# EDGAR Filing Document

**Accession Number:** 0001004980
**File Stem:** 0001004980-26-000032
**Filing Date:** 2026-4
**Character Count:** 84472
**Document Hash:** 84e37b2bf19124230060767f0d5f60e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004980-26-000032.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001004980-26-000032

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20260423

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260422

**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:** 26885218

**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:** 26885219

**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-20260423

---

| |
|:---|
| 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: April 23, 2026** 

(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-20260423_g1.gif) | ![corpa01.gif](pcg-20260423_g1.gif) | ![corpa01.gif](pcg-20260423_g1.gif) | ![utilitya01.gif](pcg-20260423_g2.gif) | ![utilitya01.gif](pcg-20260423_g2.gif) | ![utilitya01.gif](pcg-20260423_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 ◻

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

On April 23, 2026, 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 March 31, 2026. 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 April 23, 2026, 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 & Safety Updates" and "News & Events: Events & Presentations" pages, 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-q12026pressrelease.htm)[April](pge-q12026pressrelease.htm)[23](pge-q12026pressrelease.htm)[, 2026](pge-q12026pressrelease.htm)</u> |
| 99.2 | <u>[Slide presentation dated](q126earningspresentation.htm)[April](q126earningspresentation.htm)[2](q126earningspresentation.htm)[3](q126earningspresentation.htm)[, 2026](q126earningspresentation.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, operating and maintenance costs, system hardening, and load growth. 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, 2025, their most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and other reports filed with or furnished to 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

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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: | April 22, 2026 | CAROLYN J. BURKE<br>Executive Vice President and Chief Financial Officer |
|  |  | **PACIFIC GAS AND ELECTRIC COMPANY** |
|  | By: | /s/ Stephanie N. Williams |
| Dated: | April 22, 2026 | 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> April 23, 2026

**PG&E Corporation Reports First Quarter 2026 Results; On Track to Deliver Solid 2026; Bundled Residential Electric Rates Now Down 23% since 2024 for Most Vulnerable Customers** 

**OAKLAND** — PG&E Corporation (NYSE: PCG) is on track to deliver solid financial results in 2026. Financial progress includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP earnings were $0.39 per share for the first quarter of 2026, compared to $0.28 per share for the same period in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP core earnings were $0.43 per share for the first quarter of 2026, compared to $0.33 per share for the same period in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full year 2026 non-GAAP core EPS guidance reaffirmed at $1.64 to $1.66 per share.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On track to meet 2-4% non-fuel operating and maintenance (O&M) cost reduction target.

Operational progress during the first quarter of 2026 continued to focus on delivering safe, reliable, affordable, and clean energy to customers. Pacific Gas and Electric Company (PG&E or the Utility):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lowered residential bundled electric rates for the fifth time – reducing these rates 23% for PG&E's most vulnerable customers served under the CARE program, and 13% for other customers – since January 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Received approval from the U.S. Nuclear Regulatory Commission (NRC) on Diablo Canyon Power Plant's license renewal for extended operations on April 2, 2026. In 2025, the NRC found the nuclear plant to be safe and environmentally sound to operate for another 20 years. Diablo Canyon provides safe, reliable, affordable and clean electricity to about four million Californians and makes up nearly 20% of California's clean energy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Connected its eighth renewable natural gas (RNG) facility, enabling more California-produced RNG to help reduce greenhouse gas emissions. PG&E plans to connect an additional five RNG facilities by the end of 2027. Since 2021, PG&E has transported approximately 7.25 billion cubic feet of RNG through its natural gas pipeline system – enough energy to fuel more than 190,000 homes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed 31 miles of undergrounded powerlines and installed 44 miles of strengthened poles and covered powerlines in high fire-risk areas. By the end of 2027, PG&E plans to complete more than 1,900 total miles of undergrounding and more than 2,000 miles of

<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.

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strengthened poles and covered powerlines, along with other wildfire safety system upgrades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Connected over 3,100 electric customers and over 1,500 new electric vehicle charging ports to the Utility's grid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advanced customer data center projects in PG&E's service area, with approximately 4.6 gigawatts (GW) now in final engineering. Every 1 GW of new data center load could help customers save 1% or more on their monthly electric bill, under the right conditions.

"Our PG&E team continues our progress in delivering safe, reliable, affordable and clean energy to our customers. We've lowered residential bundled electric rates, which are down 23% since January 2024 for our most vulnerable customers. Safety remains our foundation as we strengthen and build resilient energy infrastructure to support California's growth," said PG&E Corporation CEO Patti Poppe.

