Slide 1: 2024 Fourth Quarter and Full Year Earnings
2024 FOURTH QUARTER AND FULL YEAR EARNINGS Delivering For Customers AND Investors February 13, 2025 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains 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 2025 non-GAAP core earnings), debt and equity
Slide 3: Delivered On 2024… For Customers AND Investors
Delivered On 2024… Non-GAAP Core EPS1 2024 Results Guidance Highlights ► Delivered 11% Core EPS $1.48 - $1.52 31¢ 2025 Up 10% growth in 2024 ► Rebasing 2025 Core EPS Fourth Quarter growth; +10% off 2024 actual ► Dividend target 20% payout $1.36 At Least 9% of non-GAAP Core EPS by 2028 Full Year 2026
Slide 4: Simple, Affordable Model In Action
Simple, Affordable Model In Action1… Redeployment & Redeployment and Balance Equity Issuance At Least Sheet Strengthening Cost of Capital +9% Annual Guidance At Least Cost Performance and +9% Headwinds and GRC At Least Tailwinds +11% +9% +10% Redeployment +12% $1.36 EPS Growth3 Redeployment $1.23 +1
Slide 5: A Foundation Of Safety… AND Getting Safer Every Day
A Foundation Of Safety… Decarbonized Energy System Affordable and Resilient Energy Physical and Financial Safety …AND Getting Safer Every Day 5
Slide 6: California Has Taken Action… And Is Building An Industry Leading Model
California Has Taken Action… If the utility acted prudently… these Moving Forward Alice Reynolds, [property damage] costs are covered by CPUC President ratepayers. What’s True Today PG&E’s legislative priorities on wildfires are to build upon the original In 2019... principles behind AB 1054: ✓ Wild
Slide 7: Making Our Distribution And Transmission System Safer Every Day
Layers Of Protection... Situational Awareness and Response* ✓ 635 Cameras Installed ✓ Advanced Meteorology & Fire Models ✓ 1,582 Weather Stations Installed ✓ Safety and Infrastructure Protection ✓ 24/7/365 HAWC Monitoring Teams Situational Awareness And Response Enhanced Powerline Safety Settings (E
Slide 8: PG&E Power Pyramid… Moving Into Execution Phase
PG&E Power Pyramid… Decarbonized Energy System Affordable and Resilient Energy Physical and Financial Safety …Moving Into Execution Phase 8
Slide 9: Story Of The Month: Enabling Affordable Load Growth
Story Of The Month: Enabling Affordable Load Growth… Data Center Pipeline Load Ramp Data Center Pipeline* 5.5 GW MWs Total 5,500 3.5 GW Intake & Preliminary 4,050 2025 2030 2035 Engineering Pipeline as of February 2025 Pipeline as of June 2024 Final Engineering 1,400 ✓ 15 customers, including hypers
Slide 10: Non-GAAP Core EPS Comparison: Delivered 2024 Guidance
Non-GAAP Core EPS 1 Comparison... Full Year 2024 vs. 2023 +11% 7¢ 26¢ $1.36 $1.23 (16¢) (1¢) (3¢) 2023 Customer Capital Operating & Redeployment Equity Other - 2024 Twelve Months Investment Maintenance Issuance Miscellaneous Twelve Months Savings Endnotes are included in the Appendix Endnotes are in
Slide 11: Five-Year Capital Plan… Unchanged At $63B
Five-Year Capital Plan… Weighted Average CapEx ($B)2 Rate Base ($B) Plus At Least $5B ~10% ~10% CAGR 2023-2028 $63B 2024-2028 Customer Beneficial CPUC CPUC Investment Opportunities3 FERC 91 FERC 14.0 83 13.6 12.9 74 12.0 69 Transportation Electrification 63 10.6 57 9.8 Capacity Investments 76 69 11
Slide 12: Five-Year Financing Plan
Five-Year Financing Plan… Five-Year Financing Plan Amount 2024 – 2028 ($billions) 70 $63 14½ 3 60 $50 (2) 50 11 (2½) 40 (11) 30 20 10 0 Cash from Dividends Utility LT Debt Utility LT Debt Utility LT Debt PG&E Corp. Common Equity CapEx Operations Paid Maturities Refinanced Issuance Senior Debt, Issua
Slide 13: Operating Cash Flow Growth
