Slide 1: 4th Quarter 2024 Investor Update
PPL CORPORATION 4th Quarter 2024 Investor Update February 13, 2025
Slide 2: Cautionary Statements and Factors That May Affect Future Results
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 diff
Slide 3: Business Update
Business Update 4th QUARTER 2024 INVESTOR UPDATE Vince Sorgi President & Chief Executive Officer February 13, 2025 3
Slide 4: 2024 Review
2024 Review Delivering value for both customers and shareowners ✓ Provided electricity and natural gas safely and reliably to our more than 3.5 million customers • Achieved first quartile T&D reliability and first decile generation fleet performance (1)(2) • Increased vegetation management spend to
Slide 5: Updated Business Plan Enhances Growth Outlook
Updated Business Plan Enhances Growth Outlook Strengthening and extending growth targets through 2028 ➢ Announces 2025 EPS forecast range of $1.75 - $1.87 per share with a midpoint of $1.81 per share • Midpoint represents over 7% growth off 2024 original forecast midpoint of $1.69 per share ➢ Extend
Slide 6: Strategic Update
Strategic Update Advancing progress in delivering our “Utility of the Future” strategy PPL’s “Utility of the Future” Strategy How we are executing our strategy ✓ Restructured our business and realigned teams across PPL to best execute our Improve the reliability and resiliency strategy, implement be
Slide 7: Regulatory Update
Regulatory Update Advancing key regulatory proceedings in each of PPL’s jurisdictions ➢ Kentucky Updates • Continue to advance IRP that was filed in Q4 2024; hearing scheduled for May 13, 2025 (1) • Expect to file a Certificate of Public Convenience and Necessity (CPCN) in Q1 2025 to address near-te
Slide 8: Data Center Update
Data Center Update Pennsylvania and Kentucky continue to attract data center interest PA Data Center Requests in Advanced Stages KY Data Center Requests in Advanced Stages Requested Load In-Service Dates (in MW) Load Availability In-Service Dates (in MW) 04 4 4 4 0 4 4 40 40 40 40 40 40 40 40 0 0 4
Slide 9: Financial Update
Financial Update 4th QUARTER 2024 INVESTOR UPDATE Joe Bergstein Executive Vice President & Chief Financial Officer February 13, 2025 9
Slide 10: Financial Overview
Financial Overview 4th Quarter and full-year financial results (Earnings per share) Q4 2024 Q4 2023 2024 2023 Reported Earnings (GAAP) $0.24 $0.15 Reported Earnings (GAAP) $1.20 $1.00 Less: Special Items ($0.10) ($0.25) Less: Special Items ($0.49) ($0.60) Ongoing Earnings $0.34 $0.40 Ongoing Earning
Slide 11: Review of 4th Quarter Financial Results
Review of 4th Quarter Financial Results Ongoing Earnings Walk: Q4 2024 vs. Q4 2023 (Earnings per share) Sales Volumes Transmission +$0.01 +$0.01 (Primarily Weather) Revenue Operating Costs ($0.01) Operating Costs ($0.03) Transmission ($0.01) Revenue Other (1) +$0.02 Interest Expense ($0.01) Distribu
Slide 12: Delivering Strong, Sustainable Growth
Delivering Strong, Sustainable Growth Achieved midpoint of growth target in 2024; extended growth through 2028 (Earnings per share) 6% - 8% CAGR Achieved $1.69 Extended Achieved $1.60 (7% growth) 7% growth rate (8% growth) Growth through 2028 7% Growth 7% Growth (1) (2) (3) (4) (1) Represents the mi
Slide 13: Walk to Midpoint of 2025 Earnings Forecast
Walk to Midpoint of 2025 Earnings Forecast Projected drivers of annual ongoing EPS growth (Earnings per share) Transmission Rider Revenue Sales Volumes Investment Interest Expense Operating Costs Operating Costs Operating Costs Interest Expense Interest Expense AFUDC Income Inter
