PPL SEC Filings

PPL Corp Vice President and Controller Marlene C. Beers exercised performance stock units and received 3,282 shares of common stock on the vesting of a Stock Incentive Plan (SIP) award. The award was earned at 151.5% of target based on the company’s earnings growth over a three-year period ending 12/31/2025.

To cover taxes due at vesting, 945 of these shares were withheld by the company, leaving Beers with 54,953.075 directly owned common shares. She also has indirect investment power over 1,500 additional shares held by a family member and, as of 02/24/2026, beneficially owns 24,439.488 performance units from multiple SIP grants with dividend-equivalent credits.

PPL Corporation is offering 20,000,000 Equity Units (each with a stated amount of $50), initially issued as Corporate Units, through a prospectus supplement dated February 23, 2026. The underwriters have a 13-day option to purchase up to an additional 3,000,000 Corporate Units to cover over-allotments.

Each Corporate Unit initially includes a purchase contract to buy PPL common stock on the purchase contract settlement date of February 15, 2029, and undivided beneficial interests equal to 1/40 in each of PPL Capital Funding’s Remarketable Senior Notes maturing on February 15, 2034 and February 15, 2039. PPL intends to seek listing of the Corporate Units on the NYSE under the symbol PPLU. The offering proceeds are intended for repayment of short-term debt and general corporate purposes.

PPL Corporation is offering 20,000,000 Equity Units (each with a stated amount of $50), initially issued as Corporate Units, through a prospectus supplement dated February 23, 2026. The underwriters have a 13-day option to purchase up to an additional 3,000,000 Corporate Units to cover over-allotments.

Each Corporate Unit initially includes a purchase contract to buy PPL common stock on the purchase contract settlement date of February 15, 2029, and undivided beneficial interests equal to 1/40 in each of PPL Capital Funding’s Remarketable Senior Notes maturing on February 15, 2034 and February 15, 2039. PPL intends to seek listing of the Corporate Units on the NYSE under the symbol PPLU. The offering proceeds are intended for repayment of short-term debt and general corporate purposes.

PPL Corporation filed its annual report describing a fully regulated utility business focused on Pennsylvania, Kentucky and Rhode Island. Through subsidiaries PPL Electric, LG&E, KU and RIE, it delivers electricity and natural gas to about 3.7 million customer accounts across roughly 19,200 square miles.

In 2025, the Kentucky Regulated segment produced $3.8 billion of operating revenues and $674 million of net income, Pennsylvania Regulated generated $3.1 billion of revenues and $639 million of net income, and Rhode Island Regulated delivered $2.2 billion of revenues and $85 million of net income.

The report highlights large regulated asset bases ($13.6 billion in Kentucky, $11.1 billion in Pennsylvania and $4.3 billion in Rhode Island) and ongoing investments in new natural gas combined-cycle generation, solar, battery storage and demand-side management, alongside a long‑term goal of net‑zero carbon emissions by 2050.

PPL Corporation reported strong 2025 results and extended its long-term growth plan. Reported earnings were $1.18 billion, or $1.59 per share, up from $888 million, or $1.20 per share, in 2024. Earnings from ongoing operations rose to $1.81 per share from $1.69, a 7.1% increase.

Management issued 2026 earnings guidance of $1.90–$1.98 per share, with a midpoint of $1.94, about 7.2% above 2025 ongoing EPS. PPL extended its 6%–8% annual EPS growth target through at least 2029 and plans $23 billion of capital investments from 2026–2029, implying about 10.3% average annual rate base growth.

The company expects about $5.1 billion of infrastructure investments in 2026 and projects approximately $3 billion of equity needs from 2026–2029, of which about $1 billion was executed via forward sales in 2025. PPL also raised its quarterly dividend 4.6% to $0.2850 per share and now targets annual dividend growth of 4%–6%.

