Exhibit 99.1 Puget Energy 2026 EEI Financial Conference​ November 8-10, 2026

Cautionary Statement Information Current as of November 4, 2026 (except as expressly noted) Except as expressly noted, the information in this presentation is current as of November 4, 2026 – the date on which Puget Energy, Inc. (“PE”) and Puget Sound Energy, Inc. (“PSE” and, together with PE, “Puget”) filed their Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 – and should not be relied upon as being current as of any subsequent date. Puget undertakes no duty to update the presentation, except as may be required by law. Forward-Looking Statements Statements in this presentation that relate to future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding future load, hydro conditions and operating and maintenance costs; statements concerning implementation of PE’s 5-year Plan and related future capital expenditures; statements regarding the outcome of any legal or regulatory proceeding; as well as other statements containing words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “intends,” “projects,” “should,” and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including – but not limited to – the costs of compliance with regulatory and environmental laws, changes in capital market conditions, reduction in demand, low wholesale prices, operational risks, hydro and wind conditions, wildfire risk, disruption in fuel supply, and unscheduled power outages, which may result in unanticipated operating, maintenance, and repair costs. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this presentation are based on information available to Puget on the date hereof and such statements speak only as of the date hereof. Puget assumes no obligation to update any such forward- looking statement. Reference is also made to the risks and uncertainties listed in Puget’s most recent Annual Report on Form 10-K and Puget’s reports on Forms 8-K and 10-Q filed with the United States Securities and Exchange Commission (the “SEC”). Disclaimer This presentation is confidential and for your information only and is not intended to be distributed to or reviewed by anyone other than you. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy any securities. Non-GAAP Financial Measures In addition to U.S. GAAP financial measures, this presentation includes certain non-GAAP financial measures, including Adjusted Net Income and Adjusted ROE. See the reconciliation of GAAP to non-GAAP measures for Adjusted Net Income that is provided in the appendix to this presentation. 2

Company overview 3

Puget Team Members Mary Kipp Jamie Martin Michelle Vargo President & Senior Vice President & Senior Vice President Chief Executive Officer Chief Financial Officer Energy Operations Jon Piliaris Cara Peterman Tsung-Hsing Shen​ Vice President Chief Risk Officer & Debt Capital Markets Regulatory Affairs Corporate Treasurer Manager 4

Key Credit Highlights Pure Play Vertically Integrated Utility Clean Energy Leader Puget Energy (“PE”) owns Puget Sound Energy PSE is a clean energy leader with a clean 3 (“PSE”), Washington’s oldest and largest investor- energy portfolio of 50.6% average 2022-2025 owned utility, providing 99% of PE’s revenue and and maintains a continued focus on the clean serving 1.26 million electric customers and 883K energy transition supported by Washington’s 1 natural gas customers Clean Energy Transformation Act (“CETA”) Focused on Customers and Affordability Significant General Rate Case Focuses on In 2026, nearly $300M is earmarked for low-income safety, reliability and clean energy 2 assistance PSE plans over $3.2B in electric and gas system On track to exceed 2025's record energy-efficiency investments to strengthen safety and reliability. participation, expanding customer access to tools The plan includes nearly a dozen new utility-scale and incentives that improve affordability wind, solar and battery projects in support of Providing customers with $181M of Beaver Creek achieving CETA goals investment tax credit sales proceeds Committed to Investment Grade Ratings Wildfire Risk Mitigation Progress Continues Committed to investment grade ratings, with all PSE’s focus on wildfire risk mitigation includes ratings agencies having affirmed or acknowledged expanded situational awareness, operational PSE’s and PE’s investment grade ratings with stable mitigations and a growing system hardening outlooks in February 2026 program 1 Puget Annual Report on Form 10-K filed for 2025 5 2 WUTC dockets UE-260713 and UG-260714 3 Puget Sound Energy 2026 Clean Energy Compliance Report

