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4th Quarter 2025 Investor Update February 20, 2026 PPL CORPORATION
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2 Cautionary Statements and Factors That May Affect Future Results Statements made in this presentation about future operating results or other future events are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the forward-looking statements. A discussion of some of the factors that could cause actual results or events to vary is contained in the Appendix of this presentation and in PPL ’s SEC filings. Management utilizes non-GAAP financial measures such as “earnings from ongoing operations” or “ongoing earnings” in this presentation. For additional information on non-GAAP financial measures and reconciliations to the appropriate GAAP measure, refer to the Appendix of this presentation and PPL ’s SEC filings.
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3 Business and Strategy Update Vince Sorgi President and Chief Executive Officer
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4 ✓ Provided electricity and natural gas safely and reliably to our more than 3.6 million customers, while advancing technologies to improve the customer experience • Achieved first-quartile/near-first quartile T&D reliability and top-decile generation fleet performance despite more frequent and severe storms during 2025 across all of our jurisdictions (1)(2) • Continued to develop and deploy new digital options for our customers to improve our services and interactions, including an agentic AI digital customer service agent and the rollout of a new Customer App at PPL Electric Utilities ✓ Achieved midpoint of 2025 earnings forecast of $1.81 per share; 7.1% growth over 2024 results ✓ Executed $4.4 billion capital plan to support the delivery of safe, reliable and affordable energy • Included grid-hardening, deployment of advanced meters, replacement of leak-prone natural gas pipe and the construction of new, efficient generation facilities in Kentucky ✓ Continued our leadership in driving down controllable costs for customers, exceeding our cumulative annual O&M savings target and realizing $170 million in annualized savings from 2021 baseline • Achieved almost all of PPL ’s $175 million annualized savings target one year ahead of schedule ✓ Advanced key initiatives to support economic development in our service territories, providing customers, including large-load data centers, with electricity when and where they need it 4 2025 Review Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. (1) Reliability performance based on System Average Interruption Frequency Index (SAIFI), the average number of interruptions that a customer experiences over a specific period for each customer served. (2) Generation performance based on Equivalent Forced Outage Rate (EFOR). Represents the number of hours a unit is forced offline, compared to the number of hours a unit is running. Executing our strategy to create stronger, smarter, and more efficient utilities
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5 Updated Business Plan Strengthens Growth Outlook (1) Total return reflects PPL’s targeted EPS growth rate plus dividend yield based on targeted annualized dividend and PPL’s closing share price as of February 19, 2026. Extends EPS growth targets through 2029; expects CAGR near top end of range ➢ Announcing 2026 EPS forecast range of $1.90 - $1.98 per share with a midpoint of $1.94 per share • Midpoint represents 7.2% growth off 2025 actual ongoing earnings of $1.81 per share ➢ Extending annual EPS growth target of 6% - 8% through at least 2029; expecting EPS CAGR through 2029 to be near the top end of targeted range based on 2025 results • Projecting stronger growth beginning in 2027 and continuing through 2029 • Incremental upsides from competitive transmission projects, additional T&D investments to support economic development in PA and KY, additional generation needs in KY, and the Blackstone Joint Venture ➢ Increasing utility capex plan to $23 billion for 2026 – 2029 vs. $20 billion for 2025 – 2028 • Results in rate base CAGR of 10.3% ➢ Maintaining strong credit metrics throughout planning period • Targeting 16% - 18% FFO/CFO to Debt • Plan reflects total equity needs of ~$3 billion to support capital investment needs, with ~$1 billion already executed under forward agreements in 2025 that settle in 2026 and 2027 ➢ Targeting dividend growth of 4% - 6% while issuing equity to fund growth, maintaining top-tier total return proposition of 10% - 12% for shareowners (1)
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6 ➢ Approved aggregate increase in annual electricity and gas revenues of ~$233 million • Approved base ROE of 9.775% (previously 9.425%) and ROE of 9.675% for capital-related mechanisms (previously 9.35%) ➢ Generation Cost Recovery Mechanism approved with modifications (1) • Provides recovery of and a return on investments associated with certain new generation and energy storage assets • Renamed to Pilot Generation Recovery (PGR) Adjustment Clause and restructured to a limited term (2) • Includes recovery of and on certain costs associated with operating life extension of Mill Creek Unit 2 ➢ Extremely High Load Factor (EHLF) tariff approved, specifically designed for large-load customers (3) • Provides critical protections for existing customers that are not large-load customers ➢ Other notable provisions of the final rate orders • Earnings Sharing Mechanism (ESM) was not approved, which could limit LG&E and KU’s ability to “stay-out”, as contemplated in the settlement agreement ➢ New rates effective immediately with refunds due from implementing interim rates on January 1, 2026 (4) Kentucky Rate Case Update Note: Case No. 2025-00113 (KU) and Case No. 2025-00114 (LG&E). (1) The Generation Cost Recovery Mechanism includes projects previously approved by the KPSC in LG&E and KU’s 2022 Certificate of Public Convenience and Necessity ("CPCN") proceeding, including the Mill Creek Unit 5 natural gas combined-cycle generating unit ("NGCC"), the Marion and Mercer County solar generating facilities and the E.W Brown battery energy storage facility. It includes certain costs associated with a potential extension of the operating life of Mill Creek 2 beyond its original 2027 retirement date. It excludes Mill Creek Unit 6 and the E.W. Brown Unit 12 NGCC generation assets due to their anticipated in-service dates outside of the currently estimated pilot period duration, but without prejudice to the Companies seeking PGR Adjustment Clause coverage of such assets in future proceedings. (2) Pilot version will terminate 10 months after the filing date of LG&E’s next base rate case or on the effective date of new rates, whichever occurs first. (3) Tariff targets minimum demand of 50 MVA and expected load factor of 85%, 15-year initial contracts, 60-month termination notices, and significant collateral. (4) Refunds due within 60 days of the Order. Outcome supports delivery of updated business plan
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7 ➢ Evidentiary hearing held on February 17, 2026 • Hearing concluded in one day ➢ Continuing to work towards a settlement with intervenors ➢ Remain confident in the strength of our case • Balances PPL Electric’s need to make critical distribution system and IT investments to maintain and improve reliability, along with customer service and storm response • Contains important customer affordability measures and large-load tariff provisions ➢ PUC decision expected in June, with new rates effective July 1, 2026 Pennsylvania Rate Case Update Note: Docket: R-2025-3057164. Continuing to advance first base rate case filed in more than a decade