Operating Cash Flow Growth… $Billions $10 $9B $9 Operating Cash Flow $8.0 Growth Delivered $8 2023 GRC Catch-Up $6 $4.7 2024 GRC Revenue $3.7 2022 WMCE Interim $4 Rate Relief 2023 WGSC Interim $2 Rate Relief 2023 Energy Cost Recovery Catch-Up $0 2022A 2023A 2024A 2025F Endnotes are included in the A
Slide 14: Credit Rating Improvements
Credit Rating Improvements 1… SCALE SCALE RATING RATING Moody’s Moody's S&P/Fitch S&P/Fitch Moody’s Moody’s S&P Fitch Fitch A2 A A3 A- Utility Investment Secured Rating Baa1 BBB+ Grade Present Baa2 BBB 2020 Baa3 BBB- Issuer Credit Rating2 Ba1 BB+ Sub- Present Investment Ba2 BB Grade 2020 Ba3 BB- Out
Slide 15: Our Ongoing Commitment To Stabilize Bills
Our Ongoing Commitment To Stabilize Bills… Simple, Affordable Model Affordability Examples ▪ Optimizing our processes by PLAN1 OPPORTUNITY1 utilizing our Lean Operating System Customer Capital Investment ~9% 9% - 9% - 10% ▪ Partnering with customer 10% advocates on an alternative to Enablers O&M cos
Slide 16: 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 17: Working With Policymakers And Stakeholders
Working With Policymakers And Stakeholders… Mar 2024 Jul 2024 Sept 2024 Dec 2024 Q2 2025 2025 2023 WGSC GRC “Capacity 2023 WMCE 2024 Safety Energization Revised 10-Year Interim Rate Relief Phase” Final Interim Rate Relief Certificate Cost Caps Final Undergrounding Final Decision Decision Final Decis
Slide 18: Differentiated Performance… Benefits Customers AND Investors
Differentiated Performance… 2023A 2024A 2025F Future Customer Investment Rate Base Growth 14.5% 10.5% 9.5% ~10%5 CA Regulatory Ranking (RRA) Average/1 Average/1 Average/1 Above Average Affordable Model Non-Fuel O&M Reduction1 5½% 4% 4% 2% 2% Load Growth2 1% - 3% Bills3 2% - 4% BB /Ba1 Credit Ratings
Slide 19: Differentiated Growth And Regulatory Visibility
Differentiated Growth And Regulatory Visibility… Premium Growth Capital to Expense Ratio3 Rate Base Core EPS1 2.4 9% $B ~10% 9% CAGR 9% 1.6 91 1.4 83 10% 10% 69 74 63 11% 0.8 0.9 57 12% + DPS 10% Growth $1.00 2 PG&E 2023 PG&E 2024 PG&E 2028F 2023 Peer 2023 Peer 23A 24A 25F 26F 27F 28F 21A 22A 23A 24
Slide 20: Q&A
Decarbonized Energy System Q&A Affordable and Resilient Energy Physical and Financial Safety 20
Slide 21: Appendix: Presentation Endnotes
Appendix 1 Presentation Endnotes 21
Slide 22: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 3: Delivered On 2024 1. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 3, Exhibits A and C for reconciliations of EPS results and guidance, respectively, on a GAAP basis to non-GAAP core earnings per share
Slide 23: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 14: Credit Rating Improvements 1. A securities rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. 2. Issuer credit rating is the same for each of PG&E Corporatio
Slide 24: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 19: Differentiated Growth And Regulatory Visibility 1. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 3, Exhibits A and C for reconciliations of EPS results and guidance, respectively, on a GAAP basis to n
Slide 25: Appendix: Supplemental Earnings Materials
Appendix 2 Supplemental Earnings Materials 25
Slide 26: 2025 Factors Impacting Earnings
2025 Factors Impacting Earnings Key Ranges Weighted Average Rate Base2 Equity Ratio:3 52% Return on Equity: 10.28% Non-GAAP 2024 – 2028 Core EPS1 Equity Need CPUC $57B FERC $12B $1.48 - $1.52 Complete Total Rate Base $69B Key Factors Affecting Non-Core Items4 Non-GAAP Core Earnings6 ($ millions afte
Slide 27: Expected Recovery Of Wildfire-Related Costs
Expected Recovery Of Wildfire-Related Costs Amount Recovery Outstanding By Year ($billions) Recovery Status 5 Approved as of December 31, 2024 4.6 Pending 0.9 Yet To Be Filed $0.8 4 Total Approved 3.3 2022 WMCE $42M 3 0.8 $1.1B 2023 WMCE $869M 2.4 Pending 2023 WGSC $152M 2.6 2 0.5 1.1 1.7 0.5 0.3 1.
