For financial analysts: Andy Ludwig, 610-774-3389
Contacts: For news media: Ryan Hill, 610-774-4033 For financial analysts: Andy Ludwig, 610-774-3389
• Achieves 2026 third-quarter ongoing earnings per share (EPS) of $0.54 versus $0.48 in 2025.
• Narrows 2026 ongoing earnings forecast range to $1.92 to $1.96 per share; on track to achieve at least the midpoint of $1.94 per share.
• Increases long-term annual EPS growth target to 7% to 9% through at least 2030 off of the company’s 2026 ongoing earnings forecast midpoint; expects annual EPS growth in the top half of the targeted range.
• Announces $25 billion capital plan for 2027 to 2030, resulting in average annual rate base growth of 10% over the period.
• Provides 2027 earnings forecast range of $2.06 to $2.14 per share; midpoint of $2.10 per share represents an 8.2% increase over PPL’s projected 2026 ongoing earnings midpoint.
• Highlights $12 billion to $16 billion of potential additional generation investment through 2032, with Kentucky opportunities that could drive PPL’s EPS CAGR to 9%+ from 2026 to 2030.
• Announces Invitium Energy has agreed to terms for approximately 2 gigawatts (GW) of generation capacity to supply power to QTS’s Salem Township data center project in Pennsylvania.
ALLENTOWN, Pa. (Nov. 6, 2026) - PPL Corporation (NYSE: PPL) today announced third-quarter 2026 reported earnings (GAAP) of $367 million, or $0.49 per share, compared with third-quarter 2025 reported earnings of $318 million, or $0.43 per share.
PPL reported earnings of $1.05 billion, or $1.38 per share for the first nine months of 2026, compared with reported earnings of $915 million, or $1.23 per share, for the first nine months of 2025.
Adjusting for special items, third-quarter 2026 earnings from ongoing operations (non-GAAP) were $411 million, or $0.54 per share, compared with $355 million, or $0.48 per share, a year ago.
Earnings from ongoing operations for the first nine months of 2026 were $1.14 billion, or $1.50 per share, compared with $1.04 billion, or $1.40 per share, for the first nine months of 2025.
“Our strong third-quarter results reflect continued execution across PPL and keep us on track to meet or exceed the $1.94 per share midpoint of our 2026 ongoing earnings forecast range,” said Vincent Sorgi, PPL President and Chief Executive Officer. “At the same time, the progress we’re making across our businesses has strengthened PPL’s long-term growth outlook, and continued strong economic development across our service territories is providing greater visibility into meaningful upside growth opportunities beyond the plan.
“We’re beginning to see those opportunities translate into tangible commercial progress, and today we’re pleased to announce that Invitium Energy has agreed to terms with QTS for approximately 2 GW of generation capacity to serve the QTS data center project in Salem Township, Pennsylvania,” Sorgi said. “This represents a significant milestone for Invitium Energy and an important step toward converting strong customer demand into tangible generation projects. Just as importantly, these projects will help meet rising energy demand while strengthening the PJM grid and supporting long-term energy affordability.”
With PPL’s updated business plan, the company increased its annual EPS growth target to 7% to 9% through at least 2030 off of the company’s 2026 ongoing earnings forecast midpoint, with annual growth expected in the top half of the range. This compares to projected annual EPS growth of 6% to 8% in its prior plan.
PPL’s $25 billion capital plan for 2027-2030 is $2 billion higher than its prior 2026-2029 plan, primarily reflecting an additional natural gas combined-cycle unit to support large-load growth in Kentucky. The plan will strengthen reliability and resilience, modernize energy networks, replace aging infrastructure and support growing customer demand. Importantly, PPL’s approved large-load tariffs are designed to ensure that large-load customers driving incremental infrastructure needs bear the associated costs, helping protect existing customers.
The company projects these investments to drive average annual rate base growth of 10% from 2026 through 2030.
PPL plans to fund its updated capital plan while maintaining a strong balance sheet and credit metrics. The company’s updated business plan reflects approximately $3.0 billion of equity financing needs in addition to the more than $1.5 billion already executed through forward sales agreements during 2025 and 2026. The company continues to target a Funds from Operations (FFO)/Cash Flow from Operations (CFO) to debt ratio of 16% to 18% with the ratio expected to improve toward the midpoint of the range over the plan period. In addition, the company continues to target annual dividend per share growth of about 4% to 6%, with growth expected to be at the low end of the range to support reinvestment while continuing to deliver top-tier shareowner returns.
“We remain focused on executing this growth responsibly and efficiently, with affordability at the forefront,” Sorgi said. “That means maintaining strong cost discipline, investing where we can deliver clear value for customers and continuing to support a ‘growth pays for growth’ approach that protects existing customers as new large-load demand develops.”
PPL’s updated business plan is supported by investments in its regulated utility businesses and does not include potential capital investments or earnings contributions associated with Invitium Energy.
Beyond its updated business plan, PPL continues to see strong economic development activity in Pennsylvania and Kentucky, which could present $12 billion to $16 billion of potential generation investment opportunity through 2032. The estimated opportunity includes regulated generation investment to support growing demand in Kentucky, as well as PPL’s ownership interest in generation development opportunities through Invitium Energy in Pennsylvania.
In Kentucky, the economic development pipeline in Louisville Gas and Electric and Kentucky Utilities’ service territories grew to approximately 14.7 GW through 2032 at the end of the third quarter, including 12.8 GW associated with data center opportunities. Approximately 2.3 GW of this load is now under signed reimbursement agreements, an increase of 1 GW from the prior quarter.
The continued growth in large-load demand is expected to drive the need for additional regulated generation beyond the investments included in PPL’s updated capital plan. The company estimates that projects with a probability of success of 50% or greater represent approximately 4 GW of additional peak demand through 2032, with generation additions in the updated capital plan capable of supporting about 2.4 GW of this demand.
The company estimates that additional generation to serve the remaining 1.6 GW of demand represents $6.0 billion to $7.0 billion of incremental investment need between 2027 and 2032. Approximately $3.5 billion to $4.5 billion of this incremental investment could occur during the 2027 to 2030 plan period, subject to the execution and timing of customer agreements and regulatory approval. If realized, this investment could raise PPL’s projected compound annual EPS growth to 9%+ from 2026 to 2030.
In Pennsylvania, PPL Electric Utilities’ data center pipeline grew for the 11 th consecutive quarter to approximately 35.3 GW in advanced stages of planning, including 11.4 GW under signed electric service agreements and 8.5 GW under construction. This continued data center interest in Pennsylvania further supports new generation opportunities at Invitium Energy.
Invitium Energy, PPL’s joint venture with Blackstone Infrastructure, supports $6 billion to $9 billion of potential future generation project investment for PPL through 2032 (represents PPL’s 51% ownership share), based on executed reservation agreements for 5 GW of combined-cycle gas turbines. The estimated investment opportunity does not include potential investments in fuel cells and battery storage that could provide generation before the combined-cycle units come online.
Invitium continues to advance its commercial strategy and today announced it has agreed to all key commercial terms with QTS providing for approximately 2 GW of generation capacity to support the QTS Salem Township, Pennsylvania data center project, with a 20-year initial term and provisions for multiple five-year renewals. The term sheet is nonbinding and subject to customary conditions precedent. The term sheet advances a letter of intent between Invitium and QTS whereby Invitium will be the generation solution provider for QTS data centers in portions of Pennsylvania.
Invitium has also executed a cost reimbursement agreement with QTS that provides reimbursement and risk mitigation for specified development costs and commitments in the event certain approvals and conditions for project development are not achieved.
The deal structure provides a regulated-like risk profile that includes a fixed monthly payment, with annual escalation, covering return of and on invested capital and fixed operating costs, along with variable payments when the generation facilities operate to cover fuel and other variable operating costs.
The proposed generation portfolio includes two combined-cycle natural gas plants complemented by fuel cells and battery storage, with the final mix of fuel cells and battery storage still being finalized. The fuel cells and battery storage could be online as early as 2029, with the combined-cycle natural gas units expected to be online in 2032 and 2033.
The expected generation portfolio is consistent with the White House’s Ratepayer Protection Pledge, which PPL publicly supported. It also aligns with Pennsylvania’s clean and firm energy requirements under Pennsylvania Governor Josh Shapiro’s Responsible Infrastructure Development (GRID) Standards.
