Pacific Gas & Electric Co. · NYSE:PCG
Pacific Gas & Electric — PG&E — Q3 2026 Earnings Presentation
40 slides from Pacific Gas & Electric's earnings presentation, Oct 22, 2026
Slide 1: 2026 Third Quarter Earnings
2026 THIRD QUARTER EARNINGS October 22, 2026 Turning Point For PG&E And California 1
Slide 2: Forward-Looking Statements
2 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 2026 and 2027 non-GAAP c
Slide 3: Third Quarter 2026 Results: Reaffirming Guidance
3 Non-GAAP Core EPS1 41¢ Third Quarter 2026 Results …For Customers AND Investors Reaffirming Guidance… Endnotes are included in the Appendix Guidance On Track ► On track for 2026 Core EPS guidance ► Reaffirming 2027 Core EPS guidance ► Transformation delivering safer, more reliable, more affordable
Slide 4: Real Protections In Place Today While Pursuing Full Range Of Options
4 Real Protections In Place Today… …While Pursuing Full Range Of Options Further Reform Needed • Permanent source of liquidity beyond the Wildfire Fund • Maximum disallowance independent of funding source Legislative Reform Regulatory Reform Capital Allocation Corporate Structure ✓ $1B Wildfire Self
Slide 5: Layers Of Protection Making Our System Safer Every Day
5…Making Our System Safer Every Day Layers Of Protection... Weather-Normalized Ignition Rate Situational Awareness • Continuous Monitoring1: 35 avoided ignitions using 35k+ sensors, ~6M SmartMeters, including 1k+ AMI 2.0 meters and 26k Gridscope devices • 707 cameras and 1,650 weather stations • 24/
Slide 6: Enabling Affordable Load Growth: Data Center Pipeline
6…Economic Prosperity For Customers And California Enabling Affordable Load Growth… Endnotes are included in the Appendix Data Center Pipeline1 Estimated Long-Term Customer Savings2: 1 GW = 1% Or More Electric Bill Reduction Pipeline Highlights MWs June 2026 Sept 2026 Total 12,710 12,870 Application
Slide 7: Driving Differentiated Performance: Simple, Affordable Model
7… Driving Differentiated Performance Simple, Affordable Model… Endnotes are included in the Appendix Standing For Customers Safe, Reliable Service Transformation powered by our layers of protection Lower Cost Of Capital Advocating for policy reform to drive access to affordable capital Lower Custom
Slide 8: Non-GAAP Core EPS Comparison On Track For Guidance
8 Non-GAAP Core EPS1 Comparison... Endnotes are included in the Appendix …On Track For Guidance Of $1.64 - $1.66 Endnotes are included in the Appendix 2025 nine months Customer Capital … Operating & … Redeployment Other -… 2026 nine months $- $0 $0 $1 $1 $1 $1 $1 Full Year 2025 vs. 2024 Customer Cap
Slide 9: 2026-2027 Capital Plan
9…2028-2030 Pending Strategic Review Outcome 2026-2027 Capital Plan… CPUC FERC XX% % Already Authorized2 84% 79% 74% Weighted Average Rate Base ($B)1 CPUC FERC CapEx ($B)1 Endnotes are included in the Appendix 12 13 13 17 19 21 57 62 68 72 77 85 69 75 81 89 96 106 2025A 2026F 2027F 2028F 2029F 2030F
Slide 10: Credit Rating Profile
10…Offers Incremental Affordability Opportunity SCALE RATING In v e s tm e n t G ra d e A2 A A3 A- Baa1 BBB+ Baa2 BBB Baa3 BBB- S u b -I n v e s tm e n t G ra d e Ba1 BB+ Ba2 BB Ba3 BB- B1 B+ Outlook Positive Credit Rating Profile1… Stable Negative SCALE DEBT RATING Moody’s S&P/Fitch Moody’s S&P Fit
Slide 11: O&M Cost Reduction Performance
11 O&M Cost Reduction Performance… …Track Record Of Exceeding 2% Reduction Target Endnotes are included in the Appendix Examples of O&M Cost Reductions (Non-Fuel)1 Resource Management Efficiencies and Insurance Capital Conversion Planning, Execution, Automation and AI Net Cost Increases Net Savings
Slide 12: Working With Policymakers And Stakeholders To Deliver For Customers
12…To Deliver For Customers Working With Policymakers And Stakeholders… Constructive Legislation: SB 884, SB 846, SB 410, SB 254 4-Year Revenue Certainty 3-Year CoC Cycle w/ ROE Adjustment Mechanism FERC Formula Rate Regulatory and Policy Environment Dec 2025 2026 Cost of Capital Final Decision Sep
Slide 13: Differentiated Performance Benefits Customers And Investors
