Slide 1: 4th Quarter 2025 Investor Update
PPL CORPORATION 4 Quarter 2025 Investor Update th February 20, 2026
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: 2025 Review
2025 Review Executing our strategy to create stronger, smarter, and more efficient utilities ✓ Provided electricity and natural gas safely and reliably to our more than 3.6 million customers, while advancing technologies to improve the customer experience • Achieved first-quartile/near-first quartil
Slide 5: Updated Business Plan Strengthens Growth Outlook
Updated Business Plan Strengthens Growth Outlook Extends EPS growth targets through 2029; expects CAGR near top end of range ➢ Announcing 2026 EPS forecast range of $1.90 - $1.98 per share with a midpoint of $1.94 per share • Midpoint represents 7.2% growth off 2025 actual ongoing earnings of $1.81
Slide 6: Kentucky Rate Case Update
Kentucky Rate Case Update Outcome supports delivery of updated business plan ➢ Approved aggregate increase in annual electricity and gas revenues of ~$233 million • Approved base ROE of 9.775% (previously 9.425%) and ROE of 9.675% for capital-related mechanisms (previously 9.35%) ➢ Generation Cost R
Slide 7: Pennsylvania Rate Case Update
Pennsylvania Rate Case Update Continuing to advance first base rate case filed in more than a decade ➢ Evidentiary hearing held on February 17, 2026 • Hearing concluded in one day ➢ Continuing to work towards a settlement with intervenors ➢ Remain confident in the strength of our case • Balances PPL
Slide 8: Rhode Island Regulatory Updates
Rhode Island Regulatory Updates Advancing key regulatory proceedings at Rhode Island Energy ➢ Rhode Island Energy filed first base rate case since acquisition (1) • Requested revenue requirement increase over two years ($181M in year one and an additional $49M in year two) • Requested new rates are
Slide 9: 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(1) PPL Electric Utilities Signed Data Center Agreements (in GW) ➢ PPL Electric continues to see significant demand for new data cente
Slide 10: 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 9.3GW through 2032 Electric Peak (in GW) • Data center related load exceeds 8GW; ab
Slide 11: A Clear Focus on the Costs We Control
A Clear Focus on the Costs We Control Supporting customers through innovation, credits and economic development ➢ Advancing culture of continuous improvement and innovation • Reduced O&M costs by an average of 2.7% per year from 2021 – 2025, resulting in $170M of annualized savings – Nearly $100M of
Slide 12: Leaning in on Energy Supply Costs We Don't Control
Leaning in on Energy Supply Costs We Don’t Control Driving to secure a more reliable, affordable energy supply for customers ➢ Federal and PJM actions now affirm what PPL Breakdown of PPL Electric’s Customer Bill in Pennsylvania has long stressed – PJM urgently needs new, dispatchable generation and
Slide 13: Update on Blackstone Infrastructure Joint Venture
Update on Blackstone Infrastructure Joint Venture Making considerable progress as momentum builds in the PJM market ➢ Dialogue with hyperscalers has continued to intensify over the past several months with increasing interest in Bring Your Own Generation (BYOG) solutions and dedicated community supp
Slide 14: Financial Update
Financial Update Joe Bergstein Executive Vice President and Chief Financial Officer 14
Slide 15: Financial Overview
Financial Overview Overview of 4th Quarter and Full Year Financial Results (Earnings per share) ➢ Full year GAAP earnings of $1.59 per share Q4 Q4 Full Year Full Year • Special items of ($0.22) per share, primarily attributable to 2025 2024 2025 2024 integration-related expenses associated with the
Slide 16: Review of 4th Quarter Financial Results
Review of 4th Quarter Financial Results Ongoing Earnings Walk: Q4 2025 vs. Q4 2024 (Earnings per share) +$0.03 $0.41 +$0.01 +$0.01 +$0.02 $0.34 Distribution Interest Expense +$0.01 Transmission +$0.01 +$0.01 Revenue Sales Volumes Revenue +$0.02 Income Taxes +$0.01 (Primarily Weather) Distribution Ri
Slide 17: Delivering Strong, Sustainable Growth
Delivering Strong, Sustainable Growth Consistently achieved at least the midpoint of 6% - 8% EPS growth target (Earnings per share) 7% CAGR $1.81 $1.69 $1.58 $1.48 Achieved $1.81 Achieved $1.69 (7.1% growth) Achieved $1.60 (7.0% growth) Base year of (8.1% growth) repositioning 2022 2023 2024 2025 Fo