In summary, the combination of the negotiated key commercial terms and the cost reimbursement agreement creates a durable foundation for disciplined investment, attractive long-term returns and meaningful growth with appropriate risk protections and provides for about 2 GW of new generation in Pennsylvania.
It demonstrates the strength of the platform PPL is building and the growing momentum behind Invitium Energy, which is in active discussions with multiple counterparties for additional generation projects in Pennsylvania.
In conjunction with today’s business plan update, PPL provided a 2027 earnings forecast range of $2.06 to $2.14 per share. The midpoint, $2.10 per share, represents an 8.2% increase over the midpoint of the company’s 2026 projected ongoing earnings results of $1.94 per share.
As discussed in this news release, reported earnings are calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP). “Earnings from ongoing operations” is a non-GAAP financial measure that is adjusted for special items. See the tables at the end of this news release for a reconciliation of reported earnings (net income) to earnings from ongoing operations, including an itemization of special items.
In addition to the segment drivers outlined below, PPL’s reported earnings in the third quarter of 2026 included net special-item after-tax charges of $44 million, or $0.05 per share, primarily attributable to system and other integration-related impacts and PPL’s Rhode Island hold harmless commitment. Reported earnings in the third quarter of 2025 included net special-item after- tax charges of $37 million, or $0.05 per share, primarily attributable to PPL’s IT transformation and integration-related expenses associated with the acquisition of Rhode Island Energy.
Reported earnings in the first nine months of 2026 included net special-item after-tax charges of $87 million or $0.12 per share, primarily attributable to prior-year impacts associated with an ISO New England transmission return on equity reduction, system and other integration-related impacts, and PPL’s IT transformation. Reported earnings in the first nine months of 2025 included net special-item after-tax charges of $124 million, or $0.17 per share, primarily attributable to PPL’s IT transformation and integration-related expenses and adjustments associated with the acquisition of Rhode Island Energy.
PPL’s Kentucky Regulated segment primarily consists of the regulated electricity and natural gas operations of Louisville Gas and Electric Company and the regulated electricity operations of Kentucky Utilities Company.
Reported earnings in the third quarter of 2026 increased by $0.05 per share compared with a year ago. Earnings from ongoing operations in the third quarter of 2026 increased by $0.04 per share compared with a year ago. Factors driving earnings results primarily included higher income due to higher retail rates effective January 1, 2026, and higher sales volumes, partially offset by higher operating costs and higher depreciation expense.
Reported earnings in the first nine months of 2026 increased by $0.11 per share compared with a year ago. Earnings from ongoing operations in the first nine months of 2026 increased by $0.07 per share compared with a year ago. Factors driving earnings results primarily included higher income due to higher retail rates effective January 1, 2026, partially offset by higher depreciation expense, higher operating costs and higher interest expense.
PPL’s Pennsylvania Regulated segment consists of the regulated electricity delivery operations of PPL Electric Utilities.
Reported earnings and earnings from ongoing operations in the third quarter of 2026 increased by $0.04 per share compared with a year ago. Factors driving earnings results primarily included higher revenue from new distribution base rates effective July 1, 2026, and higher transmission revenue from additional capital investments, partially offset by higher depreciation expense, higher operating costs and higher interest expense.
Reported earnings in the first nine months of 2026 increased by $0.02 per share compared with a year ago. Earnings from ongoing operations in the first nine months of 2026 increased by $0.03 per share compared with a year ago. Factors driving earnings results primarily included higher revenue from new distribution base rates effective July 1, 2026, and higher transmission revenue from additional capital investments, partially offset by higher depreciation expense, higher operating costs and higher interest expense.
PPL’s Rhode Island Regulated segment consists of the regulated electricity and natural gas operations of Rhode Island Energy.
Reported earnings in the third quarter of 2026 decreased by $0.04 per share compared with a year ago. Earnings from ongoing operations per share in the third quarter of 2026 were flat compared with a year ago. Factors driving earnings results primarily included higher revenue from new gas and electric distribution base rates effective Sept. 1, 2026, and higher rider revenue, partially offset by higher operating costs and higher depreciation expense.
Reported earnings in the first nine months of 2026 decreased by $0.05 per share compared with a year ago. Earnings from ongoing operations in the first nine months of 2026 increased by $0.01 per share compared with a year ago. Factors driving earnings results primarily included higher revenue from new gas and electric distribution base rates effective Sept. 1, 2026, partially offset by higher depreciation expense and higher interest expense.
PPL’s Corporate and Other category primarily includes financing costs incurred at the corporate level, certain non-recoverable costs resulting from commitments made to the Rhode Island Division of Public Utilities and Carriers and the Rhode Island Attorney General’s Office in conjunction with the acquisition of Rhode Island Energy, and certain other unallocated costs.
Reported earnings in the third quarter of 2026 increased by $0.01 per share compared with a year ago. Earnings from ongoing operations in the third quarter of 2026 decreased by $0.02 per share compared with a year ago. Factors driving earnings results primarily included higher interest expense and other factors that were not individually significant.
Reported earnings in the first nine months of 2026 increased by $0.07 per share compared with a year ago. Earnings from ongoing operations in the first nine months of 2026 decreased by $0.01 per share compared with a year ago. Factors driving earnings results primarily included higher interest expense, partially offset by lower operating costs and lower income tax expense.
PPL narrowed its 2026 earnings from ongoing operations forecast range to $1.92 to $1.96 per share from a prior forecast range of $1.90 to $1.98 per share. The midpoint remains $1.94 per share.
PPL also announced a 2027 earnings forecast range of $2.06 to $2.14 per share with a midpoint of $2.10 per share.
Earnings from ongoing operations is a non-GAAP measure that could differ from reported earnings due to special items that are, in management’s view, non- recurring or otherwise not reflective of the company’s ongoing operations. PPL management is not able to forecast whether any of these factors will occur or whether any amounts will be reported for future periods. Therefore, PPL is not able to provide an equivalent GAAP measure for earnings guidance.
See the table at the end of this news release for a complete reconciliation of the 2026 earnings forecast.
PPL Corporation (NYSE: PPL), headquartered in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas safely, reliably and affordably to more than 3.6 million customers in the U.S. PPL’s high-performing, award-winning utilities are addressing energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions. For more information, visit www.pplweb.com. # # # (Note: All references to earnings per share in the text and tables of this news release are stated in terms of diluted earnings per share unless otherwise noted.)
PPL invites interested parties to listen to a live internet webcast of management’s teleconference with financial analysts about third-quarter 2026 financial results at 11 a.m. Eastern time on Friday, Nov. 6. The call will be webcast live, in audio format, together with slides of the presentation. For those who are unable to listen to the live webcast, a replay with slides will be accessible at www.pplweb.com/investors for 90 days after the call.
Interested individuals can access the live conference call by telephone at 1-844-512-2926. International participants should call 1-412-317-6300. Participants will need to enter the following “Elite Entry” number to join the conference: 7654135. Callers can access the webcast link at www.pplweb.com/investors under “Events.” # # # Management utilizes “Earnings from Ongoing Operations” or “Ongoing Earnings” as a non-GAAP financial measure that should not be considered as an alternative to reported earnings, or net income, an indicator of operating performance determined in accordance with GAAP. PPL believes that Earnings from Ongoing Operations is useful and meaningful to investors because it provides management’s view of PPL’s earnings performance as another criterion in making investment decisions. In addition, PPL’s management uses Earnings from Ongoing Operations in measuring achievement of certain corporate performance goals, including targets for certain executive incentive compensation. Other companies may use different measures to present financial performance.
Earnings from Ongoing Operations is adjusted for the impact of special items. Special items are presented in the financial tables on an after-tax basis with the related income taxes on special items separately disclosed. Income taxes on special items, when applicable, are calculated based on the statutory tax rate of the entity where the activity is recorded. Special items may include items such as:
• Other charges or credits that are, in management’s view, non-recurring or otherwise not reflective of the company’s ongoing operations.
