T. Rowe Price holds 5.5% of PPL Corp (NYSE: PPL) common stock

Rhea-AI Filing Summary

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

PPL CORP

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

69351T106

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 37,863,770.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 40,315,688.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

40,357,717.00

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)

5.5 %

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: 40357717
(b)	Percent of class: 5.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 37863770
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 40315688
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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:	02/17/2026

FAQ

What did T. Rowe Price report in its Schedule 13G for PPL (PPL)?

T. Rowe Price Investment Management, Inc. reported beneficial ownership of 40,357,717 shares of PPL Corp common stock. This stake represents 5.5% of PPL’s outstanding common stock as of December 31, 2025, making it a significant institutional holder under SEC reporting rules.

How large is T. Rowe Price’s ownership stake in PPL (PPL) by percentage?

T. Rowe Price Investment Management, Inc. reported owning 5.5% of PPL Corp’s common stock. This percentage is based on 40,357,717 shares deemed beneficially owned as of December 31, 2025, which triggers the requirement to file a Schedule 13G under SEC beneficial ownership regulations.

How many PPL (PPL) shares can T. Rowe Price vote and dispose of?

T. Rowe Price reports sole voting power over 37,863,770 PPL Corp shares and sole dispositive power over 40,315,688 shares. It reports no shared voting or shared dispositive power, indicating that decisions over these shares’ voting and disposition rest solely with the reporting entity.

Why did T. Rowe Price file a passive Schedule 13G for PPL (PPL)?

T. Rowe Price states the PPL Corp securities were acquired and are held in the ordinary course of business. It further certifies they were not acquired, and are not held, to change or influence control of PPL, which is consistent with filing on Schedule 13G instead of the more activist Schedule 13D.

Does T. Rowe Price claim full beneficial ownership of its PPL (PPL) shares?

T. Rowe Price Investment Management, Inc. expressly declares that the filing should not be construed as an admission that it is the beneficial owner of the PPL Corp securities. In the certification language, it specifically denies beneficial ownership beyond what is reported in the Schedule 13G statement.

Who signed the PPL (PPL) Schedule 13G on behalf of T. Rowe Price?

The Schedule 13G for PPL Corp was signed by Ellen York, Vice President of T. Rowe Price Investment Management, Inc. The signature section certifies, after reasonable inquiry, that the information contained in the statement is true, complete, and correct as of the filing date.