Slide 1: 2025 Second Quarter Earnings
2025 SECOND QUARTER EARNINGS Delivering For Customers AND Investors July 31, 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 Guidance
Reaffirming Guidance… Non-GAAP Core EPS1 2025 Results Guidance Key Takeaways $1.48 - $1.52 31¢ 2025 Mid-Point ► On Track for 2025 core EPS guidance (+10%) Second Quarter up 10% ► Reaffirming 2026 - 2028 64¢ At Least 9% core EPS guidance ► Targeting 20% dividend First Half 2026 - 2028 payout by 2028
Slide 4: PG&E Power Pyramid
PG&E Power Pyramid… Decarbonized Energy System Affordable and Resilient Energy Physical and Financial Safety …Delivering For Customers AND Investors 4
Slide 5: Layers Of Physical And Financial Protections
Layers Of Physical And Financial Protections... Physical Layers Of Protection Financial Protections In Place Today Improving Every Year ► Real-time monitoring with automated alerts; ✓ 2025 Wildfire Mitigation Plan approved with 10,000 devices installed in highest risk areas with Safety Certificate i
Slide 6: GRC Proposal Reflects Simple, Affordable Model
GRC Proposal Reflects Simple, Affordable Model… Combined Electric and Gas Residential Bills PLAN1 OPPORTUNITY1 ► Customer bills in 2027 are Customer Capital Investment ~9% 9% - 10% forecasted to remain flat compared to 2025 bills5 Enablers ► Headline GRC revenue 2 O&M cost reduction (non-fuel) 2% 2%
Slide 7: Enabling Affordable Load Growth
Enabling Affordable Load Growth… Data Center Pipeline1 MWs March 2025 June 2025 Total 8,700 10,000 Application & 7,250 8,450 Preliminary Engineering Final Engineering 1,400 1,500 Construction 50 50 …continue to lead the AI revolution by increasing grid capacity, reliability, and efficiency…[we’re] E
Slide 8: On Track For 2025 Guidance Of $1.48 - $1.52
Non-GAAP Core EPS 1 Comparison... First Half 2025 vs. 2024 Second Half 3¢ Factors 4¢ 69¢ (2¢) Customer (4¢) 64¢ Capital Investment (6¢) Operating & Maintenance Savings Redeployment Equity Dilution Timing and Other 2024 Customer Operating & Redeployment Equity Timing 2025 First Half Capital Maintenan
Slide 9: PG&E's 2027 General Rate Case Proposal
PG&E’s 2027 General Rate Case Proposal… Residential Combined Bill 2027 GRC By The Numbers Bills expected flat to down in 20271 Flat 307 miles 2025 2027 2027 Combined Annual Powerline Residential Undergrounding Bills vs. 20252 Other GRC 20,000 $2.5B Base Annual Customer Capital & Expense New Connecti
Slide 10: 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 - $100 Efficiencies and Insurance 350 370 25 50 50 Capital Convers
Slide 11: Five-Year Capital Plan
Five-Year Capital Plan… Weighted Average CapEx ($B)1 Rate Base ($B)1 Plus At Least $5B ~10% CAGR 2023-2028 ~10% $63B 2024-2028 Customer Beneficial Investment Opportunities3 CPUC CPUC FERC 91 FERC 14.0 83 12.9 13.6 ► Transportation Electrification 74 12.0 Capacity Investments 69 10.6 63 57 ► Transmis
Slide 12: Five-Year Financing Plan
Five-Year Financing Plan… Five-Year Financing Plan Amount 2024 – 2028 ($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: Credit Rating Improvements
Credit Rating Improvements 1… SCALE SCALE RATING DEBT RATING Moody's Moody’s S&P/Fitch S&P/Fitch Moody’s Moody’s S&P Fitch Fitch A2 A A3 A- Investment Utility Secured Baa1 BBB+ Grade Debt Rating Baa2 BBB Present Baa3 BBB- 2020 Corporation Ba1 BB+ Secured Debt Rating Sub- Ba2 BB Investment Present Gr
Slide 14: 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 Jul 2024 Sept 2024 Dec 2024 Sept 12, 2025 Dec 2025 GRC “Capacity 2023 WMCE 2024 Safety
Slide 15: Differentiated Performance
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% 2% 2% Load Growth2 1% - 3% Customer Bills3 2% - 4% BB /Ba1 Credit R
Slide 16: Investing In California's Prosperity
Investing In California’s Prosperity… Commitment to California’s Prosperity and Growth 5-Year Capital Plan (2024-2028) Critical partner to California, the Delivered 98% greenhouse Collaborates with other invests $63B in California, world's 4th largest economy,1 gas-free electricity to retail utiliti
Slide 17: Q&A
Decarbonized Energy System Q&A Affordable and Resilient Energy Physical and Financial Safety 17
Slide 18: Appendix
Appendix 1 Presentation Endnotes 18
Slide 19: 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, Exhibits A and C for reconciliations of EPS results and guidance, respectively, on a GAAP basis to non-GAAP core earnings per sh
Slide 20: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide 11: Five-Year Capital Plan Slide titles are hyperlinks 1. Rate base point estimates reflect authorized capital expenditures from the 2023 GRC final decision, SB 410 incremental authorized spend in July 2024, Oakland headquarters Petition for Modification in Au
