# EDGAR Filing Document

**Accession Number:** 0001004980
**File Stem:** 0001004980-25-000147
**Filing Date:** 2025-10
**Character Count:** 89531
**Document Hash:** ef7b5cb27f1848dd8e046cfc7d957586
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004980-25-000147.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001004980-25-000147

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20251023

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251022

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PG&E Corp
- **CENTRAL INDEX KEY:** 0001004980
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 943234914
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12609
- **FILM NUMBER:** 251411187

**BUSINESS ADDRESS:**
- **STREET 1:** 300 LAKESIDE DRIVE
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612
- **BUSINESS PHONE:** 4159731000

**MAIL ADDRESS:**
- **STREET 1:** 300 LAKESIDE DRIVE
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PG&E CORP
- **DATE OF NAME CHANGE:** 19961219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PG&E PARENT CO INC
- **DATE OF NAME CHANGE:** 19951214
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PACIFIC GAS & ELECTRIC Co
- **CENTRAL INDEX KEY:** 0000075488
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 940742640
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-02348
- **FILM NUMBER:** 251411188

**BUSINESS ADDRESS:**
- **STREET 1:** 300 LAKESIDE DRIVE
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612
- **BUSINESS PHONE:** 4159731000

**MAIL ADDRESS:**
- **STREET 1:** 300 LAKESIDE DRIVE
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PACIFIC GAS & ELECTRIC CO
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? pcg-20251023

---

| |
|:---|
| UNITED STATES |
| **SECURITIES AND EXCHANGE COMMISSION** |
| Washington, D.C. 20549 |

---

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report: October 23, 2025** 

(Date of earliest event reported)

---

| | | | |
|:---|:---|:---|:---|
| **Commission File Number** | **Exact Name of Registrant<br>as specified in its charter** | **State or Other Jurisdiction of Incorporation or Organization** | **IRS Employer Identification Number** |
| 001-12609 | PG&E CORPORATION | California | 94-3234914 |
| 001-02348 | PACIFIC GAS AND ELECTRIC COMPANY | California | 94-0742640 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![corpa01.gif](pcg-20251023_g1.gif) | ![corpa01.gif](pcg-20251023_g1.gif) | ![corpa01.gif](pcg-20251023_g1.gif) | ![utilitya01.gif](pcg-20251023_g2.gif) | ![utilitya01.gif](pcg-20251023_g2.gif) | ![utilitya01.gif](pcg-20251023_g2.gif) |
| **300 LAKESIDE DRIVE** | **300 LAKESIDE DRIVE** | **300 LAKESIDE DRIVE** | **300 LAKESIDE DRIVE** | **300 LAKESIDE DRIVE** | **300 LAKESIDE DRIVE** |
| **Oakland,** | **California** | **94612** | **Oakland,** | **California** | **94612** |
| (Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) |
| **(415)** | **973-1000** | **973-1000** | **(415)** | **973-7000** | **973-7000** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

------

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, no par value | PCG | The New York Stock Exchange |
| First preferred stock, cumulative, par value $25 per share, 6% nonredeemable | PCG-PA | NYSE American LLC |
| First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable | PCG-PB | NYSE American LLC |
| First preferred stock, cumulative, par value $25 per share, 5% nonredeemable | PCG-PC | NYSE American LLC |
| First preferred stock, cumulative, par value $25 per share, 5% redeemable | PCG-PD | NYSE American LLC |
| First preferred stock, cumulative, par value $25 per share, 5% series A redeemable | PCG-PE | NYSE American LLC |
| First preferred stock, cumulative, par value $25 per share, 4.80% redeemable | PCG-PG | NYSE American LLC |
| First preferred stock, cumulative, par value $25 per share, 4.50% redeemable | PCG-PH | NYSE American LLC |
| First preferred stock, cumulative, par value $25 per share, 4.36% redeemable | PCG-PI | NYSE American LLC |
| 6.000% Series A Mandatory Convertible Preferred Stock, no par value | PCG-PrX | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company PG&E Corporation ☐ <br> Emerging growth company Pacific Gas and Electric Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;

PG&E Corporation ◻ <br> Pacific Gas and Electric Company ◻

------

**Item 2.02 Results of Operations and Financial Condition.**

On October 23, 2025, PG&E Corporation issued a press release reporting its financial results and the financial results of its subsidiary Pacific Gas and Electric Company (the "Utility") for the quarter ended September 30, 2025. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information included in this Item 2.02, including Exhibit 99.1 in Item 9.01, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act").

**Item 7.01 Regulation FD Disclosure.**

On October 23, 2025, PG&E Corporation will hold a webcast conference call to discuss financial results and management's business outlook and other topics that may be raised during such discussion. A slide presentation, which includes supplemental information relating to PG&E Corporation and the Utility, will be used by management during the webcast and is attached as Exhibit 99.2 to this Current Report on Form 8-K.

The slide presentation attached as Exhibit 99.2 to this Current Report on Form 8-K will be posted on PG&E Corporation's website at http://investor.pgecorp.com.

The information included in this Item 7.01, including Exhibit 99.2 in Item 9.01, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act.

*Public Dissemination of Certain Information* 

PG&E Corporation and the Utility routinely provide links to the Utility's principal regulatory proceedings before the California Public Utilities Commission and the Federal Energy Regulatory Commission at http://investor.pgecorp.com, under the "Regulatory Filings" tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post or provide direct links to presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the "Wildfire and Safety Updates" and "News & Events: Events & Presentations" tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information. The information contained on such website is not part of this or any other report that PG&E Corporation or the Utility files with, or furnishes to, the Securities and Exchange Commission ("SEC").

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

<u>Exhibit Number</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u>

---

| | |
|:---|:---|
| 99.1 | <u>[Press release dated](pge-q32025pressrelease.htm)[October](pge-q32025pressrelease.htm)[2](pge-q32025pressrelease.htm)[3](pge-q32025pressrelease.htm)[, 2025](pge-q32025pressrelease.htm)</u> |
| 99.2 | <u>[Slide presentation dated](q325earningspresentation.htm)[October 23](q325earningspresentation.htm)[, 2025](q325earningspresentation.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |

---

**Cautionary Statement Concerning Forward-Looking Statements**

This Current Report on Form 8-K contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, guidance, estimates, future plans, and strategies of PG&E Corporation and the Utility, including regarding earnings, customer bills, and operating and maintenance costs. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include factors disclosed in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2024, their most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and other reports filed with the SEC which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC's website at www.sec.gov.

------

PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise, except to the extent required by law.

------

---

| | | |
|:---|:---|:---|
| **SIGNATURES** | **SIGNATURES** | **SIGNATURES** |
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. | Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. | Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. |
|  |  | **PG&E CORPORATION** |
|  | By: | /s/ Carolyn J. Burke |
| Dated: | October 22, 2025 | CAROLYN J. BURKE<br>Executive Vice President and Chief Financial Officer |
|  |  | **PACIFIC GAS AND ELECTRIC COMPANY** |
|  | By: | /s/ Stephanie N. Williams |
| Dated: | October 22, 2025 | STEPHANIE N. WILLIAMS<br>Vice President, Chief Financial Officer and Controller |

---

## Exhibit 99.1

![imagea.jpg](imagea.jpg)

Investor Relations: invrel@pge-corp.com \| Media: 415.973.5930 \| www.pgecorp.com <br> October 23, 2025

**PG&E Corporation Reports Strong Third-Quarter Results;** 

**Narrows 2025 Guidance; Initiates 2026 Guidance**

**OAKLAND** — PG&E Corporation (NYSE: PCG) is on track to deliver solid 2025 financial results. Financial progress includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP earnings were $0.37 and $0.89 per share for the third quarter and first nine months of 2025, respectively, compared to $0.27 and $0.85 per share for the same periods in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP core earnings were $0.50 and $1.14 per share for the third quarter and first nine months of 2025, respectively, compared to $0.37 and $1.06 per share for the same periods in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Narrowing 2025 non-GAAP core EPS guidance to $1.49 to $1.51 per share.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initiating 2026 non-GAAP core EPS guidance in the range of $1.62 to $1.66.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reaffirming at least 9% annual non-GAAP core EPS growth guidance for 2027-2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On track to meet or exceed 2% non-fuel O&M reduction target in 2025.

