PPL CORPORATION 1 st Quarter 2024 Investor Update May 1, 2024 Cautionary Statements and Factors That May Affect Future Results Statements made in this presentation about future operating results or other future events are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the forward-looking statements. A discussion of some of the factors that could cause actual results or events to vary is contained ...

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) PPL Corporation reported strong Q1 2024 results, reaffirming full-year EPS forecast and long-term growth targets, supported by infrastructure investments and O&M savings Q1 2024 Earnings Per Share Summary | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Reported Earnings (GAAP) per Share | $0.42 | $0.39 | +7.7% | | Earnings from Ongoing Operations (non-GAAP) per Share | $0.54 | $0.48 | +12.5% | - Reaffirmed **2024 ongoing earnings forecast range of $1.63 to $1.75 per share**, with a midpoint of **$1.69 per share**[3](index=3&type=chunk)[7](index=7&type=chunk) - Reaffirmed projection of **6% to 8% annual earnings per share and dividend growth** through at least 2027, without the need for equity issuances[6](index=6&type=chunk)[7](index=7&type=chunk) - The company is on track for over **$3 billion in 2024 infrastructure improvements** as part of a **$14.3 billion plan** through 2027 to modernize and strengthen the grid[4](index=4&type=chunk) - PPL continues to target annual operation and maintenance savings of at least **$175 million by 2026** from its 2021 baseline, with **$120-$130 million expected by the end of 2024**[5](index=5&type=chunk) [Detailed Financial Performance](index=2&type=section&id=Detailed%20Financial%20Performance) First-quarter financial performance was driven by growth across all regulated segments, with special items resulting in a net after-tax charge of $95 million [First-Quarter 2024 Earnings Details](index=2&type=section&id=First-Quarter%202024%20Earnings%20Details) PPL's Q1 2024 reported earnings (GAAP) and ongoing operations earnings (non-GAAP) both increased year-over-year, reaching $307 million and $402 million respectively Q1 Earnings Comparison (2024 vs. 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Reported Earnings | $307M | $285M | +8% | | Reported EPS | $0.42 | $0.39 | +8% | | Earnings from Ongoing Operations | $402M | $352M | +14% | | Ongoing Operations EPS | $0.54 | $0.48 | +13% | [First-Quarter 2024 Earnings by Segment](index=3&type=section&id=First-Quarter%202024%20Earnings%20by%20Segment) All regulated segments reported year-over-year growth in Q1 2024 ongoing operations earnings, with Kentucky, Pennsylvania, and Rhode Island segments each contributing to the increase Q1 2024 Earnings from Ongoing Operations per Share by Segment | Segment | Q1 2024 EPS | Q1 2023 EPS | | :--- | :--- | :--- | | Kentucky Regulated | $0.25 | $0.22 | | Pennsylvania Regulated | $0.22 | $0.19 | | Rhode Island Regulated | $0.11 | $0.10 | | Corporate and Other | ($0.04) | ($0.03) | | **Total** | **$0.54** | **$0.48** | - **Kentucky Regulated:** Earnings increased by **$0.03 per share**, primarily due to higher sales volumes compared to mild weather in Q1 2023[16](index=16&type=chunk) - **Pennsylvania Regulated:** Earnings from ongoing operations increased by **$0.03 per share**, driven by higher transmission revenue and lower operating costs[17](index=17&type=chunk) - **Rhode Island Regulated:** Earnings from ongoing operations increased by **$0.01 per share**, attributed to higher distribution revenue from capital investments, higher transmission revenue, and lower operating costs[18](index=18&type=chunk) [2024 Full-Year Forecast](index=4&type=section&id=2024%20Full-Year%20Forecast) PPL Corporation reaffirmed its 2024 full-year ongoing operations earnings forecast of $1.63 to $1.75 per share, without providing a GAAP equivalent due to unpredictable special items - The **2024 earnings from ongoing operations forecast range** is maintained at **$1.63 to $1.75 per share**, with a midpoint of **$1.69 per share**[22](index=22&type=chunk) - PPL management cannot provide an equivalent GAAP measure for its earnings guidance due to the inability to forecast the occurrence or amount of special items, which are non-recurring or not reflective of ongoing operations[23](index=23&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The condensed financial statements for Q1 2024 show total assets of $39.6 billion, with operating income increasing to $545 million despite lower revenues, and operating cash flow at $282 million [Balance Sheet](index=7&type=section&id=Balance%20Sheet) As of March 31, 2024, PPL Corporation's total assets increased slightly to $39.63 billion, with shifts observed in short-term and long-term debt Condensed Balance Sheet Data (in Millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | $39,631 | $39,236 | | Total Liabilities | $26,472 | $26,322 | | Total Equity | $13,159 | $12,914 | [Statement of Income](index=8&type=section&id=Statement%20of%20Income) Q1 2024 operating revenues decreased to $2.30 billion, but reduced operating expenses led to higher operating income of $545 million and net income of $307 million Condensed Statement of Income (in Millions) | Account | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Operating Revenues | $2,304 | $2,415 | | Total Operating Expenses | $1,759 | $1,917 | | Operating Income | $545 | $498 | | Net Income | $307 | $285 | [Statement of Cash Flows](index=9&type=section&id=Statement%20of%20Cash%20Flows) Net cash from operating activities decreased to $282 million in Q1 2024, while net cash used in investing activities increased to $591 million Condensed Statement of Cash Flows (in Millions) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $282 | $430 | | Net cash used in investing activities | ($591) | ($503) | | Net cash provided by financing activities | $248 | $177 | [Supplemental Information](index=10&type=section&id=Supplemental%20Information) This section provides supplemental operating data and detailed reconciliations of GAAP to non-GAAP earnings, highlighting increased electricity sales and special item adjustments [Operating Data - Electricity Sales](index=10&type=section&id=Operating%20Data%20-%20Electricity%20Sales) Total electricity sales for Pennsylvania and Kentucky regulated segments increased by **4.4%** year-over-year to **17,248 GWh** in Q1 2024, with Kentucky seeing a **7.6%** rise Electricity Sales (GWh) | Segment | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | PA Regulated (Retail) | 9,627 | 9,442 | +2.0% | | KY Regulated (Total) | 7,621 | 7,085 | +7.6% | | **Total** | **17,248** | **16,527** | **+4.4%** | [Reconciliation of GAAP to Non-GAAP Earnings](index=11&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Earnings) Detailed reconciliations bridge GAAP to non-GAAP earnings, with Q1 2024 special items totaling a **$95 million** charge, primarily for acquisition integration and a billing issue - For Q1 2024, Reported Earnings of **$307 million** were adjusted by **$95 million** in net special item expenses to arrive at Earnings from Ongoing Operations of **$402 million**[42](index=42&type=chunk) - The primary special items in Q1 2024 were acquisition integration costs related to Rhode Island Energy (**$80 million**) and expenses from a PPL Electric billing issue (**$11 million**)[42](index=42&type=chunk)[43](index=43&type=chunk) - The 2024 forecast reconciliation shows an estimated **$0.12 per share** in special item charges recorded through March 31, 2024, adjusting the midpoint Reported EPS estimate of **$1.57** to the Ongoing Operations EPS forecast of **$1.69**[46](index=46&type=chunk)

