underscores this with its proposed $1.5 billion comprehensive strategy to achieve zero-emission vehicle goals by 2035 and 2045. This includes infrastructure investments for, and improved access to, new and used zero-emission vehicles.

SCE has received CPUC approval for over $800 million to support electric vehicles, including investing in electric charging infrastructure for light-, medium-, and heavy-duty vehicles. The utility launched its Charge Ready 2 program, the largest light-duty EV charging program by an investor-owned utility in the US, which will support approximately 38,000 light-duty charging ports. Charge Ready Transport, SCE’s program to build charging infrastructure for medium- and heavy-duty vehicles, will grow through 2024, eventually building charging infrastructure to power 8,500 electric medium- and heavy-duty vehicles. SCE has also committed to a long-term goal to electrify its own vehicle fleet, including 100% of all light-duty vehicles by 2030. In the area of building electrification, SCE launched new programs in 2020 to incentivize heat pump installations and expects to continue to expand these offerings going forward.

Before I conclude, I would like to say that I am very proud of what our employees accomplished over the last year in spite of the COVID-19 pandemic. COVID-19 reshaped the way we do business and interact with our customers and communities, and we adapted to continue delivering an essential service. We cared for each other, whether working in the field or teleworking; we cared for our customers, providing relief for those facing economic challenges;

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and we cared for our communities and their safety. Looking forward, I am excited about our near- and long-term business opportunities. SCE is well positioned as an electric-only utility, with investments highly aligned with the state’s — and now the Federal Government’s — long-term decarbonization goals. We will continue to accelerate our wildfire mitigation efforts, while building toward an equitable clean energy future.

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

My comments today will cover fourth quarter 2020 results, our capital expenditure and rate base forecasts, and an update on our financing plans for 2021.

Edison International reported core earnings of $1.19 per share for the fourth quarter 2020, an increase of 20 cents per share from the same period last year. Full year 2020 core EPS was $4.52, which exceeded the midpoint of our initial guidance range and is within the narrowed range we updated on our last earnings call. Core EPS of $4.52 was lower than $4.70 a year ago, and the decline was due to 44 cents of equity share dilution. On an operational basis excluding dilution, core EPS was 26 cents higher, driven by strong performance at SCE.

On page 3, you can see SCE’s key fourth quarter EPS drivers on the right-hand side. I would like to highlight four items that accounted for much of the variance.

First, EPS increased by 16 cents related to higher revenue. CPUC-related revenue contributed 22 cents of this increase due to the escalation mechanism from the 2018 GRC decision. There was also a negative variance of 11 cents primarily related to benefits captured in our tax balancing account. This is offset in the income tax line, with no effect on earnings. FERC and other operating revenue had a positive variance of 5 cents, largely due to higher rate base.

Second, O&M had a positive variance of 11 cents, primarily due to higher regulatory deferrals related to wildfire mitigation activities and customer uncollectibles, and from approval

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of the GRC track 2 settlement. Third, depreciation had a negative variance of 7 cents due to higher rate base.

Lastly, SCE’s EPS in the quarter was lower by 7 cents because of dilution from the increase in shares outstanding primarily associated with the equity offering in May 2020.

I would now like to comment on SCE’s capital expenditure and rate base growth forecasts, which are shown on Page 4. We continue to see opportunities to significantly grow SCE’s rate base, driven by investments in electric infrastructure. The capital program reflects expenditures of $15 to $16 billion between 2021 and 2023. This represents compound annual rate base growth of 7.6% over two rate case periods at the request level. Our total capex forecast during this period is unchanged as we are awaiting a proposed decision in SCE’s 2021 GRC track 1. In 2020, SCE’s capital spending was $5.5 billion, approximately $400 million higher than forecast primarily as a result of higher fire restoration costs. For 2021, SCE has developed and will execute against a robust capital plan that targets key programs while maintaining flexibility in later years to adapt to levels authorized in the final GRC decision.

