HEI 3Q 2025 Financial Results November 7, 2025 Non-GAAP Financial Information See Appendix for definition of Core Earnings and Core EPS. 2 Continued Progress on Key Strategic Goals Advancing Our Strategy and Laying the Foundation for Sustainable Growth Continuously Improving Utility Safety Profile Moving forward with operational risk profile that's greatly improved since the 2023 Maui wildfires. 2025 - 2027 Wildfire Safety Strategy awaits PUC approval. Tort Litigation Settlement Agreement Progressing as Exp ...

Core Insights - PG&E Corporation is recognized as a leading infrastructure stock with significant growth potential due to its recent achievements in wildfire risk reduction [1] Group 1: Underground Powerlines Initiative - Pacific Gas and Electric Company has successfully constructed and energized 1,000 miles of underground powerlines in high fire risk areas, marking the largest undergrounding effort by a utility to mitigate wildfire risks [2][3] - The undergrounding process effectively eliminates nearly all wildfire risk in the specific locations where these lines are installed, surpassing the driving distance from the Oregon-California border to the California-Mexico border, which is 932 miles [2] Group 2: Risk Reduction Achievements - Since 2023, PG&E's total hardening efforts, which include stronger overhead poles and wires, have permanently removed 8.4% of wildfire ignition risk from its entire system [3] - By the end of 2026, PG&E anticipates that a total of 1,600 miles of powerlines will be underground, contributing to an overall system-wide risk reduction of 18% [3] Group 3: Company Overview - PG&E Corporation, through its subsidiary, provides electricity and natural gas services to customers in northern and central California [4]

Financial Performance - The company's GAAP income from continuing operations was $267 million, or $015 per share[15] - Core earnings from continuing operations reached $398 million, or $023 per share[15] - Maui wildfire expenses reduced earnings by $34 million, or $002 per share[15] - Loss on sale at Pacific further decreased earnings by $98 million, or $006 per share[15] - Adjusted O&M excluding pension decreased from $1246 million in 1Q24 to $1220 million in 1Q25[30] Liquidity and Capital Allocation - The HoldCo and Utility had $492 million and $130 million of unrestricted cash on hand, respectively, as of the end of 1Q[17] - $479 million has been set aside in a special purpose entity for the first settlement payment[17] - Additional ~$600 million in liquidity is available from the ATM program, Utility accounts receivable backed credit facility, and corporate credit facility capacity[17] - $384 million in holding company long term debt was retired on April 9[17] - The Utility declared a $10 million dividend to HEI for the quarter[17] Wildfire Safety and Litigation - The company plans to invest nearly $400 million in capital from 2025 to 2027, with approximately $120 million invested in 2025, to enhance wildfire safety[22] - The Hawaii State Legislature passed House Bill 1001, appropriating funds to address the State of Hawaii's settlement of claims related to the Maui wildfire tort litigation settlement[13]