PPL Corporation (NYSE:PPL) Q4 2023 Earnings Conference Call February 16, 2024 11:00 AM ET Company Participants Andy Ludwig - VP, IR Vince Sorgi - President and CEO Joe Bergstein - CFO Conference Call Participants Shar Pourreza - Guggenheim Partners Durgesh Chopra - Evercore ISI Angie Storozynski - Seaport Paul Zimbardo - Bank of America Anthony Crowdell - Mizuho David Paz - Wolfe Operator Good day, and welcome to the PPL Corporation Fourth Quarter 2023 Earnings Conference Call. All participants will be in a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from _________ to ___________ | Commission File | Registrant; State of Incorporation; | IRS Employer | | --- | --- | --- | | Number | Address and Telephone Numbe ...

Future Results Vince Sorgi President & Chief Executive Officer 4 ✓ Exceeded the midpoint of our 2023 earnings forecast • Achieved 2023 ongoing earnings of $1.60 per share → 8.1% growth from pro forma 2022 earnings per share(3) • Offset over $0.10 per share impact compared to plan from mild weather and storms • Approval of our first ISR filing and Advanced Meter plan (AMF) in Rhode Island (1) Reliability performance based on System Average Interruption Frequency Index (SAIFI). The average number of interrupt ...

| --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------|-----------------------------|-----------------|----------|----------|------------------------|-----------------| | Entity | Facility | Expiration Date | Capacity | Borrowed | LCs & CP Issued (1)(2) | Unused Capacity | | PPL Capital Funding Syndicated Credit Facility | (3) | Dec-2027 | $1,250 | $0 | $75 | $1,175 | | | Bilateral Credit Facility | Mar-2024 | $100 | $0 | $0 | $100 | | | Uncommitted Credit Facility | M ...

