Slides
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PPL CORPORATION 2nd Quarter 2026 Investor Update August 7 , 2026 ppl
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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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Business Update VINCE SORGI President & Chief Executive Officer PPL CORPORATION 2nd Quarter 2026 Investor Update August 7, 2026
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44 2nd Quarter Financial Highlights Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. Blackstone refers to Blackstone Infrastructure. (1) Dividends subject to Board of Directors approval. Delivered solid Q2 results; remain confident in our long-term outlook ➢ Reported Q2 2026 GAAP results of $0.30 per share and ongoing earnings of $0.33 per share ➢ Reaffirmed 2026 ongoing EPS forecast range of $1.90 - $1.98 per share with a midpoint of $1.94 per share • Continue to expect stronger earnings growth in the 2nd half of 2026, supported by improved rate recovery and capital tracking mechanisms that enable timely recovery of investments ➢ On track to complete ~$5.1 billion of capital investments in 2026 to support the delivery of safe, reliable, and affordable energy service • Continue to project $23B of capital investment needs through 2029, supporting average annual rate base growth of 10.3% ➢ Reaffirmed long-term financial targets • 6% - 8% annual EPS growth through at least 2029; expect EPS CAGR from 2025 through 2029 to be near top end of targeted range, with stronger growth beginning in 2027 and continuing through 2029 • 4% - 6% annual dividend growth through at least 2029 (1) • 16% - 18% FFO/CFO to debt throughout plan ➢ Targets exclude any contribution from the GenCo joint venture with Blackstone (“Invitium Energy”)
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5 Regulatory Update Continue excellent progress in achieving constructive base rate case outcomes ➢ PPL Electric Utilities constructive rate case settlement became effective July 1st (2) • Approved increase of $275M reflects <4% increase for all rate classes; delivery rates remain nearly 20% below state average (3) • Settlement includes a two-year stay-out provision; target staying out beyond two years through use of DSIC and cost discipline ➢ LG&E and KU rate case reconsideration decision expected by August 14th (4) ➢ Rhode Island Energy rate case and Hold Harmless Bill Credit proceedings remain on track with new base rates expected to be effective September 1st (5) (1) Rate base figures as of year end 2025 and represent percentage rate base subject to state jurisdiction. FERC-regulated electric transmission makes up most of the balance of PPL’s rate base (~25%). (2) PPL Electric rate case docket: R-2025-3057164. (3) Comparison reflects PPL’s recently approved rates effective July 1, 2026, when compared to PA delivery rates as of January 1, 2026. Data sourced from EEI and reflects an assumed 1,000 kWh bill. (4) Rate case No. 2025-00113 (KU) and Case No. 2025-00114 (LG&E). The February 16, 2026, KPSC Order remains in effect while reconsideration request is under consideration. (5) Rhode Island Energy rate case docket: 25-45-GE. 20262025 Base rate case filed Reconsideration request Final Commission Order Settlement agreement Expected decision New base rates effective CF RR ED SA FO NR May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept KY 46% of rate base (1) PA (Distribution) 17% of rate base (1) RI (Distribution) 11% of rate base (1) CF NR FO RR ED CF SA FO NR CF NR ED SA
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6 Momentum Continues in PA Data Center Development Data center interest remains strong at PPL Electric Utilities 66 Growth in PA Data Centers in Advanced Stages (1) PPL Electric Utilities Signed Data Center Agreements (in GW) ➢ Signed data center agreements increased for the 10th consecutive quarter to 31.8GW (1) ➢ Conversion to signed ESAs increased to over 11GW ➢ Over 6.5GW now under construction (up from 5GW in Q1) ➢ Two new data centers began taking utility service in Q2 2026, which will ultimately ramp to ~2GW by 2031 ➢ Provides increased demand for new generation investment to potentially be served by the Invitium Energy joint venture +12% Note: Please see Slide 26 for a further breakdown of the pipeline. (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 CIAC 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. 10.0 11.1 1 . 20. 2 . 1. 1 2026 2 2026 igned E A igned L A
