Financial Data and Key Metrics Changes - The company reported second quarter GAAP earnings of $0.25 per share, down from $0.26 per share in Q2 2024 [34] - Adjusted earnings from ongoing operations were $0.32 per share, a decrease of $0.06 per share compared to Q2 2024 [35] - The company remains confident in achieving at least the midpoint of its 2025 ongoing earnings forecast of $1.81 per share [6][36] Business Line Data and Key Metrics Changes - The Kentucky segment results were flat compared to 2024, with lower sales volumes offset by other factors [38] - Pennsylvania regulated segment results decreased by $0.02 per share due to higher operating costs and timing of revenue true-ups [38] - Rhode Island segment results decreased by $0.03 per share, with higher distribution revenues offset by timing of operating costs [38] Market Data and Key Metrics Changes - The company anticipates a significant increase in demand, estimating 8.5 gigawatts of economic development load potential in Kentucky, including 5.7 gigawatts from data centers [31] - In Pennsylvania, the company has about 14.5 gigawatts of data center projects in advanced stages of development [18] Company Strategy and Development Direction - The company is focused on infrastructure improvements, projecting $20 billion in investments from 2025 to 2028, with average annual rate base growth of 9.8% [6] - A joint venture with Blackstone Infrastructure aims to build new generation resources to support data centers, emphasizing a regulated-like risk profile [20][22] - The company is actively engaging with stakeholders to strengthen resource adequacy and support economic development [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings growth in the second half of the year, driven by higher returns on capital investments and lower operating and maintenance costs [36] - The company is optimistic about the potential for new generation build-out in Pennsylvania, contingent on long-term energy service agreements with hyperscalers [23][24] Other Important Information - The company filed a stipulation agreement with the KPSC for new generation construction in Kentucky, which includes mechanisms for cost recovery [8][11] - A settlement in Rhode Island will provide $155 million in bill credits to customers, improving affordability [14] Q&A Session Summary Question: Can you elaborate on the $17 billion to $19 billion CapEx needs? - The estimate reflects the potential shift from a net long to a net short position in generation due to data center load growth, with the joint venture and existing IPPs expected to meet this need [46] Question: How will power risk be allocated within the joint venture? - The joint venture aims for a regulated-like risk profile, focusing on long-term contracted generation with creditworthy counterparties [50] Question: What are the future equity needs and plans for derisking? - The company has issued $350 million in equity through its ATM program and plans to evaluate options for efficient capital costs [53] Question: What is the company's view on the PJM capacity auction? - The company expressed concerns about the inability to procure additional generation while facing higher costs, emphasizing the need for new generation solutions [60] Question: What is the expected timeline for progress on the joint venture? - Active discussions are ongoing with hyperscalers, but no material financial commitments have been made yet [74] Question: How does the company view the current industrial sales trends? - The decline in industrial sales is attributed to specific customers rather than a broader trend, with no significant concerns noted [85] Question: What is the rationale behind filing rate cases sooner than expected? - The company has not filed rate cases in several years, and the current filings are a response to cost inflation and the need for regulatory adjustments [88]

Core Insights - PPL Corporation reported Q2 2025 operating EPS of 32 cents, missing the Zacks Consensus Estimate of 37 cents by 13.5% and down from 38 cents in the same quarter last year [1][8] - Total revenues reached $2.03 billion, exceeding the Zacks Consensus Estimate of $1.98 billion by 2.15% and increasing 7.7% from $1.88 billion year-over-year [2][8] Financial Performance - The company sold 15,737 gigawatt hours of electricity, reflecting a 0.9% year-over-year decline [3] - Total operating expenses rose to $1.62 billion, an increase of 8.7% from $1.49 billion in the previous year, primarily due to higher fuel and energy costs [3][8] - Operating income was $406 million, up 4.1% from $390 million year-over-year [3] Interest and Debt - Interest expenses amounted to $199 million, a 9.3% increase from $182 million in the same period of 2024 [4] - As of June 30, 2025, PPL's long-term debt was $15.29 billion, down from $15.95 billion at the end of 2024 [6] Segment Performance - In the Pennsylvania Regulated segment, adjusted EPS was 19 cents, down 9.5% from 21 cents year-over-year [5] - The Kentucky Regulated segment reported adjusted EPS of 18 cents, unchanged from the previous year [5] - The Rhode Island Regulated segment's adjusted EPS was 1 cent, down 75% from 4 cents year-over-year due to lower distribution and transmission revenues [5] - The Corporate and Other segment incurred a loss of 6 cents per share, compared to a loss of 5 cents in the prior year [5] Guidance and Future Outlook - PPL reaffirmed its 2025 earnings projection in the range of $1.75-$1.87 per share, with the Zacks Consensus Estimate at $1.82 per share [9] - The company maintains a long-term annual earnings growth rate guidance of 6-8% through 2028 and plans infrastructure investments of $20 billion for 2025-2028 [9]

