[10-Q] PPL Corp Quarterly Earnings Report

Q: What cash amounts did PPL (PPL) report as of September 30, 2025?

PPL reported cash and cash equivalents of $1,102 million and restricted cash (current) of $42 million , totaling $1,144 million .

Q: How do PPL’s cash totals compare to December 31, 2024?

At December 31, 2024, totals were $306 million in cash and cash equivalents and $1 million in restricted cash, for $307 million overall.

Q: Where is restricted cash presented on PPL’s Balance Sheets?

PPL includes the current portion of restricted cash in Other current assets .

Q: What policy update did PPL highlight in this 10-Q?

An update to Note 1 clarifying the reconciliation of cash, cash equivalents and restricted cash to the amounts shown on the Statements of Cash Flows.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

PPL Corporation updated its significant accounting policies to include a clear reconciliation of cash, cash equivalents and restricted cash between the Balance Sheets and Statements of Cash Flows.

As of September 30, 2025, PPL reported cash and cash equivalents $1,102 million and restricted cash (current) $42 million, for total cash, cash equivalents and restricted cash of $1,144 million. At December 31, 2024, the comparable figures were $306 million in cash and cash equivalents and $1 million in restricted cash, totaling $307 million. The company states that bank deposits and other cash equivalents restricted by agreement or designated for a specific purpose are classified as restricted cash, with the current portion included in Other current assets.

Insights

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11/05/2025 - 12:09 PM

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XX. Summary of Significant Accounting Policies

(All Registrants)

The following accounting policy disclosures represent updates to Note 1 in each Registrant's 2024 Form 10-K and should be read in conjunction with those disclosures.

Restricted Cash and Cash Equivalents (PPL)

Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the Balance Sheets that sum to the total of the same amounts shown on the Statements of Cash Flows:


	PPL
	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	1,102	$	306
Restricted cash - current (a)	42		1
Total Cash, Cash Equivalents and Restricted Cash	$	1,144	$	307

(a)Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash. On the Balance Sheets, the current portion of restricted cash is included in "Other current assets."


	PPL
	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	1,102	$	306
Restricted cash - current (a)	42		1
Total Cash, Cash Equivalents and Restricted Cash	$	1,144	$	307

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30, 2025

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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from _________ to ___________


Commission File Number	Registrant; State of Incorporation; Address and Telephone Number	IRS Employer Identification No.

1-11459	PPL Corporation (Exact name of Registrant as specified in its charter) Pennsylvania 645 Hamilton Street Allentown, PA 18101 (610) 774-5151	23-2758192

1-905	PPL Electric Utilities Corporation (Exact name of Registrant as specified in its charter) Pennsylvania 827 Hausman Road Allentown, PA 18104-9392 (610) 774-5151	23-0959590


1-2893	Louisville Gas and Electric Company (Exact name of Registrant as specified in its charter) Kentucky 820 West Broadway Louisville, KY 40202 (502) 627-2000	61-0264150

1-3464	Kentucky Utilities Company (Exact name of Registrant as specified in its charter) Kentucky and Virginia One Quality Street Lexington, KY 40507-1462 (502) 627-2000	61-0247570

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Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s):	Name of each exchange on which registered
Common Stock of PPL Corporation	PPL	New York Stock Exchange

Junior Subordinated Notes of PPL Capital Funding, Inc.
2007 Series A due 2067	PPL/67	New York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.

PPL Corporation

Yes

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PPL Electric Utilities Corporation

Yes

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Louisville Gas and Electric Company

Yes

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Kentucky Utilities Company

Yes

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Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files).

PPL Corporation

Yes

☒

☐

PPL Electric Utilities Corporation

Yes

☒

☐

Louisville Gas and Electric Company

Yes

☒

☐

Kentucky Utilities Company

Yes

☒

☐

Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies or emerging growth companies. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated
filer

Accelerated
filer

Non-accelerated
filer

Smaller reporting
company

Emerging growth company

PPL Corporation

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☐

PPL Electric Utilities Corporation

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☒

☐

Louisville Gas and Electric Company

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☒

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Kentucky Utilities Company

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☒

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If emerging growth companies, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

PPL Corporation

☐

PPL Electric Utilities Corporation

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Louisville Gas and Electric Company

☐

Kentucky Utilities Company

☐

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).

PPL Corporation

Yes

☐

☒

PPL Electric Utilities Corporation

Yes

☐

☒

Louisville Gas and Electric Company

Yes

☐

☒

Kentucky Utilities Company

Yes

☐

☒

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Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

PPL Corporation Common stock, $0.01 par value, 739,739,177 shares outstanding at October 31, 2025.

PPL Electric Utilities Corporation Common stock, no par value, 66,368,056 shares outstanding and all held by PPL Energy Holdings LLC, a wholly-owned, indirect subsidiary of PPL Corporation, at October 31, 2025.

Louisville Gas and Electric Company Common stock, no par value, 21,294,223 shares outstanding and all held by LG&E and KU Energy LLC, a wholly-owned, indirect subsidiary of PPL Corporation, at October 31, 2025.

Kentucky Utilities Company Common stock, no par value, 37,817,878 shares outstanding and all held by LG&E and KU Energy LLC, a wholly-owned, indirect subsidiary of PPL Corporation, at October 31, 2025.

This document is available free of charge at the Investors section of PPL Corporation's website at www.pplweb.com. However, other information on this website does not constitute a part of this Form 10-Q.

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PPL CORPORATION

PPL ELECTRIC UTILITIES CORPORATION

LOUISVILLE GAS AND ELECTRIC COMPANY

KENTUCKY UTILITIES COMPANY

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2025

Table of Contents

This combined Form 10-Q is separately filed by the following Registrants in their individual capacity: PPL Corporation, PPL Electric Utilities Corporation, Louisville Gas and Electric Company and Kentucky Utilities Company. Information contained herein relating to any individual Registrant is filed by such Registrant solely on its own behalf, and no Registrant makes any representation as to information relating to any other Registrant, except that information under "Forward-Looking Information" relating to subsidiaries of PPL Corporation is also attributed to PPL Corporation.

Unless otherwise specified, references in this Form 10-Q, individually, to PPL Corporation, PPL Electric Utilities Corporation, Louisville Gas and Electric Company and Kentucky Utilities Company are references to such entities directly or to one or more of their subsidiaries, as the case may be, the financial results of which subsidiaries are consolidated into such Registrants' financial statements in accordance with GAAP. This presentation has been applied where identification of particular subsidiaries is not material to the matter being disclosed, and to conform narrative disclosures to the presentation of financial information on a consolidated basis.


				Page
GLOSSARY OF TERMS AND ABBREVIATIONS				i
FORWARD-LOOKING INFORMATION				1
PART I. FINANCIAL INFORMATION
	Item 1. Financial Statements
		PPL Corporation and Subsidiaries
			Condensed Consolidated Statements of Income	3
			Condensed Consolidated Statements of Comprehensive Income	4
			Condensed Consolidated Statements of Cash Flows	5
			Condensed Consolidated Balance Sheets	6
			Condensed Consolidated Statements of Equity	8
		PPL Electric Utilities Corporation and Subsidiaries
			Condensed Consolidated Statements of Income	10
			Condensed Consolidated Statements of Cash Flows	11
			Condensed Consolidated Balance Sheets	12
			Condensed Consolidated Statements of Equity	14
		Louisville Gas and Electric Company
			Condensed Statements of Income	16
			Condensed Statements of Cash Flows	17
			Condensed Balance Sheets	18
			Condensed Statements of Equity	20
		Kentucky Utilities Company
			Condensed Statements of Income	22
			Condensed Statements of Cash Flows	23
			Condensed Balance Sheets	24
			Condensed Statements of Equity	26

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	Combined Notes to Condensed Financial Statements (Unaudited)
		Index to Combined Notes to Condensed Financial Statements		27
		1. Interim Financial Statements		27

		2. Segment and Related Information		28
		3. Revenue from Contracts with Customers		31
		4. Earnings Per Share		35
		5. Income Taxes		37
		6. Utility Rate Regulation		38
		7. Financing Activities		45
		8. Acquisitions, Developments and Divestitures		47

		9. Defined Benefits		48
		10. Commitments and Contingencies		49
		11. Related Party Transactions		54
		12. Other Income (Expense) - net		55
		13. Fair Value Measurements		56
		14. Derivative Instruments and Hedging Activities		59

		15. Asset Retirement Obligations		65
		16. Accumulated Other Comprehensive Income (Loss)		66
		17. New Accounting Guidance Pending Adoption		67
	Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations
		Overview		68
			Introduction	68
			Business Strategy	70
			Financial and Operational Developments	70
		Results of Operations		75
			PPL Corporation and Subsidiaries - Statement of Income Analysis and Segment Earnings	76
			PPL Electric Utilities Corporation and Subsidiaries - Statement of Income Analysis	85
			Louisville Gas and Electric Company - Statement of Income Analysis	87
			Kentucky Utilities Company - Statement of Income Analysis	89
		Financial Condition		90
			Liquidity and Capital Resources	90
			Risk Management	95

			Related Party Transactions	96
			Acquisitions, Development and Divestitures	96

			Environmental Matters	97
		New Accounting Guidance		98
		Application of Critical Accounting Policies		99
	Item 3. Quantitative and Qualitative Disclosures About Market Risk			100
	Item 4. Controls and Procedures			100
PART II. OTHER INFORMATION
	Item 1. Legal Proceedings			100
	Item 1A. Risk Factors			100

	Item 4. Mine Safety Disclosures			100
	Item 5. Other Information			101
	Item 6. Exhibits			102
SIGNATURES				103
CERTIFICATES OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
CERTIFICATES OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Table of Contents

GLOSSARY OF TERMS AND ABBREVIATIONS

PPL Corporation and its subsidiaries

CEP Reserves - CEP Reserves Inc., a cash management subsidiary of PPL that maintains cash reserves for the balance sheet management of PPL and certain subsidiaries.

KU - Kentucky Utilities Company, a public utility subsidiary of LKE engaged in the regulated generation, transmission, distribution and sale of electricity, primarily in Kentucky.

LG&E - Louisville Gas and Electric Company, a public utility subsidiary of LKE engaged in the regulated generation, transmission, distribution and sale of electricity and the distribution and sale of natural gas in Kentucky.

LKE - LG&E and KU Energy LLC, a subsidiary of PPL and the parent of LG&E, KU and other subsidiaries.

LKS - LG&E and KU Services Company, a subsidiary of LKE that provides administrative, management and support services primarily to LG&E and KU, as well as to LKE and its other subsidiaries.

Narragansett Electric - The Narragansett Electric Company, an entity that serves electric and natural gas customers in Rhode Island. On May 25, 2022, PPL and its subsidiary, PPL Rhode Island Holdings announced the completion of the acquisition of Narragansett Electric, which continues to provide services under the name Rhode Island Energy. Narragansett Electric is sometimes referred to as Rhode Island Energy or RIE.

PPL - PPL Corporation, the ultimate parent holding company of PPL Electric, PPL Energy Funding, PPL Capital Funding, LKE, RIE and other subsidiaries.

PPL Capital Funding - PPL Capital Funding, Inc., a financing subsidiary of PPL that provides financing for the operations of PPL and certain subsidiaries. Debt issued by PPL Capital Funding is fully and unconditionally guaranteed as to payment by PPL.

PPL Electric - PPL Electric Utilities Corporation, a public utility subsidiary of PPL engaged in the regulated transmission and distribution of electricity in its Pennsylvania service area and that provides electricity supply to its retail customers in this area as a PLR.

PPL Energy Funding - PPL Energy Funding Corporation, a subsidiary of PPL and the parent holding company of PPL Global and other subsidiaries.

PPL Energy Holdings - PPL Energy Holdings, LLC, a subsidiary of PPL and the parent holding company of PPL Energy Funding, LKE, PPL Electric, PPL Rhode Island Holdings, PPL Services and other subsidiaries.

PPL Global - PPL Global, LLC, a subsidiary of PPL Energy Funding that, prior to the sale of the U.K. utility business on June 14, 2021, primarily through its subsidiaries, owned and operated WPD, PPL's regulated electricity distribution businesses in the U.K. PPL Global was not included in the sale of the U.K. utility business on June 14, 2021.

PPL Rhode Island Holdings - PPL Rhode Island Holdings, LLC, a subsidiary of PPL Energy Holdings formed for the purpose of acquiring Narragansett Electric to which certain interests of PPL Energy Holdings in the Narragansett Stock Purchase Agreement were assigned.

PPL Services - PPL Services Corporation, a subsidiary of PPL that provides administrative, management and support services to PPL and its subsidiaries.

PPL WPD Limited - PPL WPD Limited, a U.K. subsidiary of PPL Global. Prior to the sale of the U.K. utility business on June 14, 2021, PPL WPD Limited was an indirect parent to WPD. PPL WPD Limited was not included in the sale of the U.K. utility business on June 14, 2021.

RIE - Rhode Island Energy, the name under which Narragansett Electric provides gas and electric services to customers in Rhode Island.

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Other terms and abbreviations

£ - British pound sterling.

2024 Form 10-K - Annual Report to the SEC on Form 10-K for the year ended December 31, 2024.

Act 11 - Act 11 of 2012 that became effective on April 16, 2012. The Pennsylvania legislation authorized the PAPUC to approve two specific ratemaking mechanisms: the use of a fully projected future test year in base rate proceedings and, subject to certain conditions, a DSIC.

AFUDC - allowance for funds used during construction. The cost of equity and debt funds used to finance construction projects of regulated businesses, which is capitalized as part of construction costs.

AOCI - accumulated other comprehensive income or loss.

ARO - asset retirement obligation.

ATM Program - at-the-market stock offering program.

Bcf - billion cubic feet. A unit of measure commonly used in quoting volumes of natural gas.

CCR(s) - coal combustion residual(s). CCRs include fly ash, bottom ash and sulfur dioxide scrubber wastes.

Clean Air Act - federal legislation enacted to address certain environmental issues related to air emissions, including acid rain, ozone and toxic air emissions.

CPCN - Certificate of Public Convenience and Necessity. Authority granted by the KPSC pursuant to Kentucky Revised Statute 278.020 to provide utility service to or for the public or the construction of certain plant, equipment, property or facilities for furnishing of utility service to the public. A CPCN is required for any capital addition, subject to KPSC jurisdiction, in excess of $100 million.

Customer Choice Act - the Pennsylvania Electricity Generation Customer Choice and Competition Act, legislation enacted to restructure the state's electric utility industry to create retail access to a competitive market for generation of electricity.

DRIP - PPL Amended and Restated Dividend Reinvestment and Direct Stock Purchase Plan.

DSIC - Distribution System Improvement Charge. Authorized under Act 11, which is an alternative ratemaking mechanism providing more-timely cost recovery of qualifying distribution system capital expenditures.

DSM - Demand Side Management. Pursuant to Kentucky Revised Statute 278.285, the KPSC may determine the reasonableness of DSM programs proposed by any utility under its jurisdiction. DSM programs consist of energy efficiency programs intended to reduce peak demand and delay the investment in additional power plant construction, provide customers with tools and information regarding their energy usage and support energy efficiency.

Earnings from Ongoing Operations - a non-GAAP financial measure of earnings adjusted for the impact of special items and used in "Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" (MD&A).

ECR - Environmental Cost Recovery. Pursuant to Kentucky Revised Statute 278.183, Kentucky electric utilities are entitled to the current recovery of costs of complying with the Clean Air Act, as amended, and those federal, state or local environmental requirements that apply to coal combustion wastes and byproducts from the production of energy from coal.

ELG(s) - Effluent Limitation Guidelines, regulations promulgated by the EPA.

Environmental Response Fund - Established in RIPUC Docket No. 2930. Created to satisfy remedial and clean-up obligations of RIE arising from the past ownership and/or operation of manufactured gas plants and sites associated with the operation and disposal activities of such gas plants.

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EPA - Environmental Protection Agency, a U.S. government agency.

EPS - earnings per share.

FERC - Federal Energy Regulatory Commission, the U.S. federal agency that regulates, among other things, interstate transmission and wholesale sales of electricity, hydroelectric power projects and related matters.

FY - fiscal year.

GAAP - Generally Accepted Accounting Principles in the U.S.

GHG(s) - greenhouse gas(es).

If-Converted Method - A method applied to calculate diluted EPS for a company with outstanding convertible debt. This method generally adds back the interest charges, net of tax, of the debt to net income and the convertible debt is assumed to have been converted to equity at the beginning of the period, and the resulting common shares are treated as outstanding shares for diluted EPS calculations.

IRA - Inflation Reduction Act, a U.S. federal law, which aims to curb inflation by possibly reducing the federal government budget deficit, lowering prescription drug prices, and investing in domestic energy production while promoting clean energy.

IRS - Internal Revenue Service, a U.S. government agency.

ISO - Independent System Operator.

ISR - Infrastructure, safety and reliability.

KPSC - Kentucky Public Service Commission, the state agency that has jurisdiction over the regulation of rates and service of utilities in Kentucky.

Moody's - Moody's Investors Service, Inc., a credit rating agency.

MW - megawatt, one thousand kilowatts.

NAAQS - National Ambient Air Quality Standards periodically adopted pursuant to the Clean Air Act.

National Grid USA - National Grid USA is a wholly-owned subsidiary of National Grid plc, a British multinational electricity and gas utility company headquartered in London, England.

NERC - North American Electric Reliability Corporation.

NGCC - Natural gas combined cycle.

NPNS - the normal purchases and normal sales exception as permitted by derivative accounting rules. Derivatives that qualify for this exception may receive accrual accounting treatment.

OCI - other comprehensive income or loss.

OVEC - Ohio Valley Electric Corporation, located in Piketon, Ohio, an entity in which LG&E owns a 5.63% interest and KU owns a 2.50% interest, which are recorded at cost. OVEC owns and operates two coal-fired power plants, the Kyger Creek plant in Ohio and the Clifty Creek plant in Indiana, with combined capacities of 2,120 MW.

PAPUC - Pennsylvania Public Utility Commission, the state agency that regulates certain ratemaking, services, accounting and operations of Pennsylvania utilities.

PHMSA - Pipeline and Hazardous Materials Safety Administration.

iii

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PJM - PJM Interconnection, L.L.C., operator of the electricity transmission network and electricity energy market in all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia.

PLR - Provider of Last Resort, the role of PPL Electric in providing default electricity supply within its delivery area to retail customers who have not chosen to select an alternative electricity supplier under the Customer Choice Act.

PP&E - property, plant and equipment.

RAR - Retired Asset Recovery rider, established by KPSC orders in 2021 to provide for recovery of and return on the remaining investment in certain electric generating units upon their retirement over a ten-year period following retirement.

Registrant(s) - refers to the Registrants named on the cover of this Form 10-Q (each a "Registrant" and collectively, the "Registrants").

Regulation S-X - SEC regulation governing the form and content of and requirements for financial statements required to be filed pursuant to the federal securities laws.

RIPUC - Rhode Island Public Utilities Commission, a three-member quasi-judicial tribunal with jurisdiction, powers, and duties to implement and enforce the standards of conduct under R.I. Gen. Laws § 39-1-27.6 and to hold investigations and hearings involving the rates, tariffs, tolls, and charges, and the sufficiency and reasonableness of facilities and accommodations of public utilities.

Rhode Island Division of Public Utilities and Carriers - the Rhode Island Division of Public Utilities and Carriers, which is headed by an Administrator who is not a Commissioner of the RIPUC, exercises the jurisdiction, supervision, power, and duties not specifically assigned to the RIPUC.

ROE - Return on equity.

Safari Energy - Safari Energy, LLC, which was, prior to the sale of Safari Holdings on November 1, 2022, a subsidiary of Safari Holdings that provided solar energy solutions for commercial customers in the U.S.

Safari Holdings - Safari Holdings, LLC, which was, prior to its sale on November 1, 2022, a subsidiary of PPL and parent holding company of Safari Energy.

Sarbanes-Oxley - Sarbanes-Oxley Act of 2002, which sets requirements for management's assessment of internal controls for financial reporting. It also requires an independent auditor to make its own assessment.

Scrubber - an air pollution control device that can remove particulates and/or gases (primarily sulfur dioxide) from exhaust gases.

SEC - the U.S. Securities and Exchange Commission, a U.S. government agency primarily responsible to protect investors and maintain the integrity of the securities markets.

SOFR - Secured Overnight Financing Rate, a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.

S&P - S&P Global Ratings, a credit rating agency.

Superfund - federal environmental statute that addresses remediation of contaminated sites; states also have similar statutes.

TCJA - Tax Cuts and Jobs Act. Comprehensive U.S. federal tax legislation enacted on December 22, 2017.

Treasury Stock Method - a method applied to calculate diluted EPS that assumes any proceeds that could be obtained upon exercise of options and warrants (and their equivalents) would be used to purchase common stock at the average market price during the relevant period.

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U.K. utility business - PPL WPD Investments Limited and its subsidiaries, including, notably, WPD plc and the four distribution network operators, which substantially represented PPL's U.K. Regulated segment. The U.K. utility business was sold on June 14, 2021.

VEBA - Voluntary Employee Beneficiary Association, a tax-exempt trust under the Internal Revenue Code Section 501(c)(9) used by employers to fund and pay eligible medical, life and similar benefits.

VSCC - Virginia State Corporation Commission, the state agency that has jurisdiction over the regulation of Virginia corporations, including utilities.

WPD - Prior to the sale of the U.K. utility business on June 14, 2021, refers to PPL WPD Investments Limited and its subsidiaries. WPD was included in the sale of the U.K. utility business on June 14, 2021.

WPD plc - Western Power Distribution plc, prior to the sale of the U.K utility business, a U.K. indirect subsidiary of PPL WPD Limited. Its principal indirectly owned subsidiaries are WPD (East Midlands), WPD (South Wales), WPD (South West) and WPD (West Midlands). WPD plc was included in the sale of the U.K. utility business on June 14, 2021.

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Forward-looking Information

Statements contained in this Form 10-Q concerning expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical fact are "forward-looking statements" within the meaning of the federal securities laws. Although the Registrants believe that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations will prove to be correct. Forward-looking statements are subject to many risks and uncertainties, and actual results may differ materially from the results discussed in forward-looking statements. In addition to the specific factors discussed in each Registrant's 2024 Form 10-K and in "Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Form 10-Q, the following are among the important factors that could cause actual results to differ materially and adversely from the forward-looking statements:

•weather and other conditions affecting generation, transmission and distribution operations, operating costs and customer energy use;

•strategic acquisitions, dispositions, joint-ventures or similar transactions and our ability to consummate these business transactions, integrate the acquired entities or realize expected benefits from them;

•pandemic health events or other catastrophic events such as wildfires, earthquakes, explosions, floods, droughts, tornadoes, hurricanes and other extreme weather-related events (including events potentially caused or exacerbated by climate change) and their impact on economic conditions, financial markets and supply chains;

•capital market conditions, including the availability of capital, credit or insurance, changes in interest rates and certain economic indices, and decisions regarding capital structure;

•volatility in or the impact of other changes in financial markets, commodity prices and economic conditions, including inflation;

•the outcome of rate cases or other cost recovery, revenue or regulatory proceedings;

•the direct or indirect effects on PPL or its subsidiaries or business systems of cyber-based intrusion or the threat of cyberattacks;

•development, adoption and use of artificial intelligence by us, our customers and our third-party vendors;

•the effect of existing tariffs, the establishment of additional tariffs, or subsequent changes to tariffs once announced or implemented, on the cost or availability of imported goods;

•significant changes in the demand for electricity;

•expansion of alternative and distributed sources of electricity generation and storage;

•the effectiveness of our risk management programs, including commodity and interest rate hedging;

•defaults by counterparties or suppliers for energy, capacity, coal, natural gas or key commodities, goods or services;

•a material decline in the market value of PPL's equity;

•significant decreases in the fair value of debt and equity securities and their impact on the value of assets in defined benefit plans, and the related cash funding requirements if the fair value of those assets decline;

•interest rates and their effect on pension and retiree medical liabilities, ARO liabilities, interest payable on certain debt securities, and the general economy;

•the potential impact of any unrecorded commitments and liabilities of the Registrants and their subsidiaries;

•new accounting requirements or new interpretations or applications of existing requirements;

•adverse changes in the corporate credit ratings or securities analyst rankings of the Registrants and their securities;

•any requirement to record impairment charges pursuant to GAAP with respect to any of our significant investments;

•laws or regulations to reduce emissions of GHGs or the physical effects of climate change;

•the availability of electricity and natural gas, and any consequences of a perceived or actual inability to serve demand reliably;

•continuing ability to access fuel supply for LG&E and KU, as well as the ability to recover fuel costs and environmental expenditures in a timely manner at LG&E and KU and natural gas supply costs at LG&E and RIE;

•war, armed conflicts, terrorist attacks, or similar disruptive events, including the ongoing conflicts in Ukraine and the Middle East;

•changes in political, regulatory or economic conditions in states or regions where the Registrants or their subsidiaries conduct business;

•the ability to obtain necessary governmental permits and approvals;

•changes in state or federal tax laws or regulations;

•changes in state, federal or foreign legislation or regulatory developments;

•the impact of any state, federal or foreign investigations applicable to the Registrants, their subsidiaries or the energy industry;

•our ability to attract and retain qualified employees;

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•the effect of changing expectations and demands of our customers, regulators, investors and stakeholders, including differing views on environmental, social and governance concerns;

•the effect of any business or industry restructuring;

•the ability to control costs and avoid cost and schedule overruns during the development, construction and operation of significant projects, including generation and battery storage facilities and IT infrastructure;

•development of new projects, markets and technologies;

•performance of new ventures;

•collective labor bargaining negotiations and labor costs;

•risks related to wildfires, including costs of potential regulatory penalties and other liabilities, and the cost and availability of insurance and damages in excess of insurance liability coverage; and

•the outcome of litigation involving the Registrants and their subsidiaries.

Any forward-looking statements should be considered in light of these important factors and in conjunction with other documents of the Registrants on file with the SEC.

New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for the Registrants to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. Any forward-looking statement speaks only as of the date on which such statement is made, and the Registrants undertake no obligation to update the information contained in the statement to reflect subsequent developments or information.

Investors should note that PPL announces material financial information in SEC filings, press releases and public conference calls. In accordance with SEC guidelines, PPL also uses the Investors section of its website, www.pplweb.com, to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on PPL's website is not part of this document.