Please turn to page 5. While the Commission’s schedule calls for a proposed decision this quarter on track 1 of SCE’s 2021 GRC, based on the level of inquiry to date from the CPUC, compared to our past experience, we believe it is unlikely that SCE will receive a PD by the end of the first quarter. We remain hopeful that SCE will receive a PD in the second quarter. As a reminder, the CPUC can vote out a final decision no sooner than 30 days after it issues a proposed decision. Consistent with our prior practice, we will issue earnings guidance after we receive a final decision on the GRC.

Page 6 shows a summary of the substantial progress on receiving approvals for recovery of incremental wildfire mitigation costs. SCE expects to receive over $1 billion of cash flow through September 2022 as the utility implements CPUC approvals. This is in addition to ongoing securitization of AB 1054 capital. You may recall that, last quarter, the CPUC issued a

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financing order authorizing SCE to securitize the first tranche of AB 1054 capital expenditures, approved in the Grid Safety & Resiliency Plan settlement. Yesterday, SCE successfully closed that securitization, issuing $338 million of AAA-rated recovery bonds. The proceeds will be used to repay short-term borrowings issued for AB 1054 capital expenditures. in January, the CPUC approved SCE’s GRC track 2 settlement, which allows SCE to request another financing order to securitize the approved AB 1054 capital expenditures and recover the O&M expense. Additionally, SCE filed a WEMA application for wildfire insurance premiums for the second half of 2020. If approved, SCE will recover $215 million beginning January 2022.

I would now like to provide an update on the approximately $1 billion equity issuance that we have discussed previously. As Pedro noted, SCE has been making significant progress resolving pending wildfire-related litigation and, thus far, has settled claims that represent approximately two-thirds of the best estimate that we established.

We continue to ground our financing plan in a framework that supports investment grade ratings by targeting consolidated FFO-to-Debt in the 15 to 17% range. To support this outcome, EIX will issue securities with up to $1 billion of equity content in 2021, consistent with the previously identified need. We will consider a range of approaches to achieve this equity content, including preferred equity, internal programs, and, if needed, our existing ATM program. We will be flexible regarding the specific timing and monitor market conditions to efficiently finance the need.

Beyond this year, we expect to have minimal equity needs associated with our ongoing capital program and will quantify these after receiving a final decision in the 2021 GRC.

Overall, the company is well-positioned to achieve the growth associated with the safety and resiliency investments being made in the grid and the longer-term opportunity associated with our clean energy objectives.

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EX-99.3

February 25, 2021 Fourth Quarter and Full-Year 2020 Financial Results Exhibit 99.3

1 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 and costs incurred as a result of the COVID-19 pandemic; • ability of SCE to implement its Wildfire Mitigation Plan; • 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, 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 associated with California Assembly Bill 1054 (“AB 1054”) effectively mitigating the significant risk 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 the CPUC's interpretation of and actions under AB 1054, including its interpretation of the new prudency standard established under AB 1054; • 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, 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 transmission and distribution infrastructure investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, power curtailment costs (payments due under power contracts in the event there is insufficient transmission to enable acceptance of power delivery), changes in the California Independent System Operator’s transmission plans, and governmental approvals; and • risks associated with the operation of transmission and distribution assets and power generating 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. Other important factors are discussed under the headings “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion 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.com. These filings also provide additional information on historical and other factual data contained in this presentation. Forward-Looking Statements February 25, 2021