Slide 28: Existing Construct In California Offers Sector-Leading Financial Protection
Existing Construct In California Offers Sector-Leading Financial Protection Physical Risk Protections Offered Under AB 1054 Reduction Drives Financial Protections Cost Recovery Liquidity Reimbursement Improved prudency standard1 Available when needed Maximum liability capped Physical Risk 1 ▪ Utilit
Slide 29: SB 846 Diablo Canyon Legislation
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 30: Physical Risk Mitigation Progress Then & Now
Physical Risk Mitigation Progress Then & Now 2017 2024 SITUATIONAL AWARENESS ASSET IMPROVEMENTS EPSS High-Definition Cameras with AI Capability 635 CAMERAS INSTALLED Undergrounding 875 MILES COMPLETED * PSPS Weather Stations 1,582 STATIONS INSTALLED System Hardening 2,011 MILES COMPLETED ** Hazard A
Slide 31: PG&E Utility Securitization Program
PG&E Utility Securitization Program The Utility has completed $10.7B of securitization issuances Rate Neutral Securitization AB 1054 CapEx Securitization A.20-04-023 Complete A.22-03-010 Complete ▪ SB 901 signed into law ▪ AB 1054 signed into law on July 12, 2019 Statutory on September 21, 2018 Auth
Slide 32: Regulatory Progress
Regulatory Progress Regulatory Case/Filing Docket Status as of February 2025 Expected Milestones 2023 GRC A.21-06-021 ▪ 2023 GRC Application filed 6/30/21 ▪ Wildfire Self-Insurance Final Decision received 1/12/23 ▪ Final Decision received 11/16/23 ▪ “Capacity Phase” Final Decision received 7/11/24 2
Slide 33: Appendix: 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 Available Exhibit A for Common Shareholders in Accordance with Generally Accepted Slides 35-40 Accounting Principles (“GAAP”) to Non-GAAP Core Earnings Exhibit B Key Drivers of PG&E
Slide 35: Exhibit A: Reconciliation of GAAP to Non-GAAP Core Earnings
Exhibit A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with GAAP to Non-GAAP Core Earnings Fourth Quarter and Full Year, 2024 vs. 2023 (in millions, except per share amounts) Three Months Ended Year Ended December 31, December 31, Earnin
Slide 36: Exhibit A: Reconciliation of GAAP to Non-GAAP Core Earnings
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 GAAP with Generally to Non-GAAP CoreAccepted Earnings Accoun
Slide 37: Exhibit A: Reconciliation of GAAP to Non-GAAP Core Earnings
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 GAAP with Generally to Non-GAAP CoreAccepted Earnings Accoun
Slide 38: Exhibit A: Reconciliation of GAAP to Non-GAAP Core Earnings
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 GAAP with Generally to Non-GAAP CoreAccepted Earnings Accoun
Slide 39: Exhibit A: Reconciliation of GAAP to Non-GAAP Core Earnings
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 GAAP with Generally to Non-GAAP CoreAccepted Earnings Accoun
Slide 40: Exhibit A: Reconciliation of GAAP to Non-GAAP Core Earnings
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 GAAP with Generally to Non-GAAP CoreAccepted Earnings Accoun
Slide 41: Exhibit B: Key Drivers of Non-GAAP Core EPS
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") Fourth Quarter and Full Year, 2024 vs. 2023 Fourth Quarter 2024 vs. 2023 Year to Date 2024 vs. 2023 (in millions,
Slide 42: Exhibit C: 2025 Earnings Guidance
Exhibit C:C:PG&E Exhibit Corporation's PG&E Corporation's 2024 Earnings Guidance 2025 Earnings Guidance 2025 EPS guidance Low High Estimated EPS on a GAAP basis ~ $ 1.30 ~ $ 1.36 Estimated non-core items: (1) Amortization of Wildfire Fund contribution (2) ~ 0.10 ~ 0.10 Bankruptcy and legal costs (3)
Slide 43: Exhibit C: 2025 Earnings Guidance
Exhibit C:C:PG&E Exhibit Corporation's PG&E Corporation's 2024 Earnings Guidance 2025 Earnings Guidance Exhibit E: PG&E Corporation's 2020 and 2021 Earnings Guidance (3) “Bankruptcy and legal costs” consists of legal and other costs associated with PG&E Corporation’s and the Utility’s Chapter 11 fil
Slide 44: Exhibit C: 2025 Earnings Guidance
Exhibit C:C:PG&E Exhibit Corporation's PG&E Corporation's 2024 Earnings Guidance 2025 Earnings Guidance (5) “Investigation remedies” includes the settlement agreement resolving the Safety and Enforcement Division’s investigation into the 2020 Zogg fire, the Wildfires OII decision different, costs re
Slide 45: Exhibit C: 2025 Earnings Guidance
Exhibit C:C:PG&E Exhibit Corporation's PG&E Corporation's 2024 Earnings Guidance 2025 Earnings Guidance (7) “Wildfire-related costs, net of recoveries” includes costs associated with the 2019 Kincade fire, 2020 Zogg fire, and 2021 Dixie fire, net of recoveries. 2025 Low guidance High guidance (in mi
Slide 46: Exhibit D: GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation
Exhibit Exhibit D: GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation D: GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation PG&E Corporation Full Year, 2024 vs. 2023 Year Ended December 31, (in millions) 2024 2023 PG&E Corporation’s Net Income on a GAAP basis $ 2,512 $ 2,256 Income t
Slide 47: Exhibit E: Reconciliation to Adjusted FFO and Adjusted Total Debt
Exhibit C:to Adjusted PG&E FundsCorporation's from Operations ("FFO")2024 Earnings and Adjusted Total Debt Guidance Exhibit E: Reconciliation of PG&E Corporation's Operating Income and Total Debt in Accordance with GAAP Adjusted FFO Calculation Adjusted Total Debt Calculation 2024 2024 (in millions)
Slide 48: Exhibit F: Non-GAAP Financial Measures
Exhibit F: Non-GAAP Financial Measures Exhibit E: PG&E Corporation's 2020 and 2021 Earnings Guidance 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 e