13…Benefits Customers AND Investors 2023A 2024A 2025A Customer Investment Rate Base $58B $63B $69B CA Regulatory Ranking (RRA) Average/1 Average/1 Average/17 Affordability Enablers Non-Fuel O&M Reduction1 5½% 4% 2½% Capital to Expense Ratio2 0.8 0.9 1.0 Credit Ratings3 B1 /BB- Ba3 /BB Ba2 /BB Consis
Slide 14: Investing In California's Prosperity
14…And Providing Differentiated Growth For Investors Investing In California’s Prosperity… Building California’s Energy Future 10% 12% 11% 10% 10% 9% 22A 23A 24A 25A 26F 27F $B 0.9 1.0 1.1 2.2 2.8 PCG 2024 PCG 2025 PCG 2026F 2025 Peer Average 2025 Peer Top Decile Premium Growth Capital to Expense Ra
Slide 15: Q&A
15 Physical and Financial Safety Decarbonized Energy System Affordable and Resilient Energy Q&A
Slide 16: Appendix: Presentation Endnotes
Appendix 1 Presentation Endnotes 16
Slide 17: Appendix 1: Presentation Endnotes
17 Appendix 1: Presentation Endnotes 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 financial measures. PG&E
Slide 18: Appendix 1: Presentation Endnotes
18 Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 9: 2026-2027 Capital Plan 1. Weighted-average rate base forecasts reflect authorized and incurred capital expenditures plus a forecast of capital expenditures that the Utility expects to be approved. Excludes construction work in
Slide 19: Appendix 1: Presentation Endnotes
19 Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 14: Investing In California's Prosperity 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
Slide 20: Appendix: Supplemental Earnings Materials
Appendix 2 Supplemental Earnings Materials 20
Slide 21: 2026 Factors Impacting Earnings
21 2026 Factors Impacting Earnings Endnotes are included in the Appendix $1.64 - $1.66 Non-GAAP Core EPS1 Diluted Shares 20262 2,210M - 2,295M Key Ranges Weighted Average Rate Base3 CPUC 9.98% 52% $62B FERC 10.38% 50% $13B Total Rate Base $75B Authorized Return on Equity Key Factors Affecting Non-GA
Slide 22: 2027 Factors Impacting Earnings
22 2027 Factors Impacting Earnings Endnotes are included in the Appendix $1.78 - $1.82 Non-GAAP Core EPS1 Diluted Shares 20272 2,210M - 2,300M Key Ranges Weighted Average Rate Base3 CPUC 9.98% 52% $68B FERC 10.38% 50% $13B Total Rate Base $81B Authorized Return on Equity Key Factors Affecting Non-GA
Slide 23: Physical Risk Mitigations Making Our System Safer Every Day
23 Physical Risk Mitigations Making Our System Safer Every Day 24 9 6 9 6 4 5 9 1 3 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Significant Reduction in PG&E Ignitions Leading To Fires > 10 Acres PG&E R3+ Ignitions > 10 Acres in HFTD + HFRA **As of 10/19/26 YTD** Mitigations Delivering Results
Slide 24: Wildfire Fund Continuation Account For Future Wildfires
24 Wildfire Fund Continuation Account For Future Wildfires Customer Annual Charge 2036-2045 ~$900M per year PG&E Monthly Bill: ~$3*** Utility Contingent Funding Over 5 years only if needed PG&E $373M per year Utility Annual Funding 2029-2045 $300M per year PG&E $144M $10.5 $9.0 $3.0 $5.1 $3.9 $7.5 >
Slide 25: SB 254: Improved California Wildfire Risk Framework
25 SB 254: Improved Upon California Wildfire Risk Framework First step following January 2025 fires and building on existing AB 1054 foundation Creates new Wildfire Fund Continuation Account providing $18B for future wildfires Retains key fund benefits: rate smoothing, liquidity for victims, maximum
Slide 26: Existing Protections Enhanced Pending Broader Policy Update
26 Existing Protections Enhanced Pending Broader Policy Update Protections Offered Under AB 1054 & SB 254 ▪ Liquidity available as soon as claims paid exceed $1B2 ▪ SB 254 establishes Continuation Account for future fires ▪ Securitization can be authorized for 2025 fires prior to SB 254 ▪ Utility Ri
Slide 27: California Wildfire Fund Mechanics
27 California Wildfire Fund Mechanics Fund is not reimbursed Partial or full reimbursement; net of utility contributions under SB 254 (reduced for reimbursements for other fires within 3 years) CPUC evaluates if the Covered Utility’s conduct was reasonable Covered Utility files cost recovery applica
