PPL Corporation Corporate Unit

2026 earnings guidance reaffirmed (good) - Q2 ongoing earnings: $0.33/share (GAAP $0.30, +$0.03 special items mainly IT transformation/system integration). - Full-year 2026 ongoing earnings forecast reaffirmed: $1.90–$1.98/share, midpoint $1.94. - Company expects stronger 2H 2026 earnings, driven by rate case outcomes in Pennsylvania (effective July 1) and Rhode Island (expected Sept 1).

Regulatory momentum: Pennsylvania settlement & Rhode Island on track; Kentucky pending (mix of good + risk) - Pennsylvania (PPL Electric): rate case settlement effective July 1 with an approved +$275M increase; <4% across rate classes; company emphasizes delivery rates still ~20% below the latest state average and a 2-year stay-out provision. - Rhode Island: on track—hearings completed mid-July, briefs filed; public meetings Aug 12–20; new rates expected Sept 1; includes an affordability strategy via the Hold Harmless Bill Credit proposal (accelerated credits could significantly offset customer base-rate impact). - Kentucky: awaiting decision on reconsideration request by Aug 14; management believes the original decision had “flaws,” so regulatory timing/decision risk remains even though they still believe the plan can be delivered.

Capex and long-term financial targets reiterated (good, with scale) - 2026 capital deployment target/pace: deploy ~$5B in 2026 (safety/reliability + on schedule). - 2Q deployment: $2.3B through 2Q, about 30% more than last year through the first 6 months—shows strong execution. - Long-term investment need: $23B through 2029, implying >10% average annual rate base growth. - Long-term financial targets reaffirmed (excluding Invitium): - EPS growth: 6%–8% annually through at least 2029 (CAGR expected near top end). - Dividend growth: 4%–6% annually. - FFO to debt: 16%–18%. - No mention of buybacks in the provided transcript; dividend growth is explicitly guided.