Oncor Reports Third Quarter 2025 Results

NEWS RELEASE

For additional information, contact:

Oncor Communications: 877.426.1616

Oncor Investor Relations: 214.486.6035

DALLAS (November 5, 2025) - Oncor Electric Delivery Company LLC (Oncor) today reported net income of $380 million for the three months ended September 30, 2025, compared to net income of $324 million in the three months ended September 30, 2024. The increase in net income of $56 million was driven by overall higher revenues primarily attributable to updated interim rates to reflect increases in invested capital, an increase in other regulated revenues recognized related to Oncor's System Resiliency Plan (SRP) and the Unified Tracker Mechanism (UTM), and customer growth, partially offset by higher interest expense and depreciation expense associated with increases in invested capital, and higher operation and maintenance expense. Financial and operational results are provided in Tables A, B, C, D, and E below.

"Oncor continues to execute on its company-record capital plan, a capital plan that we expect to continue to grow to meet the critical needs of our growing State," said Oncor CEO Allen Nye. "Oncor is currently finalizing its next long-term capital plan and anticipates unveiling in early 2026 a new base five-year plan that is at least 30% higher than our previous five-year plan."

Oncor also reported net income of $820 million for the nine months ended September 30, 2025, compared to net income of $800 million in the nine months ended September 30, 2024. The increase in net income of $20 million was driven by overall higher revenues primarily attributable to updated interim rates to reflect increases in invested capital, an increase in other regulated revenues recognized related to the SRP and the establishment of the UTM, and customer growth, partially offset by higher operation and maintenance expense, and higher interest expense and depreciation expense associated with increases in invested capital.

Oncor is finalizing its 2026 through 2030 base five-year capital plan and expects to announce that new plan in the first half of 2026. Oncor currently anticipates that new base five-year capital plan will be at least 30% higher than the 2025 through 2029 $36.1 billion base capital plan. Oncor also expects significant potential capital expenditure opportunities incremental to the 2026 through 2030 base capital plan.

Management Updates

In October, Oncor's Executive Vice president and Chief Operating Officer Jim Greer submitted notice of his intention to retire effective December 31, 2025. Oncor's Board of Directors has elected Ellen Buck, who has served as Oncor's Vice President of Business and Operations Services since 2017, to serve as Oncor's Senior Vice President and Chief Operating Officer, effective January 1, 2026.

"After 41 years of dedicated service to Oncor, my good friend Jim Greer is retiring, leaving a legacy of excellence and safety that has shaped this company and the communities we serve," said Nye. "I can't thank Jim enough for his service to our company and our State, and I wish him all the best in his retirement. I'm excited that Ellen will be stepping into the Chief Operating Officer role upon Jim's retirement. Ellen has two decades of experience at the company and is truly one of the finest operators in the United States. Her leadership will be key as Oncor continues to execute the biggest capital deployment strategy in the company's history."

In addition, Oncor's Board of Directors has promoted Don Clevenger, who currently serves as Oncor's Senior Vice President and Chief Financial Officer, to serve as Oncor's Executive Vice President and Chief Financial Officer, effective January 1, 2026.

Operational Highlights

Oncor is executing on its portion of the Permian Basin Reliability Plan (PBRP) recently approved by the Public Utility Commission of Texas (PUCT) by securing critical long-lead time equipment, including large power transformers, high-voltage circuit breakers, and electrical reactors. Leveraging its supplier relationships, Oncor has obtained commitments from suppliers on delivery timelines, with initial equipment expected to arrive in the first quarter of 2027 to help meet expedited project timelines. In addition, Oncor has begun securing the real estate rights to support the buildout for PBRP substations. This execution strategy extends to Oncor's Certificate of Convenience and Necessity (CCN) amendment filings. During the third quarter, Oncor filed two new CCN amendment applications for needed transmission projects, building on the eleven filings filed in the first and second quarters of 2025. Six previously filed projects also received regulatory approval during the third quarter, continuing the momentum of efficient and timely regulatory approvals. Oncor's first PBRP 765 kV line is expected to be energized by the end of 2028. All PBRP projects are targeted for completion by the end of 2030.

In addition to the PBRP, Oncor anticipates completing significant projects related to the buildout of the Eastern Portion of the Electric Reliability Council of Texas, Inc.'s (ERCOT) Strategic Transmission Expansion Plan (STEP). Oncor has also submitted the remainder of its 138 kV and 345 kV projects identified in the 2024 ERCOT's Regional Transmission Plan for review at ERCOT. In total, Oncor anticipates being responsible for more than half of the investment related to the PBRP and the Eastern portion of STEP.

In the third quarter of 2025, Oncor built, rebuilt, or upgraded approximately 660 circuit miles of transmission and distribution lines and increased premises by nearly 16,000, reflecting ongoing population and business growth in Texas. Active transmission point-of-interconnection (POI) requests continued to rise in the third quarter, remaining well above year-ago levels. As of November 4, 2025, Oncor held approximately $2.8 billion in customer collateral for active generation and large commercial and industrial (LC&I) transmission POI requests.

As of September 30, 2025, Oncor's active LC&I interconnection queue included over 600 requests which is approximately 60% higher than at the same time last year. Those requests include approximately 210 gigawatts from data centers and over 16 gigawatts of load from various other industrial sectors, demonstrating broad-based industrial growth within Oncor's service territory. In addition, Oncor had 573 active generation POI requests in queue at September 30, 2025, composed of approximately 48% storage, 40% solar, 8% wind, and 4% gas.

Regulatory Update

Oncor's pending base rate review continues to advance. In September, the administrative law judge assigned to Oncor's base rate review approved a settlement agreement among the parties relating to interim rates that provides, if the proceeding is still pending on January 1, 2026, Oncor will be able to surcharge (or refund) final approved rates back to that date. In advance of the scheduled hearing on the merits in mid-November, Oncor continues to engage in settlement discussions with parties.

Liquidity

As of November 4, 2025, Oncor's available liquidity totaled approximately $3.6 billion, consisting of cash on hand and available borrowing capacity under its credit facilities, commercial paper programs, and accounts receivable facility. Oncor anticipates these resources, combined with projected cash flows from operations and future financing activities, will be sufficient to meet capital expenditures, maturities of long-term debt, and other operational needs for at least the next twelve months.

Sempra Internet Broadcast Today

Sempra (NYSE: SRE) will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET, which will include discussion of third quarter 2025 results and other information relating to Oncor. Oncor executives will also participate in the broadcast. Access to the broadcast is available by logging onto the Investors section of Sempra's website, sempra.com/investors. Prior to the conference call, an accompanying slide presentation will be posted on sempra.com/investors. For those unable to participate in the live webcast, it will be available on replay a few hours after its conclusion at sempra.com/investors.

Quarterly Report on Form 10-Q

Oncor's Quarterly Report on Form 10-Q for the period ended September 30, 2025 will be filed with the U.S. Securities and Exchange Commission after Sempra's conference call and once filed, will be available on Oncor's website, oncor.com.

About Oncor

Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity transmission and distribution business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest transmission and distribution system in Texas, delivering electricity to more than 4.1 million homes and businesses and operating more than 144,000 circuit miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.