Core EPS variance was primarily driven by higher O&M expense and the net impact of regulatory decisions, while EIX Parent and Other's variance was mainly due to higher interest expense.
Edison International reported second quarter core earnings per share of $0.97 compared to $1.23 a year ago, with the year-over-year comparison impacted by the absence of a final decision in SCE's 2025 general rate case.
SCE continues to book revenues at 2024 authorized levels adjusted for the change in ROE and will record a true-up when it receives a final decision.
SCE reaffirmed its 2025 EPS guidance range of $5.94 to $6.34 and long-term EPS growth expectations of 5% to 7% CAGR through 2028.
The proposed decision in SCE's 2025 DRC would authorize base revenue of $9.8 billion in 2025, increasing to $11 billion by 2028, generally aligning with the current range case rate base forecast.
American Transmission Company contributed an incremental $0.01 to Q2 earnings, while Energy Infrastructure segment earnings decreased by $0.03 due to storm damage losses and other factors.
Common equity issuance totaled about $425 million in H1 2025, on track for $700 million to $800 million for the year, part of $2.7 billion to $3.2 billion expected through 2029.
Corporate and other segment earnings decreased by $0.03 due to higher interest expense.
O&M expenses are expected to grow 8% to 10% for the full year compared to 2024, driven by vegetation management, new assets, and prior measures to offset mild weather impact.
Retail electric deliveries grew 1.1% year-over-year, led by large commercial and industrial segment growth of 1.9%.
These gains were partially offset by higher depreciation and amortization expense (-$0.05) and higher day-to-day O&M (-$0.02).
Utility operations earnings increased by $0.16 year-over-year, driven by weather (+$0.04), rate-based growth (+$0.12), and timing of fuel expense, tax, and other items (+$0.07).
WEC Energy Group reported earnings of $0.76 per share for Q2 2025, a $0.09 increase compared to Q2 2024.
Adjusted EPS increased 34% to $0.51 per share versus $0.38 in the prior year, supported by $185 million higher U.S. renewable tax attributes.
AES reported adjusted EBITDA of $681 million for Q2 2025, up from $658 million a year ago, driven by growth in renewables and cost reductions.
Capital allocation includes $500 million returned to shareholders via dividends and $1.8 billion invested in growth, mainly in renewables and utilities.
Energy Infrastructure SBU EBITDA declined due to prior year coal PPA monetization and portfolio changes, partially offset by higher fleet availability.
New Energy Technologies SBU EBITDA was lower, reflecting Fluence's fiscal Q2 results.
Parent free cash flow target of $1.15 billion to $1.25 billion is on track with double-digit year-over-year growth.
Renewables SBU EBITDA grew 56% year-over-year to $240 million, reflecting 3.2 gigawatts of new capacity and improved project returns.
Utilities SBU saw lower adjusted pretax contribution due to planned outages and the sell-down of AES Ohio, but growth is expected from new investments.
EBITDA was $94 million, beating guidance of $80 million to $90 million, representing a 24% sequential increase and a 22% EBITDA margin, up 200 basis points quarter-over-quarter and year-over-year.
Expro reported revenue of $423 million in Q2 2025, up $32 million or about 8% from Q1 2025, exceeding guidance of $400 million to $410 million.
Expro repurchased $5 million in shares in Q2, totaling $15 million year-to-date, with $61 million remaining under the $100 million authorization.
Free cash flow on an adjusted basis was $36 million, or 9% of revenue, marking the third consecutive quarter of financial results above expectations.
Liquidity at quarter-end was approximately $343 million, including $207 million cash and $136 million available under revolving credit facility, with new credit facilities increasing total commitments to $500 million.
Segment EBITDA margins: ESSA 30% (up 400 bps), MENA 36% (down 70 bps), APAC 26% (up 500 bps).
Segment revenues: North and Latin America (NLA) $143 million, Europe and Sub-Saharan Africa (ESSA) $132 million, Middle East and North Africa (MENA) $91 million, Asia Pacific (APAC) $57 million.
Dafinchi