Q4 2025 Sempra Earnings Call Transcript
Key Points
- Sempra (SRE) achieved record adjusted EPS of $4.69, at the high end of their 2025 guidance range.
- The company announced a new record capital plan of $65 billion for 2026 to 2030, representing a 17% increase from the previous year.
- Sempra (SRE) successfully sold a 45% stake in SI Partners for $10 billion, implying a $22 billion equity value.
- The company has eliminated the need for new common equity issuances to fund its base capital plan, thanks to improved cash flows and transaction proceeds.
- Sempra (SRE) is targeting long-term 95% regulated utilities earnings, providing improved returns at lower risk.
- Fourth quarter 2025 GAAP earnings were significantly lower at $352 million compared to $665 million in the fourth quarter of 2024.
- Full year 2025 GAAP earnings decreased to $1,796 million from $2,817 million in 2024.
- Higher interest expenses and depreciation partially offset the higher equity earnings and customer growth in Sempra Texas.
- Sempra California faced $213 million in higher net interest expenses and lower income tax benefits.
- The company continues to face execution risks related to regulatory approvals and the completion of the SI Partners transaction.
Good day and welcome to Sempra's 4th quarter earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Louis Bick. Please go ahead.
Good morning and welcome to Semppe's 4th quarter 2025 earnings call. A live webcast of this teleconference and slide presentation are available on our website under the events and presentations section.
We have several members of our management team with us today, including Jeff Martin, Chairman and Chief Executive Officer, Karen Sedgwick, executive Vice President and Chief Financial Officer, Justin Bird, executive Vice President of SEMPRA and Chief Executive Officer of SEMPR Infrastructure, Caroline Wen, executive Vice President of SEMPRA, Alan Nye, Chief Executive Officer of Encore, and other members of our senior management team.
Before starting, I'd like to remind everyone that we'll be discussing forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995.
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