Slide 1: 3rd Quarter 2025 Investor Update
PPL CORPORATION 3 Quarter 2025 Investor Update rd November 5, 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 and Strategy Update
Business and Strategy Update Vince Sorgi President and Chief Executive Officer 3
Slide 4: 3rd Quarter Financial Highlights
3rd Quarter Financial Highlights Remain on track to deliver both near-term and long-term financial objectives ➢ Reported Q3 2025 GAAP results of $0.43 per share and ongoing earnings of $0.48 per share ➢ Narrowed 2025 ongoing EPS forecast range to $1.78 - $1.84 per share (from $1.75 - $1.87), maintai
Slide 5: Kentucky Rate Case Stipulation
Kentucky Rate Case Stipulation Reached a constructive agreement with key stakeholders on October 20th ➢ Proposes aggregate increase in annual electricity and gas revenues of ~$235 million • LG&E would receive a $58 million increase for service and $45 million increase for natural gas service • KU wo
Slide 6: Additional Regulatory Updates
Additional Regulatory Updates Modernizing infrastructure and expanding services and support for customers ➢ KPSC approved two new 645MW NGCC units and SCR for Ghent 2 unit in CPCN proceeding (1) • Approved regulatory asset treatment for certain AFUDC costs, recovery of the Ghent 2 SCR costs through
Slide 7: PA Economic Development Powered by Data Centers
PA Economic Development Powered by Data Centers Pennsylvania is uniquely positioned to lead data center expansion in U.S. Growth in PA Data Centers in Advanced Stages ➢ PPL Electric is enabling speed to market for data PPL Electric Utilities Signed Data Center Agreements (in GW) centers with $13B in
Slide 8: KY Economic Development Update
KY Economic Development Update Kentucky continues to attract significant interest from the private sector ➢ Economic development queue in KY shows total potential LG&E/KU’s Current Development Pipeline load growth of 9.7GW through 2032 (up from 8.5GW) Electric Peak (in GW) • Data center requests hav
Slide 9: Maintaining a Focus on Affordability
Maintaining a Focus on Affordability Committed to fostering economic growth while keeping costs as low as possible ➢ Employing a culture of continuous improvement and innovation that lowers costs for customers • On track to reduce O&M by an average of 2.5% per year from 2021 to 2026 through deployme
Slide 10: Financial Update
Financial Update Joe Bergstein Executive Vice President and Chief Financial Officer 10
Slide 11: Financial Overview
Financial Overview Overview of 3rd Quarter Financial Results (Earnings per share) ➢ Q3 2025 GAAP earnings of $0.43 per share Q3 Q3 YTD YTD • Special items of ($0.05) per share, primarily related to IT 2025 2024 2025 2024 transformation costs and certain charges related to the integration of Rhode Is
Slide 12: Review of 3rd Quarter Financial Results
Review of 3rd Quarter Financial Results Ongoing Earnings Walk: Q3 2025 vs. Q3 2024 (Earnings per share) +$0.01 +$0.01 $0.48 +$0.02 +$0.02 $0.42 Other(2) +$0.01 Transmission Operating Costs +$0.02 Sales Volumes +$0.01 +$0.01 Revenue (Primarily Weather) Distribution Rider Other(2) ($0.01) +$0.01 Opera
Slide 13: Closing Remarks
Closing Remarks Vince Sorgi President and Chief Executive Officer 13
Slide 14: Appendix: Investment Highlights
Appendix Investment Highlights 3rd QUARTER 2025 INVESTOR UPDATE November 5, 2025
Slide 15: 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 16: Our Strategy: Creating Utilities of the Future
Our Strategy: Creating Utilities of the Future Focused on delivering value for BOTH customers AND shareowners Improve the Advance a cleaner Deliver operational Build scale, enable Empower Develop/ reliability and energy future efficiencies to our strategy customers through empower employees resilien
Slide 17: 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 18: Delivering Strong, Sustainable Growth
Delivering Strong, Sustainable Growth Track record of achieving long-term growth targets (Earnings per share) 6% - 8% CAGR Achieved $1.69 Achieved $1.60 (7% growth) 7% $1.81 (8% growth) Growth 7% $1.6 Growth 7% $1. 8 Growth $1. 8 2022 202 202 202 2026 2027 2028 (1) (2) (3) (4) orecast Midpoint oreca
Slide 19: 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) $20 billion of current planned capital investments ➢ Over $8 billion of electric and gas distribution investments to improve $ . $ .2 $ . service and protect our custome
Slide 20: Annual Rate Base CAGR of 9.8% Through 2028
Annual Rate Base CAGR of 9.8% Through 2028 Driven by significant investments in T&D infrastructure and new generation (Year-end rate base, $ in billions) (1)(2) +9.8% CAGR $ 8.6 ➢ Rate base growth increased to $ . 9.8% over updated plan period $ 2. $2 .2 vs. 6.3% in prior plan period $26. ➢ Two-thir
Slide 21: Balance Sheet Strength Provides Financial Flexibility
Balance Sheet Strength Provides Financial Flexibility Strong credit metrics position PPL among the best in the sector ➢ Premier credit ratings among peers • Baa1 rating at Moody’s Debt Maturity Outlook (1) • A- rating at S&P ($ in millions) $1, 0 ➢ Supported by strong credit metrics • Targeting 16%
Slide 22: Appendix: Supplemental Information