Statements contained in this news release, 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 Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: weather conditions affecting customer energy usage and operating costs; strategic mergers, acquisitions, dispositions, joint ventures or similar transactions and our ability to consummate these business transactions, integrate the applicable entities or realize expected benefits from such transactions; the outcome of rate cases or other cost recovery, revenue or regulatory proceedings; war, armed conflicts, terrorist attacks or similar disruptive events including ongoing conflicts in Ukraine and the Middle East; pandemic health events or other catastrophic events and their effect on financial markets, economic conditions and our businesses; market demand for energy in our service territories; volatility in or the impact of other changes on financial markets, commodity prices and economic conditions, including inflation; the effect of any business or industry restructuring; the profitability and liquidity of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operating performance of our facilities; the length of scheduled and unscheduled outages at our generating plants; environmental conditions and requirements and the related costs of compliance; system conditions and operating costs; development of new projects, markets and technologies; performance of new ventures; any impact of severe weather on our business; receipt of necessary government permits, approvals, rate relief and regulatory cost recovery; capital market conditions and decisions regarding capital structure; the impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation against PPL Corporation and its subsidiaries; PPL Corporation’s stock price performance; the market prices of equity securities and the impact on pension income and resultant cash funding requirements for defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries; political, regulatory or economic conditions in jurisdictions where PPL Corporation or its subsidiaries conduct business, including any potential effects of threatened or actual cyberattack, terrorism or war or other hostilities; new state, federal or foreign legislation, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such forward-looking statements should be considered in light of such important factors and in conjunction with factors and other matters discussed in PPL Corporation’s Form 10-K and other reports on file with the Securities and Exchange Commission.
PPL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED FINANCIAL INFORMATION(1) Condensed Consolidated Balance Sheets (Unaudited) (Millions of Dollars) September 30, December 31, Assets 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 393 $ 1,071 Accounts receivable 1,239 1,225 Unbilled revenues 375 558 Fuel, materials and 618 551 supplies Regulatory assets 312 308 Other current assets 266 218 Property, Plant and Equipment Regulated utility plant 45,010 42,953 Less: Accumulated depreciation - 10,907 10,303 regulated utility plant Regulated utility plant, 34,103 32,650 net Non-regulated property, plant and 77 71 equipment Less: Accumulated depreciation - non-regulated 22 26 property, plant and equipment Non-regulated property, plant and 55 45 equipment, net Construction work in 4,547 3,437 progress Property, Plant and 38,705 36,132 Equipment, net Noncurrent regulatory 2,190 2,092 assets Goodwill and other 2,588 2,574 intangibles Other noncurrent assets 660 515 Total Assets $ 47,346 $ 45,244 Liabilities and Equity Short-term debt $ 679 $ 456 Long-term debt due within 358 904 one year Accounts payable 1,464 1,559 Other current liabilities 1,776 1,627 Long-term debt 19,853 17,990 Deferred income taxes and investment tax 3,847 3,615 credits Accrued pension obligations 253 281 Asset retirement 112 133 obligations Noncurrent regulatory 3,219 3,318 liabilities Other deferred credits and noncurrent 576 480 liabilities Common stock and additional paid-in 12,355 12,451 capital Treasury stock -547 -575 Earnings reinvested 3,610 3,207 Accumulated other -209 -202 comprehensive loss Total Liabilities and $ 47,346 $ 45,244 Equity
(1) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation. Please refer to PPL Corporation’s periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.
PPL CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (Millions of Dollars) Nine Months Ended Cash Flows from September 30, Operating Activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 1,049 $ 915 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 1,079 977 Amortization 95 73 Defined benefit plans - -6 -44 income Deferred income taxes and investment tax 207 177 credits Equity component of -82 -58 AFUDC Other 11 55 Change in current assets and current liabilities Accounts receivable -39 -72 Accounts payable -168 -159 Unbilled revenues 185 130 Fuel, materials and -60 3 supplies Prepayments -30 -9 Taxes payable -57 29 Regulatory assets and -57 73 liabilities, net Accrued interest 61 80 Other 22 -31 Other operating activities Defined benefit plans - -10 -9 funding Other -144 -49 Net cash provided by operating 2,056 2,081 activities Cash Flows from Investing Activities Expenditures for property, plant and -3,530 -2,868 equipment Other investing -86 8 activities Net cash used in -3,616 -2,860 investing activities Cash Flows from Financing Activities Issuance of long-term 2,046 1,895 debt Retirement of long-term -718 — debt Payment of common stock -630 -593 dividends Net increase in 223 292 short-term debt Debt issuance costs -37 -24 Other financing -14 -11 activities Net cash provided by financing 870 1,559 activities Net Increase (Decrease) in Cash, Cash -690 780 Equivalents and Restricted Cash Cash, Cash Equivalents and Restricted 1,086 339 Cash at Beginning of Period Cash, Cash Equivalents and Restricted $ 396 $ 1,119 Cash at End of Period Supplemental Disclosures of Cash Flow Information Significant non-cash transactions: Accrued expenditures for property, plant $ 692 $ 486 and equipment at September 30,
(1) Excludes the Rhode Island Regulated segment electricity sales as revenues are decoupled from volumes delivered.
(2) Three months ended September 30, 2025 includes a reversal for estimated volumes for industrial customers that were not billed during the three months ended June 30, 2025 period.
(3) Costs associated with PPL’s restructuring and rebuilding of its IT infrastructure, organization and systems.
(4) Certain collection process costs incurred due to the timing and implementation of the customer system integration.
(6) Reduction of the gas cost recovery rate adjustment mechanism for Rhode Island Energy’s hold harmless commitment.
(7) Certain costs disallowed by the RIPUC related to the 2025 Rhode Island rate case proceedings.
(3) Costs associated with PPL’s restructuring and rebuilding of its IT infrastructure, organization and systems. Kentucky Regulated received regulatory asset treatment for 2025 costs.
(4) Certain collection process costs incurred due to the timing and implementation of the customer system integration.
(5) Prior period impact of an ISO New England transmission rates return on equity reduction.
(6) Prior period impact of a meter data system integration post transition services agreement.
(8) Reduction of the gas cost recovery rate adjustment mechanism for Rhode Island Energy’s hold harmless commitment.
(9) Certain costs disallowed by the RIPUC related to the 2025 Rhode Island rate case proceedings.
(2) Primarily integration and related costs associated with the acquisition of Rhode Island Energy.
(3) Costs associated with PPL’s restructuring and rebuilding of its IT infrastructure, organization and systems.
(5) Certain collection process costs incurred due to the timing and implementation of the customer system integration.
(2) PPL incurred legal expenses and received insurance reimbursement related to litigation associated with its former affiliate, Talen Montana, LLC and certain affiliated entities.
(3) Rhode Island Regulated primarily includes a transition services agreement settlement. Corporate and Other primarily includes integration and related costs associated with the acquisition of Rhode Island Energy.
(4) Costs associated with PPL’s restructuring and rebuilding of its IT infrastructure, organization and systems.
(5) Costs associated with a settlement agreement regarding energy efficiency programs prior to PPL’s acquisition of Rhode Island Energy.
(7) Adjustments related to account reconciliations and process alignment subsequent to the end of the transition services agreement associated with the acquisition of Rhode Island Energy.
(8) Certain collection process costs incurred due to the timing and implementation of the customer system integration.
Reconciliation of PPL's Earnings Forecast After-Tax (Unaudited) 2026 Forecast (per share - Range diluted) Midpoint High Low ────────────────────────────────────────────────────────────────────────────── Estimate of $ 1.82 $ 1.84 $ 1.80 Reported Earnings Less: Special Items (expense) benefit:(1) Acquisition -0.02 -0.02 -0.02 integration(2) IT -0.02 -0.02 -0.02 transformation(3) Customer system integration -0.02 -0.02 -0.02 impacts(4) ISO-NE transmission rates -0.03 -0.03 -0.03 ROE reduction(5) Meter system integration -0.01 -0.01 -0.01 impacts(6) Hold harmless -0.01 -0.01 -0.01 commitment(7) Rate case -0.01 -0.01 -0.01 disallowance(8) Total Special -0.12 -0.12 -0.12 Items Forecast of Earnings from $ 1.94 $ 1.96 $ 1.92 Ongoing Operations
(1) Reflects only special items recorded through September 30, 2026. PPL is not able to forecast special items for future periods.
