While reporting financial results for the fourth quarter on Thursday, utility PG&E Corp. (PCG) said it now expects core earnings for the full-year 2026 in the range of $1.64 to $1.66 per share, compared to the prior forecast range of $1.62 to $1.66 per share.On average, 16 analysts polled by Thomson Reuters expect the company to report earnings of $1.50 per share for the year. Analysts' estimates typically exclude special items.For the fourth quarter, the company reported net income of $642 million or $0.2 ...

Core Insights - PG&E Corporation reported solid financial results for 2025, with a focus on operational improvements and cost reductions, while tightening its earnings guidance for 2026 [1][2] Financial Performance - PG&E Corporation's non-GAAP core earnings for 2025 were $3,307 million, or $1.50 per diluted share, compared to $2,923 million, or $1.36 per diluted share in 2024, reflecting a significant increase [1] - GAAP earnings available for common shareholders were $2,593 million, or $1.18 per diluted share for 2025, up from $2,475 million, or $1.15 per diluted share in 2024 [2] - The company reduced non-fuel operating and maintenance (O&M) costs by 2.5% in 2025, contributing to overall financial performance [1] Operational Highlights - PG&E advanced 2 gigawatts of data center projects into final engineering, bringing the total to approximately 3.6 GW [1] - The utility connected over 12,730 new electric customers and more than 18,750 electric vehicle charging ports to its grid, which is expected to help reduce electricity prices for all customers [1] - The company achieved over 99% reliability for natural gas customers and improved systemwide reliability for electric customers by 19% compared to 2024 [1] Cost Management - PG&E has redeployed O&M savings, accumulating over $700 million over four years, which has positively impacted its financial results [1] - The company has implemented a Simple Affordable Model, targeting customer bill inflation of 0-3%, down from a previous target of 2-4% [1] Wildfire Mitigation Efforts - PG&E completed 334 miles of underground powerlines and installed 207 miles of strengthened poles and covered powerlines in high wildfire-risk areas, significantly reducing wildfire risk [1] - The utility reported zero major wildfires caused by its equipment for the third consecutive year [1] 2026 Guidance - PG&E Corporation tightened its full-year 2026 non-GAAP core earnings guidance to a range of $1.64 to $1.66 per share, from a prior range of $1.62 to $1.66 per share [1]

Financial Performance - PG&E Corporation and the Utility reported total operating revenues for the most recently completed year, with significant contributions from electricity and natural gas services[27]. - PG&E Corporation's total capital expenditures recorded in 2025 were $13.4 billion, with forecasts of $12.4 billion for 2026 and increasing to $16.3 billion by 2029[45]. - The Utility's total operating revenues for 2025 reached $18,318 million, a slight increase from $17,811 million in 2024[135]. - The Utility's earnings are primarily dependent on managing base operating and capital costs within authorized revenue requirements, insulated from sales volume fluctuations[87]. - The Utility's customer rates are generally higher during summer months due to increased demand from air conditioning[88]. - The Utility's net plant investment per customer increased to $12,710 in 2025 from $11,460 in 2024 for electricity services[135]. Cost Management and Pricing Strategy - The company is focused on maintaining affordability of its services while pursuing cost-control measures, aiming for world-class performance through a Lean operating model[31]. - The Utility plans to limit average annual customer rate increases to 3%, while also achieving operating cost savings through increased efficiencies[47]. - The Utility operates under a "cost-of-service" ratemaking model, allowing it to recover costs and earn a reasonable return on invested capital[81]. - The Utility's revenue requirements are updated annually through a FERC-approved formula rate, allowing for adjustments based on actual costs[93]. Wildfire Mitigation and Environmental Initiatives - The Utility's wildfire mitigation initiatives are critical, with ongoing efforts to comply with the targets set forth in its Wildfire Mitigation Plan (WMP)[20]. - The company is addressing the risks associated with wildfires, including potential liabilities and the effectiveness of the Wildfire Fund in mitigating damages[21]. - The Utility's wildfire risk mitigation capital expenditures are projected to be $2.85 billion, which will be excluded from the equity rate base[45]. - The Utility has set a goal to meet CPUC-mandated methane emission reduction targets ahead of schedule, demonstrating proactive environmental stewardship[41]. - The Utility's climate strategy includes scaling efforts to decarbonize the energy system and increasing utilization of renewable energy[38]. Regulatory Compliance and Legal Risks - The Utility's ongoing litigation and regulatory compliance efforts are significant factors that could influence its financial performance and operational capabilities[22]. - Compliance with extensive governmental regulations has a material effect on the Utility's financial condition and operational costs[72]. - Legislative and regulatory developments could increase compliance costs and penalties, adversely affecting PG&E Corporation's financial condition[200]. - The Enhanced Oversight and Enforcement Process could result in the Utility losing its license to operate if placed into the proceeding[199]. Technological Advancements and Market Changes - PG&E Corporation is focused on technological advancements and the transition to a decarbonized economy, which may impact customer demand for natural gas and electricity[21]. - The electric power industry is undergoing significant changes due to technological advancements and a shift towards a decarbonized economy, which may affect the Utility's ability to recover investments[214]. - California jurisdictions are enacting restrictions on natural gas use, which could reduce the customer base and lead to stranded assets, impacting the Utility's financial recovery[215]. Safety and Operational Risks - The Utility's infrastructure is aging, posing risks to safety and system reliability, which could exacerbate wildfire risks[194]. - The Utility's operations involve substantial risks, including the potential for unplanned outages and significant liabilities related to its electricity and natural gas facilities[209]. - Cyber incidents and technology failures pose risks to the Utility's operational networks and information technology systems, which are critical for business operations[217]. Stakeholder Engagement and Transparency - PG&E Corporation is committed to balancing the interests of stakeholders by considering the triple bottom line of people, planet, and prosperity in its strategic decisions[30]. - The company is committed to transparency, providing access to its financial reports and regulatory filings to investors[23]. Workforce and Human Capital - The Utility's workforce turnover rate for 2025 was 3.8%, with approximately 46% of employees having a tenure of more than 10 years[108]. - The Utility's human capital strategy focuses on building and retaining an engaged, well-trained, and equitably-paid workforce[109]. - The Utility's collective bargaining agreements for approximately 60% of its workforce were automatically extended for at least one year while successor agreements are negotiated[107].

