Slide 1: 1st Quarter 2026 Investor Update
PPL CORPORATION 1st Quarter 2026 Investor Update May 8, 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 Update
Business Update VINCE SORGI President & Chief Executive Officer PPL CORPORATION 1st Quarter 2026 Investor Update May 8, 2026
Slide 4: 1st Quarter Financial Highlights
1st Quarter Financial Highlights Advancing PPL’s financial objectives with strong start to 2026 ➢ Reported Q1 2026 GAAP results of $0.60 per share and ongoing earnings of $0.63 per share ➢ Reaffirmed 2026 ongoing EPS forecast range of $1.90 - $1.98 per share with a midpoint of $1.94 per share ➢ On t
Slide 5: Regulatory and Business Updates
Regulatory and Business Updates Advancing key initiatives across PPL’s jurisdictions ➢ PPL Electric Utilities reached constructive rate case settlement with majority of intervenors on March 5 th (1) • PPL Electric’s delivery rates continue to be among the lowest in the state; focus on affordability
Slide 6: Additional Regulatory and Business Updates
Additional Regulatory and Business Updates Advancing key initiatives across PPL’s jurisdictions ➢ Rhode Island Energy (RIE) received approval for ~$333 million related to annual Infrastructure, Safety and Reliability (ISR) plans that support critical investment needs in Rhode Island (1) • Includes ~
Slide 7: PA Economic Development Powered by Data Centers
PA Economic Development Powered by Data Centers Momentum continues in PA data center development 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 centers in its service territ
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 12.9GW through 2032 Electric Peak (in GW) • Data center related load exceeds 11.9GW
Slide 9: Update on Generation Joint Venture with Blackstone
Update on Generation Joint Venture with Blackstone Momentum continues, increasing probability of JV-owned generation ➢ Ratepayer Protection Pledges driving significant momentum for Bring Your Own Generation (BYOG) solutions with both hyperscalers and third-party data center developers ➢ Continued gr
Slide 10: Financial Update
Financial Update JOE BERGSTEIN Executive Vice President & Chief Financial Officer PPL CORPORATION 1st Quarter 2026 Investor Update May 8, 2026
Slide 11: Financial Overview
Financial Overview Overview of 1st Quarter Financial Results (Earnings per share) ➢ Q1 2026 GAAP earnings of $0.60 per share Q1 2026 Q1 2025 • Q1 2026 special items of ($0.03) per share, primarily attributable to prior-year impacts associated with an ISO-NE transmission ROE reduction and system inte
Slide 12: Review of 1st Quarter Financial Results
Review of 1st Quarter Financial Results Ongoing Earnings Walk: Q1 2026 vs. Q1 2025 (Earnings per share) Transmission Rider Revenue (2) Interest Expense +$0.02 +$0.01 ($0.01) Rate Recovery +$0.07 Revenue Sales Volumes Operating Costs ($0.01) Depreciation ($0.01) Other (1) +$0.01 ($0.01) (Primarily We
Slide 13: Closing Remarks
Closing Remarks VINCE SORGI President & Chief Executive Officer PPL CORPORATION 1st Quarter 2026 Investor Update May 8, 2026
Slide 14: Key Takeaways
Key Takeaways Strong start to 2026 with earnings on track and guidance reaffirmed ➢ Strong operational and financial performance to start the year, reinforcing confidence in delivering our 2026 outlook and long-term growth targets ➢ Advancing constructive regulatory outcomes across all jurisdictions
Slide 15: Appendix: Investment Highlights
Appendix Investment Highlights PPL CORPORATION 1st Quarter 2026 Investor Update
Slide 16: PPL Investment Thesis
PPL Investment Thesis Top-tier total return proposition of 10% - 12%, plus meaningful upside (1) Committe to investin in n eliverin s fe, reli ble n ffor ble ener y for our customers… Investments that Improve Solid Foundation for Lower Service for Customers Predictable Growth Regional Rates $23 Bill
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: Projecting 6% - 8% Annual EPS Growth
Projecting 6% - 8% Annual EPS Growth 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 reliability
Slide 19: 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) Notable Plan Details: $0.5 ➢ Electric distribution underpinned by $1.6 reliability investments such as system $1.6 hardening projects $7.2 ➢ Electric transmission inclu
Slide 20: Critical Investments Driving Substantial Growth
Critical Investments Driving Substantial Growth Projected annual rate base growth (2025 – 2029) (1)(2) (Year-end rate base, $ in billions) +10.3% CAGR $42.9 ➢ Two-thirds of rate base $39.9 9% relates to investments in $36.0 10% 10% electric transmission and $32.0 $29.0 10% 11% 13% distribution infra
Slide 21: Credit and Financing Plan
Credit and Financing Plan Financing plan maintains our excellent credit position ➢ Plan continues to support premier credit ratings Funding Sources for Capex Plan (2026 - 2029) among peers ($ in billions) • Baa1 rating at Moody’s • A- rating at S&P • Plan supports 16% - 18% FFO/CFO to debt $9 • Hold
Slide 22: Delivering Consecutive Quarterly Dividends
Delivering Consecutive Quarterly Dividends PPL has consistently paid dividends to shareowners for 80 years (Dividends per share) 4.6% ➢ Quarterly dividend increase of 4.6% in 2026 Growth ➢ Annualized dividend of $1.14 per share (2) ➢ Annual dividend growth guidance of 4% - 6% through 2029 (2) $0.2 5
