T. Rowe Price (NYSE: PPL) discloses 20.7M‑share, 2.8% position

Rhea-AI Filing Summary

T. Rowe Price Investment Management, Inc. reports beneficial ownership of 20,715,906 shares of PPL CORP common stock, representing 2.8% of the class as disclosed for the period ending 03/31/2026. The filing states sole voting power of 19,500,688 shares and sole dispositive power of 20,715,906 shares. The filer affirms the filing should not be construed as an admission of beneficial ownership.

Insights

Institutional Ownership Specialist

Large passive holding disclosure with routine reporting posture.

The schedule amendment documents an institutional position of 20,715,906 shares (2.8%) as of 03/31/2026. The filing itemizes voting and dispositive powers, showing sole voting power of 19,500,688 and sole dispositive power of 20,715,906 shares.

Because the filer includes a formal denial of beneficial ownership, this appears to be a routine compliance update rather than a claim of control; subsequent public filings may clarify any trading activity or changes to the position.

Regulatory Compliance Analyst

Amendment aligns with Schedule 13G/A disclosure mechanics and recordkeeping.

The amendment supplies the required ownership breakdown under Items 1–5 and includes the signature block dated 05/15/2026. It records the filer as Maryland‑organized and classifies ownership within the "5 percent or less" framework.

From a compliance view, note the explicit statement denying beneficial ownership; that qualifier should be tracked in subsequent reports if the position changes or if the filer assumes beneficial control.

Key Figures

Beneficial ownership: 20,715,906 shares Percent of class: 2.8% Sole voting power: 19,500,688 shares +3 more

6 metrics

Beneficial ownership 20,715,906 shares Amount beneficially owned reported in Item 4

Percent of class 2.8% Percent of class reported in Item 4

Sole voting power 19,500,688 shares Item 4(i) sole power to vote

Sole dispositive power 20,715,906 shares Item 4(iii) sole power to dispose

Reporting period 03/31/2026 Period referenced on the cover

Signature date 05/15/2026 Signature date on amendment

Key Terms

Schedule 13G/A, Beneficial ownership, Sole dispositive power

3 terms

Schedule 13G/A regulatory

"Amendment No. 1 ) PPL CORP COMMON STOCK"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficial ownership regulatory

"Item 4. | (a) | Amount beneficially owned: 20715906"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole dispositive power regulatory

"Item 4(iii) Sole power to dispose or to direct the disposition of: 20715906"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

PPL CORP

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

69351T106

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 69351T106

1

Names of Reporting Persons

T. Rowe Price Investment Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 19,500,688.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 20,715,906.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

20,715,906.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PPL CORP
(b)	Address of issuer's principal executive offices: TWO N NINTH ST, ALLENTOWN, PA, 18101-1179
Item 2.
(a)	Name of person filing: T. Rowe Price Investment Management, Inc.
(b)	Address or principal business office or, if none, residence: 1307 Point Street, Baltimore, MD 21231
(c)	Citizenship: Maryland
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 69351T106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 20715906
(b)	Percent of class: 2.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 19500688
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 20715906
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. T. Rowe Price Investment Management, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Investment Management is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

T. Rowe Price Investment Management, Inc.

Signature:	Ellen York
Name/Title:	Vice President
Date:	05/15/2026

FAQ

What stake does T. Rowe Price report in PPL (PPL)?

T. Rowe Price reports beneficial ownership of 20,715,906 shares of PPL common stock, equal to 2.8% of the class as of 03/31/2026. The filing specifies sole voting power of 19,500,688 shares.

Does the filing claim T. Rowe Price is the beneficial owner of PPL shares?

The filing includes a statement expressly denying beneficial ownership and says the disclosure "shall not be construed as an admission" that T. Rowe Price is the beneficial owner, signed by a Vice President on 05/15/2026.

What voting and dispositive powers are disclosed for PPL in this amendment?

The amendment lists sole voting power of 19,500,688 shares, shared voting power of 0, and sole dispositive power of 20,715,906 shares for the disclosed position as of 03/31/2026.

What form was filed and who signed the disclosure for PPL (PPL)?

An amendment to Schedule 13G/A was filed disclosing the ownership; it is signed by Ellen York, Vice President with the signature date 05/15/2026.