(3) Costs associated with PPL’s restructuring and rebuilding of its IT infrastructure, organization and systems. Kentucky Regulated received regulatory asset treatment for 2025 costs.
(4) Certain collection process costs incurred due to the timing and implementation of the customer system integration.
(5) Prior period impact of an ISO New England transmission rates return on equity reduction.
(6) Prior period impact of a meter data system integration post transition services agreement.
(7) Reduction of the gas cost recovery rate adjustment mechanism for Rhode Island Energy’s hold harmless commitment.
(8) Certain costs disallowed by the RIPUC related to the 2025 Rhode Island rate case proceedings.
Full text with the tables
Exhibit 99.1
news release
www.pplnewsroom.com
Contacts: For news media: Ryan Hill, 610-774-4033
For financial analysts: Andy Ludwig, 610-774-3389
PPL Corporation Delivers Strong Third-Quarter 2026 Earnings;
Raises Long‑Term EPS Growth Outlook
• Announces 2026 third-quarter reported earnings (GAAP) of $0.49 per share.
• Achieves 2026 third-quarter ongoing earnings per share (EPS) of $0.54 versus
$0.48 in 2025.
• Narrows 2026 ongoing earnings forecast range to $1.92 to $1.96 per share; on
track to achieve at least the midpoint of $1.94 per share.
• Increases long-term annual EPS growth target to 7% to 9% through at least 2030
off of the company’s 2026 ongoing earnings forecast midpoint; expects annual EPS
growth in the top half of the targeted range.
• Announces $25 billion capital plan for 2027 to 2030, resulting in average
annual rate base growth of 10% over the period.
• Provides 2027 earnings forecast range of $2.06 to $2.14 per share; midpoint of
$2.10 per share represents an 8.2% increase over PPL’s projected 2026 ongoing
earnings midpoint.
• Highlights $12 billion to $16 billion of potential additional generation
investment through 2032, with Kentucky opportunities that could drive PPL’s EPS
CAGR to 9%+ from 2026 to 2030.
• Announces Invitium Energy has agreed to terms for approximately 2 gigawatts
(GW) of generation capacity to supply power to QTS’s Salem Township data center
project in Pennsylvania.
ALLENTOWN, Pa. (Nov. 6, 2026) - PPL Corporation (NYSE: PPL) today announced
third-quarter 2026 reported earnings (GAAP) of $367 million, or $0.49 per share,
compared with third-quarter 2025 reported earnings of $318 million, or $0.43 per
share.
PPL reported earnings of $1.05 billion, or $1.38 per share for the first nine
months of 2026, compared with reported earnings of $915 million, or $1.23 per
share, for the first nine months of 2025.
Adjusting for special items, third-quarter 2026 earnings from ongoing operations
(non-GAAP) were $411 million, or $0.54 per share, compared with $355 million, or
$0.48 per share, a year ago.
Earnings from ongoing operations for the first nine months of 2026 were $1.14
billion, or $1.50 per share, compared with $1.04 billion, or $1.40 per share,
for the first nine months of 2025.
“Our strong third-quarter results reflect continued execution across PPL and
keep us on track to meet or exceed the $1.94 per share midpoint of our 2026
ongoing earnings forecast range,” said Vincent Sorgi, PPL President and Chief
Executive Officer. “At the same time, the progress we’re making across our
businesses has strengthened PPL’s long-term growth outlook, and continued strong
economic development across our service territories is providing greater
visibility into meaningful upside growth opportunities beyond the plan.
“We’re beginning to see those opportunities translate into tangible commercial
progress, and today we’re pleased to announce that Invitium Energy has agreed to
terms with QTS for approximately 2 GW of generation capacity to serve the QTS
data center project in Salem Township, Pennsylvania,” Sorgi said. “This
represents a significant milestone for Invitium Energy and an important step
toward converting strong customer demand into tangible generation projects. Just
as importantly, these projects will help meet rising energy demand while
strengthening the PJM grid and supporting long-term energy affordability.”
Updated Business Plan Reflects Higher Growth Extended Through 2030
With PPL’s updated business plan, the company increased its annual EPS growth
target to 7% to 9% through at least 2030 off of the company’s 2026 ongoing
earnings forecast midpoint, with annual growth expected in the top half of the
range. This compares to projected annual EPS growth of 6% to 8% in its prior
plan.
PPL’s $25 billion capital plan for 2027-2030 is $2 billion higher than its prior
2026-2029 plan, primarily reflecting an additional natural gas combined-cycle
unit to support large-load growth in Kentucky. The plan will strengthen
reliability and resilience, modernize energy networks, replace aging
infrastructure and support growing customer demand. Importantly, PPL’s approved
large-load tariffs are designed to ensure that large-load customers driving
incremental infrastructure needs bear the associated costs, helping protect
existing customers.
The company projects these investments to drive average annual rate base growth
of 10% from 2026 through 2030.
PPL plans to fund its updated capital plan while maintaining a strong balance
sheet and credit metrics. The company’s updated business plan reflects
approximately $3.0 billion of equity financing needs in addition to the more
than $1.5 billion already executed through forward sales agreements during 2025
and 2026. The company continues to target a Funds from Operations (FFO)/Cash
Flow from Operations (CFO) to debt ratio of 16% to 18% with the ratio expected
to improve toward the midpoint of the range over the plan period. In addition,
the company continues to target annual dividend per share growth of about 4% to
6%, with growth expected to be at the low end of the range to support
reinvestment while continuing to deliver top-tier shareowner returns.
“We remain focused on executing this growth responsibly and efficiently, with
affordability at the forefront,” Sorgi said. “That means maintaining strong cost
discipline, investing where we can deliver clear value for customers and
continuing to support a ‘growth pays for growth’ approach that protects existing
customers as new large-load demand develops.”
PPL’s updated business plan is supported by investments in its regulated utility
businesses and does not include potential capital investments or earnings
contributions associated with Invitium Energy.
Meaningful Growth Opportunities Beyond Updated Plan
Beyond its updated business plan, PPL continues to see strong economic
development activity in Pennsylvania and Kentucky, which could present $12
billion to $16 billion of potential generation investment opportunity through
2032. The estimated opportunity includes regulated generation investment to
support growing demand in Kentucky, as well as PPL’s ownership interest in
generation development opportunities through Invitium Energy in Pennsylvania.
Kentucky
In Kentucky, the economic development pipeline in Louisville Gas and Electric
and Kentucky Utilities’ service territories grew to approximately 14.7 GW
through 2032 at the end of the third quarter, including 12.8 GW associated with
data center opportunities. Approximately 2.3 GW of this load is now under signed
reimbursement agreements, an increase of 1 GW from the prior quarter.
The continued growth in large-load demand is expected to drive the need for
additional regulated generation beyond the investments included in PPL’s updated
capital plan. The company estimates that projects with a probability of success
of 50% or greater represent approximately 4 GW of additional peak demand through
2032, with generation additions in the updated capital plan capable of
supporting about 2.4 GW of this demand.
The company estimates that additional generation to serve the remaining 1.6 GW
of demand represents $6.0 billion to $7.0 billion of incremental investment need
between 2027 and 2032. Approximately $3.5 billion to $4.5 billion of this
incremental investment could occur during the 2027 to 2030 plan period, subject
to the execution and timing of customer agreements and regulatory approval. If
realized, this investment could raise PPL’s projected compound annual EPS growth
to 9%+ from 2026 to 2030.
Pennsylvania
In Pennsylvania, PPL Electric Utilities’ data center pipeline grew for the 11 th
consecutive quarter to approximately 35.3 GW in advanced stages of planning,
including 11.4 GW under signed electric service agreements and 8.5 GW under
construction. This continued data center interest in Pennsylvania further
supports new generation opportunities at Invitium Energy.
Invitium Energy
Invitium Energy, PPL’s joint venture with Blackstone Infrastructure, supports $6
billion to $9 billion of potential future generation project investment for PPL
through 2032 (represents PPL’s 51% ownership share), based on executed
reservation agreements for 5 GW of combined-cycle gas turbines. The estimated
investment opportunity does not include potential investments in fuel cells and
battery storage that could provide generation before the combined-cycle units
come online.
