PPL (PPL) 10-K risk factor changes: FY2025 vs FY2021

The regulated utility businesses are capital intensive and require significant investments in energy generation (in the case of LG&E and KU) and transmission, distribution and other infrastructure projects, [removed: such as] [added: including providing service to new data centers and large load customers, constructing] projects for environmental compliance and [added: maintaining] system reliability.

The Registrants are unable to predict changes in regulations, regulatory guidance, legal interpretations, policy positions, and implementation actions that may [removed: result from] [added: be initiated by] the [removed: change in] [added: current] Presidential [removed: administrations.][added: administration.]

As a result, operations could be interrupted, property could be damaged and sensitive customer information lost or stolen, causing us to incur significant losses of revenues, other substantial liabilities and damages, costs to replace or repair damaged equipment [added: and damage to our reputation.]

Artificial [removed: intelligence] [added: Intelligence] (AI) is an [removed: emerging] [added: evolving] area of technology that has the potential to [removed: impact various] [added: affect multiple] aspects of our business [removed: operations and] [added: operations, grid management, critical infrastructure management,] customer [removed: interactions.][added: interactions, cybersecurity posture, and decision support processes.]

[removed: While] [added: Although] we seek contractual protections [added: and conduct due diligence] with [removed: our] third-party vendors [removed: regarding the use of] [added: that incorporate] AI [removed: technology,] [added: technologies into their products or services,] we may not have full [added: visibility into,] awareness of, or control [removed: or visibility] over, the [removed: quality,] [added: underlying data, supply chain dependencies, model training practices,] performance, security [added: safeguards,] or compliance [added: posture] of [removed: the products and services that incorporate AI-related technology used by] such [removed: vendors.][added: AI enabled tools.]

These [removed: limitations or] [added: limitations,] failures, or inaccurate results generated as a result of our [removed: employees’, contractors’] [added: employees', contractors'] or [removed: vendors’] [added: vendors'] use or misuse of AI technologies could lead to operational interruptions or otherwise adversely affect our business, [removed: reputation] [added: reputation,] or financial results.

We continue to evaluate the application of relevant laws, including the [removed: TCJA and] [added: TCJA,] the IRA [removed: in calculating income tax expense.][added: and the One Big Beautiful Bill Act.]

Increases in electricity prices and/or a weak economy can lead to changes in legislative and regulatory policy, including the promotion of energy efficiency, conservation and distributed generation or self-generation, which may adversely [removed: impact] [added: affect] our business.

Economic downturns or periods of high energy supply costs can lead to changes in or the development of legislative and regulatory policy designed to promote reductions in energy consumption and increased energy efficiency, alternative and renewable energy [added: sources, and distributed or self-generation by customers.]

The Registrants' responses to such climate-related risks include compliance with evolving governmental [removed: policy and developing and implementing strategies designed to meet net zero carbon emissions goals,] [added: policy,] which may affect our financial condition, results of operations or cash flows.

Business and "Regulatory Matters" in Note 7 to the Financial Statements and in "Legal Matters" and "Regulatory Issues" in Note 12 to the Financial [added: Statements.]

The business and capital investment plans of PPL depend, in part, on the continued growth and viability of data centers and large load customers in its service territories.

PPL is anticipating increases in load demand, creating a business need for new power generating resources and transmission facilities.

Much of this demand is driven by interconnecting with and providing power to data centers and large load customers to serve an increasingly digital economy and to support artificial intelligence.

The business and capital investment plans of PPL are focused on meeting these current and projected needs.

If these increased demands for electricity do not occur as projected or are not sustained as projected, for any reason, it could affect PPL's financial condition.

PPL is anticipating increases in load demand, creating the need for new power generating resources and transmission facilities.

A substantial portion of this demand is driven by the current and projected power needs of data centers to serve an increasingly digital economy and to support artificial intelligence.

Extending service to these facilities necessitates significant capital expenditures, which in turn requires sufficient access to sources of capital.

These additional capital needs, the increased concentration of business within a single industry based on emerging technologies, and uncertainties regarding the actual capacity required to satisfy the projected new demands of these new industries creates risks for PPL.

Ensuring that incremental revenues from these projected new demands cover incremental costs and risks is critical to PPL and its relationship to its existing customers.

While contracts with new large load customers typically include provisions for early termination payments, minimum bills, and financial security, these contracts may not fully protect PPL against all risks.

Changes in industry practice or advances in the related technologies could reduce the demand for electricity to power data centers or other large load facilities.

Additionally, these industries may experience a business downturn, which could cause the loss of current or potential customers or may weaken the financial condition and creditworthiness of existing customers.

If anticipated demand growth does not materialize, PPL could experience unrecovered capital investments.

Conversely, if demand grows more rapidly than projected, PPL may face challenges in securing adequate generation and transmission capacity and maintaining service reliability.

Because AI technologies remain in the early stages of development and industry standards are still emerging, their use, whether by PPL, its subsidiaries or third-party vendors, presents inherent risks.

AI algorithms that we or our third-party vendors use may be flawed or may be based on datasets that are biased or insufficient, which may introduce risks involving data quality, data integrity, cybersecurity, adversarial manipulation, intellectual property, regulatory compliance, biased outcomes, or improper handling of sensitive information.

In addition, the development, testing, and deployment of AI capabilities may require significant computational resources, specialized personnel, and additional investment, resulting in increased costs.

We may not be able to recover these costs through our regulatory proceedings.

Rapid advances in AI capabilities, as well as the emerging regulatory landscape in the United States and internationally, may also require modifications to our systems, adoption of enhanced governance processes or implementation of new safeguards.

Future laws, regulations, Executive Orders, or industry standards relating to AI (which may be conflicting), including those addressing transparency, data usage, cybersecurity, accountability, or risk management, could materially affect how we design, procure, or use AI technologies and could increase compliance costs.

In addition, the pace of AI innovation and regulation is unpredictable, and we cannot foresee all potential impacts of AI technologies or future laws and regulations or compliance requirements, and their associated costs and consequences.

Any of the risks described above could adversely affect our business operations, reputation, or financial results.

PPL may not realize the anticipated benefits of the RIE acquisition, which could materially adversely affect PPL's business, financial condition and results of operations.

PPL may not realize the anticipated financial and operational benefits from the RIE acquisition.

PPL has incurred significant costs in connection with the integration, and additional unanticipated costs may arise.

No assurance can be given that the anticipated long-term benefits from the acquisition will be achieved or, if achieved, the timing of their achievement.

