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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.Strategy Update summary23 Sep, 2025
Strategic initiatives and transaction highlights
Announced sale of a 45% stake in Sempra Infrastructure Partners to KKR and CPP Investments for $10 billion, implying a $32 billion enterprise value and 13.8x EBITDA multiple.
Sempra will retain a 25% interest, KKR-led consortium will hold 65%, and ADIA 10% post-transaction.
Proceeds will be recycled into utility capital programs, eliminating the need for common equity issuances in the 2025–2029 plan.
Transaction is accretive to EPS, with expected average annual accretion of $0.20 starting in 2027.
Nearly 90% of cash proceeds will be received within the first two years, with interest income exceeding the earnings yield of the equity sold.
Financial and balance sheet impacts
Transaction will deconsolidate Sempra Infrastructure Partners, including nearly $10 billion of debt, improving FFO to debt metrics.
Utility earnings mix will rise to 95% of adjusted earnings, up from 81% in 2024, reducing exposure to non-utility investments.
No further common equity issuances are planned for the current capital plan, supporting higher financial returns.
Management expects to maintain a strong balance sheet and provide updates after the Oncor base rate review and capital plan roll-forward.
Tax impacts are estimated at 20% of the purchase price, with strategies in place to manage cash impacts.
Port Arthur LNG Phase II and growth outlook
Final investment decision taken for Port Arthur LNG Phase II, targeting commercial operations in 2030 and 2031 for trains 3 and 4.
Sempra Infrastructure will hold a 50.1% project-level stake, with a 12.5% proportionate interest post-transaction.
Project expected to generate unlevered after-tax returns above 13%, supported by long-term agreements with ConocoPhillips, EQT, JERA, and other high-quality counterparties.
Incremental project capex is ~$12 billion plus $2 billion for shared facilities, with $1 billion equity requirement.
Funding secured with a 49.9% minority equity investment led by Blackstone and others for $7 billion.
How does the KKR deal shift Sempra's earnings mix?
Port Arthur LNG Phase 2 equity funding partners?
How does KKR cash timing fund capital plan?
How does this deal impact future equity issuances?
How does the deal advance the Texas strategy?
What is the contracting strategy for remaining LNG volumes?
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Q3 20255 Nov, 2025
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Frequently asked questions
Sempra is an energy infrastructure company involved in the development, operation, and maintenance of electric and natural gas utilities. The company serves customers in California, Texas, and Mexico through subsidiaries that provide regulated and unregulated energy services. Its operations include transmission, storage, and liquefied natural gas (LNG) development. Sempra is headquartered in San Diego, California, and its shares are listed on the NYSE.
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