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7 ➢ Ratepayer Protection Pledges continue to drive significant momentum for Bring Your Own New Generation (BYONG) solutions with both hyperscalers and third-party data center developers ➢ Secured an inventory of viable sites capable of supporting 8–14GW of new generation with continued site development underway ➢ ver 5GW of generation projects have been accepted in PJM’s interconnection queue ➢ Executed over 5GW of reservation agreements for combined-cycle gas turbines (CCGT), which support about $12.5B to $15.0B of potential future project investment through 2032, with PPL holding a 51% ownership stake (1) ➢ We will not begin construction or make material financial commitments until we have signed Energy Supply Services Agreements (ESSA) with appropriate risk profiles or cost reimbursement agreements in place ➢ Based on progress to date, we expect to have one or more commercial agreements by year-end Advancing GenCo Joint Venture: Invitium Energy Note: Invitium Energy is PPL’s joint venture with Blackstone Infrastructure. (1) Assumes market consensus project cost of about $2,500/kw - $3,000/kw for 5GW of CCGTs. Milestones continue to build conviction in JV-owned generation While JV earnings contributions are not expected to be material through 2030, battery storage and other shorter -lead-time technologies could begin contributing earnings in 2029-2030 and support EPS growth above the upper end of PPL’s 6%-8% long-term target range; More meaningful earnings and cash flow contributions are expected as CCGTs come online, which could be as early as 2031-2032
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8 LG&E and KU’s Development Pipeline Electric Peak (in GW) KY Economic Development Update (1) The incremental investment primarily reflects the pumped storage and CCGT generation, as the batteries are already reflected in current capital plan. Incremental investment need net of ITC estimated at $2.5B - $3.0B. This estimate excludes potential solar generation investments that may also be needed to support a balanced energy portfolio. Growing customer demand enhances visibility into future generation needs 88 Load growth trends continue to support additional long-term investment opportunities beyond the current business plan ➢ Economic development pipeline has expanded by ~6% to 13.7GW of potential load growth through 2032 • Data center-related opportunities represents 11.6GW • Non-data center pipeline stands at 2.1GW ➢ Conversion of pipeline to reimbursement agreements has increased to 1.3GW (up from 0.9GW in Q1) ➢ Expected new load projected at 3.7GW by 2032 – more than double the 1.8GW load forecast in our 2025 CPCN • Continued expansion of economic development projects drives the need for additional generation investments beyond the ~1.3GW approved in the 2025 CPCN ➢ Higher demand makes it more likely a CPCN for additional generation resources will be filed by year-end • Resource mix could include 266MW Lewis Ridge pumped storage project, 400MW of batteries deferred in the 2025 CPCN and additional CCGT generation; reflects potential incremental $3.5B - $4.0B of investment need between 2027 and 2032 (1) +6% 0. 1. 12.0 12. 12. 1 . 1 2026 2 2026 igned reimbursement agreements Active service requests
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9 Large-load Tariffs Support Responsible Growth (1) EHLF: Extremely High Load Factor. Enabling data center development with strong customer protections Key Terms PPL Electric LP-6 Large Load Tariff (Pennsylvania) LG&E and KU EHLF Large Load Tariff (Kentucky) (1) Load requirement 50MW at a single site or 75MW in aggregate 50 MVA and 85% expected average load factor Minimum term length 10 years 15 years Minimum monthly demand billing Greater of actual demand or ~80% of the contracted capacity; 50% in years 6-10 80% of contract capacity or highest measured load from preceding 11 months Posting of collateral Security equal to the cost of network upgrades placed into the transmission rate base (Rate Base Security Obligation) Cash or a letter of credit equal to 12-24 months of the minimum billed amounts at the peak contract capacity value Termination fees Greater of the remaining minimum load guarantee obligation or the remaining Rate Base Security Obligation Nominal value of the remaining minimum non-fuel revenue over the remaining contract term ➢ Large-load tariffs in place in both Pennsylvania and Kentucky that align with recently signed Ratepayer Protection Pledge – protecting our existing customers ➢ Additional safeguards/benefits for PPL Electric’s existing Pennsylvania customers • Beginning in 2027, customers within new large load rate class (LP-6) will provide $11 million annually in low-income program assistance through a non-bypassable charge that was previously funded by existing residential customers • Reduction in monthly transmission component of the bill estimated at ~$25/month at full projected load ramp; helping to offset the more than $20/month supply increases average residential customers are currently experiencing from higher PJM capacity prices Large-load tariffs protect customers from unfair cost shifts, even if projects are terminated pre -COD