Invitium continues to advance its commercial strategy and today announced it has
agreed to all key commercial terms with QTS providing for approximately 2 GW of
generation capacity to support the QTS Salem Township, Pennsylvania data center
project, with a 20-year initial term and provisions for multiple five-year
renewals. The term sheet is nonbinding and subject to customary conditions
precedent. The term sheet advances a letter of intent between Invitium and QTS
whereby Invitium will be the generation solution provider for QTS data centers
in portions of Pennsylvania.
Invitium has also executed a cost reimbursement agreement with QTS that provides
reimbursement and risk mitigation for specified development costs and
commitments in the event certain approvals and conditions for project
development are not achieved.
The deal structure provides a regulated-like risk profile that includes a fixed
monthly payment, with annual escalation, covering return of and on invested
capital and fixed operating costs, along with variable payments when the
generation facilities operate to cover fuel and other variable operating costs.
The proposed generation portfolio includes two combined-cycle natural gas plants
complemented by fuel cells and battery storage, with the final mix of fuel cells
and battery storage still being finalized. The fuel cells and battery storage
could be online as early as 2029, with the combined-cycle natural gas units
expected to be online in 2032 and 2033.
The expected generation portfolio is consistent with the White House’s Ratepayer
Protection Pledge, which PPL publicly supported. It also aligns with
Pennsylvania’s clean and firm energy requirements under Pennsylvania Governor
Josh Shapiro’s Responsible Infrastructure Development (GRID) Standards.
In summary, the combination of the negotiated key commercial terms and the cost
reimbursement agreement creates a durable foundation for disciplined investment,
attractive long-term returns and meaningful growth with appropriate risk
protections and provides for about 2 GW of new generation in Pennsylvania.
It demonstrates the strength of the platform PPL is building and the growing
momentum behind Invitium Energy, which is in active discussions with multiple
counterparties for additional generation projects in Pennsylvania.
2027 Earnings Forecast
In conjunction with today’s business plan update, PPL provided a 2027 earnings
forecast range of $2.06 to $2.14 per share. The midpoint, $2.10 per share,
represents an 8.2% increase over the midpoint of the company’s 2026 projected
ongoing earnings results of $1.94 per share.
Third-Quarter 2026 Earnings Details
As discussed in this news release, reported earnings are calculated in
accordance with U.S. Generally Accepted Accounting Principles (GAAP). “Earnings
from ongoing operations” is a non-GAAP financial measure that is adjusted for
special items. See the tables at the end of this news release for a
reconciliation of reported earnings (net income) to earnings from ongoing
operations, including an itemization of special items.
(…
in
m…
e…
f…
p… Y…
s… 3rd to
a… Qu… 20… 20… Ch… D… 20… 20… Ch…
──────────────────────────────────────────────────────────────────────────────
R… $ 367 $ 318 15 % $ 1,… $ 915 15 %
e…
R…
e… $ 0.… $ 0.… 14 % $ 1.… $ 1.… 12 %
p…
s…
3rd Y…
Qu… to
D…
20… 20… C… 2… 2… C…
E…
f… $ 411 $ 355 16 % $ 1,… $ 1,… 9 %
o…
o…
E…
f…
o… $ 0.… $ 0.… 13 % $ 1.… $ 1.… 7 %
o…
p…
s…
Third-Quarter 2026 Earnings by Segment
Per
share 3rd Year to
Report… Quarter Date
earnin… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Kentuc… $ 0.30 $ 0.25 $ 0.83 $ 0.72
Regula…
Pennsy… 0.25 0.21 0.67 0.65
Regula…
Rhode
Island — 0.04 0.06 0.11
Regula…
Corpor…
and -0.06 -0.07 -0.18 -0.25
Other
Total $ 0.49 $ 0.43 $ 1.38 $ 1.23
3rd Year to
Quarter Date
2026 2025 2026 2025
Special
items
(expen…
benefit
Kentuc… $ — $ -0.01 $ 0.02 $ -0.02
Regula…
Pennsy… — — -0.01 —
Regula…
Rhode
Island -0.05 -0.01 -0.11 -0.05
Regula…
Corpor…
and — -0.03 -0.02 -0.10
Other
Total $ -0.05 $ -0.05 $ -0.12 $ -0.17
3rd Year to
Quarter Date
2026 2025 2026 2025
Earnin…
from
ongoing
operat…
Kentuc… $ 0.30 $ 0.26 $ 0.81 $ 0.74
Regula…
Pennsy… 0.25 0.21 0.68 0.65
Regula…
Rhode
Island 0.05 0.05 0.17 0.16
Regula…
Corpor…
and -0.06 -0.04 -0.16 -0.15
Other
Total $ 0.54 $ 0.48 $ 1.50 $ 1.40
Key Factors Impacting Earnings
In addition to the segment drivers outlined below, PPL’s reported earnings in
the third quarter of 2026 included net special-item after-tax charges of $44
million, or $0.05 per share, primarily attributable to system and other
integration-related impacts and PPL’s Rhode Island hold harmless commitment.
Reported earnings in the third quarter of 2025 included net special-item after-
tax charges of $37 million, or $0.05 per share, primarily attributable to PPL’s
IT transformation and integration-related expenses associated with the
acquisition of Rhode Island Energy.
Reported earnings in the first nine months of 2026 included net special-item
after-tax charges of $87 million or $0.12 per share, primarily attributable to
prior-year impacts associated with an ISO New England transmission return on
equity reduction, system and other integration-related impacts, and PPL’s IT
transformation. Reported earnings in the first nine months of 2025 included net
special-item after-tax charges of $124 million, or $0.17 per share, primarily
attributable to PPL’s IT transformation and integration-related expenses and
adjustments associated with the acquisition of Rhode Island Energy.
Kentucky Regulated Segment
PPL’s Kentucky Regulated segment primarily consists of the regulated electricity
and natural gas operations of Louisville Gas and Electric Company and the
regulated electricity operations of Kentucky Utilities Company.
Reported earnings in the third quarter of 2026 increased by $0.05 per share
compared with a year ago. Earnings from ongoing operations in the third quarter
of 2026 increased by $0.04 per share compared with a year ago. Factors driving
earnings results primarily included higher income due to higher retail rates
effective January 1, 2026, and higher sales volumes, partially offset by higher
operating costs and higher depreciation expense.
Reported earnings in the first nine months of 2026 increased by $0.11 per share
compared with a year ago. Earnings from ongoing operations in the first nine
months of 2026 increased by $0.07 per share compared with a year ago. Factors
driving earnings results primarily included higher income due to higher retail
rates effective January 1, 2026, partially offset by higher depreciation
expense, higher operating costs and higher interest expense.
Pennsylvania Regulated Segment
PPL’s Pennsylvania Regulated segment consists of the regulated electricity
delivery operations of PPL Electric Utilities.
Reported earnings and earnings from ongoing operations in the third quarter of
2026 increased by $0.04 per share compared with a year ago. Factors driving
earnings results primarily included higher revenue from new distribution base
rates effective July 1, 2026, and higher transmission revenue from additional
capital investments, partially offset by higher depreciation expense, higher
operating costs and higher interest expense.
Reported earnings in the first nine months of 2026 increased by $0.02 per share
compared with a year ago. Earnings from ongoing operations in the first nine
months of 2026 increased by $0.03 per share compared with a year ago. Factors
driving earnings results primarily included higher revenue from new distribution
base rates effective July 1, 2026, and higher transmission revenue from
additional capital investments, partially offset by higher depreciation expense,
higher operating costs and higher interest expense.
Rhode Island Regulated Segment
PPL’s Rhode Island Regulated segment consists of the regulated electricity and
natural gas operations of Rhode Island Energy.
Reported earnings in the third quarter of 2026 decreased by $0.04 per share
compared with a year ago. Earnings from ongoing operations per share in the
third quarter of 2026 were flat compared with a year ago. Factors driving
earnings results primarily included higher revenue from new gas and electric
distribution base rates effective Sept. 1, 2026, and higher rider revenue,
partially offset by higher operating costs and higher depreciation expense.
