Slide 1: 2025 First Quarter Earnings
2025 FIRST QUARTER EARNINGS Delivering For Customers AND Investors April 24, 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: Reaffirming Guidance for Customers and Investors
Reaffirming Guidance… Non-GAAP Core EPS1 2025 Results Guidance Key Takeaways ► On Track for 2025 core $1.48 - $1.52 EPS guidance (+10%) 2025 Mid-Point 33¢ up 10% ► Reaffirming 2026 - 2028 core EPS guidance First Quarter At Least 9% ► Targeting 20% dividend 2026 - 2028 payout by 2028 ► Stabilizing cu
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: Simple, Affordable Model
Simple, Affordable Model… Simple, Affordable Model 2027 – 2030 GRC Preview ▪ Investing in safety, reliability & PLAN1 OPPORTUNITY1 beneficial load growth Customer Capital Investment ~9% 9% - 9% - 10% ▪ Passing along savings to 10% customers Enablers O&M cost reduction (non-fuel)2 2% - 2% 2% - 3% 2%
Slide 6: Enabling Affordable Load Growth
Enabling Affordable Load Growth… ✓ 18 projects, including hyperscalers and developers, in Data Center Pipeline1 Final Engineering MWs March 2025 ✓ Pipeline projects online starting as early as 2026, Total 8,700 driven by customer requested time to power Application & Preliminary Engineering ✓ Rule 3
Slide 7: California Has Taken Action
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 original principles of AB 1054: In 2019... ▪ Promote inve
Slide 8: Layers of Protection: Making the System Safer Every Day
Layers Of Protection... Situational Awareness and Response* ✓ 643 Cameras Installed ✓ Advanced Meteorology & Fire Models ✓ 1,589 Weather Stations Installed ✓ Safety & Infrastructure Protection ✓ 24/7/365 HAWC Monitoring Teams Situational Awareness And Response Enhanced Powerline Safety Settings (EPS
Slide 9: Non-GAAP Core EPS Comparison
Non-GAAP Core EPS 1 Comparison... First Quarter 2025 vs. 2024 Earnings Drivers Q2 through Q4 2¢ 1¢ (2¢) 37¢ (2¢) Customer (3¢) Capital Investment 33¢ Operating & Maintenance Savings Redeployment Equity Dilution Timing and Other 2024 Customer Operating & Redeployment Equity Timing 2025 First Quarter
Slide 10: 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 $63B 2024-2028 Customer Beneficial CPUC CPUC Investment Opportunities3 FERC 91 FERC 14.0 83 13.6 12.9 74 12.0 69 10.6 Transportation Electrification 63 Capacity Investments 57 76 69 11 11.8
Slide 11: Credit Rating Improvements
Credit Rating Improvements 1… SCALE SCALE RATING DEBT RATING Moody’s Moody's S&P/Fitch S&P/Fitch Moody’s Moody’s S&P Fitch Fitch A2 A A3 A- Investment Utility Secured Baa1 BBB+ Grade Debt Rating Baa2 BBB Present Baa3 BBB- 2020 Corporation Ba1 BB+ Secured Debt Rating Sub- Ba2 BB Investment Present Gr
Slide 12: Five-Year Financing Plan
Five-Year Financing Plan… Five-Year Financing Plan Amount 2024 – 2028 ($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: 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 14: 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 10-Year Interim Rate Relief Phase” Final Interim Rate Relief Certificate Revised Cost Undergrounding Final Decision Decision Final Decision Issued
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: 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 17: Q&A
Decarbonized Energy System Q&A Affordable and Resilient Energy Physical and Financial Safety 17
Slide 18: Appendix 1: Presentation Endnotes
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 13: O&M Cost Reduction Performance Slide titles are hyperlinks 1. These numbers are illustrative approximations and should not be interpreted as a guarantee of future performance. 2. Non-fuel operating and maintenance costs is designed to represent the Utility
Slide 21: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide 25: Appendix 2: Existing Construct In California Offers Sector-Leading Financial Protection Slide titles are hyperlinks 1. Prior to the enactment of AB 1054, utilities bore the burden of proving that their conduct was reasonable in order to obtain recovery of
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 as of March 31, 2025 Approved 4.6 0.9 Pending Yet To Be Filed $0.6B 4 Approved Total 3.3 3 0.8 $0.8B 2023 WMCE $687M Pending 2023 WGSC $116M 2.6 2.0 2 1.1 0.1 0.4 1.7 1.5 $1.5B 0.2 Yet To Be
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: SB 846 Diablo Canyon Legislation and 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 28: 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 643 CAMERAS INSTALLED Undergrounding 899 MILES COMPLETED * PSPS Weather Stations 1,589 STATIONS INSTALLED System Hardening 2,061 MILES COMPLETED ** Hazard A
Slide 29: Regulatory Progress
Regulatory Progress Regulatory Case/Filing Docket Status as of April 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 2025
Slide 30: Appendix 3: Supplemental Non-GAAP Information
Appendix 3 Supplemental Non-GAAP Information 30
Slide 31: 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 32-34 Accounting Principles (“GAAP”) to Non-GAAP Core Earnings Exhibit B Key Drivers of PG&E
Slide 32: Exhibit A: Reconciliation of GAAP Earnings 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 First Quarter, 2025 vs. 2024 (in millions, except per share amounts) Three Months Ended March 31, Earnings per Earnings Common Share (in millions,
Slide 33: Exhibit A: Reconciliation Footnotes
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 34: Exhibit A: Reconciliation Footnotes
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 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") (in millions, except per share amounts) First Quarter 2025 vs. 2024 Earnings Earnings per Common Share 2024 Non-GA
Slide 36: 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 ~ $ 1.29 ~ $ 1.35 Estimated non-core items: (1) Amortization of Wildfire Fund contribution (2) ~ 0.10 ~ 0.10 Bankruptcy and legal costs (
Slide 37: Exhibit C: 2025 Earnings Guidance Footnotes
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 38: Exhibit C: 2025 Earnings Guidance Footnotes
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 39: Exhibit C: 2025 Earnings Guidance Footnotes
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 40: 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 First Quarter, 2025 vs. 2024 Three Months Ended March 31, (in millions) 2025 2024 PG&E Corporation’s Net Income on a GAAP basis $ 634 $ 735 Inc
Slide 41: Exhibit E: Operating Income and Total Debt 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 42: 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