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PPL CORPORATION 2nd Quarter 2026 Investor Update August 7, 2026 Financial Update JOE BERGSTEIN Executive Vice President & Chief Financial Officer
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11 Financial Overview Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. Overview of 2nd Quarter Financial Results (Earnings per share) ➢ Q2 2026 GAAP earnings of $0.30 per share • Special items of ($0.03) per share, primarily IT transformation costs and system integration impacts ➢ Q2 2026 ongoing earnings of $0.33 per share, up $0.01 per share vs. prior year; in line with plan expectations ➢ Confident in achieving at least the midpoint of our 2026 ongoing EPS forecast • Expect stronger earnings growth in the second half of the year, supported by base rate case outcomes and timely recovery of capital investments via tracking mechanisms ➢ Executed $2.3B of 2026 capital plan through Q2 – nearly 30% more than the first six months of 2025 • Major generation projects under construction in Kentucky remain on time and on budget ➢ Completed remaining planned financing for 2026 in Q2 with two utility bond issuances in May • PPL Electric Utilities: $500M First Mortgage Bonds at 5.75% due 2056 • Rhode Island Energy: $400M Senior Unsecured Notes at 6.00% due 2056 Q2 2026 Q2 2025 YTD 2026 YTD 2025 Reported EPS (GAAP) $0.30 $0.25 $0.90 $0.80 Less: Special Items ($0.03) ($0.07) ($0.06) ($0.12) Ongoing EPS $0.33 $0.32 $0.96 $0.92 KY Regulated $0.18 $0.18 $0.51 $0.48 PA Regulated $0.18 $0.19 $0.43 $0.44 RI Regulated $0.03 $0.01 $0.12 $0.11 Corp. and Other ($0.06) ($0.06) ($0.10) ($0.11)
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12 Review of 2nd Quarter Financial Results Ongoing Earnings Walk: Q2 2026 vs. Q2 2025 (Earnings per share) Transmission Revenue +$0.01 Depreciation ($0.02) Interest Expense ($0.01) Other (1) +$0.01 Rate Recovery +$0.05 Sales Volumes (Primarily Weather) ($0.01) Operating Costs ($0.01) Depreciation ($0.01) Interest Expense ($0.01) Other (1) ($0.01) Segment KY Regulated PA Regulated RI Regulated Corporate & Other Total PPL Q2 2026 Ongoing EPS $0.18 $0.18 $0.03 ($0.06) $0.33 Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. (1) Reflects factors that were not individually significant. (2) Reflects total impact from the RI Regulated ISR distribution rider and FERC formula transmission rate. Interest Expense ($0.01) Other (1) +$0.01 Rider Revenue (2) +$0.01 Operating Costs +$0.01 Depreciation ($0.01) Other (1) +$0.01 n oin EP K e lated P e lated e lated o po ate & t e n oin EP
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PPL CORPORATION 2nd Quarter 2026 Investor Update August 7, 2026 Closing Remarks VINCE SORGI President & Chief Executive Officer
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14 ➢ Delivered solid Q2 results and reaffirmed our 2026 forecast and long-term outlook ➢ Advanced constructive regulatory outcomes supporting investment and customer affordability ➢ Expanded visibility into large-load demand across our Pennsylvania and Kentucky service territories supported by newly approved tariffs that protect existing customers ➢ Advanced Invitium Energy toward commercial execution, increasing confidence in incremental growth opportunities, with one or more agreements expected by year-end ➢ Kentucky generation and the Invitium Energy joint venture upsides represent between $10B to$12B of potential incremental capital investment through 2032, strengthening long-term growth prospects beyond our current plan period (1) Key Takeaways Executing on 2026 commitments while expanding long-term growth prospects (1) Incremental upside reflects prospective capital investments identified for PPL’s 51% ownership in the Invitium Energy GenCo joint venture based on PPL’s current turbine reservations plus the potential incremental generation capital investments that may be needed to support economic development in PPL’s Kentucky service territories based on a resource mix including the Lewis Ridge pumped storage project and additional CCGT generation.