Slide 21: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide 23: Appendix 2: 2025 Factors Impacting Earnings Slide titles are hyperlinks 1. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 3, Exhibit C for a reconciliation of EPS guidance on a GAAP basis to non-GAAP core earnings per share guida
Slide 22: Appendix 2 Supplemental Earnings Materials
Appendix 2 Supplemental Earnings Materials 22
Slide 23: 2025 Factors Impacting Earnings
2025 Factors Impacting Earnings Key Ranges Weighted Average Rate Base3 Equity Ratio:4 52% Return on Equity: 10.28% Non-GAAP Diluted Shares Core EPS1 20252 CPUC $57B FERC $12B $1.48 - $1.52 2,195M - 2,285M Total Rate Base $69B Key Factors Affecting Non-Core Items5 Non-GAAP Core Earnings7 ($ millions
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 June 30, 2025 Pending 4 0.9 Yet To Be Filed $0.4B Total Approved 3.3 3 0.8 $0.6B 2023 WMCE $520M 2023 WGSC $79M Pending 2.6 2.1 0.1 2 1.1 0.4 1.8 0.2 1.6 $1.6B Yet To Be F
Slide 25: 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 26: AB 1054 Wildfire Fund Mechanics
AB 1054 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 $1B of claims Filing after “substantially all” Covered Utility files cost recovery application at the CPUC for claims
Slide 27: Proposal Benefits Customers And Builds On Safety And Reliability Progress
Proposal Benefits Customers And Builds On Safety And Reliability Progress 2027-2030 GRC Proposal ($B) Funding Customer Priorities Wildfire Safety Revenue Requirement • Replace 760 miles of powerlines with stronger poles and covered powerlines • Underground 307 miles of powerlines per year in highest
Slide 28: 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 29: 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 668 CAMERAS INSTALLED Undergrounding 931 MILES COMPLETED * PSPS Weather Stations 1,607 STATIONS INSTALLED System Hardening 2,199 MILES COMPLETED ** Hazard A
Slide 30: Regulatory Progress
Regulatory Progress Regulatory Case/Filing Docket Status as of April 2025 Expected Milestones 2027 GRC A.25-05-009 ▪ 2027 GRC Application filed 5/15/25 2025 and 2026 Energization Cost Caps (SB 410) R.24-01-018 ▪ Motion to revise 2025 and 2026 Energization Cost Caps filed 10/4/24 Final Decision Q3 20
Slide 31: Appendix 3 Supplemental Non-GAAP Information
Appendix 3 Supplemental Non-GAAP Information 31
Slide 32: 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 GAAP to Non-GAAP Slides 33-35 Core Earnings Exhibit B Key Drivers of PG&E Corporation's Non-GAAP Core Earnings per Slid
Slide 33: Exhibit A: Reconciliation Of Earnings
Exhibit A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with GAAP to Non-GAAP Core Earnings Second Quarter, 2025 vs. 2024 (in millions, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, Earnings per Earnings
Slide 34: Exhibit A: Reconciliation Of 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 35: Exhibit A: Reconciliation Of 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 36: Exhibit B: Key Drivers Of 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 2025 vs. 2024 Second Quarter 2025 vs. 2024 Year to Date 2025 vs. 2024 (in millions, except per shar
Slide 37: Exhibit C: 2025 Earnings Guidance
Exhibit C: PG&E Exhibit Corporation's C: PG&E 2024 Corporation's 2025 Earnings Earnings Guidance Guidance 2025 EPS guidance Low High Estimated EPS on a GAAP basis ~ $ 1.26 ~ $ 1.32 Estimated non-core items: (1) Amortization of Wildfire Fund contribution (2) ~ 0.11 ~ 0.11 Bankruptcy and legal costs (
Slide 38: Exhibit C: 2025 Earnings Guidance
Exhibit C: PG&E Exhibit Corporation's C: PG&E 2024 Corporation's 2025 Earnings Earnings Guidance Guidance (3) “Bankruptcy Exhibitand E: legal PG&E costs” consists of 2020 Corporation's costs and to resolve 2021 proof of claims Earnings filed in PG&E Corporation’s and the Utility’s Chapter 11 filing.
Slide 39: Exhibit C: 2025 Earnings Guidance
Exhibit C: PG&E Exhibit Corporation's C: PG&E 2024 Corporation's 2025 Earnings Earnings Guidance Guidance (5) “Prior period net regulatory impact” represents the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case. 2025 Low guidance High guidance
Slide 40: Exhibit C: 2025 Earnings Guidance
Exhibit C: PG&E Exhibit Corporation's C: PG&E 2024 Corporation's 2025 Earnings Earnings Guidance Guidance (7) “Wildfire-related costs, net of recoveries” includes costs to resolve third-party claims, net of recoveries, for the 2019 Kincade fire and 2021 Dixie fire, inclusive of outside counsel fees.
Slide 41: Exhibit D: 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 Second Quarter, 2025 vs. 2024 Three Months Ended Six Months Ended June 30, June 30, (in millions) 2025 2024 2025 2024 PG&E Corporation’s Net In
Slide 42: Exhibit E: 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 43: 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