**2026 Guidance**

PG&E Corporation is reaffirming its full year 2026 non-GAAP core earnings guidance range of $1.64 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.

PG&E Corporation uses "non-GAAP core earnings," which is a non-GAAP financial measure that excludes non-core items, 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 consolidated income available for common shareholders to non-GAAP core earnings (including non-GAAP core EPS).

**Financial Results**

PG&E Corporation recorded first quarter 2026 income available for common shareholders of $858 million, and $0.39 per diluted share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $607 million, and $0.28 per diluted share, for first quarter 2025.

GAAP earnings were primarily driven by customer capital investment due to the earnings impact of higher rate base, the 2023 Wildfire Mitigation and Catastrophic Events (WMCE) final decision, and net O&M savings, partially offset by a lower return on equity in effect during 2026 as compared to 2025, increased wildfire-related claims, net of recoveries, and Wildfire Fund expense.

**Non-GAAP Core Earnings** 

PG&E Corporation's non-GAAP core earnings were $982 million, and $0.43 per diluted share, for the first quarter of 2026, compared to $728 million, and $0.33 per diluted share, for the first quarter of 2025.

Non-GAAP core earnings were driven by similar factors to our GAAP earnings.

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Non-core items, which management does not consider representative of ongoing earnings, totaled $100 million after tax, and $0.04 per share, for the first quarter of 2026, compared with $120 million after tax, and $0.05 per share, for the first quarter of 2025.

**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 hold a conference call on April 23, 2026, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its first quarter 2026 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>: First Quarter 2026 Earnings Call

<u>When</u>: Thursday, April 23, 2026 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 April 30, 2026, 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 & Safety" and "News & Events" pages, 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

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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, operating and maintenance costs, system hardening, and load growth. 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, 2025, their most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (Form 10-Q), and other reports filed with or furnished to 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.

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**PG&E CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

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

---

| | | |
|:---|:---|:---|
| | **(Unaudited)** | **(Unaudited)** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Operating Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;Electric | $4967 | $4135 |
| &nbsp;&nbsp;&nbsp;Natural gas | 1914 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenues** | **6881** | **5983** |
| **Operating Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of electricity | 561 | 399 |
| &nbsp;&nbsp;&nbsp;Cost of natural gas | 470 | 496 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance | 3112 | 2646 |
| &nbsp;&nbsp;&nbsp;Wildfire-related claims, net of recoveries |  | 49 |
| &nbsp;&nbsp;&nbsp;Wildfire Fund expense | 102 | 76 |
| &nbsp;&nbsp;&nbsp;Depreciation, amortization, and decommissioning | 1166 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **5411** | **4763** |
| **Operating Income** | **1470** | **1220** |
| &nbsp;&nbsp;&nbsp;Interest income | 122 | 117 |
| &nbsp;&nbsp;&nbsp;Interest expense | (803) | (734) |
| &nbsp;&nbsp;&nbsp;Other income, net | 116 | 70 |
| **Income Before Income Taxes** | **905** | **673** |
| &nbsp;&nbsp;Income tax provision | 20 | 39 |
| **Net Income** | **885** | **634** |
| &nbsp;&nbsp;&nbsp;Preferred stock dividend requirement | 27 | 27 |
| **Income Available for Common Shareholders** | $**858** | $**607** |
| **Weighted Average Common Shares Outstanding, Basic** | **2199** | **2195** |
| **Weighted Average Common Shares Outstanding, Diluted** | **2281** | **2200** |
| **Net Income Per Common Share, Basic** | $**0.39** | $**0.28** |
| **Net Income Per Common Share, Diluted** | $**0.39** | $**0.28** |

---

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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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **Earnings** | **Earnings** | **Earnings per Common Share** | **Earnings per Common Share** |
| **(in millions, except per share amounts)** | **2026** | **2025** | **2026** | **2025** |
| **PG&E Corporation's GAAP earnings/EPS, basic** | $**858** | $**607** | $**0.39** | $**0.28** |
| &nbsp;&nbsp;&nbsp;Mandatory convertible preferred stock dividends | 24 |  |  |  |
| **PG&E Corporation's GAAP earnings/EPS, diluted** <sup>(1)</sup> | $**882** | $**607** | $**0.39** | $**0.28** |
| Non-core items: <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of Wildfire Fund contribution <sup>(3)</sup> | 74 | 55 | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;Bankruptcy and legal costs <sup>(4)</sup> |  | 5 |  |  |
| &nbsp;&nbsp;&nbsp;Investigation remedies <sup>(5)</sup> | 13 | 19 | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;Prior period net regulatory impact <sup>(6)</sup> | 15 | (6) | 0.01 |  |
| &nbsp;&nbsp;&nbsp;SB 901 securitization <sup>(7)</sup> | (5) | 7 |  |  |
| &nbsp;&nbsp;&nbsp;Wildfire-related costs, net of recoveries <sup>(8)</sup> | 3 | 40 |  | 0.02 |
| **PG&E Corporation's non-GAAP core earnings/EPS** <sup>(9)</sup> | $**982** | $**728** | $**0.43** | $**0.33** |

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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 2026 and 2025, except for certain costs that are not tax deductible. Amounts may not sum due to rounding.