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8 ➢ Rhode Island Energy filed first base rate case since acquisition (1) • Requested revenue requirement increase over two years ($181M in year one and an additional $49M in year two) • Requested new rates are expected to become effective September 1, 2026 • Included redesigned rates for low-income customers ➢ Rhode Island Energy filed annual electric and gas Infrastructure, Safety, and Reliability (ISR) plans (2) • Electric ISR plan seeks recovery of ~$168M of certain electric infrastructure investments (including Advanced Meter Functionality investments) and vegetation management costs projected to be incurred in April 2026 – March 2027 • Gas ISR plan seeks recovery of ~$184M of certain gas infrastructure investments projected to be incurred in April 2026 – March 2027 • RIPUC decisions expected by the end of March 2026 ➢ Committed to reaching a new Hold-Harmless settlement in parallel with base rate case proceeding to mitigate customer rate impacts of the base rate increases • Prior Hold-Harmless settlement would have provided ~$155M of credits to customers, which would have resulted in about $70 per month for combined electric and gas customers in the winter months of 2026 and 2027 Rhode Island Regulatory Updates (1) Rhode Island rate case docket: 25-45-GE. (2) RI Fiscal Year 2027 ISR plan dockets: 25-54-EL and 25-55-NG. Advancing key regulatory proceedings at Rhode Island Energy
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9 3 5 8.3 8.6 10.9 14.4 20.5 25.2 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 PA Economic Development Powered by Data Centers (1) The data centers in advanced stages represent projects that have signed agreements with developers and costs being incurred are reimbursable by the developers if they do not move forward with the projects. Signed agreements include customer protections like pre-payments to cover customer CAIC costs prior to work being performed, credit support to cover all project upgrade costs that are socialized, and minimum load demand that obligates the data center customers to cover their peak demand on the system. (2) The PA PUC issued for comment in November a proposed model tariff outlining areas it suggested the electric distribution companies (EDCs) include in proposed tariffs. PPL Electric awaits further Commission action on finalizing a model tariff. Pennsylvania is uniquely positioned to lead data center expansion in U.S. 99 Growth in PA Data Centers in Advanced Stages (1) ➢ PPL Electric continues to see significant demand for new data centers in its service territory due to its unique competitive advantages, including its advanced transmission system that enables speed to market for hyperscalers ➢ Data centers with signed agreements have increased to 25.2GW (up from 20.5GW in Q3), a 23% increase ➢ Our Electric Service Agreements (ESAs) help protect our other utility customers by requiring data center customers to pay approximately 80% of anticipated load, even if they use less electricity, until the costs incurred to extend service are fully recovered (2) PPL Electric Utilities Signed Data Center Agreements (in GW) Expect at least 10GWs to be under ESAs by end of Q1 2026 with 5GW already under construction ~ ~
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10 LG&E/KU’s Current Development Pipeline ➢ Economic development queue in KY shows total potential load growth of 9.3GW through 2032 • Data center related load exceeds 8GW; about 4GW are considered highly active with 0.5GW under construction • Manufacturing and other non-data center requests have increased from previous update, including ~0.5GW of new non-data center load that is highly active ➢ Kentucky continues to see robust economic expansion powering the non-data center pipeline • In Q4, major manufacturers announced more than $460M in new investments across sectors including automotive, plastics, advanced materials, and electronics ➢ Projections continue to indicate ~2.8GW of expected new load by 2032 (increase from ~1.8GW in CPCN forecast) • If this level of new load materializes, we would need to file another CPCN for additional generation resources as early as 2026 Electric Peak (in GW) KY Economic Development Update Kentucky continues to attract significant interest from the private sector 1010 Non-data centers 1.1GW Data centers 8.2GW 9.3GW of new load potential by 2032 2025 CPCN filing load forecast assumed ~1.8GW of additional load
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11 A Clear Focus on the Costs We Control Supporting customers through innovation, credits and economic development (1) Under the large-load tariff in Kentucky, any large-load customer that requires upgrades that will be socialized through rates must provide adequate security that it will meet a revenue guarantee equal to the amount of costs placed into rates. ➢ Advancing culture of continuous improvement and innovation • Reduced O&M costs by an average of 2.7% per year from 2021 – 2025, resulting in $170M of annualized savings – Nearly $100M of those savings benefitting our KY customers • Total savings fund ~$1.4B of capital improvements without impacting customer bills • Strategy enabled all of PPL ’s utilities to extend duration between base rate increases • Updated business plan projects O&M CAGR of ~1% from 2025 through 2029 – well below inflation • Focus remains on achieving further cost efficiencies from grid-hardening, additional smart-grid devices, new enterprise-wide IT systems and the deployment of AI ➢ Supporting data center growth, while protecting our customers and ensuring rates remain fair • Our Electric Service Agreements (ESAs) in PA and large-load tariff in KY support development of data centers while protecting our other customers (1) • In PA, connecting data centers lowers the transmission portion of the bill for existing customer base ➢ Expanding customer bill credits • PPL Electric used Operation HELP funds in place of LIHEAP grants to help low-income customers impacted by the 2025 federal government shutdown • Rhode Island Energy’s new employee-funded assistance program aids low- and moderate-income residents • Remain committed to solution on Rhode Island Hold Harmless settlement
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12 Breakdown of PPL Electric’s Customer Bill in Pennsylvania ➢ Federal and PJM actions now affirm what PPL has long stressed – PJM urgently needs new, dispatchable generation and PPL stands ready to deliver solutions ➢ PPL’s joint venture with Blackstone is uniquely positioned to build, own and operate new generation and add supply to the tightening market ➢ PPL supports proposed legislation in Pennsylvania that incentivizes long-term resource adequacy agreements to advance new generation and empower regulated utilities to develop rate-base generation as a safeguard against deficient competitive markets Leaning in on Energy Supply Costs We Don’t Control Driving to secure a more reliable, affordable energy supply for customers In the example above, PPL Electric only controls 44% of the bill — the portion that covers delivering safe, reliable power through our transmission and distribution system. Most of the remaining portion reflects energy supply, which we are offering meaningful solutions to help lower overall energy costs, and state mandates & taxes. Rhode Island Energy is taking an active role in the state’s legislative process seeking to reform or remove the 20%+ of policy costs that appear on customers’ electric bills.