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Appendix Investment Highlights PPL CORPORATION 2nd Quarter 2026 Investor Update
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16 PPL Investment Thesis (1) Total return reflects PPL’s targeted EP growth rate plus dividend yield based on targeted annualized dividend and PPL’s closing share price as of August 6, 2026. (2) Represents the average difference between the average residential bill at each PPL utility and the average residential bill in each utility’s respective region. Average residential bill for each utility reflects only the portion of the bill the utility controls: Transmission and Distribution services at PPL Electric Utilities and Rhode Island Energy, and the fully integrated rate at LG&E and KU. Data sourced from EEI as of January 1, 2026, and reflects an assumed 1,000 kWh bill. (3) Refers to PPL’s projected earnings per share from 2025 to 202 . (4) Dividends subject to Board of Directors approval. Top-tier total return proposition of 10% - 12%, plus meaningful upside ommitted to investin in and delive in safe, eliable and affo dable ene y fo o c stome s… 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 20.6% 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 Invitium Energy joint venture (3) (2) (4)
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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. 0 - $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 202 forecast range of $1.50 - $1.65 per share. (3) Represents the midpoint of PPL’s 202 original forecast range of $1.6 - $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. 5 - $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 Projecting 6% - 8% Annual EPS Growth Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. Projected EPS growth rate excludes potential contributions from Invitium Energy joint venture. (1) Represents the midpoint of PPL’s 2026 ongoing earnings forecast range of $1. 0 - $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 (“Invitium Energy”) 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 2026 – 2029 Capital Investment Plan Note: Totals may not sum due to rounding. Capital investment plan excludes potential contributions from Invitium Energy joint venture. $23B capex plan to enable the delivery of safe, reliable, and affordable energy ($ in billions) Notable Plan Details: ➢ Electric distribution underpinned by reliability investments such as system hardening projects ➢ Electric transmission includes work to automate and harden the grid ➢ Electric generation non-coal fired includes ~2,000MW of natural gas, ~240MW of solar, and over 500MW of battery storage ➢ Gas operations includes a focus on leak- prone pipe in Rhode Island $23B Capex Plan Electric Distribution Electric Transmission Electric Generation Non-Coal Fired Electric Generation Coal Fired Gas Operations Other $ .2 $ .0 $ .1 $1.6 $1.6 $0.5
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20 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 Critical Investments Driving Substantial Growth 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. Projected annual rate base growth (2025 – 2029) (Year-end rate base, $ in billions) (1)(2) ➢ 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 Electric Distribution Electric Transmission Electric Generation Non-Coal Fired Electric Generation Coal Fired Gas Operations
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21 $11 $9 $3 Cash from Ops Debt Equity ($ in billions) Credit and Financing Plan Note: Capital investment plan excludes potential contributions from Invitium Energy joint venture. (1) Reflects approximately $1B of forward transactions executed in 2025 (but have not yet settled) and $1.15B from the February 2026 equity units offering. Settlement of the forward transactions is projected for December 2026 ($0.5B) and August 2027 ($0.5B), while the equity units purchase contract settles in February 2029. (2) Cash from operations less common dividends. (3) Equity may include equity-like financing structures subject to market conditions. 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 ➢ Already executed ~$2B of ~$3B total estimated equity needs to support 2026 – 2029 capex plan • Executed ~$1B under ATM in 2025 utilizing forward sales contracts and ~$1B of equity units in February 2026 (1) • Base financing strategy is to use ATM program and remain opportunistic with other equity-like financing structures to the extent they provide an efficient cost of capital ~$2B of equity needs already executed (2) (3) $23B Capex Plan (1)