Operational progress during the third quarter of 2025 continued to focus on physical safety and delivery of affordable and resilient energy. Pacific Gas and Electric Company (the Utility):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lowered residential electric rates in September 2025, which reduced the typical residential electric bill by about 2.1%. Residential bundled electric rates are projected to decrease again in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed 97 miles of underground powerlines and installed 58 miles of strengthened poles and covered powerlines in high wildfire-risk areas. In 2025 and 2026, the Utility plans to construct approximately 700 miles of underground powerlines and 500 miles of other wildfire safety system upgrades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reached a significant milestone of burying 1,000 miles of powerlines in high fire risk areas, which is the largest ever undergrounding effort by a utility to reduce wildfire risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced successful completion and commercial operation of the world's first ultra-long duration hybrid battery and hydrogen energy storage microgrid in Calistoga, California, with Energy Vault. The project provides a unique, fully sustainable solution to address power resiliency.

<sup>1</sup> PG&E Corporation is unable to provide GAAP guidance or present a quantitative reconciliation of

forward-looking non-GAAP core earnings, non-GAAP core EPS, or non-GAAP core EPS growth without

unreasonable effort because specific line items, which may be significant, are not estimable. For instance, amortization of the Wildfire Fund contribution asset, the impacts of regulatory decisions, special tax items, and wildfire-related costs, net of recoveries, are difficult to predict due to various factors outside of management's control.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Connected over 3,100 electric customers and over 3,800 new electric vehicle charging ports to the Utility's grid. More beneficial new load in the years ahead can help reduce electricity prices for all customers.

"PG&E continues our progress delivering safe and affordable energy to our customers. Our system has never been safer from wildfire risk, and we continue to stabilize our customers' bills. Residential electric rates are down in 2025 and expected to go down further in 2026," said PG&E Corporation CEO Patti Poppe.

**2025 and 2026 Guidance**

PG&E Corporation is narrowing its full year 2025 non-GAAP core earnings guidance to the range of $1.49 to $1.51 per share, from the prior range of $1.48 to $1.52 per share and is initiating full year 2026 non-GAAP core earnings guidance in the range of $1.62 to $1.66 per share. Factors expected to drive non-GAAP core earnings include return on customer capital investment and costs related to unrecoverable interest expense and other earnings factors, including allowance for funds used during construction, incentive revenues, tax benefits, and cost savings, net of below-the-line costs.

Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, and certain other factors, which are inherently uncertain. See "Forward-Looking Statements" below.

PG&E Corporation uses "non-GAAP core earnings," which is a non-GAAP financial measure, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of non-GAAP core earnings (including non-GAAP core EPS) to consolidated earnings available for common shareholders.

**Financial Results**

PG&E Corporation recorded third-quarter 2025 income available for common shareholders of $847 million, or $0.37 per diluted share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $576 million, or $0.27 per diluted share, for third quarter 2024.

The increase in GAAP results is primarily driven by an increase in customer capital investment and net O&M savings, partially offset by a lower return on equity in effect during 2025 as compared to 2024 and the dilutive impact of PG&E Corporation's 2024 equity offering. GAAP results were also impacted by increased wildfire-related claims, net of recoveries and Wildfire Fund expense.

**Non-GAAP Core Earnings** 

PG&E Corporation's non-GAAP core earnings, which exclude non-core items, were $1,142 million, or $0.50 per diluted share, for third quarter 2025, compared to $791 million, or $0.37 per diluted share, for third quarter 2024.

------

Non-GAAP core earnings were driven by similar factors to the GAAP results as described above, except for non-core items.

Non-core items, which management does not consider representative of ongoing earnings, totaled $295 million after tax, or $0.13 per share, for third quarter 2025, compared with $215 million after tax, or $0.10 per share, for third quarter 2024.

**Supplemental Financial Information**

In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation's website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

**Earnings Conference Call** 

PG&E Corporation will also hold a conference call on October 23, 2025, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its third quarter 2025 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.

<u>What</u>: Third Quarter 2025 Earnings Call

<u>When</u>: Thursday, October 23, 2025 at 11:00 a.m. Eastern Time

<u>Where</u>: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

A replay of the conference call will be archived at

http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through October 30, 2025, by dialing (800) 770-2030. The confirmation code 92587 will be required to access the replay.

**Public Dissemination of Certain Information**

PG&E Corporation and the Utility routinely provide links to the Utility's principal regulatory proceedings with the California Public Utilities Commission and the Federal Energy Regulatory Commission at http://investor.pgecorp.com, under the "Regulatory Filings" tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the "Wildfire and Safety Updates" and "News & Events: Events & Presentations" tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.

------

**About PG&E Corporation**

PG&E Corporation (NYSE: PCG) is a holding company headquartered in Oakland, California. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com.

**Forward-Looking Statements** 

This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, guidance, estimates, future plans, and strategies of PG&E Corporation and the Utility, including regarding earnings, customer bills, and operating and maintenance costs. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include factors disclosed in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2024 and their most recent Quarterly Report on the Form 10-Q (the "Form 10-Q"), which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC's website at www.sec.gov. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.

------

**PG&E CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**(in millions, except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Operating Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric | $4755 | $4538 | $13304 | $13048 |
| &nbsp;&nbsp;&nbsp;Natural gas | 1495 | 1403 | 4827 | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenues** | **6250** | **5941** | **18131** | **17788** |
| **Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of electricity | 1015 | 835 | 2013 | 1919 |
| &nbsp;&nbsp;&nbsp;Cost of natural gas | 131 | 89 | 738 | 822 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance | 2641 | 2683 | 8147 | 8076 |
| &nbsp;&nbsp;&nbsp;SB 901 securitization charges, net | 35 | 33 | 35 | 33 |
| &nbsp;&nbsp;&nbsp;Wildfire-related claims, net of recoveries | 1 | 74 | 100 | 70 |
| &nbsp;&nbsp;&nbsp;Wildfire Fund expense | 86 | 139 | 271 | 295 |
| &nbsp;&nbsp;&nbsp;Depreciation, amortization, and decommissioning | 1132 | 1059 | 3302 | 3134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **5041** | **4912** | **14606** | **14349** |
| **Operating Income** | **1209** | **1029** | **3525** | **3439** |
| &nbsp;&nbsp;&nbsp;Interest income | 94 | 156 | 392 | 495 |
| &nbsp;&nbsp;&nbsp;Interest expense | (770) | (795) | (2296) | (2322) |
| &nbsp;&nbsp;&nbsp;Other income, net | 97 | 83 | 251 | 241 |
| **Income Before Income Taxes** | **630** | **473** | **1872** | **1853** |
| &nbsp;&nbsp;Income tax (benefit) expense | (220) | (106) | (161) | 15 |
| **Net Income** | **850** | **579** | **2033** | **1838** |
| &nbsp;&nbsp;&nbsp;Preferred stock dividend requirement | 27 | 3 | 82 | 10 |
| **Income Available for Common Shareholders** | $**823** | $**576** | $**1951** | $**1828** |
| **Weighted Average Common Shares Outstanding, Basic** | **2198** | **2137** | **2197** | **2136** |
| **Weighted Average Common Shares Outstanding, Diluted** | **2281** | **2143** | **2202** | **2142** |
| **Net Income Per Common Share, Basic** | $**0.37** | $**0.27** | $**0.89** | $**0.86** |
| **Net Income Per Common Share, Diluted** | $**0.37** | $**0.27** | $**0.89** | $**0.85** |

---

------

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

Third Quarter, 2025 vs. 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **Earnings** | **Earnings** | **Earnings per Common Share** | **Earnings per Common Share** | **Earnings** | **Earnings** | **Earnings per Common Share** | **Earnings per Common Share** |
| **(in millions, except per share amounts)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **PG&E Corporation's GAAP earnings/EPS, diluted** | $**847** | $**576** | $**0.37** | $**0.27** | $**1951** | $**1828** | $**0.89** | $**0.85** |
| Non-core items: <sup>(1)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of Wildfire Fund contribution <sup>(2)</sup> | 62 | 100 | 0.03 | 0.05 | 195 | 212 | 0.09 | 0.10 |
| &nbsp;&nbsp;&nbsp;Bankruptcy and legal costs <sup>(3)</sup> | 21 | 9 | 0.01 |  | 36 | 34 | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;Investigation remedies <sup>(4)</sup> | 47 | 21 | 0.02 | 0.01 | 95 | 41 | 0.04 | 0.02 |
| &nbsp;&nbsp;&nbsp;Prior period net regulatory impact <sup>(5)</sup> | 134 | (6) | 0.06 |  | 122 | (17) | 0.06 | (0.01) |
| &nbsp;&nbsp;&nbsp;SB 901 securitization <sup>(6)</sup> | 18 | 31 | 0.01 | 0.01 | 29 | 31 | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;Tax-related adjustments <sup>(7)</sup> |  |  |  |  |  | 70 |  | 0.03 |
| &nbsp;&nbsp;&nbsp;Wildfire-related costs, net of recoveries <sup>(8)</sup> | 13 | 60 | 0.01 | 0.03 | 92 | 66 | 0.04 | 0.03 |
| **PG&E Corporation's non-GAAP core earnings/EPS** <sup>(9)</sup> | $**1142** | $**791** | $**0.50** | $**0.37** | $**2520** | $**2265** | $**1.14** | $**1.06** |

---

All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation's statutory tax rate of 27.98% for 2025 and 2024, except for certain costs that are not tax deductible. Amounts may not sum due to rounding.