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13 ➢ Dialogue with hyperscalers has continued to intensify over the past several months with increasing interest in Bring Your Own Generation (BYOG) solutions and dedicated community support ➢ Several political developments support new generation build-out in PJM • Including the Trump Administration and PJM Governor’s call to hold a special auction to fund new generation, PA Governor’s Responsible Infrastructure Development (GRID) standards and PJM’s Critical Issue Fast Path (CIFP) process ➢ Legwork over the last year uniquely positions joint venture to deliver speed to market at scale • Executed contracts for several strategic land parcels • Developed alternative generation solutions, in addition to CCGTs, that can ramp with hyperscaler load ramp requirements ➢ Will provide additional details once agreements with hyperscalers are signed • No earnings or capital expenditures from joint venture are reflected in the updated business plan • Depending on the timing of signed agreements and the generation mix selected by these buyers — joint venture could potentially deliver earnings to PPL in the back end of the plan period, with such earnings being upside to the updated plan Update on Blackstone Infrastructure Joint Venture Making considerable progress as momentum builds in the PJM market
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14 Financial Update Joe Bergstein Executive Vice President and Chief Financial Officer
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15 Financial Overview Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. Overview of 4th Quarter and Full Year Financial Results Q4 2025 Q4 2024 Full Year 2025 Full Year 2024 Reported EPS (GAAP) $0.36 $0.24 $1.59 $1.20 Less: Special Items ($0.05) ($0.10) ($0.22) ($0.49) Ongoing EPS $0.41 $0.34 $1.81 $1.69 KY Regulated $0.19 $0.17 $0.93 $0.84 PA Regulated $0.21 $0.20 $0.86 $0.82 RI Regulated $0.03 $0.02 $0.19 $0.21 Corp. and Other ($0.02) ($0.05) ($0.17) ($0.18) (Earnings per share) ➢ Full year GAAP earnings of $1.59 per share • Special items of ($0.22) per share, primarily attributable to integration-related expenses associated with the acquisition of Rhode Island Energy and PPL ’s IT transformation ➢ Full year ongoing earnings of $1.81 per share, a $0.12 per share increase from prior year, in line with 2025 forecast • KY results increased driven by higher sales volumes, largely due to weather, higher earnings from additional capex, and lower operating costs, partially offset by higher interest expense • PA results increased primarily driven by higher transmission revenue and distribution rider recovery, higher sales volumes and lower operating costs, partially offset by higher interest expense, higher depreciation, and other factors • RI results decreased primarily driven by higher operating costs and other factors, partially offset by higher distribution revenue • Corporate and Other results improved mainly due to lower income taxes and other factors, partially offset by higher interest expense
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16 $0.34 +$0.02 +$0.01 +$0.01 +$0.03 $0.41 Q4 2024 Ongoing EPS KY Regulated PA Regulated RI Regulated Corporate & Other Q4 2025 Ongoing EPS Review of 4th Quarter Financial Results Ongoing Earnings Walk: Q4 2025 vs. Q4 2024 (Earnings per share) Transmission Revenue +$0.01 Distribution Rider Recovery (1) +$0.01 Operating Costs +$0.02 Interest Expense ($0.01) Other (2) ($0.02) Sales Volumes (Primarily Weather) +$0.02 AFUDC Equity +$0.01 Interest Expense ($0.01) Segment KY Regulated PA Regulated RI Regulated Corporate & Other Total PPL Q4 2025 Ongoing EPS $0.19 $0.21 $0.03 ($0.02) $0.41 Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. (1) Reflects Distribution System Improvement Charge, or DSIC, which is an alternative ratemaking mechanism providing more timely recovery of long-term infrastructure investments between rate cases. (2) Reflects factors that were not individually significant and certain intercompany activities that eliminate in consolidation. Interest Expense +$0.01 Income Taxes +$0.01 Other (2) +$0.01 Distribution Revenue +$0.01
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17 $1.48 $1.58 $1.69 $1.81 2022 Forecast Midpoint (Pro forma) 2023 Forecast Midpoint 2024 Forecast Midpoint (Original) 2025 Forecast Midpoint Delivering Strong, Sustainable Growth (1) Represents the midpoint of PPL’s 2022 pro forma forecast range of $1.40 - $1.55 per share, reflecting a full year of earnings contributions from Rhode Island Energy (RIE). RIE was acquired by PPL in May 2022. (2) Represents the midpoint of PPL’s 2023 forecast range of $1.50 - $1.65 per share. (3) Represents the midpoint of PPL’s 2024 original forecast range of $1.63 - $1.75 per share. Updated forecast range to $1.67 - $1.73 per share in November 2024. (4) Represents the midpoint of PPL’s 2025 forecast range of $1.75 - $1.87 per share. Consistently achieved at least the midpoint of 6% - 8% EPS growth target (2) (3)(1) (Earnings per share) (4) Achieved $1.60 (8.1% growth) Achieved $1.81 (7.1% growth)Achieved $1.69 (7.0% growth) Base year of repositioning 7% CAGR
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18 $1.81 $1.94 2025 Ongoing Earnings 2026 Forecast Midpoint 2027 2028 2029 Extending 6% - 8% Annual EPS Growth Target Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. (1) Represents the midpoint of PPL’s 2026 earnings forecast range of $1.90 - $1.98 earnings per share. Expects to achieve EPS CAGR near top end of targeted range (2025 – 2029) (Earnings per share) (1) • Base transmission and distribution investments to support reliability and data center growth • Competitive transmission projects • Generation to support economic development in KY • Blackstone Joint Venture may generate earnings in back end of the plan Expecting EPS CAGR near the top end of 6% - 8% target (2025 – 2029) Earnings Upside Opportunities Midpoint reflects 7.2% growth Projecting stronger growth beginning in 2027 and continuing through 2029
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19 $1.81 $1.94 2025 Ongoing Earnings KY Regulated PA Regulated RI Regulated Corporate & Other Midpoint of 2026 Earnings Forecast Walk to Midpoint of 2026 Earnings Forecast Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. (1) Represents the midpoint of PPL’s 2026 earnings forecast range of $1.90 - $1.98 earnings per share. Projected drivers that support annual EPS growth (Earnings per share) (1) Rate Recovery AFUDC Income Depreciation Interest Expense Rate Recovery Transmission Revenue Depreciation Interest Expense Rate Recovery Rider Revenue Depreciation Interest Expense Interest Expense
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20 2026 – 2029 Capital Investment Plan Note: Totals may not sum due to rounding. $23B capex plan to enable the delivery of safe, reliable, and affordable energy ($ in billions) Notable Plan Updates: ➢ Plan update reflects a $0.5B increase in 2027, a $1.1B increase in 2028 and a $5.6B plan for 2029 ➢ Primary areas of the increased capex needs are an additional $2.0B in electric transmission and $0.8B in electric distribution • Electric transmission investments primarily to support reliability, data center development, and PJM competitive transmission projects in PA ($1.3B in PA and $0.7B in KY) • Electric distribution investments to support ongoing system hardening and smart grid deployment ($0.5B in KY and $0.3B in PA) $3 billion increase in capex needs vs. prior plan $20B $23B Prior Capex Plan Updated Capex Plan 2025 - 2028 2026 - 2029 Electric Distribution Electric Transmission Electric Generation Non-Coal Fired Electric Generation Coal Fired Gas Operations Other
