Slide 1: 1st Quarter 2025 Investor Update
PPL CORPORATION 1 Quarter 2025 Investor Update st April 30, 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: 1st Quarter Financial Highlights
1st Quarter Financial Highlights Solid start to 2025 – reaffirmed PPL’s financial targets ➢ Reported Q1 2025 GAAP results of $0.56 per share and ongoing earnings of $0.60 per share ➢ Reaffirmed 2025 ongoing EPS forecast range of $1.75 - $1.87 per share with a midpoint of $1.81 per share ➢ On track t
Slide 5: Operational and Regulatory Update
Operational and Regulatory Update Advancing key initiatives in each of PPL’s jurisdictions ➢ Filed Certificate of Public Convenience and Necessity (CPCN) in late February to address near-term generation needs identified in LG&E and KU’s Integrated Resource Plan (IRP) (1) • Request includes construct
Slide 6: Operational and Regulatory Update (continued)
Operational and Regulatory Update (continued) Advancing key initiatives in each of PPL’s jurisdictions ➢ Received approval by Pennsylvania Public Utility Commission (PAPUC) to increase DSIC revenue cap to 7.5% (up from 5%) (1) • Supports investments needed to maintain efficient, safe, and reliable s
Slide 7: 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) P igned greements (cumulati e s) K nnounced g
Slide 8: Items on the Horizon
Items on the Horizon Future regulatory and legislative considerations ➢ Filed Notice of Intent for base rate case with the KPSC on or after May 30, 2025 (1) • Application will be supported by a fully forecasted test period ending December 31, 2026 • New rates expected to be effective January 1, 2026
Slide 9: Financial Update
Financial Update Joe Bergstein Executive Vice President and Chief Financial Officer 9
Slide 10: Financial Overview
Financial Overview Overview of 1st Quarter Financial Results (Earnings per share) Q1 2025 Q1 2024 ➢ Q1 2025 GAAP earnings of $0.56 per share • Q1 2025 special items of ($0.04) per share, primarily Reported Earnings (GAAP) $0.56 $0.42 related to IT transformation costs, an RIE energy efficiency progr
Slide 11: Review of 1st Quarter Financial Results
Review of 1st Quarter Financial Results Ongoing Earnings Walk: Q1 2025 vs. Q1 2024 (Earnings per share) Sales Volumes +$0.02 Sales Volumes (Primarily Weather) Transmission +$0.03 ($0.01) Interest Expense ($0.01) (Primarily Weather) Transmission Revenue True-up +$0.01 Revenue Distribution Other(1) +$
Slide 12: Closing Remarks
Closing Remarks Vince Sorgi President and Chief Executive Officer 12
Slide 13: Appendix: Investment Highlights
Appendix Investment Highlights 1st QUARTER 2025 INVESTOR UPDATE April 30, 2025
Slide 14: 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 15: 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 16: 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 17: 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% $ . (8% growth) Growth 7% $ . Growth 7% $ . Growth $ . (1) (2) (3) (4) orecast idpoint orecast idpoint orecast idpoint orecast idpoi
Slide 18: 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 $ . $ . $ . service and protect our customer
Slide 19: 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) +9.8% CAGR $ . ➢ Rate base growth increased to $ . 9.8% over updated plan period $ . vs. 6.3% in prior plan period $ . $ . ➢ Two-thirds of rat
Slide 20: 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 • Baa rating at oody’s Debt Maturity Outlook (1) • A- rating at S&P ($ in millions) $ ➢ Supported by strong credit metrics • Targeting 16% - 18%
Slide 21: Appendix: Supplemental Information
Appendix Supplemental Information 1st QUARTER 2025 INVESTOR UPDATE April 30, 2025
Slide 22: Electricity Sales Volumes
Electricity Sales Volumes Quarterly and trailing twelve-month retail sales comparison by segment (1) (GWh) Weath er- Normalized Elec tric ity Sales V olume A c tual Elec tric ity Sales V olume Annual EPS Sensitivity Penns ylvania Th ree Month s End ed Mar. 31, Trailing Twelve Month s End ed Mar. 31,
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 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 $4
Slide 25: Debt Maturities
Debt Maturities ($ 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 (3) PPL Capital Funding Syndicated Credit Facility Dec-2029 $1,500 $0 $427 $1,073 Bilateral Credit Facility Feb-2026 $100 $0 $0 $100 (4) Bilateral Credit Facility Feb-2026 $100
Slide 27: PPL's Credit Ratings
PPL’s redit Ratings PPL Corporation Credit Rating S&P oody’s Secured NR NR PPL Capital Funding Unsecured NR NR Credit Rating S&P oody’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 El
Slide 28: Appendix: Regulatory Overview
Appendix Regulatory Overview 1st QUARTER 2025 INVESTOR UPDATE April 30, 2025
Slide 29: 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 $9.9B $6.7B $3.3B 60% near real-time recovery AFUDC Tracker FERC Base (1) Reduces the impac
Slide 30: Pennsylvania Regulatory Overview
Pennsylvania Regulatory Overview PPL Electric Utilities Key Attributes Constructive Features Mitigating Regulatory Lag 2024 Rate Base Year-End Rate Base ($B) $10.3 ✓ FERC Formula Transmission Rates % of Total PPL Rate Base 39% ✓ Distribution System Improvement Charge (DSIC) ▪ An alternative ratemaki
Slide 31: A Review of the DSIC Mechanism in Pennsylvania
A Review of the DSIC Mechanism in Pennsylvania Reduces regulatory lag associated with certain electric distribution investments ➢ Distribution system improvement charge (DSIC) allows PPL Electric to recover reasonable and prudent costs incurred to repair, improve, or replace eligible property betwee
Slide 32: Kentucky Regulatory Overview
Kentucky Regulatory Overview Louisville Gas & Electric and Kentucky Utilities Key Attributes Constructive Features Mitigating Regulatory Lag 2024 Rate Base ✓ Environmental Cost Recovery (ECR) Surcharge Year-End Rate Base ($B) $12.4 ▪ Provides near real-time recovery for approved environmental projec
Slide 33: Rhode Island Regulatory Overview
Rhode Island Regulatory Overview Rhode Island Energy Key Attributes Constructive Features Mitigating Regulatory Lag 2024 Rate Base ✓ FERC Formula Transmission Rates Year-End Rate Base ($B) $3.8 % of Total PPL Rate Base 14% ✓ Multi-year rate plans for electric and gas distribution Allowed ROE ✓ Infra
Slide 34: Appendix: Reconciliations and Disclaimers
Appendix Reconciliations and Disclaimers 1st QUARTER 2025 INVESTOR UPDATE April 30, 2025
Slide 35: Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations After-Tax (Unaudited) Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total Reported Earnings (1 ) $ 2
Slide 36: 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 $ 1.77 $ 1.83 $ 1.71 Less: Special Items (expense) benefit: (1) Acquisition integration(2) (0.01) (0.01) (0.01) IT transformation(3) (0.02) (0.02)
Slide 37: 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 38: 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