Financial Performance & Outlook - PPL reported Q2 2025 GAAP earnings of $025 per share and ongoing earnings of $032 per share[6] - The company reaffirmed its 2025 ongoing EPS forecast range of $175 - $187 per share[7] - PPL is on track to complete approximately $43 billion in capital investments and achieve at least $150 million in cumulative O&M savings in 2025[10] - PPL issued approximately $350 million of equity via the ATM year-to-date[30] Capital Investment & Growth - PPL projects $20 billion of capital investment needs through 2028, resulting in an average annual rate base growth of 98% over the period[10] - The company anticipates 6%-8% annual EPS and dividend growth through at least 2028[10,38] - The company is targeting 16%-18% FFO/CFO to debt throughout the plan[10,40] Strategic Initiatives & Regulatory Updates - A constructive agreement was reached to advance generation needs for LG&E and KU, supporting the approval for two new 645MW NGCC units[11,13] - A base rate case was filed in Kentucky on May 30, 2025, requesting an increase in annual electricity revenues of approximately $105 million and $226 million at LG&E and KU, respectively, and an increase in annual gas revenues of approximately $60 million at LG&E[14,16] - PPL Electric is enabling speed to market for data centers with $13 billion invested in Pennsylvania Grid since 2013[18] - PPL is in a joint venture with Blackstone Infrastructure, with PPL owning 51% of the interest, to build new electric generation stations to power data centers under long-term energy services agreements[19]

Company Performance - PPL reported quarterly earnings of $0.32 per share, missing the Zacks Consensus Estimate of $0.37 per share, and down from $0.38 per share a year ago, representing an earnings surprise of -13.51% [1] - The company posted revenues of $2.03 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.15%, compared to year-ago revenues of $1.88 billion [2] - Over the last four quarters, PPL has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - PPL shares have increased about 11% since the beginning of the year, outperforming the S&P 500's gain of 8.2% [3] - The current consensus EPS estimate for the coming quarter is $0.47 on $2.18 billion in revenues, and for the current fiscal year, it is $1.82 on $8.64 billion in revenues [7] Industry Outlook - The Utility - Electric Power industry, to which PPL belongs, is currently in the top 34% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact PPL's stock performance [5]

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 reports second-quarter 2025 earnings ALLENTOWN, Pa. (July 31, 2025) - PPL Corporation (NYSE: PPL) today announced second-quarter 2025 reported earnings (GAAP) of $183 million, or $0.25 per share, compared with second-quarter 2024 reported earnings of $190 million, or $0.26 per share. PPL reported earnings of $597 million, or $0.80 per share, for th ...

Announces 2025 second-quarter reported earnings (GAAP) per share of $0.25. Achieves 2025 second-quarter ongoing earnings per share of $0.32 versus $0.38 in 2024, with lower results primarily due to timing and weather. Reaffirms 2025 ongoing earnings forecast range of $1.75 to $1.87 per share; expects to achieve at least the midpoint of $1.81 per share. Reaffirms 6% to 8% annual EPS and dividend growth targets through at least 2028; expects to achieve EPS growth in the top half of targeted growth range.ALLE ...

Core Viewpoint - Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU) have reached a stipulation agreement with several intervening parties to support their request for a Certificate of Public Convenience and Necessity (CPCN) to add new generation capacity, ensuring reliable service amid unprecedented economic growth in Kentucky [1][3][5]. Group 1: Agreement Details - The stipulation agreement was filed with the Kentucky Public Service Commission (KPSC) for approval [2]. - The agreement includes the construction of two new 645-megawatt natural gas combined-cycle units, with the first unit expected to be operational in 2030 and the second in 2031 [8]. - The agreement also involves the installation of a selective catalytic reduction facility to reduce nitrogen oxide emissions for Ghent Unit 2, expected to be available in 2028 [8]. Group 2: Economic Context - The request for the CPCN was prompted by record-breaking economic growth and data center development in Kentucky, which LG&E and KU forecasted through their Integrated Resource Plan [4]. - The companies have responded to numerous requests for information regarding their generation investment plans during the regulatory process [3]. Group 3: Stakeholder Involvement - The stipulation agreement was reached with various parties, including the Attorney General of Kentucky and the Kentucky Industrial Utility Customers, Inc. [5]. - Parties not joining the stipulation agreement retain the opportunity to participate in the regulatory process [5]. Group 4: Company Background - LG&E and KU serve over 1.3 million customers and are recognized for their customer service in the United States [7]. - LG&E serves 335,000 natural gas and 436,000 electric customers in Louisville and surrounding areas, while KU serves 545,000 customers across 77 Kentucky counties [7].