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21 35% 35% 35% 35% 34% 32% 32% 32% 33% 33%8% 9% 11% 12% 13% 15% 13% 12% 11% 10% 11% 11% 10% 10% 9% $29.0 $32.0 $36.0 $39.9 $42.9 2025 2026 2027 2028 2029 Rate Base CAGR Increased to 10.3% Through 2029 Note: Totals may not sum due to rounding. (1) Rhode Island rate base excludes acquisition-related adjustments for non-earning assets. (2) Kentucky figures reflect capitalization in 2025 and rate base in 2026 through 2029 per recent rate case Order. (3) Reflects projected 2025 year-end rate base for Pennsylvania electric distribution (to be finalized March 31, 2026). Projected annual rate base growth (2025 – 2029) (Year-end rate base, $ in billions)(1) ➢ Rate base CAGR increased to 10.3% over updated plan period ➢ Two-thirds of rate base relates to investments in electric transmission and distribution infrastructure ➢ Approximately 80% of total projected generation rate base growth relates to new generation projects that have already been approved by the KPSC +10.3% CAGR (3) Electric Distribution Electric Transmission Electric generation Non-Coal Fired Electric generation Coal Fired Gas Operations (2)
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22 $11 $9 $3 Cash from Ops Debt Equity ($ in billions) Credit and Financing Plan Update (1) Reflects approximately $1B of forward transactions executed in 2025 but have not yet settled. Settlement of these transactions is projected for December 2026 ($0.5B) and August 2027 ($0.5B). (2) Cash from operations less common dividends. (3) Equity may include equity-like financing structures subject to market conditions. Updated financing plan maintains our excellent credit position Funding Sources for Capex Plan (2026 - 2029)➢ Plan continues to support premier credit ratings among peers • Baa1 rating at Moody’s • A- rating at S&P • Plan supports 16% - 18% FFO/CFO to debt • Holding company debt projected to be less than 25% of total debt ➢ Estimate total equity needs of ~$3B to support updated 2026 – 2029 capex plan • Already executed ~$1B of 2026 – 2029 equity needs via ATM in 2025, utilizing forward sales contracts • Base financing strategy is to continue to use ATM program but will remain opportunistic with other equity-like financing structures to the extent they provide an efficient cost of capital ~$2B of equity needs through 2029 yet to be executed (1) (2) (3) $23B Updated Capex Plan
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23 $0.2725 $0.285 January 2, 2026 Dividend April 1, 2026 Dividend ➢ Announced 4.6% increase to PPL’s quarterly dividend to $0.285 per share • Payable April 1, 2026, to shareowners of record as of March 10, 2026 • Annualized dividend of $1.14 per share (2) ➢ Updating target annual dividend growth to 4% - 6% through plan period while issuing equity to fund capex plan (2) • Reduced from prior target of low end of 6% - 8% • Expect dividend payout ratio to be 50% - 60% through plan period ➢ Continues to support top-tier total return proposition of 10% - 12% (3) Increasing Quarterly Common Stock Dividend (1) Based on February 20, 2026, dividend declaration by Board of Directors. (2) Subject to Board of Directors approval. (3) Total return reflects PPL’s targeted EPS growth rate plus dividend yield based on targeted annualized dividend and PPL’s closing share price as of February 19, 2026. Quarterly dividend increased to $0.285, effective with April dividend payment (Dividends per share) 4.6% Growth (1)
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24 Closing Remarks Vince Sorgi President and Chief Executive Officer
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25 PPL Investment Thesis (1) Total return reflects PPL’s targeted EPS growth rate plus dividend yield based on targeted annualized dividend and PPL’s closing share price as of February 19, 2026. (2) Blended average of the difference between average residential bill at each PPL Corp. utility and the average residential bill in each utility’s respective region. Average residential bill for each utility reflects portion of the bill it controls, namely T&D at PPL Electric Utilities and Rhode Island Energy, and the total rate at LG&E and KU. Data sourced from EEI and reflects an assumed 1000 kWh bill in each instance. (3) Refers to PPL’s projected earnings per share from 2026 to 2029. Top-tier total return proposition of 10% - 12%, plus meaningful upside Committed to investing in and delivering safe, reliable and affordable energy for our customers… And consistently delivering long-term value for our investors Balance Sheet Strength and Stability 16% - 18% FFO/CFO to Debt target Investments that Improve Service for Customers $23 Billion Capital investment plan 2026 - 2029 Solid Foundation for Predictable Growth 10.3% Projected annual rate base growth 80 Years of Consecutive Dividends 4% - 6% Annual dividend growth target Strong, Annual EPS Growth 6% - 8% Expect to deliver EPS CAGR near top end of range (2025-2029) Lower Regional Rates 15.6% Lower average residential bills (1) Significant earnings upside potential from generation and transmission expansion resulting from economic development pipeline, additional competitive transmission projects, and our uniquely-positioned Blackstone Joint Venture (3) (2)
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Appendix Supplemental Information 4th QUARTER 2025 INVESTOR UPDATE February 20, 2026
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27 Review of Annual 2025 Financial Results Ongoing Earnings Walk: 2025 vs. 2024 (Earnings per share) Transmission Revenue +$0.04 Distribution Rider Recovery (2) +$0.02 Sales Volumes +$0.02 Operating Costs +$0.02 Interest Expense ($0.01) Depreciation ($0.01) Other (1) ($0.04) Sales Volumes (Primarily Weather) +$0.06 Operating Costs +$0.02 AFUDC Equity +$0.02 Interest Expense ($0.02) Other (1) +$0.01 Segment KY Regulated PA Regulated RI Regulated Corporate & Other Total PPL 2025 Ongoing EPS $0.93 $0.86 $0.19 ($0.17) $1.81 Distribution Revenue +$0.02 Operating Costs ($0.02) Other (1) ($0.02) Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. (1) Reflects factors that were not individually significant and certain intercompany activities that eliminate in consolidation. (2) Reflects Distribution System Improvement Charge, or DSIC, which is an alternative ratemaking mechanism providing more timely recovery of long-term infrastructure investments between rate cases. Interest Expense ($0.02) Income Taxes +$0.02 Other (1) +$0.01 $1.69 +$0.09 +$0.04 ($0.02) +$0.01 $1.81 2024 Ongoing EPS KY Regulated PA Regulated RI Regulated Corporate & Other 2025 Ongoing EPS
