PG&E Corporation Reports First-Quarter Results; On Track to Deliver Solid 2024

PG&E Corporation (NYSE: PCG) is on track to deliver solid 2024 results. Financial progress includes:

• GAAP earnings were $0.34 per share for the first quarter of 2024, compared to earnings of $0.27 for the same period in 2023.
• Non-GAAP core earnings were $0.37 per share for the first quarter of 2024, compared to earnings of $0.29 per share for the same period in 2023.
• 2024 EPS GAAP guidance updated in the range of $1.15 to $1.20 per share.
• 2024 non-GAAP core EPS guidance reaffirmed at $1.33 to $1.37 per share.
• Forecasting no equity needs in 2024.
• Providing 2024-2028 financing plan.

Safety and operational progress during the first quarter of 2024 includes:

• Completed a 300-mile in-line inspection of our natural gas transmission line that brings in natural gas from out of California. With this completion, three of Pacific Gas and Electric Company's (Utility's) four backbone natural gas transmission lines are now fully inspected.
• Connected more than 2,200 new residential and business customers to our electric system.
• Installed nearly 500 electric vehicle charging ports.
• Energized 15 miles of underground powerlines in the highest fire threat areas, adding to the 664 completed 2019 through 2023.

"Our focus on safety and reducing wildfire risk continues every day as we deliver for our customers and our hometowns here in California. We remain committed to building a clean, climate-resilient energy system to meet our customers' future needs at the lowest price for them," said PG&E Corporation CEO Patti Poppe.

Financial Results

PG&E Corporation recorded first-quarter 2024 income available for common shareholders of $732 million, or $0.34 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $569 million, or $0.27 per share, for the first quarter of 2023.

The increase in GAAP results is primarily driven by an increase in customer capital investment, as approved in the 2023 General Rate Case final decision and which earns an equity return as approved in the Automatic Cost of Capital Adjustment Mechanism Advice Letter. Other drivers include non-fuel operating and maintenance (O&M) savings achieved for the first quarter, net of amounts reinvested back into the business to fund various programs such as increased transmission system inspections and electric asset mapping. An additional driver for GAAP results includes lower costs related to the Wildfire Fund amortization expense, due to an increase in the estimated period of coverage of the Wildfire Fund from 15 to 20 years.

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 to consolidated earnings available for common shareholders.

Non-GAAP Core Earnings

PG&E Corporation's non-GAAP core earnings, which exclude non-core items, were $800 million, or $0.37 per share, in the first quarter of 2024, compared with $615 million, or $0.29 per share, during the same period in 2023.

The increase in quarter-over-quarter non-GAAP core earnings per share is primarily driven by similar factors to the GAAP results, including customer capital investment, and non-fuel operating and maintenance savings, net of amounts reinvested back into the business as outlined above.

Non-core items, which management does not consider representative of ongoing earnings, totaled $68 million after tax, or $0.03 per share, in the first quarter of 2024, compared with $46 million after tax, or $0.02 per share, during the same period in 2023.

2024 Guidance

PG&E Corporation is updating 2024 GAAP earnings guidance in the range of $1.15 to $1.20 per share (previously $1.10 to $1.14 per share). Factors driving GAAP earnings include costs related to unrecoverable interest expense of $285 million to $365 million after tax and other earnings factors, including allowance for funds used during construction equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs. Additional factors include the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability, PG&E Corporation's and the Utility's reorganization cases under Chapter 11, wildfire-related costs, and investigation remedies, partially offset by prior period net regulatory impact.

The guidance range for projected 2024 non-GAAP core earnings is reaffirmed at $1.33 to $1.37 per share. The guidance range for non-core items, which management does not consider representative of ongoing earnings, is $360 million to $380 million after tax.

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.

Financing Plan Highlights

PG&E Corporation shared its five-year financing plan, which includes funding $62 billion of safety and reliability capital expenditures. The plan, which does not assume a sale of the Utility's non-nuclear generation assets, reaffirms PG&E Corporation's commitment of no new equity in 2024; enables substantial dividend growth over the five-year horizon; and assumes up to $3 billion of potential equity needs over the period 2025 through 2028.

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 April 25, 2024, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its first quarter 2024 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.

What: First Quarter 2024 Earnings Call

When: Thursday, April 25, 2024 at 11:00 a.m. Eastern Time

Where: 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 May 2, 2024, by dialing (800) 770-2030. International callers may dial (647) 362-9199. For both domestic and international callers, 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, estimates, future plans, and strategies of PG&E Corporation and the Utility, including regarding earnings, operating cost savings, capital investments, financings, and dividends. 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 the 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, 2023, their most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, 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.

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