Slide 1: 2nd Quarter 2025 Investor Update
PPL CORPORATION 2 Quarter 2025 Investor Update nd July 31, 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: 2nd Quarter Financial Highlights
2nd Quarter Financial Highlights Remain on track to deliver both near-term and long-term financial objectives ➢ Reported Q2 2025 GAAP results of $0.25 per share and ongoing earnings of $0.32 per share • Lower quarter-over-quarter results primarily driven by the timing of certain true-ups and operati
Slide 5: Kentucky CPCN Stipulation Agreement Highlights
Kentucky CPCN Stipulation Agreement Highlights Constructive agreement to advance generation needs for LG&E and KU ➢ Supports approval for two new 645MW NGCC units and an SCR for Ghent 2 unit (as requested) • Recommends approval of AFUDC treatment on both NGCC units during construction • Ghent 2 SCR
Slide 6: Additional Regulatory Updates
Additional Regulatory Updates Advancing key initiatives in each of PPL’s jurisdictions ➢ Base rate case filed in Kentucky on May 30, 2025 (1) • Requested increase in annual electricity revenues of approximately $105 million and $226 million at LG&E and KU, respectively, and an increase in annual gas
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. ➢ Senator McCormick’s Inaugural Pennsylvania Energy PA Data Center Requests in Advanced Stages and Innovation Summit showcased PA’s strategic Requested Load In-Service Dates (in
Slide 8: Joint Venture with Blackstone Infrastructure
Joint Venture with Blackstone Infrastructure A creative, shareowner-friendly solution to support new generation build in PA ➢ Strategic partnership to build, own and operate new electric generation stations to power data centers under long-term energy services agreements (ESA) • ESAs will be structu
Slide 9: Why PPL and Blackstone Infrastructure?
Why PPL and Blackstone Infrastructure? A differentiated partnership that can create significant value ➢ Blackstone Infrastructure has an “open-ended” structure and is a natural long-term holder of investments and can be a partner to PPL for the life of the assets ➢ Blackstone Infrastructure is very
Slide 10: KY Economic Development – Not Just Data Centers
KY Economic Development – Not Just Data Centers Kentucky continues to attract significant interest from the private sector LG&E/KU’s Current Development Pipeline (1) ➢ Kentucky has experienced record breaking growth over Electric Peak (in GW) the past several years with $36B of new investment announ
Slide 11: Financial Update
Financial Update Joe Bergstein Executive Vice President and Chief Financial Officer 11
Slide 12: Financial Overview
Financial Overview Overview of 2nd Quarter Financial Results (Earnings per share) ➢ Q2 2025 GAAP earnings of $0.25 per share Q2 Q2 YTD YTD • Special items of ($0.07) per share, primarily related to IT 2025 2024 2025 2024 transformation costs and certain charges related to the integration of RIE Repo
Slide 13: Review of 2nd Quarter Financial Results
Review of 2nd Quarter Financial Results Ongoing Earnings Walk: Q2 2025 vs. Q2 2024 (Earnings per share) Sales Volumes ($0.01) (Primarily Weather) Other(1) +$0.01 Transmission +$0.01 Revenue Distribution Transmission +$0.01 Interest Expense ($0.01) ($0.01) Revenue Revenue True-up Operating Costs ($0.
