Shares declined 2.3% following Sempra’s Q1 report as investors digested a largely in-line quarter with no clear catalyst to drive the stock higher, amid ongoing execution on planned infrastructure investments and regulatory approvals but without material margin expansion or forward guidance updates.

• Reported adjusted earnings of $1.51 per share, modestly up from $1.44 in Q1 2025, reflecting steady operational performance.
• Deployed $3 billion in energy infrastructure capital in the quarter, pacing well against the $13 billion 2026 target.
• Regulatory wins at Oncor (PUCT approval with enhanced ROE of 9.75% and equity layer at 43.5%) and progress on SDG&E’s transmission rate settlement provide potential long-term rate base support.
• Initial commercial progress at Sempra Infrastructure with Cimarron Wind COD and ECA LNG feed gas introduction; first LNG production expected next month, with full commercial ops targeted this summer.
• No explicit update or revision to earnings guidance or outlook was provided, leaving investors cautious on near-term growth trajectory and margin expansion.