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PPLPPL Corporation

Utilities · Electric Utilities · NYSE
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The 10-K against last year's

154 changes: 59 added, 39 removed, 56 reworded

10-K Feb 20, 2026 vs Feb 13, 2025
Risk FactorsRedline ↓
12.1%
of the text changed · 5,949 words now
31.8%
of the text changed · 14,687 words now
Legal ProceedingsRedline ↓
21.7%
of the text changed · 2,415 words now
Accounting PoliciesRedline ↓
9.8%
of the text changed · 5,102 words now

10-K 0000922224-26-000008 (2026-02-20) vs 10-K 0000922224-25-000009 (2025-02-13)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 216 words changed in this paragraph; it is 37% similar to last year's version.
Because AI technologies are still remain in their the early stages of development and deployment. Ineffective or inadequate AI development or deployment practices industry standards are still emerging, their use, whether by PPL, its subsidiaries or third-party vendors could result in unintended consequences. While vendors, presents inherent risks. Although we seek contractual protections and conduct due diligence with our third-party vendors regarding the use of that incorporate AI technology, technologies into their products or services, we may not have full visibility into, awareness of, or control or visibility over, the quality, underlying data, supply chain dependencies, model training practices, performance, security safeguards, or compliance posture of the products and services that incorporate AI-related technology used by such vendors. AI enabled tools. AI algorithms that we or our third-party vendors use may be flawed or may be based on datasets that are biased or insufficient. These limitations insufficient, which may introduce risks involving data quality, data integrity, cybersecurity, adversarial manipulation, intellectual property, regulatory compliance, biased outcomes, or failures, or inaccurate results generated as a result improper handling of our employees’, contractors’ or vendors’ use or misuse of AI technologies could lead to operational interruptions or otherwise adversely affect our business, reputation or financial results. Developing, testing, and deploying resource-intensive AI systems may require additional investment and increase our costs. In addition, the rapidly evolving nature of AI technologies may cause new laws and regulations to be enacted which could dramatically affect business practices, including the costs to comply with such new laws and regulations. We cannot predict the future development of AI technologies and the nature of any related new laws and regulations, and their costs and consequences. sensitive information.

Source: Item 1A, 10-K 0000922224-26-000008 vs Item 1A, 10-K 0000922224-25-000009

MD&A 170 words changed in this paragraph; it is 41% similar to last year's version.
www.pplweb.com In addition to disclosure required by applicable securities laws and SEC regulations, PPL provides additional disclosures on www.pplsustainability.com. Neither sustainability topics that it considers relevant to investors and stakeholders, which are available on the information in such corporate website at https://www.pplweb.com/sustainability/reports-disclosures/. Primarily, PPL continues each spring to publish its annual sustainability report nor the information at such websites is incorporated in this Form 10-K by reference, and it should not be considered a part of this Form 10-K. In preparing its sustainability report, PPL is guided by the framework established by the Global Reporting Initiative, which identifies environmental, social, governance and other subject matter categories. including data related to carbon emissions. PPL also participates in efforts by the Edison Electric Institute and American Gas Association to provide the appropriate subset of sustainability information that can be applied consistently across the electric and gas utility industries. Additionally, Finally, PPL consults widely used reporting frameworks for discrete sustainability topics, including corporate political contributions and climate-related issues. PPL also responds issues and maps its disclosure to various reporting frameworks such as Global Reporting Initiative (GRI) Standards and to the climate survey of CDP, a not-for-profit organization based in the United Kingdom formerly known as the Carbon Disclosure Project, that runs the global disclosure system that enables investors, companies, cities, states CDP Climate and regions to measure and manage their environmental impacts. Water Questionnaires.