Business updates 6

2026 has been a year of customer focus, clean energy progress, regulatory engagement, and financial performance Customer Clean Energy Regulatory & Financial Focus Progress Policy Performance u Nearly $300M of low-income u Filed Clean Energy Progress u PSE filed a $1.5B, three-year u PE issued inaugural hybrid 1 rate plan that will recover assistance earmarked for Report: 50.6% clean energy notes in March 2026, totaling costs for safety, reliability and 2026 in 2022–2025, progressing $900M CETA resources; WUTC toward 80% in the first u Awarded $40.2M DOE u All rating agencies affirmed order expected January compliance window starting in SPARK grant recognizing or acknowledged PSE and 2027 2030 PSE's work to modernize the PE credit ratings with stable u The State Supreme Court regional transmission system u On track to have reduced our outlooks in Q1 2026 invalidated Initiative 2066, to support reliability, future emissions by 60% since u On May 18, 2026, PSE and leaving HB 1589 in effect and growth, and access to lower- 2019 PE entered into new five-year preserving its framework for cost energy resources u PSE began construction on a credit facilities, which coordinated planning for a u Received $98M from Beaver 130MW solar facility in increased the capacity from clean, affordable and reliable Creek Wind investment tax Montana in October 2026. $1.6B to $1.8B energy future. credit sales in April 2026, PSE anticipates the project u PSE is developing the nation’s bringing total 2025–2026 will be online in mid-2028 first Integrated System Plan proceeds to $181M. (ISP), addressing electric and gas system needs together over a 20-year period 1 WUTC dockets UE-260713 and UG-260714 7

2026 GRC Status Update PSE General Rate Case filed on February 27, 2026; themes include: Safe and reliable energy delivery Generation investments in support of CETA and to address dispatchable capacity needs Programs to help customers most in need manage their energy burden Credit supportive mechanisms such as CWIP in rate base, return on PPAs, and accelerated depreciation Multi-Year Rate Plan (As Updated in Rebuttal) Key Intervenor Themes 2027 2028 2029 2027-2029 ($ in millions) Affordability is the highest priority Electric Revenue Increase $556 $182 $344 $1,082 Cost projections are too high, speculative, and unsupported Rate Increase % 13.5% 3.9% 7.0% Proposal has too much fossil, too little clean energy Gas Revenue Increase $188 $41 $44 $273 PSE is bearing insufficient share of financial risk Rate Increase % 13.9% 2.7% 2.8% Proposals result in material reduction in capital, O&M, power costs, and ROE Authorized ROE / Equity Ratio 10.8% / 50% 2026 General Rate Case filed 2026 GRC Hearing Rate Order Due New rates go into effect 1Q26 2Q26 3Q26 4Q26 1Q27 Prehearing conference Intervenor response testimony filed PSE rebuttal testimony filed 8

PSE is focused on reducing the energy cost burden for customers 1 Nearly $300M earmarked for energy assistance (EA) programs to low-income customers in 2026 . 2 These programs reduce energy burden (EB) to 4.7% for recipients EA programs extend beyond bill help: free home weatherization, income-eligible community solar (40% of new shares reserved) 3 PSE's energy efficiency programs total more than $200M and help customers use less energy and lower their bills, cost-effectively Residential customers can take advantage of rebates on heat pumps, insulation, and high-efficiency appliances, with enhanced Efficiency Boost rebates for income-qualified customers (~50% of customers eligible) Small businesses can access no-cost energy assessments and LED upgrades, plus incentives for heating, cooling and water heating equipment 1 2 PSE Low Income Assistance Programs Impact of EA on Median EB among all EA Recipients 13.9% Pre EA Post EA Row Program ELECTRIC GAS Combined E&G 14% 13.3% 1 Low Income $151.1M $30.8M $181.9M 12% 2 Bill Discount Rate $45.1M $10.6M $55.6M 10.4% 9.5% 10% 3 9.0% Conservation $12.4M $1.2M $13.5M 8.8% 7.8% 7.9% 7.7% 4 Community Solar $0.7M $0.7M 7.4% 7.1% 8% 6.8% 6.8% 5 6.2% CCA Low Income Credit $10.3M $10.3M 6% 5.5% 6% Energy 6 CCA Low Income Decarbonization $14.8M $14.8M 4.7% Burden 7 Threshold LIHEAP (Federal) $8.6M $1.5M $10.0M 4% 8 Warm Home Fund (Donations-based) $1.0M $0.2M $1.2M 2% 9 Other Pledges $3.9M $0.8M $4.8M 0% 10 PSE Targeted Electrification Pilot - Low Income $1.8M $1.8M $3.6M All LIHEAP PSE Bill CCA Low Community Warm Low Assistance HELP Discount Income Solar Home Fund Income 11 Total Annual Low Income Program Spending $224.6M $72.0M $296.5M Rate Credit Weatherization 1 WUTC dockets UE-260713 and UG-260714 9 2 Pre-filed direct testimony of Troy Hutson, PSE-Exh-TAH-1T-02-27-2026 3 Puget Sound Energy’s 2026 budget of energy efficiency programs in the 2026-2027 Biennial Conservation Plan, WUTC dockets UE-250834 & UG-250835 Median Energy Burden

