PPL · PPL Corporation

PPL Corporation delivered solid first-quarter 2026 results with GAAP net income of $452 million ($0.60 per share), up 9% and 7% from $414 million ($0.56 per share) in Q1 2025. Ongoing earnings rose to $478 million ($0.63 per share) from $444 million ($0.60 per share), reflecting 8% and 5% growth after adjusting for special items. Kentucky Regulated drove the increase with $0.35 reported EPS (up from $0.30), benefiting from higher retail rates effective January 2026, though offset by lower volumes, higher costs, depreciation, and interest. Pennsylvania Regulated held steady at $0.25 EPS, supported by transmission revenue from capital investments but balanced by rising expenses. Rhode Island Regulated reported EPS fell to $0.05 from $0.10 due to special items, though ongoing EPS remained at $0.10 with higher rider revenue offsetting depreciation. Corporate and Other improved to ($0.05) from ($0.09) reported. Special items included $26 million after-tax charges ($0.03 per share), mainly prior-year ISO New England ROE reduction and integration costs, partially offset by Kentucky IT transformation benefits. Management, led by CEO Vincent Sorgi, highlighted strong operational execution and progress toward $5.1 billion in 2026 infrastructure investments for grid modernization, new generation in Kentucky (1,900 MW gas, 240 MW solar, 120 MW storage), and data center support via a Blackstone joint venture, which carries no earnings impact. Regulatory wins bolster outlook: Pennsylvania base rate settlement (first in over 10 years) with affordability measures, no new filing for two years, pending PUC approval by Q2 end for July 1 rates; Rhode Island approvals for $330 million investments and hold-harmless proposal for 2027 credits. PPL reaffirmed 2026 ongoing EPS guidance of $1.90-$1.98 (midpoint $1.94) and 6%-8% CAGR through 2029 versus 2025's $1.81, targeting the high end with acceleration post-2026. A webcast at 11:00 a.m. ET on May 8 discussed these results.