Source: Item 7, 10-K 0000922224-26-000008 vs Item 7, 10-K 0000922224-25-000009

Accounting Policies 97 words changed in this paragraph; it is 70% similar to last year's version.
Depreciation is recorded over the estimated useful lives of property using various methods including the straight-line, composite and group methods. When a component of PP&E that was depreciated under the composite or group method is retired, the original cost is charged to accumulated depreciation. When all or a significant portion of an operating unit that was depreciated under the composite or group method is retired or sold, the property and the related accumulated depreciation account is reduced and any gain or loss is included in income, unless otherwise required by regulators. RIE, LG&E and KU accrue costs of removal net of estimated salvage value through depreciation, which is included in the calculation of customer rates over the assets' depreciable lives in accordance with regulatory practices. Cost of removal amounts accrued through depreciation rates are accumulated as a regulatory liability until the removal costs are incurred. For LG&E and KU, all ARO depreciation expenses are reclassified to a regulatory asset or regulatory liability. See "Asset Retirement Obligations" below and Note 7 for additional information. PPL Electric records net costs of removal when incurred as a regulatory asset. The regulatory asset is subsequently amortized through depreciation over a five-year period, which is recoverable in customer rates in accordance with regulatory practices.

Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000922224-26-000008 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000922224-25-000009

Legal Proceedings 26 words changed in this paragraph; it is 70% similar to last year's version.
(a)In 2025, 2024, and 2023, PPL purchased approximately $153 million, $27 million and $300 million of renewable tax credits and recorded a current tax benefit and a deferred tax expense for utilization of approximately $138 million, $61 million and $250 million of the credits in 2023 and prior years, per the three-year carry-back rule. credits, respectively.

Source: Item 3, via Note 6 – Income and Other Taxes, 10-K 0000922224-26-000008 vs Item 3, via Note 6 – Income and Other Taxes, 10-K 0000922224-25-000009

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of PPL's Risk Factors and MD&A, 10-K 2026-02-20 against 10-K 2025-02-13. Each links to the text at sec.gov.

RemovedRisk Factors
PPL may not realize the anticipated benefits of the RIE acquisition, which could materially adversely affect PPL's business, financial condition and results of operations.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
PPL may not realize the anticipated financial and operational benefits from the RIE acquisition. PPL has incurred significant costs in connection with the integration, and additional unanticipated costs may arise. No assurance can be given that the anticipated long-term benefits from the acquisition will be achieved or, if achieved, the timing of their achievement. These risks and their consequences could result in increased costs or decreases in the amount of expected revenues associated with the

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
A pandemic health event and related remediation efforts could present challenges to businesses, communities, workforces, markets and supply chains. At this time, the Registrants cannot predict the ways in which and the extent to which these or other pandemic-related factors may affect their business, earnings or other financial results.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
and damage to our reputation. Threats to our systems and operations continue to emerge as new ways to compromise components of our systems or networks are developed. Additionally, cybersecurity risks also threaten our supply chains, including aspects that are not under our control, such as the incorporation of opensource software in systems or software that we use, that despite our efforts do not meet our current security standards.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
AI technologies are still in their early stages of development and deployment. Ineffective or inadequate AI development or deployment practices by PPL, its subsidiaries or third-party vendors could result in unintended consequences. While we seek contractual protections with our third-party vendors regarding the use of AI technology, we may not have full awareness of, or control or visibility over, the quality, performance, security or compliance of the products and services that incorporate AI-related technology used by such vendors. AI algorithms that we or our third-party vendors use may be flawed or may be based on datasets that are biased or insufficient. These limitations or failures, or inaccurate results generated as a result of our employees’, contractors’ or vendors’ use or misuse of AI technologies could lead to operational interruptions or otherwise adversely affect our business, reputation or financial results. Developing, testing, and deploying resource-intensive AI systems may require additional investment and increase our costs. In addition, the rapidly evolving nature of AI technologies may cause new laws and regulations to be enacted which could dramatically affect business practices, including the costs to comply with such new laws and regulations. We cannot predict the future development of AI technologies and the nature of any related new laws and regulations, and their costs and consequences.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
In connection with the acquisition of RIE in 2022, National Grid USA Service Company, Inc., National Grid U.S. and Narragansett Electric entered into a transition services agreement (TSA), pursuant to which the National Grid entities agreed to provide certain transition services to Narragansett Electric to facilitate the transition of the operation of Narragansett Electric to PPL following the acquisition. The TSA was for an initial two-year term and was completed in the third quarter of 2024. TSA costs of $137 million, $228 million, and $123 million were incurred for the years ended December 31, 2024, 2023, and 2022.