Washington and PSE electric rates are lower than several large East- and West-coast utilities 1 RESIDENTIAL ELECTRICITY PRICE BY STATE (2000-2024) 2 2 $162.68 $283.23 2 2 $175.68 $297.66 2 2 $331.28 $172.47 2 2 $336.38 $117.12 Historic from SEDS and EIA (2000-2024) Highest average East Coast Highest average West Coast 1 EPRI, The Energy Wallet: Figure 9, August 18, 2025 10 2 Estimated residential electric bill (800 kWh/31-day month) using published utility tariffs and rates effective October 15, 2026

Washington State Policy Update Current law requires PSE to submit a wildfire risk mitigation plan to the WUTC, and requires the WUTC to approve, deny, or approve with conditions investor-owned utility wildfire risk mitigation plans. PSE anticipates filing its next plan in 2027, Wildfire Risk after the WUTC issues rules related to these plans. Mitigation HB 2275 was proposed in the 2026 session and would establish a wildfire liability fund with unclear funding obligations Legislation subject to the creation of a new state council. The bill did not advance. The prime sponsor has been convening stakeholders for further discussions that are currently focused on requiring every utility in Washington to retain a third- party evaluation of its catastrophic wildfire risk and seek adequate coverage for that risk. In September 2026, the State Supreme Court upheld a King County Superior Court that overturned Initiative 2066, reinstating a law passed in 2024 dealing with utility planning, and reinstating the state’s building codes which severely inhibit gas in new construction. Other Policy Issues The Kitsap County PUD has put a ballot measure on the Nov. 2026 ballot to give it authority to condemn PSE's assets in Kitsap county. PSE serves approximately 130,000 customers and is resisting the ballot measure. Should it pass, the next step would be a full valuation study and likely litigation. In 2025, the Washington State Legislature took a significant shift left. Democrats control both houses with a 59–39 majority in the House of Representatives and a 30–19 majority in the Senate. Democrats also hold the Governor’s Mansion with Governor Bob Ferguson (D) serving his first year in this office. The 2026 elections will likely increase those Washington majorities. State Legislature Despite significant tax increases in the past two years, the legislature is facing a structural budget deficit. The 2027 legislative session will begin in January, and energy issues are expected to be considered. 11

Building a Reliable Cleaner Energy Future Progressing toward 80% clean by 2030 – while building the firm capacity to keep the lights on​ CLEANER CAPACITY ACTIONS 57.4% No coal $181M of the electricity PSE provided to in power portfolio as of January 1, 2026, of ITCs sold in 2025 and 2026 following customers in 2025 came from clean achieving the first major CETA milestone the successful completion of Beaver energy resources Creek. Proceeds are passed back to customers via a rate base reduction PSE’s Clean Energy Progress Report in 2026, • Signed 600MW resource specified • Competitive procurement: 98 proposals in showing PSE: winter capacity deal to support WRAP the 2024 All-Source RFP compliance • 50.6% average share of PSE retail load • FAA determination of no hazard is causing served by clean energy 2022-2025, up from • Acquired six gas turbines for 342 MWs delays in wind farm construction 30.7% in 2018-2021 of additional peaking capacity. Site TBD • Evaluating need for new transmission to • Acquired ~2.6 GW of new wind, solar, • 730 MW of contracted utility-scale battery meet region’s long-term energy needs storage and hydro: ~1.1 GW wind, ~0.8 GW storage coming online by 2030 • Monetize future ITCs for customer benefit solar • 86.6 MW demand response delivered; • Monitoring BPA’s recent re-evaluation of • 117% of energy-efficient target delivered: with 625,000 customers participating EDAM to understand impacts to PSE’s SPP 1,089,932 MWh vs 934,337 MWh goal decision Source: PSE 2026 Clean Energy Compliance Report, 2026 Q3 10-Q 12

Wildfire Risk Overview PSE specific considerations Priority Circuit PSE continued its annual wildfire risk assessment Remaining System process in 2026 using Technosylva risk models Consistent with 2025, risk assessment also incorporated other factors such as ingress/egress challenges, field feedback and more Resulting Priority Circuits inform infrastructure and vegetation inspections, repairs and other mitigations Approximately 3.9% of customers are served by Priority Circuits (~50,000 customers) Approximately 10% of the ~12,000-mile PSE overhead system and about 7% of the ~14,500-mile underground distribution system are designated Priority Circuits: 363 miles of overhead transmission lines 820 miles of overhead distribution circuits 959 miles underground distribution circuits 1 2026 Priority Circuits 1 PSE Wildfire Priority Circuits incorporate both 2026 Technosylva electric system risk bands and additional factors such as WUI, ingress/egress, fuel type, 13 field feedback and more; certain metrics may be refined over time as data, technology, and wildfire risk management methodologies continue to evolve.