Slide 14: 2025 – 2028 Capital Investment Plan
2025 – 2028 Capital Investment Plan $20B capex plan to enable the delivery of safe, reliable and affordable energy ($ in billions) Notable Plan Updates: Plan is $5.7 billion higher than prior 4-year plan ➢ Approximately $4 billion increase in 2025 – 2027 period vs. prior capital plan $ . • $1.3B inc
Slide 15: Rate Base CAGR Increased to 9.8% Through 2028
Rate Base CAGR Increased to 9.8% Through 2028 Projected annual rate base growth (2024 – 2028) (1) (Year-end rate base, $ in billions) +9.8% CAGR $ . ➢ Rate base growth increases to $ . 9.8% over updated plan period $ . vs. 6.3% in prior plan period $ . $ . ➢ Two-thirds of rate base relates to invest
Slide 16: Credit and Financing Plan Update
Credit and Financing Plan Update Updated plan maintains our excellent credit position ➢ Plan supports strong credit metric targets to Debt Maturity Outlook (1) maintain premier credit ratings ($ in millions) $ 0 • 16% - 18% FFO/CFO to debt throughout plan • Holding company debt projected to remain $
Slide 17: Increasing Quarterly Common Stock Dividend
Increasing Quarterly Common Stock Dividend Quarterly dividend increased to $0.2725 per share (Dividends per share) ~6% ➢ Announced ~ % increase to PPL’s quarterly di idend to Growth $0.2725 per share (from $0.2575) • Annualized dividend now $1.09 per share (2) ➢ Payable April 1, 2025 to shareowners
Slide 18: Closing Remarks
Closing Remarks 4th QUARTER 2024 INVESTOR UPDATE Vince Sorgi President & Chief Executive Officer February 13, 2025 18
Slide 19: Appendix: Supplemental Information
Appendix Supplemental Information 4th QUARTER 2024 INVESTOR UPDATE February 13, 2025
Slide 20: PPL Investment Highlights
PPL Investment Highlights Large-cap, regulated U.S. utility operating in constructive regulatory jurisdictions • Principal electric/gas utilities serving Kentucky, Pennsylvania, and Rhode Island • Future test years in each jurisdiction; 60% of capital investment plan subject to reduced regulatory la
Slide 21: Review of 2024 Financial Results
Review of 2024 Financial Results Ongoing earnings walk: 2024 vs. 2023 (Earnings per share) Distribution Transmission +$0.02 +$0.05 Revenue Sales Volumes Revenue +$0.08 Transmission (Primarily Weather) +$0.01 Interest Expense ($0.03) Revenue Sales Volumes +$0.03 Depreciation ($0.01) Interest Expense
Slide 22: Electricity Sales Volumes
Electricity Sales Volumes Quarterly and trailing twelve-month retail sales comparison by segment (1) *NM: Not Meaningful Note: Totals may not sum due to rounding. (1) cludes Rhode sland nergy’s sales olumes as its re enue is decoupled. 22
Slide 23: Capital Expenditure Plan
Capital Expenditure Plan ($ in millions) Company Segment Type 2025 2026 2027 2028 4-Year Total Electric Distribution $650 $975 $900 $875 $3,400 Pennsylvania Electric Transmission $850 $875 $825 $775 $3,325 PA Subtotal $1,500 $1,850 $1,725 $1,650 $6,725 Electric Distribution $400 $475 $475 $475 $1,82
Slide 24: Projected Rate Base (Year-End)
Projected Rate Base (Year-End) (Year-end rate base, $ in billions) (1) Company Segment Type 2024 (1) 2025 2026 2027 2028 Electric Distribution $4.5 $4.9 $5.4 $6.1 $6.5 Pennsylvania Electric Transmission $5.8 $6.2 $6.7 $7.2 $7.6 PA Subtotal $10.3 $11.0 $12.1 $13.3 $14.2 Electric Distribution $3.4 $3.
