Slide 1: 2025 Third Quarter Earnings
2025 THIRD QUARTER EARNINGS Delivering For Customers AND Investors October 23, 2025 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation and the oral remarks made in connection with it contain statements regarding PG&E Corporation’s and Pacific Gas and Electric Company’s (the “Utility”) future performance, including expectations, objectives, and forecasts about operating results (including
Slide 3: Reaffirming And Narrowing Guidance
Reaffirming And Narrowing Guidance… Non-GAAP Core EPS1 2025 Results Guidance Key Takeaways $1.49 - $1.51 ► Introducing 2026 Core EPS range and 50¢ affirming 2027-2030 Core EPS growth 2025 Up 10% ► Governor initiated SB 254 Phase 2 Third Quarter Narrowed ► Wildfire mitigation update $1.14 $1.62 - $1.
Slide 4: Planning For Wide-Ranging Wildfire Policy Reform
Planning For Wide-Ranging Wildfire Policy Reform… California Catastrophe Response Council Nov 3, Stakeholder abstracts Responsible for oversight of the Wildfire Fund & Continuation Account. Is charged with appointing an “Administrator” for the Wildfire Fund & Continuation Account. 2025 due to CEA Go
Slide 5: Additional 2025 Mitigations Deployed
Additional 2025 Mitigations Deployed... PG&E Mitigations Delivering Results Undergrounding Program 20000 1500 ► First 1,000 miles completed Incidents ≥ 10 Acres in California * 18000 (all sources) 18,804 1300 Structures Destroyed in PG&E Transmission Clearing 16000 Reportable Fires in HFTD/HFRA 1100
Slide 6: Simple, Affordable Model
Simple, Affordable Model… PLAN1 OPPORTUNITY1 Customer Capital Investment ~9% 9% - 10% Enablers O&M cost reduction (non-fuel)2 2% 2% 2% -- 3% 3% Electric load growth3 1% - 3% 2% 2% -- 4% 4% Other (including efficient financing)4 2% 2% 2% Subtotal 5% - 7% 6% - 9% Customer Bills: At or 2% - 4% 1% - 3%
Slide 7: Enabling Affordable Load Growth
Enabling Affordable Load Growth… Data Center Pipeline1 Working with our largest customers and data center developers to find the most June 2025 September 2025 economical build out, accelerate MWs interconnection timelines, and deliver Total 10,000 9,600 optimal reliability Application & 8,450 7,950
Slide 8: Non-GAAP Core EPS Comparison
Non-GAAP Core EPS 1 Comparison... First Nine Months Fourth Quarter 8¢ Factors 5¢ 4¢ $1.14 $1.06 (3¢) (6¢) Customer Capital Investment Operating & Maintenance Savings Redeployment Equity Dilution 2024 Customer Operating & Redeployment Equity Timing 2025 First Nine Capital Maintenance Dilution and Fir
Slide 9: Five-Year Capital Plan
Five-Year Capital Plan… Weighted Average CapEx ($B)1 Rate Base ($B)1 Plus At Least $5B XX% Avg Annual 2026-2030 ~9% $73B 2026-2030 Customer Beneficial Investment Opportunities3 CPUC CPUC FERC 106 FERC 16.3 16.0 96 15.4 89 13.4 ► Transmission Upgrades: 81 12.4 75 Data Centers and System 69 11.4 Inves
Slide 10: PG&E's $73B Capital Plan
PG&E’s $73B Capital Plan… 2026 – 2030 CapEx 2026 – 2030 CapEx By Functional Area By Customer Benefits $20B $16B Resiliency $23B Electric Capacity & New Transmission $38B Business Electric Distribution $20B $8B Safety $14B Gas T&D Reliability $4B $3B Technology Power Generation & Other …Offers A Wide
Slide 11: Credit Rating Improvements
Credit Rating Improvements 1… SCALE SCALE RATING DEBT RATING Moody’s S&P/Fitch Moody’s S&P Fitch Financing Key Principles A2 A Investment Grade Upgraded ✓ Plan conservatively A3 A- ✓ Avoid equity dilution at low stock value Baa1 BBB+ ✓ Prioritize investment grade credit Baa2 BBB ✓ Sustain FFO/Debt i
Slide 12: O&M Cost Reduction Performance
O&M Cost Reduction Performance… 2023 2024 2025 LONG-TERM OPPORTUNITY1 Actual Actual Plan PLAN1 Examples of O&M Cost (millions) (millions) (millions) (millions) (millions) Reductions (Non-Fuel)2 Resource Management $90 $60 $60 $65 $65 - $100 Efficiencies and Insurance 350 370 25 50 50 Capital Convers
Slide 13: Working With Policymakers And Stakeholders
Working With Policymakers And Stakeholders… 4-Year Revenue Certainty 3-Year CoC Cycle w/ ROE Adjustment Mechanism FERC Formula Rate Regulatory and Policy Environment Constructive Legislation SB 884, SB 846, SB 410 Sept 2024 Dec 2024 Sept 19, 2025 Q4 2025 Apr 1, 2026 2023 WMCE 2024 Safety Governor Ne
Slide 14: Differentiated Performance
