PPL Corporation

- In February, PPL successfully executed a $1.15 billion equity units offering with a purchase contract for common shares settling in February 2029. - This offering provides a clear path to permanent equity while allowing participation in share price upside. - Following this transaction, PPL has derisked about two-thirds of the total equity needed to support its current capital expenditure plan. - For the remaining equity needs, the base plan is to utilize the ATM (at-the-market) program, an efficient financing tool. - PPL will also continue to be opportunistic with other equity-like financing structures if they provide a lower cost of capital. - No specific new debt offerings were mentioned on the call, but the company maintains a strong balance sheet with significant financial flexibility.

- Incremental transmission CapEx of about $1.3 billion in the updated plan (as of February). - Additional $0.5 billion+ projected to serve incremental demand from 28+ gigawatts of data center growth, some beyond 2029. - $4 billion of generation projects currently approved and under construction in Kentucky. - Possible filing of another Certificate of Public Convenience and Necessity (CPCN) in Kentucky later this year due to increasing load projections (~3.5 GW expected versus 1.8 GW currently planned). - Battery storage likely part of upcoming generation investments for quicker deployment. - Continued strategic investments in gas pipeline access and turbine reservations for generation projects via Blackstone joint venture in Pennsylvania. - No earnings contributions or capital investments from the joint venture are in the current business plan but increased probability of JV-owned generation over time. - Rhode Island received approval for $330 million infrastructure investments for system reliability and resilience. - System consolidation and AI initiatives underway to drive operational cost savings.

- PPL projects approximately 3.5 gigawatts of expected new load growth by 2032 in Kentucky, nearly double the 1.8 gigawatts assumed in the most recent CPCN forecast, driven mainly by data centers and advanced manufacturing. - Data center projects in advanced stages in Pennsylvania total 28.3 gigawatts, up 12% from the prior update, with about 10 gigawatts under signed agreements and 5 gigawatts under construction. - The joint venture with Blackstone aims to capture growth in generation projects to meet increasing demand, positioning PPL well for long-term value creation. - PPL reaffirms 2026 ongoing earnings guidance of $1.90 to $1.98 per share and targets 6%-8% annual EPS growth through at least 2029. - Capital investment is projected at about $23 billion through 2029, supporting average annual rate base growth of 10.3%, excluding JV investments.

- PPL reaffirmed 2026 ongoing earnings guidance of $1.90 to $1.98 per share, midpoint $1.94. - Long-term financial targets include 6% to 8% annual EPS growth through at least 2029. - Compound annual growth expected near the top end of the 6% to 8% range. - Targeting annual dividend growth of 4% to 6%. - Strong credit metrics expected throughout the plan period. - First quarter 2026 ongoing earnings were $0.63 per share, up $0.03 from Q1 2025. - Solid Q1 results position the company well to deliver on 2026 and longer-term financial targets. - $23 billion of capital investment projected through 2029, supporting growth and rate base expansion at about 10.3% annually.

- PPL has an active pipeline reflecting 12.9 GW of potential new load through 2032 in Kentucky, up nearly 4 GW from the prior update. - New data center requests constitute the majority, with 13 new projects showing interest. - Active data center requests total almost 12 GW, about one-third highly active with transmission service studies underway; 650 MW currently under construction or agreement. - In Pennsylvania, projects in advanced stages total 28.3 GW, up 12% from 25.2 GW earlier. About 10 GW have signed Electric Service Agreements (ESAs). - Approximately 5 GW of projects are already under construction in Pennsylvania. - Multiple generation projects have been submitted into PJM’s interconnection queue for land under PPL’s control. - Executing multiple gas turbine reservation agreements to support these generation projects.