Company Performance - PPL's stock closed at $36.81, reflecting a +1.69% change from the previous day's closing price, outperforming the S&P 500's daily gain of 0.06% [1] - Over the past month, PPL shares have increased by 5.54%, while the Utilities sector gained 1.55% and the S&P 500 gained 5.88% [1] Upcoming Earnings - PPL is set to release its earnings report on July 31, 2025, with an expected EPS of $0.38, indicating no change compared to the same quarter last year [2] - The consensus estimate for revenue is $1.99 billion, representing a 5.87% increase from the prior-year quarter [2] Fiscal Year Estimates - For the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.82 per share and revenue of $8.91 billion, reflecting changes of +7.69% and +5.32% respectively from the previous year [3] - Recent analyst estimate revisions indicate optimism regarding PPL's business and profitability [3] Analyst Ratings and Valuation - PPL currently holds a Zacks Rank of 3 (Hold), with the Zacks Consensus EPS estimate remaining unchanged over the past month [5] - The Forward P/E ratio for PPL is 19.89, which is a premium compared to its industry's Forward P/E of 18.52 [5] Industry Comparison - PPL has a PEG ratio of 2.59, which is slightly lower than the Utility - Electric Power industry's average PEG ratio of 2.67 [6] - The Utility - Electric Power industry is ranked 81 in the Zacks Industry Rank, placing it in the top 33% of over 250 industries [6]

Core Insights - Utility service providers are benefiting from increased electricity tariffs, accretive acquisitions, cost reductions, and energy-efficiency initiatives, alongside efforts to enhance electric infrastructure resilience and transition to renewable energy sources [1][3][19] - The shift to renewable energy is transforming electric utilities in the U.S., positioning leading companies for steady growth and providing investors with low-risk opportunities in the clean energy market [3][19] Company-Specific Insights PPL Corporation - PPL is focusing on infrastructure construction for generation, transmission, and distribution, resulting in fewer outages and increased load growth driven by data center demand, with active requests reaching 50 GW in Pennsylvania and nearly 6 GW in Kentucky for 2026-2034 [5][10] - The company aims to reduce carbon emissions by 70% by 2035 and 80% by 2040 from 2010 levels, with plans to achieve carbon neutrality by 2050 through new carbon capture technology and renewable energy integration [6][10] - PPL's current return on equity (ROE) is 9.14%, below the industry average of 10.41%, and it has a debt-to-capital ratio of 54.73% [13][17] Xcel Energy - Xcel Energy is enhancing its transmission, distribution, and renewable projects, leading to lower residential electric and natural gas bills, which are down 28% and 12% from the national average, respectively [7][10] - The company anticipates a total customer request for data centers of nearly 8.9 GW by 2029 and aims for 5% annual electric sales growth, with about 50% of this growth coming from data centers [7][10] - Xcel Energy's ROE is 10.2%, and it has a higher debt-to-capital ratio of 61.19% compared to the industry average [13][17] Financial Performance and Estimates - The Zacks Consensus Estimate for PPL's earnings per share (EPS) indicates growth of 7.69% for 2025 and 8.06% for 2026, while Xcel Energy's EPS is expected to grow by 8.86% and 8.1% for the same years [9][12] - PPL's dividend yield is 3.01%, while Xcel Energy's is slightly higher at 3.19%, both exceeding the S&P 500 average of 1.18% [16] Strategic Investment Plans - PPL plans a regulated capital investment of $20 billion from 2025 to 2028, with $4.3 billion and $5.2 billion allocated for 2025 and 2026, respectively [14] - Xcel Energy aims to invest $45 billion from 2025 to 2029, with significant allocations for electric distribution, transmission, and renewable energy projects [15] Conclusion - Both PPL and Xcel Energy are strategically investing in infrastructure and renewable energy to meet growing demand, particularly from data centers, with PPL currently viewed as the better investment option due to its favorable debt levels and growth prospects [19][20]

Key Takeaways PPL is gaining from renewable energy efforts, improving grid reliability and customer satisfaction. PPL is expanding in states like Rhode Island to align with clean energy goals and smart grid strategies. PPL trades at a premium with a forward P/E of 18.93X compared with the industry average of 14.77X.PPL Corporation (PPL) is benefiting from its focus on renewable energy through increased grid reliability, access to new markets and enhanced customer satisfaction. PPL is expanding its presenc ...