Differentiated Performance… 2023A 2024A 2025F Future Customer Investment Rate Base Growth 14.5% 10.5% 9.5% ~9%7 CA Regulatory Ranking (RRA) Average/1 Average/1 Average/2 Above Average Affordable Model Non-Fuel O&M Reduction1 5½% 4% 2% 2% Load Growth2 1% - 3% Customer Bills3 2% - 4% BB /Ba1 Credit Ra
Slide 15: Investing In California's Prosperity
Investing In California’s Prosperity… Commitment to California’s Prosperity and Growth 5-Year Capital Plan (2026-2030) Critical partner to California, the Powering California’s Collaborating with other invests $73B in California, world's 4th largest economy,1 expanding grid — 20 GWs utilities and lo
Slide 16: Q&A
Decarbonized Energy System Q&A Affordable and Resilient Energy Physical and Financial Safety 16
Slide 17: Appendix 1: Presentation Endnotes
Appendix 1 Presentation Endnotes 17
Slide 18: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 3: Reaffirming And Narrowing Guidance 1. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 3, Exhibit A for a reconciliation of EPS results on a GAAP basis to non-GAAP core earnings per share and Appendix 3,
Slide 19: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 12: O&M Cost Reduction Performance 1. These numbers are illustrative approximations and should not be interpreted as a guarantee of future performance. See “Forward-Looking Statements” on slide 2. 2. Non-fuel operating and maintenan
Slide 20: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide 23: Appendix 2: 2026 Factors Impacting Earnings Slide titles are hyperlinks 1. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 3, Exhibit E regarding non-GAAP financial measures. 2. The low end of the share count range assumes no PG&E
Slide 21: Appendix 2: Supplemental Earnings Materials
Appendix 2 Supplemental Earnings Materials 21
Slide 22: 2025 Factors Impacting Earnings
2025 Factors Impacting Earnings Key Ranges Non-GAAP Diluted Shares Core EPS1 20252 $1.49 - $1.51 2,195M - 2,285M Key Factors Affecting Weighted Average Rate Base3 Non-GAAP Core Earnings5 Equity Ratio:4 52% Return on Equity: 10.28% ($ millions after tax) CPUC $57B Unrecoverable net interest6 $350 - $
Slide 23: 2026 Factors Impacting Earnings
2026 Factors Impacting Earnings Key Ranges Non-GAAP Diluted Shares Core EPS1 20262 $1.62 - $1.66 2,210M - 2,295M Key Factors Affecting Weighted Average Rate Base3 Non-GAAP Core Earnings6 Equity Ratio:4 52% Return on Equity: TBD5 ($ millions after tax) CPUC $62B Unrecoverable net interest7 $350 - $40
Slide 24: Expected Recovery Of Wildfire-Related Costs
Expected Recovery Of Wildfire-Related Costs Amount Recovery Outstanding By Year ($billions) Recovery Status 5 4.6 Approved as of September 30, 2025 Pending 4 0.9 Yet To Be Filed $0.1B Total Approved 3.3 3 0.8 $0.4B 2023 WMCE $351M 2023 WGSC $55M Pending 2.6 2.1 0.1 2 1.1 0.4 1.8 0.2 1.6 $1.6B Yet To
Slide 25: Physical Risk Mitigations Making Our System Safer Every Day
Physical Risk Mitigations Making Our System Safer Every Day Weather-Normalized Ignition Rate Significant Reduction in PG&E Ignitions Leading To Fires > 10 Acres 3.23 2.67 2.76 24 PG&E R3+ Ignitions > 10 Acres 1.93 in HFTD + HFRA 2.25 1.41 12 1.01 9 8 7 6 5 HFTD + HFRA Weather-Normalized Ignition 0.9
Slide 26: Wildfire Fund Continuation Account To Cover Future Wildfires
Wildfire Fund Continuation Account To Cover Future Wildfires > $21.0 B $18.0 B Utility Utility Upfront Funding Contingent Funding $7.5 2019-2020 $3.9 * Over 5 years only if needed PG&E $4.8B PG&E $373M per year Utility Utility Annual Funding $3.0 Annual Funding 2019-2028 $5.1 2029-2045 $300M per yea
Slide 27: California Legislature Takes Further Action On Wildfire Risk
California Legislature Takes Further Action On Wildfire Risk Wildfire Fund Continuation Account: First step following January 2025 fires and New Features building on existing AB 1054 foundation Creates new Wildfire Fund Continuation Flexible Improved Account providing $18B for future wildfires Utili
Slide 28: Existing Protections Enhanced Pending Broader Policy Update
Existing Protections Enhanced Pending Broader Policy Update Protections Offered Under AB 1054 & SB 254 Physical Risk Reduction Drives Cost Recovery Liquidity Reimbursement Financial Protections Unchanged Bolstered Improved Improved prudency standard1 Available when needed Disallowance cap retained P