Reported earnings in the first nine months of 2026 decreased by $0.05 per share
compared with a year ago. Earnings from ongoing operations in the first nine
months of 2026 increased by $0.01 per share compared with a year ago. Factors
driving earnings results primarily included higher revenue from new gas and
electric distribution base rates effective Sept. 1, 2026, partially offset by
higher depreciation expense and higher interest expense.
Corporate and Other
PPL’s Corporate and Other category primarily includes financing costs incurred
at the corporate level, certain non-recoverable costs resulting from commitments
made to the Rhode Island Division of Public Utilities and Carriers and the Rhode
Island Attorney General’s Office in conjunction with the acquisition of Rhode
Island Energy, and certain other unallocated costs.
Reported earnings in the third quarter of 2026 increased by $0.01 per share
compared with a year ago. Earnings from ongoing operations in the third quarter
of 2026 decreased by $0.02 per share compared with a year ago. Factors driving
earnings results primarily included higher interest expense and other factors
that were not individually significant.
Reported earnings in the first nine months of 2026 increased by $0.07 per share
compared with a year ago. Earnings from ongoing operations in the first nine
months of 2026 decreased by $0.01 per share compared with a year ago. Factors
driving earnings results primarily included higher interest expense, partially
offset by lower operating costs and lower income tax expense.
Earnings Forecasts
PPL narrowed its 2026 earnings from ongoing operations forecast range to $1.92
to $1.96 per share from a prior forecast range of $1.90 to $1.98 per share. The
midpoint remains $1.94 per share.
PPL also announced a 2027 earnings forecast range of $2.06 to $2.14 per share
with a midpoint of $2.10 per share.
Earnings from ongoing operations is a non-GAAP measure that could differ from
reported earnings due to special items that are, in management’s view, non-
recurring or otherwise not reflective of the company’s ongoing operations. PPL
management is not able to forecast whether any of these factors will occur or
whether any amounts will be reported for future periods. Therefore, PPL is not
able to provide an equivalent GAAP measure for earnings guidance.
See the table at the end of this news release for a complete reconciliation of
the 2026 earnings forecast.
About PPL
PPL Corporation (NYSE: PPL), headquartered in Allentown, Pennsylvania, is a
leading U.S. energy company focused on providing electricity and natural gas
safely, reliably and affordably to more than 3.6 million customers in the U.S.
PPL’s high-performing, award-winning utilities are addressing energy challenges
head-on by building smarter, more resilient and more dynamic power grids and
advancing sustainable energy solutions. For more information, visit
www.pplweb.com.
# # #
(Note: All references to earnings per share in the text and tables of this news
release are stated in terms of diluted earnings per share unless otherwise
noted.)
Conference Call and Webcast
PPL invites interested parties to listen to a live internet webcast of
management’s teleconference with financial analysts about third-quarter 2026
financial results at 11 a.m. Eastern time on Friday, Nov. 6. The call will be
webcast live, in audio format, together with slides of the presentation. For
those who are unable to listen to the live webcast, a replay with slides will be
accessible at www.pplweb.com/investors for 90 days after the call.
Interested individuals can access the live conference call by telephone at
1-844-512-2926. International participants should call 1-412-317-6300.
Participants will need to enter the following “Elite Entry” number to join the
conference: 7654135. Callers can access the webcast link at
www.pplweb.com/investors under “Events.”
# # #
Management utilizes “Earnings from Ongoing Operations” or “Ongoing Earnings” as
a non-GAAP financial measure that should not be considered as an alternative to
reported earnings, or net income, an indicator of operating performance
determined in accordance with GAAP. PPL believes that Earnings from Ongoing
Operations is useful and meaningful to investors because it provides
management’s view of PPL’s earnings performance as another criterion in making
investment decisions. In addition, PPL’s management uses Earnings from Ongoing
Operations in measuring achievement of certain corporate performance goals,
including targets for certain executive incentive compensation. Other companies
may use different measures to present financial performance.
Earnings from Ongoing Operations is adjusted for the impact of special items.
Special items are presented in the financial tables on an after-tax basis with
the related income taxes on special items separately disclosed. Income taxes on
special items, when applicable, are calculated based on the statutory tax rate
of the entity where the activity is recorded. Special items may include items
such as:
• Gains and losses on sales of assets not in the ordinary course of business.
• Impairment charges.
• Significant workforce reduction and other restructuring effects.
• Acquisition and divestiture-related adjustments.
• Other charges or credits that are, in management’s view, non-recurring or
otherwise not reflective of the company’s ongoing operations.
Statements contained in this news release, 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 Corporation believes that the expectations and
assumptions reflected in these forward-looking statements are reasonable, these
statements are subject to a number of risks and uncertainties, and actual
results may differ materially from the results discussed in the statements. The
following are among the important factors that could cause actual results to
differ materially from the forward-looking statements: weather conditions
affecting customer energy usage and operating costs; strategic mergers,
acquisitions, dispositions, joint ventures or similar transactions and our
ability to consummate these business transactions, integrate the applicable
entities or realize expected benefits from such transactions; the outcome of
rate cases or other cost recovery, revenue or regulatory proceedings; war, armed
conflicts, terrorist attacks or similar disruptive events including ongoing
conflicts in Ukraine and the Middle East; pandemic health events or other
catastrophic events and their effect on financial markets, economic conditions
and our businesses; market demand for energy in our service territories;
volatility in or the impact of other changes on financial markets, commodity
prices and economic conditions, including inflation; the effect of any business
or industry restructuring; the profitability and liquidity of PPL Corporation
and its subsidiaries; new accounting requirements or new interpretations or
applications of existing requirements; operating performance of our facilities;
the length of scheduled and unscheduled outages at our generating plants;
environmental conditions and requirements and the related costs of compliance;
system conditions and operating costs; development of new projects, markets and
technologies; performance of new ventures; any impact of severe weather on our
business; receipt of necessary government permits, approvals, rate relief and
regulatory cost recovery; capital market conditions and decisions regarding
capital structure; the impact of state, federal or foreign investigations
applicable to PPL Corporation and its subsidiaries; the outcome of litigation
against PPL Corporation and its subsidiaries; PPL Corporation’s stock price
performance; the market prices of equity securities and the impact on pension
income and resultant cash funding requirements for defined benefit pension
plans; the securities and credit ratings of PPL Corporation and its
subsidiaries; political, regulatory or economic conditions in jurisdictions
where PPL Corporation or its subsidiaries conduct business, including any
potential effects of threatened or actual cyberattack, terrorism or war or other
hostilities; new state, federal or foreign legislation, including new tax
legislation; and the commitments and liabilities of PPL Corporation and its
subsidiaries. Any such forward-looking statements should be considered in light
of such important factors and in conjunction with factors and other matters
discussed in PPL Corporation’s Form 10-K and other reports on file with the
Securities and Exchange Commission.
PPL CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
FINANCIAL INFORMATION(1)
Condensed Consolidated
Balance Sheets (Unaudited)
(Millions of Dollars) September 30, December 31,
Assets 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 393 $ 1,071
Accounts receivable 1,239 1,225
Unbilled revenues 375 558
Fuel, materials and 618 551
supplies
Regulatory assets 312 308
Other current assets 266 218
Property, Plant and
Equipment
Regulated utility plant 45,010 42,953
Less: Accumulated
depreciation - 10,907 10,303
regulated utility plant
Regulated utility plant, 34,103 32,650
net
Non-regulated property,
plant and 77 71
equipment
Less:
Accumulated depreciation -
non-regulated 22 26
property, plant and
equipment
Non-regulated property,
plant and 55 45
equipment, net
Construction work in 4,547 3,437
progress
Property, Plant and 38,705 36,132
Equipment, net
Noncurrent regulatory 2,190 2,092
assets
Goodwill and other 2,588 2,574
intangibles
Other noncurrent assets 660 515
Total Assets $ 47,346 $ 45,244
Liabilities and Equity
Short-term debt $ 679 $ 456
Long-term debt due within 358 904
one year
Accounts payable 1,464 1,559
Other current liabilities 1,776 1,627
Long-term debt 19,853 17,990
Deferred income taxes and
investment tax 3,847 3,615
credits
Accrued pension obligations 253 281
Asset retirement 112 133
obligations
Noncurrent regulatory 3,219 3,318
liabilities
Other deferred credits and
noncurrent 576 480
liabilities
Common stock and additional
paid-in 12,355 12,451
capital
Treasury stock -547 -575
Earnings reinvested 3,610 3,207
Accumulated other -209 -202
comprehensive loss
Total Liabilities and $ 47,346 $ 45,244
Equity
(1) The Financial Statements in this news release have been condensed and
summarized for purposes of this presentation. Please refer to PPL Corporation’s
periodic filings with the Securities and Exchange Commission for full financial
statements, including note disclosure.