These risks and their consequences could result in increased costs or decreases in the amount of expected revenues associated with the

Rhode Island Regulated segment and could have a material adverse effect on PPL's business, financial condition and results of operations.

Pandemic health events and their impact on business and economic conditions could negatively affect our business.

A pandemic health event and related remediation efforts could present challenges to businesses, communities, workforces, markets and supply chains.

At this time, the Registrants cannot predict the ways in which and the extent to which these or other pandemic-related factors may affect their business, earnings or other financial results.

and damage to our reputation.

AI technologies are still in their early stages of development and deployment.

Ineffective or inadequate AI development or deployment practices by PPL, its subsidiaries or third-party vendors could result in unintended consequences.

AI algorithms that we or our third-party vendors use may be flawed or may be based on datasets that are biased or insufficient.

Developing, testing, and deploying resource-intensive AI systems may require additional investment and increase our costs.

In addition, the rapidly evolving nature of AI technologies may cause new laws and regulations to be enacted which could dramatically affect business practices, including the costs to comply with such new laws and regulations.

We cannot predict the future development of AI technologies and the nature of any related new laws and regulations, and their costs and consequences.

sources, and distributed or self-generation by customers.

Statements.

- "Results of Operations" for all Registrants includes a "Statement of Income Analysis," which discusses significant changes in principal line items on the Statements of Income, comparing [removed: 2024] [added: 2025] with [removed: 2023.][added: 2024.]

For comparison of the [removed: Registrants’] [added: Registrants'] results of operations and cash flows for the years ended December 31, [removed: 2023] [added: 2024] to December 31, [removed: 2022,] [added: 2023,] refer to [removed: “Item] [added: "Item] 7.

Combined [removed: Management’s] [added: Management's] Discussion and Analysis of Financial Condition and Results of [removed: Operations”] [added: Operations"] in the [removed: 2023] [added: 2024] Form 10-K, filed with the SEC on February [removed: 16, 2024.][added: 13, 2025.]

[removed: *(PPL)*][added: *(PPL, LG&E and KU)*]

Mill Creek Unit 2, with 297 MW of capacity, [removed: is expected] [added: was approved] to be retired in 2027, subject to certain conditions.

On October 4, 2024, LG&E submitted an application related to the retirement of Mill Creek Unit 1, which occurred on December 31, 2024, requesting recovery of associated costs under the [removed: RAR rider.][added: RAR.]

See Note 7 to the Financial Statements for additional information on the Mill Creek Unit 1 [removed: RAR rider application.][added: RAR.]

*FY [removed: 2026] [added: 2027] Gas ISR Plan*

A decision from the RIPUC on the Plan is expected by March 31, [removed: 2025.][added: 2026.]

*FY [removed: 2026] [added: 2027] Electric ISR Plan*

On December [removed: 23, 2024,] [added: 22, 2025,] RIE filed its FY [removed: 2026] [added: 2027] Electric ISR Plan with the RIPUC with a budget that [removed: includes $160] [added: primarily included $154] million of capital investment [removed: spend, $14] [added: spend (including $18] million [added: for Advanced Metering Functionality) and $13 million] of vegetation operation and maintenance [removed: (O&M) expense spend and $1 million of Other O&M] spend.

A decision from the RIPUC is expected by March 31, [removed: 2025.][added: 2026.]

*Rate Case Proceedings* [removed: *(KU)*]

PPL [added: and PPL] Electric cannot predict the [removed: timing or] outcome of [removed: that decision.][added: the proceeding.]

The "Statement of Income Analysis" discussion below describes significant changes in principal line items on the Statements of Income, comparing [removed: 2024] [added: 2025] with [removed: 2023.][added: 2024.]

The "Statement of Income Analysis" discussion below describes significant changes in principal line items on the Statements of Income, comparing [removed: 2024][added: 2025 with 2024.]

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] vs. [removed: 2023] [added: 2024] | | |

| Operating Revenues | | | $ | [removed: 8,462] [added: 9,042] | | | | | $ | [removed: 8,312] [added: 8,462] | | | | | $ | [removed: 150] [added: 580] | |

| Fuel | | | [removed: 783] [added: 855] | | | | | | [removed: 733] [added: 783] | | | | | | [removed: 50] [added: 72] | | |

| Energy purchases | | | [removed: 1,679] [added: 1,892] | | | | | | [removed: 1,841] [added: 1,679] | | | | | | [removed: (162)] [added: 213] | | |

| Other operation and maintenance | | | [removed: 2,607 | | | | | | 2,462 | | | | | | 145] [added: 9] | | |

| Depreciation | | | [removed: 1,279] [added: 1,312] | | | | | | [removed: 1,254] [added: 1,279] | | | | | | [removed: 25] [added: 33] | | |

| Taxes, other than income | | | [removed: 374] [added: 423] | | | | | | [removed: 392] [added: 374] | | | | | | [removed: (18)] [added: 49] | | |

| Total Operating Expenses | | | [removed: 6,722] [added: 6,913] | | | | | | [removed: 6,682] [added: 6,722] | | | | | | [removed: 40] [added: 191] | | |

| Operating Income | | | [removed: 1,740] [added: 2,129] | | | | | | [removed: 1,630] [added: 1,740] | | | | | | [removed: 110] [added: 389] | | |

| Other Income (Expense) - net | | | [removed: 114] [added: 151] | | | | | | [removed: (40)] [added: 114] | | | | | | [removed: 154] [added: 37] | | |

| Interest Expense | | | [removed: 738] [added: 808] | | | | | | [removed: 666] [added: 738] | | | | | | [removed: 72] [added: 70] | | |

| Income Before Income Taxes | | | [removed: 1,116] [added: 1,472] | | | | | | [removed: 924] [added: 1,116] | | | | | | [removed: 192] [added: 356] | | |

| Income Taxes | | | [removed: 228] [added: 291] | | | | | | [removed: 184] [added: 228] | | | | | | [removed: 44] [added: 63] | | |

| Net Income (Loss) | | | $ | [removed: 888] [added: 1,181] | | | | | $ | [removed: 740] [added: 888] | | | | | $ | [removed: 148] [added: 293] | |

| | | | [removed: 2024] [added: 2025] vs. [removed: 2023] [added: 2024] | | |

| PPL Electric distribution [removed: price] [added: volumes] (a) | | | $ | [removed: 69] [added: 34] | |

| [removed: PPL Electric distribution] [added: Distribution] volume (b) | | | [removed: 39] [added: 34] | | |

| PPL Electric PLR [removed: (c)] [added: (b)] | | | [removed: (291)] [added: 174] | | |

| PPL Electric transmission formula rate [removed: (d)] [added: (c)] | | | [removed: 48] [added: 45] | | |

| LG&E volumes [removed: (b)] [added: (d)] | | | [removed: 35] [added: 15] | | |

| KU volumes [removed: (b)] [added: (d)] | | | [removed: 39] [added: 34] | | |

| [removed: KU] [added: LG&E] fuel and other energy purchases [removed: (f)] [added: (e)] | | | [removed: 20] [added: 67] | | |

| RIE energy purchases and other recoveries [removed: (g)] [added: (h)] | | | [removed: (24)] [added: 140] | | |

| RIE net metering [removed: presentation (h)] | | | [removed: 175] [added: 19] | | |

