PPL (PPL) investor relations material

Business overview and strategy

• Operates four regulated utilities across Pennsylvania, Kentucky, and Rhode Island, serving 3.6 million customers with a $29B rate base and $24.1B market capitalization as of September 2026.

• Strategic focus on delivering safe, reliable, affordable, and sustainable energy, aiming for net-zero carbon emissions by 2050.

• Targets top-tier total shareholder return of 10–12%, with 6–8% annual EPS growth and 4–6% annual dividend growth.

• Committed to operational efficiency, customer affordability, and digital transformation.

• 80 consecutive years of dividends, with a strong balance sheet and 16–18% FFO/CFO to debt target.

Capital investment and growth initiatives

• $23B capital investment plan for 2026–2029, focusing on electric distribution, transmission, and non-coal generation, including 2,000MW of natural gas, 240MW of solar, and 500MW of battery storage in Kentucky.

• Data center development in Pennsylvania continues to accelerate, with signed agreements reaching 31.8GW and over 6.5GW under construction.

• Kentucky's economic development pipeline expanded to 13.7GW, with significant data center-related opportunities and potential for $3.5B–$4.0B in incremental generation investment by 2032.

• Large-load tariffs in PA and KY protect existing customers and support responsible data center growth.

• Invitium Energy joint venture with Blackstone Infrastructure advancing, with over 5GW of CCGT projects in PJM's queue and $12.5B–$15.0B potential investment.

Financial performance and customer impact

• Maintains lower average residential bills—20% below regional averages—through cost control and efficiency.

• Reduced O&M costs by 2.7% annually from 2021–2025, generating $170M in annualized savings and funding $1.4B in capital improvements without impacting customer bills.

• Rhode Island Energy accelerating $170M in bill credits, offsetting recent rate increases.

• Large-load tariffs include customer protections, such as pre-payments and credit support, to prevent unfair cost shifts.

• Focus on further cost efficiencies through grid hardening, smart devices, IT systems, and AI deployment.