2 SCE’s execution of its wildfire mitigation strategy has reduced risk of wildfires associated with utility infrastructure February 25, 2021 Fast-Acting Fuses Community Resource Centers 2020 Completed/Target 3,025/3,025 fuses installed Completed Since 2018 12,900 fuses installed100% completed Community Crew Vehicles 56 sites available 8 vehicles available Fire-Resistant Poles High-Definition Wildfire Cameras 2020 Completed/Target 6,090/5,200 poles installed Completed Since 2018 7,510 poles installed 117% completed Completed Since 2018 166 cameras installed Cameras thoroughly covering our high fire risk areas were installed by 2020 Covered Conductor 2020 Completed/Target 960/700 circuit miles installed 137% completed Completed Since 2018 1,480 circuit miles installed Weather Stations 2020 Completed/Target 590/375 weather stations installed Completed Since 2018 1,050 weather stations installed 157% completed Transmission Asset Inspections Hazard Tree Management 2020 Completed/Target 35,500/22,500 assets inspected Completed Since 2018 86,100 assets inspected 158% completed 2020 Completed/Target 99,500/75,000 trees assessed Completed Since 2018 228,500 trees assessed 133% completed Distribution Asset Inspections Sectionalizing Devices 2020 Completed/Target 199,000/105,000 assets inspected Completed Since 2018 584,300 assets inspected 190% completed 2020 Completed/Target 49/45 devices installed Completed Since 2018 100 devices installed 109% completed

3 Key SCE EPS Drivers2 Higher revenue 0.16$ CPUC revenue - GRC escalation 0.22 CPUC revenue - Balancing account and other (0.11) FERC revenue 0.05 Lower O&M 0.11 Higher depreciation (0.07) Lower net financing costs 0.02 Income taxes 0.13 Other (0.06) Property taxes and other (0.03) Other income and expenses (0.03) Results prior to impact from share dilution 0.29$ Impact from share dilution (0.07) Total core drivers 0.22$ Non-core items1 0.49 Total 0.71$ Key EIX EPS Drivers2 (0.02)$ EEG — Primarily lower revenue (0.01) Results prior to impact from share dilution (0.03)$ Impact from share dilution 0.01 Total (0.02)$ Non-core items1 0.30 Total 0.28$ EIX parent — Primarily higher interest expense and corporate expenses Fourth Quarter Earnings Summary February 25, 2021 Q4 2020 Q4 2019 Variance Basic Earnings Per Share (EPS) SCE 1.25$ 0.54$ 0.71$ EIX Parent & Other 0.14 (0.14) 0.28 Basic EPS 1.39$ 0.40$ 0.99$ Less: Non-core Items1 SCE (0.05)$ (0.54)$ 0.49$ EIX Parent & Other 0.25 (0.05) 0.30 Total Non-core 0.20$ (0.59)$ 0.79$ Core Earnings Per Share (EPS) SCE 1.30$ 1.08$ 0.22$ EIX Parent & Other (0.11) (0.09) (0.02) Core EPS 1.19$ 0.99$ 0.20$ 1. See Earnings Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix 2. For comparability, 2020 core drivers are reported based on 2019 weighted-average share count of 359.7 million (2020 weighted-average shares outstanding is 378.7 million) Note: Diluted earnings were $1.39 and $0.40 per share for the three months ended December 31, 2020 and 2019, respectively

4 5.5 5.5 5.3 5.4 2020 (Actual) 2021 2022 2023 SCE has strong rate base growth driven by significant electric infrastructure investment opportunities 1. In accordance with Assembly Bill (AB) 1054, ~$1.6 billion of wildfire mitigation-related spend shall not earn an equity return 2. Morongo Transmission holds an option to invest up to $400 million in the West of Devers Transmission Project at the in-service date, estimated to be 2021. In the chart, rate base has been reduced to reflect this option. Capital forecast includes 100% of the project spend 3. Weighted-average year basis. Excludes rate base associated with ~$1.6 billion of capital referred to in footnote 1 and projects or programs not yet approved 4. For 2021–2023 capital, reflects a 10% reduction of the total capital forecast over the 3-year GRC cycle using management judgment based on experience of previously authorized amounts and potential for permitting delays and other operational considerations. For rate base, range case reflects capital expenditure forecast range case SCE forecasts deploying significant capital in 2021–2023… Capital Expenditures, $ in Billions Wildfire1 …resulting in strong rate base growth over two rate case cycles Rate Base2,3, $ in Billions 7.6% CAGR Generation Transmission Distribution ~$16 billion 2021–2023 Range Case4 5.4 4.6 4.7 Range Case4 36.2 37.6 39.5 CAGR 6.7% 28.5 30.8 33.8 36.3 38.4 41.1 2018 2019 2020 2021 2022 2023 February 25, 2021