Investor Relations: invrel@pge-corp.com | Media: 415.973.5930 | www.pgecorp.com February 12, 2026 PG&E Corporation Reports Solid 2025 Results, Tightens 2026 Earnings Guidance OAKLAND — PG&E Corporation (NYSE: PCG) delivered solid financial results in 2025 and is on track to deliver in 2026 and beyond: Operational progress during 2025 continued to focus on delivering safe, reliable, affordable, and clean energy to customers. Pacific Gas and Electric Company (the Utility): PG&E Corporation is tightening its f ...

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Earnings Report - PG&E Corporation is set to release its fourth-quarter earnings on February 11, with analysts expecting earnings of 36 cents per share, an increase from 31 cents per share in the same period last year [1] - The consensus estimate for PG&E's quarterly revenue is $7.05 billion, up from $6.63 billion reported last year [1] Dividend Information - PG&E currently has an annual dividend yield of 1.19%, translating to a quarterly dividend of 5 cents per share, or 20 cents annually [2] - To achieve a monthly income of $500 from dividends, an investor would need to own approximately 30,000 shares, equating to a total investment of about $502,500 [3] - For a more conservative monthly income goal of $100, an investor would need 6,000 shares, requiring an investment of around $100,500 [3] Dividend Yield Dynamics - The dividend yield is calculated by dividing the annual dividend payment by the current stock price, which means it fluctuates with changes in stock price [4] - For instance, if a stock pays an annual dividend of $2 and its price rises from $50 to $60, the dividend yield decreases from 4% to 3.33% [4] - Conversely, if the stock price drops to $40, the yield increases to 5% [4] Market Performance - PG&E shares increased by 2.5%, closing at $16.75 on Tuesday [5] Analyst Ratings - Ahead of the quarterly earnings, Wells Fargo analyst Shahriar Pourreza maintained an Overweight rating on PG&E and raised the price target from $23 to $24 [6]

Earnings Report - PG&E Corporation is set to release its fourth-quarter earnings on February 11, with analysts expecting earnings of 36 cents per share, an increase from 31 cents per share in the same period last year [1] - The consensus estimate for PG&E's quarterly revenue is $7.05 billion, up from $6.63 billion reported last year [1] Dividend Information - PG&E currently has an annual dividend yield of 1.19%, translating to a quarterly dividend of 5 cents per share, or 20 cents annually [2] - To achieve a monthly income of $500 from dividends, an investor would need to own approximately 30,000 shares, equating to a total investment of about $502,500 [3] - For a more conservative monthly income goal of $100, an investor would need 6,000 shares, requiring an investment of around $100,500 [3] Dividend Yield Dynamics - The dividend yield is calculated by dividing the annual dividend payment by the current stock price, which means it fluctuates with changes in stock price [4] - For instance, if a stock pays an annual dividend of $2 and its price rises from $50 to $60, the dividend yield decreases from 4% to 3.33% [4] - Conversely, if the stock price drops to $40, the yield increases to 5% [4] Market Performance - PG&E shares increased by 2.5%, closing at $16.75 on Tuesday [5] Analyst Ratings - Ahead of the quarterly earnings, Wells Fargo analyst Shahriar Pourreza maintained an Overweight rating on PG&E and raised the price target from $23 to $24 [6]