(1) For more information regarding the calculation of GAAP earnings and EPS, see Note 7 of the Notes to the Condensed Consolidated Financial Statements in the Form 10-Q.

(2) "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.

(3) The Utility recorded costs of $102 million (before the tax impact of $28 million) during the three months ended March 31, 2026 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.

(4) Related to costs to resolve proof of claims filed in PG&E Corporation's and the Utility's Chapter 11 filing.

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(5) 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.

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| | |
|:---|:---|
| **(in millions)** | **Three Months Ended March 31, 2026** |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildfires OII disallowance and system enhancements | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Locate and mark OII system enhancements | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paradise restoration and rebuild | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 Zogg fire settlement | 6 |
| &nbsp;&nbsp;**Investigation remedies** | $**14** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax impacts | (1) |
| **Investigation remedies (post-tax)** | $**13** |

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(6) The Utility recorded costs of $21 million (before the tax impact of $6 million) during the three months ended March 31, 2026 related to an adjustment for potential disallowances associated with a FERC settlement. Separately, 2025 reflects an adjustment to expenses 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.

(7) The Utility recorded benefits of $7 million (before the tax impact of $2 million) during the three months ended March 31, 2026 related to any earnings-impacting investment losses or gains associated with investments related to the contributions to the Customer Credit Trust.

(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.

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| | |
|:---|:---|
| **(in millions)** | **Three Months Ended March 31, 2026** |
| &nbsp;&nbsp;&nbsp;&nbsp;2019 Kincade fire | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Dixie fire | 3 |
| &nbsp;&nbsp;**Wildfire-related costs, net of recoveries** | $**4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax impacts | (1) |
| **Wildfire-related costs, net of recoveries (post-tax)** | $**3** |

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(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.

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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

![](q126earningspresentation001.jpg)

2026 FIRST QUARTER EARNINGS April 23, 2026 Delivering For Customers AND Investors 1

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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 2026 non-GAAP core earnings and 2027-2030 non-GAAP core EPS growth), debt and equity issuances, rate base growth, capital expenditures, cash flow, cost savings, credit ratings, customer bills, inflation, wildfire risk mitigation, wildfire-related cost recovery, dividends, load growth, operating and maintenance costs, 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. 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 timing and outcome of FERC and CPUC proceedings, including regarding ratemaking, cost recovery, and other matters; • 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 Continuation Account has sufficient remaining funds), and through CPUC and FERC rate cases; • the Utility's implementation of its wildfire mitigation programs, including PSPS, EPSS, situational awareness and response, undergrounding, and the programs' effectiveness; • the impact of legislative and regulatory developments or inaction, including those regarding the Wildfire Fund, wildfires, the environment, California's clean energy goals, the nuclear industry, utilities' transactions with their affiliates, municipalization, privacy, import tariffs, and taxes; • 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 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 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, 2025, their joint Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (the "Form 10-Q"), and other reports filed with, or furnished to, 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 April 23, 2026. PG&E Corporation and the Utility undertake no obligation to update information contained herein whether due to new information, future events, or otherwise, except to the extent required by law. 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 April 23, 2026, and is also available on PG&E Corporation's website at www.pgecorp.com. Forward-Looking Statements

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3 Non-GAAP Core EPS1 43¢ First Quarter 2026 Results …For Customers AND Investors Reaffirming Guidance… Endnotes are included in the Appendix Guidance On Track ► On track for 2026 core EPS guidance ► Reaffirming 2027-2030 guidance ► Residential bundled electric rates down 23% for CARE customers from January 2024; down 13% for other customers ► Diablo Canyon NRC license extended ► CEA study outlines three pathways and kicks off wildfire legislative process ► Data center projects in final engineering now 4.6 GWs; third cluster study initiated ► 10-Yr undergrounding plan filing in Q3 Key Takeaways 9%+ Annually 2027-2030 $1.64 - $1.66 2026 +10% No Equity Need 2026-2030 20% by 2028 dividend payout Derisked