PPL
CORP…
AND
SUBS…
Cond…
Cons…
Stat…
of
Inco…
(Una…
(Mil…
of
Doll…
exce…
share
data)
Oper…
Reve…
Oper…
Expe…
Oper…
Fuel
Ener…
purc…
Other
oper…
and
main…
Depr…
Taxe…
other
than
inco…
Total
Oper…
Expe…
Oper…
Inco…
Other
Inco…
(Exp…
- net
Inte…
Expe…
Inco…
Befo…
Inco…
Taxes
Inco…
Taxes
Net
Inco…
Earn… 2,497 2,239 7,382 6,768
Per 246 231 715 657
Share 486 422 1,592 1,369
of 617 586 1,768 1,798
Comm… 366 331 1,079 977
Stoc… 117 100 343 314
Net 1,832 1,670 5,497 5,115
Inco… Three 665 569 Nine 1,885 1,653
Avai… Months 22 39 Months 104 90
to Ended 234 210 Ended 690 599
PPL Septem… 453 398 Septe… 1,299 1,144
Comm… 30, 86 80 30, 250 229
Shar… 2026 367 2025 318 2026 1,049 2025 915
──────────────────────────────────────────────────────────────────────────────
Basic $ 0.49 $ 0.43 $ 1.39 $ 1.24
Dilu… $ 0.49 $ 0.43 $ 1.38 $ 1.23
Weig…
Shar…
of
Comm…
Stock
Outs…
(in
thou…
Basic 752,5… 739,525 752,226 739,1…
Dilu… 755,3… 744,290 756,577 742,7…
PPL CORPORATION AND
SUBSIDIARIES
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
(Millions of Dollars) Nine Months Ended
Cash Flows from September 30,
Operating Activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 1,049 $ 915
Adjustments to reconcile
net income to
net cash provided by
operating
activities
Depreciation 1,079 977
Amortization 95 73
Defined benefit plans - -6 -44
income
Deferred income taxes
and investment tax 207 177
credits
Equity component of -82 -58
AFUDC
Other 11 55
Change in current assets
and current
liabilities
Accounts receivable -39 -72
Accounts payable -168 -159
Unbilled revenues 185 130
Fuel, materials and -60 3
supplies
Prepayments -30 -9
Taxes payable -57 29
Regulatory assets and -57 73
liabilities, net
Accrued interest 61 80
Other 22 -31
Other operating
activities
Defined benefit plans - -10 -9
funding
Other -144 -49
Net cash provided by
operating 2,056 2,081
activities
Cash Flows from
Investing Activities
Expenditures for
property, plant and -3,530 -2,868
equipment
Other investing -86 8
activities
Net cash used in -3,616 -2,860
investing activities
Cash Flows from
Financing Activities
Issuance of long-term 2,046 1,895
debt
Retirement of long-term -718 —
debt
Payment of common stock -630 -593
dividends
Net increase in 223 292
short-term debt
Debt issuance costs -37 -24
Other financing -14 -11
activities
Net cash provided by
financing 870 1,559
activities
Net Increase (Decrease)
in Cash, Cash -690 780
Equivalents and
Restricted Cash
Cash, Cash Equivalents
and Restricted 1,086 339
Cash at Beginning of
Period
Cash, Cash Equivalents
and Restricted $ 396 $ 1,119
Cash at End of Period
Supplemental Disclosures
of Cash Flow
Information
Significant non-cash
transactions:
Accrued expenditures for
property, plant $ 692 $ 486
and equipment at
September 30,
Op…
-
El…
Sa…
(U…
Thr… Nine
Mon… Mon…
End… End…
Sep… Sep…
30, 30,
Per… Perc…
(G… 2026 2025 Cha… 2026 2025 Chan…
PA
Re…
Se…
Re… 9,7… 9,4… 3.0 28,… 28,… 1.5 %
De… %
KY
Re…
Se…
Re… 8,5… 8,2… 3.7 23,… 23,… 0.3 %
De… %
Wh… 238 260 (8.… 697 967 (27.…
% %
To… 8,7… 8,4… 3.3 23,… 24,… (0.9)
% %
To… 18,… 17,… 3.1 52,… 52,… 0.4 %
%
(1) Excludes the Rhode Island Regulated segment electricity sales as revenues
are decoupled from volumes delivered.
(2) Three months ended September 30, 2025 includes a reversal for estimated
volumes for industrial customers that were not billed during the three months
ended June 30, 2025 period.
(3) Represents FERC-regulated municipal and unregulated off-system sales.
Re…
of
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to
Ea…
fr…
On…
Op…
(A… (mil…
(U… of
3rd doll… Corp.
Qu… KY PA RI &
20… Reg. Reg. Reg. Other Total
──────────────────────────────────────────────────────────────────────────────
Re… $ 224 $ 191 $ 2 $ -50 $ 367
Ea…
Le…
Sp…
It…
(e…
be…
Ac…
in…
net
of — — -17 — -17
tax
of
$5…
IT
tr…
net
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tax — -2 -1 -3 -6
of
$1,
$0,
$1…
Cu…
sy…
in…
im…
net — — -5 — -5
of
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of
$2…
Sa…
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of — -1 -1 — -2
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of
$0,
$0…
Ho…
ha…
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net — — -10 — -10
of
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of
$2…
Ra…
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net — — -4 — -4
of
tax
of
$1…
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Sp… — -3 -38 -3 -44
It…
Ea…
fr… $ 224 $ 194 $ 40 $ -47 $ 411
On…
Op…
-per
share
-
dilu…
KY PA RI Corp.
Reg. Reg. Reg. & Total
Other
Re… $ 0.30 $ 0.25 $ — $ -0.… $ 0.49
Ea…
Le…
Sp…
It…
(e…
be…
Ac… — — -0.… — -0.…
in…
Cu…
sy… — — -0.… — -0.…
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On…
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(1) Reported Earnings represents Net Income.
(2) Primarily includes a transition services agreement settlement.
(3) Costs associated with PPL’s restructuring and rebuilding of its IT
infrastructure, organization and systems.
(4) Certain collection process costs incurred due to the timing and
implementation of the customer system integration.
(5) Costs associated with an enterprise-wide safety transformation program.
(6) Reduction of the gas cost recovery rate adjustment mechanism for Rhode
Island Energy’s hold harmless commitment.
(7) Certain costs disallowed by the RIPUC related to the 2025 Rhode Island rate
case proceedings.
Re…
of
Se…
Re…
Ea…
to
Ea…
fr…
On…
Op…
(A…
(U… (mi…
Ye… of
Se… dol… Corp.
30, KY PA RI &
20… Reg. Reg. Reg. Other Total
──────────────────────────────────────────────────────────────────────────────
Re… $ 625 $ 507 $ 48 $ -131 $ 1,0…
Ea…
Le…
Sp…
It…
(e…
be…
Ac…
in…
net
of — — -17 — -17
tax
of
$5…
IT
tr…
net
of
tax 15 -7 -5 -9 -6
of
($…
$3,
$1,
$2…
Cu…
sy…
in…
im…
net — — -18 — -18
of
tax
of
$5…
IS…
tr…
ra…
ROE
re… — — -20 — -20
net
of
tax
of
$5…
Me…
sy…
in…
im…
net — — -9 — -9
of
tax
of
$2…
Sa…
tr…
net
of
tax -1 -1 -1 — -3
of
$0,
$0,
$0…
Ho…
ha…
co…
net — — -10 — -10
of
tax
of
$2…
Ra…
ca…
di…
net — — -4 — -4
of
tax
of
$1…
To…
Sp… 14 -8 -84 -9 -87
It…
Ea…
fr… $ 611 $ 515 $ 132 $ -122 $ 1,1…
On…
Op…
-per
sha…
-
dil…
KY PA RI Corp.