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PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

PPL Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars, except share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating Revenues	$	2,239	$	2,066	$	6,768	$	6,251

Operating Expenses
Operation
Fuel	231		207		657		597
Energy purchases	422		338		1,369		1,133
Other operation and maintenance	586		681		1,798		1,930
Depreciation	331		322		977		957
Taxes, other than income	100		90		314		271
Total Operating Expenses	1,670		1,638		5,115		4,888

Operating Income	569		428		1,653		1,363

Other Income (Expense) - net (Note 12)	39		32		90		86

Interest Expense	210		188		599		549

Income Before Income Taxes	398		272		1,144		900

Income Taxes	80		58		229		189








Net Income	$	318	$	214	$	915	$	711

Earnings Per Share of Common Stock:
Net Income Available to PPL Common Shareowners:
Basic	$	0.43	$	0.29	$	1.24	$	0.96
Diluted	$	0.43	$	0.29	$	1.23	$	0.96







Weighted-Average Shares of Common Stock Outstanding (in thousands)
Basic	739,525		737,773		739,167		737,678
Diluted	744,290		739,965		742,747		739,450

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

PPL Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	318	$	214	$	915	$	711

Other comprehensive income (loss):
Amounts arising during the period - gains (losses), net of tax (expense) benefit:


Qualifying derivatives, net of tax of $0, $0, $0, $0	—		—		1		—
Equity investees' other comprehensive income (loss), net of tax of $0, $0, $0, $0	—		—		—		1
Defined benefit plans:

Net actuarial gain (loss), net of tax of $1, $1, $4, $0	(3)		(4)		(11)		(2)
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit):

Qualifying derivatives, net of tax of $0, $1, $0, $0	1		2		2		3

Defined benefit plans:

Net actuarial (gain) loss, net of tax of $0, $0, $0, $1	(1)		(1)		(1)		(2)
Total other comprehensive income (loss)	(3)		(3)		(9)		—

Comprehensive income	$	315	$	211	$	906	$	711

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

PPL Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars)


	Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities
Net income	$	915	$	711


Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	977		957
Amortization	73		61
Defined benefit plans - income	(44)		(52)
Deferred income taxes and investment tax credits	177		147





Other	(3)		13
Change in current assets and current liabilities
Accounts receivable	(72)		259
Accounts payable	(159)		(236)
Unbilled revenues	130		109
Fuel, materials and supplies	3		(9)
Prepayments	(9)		(75)

Taxes payable	29		(8)
Regulatory assets and liabilities, net	73		(54)
Accrued interest	80		104
Other	(31)		(78)
Other operating activities
Defined benefit plans - funding	(9)		(10)

Other assets	(116)		(66)
Other liabilities	67		56


Net cash provided by operating activities	2,081		1,829

Cash Flows from Investing Activities
Expenditures for property, plant and equipment	(2,868)		(1,945)





Other investing activities	8		1


Net cash used in investing activities	(2,860)		(1,944)

Cash Flows from Financing Activities
Issuance of long-term debt	1,895		1,894




Payment of common stock dividends	(593)		(557)




Net increase (decrease) in short-term debt	292		(992)
Other financing activities	(35)		(29)



Net cash provided by financing activities	1,559		316



Net Increase in Cash, Cash Equivalents and Restricted Cash	780		201
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	339		382
Cash, Cash Equivalents and Restricted Cash at End of Period	$	1,119	$	583
Supplemental Disclosures of Cash Flow Information
Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at September 30,	$	486	$	281

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED CONSOLIDATED BALANCE SHEETS

PPL Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Assets

Current Assets
Cash and cash equivalents	$	1,102	$	306
Accounts receivable (less reserve: 2025, $133; 2024, $147)
Customer	1,002		961
Other	101		76
Unbilled revenues (less reserve: 2025, $3; 2024, $6)	355		485
Fuel, materials and supplies	517		511
Prepayments	145		136
Regulatory assets	312		320
Other current assets	98		85

Total Current Assets	3,632		2,880

Property, Plant and Equipment
Regulated utility plant	41,776		40,391
Less: accumulated depreciation - regulated utility plant	10,182		9,682
Regulated utility plant, net	31,594		30,709
Non-regulated property, plant and equipment	81		79
Less: accumulated depreciation - non-regulated property, plant and equipment	35		29
Non-regulated property, plant and equipment, net	46		50
Construction work in progress	3,513		2,390
Property, Plant and Equipment, net	35,153		33,149

Other Noncurrent Assets
Regulatory assets	2,058		2,060
Goodwill	2,247		2,247
Other intangibles	312		314

Other noncurrent assets (less reserve for accounts receivable: 2025, $2; 2024, $1)	537		419
Total Other Noncurrent Assets	5,154		5,040

Total Assets	$	43,939	$	41,069

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED CONSOLIDATED BALANCE SHEETS

PPL Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Liabilities and Equity

Current Liabilities
Short-term debt	$	595	$	303
Long-term debt due within one year	1,455		551
Accounts payable	1,188		1,196
Taxes	132		103
Interest	237		157
Dividends	197		186
Regulatory liabilities	291		223
Other current liabilities	596		614

Total Current Liabilities	4,691		3,333

Long-term Debt	16,936		15,952

Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	3,575		3,356
Investment tax credits	109		111
Accrued pension obligations	284		317
Asset retirement obligations	141		136
Regulatory liabilities	3,322		3,335
Other deferred credits and noncurrent liabilities	468		452
Total Deferred Credits and Other Noncurrent Liabilities	7,899		7,707

Commitments and Contingent Liabilities (Notes 6 and 10)

Equity
Common stock - $0.01 par value (a)	8		8
Additional paid-in capital	12,356		12,346
Treasury stock	(901)		(928)
Earnings reinvested	3,143		2,835
Accumulated other comprehensive loss	(193)		(184)


Total Equity	14,413		14,077

Total Liabilities and Equity	$	43,939	$	41,069

(a)1,560,000 shares authorized, 770,798 shares issued and 739,545 shares outstanding at September 30, 2025. 1,560,000 shares authorized, 770,215 shares issued and 738,033 shares outstanding at December 31, 2024.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

PPL Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars)


	Common stock shares outstanding (a)	Common stock		Additional paid-in capital		Treasury stock		Earnings reinvested		Accumulated other comprehensive loss		Total
June 30, 2025	739,306	$	8	$	12,343	$	(902)	$	3,027	$	(190)	$	14,286
Common stock issued	197											—
Treasury stock issued	42			6		1						7
Stock-based compensation				7								7
Net income								318				318
Dividends and dividend equivalents (b)								(202)				(202)

Other comprehensive income (loss)										(3)		(3)

September 30, 2025	739,545	$	8	$	12,356	$	(901)	$	3,143	$	(193)	$	14,413

December 31, 2024	738,033	$	8	$	12,346	$	(928)	$	2,835	$	(184)	$	14,077
Common stock issued	583											—
Treasury stock issued	929			13		27						40
Stock-based compensation				(3)								(3)
Net income								915				915
Dividends and dividend equivalents (b)								(607)				(607)
Other comprehensive income (loss)										(9)		(9)

September 30, 2025	739,545	$	8	$	12,356	$	(901)	$	3,143	$	(193)	$	14,413

June 30, 2024	737,762	$	8	$	12,321	$	(930)	$	2,826	$	(160)	$	14,065
Common stock issued	2											—
Treasury stock issued	14					1						1
Stock-based compensation				7								7
Net income								214				214
Dividends and dividend equivalents (b)								(192)				(192)

Other comprehensive income (loss)										(3)		(3)

September 30, 2024	737,778	$	8	$	12,328	$	(929)	$	2,848	$	(163)	$	14,092

December 31, 2023	737,130	$	8	$	12,326	$	(948)	$	2,710	$	(163)	$	13,933
Common stock issued	2											—
Treasury stock issued	646					19						19
Stock-based compensation				2								2
Net income								711				711
Dividends and dividend equivalents (b)								(573)				(573)



September 30, 2024	737,778	$	8	$	12,328	$	(929)	$	2,848	$	(163)	$	14,092

(a)Shares in thousands. Each share entitles the holder to one vote on any question presented at any shareowners' meeting.

(b)Dividends declared per share of common stock were $0.2725 and $0.8175 for the three and nine months ended September 30, 2025 and $0.2575 and $0.7725 for the three and nine months ended September 30, 2024.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME

PPL Electric Utilities Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating Revenues	$	786	$	716	$	2,298	$	2,159

Operating Expenses
Operation
Energy purchases	224		177		622		544

Other operation and maintenance	160		176		481		511
Depreciation	105		101		307		300
Taxes, other than income	38		32		111		98
Total Operating Expenses	527		486		1,521		1,453

Operating Income	259		230		777		706

Other Income (Expense) - net (Note 12)	14		13		36		33

Interest Income from Affiliate	2		7		4		27

Interest Expense	67		61		189		184

Income Before Income Taxes	208		189		628		582

Income Taxes	49		47		146		141

Net Income (a)	$	159	$	142	$	482	$	441

(a)Net income equals comprehensive income.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

PPL Electric Utilities Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars)


	Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities
Net income	$	482	$	441
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	307		300
Amortization	34		35
Defined benefit plans - income	(21)		(30)
Deferred income taxes and investment tax credits	63		91
Other	(20)		(9)
Change in current assets and current liabilities
Accounts receivable	(108)		67
Accounts payable	(71)		(63)
Unbilled revenues	43		50
Materials and supplies	(24)		(16)
Prepayments	5		(64)
Regulatory assets and liabilities, net	57		(77)
Taxes payable	(1)		(36)

Accrued interest	23		32
Other	(2)		(4)
Other operating activities
Defined benefit plans - funding	—		(2)
Other assets	(51)		(24)
Other liabilities	3		(2)
Net cash provided by operating activities	719		689

Cash Flows from Investing Activities
Expenditures for property, plant and equipment	(1,082)		(820)
Expenditures for intangible assets	(7)		(6)
Notes receivable from affiliates	(287)		(418)
Other investing activities	14		4
Net cash used in investing activities	(1,362)		(1,240)

Cash Flows from Financing Activities
Issuance of long-term debt	496		649

Contributions from parent	540		685
Return of capital to parent	(100)		—
Payment of common stock dividends to parent	(298)		(283)
Net increase (decrease) in short-term debt	—		(509)
Debt issuance costs	(6)		(7)

Net cash provided by financing activities	632		535

Net Decrease in Cash, Cash Equivalents and Restricted Cash	(11)		(16)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	24		51
Cash, Cash Equivalents and Restricted Cash at End of Period	$	13	$	35

Supplemental Disclosure of Cash Flow Information
Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at September 30,	$	237	$	168

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

Table of Contents

CONDENSED CONSOLIDATED BALANCE SHEETS

PPL Electric Utilities Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Assets

Current Assets
Cash and cash equivalents	$	13	$	24
Accounts receivable (less reserve: 2025, $34; 2024, $37)
Customer	418		353
Other	45		8
Accounts receivable from affiliates	6		10
Notes receivable from affiliate	509		222
Unbilled revenues (less reserve: 2025, $2; 2024, $3)	116		159
Materials and supplies	132		104
Prepayments	69		74
Regulatory assets	90		133
Other current assets	40		30
Total Current Assets	1,438		1,117

Property, Plant and Equipment
Regulated utility plant	17,100		16,469
Less: accumulated depreciation - regulated utility plant	4,106		4,052
Regulated utility plant, net	12,994		12,417



Construction work in progress	1,184		898
Property, Plant and Equipment, net	14,178		13,315

Other Noncurrent Assets
Regulatory assets	703		673
Intangibles	277		274

Other noncurrent assets (less reserve for accounts receivable: 2025, $2; 2024, $1)	106		96
Total Other Noncurrent Assets	1,086		1,043

Total Assets	$	16,702	$	15,475

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED CONSOLIDATED BALANCE SHEETS

PPL Electric Utilities Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Liabilities and Equity

Current Liabilities


Accounts payable	$	529	$	565
Accounts payable to affiliates	69		44

Interest	78		55
Regulatory liabilities	71		57

Customer deposits	63		25
Other current liabilities	62		60
Total Current Liabilities	872		806

Long-term Debt	5,707		5,214

Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	1,815		1,726
Regulatory liabilities	827		839
Other deferred credits and noncurrent liabilities	127		160
Total Deferred Credits and Other Noncurrent Liabilities	2,769		2,725

Commitments and Contingent Liabilities (Notes 6 and 10)

Equity
Common stock - no par value (a)	364		364
Additional paid-in capital	5,108		4,668
Earnings reinvested	1,882		1,698
Total Equity	7,354		6,730

Total Liabilities and Equity	$	16,702	$	15,475

(a)170,000 shares authorized; 66,368 shares issued and outstanding at September 30, 2025 and December 31, 2024.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

PPL Electric Utilities Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars)


	Common stock shares outstanding (a)	Common stock		Additional paid-in capital		Earnings reinvested		Total
June 30, 2025	66,368	$	364	$	4,568	$	1,814	$	6,746
Net income						159		159
Capital contributions from parent				540				540

Dividends declared						(91)		(91)
September 30, 2025	66,368	$	364	$	5,108	$	1,882	$	7,354

December 31, 2024	66,368	$	364	$	4,668	$	1,698	$	6,730
Net income						482		482
Capital contributions from parent				540				540
Return of capital to parent				(100)				(100)
Dividends declared						(298)		(298)
September 30, 2025	66,368	$	364	$	5,108	$	1,882	$	7,354

June 30, 2024	66,368	$	364	$	4,720	$	1,614	$	6,698
Net income						142		142
Capital contributions from parent				5				5

Dividends declared						(99)		(99)
September 30, 2024	66,368	$	364	$	4,725	$	1,657	$	6,746

December 31, 2023	66,368	$	364	$	4,040	$	1,499	$	5,903
Net income						441		441
Capital contributions from parent				685				685

Dividends declared						(283)		(283)
September 30, 2024	66,368	$	364	$	4,725	$	1,657	$	6,746

(a)Shares in thousands. All common shares of PPL Electric stock are owned by PPL Energy Holdings.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED STATEMENTS OF INCOME

Louisville Gas and Electric Company

(Unaudited)

(Millions of Dollars)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating Revenues
Retail and wholesale	$	420	$	396	$	1,293	$	1,219
Electric revenue from affiliate	7		1		17		20
Total Operating Revenues	427		397		1,310		1,239

Operating Expenses
Operation
Fuel	97		75		254		228
Energy purchases	17		19		128		105
Energy purchases from affiliate	6		11		18		19
Other operation and maintenance	91		84		271		259
Depreciation	77		76		228		229
Taxes, other than income	13		13		39		38
Total Operating Expenses	301		278		938		878

Operating Income	126		119		372		361

Other Income (Expense) - net (Note 12)	8		3		16		9



Interest Income from Affiliate	—		1		—		1

Interest Expense	30		26		83		78

Income Before Income Taxes	104		97		305		293

Income Taxes	21		20		61		61

Net Income (a)	$	83	$	77	$	244	$	232

(a)Net income equals comprehensive income.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED STATEMENTS OF CASH FLOWS

Louisville Gas and Electric Company

(Unaudited)

(Millions of Dollars)


	Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities
Net income	$	244	$	232
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	228		229
Amortization	17		10

Deferred income taxes and investment tax credits	1		3
Other	(5)		(3)
Change in current assets and current liabilities
Accounts receivable	16		(13)
Accounts receivable from affiliates	9		—
Accounts payable	18		—
Accounts payable to affiliates	6		(3)
Unbilled revenues	17		21
Fuel, materials and supplies	15		(2)
Regulatory assets and liabilities, net	(16)		4


Accrued interest	28		22
Other	(19)		(21)
Other operating activities

Expenditures for asset retirement obligations	(8)		(8)

Other assets	(21)		(12)
Other liabilities	8		(3)
Net cash provided by operating activities	538		456
Cash Flows from Investing Activities
Expenditures for property, plant and equipment	(561)		(327)


Net cash used in investing activities	(561)		(327)
Cash Flows from Financing Activities
Net increase (decrease) in notes payable to affiliates	(43)		34
Issuance of long-term debt	700		—



Net increase (decrease) in short-term debt	(25)		—

Payment of common stock dividends to parent	(148)		(138)
Contributions from parent	101		37
Return of capital to parent	(55)		(76)
Debt issuance costs	(8)		—

Net cash provided by (used in) financing activities	522		(143)
Net Increase (Decrease) in Cash and Cash Equivalents	499		(14)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	24		44
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	523	$	30

Supplemental Disclosure of Cash Flow Information



Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at September 30,	$	68	$	43

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED BALANCE SHEETS

Louisville Gas and Electric Company

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Assets

Current Assets
Cash and cash equivalents	$	515	$	8
Accounts receivable (less reserve: 2025, $6; 2024, $3)
Customer	124		134
Other	28		23
Unbilled revenues (less reserve: 2025, $0; 2024, $0)	70		87
Accounts receivable from affiliates	31		40

Fuel, materials and supplies	142		157
Prepayments	12		9

Regulatory assets	24		8

Other current assets	9		2
Total Current Assets	955		468

Property, Plant and Equipment
Regulated utility plant	7,950		7,748
Less: accumulated depreciation - regulated utility plant	1,805		1,643
Regulated utility plant, net	6,145		6,105
Construction work in progress	713		443
Property, Plant and Equipment, net	6,858		6,548

Other Noncurrent Assets
Regulatory assets	485		491
Goodwill	389		389
Other intangibles	8		12
Other noncurrent assets	153		84
Total Other Noncurrent Assets	1,035		976

Total Assets	$	8,848	$	7,992

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED BALANCE SHEETS

Louisville Gas and Electric Company

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Liabilities and Equity

Current Liabilities
Short-term debt	$	—	$	25
Long-term debt due within one year	390		300
Notes payable to affiliates	—		43
Accounts payable	189		158
Accounts payable to affiliates	70		64
Customer deposits	36		36
Taxes	41		40

Regulatory liabilities	14		14
Interest	49		21
Asset retirement obligations	4		11
Other current liabilities	46		50
Total Current Liabilities	839		762

Long-term Debt	2,775		2,171

Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	822		803
Investment tax credits	29		30
Price risk management liabilities	5		3

Asset retirement obligations	75		73
Regulatory liabilities	812		815
Other deferred credits and noncurrent liabilities	78		64
Total Deferred Credits and Other Noncurrent Liabilities	1,821		1,788

Commitments and Contingent Liabilities (Notes 6 and 10)

Stockholder's Equity
Common stock - no par value (a)	424		424
Additional paid-in capital	2,028		1,982
Earnings reinvested	961		865
Total Equity	3,413		3,271

Total Liabilities and Equity	$	8,848	$	7,992

(a)75,000 shares authorized; 21,294 shares issued and outstanding at September 30, 2025 and December 31, 2024.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED STATEMENTS OF EQUITY

Louisville Gas and Electric Company

(Unaudited)

(Millions of Dollars)


	Common stock shares outstanding (a)	Common stock		Additional paid-in capital		Earnings reinvested		Total
June 30, 2025	21,294	$	424	$	2,028	$	915	$	3,367
Net income						83		83


Dividends declared						(37)		(37)
September 30, 2025	21,294	$	424	$	2,028	$	961	$	3,413

December 31, 2024	21,294	$	424	$	1,982	$	865	$	3,271
Net income						244		244
Capital contributions from parent				101				101
Return of capital to parent				(55)				(55)
Dividends declared						(148)		(148)
September 30, 2025	21,294	$	424	$	2,028	$	961	$	3,413

June 30, 2024	21,294	$	424	$	1,979	$	813	$	3,216
Net income						77		77

Return of capital to parent				(25)				(25)
Dividends declared						(41)		(41)
September 30, 2024	21,294	$	424	$	1,954	$	849	$	3,227

December 31, 2023	21,294	$	424	$	1,993	$	755	$	3,172
Net income						232		232
Capital contributions from parent				37				37
Return of capital to parent				(76)				(76)
Dividends declared						(138)		(138)
September 30, 2024	21,294	$	424	$	1,954	$	849	$	3,227

(a)Shares in thousands. All common shares of LG&E stock are owned by LKE.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED STATEMENTS OF INCOME

Kentucky Utilities Company

(Unaudited)

(Millions of Dollars)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating Revenues
Retail and wholesale	$	524	$	498	$	1,548	$	1,479
Electric revenue from affiliate	6		11		18		19
Total Operating Revenues	530		509		1,566		1,498

Operating Expenses
Operation
Fuel	135		131		404		369
Energy purchases	6		7		20		19
Energy purchases from affiliate	7		1		17		20
Other operation and maintenance	101		103		303		306
Depreciation	102		102		305		302
Taxes, other than income	13		12		38		36
Total Operating Expenses	364		356		1,087		1,052

Operating Income	166		153		479		446

Other Income (Expense) - net (Note 12)	9		4		19		10

Interest Expense	38		35		108		102



Interest Expense with Affiliate	—		—		—		1

Income Before Income Taxes	137		122		390		353

Income Taxes	28		24		78		70

Net Income (a)	$	109	$	98	$	312	$	283

(a)Net income equals comprehensive income.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED STATEMENTS OF CASH FLOWS

Kentucky Utilities Company

(Unaudited)

(Millions of Dollars)


	Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities
Net income	$	312	$	283
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	305		302
Amortization	13		14
Defined benefit plans - income	(2)		(8)
Deferred income taxes and investment tax credits	11		(12)
Other	(6)		(2)
Change in current assets and current liabilities
Accounts receivable	3		(25)

Accounts payable	(4)		(3)
Accounts payable to affiliates	19		7
Unbilled revenues	12		9
Fuel, materials and supplies	(3)		19
Regulatory assets and liabilities, net	3		27

Taxes payable	3		7
Accrued interest	37		31
Other	(19)		(8)
Other operating activities

Expenditures for asset retirement obligations	(7)		(7)

Other assets	(28)		(6)
Other liabilities	(2)		(16)
Net cash provided by operating activities	647		612
Cash Flows from Investing Activities
Expenditures for property, plant and equipment	(681)		(463)


Net cash used in investing activities	(681)		(463)
Cash Flows from Financing Activities
Net increase (decrease) in notes payable to affiliates	(73)		128
Issuance of long-term debt	700		—

Net decrease in short-term debt	(140)		(93)

Payment of common stock dividends to parent	(179)		(167)
Contributions from parent	91		84
Return of capital to parent	(37)		(103)
Debt issuance costs	(8)		—

Net cash provided by (used in) financing activities	354		(151)
Net Increase (Decrease) in Cash and Cash Equivalents	320		(2)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	29		38
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	349	$	36

Supplemental Disclosure of Cash Flow Information



Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at September 30,	$	84	$	54

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED BALANCE SHEETS

Kentucky Utilities Company

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Assets

Current Assets
Cash and cash equivalents	$	341	$	13
Accounts receivable (less reserve: 2025, $3; 2024, $2)
Customer	155		160
Other	31		22
Unbilled revenues (less reserve: 2025, $0; 2024, $0)	90		102


Fuel, materials and supplies	177		173
Prepayments	14		11


Other current assets	19		10

Total Current Assets	827		491

Property, Plant and Equipment
Regulated utility plant	10,614		10,419
Less: accumulated depreciation - regulated utility plant	2,873		2,652
Regulated utility plant, net	7,741		7,767
Construction work in progress	1,004		567
Property, Plant and Equipment, net	8,745		8,334

Other Noncurrent Assets
Regulatory assets	458		458
Goodwill	607		607
Other intangibles	26		28
Other noncurrent assets	170		155
Total Other Noncurrent Assets	1,261		1,248

Total Assets	$	10,833	$	10,073

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED BALANCE SHEETS

Kentucky Utilities Company

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Liabilities and Equity

Current Liabilities
Short-term debt	$	—	$	140
Long-term debt due within one year	414		250
Notes payable to affiliates	—		73
Accounts payable	108		96
Accounts payable to affiliates	118		100
Customer deposits	40		39
Taxes	40		37
Regulatory liabilities	24		22
Interest	61		24
Asset retirement obligations	4		10
Other current liabilities	53		58
Total Current Liabilities	862		849

Long-term Debt	3,346		2,816

Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	958		924
Investment tax credits	80		81

Asset retirement obligations	58		54
Regulatory liabilities	999		1,009
Other deferred credits and noncurrent liabilities	44		41
Total Deferred Credits and Other Noncurrent Liabilities	2,139		2,109

Commitments and Contingent Liabilities (Notes 6 and 10)

Stockholder's Equity
Common stock - no par value (a)	308		308
Additional paid-in capital	3,110		3,056

Earnings reinvested	1,068		935
Total Equity	4,486		4,299

Total Liabilities and Equity	$	10,833	$	10,073

(a)80,000 shares authorized; 37,818 shares issued and outstanding at September 30, 2025 and December 31, 2024.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED STATEMENTS OF EQUITY

Kentucky Utilities Company

(Unaudited)

(Millions of Dollars)


	Common stock shares outstanding (a)	Common stock		Additional paid-in capital		Earnings reinvested		Total
June 30, 2025	37,818	$	308	$	3,110	$	1,010	$	4,428
Net income						109		109


Dividends declared						(51)		(51)

September 30, 2025	37,818	$	308	$	3,110	$	1,068	$	4,486

December 31, 2024	37,818	$	308	$	3,056	$	935	$	4,299
Net income						312		312
Capital contributions from parent				91				91
Return of capital to parent				(37)				(37)
Dividends declared						(179)		(179)

September 30, 2025	37,818	$	308	$	3,110	$	1,068	$	4,486

June 30, 2024	37,818	$	308	$	3,067	$	879	$	4,254
Net income						98		98

Return of capital to parent				(53)				(53)
Dividends declared						(50)		(50)

September 30, 2024	37,818	$	308	$	3,014	$	927	$	4,249

December 31, 2023	37,818	$	308	$	3,033	$	811	$	4,152
Net income						283		283
Capital contributions from parent				84				84
Return of capital to parent				(103)				(103)
Dividends declared						(167)		(167)

September 30, 2024	37,818	$	308	$	3,014	$	927	$	4,249

(a)Shares in thousands. All common shares of KU stock are owned by LKE.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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Combined Notes to Condensed Financial Statements (Unaudited)

Index to Combined Notes to Condensed Financial Statements

The notes to the condensed financial statements that follow are a combined presentation. The following list indicates the Registrants to which the notes apply:

Registrant

PPL

PPL Electric

LG&E

1. Interim Financial Statements

2. Segment and Related Information

3. Revenue from Contracts with Customers

4. Earnings Per Share

5. Income Taxes

6. Utility Rate Regulation

7. Financing Activities

8. Acquisitions, Development and Divestitures

9. Defined Benefits

10. Commitments and Contingencies

11. Related Party Transactions

12. Other Income (Expense) - net

13. Fair Value Measurements

14. Derivative Instruments and Hedging Activities

15. Asset Retirement Obligations

16. Accumulated Other Comprehensive Income (Loss)

17. New Accounting Guidance Pending Adoption

1. Interim Financial Statements

(All Registrants)

Capitalized terms and abbreviations appearing in the unaudited combined notes to condensed financial statements are defined in the glossary. Dollars are in millions, except per share data, unless otherwise noted. The specific Registrant to which disclosures are applicable is identified in parenthetical headings in italics above the applicable disclosure or within the applicable disclosure for each Registrant's related activities and disclosures. Within combined disclosures, amounts are disclosed for any Registrant when significant.

The accompanying unaudited condensed financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all of the information and footnote disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation in accordance with GAAP are reflected in the condensed financial statements. All adjustments are of a normal recurring nature, except as otherwise disclosed. Each Registrant's Balance Sheet at December 31, 2024 is derived from that Registrant's 2024 audited Balance Sheet. The financial statements and notes thereto should be read in conjunction with the financial statements and notes contained in each Registrant's 2024 Form 10-K. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025 or other future periods, because results for interim periods can be disproportionately influenced by various factors, developments and seasonal variations.

Table of Contents

2. Segment and Related Information

(PPL)

PPL is organized into three segments, broken down by geographic location: Kentucky Regulated, Pennsylvania Regulated and Rhode Island Regulated.

The Kentucky Regulated segment primarily consists of the regulated electricity generation, transmission and distribution operations conducted by LG&E and KU, as well as LG&E's regulated transmission, distribution and sale of natural gas.

The Pennsylvania Regulated segment consists of the regulated electricity transmission and distribution operations of PPL Electric.

The Rhode Island Regulated segment consists of the regulated electricity transmission and distribution and natural gas distribution operations of RIE.

"Corporate and Other" primarily consists of corporate level financing costs, certain unallocated costs and certain non-recoverable costs incurred in conjunction with the acquisition of RIE. "Corporate and Other" is presented to reconcile segment information to PPL's consolidated results and is not a reportable segment.

The table below provides information about PPL’s segments and includes the reconciliation to consolidated net income for the three months ended September 30, 2025:


	Kentucky Regulated		Pennsylvania Regulated		Rhode Island Regulated		Total
Operating Revenues from external customers (a)	$	944	$	786	$	509	$	2,239
Reconciliation of revenue
Corporate and Other revenues							—
Total consolidated revenues							$	2,239

Less:
Fuel	231		—		—		231
Energy purchases	23		224		173		420
Other operation and maintenance	201		160		196		557
Depreciation	180		105		45		330
Taxes, other than income	26		38		38		102
Other (income) expense - net	(17)		(14)		(2)		(33)
Interest (income) from affiliate	—		(2)		—		(2)
Interest expense	68		67		28		163
Income taxes	47		49		4		100
Segment net income	$	185	$	159	$	27	$	371

Reconciliation of segment profit or loss to consolidated net income
Corporate and Other net loss							(53)
Net Income							$	318

(a)See Note 3 for additional information on Operating Revenues.

Table of Contents

The table below provides information about PPL’s segments and includes the reconciliation to consolidated net income for the nine months ended September 30, 2025:


	Kentucky Regulated		Pennsylvania Regulated		Rhode Island Regulated		Total
Operating Revenues from external customers (a)	$	2,841	$	2,298	$	1,629	$	6,768
Reconciliation of revenue
Corporate and Other revenues							—
Total consolidated revenues							$	6,768

Less:
Fuel	657		—		—		657
Energy purchases	149		622		598		1,369
Other operation and maintenance	601		481		610		1,692
Depreciation	535		307		131		973
Taxes, other than income	77		111		127		315
Other (income) expense - net	(35)		(36)		(5)		(76)
Interest (income) from affiliate	—		(4)		(3)		(7)
Interest expense	191		189		78		458
Income taxes	132		146		13		291
Segment net income	$	534	$	482	$	80	$	1,096

Reconciliation of segment profit or loss to consolidated net income
Corporate and Other net loss							(181)
Net Income							$	915

(a)See Note 3 for additional information on Operating Revenues.

Other information for the segments and reconciliation to PPL's Consolidated results for the nine months ended September 30, 2025 are as follows:


	Kentucky Regulated		Pennsylvania Regulated		Rhode Island Regulated		Total Segments		Corporate and Other		Consolidated Total
Other Segment Disclosures
Amortization (a)	$	28	$	34	$	1	$	63	$	10	$	73
Deferred income taxes and investment tax credits (b)	21		63		38		122		55		177
Expenditures for long lived assets	1,243		1,082		539		2,864		4		2,868

(a)Represents non-cash expense items that include amortization of operating lease right-of-use assets, regulatory assets and liabilities, debt discounts and premiums and debt issuance costs.

(b)Represents a non-cash expense item that is also included in "Income Taxes."

The table below provides information about PPL’s segments and includes the reconciliation to consolidated net income for the three months ended September 30, 2024:

Table of Contents


	Kentucky Regulated		Pennsylvania Regulated		Rhode Island Regulated		Total
Operating Revenues from external customers (a)	$	895	$	716	$	455	$	2,066
Reconciliation of revenue
Corporate and Other revenues							—
Total consolidated revenues							$	2,066

Less:
Fuel	207		—		—		207
Energy purchases	25		177		135		337
Other operation and maintenance	196		176		211		583
Depreciation	178		101		42		321
Taxes, other than income	25		32		33		90
Other (income) expense - net	(8)		(13)		(7)		(28)
Interest (income) from affiliate	—		(7)		—		(7)
Interest expense	60		61		25		146
Income taxes	43		47		2		92
Segment net income	$	169	$	142	$	14	$	325

Reconciliation of segment profit or loss to consolidated net income
Corporate and Other net loss							(111)
Net Income							$	214

(a)See Note 3 for additional information on Operating Revenues.