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4 Planning For Wide-Ranging Wildfire Policy Reform… …CEA Recommendations Kick Off Legislative Process April 7 California Earthquake Authority Report The Cost of Inaction "Inaction perpetuates unaffordability for consumers…limiting [IOUs'] ability to attract the capital required to maintain safe, clean, and reliable infrastructure…" Pathways to Catastrophe Resiliency ► Pathway 1: Commit to Community Wildfire Risk Reduction ► Pathway 2: Equitably Allocate Catastrophe Burdens ► Pathway 3: State Roles for Addressing Catastrophe Resiliency April 7, 2026 CEA recommendations to Governor and Legislature Legislative Summer Recess July 3 – Aug 2, 2026 State Legislative Session Ends Aug 31, 2026 The Governor's office looks forward to reviewing the report and its recommendations to make California communities safer from wildfire, accelerate recovery from disasters, address impacts on electric bill affordability, and increase access to insurance. California Governor's Office

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5…Reducing Ignitions And Fire Spread Mitigations Deployed With More To Come... PG&E Mitigations Delivering Results \* As Reported By CAL FIRE 416 301 259 241 180 134 120 594 534 38 2,632 18,804 374 206 1,335 78 0 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 2026 Incidents ≥ 10 Acres in California \* (all sources) Structures Destroyed in PG&E Reportable Fires in HFTD/HFRA During R3+ Conditions YTD Endnotes are included in the Appendix 10-Year Undergrounding Filing 5,000 miles proposed from 2028-2037 plus 1,900 miles to be complete by 2027;1 run rate increasing by ~60% Phase 1 Energy Safety filing expected Q3 2026 >$100M cumulative avoided costs for ~1,240 miles undergrounded to date 90% improvement in reliability where undergrounding has been completed ~11, 0002 total miles expected to be hardened by 2037, including overhead

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6…Delivering For Our Customers AND Investors Simple, Affordable Model… Endnotes are included in the Appendix ACTUAL 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% - 3% 2% - 4% 2% 9% - 10% 6% - 9% 1% - 3% - 4 - 6 - 10 PLAN1 0 -23% -13% 9.2% 4.1% 4.7% 5.0% 6.8% 7.3% 7.9% 10.8% 14.1% 18.1% -25% -15% -5% 5% 15% PG&E Residential Bundled6 PG&E Residential Bundled, CARE7 Middle Atlantic East North Central South Atlantic New England East South Central West South Central West North Central Mountain Pacific U.S. Average Percent Change In Residential Electricity Prices By Region, 2024-20265 -13% -23

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7…Economic Prosperity For Customers And California Enabling Affordable Load Growth… Endnotes are included in the Appendix Data Center Pipeline1 Estimated Long-Term Customer Savings2: 1 GW = 1% Or More Electric Bill Reduction MWs December 2025 March 2026 Total 7,250 5,390 Application & Preliminary Engineering 3,600 650 Final Engineering 3,550 3,550 Construction 100 140 4 60 Evaluating 10+ GWs of pre-application interest Next Steps ► May: Preliminary Engineering Study payments due ► June: Capacity studies begin ► Q3: Capacity availability and timelines provided to customers 2026 Cluster Study

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8…Reducing Risk, Delivering Reliability, Controlling Costs Story Of The Month: Continuous Monitoring… 16M Outage Minutes Avoided $8.1M Capital Savings Through Lower-Cost Repairs 23 Ignitions Avoided in HFRA 4,040 Emergency Response Hours Avoided Continuous Monitoring Sensors, smart meters, analytics, and machine learning identify developing conditions in real time Targeted Intervention Measured Outcomes Lower-cost repairs and avoided emergency response reduce risk, cost, and customer impact Crews arrive with better diagnostics, spending less time searching, and more time fixing Jan 2025 – Mar 2026

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9 Non-GAAP Core EPS1 Comparison... Endnotes are included in the Appendix …On Track For Guidance Of $1.64 - $1.66 Endnotes are included in the Appendix 2024 Twelve Months Customer Capital … Operating & … Redeployment Other -… 2025 Twelve Months $- $0 $0 $0 $0 $0 $0 $0 $0 $0 $1 Full Year 2025 vs. 2024 Customer Capital Investment2 Timing and ther 2026 First Quarter Operating & Maintenance Savings Redeploy ent2025 First Quarter 6¢ First Quarter 2026 vs. 2025 (1¢) 2¢ 33¢ 3¢ 43¢ Earnings Drivers Q2 through Q4 Customer Capital Investment Operating & Maintenance Savings Redeployment Other