Read it in 10-K 2025-02-13 at sec.gov ↗

Show the other 11
RemovedMD&A
The IRS released the final Internal Revenue Code Section 6418 regulations related to the transfer of certain credits under the Inflation Reduction Act. The regulations became effective on July 1, 2024 and did not and are not expected to have a material impact on the financial statements regarding prior or future credit transfers.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
In 2021, RIE filed its Updated AMF Business Case and Grid Modernization Plan (GMP) with the RIPUC in accordance with the Amended Settlement Agreement (ASA) approved by the RIPUC in August 2018, and which among other things, sought approval to deploy smart meters throughout the service territory. After PPL completed the acquisition of RIE, RIE filed a new AMF Business Case with the RIPUC in 2022, consisting of a detailed proposal for full-scale deployment of AMF across its electric service territory.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
On September 27, 2023, the RIPUC unanimously approved RIE to deploy an AMF-based metering system for the electric distribution business. RIE is authorized to seek recovery of the approved capital investment through the ISR process with an overall multi-year cap on recovery at approximately $153 million, subject to certain terms, conditions and limitations with respect to the potential offsets and recoverability of certain costs. RIE is required to continue spending even if above the recovery cap, until it achieves the functionalities outlined in the AMF Business Case. RIE filed with the RIPUC for approval of (i) an updated electric Service Quality Plan on December 27, 2023, (ii) additional compliance tariff provisions regarding recovery and updated cost schedules to reflect the RIPUC's decision on December 22, 2023, and (iii) electric and gas tariff advice filings for RIPUC Automatic Meter Reading/AMF meter opt-out tariff provision on September 19, 2024. The RIPUC

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
approved RIE’s revised service quality metrics with certain modifications on August 1, 2024 and October 30, 2024. In addition, the RIPUC approved RIE’s AMR/AMF opt-out tariff provisions for electric and natural gas with modifications on December 19, 2024 for effect January 1, 2025, and approved the proposed updated fees to be assessed at the start of the AMF roll-out. On January 7, 2025, RIE filed compliance tariffs to reflect the RIPUC’s ruling, which they approved at their January 23, 2025 Open Meeting.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
On April 30, 2024, KU filed a request with the VSCC for an annual increase in Virginia base electricity rates of approximately $9 million. KU's request is based on an authorized 10.5% return on equity. Subject to regulatory review and approval, new rates would become effective February 1, 2025. On November 6, 2024, KU and VSCC Staff filed a stipulation to resolve the proceeding, with a proposed annual rate increase amount of $8 million and annual authorized returns on equity in a range from 9.5% to 10.5% for various tariff purposes, with no objection from the Office of the Attorney General. A public hearing on the matter was held on November 13, 2024. On December 10, 2024, the Hearing Examiner issued an alternative recommendation to approve the stipulation with a nonmaterial adjustment to the revenue requirement. All parties filed letters in support of the Hearing Examiner’s alternative recommendation. On January 28, 2025, the VSCC issued an order approving the stipulation, including the adjustment recommended by the Hearing Examiner, and the resulting new rates went into effect on February 1, 2025.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
On January 17, 2024, PPL Electric filed a petition with the PAPUC seeking to modify its LTIIP, which covers the period from 2023 through 2027, to increase the total projected capital spending for existing LTIIP programs and to add a new LTIIP program related to predictive failure technology. On July 11, 2024, the PAPUC approved the petition in part, allowing for an increase of $203 million for existing LTIIP programs. The proposed new LTIIP program was determined not to be eligible for recovery under the DSIC. However, investments in such programs are potentially recoverable through a base rate proceeding.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
To leverage potential benefits of AI, PPL management has established an AI Governance committee, with oversight from the Chief Technology and Innovation Officer and the Chief Legal Officer, which assesses benefits and risks associated with AI. The governance committee is a cross-functional team with leadership representation from Technology, Security, Audit, Legal, Operations, Human Resources and Data and AI. The governance committee reviews potential AI solutions using an intake process which involves risk and benefit assessment, data security and privacy considerations, and ensures that all solutions are compliant with PPL technology and security standards.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
(d) The increase was primarily due to returns on additional transmission capital investments, returns of depreciation and operation and maintenance expenses and delayed implementation of moving to a calendar year rate in 2023, partially offset by the prior year point to point border rate settlement variance.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
(g) The decrease was primarily due to lower recoveries of commodity costs and pension expenses, partially offset by higher recoveries of gas related maintenance expenses.

Read it in 10-K 2025-02-13 at sec.gov ↗

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