(1) "Non-core items" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in the table above. See Non-GAAP Financial Measures below.

(2) The Utility recorded costs of $86 million (before the tax impact of $24 million) and $271 million (before the tax impact of $76 million) during the three and nine months ended September 30, 2025, respectively, associated with the amortization of the Wildfire Fund asset, as well as accretion of the related Wildfire Fund liability. For more information, see Note 2 of the Notes to the Condensed Consolidated Financial Statements in the Form 10-Q.

(3) PG&E Corporation and the Utility recorded costs of $29 million (before the tax impact of $8 million) and $49 million (before the tax impact of $13 million) during the three and nine months ended September 30, 2025, respectively, related to costs to resolve proof of claims filed in PG&E Corporation's and the Utility's Chapter 11 filing.

------

(4) Includes costs associated with the decision different for the order instituting investigation ("OII") related to the 2017 Northern California Wildfires and 2018 Camp Fire ("Wildfires OII"), the system enhancements related to the locate and mark OII, restoration and rebuilding costs for the town of Paradise, and the settlement agreement resolving the Safety and Enforcement Division's investigation into the 2020 Zogg fire, as shown below.

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Three Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildfires OII disallowance and system enhancements | $15 | $33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Locate and mark OII system enhancements |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paradise restoration and rebuild |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 Zogg fire settlement | 35 | 66 |
| &nbsp;&nbsp;**Investigation remedies** | $**51** | $**103** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax impacts | (4) | (8) |
| **Investigation remedies (post-tax)** | $**47** | $**95** |

---

(5) Includes adjustments to expenses (revenues) associated with the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case per the CPUC decision dated July 14, 2022 and the 2022 WMCE decision dated September 18, 2025 as shown below.

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Three Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;2011 GT&S rate case | $(3) | $(19) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 WMCE decision | 188 | 188 |
| &nbsp;&nbsp;**Wildfire-related costs, net of recoveries** | $**186** | $**169** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax impacts | (52) | (47) |
| **Wildfire-related costs, net of recoveries (post-tax)** | $**134** | $**122** |

---

(6) The Utility recorded costs of $24 million (before the tax impact of $6 million) and $40 million (before the tax impact of $11 million) during the three and nine months ended September 30, 2025, respectively, related to the charge for the establishment of the SB 901 securitization regulatory asset and the SB 901 securitization regulatory liability associated with revenue credits funded by the net operating loss monetization, as well as any earnings-impacting investment losses or gains associated with investments related to the contributions to the Customer Credit Trust and additional contributions to the Customer Credit Trust as a result of the decision voted out on July 24, 2025.

(7) "Tax-related adjustments" includes tax expense costs associated with the deductibility of certain customer bill credits issued in connection with the San Bruno natural gas explosion that occurred in 2010.

------

(8) Includes costs to resolve third-party claims, net of recoveries, for the 2019 Kincade fire and 2021 Dixie fire, inclusive of outside counsel fees, as shown below.

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Three Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;2019 Kincade fire | $12 | $116 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Dixie fire | 5 | 12 |
| **Wildfire-related costs, net of recoveries** | $**18** | $**128** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax impacts | (5) | (36) |
| **Wildfire-related costs, net of recoveries (post-tax)** | $**13** | $**92** |

---

(9) "Non-GAAP core earnings" and "Non-GAAP core EPS" are non-GAAP financial measures. See Non-GAAP Financial Measures below.

Undefined, capitalized terms have the meanings set forth in the Form 10-Q.

------

Non-GAAP Financial Measures<br>PG&E Corporation and Pacific Gas and Electric Company

**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. "Non-core items" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed above. Non-GAAP core EPS is calculated as non-GAAP core earnings divided by common shares outstanding on a diluted basis.

PG&E Corporation discloses historical financial results and provides guidance based on "non-GAAP core earnings" and "non-GAAP core EPS" in order to provide measures that allow investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. PG&E Corporation and the Utility use non-GAAP core earnings and non-GAAP core EPS to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation and the Utility believe that non-GAAP core earnings and non-GAAP core EPS provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance.

Non-GAAP core earnings and non-GAAP core EPS are not substitutes or alternatives for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies.

## Exhibit 99.2

![](q325earningspresentation001.jpg)

2025 THIRD QUARTER EARNINGS October 23, 2025 Delivering For Customers AND Investors 1

------

![](q325earningspresentation002.jpg)

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 2025 and 2026 non-GAAP core earnings), debt and equity issuances, refinancing activity, rate base growth, capital expenditures, cash flow, cost savings, customer bills, inflation, wildfire risk mitigation, wildfire-related cost recovery, dividends, load growth, operating and maintenance costs, financing efficiency, capital to expense ratio, technology (including AI) and regulatory developments. These statements and other statements that are not purely historical constitute forward-looking statements that are necessarily subject to various risks and uncertainties. Actual results may differ materially from those described in forward-looking statements. PG&E Corporation and the Utility are not able to predict all the factors that may affect future results. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with: • wildfires that have occurred or may occur in the Utility's service area, including the extent of the Utility's liability in connection with the 2019 Kincade fire, the 2021 Dixie fire, the 2022 Mosquito fire, and future wildfires; • the Utility's ability to recover wildfire-related costs, including costs for the 2021 Dixie fire, from the Wildfire Fund and Continuation Account (including the Utility's maintenance of a valid safety certificate and whether the Wildfire Fund or Continuation Account has sufficient remaining funds), and through the WEMA and FERC TO rate cases; • the Utility's implementation of its wildfire mitigation programs, including PSPS, EPSS, situational awareness and response, undergrounding, and the programs' effectiveness; • the Utility's ability to safely and reliably operate, maintain, construct, and decommission its facilities; • changes in the electric power and natural gas industries driven by technological advancements and a decarbonized economy; • a cyber incident, cybersecurity breach, or physical attack; • severe weather events, extended drought, and climate change, particularly their impact on the likelihood and severity of wildfires; • the impact of legislative and regulatory developments, including those regarding the Wildfire Fund, wildfires, the environment, California's clean energy goals, the nuclear industry, extended operations at Diablo Canyon nuclear power plant, utilities' transactions with their affiliates, municipalization, privacy, import tariffs, and taxes; • the timing and outcome of FERC and CPUC proceedings, including regarding ratemaking, cost recovery, and other matters; • the outcome of self-reports, agency compliance reports, investigations, or other enforcement actions; • PG&E Corporation and the Utility's substantial indebtedness, which may adversely affect their financial health and limit their operating flexibility; • the timing and outcome of PG&E Corporation's and the Utility's litigation, including securities class action claims, and wildfire-related litigation; • the Utility's ability to manage its costs effectively, timely recover costs through rates, and achieve projected savings and the extent of excess unrecoverable costs; • the tax treatment of certain assets and liabilities, including whether PG&E Corporation or the Utility undergoes an "ownership change" that limits certain tax attributes; • the impact of growing distributed and renewable generation resources, and changing customer demand for natural gas and electric services; • the Utility's ability and cost to construct necessary infrastructure and the extent of customer demand for new load; and • the other factors disclosed in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2024, their joint Quarterly Form 10-Q for the quarter ended September 30, 2025 (the "Form 10-Q"), and other reports filed with the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC's website at www.sec.gov. Undefined, capitalized terms have the meanings set forth in the Form 10-Q. Unless otherwise indicated, the statements in this presentation are made as of October 23, 2025. PG&E Corporation and the Utility undertake no obligation to update information contained herein. This presentation was attached to PG&E Corporation's and the Utility's joint Current Report on Form 8-K that was furnished to the SEC on October 23, 2025, and is also available on PG&E Corporation's website at www.pgecorp.com. Forward-Looking Statements

------

![](q325earningspresentation003.jpg)