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28 (GWh) Actual Electricity Sales Volume Annual EPS Sensitivity Pennsylvania Three Months Ended December 31 Trailing Twelve Months Ended December 31 Three Months Ended December 31 Per 1% Change In Total Load 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Residential 3,675 3,640 1.0% 14,755 14,521 1.6% 3,836 3,573 7.4% Commercial 3,349 3,312 1.1% 14,039 13,825 1.5% 3,379 3,294 2.6% Industrial 1,927 2,040 (5.5%) 8,256 8,500 (2.9%) 1,927 2,040 (5.5%) Other 21 22 NM* 72 74 NM* 21 23 NM* Total 8,972 9,014 (0.5%) 37,122 36,920 0.5% 9,163 8,929 2.6% Kentucky Three Months Ended December 31 Trailing Twelve Months Ended December 31 Three Months Ended December 31 Per 1% Change In Total Load 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Residential 2,494 2,446 2.0% 10,632 10,576 0.5% 2,566 2,315 10.9% Commercial 1,847 1,854 (0.4%) 7,829 7,817 0.1% 1,874 1,821 2.9% Industrial 2,031 2,028 0.1% 8,485 8,512 (0.3%) 2,031 2,028 0.1% Other 608 641 NM* 2,671 2,679 NM* 613 632 NM* Total 6,980 6,969 0.2% 29,617 29,583 0.1% 7,084 6,796 4.2% Weather-Normalized Electricity Sales Volume +/- $0.005 - $0.01 +/- $0.01 - $0.02 Electricity Sales Volumes *NM: Not Meaningful Note: Totals may not sum due to rounding. (1) Excludes Rhode Island Energy’s sales volumes as its revenue is decoupled. (2) Changes in C&I load may have a smaller impact on EPS than changes in Residential load. The EPS impact of C&I load changes is dependent on the tariff rate under which the load is served. (3) Includes the reclassification of a large customer from industrial to commercial that occurred during Q3 2024. Quarterly and trailing twelve-month retail sales comparison by segment (1) (3) (3) (2)
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29 ➢ Data centers in advanced stages increased to 25.2GW (up from 20.5GW last quarter) ➢ Expect at least 10GWs to be under ESAs by end of Q1 2026, with 5GW already under construction PA Data Center Requests in Advanced Stages (1) The data centers in advanced stages represent projects that have signed agreements with developers and costs being incurred are reimbursable by the developers if they do not move forward with the projects. Signed agreements include customer protections like pre-payments to cover customer CAIC costs prior to work being performed, credit support to cover all project upgrade costs that are socialized, minimum load demand that obligates the data center customers to cover their peak demand on the system. Pennsylvania is uniquely positioned to lead data center expansion in U.S. 2929 Requested Load In-Service Dates (in GW) 0.5 2.4 7.4 13.0 18.5 22.4 24.1 25.0 25.2 2026 2027 2028 2029 2030 2031 2032 2033 2034 PA: Signed Agreements (cumulative GWs) (1)
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30 Note: Totals may not sum due to rounding. Capital Expenditure Plan ($ in millions) (1) Company Segment Type 2026 2027 2028 2029 4-Year Total Electric Distribution $1,000 $950 $900 $875 $3,725 Electric Transmission $975 $1,125 $1,250 $1,275 $4,625 PA Subtotal $1,975 $2,075 $2,150 $2,150 $8,350 Electric Distribution $475 $725 $700 $500 $2,400 Electric Transmission $425 $650 $725 $525 $2,325 Electric Generation Non-Coal Fired $725 $1,025 $1,175 $1,200 $4,125 Electric Generation Coal Fired $375 $475 $425 $300 $1,575 Gas Operations $125 $150 $175 $200 $650 Other $250 $150 $75 $75 $550 KY Subtotal $2,375 $3,175 $3,275 $2,800 $11,625300 Electric Distribution $300 $275 $250 $200 $1,025 Electric Transmission $250 $250 $275 $250 $1,025 Gas Operations $225 $250 $250 $225 $950 RI Subtotal $775 $775 $775 $675 $3,000 PPL Corporation Total Utility Capex $5,125 $6,025 $6,200 $5,625 $22,975 Pennsylvania Kentucky Rhode Island
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31 Company Segment Type 2025 2026 2027 2028 2029 Electric Distribution $4.9 $5.5 $6.2 $6.8 $7.2 Electric Transmission $6.2 $6.7 $7.3 $8.0 $8.7 PA Subtotal $11.1 $12.2 $13.6 $14.8 $15.9 Electric Distribution $3.7 $4.1 $4.6 $5.1 $5.4 Electric Transmission $2.0 $2.3 $2.9 $3.5 $3.9 Electric Generation Non-Coal Fired $2.3 $2.9 $3.8 $4.8 $5.8 Electric Generation Coal Fired $4.2 $4.3 $4.4 $4.4 $4.3 Gas Operations $1.5 $1.5 $1.6 $1.7 $1.8 KY Subtotal $13.7 $15.0 $17.2 $19.5 $21.1 Electric Distribution $1.4 $1.7 $1.8 $2.0 $2.1 Electric Transmission $1.1 $1.2 $1.4 $1.5 $1.6 Gas Operations $1.8 $1.9 $2.0 $2.1 $2.2 RI Subtotal $4.3 $4.8 $5.2 $5.6 $5.9 PPL Corporation Total Rate Base $29.0 $32.0 $36.0 $39.9 $42.9 Pennsylvania Kentucky Rhode Island Note: Totals may not sum due to rounding. (1) Reflects projected 2025 year-end rate base for Pennsylvania electric distribution (to be finalized March 31, 2026). (2) Kentucky figures reflect capitalization in 2025 and rate base in 2026 through 2029 per recent rate case Order. (3) Rhode Island rate base excludes acquisition-related adjustments for non-earning assets. Projected Rate Base (Year-End) (1) (3) (Year-end rate base, $ in billions) (1) (2)
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32 Note: As of December 31, 2025. Totals may not sum due to rounding. (1) Amounts reflect the timing of any put option on municipal bonds that may be put by the holders before the bonds' final maturities. (2) Amounts reflect sinking fund payments that are due annually until the bond's final maturity. (3) Does not reflect unamortized debt issuance costs and unamortized premiums (discounts) totaling ($195 million). (4) Does not reflect ($84) million of debt repurchased in the open market that has been accounted for as debt extinguishments on a consolidated basis. Debt Maturities ($ in millions) 2026 2027 2028 2029 2030 2031+ Total PPL Capital Funding $650 $0 $1,000 $0 $1,581 $1,715 $4,946 PPL Electric Utilities $0 $108 $0 $116 $0 $5,575 $5,799 Louisville Gas & Electric(1) $90 $260 $0 $0 $0 $2,539 $2,889 Kentucky Utilities(1) $164 $60 $0 $0 $0 $3,315 $3,539 Rhode Island Energy(2) $0 $0 $350 $0 $600 $1,050 $2,000 Total Debt Maturities (3)(4) $904 $428 $1,350 $116 $2,181 $14,194 $19,173
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33 Entity Facility Expiration Date Capacity Borrowed LCs & CP Issued Unused Capacity PPL Capital Funding Syndicated Credit Facility Dec-2029 $1,500 $0 $456 $1,044 Bilateral Credit Facility Feb-2026 $100 $0 $0 $100 Uncommitted Credit Facility Feb-2026 $100 $0 $17 $83 Subtotal $1,700 $0 $473 $1,227 PPL Electric Utilities Syndicated Credit Facility Dec-2029 $750 $0 $6 $744 Louisville Gas & Electric Syndicated Credit Facility Dec-2029 $600 $0 $0 $600 Kentucky Utilities Syndicated Credit Facility Dec-2029 $600 $0 $0 $600 Total PPL Credit Facilities $3,650 $0 $480 $3,170 Note: As of December 31, 2025. Totals may not sum due to rounding. (1) Letters of Credit (LCs) and Commercial Paper (CP). (2) Commercial paper issued reflects the undiscounted face value of the issuance. (3) Includes a $400 million borrowing sublimit for Rhode Island Energy (RIE) and $1.1 billion sublimit for PPL Capital Funding. At December 31, 2025, PPL Capital Funding had $355 million of commercial paper outstanding and RIE had $101 million of commercial paper outstanding. In January 2026, PPL Capital Funding amended its existing $1.50 billion syndicated credit facility to extend the termination date of certain commitments from December 6, 2029, to December 6, 2030. (4) In January 2026, PPL Electric Utilities amended its existing $750 million syndicated credit facility to extend the termination date of certain commitments from December 6, 2029, to December 6, 2030. (5) In January 2026, LG&E and KU amended its existing $600 million syndicated credit facilities to extend the termination date of certain commitments from December 6, 2029, to December 6, 2030. Liquidity Profile ($ in millions) (1)(2) (3) (4) (5) (5)
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34 Note: As of December 31, 2025. PPL ’s Credit Ratings PPL Electric UtilitiesLG&E and KU Credit Rating Secured Unsecured Long-term Issuer Outlook S&P NR BBB+ A- Stable Moody’s NR Baa1 NR Stable Credit Rating Secured Unsecured Long-term Issuer Outlook S&P A NR A- Stable Moody’s A1 NR A3 Stable Credit Rating Secured Unsecured Long-term Issuer Outlook S&P A+ NR A Stable Credit Rating Secured Unsecured Long-term Issuer Outlook S&P NR NR A- Stable Moody’s NR NR Baa1 Stable Moody’s A1 NR A3 Stable PPL Corporation PPL Capital Funding Rhode Island Energy Credit Rating Secured Unsecured Long-term Issuer Outlook S&P A A- A- Stable Moody’s NR A3 A3 Stable
