Slide 1: 2025 Fourth Quarter and Full Year Earnings
2025 FOURTH QUARTER AND FULL YEAR EARNINGS Delivering For Customers AND Investors February 12, 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: Delivering 2025 And Tightening 2026 Range
Delivering 2025 And Tightening 2026 Range… Non-GAAP Core EPS1 2025 Results Guidance Key Takeaways $1.64 - $1.66 +10% th ► Delivered 44th year Year of double-digit 36¢ 2026 EPS growth and raising 2026 midpoint ► Electric rates 11% lower than 2024 Fourth Quarter 9%+ Annually ► Improved safety and reli
Slide 4: Simple, Affordable Model In Action
Simple, Affordable Model In Action 1… Annual Guidance Redeployment & Redeployment Redeployment and Balance Equity Issuance & De-Risking 9%+ Headwinds and Sheet Strengthening O&M Tailwinds Savings 9%+ Cost of Capital 9%+ Cost Performance and 9%+ GRC +10% +10% Redeployment +11% EPS Growth3 $1.50 +12%
Slide 5: Planning For Wide-Ranging Wildfire Policy Reform
Planning For Wide-Ranging Wildfire Policy Reform… Dec 12, Stakeholder contributions California Earthquake Authority 2025 due to CEA Appointed “Administrator” of the Wildfire Fund & Continuation Account. Will issue a comprehensive report to include specific recommendations, including, but not limited
Slide 6: Mitigations Deployed With More To Come
Mitigations Deployed With More To Come... PG&E Mitigations Delivering Results What’s New In 2026 20000 1500 Incidents ≥ 10 Acres in California * 18000 (all sources) 18,804 Continuous Monitoring Capabilities 1300 16000 Structures Destroyed in PG&E Reportable Fires in HFTD/HFRA 1100 During R3+ Conditi
Slide 7: Story Of The Year: Delivering Affordability Through Execution
Story Of The Year: Delivering Affordability Through Execution… Customer Affordability Is Improving Actual Rates Are Down Share of Wallet O&M Discipline Waste Elimination On January 1, PG&E PG&E combined bill share of Exceeded O&M target for Delivered $1.4B in capital lowered bundled electric wallet
Slide 8: Simple, Affordable Model
Simple, Affordable Model… OLD MODEL1 NEW ACTUAL MODEL1 Customer Capital Investment ~9% 9% - 10% Enablers O&M cost reduction (non-fuel)2 2% 2% 2% -- 4% 3% Electric load growth3 1% - 3% 2% 2% -- 4% 4% Other (including efficient financing)4 2% 2% 2% Subtotal 5% - 7% 6% 6%--10% 9% Customer Bills: At or
Slide 9: Enabling Affordable Load Growth
Enabling Affordable Load Growth… Data Center Pipeline1 Powering Our Future September December ► Hired Chief Commercial Officer MWs 2025 2025 ► Doubled Final Engineering and 9,600 7,250 Construction MWs Total ► Energized first 40 MW data Application & 7,950 3,600 center under historic San Jose Prelim
Slide 10: Non-GAAP Core EPS Comparison
Non-GAAP Core EPS 1 Comparison... Full Year Full Year 2025 vs. 2024 +10% 20¢ 4¢ $1.50 7¢ (9¢) $1.36 (8¢) 2024 Customer Customer Capital… Operating & Redeployment Redeployment Equity Other Other -… 2025 2024 Twelve Twelve Months Months Capital Operating &… Maintenance Equity Issuance Dilution 2025 Tw
Slide 11: Five-Year Capital Plan
Five-Year Capital Plan… Weighted Average CapEx ($B)1 Rate Base ($B)1 Plus At Least $5B XX% Avg Annual 2026-2030 ~9% $73B 2026-2030 Customer Beneficial Investment Opportunities3 CPUC CPUC FERC 106 FERC 16.3 16.0 96 15.4 89 13.4 ► Transmission Upgrades: 81 12.4 75 Data Centers and System 69 11.4 Inves
Slide 12: Five-Year Financing Plan
Five-Year Financing Plan… Amount ($billions) Five-Year Financing Plan 80 2026 – 2030 3 2 0 0 $73 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 Operations Paid Maturities Refinanced Issuance Securit
Slide 13: 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 Investment Grade ✓ Plan conservatively A3 A- ✓ Avoid equity dilution at low stock value Baa1 BBB+ ✓ Prioritize investment grade credit Baa2 BBB ✓ Sustain FFO/Debt in the mid
Slide 14: 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 15: 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 Dec 2024 Sept 19, 2025 Dec 2025 Q1 2026 Apr 2026 Aug 31, 2026 2024 Safety Governor New