The table below provides information about PPL’s segments and includes the reconciliation to consolidated net income for the nine months ended September 30, 2024:


	Kentucky Regulated		Pennsylvania Regulated		Rhode Island Regulated		Total
Operating Revenues from external customers (a)	$	2,698	$	2,159	$	1,393	$	6,250
Reconciliation of revenue
Corporate and Other revenues							1
Total consolidated revenues							$	6,251

Less:
Fuel	597		—		—		597
Energy purchases	124		544		464		1,132
Other operation and maintenance	593		511		547		1,651
Depreciation	531		300		123		954
Taxes, other than income	74		98		99		271
Other (income) expense - net	(20)		(33)		(20)		(73)
Interest (income) from affiliate	—		(27)		—		(27)
Interest expense	181		184		72		437
Income taxes	125		141		18		284
Segment net income	$	493	$	441	$	90	$	1,024

Reconciliation of segment profit or loss to consolidated net income
Corporate and Other net loss							(313)
Net Income							$	711

(a)See Note 3 for additional information on Operating Revenues.

Other information for the segments and reconciliation to PPL's Consolidated results for the nine months ended September 30, 2024 are as follows:

Table of Contents


	Kentucky Regulated		Pennsylvania Regulated		Rhode Island Regulated		Total Segments		Corporate and Other		Consolidated Total
Other Segment Disclosures
Amortization (a)	$	18	$	35	$	1	$	54	$	7	$	61
Deferred income taxes and investment tax credits (b)	(1)		91		38		128		19		147
Expenditures for long lived assets	792		820		342		1,954		(9)		1,945

(a)Represents non-cash expense items that include amortization of operating lease right-of-use assets, regulatory assets and liabilities, debt discounts and premiums and debt issuance costs.

(b)Represents a non-cash expense item that is also included in "Income Taxes."

The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated Balance Sheets as of:


	September 30, 2025		December 31, 2024
Total Assets
Kentucky Regulated	$	19,234	$	17,626
Pennsylvania Regulated	16,702		15,475
Rhode Island Regulated	7,247		7,055
Corporate and Other (a)	756		913
Total	$	43,939	$	41,069

(a)Primarily consists of unallocated items, including cash, PP&E, goodwill and the elimination of inter-segment transactions.

(PPL Electric)

PPL Electric has two operating segments, distribution and transmission, which are aggregated into a single reportable segment.

The measure of segment assets is reported on PPL Electric's Balance Sheets as total consolidated assets. The measures of significant segment expenses are reported on PPL Electric's Statements of Income. The measures of significant non-cash segment expenses as well as expenditures for long lived assets are reported on PPL Electric's Statements of Cash Flows.

(LG&E and KU)

Each of LG&E and KU operates as a single operating and reportable segment.

The measures of segment assets are reported on the Balance Sheets of LG&E and KU as total assets. The measures of significant segment expenses are reported on the Statements of Income of LG&E and KU. The measures of significant non-cash segment expenses as well as expenditures for long lived assets are reported on the Statements of Cash Flows of LG&E and KU.

3. Revenue from Contracts with Customers

(All Registrants)

See Note 3 in the Registrants' 2024 Form 10-K for a discussion of the principal activities from which PPL Electric, LG&E and KU and PPL’s Pennsylvania Regulated, Rhode Island Regulated, and Kentucky Regulated segments generate their revenues. The following tables reconcile "Operating Revenues" included in each Registrant's Statement of Income with revenues generated from contracts with customers for the periods ended September 30.

Table of Contents


	2025 Three Months
	PPL		PPL Electric		LG&E		KU
Operating Revenues (a)(b)	$	2,239	$	786	$	427	$	530
Revenues derived from:
Alternative revenue programs (c)	6		—		(2)		2
Other (d)	(8)		(4)		(1)		(1)
Revenues from Contracts with Customers	$	2,237	$	782	$	424	$	531

	2024 Three Months
	PPL		PPL Electric		LG&E		KU
Operating Revenues (a)(b)	$	2,066	$	716	$	397	$	509
Revenues derived from:
Alternative revenue programs (c)	17		(3)		11		7
Other (d)	(6)		(4)		(1)		(1)
Revenues from Contracts with Customers	$	2,077	$	709	$	407	$	515

	2025 Nine Months
	PPL		PPL Electric		LG&E		KU
Operating Revenues (a)(b)	$	6,768	$	2,298	$	1,310	$	1,566
Revenues derived from:
Alternative revenue programs (c)	75		9		(1)		3
Other (d)	(20)		(13)		(3)		(3)
Revenues from Contracts with Customers	$	6,823	$	2,294	$	1,306	$	1,566

	2024 Nine Months
	PPL		PPL Electric		LG&E		KU
Operating Revenues (a)(b)	$	6,251	$	2,159	$	1,239	$	1,498
Revenues derived from:
Alternative revenue programs (c)	21		(14)		15		13
Other (d)	(18)		(12)		(3)		(3)
Revenues from Contracts with Customers	$	6,254	$	2,133	$	1,251	$	1,508

(a)PPL includes $509 million and $1,629 million for the three and nine months ended September 30, 2025 and $455 million and $1,393 million for the three and nine months ended September 30, 2024 of revenues from external customers reported by the Rhode Island Regulated segment. PPL Electric represents revenues from external customers reported by the Pennsylvania Regulated segment and LG&E and KU, net of intercompany power sales and transmission revenues, represent revenues from external customers reported by the Kentucky Regulated segment. See Note 2 for additional information.

(b)PPL's transition services agreement associated with the RIE acquisition ended in the third quarter of 2024. In conjunction with the completion of the agreement, PPL conformed the presentation of RIE's and the Rhode Island Regulated segment’s net metering charges with the presentation of the other segments, resulting in an increase in Operating Revenues and a corresponding increase in Energy purchases beginning in the fourth quarter of 2024. For the three and nine months ended September 30, 2025, net metering of $34 million and $130 million was included in Energy purchases on PPL's Statement of Income. For the three and nine months ended September 30, 2024, $25 million and $110 million of net metering was presented as a reduction of Operating Revenues on PPL's Statement of Income.

(c)This line item shows the over/under collection of rate mechanisms deemed alternative revenue programs with over-collections of revenue shown as positive amounts in the table above and under-collections shown as negative amounts.

(d)Represents additional revenues outside the scope of revenues from contracts with customers, such as lease and other miscellaneous revenues.

The following tables show revenues from contracts with customers disaggregated by customer class for the periods ended September 30.

Table of Contents


	Three Months
	Residential		Commercial		Industrial		Other (a)		Wholesale - municipality		Wholesale - other (b)		Transmission		Revenues from Contracts with Customers

PPL
2025
PA Regulated	$	403	$	119	$	16	$	15	$	—	$	—	$	229	$	782
KY Regulated	394		278		162		74		7		26		—		941
RI Regulated (c)	258		158		23		9		—		—		66		514

Total PPL	$	1,055	$	555	$	201	$	98	$	7	$	26	$	295	$	2,237

2024
PA Regulated	$	367	$	111	$	12	$	15	$	—	$	—	$	204	$	709
KY Regulated	378		268		161		76		7		20		—		910
RI Regulated (c)	112		38		5		251		—		—		52		458

Total PPL	$	857	$	417	$	178	$	342	$	7	$	20	$	256	$	2,077

PPL Electric
2025	$	403	$	119	$	16	$	15	$	—	$	—	$	229	$	782
2024	$	367	$	111	$	12	$	15	$	—	$	—	$	204	$	709

LG&E
2025	$	195	$	137	$	49	$	29	$	—	$	14	$	—	$	424
2024	$	190	$	132	$	48	$	31	$	—	$	6	$	—	$	407

KU
2025	$	199	$	141	$	113	$	46	$	7	$	25	$	—	$	531
2024	$	188	$	136	$	113	$	45	$	7	$	26	$	—	$	515

Table of Contents


	Nine Months
	Residential		Commercial		Industrial		Other (a)		Wholesale - municipality		Wholesale - other (b)		Transmission		Revenues from Contracts with Customers
PPL
2025
PA Regulated	$	1,205	$	331	$	42	$	41	$	—	$	—	$	675	$	2,294
KY Regulated	1,209		805		474		241		19		88		—		2,836
RI Regulated (c)	913		516		61		37		—		—		166		1,693

Total PPL	$	3,327	$	1,652	$	577	$	319	$	19	$	88	$	841	$	6,823

2024
PA Regulated	$	1,125	$	318	$	34	$	43	$	—	$	—	$	613	$	2,133
KY Regulated	1,147		780		479		248		18		48		—		2,720
RI Regulated (c)	480		182		17		593		—		—		128		1,400
Corp and Other	—		—		—		1		—		—		—		1
Total PPL	$	2,752	$	1,280	$	530	$	885	$	18	$	48	$	741	$	6,254

PPL Electric
2025	$	1,205	$	331	$	42	$	41	$	—	$	—	$	675	$	2,294
2024	$	1,125	$	318	$	34	$	43	$	—	$	—	$	613	$	2,133

LG&E
2025	$	601	$	406	$	143	$	111	$	—	$	45	$	—	$	1,306
2024	$	571	$	391	$	141	$	114	$	—	$	34	$	—	$	1,251

KU
2025	$	608	$	399	$	331	$	131	$	19	$	78	$	—	$	1,566
2024	$	576	$	389	$	338	$	134	$	18	$	53	$	—	$	1,508

(a)Primarily includes revenues from pole attachments, street lighting, other public authorities and other non-core businesses, and for the Rhode Island Regulated Segment certain regulatory deferral mechanisms which could result in a reduction in revenues from over collections. For the periods ended September 30, 2024, the Rhode Island Regulated segment primarily includes open access tariff revenues, which are calculated on combined customer classes.

(b)Includes wholesale power and transmission revenues. LG&E and KU amounts include intercompany power sales and transmission revenues, which are eliminated upon consolidation at the Kentucky Regulated segment.

(c)PPL's transition services agreement associated with the RIE acquisition ended in the third quarter of 2024. In conjunction with the completion of the agreement, PPL disaggregated the 2024 revenues of the Rhode Island Regulated segment in a manner consistent with that of its other segments. This resulted in certain customer revenues for the Rhode Island Regulated segment, which were previously presented in the "Other" category, being presented in the "Residential", "Commercial" or "Industrial" customer classes beginning in the fourth quarter of 2024. Applying the previous methodology to 2025 revenues would result in $153 million of Residential, $122 million of Commercial and $23 million of Industrial for the three months ended September 30, 2025 and $421 million of Residential, $315 million of Commercial and $61 million of Industrial for the nine months ended September 30, 2025 for the Rhode Island Regulated segment being presented as "Other".

As discussed in Note 2, PPL segments its business by geographic location. Revenues from external customers for each segment are reconciled to revenues from contracts with customers in the footnotes to the tables above.

Contract receivables from customers are primarily included in "Accounts receivable - Customer", "Unbilled revenues", and "Other noncurrent assets" on the Balance Sheets.

Table of Contents

The following table shows the accounts receivable and unbilled revenues balances that were impaired for the periods ended September 30.


	Three Months				Nine Months
	2025		2024		2025		2024
PPL (a)	$	30	$	28	$	72	$	72
PPL Electric (a)	11		13		20		37
LG&E	1		1		3		2
KU	2		2		4		3

(a)2024 includes amounts impaired related to PPL Electric's billing issues. See Note 7 in PPL's 2024 Form 10-K for additional information.

Contract liabilities result from recording contractual billings in advance for customer attachments to the Registrants' infrastructure and payments received in excess of revenues earned to date. Advanced billings for customer attachments are generally recognized as revenue ratably over the quarterly billing period. Payments received in excess of revenues earned to date are recognized as revenue as services are delivered in subsequent periods. The Registrants' contract liabilities are not material at September 30, 2025 and 2024.

4. Earnings Per Share

(PPL)

Basic EPS is computed by dividing income available to PPL common shareowners by the weighted-average number of common shares outstanding during the applicable period. Diluted EPS is computed by dividing income available to PPL common shareowners by the weighted-average number of common shares outstanding, increased by the number of incremental shares that would be outstanding if potentially dilutive share-based payment awards were converted to common shares as calculated using the Two-Class Method or Treasury Stock Method. The If-Converted Method is applied to the Exchangeable Senior Notes due 2028 (Exchangeable Notes) issued in February 2023.

Incremental non-participating securities that have a dilutive impact are detailed in the table below. In 2025, these securities include forward sales of PPL common stock issued through an ATM Program and the number of shares needed to settle the conversion premium on the Exchangeable Notes. The forward sale agreements are dilutive under the Treasury Stock Method to the extent the average stock price of PPL's common shares exceeds the forward sale price prescribed in the agreements. See Note 7 for additional information on the ATM Program and Note 8 in PPL's Annual Report on Form 10-K for the year ended December 31, 2023 for additional information on the Exchangeable Notes.

Table of Contents

Reconciliations of the amounts of income and shares of PPL common stock (in thousands) for the periods ended September 30 used in the EPS calculation are:


	Three Months				Nine Months
	2025		2024		2025		2024
Income (Numerator)






Net income attributable to PPL	$	318	$	214	$	915	$	711
Less amounts allocated to participating securities	—		1		2		2
Net income available to PPL common shareowners - Basic and Diluted	$	318	$	213	$	913	$	709

Shares of Common Stock (Denominator)
Weighted-average shares - Basic EPS	739,525		737,773		739,167		737,678

Add: Dilutive share-based payment awards (a)	2,840		2,192		2,684		1,772
Add: Forward sale agreements	263		—		95		—
Add: Exchangeable Notes	1,662		—		801		—
Weighted-average shares - Diluted EPS	744,290		739,965		742,747		739,450

Basic EPS



Net Income available to PPL common shareowners	$	0.43	$	0.29	$	1.24	$	0.96

Diluted EPS



Net Income available to PPL common shareowners	$	0.43	$	0.29	$	1.23	$	0.96

(a) The Treasury Stock Method was applied to non-participating share-based payment awards.

For the periods ended September 30, PPL issued common stock related to the DRIP as follows (in thousands):



	Three Months		Nine Months
	2025	2024	2025	2024

DRIP	197	2	583	2

For the periods ended September 30, the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive.


	Three Months		Nine Months
	2025	2024	2025	2024
Stock-based compensation awards	53	—	142	—
Forward sale agreements	29,946	—	12,542	—

Table of Contents

5. Income Taxes

Reconciliations of income tax expense (benefit) for the periods ended September 30 are as follows.



(PPL)
	Three Months				Nine Months
	2025		2024		2025		2024
Federal income tax on Income Before Income Taxes at statutory tax rate - 21%	$	84	$	57	$	240	$	189
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	20		20		48		48



Income tax credits	(4)		(2)		(9)		(4)



Utility rate-making tax adjustments (a)	(6)		(4)		(20)		(14)
Amortization of excess deferred federal and state income taxes	(13)		(13)		(34)		(33)




Other	(1)		—		4		3
Total increase (decrease)	(4)		1		(11)		—
Total income tax expense (benefit)	$	80	$	58	$	229	$	189

(a) Primarily consists of tax impacts of AFUDC equity and related depreciation across PPL's regulated utility subsidiaries and flow through tax impacts of utility ratemaking. Flow through occurs when the regulator excludes deferred tax expense or benefit from recoverable costs when determining income tax expense.


(PPL Electric)
	Three Months				Nine Months
	2025		2024		2025		2024
Federal income tax on Income Before Income Taxes at statutory tax rate - 21%	$	44	$	40	$	132	$	122
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	13		13		40		39

Utility rate-making tax adjustments (a)	(5)		(2)		(17)		(12)
Amortization of excess deferred federal and state income taxes	(2)		(3)		(7)		(8)


Other	(1)		(1)		(2)		—
Total increase (decrease)	5		7		14		19
Total income tax expense (benefit)	$	49	$	47	$	146	$	141

(a) Primarily consists of tax impacts of AFUDC equity and related depreciation and flow through tax impacts of Pennsylvania utility ratemaking. Flow through occurs when the regulator excludes deferred tax expense or benefit from recoverable costs when determining income tax expense.


(LG&E)
	Three Months				Nine Months
	2025		2024		2025		2024
Federal income tax on Income Before Income Taxes at statutory tax rate - 21%	$	22	$	20	$	64	$	62
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	4		4		12		11

Amortization of excess deferred federal and state income taxes	(3)		(3)		(10)		(9)
Utility rate-making tax adjustments (a)	(1)		(1)		(3)		(1)


Other	(1)		—		(2)		(2)
Total increase (decrease)	(1)		—		(3)		(1)
Total income tax expense (benefit)	$	21	$	20	$	61	$	61

(a) Primarily consists of tax impacts of AFUDC equity and related depreciation and flow through tax impacts of Kentucky utility ratemaking. Flow through occurs when the regulator excludes deferred tax expense or benefit from recoverable costs when determining income tax expense.

Table of Contents


(KU)
	Three Months				Nine Months
	2025		2024		2025		2024
Federal income tax on Income Before Income Taxes at statutory tax rate - 21%	$	29	$	26	$	82	$	74
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	5		4		15		13

Amortization of excess deferred federal and state income taxes	(4)		(4)		(13)		(13)


Utility rate-making tax adjustments (a)	(1)		(1)		(3)		(1)
Other	(1)		(1)		(3)		(3)
Total increase (decrease)	(1)		(2)		(4)		(4)
Total income tax expense (benefit)	$	28	$	24	$	78	$	70

Other

One Big Beautiful Bill Act (All Registrants)

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act. The Registrants are continuing to review the law to assess any material impacts to the financial statements.

Additionally, on July 7, 2025, President Trump issued an Executive Order directing the Treasury to take action to strictly enforce the termination of clean electricity tax credits under IRC Sections 45Y and 48E for wind and solar. On August 15, 2025, the IRS issued Notice 2025-42, primarily tightening the rules regarding when a solar project is considered to have commenced construction. As of September 30, 2025, PPL is not expected to be significantly impacted by this or anticipated future guidance.

6. Utility Rate Regulation

(All Registrants)

The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations.

Table of Contents


	PPL				PPL Electric				LG&E				KU
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Current Regulatory Assets:


Rate adjustment mechanisms	$	100	$	95	$	—	$	—	$	—	$	—	$	—	$	—

Renewable energy certificates	27		14		—		—		—		—		—		—



Storm damage expense rider	35		68		35		68		—		—		—		—
Gas supply clause	15		3		—		—		15		3		—		—

Transmission service charge	63		44		—		27		—		—		—		—

DSIC	9		8		9		8		—		—		—		—
TCJA customer refund and recovery	38		21		38		21		—		—		—		—
ISR deferral	7		22		—		—		—		—		—		—

Other	18		45		8		9		9		5		—		1
Total current regulatory assets	$	312	$	320	$	90	$	133	$	24	$	8	$	—	$	1

Noncurrent Regulatory Assets:
Defined benefit plans	$	964	$	967	$	479	$	473	$	216	$	226	$	148	$	149
Plant outage costs	24		30		—		—		5		7		19		23
Net metering	160		147		—		—		—		—		—		—
Environmental cost recovery	96		96		—		—		—		—		—		—
Storm costs	111		113		41		22		24		20		38		29
Unamortized loss on debt	19		20		3		3		8		9		6		6

Terminated interest rate swaps	48		53		—		—		28		31		20		22
Accumulated cost of removal of utility plant	168		173		168		173		—		—		—		—
AROs	272		280		—		—		76		75		196		205

RAR	78		83		—		—		78		83		—		—

Gas line inspections	24		24		—		—		22		22		2		2
Advanced metering infrastructure	37		28		—		—		19		14		18		14
Other	57		46		12		2		9		4		11		8
Total noncurrent regulatory assets	$	2,058	$	2,060	$	703	$	673	$	485	$	491	$	458	$	458


	PPL				PPL Electric				LG&E				KU
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Current Regulatory Liabilities:
Generation supply charge	$	45	$	52	$	45	$	52	$	—	$	—	$	—	$	—
ECR	7		12		—		—		4		6		3		6


Transmission formula rate	30		1		9		—		—		—		—		—
Rate adjustment mechanisms	71		71		—		—		—		—		—		—
Energy efficiency	25		25		—		—		—		—		—		—

DSM	24		17		—		—		9		7		15		10

Revenue decoupling mechanism	40		10		—		—		—		—		—		—


Other	49		35		17		5		1		1		6		6
Total current regulatory liabilities	$	291	$	223	$	71	$	57	$	14	$	14	$	24	$	22

Noncurrent Regulatory Liabilities:
Accumulated cost of removal of utility plant	$	1,037	$	1,022	$	—	$	—	$	328	$	314	$	411	$	408

Net deferred taxes	1,825		1,899		713		739		422		439		476		498
Defined benefit plans	310		294		114		100		24		24		67		65
Terminated interest rate swaps	52		54		—		—		26		27		26		27
Energy efficiency	29		16		—		—		—		—		—		—
Other	69		50		—		—		12		11		19		11
Total noncurrent regulatory liabilities	$	3,322	$	3,335	$	827	$	839	$	812	$	815	$	999	$	1,009

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Regulatory Matters

Rhode Island Activities (PPL)

FY 2026 Gas ISR Plan

On December 31, 2024, RIE filed its FY 2026 Gas ISR Plan with the RIPUC with a budget that included $187 million of capital investment spend and up to $15 million of additional contingency plan spend in connection with the PHMSA's potential enactment of regulations during FY 2026 that, if enacted, would significantly alter RIE's leak detection and repair obligations under federal regulations. The plan also included proposed spending on curb-to-curb paving of $22 million. On March 28, 2025, the RIPUC approved a FY 2026 Gas ISR Plan of $165 million of which $147 million is for capital investment spend and $18 million is spend for paving costs as operations and maintenance (O&M), plus a potential additional $15 million is available if the above-mentioned regulations are implemented by the PHMSA. On March 31, 2025, the RIPUC approved RIE's compliance filing for rates effective April 1, 2025.

FY 2026 Electric ISR Plan

On December 23, 2024, RIE filed its FY 2026 Electric ISR Plan with the RIPUC with a budget that included $248 million of capital investment spend (including $88 million for Advanced Metering Functionality (AMF)), $14 million of vegetation operation and maintenance (O&M) spend and $1 million of Other O&M spend. On March 28, 2025, the RIPUC approved a FY 2026 Electric ISR Plan of $219 million for capital investment spend (including $88 million for AMF), $14 million for vegetation management O&M spend, and $1 million for Other O&M spend. On March 31, 2025, the RIPUC approved RIE's compliance filing for rates effective April 1, 2025.

Hold Harmless Implementation Agreement

As a condition to the Acquisition (as defined in Note 8 to the Financial Statements) of RIE in May 2022, PPL made a commitment to the Rhode Island Division of Public Utilities and Carriers to hold harmless Rhode Island customers from the impact of future rate increases resulting from changes in Accumulated Deferred Income Taxes as a result of the Acquisition (the Hold Harmless Commitment). On June 13, 2025, an agreement was entered into by and among RIE, PPL, PPL Rhode Island Holdings and the Rhode Island Division of Public Utilities and Carriers Advocacy Section to satisfy RIE's obligations under the Hold Harmless Commitment of approximately $155 million, and proposes to resolve that amount through bill credits issued to customers, with approximately $74 million to be issued throughout the first quarter of 2026 and approximately $81 million to be issued throughout the first quarter of 2027. The bill credits would be recorded as a reduction to revenue in the periods in which the credits are applied to customers' bills. On September 10, 2025, the Rhode Island Division of Public Utilities and Carriers approved the agreement. Also on September 10, 2025, the RIPUC opened a docket to evaluate RIE’s bill credit proposal, including the underlying rate accounting supporting the proposal, and required RIE to file a tariff advice with the RIPUC, which RIE filed on October 2, 2025. Discovery in this proceeding is ongoing and an evidentiary hearing is scheduled for November 18, 2025. PPL cannot predict the outcome of the RIPUC inquiry.

Kentucky Activities

(PPL, LG&E and KU)

Rate Case Proceedings

On May 30, 2025, LG&E and KU filed requests with the KPSC for an increase in annual electricity and gas revenues of approximately $391 million ($105 million and $226 million in electricity revenues at LG&E and KU and $60 million in gas revenues at LG&E) and approval of certain regulatory and accounting treatments. The revenue increases would be an increase of 8.3% and 11.5% in electricity revenues at LG&E and KU, and an increase of 14.0% in gas revenues at LG&E.

The applications are based on a forecasted test year of January 1, 2026 through December 31, 2026 and request an authorized ROE of 10.95%. Subject to KPSC approval, new rates are expected to become effective on January 1, 2026. Certain counterparties have intervened in the proceedings.

On October 20, 2025, LG&E and KU filed with the KPSC a stipulation and recommendation (the agreement) regarding a proposed resolution of issues with a majority of the intervenors in the proceedings.

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Under the agreement, the parties propose that the KPSC should issue orders granting a revised aggregate increase in annual electricity and gas revenues of approximately $235 million, comprising increases of $58 million and $132 million in electricity revenues at LG&E and KU, respectively, and $45 million in gas revenues at LG&E. The agreement proposes a revised authorized ROE of 9.90%.

The agreement proposes a "stay out" commitment from LG&E and KU to refrain from effective base rate increases before August 1, 2028, subject to certain exceptions. In connection with the stay out period, the agreement also proposes the establishment of two new rate tracker mechanisms, a Generation Cost Recovery Adjustment Clause (GCR) and a Sharing Mechanism Adjustment Clause (SM).

The proposed GCR mechanism would provide LG&E and KU recovery and return on investment of covered costs (excluding fuel amounts, which LG&E and KU can recover via an existing rate mechanism) of relevant new generation and energy storage assets authorized in the 2022 and 2025 CPCN proceedings (excluding the Mill Creek Unit 6 NGCC in 2031, see "2025 CPCN" for more information regarding the Mill Creek Unit 6 NGCC) as they are placed in service.

The proposed SM mechanism would address any base rate revenue deficiency or surplus during the final thirteen months of the stay out period, July 2027 through July 2028, below or above a suggested ROE band of 9.40% to 10.15%. Any such base rate revenue deficiency or surplus would be collected from or returned to customers over a thirteen-month billing period beginning November 2028.

Following issuance of the 2025 CPCN Order, LG&E and KU filed supplemental testimony with the KPSC in the rate case proceedings seeking recovery of the Mill Creek Unit 2 stay open costs through a proposed additional rate adjustment clause mechanism.

The agreement further authorizes LG&E and KU to use regulatory deferral accounting for actual expenses above or below base rate levels for certain expenses including: pension and post-retirement benefits, storm restoration, vegetation management, transmission waivers and credits, and gas line or well activities, with recovery of such deferred asset or liability amounts to be addressed in future rate cases.

A KPSC hearing in the underlying proceedings commenced on November 3, 2025. The agreement, as well as matters raised by non-agreeing intervenors, are subject to KPSC review and action, including approval, denial or modification. LG&E and KU anticipate a ruling from the KPSC during the fourth quarter of 2025, although the KPSC has until March 31, 2026 to issue its final order. PPL, LG&E and KU cannot predict the outcome of these proceedings.

2025 CPCN

On February 28, 2025, LG&E and KU filed an application with the KPSC regarding certain future plans for new generation and generation-related construction matters. The proposals included in the application are intended to serve anticipated load growth, including from potential data center demand in LG&E's or KU's service territory. The proposals did not include retirements of coal or other fossil-fueled plants, which would require additional KPSC approval procedures under Kentucky legislation enacted in 2023 and 2024.

•a 645 MW NGCC generation unit at KU's E.W. Brown station (Brown Unit 12),

•a 645 MW NGCC generation unit at LG&E's Mill Creek station (Mill Creek Unit 6),

•a four-hour 400 MW (1,600 MWh total) battery energy storage system (BESS) at LG&E's Cane Run station, and

•a selective catalytic reduction (SCR) environmental facility at KU's Ghent station Unit 2 (Ghent Unit 2).

The new NGCC units are anticipated to be wholly owned by LG&E and the BESS unit jointly owned by LG&E (32%) and KU (68%), with actual project costs allocated consistent with LG&E's and KU's ultimate ownership shares and existing shared dispatch, cost allocation, tariff or other frameworks. The proposed Mill Creek Unit 6 NGCC is in addition to a new NGCC unit currently under construction at that location (Mill Creek Unit 5).

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The filing also notes projected in service dates for the projects, including the Brown Unit 12 NGCC in 2030, the Mill Creek Unit 6 NGCC in 2031, the Cane Run BESS in 2028 and the Ghent Unit 2 SCR in 2028.