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Appendix Regulatory Overview 4th QUARTER 2025 INVESTOR UPDATE February 20, 2026
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36 KY 47% PA 38% RI 15% Constructive Regulatory Jurisdictions (1) Rhode Island rate base excludes acquisition-related adjustments for non-earning assets. (2) In 2018, Rhode Island established a multi-year framework for Rhode Island Energy based on a historical test year but with the ability to forecast certain O&M categories for future years. All other O&M is increased by inflation each year. Includes annual rate reconciliation mechanism that incorporates allowance for anticipated capital investments. Supportive of prudent investments in our electric and gas networks Rate Base by Segment (Year-end rate base, $ in billions) Key Regulatory Highlights ➢ Contemporaneous recovery for ~60% of capital plan • FERC formula rates for transmission in both PA and RI • 70% of RI planned distribution capital investments relate to infrastructure, safety, and reliability (projected to be ISR eligible) • DSIC mechanism in PA provides hedge against lower sales volumes, storms and inflation outside of rate cases • ECR mechanism in KY provides recovery of additional environmental investments, if needed for regulatory compliance (ELGs, CCRs, etc.) ➢ Future test years in all three jurisdictions for base rate cases • Multi-year rate plan applied in latest RI base rate case • History of rate case settlements in all three jurisdictions $29B 2025 Rate Base (1) (2)
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37 65%5% 30% 20% 34% 47% 20% 56% 24% FERC 25% Trackers 18% AFUDC 15% Base Rates 42% % of 2026 - 2029 Capex Plan $3.0B$11.6B Constructive Regulatory Mechanisms Reduce Lag Totals may not sum due to rounding. (1) Reflects AFUDC treatment for generation construction projects in Kentucky. 2026 – 2029 Capital Plan by Projected Earnings Recovery Mechanism KY PA RI Reduces the impact of regulatory lag on earnings for investments in between base rate cases AFUDC Tracker BaseFERC ~60% near real-time recovery (1) (1) Total PPL $8.4B 60% of PPL ’s capital investment plan is subject to reduced regulatory lag
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38 Legislative & Regulatory Overview Governor: Josh Shapiro (D) Term ends January 2027 Governor: Andy Beshear (D) Term ends December 2027 Governor: Dan McKee (D) Term ends January 2027 Pennsylvania Kentucky Rhode Island Commission Gubernatorial appointment & Senate confirmation Chairman: Gubernatorial appointment 5-year staggered terms Commission Gubernatorial appointment & Senate confirmation Chairman: Gubernatorial appointment 4-year staggered terms Commission Gubernatorial appointment & Senate confirmation Chairman: Gubernatorial appointment 6-year staggered terms Name Party Current Term Starts Current Term Ends Stephen DeFrank Chair D 06/2025 04/2030 Kimberly Barrow D 08/2023 04/2028 Kathryn Zerfuss D 10/2022 04/2026 John Coleman, Jr. R 10/2022 04/2027 Ralph Yanora R 09/2024 04/2029 Pennsylvania Commissioners Name Party Current Term Starts Current Term Ends Ronald Gerwatowski Chair D 06/2020 02/2026 Abigail Anthony D 06/2017 Karen Bradbury D 05/2025 03/2027 Rhode Island Commissioners (1) (1) Anthony’s original term expired March 1, 2023. However, Anthony is still serving in her role until a successor is appointed and qualified. Name Party Current Term Starts Current Term Ends Angie Hatton Chair D 08/2025 07/2029 Mary Regan R 06/2023 07/2027 Andrew Wood D 07/2025 07/2028 Kentucky Commissioners
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39 2025 Rate Base Year-End Rate Base ($B) $11.1 % of Total PPL Rate Base 38% Allowed ROE Electric Transmission 10.0% + adders Electric Distribution DSIC 10.05% Capital Structure (2025) Equity 56% Debt 44% Last Base Rate Case (rates effective date) 1/1/2016 Test Year Fully Projected Future Test Year Pennsylvania Regulatory Overview PPL Electric Utilities ✓ FERC Formula Transmission Rates ✓ Distribution System Improvement Charge (DSIC) ▪ An alternative ratemaking mechanism providing more-timely cost recovery of qualifying distribution system capital expenditures ✓ Pass through of energy purchases ✓ Smart Meter Rider ✓ Storm Cost Recovery ✓ Alternative Ratemaking ▪ In Pennsylvania, there are various mechanisms available including: decoupling mechanisms, performance-based rates, formula rates, and multi-year rate plans (3) (2) (4) Key Attributes Constructive Features Mitigating Regulatory Lag (6) (5) Totals may not sum due to rounding. (1) Reflects projected 2025 year-end rate base for Pennsylvania electric distribution (annual PUC filing occurs at end of March). (2) Adders include 50-basis points for RTO membership and incremental returns for certain projects. (3) Last Pennsylvania distribution base rate case was effective January 1, 2016, with an undisclosed ROE. (4) The equity return rate used in the DSIC calculation is calculated by the Commission in the most recent Quarterly Report on the Earnings of Jurisdictional Utilities. Effective October 23, 2025, the cost of equity is 10.05%. (5) Filed a rate case in September 2025, requesting new rates effective July 1, 2026. Docket: R-2025-3057164. (6) Smart Meters are fully deployed and the current rate case has a proposal to set this rider to zero and recover any remaining costs in base rates, thus eliminating this rider. (1)
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40 PPL Electric Utilities Rate Case Summary Investments to strengthen infrastructure and expand services for customers Note: Subject to PUC approval. Docket: R-2025-3057164. (1) Request reflects a proposed authorized return-on-equity of 11.3%. (2) Revised Procedural Schedule as of 11/5/25, per Pennsylvania Public Utilities Commission. Procedural ScheduleKey Dates ➢ Filing Date: September 30, 2025 ➢ Rates Effective: July 1, 2026 Revenue Requirement ➢ Proposed distribution base rate revenue increase of approximately $356 million (8.6% total annual revenue increase) ➢ More than $50 million of this request is already reflected in customer bills (thus a net increase of just over $300 million) (1) (2) Date Event 3/10/2026 Main Briefs 3/20/2026 Reply Briefs 06/2026 Final Order expected
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41 2025 Rate Base Year-End Rate Base ($B) $13.7 % of Total PPL Rate Base 47% Allowed ROE Base 9.775% ECR, PGR, & GLT Mechanisms 9.675% Capital Structure (2026) Equity 53% Debt 47% Last Base Rate Case (rates effective date) 1/1/2026 Test Year Forward Test Year Totals may not sum due to rounding. (1) Kentucky figures reflect capitalization in 2025 and rate base in 2026 through 2029 per recent rate case Order. (2) New rates are effective as of the February 16, 2026, final rate case Order; refunds based on new rates are due to customers based on interim rates that went into effect on January 1, 2026. (3) Retired Asset Recovery rider applies to the generating plants of LG&E and KU. In October 2024, LG&E made an initial filing under this rider (Docket: 2024-00317). Kentucky Regulatory Overview Louisville Gas & Electric and Kentucky Utilities ✓ Environmental Cost Recovery (ECR) Surcharge ▪ Provides near real-time recovery for approved environmental projects related to coal- fired generation ✓ Gas Line Tracker (GLT) ▪ Approved mechanism for LG&E’s recovery of certain costs associated with gas transmission lines, gas service lines, and leak mitigation ✓ Demand-Side Management (DSM) Cost Recovery ▪ Provides recovery of energy efficiency programs ✓ Retired Asset Recovery (RAR) Rider ▪ Provides recovery of and on remaining net book value of unit, obsolete inventory, and uncollected costs of removal over a 10-year period from retirement date ✓ Fuel Adjustment Clause (FAC) ▪ Pass through of costs of fuel and energy purchases ✓ Gas Supply Clause (GSC) ▪ Pass through of costs of natural gas supply ✓ Pilot Generation Recovery (PGR) Adjustment Clause ▪ Provides recovery of and return on investment of applicable costs of certain new generation and storage assets being built by LG&E and KU as authorized in approval by the KPSC in the 2022 CPCN proceeding Key Attributes Constructive Features Mitigating Regulatory Lag (3) (2) (1)