*Joint Venture Agreement with Blackstone Infrastructure* *(PPL)*

PPL and Blackstone Infrastructure have created a joint venture to build, own and operate new electricity generation stations to power data centers in Pennsylvania under long-term energy services agreements (ESAs) to address underlying resource adequacy and affordability concerns in Pennsylvania and PJM more broadly.

Construction of new generation stations will require the execution of ESAs with data center developers, including hyperscalers, or the regulated utilities in Pennsylvania.

PPL owns 51% of the joint venture interest and Blackstone Infrastructure owns 49%.

The joint venture is actively engaged with hyperscalers, landowners, natural gas pipeline companies and turbine manufacturers, and has secured multiple land parcels to enable this new generation build out; however, no ESAs with hyperscalers have been signed as of the filing date of this Form 10-K.

On November 26, 2025, RIE filed a request with the RIPUC for an increase in electric and natural gas base distribution rates, and approval of certain regulatory and accounting treatments.

In its application, RIE seeks to implement a two-year rate plan.

In the first year of the rate plan, RIE's proposed base distribution rates for electric and gas combined are designed to collect additional operating revenue of approximately $181 million ($66 million or 18.2% in electricity revenues and $115 million or 36.4% in gas revenues).

In the second year of the rate plan, RIE's proposed base distribution rates for electric and gas combined are designed to collect the proposed base distribution rate increases for electric and gas in the first year of the rate plan and additional operating revenues of approximately $49 million ($17 million or 3.6% in electricity revenues and $32 million or 7.4% in gas revenues).

The application is based on a historical test year of September 1, 2024 through August 31, 2025 and requested an authorized ROE of 10.75%.

Subject to RIPUC approval, new rates are expected to become effective on September 1, 2026.

Certain counterparties have intervened in the proceeding.

A ruling from the RIPUC is anticipated during the third quarter of 2026.

PPL cannot predict the outcome of the proceeding.

See "Regulatory Matters – Rhode Island Activities – Hold Harmless Implementation Agreement" in Note 7 to the Financial Statements for discussion on an additional rate making initiative to mitigate customer rate impacts.

On September 30, 2025, PPL Electric filed a request with the PAPUC for an increase in distribution base rates of approximately $356 million, more than $50 million of which is already included in customer bills through rate recovery mechanisms, and approval of certain regulatory and accounting treatments.

The proposed increase in distribution base rates would increase PPL Electric's total annual revenue by approximately 8.6%.

The application is based on a fully projected future test year of July 1, 2026 through June 30, 2027 and requested an authorized ROE of 11.3%.

Subject to PAPUC approval, new rates are expected to become effective on July 1, 2026.

Certain counterparties have intervened in the proceeding.

A ruling from the PAPUC is anticipated during the second quarter of 2026.

On May 30, 2025, LG&E and KU filed requests with the KPSC for an increase in annual electricity and gas revenues of approximately $391 million ($105 million and $226 million in electricity revenues at LG&E and KU and $60 million in gas revenues at LG&E) and approval of certain regulatory and accounting treatments.

The revenue increases would be an increase of 8.3% and 11.5% in electricity revenues at LG&E and KU, and an increase of 14.0% in gas revenues at LG&E.

The applications were based on a forecasted test year of January 1, 2026 through December 31, 2026 and requested an authorized ROE of 10.95%.

New interim rates became effective on January 1, 2026, subject to refund pursuant to the KPSC's final order.

Certain counterparties have intervened in the proceedings.

On October 20, 2025, LG&E and KU filed with the KPSC a stipulation and recommendation (the agreement) regarding a proposed resolution of issues with a majority of the intervenors in the proceedings.

Under the agreement, the parties proposed that the KPSC should issue orders granting a revised increase in annual electricity and gas revenues of approximately $235 million ($58 million and $132 million in electricity revenues at LG&E and KU and $45 million in gas revenues at LG&E.) The agreement proposed a revised authorized ROE of 9.90%.

The agreement proposed a "stay out" commitment from LG&E and KU to refrain from effective base rate increases before August 1, 2028, subject to certain exceptions.

In connection with the stay out period, the agreement also proposed the establishment of two new rate adjustment clause mechanisms, a Generation Cost Recovery Adjustment Clause (GCR) and a Sharing Mechanism Adjustment Clause (SM).

The proposed GCR mechanism would provide LG&E and KU recovery of and return on investment of covered costs (excluding fuel amounts, which LG&E and KU can recover via an existing rate mechanism) of relevant new generation and energy storage assets authorized in the 2022 and 2025 CPCN proceedings (excluding the Mill Creek Unit 6 NGCC, see "2025 CPCN" for more information regarding the Mill Creek Unit 6 NGCC) as they are placed in service.

The proposed SM mechanism would address any base rate revenue deficiency or surplus during the final thirteen months of the stay out period, July 2027 through July 2028, below or above a suggested ROE band of 9.40% to 10.15%.

Any such base rate revenue deficiency or surplus would be collected from or returned to customers over a thirteen-month billing period beginning November 2028.

Following issuance of the 2025 CPCN Order, LG&E and KU filed supplemental testimony with the KPSC in the rate case proceedings seeking recovery of the Mill Creek Unit 2 stay open costs through a proposed additional rate adjustment clause mechanism.

The agreement further proposed that LG&E and KU use regulatory deferral accounting for actual expenses above or below base rate levels for certain expenses including: pension and post-retirement benefits, storm restoration, vegetation management, transmission waivers and credits, and gas line or well activities, with recovery of such deferred asset or liability amounts to be addressed in future rate cases.