2026 Wildfire Risk Management Focus Areas Annual static risk model (HFT Index) Annual wildfire risk ranking by our wildfire consultant, Technosylva Targeted customer communications Uses 20-year fire-weather data overlaid on PSE assets Preparing Together Circuits are grouped by risk: high, moderate, low, very low HFT index scores showed minimal change from 2025 to 2026 2026 WRM circuit prioritization Increased program maturity in 2026 built on the 2025 HFT methodology, retaining 2025 priority circuits while incorporating additional factors, including: Moderate Fire Threat circuits Wildland Urban Interface (WUI) Wire-down outage history Ground-fuel ignition risk 2026 actions Prioritization directly guided 2026 wildfire readiness actions: Pre-season inspections and repairs Enhanced Powerline Setting (EPS) and Public Safety Power Shutoff (PSPS) readiness Targeted public awareness campaigns 14

Wildfire Mitigation Progress 2024 to Oct 2026 Overhead hardening 26.6 Increasing resilience of overhead infrastructure through conductor upgrades and installation of covered conductor MILES Pole replacements 1,871 Distribution and transmission pole assessment/replacement based on asset condition inspections POLES Undergrounding 8.7 Overhead to underground conversions and new underground installations to reduce the risk of overhead ignitions MILES Pre-season inspections, repairs, and vegetation management 3,246 Annual inspections of Priority Circuits for enhanced vegetation management and asset inspection/repair MILES Camera installation 21  High-definition A.I. smoke detection cameras CAMERAS Weather station installation 55 Stations that provide more frequent, localized weather data near PSE assets and supplement public weather data STATIONS Gridscope device installation 1,379 Pole-mounted high impedance fault and down-wire detection devices DEVICES OPERATIONAL MITIGATIONS 1 Continued expansion EPS and SCADA Critical Fire Wire Operating Procedures Vegetation work management, satellite Updates to PSE.com outage map to 1 enabled protective devices update and monthly PSPS exercises imaging, & forest health assessment support EPS & PSPS communications Integration of a PSE meteorologist and Technosylva real-time and historical Integration between Gridscope incident New Fire Threat Procedure for Wildfire Liaison Managers (x2) fuel & weather risk modeling notifications with ADMS operations under encroaching wildfires 1 15 EPS: Enhanced Powerline Settings

Regulatory Timeline OUTSIDE AGENCY PSE ACTION April 2025 1,2 PSE ACTION PSE ACTION Early-2027 H.B. 1522 signed, requiring Feb. 2024 Oct. 2024 WUTC to approve, approve Anticipated PSE petitions WUTC for PSE submits most with conditions or reject electric submission of wildfire tracker recent WMP utility WMPs updated PSE WMP 2024 2025 2026 2027 OUTSIDE AGENCY OUTSIDE AGENCY OUTSIDE AGENCY 1 April 2024 Jan. 2025 Late-2026 H.B. 1032 signed, requiring WA WUTC approves wildfire Anticipated finalization of WMP electric utilities to have WMPs tracker rulemaking 1 PSE action Outside agency action Anticipated (timing may shift) Spacing not to scale 1 Indicates milestones that may shift based on regulatory decisions. 16 2 WUTC must approve, approve with conditions, or reject an electric utility’s WMP update within 90 days of submission.