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22 ➢ Quarterly dividend increase of 4.6% in 2026 ➢ Annualized dividend of $1.14 per share (2) ➢ Annual dividend growth guidance of 4% - 6% through 2029 (2) ➢ Dividend payout ratio expected within 50% - 60% range through plan period ➢ Continues to support top-tier annual total return proposition of 10% - 12% (3) Delivering Consecutive Quarterly Dividends (1) Based on February 20, 2026, dividend declaration by Board of Directors. (2) Dividends subject to Board of Directors approval. (3) Total return reflects PPL’s targeted EP growth rate plus dividend yield based on targeted annualized dividend and PPL’s closing share price as of August 6, 2026. PPL has consistently paid dividends to shareowners for 80 years (Dividends per share) 4.6% Growth (1) $0.2 25 $0.2 5 January 2, 2026 ividend April 1, 2026 ividend
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Appendix Supplemental Information PPL CORPORATION 2nd Quarter 2026 Investor Update
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24 Review of YTD Financial Results Through June 30th Ongoing Earnings Walk: YTD 2026 vs. YTD 2025 (Earnings per share) Transmission Revenue +$0.04 Sales Volumes (Primarily Weather) +$0.01 Operating Costs ($0.02) Depreciation ($0.03) Interest Expense ($0.02) Other (1) +$0.01 Rate Recovery +$0.12 Sales Volumes (Primarily Weather) ($0.02) Operating Costs ($0.02) Depreciation ($0.02) Interest Expense ($0.02) Dilution ($0.01) Segment KY Regulated PA Regulated RI Regulated Corporate & Other Total PPL YTD 2026 Ongoing EPS $0.51 $0.43 $0.12 ($0.10) $0.96 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 total impact from the RI Regulated ISR distribution rider and FERC formula transmission rate. Rider Revenue (2) +$0.01 Operating Costs +$0.02 Depreciation ($0.01) Interest Expense ($0.01) Interest Expense ($0.02) Interest Income +$0.01 Income Taxes +$0.01 Other (1) +$0.01 D n oin EP K e lated P e lated e lated o po ate & t e D n oin EP
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25 (GWh) Actual Electricity Sales Volumes Annual EPS Sensitivity Pennsylvania Three Months Ended June 30 Trailing Twelve Months Ended June 30 Three Months Ended June 30 Per 1% Change In Total Load 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Residential 2,915 2,964 (1.7%) 14,694 14,631 0.4% 2,912 2,966 (1.8%) Commercial 3,451 3,353 2.9% 14,176 13,897 2.0% 3,452 3,344 3.2% Industrial 2,003 2,101 (4.7%) 8,108 8,420 (3.7%) 2,003 2,101 (4.7%) Other 14 14 NM* 73 74 NM* 15 15 NM* Total 8,383 8,432 (0.6%) 37,051 37,022 0.1% 8,382 8,426 (0.5%) Kentucky Three Months Ended June 30 Trailing Twelve Months Ended June 30 Three Months Ended June 30 Per 1% Change In Total Load 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Residential 2,316 2,276 1.8% 10,658 10,587 0.7% 2,273 2,307 (1.5%) Commercial 1,934 1,917 0.9% 7,818 7,842 (0.3%) 1,927 1,919 0.4% Industrial 2,108 2,139 (1.5%) 8,397 8,435 (0.4%) 2,108 2,139 (1.5%) Other 653 679 NM* 2,633 2,689 NM* 651 678 NM* Total 7,012 7,011 0.0% 29,505 29,553 (0.2%) 6,958 7,043 (1.2%) Weather-Normalized Electricity Sales Volumes +/- $0.005 - $0.01 +/- $0.01 - $0.02 Electricity Sales Volumes *NM: Not Meaningful Note: Totals may not sum due to rounding. (1) Excludes Rhode Island Energy’s sales volumes as its revenue is decoupled. (2) Pennsylvania industrial sales for the three months ended June 30, 2025, reflect estimated volumes for customers that were not billed during the period. (3) Changes in C&I load may have a smaller impact on EPS than changes in Residential load. The EPS impact of C&I load changes is dependent on the tariff rate under which the load is served. (4) Includes the reclassification of a large customer from industrial to commercial that occurred during Q3 2024. Quarterly and trailing twelve-month retail sales comparison by segment (1) (4) (4) (3) (2)
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26 ➢ Data centers in advanced stages increased to 31.8GW (up from 28.3GW last quarter) (1) ➢ Over 11GW under Electric Service Agreements (ESAs) with over 6.5GW under construction PA Data Center Requests in Advanced Stages Note: Totals may not sum due to rounding. (1) The data centers in advanced stages represent projects that have signed agreements with developers and costs being incurred are reimbursable by the developers if they do not move forward with the projects. Signed agreements include customer protections like pre-payments to cover customer CIAC costs prior to work being performed, credit support to cover all project upgrade costs that are socialized, minimum load demand that obligates the data center customers to cover their peak demand on the system. Pennsylvania is uniquely positioned to lead data center expansion in U.S. 2626 Requested Load In-Service Dates (in GW) . .1 . 10. 11.1 11.1 11.12. .5 12. 1 .2 1 . 20.6 20. 0. 1. 6. 1 .6 22.2 2 . 0. 1.6 1. PA igned E A PA igned L A