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10…Extends Through 2030 Five-Year Capital Plan… Plus At Least $5B Customer Beneficial Investment Opportunities3 CPUC FERC XX% Avg Annual 2026-2030 % Already Authorized2 88% 84% 79% 74% Weighted Average Rate Base ($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 2025A 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 94% Includes $2.9B of SB 254 securitized capitalExcludes $2.9B of SB 254 securitized capital Amounts may not sum due to rounding

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11…Supports Customer Capital Investment Without Common Equity Five-Year Financing Plan… (4) (12) 12 20 3 2 0 10 20 30 40 50 60 70 80 Cash from Operations Dividends Paid Utility LT Debt Maturities Utility LT Debt Refinanced Utility LT Debt Issuance SB 254 Securitization Parent Debt and Other Common Equity Issuance CapEx 1 $52 $73 Amount ($billions) 2026 – 2030 Five-Year Financing Plan 0 $0.6 $3.5 - $42026 Utility Debt (billions) Endnotes are included in the Appendix 0

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12…Offering Incremental Affordability Opportunity 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 Positive Positive Rating Outlooks At Two Agencies1… 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 sitive

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13 O&M Cost Reduction Performance… …Track Record Of Exceeding 2% Reduction Target Endnotes are included in the Appendix Examples of O&M Cost Reductions (Non-Fuel)1 Resource Management Efficiencies and Insurance Capital Conversion Planning, Execution, Automation and AI Net Cost Increases Net Savings Percent Savings $510 5½% (60)3 130 --2 350 $90 (millions) 2023 Actual $340 4% (290) 155 45 370 $60 (millions) 2024 Actual $160 - $300 2% - 4% (105) - (125) 110 - 140 45 - 150 65 $45 - $70 (millions) LONG-TERM PLAN4 $220 2½% (250) 170 80 135 $85 (millions) 2025 Actual

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14…To Deliver For Customers Working With Policymakers And Stakeholders… Constructive Legislation: SB 884, SB 846, SB 410, SB 254 4-Year Revenue Certainty 3-Year CoC Cycle w/ ROE Adjustment Mechanism FERC Formula Rate Regulatory and Policy Environment Dec 2025 CPUC 10-Year Undergrounding Plan Guidelines Dec 2025 2026 Cost of Capital Final Decision Sep 2025 Governor Newsom signs SB 254 May 2025 2027-2030 GRC Filing Q3 2025 SB 410 Revised Cost Caps Final Decision Sep 2025 Executive Order to expedite the next phase of SB 254 Apr 2026 Wildfire Fund Administrator Report and Recommendations Aug 31, 2026 2026 Legislative Session Ends Mar 2026 2025 Safety Certificate Nov 2026 Kincade and Dixie Cost Recovery Proposed Decision Q2 2026 2027 GRC Evidentiary Hearings Q3 2026 10-Year Undergrounding Plan Filing

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15…Benefits Customers AND Investors 2023A 2024A 2025A Future Customer Investment Rate Base $58B $63B $69B 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 Ratings BB- /Ba2 BB /Ba1 BB /Ba1 Investment Grade Consistent Performance Non-GAAP Core EPS Growth3 12% 11% 10% 2026: 10% 2027 - 2030: 9%+ Operating Cashflow $4.7B $8.0B $8.7B $10B+ FFO/Debt4 13.7% 14.0% Mid-teens Dividend Payout Ratio5 0% 3% 7% 20% by 2028 Risk Reduction Safety Certification Through 3/2/27 Financial Common Dividend / Fire Victim Trust Exit Equity Issuance / Dividend Guidance 2026-2030 Financial Plan Stronger Valuation Differentiated Performance… ~9%6 Endnotes are included in the Appendix

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16…And Providing Differentiated Growth For Investors Investing In California's Prosperity… Building California's Energy Future 10% 12% 11% 10% 10% 9%+ 9%+ 9%+ 9%+ 22A 23A 24A 25A 26F 27F 28F 29F 30F $B 0.9 1.0 1.1 1.7 2.0 2.9 PCG 2024 PCG 2025 PCG 2026F PCG 2030F 2024 Peer Average 2024 Peer Top Decile Premium Growth Capital to Expense Ratio2 ~9% Avg Annual Growth Rate Base Non-GAAP Core EPS1 + DPS Growth 75 81 89 96 106 26F 27F 28F 29F 30F Endnotes are included in the Appendix $↓ Continued Action on Customer Affordability Unwavering Commitment to Wildfire Mitigation Data Center Load Growth Benefits Customers & California Progress Towards Durable Wildfire Solution