Appendix Supplemental Information 3rd QUARTER 2025 INVESTOR UPDATE November 5, 2025
Slide 23: Review of YTD Financial Results Through Sept. 30th
Review of YTD Financial Results Through Sept. 30th Ongoing Earnings Walk: YTD 2025 vs. YTD 2024 (Earnings per share) +$0.07 +$0.03 $1.40 $1.34 Transmission ($0.03) ($0.01) Sales Volumes +$0.03 +$0.03 Revenue Distribution (Primarily Weather) +$0.01 Interest Expense ($0.03) Distribution Rider Revenue
Slide 24: Electricity Sales Volumes
Electricity Sales Volumes Quarterly and trailing twelve-month retail sales comparison by segment (1) (GWh) Weather-Normalized Electricity Sales Volume Actual Electricity Sales Volume Annual EPS Sensitivity Pennsylvania Three Months Ended September 30 Trailing Twelve Months Ended September 30 Three M
Slide 25: PA Data Center Requests in Advanced Stages
PA Data Center Requests in Advanced Stages Pennsylvania is uniquely positioned to lead data center expansion in U.S. Requested Load In-Service Dates (in GW) 20. 20. ➢ Data centers in advanced 1 .7 18.6 stages increased to 20.5GW (up from 14.4GW last quarter) 1 .8 ➢ 11.3GW out of the 20.5GW 11. have
Slide 26: Capital Expenditure Plan
Capital Expenditure Plan ($ 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 27: Projected Rate Base (Year-End)
Projected Rate Base (Year-End) (1) (Year-end rate base, $ in billions) Company Segment Type 2024 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 $3.7 $4
Slide 28: Debt Maturities
Debt Maturities ($ 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 $5,575 $5,799 Louisville Gas & Electric(1) $0 $90 $260 $0 $0 $2,539 $2,889 Kentucky Utilities(1) $0 $164 $60 $0 $0 $3,315 $3,539 Rhode
Slide 29: Liquidity Profile
Liquidity Profile ($ in millions) (1)(2) Entity Facility Expiration Date Capacity Borrowed LCs & CP Issued Unused Capacity PPL Capital Funding Syndicated Credit Facility (3) Dec-2029 $1,500 $0 $596 $904 Bilateral Credit Facility Feb-2026 $100 $0 $0 $100 (4) Bilateral Credit Facility Feb-2026 $100 $0
Slide 30: PPL’s Credit Ratings
PPL’s Credit 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 31: Appendix: Regulatory Overview
Appendix Regulatory Overview 3rd QUARTER 2025 INVESTOR UPDATE November 5, 2025
Slide 32: 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 1 % Base Rates 2 % 2 % 40% 6% $9.9B $6.7B % $3.3B AFUDC % 1% 18% % Trackers 60% near 0% 20%
Slide 33: Pennsylvania Regulatory Overview
Pennsylvania Regulatory Overview PPL Electric Utilities Key Attributes Constructive Features Mitigating Regulatory Lag 2024 Rate Base Year-End Rate Base ($B) $10.3 ✓ FERC Formula Transmission Rates % of Total PPL Rate Base 39% ✓ Distribution System Improvement Charge (DSIC) Allowed ROE ▪ An alternat
Slide 34: PPL Electric Utilities Rate Case Summary
PPL Electric Utilities Rate Case Summary Investments to strengthen infrastructure and expand services for customers Key Dates Key Components ➢ Filing Date: September 30, 2025 Mechanism proposals ➢ Rates Effective: July 1, 2026 ➢ Storm Damage Expense Rider “SDER” would treat the storm damage expenses
Slide 35: Kentucky Regulatory Overview
Kentucky Regulatory Overview Louisville Gas & Electric and Kentucky Utilities Key Attributes Constructive Features Mitigating Regulatory Lag 2024 Rate Base ✓ Environmental Cost Recovery (ECR) Surcharge Year-End Rate Base ($B) $12.4 ▪ Provides near real-time recovery for approved environmental projec
Slide 36: LG&E and KU Rate Case Summary
LG&E and KU Rate Case Summary Investing in safe, reliable and affordable energy Key Dates Key Components ➢ Filing Date: May 30, 2025 Mechanism proposals ➢ Rates Effective: January 1, 2026 ➢ Gas line tracker continuation ➢ Renewable power purchase adjustment clause Revenue Requirement (1) ➢ Storm dam
Slide 37: Rhode Island Regulatory Overview
Rhode Island Regulatory Overview Rhode Island Energy Key Attributes Constructive Features Mitigating Regulatory Lag 2024 Rate Base ✓ FERC Formula Transmission Rates Year-End Rate Base ($B) $3.8 % of Total PPL Rate Base 14% ✓ Multi-year rate plans for electric and gas distribution Allowed ROE ✓ Infra
Slide 38: Appendix: Reconciliations and Disclaimers
Appendix Reconciliations and Disclaimers 3rd QUARTER 2025 INVESTOR UPDATE November 5, 2025
Slide 39: Reconciliation of Segment Reported Earnings to Ongoing Earnings – Current Year
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations – Current Year After-Tax (Unaudited) Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total Repo
Slide 40: 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 September 30, 2024 Nine Months Ended September 30, 2024 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total Report
Slide 41: Reconciliation of PPL’s Earnings Forecast
Reconciliation of PPL’s Earnings orecast After-Tax (Unaudited) 2025 Forecast Range (per share - diluted) Midpoint High Low Estimate of Reported Earnings $ 1.64 $ 1.67 $ 1.61 Less: Special Items (expense) benefit: (1) Acquisition integration(2) (0.05) (0.05) (0.05) IT transformation(3) (0.07) (0.07)
Slide 42: 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 43: Definitions of Non-GAAP Financial Measures
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 believe