Slide 18: Extending 6% - 8% Annual EPS Growth Target
Extending 6% - 8% Annual EPS Growth Target Expects to achieve EPS CAGR near top end of targeted range (2025 – 2029) (Earnings per share) Expecting EPS CAGR near the top end of 6% - 8% target (2025 – 2029) Earnings Upside Opportunities • Base transmission and distribution investments to support relia
Slide 19: Walk to Midpoint of 2026 Earnings Forecast
Walk to Midpoint of 2026 Earnings Forecast Projected drivers that support annual EPS growth (Earnings per share) $1.94 $1.81 Rate Recovery Rate Recovery Rate Recovery Interest Expense Transmission AFUDC Income Revenue Rider Revenue Depreciation Depreciation Depreciation Interest
Slide 20: 2026 – 2029 Capital Investment Plan
2026 – 2029 Capital Investment Plan $23B capex plan to enable the delivery of safe, reliable, and affordable energy ($ in billions) $3 billion increase in capex needs vs. prior plan Notable Plan Updates: ➢ Plan update reflects a $0.5B increase in 2025 - 2028 2026 - 2029 2027, a $1.1B increase in 202
Slide 21: Rate Base CAGR Increased to 10.3% Through 2029
Rate Base CAGR Increased to 10.3% Through 2029 Projected annual rate base growth (2025 – 2029) (Year-end rate base, $ in billions) (1) (2) ➢ Rate base CAGR increased +10.3% CAGR $42.9 $39.9 to 10.3% over updated 9% $36.0 10% plan period 10% $32.0 10% 11% $29.0 11% 12% 13% ➢ Two-thirds of rate base 1
Slide 22: Credit and Financing Plan Update
Credit and Financing Plan Update Updated financing plan maintains our excellent credit position ➢ Plan continues to support premier credit ratings among peers Funding Sources for Capex Plan (2026 - 2029) ($ in billions) • Baa1 rating at Moody’s • A- rating at S&P • Plan supports 16% - 18% FFO/CFO to
Slide 23: Increasing Quarterly Common Stock Dividend
Increasing Quarterly Common Stock Dividend Quarterly dividend increased to $0.285, effective with April dividend payment (Dividends per share) ➢ Announced 4.6% increase to PPL’s quarterly dividend 4.6% to $0.285 per share Growth • Payable April 1, 2026, to shareowners of record as of March 10, 2026
Slide 24: Closing Remarks
Closing Remarks Vince Sorgi President and Chief Executive Officer 24
Slide 25: PPL Investment Thesis
PPL Investment Thesis Top-tier total return proposition of 10% - 12%, plus meaningful upside (1) Committed to investing in and delivering safe, reliable and affordable energy for our customers… Investments that Improve Solid Foundation for Lower Service for Customers Predictable Growth Regional Rate
Slide 26: Appendix
Appendix Supplemental Information 4th QUARTER 2025 INVESTOR UPDATE February 20, 2026
Slide 27: Review of Annual 2025 Financial Results
Review of Annual 2025 Financial Results Ongoing Earnings Walk: 2025 vs. 2024 (Earnings per share) +$0.09 +$0.04 +$0.01 $1.81 $1.69 Transmission ($0.02) Interest Expense ($0.02) Sales Volumes +$0.04 +$0.06 Revenue Distribution (Primarily Weather) +$0.02 Distribution Rider Revenue Income Taxes +$0.02
Slide 28: Electricity Sales Volumes
Electricity Sales Volumes Quarterly and trailing twelve-month retail sales comparison by segment (1) (GWh) Weather- Normalized Elec tric ity Sales V olume A c tual Elec tric ity Sales V olume Annual EPS Sensitivity (2) Penns ylvania Three Months End ed Dec emb er 31 Trailing Twelve Months End ed Dec
Slide 29: PA Data Center Requests in Advanced Stages
PA Data Center Requests in Advanced Stages Pennsylvania is uniquely positioned to lead data center expansion in U.S. Requested Load In-Service Dates (in GW) 25.0 25.2 24.1 22.4 18.5 ➢ Data centers in advanced stages increased to 25.2GW (up from 20.5GW last quarter) (1) 13.0 ➢ Expect at least 10GWs t
Slide 30: Capital Expenditure Plan
Capital Expenditure Plan ($ in millions) Company Segment Type 2026 2027 2028 2029 4-Year Total Electric Distribution $1,000 $950 $900 $875 $3,725 Pennsylvania 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 $5
Slide 31: Projected Rate Base (Year-End)
Projected Rate Base (Year-End) (1) (Year-end rate base, $ in billions) Company Segment Type 2025 (1) 2026 2027 2028 2029 Electric Distribution $4.9 $5.5 $6.2 $6.8 $7.2 Pennsylvania 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 $4.
