Slide 1: 2026 First Quarter Earnings
2026 FIRST QUARTER EARNINGS Delivering For Customers AND Investors April 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
Reaffirming Guidance… Non-GAAP Core EPS1 2026 Results Guidance Key Takeaways ► On track for 2026 core EPS guidance $1.64 - $1.66 +10% 43¢ 2026 ► Reaffirming 2027-2030 guidance ► Residential bundled electric rates down First Quarter 9%+ Annually 23% for CARE customers from January 2024; down 13% for
Slide 4: Planning For Wide-Ranging Wildfire Policy Reform
Planning For Wide-Ranging Wildfire Policy Reform… The Governor’s office looks forward to reviewing April 7 California Earthquake Authority Report the report and its recommendations to make California communities safer from wildfire, accelerate recovery from disasters, address impacts on electric bil
Slide 5: Mitigations Deployed With More To Come
Mitigations Deployed With More To Come... PG&E Mitigations Delivering Results 10-Year Undergrounding Filing 20000 1500 Incidents ≥ 10 Acres in California * Phase 1 Energy Safety filing expected (all sources) Q3 2026 18000 18,804 1300 16000 Structures Destroyed in PG&E Reportable Fires in HFTD/HFRA 5
Slide 6: Simple, Affordable Model
Simple, Affordable Model… Percent Change ACTUALIn Residential PLAN1 Electricity Prices By Region, 2024-20265 Middle Atlantic 18.1% Customer Capital Investment 9% - 10% East North Central 14.1% South Atlantic 10.8% Enablers New England 7.9% O&M cost reduction (non-fuel)2 2% 2% -- 4% 3% East South Cen
Slide 7: Enabling Affordable Load Growth
Enabling Affordable Load Growth… Data Center Pipeline1 2026 Cluster Study December March MWs 2025 2026 Evaluating 10+ GWs of pre-application interest Total 7,250 5,390 Application & 3,600 650 Preliminary Engineering Next Steps ► May: Preliminary Engineering Study Final Engineering 3,550 3,550 4,600
Slide 8: Story Of The Month: Continuous Monitoring
Story Of The Month: Continuous Monitoring… Sensors, smart meters, analytics, Continuous and machine learning identify Monitoring developing conditions in real time Targeted Crews arrive with better diagnostics, Intervention spending less time searching, and more time fixing Measured Lower-cost repai
Slide 9: Non-GAAP Core EPS Comparison
Non-GAAP Core EPS 1 Comparison... Full Year First 2025 vs. Quarter 20262024 vs. 2025 Earnings Drivers $1 $0 3¢ 43¢ Q2 through Q4 2¢ $0 6¢ Customer (1¢) Capital $0 33¢ Investment $0 Operating & $0 Maintenance Savings $0 Redeployment $0 Other $0 $0 $- 2025 Customer Customer Capital… Operating & Redepl
Slide 10: Five-Year Capital Plan
Five-Year Capital Plan… Weighted Average CapEx ($B)1 Rate Base ($B)1 Plus At Least $5B XX% Avg Annual 2026-2030 ~9% $73B 2026-2030 Customer Beneficial Investment Opportunities3 CPUC CPUC FERC 106 FERC 16.3 16.0 96 15.4 89 13.4 ► Transmission Upgrades: 81 12.4 75 Data Centers and System 69 11.4 Inves
Slide 11: Five-Year Financing Plan
Five-Year Financing Plan… Amount ($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 12: Positive Rating Outlooks At Two Agencies
Positive Rating Outlooks At Two Agencies 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/D
Slide 13: 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 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, SB 254 May 2025 Sep 2025 Dec 2025 Mar 2026 Q2 2026 Aug 31, 2026 2027-2030 Governor N
Slide 15: 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 16: 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 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, 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 20: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 10: 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 21: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide 16: 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 22: Appendix 2: Supplemental Earnings Materials
Appendix 2 Supplemental Earnings Materials 22
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 706 CAMERAS INSTALLED Undergrounding 1,241 MILES COMPLETED * PSPS Weather Stations 1,627 STATIONS INSTALLED System Hardening 2,596 MILES COMPLETED ** Underg
Slide 32: Regulatory Progress
Regulatory Progress Regulatory Case/Filing Docket Status as of April 2026 Expected Milestones 2027 GRC A.25-05-009 ▪ 2027 GRC Application filed 5/15/25 Evidentiary Hearings 4/27/26 - 5/15/26 Final Decision May 2027 2023 WMCE A.23-12-001 ▪ Application and interim rate relief request filed 12/1/23 ▪ I
Slide 33: Appendix 3: Supplemental Non-GAAP Information
Appendix 3 Supplemental Non-GAAP Information 33
Slide 34: 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 35-37 Non-GAAP Core Earnings Exhibit B Key Drivers of PG&E Corporation's Non-GAAP Core Earnings Slide 38
Slide 35: Exhibit A: Reconciliation Of Consolidated 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 First Quarter, 2026 vs. 2025 (in millions, except per share amounts) Three Months Ended March 31, Ear
Slide 36: Exhibit A: Reconciliation Of Consolidated 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 37: Exhibit A: Reconciliation Of Consolidated 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 38: Exhibit B: Key Drivers Of Non-GAAP Core Earnings
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") First Quarter, 2026 vs. 2025 (in millions, except per share amounts) First Quarter 2026 vs. 2025 Earnings Earnings
Slide 39: Exhibit C: GAAP Net Income To Adjusted EBITDA
Exhibit C: GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation First Quarter, 2026 vs. 2025 (in millions) Three Months Ended March 31, (in millions) 2026 2025 PG&E Corporation’s Net Income on a GAAP basis 885 $ 634 Income tax provision (benefit) 20 39 Other income, net (116) (70) Interest exp
Slide 40: Exhibit D: Reconciliation Of Operating Income And 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 41: 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