Slide 1: 2026 Second Quarter Earnings
2026 SECOND QUARTER EARNINGS Delivering For Customers AND Investors July 23, 2026 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 Guidance For Customers and Investors
Reaffirming Guidance… Non-GAAP Core EPS1 2026 Results Guidance Key Takeaways $1.64 - $1.66 ► On track for 2026 core EPS guidance 40¢ 2026 +10% ► Reaffirming 2027-2030 guidance and $73B capital investment plan Second Quarter 9%+ Annually ► Committed to our “Path to Flat” bills 83¢ 2027-2030 ► Advanci
Slide 4: State Working On Wide-Ranging Wildfire Policy Reform
State Working On Wide-Ranging Wildfire Policy Reform… In Development Encouraging Progress Legislative July 3 – ✓ Sept 2025: Legislature passed SB 254 Summer Recess Aug 2, 2026 ✓ Sept 2025: Governor issued Executive Order Last Day to Aug 28, Amend Bills ✓ Jan 2026: CPUC submitted recommendations to C
Slide 5: Mitigations Deployed With More To Come
Mitigations Deployed With More To Come... PG&E Mitigations Delivering Results Continuous Monitoring 20000 1500 Tangible Benefits Realized Incidents ≥ 10 Acres in California * 18000 (all sources) January 2025 - June 2026 18,804 1300 19.6M Outage Minutes Avoided 16000 Structures Destroyed in PG&E Repo
Slide 6: Simple, Affordable Model
Simple, Affordable Model… PLAN1 O&M Savings Example: Procurement Transformation Customer Capital Investment 9% - 10% ► Driving savings through enterprise scale buying strategies, supplier Enablers negotiations, and increased market competition O&M cost reduction (non-fuel)2 2% 2% -- 4% 3% Electric l
Slide 7: Enabling Affordable Load Growth
Enabling Affordable Load Growth… Data Center Pipeline1 Pipeline Highlights MWs March 20262 June 2026 ► Application received and signed ► Preliminary Engineering Study (PES) Total 5,090 12,710 fee paid ► 26 projects as of 6/30/26 Application & Preliminary 1,700 8,200 Engineering ► Work Performance Ag
Slide 8: Non-GAAP Core EPS Comparison
Non-GAAP Core EPS 1 Comparison... Full Year First Half2025 2026vs. vs.2024 2025 Second Half $1 7¢ 83¢ $1 4¢ Factors 9¢ $1 (1¢) Customer 64¢ Capital $1 Investment $1 Redeployment $0 Other $0 $0 $0 $- 2025 Customer Customer Capital… Operating & Redeployment Redeployment Timing and 2025 Twelve 2026Mont
Slide 9: Five-Year Capital Plan
Five-Year Capital Plan… Weighted Average CapEx ($B)1 Rate Base ($B)1 Plus At Least $5B XX% Avg Annual 2026-2030 ~9% $73B 2026-2030 Customer Beneficial Investment Opportunities3 CPUC CPUC FERC 106 FERC 16.3 16.0 96 15.4 89 13.4 ► Transmission Upgrades: 81 12.4 75 Data Centers and System 69 11.4 Inves
Slide 10: Five-Year Financing Plan
Five-Year Financing Plan… Amount ($billions) Five-Year Financing Plan1 80 2026 – 2030 2 0 $73 3 70 20 60 $52 50 12 (4) 40 (12) 30 20 10 0 Cash from Dividends Utility LT Debt Utility LT Debt Utility LT Debt SB 254 Parent Debt Common Equity CapEx 2 Operations Paid Maturities Refinanced Issuance Securi
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 Upgraded Investment Grade 4/23/26 ✓ Plan conservatively A3 A- ✓ Avoid equity dilution at low stock value Baa1 BBB+ ✓ Prioritize investment grade credit Baa2 BBB ✓ Sustain FF
Slide 12: O&M Cost Reduction Performance
O&M Cost Reduction Performance… 2023 2024 2025 LONG-TERM Actual Actual Actual PLAN4 Examples of O&M Cost (millions) (millions) (millions) (millions) Reductions (Non-Fuel)1 Resource Management $90 $60 $85 $45 - $70 Efficiencies and Insurance 350 370 135 65 Capital Conversion --2 45 80 45 - 150 Planni
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, SB 254 May 2025 Sep 2025 Dec 2025 Mar 2026 Q2 2026 Q3 2026 Mar 2027 2027-2030 Govern
Slide 14: Differentiated Performance
Differentiated Performance… 2023A 2024A 2025A Future Customer Investment Rate Base $58B $63B $69B ~9%6 CA Regulatory Ranking (RRA) Average/1 Average/1 Average/1 Above Average Affordability Enablers Non-Fuel O&M Reduction1 5½% 4% 2½% 2% - 4% Capital to Expense Ratio2 0.8 0.9 1.0 2030: 1.7 Credit Rati
Slide 15: Investing In California's Prosperity
Investing In California’s Prosperity… Building California’s Energy Future $ ↓ Unwavering Commitment to Continued Action on Data Center Load Growth Progress Towards Durable Wildfire Mitigation Customer Affordability Benefits Customers & California Wildfire Solution Premium Growth Capital to Expense R
Slide 16: Q&A
Decarbonized Energy System Q&A Affordable and Resilient Energy Physical and Financial Safety 16
Slide 17: Appendix
Appendix 1 Presentation Endnotes 17