On February 16, 2026, the KPSC issued orders approving portions of the October 2025 stipulation and recommendation, with modifications.

The KPSC orders provide for increases in annual electricity and gas revenues of $233 million ($59 million and $128 million in electricity revenues at LG&E and KU and $46 million in gas revenues at LG&E.) The orders include authorized returns on equity of 9.775% for base rate purposes and 9.675% for capital rate adjustment mechanisms.

The KPSC orders approve LG&E's and KU's requests for establishment of certain new rate adjustment mechanisms or tariffs, with modifications:

- a temporary Pilot Generation Recovery Adjustment Clause (PGR) to provide recovery of and return on investment of applicable costs of certain new generation and storage assets being built or anticipated to be built by LG&E and KU as authorized in the 2022 CPCN proceeding;

- the inclusion in the PGR of recovery of and return on investment of certain costs associated with a potential extension of the operating life of LG&E's Mill Creek Unit 2 beyond its original 2027 retirement date; and

*RIE Transition Services Agreement Completion*

In connection with the acquisition of RIE in 2022, National Grid USA Service Company, Inc., National Grid U.S. and Narragansett Electric entered into a transition services agreement (TSA), pursuant to which the National Grid entities agreed to provide certain transition services to Narragansett Electric to facilitate the transition of the operation of Narragansett Electric to PPL following the acquisition.

The TSA was for an initial two-year term and was completed in the third quarter of 2024.

TSA costs of $137 million, $228 million, and $123 million were incurred for the years ended December 31, 2024, 2023, and 2022.

*Transfer of Certain Credits under the Inflation Reduction Act*

The IRS released the final Internal Revenue Code Section 6418 regulations related to the transfer of certain credits under the Inflation Reduction Act.

The regulations became effective on July 1, 2024 and did not and are not expected to have a material impact on the financial statements regarding prior or future credit transfers.

On October 28, 2024, the KPSC issued an order to establish a procedural schedule regarding its investigation of the reasonableness of the proposed tariff.

The KPSC intends to rule on the matter by February 28, 2025.

Oral argument before the D.C. Circuit Court of Appeals occurred on January 21, 2025.

LG&E and KU currently receive recovery of certain waivers and credits primarily through base rates increases, provided, however, that increases associated with the FERC's May 18, 2023 order are expected to be subject to future rate proceedings.

On December 31, 2024, RIE filed its FY 2026 Gas ISR Plan with the RIPUC with a budget that includes $187 million of capital investment spend and up to $15 million of additional contingency plan spend in connection with the PHMSA's potential enactment of regulations during FY 2026 that, if enacted, would significantly alter RIE's leak detection and repair obligations under federal regulations.

The Plan also includes proposed spending on curb-to-curb paving of $22 million.

In addition, the FY 2026 Electric ISR Plan includes $88 million of capital investment spend for Advanced Metering Functionality (AMF) which, together with the $160 million of capital investment spend, results in total capital investment spend of $248 million.

*Advanced Metering Functionality (AMF)*

In 2021, RIE filed its Updated AMF Business Case and Grid Modernization Plan (GMP) with the RIPUC in accordance with the Amended Settlement Agreement (ASA) approved by the RIPUC in August 2018, and which among other things, sought approval to deploy smart meters throughout the service territory.

After PPL completed the acquisition of RIE, RIE filed a new AMF Business Case with the RIPUC in 2022, consisting of a detailed proposal for full-scale deployment of AMF across its electric service territory.

On September 27, 2023, the RIPUC unanimously approved RIE to deploy an AMF-based metering system for the electric distribution business.

RIE is authorized to seek recovery of the approved capital investment through the ISR process with an overall multi-year cap on recovery at approximately $153 million, subject to certain terms, conditions and limitations with respect to the potential offsets and recoverability of certain costs.

RIE is required to continue spending even if above the recovery cap, until it achieves the functionalities outlined in the AMF Business Case.

RIE filed with the RIPUC for approval of (i) an updated electric Service Quality Plan on December 27, 2023, (ii) additional compliance tariff provisions regarding recovery and updated cost schedules to reflect the RIPUC's decision on December 22, 2023, and (iii) electric and gas tariff advice filings for RIPUC Automatic Meter Reading/AMF meter opt-out tariff provision on September 19, 2024.

The RIPUC

approved RIE’s revised service quality metrics with certain modifications on August 1, 2024 and October 30, 2024.

In addition, the RIPUC approved RIE’s AMR/AMF opt-out tariff provisions for electric and natural gas with modifications on December 19, 2024 for effect January 1, 2025, and approved the proposed updated fees to be assessed at the start of the AMF roll-out.

On January 7, 2025, RIE filed compliance tariffs to reflect the RIPUC’s ruling, which they approved at their January 23, 2025 Open Meeting.

On April 30, 2024, KU filed a request with the VSCC for an annual increase in Virginia base electricity rates of approximately $9 million.

KU's request is based on an authorized 10.5% return on equity.

Subject to regulatory review and approval, new rates would become effective February 1, 2025.

On November 6, 2024, KU and VSCC Staff filed a stipulation to resolve the proceeding, with a proposed annual rate increase amount of $8 million and annual authorized returns on equity in a range from 9.5% to 10.5% for various tariff purposes, with no objection from the Office of the Attorney General.

A public hearing on the matter was held on November 13, 2024.

On December 10, 2024, the Hearing Examiner issued an alternative recommendation to approve the stipulation with a nonmaterial adjustment to the revenue requirement.

All parties filed letters in support of the Hearing Examiner’s alternative recommendation.

On January 28, 2025, the VSCC issued an order approving the stipulation, including the adjustment recommended by the Hearing Examiner, and the resulting new rates went into effect on February 1, 2025.

On November 21, 2024, the Administrative Law Judge in the proceeding issued a Recommended Decision recommending the denial of PPL Electric’s DSIC Cap Waiver Petition.

PPL Electric filed exceptions to the Recommended Decision on December 11, 2024.

Several of the other parties filed Reply Exceptions on December 23, 2024.

The Administrative Law Judge's Recommended Decision and the Exceptions and Reply Exceptions are currently before the PAPUC for a final order.

*Long-Term Infrastructure Improvement Plan Petition (LTIIP)* *(PPL and PPL Electric)*

On January 17, 2024, PPL Electric filed a petition with the PAPUC seeking to modify its LTIIP, which covers the period from 2023 through 2027, to increase the total projected capital spending for existing LTIIP programs and to add a new LTIIP program related to predictive failure technology.

