PG&E (PCG) official guidance

Our $73 billion capital plan through 2030, which does not require additional equity financing.

On slide 10, there is no change to our five-year $73 billion capital plan through 2030.

Highlights included at least 9% EPS growth each year, 2026 to 2030, a five-year capital plan of $73 billion through 2030, which supports average annual rate base growth of 9%, and a financing plan which does not require new equity also through 2030.

What we know right now, what we've been clear about is we expect about 1.8 GW to be online by 2030 of this pipeline. Some of these earlier projects have faster speed to power or have direct connect, for example, to our 500 kV in the Central Valley, things like that. That may enable us to increase that number by 2030. Right now, our real important planning assumption is about a 1.8 GW addition of load by 2030.

We still expect to have about 1.8 gigawatts online by 2030.

Our $73 billion capital plan through 2030, which does not require additional equity financing.

We're also reaffirming our five-year capital and financing plans, including zero new equity issuance needs through 2030.

We look ahead, our financing priorities remain unchanged. We continue to focus on achieving investment-grade ratings, sustaining FFO to debt in the mid-teens, and targeting a dividend payout ratio of 20% by 2028 and holding on that level through 2030.

Second, we remain focused on achieving investment-grade ratings, including sustaining FFO to debt in the mid-teens.

I also emphasize that we are continuing to prioritize investment-grade ratings, including maintaining FFO to debt in the mid-teens.

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

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

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

Halfway through 2026, we're well on our way to extending our run of double-digit earnings growth for a fifth year, which supports my confidence in reaffirming our financial plan today, including our full year core EPS guidance of $1.64 to $1.66, which at the midpoint is up 10% over 2025.

•Full year 2026 non-GAAP core EPS guidance reaffirmed at $1.64 to $1.66 per share.1

This strong start puts us solidly on track to deliver again and reaffirm our full year 2026 core EPS guidance of $1.64-$1.66.

•Full year 2026 non-GAAP core EPS guidance reaffirmed at $1.64 to $1.66 per share.1

Tightening 2026 non-GAAP core EPS guidance to $1.64 to $1.66 per share versus $1.62 to $1.66 per share previously.1

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.

Third, we continue to target ramping up to a 20% dividend payout ratio by 2028, then maintaining that level through 2030.

Looking forward, we're reaffirming our EPS growth guidance for 2027 through 2030, which is unchanged at 9%+ annually.

Highlights included at least 9% EPS growth each year, 2026 to 2030, a five-year capital plan of $73 billion through 2030, which supports average annual rate base growth of 9%, and a financing plan which does not require new equity also through 2030.