3 Non-GAAP Core EPS1 50¢ Third Quarter 2025 Results …For Customers AND Investors Reaffirming And Narrowing Guidance… Endnotes are included in the Appendix Guidance On Track ► Introducing 2026 Core EPS range and affirming 2027-2030 Core EPS growth ► Governor initiated SB 254 Phase 2 ► Wildfire mitigation update ► Customer bills falling and brand trust trending higher2 ► Detailing $73B 5-year CapEx plan ► No new equity required through 20303 ► Reach 20% dividend payout by 2028 Key Takeaways $1.14 Year To Date 2025 At Least 9% Annually 2027-2030 $1.62 - $1.66 2026 $1.49 - $1.51 Up 10% Narrowed Up 9%

------

![](q325earningspresentation004.jpg)

4 Planning For Wide-Ranging Wildfire Policy Reform… …Administrator's Recommendations Due By April 1, 2026 California Catastrophe Response Council Responsible for oversight of the Wildfire Fund & Continuation Account. Is charged with appointing an "Administrator" for the Wildfire Fund & Continuation Account. Governor Insurance Commissioner State Treasurer Secretary of Natural Resources 1 Public Member (appointed by Senate Rules Committee) 1 Public Member (appointed by Speaker of the Assembly) 3 Public Members (appointed by Governor) California Earthquake Authority Appointed "Administrator" of the Wildfire Fund & Continuation Account. Will issue a comprehensive report to include specific recommendations, including, but not limited to, all the following: ► Insurance and Liability Reform ► Physical Mitigation and Community Impacts ► New Models and Customer Impact Dec 12, 2025 Stakeholder full submissions due Nov 3, 2025 Stakeholder abstracts due to CEA Jan 30, 2026 State agencies' final recommendations April 1, 2026 CEA recommendations to Governor and Legislature We're taking a whole-of-government response to protect Californians from wildfire while boosting coverage options and bringing down costs Governor Gavin Newsom

------

![](q325earningspresentation005.jpg)

5…Reducing Ignitions And Fire Spread Additional 2025 Mitigations Deployed... Undergrounding Program ►First 1,000 miles completed Transmission Clearing ►Vegetation cleared below nearly 4,000 transmission structures Continuous Monitoring ►Over 8,500 additional sensor devices installed ►Leveraging smart meters and AI- enabled machine learning model PG&E Mitigations Delivering Results \* As Reported By CAL FIRE 416 301 259 241 180 134 120 594 521 2,632 18,804 374 206 1,335 78 0 0 0 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 -100 100 300 500 700 900 1100 1300 1500 2017 2018 2019 2020 2021 2022 2023 2024 2025 Incidents ≥ 10 Acres in California \* (all sources) Structures Destroyed in PG&E Reportable Fires in HFTD/HFRA During R3+ Conditions YTD

------

![](q325earningspresentation006.jpg)

6…Driving Differentiated Performance Simple, Affordable Model… Endnotes are included in the Appendix Subtotal Enablers O&M cost reduction (non-fuel)2 Electric load growth3 Other (including efficient financing)4 Customer Capital Investment Customer Bills: At or Below Assumed Inflation 2% 1% - 3% 2% ~9% 5% - 7% 2% - 4% PLAN1 2% - 3% 2% - 4% 2% 9% - 10% 6% - 9% 1% - 3% - - OPPORTUNITY1

------

![](q325earningspresentation007.jpg)

7…Economic Prosperity For Customers And California Enabling Affordable Load Growth… Data Center Pipeline1 Estimated Long-Term Customer Savings2: 1 GW = 1%-2% Electric Bill Reduction MWs June 2025 September 2025 Total 10,000 9,600 Application & Preliminary Engineering 8,450 7,950 Final Engineering 1,500 1,600 Construction 50 50 Endnotes are included in the Appendix Final Engineering ► 18 total projects ► Increased by 100 MWs during Q3 ► Expect several projects in-service during 2026 ► Load ramps over time, 95% of MWs estimated to be available by 2030 Working with our largest customers and data center developers to find the most economical build out, accelerate interconnection timelines, and deliver optimal reliability

------

![](q325earningspresentation008.jpg)

8 Non-GAAP Core EPS1 Comparison... Endnotes are included in the Appendix Fourth Quarter Factors $1.14 8¢ 4¢ First Nine Months Equity Dilution 2025 First Nine Months 2024 First Nine Months Customer Capital Investment2 Redeployment 5¢ $1.06 Operating & Maintenance Savings (3¢) …On Track For Narrowed 2025 Guidance Of $1.49 - $1.51 Endnotes are included in the Appendix Operating & Maintenance Savings Customer Capital Investment Redeployment Equity Dilution (6¢) Timing and Other

------

![](q325earningspresentation009.jpg)

9…Extends Through 2030 Five-Year Capital Plan… Plus At Least $5B Customer Beneficial Investment Opportunities3 CPUC FERC XX% Avg Annual 2026-2030 % Already Authorized2 87% 83% 78% 73% Weighted Average Rate Base ($B)1 $73B 2026-2030 CPUC FERC CapEx ($B)1 Endnotes are included in the Appendix ~9% 12 13 14 17 19 21 57 62 67 72 77 85 69 75 81 89 96 106 2025F 2026F 2027F 2028F 2029F 2030F 2.5 3.9 4.6 4.9 4.1 9.9 9.5 10.8 11.4 11.9 12.4 13.4 15.4 16.3 16.0 2026F 2027F 2028F 2029F 2030F ► Transmission Upgrades: Data Centers and System Investments ► Transportation Electrification Capacity Investments ► Hydro and Storage ► IT and Automation 93% Includes $2.9B of SB 254 securitized capitalExcludes $2.9B of SB 254 securitized capital Amounts may not sum due to rounding

------

![](q325earningspresentation010.jpg)

Internal 10 PG&E's $73B Capital Plan… …Offers A Wide Spectrum Of Customer Benefits $3B$4B $8B $20B $38B Electric Distribution Electric Transmission Technology & Other Gas T&D Power Generation 2026 – 2030 CapEx By Functional Area $20B $16B $23B $14BSafety Capacity & New Business Reliability 2026 – 2030 CapEx By Customer Benefits Resiliency

------

![](q325earningspresentation011.jpg)

11…Remain Central To PG&E's Financing Plan 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 Stable Credit Rating Improvements1… Positive Stable SCALE DEBT RATING Moody's S&P/Fitch Moody's S&P Fitch Present 2020 Corporation Secured Debt Rating Present 2020 Utility Secured Debt Rating Endnotes are included in the Appendix Financing Key Principles ✓ Plan conservatively ✓ Avoid equity dilution at low stock value ✓ Prioritize investment grade credit ✓ Sustain FFO/Debt in the mid-teens2 ✓ Improve cash flow with FERC capital ✓ Reach 20% dividend payout by 2028 Upgraded

------

![](q325earningspresentation012.jpg)

12 O&M Cost Reduction Performance… Examples of O&M Cost Reductions (Non-Fuel)2 Resource Management Efficiencies and Insurance Capital Conversion Planning, Execution, Automation and AI Net Cost Increases Net Savings Percent Savings $510 5½% (60)4 130 --3 350 $90 (millions) 2023 Actual $340 4% (290) 155 45 370 $60 (millions) 2024 Actual $200 2% (85) 155 45 25 $60 (millions) 2025 Plan $200 2% (140) 195 30 50 $65 (millions) LONG-TERM PLAN1 …Track Record Of Exceeding 2% Annual Reduction Target $200 - $300 2% - 3% (140) - (200) 195 - 250 30 - 100 50 $65 - $100 (millions) OPPORTUNITY1 Endnotes are included in the Appendix

------

![](q325earningspresentation013.jpg)

13…To Deliver For Customers Working With Policymakers And Stakeholders… Constructive Legislation SB 884, SB 846, SB 410 4-Year Revenue Certainty 3-Year CoC Cycle w/ ROE Adjustment Mechanism FERC Formula Rate Regulatory and Policy Environment Q4 2025 CPUC 10-Year Undergrounding Plan Guidelines Oct 2024 Cost of Capital: Phase 2 Approval Dec 2025 2026 Cost of Capital Final Decision Sept 2024 2023 WMCE Interim Rate Relief Final Decision Dec 2024 2024 Safety Certificate Issued Sept 19, 2025 Governor Newsom signs SB 254 May 2025 2027-2030 GRC Filing Q3 2025 SB 410 Revised Cost Caps Final Decision Sept 30, 2025 Executive Order to expedite the next phase of SB 254 Apr 1, 2026 Wildfire Fund Administrator report and recommendations

------

![](q325earningspresentation014.jpg)

