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Sempra (SRE) investor relations material
Sempra Strategy Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic initiatives and transaction overview
Announced sale of a 45% equity stake in Sempra Infrastructure Partners to a KKR-led consortium and CPP Investments for $10 billion, implying a $22.2 billion equity value, $31.7–$32 billion enterprise value, and 13.8x EBITDA multiple.
Sempra will retain a 25% interest, KKR consortium will hold 65%, and ADIA will retain 10% post-transaction.
Proceeds will be received in stages: 47% at close, 41% by year-end 2027, and the remainder about seven years after closing, with interest income exceeding the earnings yield of the equity sold.
Proceeds will be recycled into a capital campaign focused on Texas utilities, supporting utility growth and operational excellence.
Transaction is both EPS and credit accretive, with expected average annual EPS accretion of $0.20 starting in 2027.
Financial and balance sheet impacts
Transaction enables deconsolidation of Sempra Infrastructure Partners, including nearly $10 billion of debt, improving FFO to debt metrics and strengthening the balance sheet.
Eliminates the need for common equity issuances under the 2025–2029 plan and reduces future reliance on equity at a time of significant growth.
Retained 25% stake implies a residual equity value of about $5.5 billion, providing optionality for future growth.
Affirmed 2025 and 2026 adjusted EPS guidance of $4.30–$4.70 and $4.80–$5.30, with a projected EPS CAGR of 7%–9% for 2025–2029.
Updated 2025 GAAP EPS guidance to $3.29–$3.69, reflecting tax impacts from the equity sale.
Port Arthur LNG Phase II and growth outlook
Final investment decision reached for Port Arthur LNG Phase II, targeting commercial operations for Trains 3 and 4 in 2030 and 2031, with Sempra Infrastructure retaining a 50.1% project-level stake and 12.5% proportionate interest post-transaction.
Project capital expenditures estimated at $12 billion plus $2 billion for shared facilities, with targeted unlevered after-tax returns above 13%.
Funding secured with a 49.9% minority equity investment led by Blackstone and others for $7 billion.
Long-term offtake agreements secured with ConocoPhillips, EQT, and JERA under 20-year SPAs.
Bechtel contracted for engineering and construction, leveraging experience from Phase 1.
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