On July 11, 2024, the PAPUC approved the petition in part, allowing for an increase of $203 million for existing LTIIP programs.

We have audited the accompanying consolidated balance sheets of PPL Corporation and subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 13, 2025,] [added: 20, 2026] expressed an unqualified opinion on the Company's internal control over financial reporting.

Regulatory Assets and [removed: Liabilities–] [added: Regulatory Liabilities –] Impact of Rate-Regulation on Regulatory Assets and [added: Regulatory] Liabilities and Related Disclosures – Refer to Notes 1 and 7 to the financial statements

As discussed in Note 1 to the financial statements, the Company owns and operates four cost-based rate-regulated utilities for which rates are set by [removed: regulatory commissions] [added: regulators] to enable the regulated utility to recover the costs of providing electric or gas service, as applicable, and to provide a reasonable return to shareholders.

The accounting for regulatory assets and regulatory liabilities is based on specific [removed: rate orders or, in certain][added: ratemaking decisions or precedent for each transaction or event.]

While the Company has indicated that it expects to recover costs from customers through regulated rates, there is a risk that the [removed: regulatory commissions] [added: regulators] will not approve full recovery of and return on such costs or approve recovery on a timely basis in future regulatory decisions.

We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management in continually assessing whether the regulatory assets and [added: regulatory] liabilities are probable of future recovery or refund by considering factors such as changes in the applicable regulatory environments, the ability to recover costs through regulated rates, and recent rate orders.

- We tested the effectiveness of [removed: management’s] [added: management's] internal controls over evaluating the likelihood of recovery or refund in future rates of costs deferred as regulatory assets and [added: regulatory] liabilities.

We tested the effectiveness of [removed: management’s] [added: management's] internal controls over the recognition of amounts as regulatory assets or [added: regulatory] liabilities and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.

We have audited the accompanying consolidated balance sheets of PPL Electric Utilities Corporation and subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the "financial statements").

As discussed in Note 1 to the financial statements, PPL Electric Utilities Company (PPL Electric) is a cost-based rate-regulated utility for which rates are set by [removed: regulatory commissions] [added: regulators] to enable the regulated utility to recover the costs of providing electric service and to provide a reasonable return to shareholders.

While PPL Electric has indicated that it expects to recover costs from customers through regulated rates, there is a risk that the [removed: regulatory commissions] [added: regulators] will not approve full recovery of and return on such costs or approve recovery on a timely basis in future regulatory decisions.

We have audited the accompanying balance sheets of Louisville Gas and Electric Company (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related statements of income, equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the "financial statements").

As discussed in Note 1 to the financial statements, Louisville Gas [removed: &] [added: and] Electric Company (LG&E) is a cost-based rate-regulated utility for which rates are set by [removed: regulatory commissions] [added: regulators] to enable the regulated utility to recover the costs of providing electric or gas [removed: services,] [added: service,] as applicable, and to provide a reasonable return to shareholders.

While LG&E has indicated that it expects to recover costs from customers through regulated rates, there is a risk that the [removed: regulatory commissions] [added: regulators] will not approve full recovery of and return on such costs or approve recovery on a timely basis in future regulatory decisions.

We have audited the accompanying balance sheets of Kentucky Utilities Company (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related statements of income, equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the "financial statements").

As discussed in Note 1 to the financial statements, Kentucky Utilities Company (KU) is a cost-based rate-regulated utility for which rates are set by [removed: regulatory commissions] [added: regulators] to enable the regulated utility to recover the costs of providing electric service and to provide a reasonable return to shareholders.

The accounting for regulatory assets and regulatory liabilities is based on specific [removed: rate orders or, in certain cases, regulatory commission] [added: ratemaking decisions or] precedent for [removed: transactions] [added: each transaction] or [removed: events.][added: event.]

While KU has indicated that it expects to recover costs from customers through regulated rates, there is a risk that the [removed: regulatory commissions] [added: regulators] will not approve full recovery of and return on such costs or approve recovery on a timely basis in future regulatory decisions.

February 20, 2026

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Regulatory Assets and Regulatory Liabilities – Impact of Rate-Regulation on Regulatory Assets and Regulatory Liabilities and Related Disclosures – Refer to Notes 1 and 7 to the financial statements

We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management in continually assessing whether the regulatory assets and regulatory liabilities are probable of future recovery or refund by considering factors such as changes in the applicable regulatory environments, the ability to recover costs through regulated rates, and recent rate orders.

- We tested the effectiveness of management's internal controls over evaluating the likelihood of recovery or refund in future rates of costs deferred as regulatory assets and regulatory liabilities.

We tested the effectiveness of management's internal controls over the recognition of amounts as regulatory assets or regulatory liabilities and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.

February 20, 2026

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Regulatory Assets and Regulatory Liabilities – Impact of Rate-Regulation on Regulatory Assets and Regulatory Liabilities and Related Disclosures – Refer to Notes 1 and 7 to the financial statements

The accounting for regulatory assets and regulatory liabilities is based on specific ratemaking decisions or precedent for each transaction or event.

We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management in continually assessing whether the regulatory assets and regulatory liabilities are probable of future recovery or refund by considering factors such as changes in the applicable regulatory environments, the ability to recover costs through regulated rates, and recent rate orders.

- We tested the effectiveness of management's internal controls over evaluating the likelihood of recovery or refund in future rates of costs deferred as regulatory assets and regulatory liabilities.

We tested the effectiveness of management's internal controls over the recognition of amounts as regulatory assets or regulatory liabilities and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.

February 20, 2026

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Regulatory Assets and Regulatory Liabilities – Impact of Rate-Regulation on Regulatory Assets and Regulatory Liabilities and Related Disclosures – Refer to Notes 1 and 7 to the financial statements

The accounting for regulatory assets and regulatory liabilities is based on specific ratemaking decisions or precedent for each transaction or event.

We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management in continually assessing whether the regulatory assets and regulatory liabilities are probable of future recovery or refund by considering factors such as changes in the applicable regulatory environments, the ability to recover costs through regulated rates, and recent rate orders.

- We tested the effectiveness of management's internal controls over evaluating the likelihood of recovery or refund in future rates of costs deferred as regulatory assets and regulatory liabilities.

We tested the effectiveness of management's internal controls over the recognition of amounts as regulatory assets or regulatory liabilities and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.

February 20, 2026

cases, regulatory commission precedent for transactions or events.