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27 Note: Totals may not sum due to rounding. Capital investment plan excludes potential contributions from Invitium Energy joint venture. Capital Expenditure Plan ($ in millions) 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 $11,6251,175 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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28 Note: 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) Rhode Island rate base excludes acquisition-related adjustments for non-earning assets. Projected Rate Base (Year-End) 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 Kentucky Rhode Island Pennsylvania (2) (Year-end rate base, $ in billions) (1)
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29 Note: As of June 30, 2026. Totals may not sum due to rounding. (1) Amounts reflect final maturity dates of the Remarketable Senior Notes related to the February 26, 2026, PPL Corporation Equity Units issuance. (2) Amounts reflect the timing of any put option on municipal bonds that may be put by the holders before the bonds' final maturities. (3) Does not reflect unamortized debt issuance costs and unamortized premiums (discounts) totaling ($213 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 (1) $0 $0 $1,000 $0 $1,581 $2,865 $5,446 PPL Electric Utilities $0 $108 $0 $116 $0 $6,075 $6,299 Louisville Gas & Electric (2) $90 $260 $0 $0 $0 $2,539 $2,889 Kentucky Utilities (2) $146 $60 $0 $0 $0 $3,315 $3,521 Rhode Island Energy $0 $0 $350 $0 $600 $1,450 $2,400 Total Debt Maturities (3)(4) $236 $428 $1,350 $116 $2,181 $16,244 $20,555
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30 Note: As of June 30, 2026. 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 $1.1 billion sublimit for PPL Capital Funding. At June 30, 2026, PPL Capital Funding and RIE had no commercial paper outstanding. Liquidity Profile ($ in millions) Entity Facility Expiration Date Capacity Borrowed LCs & CP Issued Unused Capacity PPL Capital Funding Syndicated Credit Facility Dec-2030 $1,500 $0 $0 $1,500 Bilateral Credit Facility Feb-2027 $100 $0 $0 $100 Uncommitted Credit Facility Feb-2027 $100 $0 $44 $56 Subtotal $1,700 $0 $44 $1,656 PPL Electric Utilities Syndicated Credit Facility Dec-2030 $750 $0 $6 $744 Louisville Gas & Electric Syndicated Credit Facility Dec-2030 $600 $0 $0 $600 Kentucky Utilities Syndicated Credit Facility Dec-2030 $600 $0 $65 $535 Total PPL Credit Facilities $3,650 $0 $115 $3,535 (1)(2) (3)
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31 Note: As of June 30, 2026. 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 Negative 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 Negative 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 Negative
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Appendix Regulatory Overview PPL CORPORATION 2nd Quarter 2026 Investor Update
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33 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 (1) (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 (2) • Multi-year rate plan applied in latest RI base rate case • History of rate case settlements in all three jurisdictions $29B 2025 Rate Base
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34 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 Note: 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 (1) 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) Total PPL $8.4B 60% of PPL ’s capital investment plan is subject to reduced regulatory lag
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35 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 (4) (1) Commissioner Zerfuss can serve until September 30, unless she is reappointed by the Senate or a new person is nominated by the Governor and confirmed by the Senate, at which time she would have to vacate the position. (2) Commissioner Mayfield’s appointment is subject to confirmation by the Kentucky enate during the 202 ession of the Kentucky General Assembly. (3) Commissioner Gerwatowski continues to serve beyond his expired term on holdover status, as permitted by state law, until successors are appointed and confirmed by the State Senate. (4) Commissioner Anthony’s original term expired March 1, 202 . However, Anthony is still serving in her role until a successor is appointed and qualified. The Governor of Rhode Island has nominated a replacement who must be approved by the State Senate. (1) (3) Name Party Current Term Starts Current Term Ends Angie Hatton Chair D 08/2025 07/2029 Barry Mayfield N/A 05/2026 07/2028 Mary Regan D 06/2023 07/2027 Andrew Wood D 07/2025 07/2028 Kentucky Commissioners (2)