Slide 14: Closing Remarks
Closing Remarks Vince Sorgi President and Chief Executive Officer 14
Slide 15: Appendix: Investment Highlights
Appendix Investment Highlights 2nd QUARTER 2025 INVESTOR UPDATE July 31, 2025
Slide 16: 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 17: 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 18: 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 19: 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% $ 5 Growth $ 5 (1) (2) (3) (4) orecast Midpoint orecast Midpoint orecast Midpoint orecast Midpoi
Slide 20: 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 $5 5 $5 $ service and protect our customers
Slide 21: 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 $ 5 9.8% over updated plan period $ vs. 6.3% in prior plan period $ $ 5 ➢ Two-thirds of rate base
Slide 22: 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 Moody’s Debt Maturity Outlook (1) • A- rating at S&P ($ in millions) $ , 5 ➢ Supported by strong credit metrics • Targeting 16% -
Slide 23: Appendix: Supplemental Information
Appendix Supplemental Information 2nd QUARTER 2025 INVESTOR UPDATE July 31, 2025
Slide 24: Review of YTD Financial Results Through June 30th
Review of YTD Financial Results Through June 30th Ongoing Earnings Walk: YTD 2025 vs. YTD 2024 (Earnings per share) Transmission Sales Volumes +$0.02 +$0.02 Revenue (Primarily Weather) Distribution Distribution Rider +$0.02 +$0.01 Revenue Interest Expense ($0.03) Operating Costs +$0.01 Recovery(1) S
Slide 25: Electricity Sales Volumes
Electricity Sales Volumes Quarterly and trailing twelve-month retail sales comparison by segment (1) (GWh) Weather-Normalized Electricity Sales Volume Actual Electricity Sales Volume Annual EPS Sensitivity Pennsylvania Three Months Ended June 30 Trailing Twelve Months Ended June 30 Three Months Ende
Slide 26: Capital Expenditure Plan
Capital Expenditure Plan ($ 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) (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 $4
Slide 28: Debt Maturities
Debt Maturities ($ 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 $5,075 $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 $3,089 R
Slide 29: Liquidity Profile
Liquidity Profile ($ 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 $470 $1,030 Bilateral Credit Facility Feb-2026 $100 $0 $0 $100 (4) Bilateral Credit Facility Feb-2026 $100
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 2nd QUARTER 2025 INVESTOR UPDATE July 31, 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 5% 5% 5% % $9.9B $6.7B 5 % $3.3B 5 % % 5% 60% near 5 % real-time recovery AFUDC Tracker FER
Slide 33: Pennsylvania Regulatory Overview
Pennsylvania Regulatory Overview PPL Electric Utilities Key Attributes Constructive Features Mitigating Regulatory Lag 2024 Rate Base Year-End Rate Base ($B) $10.3 ✓ FERC Formula Transmission Rates % of Total PPL Rate Base 39% ✓ Distribution System Improvement Charge (DSIC) ▪ An alternative ratemaki
Slide 34: Kentucky Regulatory Overview
Kentucky Regulatory Overview Louisville Gas & Electric and Kentucky Utilities Key Attributes Constructive Features Mitigating Regulatory Lag 2024 Rate Base ✓ Environmental Cost Recovery (ECR) Surcharge Year-End Rate Base ($B) $12.4 ▪ Provides near real-time recovery for approved environmental projec
Slide 35: LG&E and KU Rate Case Summary
LG&E and KU Rate Case Summary Investing in safe, reliable and affordable energy Key Dates Key Components ➢ Filing Date: May 30, 2025 Mechanism proposals ➢ Rates Effective: January 1, 2026 ➢ Gas line tracker continuation ➢ Renewable power purchase adjustment clause Revenue Requirement (1) ➢ Storm dam
Slide 36: Rhode Island Regulatory Overview
Rhode Island Regulatory Overview Rhode Island Energy Key Attributes Constructive Features Mitigating Regulatory Lag 2024 Rate Base ✓ FERC Formula Transmission Rates Year-End Rate Base ($B) $3.8 % of Total PPL Rate Base 14% ✓ Multi-year rate plans for electric and gas distribution Allowed ROE ✓ Infra
Slide 37: Appendix: Reconciliations and Disclaimers
Appendix Reconciliations and Disclaimers 2nd QUARTER 2025 INVESTOR UPDATE July 31, 2025
Slide 38: Reconciliation of Segment Reported Earnings to Ongoing Earnings – Current Year
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations – Current Year After-Tax (Unaudited) Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total Reported Earnin
Slide 39: 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 June 30, 2024 Six Months Ended June 30, 2024 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total Reported Earnings
Slide 40: 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 $ 1.69 $ 1.75 $ 1.63 Less: Special Items (expense) benefit:(1) Acquisition integration(2) (0.03) (0.03) (0.03) IT transformation(3) (0.05) (0.05) (
Slide 41: 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 42: 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