On July 29, 2025, LG&E and KU filed with the KPSC a stipulation and recommendation regarding a proposed resolution of issues with several of the intervenors in the CPCN proceeding (stipulation). The stipulation recommends to the KPSC the approval of the large majority of LG&E's and KU's requested generation-related projects and associated accounting matters, subject to certain changes. Under the stipulation, the parties agree the KPSC should issue an order granting a CPCN for the proposed: (a) Brown Unit 12 NGCC; (b) Mill Creek Unit 6 NGCC; and (c) Ghent Unit 2 SCR. In addition, the proposal to build the $775 million Cane Run BESS would be withdrawn without prejudice, the relevant costs regarding the proposed $1.4 billion Mill Creek Unit 6 NGCC would be recovered through a new rate tracker mechanism, and the retirement date for the existing Mill Creek Unit 2 coal plant would be extended from 2027 to the operational date of the proposed Mill Creek Unit 6 NGCC or afterwards, subject to relevant future economic analysis, regulatory or environmental authorizations. The stipulation also contains provisions relating to regulatory asset accounting, proposed data center tariffs, future renewable power requests-for-proposals and other matters. LG&E and KU would retain the right to seek approval of the potentially withdrawn Cane Run BESS or similar substitute project in future regulatory proceedings.

On October 28, 2025, the KPSC issued an order approving much of LG&E's and KU's July 2025 stipulation, with certain modifications. The order granted the requested CPCNs and site-related permits to construct the proposed Brown Unit 12 NGCC, Mill Creek Unit 6 NGCC, and Ghent Unit 2 SCR. The order authorized inclusion of relevant costs of the Ghent Unit 2 SCR in KU's existing environmental cost recovery rate mechanism. The order established a separate monitoring case to receive and consider information during the construction of Mill Creek Unit 6 NGCC.

The order approved requests regarding regulatory asset deferral accounting treatment for certain AFUDC related amounts and noted the KPSC's expectation that the stipulating parties would follow through with their commitments regarding tariffs and power supply contracts related to potential future data center or high load customers in LG&E's and KU's pending rate proceedings. The order also approved other elements of the stipulation or the originally-filed application, with minor modifications.

The KPSC decided not to approve LG&E's and KU's proposed new rate adjustment cost recovery mechanisms for certain costs associated with Mill Creek Unit 6 NGCC and costs associated with operating the Mill Creek Unit 2 coal plant beyond its original retirement date in 2027. However, the denials were without prejudice to resubmission and the KPSC encouraged the parties to provide additional evidence on such matters in separate proceedings. LG&E and KU are providing such evidence addressing recovery of the Mill Creek Unit 2 stay open costs in their pending rate case proceedings. Recovery of Mill Creek Unit 6 costs will be addressed in a future proceeding. The KPSC declined to rule on the matter related to the retirement date of Mill Creek Unit 2 coal plant.

In light of the conditional withdrawal in the stipulation, the order did not include a CPCN for the Cane Run BESS. LG&E and KU retain the right to seek approval of the Cane Run BESS project or similar substitute projects at any time in future regulatory proceedings.

The KPSC's order is subject to certain rights to request rehearing or appeal by LG&E and KU and all intervenors. LG&E and KU continue to evaluate the order and related matters and cannot predict the outcome should they or other parties decide to appeal or request a rehearing of these matters.

Kentucky January 2025 Storm

In January 2025, LG&E and KU experienced snow, ice, sleet and freezing rain in their service territories, resulting in substantial damage to certain of LG&E's and KU's assets. On January 31, 2025, LG&E and KU submitted a filing with the KPSC requesting regulatory asset treatment of the extraordinary operations and maintenance (O&M) expenses portion of the costs incurred related to the storm. On March 19, 2025, the KPSC issued an order authorizing LG&E and KU to establish, for accounting purposes only, regulatory assets based on the jurisdictional incremental costs of extraordinary O&M expense incurred by LG&E and KU as a result of the 2025 winter storm, with recovery amounts and amortization thereof to be determined in subsequent base rate proceedings. LG&E and KU cannot predict the outcome of these matters. As of September 30, 2025, LG&E and KU had recorded regulatory assets related to the storm of $2 million and $7 million.

Mill Creek Unit 1 and Unit 2 RAR Application (PPL and LG&E)

In 2023, the KPSC issued an order approving, among other items, the requested retirement of Mill Creek Units 1 and 2.

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On October 4, 2024, LG&E submitted an application related to the retirement of Mill Creek Unit 1, which occurred on December 31, 2024, requesting recovery of associated costs under the RAR. LG&E expects these costs to be approximately $125 million and proposed to begin application of the RAR with bills issued in May 2025. On February 24, 2025, the KPSC issued an order approving LG&E’s cost recovery for Mill Creek Unit 1 under the RAR and related amounts were included in bills beginning in May 2025.

LG&E anticipates the recovery of associated costs, including the remaining net book value, for Mill Creek Unit 2 through the RAR. The remaining net book value of Mill Creek Unit 2 was approximately $203 million at September 30, 2025 and LG&E is continuing to depreciate using the current approved rates through its retirement date. LG&E expects to reclassify the net book value remaining at retirement to a regulatory asset to be amortized over a period of ten years in accordance with the RAR. There can be no assurance that these costs will be recovered in the amounts or over the time periods that LG&E expects. See the "2025 CPCN" discussion above for information regarding potential changes in the retirement date of Mill Creek Unit 2.

Pennsylvania Activities

(PPL and PPL Electric)

Rate Case Proceedings

On September 30, 2025, PPL Electric filed a request with the PAPUC for an increase in distribution base rates of approximately $356 million, more than $50 million of which is already included in customer bills through rate recovery mechanisms, and approval of certain regulatory and accounting treatments. The proposed increase in distribution base rates would increase PPL Electric's total annual revenue by approximately 8.6%. The application is based on a fully projected future test year of July 1, 2026 through June 30, 2027 and requested an authorized ROE of 11.3%. Subject to PAPUC approval, new rates are expected to become effective on July 1, 2026. A ruling from the PAPUC is anticipated during the second quarter of 2026. PPL and PPL Electric cannot predict the outcome of the proceeding.

DSIC Petition

On April 26, 2024, PPL Electric filed a Petition with the PAPUC requesting that the PAPUC waive PPL Electric's DSIC cap of 5% of billed revenues and increase the maximum allowable DSIC to 9% for bills rendered on or after January 1, 2025. On February 28, 2025, the PAPUC issued its written order permitting PPL Electric to increase its DSIC cap from 5% to 7.5% for bills rendered on or after March 13, 2025 until the effective date of rates established in PPL Electric’s next base rate case or the end of the PPL Electric’s 2023-2027 Long-term Infrastructure Improvement Plan, whichever occurs first, at which time it will return to 5%.

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Federal Matters

FERC Transmission Rate Filing (PPL, LG&E and KU)

In 2018, LG&E and KU applied to the FERC requesting elimination of certain on-going waivers and credits to a sub-set of transmission customers relating to the 1998 merger of LG&E's and KU's parent entities and the 2006 withdrawal of LG&E and KU from the Midcontinent Independent System Operator, Inc. (MISO), a regional transmission operator and energy market. The application sought termination of LG&E's and KU's commitment to provide certain Kentucky municipalities mitigation for certain horizontal market power concerns arising out of the 1998 LG&E and KU merger and 2006 MISO withdrawal. The amounts at issue are generally waivers or credits granted to a limited number of Kentucky municipalities for either certain LG&E and KU or MISO transmission charges incurred for transmission service received. In 2019, the FERC granted LG&E's and KU's request to remove the ongoing credits, conditioned upon the implementation by LG&E and KU of a transition mechanism for certain existing power supply arrangements, which was subsequently filed, modified, and approved by the FERC in 2020 and 2021. In 2020, LG&E and KU and other parties filed appeals with the U.S. Court of Appeals - D.C. Circuit (D.C. Circuit Court of Appeals) regarding the FERC's orders on the elimination of the mitigation and required transition mechanism. In August 2022, the D.C. Circuit Court of Appeals issued an order remanding the proceedings back to the FERC. On May 18, 2023, the FERC issued an order on remand reversing its 2019 decision and requiring LG&E and KU to refund credits previously withheld, including under such transition mechanism. LG&E and KU filed a petition for review of the FERC's May 18, 2023 order with the D.C. Circuit Court of Appeals and provided refunds in accordance with the FERC order on December 1, 2023. The FERC issued an order on LG&E's and KU's compliance filing on November 16, 2023, and LG&E and KU filed a petition for review of this November 16, 2023 order on February 14, 2024. The FERC issued the substantive order on rehearing on March 21, 2024, reaffirming its prior decision. On August 8, 2025, the D.C. Circuit Court of Appeals issued a procedural ruling vacating the FERC’s prior orders and remanded the matter back to the FERC for further proceedings. LG&E and KU cannot predict the ultimate outcome of the proceedings or any other post decision process but do not expect the annual impact to have a material effect on their operations or financial condition. LG&E and KU currently receive recovery of certain waivers and credits primarily through existing base rate levels. Additionally, LG&E’s and KU’s current Kentucky rate proceedings include requests regarding elements of regulatory liabilities or assets associated with potential future decreases or increases in the transmission waivers and credits that are the subject of these FERC proceedings.

Recovery of Transmission Costs (PPL)

Until December 2022, RIE's transmission facilities were operated in combination with the transmission facilities of National Grid USA's New England affiliates, Massachusetts Electric Company (MECO) and New England Power (NEP), a National Grid USA affiliate, as a single integrated system with NEP designated as the combined operator. As of January 1, 2023, RIE operates its own transmission facilities. NE-ISO allocates RIE's costs among transmission customers in New England, in accordance with the ISO Open Access Transmission Tariff (ISO-NE OATT). According to the FERC orders, RIE is compensated for its actual monthly transmission costs, with its authorized maximum ROE of 11.74% on its transmission assets.

The ROE for transmission rates under the ISO-NE OATT is the subject of four complaints that are pending before the FERC. On October 16, 2014, the FERC issued an order on the first complaint, Opinion No. 531-A, resetting the base ROE applicable to transmission assets under the ISO-NE OATT from 11.14% to 10.57% effective as of October 16, 2014 and establishing a maximum ROE of 11.74%. On April 14, 2017, this order was vacated and remanded by the D. C. Circuit Court of Appeals (Court of Appeals). After the remand, the FERC issued an order on October 16, 2018 applicable to all four pending cases where it proposed a new base ROE methodology that, with subsequent input and support from the New England Transmission Owners (NETO), yielded a base ROE of 10.41%. Subsequent to the FERC's October 2018 order in the New England Transmission Owners cases, the FERC further refined its ROE methodology in another proceeding and has applied that refined methodology to transmission owners’ ROEs in other jurisdictions, and the NETOs filed further information in the New England matters to distinguish their case. Those determinations in other jurisdictions have been vacated and remanded back to the FERC for further proceedings by the D.C. Circuit Court of Appeals. The proceeding and the final base rate ROE determination in the New England matters remain open, pending a final order from the FERC. PPL cannot predict the outcome of this matter, and an estimate of the impact cannot be determined.

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Other

Purchase of Receivables Programs

(PPL and PPL Electric)

In accordance with RIPUC-approved and PAPUC-approved purchase of accounts receivable programs, RIE and PPL Electric purchase certain accounts receivable from alternative electricity suppliers at a discount, which reflects a provision for uncollectible accounts. The alternative electricity suppliers have no continuing involvement or interest in the purchased accounts receivable. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition.

During the three and nine months ended September 30, 2025, RIE purchased $90 million and $245 million of accounts receivable from alternative suppliers. During the three and nine months ended September 30, 2024, RIE purchased $80 million and $234 million of accounts receivable from alternative suppliers.

During the three and nine months ended September 30, 2025, PPL Electric purchased $439 million and $1.3 billion of accounts receivable from alternative suppliers. During the three and nine months ended September 30, 2024, PPL Electric purchased $404 million and $1.2 billion of accounts receivable from alternative suppliers.

7. Financing Activities

Credit Arrangements and Short-term Debt

(All Registrants)

The Registrants maintain credit facilities to enhance liquidity, provide credit support and provide a backstop to commercial paper programs. For reporting purposes, on a consolidated basis, the credit facilities and commercial paper programs of PPL Electric, LG&E and KU are attributable to PPL. The amounts listed in the borrowed column below are recorded as "Short-term debt" on the Balance Sheets. The following credit facilities were in place at:


	September 30, 2025									December 31, 2024
	Expiration Date	Capacity		Borrowed		Letters of Credit and Commercial Paper Issued (c)		Unused Capacity		Borrowed		Letters of Credit and Commercial Paper Issued (c)
PPL
PPL Capital Funding (a)
Syndicated Credit Facility (b)	Dec. 2029	$	1,500	$	—	$	596	$	904	$	—	$	138

Bilateral Credit Facility	Feb. 2026	100		—		—		100		—		—
Bilateral Credit Facility	Feb. 2026	100		—		28		72		—		15
Total PPL Capital Funding Credit Facilities		$	1,700	$	—	$	624	$	1,076	$	—	$	153





PPL Electric
Syndicated Credit Facility	Dec. 2029	$	750	$	—	$	1	$	749	$	—	$	1

Total PPL Electric Credit Facilities		$	750	$	—	$	1	$	749	$	—	$	1




LG&E
Syndicated Credit Facility	Dec. 2029	$	600	$	—	$	—	$	600	$	—	$	25

Total LG&E Credit Facilities		$	600	$	—	$	—	$	600	$	—	$	25

KU
Syndicated Credit Facility	Dec. 2029	$	600	$	—	$	—	$	600	$	—	$	140

Total KU Credit Facilities		$	600	$	—	$	—	$	600	$	—	$	140

(a)PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL.

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(b)In January 2025, PPL Capital Funding increased the borrowing capacity of this facility from $1.25 billion to $1.50 billion. At September 30, 2025, the facility included a $250 million borrowing sublimit for RIE and a $1.25 billion sublimit for PPL Capital Funding. At December 31, 2024, the facility included a $250 million borrowing sublimit for RIE and a $1 billion borrowing sublimit for PPL Capital Funding. RIE’s borrowing sublimit is adjustable, at the borrowers’ option, from $0 to $600 million, with the remaining balance available under the facility allocated to PPL Capital Funding. At September 30, 2025, PPL Capital Funding had $445 million of commercial paper outstanding and RIE had $151 million of commercial paper outstanding. At December 31, 2024, PPL Capital Funding had $138 million of commercial paper outstanding and RIE had no commercial paper outstanding. RIE's obligations under the facility are not guaranteed by PPL.

(c)Commercial paper issued reflects the undiscounted face value of the issuance.

(PPL)

In January 2025, PPL Capital Funding amended its existing $1.25 billion syndicated credit facility to extend the termination date from December 6, 2028 to December 6, 2029 and to increase the borrowing capacity under the facility to $1.50 billion.

(PPL and PPL Electric)

In January 2025, PPL Electric amended its existing $650 million syndicated credit facility to extend the termination date from December 6, 2028 to December 6, 2029 and to increase the borrowing capacity under the facility to $750 million.

(PPL and LG&E)

In January 2025, LG&E amended its existing $500 million syndicated credit facility to extend the termination date from December 6, 2028 to December 6, 2029 and to increase the borrowing capacity under the facility to $600 million.

(PPL and KU)

In January 2025, KU amended its existing $400 million syndicated credit facility to extend the termination date from December 6, 2028 to December 6, 2029 and to increase the borrowing capacity under the facility to $600 million.

(All Registrants)

The Registrants maintain commercial paper programs to provide an additional financing source to fund short-term liquidity needs. Commercial paper issuances, included in "Short-term debt" on the Balance Sheets, are supported by the respective Registrant's credit facilities. The following commercial paper programs were in place at:


	September 30, 2025							December 31, 2024
	Weighted - Average Interest Rate	Capacity		Commercial Paper Issuances (c)		Unused Capacity		Weighted - Average Interest Rate	Commercial Paper Issuances (d)
PPL Capital Funding (a)(b)	4.29%	$	1,600	$	445	$	1,155	4.76%	$	138
RIE (b)	4.24%	400		151		249			—
PPL Electric		750		—		750			—
LG&E		600		—		600		4.72%	25
KU		600		—		600		4.71%	140
Total		$	3,950	$	596	$	3,354		$	303

(a)PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL.

(b)Issuances under the PPL Capital Funding and RIE commercial paper programs are supported by the PPL Capital Funding syndicated credit facility. At September 30, 2025, the borrowing sublimits were $250 million for RIE and $1.25 billion for PPL Capital Funding. At December 31, 2024, the borrowing sublimits were $250 million for RIE and $1 billion for PPL Capital Funding. PPL Capital Funding’s commercial paper program is also backed by a separate bilateral credit facility for $100 million.

(c)Commercial paper issued reflects the undiscounted face value of the issuance.

(PPL Electric, LG&E, and KU)

See Note 11 for discussion of intercompany borrowings.

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Long-term Debt

(PPL and PPL Electric)

In August 2025, PPL Electric issued $500 million of 5.55% First Mortgage Bonds due 2055. PPL Electric received proceeds of $491 million, net of discounts and underwriting fees, to be used to repay short-term debt and for other general corporate purposes.

(PPL and LG&E)

In August 2025, LG&E issued $700 million of 5.85% First Mortgage Bonds due 2055. LG&E received proceeds of $694 million, net of discounts and underwriting fees, to be used to repay short-term debt, including the current portion of certain long-term debt, and for other general corporate purposes.

(PPL and KU)

In August 2025, KU issued $700 million of 5.85% First Mortgage Bonds due 2055. KU received proceeds of $694 million, net of discounts and underwriting fees, to be used to repay short-term debt, including the current portion of certain long-term debt, and for other general corporate purposes.

(PPL)

Equity Securities

ATM Program

In February 2025, PPL entered into an equity distribution agreement, pursuant to which PPL may sell, from time to time, up to an aggregate of $2 billion of its common stock through an ATM Program, which may utilize an optional forward sales component. Each forward contract under the agreement must be settled within 24 months. The compensation paid to the selling agents by PPL may be up to 2% of the gross offering proceeds of the shares. During the nine months ended September 30, 2025, PPL entered into forward contracts to sell approximately 38.7 million shares of its common stock at a blended initial forward price of approximately $35.50 per share. The forward sale price may be adjusted based on changes in daily interest rates, for certain stock loan fees as determined by a third-party agent, and will be subject to predetermined reductions based on expected dividends. Each outstanding forward contract must be settled on or before dates ranging from December 30, 2025 to August 11, 2027. PPL may elect, at its discretion, to physically settle, net share settle or net cash settle the forward contracts. At September 30, 2025, PPL could have settled the forward sale contracts with physical delivery of approximately 38.7 million shares of common stock for proceeds of approximately $1.4 billion. The forward contracts under the ATM program are classified as equity transactions.

Dividends

In August 2025, PPL declared a quarterly cash dividend on its common stock, payable October 1, 2025, of 27.25 cents per share (equivalent to $1.09 per annum).

8. Acquisitions, Developments and Divestitures

Acquisitions (PPL)

Acquisition of Narragansett Electric

On May 25, 2022, PPL Rhode Island Holdings acquired 100% of the outstanding shares of common stock of Narragansett Electric from National Grid USA, a subsidiary of National Grid plc (the Acquisition). Following the closing of the Acquisition, Narragansett Electric provides services doing business under the name Rhode Island Energy (RIE). Please see Note 9 to the Financial Statements in PPL's 2024 Form 10-K for additional information concerning the Acquisition.

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In connection with the Acquisition, National Grid USA Service Company, Inc., National Grid USA and Narragansett Electric entered into a transition services agreement (TSA), pursuant to which the National Grid entities agreed to provide certain transition services to Narragansett Electric to facilitate the transition of the operation of Narragansett Electric to PPL following the Acquisition, as agreed upon in the Narragansett share purchase agreement. The TSA was for an initial two-year term and was completed in the third quarter of 2024. TSA costs were $32 million and $129 million during the three and nine months ended September 30, 2024.

As a condition to the Acquisition, PPL made certain commitments to the Rhode Island Division of Public Utilities and Carriers and the Attorney General of the State of Rhode Island. See Note 9 to the Financial Statements in PPL's 2024 Form 10-K for a complete listing of those commitments. The following represents an update to the remaining commitments:

•RIE will hold harmless Rhode Island customers from any changes to Accumulated Deferred Income Taxes (ADIT) as a result of the Acquisition. RIE reserves the right to seek rate adjustments based on future changes to ADIT that are not related to the Acquisition. See Note 6 to the Financial Statements for additional details on RIE's obligation to hold harmless Rhode Island customers.

•RIE will forgo potential recovery of any and all transition costs, which includes (1) the installation of certain information technology systems; (2) modification and enhancements to physical facilities in Rhode Island; and (3) costs related to severance payments, communications and branding changes, and other transition related costs. These costs, which are being expensed as incurred, were $18 million and $52 million for the three and nine months ended September 30, 2025 and $85 million and $250 million for the three and nine months ended September 30, 2024.

9. Defined Benefits

(PPL)

Certain net periodic defined benefit costs are applied to accounts that are further distributed among capital, expense, regulatory assets and regulatory liabilities, including certain costs allocated to applicable subsidiaries for plans sponsored by PPL Services and LKE. Following are the net periodic defined benefit costs (credits) of the plans sponsored by PPL and its subsidiaries for the periods ended September 30:


	Pension Benefits
	Three Months				Nine Months
	2025		2024		2025		2024
PPL
Service cost	$	8	$	9	$	23	$	26
Interest cost	46		45		138		137
Expected return on plan assets	(72)		(74)		(215)		(224)
Amortization of:
Prior service cost	—		1		—		2
Actuarial loss	4		3		13		8



Net periodic defined benefit costs (credits)	$	(14)	$	(16)	$	(41)	$	(51)


	Other Postretirement Benefits
	Three Months				Nine Months
	2025		2024		2025		2024
PPL
Service cost	$	2	$	2	$	5	$	5
Interest cost	8		8		23		22
Expected return on plan assets	(7)		(8)		(22)		(23)
Amortization of:
Prior service cost	—		—		1		1
Actuarial loss	(1)		(1)		(3)		(4)
Net periodic defined benefit costs (credits)	$	2	$	1	$	4	$	1

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(All Registrants)

The non-service cost components of net periodic defined benefit costs (credits) (interest cost, expected return on plan assets, amortization of prior service cost and amortization of actuarial gain and loss) are presented in "Other Income (Expense) - net" on the Statements of Income. See Note 12 for additional information.

10. Commitments and Contingencies

Legal Matters

(All Registrants)

PPL and its subsidiaries are involved in legal proceedings, claims and litigation in the ordinary course of business. PPL and its subsidiaries cannot predict the outcome of such matters, or whether such matters may result in material liabilities, unless otherwise noted.

Narragansett Electric Litigation (PPL)

Energy Efficiency Programs Investigation

Narragansett Electric, while under the ownership of National Grid, performed an internal investigation into conduct associated with its energy efficiency programs. On June 27, 2022, the RIPUC opened a new docket (RIPUC Docket No. 22-05-EE) to investigate RIE’s actions and the actions of employees of National Grid USA and affiliates during the time RIE was a National Grid USA affiliate being provided services by National Grid USA Service Company, Inc. relating to the manipulation of the reporting of invoices affecting the calculation of past energy efficiency shareholder incentives and the resulting impact on customers. The Rhode Island Attorney General and National Grid USA intervened in the docket and the Rhode Island Division of Public Utilities and Carriers (the Division) is an automatic party in the docket.

On February 21, 2025, the Division filed testimony confirming its initial testimony that $12 million is the appropriate amount to be refunded to the energy efficiency program. On March 4, 2025, a Settlement Agreement between RIE, the Division, and the Rhode Island Attorney General was filed with the RIPUC requiring refunds of $10 million. Of this amount, $2 million has already been refunded through the energy efficiency mechanism with the remaining $8 million to reduce the storm cost regulatory asset recorded on PPL's balance sheet. The settlement also included reimbursement of minor consulting fees and various other compliance actions. On March 5, 2025, the RIPUC approved the Settlement Agreement.

E.W. Brown Environmental Assessment (PPL and KU)

KU is undertaking extensive remedial measures at the E.W. Brown plant including closure of the former ash pond, implementation of a groundwater remedial action plan and performance of a corrective action plan including aquatic study of adjacent surface waters and risk assessment. The aquatic study and risk assessment are being undertaken pursuant to a 2017 Agreed Order with the Kentucky Energy and Environment Cabinet (KEEC). KU conducted sampling of Herrington Lake in 2017 and 2018. In June 2019, KU submitted to the KEEC the required aquatic study and risk assessment, conducted by an independent third-party consultant, finding that discharges from the E.W. Brown plant have not had any significant impact on Herrington Lake and that the water in the lake is safe for recreational use and meets safe drinking water standards. On May 31, 2021, the KEEC approved the report and released a response to public comments. On August 6, 2021, KU submitted a Supplemental Remedial Alternatives Analysis report to the KEEC that outlines proposed additional fish, water, and sediment testing. On February 18, 2022, the KEEC provided approval to KU to proceed with the proposed sampling, which commenced in the spring of 2022. On November 17, 2022, KU submitted a Supplemental Performance Monitoring Report to the KEEC finding that there are no significant unaddressed risks to human health or the environment at the plant. KU revised the Supplemental Performance Monitoring Report on June 8, 2023, in response to KEEC comments from April 24, 2023. On September 1, 2023, the KEEC requested KU to propose additional monitoring or remedial measures. KU submitted a revised Supplemental Performance Monitoring and Corrective Action Completion on December 28, 2023. In August 2024, KU submitted a proposed environmental covenant to the KEEC specifying certain site restrictions. Discussions between KU and the KEEC are ongoing, but KU cannot predict the outcome of this matter.

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(PPL, LG&E and KU)

EPA Deregulatory Initiative

On March 12, 2025, the EPA announced a plan to reconsider 31 environmental rules including the Section 111 performance standards and emissions limits for greenhouse gases, the endangerment finding for greenhouse gases, the Good Neighbor Plan, the Mercury and Air Toxics Standards, revisions to the fine particulate matter standard, the ELGs, and the CCRs Rule. Supplementing previous Executive Orders directing various regulatory changes, on April 9, 2025, President Trump issued an Executive Order and Presidential Memorandum directing review of existing rules, repeal of unlawful rules, and initiation of a zero-based budgeting process by which certain rules would automatically expire unless extended. While the administration may seek to implement some regulatory changes outside of the rulemaking process, changes to existing rules are generally expected to require formal rulemaking proceedings. Any final EPA actions repealing or revising current rules will likely result in legal challenges. PPL, LG&E, and KU are unable to predict future regulatory changes, if any, that may result from the EPA’s deregulatory plan or the outcome of any associated legal challenges. PPL, LG&E, and KU are closely monitoring the ongoing EPA initiative and any related litigation for the impact to our business including planned capital expenditures to comply with the EPA rules.

Water/Waste

ELGs

In 2015, the EPA finalized ELGs for wastewater discharge permits for new and existing steam electricity generating facilities. These guidelines require deployment of additional control technologies providing physical, chemical and biological treatment and mandate operational changes including "zero discharge" requirements for certain wastewaters. The implementation date for individual generating stations was to be determined by the states on a case-by-case basis according to criteria provided by the EPA. In September 2017, the EPA issued a rule to postpone the compliance date for certain requirements. In October 2020, the EPA issued revisions to its best available technology standards for certain wastewaters and potential extensions to compliance dates (the Reconsideration Rule). On May 9, 2024, the EPA issued a final rule modifying the 2020 ELG revisions. The rule increases the stringency of previous control technology and zero discharge requirements, revises certain exemptions for generating units planned for retirement, and requires case-by-case limitations for legacy wastewaters based on the best professional judgment of the state regulators. Legal challenges to the final rule have been consolidated before the U.S. Court of Appeals for the Eighth Circuit. The final rule could potentially result in significant operational changes and additional controls for LG&E and KU plants, but in March 2025 the EPA announced its plan to reconsider the rule. The ELGs are expected to be implemented by the states or applicable permitting authorities in the course of their normal permitting activities. Certain costs are included in the Registrants' capital plans and expected to be recovered from customers through rate recovery mechanisms, but additional costs and recovery will depend on further regulatory developments at the state level. On October 2, 2025, the EPA issued a direct final rule extending the retirement exemption category application deadline an additional six years, from December 2025 to December 2031. Also, in a separate action, the EPA proposed several changes to the 2024 ELG. Key to the planning for electric generating units is a five-year extension to the zero liquid discharge deadlines, from December 2029 to December 2034.

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CCRs

In 2015, the EPA issued a final rule governing management of CCRs, which include fly ash, bottom ash and sulfur dioxide scrubber wastes (2015 CCR Rule). The 2015 CCR Rule imposed extensive new requirements for certain CCR impoundments and landfills, including public notifications, location restrictions, design and operating standards, groundwater monitoring and corrective action requirements, and closure and post-closure care requirements, and specifies restrictions relating to the beneficial use of CCRs. In January 2022, the EPA issued several proposed regulatory determinations, facility notifications, and public announcements which indicate increased scrutiny by the EPA to determine the adequacy of measures taken by facility owners and operators to achieve closure of CCR surface impoundments and landfills. In particular, the agency indicated that it will focus on certain practices which it views as posing a threat of continuing groundwater contamination. On May 8, 2024, the EPA issued a final rule (2024 CCR Rule) establishing regulatory requirements for inactive surface impoundments at inactive electricity generation facilities (legacy impoundments). The 2024 CCR Rule also establishes identification, groundwater monitoring, corrective action, closure, and post-closure care requirements for all CCR management units, as defined in the rule, at regulated CCR facilities regardless of how or when the CCR was placed. The rule also requires LG&E and KU to complete applicability determinations, implement site security measures, initiate weekly inspections and monthly monitoring of the impoundment, create a website, and complete hazard assessments and reports for its legacy impoundments. Additionally, the rule could potentially subject CCR management units that have previously completed remedial action and closure and certain beneficial use projects to additional federal regulatory requirements. Legal challenges to the rule have been filed in the D.C. Circuit Court. In March 2025, the EPA announced its plan to update the rule. On July 22, 2025, the EPA published a proposed rule to extend the deadline for select CCR management units for the Facility Evaluation Report Part 1 and Part 2 by one year to February 2027 and February 2028, respectively. The proposed rule would also extend the groundwater monitoring deadline to August 8, 2030, with the initial groundwater monitoring report extended to January 31, 2031.