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

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Appendix 1 Presentation Endnotes 18

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19 Appendix 1: Presentation Endnotes 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 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 (including any ratios based thereon, including dividend payout ratios) 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. Slide 5: Mitigations Deployed With More To Come 1. The number of miles is subject to approval in PG&E's Electric Undergrounding Plan. 2. The number of miles is subject to approval in PG&E's Electric Undergrounding Plan, PG&E's 2027 GRC application, and future GRCs. Slide 6: Simple, Affordable Model 1. These numbers are illustrative approximations and should not be interpreted as a guarantee of future performance. 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 i ts 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. See "Forward-Looking Statements" on slide 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. Reductions available for redeployment. 3. Expected drivers of forecasted electric load growth include data centers, electric vehicle adoption, 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. See "Forward-Looking Statements" on slide 2. 5. Source: U.S. Energy Information Administration's Short Term Electric Outlook, percent change in electricity prices to ultimate customers, residential, by region. Data is as of March 10, 2026. 6. Excludes CARE customers. Percent change since January 1, 2024 to March 1, 2026. 7. Percent change since January 1, 2024 to March 1, 2026. 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. See "Forward-Looking Statements" on slide 2. Slide 9: 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 EPS and Appendix 3, Exhibit E regarding non-GAAP financial measures. 2. Year-over-year changes in customer capital investment were primarily due to the earnings impact of higher rate base, the 2023 WMCE final decision, partially offset by the change in the Utility's authorized CPUC return on equity from 10.28% to 9.98%. Slide titles are hyperlinks

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20 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-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, Gas AMI, 2023 WMCE, 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: Five-Year Financing Plan 1. Excludes employee compensation and benefits. Slide 12: Positive Rating Outlooks At Two Agencies 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. A reconciliation is not provided for future period FFO/Debt 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, and so a reconciliation is not available without unreasonable effort. See Appendix 3, Exhibit E regarding non-GAAP financial measures. Slide 13: O&M Cost Reduction Performance 1. 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. Reductions available for redeployment. 2. Denoted amount is not material. 3. 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. 4. These numbers are illustrative approximations and should not be interpreted as a guarantee of future performance. See "Forward-Looking Statements" on slide 2. Slide 15: 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. Reductions available for redeployment. See "Forward-Looking Statements" on slide 2. 2. Represents Capital expenditures divided by Operating and maintenance, as disclosed in the applicable Annual Report on Form 10-K. 3. 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 financial measures. 4. 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. FFO/Debt for 2023 has not been disclosed. A reconciliation is not provided for future period FFO/Debt 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, and so a reconciliation is not available without unreasonable effort. See 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 EPS. See Appendix 3, Exhibit E regarding non-GAAP financial measures. 6. Based on average annual growth from 2026 through 2030.

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21 Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 16: Investing In California's Prosperity 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 financial measures. 2. Represents Capital expenditures divided by Operating and maintenance, as disclosed in the applicable Annual Report on Form 10-K. Peer utilities include AEP, AES Corp, Allete, Alliant Energy Corp, Ameren Corp, Avista Corp, Berkshire Hathaway Energy, Black Hills Corp, CenterPoint Energy, Cleco Power, Consolidated Edison Inc., Dominion Energy, DPL LLC, DTE Energy Company, Duke Energy Corporation, Edison International, Entergy Corporation and Subsidiaries, Evergy Inc., Eversource Energy and Subsidiaries, Exelon Corp, FirstEnergy Corp, Hawaiian Electric, Idaho Power Company, MDU Resources Group, MGE Energy Inc., NextEra Energy, NiSource Inc., OGE Energy Corp, Otter Tail Corporation, Pinnacle West Capital Corp, Portland General Electric, PPL Electric, Public Service Company of New Mexico, Public Service Enterprise Group, Puget Sound Energy, Sempra, Southern Co, Unitil Corp, WEC Energy Group, and Xcel Energy. 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 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. The FERC currently authorized capital structure is comprised of 49.70% long-term debt, 0.3% preferred, and 50% common equity. 5. Non-GAAP core earnings assumptions include no 2026 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. 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. 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.