Slide 29: Fund Mechanics Largely Unchanged With Enhancements
Fund Mechanics Largely Unchanged With Enhancements To Disallowance Framework Claims filed against Covered Utility Customer funded self-insurance Covered Utility seeks payment from the Fund for eligible claims >$1B covers first $1B of claims Filing after “substantially all” Covered Utility files cost
Slide 30: SB 846 Diablo Canyon Legislation Cost Recovery
SB 846 Diablo Canyon Legislation 10/18/22 3/2/23 12/19/23 6/25 Executed NRC approved exemption NRC determined NRC Environmental $1.4B loan request allowing continued license renewal Impact Statement agreement with operations at DCPP application sufficient and Safety DWR Evaluation Report 9/2/22 11/7
Slide 31: Physical Risk Mitigation Progress Then & Now
Physical Risk Mitigation Progress Then & Now 2017 2025 SITUATIONAL AWARENESS ASSET IMPROVEMENTS EPSS High-Definition Cameras with AI Capability 693 CAMERAS INSTALLED Undergrounding 1,027 MILES COMPLETED * PSPS Weather Stations 1,620 STATIONS INSTALLED System Hardening 2,358 MILES COMPLETED ** Hazard
Slide 32: Regulatory Progress
Regulatory Progress Regulatory Case/Filing Docket Status as of October 2025 Expected Milestones 2027 GRC A.25-05-009 ▪ 2027 GRC Application filed 5/15/25 Final Decision May 2027 2025 and 2026 Energization Cost Caps (SB 410) R.24-01-018 ▪ Motion to revise 2025 and 2026 Energization Cost Caps filed 10
Slide 33: Appendix 3: Supplemental Non-GAAP Information
Appendix 3 Supplemental Non-GAAP Information 33
Slide 34: Supplemental Earnings Materials
Supplemental Earnings Materials Exhibit Title Slide (Link) Reconciliation of PG&E Corporation's Consolidated Earnings Exhibit A Available for Common Shareholders in Accordance with GAAP to Slides 35-38 Non-GAAP Core Earnings Exhibit B Key Drivers of PG&E Corporation's Non-GAAP Core Earnings Slide 39
Slide 35: Exhibit A: Reconciliation to Non-GAAP Core Earnings
Exhibit A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles ("GAAP") to Non-GAAP Core Earnings Third Quarter, 2025 vs. 2024 (in millions, except per share amounts) Three Months Ended Nine Months E
Slide 36: Exhibit A Reconciliation Continued
Exhibit A:Exhibit Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Shareholders in Accordance Accordance with with Generally Generally Accepted Accepted Accounting Accoun
Slide 37: Exhibit A Reconciliation Continued
Exhibit A:Exhibit Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Shareholders in Accordance Accordance with with Generally Generally Accepted Accepted Accounting Accoun
Slide 38: Exhibit A Reconciliation Continued
Exhibit A:Exhibit Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Shareholders in Accordance Accordance with with Generally Generally Accepted Accepted Accounting Accoun
Slide 39: Exhibit B: Key Drivers Of Core Earnings
Exhibit B: Key Drivers of PG&E Corporation's Non-GAAP Core Exhibit B: Key Drivers of PG&E Corporation's Non-GAAP Core Earnings per Common Share ("EPS") Earnings per Common Share ("EPS") Third Quarter, 2025 vs. 2024 (in millions, except per share amounts) Third Quarter 2025 vs. 2024 Year to Date 2025
Slide 40: Exhibit C: Adjusted EBITDA Reconciliation
Exhibit C: GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation Third Quarter, 2025 vs. 2024 (in millions) Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2025 2024 2025 2024 PG&E Corporation’s Net Income on a GAAP basis $ 850 $ 579 $ 2,033 $ 1,838 Income tax pro
Slide 41: Exhibit D: Adjusted FFO And Total Debt
Exhibit D: Reconciliation of PG&E Corporation's Operating Income and Total Debt in Accordance with GAAP to Adjusted Funds from Operations ("FFO") and Adjusted Total Debt Adjusted FFO Calculation Adjusted Total Debt Calculation 2024 2024 (in millions) (in millions) Operating income $ 4,459 Long-term
Slide 42: Exhibit E: Non-GAAP Financial Measures
Exhibit E: Non-GAAP Financial Measures Non-GAAP Core Earnings and Non-GAAP Core EPS “Non-GAAP core earnings” and “Non-GAAP core EPS,” also referred to as “non-GAAP core earnings per share,” are non-GAAP financial measures. Non-GAAP core earnings is calculated as income available for common sharehold