We generally account for investments under the equity method when we have significant influence over, but do not have control of, these entities. Equity earnings and losses, both before and net of income tax, are combined and presented as Equity Earnings on the Condensed Consolidated Statements of Operations. Distributions received from equity method investees are classified in the Condensed Consolidated Statements of Cash Flows as either a return on investment in operating activities or a return of investment in investing activities based on the “nature of the distribution” approach. See Note 14 for information on equity earnings and losses, both before and net of income tax, by segment. See Note 1 for information on how equity earnings and losses before income taxes are factored into the calculations of our pretax income or loss and ETR.

We account for our 100% equity ownership interest in Oncor Holdings, which owns an 80.25% interest in Oncor, as an equity method investment. Due to the ring-fencing measures, governance mechanisms and commitments in effect, we do not have the power to direct the significant activities of Oncor Holdings and Oncor. See Note 5 of the Notes to Consolidated Financial Statements in the Annual Report for additional information related to the restrictions on our ability to direct the significant activities of Oncor Holdings and Oncor.

In the six months ended June 30, 2026 and 2025, Sempra contributed $1.5 billion and $971 million, respectively, to Oncor Holdings, and Oncor Holdings distributed $458 million and $283 million, respectively, to Sempra. On July 29, 2026, Sempra contributed $610 million to Oncor Holdings, and on July 28, 2026, Oncor Holdings distributed $229 million to Sempra.


SUMMARIZED FINANCIAL INFORMATION – ONCOR HOLDINGS
(Dollars in millions)
	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Operating revenues	$	2,062	$	1,654	$	3,786	$	3,202
Operating expenses	(1,351)		(1,167)		(2,623)		(2,324)
Income from operations	711		487		1,163		878
Interest expense	(236)		(192)		(463)		(377)
Income tax expense	(94)		(57)		(141)		(97)
Net income	428		257		639		436
NCI held by TTI	(84)		(51)		(126)		(87)
Earnings attributable to Sempra(1)	344		206		513		349

(1) Excludes adjustments to equity earnings related to amortization of a tax sharing liability associated with a tax sharing agreement and changes in outside basis differences in AOCI within the carrying value of our equity method investment.

In connection with the planned sale of a portion of our equity interest in SI Partners, which we discuss in Note 6, the carrying amount of our equity method investments totaling $2.6 billion at June 30, 2026 is included in Assets Held for Sale on Sempra’s Condensed Consolidated Balance Sheet.

In the six months ended June 30, 2025, Sempra Infrastructure contributed $1 million to Cameron LNG JV. In the six months ended June 30, 2026 and 2025, Cameron LNG JV distributed $263 million and $233 million, respectively, to Sempra Infrastructure.