Slide 18: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 3: Reaffirming 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 EPS and Appendix 3, Exhibit E regarding non-GAAP
Slide 19: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 9: Five-Year Capital Plan 1. Rate base point estimates reflect authorized capital expenditures from the 2023 GRC final decision, SB 410, Oakland headquarters Petition for Modification, Gas AMI, 2023 WMCE, to other CPUC-jurisdictiona
Slide 20: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide 15: Investing In California's Prosperity Slide titles are hyperlinks 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 EPS and Appendix 3, Exhibit E re
Slide 21: Appendix: Supplemental Earnings Materials
Appendix 2 Supplemental Earnings Materials 21
Slide 22: 2026 Factors Impacting Earnings
2026 Factors Impacting Earnings Key Ranges Non-GAAP Diluted Shares Core EPS1 20262 $1.64 - $1.66 2,210M - 2,295M Key Factors Affecting Weighted Average Rate Base3 Non-GAAP Core Earnings5 Authorized Equity Rate Return on Equity Ratio4 Base ($ millions after tax) CPUC $62B Unrecoverable net interest6
Slide 23: 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 1.10 1.05 9 9 9 HFTD + HFRA Weather-Normalized Ignition Rates
Slide 24: PG&E's $73B Capital Plan Offers A Wide Spectrum Of Customer Benefits
PG&E’s $73B Capital Plan Offers A Wide Spectrum Of Customer Benefits 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 Technol
Slide 25: Wildfire Fund Continuation Account For Future Wildfires
Wildfire Fund Continuation Account For 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 year $30
Slide 26: SB 254: Improved Upon California Wildfire Risk Framework
SB 254: Improved Upon California Wildfire Risk Framework 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 Utility f
Slide 27: 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 28: California Wildfire Fund Mechanics
California Wildfire Fund Mechanics 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 recovery application at the CPUC for clai
Slide 29: SB 846 Diablo Canyon Legislation Cost Recovery
SB 846 Diablo Canyon Legislation 10/18/22 3/2/23 12/19/23 6/25 4/26 Executed NRC approved NRC determined NRC Environmental NRC $1.4B loan exemption request license renewal Impact Statement license agreement allowing continued application and Safety renewal with DWR operations at DCPP sufficient Eval
Slide 30: Physical Risk Mitigation Progress Then & Now
Physical Risk Mitigation Progress Then & Now 2017 2026 SITUATIONAL AWARENESS ASSET IMPROVEMENTS EPSS High-Definition Cameras with AI Capability 708 CAMERAS INSTALLED Undergrounding 1,278 MILES COMPLETED * PSPS Weather Stations 1,643 STATIONS INSTALLED System Hardening 2,699 MILES COMPLETED ** Underg
Slide 31: Regulatory Progress
Regulatory Progress Regulatory Case/Filing Docket Status as of July 2026 Expected Milestones 2027 GRC A.25-05-009 ▪ 2027 GRC Application filed 5/15/25 Proposed Decision March 2027 ▪ Interim rate recovery request 5/7/26 Final Decision May 2027 Kincade and Dixie AB 1054 Wildfire Cost Recovery A.25-11-
Slide 32: Appendix: Supplemental Non-GAAP Information
Appendix 3 Supplemental Non-GAAP Information 32
Slide 33: 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 34-36 Non-GAAP Core Earnings Exhibit B Key Drivers of PG&E Corporation's Non-GAAP Core Earnings Slide 37
Slide 34: Exhibit A: Reconciliation of Consolidated Earnings 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 Second Quarter, 2026 vs. 2025 (in millions, except per share amounts) Three Months Ended Six Months E
Slide 35: Exhibit A: Reconciliation of Consolidated Earnings (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 36: Exhibit A: Reconciliation of Consolidated Earnings (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 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") Second Quarter, 2026 vs. 2025 (in millions, except per share amounts) Second Quarter 2026 vs. 2025 Year to Date 20
Slide 38: Exhibit C: GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation
Exhibit C: GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation Second Quarter, 2026 vs. 2025 (in millions) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2026 2025 2026 2025 PG&E Corporation’s Net Income on a GAAP basis $ 761 $ 549 1,646 $ 1,183 Income tax provision (bene
Slide 39: Exhibit D: Reconciliation to Adjusted FFO and Adjusted 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 2025 2024 2025 2024 (in millions) (in millions) (in millions) (in million
Slide 40: 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