In connection with the 2015 CCR Rule, LG&E and KU recorded adjustments to existing AROs beginning in 2015. In connection with the 2024 CCR Rule, in the second quarter of 2024, LG&E and KU recognized ARO obligations related to preliminary risk assessments, facility evaluations, feasibility studies and sampling. See Note 15 for additional information. The results of those evaluations, as well as future guidance, regulatory determinations, rulemakings, implementation determinations and other developments could potentially require revisions to current LG&E and KU compliance plans including additional monitoring and remediation at surface impoundments and landfills, the cost of which could be material. PPL, LG&E and KU are unable to predict the outcome of the ongoing litigation, rulemaking, and regulatory determinations or potential impacts on current LG&E and KU compliance plans. PPL, LG&E and KU are currently finalizing or revising closure plans and schedules in accordance with applicable regulations and further material changes to AROs, current capital plans or operating costs may be required as estimates are refined based on closure developments, groundwater monitoring results, and regulatory or legal proceedings. Costs relating to this rule are expected to be subject to rate recovery.

LG&E and KU received KPSC approval for a compliance plan associated with the 2015 CCR Rule providing for the closure of impoundments at the Mill Creek, Trimble County, E.W. Brown, and Ghent stations, and construction of process water management facilities at those plants. In addition to the foregoing measures required for compliance with the federal CCR Rule, KU also received KPSC approval for its plans to close impoundments at the retired Green River, Pineville and Tyrone plants to comply with applicable state law. LG&E and KU have completed planned closure measures at most of the subject impoundments and have commenced post closure groundwater monitoring as required at those facilities. LG&E and KU generally expect to complete all impoundment closures within five years of commencement, although a longer period may be required to complete closure of some facilities. Associated costs are expected to be subject to rate recovery.

Superfund and Other Remediation

(All Registrants)

The Registrants are potentially responsible for investigating and remediating contamination under the federal Superfund program and similar state programs. Actions are under way at certain sites including former manufactured gas plants in Pennsylvania, Rhode Island and Kentucky previously owned or operated by, or currently owned by predecessors or affiliates of, PPL subsidiaries.

Depending on the outcome of investigations at identified sites where investigations have not begun or been completed, or developments at sites for which information is incomplete, additional costs of remediation could be incurred. PPL, PPL Electric, LG&E and KU lack sufficient information about such additional sites to estimate any potential liability or range of reasonably possible losses, if any, related to these sites. Such costs, however, are not currently expected to be significant.

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The EPA is evaluating the risks associated with polycyclic aromatic hydrocarbons and naphthalene, chemical by-products of manufactured gas plant operations. As a result, individual states may establish stricter standards for water quality and soil cleanup, that could require several PPL subsidiaries to take more extensive assessment and remedial actions at former manufactured gas plants. The Registrants cannot reasonably estimate a range of possible losses, if any, related to these matters.

(PPL and PPL Electric)

PPL Electric is a potentially responsible party for a share of clean-up costs at certain sites. Cleanup actions have been or are being undertaken at these sites as requested by governmental agencies, the costs of which have not been and are not expected to be significant to PPL Electric. As of September 30, 2025 and December 31, 2024, PPL Electric had a recorded liability of $8 million, representing its best estimate of the probable loss incurred to remediate these sites.

(PPL)

RIE is a potentially responsible party for a share of clean-up costs at certain sites including former manufactured gas plant facilities formerly owned by the Blackstone Valley Gas and Electric Company and the Rhode Island gas distribution assets of the New England Gas division of Southern Union Company and electric operations at certain RIE facilities. RIE is currently investigating and remediating, as necessary, those sites and certain other properties under agreements with governmental agencies, the costs of which have not been and are not expected to be significant to PPL.

As of September 30, 2025 and December 31, 2024, RIE had a recorded liability of $98 million, representing its best estimate of the remaining costs of RIE's environmental remediation activities. These undiscounted costs are expected to be incurred over approximately 30 years and generally to be subject to rate recovery. However, remediation costs for each site may be materially higher than estimated, depending on changing technologies and regulatory standards, selected end uses for each site, and actual environmental conditions encountered. RIE has recovered amounts from certain insurers and potentially responsible parties, and, where appropriate, may seek additional recovery from other insurers and potentially responsible parties, but it is uncertain whether, and to what extent, such efforts will be successful.

The RIPUC has approved two settlement agreements that provide for rate recovery of qualified remediation costs of certain contaminated sites located in Rhode Island and Massachusetts. Rate-recoverable contributions for electric operations of approximately $3 million are added annually to RIE's Environmental Response Fund, established with RIPUC approval in March 2000 to address such costs, along with interest and any recoveries from insurance carriers and other third parties. In addition, RIE recovers approximately $1 million annually for gas operations under a distribution adjustment charge in which the qualified remediation costs are amortized over 10 years. See Note 6 for additional information on RIE's recorded environmental regulatory assets and liabilities.

Regulatory Issues

(All Registrants)

See Note 6 for information on regulatory matters related to utility rate regulation.

Electricity - Reliability Standards

The NERC is responsible for establishing and enforcing mandatory reliability standards (Reliability Standards) regarding the bulk electric system in North America. The FERC oversees this process and independently enforces the Reliability Standards.

The Reliability Standards have the force and effect of law and apply to certain users of the bulk electric system, including electric utility companies, generators and marketers. Under the Federal Power Act, the FERC may assess civil penalties for certain violations.

PPL Electric, LG&E, KU and RIE monitor their compliance with the Reliability Standards and self-report or self-log potential violations of applicable reliability requirements whenever identified, and submit accompanying mitigation plans, as required. The resolution of a small number of potential violations is pending. Penalties incurred to date have not been significant. Any Regional Reliability Entity determination concerning the resolution of violations of the Reliability Standards remains subject to the approval of the NERC and the FERC.

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In the course of implementing their programs to ensure compliance with the Reliability Standards by those PPL affiliates subject to the standards, certain other instances of potential non-compliance may be identified from time to time. The Registrants cannot predict the outcome of these matters, and an estimate or range of possible losses cannot be determined.

Gas - Security Directives (PPL and LG&E)

In May and July of 2021, the Department of Homeland Security’s (DHS) Transportation Security Administration released two security directives applicable to certain notified owners and operators of natural gas pipeline facilities (including local distribution companies) that the Transportation Security Administration has determined to be critical. The Transportation Security Administration has determined that LG&E is within the scope of the directive, while RIE has not been notified of this distinction. The first security directive required notified owners/operators to implement cybersecurity incident reporting to the DHS, designate a cybersecurity coordinator, and perform a gap assessment of current entity cybersecurity practices against certain voluntary Transportation Security Administration security guidelines and report relevant results and proposed mitigation to applicable DHS agencies. The second security directive, revised in July of 2024, requires refinement of the cybersecurity implementation plan and the cybersecurity assessment plan. LG&E does not believe the security directives have had or will have a significant impact on LG&E’s operations or financial condition.

Other

Guarantees and Other Assurances

(All Registrants)

In the normal course of business, the Registrants enter into agreements that provide financial performance assurance to third parties on behalf of certain subsidiaries. Examples of such agreements include: guarantees, stand-by letters of credit issued by financial institutions and surety bonds issued by insurance companies. These agreements are entered into primarily to support or enhance the creditworthiness attributed to a subsidiary on a stand-alone basis or to facilitate the commercial activities in which these subsidiaries engage.

(PPL)

PPL fully and unconditionally guarantees all of the debt securities and loan obligations of PPL Capital Funding.

(All Registrants)

The table below details guarantees provided as of September 30, 2025. "Exposure" represents the estimated maximum potential amount of future payments that could be required to be made under the guarantee. The Registrants believe the probability of expected payment/performance under each of these guarantees is remote, except for the guarantees and indemnifications related to the sale of Safari Holdings, which PPL believes are reasonably possible of occurring. For reporting purposes, on a consolidated basis, the guarantees of PPL include the guarantees of its subsidiary Registrants.


	Exposure at September 30, 2025			Expiration Date
PPL
Indemnifications related to certain tax liabilities related to the sale of the U.K. utility business	£	50	(a)	2028
PPL guarantees related to certain sale/leaseback financing transactions related to the sale of Safari Holdings	$	81	(b)	2028
Indemnifications for losses suffered related to items not covered by Aspen Power's representation and warranty insurance associated with the sale of Safari Holdings	140		(c)	2028
LG&E and KU
LG&E and KU obligation of shortfall related to OVEC			(d)

(a)PPL WPD Limited entered into a Tax Deed dated June 9, 2021, in which it agreed to a tax indemnity regarding certain potential tax liabilities of the entities sold with respect to periods prior to the completion of the sale, subject to customary exclusions and limitations. Because National Grid Holdings One plc, the buyer, agreed to purchase indemnity insurance, the amount of the cap on the indemnity for these liabilities is £1, except with respect to certain surrenders of tax losses, for which the amount of the cap on the indemnity is £50 million. In June 2025, the indemnifications were novated to PPL Energy Holdings.

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(b)PPL guaranteed the payment obligations of Safari under certain sale/leaseback financing transactions executed by Safari. These guarantees will remain in place until Safari exercises its option to buy-out the projects under the sale/leaseback financings by the year 2028. Safari will indemnify PPL for any payments made by PPL or claims against PPL under the sale/leaseback transaction guarantees up to $25 million.

Separately, PPL has agreed to fund incremental payment obligations under the buy-outs resulting from increases in the fair market value of the projects from the initial fair market value determined at the time of PPL’s sale of Safari Holdings to the time the buy-out options are exercised by Safari. As of September 30, 2025, PPL cannot reasonably estimate its payment obligations related to the remaining buy-out options.

(c)Aspen Power has obtained representation and warranty insurance, therefore, PPL generally has no liability for its representations and warranties under the agreement except for losses suffered related to items not covered. Expiration of these indemnifications range from 18 months to 6 years from the date of the closing of the transaction, and PPL’s aggregate liability for these claims will not exceed $140 million, subject to certain adjustments.

(d)Pursuant to the OVEC power purchase contract, LG&E and KU are obligated to pay for their share of OVEC's excess debt service, post-retirement, and decommissioning costs, as well as any shortfall from amounts included within a demand charge designed and expected to cover these costs over the term of the contract. PPL's proportionate share of OVEC's outstanding debt was $73 million at September 30, 2025, consisting of LG&E's share of $50 million and KU's share of $23 million. The maximum exposure and the expiration date of these potential obligations are not presently determinable. See "Energy Purchase Commitments" in Note 12 in PPL's, LG&E's and KU's 2024 Form 10-K for additional information on the OVEC power purchase contract.

The Registrants provide other miscellaneous guarantees through contracts entered into in the normal course of business. These guarantees are primarily in the form of indemnification or warranties related to services or equipment and vary in duration. The amounts of these guarantees often are not explicitly stated, and the overall maximum amount of the obligation under such guarantees cannot be reasonably estimated. Historically, no significant payments have been made with respect to these types of guarantees and the probability of payment/performance under these guarantees is generally remote.

PPL, on behalf of itself and certain of its subsidiaries, maintains insurance that covers liability assumed under contract for bodily injury and property damage. The insurance provides maximum aggregate coverage of $231 million for non-wildfire liability losses and maximum aggregate coverage of $181 million for wildfire liability losses. This insurance may be applicable to obligations under certain of these contractual arrangements.

11. Related Party Transactions

Support Costs (PPL Electric, LG&E and KU)

PPL Services and LKS provide the Registrants, their respective subsidiaries and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and LKS use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services and LKS charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable.


	Three Months				Nine Months
	2025		2024		2025		2024
PPL Electric from PPL Services	$	64	$	53	$	196	$	159
LG&E from LKS	28		25		76		82
LG&E from PPL Services	49		15		112		46
KU from LKS	38		31		98		99
KU from PPL Services	48		15		109		45

In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between PPL and LG&E and KU are reimbursed through LKS.

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Intercompany Borrowings

(PPL Electric)

CEP Reserves maintains an $800 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2025, CEP Reserves had borrowings outstanding of $509 million. At December 31, 2024, CEP Reserves had borrowings outstanding of $222 million. The interest rates on borrowings are equal to an adjusted one-month SOFR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the PPL Electric Income Statements.

(LG&E and KU)

LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to the difference between LG&E's FERC borrowing limit and LG&E's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on SOFR. At September 30, 2025, LG&E's money pool unused capacity was $750 million. At September 30, 2025, LG&E had no borrowings outstanding from KU and/or LKE. At December 31, 2024, LG&E had borrowings outstanding of $43 million from KU and/or LKE. These balances are reflected in "Notes payable to affiliates" on the LG&E Balance Sheets.

KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to the difference between KU's FERC borrowing limit and KU's commercial paper issued at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on SOFR. At September 30, 2025, KU's money pool unused capacity was $650 million. At September 30, 2025, KU had no borrowings outstanding from LG&E and/or LKE. At December 31, 2024, KU had borrowings outstanding of $73 million from LG&E and/or LKE. These balances are reflected in "Notes payable to affiliates" on the KU Balance Sheets.

VEBA Funds Receivable (PPL Electric)

In 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. In 2024, additional excess funds were removed from the PPL Bargaining Unit Retiree Health Plan VEBA and deposited into the existing subaccount within the VEBA to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. There was no intercompany receivable balance associated with these funds at September 30, 2025. The intercompany receivable balance associated with these funds was $7 million at December 31, 2024, of which $4 million was reflected in "Accounts receivable from affiliates" and $3 million was reflected in "Other noncurrent assets" on PPL Electric's Balance Sheets.

12. Other Income (Expense) - net

(PPL)

The details of "Other Income (Expense) - net" for the periods ended September 30, were:


	Three Months				Nine Months
	2025		2024		2025		2024

Defined benefit plans - non-service credits (Note 9)	$	8	$	9	$	23	$	32
Interest income	6		10		13		25
AFUDC - equity component	23		13		58		33


Miscellaneous	2		—		(4)		(4)
Other Income (Expense) - net	$	39	$	32	$	90	$	86

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(PPL Electric)

The details of "Other Income (Expense) - net" for the periods ended September 30, were:


	Three Months				Nine Months
	2025		2024		2025		2024

Defined benefit plans - non-service credits (Note 9)	$	4	$	4	$	11	$	13
Interest income	3		3		6		5
AFUDC - equity component	8		6		23		17

Miscellaneous	(1)		—		(4)		(2)

Other Income (Expense) - net	$	14	$	13	$	36	$	33

(LG&E)

The details of "Other Income (Expense) - net" for the periods ended September 30, were:


	Three Months				Nine Months
	2025		2024		2025		2024

Defined benefit plans - non-service credits (Note 9)	$	—	$	—	$	1	$	3

AFUDC - equity component	4		2		11		5


Miscellaneous	4		1		4		1
Other Income (Expense) - net	$	8	$	3	$	16	$	9

(KU)

The details of "Other Income (Expense) - net" for the periods ended September 30, were:


	Three Months				Nine Months
	2025		2024		2025		2024

Defined benefit plans - non-service credits (Note 9)	$	1	$	2	$	4	$	6

AFUDC - equity component	6		3		14		6


Miscellaneous	2		(1)		1		(2)
Other Income (Expense) - net	$	9	$	4	$	19	$	10

13. Fair Value Measurements

(All Registrants)

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). A market approach (generally, data from market transactions), an income approach (generally, present value techniques and option pricing models) and/or a cost approach (generally, replacement cost) are used to measure the fair value of an asset or liability, as appropriate. These valuation approaches incorporate inputs such as observable, independent market data and/or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability. These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk. The fair value of a group of financial assets and liabilities is measured on a net basis. See Note 1 in each Registrant's 2024 Form 10-K for information on the levels in the fair value hierarchy.

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Recurring Fair Value Measurements

The assets and liabilities measured at fair value were:


	September 30, 2025								December 31, 2024
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL
Assets
Cash and cash equivalents	$	1,102	$	1,102	$	—	$	—	$	306	$	306	$	—	$	—
Restricted cash and cash equivalents (a)	17		17		—		—		33		33		—		—
Total Cash, Cash Equivalents and Restricted Cash (b)	1,119		1,119		—		—		339		339		—		—
Special use funds (a):
Money market fund	2		2		—		—		1		1		—		—
Commingled debt fund measured at NAV (c)	6		—		—		—		10		—		—		—
Commingled equity fund measured at NAV (c)	5		—		—		—		8		—		—		—
Total special use funds	13		2		—		—		19		1		—		—
Price risk management assets (d):

Gas contracts	4		—		4		—		9		—		4		5
Total assets	$	1,136	$	1,121	$	4	$	—	$	367	$	340	$	4	$	5

Liabilities
Price risk management liabilities (d):
Interest rate derivatives	$	5	$	—	$	5	$	—	$	3	$	—	$	3	$	—
Gas contracts	11		—		7		4		13		—		10		3
Total price risk management liabilities	$	16	$	—	$	12	$	4	$	16	$	—	$	13	$	3

PPL Electric
Assets
Cash and cash equivalents	$	13	$	13	$	—	$	—	$	24	$	24	$	—	$	—

Total assets	$	13	$	13	$	—	$	—	$	24	$	24	$	—	$	—

LG&E
Assets
Cash and cash equivalents	$	515	$	515	$	—	$	—	$	8	$	8	$	—	$	—
Restricted cash and cash equivalents (a)	8		8		—		—		16		16		—		—
Total Cash, Cash Equivalents and Restricted Cash (b)	523		523		—		—		24		24		—		—

Total assets	$	523	$	523	$	—	$	—	$	24	$	24	$	—	$	—

Liabilities
Price risk management liabilities:
Interest rate derivatives	$	5	$	—	$	5	$	—	$	3	$	—	$	3	$	—
Total price risk management liabilities	$	5	$	—	$	5	$	—	$	3	$	—	$	3	$	—

KU
Assets
Cash and cash equivalents	$	341	$	341	$	—	$	—	$	13	$	13	$	—	$	—
Restricted cash and cash equivalents (a)	8		8		—		—		16		16		—		—
Total Cash, Cash Equivalents and Restricted Cash (b)	349		349		—		—		29		29		—		—
Total assets	$	349	$	349	$	—	$	—	$	29	$	29	$	—	$	—

(a)Current portion is included in "Other current assets" and noncurrent portion is included in "Other noncurrent assets" on the Balance Sheets.

(b)Total Cash, Cash Equivalents and Restricted Cash provides a reconciliation of these items reported within the Balance Sheets to the sum shown on the Statements of Cash Flows.

(c)In accordance with accounting guidance, certain investments that are measured at fair value using net asset value per share (NAV), or its equivalent, have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Balance Sheets.

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(d)Current portion is included in "Other current assets" and "Other current liabilities" and noncurrent portion is included in "Other noncurrent assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets.

A reconciliation of net assets (liabilities) classified as Level 3 for the nine months ended September 30 is as follows:


	Gas Contracts
2025
Balance at beginning of period	$	2
Total unrealized gains (losses) recognized as Regulatory Assets/Regulatory Liabilities:	(6)



Balance at end of period	$	(4)

Special Use Funds (PPL)

The special use funds are investments restricted for paying active union employee medical costs. In 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA to be used to pay medical claims of active bargaining unit employees. In 2024, additional excess funds were removed from the PPL Bargaining Unit Retiree Health Plan VEBA and deposited in the existing subaccount within the VEBA to be used to pay medical claims of active bargaining unit employees. The funds are invested primarily in commingled debt and equity funds measured at NAV and are classified as investments in equity securities. Changes in the fair value of the funds are recorded to the Statements of Income.

Price Risk Management Assets/Liabilities

Interest Rate Derivatives (PPL, LG&E and KU)

To manage interest rate risk, PPL, LG&E and KU use interest rate derivatives such as treasury locks, forward-starting swaps, floating-to-fixed swaps and fixed-to-floating swaps. An income approach is used to measure the fair value of these derivatives, utilizing readily observable inputs, such as forward interest rates (e.g., SOFR and government security rates), as well as inputs that may not be observable, such as credit valuation adjustments. In certain cases, market information cannot practicably be obtained to value credit risk and therefore internal models are relied upon. These models use projected probabilities of default and estimated recovery rates based on historical observances. When the credit valuation adjustment is significant to the overall valuation, the contracts are classified as Level 3.

Gas Contracts (PPL)

To manage gas commodity price risk associated with natural gas purchases, RIE utilizes over-the-counter (OTC) gas swaps contracts with pricing inputs obtained from the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE), except in cases where the ICE publishes seasonal averages or where there were no transactions within the last seven days. RIE may utilize discounting based on quoted interest rate curves, including consideration of non-performance risk, and may include a liquidity reserve calculated based on bid/ask spread. Substantially all of these price curves are observable in the marketplace throughout at least 95% of the remaining contractual quantity, or they could be constructed from market observable curves with correlation coefficients of 95% or higher. These contracts are classified as Level 2.

RIE also utilizes gas option and purchase and capacity transactions, which are valued based on internally developed models. Industry-standard valuation techniques, such as the Black-Scholes pricing model, are used for valuing such instruments. For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is classified as Level 3. This includes derivative instruments valued using indicative price quotations whose contract tenure extends into unobservable periods. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility, and contract duration. Such instruments are classified as Level 3 as the model inputs generally are not observable. RIE considers non-performance risk and liquidity risk in the valuation of derivative instruments classified as Level 2 and Level 3.

The significant unobservable inputs used in the fair value measurement of the gas derivative instruments are implied volatility and gas forward curves. A relative change in commodity price at various locations underlying the open positions can result in significantly different fair value estimates.

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Financial Instruments Not Recorded at Fair Value (All Registrants)

Long-term debt is classified as Level 2. The effect of third-party credit enhancements is not included in the fair value measurement. The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below.


	September 30, 2025				December 31, 2024
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
PPL	$	18,391	$	18,188	$	16,503	$	15,562
PPL Electric	5,707		5,559		5,214		4,862
LG&E	3,165		3,124		2,471		2,295
KU	3,760		3,611		3,066		2,750

(a)Amounts are net of debt issuance costs.

The carrying amounts of other current financial instruments (except for long-term debt due within one year) approximate their fair values because of their short-term nature.

14. Derivative Instruments and Hedging Activities

(All Registrants)

Risk Management Objectives

PPL has a risk management policy approved by the Board of Directors to manage market risk associated with commodities, interest rates on debt issuances (including price, liquidity and volumetric risk) and credit risk (including non-performance risk and payment default risk). The Risk Management Committee, comprised of senior management and chaired by the Vice President-Financial Strategy and Chief Risk Officer, oversees the risk management function. Key risk control activities designed to ensure compliance with the risk policy and detailed programs include, but are not limited to, credit review and approval, validation of transactions, verification of risk and transaction limits, value-at-risk analyses (VaR, a statistical model that attempts to estimate the value of potential loss over a given holding period under normal market conditions at a given confidence level) and the coordination and reporting of the Enterprise Risk Management program.

Market Risk

Market risk includes the potential loss that may be incurred as a result of price changes associated with a particular financial or commodity instrument as well as market liquidity and volumetric risks. Forward contracts, futures contracts, options, swaps and structured transactions are utilized as part of risk management strategies to minimize unanticipated fluctuations in earnings caused by changes in commodity prices and interest rates. Many of these contracts meet the definition of a derivative. All derivatives are recognized on the Balance Sheets at their fair value, unless NPNS is elected.

The following summarizes the market risks that affect PPL and its subsidiaries.

Interest Rate Risk

•PPL and its subsidiaries are exposed to interest rate risk associated with forecasted fixed-rate and existing floating-rate debt issuances. PPL and LG&E utilize over-the-counter interest rate swaps to limit exposure to market fluctuations on floating-rate debt. PPL, LG&E and KU utilize hedging instruments to limit exposure to fluctuations in benchmark interest rates, when appropriate, in connection with future debt issuance.

•PPL and its subsidiaries are exposed to interest rate risk associated with debt securities and derivatives held by defined benefit plans. This risk is significantly mitigated to the extent that the plans are sponsored at, or sponsored on behalf of, the regulated utilities due to the recovery methods in place.

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Commodity Price Risk

PPL is exposed to commodity price risk through its subsidiaries as described below.

•PPL Electric is required to purchase electricity to fulfill its obligation as a PLR. Potential commodity price risk is mitigated through its PAPUC-approved cost recovery mechanism and full-requirement supply agreements to serve its PLR customers which transfer the risk to energy suppliers.

•LG&E's and KU's rates include certain mechanisms for fuel, fuel-related expenses and energy purchases. In addition, LG&E's rates include a mechanism for natural gas supply costs. These mechanisms generally provide for timely recovery of market price fluctuations associated with these costs.

•RIE utilizes derivative instruments pursuant to its RIPUC-approved plan to manage commodity price risk associated with its natural gas purchases. RIE's commodity price risk management strategy is to reduce fluctuations in firm gas sales prices to its customers. RIE's costs associated with derivatives instruments are recoverable through its RIPUC-approved cost recovery mechanisms. RIE is also required to purchase electricity to fulfill its obligation to provide Last Resort Service (LRS). Potential commodity price risk is mitigated through its RIPUC-approved cost recovery mechanisms and full requirements service agreements to serve LRS customers, which transfer the risk to energy suppliers. Additionally, RIE is required to contract through long-term agreements for clean energy supply under the Rhode Island Renewable Energy Growth program and Long-term Clean Energy Standard. Potential commodity price risk is mitigated through its RIPUC-approved cost recovery mechanisms, which true-up cost differences between contract prices and market prices.

Volumetric Risk

Volumetric risk is the risk related to the changes in volume of retail sales mainly due to weather, economic conditions or other factors. PPL is exposed to volumetric risk through its subsidiaries as described below:

•PPL Electric, LG&E and KU are exposed to volumetric risk on retail sales, mainly due to weather and other economic conditions for which there is limited mitigation between rate cases.

•RIE is exposed to volumetric risk, which is significantly mitigated by regulatory mechanisms. RIE's electric and gas distribution rates both have a revenue decoupling mechanism, which allows for annual adjustments to RIE's delivery rates.

Equity Securities Price Risk

•PPL and its subsidiaries are exposed to equity securities price risk associated with the fair value of the defined benefit plans' assets. This risk is significantly mitigated due to the recovery methods in place.

•PPL is exposed to equity securities price risk from future stock sales and/or purchases.

Credit Risk

Credit risk is the potential loss that may be incurred due to a counterparty's non-performance.

PPL is exposed to credit risk from "in-the-money" transactions with counterparties as well as additional credit risk through certain of its subsidiaries, as discussed below.

In the event a supplier of PPL, PPL Electric, LG&E or KU defaults on its contractual obligation, those Registrants would be required to seek replacement power or replacement fuel in the market. In general, subject to regulatory review or other processes, appropriate incremental costs incurred by these entities would be recoverable from customers through applicable rate mechanisms, thereby mitigating the financial risk for these entities.

PPL and its subsidiaries have credit policies in place to manage credit risk, including the use of an established credit approval process, daily monitoring of counterparty positions and the use of master netting agreements or provisions. These agreements generally include credit mitigation provisions, such as margin, prepayment or collateral requirements. PPL and its subsidiaries may request additional credit assurance, in certain circumstances, if the counterparties' credit ratings fall below investment grade, their tangible net worth falls below specified percentages or their exposures exceed an established credit limit.

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Master Netting Arrangements (PPL, LG&E and KU)

Net derivative positions on the balance sheets are not offset against the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements.

PPL, LG&E and KU had no obligation to return or post cash collateral under master netting arrangements at September 30, 2025 and December 31, 2024.

See "Offsetting Derivative Instruments" below for a summary of derivative positions presented in the balance sheets where a right of setoff exists under these arrangements.

Interest Rate Risk

(All Registrants)

PPL and its subsidiaries issue debt to finance their operations, which exposes them to interest rate risk. A variety of financial derivative instruments are utilized to adjust the mix of fixed and floating interest rates in their debt portfolios, adjust the duration of the debt portfolios and lock in benchmark interest rates in anticipation of future financing, when appropriate. Risk limits under PPL's risk management program are designed to balance risk exposure to volatility in interest expense and changes in the fair value of the debt portfolio due to changes in benchmark interest rates. In addition, the interest rate risk of certain subsidiaries is potentially mitigated as a result of the existing regulatory framework or the timing of rate cases.

Cash Flow Hedges (PPL)

Interest rate risks include exposure to adverse interest rate movements for outstanding variable rate debt and for future anticipated financings. Financial interest rate derivatives that qualify as cash flow hedges may be entered into to hedge floating interest rate risk associated with both existing and anticipated debt issuances.

