(1) See Table A for information regarding non-GAAP financial measures.
Value Creation Initiatives and Capital Plan Update
During the third quarter, Sempra continued executing a series of value creation initiatives that advance its mission to build America’s leading utility growth business. In the first nine months of 2026, Sempra’s businesses invested approximately $10 billion in capital to support safe and reliable energy for the communities they serve. These investments support the continued growth and modernization of regulated utility infrastructure across Texas and California, helping meet increasing customer demand and strengthening system resilience.
Rising demand across Texas is creating a growing pipeline of regulated infrastructure investment opportunities. Oncor Electric Delivery Company LLC (Oncor) currently projects its 2027-2031 base capital plan to increase by approximately 20% relative to its 2026-2030 base capital plan. The increase is driven by a broad portfolio of investments necessary to maintain reliability and support continued load growth across the Electric Reliability Council of Texas (ERCOT) market. Sempra expects to finalize and announce its 2027-2031 capital plan on the fourth quarter earnings call next year in February.
The transaction to sell a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR remains on track and is expected to close in the next two weeks. Sempra Infrastructure Partners also completed the sale of Ecogas México, S. de R.L. de C.V. in August. These transactions further Sempra’s capital recycling program with a view toward simplifying the company’s business model, strengthening its financial position and supporting long-term utility growth in Texas and California.
Sempra Texas
Texas continues to experience strong economic growth, which is driving new investment opportunities at Oncor. During the quarter, Oncor set a new all-time system peak demand record of 33.3 gigawatts (GW), a 6% increase from the prior-year’s record of 31.4 GW, underscoring the strong growth in electric demand across its service territory.
In the third quarter, Oncor achieved significant regulatory milestones associated with the development of the Permian Basin Reliability Plan (PBRP). Oncor has submitted Certificates of Convenience and Necessity for 765-kV transmission projects that comprise Import Path 1 and Import Path 2 of the PBRP. In August, the Public Utility Commission of Texas (PUCT) approved both segments of Import Path 1 supporting timely development of transmission infrastructure identified through ERCOT’s planning process while helping address the region’s critical reliability needs. That approval is subject to motions for rehearing, which have been filed, as well as appeals.
In addition, Oncor has received conditional classification from ERCOT of customer loads submitted as part of ERCOT’s Batch Zero process. Within Oncor’s footprint, approximately 24 GW of large load has been classified as base load including 10 GW of already energized load, and 21 GW as studied load. The projects reflect significant customer commitment through financial security, site control and other ERCOT qualification requirements, reinforcing the substantial demand for new infrastructure investment across Oncor’s service territory.
Sempra California
In California, Sempra’s utilities continue to focus on safety and reliability while improving affordability of services and working with state leaders and stakeholders to develop durable solutions that protect customers impacted by wildfires, strengthen the state’s wildfire framework and support continued investment in more resilient energy systems.
During the quarter, San Diego Gas & Electric (SDGE) reached a new all-time peak net system energy demand of 5.2 GW during one of the region’s most demanding periods for the electric system in more than a decade. Years of investment and preparation have strengthened SDGE’s ability to serve customers, and this historic demand highlights the essential role that a reliable electric grid plays in supporting the health, safety and daily needs of communities during extreme weather.
Against that backdrop, Sempra’s California utilities continued to advance investments in the third quarter that modernize critical infrastructure and help enhance customer benefits. Recent milestones include commencement of construction on compressor station modernization projects at Southern California Gas Company (SoCalGas) and SDGE, which aim to strengthen reliability and operational performance while reducing air pollutant emissions. SoCalGas also launched a new customer information system designed to improve service, expand digital capabilities and support evolving customer and regulatory needs.
On October 29, the California Public Utilities Commission issued a proposed decision denying SoCalGas and SDGE’s request to correct the 2024 General Rate Case capital attrition mechanism to reflect appropriate post-test-year capital revenue requirement for 2027. Sempra California continues to pursue other available regulatory avenues with respect to the proposed decision. However, if not successful in this matter, Sempra California expects its 2027 earnings to be at the low end of its segment guidance range, unless otherwise mitigated through various business initiatives.
Earnings Guidance
Sempra is updating its full-year 2026 GAAP earnings-per-common share (EPS) guidance range to $7.41 to $8.41, reflecting strong results through the third quarter, guiding to the high end of its 2026 adjusted EPS guidance range of $4.80 to $5.30 and affirming its 2027 EPS guidance range of $5.10 to $5.70. As described above in the Sempra California discussion, certain pending regulatory outcomes could cause Sempra to be in the lower half of its 2027 EPS guidance range, unless otherwise mitigated. Sempra is also affirming a 7% to 9% projected long‑term EPS growth rate.
Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra’s adjusted earnings, adjusted EPS and adjusted EPS guidance range. See Table A for additional information regarding these non-GAAP financial measures.
Internet Broadcast
Sempra will broadcast a live discussion of its earnings results over the internet today at 12 p.m. ET with the company’s senior management. Access is available by visiting the Investors section of the company’s website at sempra.com/investors. The webcast will be available on replay a few hours after its conclusion at sempra.com/investors.
About Sempra
Sempra’s mission is to build America’s leading utility growth business. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving energy resilience in California and Texas, the two largest economies in the U.S. The company is recognized as a leader in responsible business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra’s inclusion in The Wall Street Journal’s Management Top 250 and Fortune’s World’s Most Admired Companies. More information about Sempra is available at sempra.com, including investor.sempra.com/corporate-updates which contains important information for investors, and on social media @sempra.
We use the investor.sempra.com/corporate-updates webpage as a means of disclosing important information to investors, some of which may be material, and complying with our disclosure obligations under SEC Regulation FD. The information on this webpage is supplemental to the information we disseminate to investors through other channels, including filings with the SEC, press releases, and public conference calls and webcasts, and investors
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