California Utilities

credit / rates affecting interest expense

“The following table provides a summary of income (loss) attributable to common shareholders for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, Net Change Percentage Change (in millions) 2026 2025 Consolidated Total $ 858 $ 607 $ 251 41 % PG&E Corporation (93) (85) (8) 9 % Utility $ 951 $ 692 $ 259 37 % 12 PG&E Corporation’s net loss primarily consists of interest expense on long-term debt.”

PCG 10-Q

restructuring affecting expense

“The net loss included non-cash charges of approximately $17,209,820, which consisted of approximately $13,475,000 of impairment on deferred customer acquisition costs, $1,427,729 of write offs of deferred financing fees, $1,814,048 in equity-based compensation expense, including the issuance of restricted shares, $2,728,411 of depreciation and amortization expense, partially offset by $(1,946,310) in gains on debt extinguishment and $(994,687) in changes in fair value of the warrant liabilities.”

BNAI 10-K

credit / rates

“The decrease was primarily due to: • $3.8 billion decrease in equity contributions received from PG&E Corporation; • $1.1 billion increase in repayments of long-term debt, net of proceeds; • $2.7 billion decrease in net borrowings under term loan; • $1.4 billion of proceeds related to the issuance of senior secured recovery bonds under the AB 1054 securitization in 2024, with no similar transaction in 2025; 61 • $2.0 billion decrease in proceeds related to short-term debt issuance; • $980 million decrease in proceeds related to the DWR loan; and • $325 million increase in dividend payments.”

PCG 10-K