Cash flow hedges are discontinued if it is no longer probable that the original forecasted transaction will occur by the end of the originally specified time period and any amounts previously recorded in AOCI are reclassified into earnings once it is determined that the hedged transaction is not probable of occurring.

For the three and nine months ended September 30, 2025 and 2024, PPL had no cash flow hedges reclassified into earnings associated with discontinued cash flow hedges.

At September 30, 2025, the amount of accumulated net unrecognized after-tax gains (losses) on qualifying derivatives expected to be reclassified into earnings during the next 12 months is insignificant. Amounts are reclassified as the hedged interest expense is recorded.

Economic Activity (PPL and LG&E)

LG&E enters into interest rate swap contracts that economically hedge interest payments. Because realized gains and losses from the swaps, including terminated swap contracts, are recoverable through regulated rates, any subsequent changes in fair value of these derivatives are included in regulatory assets or liabilities until they are realized as interest expense. Realized gains and losses are recognized in "Interest Expense" on the Statements of Income at the time the underlying hedged interest expense is recorded. At September 30, 2025, LG&E held contracts with a notional amount of $64 million that mature in 2033.

Commodity Price Risk (PPL)

Economic Activity

RIE enters into derivative contracts that economically hedge natural gas purchases. Realized gains and losses from the derivatives are recoverable through regulated rates, therefore subsequent changes in fair value are included in regulatory assets or liabilities until they are realized as purchased gas. Realized gains and losses are recognized in "Energy Purchases" on the Statements of Income upon settlement of the contracts. At September 30, 2025, RIE held contracts with notional volumes of 52 Bcf that range in maturity from 2025 through 2029.

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Accounting and Reporting

(All Registrants)

All derivative instruments are recorded at fair value on the Balance Sheet as an asset or liability unless the NPNS is elected. NPNS contracts include certain full requirement purchase contracts and other physical purchase contracts. Changes in the fair value of derivatives not designated as NPNS are recognized in earnings unless specific hedge accounting criteria are met and designated as such, except for the changes in fair values of LG&E's interest rate swaps that are recognized as regulatory assets or regulatory liabilities. See Note 6 for amounts recorded in regulatory assets and regulatory liabilities at September 30, 2025 and December 31, 2024.

See Note 1 in each Registrant's 2024 Form 10-K for additional information on accounting policies related to derivative instruments.

(PPL)

The following table presents the fair value and the location of derivatives not designated as hedging instruments on the Balance Sheets:


	September 30, 2025				December 31, 2024

	Assets		Liabilities		Assets		Liabilities
Current:
Price Risk Management Assets/Liabilities (a)


Gas contracts	$	3	$	6	$	7	$	10




Total current	3		6		7		10
Noncurrent:
Price Risk Management Assets/Liabilities (a)

Interest rate derivatives (b)	—		5		—		3
Gas contracts	1		5		2		3

Total noncurrent	1		10		2		6
Total derivatives	$	4	$	16	$	9	$	16

(a)Current portion is included in "Other current assets" and "Other current liabilities" and noncurrent portion is included in "Other noncurrent assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets. Excludes accrued interest, if applicable.

(b)Excludes accrued interest, if applicable.

The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the period ended September 30, 2025.

Three Months

Nine Months

Three Months

Nine Months

Derivative
Relationships

Derivative Gain
(Loss) Recognized in
OCI

Location of Gain (Loss)
Recognized in Income
on Derivative

Gain (Loss)
Reclassified
from AOCI
into Income

Cash Flow Hedges:

Interest rate derivatives

—

Interest Expense

(1)

(2)


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Three Months		Nine Months
Gas contracts	Energy purchases	$	(2)	$	(7)
	Other income(expense) -net	—		(1)
	Total	$	(2)	$	(8)

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Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets	Three Months		Nine Months
Interest rate derivatives	Regulatory assets - noncurrent	$	—	$	(2)
Gas Contracts	Regulatory assets - current	—		3
	Regulatory liabilities - current	(3)		—
	Regulatory assets - noncurrent	(6)		(6)
	Total	$	(9)	$	(5)

The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the period ended September 30, 2024.

Three Months

Nine Months

Three Months

Nine Months

Derivative
Relationships

Derivative Gain
(Loss) Recognized in
OCI

Location of Gain (Loss)
Recognized in Income
on Derivative

Gain (Loss)
Reclassified
from AOCI
into Income

Cash Flow Hedges:

Interest rate derivatives

—

Interest Expense

(1)

(3)


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Three Months		Nine Months
Gas contracts	Energy purchases	$	(6)	$	(31)

	Total	$	(6)	$	(31)
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets	Three Months		Nine Months
Interest rate derivatives	Regulatory assets - noncurrent	$	(3)	$	—
Gas contracts	Regulatory assets - current	(2)		31
	Regulatory assets - noncurrent	(3)		3
	Total	$	(8)	$	34

The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended September 30, 2025.

Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships

Three Months

Nine Months

Interest Expense

Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded

210

599

The effects of cash flow hedges:

Gain (Loss) on cash flow hedging relationships:

Interest rate derivatives:

Amount of gain (loss) reclassified from AOCI to income

(1)

(2)

The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended September 30, 2024.

Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships

Three Months

Nine Months

Interest Expense

Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded

188

549

The effects of cash flow hedges:

Gain (Loss) on cash flow hedging relationships:

Interest rate derivatives:

Amount of gain (loss) reclassified from AOCI to income

(1)

(3)

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(LG&E)

The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments.


	September 30, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities







Noncurrent:
Price Risk Management Assets/Liabilities:
Interest rate derivatives	$	—	$	5	$	—	$	3
Total noncurrent	—		5		—		3
Total derivatives	$	—	$	5	$	—	$	3

The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the period ended September 30, 2025.

Location of Gain (Loss) Recognized in

Derivative Instruments

Regulatory Assets

Three Months

Nine Months

Interest rate derivatives

Regulatory assets - noncurrent

—

(2)

The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the period ended September 30, 2024.

Location of Gain (Loss) Recognized in

Derivative Instruments

Regulatory Assets

Three Months

Nine Months

Interest rate derivatives

Regulatory assets - noncurrent

(3)

—

(PPL, LG&E and KU)

Offsetting Derivative Instruments

PPL, LG&E and KU or certain of their subsidiaries have master netting arrangements in place and also enter into agreements pursuant to which they purchase or sell certain energy and other products. Under the agreements, upon termination of the agreement as a result of a default or other termination event, the non-defaulting party typically would have a right to set off amounts owed under the agreement against any other obligations arising between the two parties (whether under the agreement or not), whether matured or contingent and irrespective of the currency, place of payment or place of booking of the obligation.

PPL, LG&E and KU have elected not to offset derivative assets and liabilities and not to offset net derivative positions against the right to reclaim cash collateral pledged (an asset) or the obligation to return cash collateral received (a liability) under derivatives agreements. The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged.


	Assets								Liabilities
			Eligible for Offset								Eligible for Offset
	Gross		Derivative Instruments		Cash Collateral Received		Net		Gross		Derivative Instruments		Cash Collateral Pledged		Net
September 30, 2025
Derivatives
PPL	$	4	$	3	$	—	$	1	$	16	$	3	$	—	$	13
LG&E	—		—		—		—		5		—		—		5

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	Assets								Liabilities
			Eligible for Offset								Eligible for Offset
	Gross		Derivative Instruments		Cash Collateral Received		Net		Gross		Derivative Instruments		Cash Collateral Pledged		Net
December 31, 2024
Derivatives
PPL	$	9	$	5	$	—	$	4	$	16	$	5	$	—	$	11
LG&E	—		—		—		—		3		—		—		3

Credit Risk-Related Contingent Features

Certain derivative contracts contain credit risk-related contingent features which, when in a net liability position, would permit the counterparties to require the transfer of additional collateral upon a decrease in the credit ratings of PPL, LG&E and KU or certain of their subsidiaries. Most of these features would require the transfer of additional collateral or permit the counterparty to terminate the contract if the applicable credit rating were to fall below investment grade. Some of these features also would allow the counterparty to require additional collateral upon each downgrade in credit rating at levels that remain above investment grade. In either case, if the applicable credit rating were to fall below investment grade, and assuming no assignment to an investment grade affiliate were allowed, most of these credit contingent features require either immediate payment of the net liability as a termination payment or immediate and ongoing full collateralization on derivative instruments in net liability positions.

Additionally, certain derivative contracts contain credit risk-related contingent features that require adequate assurance of performance be provided if the other party has reasonable concerns regarding the performance of PPL's, LG&E's and KU's obligations under the contracts. A counterparty demanding adequate assurance could require a transfer of additional collateral or other security, including letters of credit, cash and guarantees from a creditworthy entity. This would typically involve negotiations among the parties. However, amounts disclosed below represent assumed immediate payment or immediate and ongoing full collateralization for derivative instruments in net liability positions with "adequate assurance" features.

(PPL)

At September 30, 2025, derivative contracts in a net liability position that contain credit risk-related contingent features were $3 million. The aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade was $3 million.

15. Asset Retirement Obligations

(PPL, LG&E and KU)

PPL's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 10 for information on the CCR rule. LG&E and RIE also have AROs related to natural gas mains and wells. LG&E's and KU's transmission and distribution lines largely operate under perpetual property easement agreements, which do not generally require restoration upon removal of the property. Therefore, no material AROs are recorded for transmission and distribution assets. For LG&E, KU and RIE, all ARO accretion and depreciation expenses are reclassified as a regulatory asset or regulatory liability. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, deferred accretion and depreciation expense is recovered through cost of removal.

The changes in the carrying amounts of AROs were as follows.


	PPL		LG&E		KU
Balance at December 31, 2024	$	157	$	84	$	64
Accretion	6		3		3

Changes in estimated timing or cost	3		1		2
Obligations settled	(18)		(9)		(7)

Balance at September 30, 2025	$	148	$	79	$	62

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16. Accumulated Other Comprehensive Income (Loss)

(PPL)

The after-tax changes in AOCI by component for the periods ended September 30 were as follows.


		Unrealized gains (losses) on qualifying derivatives				Defined benefit plans
	Equity investees' AOCI			Prior service costs		Actuarial gain (loss)		Total
PPL
June 30, 2025		$	11	$	4	$	(3)	$	(202)	$	(190)
Amounts arising during the period		—		—		—		(3)		(3)
Reclassifications from AOCI		1		—		—		(1)		—
Net OCI during the period		1		—		—		(4)		(3)
September 30, 2025		$	12	$	4	$	(3)	$	(206)	$	(193)

December 31, 2024		$	9	$	4	$	(3)	$	(194)	$	(184)
Amounts arising during the period		1		—		—		(11)		(10)
Reclassifications from AOCI		2		—		—		(1)		1
Net OCI during the period		3		—		—		(12)		(9)
September 30, 2025		$	12	$	4	$	(3)	$	(206)	$	(193)

June 30, 2024		$	7	$	4	$	(4)	$	(167)	$	(160)
Amounts arising during the period		—		—		—		(4)		(4)
Reclassifications from AOCI		2		—		—		(1)		1

Net OCI during the period		2		—		—		(5)		(3)
September 30, 2024		$	9	$	4	$	(4)	$	(172)	$	(163)

December 31, 2023		$	6	$	3	$	(4)	$	(168)	$	(163)
Amounts arising during the period		—		1		—		(2)		(1)
Reclassifications from AOCI		3		—		—		(2)		1
Net OCI during the period		3		1		—		(4)		—
September 30, 2024		$	9	$	4	$	(4)	$	(172)	$	(163)

The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the periods ended September 30.


	Three Months				Nine Months				Affected Line Item on the
Details about AOCI	2025		2024		2025		2024		Statements of Income
Qualifying derivatives
Interest rate derivatives	$	(1)	$	(1)	$	(2)	$	(3)	Interest Expense






Total Pre-tax	(1)		(1)		(2)		(3)
Income Taxes	—		(1)		—		—
Total After-tax	(1)		(2)		(2)		(3)






Defined benefit plans

Net actuarial loss (a)	1		1		1		3
Total Pre-tax	1		1		1		3
Income Taxes	—		—		—		(1)
Total After-tax	1		1		1		2

Total reclassifications during the period	$	—	$	(1)	$	(1)	$	(1)

(a) These AOCI components are included in the computation of net periodic defined benefit cost. See Note 9 for additional information.

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17. New Accounting Guidance Pending Adoption

(All Registrants)

Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance which requires public business entities to provide additional income tax disclosures, including a disaggregated rate reconciliation as well as information on income taxes paid.

For public business entities, this guidance will be applied on a prospective basis. Retrospective application is permitted. This guidance will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance.

Adoption of this guidance will result in including additional required disclosures. The Registrants plan to adopt the standard retrospectively effective for the year ending December 31, 2025.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued guidance which requires public business entities to provide in the notes to financial statements specified information about certain costs and expenses. This includes the disclosure of amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities included in each relevant income statement expense caption. A relevant expense caption is an expense caption included on the face of the income statement within continuing operations that contains any of the specified expense categories (a)-(e). A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated must also be disclosed. Additionally, public business entities must disclose the total amount of selling expenses and, in annual reporting periods, the entity’s definition of selling expenses.

For public business entities, this guidance will be applied on a prospective basis. Retrospective application is permitted. This guidance will be effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted.

The Registrants are currently assessing the impact of adopting this guidance.

Accounting for Internal-Use Software

In September 2025, the FASB issued guidance to clarify and modernize the accounting for costs related to internal-use software. This includes 1) eliminating the traditional stage-based model and requiring entities to start capitalizing software costs when (a) management has authorized/committed to funding the software project and (b) it is probable that the project will be completed and the software will be used to perform the function intended (“probable-to-complete recognition threshold”), 2) requiring entities to consider whether there is significant uncertainty associated with the development activities of the software when evaluating the probable-to-complete recognition threshold, and 3) clarifying disclosure requirements.

For all subjected entities, this guidance can be applied on either a prospective, modified, or retrospective basis. This guidance will be effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted.

The Registrants are currently assessing the impact of adopting this guidance.

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Item 2. Combined Management's Discussion and Analysis of Financial Condition and

Results of Operations

(All Registrants)

This "Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" is separately filed by PPL, PPL Electric, LG&E and KU. Information contained herein relating to any individual Registrant is filed by such Registrant solely on its own behalf, and no Registrant makes any representation as to information relating to any other Registrant. The specific Registrant to which disclosures are applicable is identified in parenthetical headings in italics above the applicable disclosure or within the applicable disclosure for each Registrant's related activities and disclosures. Within combined disclosures, amounts are disclosed for individual Registrants when significant.

The following should be read in conjunction with the Registrants' Condensed Consolidated Financial Statements and the accompanying Notes and with the Registrants' 2024 Form 10-K. Capitalized terms and abbreviations are defined in the glossary. Dollars are in millions, except per share data, unless otherwise noted.

"Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" includes the following information:

•"Overview" provides a description of each Registrant's business strategy and a discussion of important financial and operational developments.

•"Results of Operations" for all Registrants includes a "Statement of Income Analysis," which discusses significant changes in principal line items on the Statements of Income, comparing the three and nine months ended September 30, 2025 with the same periods in 2024. The PPL "Results of Operations" also includes "Segment Earnings," which provides a detailed analysis of earnings by reportable segment. These discussions include the non-GAAP financial measure "Earnings from Ongoing Operations" and provide an explanation of the non-GAAP financial measure and a reconciliation of the measure to the most comparable GAAP measure.

•"Financial Condition - Liquidity and Capital Resources" provides an analysis of the Registrants' liquidity positions and credit profiles. This section also includes a discussion of rating agency actions.

•"Financial Condition - Risk Management" provides an explanation of the Registrants' risk management programs relating to market and credit risk.

Overview

Introduction

(PPL)

PPL, headquartered in Allentown, Pennsylvania, is a utility holding company. PPL, through its regulated utility subsidiaries, delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.

PPL's principal subsidiaries are shown below (* denotes a Registrant).

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PPL Corporation*

PPL Capital Funding

Provides financing for the operations of PPL and certain subsidiaries

PPL Electric*

Engages in the regulated transmission and distribution of electricity in Pennsylvania

LKE

A holding company that owns regulated utility operations through its subsidiaries, LG&E and KU

RIE

Engages in the regulated transmission, distribution and sale of electricity and regulated distribution and sale of natural gas in Rhode Island

LG&E*

Engages in the regulated generation, transmission, distribution and sale of electricity and regulated distribution and sale of natural gas in Kentucky

KU*

Engages in the regulated generation, transmission, distribution and sale of electricity, primarily in Kentucky

Pennsylvania
Regulated Segment

Kentucky
Regulated Segment

Rhode Island
Regulated Segment

In addition to PPL, the other Registrants included in this filing are as follows.

(PPL Electric)

PPL Electric, headquartered in Allentown, Pennsylvania, is a wholly-owned subsidiary of PPL and a regulated public utility that is an electricity transmission and distribution service provider in eastern and central Pennsylvania. PPL Electric is subject to regulation as a public utility by the PAPUC, and certain of its transmission activities are subject to the jurisdiction of the FERC under the Federal Power Act. PPL Electric delivers electricity in its Pennsylvania service area and provides electricity supply to retail customers in that area as a PLR under the Customer Choice Act. PPL Electric was organized in 1920 as Pennsylvania Power & Light Company.

(LG&E)

LG&E, headquartered in Louisville, Kentucky, is a wholly-owned subsidiary of LKE and a regulated utility engaged in the generation, transmission, distribution and sale of electricity and distribution and sale of natural gas in Kentucky. LG&E is subject to regulation as a public utility by the KPSC, and certain of its transmission activities are subject to the jurisdiction of the FERC under the Federal Power Act.

(KU)

KU, headquartered in Lexington, Kentucky, is a wholly-owned subsidiary of LKE and a regulated utility engaged in the generation, transmission, distribution and sale of electricity in Kentucky and Virginia. KU is subject to regulation as a public utility by the KPSC and the VSCC, and certain of its transmission and wholesale power activities are subject to the jurisdiction of the FERC under the Federal Power Act. KU serves its Kentucky customers under the KU name and its Virginia customers under the Old Dominion Power name.

Segment Information (PPL)

PPL is organized into three reportable segments as depicted in the chart above: Kentucky Regulated, which primarily represents the results of LG&E and KU, Pennsylvania Regulated, which primarily represents the results of PPL Electric, and Rhode Island Regulated, which primarily represents the results of RIE. "Corporate and Other" primarily consists of corporate level financing costs, certain unallocated costs and certain non-recoverable costs incurred in conjunction with the acquisition of RIE.

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Business Strategy

(All Registrants)

PPL operates four regulated utilities located in Pennsylvania, Kentucky and Rhode Island. Each of these jurisdictions has distinct regulatory structures and each of the utilities has distinct customer classes.

PPL’s strategy, which is supported by the other Registrants and subsidiaries, is focused on creating the utilities of the future to drive greater value for our customers and shareowners. Key objectives in support of this strategy include:

•Strengthening the reliability and resilience of our electric and gas networks to improve service and protect against current and future weather and storms.

•Advancing a cleaner energy future affordably and reliably. This includes expanding and modernizing our generation with natural gas, renewables and battery storage, while supporting research and development of low-carbon solutions.

•Driving operational efficiencies to improve customer service and help keep energy affordable.

•Utilizing artificial intelligence and other advanced technologies to inform decision making, optimize asset planning and maintenance and better manage supply and demand on the grid.

•Empowering customers through expanded digital options and improved service.

•Engaging with key stakeholders to strengthen resource adequacy, power economic development, and support the growth and success of the regions we serve.

This strategy supports our mission to provide safe, affordable, reliable and sustainable energy to our customers and competitive, long-term returns to shareowners.

Financial and Operational Developments

Joint Venture Agreement with Blackstone Infrastructure (PPL)

On July 15, 2025, at the Pennsylvania Energy and Innovation Summit, PPL and Blackstone Infrastructure announced the creation of a joint venture to build, own and operate new electricity generation stations to power data centers in Pennsylvania under long-term energy services agreements (ESAs) to address underlying resource adequacy concerns in PJM. Construction of new generation stations will require the successful execution of ESAs with hyperscalers. PPL will own 51% of the joint venture interest and Blackstone Infrastructure will own 49%. The joint venture is actively engaged with hyperscalers, landowners, natural gas pipeline companies and turbine manufacturers, and has secured multiple land parcels to enable this new generation buildout; however, no ESAs with hyperscalers have been signed as of November 5, 2025.

Regulatory Requirements

(All Registrants)

The Registrants cannot predict the impact that future regulatory requirements may have on their financial condition or results of operations.

Rate Case Proceedings

(PPL and PPL Electric)

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(PPL, LG&E and KU)

In addition, pursuant to prior orders of the KPSC, the LG&E and KU rate case application included an assessment of a potential legal merger of LG&E and KU and concluded a legal merger may be appropriate. LG&E and KU have requested the KPSC to determine whether LG&E and KU have requested a reasonable plan for merger. Ultimately, approval for a merger would be required from the KPSC, VSCC and FERC. There is no assurance that LG&E and KU would receive regulatory approval for a potential merger.

On October 20, 2025, LG&E and KU filed with the KPSC a stipulation and recommendation (the agreement) regarding a proposed resolution of issues with a majority of the intervenors in the proceedings.

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(PPL, LG&E and KU)

Environmental Considerations for Coal-Fired Generation

The businesses of LG&E and KU are subject to extensive federal, state and local environmental laws, rules and regulations, including those pertaining to CCRs, GHG, and ELGs. See Notes 6, 10 and 15 to the Financial Statements for a discussion of these significant environmental matters. These and other environmental requirements led PPL, LG&E and KU to retire approximately 1,500 MW of coal-fired generating plants in Kentucky since 2010. As part of the long-term generation planning process, LG&E and KU evaluate a range of factors including the impact of potential stricter environmental regulations, fuel price scenarios, the cost of replacement generation, continued operations and major maintenance costs and the risk of major equipment failures in determining when to retire generation assets.

As a result of environmental requirements and aging infrastructure, LG&E has sought and obtained approval to retire two older coal-fired units at the Mill Creek Plant. Mill Creek Unit 1, with 300 MW of capacity, was retired in 2024. Mill Creek Unit 2, with 297 MW of capacity, was approved to be retired in 2027, subject to certain conditions. On October 28, 2025, in LG&E and KU's 2025 CPCN proceeding, the KPSC declined to rule on a request to extend the operation of Mill Creek Unit 2.

On October 4, 2024, LG&E submitted an application related to the retirement of Mill Creek Unit 1, which occurred on December 31, 2024, requesting recovery of associated costs under the RAR. On February 24, 2025, the KPSC issued an order approving LG&E’s cost recovery for Mill Creek Unit 1 under the RAR and related amounts were included in bills beginning in May 2025. See Note 6 to the Financial Statements for additional information on the Mill Creek Unit 1 RAR.

2025 CPCN

LG&E and KU submitted a joint application to the KPSC for approval of certain certificates of public convenience and necessity, site compatibility certificates, and accounting treatment, where applicable, relating to a number of generation-related plans or projects that generally are expected to become operational or established within the next six years. The aggregate projected capital expenditures associated with these proposals are currently expected to be $3.7 billion over the 2025 to 2031 period. Projected capital expenditures related to these proposals for the years 2025 through 2027 were included in PPL's, LG&E's and KU's projections in "Management Discussion and Analysis – Financial Condition - Liquidity and Capital Resources - Forecasted Uses of Cash – Capital Expenditures" in the 2024 Form 10-K. The application includes proposals to build:

•a 645 MW NGCC generation unit at KU's E.W. Brown station (Brown Unit 12),

•a 645 MW NGCC generation unit at LG&E's Mill Creek station (Mill Creek Unit 6),

•a four-hour 400 MW (1,600 MWh total) battery energy storage system (BESS) at LG&E's Cane Run station, and

•a selective catalytic reduction (SCR) environmental facility at KU's Ghent station Unit 2 (Ghent Unit 2).

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FERC Transmission Rate Filing

(PPL)

Hold Harmless Implementation Agreement

FY 2026 Gas ISR Plan

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FY 2026 Electric ISR Plan

DSIC Petition (PPL and PPL Electric)

Results of Operations

(PPL)

The "Statement of Income Analysis" discussion below describes significant changes in principal line items on the Statements of Income, comparing the three and nine months ended September 30, 2025 with the same periods in 2024. The "Segment Earnings" discussion provides a review of results by reportable segment. These discussions include the non-GAAP financial measure "Earnings from Ongoing Operations" and provide an explanation of the non-GAAP financial measure and a reconciliation of the measure to the most comparable GAAP measure.

(PPL Electric, LG&E and KU)

A "Statement of Income Analysis" is presented separately for PPL Electric, LG&E and KU. The "Statement of Income Analysis" discussion below describes significant changes in principal line items on the Statements of Income, comparing the three and nine months ended September 30, 2025 with the same periods in 2024.

(All Registrants)

The results for interim periods can be disproportionately influenced by numerous factors and developments and by seasonal variations. As such, the results of operations for interim periods do not necessarily indicate results or trends for the year or future periods.

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PPL: Statement of Income Analysis and Segment Earnings

Statement of Income Analysis

Net income for the periods ended September 30 includes the following results:


	Three Months						Nine Months
	2025		2024		$ Change		2025		2024		$ Change
Operating Revenues	$	2,239	$	2,066	$	173	$	6,768	$	6,251	$	517

Operating Expenses
Operation
Fuel	231		207		24		657		597		60
Energy purchases	422		338		84		1,369		1,133		236
Other operation and maintenance	586		681		(95)		1,798		1,930		(132)
Depreciation	331		322		9		977		957		20
Taxes, other than income	100		90		10		314		271		43
Total Operating Expenses	1,670		1,638		32		5,115		4,888		227
Operating Income	569		428		141		1,653		1,363		290
Other Income (Expense) - net	39		32		7		90		86		4
Interest Expense	210		188		22		599		549		50
Income Before Income Taxes	398		272		126		1,144		900		244
Income Taxes	80		58		22		229		189		40




Net Income	$	318	$	214	$	104	$	915	$	711	$	204

Operating Revenues

The increase (decrease) in operating revenues was due to:


	Three Months		Nine Months

PPL Electric distribution volumes (a)	$	—	$	18
PPL Electric PLR (b)	52		88
PPL Electric transmission formula rate (c)	22		39


LG&E ECR	7		5
LG&E volumes (a)	2		8
LG&E fuel and other energy purchases (d)	12		49
LG&E off-system sales (e)	2		9


KU volumes (a)	5		22
KU fuel and other energy purchases (f)	13		23
KU off-system sales (e)	2		16






RIE energy purchases and other recoveries (g)	21		125
RIE net metering presentation (h)	25		110

RIE capital investments	(3)		12

Other	13		(7)








Total	$	173	$	517

(a)The increases for the nine months ended September 30, 2025 were primarily due to weather and other higher usage.

(b)The increases were primarily the result of more PLR customers, higher prices and higher customer volumes.

(c)The increases were primarily due to returns on additional transmission capital investments.

(d)The increase for the three months ended September 30, 2025 was primarily due to higher recoveries of fuel expenses. The increase for the nine months ended September 30, 2025 was primarily due to higher recoveries of fuel expenses and energy purchases.

(e)The increases for the nine months ended September 30, 2025 were primarily due to higher volumes.

(f)The increases were primarily due to higher recoveries of fuel expenses.

(g)The increase for the three months ended September 30, 2025 was primarily due to higher recoveries of transmission expenses and energy efficiency costs. The increase for the nine months ended September 30, 2025 was primarily due to higher recoveries of transmission expenses, gas maintenance expenses and gross earnings taxes.

(h)In conjunction with the completion of the transition services agreement associated with the RIE acquisition, PPL conformed the presentation of RIE’s net metering charges beginning in the fourth quarter of 2024 with the presentation of the other operating companies, resulting in an increase in Operating Revenues and a corresponding increase in Energy purchases. See Note 3 to the Financial Statements for additional information.

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Fuel

Fuel increased $24 million for the three months ended September 30, 2025 compared with 2024, primarily due to an increase in commodity costs.

Fuel increased $60 million for the nine months ended September 30, 2025 compared with 2024, primarily due to a $38 million increase in commodity costs and a $22 million increase in volumes due to weather.

Energy Purchases

The increase (decrease) in energy purchases was due to:


	Three Months		Nine Months
PPL Electric PLR volumes	$	8	$	35
PPL Electric PLR prices	43		34

LG&E volumes	(3)		12
LG&E commodity costs	1		11

RIE net metering presentation (a)	25		110
RIE net metering	8		17

Other	2		17
Total	$	84	$	236

(a)In conjunction with the completion of the transition services agreement associated with the RIE acquisition, PPL conformed the presentation of RIE’s net metering charges beginning in the fourth quarter of 2024 with the presentation of the other operating companies, resulting in an increase in Operating Revenues and a corresponding increase in Energy purchases. See Note 3 to the Financial Statements for additional information.