14…Benefits Customers AND Investors 2023A 2024A 2025F Future Customer Investment Rate Base Growth 14.5% 10.5% 9.5% CA Regulatory Ranking (RRA) Average/1 Average/1 Average/2 Above Average Affordable Model Non-Fuel O&M Reduction1 5½% 4% 2% 2% Load Growth2 Customer Bills3 Credit Ratings BB- /Ba2 BB /Ba1 Mid-teens FFO/Debt6 Consistent Performance Non-GAAP Core EPS Growth4 12% 11% 10% At Least 9% 2026 – 2030 Operating Cashflow $4.7B $8.0B $9B $10B+ Dividend Payout Ratio5 -- 3% 7% 20% Risk Reduction Safety Certification Valid through 12/11/25 Financial Common Dividend / Fire Victim Trust Exit Equity Issuance / Dividend Guidance Differentiated Performance… 1% - 3% 2% - 4% Stronger Valuation 2 ~9%7 Investment Grade 10 Endnotes are included in the Appendix

------

![](q325earningspresentation015.jpg)

15…And Providing Differentiated Growth For Investors Investing In California's Prosperity… Commitment to California's Prosperity and Growth 10% 12% 11% 10% 9% 9% 9% 9% 9% 22A 23A 24A 25F 26F 27F 28F 29F 30F $B 0.9 1.2 1.7 2.0 2.9 PG&E 2024 PG&E 2025F PG&E 2030F 2024 Peer Avg 2024 Peer Top Decile Premium Growth Capital to Expense Ratio3 ~9% Avg Annual Growth Rate Base Non-GAAP Core EPS2 + DPS Growth 75 81 89 96 106 26F 27F 28F 29F 30F Endnotes are included in the Appendix 5-Year Capital Plan (2026-2030) invests $73B in California, supporting grid safety and reliability, while keeping affordability top of mind Critical partner to California, the world's 4th largest economy,1 delivering energy and driving economic growth and development Powering California's expanding grid — 20 GWs mainly battery storage and solar added statewide since 2020 Collaborating with other utilities and local and state agencies to prevent, forecast, and improve response protocols for emergencies

------

![](q325earningspresentation016.jpg)

16 Physical and Financial Safety Decarbonized Energy System Affordable and Resilient Energy Q&A

------

![](q325earningspresentation017.jpg)

Appendix 1 Presentation Endnotes 17

------

![](q325earningspresentation018.jpg)

18 Appendix 1: Presentation Endnotes Slide 3: Reaffirming And Narrowing 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 earnings per share and Appendix 3, Exhibit E regarding non-GAAP financial measures. PG&E Corporation is unable to provide GAAP guidance or present a quantitative reconciliation of forward-looking non-GAAP core earnings, non-GAAP core EPS, or non-GAAP core EPS growth without unreasonable effort because specific line items, which may be significant, are not estimable. For instance, amortization of the Wildfire Fund contribution asset, the impacts of regulatory decisions, special tax items, and wildfire-related costs, net of recoveries, are difficult to predict due to various factors outside of management's control. 2. Based on the Q2 2025 Cogent Syndicated Utility Trusted Brand & Customer Engagement Residential study completed by Escalent. 3. Excludes employee compensation Slide 6: Simple, Affordable Model 1. These numbers are illustrative approximations and should not be interpreted as a guarantee of future performance. See "Forward-Looking Statements" on slide 2. 2. The Utility's cost reduction strategies include increased efficiency and waste elimination driven by implementing the Lean operating system, improving its work management, identifying additional opportunities to improve its capital-to-expense ratio, and an improved organizational design. Factors that may cause the Utility's actual results to differ materially from its forecasts include whether the Utility can control its operating costs within the authorized levels of spending and timely recover its costs through rates; whether the Utility can achieve projected savings; the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs; and changes in cost forecasts or the scope and timing of planned work resulting from changes in customer demand for electricity and natural gas or other reasons. Non-fuel operating and maintenance costs is designed to represent the Utility's operational efficiency. It excludes certain state-mandated programs where the Utility's role is to facilitate achieving public policy goals regarding energy efficiency, the cost of which the Utility recovers; and expenses paid for using the statutory revenues associated with Diablo Canyon extended operations authorized by SB 846. This calculation also does not include balancing account deferrals; property taxes; non-core items; and other adjustments such as write-offs for canceled work including the Pacific Generation transaction. 2% reduction is calculated relative to the prior year. Reductions available for redeployment. 3. Expected drivers of forecasted electric load growth include electric vehicle adoption, data centers, and building electrification. 4. Factors that may cause the Utility's actual results to differ materially from its forecasts include the ability of PG&E Corporation and the Utility to access capital markets and other sources of debt and equity financing in a timely manner on acceptable terms; their ability to raise financing through securitization transactions; actions by credit rating agencies to downgrade PG&E Corporation's or the Utility's credit ratings; the supply and price of electricity, natural gas, and nuclear fuel ; and the impact of any changes in federal or state tax laws, policies, regulations, or their interpretation, and PG&E Corporation's and the Utility's ability to obtain efficient tax treatment. Slide 7: Enabling Affordable Load Growth 1. Scope includes applications received to serve new data center load, requesting 20 megawatts of power or more. Application & Preliminary Engineering goes from application to selection of service option and requires a study fee. Final Engineering begins after approval of preliminary engineering study (includes engineering, ordering long lead materials & permitting). Final Engineering requires payment commensurate with work performed. Construction ends with customer energization. 2. Factors that may cause the Utility's actual results to differ materially from this forecast include the Utility's interconnec tion costs, the amount of power used by customers, the price of power, and the amount of cost recovery approved in the Utility's ratemaking proceedings. Assumes additional power supply costs from serving new data center load are not borne by other customers. Slide 8: Non-GAAP Core EPS Comparison 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 Appendix 3, Exhibit E regarding non-GAAP financial measures. 2. Year over year changes for customer capital investment were primarily due to the earnings impact from higher rate base, primarily offset by the change of the Utility's authorized return on equity from 10.7% to 10.28%. Slide 9: 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 to other CPUC-jurisdictional approvals (including the full amount recoverable through a balancing account where applicable), above-authorized capital spend that will support the Utility's plan, including strategic capital investments in undergrounding, wildfire mitigation, billing modernization, and mobile home parks, along with a forecast of our 2027 GRC filing. Weighted average rate base excludes Construction Work In Progress (CWIP) and non-earnings rate base related to AB 1054 and SB 254. 2. Percentage already authorized for CPUC-jurisdictional rate base holds constant the 2026 adopted CapEx for 2027 – 2030, includes SB 410 and Oakland headquarters Petition for Modification, and assumes FERC-jurisdictional rate base is equivalent to amounts requested in the formula rate through Transmission Owner rate proceedings for years 2025 through 2030. 3. Investment opportunities of at least $5 billion are not reflected in the CapEx or rate base numbers. Slide 11: Credit Rating Improvements 1. A securities rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. 2. FFO/Debt is not calculated in accordance with GAAP. Because PG&E Corporation is not able to estimate the impact of specific line items, which have the potential to significantly impact the company's FFO/Debt in future periods, it is not providing a reconciliation for future period FFO/Debt. Slide titles are hyperlinks

------

![](q325earningspresentation019.jpg)