Slide 28: Diablo Canyon Legislation and Cost Recovery
28 SB 846 Diablo Canyon Legislation Cost Recovery 2022-20251 2025-20302 ▪ Ongoing O&M and rate base recovery through the GRC ▪ $1.4B in state funding available to support extended operations • Up to $1.1B in extension costs to be reimbursed from DOE Civil Nuclear Credit program • Up to $300M availab
Slide 29: Physical Risk Mitigation Progress: Then & Now
29 Physical Risk Mitigation Progress Then & Now 2017 EPSS PSPS Undergrounding Program HD Cameras Weather Stations Wildfire Mitigation Plan SITUATIONAL AWARENESS High-Definition Cameras with AI Capability Weather Stations Hazard Awareness Warning Center Advanced Meteorology and Fire Science Models 70
Slide 30: Regulatory Case/Filing Status as of October 2026
30 Regulatory Case/Filing Docket Status as of October 2026 Expected Milestones 2027 GRC A.25-05-009 ▪ 2027 GRC Application filed 5/15/25 ▪ Interim rate recovery request 5/7/26 Proposed Decision March 2027 Final Decision May 2027 Interim rate recovery Final Decision Q4 2026 Kincade and Dixie AB 1054
Slide 31: Appendix: Supplemental Non-GAAP Information
Appendix 3 Supplemental Non-GAAP Information 31
Slide 32: Supplemental Earnings Materials Exhibit Index
32 Supplemental Earnings Materials Exhibit Title Slide (Link) Exhibit A Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with GAAP to Non-GAAP Core Earnings Slides 33-36 Exhibit B Key Drivers of PG&E Corporation's Non-GAAP Core Earnings per C
Slide 33: Exhibit A: GAAP to Non-GAAP Core Earnings Reconciliation
33 Three Months Ended September 30, Nine Months Ended September 30, Earnings Earnings per Common Share Earnings Earnings per Common Share (in millions, except per share amounts) 2026 2025 2026 2025 2026 2025 2026 2025 PG&E Corporation’s GAAP earnings/EPS, basic $ 749 $ 823 $ 0.34 $ 0.37 $ 2,340 $ 1,
Slide 34: Exhibit A: Reconciliation Footnotes
34 Third Quarter, 2026 vs. 2025 (in millions, except per share amounts) (4) PG&E Corporation recorded a benefit of $40 million (before the tax impact of $11 million) during the three and nine months ended September 30, 2026 related to the Wildfire-Related Securities Claims. Separately, 2025 includes
Slide 35: Exhibit A: Strategic Repositioning Costs
35 Third Quarter, 2026 vs. 2025 (in millions, except per share amounts) (8) PG&E Corporation and the Utility recorded costs related to repositioning their organizational design as shown below. "Workforce organizational design" includes severance costs related to simplifying the Utility's employee st
Slide 36: Exhibit A: Wildfire-Related Costs
36 Third Quarter, 2026 vs. 2025 (in millions, except per share amounts) (10) “Non-GAAP core earnings” and “Non-GAAP core EPS” are non-GAAP financial measures. See Exhibit E: Non-GAAP Financial Measures. (9) Includes costs to resolve third-party claims, net of recoveries, for the 2019 Kincade fire an
Slide 37: Exhibit B: Key Drivers of Non-GAAP Core EPS
37 All amounts presented in the table above are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2026 and 2025. Amounts may not sum due to rounding. (1) See Exhibit A for reconciliations of (i) earnings on a GAAP basis to non-GAAP core earnings and (ii) EPS on a GAAP basis to non-
Slide 38: Exhibit C: GAAP Net Income to Non-GAAP Adjusted EBITDA
38 Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2026 2025 2026 2025 PG&E Corporation’s Net Income on a GAAP basis $ 776 $ 850 2,422 $ 2,033 Income tax provision (benefit) (95) (220) (162) (161) Other income, net (153) (97) (366) (251) Interest expense 825 770 2,424
Slide 39: Exhibit D: Operating Income and Total Debt to Adjusted FFO
39 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 2025 2024 (in millions) (in millions) Operating income $ 4,749 $ 4,459 Depreciation, amortization, and decommissioning 4,634 4,
Slide 40: Exhibit E: Non-GAAP Financial Measures
40 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 shareholders, diluted, less non-core items. “