Financial updates 17

1 PSE Revenue and Adjusted Net Income Last twelve-month (LTM) Revenue, Net Income, Revenue (9/30/26) and ROE performance have improved from ($ in millions) year-end 2025 All rating agencies affirmed or acknowledged PSE and PE credit ratings with stable outlooks in Q1 2026 Puget Sound Energy Credit Ratings Puget Energy Credit Ratings Corporate Sr. Secured Outlook Corporate Sr. Secured Outlook Adjusted Net Income & Adjusted ROE (9/30/26) BBB A- Stable BBB- BBB- Stable ($ in millions) Baa1 A2 Stable Baa3 Baa3 Stable BBB+ A Stable BBB- BBB Stable 1 Adjusted Net Income and Adjusted ROE are non-GAAP financial measures because each measure excludes unrealized gain (loss) on derivative 18 instruments. See non-GAAP financial measures disclaimer in Cautionary Statements and reconciliation in the appendix to this presentation

Growing Capex to Support System Safety, Reliability, and Clean Energy 2026-2030 capital expenditures are 1 Historical and Projected Capital Expenditures (PE) focused on: ($ in millions) Actual Projected Reliability and resiliency System safety Clean generation resources Capacity resources Grid modernization and automation Wildfire mitigation The new capital expenditure projection for 2025-2027 is $776 million higher (13%) as compared to prior forecast disclosed in the 2024 10-K 1 Excluding equity AFUDC; Puget Annual Report on Form 10-K filed for 2025 19

Debt and Liquidity Profile In March 2026, PE issued $450M of 7.000% NC5.25 and $450M of 7.250% NC10.25 Fixed-to-Fixed Reset Rate Hybrid Notes due 2056 On May 18, 2026, PSE and PE entered into new five-year (2026 to 2031) credit facilities, which increased the capacity from $1.6B to $1.8B ($1B for PSE and $800M for PE) PSE received $98.0M in Investment Tax Credits (“ITCs”) in April 2026, representing the remaining portion of sale of credits generated from the Beaver Creek Wind farm, which began commercial operations in August 2025 PSE finances the companies using internally generated cash flows, proceeds from ITC sales, debt, and owner’s equity Debt Profile (9/30/2026) ($ in millions) Liquidity Profile (9/30/2026) ($ in millions) $1,800 $1,745 -$55 $450 $800 $745 $600 $1,745 $1,745 $450 $450 $650 $1,000 $1,000 $500 $450 $400 $300 $250 $250 $162 $100 2026-2031 YTD Facilities YTD Facilities Drawn & Available Liquidity 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Facilities Drawn (PE) Commercial Paper (PSE) 9/30/2026 PSE - Sr. Secured Notes Maturity PE - Sr. Secured Notes Maturity PSE Credit Facility PE Credit Facility Total Facilities PE - Hybrid Notes - NC5.25 Coupon Reset PE - Hybrid Notes - NC10.25 Coupon Reset 20

Appendix 21

Puget Energy Overview Owns Washington state’s oldest and largest electric and natural gas utility, Puget Sound Energy PSE is a regulated investor-owned utility serving 1.26M electric customers and 883K gas customers in 10 counties, covering approximately 6,000 square miles, located primarily in Western 1 Washington Undergoing a significant transformation focused on meeting some of the most ambitious clean energy laws in the nation, while continuing to provide safe, reliable and affordable service Seattle 7.98 GW ~27,000 ~27,000 ~3,400 1 Generating capacity Miles of electric Miles of natural Full-time equivalent 1 (owned & contracted) transmission and gas pipeline and employees 2 3 4 46% renewable, 45% natural gas, 9% coal distribution lines service lines 1 3 Puget Annual Report on Form 10-K filed for 2025 Pre-filed direct testimony of Matt Steuerwalt, PSE-Exh-MS-1T-02-27-26 22 2 4 PSE customers no longer receive coal-generated energy following the Pipeline mileage figures are based on PHMSA annual reporting forms, transfer of Colstrip Units 3 & 4 to NorthWestern Energy on January 1, 2026, filed in March 2026 and the expiration of the Centralia coal transition contract in late 2025

PSE Leadership Team Name and role Photo Comments Name and role Photo Comments Mary Kipp • Joined PSE in 2019 Jamie Martin • Joined PSE in 2024 President & CEO SVP and Chief • 30+ years of industry • 20+ years industry Financial Officer experience experience • Previously president and CEO • Previously served as VP of at El Paso Electric Business Finance and Planning at PG&E Matt Steuerwalt • Joined PSE in 2023 Lorna Luebbe • Joined PSE in 2002 SVP, External Affairs SVP, Chief • 35+ years experience in public • 25+ years industry Sustainability Officer policy and government experience and General Counsel relations • Previously PSE’s assistant • Served in senior policy roles general counsel and director for two former WA Governors of Environmental Services Michelle Vargo • Joined PSE in 2023 Aaron August • Joined PSE in 2023 SVP of Energy SVP, Chief Customer • 15+ years of industry • 20+ years industry Operations and Transformation experience experience Officer • Previously served as Chief • Previously served as VP of Operating Officer at Seattle utility partnerships and City Light innovation at PG&E Craig Pospisil • Joined PSE in 2023 Raied Stanley • Joined PSE in 2026 SVP, Chief SVP and Chief • 20+ years of industry • 25+ years of industry Development Officer Information Officer experience experience • Previously served as VP of • Previously served as VP Wind Development at Terra- Information Services and Gen CIO at Southwest Gas 23