5 GRC track 1: Represents rate base CAGR of 7.6% over two rate case periods1 1. SCE Rebuttal rate base forecast reflects 2021–2023 rebuttal and latest Non-GRC and FERC estimates 2. CalPA rate base forecast assumes CPUC GRC rate base attrition year increases for 2022 and 2023 of 3.5%, consistent with CalPA’s attrition mechanism proposal 3. TURN rate base forecast assumes TURN’s CPUC GRC rate base attrition proposal of budget-based capital additions for wildfire and new service connections, 0% increase on all other capital additions 4. Change in authorized base revenue requirement after adjusting for post-test year ratemaking changes of $0.1 billion SCE requests 2021 revenue requirement increase of ~$1.3 billion4 2021 GRC Revenue Requirement, $ in Billions SCE’s request would result in 2018–2023 rate base growth of 7.6% Rate Base CAGR, 2018–2023 7.6% 6.1% 6.4% SCE Rebuttal CalPA TURN 7.6 6.9 6.7 SCE Rebuttal CalPA TURN 2020 Authorized ($6.4) 1 32 February 25, 2021

6 Recent CPUC approvals improve cash flow; pending decisions will generate additional cash Application Approval/ Request1 Additional Information  GRC track 2 settlement approved in Jan. 2021 391 Settlement approved unmodified; $401 million of O&M and reasonableness of $302 million of capital2  WEMA1 approved in September 2020 505 CPUC recognized wildfire liability insurance is an important protection for customers and a normal utility cost-of-service  GS&RP settlement approved in April 20203 159 Approved $476 million capital and $123 million O&M Total Approved Rev. Req. 1,055 Pending CEMA decision expected in Q3 2021 88 Requests cost recovery related to 2017–2018 drought and 2017 firestorms WEMA2 application filed in Q4 2020 215 Requests cost recovery of July–December 2020 wildfire insurance premiums4 $ in Millions 1. Amounts refer to approvals for GS&RP, WEMA1, and GRC track 2, and applications for CEMA and WEMA2. Total Application/Request refers to revenue requirement 2. Cost recovery in revenue requirement is lower than total O&M and reviewed capital because of flow through tax effects and excluded revenue requirement associated with AB 1054 Excluded Capital Expenditures 3. Approved amounts found reasonable by the Settlement Agreement. The Settlement Agreement finds reasonable an additional $13 million in O&M that has not yet been spent as of December 31, 2020. The Application Request of $159 million is the 2018–2020 revenue requirement for amounts found reasonable by the Settlement Agreement. The revenue requirement for the AB 1054 Capital Expenditures is the subject of a separate Application for Financing Order approved November 2020 4. Request also includes financing costs and memorandum account interest February 25, 2021

