PG&E Corp. - Units

Core EPS & guidance reaffirmed (good / steady) - Q3 2026 core EPS: $0.41; $1.24 for the first 9 months (up from $1.14 in the same period last year). - 2026 core EPS guidance reaffirmed: $1.64–$1.66 (≈ 10% growth at midpoint vs. 2025). - 2027 core EPS guidance reaffirmed: $1.78–$1.82 (≈ 9% growth at midpoint). - No guidance beyond 2027 during the strategic review (investors should treat post-2027 as uncertain in the absence of policy/structural outcomes).

Wildfire liability reform is the central risk—and the central catalyst (bad + crucial) - Management says comprehensive wildfire policy reform has not been enacted; without change, the tail risk remains and customers keep paying for the status quo. - While California’s framework has evolved (SB 901 → AB 1.05 → SB 254), management argues “there’s more work to do” and credits/affordability are constrained by policy risk. - Expected CPUC report due Nov 1 (requested by the Governor) to quantify the unsustainable impact—likely another political/credibility catalyst for reform.

Strategic review aimed at unlocking value and restoring investment-grade economics (opportunity + risk) - PG&E is assessing how the company is organized and financed to achieve investment-grade credit ratings, which management views as essential to reduce borrowing costs. - Options discussed: regulatory reforms, capital allocation changes, ring-fencing, and possible sales/separations (to reduce “wildfire risk discount” burden on businesses with little/no exposure). - Company expects to share the outcome no later than next summer, but says it will move with urgency and provide updates if material developments occur sooner.