Slide 25: Debt Maturities
Debt Maturities ($ in millions) 2025 2026 2027 2028 2029 2030+ Total PPL Capital Funding $0 $650 $0 $1,000 $0 $2,146 $3,796 PPL Electric Utilities $0 $0 $108 $0 $116 $5,075 $5,299 Louisville Gas & Electric(1) $300 $90 $260 $0 $0 $1,839 $2,489 Kentucky Utilities(1) $250 $164 $60 $0 $0 $2,615 $3,089 R
Slide 26: Liquidity Profile
Liquidity Profile ($ in millions) (1)(2) Entity Facility Expiration Date Capacity Borrowed LCs & CP Issued Unused Capacity PPL Capital Funding Syndicated Credit Facility (3) Dec-2028 $1,250 $0 $138 $1,112 Bilateral Credit Facility Feb-2025 $100 $0 $0 $100 Bilateral Credit Facility (4) Feb-2025 $100
Slide 27: PPL's Credit Ratings
PPL’s redit Ratings PPL Corporation Credit Rating S&P Moody’s Secured NR NR PPL Capital Funding Unsecured NR NR Credit Rating S&P Moody’s Long-term Issuer A- Baa1 Outlook Stable Stable Secured NR NR Unsecured BBB+ Baa1 Long-term Issuer A- NR Outlook Stable Stable Rhode Island Energy LG&E and KU PPL
Slide 28: Appendix: Regulatory Overview
Appendix Regulatory Overview 4th QUARTER 2024 INVESTOR UPDATE February 13, 2025
Slide 29: Constructive Regulatory Jurisdictions
Constructive Regulatory Jurisdictions Supportive of prudent investments in our electric and gas networks Rate Base by Segment (1) Key Regulatory Highlights (Year-end rate base, $ in billions) ➢ Contemporaneous recovery for ~60% of capital plan • FERC formula rates for transmission in both PA and RI
Slide 30: Constructive Regulatory Mechanisms Reduce Lag
Constructive Regulatory Mechanisms Reduce Lag 60% of PPL’s capital investment plan is subject to reduced regulatory lag 2025 – 2028 Capital Plan by Projected Earnings Recovery Mechanism (1) KY PA RI Total PPL % Base Rates % % % 40% $9.9B $6.7B $3.3B A % % % % 60% near % rackers real-time 0% 0% recov
Slide 31: Pennsylvania Regulatory Overview
Pennsylvania Regulatory Overview PPL Electric Utilities Key Attributes Constructive Features Mitigating Regulatory Lag 2024 Rate Base Year-End Rate Base ($B) $10.3 ✓ FERC Formula Transmission Rates % of Total PPL Rate Base 39% ✓ Distribution System Improvement Charge (DSIC) ▪ An alternative ratemaki
Slide 32: A Review of the DSIC Mechanism in Pennsylvania
A Review of the DSIC Mechanism in Pennsylvania Reduces regulatory lag associated with certain electric distribution investments ➢ Distribution system improvement charge (DSIC) allows PPL Electric to recover reasonable and prudent costs incurred to repair, improve, or replace eligible property betwee
Slide 33: Kentucky Regulatory Overview
Kentucky Regulatory Overview Louisville Gas & Electric and Kentucky Utilities Key Attributes Constructive Features Mitigating Regulatory Lag 2024 Rate Base ✓ Environmental Cost Recovery (ECR) Surcharge Year-End Rate Base ($B) $12.4 ▪ Provides near real-time recovery for approved environmental projec
Slide 34: Rhode Island Regulatory Overview
Rhode Island Regulatory Overview Rhode Island Energy Key Attributes Constructive Features Mitigating Regulatory Lag 2024 Rate Base ✓ FERC Formula Transmission Rates Year-End Rate Base ($B) $3.8 % of Total PPL Rate Base 14% ✓ Multi-year rate plans for electric and gas distribution Allowed ROE ✓ Infra
Slide 35: Appendix: Reconciliations and Disclaimers
Appendix Reconciliations and Disclaimers 4th QUARTER 2024 INVESTOR UPDATE February 13, 2025
Slide 36: Reconciliation of Segment Reported Earnings to Ongoing Earnings: Current Year
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations: Current Year After-Tax (Unaudited) Three Months Ended December 31, 2024 Twelve Months Ended December 31, 2024 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total Repor
Slide 37: Reconciliation of Segment Reported Earnings to Ongoing Earnings: Prior Year
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations: Prior Year After-Tax (Unaudited) Three Months Ended December 31, 2023 Twelve Months Ended December 31, 2023 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total (1 ) Re
Slide 38: Forward-Looking Information Statement
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
Slide 39: Definitions of Non-GAAP Financial Measures
Definitions of Non-GAAP Financial Measures Management utilizes "Earnings from Ongoing Operations" or “ ngoing arnings” 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