PPL Corporation reports that the Kentucky Public Service Commission has issued orders on the 2025 rate cases for Louisville Gas and Electric and Kentucky Utilities. The orders approve annual electricity revenue increases of $59 million at LG&E and $128 million at KU, plus a $46 million annual gas revenue increase at LG&E, effective retroactively from January 1, 2026.

The Commission authorized returns on equity of 9.775% for base rates and 9.675% for capital adjustment mechanisms. It approved, with modifications, a temporary Pilot Generation Recovery Adjustment Clause to recover investments in specific new generation and storage projects and certain potential life-extension costs for Mill Creek Unit 2, while excluding some later-dated projects.

The orders also establish an Extremely High Load Factor Tariff aimed at large users such as data centers, with long-term contracts and minimum revenue protections. The Commission did not approve an earnings-sharing mechanism, and all parties may seek rehearing or appeal; PPL reaffirmed its long-term earnings growth targets but notes that final outcomes remain uncertain.

T. Rowe Price Investment Management, Inc., a Maryland-based investment adviser, filed a Schedule 13G reporting beneficial ownership of 40,357,717 shares of PPL Corp common stock, representing 5.5% of the class as of 12/31/2025.

The firm reports sole voting power over 37,863,770 shares and sole dispositive power over 40,315,688 shares, with no shared voting or dispositive power. It states the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of PPL, and expressly denies beneficial ownership beyond this disclosure.

PPL Corp vice president and controller Marlene C. Beers reported multiple equity transactions and awards under the company’s Stock Incentive Plan. On 01/29/2026 and 01/30/2026, she acquired common stock through the settlement of stock and performance units, with 3,154, 6,977 and 636.214 shares delivered. To cover taxes, 1,013, 2,008 and 184 shares were withheld by the company at prices of $36.31 and $36.25.

She received a new grant of 1,759 restricted stock units, vesting in three equal installments on 01/29/2027, 01/29/2028 and 01/29/2029, plus performance stock unit awards of 3,518 and two grants of 1,759 units tied to relative performance, earnings growth and sustainability metrics through 12/31/2028. As of 02/02/2026, she beneficially owned 52,616.075 common shares directly, 1,500 shares indirectly through a family member, 5,474.183 restricted stock units and 26,605.395 performance units, including dividend equivalents. Prior performance cycles ending 12/31/2025 paid out at 161.10% and 145.58% of target, leading to share delivery net of withholding on 01/30/2026.

PPL Corp EVP and CFO Joseph P. Bergstein Jr. reported multiple equity award events tied to the company’s Stock Incentive Plan. On 01/29/2026 and 01/30/2026, performance and restricted stock units were converted into common shares at prices around $36.31 and $36.25, with some shares withheld to cover taxes.

He also received 11,123 restricted stock units that vest in three equal installments on 01/29/2027, 01/29/2028, and 01/29/2029, plus several new performance stock unit grants linked to relative performance, earnings growth, and sustainability metrics over a three-year period ending 12/31/2028. As of 02/02/2026, he beneficially owned 33,152.191 restricted stock units and 162,046.725 performance units, alongside over 200,000 directly held common shares and additional indirect holdings in employee and dividend plans.

PPL Corp executive David J. Bonenberger, EVP & COO-Utilities, reported equity award vesting and new grants under the company’s Stock Incentive Plan. On 01/29/2026 and 01/30/2026, stock units and performance stock units converted into shares of common stock at prices around $36.25–$36.31 per share.

The company withheld several thousand shares, coded as “F,” to cover taxes due at vesting, with the remainder added to his direct holdings. After these transactions, he directly owned about 67,340.372 shares of common stock, plus indirect holdings through an employee stock ownership plan and a spouse’s IRA.

Bonenberger also received new grants of 6,355 restricted stock units and performance stock units totaling 25,419 units tied to relative performance, earnings growth and sustainability metrics over a three‑year period ending 12/31/2028. As of 02/02/2026, he beneficially owned 38,248.564 restricted stock units and 81,438.231 performance units, which may convert into future shares depending on plan results.