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42 2025 Rate Base Year-End Rate Base ($B) $4.3 % of Total PPL Rate Base 15% Allowed ROE Electric Transmission 10.57% + adders Electric Distribution 9.275% Gas Distribution 9.275% Capital Structure (2025) Equity 51% Debt 49% Last Base Rate Case (rates effective date) 9/1/2018 Test Year Multi-year Totals may not sum due to rounding. (1) Reflects base allowed ROE. Rhode Island Energy receives a 50-basis point RTO adder and additional project adder mechanisms that may increase the allowed ROE up to 11.74%. (2) Reflects base allowed ROE. Rhode Island Energy can earn higher returns than the base allowed ROE through incentive mechanisms and efficiencies that are supported by customer sharing mechanisms. Earnings sharing with customers of 50% when earned ROE is between 9.275% and 10.275% and increases to 75% sharing for customers when earned ROE exceeds 10.275%. (3) Rhode Island Energy filed a rate case in November 2025, requesting new rates effective September 1, 2026. Docket: 25-45-GE. (4) Based on regulatory framework established in 2018, which included a multi-year framework for Rhode Island Energy electric and gas base rates based on a historical test year with the ability to forecast certain O&M categories for future years. All other O&M expenses are increased by inflation each year. Includes annual rate reconciliation mechanism that incorporates allowance for anticipated capital investments. Rhode Island Regulatory Overview Rhode Island Energy ✓ FERC Formula Transmission Rates ✓ Multi-year rate plans for electric and gas distribution ✓ Infrastructure, Safety, and Reliability (ISR) tracker ▪ Annual recovery mechanism for certain capital and O&M costs for electric and gas distribution projects filed with the RIPUC ✓ Performance-based incentive revenues ▪ Includes electric system performance, energy efficiency, natural gas optimization, and renewables incentives ✓ Revenue decoupling ✓ Storm cost recovery ✓ Pension expense tracker ✓ Energy Efficiency tracker (4) (1) (2) (2) Key Attributes Constructive Features Mitigating Regulatory Lag (3)
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43 Rhode Island Energy Rate Case Summary Filed first rate case since 2017 to provide safe, reliable, and affordable services Note: Subject to PUC approval. Docket: 25-45-GE. (1) Request reflects a proposed authorized return-on-equity of 10.75%. (2) Revised Procedural Schedule as of 12/9/25, per Rhode Island Public Utilities Commission. Procedural ScheduleKey Dates ➢ Filing Date: November 26, 2025 ➢ Rates Effective: September 1, 2026 Revenue Requirement ➢ Requested $181M revenue requirement year one increase (total for electric and gas) ▪ Electric: ~$66M (18% revenue increase) ▪ Gas: ~$115M (36% revenue increase) ➢ Requested $49M revenue requirement year two increase (total for electric and gas) ▪ Electric: ~$18M (18% revenue increase) ▪ Gas: ~$32M (36% revenue increase) (1) (2) Date Event 04/03/2026 Division and Intervenor Direct Testimony 05/04/2026 Rhode Island Energy Rebuttal Testimony 05/22/2026 Surrebuttal Testimony or Settlement 05/28/2026 Prehearing Conference 06/01/2026 Evidentiary Hearings commence 06/02 - 06/12/2026 Evidentiary Hearings continue 07/08 - 07/09/2026 Hearings, if needed 07/14 - 07/15/2026 Hearings, if needed TBD Company’s Brief TBD Division/Intervenor Briefs TBD Open Meeting decision TBD Compliance Filing TBD Open Meeting decision 09/01/2026 Suspension period ends
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Appendix Reconciliations and Disclaimers 4th QUARTER 2025 INVESTOR UPDATE February 20, 2026
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45 Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations – Current Year (1) Reported Earnings represents Net Income. (2) PPL incurred legal expenses and received insurance reimbursement related to litigation associated with its former affiliate, Talen Montana, LLC and certain affiliated entities. (3) Rhode Island Regulated primarily includes a final transition services agreement settlement and certain other acquisition related items. Corporate and Other primarily includes integration and related costs associated with the acquisition of Rhode Island Energy (RIE). (4) Costs associated with PPL’s restructuring and rebuilding of its IT infrastructure, organization and systems. (5) Costs associated with a settlement agreement regarding energy efficiency programs prior to PPL's acquisition of RIE. (6) Certain costs and tax benefits related to the relocation of corporate offices. (7) Adjustments related to account reconciliations and process alignment subsequent to the end of the transition services agreement associated with the acquisition of RIE. (8) Certain collection process costs incurred due to the timing and implementation of the customer system integration. After-Tax (Unaudited) Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total Reported Earnings ( 1) 140$ 157$ 5$ (36)$ 266$ 674$ 639$ 85$ (217)$ 1,181$ Less: Special Items (expense) benefit: Talen litigation costs, net of tax of ($1) (2) - - - - - - - - 3 3 Acquisition integration, net of tax of $2, $4, $0, $15 (3) - - (4) (15) (19) - - 2 (56) (54) IT transformation, net of tax of $1, $1, $1, $1, $5, $1, $2, $9 (4) (5) (3) (3) (2) (13) (16) (4) (8) (33) (61) Energy efficiency programs settlement, net of tax of $2 (5) - - - - - - - (6) - (6) Office relocation and related costs, net of tax of $5, $1, $5 (6) - 5 - - 5 (3) 3 - - - Post TSA adjustments, net of tax of $1, $8 (7) - - (6) - (6) - - (30) - (30) Customer system integration impacts, net of tax of $2, $4 (8) - - (6) - (6) - - (15) - (15) Total Special Items (5) 2 (19) (17) (39) (19) (1) (57) (86) (163) Earnings from Ongoing Operations 145$ 155$ 24$ (19)$ 305$ 693$ 640$ 142$ (131)$ 1,344$ After-Tax (Unaudited) Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 (per share – diluted) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total Reported Earnings ( 1) 0.18$ 0.21$ 0.01$ (0.04)$ 0.36$ 0.91$ 0.86$ 0.11$ (0.29)$ 1.59$ Less: Special Items (expense) benefit: Acquisition integration (3) - - - (0.02) (0.02) - - - (0.08) (0.08) IT transformation (4) (0.01) - - - (0.01) (0.02) - (0.01) (0.04) (0.07) Energy efficiency programs settlement (5) - - - - - - - (0.01) - (0.01) Post TSA adjustments (7) - - (0.01) - (0.01) - - (0.04) - (0.04) Customer system integration impacts (8) - - (0.01) - (0.01) - - (0.02) - (0.02) Total Special Items (0.01) - (0.02) (0.02) (0.05) (0.02) - (0.08) (0.12) (0.22) Earnings from Ongoing Operations 0.19$ 0.21$ 0.03$ (0.02)$ 0.41$ 0.93$ 0.86$ 0.19$ (0.17)$ 1.81$