Financial Data and Key Metrics Changes - The company reported third quarter earnings of $0.31 per share, an increase from $0.24 per share in Q3 2022. Adjusted ongoing earnings were $0.43 per share, up from $0.41 per share year-over-year [8][16] - Ongoing earnings for the first nine months of 2023 reached $1.20 per share, reflecting a 6% increase compared to the same period last year [19] - The ongoing earnings forecast for 2023 has been narrowed to a range of $1.55 to $1.60 per share, with a midpoint of $1.58 per share unchanged [9][21] Business Line Data and Key Metrics Changes - Pennsylvania Regulated segment results increased by $0.02 per share year-over-year, driven by higher transmission revenue and distribution rider recovery, despite higher interest and O&M expenses [17] - Kentucky segment results also increased by $0.02 per share year-over-year, primarily due to lower O&M expenses [18] - Rhode Island segment results decreased by $0.01 per share compared to Q3 2022, mainly due to higher O&M expenses related to staffing [18] Market Data and Key Metrics Changes - The company is on track to invest nearly $2.5 billion to modernize the grid and enhance resiliency [9][10] - The Rhode Island Public Utilities Commission authorized capital investments of up to $153 million for generation investment plans [26] Company Strategy and Development Direction - The company aims to replace up to 1,500 megawatts of aging coal generation with a cleaner energy mix by 2028 [26] - A $12 billion capital investment plan is in place, with targeted O&M savings of at least $175 million by 2026 to support a reliable and cleaner energy future [10][34] - The company continues to focus on smart grid innovations and has received federal funding to support these initiatives [5][121] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2023 earnings forecast despite challenges from mild weather and storms [21][30] - The company maintains a strong credit position, allowing for growth without the need for equity issuances through at least 2026 [4][33] - Management highlighted the importance of regulatory proceedings and the potential for multistate coordination in future projects [12][34] Other Important Information - The company is preparing for a trial regarding a fraudulent conveyance lawsuit, with a trial date set for February of next year [65] - The company is actively pursuing transmission investments within the PJM footprint, indicating additional opportunities for growth [68][69] Q&A Session Summary Question: Can the company continue to grow EPS in 2024 and 2025? - Management confirmed that they expect linear growth through the planning period, despite market forces [35][110] Question: What are the implications of rising costs for the generation replacement plan? - Management acknowledged cost increases but emphasized that the proposed plan remains significantly NPV positive [38][39] Question: How is the company tracking towards the $175 million O&M savings target? - Management reported that they are on track to achieve at least the $50 million to $60 million in efficiencies this year, contributing to the $175 million target [59][60] Question: What is the company's outlook for industrial growth in Kentucky? - Management indicated that the recent decline in industrial load is primarily due to normalization from a large steel manufacturer, but the long-term outlook remains positive with significant economic development expected [83][84] Question: What is the company's stance on offshore wind commitments in Rhode Island? - Management expressed confidence in Rhode Island's commitment to offshore wind as part of its clean energy strategy [80][81]