Appendix

8 2020 2019 Variance Basic Earnings Per Share (EPS) SCE 2.17$ 4.15$ (1.98)$ EIX Parent & Other (0.19) (0.37) 0.18 Basic EPS 1.98$ 3.78$ (1.80)$ Less: Non-core Items1 SCE (2.72)$ (0.86)$ (1.86)$ EIX Parent & Other 0.18 (0.06) 0.24 Total Non-core (2.54)$ (0.92)$ (1.62)$ Core Earnings Per Share (EPS) SCE 4.89$ 5.01$ (0.12)$ EIX Parent & Other (0.37) (0.31) (0.06) Core EPS 4.52$ 4.70$ (0.18)$ Key SCE EPS Drivers2 Test Year 2018 GRC true-up in 20193 (0.20)$ Higher revenue 1.19 CPUC revenue - GRC Escalation 0.93 CPUC revenue - Balancing account and other 0.15 FERC and other operating revenue 0.11 Higher O&M (0.30) Self-insured retention (0.02) Higher depreciation (0.27) Higher net financing costs (0.03) Income taxes 0.03 Other (0.04) Property taxes and other (0.08) Other income and expenses 0.04 Results prior to impact from share dilution 0.36$ Impact from share dilution (0.48) Total core drivers (0.12)$ Non-core items1 (1.86) Total (1.98)$ Key EIX EPS Drivers2 (0.09)$ EEG — Primarily lower revenue (0.01) Results prior to impact from share dilution (0.10)$ Impact from share dilution 0.04 Total core drivers (0.06)$ Non-core items1 0.24 Total 0.18$ EIX parent — Primarily higher interest expense Full-Year 2020 Earnings Summary February 25, 2021 1. See Earnings Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix 2. For comparability, 2020 core drivers are reported based on 2019 weighted-average share count of 339.7 million (2020 weighted-average shares outstanding is 372.7 million) 3. Impacts of Test Year 2018 GRC true-up in 2019 aggregated separately; $(0.20) includes revenue of $0.33, O&M of $(0.06), depreciation of $(0.23), interest expense of $0.01, property taxes and other of $(0.01) and income taxes of $(0.24) Note: Diluted earnings were $1.98 and $3.77 per share for the twelve months ended December 31, 2020 and 2019, respectively

9 2017/2018 Wildfire/Mudslide Events Update 1. Thomas Fire, Koenigstein Fire, and Montecito Mudslides 2. Under the terms of the TKM Subrogation Settlement, SCE paid the TKM Subrogation Plaintiffs an aggregate of $1.2 billion in October 2020, and also agreed to pay $0.555 for each dollar in claims to be paid by the TKM Subrogation Plaintiffs to their policy holders on or before July 15, 2023, up to an agreed upon cap 3. Under the terms of the Woolsey Subrogation Settlement, SCE agreed to pay the Woolsey Subrogation Plaintiffs an aggregate of $2.2 billion by April 22, 2021, and also agreed to pay $0.67 for each dollar in claims to be paid by the Woolsey Subrogation Plaintiffs to their policy holders on or before July 15, 2023, up to an agreed upon cap 4. Target participating in non-binding mediation or informal negotiations with at least 150 households per month 5. Scheduled dates as of February 18, 2021. Subject to change at discretion of the court February 25, 2021 Remaining expected potential losses $ in Billions Resolved approximately 2/3rds of best estimate Best estimate of potential losses 6.2 Settlement progress: Local Public Entities (4Q 2019) (0.4) TKM1 Subrogation Plaintiffs2 (3Q 2020) (1.2) Individual Plaintiffs (Through February 18, 2021) (0.4) Woolsey Subrogation Plaintiffs3 (1Q 2021) (2.2) Loss estimate balance at Feb. 18, 2021 2.1 • For TKM, established settlement program providing for efficient and orderly process to pursue settlement of individual plaintiff claims4 – Court may continue to defer trial date if sufficient settlement progress made • Thomas bellwether trial5 July 19, 2021 • Woolsey bellwether trial5 June 1, 2021 Settlement program and bellwether trial dates 34% 66% Settlement progress as a proportion of best estimate Resolved claims Remaining alleged and potential claims • Insurance expected to be exhausted after recoveries for Woolsey Subro. Settlement • SCE will seek CPUC recovery of prudently- incurred, actual losses in excess of insurance