PSE Leadership Team, cont. Name and role Photo Comments Name and role Photo Comments Josh Jacobs • Joined PSE in 1998 Jon Piliaris • Joined PSE in 2008 VP, Clean Energy VP, Regulatory Affairs • 25+ years of industry • 30+ years of industry Strategy and Planning experience experience • Previously served as PSE’s • Previously served as PSE’s director of Generation and director of Regulatory Affairs Transmission development Kim Collier • Joined PSE in 2016 Ryan Murphy • Joined PSE in 2006 VP and Chief Human VP, Gas and Electric • 15+ years of industry • 25+ years of industry Resources Officer Operations experience experience • Previously served as Deputy • Previously served as PSE’s Director of Seattle Public Director of Electric Utilities Operations 24

WUTC Commissioners Name, party, Photo Biography The Washington Utilities and role, and tenure Transportation Commission (“WUTC”) is a • Appointed by Gov. Bob Ferguson in Jan. 2025 three-member commission appointed by • Most recently held leadership roles in supply chain Brian Rybarik (D) integrity, energy, and sustainability at Microsoft Washington's governor and confirmed by Chair • Previously held various legal and leadership roles at 2025-2031 the state senate for 6-year terms the MidAmerican Energy Company, Midcontinent Independent System Operator and Public Service Commission of Wisconsin In January 2025, Brian Rybarik was • Previously served as the Director of Policy and appointed chair of the WUTC, replacing Legislation for the WUTC (beginning 2010) outgoing chair David Danner Ann Rendahl (D) • Extensive experience with the WUTC including stints Commissioner as an administrative law judge, administrative law 2015-2027 director and assistant attorney general st Ann Rendahl’s term ends on January 1 , • Rendahl’s second term, which the state Senate confirmed in March 2022, expires on January 1, 2027 2027; she is currently chair of the National Association of Regulatory Utility • Previously vice president of Pacific Northwest State Commissioners (“NARUC”) Government Affairs for Verizon Communications Milt Doumit (R) Commissioner • Served as chief of staff in the Washington Attorney 2022-2029 General’s Office and in roles supporting and representing the Washington State Senate 25

Non-GAAP Financials Reconciliation of PSE Net Income and ROE Numbers is Provided Below LTM Line ($ in millions) 2021 2022 2023 2024 2025 9/30/2026 1 Net Income $336 $491 $131 $346 $459 $534 1 2 Unrealized (gain) loss on derivative instruments, net (14) (261) 284 (34) 0 0 3 After tax impact (line 2 * (1-21%)) (11) (206) 225 (27) 0 0 4 Adjusted net income (line 1+line 3) $325 $285 $356 $319 $459 $534 5 Average of monthly average (“AMA”) equity $4,471 $4,632 $4,954 $5,431 $5,930 $6,364 6 Adjusted ROE (line 4/line 5) 7.3% 6.1% 7.2% 5.9% 7.7% 8.4% u Net Income excluding after-tax unrealized gains and losses on derivative instruments is a metric that more appropriately reflects the true financial performance of the company across the years at it neutralizes the volatility of energy derivatives u Adjusted ROE refers to PSE's return on AMA equity u We believe that our return on AMA equity is a suitable metric for comparing return on equity (“ROE”) across periods and is a relevant metric for assessing and evaluating ROE performance against our authorized regulated ROE. The AMA equity is not intended to represent the regulated equity and is a metric for evaluating the average equity invested over a period of time 1 On December 19, 2024, the Washington Commission approved the Company's accounting petition in Docket No. 26 UE-240773 to defer any incurred unrealized gains or losses on derivative instruments entered into to serve electric customers, and as such PSE has recognized regulatory assets and/or liabilities, thus deferring the unrealized gains or losses.