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Appendix 2 Supplemental Earnings Materials 22

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23 2026 Factors Impacting Earnings Endnotes are included in the Appendix $1.64 - $1.66 Non-GAAP Core EPS1 Diluted Shares 20262 2,210M - 2,295M Key Ranges Weighted Average Rate Base3 CPUC 9.98% 52% $62B FERC 10.38% 50% $13B Total Rate Base $75B Authorized Return on Equity Key Factors Affecting Non-GAAP Core Earnings5 ($ millions after tax) Unrecoverable net interest6 $325 - $375 Other earnings factors including AFUDC equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs Equity Ratio4 Rate Base Changes from prior quarter noted in blue text

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24 Physical Risk Mitigations Making Our System Safer Every Day HFTD + HFRA Weather-Normalized Ignition Rates R3+ per 100k Circuit Mile Days Weather-Normalized Ignition Rate 3.23 2.67 2.25 2.76 1.93 0.95 0.93 1.41 1.10 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

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Internal 25 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

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26 Wildfire Fund Continuation Account For 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 \* > \*\*

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27 SB 254: Improved Upon California Wildfire Risk Framework 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

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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 254 ▪ 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 years3 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

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29 California Wildfire Fund Mechanics 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

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30 SB 846 Diablo Canyon Legislation Cost Recovery 2022-20251 2025-20302 ▪ Ongoing O&M and rate base recovery through the GRC ▪ $1.4B in state funding available to support extended operations • Up to $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 12/25 & 2/26 State permits 4/26 NRC license renewal approval

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31 Physical Risk Mitigation Progress Then & Now 2017 EPSS PSPS Undergrounding 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 706 CAMERAS INSTALLED 1,627 STATIONS INSTALLED 24/7/365 MONITORING ASSET IMPROVEMENTS Undergrounding System Hardening Sectionalizing Devices Trees Removed 1,241 MILES COMPLETED \* 2,596 MILES COMPLETED \*\* 1,706 DEVICES INSTALLED 4.4M TREES REMOVED OPERATIONAL MITIGATIONS EPSS PSPS Partial Voltage Force Out Safety and Infrastructure Protection Teams Transmission Operational Controls Downed Conductor Detection 2019 – March 31, 2026 \* Undergrounding Program started in 2021 \*\* System Hardening totals include data starting in 2018 2026

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32 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 ▪ Interim rate relief Final Decision received 9/12/24 ▪ Settlement filed 6/2/25 ▪ Final Decision 2/5/26 2024 WMCE A.24-11-009 ▪ Filed 11/21/24 2026 Wildfire Mitigation Plan 2026-2028-WMPs ▪ Submitted 4/4/25 ▪ Final Decision by OEIS received 2/5/26 2025 Safety Certificate 2025-SCs ▪ Filed 12/2/25 ▪ Safety Certificate issued by OEIS 3/2/26 Wildfire and Gas Safety Costs A.23-06-008 ▪ Filed 6/15/23 ▪ Interim rate relief granted 3/7/24 Electric Rule 30 A.24-11-007 ▪ Application filed 11/21/24 ▪ Final Decision on motion for interim implementation 7/24/25 Opening Briefs 5/8/26 Kincade and Dixie AB 1054 Wildfire Cost Recovery A.25-11-001 ▪ Filed 11/14/25 Intervenor Testimony 5/4/26 PG&E Rebuttal Testimony 6/19/26 PD 11/13/26 Changes from prior quarter noted in blue text Regulatory Progress

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Appendix 3 Supplemental Non-GAAP Information 33

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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 35-37 Exhibit B Key Drivers of PG&E Corporation's Non-GAAP Core Earnings per Common Share ("EPS") Slide 38 Exhibit C GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation Slide 39 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 Slide 40 Exhibit E Non-GAAP Financial Measures Slide 41

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35 Three Months Ended March 31, Earnings Earnings per Common Share (in millions, except per share amounts) 2026 2025 2026 2025 PG&E Corporation's GAAP earnings/EPS, basic $858 $607 $0.39 $0.28 Mandatory convertible preferred stock dividends 24 — — — PG&E Corporation's GAAP earnings/EPS, diluted (1) $882 $607 $0.39 $0.28 Non-core items: (2) Amortization of Wildfire Fund contribution (3) 74 55 0.03 0.03 Bankruptcy and legal costs (4) — 5 — — Investigation remedies (5) 13 19 0.01 0.01 Prior period net regulatory impact (6) 15 (6) 0.01 — SB 901 securitization (7) (5) 7 — — Wildfire-related costs, net of recoveries (8) 3 40 — 0.02 PG&E Corporation's non-GAAP core earnings/EPS (9) $982 $728 $0.43 $0.33 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 2026 and 2025, except for certain costs that are not tax deductible. Amounts may not sum due to rounding. First Quarter, 2026 vs. 2025 (in millions, except per share amounts) (2) "Non-core items" include items that management does not consider representative of ongoing earnings and that 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 (1) For more information regarding the calculation of GAAP earnings and EPS, see Note 7 of the Notes to the Condensed Consolidated Financial Statements in the Form 10-Q.