19 Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 12: O&M Cost Reduction Performance 1. These numbers are illustrative approximations and should not be interpreted as a guarantee of future performance. See "Forward-Looking Statements" on slide 2. 2. Non-fuel operating and maintenance costs is designed to represent the Utility's operational efficiency. It excludes certain state-mandated programs where the Utility's role is to facilitate achieving public policy goals regarding energy efficiency, the cost of which the Utility recovers; and expenses paid for using the statutory revenues associated with Diablo Canyon extended operations authorized by SB 846. This calculation also does not include balancing account deferrals; property taxes; non-core items; and other adjustments such as write-offs for canceled work including the Pacific Generation transaction. 2% reduction is calculated relative to the prior year. Reductions available for redeployment. 3. Denoted amount is not material. 4. A higher discount rate used to measure the projected benefit costs at December 31, 2023 compared to December 31, 2022 resulted in lower pension and other post-retirement benefits service cost in the amount of $321 million. This decrease is embedded in 2023 net cost increases. Slide 14: Differentiated Performance 1. The Utility's cost reduction strategies include increased efficiency driven by implementing the Lean operating system, improving its work management, identifying additional opportunities to convert expenses to capital expenditures, and an improved organizational design. Factors that may cause the Utility's actual results to differ materially from its forecasts include whether the Utility can control its operating costs within the authorized levels of spending and timely recover its costs through rates; whether the Utility can achieve projected savings; the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs; and changes in cost forecasts or the scope and timing of planned work resulting from changes in customer demand for electricity and natural gas or other reasons. Non-fuel operating and maintenance costs is designed to represent the Utility's operational efficiency. It excludes certain state-mandated programs where the Utility's role is to facilitate achieving public policy goals regarding energy efficiency, the cost of which the Ut ility recovers; and expenses paid for using the statutory revenues associated with Diablo Canyon extended operations authorized by SB 846. This calculation also does not include balancing account deferrals; property taxes; non-core items; and other adjustments such as write-offs for canceled work including the Pacific Generation transaction. 2% reduction is calculated relative to the prior year. Reductions available for redeployment. 2. Expected drivers of forecasted electric load growth include electric vehicle adoption, data centers, and building electrification. 3. Factors that may cause customer bills to differ from forecast include risks and uncertainties associated with energy supply costs, emergency response costs, the timing and outcomes of regulatory proceedings, and customer energy usage. 4. 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 Appendix 3, Exhibit E regarding non-GAAP financial measures. 5. Dividend payout ratio is determined by dividing the total dividends per share paid over the fiscal year by non-GAAP core earnings per share. 6. FFO/Debt is not calculated in accordance with GAAP. See Appendix 3, Exhibit D for a reconciliation of Operating income and Total debt on a GAAP basis to FFO/Debt and Appendix 3, Exhibit E regarding non-GAAP financial measures. 7. Based on average annual growth from 2026 through 2030. Slide 15: Investing In California's Prosperity 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 for a reconciliation of EPS results on a GAAP basis to non-GAAP core earnings per share and Appendix 3, Exhibit E regarding non-GAAP financial measures. 3. Represents Capital expenditures divided by Operating and maintenance, as disclosed in the applicable Annual Report on Form 10-K. Slide 22: Appendix 2: 2025 Factors Impacting Earnings 1. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 3, Exhibit E regarding non-GAAP financial measures. 2. The low end of the share count range assumes no PG&E Corporation mandatory convertible preferred shares (MCPs) have converted into common stock. The high end of the range assumes all of the MCPs have converted based on a PG&E Corporation common stock price of $20.55, consistent with the prospectus supplement filed December 3, 2024. 3. 2025 equity-earning weighted-average rate base reflects 2023 GRC final decision and the TO21 decision. 4. The capital structure of an investor-owned utility is the proportional authorization of shareholders' equity and debt that comprise a company's long-range financing or its capitalization. The CPUC currently authorized capital structure is comprised of 47.5% long-term debt, 0.5% preferred equity, and 52% common equity. 5. Non-GAAP core earnings assumptions include no 2025 impacts from changes in the federal tax code. 6. Unrecoverable net interest includes PG&E Corporation long-term debt, Wildfire Fund contribution debt financing, and other interest above authorized, netted against the Utility's balancing account interest.

------

![](q325earningspresentation020.jpg)

20 Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 23: Appendix 2: 2026 Factors Impacting Earnings 1. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 3, Exhibit E regarding non-GAAP financial measures. 2. The low end of the share count range assumes no PG&E Corporation mandatory convertible preferred shares (MCPs) have converted into common stock. The high end of the range assumes all of the MCPs have converted based on a PG&E Corporation common stock price of $20.55, consistent with the prospectus supplement filed December 3, 2024. 3. 2026 equity-earning weighted-average rate base reflects 2023 GRC final decision and the TO21 decision. 4. The capital structure of an investor-owned utility is the proportional authorization of shareholders' equity and debt that comprise a company's long-range financing or its capitalization. The CPUC currently authorized capital structure is comprised of 47.5% long-term debt, 0.5% preferred equity, and 52% common equity. 5. CPUC authorized ROE is pending resolution in the 2026 Cost of Capital filing. 6. Non-GAAP core earnings assumptions include no 2026 impacts from changes in the federal tax code. 7. Unrecoverable net interest includes PG&E Corporation long-term debt, Wildfire Fund contribution debt financing, and other interest above authorized, netted against the Utility's balancing account interest. Slide 28: Appendix 2: Existing Protections Enhanced Pending Broader Policy Update 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 costs through rates. AB 1054 changed the standard so that the conduct of a utility is deemed reasonable unless a party to the proceeding creates a serious doubt as to the reasonableness of the utility's conduct. Reasonable conduct is not limited to the optimum practice, method, or act to the exclusion of others, but rather encompasses a spectrum of possible practices, methods, or acts consistent with utility system needs, the interest of the ratepayers, and the requirements of governmental agencies of competent jurisdiction. 2. For fires in any calendar year. 3. SB 254 would, for a catastrophic wildfire that was ignited between January 1, 2025 and the effective date of SB 254, authorize an electrical corporation to file an application for a determination that the claims cannot be paid by the Wildfire Fund and for the issuance of a financing order in the amount of those claims before filing a prudency application. 4. Cap does not apply if Utility found to have acted with conscious or willful disregard of the rights and safety of others. Amount reflects 2025 electric transmission and distribution equity rate base. Slide 30: Appendix 2: SB 846 Diablo Canyon Legislation 1. The pre-extension period extended through the scheduled retirement dates of November 2024 and August 2025 for Units 1 and 2, respectively. 2. The extension period covers the additional 5-year life for each Unit.

------

![](q325earningspresentation021.jpg)

Appendix 2 Supplemental Earnings Materials 21

------

![](q325earningspresentation022.jpg)

22 2025 Factors Impacting Earnings Endnotes are included in the Appendix $1.49 - $1.51 Non-GAAP Core EPS1 Diluted Shares 20252 2,195M - 2,285M Key Ranges Weighted Average Rate Base3 CPUC $57B FERC $12B Total Rate Base $69B Equity Ratio:4 52% Return on Equity: 10.28% Key Factors Affecting Non-GAAP Core Earnings5 ($ millions after tax) Unrecoverable net interest6 $350 - $400 Other earnings factors including AFUDC equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs Changes from prior quarter noted in blue text

------

![](q325earningspresentation023.jpg)

23 2026 Factors Impacting Earnings Endnotes are included in the Appendix $1.62 - $1.66 Non-GAAP Core EPS1 Diluted Shares 20262 2,210M - 2,295M Key Ranges Weighted Average Rate Base3 CPUC $62B FERC $13B Total Rate Base $75B Equity Ratio:4 52% Return on Equity: TBD5 Key Factors Affecting Non-GAAP Core Earnings6 ($ millions after tax) Unrecoverable net interest7 $350 - $400 Other earnings factors including AFUDC equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs

------

![](q325earningspresentation024.jpg)

24 Expected Recovery Of Wildfire-Related Costs Recovery Outstanding By Year 1.1 1.4 1.6 1.6 1.6 2.6 1.1 0.4 0.2 0.9 0.8 0.1 4.6 3.3 2.1 1.8 1.6 0 1 2 3 4 5 Dec 23A Dec 24A Dec 25F Dec 26F Dec 27F Approved Pending Yet To Be Filed Total Amount ($billions) $0.1B Approved Recovery Status as of September 30, 2025 $0.4B Pending $1.6B Yet To Be Filed $2.1B Total 2023 WMCE $351M 2023 WGSC $55M

------

![](q325earningspresentation025.jpg)

25 Physical Risk Mitigations Making Our System Safer Every Day HFTD + HFRA Weather-Normalized Ignition Rates R3+ per 100k Circuit Mile Days 2025 shows 365-day rolling as of 10/20/25 Weather-Normalized Ignition Rate 3.23 2.67 2.25 2.76 1.93 0.95 0.93 1.41 1.01 2017 2018 2019 2020 2021 2022 2023 2024 2025 EPSS Implemented Mid-2021 24 12 7 8 6 4 5 9 1 2017 2018 2019 2020 2021 2022 2023 2024 2025 Significant Reduction in PG&E Ignitions Leading To Fires > 10 Acres PG&E R3+ Ignitions > 10 Acres in HFTD + HFRA YTD\* \*As of 10/20/25

------

![](q325earningspresentation026.jpg)

26 Wildfire Fund Continuation Account To Cover 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 > $21.0 B $18.0 B AB 1054 Wildfire Fund Continuation Account \*\* \* Half of any unpaid contingent funding provided as a customer bill credit \*\* Bonding authority available \*\*\* Based on current assumptions Utility Upfront Funding 2019-2020 PG&E $4.8B Utility Annual Funding 2019-2028 $300M per year PG&E $193M Customer Annual Charge 2019-2035 ~$900M per year PG&E Monthly Bill: ~$3 \* > \*\*