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46 After-Tax (Unaudited) Three Months Ended December 31, 2024 Twelve Months Ended December 31, 2024 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total Reported Earnings (1) 127$ 133$ 19$ (102)$ 177$ 620$ 574$ 109$ (415)$ 888$ Less: Special Items (expense) benefit: Talen litigation costs, net of tax of $1 (2) - - - - - - - - (2) (2) Strategic corporate initiatives, net of tax of $0, $1, $0, $2, $2 (3) - (1) - (2) (3) (1) (5) - (5) (11) Acquisition integration, net of tax of $0, $11, $13, $66 (4) - - 2 (44) (42) - - (46) (250) (296) PPL Electric billing issue, net of tax of $5 (5) - - - - - - (13) - - (13) FERC transmission credit refund, net of tax of $0 (6) - - - - - 1 - - - 1 ECR beneficial reuse transition adjustment, net of tax of $2 (7) - - - - - (4) - - - (4) DER projects impairment, net of tax of $6, $6 (8) - (15) - - (15) - (15) - - (15) IT transformation, net of tax of $5, $5 (9) - - - (19) (19) - - - (22) (22) Total Special Items - (16) 2 (65) (79) (4) (33) (46) (279) (362) Earnings from Ongoing Operations 127$ 149$ 17$ (37)$ 256$ 624$ 607$ 155$ (136)$ 1,250$ After-Tax (Unaudited) Three Months Ended December 31, 2024 Twelve Months Ended December 31, 2024 (per share – diluted) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total Reported Earnings (1) 0.17$ 0.18$ 0.02$ (0.13)$ 0.24$ 0.83$ 0.78$ 0.15$ (0.56)$ 1.20$ Less: Special Items (expense) benefit: Strategic corporate initiatives (3) - - - - - - - - (0.01) (0.01) Acquisition integration (4) - - - (0.05) (0.05) - - (0.06) (0.34) (0.40) PPL Electric billing issue (5) - - - - - - (0.02) - - (0.02) ECR beneficial reuse transition adjustment (7) - - - - - (0.01) - - - (0.01) DER projects impairment (8) - (0.02) - - (0.02) - (0.02) - - (0.02) IT transformation (9) - - - (0.03) (0.03) - - - (0.03) (0.03) Total Special Items - (0.02) - (0.08) (0.10) (0.01) (0.04) (0.06) (0.38) (0.49) Earnings from Ongoing Operations 0.17$ 0.20$ 0.02$ (0.05)$ 0.34$ 0.84$ 0.82$ 0.21$ (0.18)$ 1.69$ Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations – Prior Year (6) Prior period impact related to a FERC refund order. (7) Prior period impact for an Environmental Cost Recovery mechanism revenue adjustment related to a Kentucky Public Service Commission order. (8) Impairment of distributed energy resources project costs associated with a pilot solar program for which PPL will not seek regulatory recovery. (9) Costs associated with PPL’s restructuring and rebuilding of its IT infrastructure, organization and systems. (1) Reported Earnings represents Net Income. (2) PPL incurred legal expenses related to litigation associated with its former affiliate. (3) Represents costs primarily related to PPL's centralization and other strategic efforts. (4) Primarily integration and related costs associated with the acquisition of Rhode Island Energy. (5) Certain expenses related to billing issues.
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47 Forward-Looking Information Statement Statements contained in this presentation, including statements with respect to future earnings, cash flows, dividends, financing, regulation and corporate strategy, are “forward-looking statements” within the meaning of the federal securities laws. Although PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: weather conditions affecting customer energy usage and operating costs; strategic acquisitions, dispositions, joint ventures or similar transactions and our ability to consummate these business transactions, integrate the acquired entities or realize expected benefits from them; pandemic health events or other catastrophic events, including severe weather, and their effect on financial markets, economic conditions, supply chains and our businesses; the outcome of rate cases or other cost recovery or revenue proceedings; the direct and indirect effects on PPL or its subsidiaries, or their business systems, of cyber-based intrusion or threat of cyberattacks; development, adoption and the use of artificial intelligence by us or third-party vendors; capital market and economic conditions, including interest rates, inflation and the effects of existing tariffs or subsequent changes to tariffs; decisions regarding capital structure; market demand for energy in our service territories; the effect of any business or industry restructuring; the profitability and liquidity of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operating performance of our facilities; the length of scheduled and unscheduled outages at our generating plants; environmental conditions and requirements, and the related costs of compliance; system conditions and operating costs; development of new projects, markets and technologies; performance of new ventures; receipt of necessary government permits and approvals; the impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation involving PPL Corporation and its subsidiaries; risks related to wildfires, including costs of potential regulatory penalties and other liabilities, and damages in excess of insurance liability coverage; stock price performance; the market prices of debt and equity securities and the impact on pension income and resultant cash funding requirements for defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries; changes in political, regulatory or economic conditions in states, regions or countries where PPL Corporation or its subsidiaries conduct business, including any potential effects of threatened or actual cyberattack, terrorism, or war or other hostilities; new state, federal or applicable foreign legislation or regulatory developments, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such forward-looking statements should be considered in light of such important factors and in conjunction with factors and other matters discussed in PPL Corporation's Form 10-K and other reports on file with the Securities and Exchange Commission.
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48 Definitions of Non-GAAP Financial Measures Management utilizes "Earnings from Ongoing Operations" or “Ongoing Earnings” as a non-GAAP financial measure that should not be considered as an alternative to net income, an indicator of operating performance determined in accordance with GAAP. PPL believes that Earnings from Ongoing Operations is useful and meaningful to investors because it provides management's view of PPL's earnings performance as another criterion in making investment decisions. In addition, PPL's management uses Earnings from Ongoing Operations in measuring achievement of certain corporate performance goals, including targets for certain executive incentive compensation. Other companies may use different measures to present financial performance. Earnings from Ongoing Operations is adjusted for the impact of special items. Special items are presented in the financial tables on an after-tax basis with the related income taxes on special items separately disclosed. Income taxes on special items, when applicable, are calculated based on the statutory tax rate of the entity where the activity is recorded. Special items may include items such as: • Gains and losses on sales of assets not in the ordinary course of business. • Impairment charges. • Significant workforce reduction and other restructuring effects. • Acquisition and divestiture-related adjustments. • Other charges or credits that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations.