PG&E Corp. Q1 FY2025 earnings call

• Core earnings per share for Q1 2025 are $0.33. Reaffirmed 2025 full-year guidance range $1.48 to $1.52, midpoint up 10% from 2024. EPS growth guidance for 2026-2028 remains at least 9% each year. • Intently focused on affordability; bills down in 2025 vs 2024 and forecast to go down in 2026. • Believes AB 1054 legislative solve in 2025 will be best for long-term affordability. • Submitting general rate case reflecting simple affordable model. • Phasing data center load growth opportunity. • Continued execution of performance playbook for safety, quality, cost, and delivery. • To file GRC covering 2027-2030 in May, showing efficiency gains and capital deployment. • Beneficial load growth in data centers, with pipeline growing to 8.7 gigawatts, 1.4 gigawatts in final engineering. • Upgraded to investment grade by Moody's, working to get parent company to investment grade. • O&M savings exceeding annual 2% target, with $500M saved in 2023 and nearly $350M in 2024.

No specific product segment financial performance details provided in the transcript.

• Reaffirmed 2025 full-year guidance range $1.48 to $1.52, midpoint up 10% from 2024. • EPS growth guidance for 2026-2028 remains at least 9% each year. • Modestly reducing 2025 long-term debt guidance by half billion due to term loan extension. • Five-year $63 billion capital plan unchanged, with opportunities to make plan bigger, better, and longer. • 20% dividend payout target by 2028 remains appropriate.

• Wildfire risks and AB 1054 uncertainty. • Rating agency concerns regarding access to competitively priced long-term capital. • Recession risk, though decoupled revenue model offers protection. • Uncertainty around legislative outcomes affecting affordability and capital attraction.

Q: Nicholas Campanella from Barclays asked about AB 1054 legislative outcome confidence and details.

A: Patty Poppe stated importance of AB 1054 for affordability and rate smoothing, confident legislature will act this year but wouldn't specify changes.

Q: Constantine from Guggenheim Partners asked about $5 billion upside CapEx in GRC context.

A: Patty Poppe said $63 billion plan includes first two years of GRC, FERC transmission investments not in GRC, and capital added when affordable.

Q: Richard Sunderland from JPMorgan asked about data center pipeline and CapEx.

A: Patty Poppe said 90% of 1.4 gigawatts in final engineering forecast to be built by 2030, with transmission spend separate from GRC.

Q: Anthony Crowdell from Mizuho asked about urgency to legislature on cost of capital and rate case.

A: Patty Poppe said affordability is job one, general rate case reflects savings to pass to customers.

Q: David Arcaro from Morgan Stanley asked about cost of capital application and AB 1054 shareholder contributions.

A: Carolyn Burke said focused on maintaining IT balance sheet, AB 1054 uncertainty needs resolution for rating agencies; Patty Poppe said no case for shareholder contributions to wildfire fund.