------

![](q325earningspresentation027.jpg)

27 California Legislature Takes Further Action On Wildfire Risk 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, and disallowance cap Gives utilities new Right of First Refusal over sales of insurance subrogation rights Allows early securitization option for 2025 fires preceding effective date of SB 254 Wildfire Fund Continuation Account: Sets stage and parameters for wide-ranging wildfire policy reform in 2026 session Rebalanced PG&E share lowered by 25% to 47.85% (from 64.20%) Principled Utility funding counts towards future disallowance Flexible Improved Disallowance cap now based on year of ignition Utility funding spread over time rather than upfront \* The Governor signed SB 254 on September 19, 2025. The utilities have elected to participate in the Continuation Account. New Features

------

![](q325earningspresentation028.jpg)

28 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 2543 ▪ Utility Right of First Refusal over sales of subrogation rights Liquidity Bolstered Available when needed ▪ Utility conduct presumed prudent with annual safety certificate in place ▪ Enhanced cost recovery standard distinct from Fund ▪ Customer-funded self-insurance up to $1B began in 2023 Cost Recovery Unchanged Improved prudency standard1 Reimbursement Improved Disallowance cap retained ▪ If prudent: Fund reimbursement not required ▪ If imprudent: Utility reimburses Fund; SB 254 contributions count against disallowance ▪ Disallowance cap (20% of electric T&D equity rate base as of year of ignition) reduced for reimbursements for other fires within 3 years4 Physical Risk Reduction Drives Financial Protections 1 Physical Risk Mitigations 2 Approved Wildfire Mitigation Plan (WMP) 3 Wildfire Safety Certification Endnotes are included in the AppendixEndnotes are included in the ppendix

------

![](q325earningspresentation029.jpg)

29 Fund Mechanics Largely Unchanged With Enhancements To Disallowance Framework 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 application at the CPUC for claims paid from the Fund Covered Utility seeks payment from the Fund for eligible claims >$1B Disallowed costsAllowed costs Claims filed against Covered Utility Filing after "substantially all" claims have been paid 12-month CPUC review with possible 6-month extension Customer funded self-insurance covers first $1B of claims Cap = 20% of T&D equity rate base @ time of ignition

------

![](q325earningspresentation030.jpg)

30 SB 846 Diablo Canyon Legislation Cost Recovery 2022-20241 2025-20302 ▪ Ongoing O&M and rate base recovery through the GRC ▪ $1.4B in state funding available to support extended operations • $1.1B in extension costs; to be reimbursed from DOE Civil Nuclear Credit program • Up to $300M available to invest in business through a $7/MWh transition fee starting 9/2/22 ▪ $100M/year in lieu of traditional rate base return ▪ Annual automatic true-up mechanism for costs ▪ $13/MWh performance fee upside to be deployed for customer benefit Pre-Extension Period Extension Period 9/2/22 Governor Newsom signed SB 846 1/11/24 Finalized terms with DOE for up to $1.1B via the Civil Nuclear Credit Program 10/18/22 Executed $1.4B loan agreement with DWR 3/2/23 NRC approved exemption request allowing continued operations at DCPP 11/7/23 Filed for NRC license renewal 12/14/23 CPUC final decision conditionally approving extended operations 12/19/23 NRC determined license renewal application sufficient 6/25 NRC Environmental Impact Statement and Safety Evaluation Report Endnotes are included in the Appendix 2026 Remaining state permits NRC license renewal

------

![](q325earningspresentation031.jpg)

31 Physical Risk Mitigation Progress Then & Now 2017 EPSS PSPS 10K UG 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 693 CAMERAS INSTALLED 1,620 STATIONS INSTALLED 24/7/365 MONITORING ASSET IMPROVEMENTS Undergrounding System Hardening Sectionalizing Devices Trees Removed 1,027 MILES COMPLETED \* 2,358 MILES COMPLETED \*\* 1,541 DEVICES INSTALLED 4.2M TREES REMOVED OPERATIONAL MITIGATIONS EPSS PSPS Partial Voltage Force Out Safety and Infrastructure Protection Teams Transmission Operational Controls Downed Conductor Detection 2019 – September 30, 2025 \* The 10,000-Mile Undergrounding Program started in 2021 \*\* System Hardening totals include data starting in 2018 2025

------

![](q325earningspresentation032.jpg)

32 Regulatory Case/Filing Docket Status as of October 2025 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 10/4/24 ▪ Final Decision 8/28/25 TO21 ER24-96-000 ▪ Application filed 10/13/2023 ▪ Settlement filed 3/21/25 ▪ Final Decision 8/5/25 2026 Cost of Capital A.25-03-010 ▪ Application filed 3/20/25 Final Decision Q4 2025 2022 WMCE A.22-12-009 ▪ Application filed 12/15/22 ▪ Interim rate relief granted 6/8/23 ▪ Settlement filed 12/22/23 (excludes WMBA and VMBA) ▪ Final Decision 9/18/25 2023 WMCE A.23-12-001 ▪ Application and interim rate relief request filed 12/1/23 ▪ Interim rate relief Final Decision received 9/12/24 ▪ Settlement filed 6/2/25 2023 Wildfire Mitigation Plan 2023-2025-WMPs ▪ Submitted 3/27/23 ▪ Final Decision by OEIS received 12/29/23 ▪ CPUC ratified 2/15/24 ▪ 2025 Update filed 4/2/24, Supplemental 2025 Update filed 7/5/24 ▪ Final Decision by OEIS received 11/19/24 2026 Wildfire Mitigation Plan 2026-2028-WMPs ▪ Submitted 4/4/25 OEIS Draft Decision Q4 2025 2024 Safety Certificate 2024-SCs ▪ Filed 10/8/24 ▪ Safety Certificate issued by OEIS 12/11/24 Wildfire and Gas Safety Costs A.23-06-008 ▪ Filed 6/15/23 ▪ Interim rate relief granted 3/27/24 Electric Rule 30 A.24-11-007 ▪ Application filed 11/21/24 ▪ Final Decision on motion for interim implementation 7/24/25 Changes from prior quarter noted in blue text Regulatory Progress

------

![](q325earningspresentation033.jpg)

Appendix 3 Supplemental Non-GAAP Information 33

------

![](q325earningspresentation034.jpg)

34 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 35-38 Exhibit B Key Drivers of PG&E Corporation's Non-GAAP Core Earnings per Common Share ("EPS") Slide 39 Exhibit C GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation Slides 40 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 Slides 41 Exhibit E Non-GAAP Financial Measures Slides 42

------

![](q325earningspresentation035.jpg)

35 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) 2025 2024 2025 2024 2025 2024 2025 2024 PG&E Corporation's GAAP earnings/EPS, diluted $847 $576 $0.37 $0.27 $1,951 $1,828 $0.89 $0.85 Non-core items: (1) Amortization of Wildfire Fund contribution (2) 62 100 0.03 0.05 195 212 0.09 0.10 Bankruptcy and legal costs (3) 21 9 0.01 — 36 34 0.02 0.02 Investigation remedies (4) 47 21 0.02 0.01 95 41 0.04 0.02 Prior period net regulatory impact (5) 134 (6) 0.06 — 122 (17) 0.06 (0.01) SB 901 securitization (6) 18 31 0.01 0.01 29 31 0.01 0.01 Tax-related adjustments (7) — — — — — 70 — 0.03 Wildfire-related costs, net of recoveries (8) 13 60 0.01 0.03 92 66 0.04 0.03 PG&E Corporation's non-GAAP core earnings/EPS (9) $1,142 $791 $0.50 $0.37 $2,520 $2,265 $1.14 $1.06 All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation's statutory tax rate of 27.98% for 2025 and 2024, except for certain costs that are not tax deductible. Amounts may not sum due to rounding. Third Quarter, 2025 vs. 2024 (in millions, except per share amounts) (1) "Non-core items" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in the table above. See Exhibit E: Non-GAAP Financial Measures. 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

------

![](q325earningspresentation036.jpg)