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36 First Quarter, 2026 vs. 2025 (in millions, except per share amounts) (4) Related to costs to resolve proof of claims filed in PG&E Corporation's and the Utility's Chapter 11 filing. (3) The Utility recorded costs of $102 million (before the tax impact of $28 million) during the three months ended March 31, 2026 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 (5) 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 March 31, 2026 Wildfires OII disallowance and system enhancements $8 Locate and mark OII system enhancements 2 Paradise restoration and rebuild (1) 2020 Zogg fire settlement 6 Investigation remedies $14 Tax impacts (1) Investigation remedies (post-tax) $13

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37 First Quarter, 2026 vs. 2025 (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. (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. Undefined, capitalized terms have the meanings set forth in the Form 10-Q. (in millions) Three Months Ended March 31, 2026 2019 Kincade fire $1 2021 Dixie fire 3 Wildfire-related costs, net of recoveries $4 Tax impacts (1) Wildfire-related costs, net of recoveries (post-tax) $3 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 (7) The Utility recorded benefits of $7 million (before the tax impact of $2 million) during the three months ended March 31, 2026 related to any earnings-impacting investment losses or gains associated with investments related to the contributions to the Customer Credit Trust. (6) The Utility recorded costs of $21 million (before the tax impact of $6 million) during the three months ended March 31, 2026 related to an adjustment for potential disallowances associated with a FERC settlement. Separately, 2025 reflects an adjustment to expenses 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.

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38 All amounts presented in the table above are tax adjusted at PG&E Corporation's statutory tax rate of 27.98% for 2026 and 2025. 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) Year-over-year changes in Customer capital investment were primarily driven by the earnings impact of higher rate base and the 2023 WMCE final decision, partially offset by the decrease in the Utility's authorized CPUC return on equity from 10.28% to 9.98%. (3) Represents Operating and maintenance savings primarily driven by procurement optimization, contract management, and project efficiencies during the three months ended March 31, 2026. (4) Represents redeployment of Operating and maintenance savings for programs in enterprise service delivery such as fleet services, supply chain, and land and environmental management during the three months ended March 31, 2026. (5) Represents the impact to earnings for items considered timing-related such as taxes and other miscellaneous items including insurance premiums during the three months ended March 31, 2026. First Quarter 2026 vs. 2025 Earnings Earnings per Common Share 2025 Non-GAAP Core Earnings/EPS (1) $728 $0.33 Customer capital investment (2) 146 0.06 Operating & maintenance savings (3) 54 0.02 Redeployment (4) (16) (0.01) Timing and other (5) 70 0.03 2026 Non-GAAP Core Earnings/EPS (1) $982 $0.43 First Quarter, 2026 vs. 2025 (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")

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39 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 expense 803 734 Interest income (122) (117) Operating Income 1,470 $1,220 Depreciation, amortization, and decommissioning 1,166 1,097 Amortization of Wildfire Fund contribution 102 76 SB 901 securitization (7) 10 Investigation remedies 14 20 Prior period net regulatory impact 21 (8) Wildfire-related costs, net of recoveries 4 55 PG&E Corporation's Non-GAAP Adjusted EBITDA 2,770 $2,471 First Quarter, 2026 vs. 2025 (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

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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 2025 2024 (in millions) (in millions) Operating income $4,749 $4,459 Depreciation, amortization, and decommissioning 4,634 4,189 SB 901 securitization charges, net 35 33 Wildfire-related claims, net of recoveries 100 94 Adjustments: Cash interest (1) (2,665) (2,421) ARO accretion 290 269 Operating lease fixed cost 115 116 Other 37 (22) Adjusted FFO $7,295 $6,717 2025 2024 (in millions) (in millions) Long-term debt $57,387 $53,569 Long-term debt, classified as current 821 2,146 Short-term borrowings 2,675 1,523 Adjustments: Cash and cash equivalents (713) (940) Securitized debt (10,145) (10,367) Junior subordinated notes (750) (750) Power purchase commitments debt equivalents 1,377 1,393 ARO debt 955 1,273 Operating lease liabilities 450 524 Financing lease liabilities 2 581 Noncontrolling Interest - Preferred Stock of Subsidiary 126 126 Adjusted Total Debt $52,185 $49,077 Adjusted FFO Calculation Adjusted Total Debt Calculation Adjusted FFO = $7,295 = 14.0% Adjusted Total Debt $52,185 2025 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

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41 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 (including any ratios based thereon, including dividend payout ratios) 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

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