Financial Performance - Operating revenues for Q3 2023 were $2,043 million, a decrease of 4.3% from $2,134 million in Q3 2022[81]. - Net income for Q3 2023 increased to $230 million, up 32.2% from $174 million in Q3 2022[83]. - Earnings per share for Q3 2023 were $0.31, compared to $0.24 in Q3 2022, reflecting a 29.2% increase[81]. - Total operating expenses for Q3 2023 were $1,606 million, down 10.4% from $1,793 million in Q3 2022[81]. - Cash flows from operating activities for the nine months ended September 30, 2023, were $1,648 million, an increase from $1,511 million in the same period of 2022[85]. - Net income for the nine months ended September 30, 2023, was $384 million, down from $410 million in the same period of 2022, representing a decline of 6.3%[94]. - Total operating income for the nine months ended September 30, 2023, was $646 million, slightly up from $639 million in the same period of 2022, reflecting a growth of 1.1%[94]. - Total operating revenues for the Kentucky Regulated segment decreased by 8.6% to $893 million in Q3 2023 from $977 million in Q3 2022[141]. - Net income for the Kentucky Regulated segment increased by 6.7% to $175 million in Q3 2023 compared to $164 million in Q3 2022[141]. Assets and Liabilities - Total assets as of September 30, 2023, were $38,629 million, up from $37,837 million at the end of 2022[86]. - Long-term debt increased to $14,484 million as of September 30, 2023, compared to $12,889 million at the end of 2022[88]. - The company’s regulatory assets increased to $1,787 million as of September 30, 2023, from $1,819 million at the end of 2022[86]. - Total current liabilities decreased from $1,223 million in December 2022 to $972 million in September 2023, a reduction of approximately 20.5%[101]. - Long-term debt increased from $4,146 million in December 2022 to $4,566 million in September 2023, representing a rise of about 10.1%[101]. - Total equity rose from $5,751 million in December 2022 to $6,025 million in September 2023, an increase of approximately 4.8%[104]. Dividends and Shareholder Returns - Dividends declared per share of common stock were $0.240 for the three months ended September 30, 2023, compared to $0.225 for the same period in 2022, indicating a 6.7% increase[91]. - The company declared dividends totaling $72 million in the three months ended September 30, 2023, compared to $235 million in the same period of 2022[104]. - PPL declared a quarterly cash dividend of 24.0 cents per share in August 2023, equivalent to an annual dividend of 96.0 cents per share, payable on October 2, 2023[215]. Regulatory and Compliance - The company is subject to regulations from the Federal Energy Regulatory Commission (FERC) and the Environmental Protection Agency (EPA)[42][43]. - The company has established an Environmental Response Fund to address past obligations related to manufactured gas plants[41]. - The company is entitled to recover costs associated with environmental compliance under the Environmental Cost Recovery (ECR) mechanism[39]. - RIE filed a petition on April 30, 2021, to recognize regulatory assets related to COVID-19 impacts, including increased customer accounts receivable and lost revenue from unassessed late payment charges[176]. - The RIPUC conditionally approved RIE's FY 2023 Gas ISR Plan with a revenue requirement, focusing on the Proactive Main Replacement Program and related capital investments[178]. Strategic Initiatives and Growth - The company is focused on strategic acquisitions and market expansion as part of its growth strategy[76]. - The company is committed to developing new projects and technologies to enhance its service offerings[76]. - The Electric Transportation Initiative aims to facilitate the growth of Electric Vehicle (EV) adoption in Rhode Island, although it has been paused in Rate Year 5[172]. - RIE filed a new Grid Modernization Plan (GMP) to enhance the electric distribution system, aligning with Rhode Island's climate mandates[175]. Risk Management - The company is actively managing risks associated with commodity prices and interest rates through hedging programs[76]. - The FERC ordered LG&E and KU to refund credits previously withheld, resulting in recorded regulatory liabilities of $3 million and $9 million related to potential refunds[188]. Acquisitions and Transactions - PPL Rhode Island Holdings acquired 100% of Narragansett Electric for approximately $3.8 billion on May 25, 2022, which now operates under the name Rhode Island Energy (RIE)[216]. - Transition services agreement costs incurred during the three and nine months ended September 30, 2023, amounted to $59 million and $179 million, respectively, related to the acquisition of Narragansett Electric[219]. - The allocation of the purchase price for Narragansett Electric resulted in a net decrease to goodwill of $1 million, with total goodwill from the acquisition recorded at $1,585 million[222]. Legal and Regulatory Proceedings - PPL is involved in ongoing legal proceedings related to the Talen Energy spinoff, with claims regarding an allegedly fraudulent transfer of approximately $900 million from the sale of hydroelectric assets[236].

2 nd Quarter Investor Update Cautionary Statements and Factors That May Affect Statements made in this presentation about future operating results or other future events are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the forward-looking statements. A discussion of some of the factors that could cause actual results or events to vary is contained in the Appendix of this presentation and in PPL' ...

PPL Corporation (NYSE:PPL) Q2 2023 Earnings Conference Call August 4, 2023 10:00 AM ET Company Participants Andy Ludwig - Vice President, Investor Relations Vince Sorgi - President and Chief Executive Officer Joe Bergstein - Chief Financial Officer Conference Call Participants Durgesh Chopra - Evercore ISI Paul Zimbardo - Bank of America David Arcaro - Morgan Stanley Shar Pourreza - Guggenheim Partners Gregg Orrill - UBS Anthony Crowdell - Mizuho Operator Good day, and welcome to the PPL Corporation Second ...