Other Operation and Maintenance

The increase (decrease) in other operation and maintenance was due to:


	Three Months		Nine Months
PPL Electric storm costs	$	(13)	$	(5)


PPL Electric bad debt expenses	(2)		(17)















RIE gas maintenance expenses	—		21
RIE integration related expenses (a)	(20)		(68)
RIE transmission expenses	8		50
RIE bad debt expenses	(15)		(3)
RIE customer service expenses	8		25
RIE storm expenses	(6)		(6)
IT costs (b)	18		70
Transition costs associated with RIE (c)	(67)		(198)
Other	(6)		(1)
Total	$	(95)	$	(132)

(a)Certain transition services agreement costs in 2024 for IT systems that will not be part of PPL's ongoing operations.

(b)Primarily costs associated with PPL's restructuring and rebuilding of its IT infrastructure, organization and systems.

(c)See Note 8 to the Financial Statements for additional information.

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Taxes, Other Than Income

The increase (decrease) in taxes, other than income was due to:


	Three Months		Nine Months
State gross earnings and gross receipts tax (a)	$	7	$	41
Property tax expense	5		4
Other	(2)		(2)
Total	$	10	$	43

(a)The increase for the nine months ended September 30, 2025 was primarily due to the RIE Gross Earnings Tax Holiday Credit that took place in 2024.

Other Income (Expense) - net

The increase (decrease) in other income (expense) was due to:


	Three Months		Nine Months

Defined benefit plans - non-service credits (Note 9)	$	(1)	$	(9)
Interest income	(4)		(12)
AFUDC - equity component	10		25

Miscellaneous	2		—
Total	$	7	$	4

Interest Expense

The increase (decrease) in interest expense was due to:


	Three Months		Nine Months

Long-term debt (a)	$	17	$	41


Other	5		9
Total	$	22	$	50

(a) The increases were primarily due to increased borrowings.

Income Taxes

The increase (decrease) in income taxes was due to:


	Three Months		Nine Months
Change in pre-tax income	$	26	$	51








Income tax credits	(2)		(5)

Utility rate-making tax adjustments (a)	(2)		(6)




Total	$	22	$	40

See Note 5 to the Financial Statements for additional information on income taxes.

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Segment Earnings

PPL's Net Income (Loss) by reportable segment for the periods ended September 30 were as follows:


	Three Months						Nine Months
	2025		2024		$ Change		2025		2024		$ Change

Kentucky Regulated	$	185	$	169	$	16	$	534	$	493	$	41
Pennsylvania Regulated	159		142		17		482		441		41
Rhode Island Regulated	27		14		13		80		90		(10)
Corporate and Other (a)	(53)		(111)		58		(181)		(313)		132

Net Income (Loss)	$	318	$	214	$	104	$	915	$	711	$	204

(a)Primarily represents financing and certain other costs incurred at the corporate level that have not been allocated or assigned to the segments, which are presented to reconcile segment information to PPL's consolidated results.

Earnings from Ongoing Operations

Management utilizes "Earnings from Ongoing Operations" as a non-GAAP financial measure that should not be considered as an alternative to 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.

PPL's Earnings from Ongoing Operations by reportable segment for the periods ended September 30 were as follows:


	Three Months						Nine Months
	2025		2024		$ Change		2025		2024		$ Change
Kentucky Regulated	$	191	$	172	$	19	$	548	$	497	$	51
Pennsylvania Regulated	160		142		18		485		458		27
Rhode Island Regulated	38		32		6		118		138		(20)
Corporate and Other	(34)		(36)		2		(112)		(99)		(13)
Earnings from Ongoing Operations	$	355	$	310	$	45	$	1,039	$	994	$	45

See "Reconciliation of Earnings from Ongoing Operations" below for a reconciliation of this non-GAAP financial measure to Net Income.

Kentucky Regulated Segment

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Net Income and Earnings from Ongoing Operations for the periods ended September 30 include the following results:


	Three Months						Nine Months
	2025		2024		$ Change		2025		2024		$ Change
Operating Revenues	$	944	$	895	$	49	$	2,841	$	2,698	$	143
Fuel	231		207		24		657		597		60
Energy purchases	23		25		(2)		149		124		25
Other operation and maintenance	201		196		5		601		593		8
Depreciation	180		178		2		535		531		4
Taxes, other than income	26		25		1		77		74		3
Total Operating Expenses	661		631		30		2,019		1,919		100
Other Income (Expense) - net	17		8		9		35		20		15
Interest Expense	68		60		8		191		181		10
Income Taxes	47		43		4		132		125		7
Net Income	185		169		16		534		493		41
Less: Special Items	(6)		(3)		(3)		(14)		(4)		(10)
Earnings from Ongoing Operations	$	191	$	172	$	19	$	548	$	497	$	51

The following after-tax gains (losses), which management considers special items, impacted the Kentucky Regulated segment's results and are excluded from Earnings from Ongoing Operations during the periods ended September 30.


	Income Statement Line Item	Three Months				Nine Months
		2025		2024		2025		2024
Strategic corporate initiatives, net of tax of $0 (a)	Other operation and maintenance	$	—	$	—	$	—	$	(1)
IT transformation, net of tax of $2, $4 (b)	Other operation and maintenance	(5)		—		(11)		—
Office relocation and related costs, net of tax of $1, $1 (c)	Other operation and maintenance	(1)		—		(3)		—
FERC transmission credit refund, net of tax of $0, $0 (d)	Operating Revenues	—		1		—		1
ECR beneficial reuse transition adjustment, net of tax of $2, $2 (e)	Operating Revenues	—		(4)		—		(4)

Total Special Items		$	(6)	$	(3)	$	(14)	$	(4)

(a)Costs incurred related to PPL's corporate centralization efforts.

(b)Costs associated with PPL's restructuring and rebuilding of its IT infrastructure, organization and systems.

(c)Certain costs related to the relocation of corporate offices.

(d)Prior period impact related to a FERC refund order.

(e)Prior period impact for an adjustment related to the ECR mechanism revenues.

The changes in the components of the Kentucky Regulated segment's results between these periods are due to the factors set forth below, which exclude the items that management considers special.


	Three Months		Nine Months
Operating Revenues	$	45	$	139
Fuel	(24)		(60)
Energy purchases	2		(25)
Other operation and maintenance	3		10
Depreciation	(1)		(4)
Taxes, other than income	(1)		(3)
Other Income (Expense) - net	9		15
Interest Expense	(8)		(10)
Income Taxes	(6)		(11)
Earnings from Ongoing Operations	19		51
Special Items, after-tax	(3)		(10)
Net Income	$	16	$	41

•Higher operating revenues for the three month period primarily due to a $25 million increase in recoveries of fuel and energy purchases, a $7 million increase in ECR revenues, a $6 million increase in sales volumes due to weather and a $5 million increase in off-system sales.

•Higher operating revenues for the nine month period primarily due to a $72 million increase in recoveries of fuel and energy purchases, a $30 million increase in sales volumes due to weather and a $25 million increase in off-system sales.

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•Higher fuel expense for the three month period primarily due to an increase in commodity costs.

•Higher fuel expense for the nine month period primarily due to a $38 million increase in commodity costs and a $22 million increase in volumes due to weather.

Pennsylvania Regulated Segment

The Pennsylvania Regulated segment consists of the regulated electricity transmission and distribution operations of PPL Electric.

Net Income and Earnings from Ongoing Operations for the periods ended September 30 include the following results:


	Three Months						Nine Months
	2025		2024		$ Change		2025		2024		$ Change
Operating Revenues	$	786	$	716	$	70	$	2,298	$	2,159	$	139

Energy purchases	224		177		47		622		544		78
Other operation and maintenance	160		176		(16)		481		511		(30)
Depreciation	105		101		4		307		300		7
Taxes, other than income	38		32		6		111		98		13
Total Operating Expenses	527		486		41		1,521		1,453		68
Other Income (Expense) - net	14		13		1		36		33		3
Interest Income from Affiliate	2		7		(5)		4		27		(23)
Interest Expense	67		61		6		189		184		5
Income Taxes	49		47		2		146		141		5
Net Income	159		142		17		482		441		41
Less: Special Items	(1)		—		(1)		(3)		(17)		14
Earnings from Ongoing Operations	$	160	$	142	$	18	$	485	$	458	$	27

The following after-tax gains (losses), which management considers special items, impacted the Pennsylvania Regulated segment's results and are excluded from Earnings from Ongoing Operations during the periods ended September 30.


	Income Statement Line Item	Three Months				Nine Months
		2025		2024		2025		2024
PPL Electric billing issue, net of tax of $5 (a)	Other operation and maintenance	$	—	$	—	$	—	$	(13)
Strategic corporate initiatives, net of tax of $2 (b)	Other operation and maintenance	—		—		—		(4)
Office relocation and related costs, net of tax of $1 (c)	Other operation and maintenance	—		—		(2)		—
IT transformation, net of tax of $0, $0 (d)	Other operation and maintenance	(1)		—		(1)		—
Total Special Items		$	(1)	$	—	$	(3)	$	(17)

(a)Certain expenses related to billing issues.

(b)Costs incurred related to PPL's corporate centralization and other strategic efforts.

(c)Certain costs related to the relocation of corporate offices.

(d)Costs associated with PPL's restructuring and rebuilding of its IT infrastructure, organization and systems.

The changes in the components of the Pennsylvania Regulated segment's results between these periods are due to the factors set forth below, which exclude the items that management considers special.


	Three Months		Nine Months
Operating Revenues	$	70	$	139
Energy purchases	(47)		(78)
Other operation and maintenance	17		11
Depreciation	(4)		(7)
Taxes, other than income	(6)		(13)
Other Income (Expense) - net	1		3
Interest Income from Affiliate	(5)		(23)
Interest Expense	(6)		(5)
Income Taxes	(2)		—
Earnings from Ongoing Operations	18		27
Special Items, after-tax	(1)		14
Net Income	$	17	$	41

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•Higher operating revenues for the three month period primarily due to a $52 million increase in PLR and a $22 million increase in transmission formula rate revenue.

•Higher operating revenues for the nine month period primarily due to an $88 million increase in PLR, a $39 million increase in transmission formula rate revenue and a $18 million increase in distribution volumes.

•Higher energy purchases for the three month period primarily due to higher PLR prices.

•Higher energy purchases for the nine month period primarily due to higher PLR volumes of $35 million and higher PLR prices of $34 million.

•Lower other operation and maintenance for the three month period primarily due to a decrease in storm costs.

Rhode Island Regulated Segment

The Rhode Island Regulated segment consists of the regulated electricity transmission and distribution and natural gas distribution operations of RIE.

Net Income and Earnings from Ongoing Operations for the periods ended September 30 include the following results:


	Three Months						Nine Months
	2025		2024		$ Change		2025		2024		$ Change
Operating Revenues	$	509	$	455	$	54	$	1,629	$	1,393	$	236

Energy purchases	173		135		38		598		464		134
Other operation and maintenance	196		211		(15)		610		547		63
Depreciation	45		42		3		131		123		8
Taxes, other than income	38		33		5		127		99		28
Total Operating Expenses	452		421		31		1,466		1,233		233
Other Income (Expense) - net	2		7		(5)		5		20		(15)
Interest Income from Affiliate	—		—		—		3		—		3
Interest Expense	28		25		3		78		72		6
Income Taxes	4		2		2		13		18		(5)
Net Income	27		14		13		80		90		(10)
Less: Special Items	(11)		(18)		7		(38)		(48)		10
Earnings from Ongoing Operations	$	38	$	32	$	6	$	118	$	138	$	(20)

The following after-tax gains (losses), which management considers special items, impacted the Rhode Island Regulated segment's results and are excluded from Earnings from Ongoing Operations during the periods ended September 30.


	Income Statement Line Item	Three Months				Nine Months
		2025		2024		2025		2024



Acquisition integration, net of tax of $0, $3, ($2), $12 (a)	Other operation and maintenance	$	(1)	$	(18)	$	6	$	(48)

IT transformation, net of tax of $0, $1 (b)	Other operation and maintenance	(1)		—		(5)		—
Energy efficiency programs settlement, net of tax of $2 (c)	Other Income (Expense) - net	—		—		(6)		—

Post TSA adjustments, net of tax of $4 (d)	Operating Revenues	—		—		(14)		—
Post TSA adjustments, net of tax of $1 (d)	Other operation and maintenance	—		—		(3)		—
Post TSA adjustments, net of tax of $2 (d)	Other Income (Expense) - net	—		—		(6)		—
Post TSA adjustments, net of tax of $0 (d)	Interest Expense	—		—		(1)		—
Customer system integration impacts, net of tax of $2, $2 (e)	Other operation and maintenance	(9)		—		(9)		—
Total Special Items		$	(11)	$	(18)	$	(38)	$	(48)

(a)2025 costs are related to distributed generation projects that PPL will not seek regulatory recovery of. 2024 primarily includes certain transition services agreement costs for IT systems that will not be part of PPL's ongoing operations.

(b)Costs associated with PPL's restructuring and rebuilding of its IT infrastructure, organization and systems.

(c)See Note 10 to the Financial Statements for additional information.

(d)Adjustments related to account reconciliations and process alignment subsequent to the end of the transition services agreement associated with the acquisition of RIE.

(e)Certain collection process costs incurred due to the timing and implementation of the customer system integration.

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The changes in the components of the Rhode Island Regulated segment's results between these periods are due to the factors set forth below, which exclude the items that management considers special.


	Three Months		Nine Months
Operating Revenues	$	52	$	254
Energy purchases	(38)		(134)
Other operation and maintenance	6		(103)
Depreciation	(3)		(8)
Taxes, other than income	(5)		(28)
Other Income (Expense) - net	(2)		(5)
Interest Income from Affiliate	—		3
Interest Expense	(3)		(6)
Income Taxes	(1)		7
Earnings from Ongoing Operations	6		(20)
Special Items, after-tax	7		10
Net Income	$	13	$	(10)

•Higher operating revenues for the three month period primarily due to a $25 million increase related to the effects of conforming the presentation of RIE's net metering charges to that of PPL's other operating utilities beginning in the fourth quarter of 2024 and a $21 million increase in recovery of energy purchases, transmission expenses, gross earnings taxes and gas maintenance expenses and $6 million of other items that were not individually significant.

•Higher operating revenues for the nine month period primarily due to a $110 million increase related to the effects of conforming the presentation of RIE's net metering charges to that of PPL's other operating utilities beginning in the fourth quarter of 2024, a $125 million increase in recovery of energy purchases, transmission expenses, gross earnings taxes and gas maintenance expenses and a $12 million increase related to capital investments.

•Higher energy purchases for the three month period primarily due to a $25 million increase related to the effects of conforming the presentation of RIE's net metering charges to that of PPL's other operating utilities beginning in the fourth quarter of 2024, an $8 million increase in net metering and $5 million of other items that were not individually significant.

•Higher energy purchases for the nine month period primarily due to a $110 million increase related to the effects of conforming the presentation of RIE's net metering charges to that of PPL's other operating utilities beginning in the fourth quarter of 2024 and a $17 million increase in net metering.

•Lower operation and maintenance expense for the three month period primarily due to a $26 million decrease in bad debt expenses, partially offset by an $8 million increase in transmission expenses, a $6 million increase in energy efficiency expenses and a $5 million increase in IT costs.

•Higher operation and maintenance expense for the nine month period primarily due to a $50 million increase in transmission expenses, a $25 million increase in customer service costs, a $21 million increase for gas maintenance expenses and a $16 million increase in IT costs, partially offset by a $14 million decrease in bad debt expenses.

•Higher depreciation for the three and nine month periods primarily due to an increase in PP&E additions, net of retirements.

•Higher taxes, other than income for the three and nine month periods primarily due to an increase in gross earnings taxes.

•Lower other income (expense) - net for the three month period primarily due to lower interest income.

•Higher interest expense for the three month period primarily due to increased borrowings.

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Reconciliation of Earnings from Ongoing Operations

The following tables contain after-tax gains (losses), in total, which management considers special items, that are excluded from Earnings from Ongoing Operations and a reconciliation to PPL's "Net Income" for the periods ended September 30.


	2025 Three Months
	KY Regulated		PA Regulated		RI Regulated		Corporate and Other		Total
Net Income (Loss)	$	185	$	159	$	27	$	(53)	$	318
Less: Special Items (expense) benefit:

Acquisition integration, net of tax of $0, $4 (a)	—		—		(1)		(14)		(15)
IT transformation, net of tax of $2, $0, $0, $3 (b)	(5)		(1)		(1)		(5)		(12)
Office relocation and related costs, net of tax of $1 (c)	(1)		—		—		—		(1)

Customer system integration impacts, net of tax of $2 (d)	—		—		(9)		—		(9)


Total Special Items	(6)		(1)		(11)		(19)		(37)
Earnings from Ongoing Operations	$	191	$	160	$	38	$	(34)	$	355

(a)Primarily includes integration and related costs associated with the acquisition of RIE.

(b)Costs associated with PPL’s restructuring and rebuilding of its IT infrastructure, organization and systems.

(c)Certain costs related to the relocation of corporate offices.

(d)Certain collection process costs incurred due to the timing and implementation of the customer system integration.


	2024 Three Months
	KY Regulated		PA Regulated		RI Regulated		Corporate and Other		Total
Net Income (Loss)	$	169	$	142	$	14	$	(111)	$	214
Less: Special Items (expense) benefit:
Talen litigation costs, net of tax of $1 (a)	—		—		—		(2)		(2)
Strategic corporate initiatives, net of tax of $1 (b)	—		—		—		(2)		(2)
Acquisition integration, net of tax of $3, $19 (c)	—		—		(18)		(71)		(89)
FERC transmission credit refund, net of tax of $0 (d)	1		—		—		—		1
ECR beneficial reuse transition adjustment, net of tax of $2 (e)	(4)		—		—		—		(4)





Total Special Items	(3)		—		(18)		(75)		(96)
Earnings from Ongoing Operations	$	172	$	142	$	32	$	(36)	$	310

(a)PPL incurred legal expenses related to litigation associated with its former affiliate.

(b)Represents costs primarily related to PPL's centralization efforts and other strategic efforts.

(c)Rhode Island Regulated primarily includes certain TSA costs for IT systems that will not be part of PPL's ongoing operations. Corporate and Other primarily includes integration and related costs associated with the acquisition of RIE.

(d)Prior period impact related to a FERC refund order.

(e)Prior period impact of an adjustment related to the ECR mechanism revenues.


	2025 Nine Months
	KY Regulated		PA Regulated		RI Regulated		Corporate and Other		Total
Net Income (Loss)	$	534	$	482	$	80	$	(181)	$	915
Less: Special Items (expense) benefit:
Talen litigation costs, net of tax of ($1) (a)	—		—		—		3		3
Acquisition integration, net of tax of ($2), $11 (b)	—		—		6		(41)		(35)
IT transformation, net of tax of $4, $0, $1, $8 (c)	(11)		(1)		(5)		(31)		(48)
Energy efficiency programs settlement, net of tax of $2 (d)	—		—		(6)		—		(6)
Office relocation and related costs, net of tax of $1, $1 (e)	(3)		(2)		—		—		(5)
Post TSA adjustments, net of tax of $7 (f)	—		—		(24)		—		(24)
Customer system integration impacts, net of tax of $2 (g)	—		—		(9)		—		(9)


Total Special Items	(14)		(3)		(38)		(69)		(124)
Earnings from Ongoing Operations	$	548	$	485	$	118	$	(112)	$	1,039

(a)PPL incurred legal expenses and received insurance reimbursement related to litigation associated with its former affiliate, Talen Montana, LLC and certain affiliated entities.

(b)Rhode Island Regulated primarily includes a final transition services agreement settlement. Corporate and Other primarily includes integration and related costs associated with the acquisition of RIE.

(c)Costs associated with PPL’s restructuring and rebuilding of its IT infrastructure, organization and systems.

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(d)See Note 10 to the Financial Statements for additional information.

(e)Certain costs related to the relocation of corporate offices.

(f)Adjustments related to account reconciliations and process alignment subsequent to the end of the transition services agreement associated with the acquisition of RIE.

(g)Certain collection process costs incurred due to the timing and implementation of the customer system integration.


	2024 Nine Months
	KY Regulated		PA Regulated		RI Regulated		Corporate and Other		Total
Net Income (Loss)	$	493	$	441	$	90	$	(313)	$	711
Less: Special Items (expense) benefit:
Talen litigation costs, net of tax of $1 (a)	—		—		—		(2)		(2)
Strategic corporate initiatives, net of tax of $0, $2, $2 (b)	(1)		(4)		—		(6)		(11)
Acquisition integration, net of tax of $12, $55 (c)	—		—		(48)		(206)		(254)
PPL Electric billing issue, net of tax of $5 (d)	—		(13)		—		—		(13)
FERC transmission credit refund, net of tax of $0 (e)	1		—		—		—		1
ECR beneficial reuse transition adjustment, net of tax of $2 (f)	(4)		—		—		—		(4)




Total Special Items	(4)		(17)		(48)		(214)		(283)
Earnings from Ongoing Operations	$	497	$	458	$	138	$	(99)	$	994

(a)PPL incurred legal expenses related to litigation associated with its former affiliate.

(b)Represents costs primarily related to PPL's centralization efforts and other strategic efforts.

(d)Certain expenses related to billing issues.

(e)Prior period impact related to a FERC refund order.

(f)Prior period impact of an adjustment related to the ECR mechanism revenues.

PPL Electric: Statement of Income Analysis

Net income for the periods ended September 30 includes the following results:


	Three Months						Nine Months
	2025		2024		$ Change		2025		2024		$ Change
Operating Revenues	$	786	$	716	$	70	$	2,298	$	2,159	$	139
Operating Expenses
Operation
Energy purchases	224		177		47		622		544		78

Other operation and maintenance	160		176		(16)		481		511		(30)
Depreciation	105		101		4		307		300		7
Taxes, other than income	38		32		6		111		98		13
Total Operating Expenses	527		486		41		1,521		1,453		68
Operating Income	259		230		29		777		706		71
Other Income (Expense) - net	14		13		1		36		33		3
Interest Income from Affiliate	2		7		(5)		4		27		(23)
Interest Expense	67		61		6		189		184		5
Income Before Income Taxes	208		189		19		628		582		46
Income Taxes	49		47		2		146		141		5
Net Income	$	159	$	142	$	17	$	482	$	441	$	41

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Operating Revenues

The increase (decrease) in operating revenues was due to:


	Three Months		Nine Months
Distribution price	$	(3)	$	(5)
Distribution volume (a)	—		18
PLR (b)	52		88
Transmission formula rate (c)	22		39


Other	(1)		(1)
Total	$	70	$	139

(a)The increase for the nine months ended September 30, 2025 was primarily due to weather and other higher usage.

(b)The increases were primarily the result of more PLR customers, higher prices and higher customer volumes.

(c)The increases were primarily due to returns on additional transmission capital investments.

Energy Purchases

Energy purchases increased $47 million for the three months ended September 30, 2025 compared with 2024, primarily due to higher PLR prices.

Energy purchases increased $78 million for the nine months ended September 30, 2025 compared with 2024, primarily due to higher PLR volumes of $35 million and higher PLR prices of $34 million.

Other Operation and Maintenance

Other operation and maintenance decreased $16 million for the three months ended September 30, 2025 compared with 2024, primarily due to lower storm costs.

Other operation and maintenance decreased $30 million for the nine months ended September 30, 2025 compared with 2024, primarily due to lower bad debts.

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LG&E: Statement of Income Analysis

Net income for the periods ended September 30 includes the following results:


	Three Months						Nine Months
	2025		2024		$ Change		2025		2024		$ Change
Operating Revenues
Retail and wholesale	$	420	$	396	$	24	$	1,293	$	1,219	$	74
Electric revenue from affiliate	7		1		6		17		20		(3)
Total Operating Revenues	427		397		30		1,310		1,239		71
Operating Expenses
Operation
Fuel	97		75		22		254		228		26
Energy purchases	17		19		(2)		128		105		23
Energy purchases from affiliate	6		11		(5)		18		19		(1)
Other operation and maintenance	91		84		7		271		259		12
Depreciation	77		76		1		228		229		(1)
Taxes, other than income	13		13		—		39		38		1
Total Operating Expenses	301		278		23		938		878		60
Operating Income	126		119		7		372		361		11
Other Income (Expense) - net	8		3		5		16		9		7
Interest Income from Affiliate	—		1		(1)		—		1		(1)
Interest Expense	30		26		4		83		78		5
Income Before Income Taxes	104		97		7		305		293		12
Income Taxes	21		20		1		61		61		—
Net Income	$	83	$	77	$	6	$	244	$	232	$	12

Operating Revenues

The increase (decrease) in operating revenues was due to:


	Three Months		Nine Months



Fuel and other energy purchases (a)	$	16	$	40



Volumes (b)	2		8
Off-system sales (c)	3		13
ECR (d)	7		5
Other	2		5
Total	$	30	$	71

(a)The increase for the three months ended September 30, 2025 was primarily due to higher recoveries of fuel expenses. The increase for the nine months ended September 30, 2025 was primarily due to higher recoveries of fuel expenses and energy purchases.

(b)The increase for the nine months ended September 30, 2025 was primarily due to weather.

(c)The increase for the nine months ended September 30, 2025 was primarily due to higher volumes.

(d)The increase for the three months ended September 30, 2025 was primarily due to a 2024 adjustment related to the ECR mechanism revenues.

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Fuel

Fuel expense increased $22 million for the three months ended September 30, 2025 compared with 2024, primarily due to a $12 million increase in volumes primarily due to weather and a $9 million increase in commodity costs.

Fuel expense increased $26 million for the nine months ended September 30, 2025 compared with 2024, primarily due to an increase in commodity costs.

Energy Purchases

Energy purchases increased $23 million for the nine months ended September 30, 2025 compared with 2024, primarily due to a $12 million increase in volumes primarily due to weather and an $11 million increase in commodity costs.

Energy Purchases from Affiliate

Energy purchases from affiliate decreased $5 million for the three months ended September 30, 2025 compared with 2024, primarily due to lower volumes.

Other Operation and Maintenance

Other operation and maintenance increased $7 million for the three months ended September 30, 2025 compared with 2024, primarily due to higher IT costs.

Other Income (Expense) - net

Other income (expense) increased $5 million for the three months ended September 30, 2025 compared with 2024, due to $3 million of higher miscellaneous other income and $2 million of higher AFUDC equity.

Interest Expense

Interest expense increased $4 million for the three months ended September 30, 2025 compared with 2024, primarily due to increased borrowings.

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KU: Statement of Income Analysis

Net income for the periods ended September 30 includes the following results:


	Three Months						Nine Months
	2025		2024		$ Change		2025		2024		$ Change
Operating Revenues
Retail and wholesale	$	524	$	498	$	26	$	1,548	$	1,479	$	69
Electric revenue from affiliate	6		11		(5)		18		19		(1)
Total Operating Revenues	530		509		21		1,566		1,498		68
Operating Expenses
Operation
Fuel	135		131		4		404		369		35
Energy purchases	6		7		(1)		20		19		1
Energy purchases from affiliate	7		1		6		17		20		(3)
Other operation and maintenance	101		103		(2)		303		306		(3)
Depreciation	102		102		—		305		302		3
Taxes, other than income	13		12		1		38		36		2
Total Operating Expenses	364		356		8		1,087		1,052		35
Operating Income	166		153		13		479		446		33
Other Income (Expense) - net	9		4		5		19		10		9
Interest Expense	38		35		3		108		102		6
Interest Expense with Affiliate	—		—		—		—		1		(1)
Income Before Income Taxes	137		122		15		390		353		37
Income Taxes	28		24		4		78		70		8
Net Income	$	109	$	98	$	11	$	312	$	283	$	29

Operating Revenues

The increase (decrease) in operating revenues was due to:


	Three Months		Nine Months



Fuel and other energy purchases (a)	$	8	$	21



Volumes (b)	5		22
Off-system sales (c)	2		16
ECR	5		1
Other	1		8
Total	$	21	$	68

(a)The increase for the three months ended September 30, 2025 was primarily due to higher recoveries of fuel expenses and energy purchases from affiliate. The increase for the nine months ended September 30, 2025 was primarily due to higher recoveries of fuel expenses.

(b)The increase for the nine months ended September 30, 2025 was primarily due to weather.

(c)The increase for the nine months ended September 30, 2025 was primarily due to higher volumes.

Fuel

Fuel expense increased $4 million for the three months ended September 30, 2025 compared with 2024, primarily due to a $10 million increase in commodity costs, partially offset by a $6 million decrease in volumes primarily due to weather.

Fuel expense increased $35 million for the nine months ended September 30, 2025 compared with 2024, primarily due to a $19 million increase in volumes primarily due to weather and a $16 million increase in commodity costs.

Energy Purchases from Affiliate

Energy purchases from affiliate increased $6 million for the three months ended September 30, 2025 compared with 2024, primarily due to an increase in volumes.

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Financial Condition

The remainder of this Item 2 in this Form 10-Q is presented on a combined basis, providing information for each of the Registrants as applicable.

Liquidity and Capital Resources

(All Registrants)

The Registrants had the following at:


	PPL		PPL Electric		LG&E		KU
September 30, 2025
Cash and cash equivalents	$	1,102	$	13	$	515	$	341

Short-term debt	595		—		—		—
Long-term debt due within one year	1,455		—		390		414
Notes payable to affiliates			—		—		—

December 31, 2024
Cash and cash equivalents	$	306	$	24	$	8	$	13
Short-term debt	303		—		25		140
Long-term debt due within one year	551		—		300		250
Notes payable to affiliates			—		43		73

(All Registrants)

Net cash provided by (used in) operating, investing and financing activities for the nine month periods ended September 30, and the changes between periods, were as follows.