Non-GAAP Financials Reconciliation of S&P FFO and S&P Adjusted Debt Based on S&P's Methodology / ($ in millions) LTM 9/30/2026 Non-GAAP S&P FFO calculation: Puget Sound Energy Puget Energy Operating income $875 $875 Depreciation and amortization 852 859 Conservation amortization 200 200 Unadjusted EBITDA $1,927 $1,933 Cash payments for interest (net of capitalized interest) (330) (466) Capitalized interest (30) (30) Cash taxes paid (77) (34) Proceeds from sale of transferable tax credits 189 189 S&P adjustments: Operating leases depreciation 7 7 Imputed depreciation (power purchase agreements) 159 159 Asset-retirement obligation adjustment 7 7 Hybrid Interest Adjustment - 16 Non-GAAP S&P FFO (A) $1,853 $1,782 Non-GAAP S&P adjusted debt calculation: Long-term debt $6,460 $9,423 Short-term debt 0 55 S&P adjustments: Lease liabilities 422 422 Accessible cash and liquid investments (234) (236) Imputed debt (power purchase agreements) 1,805 1,805 Asset-retirement obligations and other 124 123 Hybrid Debt Adjustment - (450) Non-GAAP S&P adjusted debt (B) $8,577 $11,141 1 S&P FFO to Debt (A / B) 21.6% 16.0% 1 Q3 2026 LTM credit metrics are calculated internally by the company 27

Non-GAAP Financials Reconciliation of Moody’s CFO Pre-WC and Moody’s Adjusted Debt Based on Moody's Methodology / ($ in millions) LTM 9/30/2026 Non-GAAP Moody's CFO pre-WC calculation: Puget Sound Energy Puget Energy Net cash provided by (used in) operating activities $1,308 $1,229 Add back: Accounts receivable and unbilled revenue 68 69 Accounts payable (103) (102) Taxes payable (6) (7) Other current assets and liabilities 59 56 Adjusted cash flow from operations $1,326 $1,245 Moody's adjustments: Operating leases depreciation 15 15 Capitalized interest (30) (30) Pensions 3 3 Hybrid Interest Adjustment - 16 Non-GAAP Moody's CFO pre-WC - including ITC sales (A) $1,314 $1,249 Deduct: proceeds from sale of transferable tax credits (189) (189) Non-GAAP Moody's CFO pre-WC - excluding ITC sales (B) $1,125 $1,060 Non-GAAP Moody's adjusted debt calculation: Long-term debt $6,460 $9,423 Short-term debt 0 55 Moody's adjustments: Lease liabilities 422 422 Pensions 21 21 Hybrid Debt Adjustment - (450) Non-GAAP Moody's adjusted debt (C) $6,903 $9,471 1 Moody's CFO pre-WC to Debt - including ITC sales (A / C) 19.0% 13.2% 1 Moody's CFO pre-WC to Debt - excluding ITC sales (B / C) 16.3% 11.2% 28 1 Q3 2026 LTM credit metrics are calculated internally by the company

Non-GAAP Financials Reconciliation of Fitch FFO, Fitch Adjusted Interest Paid and Fitch Adjusted Debt Based on Fitch's Methodology / ($ in millions) LTM 9/30/2026 Non-GAAP Fitch FFO calculation: Puget Sound Energy Puget Energy Net cash provided by (used in) operating activities $1,308 $1,229 Add back: Accounts receivable and unbilled revenue 68 69 Accounts payable (103) (102) Taxes payable (6) (7) Other current assets and liabilities 59 56 Adjusted cash flow from operations $1,326 $1,245 Fitch adjustments: Purchased gas adjustment 54 54 Finance amortization (5) (5) Non-GAAP Fitch FFO (A) $1,375 $1,294 Non-GAAP Fitch adjusted Interest paid calculation: Cash payments for interest (net of capitalized interest) $330 $466 Capitalized interest 30 30 Fitch adjustments: Interest expense for finance lease (4) (4) Non-GAAP Fitch adjusted Interest paid (B) $356 $491 Non-GAAP Fitch adjusted debt calculation: Long-term debt $6,460 $9,423 Short-term debt 0 55 Hybrid Debt Adjustment - (450) Add back: debt discount, issuance costs and other 47 182 Non-GAAP Fitch adjusted debt (C) $6,507 $9,210 1 Fitch FFO Adjusted Leverage [C / (A +B)] 3.8x 5.2x 1 Q3 2026 LTM credit metrics are calculated internally by the company 29