10 SCE’s 2021 General Rate Case will be approved in four tracks over 2021–2023 SCE Testimony Intervenor Testimony SCE Rebuttal Opening & Reply Briefs CPUC Proposed Decision Track 1: 2021–2023 GRC Revenue Requirement     Pending Track 2: 2018–2019 FMA Update2    N/A due to settlement  (Approved3) Track 3: 2020 FMA Update2; 2018–2020 GS&RP4 Q1 ’21 Q3 ’21 Q3 ’21 Q4 ’21 Q1 ’22 Track 4: RAMP and 2024 Attrition Year Q2 ‘22 Q1 ‘23 Q1 ‘23 Q3 ’23 Q4 ‘23 1. The schedule is subject to change over the course of the proceeding 2. Includes Wildfire Mitigation Plan Memo Account, Fire Hazard Prevention Memo Account, and Fire Risk Mitigation Memo Account 3. Proposed Decision was approved by the CPUC in January 2021 4. 2018–2020 Grid Safety and Resiliency Program (GS&RP) costs above settlement amount Estimated timeline for 2021 General Rate Case tracks and milestones1 February 25, 2021

11 Earnings Non-GAAP Reconciliations February 25, 2021 Q4 2020 Q4 2019 2020 2019 SCE 474$ 194$ 810$ 1,409$ EIX Parent & Other 52 (51) (71) (125) Basic Earnings 526$ 143$ 739$ 1,284$ Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries (10) (157) (899) (157) Wildfire Insurance Fund expense (61) (61) (242) (109) Disallowed historical capital expenditures in SCE's 2018 GRC decision — — — (123) Sale of San Onofre nuclear fuel 50 5 108 8 Re-measurement of tax assets and liabilities — 19 18 88 EIX Parent & Other Sale of Vidalia lease 96 — 96 — Goodwill impairment — (18) (25) (18) Re-measurement of tax liabilities — — (3) — Less: Total non-core items 75$ (212)$ (947)$ (311)$ SCE 495 388 1,825 1,702 EIX Parent & Other (44) (33) (139) (107) Core Earnings 451$ 355$ 1,686$ 1,595$ Reconciliation of EIX GAAP Earnings to EIX Core Earnings Earnings (Losses) Attributable to Edison International, $ in Millions

12 EIX Core EPS Non-GAAP Reconciliations February 25, 2021 1. For comparability, 2020 EPS drivers are reported based on 2019 fourth quarter and full year weighted-average share count of 359.7 million and 339.7 million, respectively. 2020 fourth quarter and full year weighted-average shares outstanding are 378.7 million and 372.7 million, respectively Reconciliation of EIX Basic Earnings Per Share to EIX Core Earnings Per Share EPS Attributable to Edison International Q4 2020 Q4 2019 2020 2019 Basic EPS 1.39$ 0.40$ 1.98$ 3.78$ Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries (0.03) (0.44) (2.65) (0.46) Wildfire Insurance Fund expense (0.17) (0.17) (0.71) (0.32) Disallowed historical capital expenditures in SCE's 2018 GRC decision — — — (0.36) Sale of San Onofre nuclear fuel 0.15 0.01 0.32 0.02 Re-measurement of tax assets and liabilities — 0.06 0.05 0.26 EIX Parent & Other Sale of Vidalia lease 0.26 — 0.28 — Goodwill impairment — (0.05) (0.07) (0.06) Re-measurement of tax liabilities — — (0.01) — Impact from share dilution1 (0.01) — 0.25 — Less: Total Non-Core Items 0.20 (0.59) (2.54) (0.92) Core EPS 1.19$ 0.99$ 4.52$ 4.70$

13 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 (626) 302-2540 sam.ramraj@edisonintl.com Use of Non-GAAP Financial Measures February 25, 2021

XML

Document and Entity Information Document	Feb. 25, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 25, 2021
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, Address 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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	EIX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000827052
Amendment Flag	false
Southern California Edison
Entity Information [Line Items]
Entity File Number	1-2313
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	95-1240335
Entity Address, Address Line One	2244 Walnut Grove Avenue
Entity Address, Address 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
Entity Central Index Key	0000092103
Amendment Flag	false