February 13, 2025

PPL's principal subsidiaries at December 31, [removed: 2024] [added: 2025] are shown below (* denotes a Registrant).

KU is subject to regulation as a public utility by the KPSC and the VSCC, and certain of its transmission and wholesale power activities are subject to the jurisdiction [added: of the FERC under the Federal Power Act.]

"Corporate and Other" primarily includes corporate level financing costs, certain unallocated corporate costs, and certain non-recoverable costs incurred in conjunction with the acquisition of [removed: Rhode Island Energy and the financial results of Safari Energy, prior to its sale on November 1, 2022.][added: RIE.]

| For the year ended December 31, [removed: 2024:] [added: 2025:] | | | | | | | | | | | | | | | | | |

| Natural gas delivered (Bcf) | | | [removed: 42] [added: 47] | | | | | | — | | | | | | [removed: 37] [added: 40] | | |

| Regulatory Asset Base (in billions) (a) | | | $ | [removed: 12.4] [added: 13.6] | | | | | $ | [removed: 10.2] [added: 11.1] | | | | | $ | [removed: 3.8] [added: 4.3] | |

LG&E provides electric service to approximately [removed: 440,000] [added: 443,000] customers [removed: in Louisville] and [removed: adjacent areas in Kentucky, covering approximately 700 square miles in nine counties and] provides natural gas service to approximately 336,000 customers in [removed: its electric service area] [added: Louisville] and [removed: eight additional counties in Kentucky.][added: 16 surrounding counties, covering approximately 700 square miles.]

KU provides electric service to approximately [removed: 549,000] [added: 553,000] customers in 77 counties in central, southeastern and western Kentucky and approximately 28,000 customers in five counties in southwestern Virginia, covering approximately 4,800 non-contiguous square miles.

At December 31, [removed: 2024,] [added: 2025,] LG&E owned generating capacity of 2,466 MW and KU owned generating capacity of 4,798 MW.

During [removed: 2024,] [added: 2025,] LG&E's and KU's power plants generated the following amounts of electricity:

(a)This generation represents [removed: a decrease] [added: an increase] for LG&E of [removed: 1%] [added: 3%] and an increase for KU of [removed: 8%] [added: 5%] from [removed: 2023] [added: 2024] output.

Due to environmental [removed: requirements and] [added: requirements,] energy efficiency measures, [added: and the relative cost of replacement resources,] as of December 31, [removed: 2024,] [added: 2025,] LG&E and KU have retired approximately 1,500 MW of coal-fired generation plants since [removed: 2010, including the retirement of a 300 MW coal-fired unit in December 2024 at the Mill Creek plant.][added: 2010.]

[removed: Construction] [added: Through December 31, 2025, construction] of five 500-kilowatt phases was [removed: completed as of December 31, 2022.][added: completed.]

On November 6, 2023, the KPSC issued an order approving [removed: LG&E’s] [added: LG&E's] and [removed: KU’s] [added: KU's] December 15, 2022 CPCN requests (i) to construct a [removed: 640] [added: 645] MW net summer rating NGCC combustion turbine at LG&E's Mill Creek Generating Station in Jefferson County, Kentucky, (ii) to construct a 120 MWac solar photovoltaic electric generating facility in Mercer County, Kentucky, (iii) to acquire a 120 MWac solar facility to be built by a third-party solar developer in Marion County, Kentucky and (iv) to construct a 125 MW, 4-hour battery energy storage system facility at KU's E.W. Brown Generating Station.

Agreements related to two of the four potential solar [added: PPAs have been terminated.]

The KPSC order included approval of the requested retirements of two existing coal-fired generation [removed: units at] [added: units,] LG&E's Mill Creek Unit 1 (300 MW) in 2024, which occurred on December 31, 2024, and Mill Creek Unit 2 (297 MW) in 2027, subject to certain conditions, and three small gas-fired units.

LG&E and KU have firm contracts for a portion of the natural gas fuel for Cane Run Unit 7 through [removed: 2026.][added: 2027.]

[added: At December 31, 2025, LG&E had 9.7 Bcf of natural] gas stored underground with a carrying value of [removed: $29] [added: $33] million.

LG&E has a set of contracts with one pipeline that are subject to termination by LG&E between [removed: 2026] [added: 2028] and [removed: 2030.][added: 2031.]

One contract is for pipeline capacity through [removed: 2026] [added: 2031] for 60,000 MMBtu/day during both the winter and summer seasons.

LG&E has [removed: a single contract] [added: two contracts] with a second pipeline with a total capacity of [removed: 20,000] [added: 40,000] MMBtu/day during both the winter and summer seasons that [removed: expires] [added: expire] in 2030.

[added: Prior to January 1, 2026,] LG&E's and KU's Kentucky base rates [removed: are] [added: were] calculated based on a return on capitalization (common equity, long-term debt and short-term debt) including adjustments for certain net investments and costs recovered separately through other means.

KU's rates to two municipal customers for wholesale power requirements are calculated based on annual updates to a formula rate that utilizes a return on rate base (net utility plant plus [removed: certain regulatory assets and] working capital less accumulated deferred income [removed: taxes, certain regulatory liabilities] [added: taxes] and miscellaneous deductions) and include recovery of applicable operations and maintenance expenses.

Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 7 to the Financial Statements for additional information on current rate [removed: proceedings] [added: proceedings, regulatory matters] and rate mechanisms.

Under this formula, [removed: beginning in 2023,] rates are put into effect on January 1st of each year based upon actual expenditures from the most recently filed FERC Form 1, forecasted capital additions, and other data based on PPL [removed: Electric’s] [added: Electric's] books and records.

[removed: See] [added: Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" and] Note 7 to the Financial Statements for additional information on [added: current] rate [removed: mechanisms and] [added: proceedings,] regulatory [removed: matters.][added: matters and rate mechanisms.]

[removed: See] [added: Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" and] Note 7 to the Financial Statements for additional information on [added: current] rate [removed: mechanisms and legislative and] [added: proceedings,] regulatory [removed: matters.][added: matters and rate mechanisms.]

In [removed: 2024,] [added: 2025,] the following average percentages of PPL Electric's customer load were provided by competitive suppliers: [removed: 43%] [added: 40%] of residential, [removed: 82%] [added: 81%] of small commercial and industrial and 98% of large commercial and industrial customers.

In [removed: December 2020,] [added: November 2024,] the PAPUC approved PPL [removed: Electric’s] [added: Electric's] default service plan for the period [added: of] June 1, [removed: 2021] [added: 2025] through May 31, [removed: 2025,] [added: 2029,] which included a total of eight solicitations for electricity supply held semiannually in [removed: April] [added: February] and [removed: October.][added: July.]