Slide 23: Appendix: Supplemental Information
Appendix Supplemental Information PPL CORPORATION 1st Quarter 2026 Investor Update
Slide 24: Electricity Sales Volumes
Electricity Sales Volumes Quarterly and trailing twelve-month retail sales comparison by segment (1) (GWh) Weather-Normalized Electricity Sales Volumes Actual Electricity Sales Volumes Annual EPS Sensitivity (2) Pennsylvania Three Months Ended March 31 Trailing Twelve Months Ended March 31 Three Mon
Slide 25: PA Data Center Requests in Advanced Stages
PA Data Center Requests in Advanced Stages Pennsylvania is uniquely positioned to lead data center expansion in U.S. Requested Load In-Service Dates (in GW) ➢ Data centers in advanced stages increased to 28.3GW (up from 25.2GW last quarter) (1) ➢ ~10GW under Electric Service Agreements (ESAs) with 5
Slide 26: Capital Expenditure Plan
Capital Expenditure Plan ($ 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 27: Projected Rate Base (Year-End)
Projected Rate Base (Year-End) (1) (Year-end rate base, $ in billions) Company Segment Type 2025 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 $4.1 $4
Slide 28: Debt Maturities
Debt Maturities ($ in millions) 2026 2027 2028 2029 2030 2031+ Total PPL Capital Funding (1) $650 $0 $1,000 $0 $1,581 $2,865 $6,096 PPL Electric Utilities $0 $108 $0 $116 $0 $5,575 $5,799 Louisville Gas & Electric (2) $90 $260 $0 $0 $0 $2,539 $2,889 Kentucky Utilities (2) $146 $60 $0 $0 $0 $3,315 $3
Slide 29: Liquidity Profile
Liquidity Profile ($ in millions) (1)(2) Entity Facility Expiration Date Capacity Borrowed LCs & CP Issued Unused Capacity (3) PPL Capital Funding Syndicated Credit Facility Dec-2030 $1,500 $0 $0 $1,500 Bilateral Credit Facility Feb-2027 $100 $0 $0 $100 Uncommitted Credit Facility Feb-2027 $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 PPL CORPORATION 1st Quarter 2026 Investor Update
Slide 32: 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 33: 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 KY (1) PA RI Total PPL 20% 20% Base Rates 24% 42% 30% $11.6B $8.4B 47% $3.0B AFUDC 15% 5% 65% 34% ~60% near Tracke
Slide 34: Legislative & Regulatory Overview
Legislative & Regulatory Overview Pennsylvania Kentucky Rhode Island Governor: Josh Shapiro (D) Governor: Andy Beshear (D) Governor: Dan McKee (D) Term ends January 2027 Term ends December 2027 Term ends January 2027 Commission Commission Commission Gubernatorial appointment & Gubernatorial appointm
Slide 35: Pennsylvania Regulatory Overview
Pennsylvania Regulatory Overview PPL Electric Utilities Key Attributes Constructive Features Mitigating Regulatory Lag 2025 Rate Base ✓ FERC Formula Transmission Rates Year-End Rate Base ($B) $11.1 % of Total PPL Rate Base 38% ✓ Distribution System Improvement Charge (DSIC) ▪ An alternative ratemaki
Slide 36: Kentucky Regulatory Overview
Kentucky Regulatory Overview Louisville Gas & Electric and Kentucky Utilities Key Attributes Constructive Features Mitigating Regulatory Lag 2025 Rate Base (1) ✓ Environmental Cost Recovery (ECR) Surcharge Year-End Rate Base ($B) $13.7 ▪ Provides near real-time recovery for approved environmental pr
Slide 37: Rhode Island Regulatory Overview
Rhode Island Regulatory Overview Rhode Island Energy Key Attributes Constructive Features Mitigating Regulatory Lag 2025 Rate Base ✓ FERC Formula Transmission Rates Year-End Rate Base ($B) $4.3 % of Total PPL Rate Base 15% ✓ Multi-year rate plans for electric and gas distribution Allowed ROE ✓ Infra
Slide 38: Rhode Island Energy Rate Case Summary
Rhode Island Energy Rate Case Summary Filed first rate case since 2017 to provide safe, reliable, and affordable services Key Dates Procedural Schedule (2) ➢ Filing Date: November 26, 2025 Date Event 05/11/2026 Rhode Island Energy Rebuttal Testimony ➢ Rates Effective: September 1, 2026 05/26/2026 Su
Slide 39: Appendix: Reconciliation and Disclaimers
Appendix Reconciliation and Disclaimers PPL CORPORATION 1st Quarter 2026 Investor Update
Slide 40: Reconciliation of Segment Reported Earnings to Ongoing Earnings - Current Year
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations - Current Year After-Tax (Unaudited) Three Months Ended March 31, 2026 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total (1 ) Reported Earnings $ 270 $ 184 $ 36 $ (38) $ 452 Less: Special Items (expense) benefi
Slide 41: 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 March 31, 2025 ($ in millions) KY Reg. PA Reg. RI Reg. Corp. & Other Total Reported Earnings (1 ) $ 223 $ 184 $ 70 $ (63) $ 414 Less: Special Items (expense) benefit:
Slide 42: Reconciliation of PPL’s Earnings Forecast
Reconciliation of PPL’s Earnings Forecast After-Tax (Unaudited) 2026 Forecast Range (per share - diluted) Midpoint High Low Estimate of Reported Earnings $ 1.91 $ 1.95 $ 1.87 (1) Less: Special Items (expense) benefit: (2) IT Transformation 0.02 0.02 0.02 (3) Customer system integration impacts (0.01
Slide 43: 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 44: 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