Core Viewpoint - PG&E Corporation (PCG) is expected to report its fourth-quarter 2025 results on February 12, with a prior earnings surprise of 13.64% in the last quarter [1] Factors Impacting Q4 Results - Increased electric load driven by electric vehicle adoption, data center expansion, and building electrification is anticipated to enhance energy consumption, supporting the company's growth [2] - The completion of 1,000 miles of underground power lines in high fire-risk areas is expected to significantly reduce wildfire-related outages and improve service reliability [4] - A partnership with Nissan and Fermata Energy to launch a pilot program integrating electric vehicles with a microgrid aims to enhance grid reliability and energy resilience [3] Financial Expectations - The Zacks Consensus Estimate for Q4 sales is $7.21 billion, indicating an 8.8% year-over-year growth [6] - The consensus estimate for earnings is 36 cents per share, reflecting a year-over-year increase of 16.1% [6] - Higher sales expectations and reduced non-fuel operating and maintenance expenses are likely to support PG&E's earnings for the quarter [5] Earnings Prediction Insights - The company's Earnings ESP is -0.46%, indicating that the model does not predict an earnings beat for this quarter [7] - PG&E currently holds a Zacks Rank of 3 (Hold), which does not favor an earnings beat [8]

Core Thesis - PG&E Corporation is viewed positively due to its progress in mitigating wildfire risks and potential regulatory clarity, which could lead to a revaluation of the company [1][5]. Company Overview - PG&E Corporation serves approximately 16 million customers in Northern and Central California, focusing on electric transmission and distribution as well as gas distribution [2]. - The company's earnings are largely determined by rates approved by the California Public Utilities Commission (CPUC), making regulatory outcomes crucial for long-term value [2]. Current Challenges - The stock trades at a discount due to ongoing concerns about wildfire liability, linked to PG&E's 2019 bankruptcy after its equipment was associated with catastrophic wildfires in 2017-2018 [3]. - Investor perception remains focused on wildfire risks, which pressures regulators to impose stringent safety standards and elevated costs, overshadowing operational improvements [3]. Mitigation Efforts - PG&E has made significant strides in reducing wildfire risk by undergrounding high-risk power lines, with approximately 1,000 miles completed by the third quarter of 2025, and deploying thousands of sensors and reinforced infrastructure [4]. - The demand for data centers, driven by AI, is expected to add up to 10 GW of incremental load over the next decade, enhancing grid utilization and economic activity [4]. Future Catalysts - The upcoming General Rate Case decision for 2027-2030 is anticipated to be constructive, as PG&E is requesting a modest revenue increase justified by wildfire mitigation and grid upgrades [5]. - Improving safety metrics, rising power demand, and potential regulatory clarity position PG&E as an undervalued regulated utility with a path toward earnings normalization and multiple expansion [5][7].

Group 1: Joint Venture Announcement - PG&E Corporation, along with Lockheed Martin, Salesforce, and Wells Fargo, launched EMBERPOINT LLC, a joint venture focused on wildfire detection, prevention, and response [1] - EMBERPOINT will utilize artificial intelligence, autonomous systems, and integrated command-and-control tools to enhance fire detection and response coordination [1] - PG&E contributes its wildfire mitigation experience, while Lockheed Martin provides prediction and detection capabilities, Salesforce offers a digital platform, and Wells Fargo supports the venture with capital investment [1] Group 2: Analyst Ratings and Price Targets - Morgan Stanley raised its price target on PG&E Corporation to $21 from $20, maintaining an Equal Weight rating [2] - J.P. Morgan and TD Cowen reiterated their 'Buy' ratings on PG&E Corporation with price targets of $21, viewing it as a compelling recovery story post-wildfires [3] - Analysts highlight PG&E's growth potential driven by electrification trends and wildfire mitigation opportunities, with TD Cowen noting its compelling valuation [3] Group 3: Company Overview - PG&E Corporation is a California-based utility holding company, with its primary subsidiary supplying electricity and natural gas to approximately 16 million customers across Northern and Central California [4] - The service area covers about 70,000 square miles, indicating the company's extensive operational footprint [4]