Through December 31, [removed: 2024, all] [added: 2025, two] auctions of the plan were completed.

[removed: This] [added: The] plan also included [removed: eight] solicitations for alternative energy credits held [removed: semiannually] [added: annually] in [removed: January] [added: July with the first solicitation in 2025] and [removed: July.][added: the final solicitation in 2029.]

Through [removed: January] [added: December 31,] 2025, [removed: all] [added: one] alternative energy credit [removed: solicitations have] [added: solicitation has] been completed.

To meet the projected annual gas supply requirements of approximately [removed: 37] [added: 35] Bcf, RIE has a portfolio of gas supply arrangements of varying contractual terms and durations to provide service to its customers.

Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" for information [removed: on] [added: concerning] projected [removed: environmental] capital [removed: expenditures] [added: expenditure requirements] for [removed: 2025] [added: 2026] through [removed: 2027.][added: 2028.]

On May 9, 2024, the EPA issued a final rule under Section 111 of the Clean Air [removed: Act] [added: Act,] which establishes performance standards and emissions limits aimed at reducing GHG emissions from certain new, existing, and modified fossil fuel-fired electric generating units (EGUs).

The [removed: new] [added: current] Presidential administration has issued various executive orders regarding climate change initiatives and is expected to [added: continue to] consider changes in regulations, regulatory guidance, legal interpretations, policy positions and implementation actions, but the Registrants are unable to predict [removed: any] [added: the] changes that may ultimately be adopted.

[removed: All of these] [added: These] developments are [added: generally] preliminary or ongoing in nature and the Registrants cannot predict the final outcome or ultimate impact on operations.

PPL has adopted a goal of net-zero carbon emissions by 2050, which PPL expects will include continuing to retire [removed: coal-fired] [added: uneconomic generation, deploying newer] generation [added: technology] and investing in research and innovation that will help to achieve this goal, while maintaining reliable and affordable energy in our service territories.

PPL is [removed: also] aware of the various risks associated with climate change, including increased frequency and severity of severe weather.

Insurance policies maintained by LKE may be available to cover certain [removed: of the] costs or other obligations related to these matters for LG&E or KU, but the amount of insurance coverage or reimbursement cannot be estimated or assured.

| Operating Revenues (in billions) | | | $ | 3.8 | | | | | $ | 3.1 | | | | | $ | 2.2 | |

| Net Income (in millions) | | | $ | 674 | | | | | $ | 639 | | | | | $ | 85 | |

| Electricity delivered (GWh) | | | 31,368 | | | | | | 37,186 | | | | | | 7,165 | | |

| At December 31, 2025: | | | | | | | | | | | | | | | | | |

The amount for Pennsylvania Regulated reflects estimated 2025 year-end rate base for Pennsylvania electric distribution.

| Coal | | | 10,331 | | | | | | 14,738 | | |

| Gas | | | 1,613 | | | | | | 4,899 | | |

| Hydro | | | 220 | | | | | | 105 | | |

| Total (a) | | | 12,172 | | | | | | 19,754 | | |

LG&E subsequently requested for Mill Creek Unit 2 to remain operational past the 2027 date.

See "2025 CPCN" and "Rate Case Proceedings" in Note 7 to the Financial Statements for additional information on the 2025 application filed with the KPSC regarding certain future plans for new generation and generation-related construction matters.

Effective January 1, 2026, pursuant to the KPSC rate case, Kentucky base rates are calculated based on a return on rate base (net utility plant plus certain regulatory assets and working capital less accumulated deferred income taxes and certain regulatory liabilities) and include recovery of applicable operations and maintenance expenses.

See "Financial and Operational Developments" in "Item 7.

*LRS*

See "Financial and Operational Developments" in "Item 7.

EPA Deregulatory Initiative

On March 12, 2025, the EPA announced a plan to reconsider 31 environmental rules including the Section 111 performance standards and emissions limits for greenhouse gases, the endangerment finding for greenhouse gases, the Good Neighbor Plan, the Mercury and Air Toxics Standards, revisions to the fine particulate matter standard, the ELGs, and the CCRs Rule.

Supplementing previous Executive Orders directing various regulatory changes, on April 9, 2025, President Trump issued an Executive Order and Presidential Memorandum directing review of existing rules, repeal of unlawful rules, and initiation of a zero-based budgeting process by which certain rules would automatically expire unless extended.

While the current Presidential administration may seek to implement some regulatory changes outside of the rulemaking process, changes to existing rules are generally expected to require formal rulemaking proceedings.

Any final EPA actions repealing or revising current rules will likely result in legal challenges.

PPL, LG&E, and KU are unable to predict future regulatory changes, if any, that may result from the EPA's deregulatory plan or the outcome of any associated legal challenges.

PPL, LG&E, and KU are closely monitoring the ongoing EPA initiative and any related litigation for the impact to our business including planned capital expenditures to comply with the EPA rules.

In March 2025, the EPA announced that it would reconsider the revised fine particulate standard.

On November 25, 2025, the EPA filed a motion in the D.C. Circuit Court to vacate the fine particulate standard.

The D.C. Circuit Court has not responded to the motion and environmental groups have filed responses against the motion.

In March 2025, the EPA announced that it would reconsider the Good Neighbor Plan.

On January 27, 2026, the EPA released proposed Phase I Good Neighbor Plan revisions providing for approval of certain state implementation plans including that of Kentucky and withdrawing several prior disapprovals and error corrections.

On June 17, 2025, the EPA proposed in the Federal Register to repeal the 2024 MATS revisions except for the Particulate Matter Continuous Emission Monitoring System testing criteria.

On June 17, 2025, the EPA proposed in the Federal Register two options for repeal of the 2024 standard.

In the first proposal, the EPA would determine that EGU emissions of greenhouse gases do not pose an endangerment to the health and welfare of the public and repeal the 2024 and 2015 standards for EGUs.

Under an alternate proposal, the EPA would repeal the 2024 standards for existing coal, natural-gas and oil-fired steam generating units along with most standards for new combustion turbines.

On February 12, 2026, the EPA issued a final reconsideration determination repealing the 2009 endangerment finding for GHG emissions from motor vehicles, which provided support for the regulation of GHG emissions.

While the action has no immediate impact on regulation of GHG emissions from electric generating units, the EPA is expected to take additional regulatory actions with respect to that industrial sector.