Slide 32: Debt Maturities
Debt Maturities ($ in millions) 2026 2027 2028 2029 2030 2031+ Total PPL Capital Funding $650 $0 $1,000 $0 $1,581 $1,715 $4,946 PPL Electric Utilities $0 $108 $0 $116 $0 $5,575 $5,799 Louisville Gas & Electric(1) $90 $260 $0 $0 $0 $2,539 $2,889 Kentucky Utilities(1) $164 $60 $0 $0 $0 $3,315 $3,539 R
Slide 33: Liquidity Profile
Liquidity Profile ($ 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 $456 $1,044 Bilateral Credit Facility Feb-2026 $100 $0 $0 $100 Uncommitted Credit Facility Feb-2026 $100 $0
Slide 34: 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 35: Appendix: Regulatory Overview
Appendix Regulatory Overview 4th QUARTER 2025 INVESTOR UPDATE February 20, 2026
Slide 36: 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 37: Constructive Regulatory Mechanisms Reduce Lag
Constructive Regulatory Mechanisms Reduce Lag 60% of PPL’s capital investment plan is subject to reduced regulatory lag 2026 – 2029 Capital Plan by Projected Earnings Recovery Mechanism (1) KY PA RI Total PPL 20% 20% Base Rates 24% 42% 30% $11.6B $8.4B 47% $3.0B AFUDC 15% 5% 65% 34% ~60% near Tracke
Slide 38: Legislative & Regulatory Overview
Legislative & Regulatory Overview Pennsylvania Kentucky Rhode Island Governor: Josh Shapiro (D) Governor: Andy Beshear (D) Governor: Dan McKee (D) Term ends January 2027 Term ends December 2027 Term ends January 2027 Commission Commission Commission Gubernatorial appointment & Gubernatorial appointm
Slide 39: Pennsylvania Regulatory Overview
Pennsylvania Regulatory Overview PPL Electric Utilities Key Attributes Constructive Features Mitigating Regulatory Lag 2025 Rate Base Year-End Rate Base ($B) (1) $11.1 ✓ FERC Formula Transmission Rates % of Total PPL Rate Base 38% ✓ Distribution System Improvement Charge (DSIC) Allowed ROE ▪ An alte
Slide 40: PPL Electric Utilities Rate Case Summary
PPL Electric Utilities Rate Case Summary Investments to strengthen infrastructure and expand services for customers Key Dates Procedural Schedule (2) ➢ Filing Date: September 30, 2025 Date Event ➢ Rates Effective: July 1, 2026 3/10/2026 Main Briefs 3/20/2026 Reply Briefs 06/2026 Final Order expected
Slide 41: Kentucky Regulatory Overview
Kentucky Regulatory Overview Louisville Gas & Electric and Kentucky Utilities Key Attributes Constructive Features Mitigating Regulatory Lag 2025 Rate Base (1) ✓ Environmental Cost Recovery (ECR) Surcharge Year-End Rate Base ($B) $13.7 ▪ Provides near real-time recovery for approved environmental pr
Slide 42: Rhode Island Regulatory Overview
Rhode Island Regulatory Overview Rhode Island Energy Key Attributes Constructive Features Mitigating Regulatory Lag 2025 Rate Base Year-End Rate Base ($B) $4.3 ✓ FERC Formula Transmission Rates % of Total PPL Rate Base 15% ✓ Multi-year rate plans for electric and gas distribution Allowed ROE ✓ Infra
Slide 43: Rhode Island Energy Rate Case Summary
Rhode Island Energy Rate Case Summary Filed first rate case since 2017 to provide safe, reliable, and affordable services Key Dates Procedural Schedule (2) ➢ Filing Date: November 26, 2025 Date Event ➢ Rates Effective: September 1, 2026 04/03/2026 Division and Intervenor Direct Testimony 05/04/2026
Slide 44: Appendix: Reconciliations and Disclaimers
Appendix Reconciliations and Disclaimers 4th QUARTER 2025 INVESTOR UPDATE February 20, 2026
Slide 45: Reconciliation of Segment Reported Earnings to Ongoing Earnings – Current Year
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations – Current Year After-Tax (Unaudited) Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total KY Reg. PA Reg. RI Reg. Corp. & Other Total Repo
Slide 46: 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, 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 Report
Slide 47: 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 48: 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