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36 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 (2) (1) (3) Key Attributes Constructive Features Mitigating Regulatory Lag (4) (1) Adders include 50-basis points for RTO membership and incremental returns for certain projects. (2) Last Pennsylvania distribution base rate case was effective July 1, 2026, with an undisclosed ROE. (3) 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 June 18, 2026, the cost of equity is 10.05%. (4) PPL Electric filed a rate case in September 2025, requesting new rates effective July 1, 2026. On March 5, 2026, PPL Electric reached a settlement with the majority of intervenors to its rate request. The settlement was approved by the PAPUC on June 4, 2026. Docket: R-2025-3057164. (5) Smart Meters are fully deployed, and the Company received approval in its 2025 Rate Case to set this rider to zero, recover any remaining costs in base rates, and eliminate the rider. 2025 Rate Base Year-End Rate Base ($B) $11.1 % of Total PPL Rate Base 38% Allowed ROE Electric Transmission 10.0% + adders Electric Distribution DSIC 10.05% Capital Structure (2025) Equity 56% Debt 44% Last Base Rate Case (rates effective date) 7/1/2026 Test Year Fully Projected Future Test Year (5)
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37 2025 Rate Base Year-End Rate Base ($B) $13.7 % of Total PPL Rate Base 47% Allowed ROE Base 9.775% ECR, PGR, RAR, & 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 (1) Figures reflect capitalization in 2025 and rate base in 2026 through 2029 per recent rate case Order. (2) 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. (3) The Generation Cost Recovery Mechanism includes projects previously approved by the KP C 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 an extension of the operating life of Mill Creek Unit 2 beyond its original 2027 retirement date. 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 Key Attributes Constructive Features Mitigating Regulatory Lag (2) (1) (3)
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38 2025 Rate Base Year-End Rate Base ($B) $4.3 % of Total PPL Rate Base 15% Allowed ROE Electric Transmission 9.57% + 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 (1) Reflects base allowed ROE per FERC Opinion No. 594 issued on March 19, 2026, which ordered New England transmission owners to set a base ROE at 9.57%, with a total or maximum ROE including incentives not to exceed 12.09%. Rhode Island Energy receives a 50-basis point RTO adder and additional project adder mechanisms. On April 30, 2026, RIE and the other NETOs filed a Section 205 docket requesting a new base ROE of 11.39% going forward. On June 29, 2026, FERC accepted and suspended the filing for the maximum five months, setting a refundable effective date of November 30, 2026, subject to the outcome of paper hearing procedures. Docket No. ER26-2389. (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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39 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 ROE of 10.75%. (2) Second Revised Procedural Schedule as of June 18, 2026, per Rhode Island Public Utilities Commission. Procedural Schedule (2) Key Dates ➢ Filing Date: November 26, 2025 ➢ Rates Effective: September 1, 2026 Revenue Requirement (1) ➢ 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 (4% revenue increase) ▪ Gas: ~$32M (7% revenue increase) Date Event 07/30/26 RIE, Division, and intervenor initial post-hearing briefs due 08/06/26 Reply briefs due 08/12/2026 - 08/20/2026 RIPUC Open Meetings 09/01/2026 Suspension period ends
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Appendix Reconciliation and Disclaimers PPL CORPORATION 2nd Quarter 2026 Investor Update
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41 Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations - Current Year (1) Reported Earnings represents Net Income. (2) Costs associated with PPL's restructuring and rebuilding of its IT infrastructure, organization and systems. Kentucky Regulated received regulatory asset treatment for 2025 costs. (3) Certain collection process costs incurred due to the timing and implementation of the customer system integration. (4) Prior period impact of an ISO New England transmission rates return on equity reduction. (5) Prior period impact of a meter data system integration post transition services agreement. (6) Costs associated with an enterprise-wide safety transformation program. After-Tax (Unaudited) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total Reported Earnings ( 1) 131$ 132$ 10$ (43)$ 230$ 401$ 316$ 46$ (81)$ 682$ Less: Special Items (expense) benefit: IT transformation, net of tax of $0, $1, $1, $1, ($5), $2, $1, $2 (2) (1) (3) (2) (3) (9) 15 (5) (4) (6) - Customer system integration impacts, net of tax of $2, $3 (3) - - (6) - (6) - - (13) - (13) ISO-NE transmission rates ROE reduction, net of tax of $0, $5 (4) - - (1) - (1) - - (20) - (20) Meter system integration impacts, net of tax of $2 (5) - - - - - - - (9) - (9) Safety transformation, net of tax of $0, $0 (6) (1) - - - (1) (1) - - - (1) Total Special Items (2) (3) (9) (3) (17) 14 (5) (46) (6) (43) Earnings from Ongoing Operations 133$ 135$ 19$ (40)$ 247$ 387$ 321$ 92$ (75)$ 725$ After-Tax (Unaudited) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 (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$ 0.17$ 0.01$ (0.06)$ 0.30$ 0.53$ 0.42$ 0.06$ (0.11)$ 0.90$ Less: Special Items (expense) benefit: IT transformation (2) - (0.01) (0.01) - (0.02) 0.02 (0.01) - (0.01) - Customer system integration impacts (3) - - (0.01) - (0.01) - - (0.02) - (0.02) ISO-NE transmission rates ROE reduction (4) - - - - - - - (0.03) - (0.03) Meter system integration impacts (5) - - - - - - - (0.01) - (0.01) Total Special Items - (0.01) (0.02) - (0.03) 0.02 (0.01) (0.06) (0.01) (0.06) Earnings from Ongoing Operations 0.18$ 0.18$ 0.03$ (0.06)$ 0.33$ 0.51$ 0.43$ 0.12$ (0.10)$ 0.96$
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42 Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations – Prior 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 transition services settlement agreement. Corporate and Other primarily includes integration and related costs associated with the acquisition of Rhode Island Energy. (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 Rhode Island Energy. Amount for the Three Months Ended June 30, 2025, represents tax effect of settlement agreement. (6) Certain costs 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 Rhode Island Energy. After-Tax (Unaudited) Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total Reported Earnings (1) 126$ 139$ (17)$ (65)$ 183$ 349$ 323$ 53$ (128)$ 597$ Less: Special Items (expense) benefit: Talen litigation costs, net of tax of ($1), $1(2) - - - 4 4 - - - 3 3 Acquisition integration, net of tax of $4, ($2), $7 (3) - - - (13) (13) - - 7 (27) (20) IT transformation, net of tax of $2, $1, $4, $2, $1, $7 (4) (5) - (3) (16) (24) (6) - (4) (26) (36) Energy efficiency programs settlement, net of tax of $2(5) - - 2 - 2 - - (6) - (6) Office relocation and related costs, net of tax of $0, $0, $0, $0(6) (1) (1) - - (2) (2) (2) - - (4) Post TSA adjustments, net of tax of $7, $7(7) - - (24) - (24) - - (24) - (24) Total Special Items (6) (1) (25) (25) (57) (8) (2) (27) (50) (87) Earnings from Ongoing Operations 132$ 140$ 8$ (40)$ 240$ 357$ 325$ 80$ (78)$ 684$ After-Tax (Unaudited) Three Months Ended June 30, 2025 Six Months Ended June 30, 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) 0.17$ 0.19$ (0.02)$ (0.09)$ 0.25$ 0.47$ 0.44$ 0.07$ (0.18)$ 0.80$ Less: Special Items (expense) benefit: Talen litigation costs(2) - - - 0.01 0.01 - - - - - Acquisition integration (3) - - - (0.02) (0.02) - - 0.01 (0.04) (0.03) IT transformation(4) (0.01) - - (0.02) (0.03) (0.01) - (0.01) (0.03) (0.05) Energy efficiency programs settlement(5) - - - - - - - (0.01) - (0.01) Post TSA adjustments(7) - - (0.03) - (0.03) - - (0.03) - (0.03) Total Special Items (0.01) - (0.03) (0.03) (0.07) (0.01) - (0.04) (0.07) (0.12) Earnings from Ongoing Operations 0.18$ 0.19$ 0.01$ (0.06)$ 0.32$ 0.48$ 0.44$ 0.11$ (0.11)$ 0.92$
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43 (1) Reflects only special items recorded through June 30, 2026. PPL is not able to forecast special items for future periods. (2) Certain collection process costs incurred due to the timing and implementation of the customer system integration. (3) Prior period impact of an ISO New England transmission rates return on equity reduction. (4) Prior period impact of a meter data system integration post transition services agreement. Reconciliation of PPL ’s Earnings Forecast After-Tax (Unaudited) 2026 Forecast Range (per share - diluted) Midpoint High Low Estimate of Reported Earnings 1.88$ 1.92$ 1.84$ Less: Special Items (expense) benefit: (1) Customer system integration impacts (2) (0.02) (0.02) (0.02) ISO-NE transmission rates ROE reduction (3) (0.03) (0.03) (0.03) Meter system integration impacts (4) (0.01) (0.01) (0.01) Total Special Items (0.06) (0.06) (0.06) Forecast of Earnings from Ongoing Operations 1.94$ 1.98$ 1.90$
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44 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; the outcome of rate cases or other cost recovery or revenue proceedings; war, armed conflicts, terrorist attacks or similar disruptive events including ongoing conflicts in Ukraine and the Middle East; the direct and indirect effects on PPL or its subsidiaries, or their business systems, of cyber-based intrusion or threat of cyberattacks, including cyberattacks supported or enhanced by artificial intelligence tools or platforms; 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; pandemic health events or other catastrophic events, including severe weather, and their effect on financial markets, economic conditions, supply chains and our businesses; market demand for energy in our service territories; volatility in or the impact of other changes on financial markets, commodity prices and economic conditions, including inflation; 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; 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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45 Definitions of Non-GAAP Financial Measures Management utilizes "Earnings from Ongoing Operations" or “ ngoing 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.