	PPL		PPL Electric		LG&E		KU
2025
Operating activities	$	2,081	$	719	$	538	$	647
Investing activities	(2,860)		(1,362)		(561)		(681)
Financing activities	1,559		632		522		354
2024
Operating activities	$	1,829	$	689	$	456	$	612
Investing activities	(1,944)		(1,240)		(327)		(463)
Financing activities	316		535		(143)		(151)
Change - Cash Provided (Used)
Operating activities	$	252	$	30	$	82	$	35
Investing activities	(916)		(122)		(234)		(218)
Financing activities	1,243		97		665		505

Operating Activities

The components of the change in cash provided by (used in) operating activities for the nine months ended September 30, 2025 compared with 2024 were as follows.


	PPL		PPL Electric		LG&E		KU
Change - Cash Provided (Used)
Net income	$	204	$	41	$	12	$	29
Non-cash components	54		(24)		2		27
Working capital	32		33		66		(13)

Other operating activities	(38)		(20)		2		(8)
Total	$	252	$	30	$	82	$	35

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(PPL)

PPL's cash provided by operating activities in 2025 increased $252 million compared with 2024.

•Net income increased $204 million between the periods and included an increase in non-cash components of $54 million.

•The $32 million increase in cash from changes in working capital was primarily due to a decrease in net regulatory assets (primarily due to the timing of rate recovery mechanisms), a decrease in prepayments (primarily due to the timing of payments), an increase in accounts payable (primarily due to the timing of payments) and an increase in taxes payable (primarily due to the timing of payments), partially offset by an increase in accounts receivable (primarily due to the timing of payments).

•The $38 million decrease in cash provided by other operating activities was driven primarily by an increase in other assets (primarily related to long-term cloud prepayments).

(PPL Electric)

PPL Electric's cash provided by operating activities in 2025 increased $30 million compared with 2024.

•Net income increased $41 million between the periods and included a decrease in non-cash components of $24 million. The decrease in non-cash components was primarily due to a decrease in deferred income taxes and investment tax credits (primarily due to book versus tax plant timing differences).

•The $33 million increase in cash from changes in working capital was primarily due to increases in taxes payable (primarily due to timing of payments), a decrease in net regulatory assets (primarily due to the timing of rate recovery mechanisms) and a decrease in prepayments (primarily due to the timing of payments), partially offset by an increase in accounts receivable (primarily due to the timing of payments).

•The $20 million decrease in cash provided by other operating activities was driven primarily by an increase in noncurrent regulatory assets (primarily related to an increase in storm costs).

(LG&E)

LG&E's cash provided by operating activities in 2025 increased $82 million compared with 2024.

•Net income increased $12 million between the periods.

•The $66 million increase in cash from changes in working capital was primarily due to a decrease in accounts receivable (primarily due to weather), an increase in accounts payable (primarily due to timing of payments) and a decrease in fuel, materials and supplies (primarily due to a decrease in coal volume), partially offset by a decrease in current regulatory assets (primarily due to the timing of rate recovery mechanisms).

(KU)

KU's cash provided by operating activities in 2025 increased $35 million compared with 2024.

•Net income increased $29 million between the periods and included an increase in non-cash components of $27 million, primarily due to an increase in deferred income taxes and investment tax credits (primarily due to book versus tax plant timing differences).

•The $13 million decrease in cash from changes in working capital was primarily due to a decrease in net regulatory liabilities (primarily due to timing of regulatory mechanisms) and an increase in fuel, materials and supplies (primarily due to an increase in coal volume), partially offset by a decrease in accounts receivable (primarily due to weather).

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Investing Activities

(All Registrants)

The components of the change in cash provided by (used in) investing activities for the nine months ended September 30, 2025 compared with 2024 were as follows.


	PPL		PPL Electric		LG&E		KU
Change - Cash Provided (Used)
Expenditures for PP&E	$	(923)	$	(262)	$	(234)	$	(218)





Notes receivable from affiliate	—		131		—		—
Other investing activities	7		9		—		—
Total	$	(916)	$	(122)	$	(234)	$	(218)

For PPL, the increase in expenditures for PP&E was due to an increase in project expenditures at PPL Electric, RIE, LG&E and KU. The increase in expenditures at PPL Electric was primarily due to increases in transmission and distribution projects. The increase in expenditures at LG&E was primarily due to Mill Creek Unit 5, Calvary transmission pipeline installation and the E.W. Brown battery storage project. The increase in expenditures at KU was primarily due to Mill Creek Unit 5.

For PPL Electric, the change in "Notes receivable from affiliate" activity resulted from payments received of $131 million from an affiliate. See Note 11 to the Financial Statements for further discussion of intercompany borrowings.

Financing Activities

(All Registrants)

PPL regularly analyzes and evaluates its capital structure and may explore potential transactions, including debt or equity purchases and/or exchanges from time to time through redemptions, open market purchases, private transactions, or otherwise, or seek to raise additional debt or equity capital, depending on market conditions.

The components of the change in cash provided by (used in) financing activities for the nine months ended September 30, 2025 compared with 2024 were as follows.


	PPL		PPL Electric		LG&E		KU
Change - Cash Provided (Used)
Debt issuance/retirement, net	$	1	$	(153)	$	700	$	700




Dividends	(36)		(15)		(10)		(12)

Capital contributions/distributions, net	—		(245)		85		73


Change in short-term debt, net	1,284		509		(25)		(47)

Net increase (decrease) in notes payable with affiliate	—		—		(77)		(201)
Other financing activities	(6)		1		(8)		(8)
Total	$	1,243	$	97	$	665	$	505

See Note 7 to the Financial Statements in this Form 10-Q for information on 2025 short-term and long-term debt activity, equity transactions and PPL dividends. See Note 8 to the Financial Statements in the Registrants' 2024 Form 10-K for information on 2024 activity.

Credit Facilities

The Registrants maintain credit facilities to enhance liquidity, provide credit support and provide a backstop to commercial paper programs. Amounts borrowed under these credit facilities are reflected in "Short-term debt" on the Balance Sheets. At September 30, 2025, the total committed borrowing capacity under credit facilities and the borrowings under these facilities were:

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External


	Committed Capacity		Borrowed		Letters of Credit and Commercial Paper Issued (c)		Unused Capacity
PPL Capital Funding Credit Facilities (a)	$	1,600	$	—	$	596	$	1,004
PPL Electric Credit Facility	750		—		1		749


LG&E Credit Facility	600		—		—		600
KU Credit Facility	600		—		—		600
Total Credit Facilities (b)	$	3,550	$	—	$	597	$	2,953

(a)Includes a $1.5 billion syndicated credit facility with a $250 million borrowing sublimit for RIE and a $1.25 billion sublimit for PPL Capital Funding. RIE’s borrowing sublimit is adjustable, at the borrowers’ option, from $0 to $600 million, with the remaining balance of the $1.5 billion available under the facility allocated to PPL Capital Funding. At September 30, 2025, PPL Capital Funding had $445 million of commercial paper outstanding and RIE had $151 million of commercial paper outstanding. RIE's obligations under the facility are not guaranteed by PPL.

(b)The commitments under the credit facilities are provided by a diverse bank group, with no one bank and its affiliates providing an aggregate commitment of more than the following percentages of the total committed capacity: PPL - 8%, PPL Electric - 7%, LG&E - 7% and KU - 7%.

(c)Commercial paper issued reflects the undiscounted face value of the issuance.

See Note 7 to the Financial Statements for further discussion of the Registrants' credit facilities.

Intercompany (LG&E and KU)


	Committed Capacity		Borrowed		Commercial Paper Issued		Unused Capacity

LG&E Money Pool (a)	$	750	$	—	$	—	$	750
KU Money Pool (a)	650		—		—		650

(a)LG&E and KU participate in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E, and LKE and/or LG&E make available to KU funds up to the difference between LG&E's and KU's FERC borrowing limit and LG&E's and KU's commercial paper issued, at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on SOFR.

See Note 11 to the Financial Statements for further discussion of intercompany credit facilities.

Commercial Paper (All Registrants)

The Registrants, and PPL Capital Funding and RIE, maintain commercial paper programs to provide an additional financing source to fund short-term liquidity needs, as necessary. Commercial paper issuances, included in "Short-term debt" on the Balance Sheets, are supported by the respective Registrant's credit facility, with PPL Capital Funding and RIE’s issuances supported by PPL Capital Funding’s syndicated credit facility. The following commercial paper programs were in place at September 30, 2025:


	Capacity		Commercial Paper Issuances (b)		Unused Capacity
PPL Capital Funding (a)	$	1,600	$	445	$	1,155
RIE (a)	400		151		249
PPL Electric	750		—		750

LG&E	600		—		600
KU	600		—		600
Total PPL	$	3,950	$	596	$	3,354

(a)Issuances under the PPL Capital Funding and RIE commercial paper programs are supported by the PPL Capital Funding syndicated credit facility, which has a total capacity of $1.5 billion, currently with a $250 million borrowing sublimit for RIE and a $1.25 billion sublimit for PPL Capital Funding. PPL Capital Funding's Commercial paper program is also backed by a separate bilateral credit facility for $100 million.

(b)Commercial paper issued reflects the undiscounted face value of the issuance.

Long-term Debt (All Registrants)

See Note 7 to the Financial Statements for information regarding the Registrants’ long-term debt activities.

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(PPL)

Equity Security Activities

ATM Program

Common Stock Dividends

In August 2025, PPL declared a quarterly common stock dividend, payable October 1, 2025, of 27.25 cents per share. Future dividends, declared at the discretion of the Board of Directors, will depend upon future earnings, cash flows, financial and legal requirements and other factors.

Rating Agency Actions

(All Registrants)

Moody's and S&P periodically review the credit ratings of the debt of the Registrants and their subsidiaries. Based on their respective independent reviews, the rating agencies may make certain ratings revisions or ratings affirmations.

A credit rating reflects an assessment by the rating agency of the creditworthiness associated with an issuer and particular securities that it issues. The credit ratings of the Registrants and their subsidiaries are based on information provided by the Registrants and other sources. The ratings of Moody's and S&P are not a recommendation to buy, sell or hold any securities of the Registrants or their subsidiaries. Such ratings may be subject to revisions or withdrawal by the agencies at any time and should be evaluated independently of each other and any other rating that may be assigned to the securities.

The credit ratings of the Registrants and their subsidiaries affect their liquidity, access to capital markets and cost of borrowing under their credit facilities. A downgrade in the Registrants' or their subsidiaries' credit ratings could result in higher borrowing costs and reduced access to capital markets. The Registrants and their subsidiaries have no credit rating triggers that would result in the reduction of access to capital markets or the acceleration of maturity dates of outstanding debt.

Since June 2023, the rating agencies have taken no ratings actions related to the Registrants and their subsidiaries.

Ratings Triggers

(PPL, LG&E and KU)

Various derivative and non-derivative contracts, including contracts for the sale and purchase of electricity and fuel, commodity transportation and storage, and interest rate instruments, contain provisions that require the posting of additional collateral or permit the counterparty to terminate the contract, if PPL's, LG&E's or KU's or their subsidiaries' credit rating, as applicable, were to fall below investment grade. See Note 14 to the Financial Statements for a discussion of "Credit Risk-Related Contingent Features," including a discussion of the potential additional collateral requirements for PPL for derivative contracts in a net liability position at September 30, 2025.

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(All Registrants)

For additional information on the Registrants' liquidity and capital resources, see "Item 7. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Registrants' 2024 Form 10-K.

Risk Management (All Registrants)

Market Risk

See Notes 13 and 14 to the Financial Statements for information about the Registrants' risk management objectives, valuation techniques and accounting designations.

The forward-looking information presented below provides estimates of what may occur in the future, assuming certain adverse market conditions and model assumptions. Actual future results may differ materially from those presented. These are not precise indicators of expected future losses, but are rather only indicators of possible losses under normal market conditions at a given confidence level.

Interest Rate Risk

The following interest rate hedges were outstanding at September 30, 2025.


	Exposure Hedged		Fair Value, Net - Asset (Liability) (a)		Effect of a 10% Adverse Movement in Rates (b)		Maturities Ranging Through
PPL and LG&E


Economic hedges
Interest rate derivatives (c)	$	64	$	(5)	$	(1)	2033

(a)Includes accrued interest, if applicable.

(b)Effects of adverse movements decrease assets or increase liabilities, as applicable, which could result in an asset becoming a liability. Sensitivities represent a 10% adverse movement in interest rates.

(c)Realized changes in the fair value of such economic hedges are recoverable through regulated rates and any subsequent changes in the fair value of these derivatives are included in regulatory assets or regulatory liabilities.

The Registrants are exposed to a potential increase in interest expense and to changes in the fair value of their debt portfolios. The estimated impact of a 10% adverse movement in interest rates on the fair value of debt at September 30, 2025 is shown below.


	10% Adverse Movement in Rates on Fair Value of Debt
PPL	$	727
PPL Electric	288
LG&E	137
KU	177

Commodity Price Risk

PPL is exposed to commodity price risk through its subsidiaries as described below.

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Volumetric Risk

•PPL Electric, LG&E and KU are exposed to volumetric risk on retail sales, mainly due to weather and other economic conditions for which there is limited mitigation between rate cases.

Inflation and Supply Chain Related Risk

PPL and its subsidiaries continue to monitor the impact of inflation and supply chain disruptions. PPL and its subsidiaries monitor the cost of fuel, construction, regulatory and environmental compliance costs and other costs, including as a result of tariffs. Mechanisms are in place to mitigate the risk of inflationary effects and supply chain disruptions, to the extent possible, but increased costs and supply chain disruptions may directly or indirectly affect our ongoing operations. These mechanisms include pricing strategies, productivity improvements and cost reductions in order to ensure that the Registrants are able to procure the necessary materials and other resources needed to maintain services in a safe and reliable manner, and to invest in infrastructure consistent with the capital expenditure plan. For additional information see "Forward-looking Information” at the beginning of this report and “Item 1A. Risk Factors" of the Registrants' 2024 Form 10-K.

Credit Risk

See Notes 13 and 14 to the Financial Statements in this Form 10-Q and "Item 7. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations - Financial Condition - Risk Management - Credit Risk" in the Registrants' 2024 Form 10-K for additional information.

Related Party Transactions (All Registrants)

The Registrants are not aware of any material ownership interests or operating responsibility by senior management in outside partnerships, including leasing transactions with variable interest entities, or other entities doing business with the Registrants. See Note 11 to the Financial Statements for additional information on related party transactions for PPL Electric, LG&E and KU.

Acquisitions, Development and Divestitures (All Registrants)

The Registrants from time to time evaluate opportunities for potential acquisitions, divestitures and development projects. Development projects are reexamined based on market conditions and other factors to determine whether to proceed with, modify or terminate the projects. Any resulting transactions may impact future financial results. See Note 8 to the Financial Statements for additional information on acquisition, development, and divestiture activity.

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Environmental Matters (All Registrants)

Extensive federal, state and local environmental laws and regulations are applicable to the Registrants' air emissions, water discharges and the management of hazardous and solid waste, as well as other aspects of the Registrants' businesses. The costs of compliance or alleged non-compliance cannot be predicted with certainty but could be significant. In addition, costs may increase significantly if the requirements or scope of environmental laws or regulations, or similar rules, are expanded or changed. Costs may take the form of increased capital expenditures or operating and maintenance expenses, monetary fines, penalties or other restrictions. Many of these environmental law considerations are also applicable to the operations of key suppliers, or customers, such as coal producers and industrial power users, and may impact the costs for their products or their demand for the Registrants' services. Increased capital and operating costs are expected to be subject to rate recovery. The Registrants can provide no assurances as to the ultimate outcome of future environmental or rate proceedings before regulatory authorities.

See "Environmental Matters" in Item 1. "Business" in the Registrants' 2024 Form 10-K for information about environmental laws and regulations affecting the Registrants' business. See "Financial Condition - Liquidity and Capital Resources - Forecasted Uses of Cash - Capital Expenditures" in "Item 7. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Registrants' 2024 Form 10-K for information on projected environmental capital expenditures for 2025 through 2027. See "Legal Matters" in Note 10 to the Financial Statements for a discussion of the more significant environmental claims. See Note 15 to the Financial Statements for information related to the impacts of CCRs on AROs.

The information below represents an update to “Item 1. Business – Environmental Matters” in the Registrants' 2024 Form 10-K.

(PPL, LG&E and KU)

EPA Deregulatory Initiative

Air

NAAQS

The Clean Air Act has a significant impact on the operation of fossil fuel generation plants. The Clean Air Act requires the EPA periodically to establish and review NAAQS for six pollutants including ozone (contributed to by nitrogen oxide emissions) and particulate matter, which are particularly relevant for fossil fuel generation plants. On February 2, 2024, the D.C. Circuit Court granted the EPA’s motion for voluntary remand, without vacatur, of the ozone rule, which was under legal challenge. The EPA will complete a new review to incorporate new studies and updated analyses to determine the adequacy of the existing ozone standard. On March 6, 2024, the EPA finalized revisions to the particulate matter standard that lowers the primary standard for fine particulates. Several states and trade groups challenged the EPA’s finalized revisions to the particulate matter standard in the D.C. Circuit Court. In March 2025, the EPA announced that it would reconsider the revised fine particulate standard. Nonattainment designations for counties in which LG&E and KU generation is located, including Jefferson County, Kentucky, could potentially require additional particulate matter and nitrogen oxide reductions from sources including LG&E’s Mill Creek Station, and more stringent requirements for new generation. PPL, LG&E, and KU are unable to predict future implementation actions or the outcome of future evaluations by the EPA and the states with respect to the NAAQS standards.

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In March 2021, the EPA released final revisions to the Cross-State Air Pollution Rule (CSAPR), aimed at ensuring compliance with the 2008 ozone NAAQS and providing for reductions in ozone season nitrogen oxide emissions for 2021 and subsequent years. In March 2023, the EPA released a final Federal Implementation Plan under the Good Neighbor provisions of the Clean Air Act providing for significant additional nitrogen oxide emission reductions for compliance with the revised 2015 ozone NAAQS. The reductions in Kentucky state-wide nitrogen oxide budgets were scheduled to commence in 2023, with the largest reductions planned for 2026. The rules provide for reduced availability of nitrogen oxide allowances that have historically permitted operational flexibility for fossil units and could potentially result in constraints that may require implementation of additional emission controls or accelerate implementation of lower emission generation technologies. In June 2024, the U.S. Supreme Court issued a stay of the Good Neighbor Plan while the D.C. Circuit Court considers legal challenges to the rule. On December 10, 2024, EPA published in the Federal Register a supplement to the record. On December 6, 2024, the U.S. Court of Appeals for the Sixth Circuit vacated and remanded the EPA’s disapproval of Kentucky’s state implementation plan for the ozone NAAQS. In March 2025, the EPA announced that it would reconsider the Good Neighbor Plan. PPL, LG&E, and KU are monitoring ongoing legal and regulatory developments.

PPL, LG&E, and KU are unable to predict the ultimate outcome of pending litigation or future emission reductions that may be required by future federal rules or state implementation actions. Compliance with the NAAQS, CSAPR, Good Neighbor Plan, and related requirements may require installation of additional pollution controls or other compliance actions, inclusive of retirements, the costs of which PPL, LG&E and KU believe would be subject to rate recovery.

Modification of Mercury and Air Toxics Standards

In 2012, the EPA issued the Mercury and Air Toxics Standards (MATS) rule requiring reductions in mercury and other hazardous air pollutants from fossil fuel-fired power plants. LG&E and KU installed significant controls to achieve compliance with MATS and other rules. On May 7, 2024, the EPA issued a final rule increasing the stringency of MATS and further reducing emissions of certain hazardous air pollutants to reflect perceived developments in control technologies. Legal challenges to the rule have been filed in the D.C. Circuit Court. PPL, LG&E, and KU have reviewed the final rule and do not expect significant operational changes or additional controls to be required. On June 17, 2025, the EPA proposed in the Federal Register to repeal the 2024 MATS revisions except for the Particulate Matter Continuous Emission Monitoring System testing criteria. The EPA intends to finalize the rule revisions by the end of the 2025 calendar year.

Greenhouse Gas Standards

On May 9, 2024, the EPA issued a final rule under Section 111 of the Clean Air Act, which establishes performance standards and emissions limits aimed at reducing GHG emissions from certain new, existing, and modified fossil fuel-fired electric generating units (EGUs). In the final rule, the EPA announced it would set performance standards for existing natural gas-fired turbines in a future rule. The standards require phased implementation of carbon mitigation technologies including state-of-the-art efficiency requirements, carbon capture and sequestration, and natural gas co-firing. New natural gas EGUs would be immediately subject to the stricter efficiency standard. Legal challenges to the rule have been filed in the D.C. Circuit Court. PPL, LG&E, and KU are unable to predict the impact of new GHG reduction requirements until completion of a comprehensive review and resolution of related legal and regulatory proceedings. While the impact of new GHG reduction requirements on operations and financial results of operations could potentially be substantial, the cost of complying with such requirements is expected to be subject to rate recovery. On June 17, 2025, the EPA proposed in the Federal Register two options for repeal of the 2024 standard. In the first proposal, the EPA would determine that EGU emissions of greenhouse gases do not pose an endangerment to the health and welfare of the public and repeal the 2024 and 2015 standards for EGUs. Under an alternate proposal, the EPA would repeal the 2024 standards for existing coal, natural-gas and oil-fired steam generating units along with most standards for new combustion turbines. On July 29, 2025, the EPA proposed revocation of the 2009 endangerment finding which provides the basis for regulating GHG emissions. This proposal would leave in place efficiency standards for new combustion turbines. The EPA intends to finalize the rule changes by the end of the 2025 calendar year.

New Accounting Guidance (All Registrants)

There has been no new accounting guidance adopted in 2025. See Note 17 to the Financial Statements for discussion of significant accounting guidance pending adoption as of September 30, 2025.

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Application of Critical Accounting Policies (All Registrants)

Financial condition and results of operations are impacted by the methods, assumptions and estimates used in the application of critical accounting policies. The following table summarizes the accounting policies by Registrant that are particularly important to an understanding of the reported financial condition or results of operations and require management to make estimates or other judgments of matters that are inherently uncertain. See "Item 7. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Registrants' 2024 Form 10-K for a discussion of each critical accounting policy.

PPL

PPL Electric

LG&E

Defined Benefits

Income Taxes

Regulatory Assets and Liabilities

Price Risk Management

Goodwill Impairment

AROs

Revenue Recognition - Unbilled Revenue

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PPL Corporation

PPL Electric Utilities Corporation

Louisville Gas and Electric Company

Kentucky Utilities Company

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Reference is made to "Risk Management" in "Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations."

Item 4. Controls and Procedures

(a) Evaluation of disclosure controls and procedures.

The Registrants' principal executive officers and principal financial officers, based on their evaluation of the Registrants' disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) have concluded that, as of September 30, 2025, the Registrants' disclosure controls and procedures are effective to ensure that material information relating to the Registrants and their consolidated subsidiaries is recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms, particularly during the period for which this quarterly report has been prepared. The principal officers have concluded that the disclosure controls and procedures are also effective to ensure that information required to be disclosed in reports filed under the Exchange Act is accumulated and communicated to management, including the principal executive and principal financial officers, to allow for timely decisions regarding required disclosure.

(b) Change in internal controls over financial reporting.

The Registrants' principal executive officers and principal financial officers have concluded that there were no changes in the Registrants' internal controls over financial reporting during the Registrants' third fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants' internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

For information regarding legal, tax, regulatory, environmental or other administrative proceedings that became reportable events or were pending in the third quarter of 2025 see:

•"Item 3. Legal Proceedings" in each Registrant's 2024 Form 10-K; and

•Notes 5, 6, 8 and 10 to the Financial Statements.

Item 1A. Risk Factors

There have been no material changes in the Registrants' risk factors from those disclosed in "Item 1A. Risk Factors" of the Registrants' 2024 Form 10-K.

Item 4. Mine Safety Disclosures

Not applicable.

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Item 5. Other Information

Securities Trading Plans of Directors and Executive Officers

During the three months ended September 30, 2025, none of our directors or executive officers adopted, terminated or modified any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408 of Regulation S-K.

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Item 6. Exhibits

The following Exhibits indicated by an asterisk preceding the Exhibit number are filed herewith. The balance of the Exhibits has heretofore been filed with the SEC and pursuant to Rule 12(b)-23 are incorporated herein by reference. Exhibits indicated by a [_] are filed or listed pursuant to Item 601(b)(10)(iii) of Regulation S-K.



4(a)	-	Supplemental Indenture No. 26, dated as of August 1, 2025, of PPL Electric Utilities Corporation to The Bank of New York Mellon, as Trustee (Exhibit 4(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated August 6, 2025)
4(b)	-	Supplemental Indenture No. 10, dated as of August 1, 2025, of Louisville Gas and Electric Company to The Bank of New York Mellon, as Trustee (Exhibit 4(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated August 13, 2025)
4(c)	-	Supplemental Indenture No. 11, dated as of August 1, 2025, of Kentucky Utilities Company to The Bank of New York Mellon, as Trustee (Exhibit 4(c) to PPL Corporation Form 8-K Report (File No. 1-11459) dated August 13, 2025)
*4(d)	-	Supplemental Indenture No. 27, dated as of September 15, 2025, of PPL Electric Utilities Corporation to The Bank of New York Mellon, as Trustee
*[_]10(a)	-	Amended and Restated PPL Executive Deferred Compensation Plan, dated December 20, 2024
*[_]10(b)	-	Amendment No. 1 to said PPL Executive Deferred Compensation Plan, dated August 25, 2025

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, for the quarterly period ended September 30, 2025, filed by the following officers for the following companies:

*31(a)	-	PPL Corporation's principal executive officer
*31(b)	-	PPL Corporation's principal financial officer
*31(c)	-	PPL Electric Utilities Corporation's principal executive officer
*31(d)	-	PPL Electric Utilities Corporation's principal financial officer
*31(e)	-	Louisville Gas and Electric Company's principal executive officer
*31(f)	-	Louisville Gas and Electric Company's principal financial officer
*31(g)	-	Kentucky Utilities Company's principal executive officer
*31(h)	-	Kentucky Utilities Company's principal financial officer

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, for the quarterly period ended September 30, 2025, furnished by the following officers for the following companies:

*32(a)	-	PPL Corporation's principal executive officer and principal financial officer
*32(b)	-	PPL Electric Utilities Corporation's principal executive officer and principal financial officer
*32(c)	-	Louisville Gas and Electric Company's principal executive officer and principal financial officer
*32(d)	-	Kentucky Utilities Company's principal executive officer and principal financial officer

101.INS	-	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
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101.CAL	-	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	-	XBRL Taxonomy Extension Definition Linkbase
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104	-	The Cover Page Interactive Data File is formatted as Inline XBRL and contained in Exhibits 101.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature for each undersigned company shall be deemed to relate only to matters having reference to such company or its subsidiaries.


		PPL Corporation
		(Registrant)



Date:	November 5, 2025	/s/ Marlene C. Beers
		Marlene C. Beers Vice President and Controller
		(Principal Accounting Officer)



		PPL Electric Utilities Corporation
		(Registrant)



Date:	November 5, 2025	/s/ Marlene C. Beers
		Marlene C. Beers Vice President and Controller
		(Principal Accounting and Financial Officer)



		Louisville Gas and Electric Company
		(Registrant)

		Kentucky Utilities Company
		(Registrant)



Date:	November 5, 2025	/s/ Christopher M. Garrett
		Christopher M. Garrett Vice President-Finance and Accounting
		(Principal Accounting and Financial Officer)

103

Source: View Original Filing on SEC EDGAR

FAQ

What cash amounts did PPL (PPL) report as of September 30, 2025?

PPL reported cash and cash equivalents of $1,102 million and restricted cash (current) of $42 million, totaling $1,144 million.

How do PPL’s cash totals compare to December 31, 2024?

At December 31, 2024, totals were $306 million in cash and cash equivalents and $1 million in restricted cash, for $307 million overall.

Where is restricted cash presented on PPL’s Balance Sheets?

PPL includes the current portion of restricted cash in Other current assets.

How does PPL define restricted cash?

Bank deposits and other cash equivalents restricted by agreement or clearly designated for a specific purpose are classified as restricted cash.

What policy update did PPL highlight in this 10-Q?

An update to Note 1 clarifying the reconciliation of cash, cash equivalents and restricted cash to the amounts shown on the Statements of Cash Flows.

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FAQ

What cash amounts did PPL (PPL) report as of September 30, 2025?

How do PPL’s cash totals compare to December 31, 2024?

Where is restricted cash presented on PPL’s Balance Sheets?

How does PPL define restricted cash?

What policy update did PPL highlight in this 10-Q?

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[10-Q] PPL Corp Quarterly Earnings Report

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What cash amounts did PPL (PPL) report as of September 30, 2025?

How do PPL’s cash totals compare to December 31, 2024?

Where is restricted cash presented on PPL’s Balance Sheets?

How does PPL define restricted cash?

What policy update did PPL highlight in this 10-Q?

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