Reg. Reg. Reg. & Total
Other
Re… $ 0.83 $ 0.67 $ 0.06 $ -0.… $ 1.38
Ea…
Le…
Sp…
It…
(e…
be…
Ac… — — -0.… — -0.…
in…
IT 0.02 -0.01 -0.… -0.… -0.…
tr…
Cu…
sy… — — -0.… — -0.…
in…
im…
IS…
tr…
ra… — — -0.… — -0.…
ROE
re…
Me…
sy… — — -0.… — -0.…
in…
im…
Ho…
ha… — — -0.… — -0.…
co…
Ra…
ca… — — -0.… — -0.…
di…
To…
Sp… 0.02 -0.01 -0.… -0.… -0.…
It…
Ea…
fr… $ 0.81 $ 0.68 $ 0.17 $ -0.… $ 1.50
On…
Op…
(1) Reported Earnings represents Net Income.
(2) Primarily includes a transition services agreement settlement.
(3) Costs associated with PPL’s restructuring and rebuilding of its IT
infrastructure, organization and systems. Kentucky Regulated received regulatory
asset treatment for 2025 costs.
(4) Certain collection process costs incurred due to the timing and
implementation of the customer system integration.
(5) Prior period impact of an ISO New England transmission rates return on
equity reduction.
(6) Prior period impact of a meter data system integration post transition
services agreement.
(7) Costs associated with an enterprise-wide safety transformation program.
(8) Reduction of the gas cost recovery rate adjustment mechanism for Rhode
Island Energy’s hold harmless commitment.
(9) Certain costs disallowed by the RIPUC related to the 2025 Rhode Island rate
case proceedings.
Re…
of
Se…
Re…
Ea…
to
Ea…
fr…
On…
Op…
(A… (mi…
(U… of
3rd dol… Corp.
Qu… KY PA RI &
20… Reg. Reg. Reg. Other Total
──────────────────────────────────────────────────────────────────────────────
Re… $ 185 $ 159 $ 27 $ -53 $ 318
Ea…
Le…
Sp…
It…
(e…
be…
Ac…
in…
net
of — — -1 -14 -15
tax
of
$0,
$4…
IT
tr…
net
of
tax -5 -1 -1 -5 -12
of
$2,
$0,
$0,
$3…
Of…
re…
and
re…
co… -1 — — — -1
net
of
tax
of
$1…
Cu…
sy…
in…
im…
net — — -9 — -9
of
tax
of
$2…
To…
Sp… -6 -1 -11 -19 -37
It…
Ea…
fr… $ 191 $ 160 $ 38 $ -34 $ 355
On…
Op…
-per
sha…
-
dil…
KY PA RI Corp.
Reg. Reg. Reg. & Total
Other
Re… $ 0.25 $ 0.21 $ 0.04 $ -0.… $ 0.43
Ea…
Le…
Sp…
It…
(e…
be…
Ac… — — — -0.… -0.…
in…
IT -0.01 — — -0.… -0.…
tr…
Cu…
sy… — — -0.… — -0.…
in…
im…
To…
Sp… -0.01 — -0.… -0.… -0.…
It…
Ea…
fr… $ 0.26 $ 0.21 $ 0.05 $ -0.… $ 0.48
On…
Op…
(1) Reported Earnings represents Net Income.
(2) Primarily integration and related costs associated with the acquisition of
Rhode Island Energy.
(3) Costs associated with PPL’s restructuring and rebuilding of its IT
infrastructure, organization and systems.
(4) Certain costs related to the relocation of corporate offices.
(5) Certain collection process costs incurred due to the timing and
implementation of the customer system integration.
Re…
of
Se…
Re…
Ea…
to
Ea…
fr…
On…
Op…
(A…
(U… (mi…
Ye… of
Se… dol… Corp.
30, KY PA RI &
20… Reg. Reg. Reg. Other Total
──────────────────────────────────────────────────────────────────────────────
Re… $ 534 $ 482 $ 80 $ -181 $ 915
Ea…
Le…
Sp…
It…
(e…
be…
Ta…
li…
co…
net — — — 3 3
of
tax
of
($…
Ac…
in…
net
of — — 6 -41 -35
tax
of
($…
$1…
IT
tr…
net
of
tax -11 -1 -5 -31 -48
of
$4,
$0,
$1,
$8…
En…
ef…
pr…
se…
net — — -6 — -6
of
tax
of
$2…
Of…
re…
and
re…
co…
net -3 -2 — — -5
of
tax
of
$1,
$1…
Po…
TSA
ad…
net — — -24 — -24
of
tax
of
$7…
Cu…
sy…
in…
im…
net — — -9 — -9
of
tax
of
$2…
To…
Sp… -14 -3 -38 -69 -124
It…
Ea…
fr… $ 548 $ 485 $ 118 $ -112 $ 1,0…
On…
Op…
-per
sha…
-
dil…
KY PA RI Corp.
Reg. Reg. Reg. & Total
Other
Re… $ 0.72 $ 0.65 $ 0.11 $ -0.… $ 1.23
Ea…
Le…
Sp…
It…
(e…
be…
Ac… — — 0.01 -0.… -0.…
in…
IT -0.02 — -0.… -0.… -0.…
tr…
En…
ef… — — -0.… — -0.…
pr…
se…
Po…
TSA — — -0.… — -0.…
ad…
Cu…
sy… — — -0.… — -0.…
in…
im…
To…
Sp… -0.02 — -0.… -0.… -0.…
It…
Ea…
fr… $ 0.74 $ 0.65 $ 0.16 $ -0.… $ 1.40
On…
Op…
(1) Reported Earnings represents Net Income.
(2) PPL incurred legal expenses and received insurance reimbursement related to
litigation associated with its former affiliate, Talen Montana, LLC and certain
affiliated entities.
(3) Rhode Island Regulated primarily includes a transition services agreement
settlement. Corporate and Other primarily includes integration and related costs
associated with the acquisition of Rhode Island Energy.
(4) Costs associated with PPL’s restructuring and rebuilding of its IT
infrastructure, organization and systems.
(5) Costs associated with a settlement agreement regarding energy efficiency
programs prior to PPL’s acquisition of Rhode Island Energy.
(6) Certain costs related to the relocation of corporate offices.
(7) Adjustments related to account reconciliations and process alignment
subsequent to the end of the transition services agreement associated with the
acquisition of Rhode Island Energy.
(8) Certain collection process costs incurred due to the timing and
implementation of the customer system integration.
Reconciliation of
PPL's Earnings
Forecast
After-Tax
(Unaudited) 2026 Forecast
(per share - Range
diluted) Midpoint High Low
──────────────────────────────────────────────────────────────────────────────
Estimate of $ 1.82 $ 1.84 $ 1.80
Reported Earnings
Less: Special
Items (expense)
benefit:(1)
Acquisition -0.02 -0.02 -0.02
integration(2)
IT -0.02 -0.02 -0.02
transformation(3)
Customer system
integration -0.02 -0.02 -0.02
impacts(4)
ISO-NE
transmission rates -0.03 -0.03 -0.03
ROE
reduction(5)
Meter system
integration -0.01 -0.01 -0.01
impacts(6)
Hold harmless -0.01 -0.01 -0.01
commitment(7)
Rate case -0.01 -0.01 -0.01
disallowance(8)
Total Special -0.12 -0.12 -0.12
Items
Forecast of
Earnings from $ 1.94 $ 1.96 $ 1.92
Ongoing
Operations
(1) Reflects only special items recorded through September 30, 2026. PPL is not
able to forecast special items for future periods.
(2) Primarily includes a transition services agreement settlement.
(3) Costs associated with PPL’s restructuring and rebuilding of its IT
infrastructure, organization and systems. Kentucky Regulated received regulatory
asset treatment for 2025 costs.
(4) Certain collection process costs incurred due to the timing and
implementation of the customer system integration.
(5) Prior period impact of an ISO New England transmission rates return on
equity reduction.
(6) Prior period impact of a meter data system integration post transition
services agreement.
(7) Reduction of the gas cost recovery rate adjustment mechanism for Rhode
Island Energy’s hold harmless commitment.
(8) Certain costs disallowed by the RIPUC related to the 2025 Rhode Island rate
case proceedings.