Slide 16: 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 1.7 Credit Ratings BB
Slide 17: Investing In California’s Prosperity
Investing In California’s Prosperity… Commitment to California’s Prosperity and Growth 5-Year Capital Plan (2026-2030) Critical partner to California, the Powering California’s Collaborating with other invests $73B in California, world's 4th largest economy,1 expanding grid — 25 GWs utilities and lo
Slide 18: Q&A
Decarbonized Energy System Q&A Affordable and Resilient Energy Physical and Financial Safety 18
Slide 19: Appendix: Presentation Endnotes
Appendix 1 Presentation Endnotes 19
Slide 20: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 3: Delivering 2025 And Tightening 2026 Range 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 earnings per share and Appen
Slide 21: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 11: 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-jurisdiction
Slide 22: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide 17: Investing In California's Prosperity Slide titles are hyperlinks 1. Source: https://www.gov.ca.gov/2025/04/23/california-is-now-the-4th-largest-economy-in-the-world/ 2. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 3, Exhibit A
Slide 23: Appendix: Supplemental Earnings Materials
Appendix 2 Supplemental Earnings Materials 23
Slide 24: 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 25: Expected Recovery Of Wildfire-Related Costs
Expected Recovery Of Wildfire-Related Costs Recovery Status as of December 31, 2025 $0.8B Approved $0.9B 2023 WGSC $56M AB1054 Dixie Kincade $826M Pending $0.6B Yet To Be Filed $2.3B Total 25
Slide 26: 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 12 1.10 9 8 7 6 5 HFTD + HFRA Weather-Normalized Ignition 0.9
Slide 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 698 CAMERAS INSTALLED Undergrounding 1,210 MILES COMPLETED * PSPS Weather Stations 1,620 STATIONS INSTALLED System Hardening 2,552 MILES COMPLETED ** Underg
Slide 34: Regulatory Progress
Regulatory Progress Regulatory Case/Filing Docket Status as of February 2026 Expected Milestones 2027 GRC A.25-05-009 ▪ 2027 GRC Application filed 5/15/25 Final Decision May 2027 2025 and 2026 Energization Cost Caps (SB 410) R.24-01-018 ▪ Motion to revise 2025 and 2026 Energization Cost Caps filed 1
Slide 35: Appendix: Supplemental Non-GAAP Information
Appendix 3 Supplemental Non-GAAP Information 35
Slide 36: 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 37-40 Non-GAAP Core Earnings Exhibit B Key Drivers of PG&E Corporation's Non-GAAP Core Earnings Slide 41
Slide 37: 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 Fourth Quarter and Full Year, 2025 vs. 2024 (in millions, except per share amounts) Three Months Ende
Slide 38: Exhibit A: Reconciliation of Consolidated Earnings 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 with Generally Generally Accepted Accepted Accounting Accoun
Slide 39: Exhibit A: Reconciliation of Consolidated Earnings 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 with Generally Generally Accepted Accepted Accounting Accoun
Slide 40: Exhibit A: Reconciliation of Consolidated Earnings 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 with Generally Generally Accepted Accepted Accounting 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 2025 vs. 2024 (in millions, except per share amounts) Fourth Quarter 2025 vs. 2024 Ye
Slide 42: Exhibit C: GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation
Exhibit C: GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation Fourth Quarter and Full Year, 2025 vs. 2024 (in millions) Year Ended December 31, (in millions) 2025 2024 PG&E Corporation’s Net Income on a GAAP basis $ 2,703 $ 2,512 Income tax provision (benefit) (280) (200) Other income, net (
Slide 43: 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 44: 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