36 Third Quarter, 2025 vs. 2024 (in millions, except per share amounts) (3) PG&E Corporation and the Utility recorded costs of $29 million (before the tax impact of $8 million) and $49 million (before the tax impact of $13 million) during the three and nine months ended September 30, 2025, respectively, related to costs to resolve proof of claims filed in PG&E Corporation's and the Utility's Chapter 11 filing. (2) The Utility recorded costs of $86 million (before the tax impact of $24 million) and $271 million (before the tax impact of $76 million) during the three and nine months ended September 30, 2025, respectively, associated with the amortization of the Wildfire Fund asset, as well as accretion of the related Wildfire Fund liability. For more information, see Note 2 of the Notes to the Condensed Consolidated Financial Statements in the Form 10-Q. 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 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 (4) Includes costs associated with the decision different for the order instituting investigation ("OII") related to the 2017 Northern California Wildfires and 2018 Camp Fire ("Wildfires OII"), the system enhancements related to the locate and mark OII, restoration and rebuilding costs for the town of Paradise, and the settlement agreement resolving the Safety and Enforcement Division's investigation into the 2020 Zogg fire, as shown below. (in millions) Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 Wildfires OII disallowance and system enhancements $15 $33 Locate and mark OII system enhancements — 1 Paradise restoration and rebuild — 3 2020 Zogg fire settlement 35 66 Investigation remedies $51 $103 Tax impacts (4) (8) Investigation remedies (post-tax) $47 $95

------

![](q325earningspresentation037.jpg)

37 Third Quarter, 2025 vs. 2024 (in millions, except per share amounts) (in millions) Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 2011 GT&S rate case $(3) $(19) 2022 WMCE decision 188 188 Wildfire-related costs, net of recoveries $186 $169 Tax impacts (52) (47) Wildfire-related costs, net of recoveries (post-tax) $134 $122 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 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 (6) The Utility recorded costs of $24 million (before the tax impact of $6 million) and $40 million (before the tax impact of $11 million) during the three and nine months ended September 30, 2025, respectively, related to the charge for the establishment of the SB 901 securitization regulatory asset and the SB 901 securitization regulatory liability associated with revenue credits funded by the net operating loss monetization, as well as any earnings-impacting investment losses or gains associated with investments related to the contributions to the Customer Credit Trust and additional contributions to the Customer Credit Trust as a result of the decision voted out on July 24, 2025. (7) "Tax-related adjustments" includes tax expense costs associated with the deductibility of certain customer bill credits issued in connection with the San Bruno natural gas explosion that occurred in 2010. (5) Includes adjustments to expenses (revenues) associated with the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case per the CPUC decision dated July 14, 2022 and the 2022 WMCE decision dated September 18, 2025 as shown below.

------

![](q325earningspresentation038.jpg)

38 Third Quarter, 2025 vs. 2024 (in millions, except per share amounts) (9) "Non-GAAP core earnings" and "Non-GAAP core EPS" are non-GAAP financial measures. See Exhibit E: Non-GAAP Financial Measures. Undefined, capitalized terms have the meanings set forth in the Form 10-Q. (8) Includes costs to resolve third-party claims, net of recoveries, for the 2019 Kincade fire and 2021 Dixie fire, inclusive of outside counsel fees, as shown below. (in millions) Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 2019 Kincade fire $12 $116 2021 Dixie fire 5 12 Wildfire-related costs, net of recoveries $18 $128 Tax impacts (5) (36) Wildfire-related costs, net of recoveries (post-tax) $13 $92 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 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

------

![](q325earningspresentation039.jpg)

39 All amounts presented in the table above are tax adjusted at PG&E Corporation's statutory tax rate of 27.98% for 2025 and 2024. 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-GAAP core EPS. (2) Represents operating and maintenance savings for various initiatives during the three and nine months ended September 30, 2025. Examples include reduced contract spend through contract rationalization and unit cost reductions in inspection processes. (3) Represents redeployment of operating and maintenance savings to fund various programs including those that support risk mitigation such as inspections, gas corrosion, and distribution system maintenance during the three and nine months ended September 30, 2025. (4) The YTD earnings impact represents the dividend payment for the mandatory convertible preferred (MCP) shares issued in 2024. There is no third quarter earnings impact for the dividend payment because PG&E is in a dilutive position. The earnings per common share figures represent the impact of both the MCP and dilution resulting from the common equity issued in December 2024 for the three and nine months ended September 30, 2025. (5) Represents the impact to quarterly earnings for items considered timing-related, other miscellaneous items such as interest expense and one-time items, as well as a tax method change during the three and nine months ended September 30, 2025. Third Quarter 2025 vs. 2024 Year to Date 2025 vs. 2024 Earnings Earnings per Common Share Earnings Earnings per Common Share 2024 Non-GAAP Core Earnings/EPS (1) $791 $0.37 $2,265 $1.06 Customer capital investment 40 0.01 120 0.05 Operating & maintenance savings (2) 120 0.05 188 0.08 Redeployment (3) (12) (0.01) (58) (0.03) Equity dilution (4) — (0.02) (72) (0.06) Timing and Other (5) 203 0.10 77 0.04 2025 Non-GAAP Core Earnings/EPS (1) $1,142 $0.50 $2,520 $1.14 Third Quarter, 2025 vs. 2024 (in millions, except per share amounts) Exhibit B: Key Drivers of PG&E Corporation's Non-GAAP Core Earnings per Common Share ("EPS") Exhibit B: Key Drivers of PG&E Corporation's Non-GAAP Core Earnings per Common Share ("EPS")

------

![](q325earningspresentation040.jpg)

40 Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2024 2025 2024 PG&E Corporation's Net Income on a GAAP basis $850 $579 $2,033 $1,838 Income tax provision (benefit) (220) (106) (161) 15 Other income, net (97) (83) (251) (241) Interest expense 770 795 2,296 2,322 Interest income (94) (156) (392) (495) Operating Income $1,209 $1,029 $3,525 $3,439 Depreciation, amortization, and decommissioning 1,132 1,059 3,302 3,134 Amortization of Wildfire Fund contribution 86 139 271 295 SB 901 securitization 24 42 40 43 Investigation remedies 51 24 103 45 Prior period net regulatory impact 186 (8) 169 (24) Wildfire-related costs, net of recoveries 18 82 128 92 PG&E Corporation's Non-GAAP Adjusted EBITDA $2,706 $2,367 $7,538 $7,024 Third Quarter, 2025 vs. 2024 (in millions) Amounts may not sum due to rounding. "Non-GAAP Adjusted EBITDA" is a non-GAAP financial measure. Exhibit C: GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation

------

![](q325earningspresentation041.jpg)

41 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 2024 (in millions) Operating income $4,459 Depreciation, amortization, and decommissioning 4,189 SB 901 securitization charges, net 33 Wildfire-related claims, net of recoveries 94 Adjustments: Cash interest (1) (2,421) ARO accretion 269 Operating lease fixed cost 116 Other (22) Adjusted FFO $6,717 2024 (in millions) Long-term debt $53,569 Long-term debt, classified as current 2,146 Short-term borrowings 1,523 Adjustments: Cash and cash equivalents (940) Securitized debt (10,367) Junior subordinated notes (750) Power purchase commitments debt equivalents 1,393 ARO debt 1,273 Operating lease liabilities 524 Financing lease liabilities 581 Noncontrolling Interest - Preferred Stock of Subsidiary 126 Adjusted Total Debt $49,077 Adjusted FFO Calculation Adjusted Total Debt Calculation Adjusted FFO = $6,717 = 13.7% Adjusted Total Debt $49,077 Adjusted FFO to Total Debt Ratio Amounts may not sum due to rounding. "Adjusted FFO," "Adjusted Total Debt," and "Adjusted FFO to Total Debt" are non-GAAP financial measures. (1) Cash interest is from PG&E Corporation's Consolidated Statements of Cash Flows, Cash paid for interest, net of amounts capitalized

------

![](q325earningspresentation042.jpg)

42 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. "Non-core items" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in Exhibit A. Non-GAAP core EPS is calculated as non-GAAP core earnings divided by common shares outstanding on a diluted basis. PG&E Corporation discloses historical financial results and provides guidance based on "non-GAAP core earnings" and "non-GAAP core EPS" in order to provide measures that allow investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. PG&E Corporation and the Utility use non-GAAP core earnings and non-GAAP core EPS to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation and the Utility believe that non-GAAP core earnings and non-GAAP core EPS provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance. PG&E Corporation is unable to provide GAAP guidance or present a quantitative reconciliation of forward-looking non-GAAP core earnings, non-GAAP core EPS, or non-GAAP core EPS growth without unreasonable effort because specific line items, which may be significant, are not estimable. For instance, amortization of the Wildfire Fund contribution asset, the impacts of regulatory decisions, special tax items, and wildfire-related costs, net of recoveries, are difficult to predict due to various factors outside of management's control. Non-GAAP core earnings and non-GAAP core EPS are not substitutes or alternatives for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies. Exhibit E: Non-GAAP Financial Measures

------