PPL, LG&E, and KU are unable to determine the exact impact on operations until resolution of pending regulatory actions and litigation.

Achievement of our emissions goal may be affected by factors that are outside of our control including potential load growth, especially from large load customers, energy policy and regulations at the state and federal level, technological developments, and the cost of new generation technology.

A proposed rule definition revision was issued in November 2025.

A final rule is expected by the end of 2026.

In a December 2025 proposed revision to the definition of "Waters of the United States", the EPA clarified groundwater exclusions and a final rule is expected by the end of 2026.

A proposed rule regarding revision of the definition was issued in December 2025.

A final rule is expected by the end of 2026.

of the FERC under the Federal Power Act.

| Operating Revenues (in billions) | | | $ | 3.6 | | | | | $ | 2.9 | | | | | $ | 2.0 | |

| Net Income (in millions) | | | $ | 620 | | | | | $ | 574 | | | | | $ | 109 | |

| Electricity delivered (GWh) | | | 30,109 | | | | | | 36,611 | | | | | | 7,371 | | |

| At December 31, 2024: | | | | | | | | | | | | | | | | | |

| Coal | | | 10,046 | | | | | | 14,276 | | |

| Gas | | | 1,586 | | | | | | 4,483 | | |

| Hydro | | | 235 | | | | | | 54 | | |

| Total (a) | | | 11,875 | | | | | | 18,825 | | |

PPAs have been terminated.

At December 31, 2024, LG&E had 9 Bcf of natural

In 2024, LG&E completed the multi-year project to retire a fifth underground natural gas storage field, which was no longer in service.

As such, LG&E and KU generally earn a return on regulatory assets in Kentucky.

2023 was considered a transitional period as the calendar year rate approved by FERC became effective April 1, 2023.

On November 7, 2024, the PAPUC approved PPL Electric's default service plan for the period of June 1, 2025 through May 31, 2029, which includes a total of eight solicitations for electricity supply held semiannually in February and July.

The new plan also includes solicitations for alternative energy credits held annually in July with the first solicitation in July 2025 and the final solicitation in July 2029.

*Last Resort Service (LRS)*

See "Financial Condition - Liquidity and Capital Resources - Forecasted Uses of Cash - Capital Expenditures" in "Item 7.

Through 2023, PPL reduced carbon emissions nearly 60% from 2010 levels and is targeting a 70% reduction from 2010 levels by 2035 and an 80% reduction by 2040.

Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" for information concerning projected capital expenditure requirements for 2025 through 2027.

| PPL | | | 6,653 | | | | | | 2,431 | | | | | | 37 | | % |

| PPL Electric | | | 1,393 | | | | | | 916 | | | | | | 66 | | % |

| LG&E | | | 906 | | | | | | 581 | | | | | | 64 | | % |

| KU | | | 723 | | | | | | 109 | | | | | | 15 | | % |

In July 2024, KU and the IBEW local reached, and local members ratified, a new three-year labor agreement through July 2027.

The terms of the new labor agreement are not expected to have a significant impact on the financial results of KU or PPL.

In May 2024, PPL and the Rhode Island UWUA locals ratified a five-year labor agreement through May 2029.

The agreement covers over 530 employees.

The terms of the new labor agreement are not expected to have a significant impact on the financial results of PPL.

Contract negotiations with RIE USW Local 12431 are expected to commence in April 2025.

The current contract covers over 300 employees and is scheduled to expire June 1, 2025.

| ☒ | | | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, [removed: 2024] [added: 2025] | | |

| 1-2893 | | | Louisville Gas and Electric Company (Exact name of Registrant as specified in its charter) Kentucky [removed: 220] [added: 820] West [removed: Main Street] [added: Broadway] Louisville, KY [removed: 40202-1377] [added: 40202] (502) 627-2000 | | | 61-0264150 | | |

| Louisville Gas and Electric Company | | | Yes | | | [removed: ☐] [added: ☒] | | | No | | | [removed: ☒] [added: ☐] | | | | | |

| Kentucky Utilities Company | | | Yes | | | [removed: ☐] [added: ☒] | | | No | | | [removed: ☒] [added: ☐] | | | | | |

As of June [removed: 28, 2024,] [added: 30, 2025,] PPL Corporation had [removed: 737,762,262] [added: 739,306,310] shares of its $0.01 par value Common Stock outstanding.

The aggregate market value of these common shares (based upon the closing price of these shares on the New York Stock Exchange on that date) held by non-affiliates was [removed: $20,399,126,544.][added: $25,055,090,846.]

As of January [removed: 31, 2025,] [added: 30, 2026,] PPL Corporation had [removed: 738,294,081] [added: 751,306,792] shares of its $0.01 par value Common Stock outstanding.

As of January [removed: 31, 2025,] [added: 30, 2026,] PPL Corporation held all 66,368,056 outstanding common shares, no par value, of PPL Electric Utilities Corporation.

As of January [removed: 31, 2025,] [added: 30, 2026,] LG&E and KU Energy LLC held all 21,294,223 outstanding common shares, no par value, of Louisville Gas and Electric Company.

As of January [removed: 31, 2025,] [added: 30, 2026,] LG&E and KU Energy LLC held all 37,817,878 outstanding common shares, no par value, of Kentucky Utilities Company.

PPL Corporation has incorporated herein by reference certain sections of PPL Corporation's [removed: 2025] [added: 2026] Notice of Annual Meeting and Proxy Statement, which will be filed with the Securities and Exchange Commission not later than 120 days after December 31, [removed: 2024] [added: 2025] and which will provide the information required by Part III of this Report.

FOR THE YEAR ENDED DECEMBER 31, [removed: 2024][added: 2025]

| | | | | | | [Glossary of Terms and [removed: Abbreviations](#i27f679f7e4204661b54c0ced620f8b46_10)] [added: Abbreviations](#i1657f0dcf6424497aecc21dbb7661472_10)] | | | [removed: [i](#i27f679f7e4204661b54c0ced620f8b46_10)] [added: [i](#i1657f0dcf6424497aecc21dbb7661472_10)] | | |

| | | | | | | [Forward-Looking [removed: Information](#i27f679f7e4204661b54c0ced620f8b46_16)] [added: Information](#i1657f0dcf6424497aecc21dbb7661472_16)] | | | [removed: [1](#i27f679f7e4204661b54c0ced620f8b46_16)] [added: [1](#i1657f0dcf6424497aecc21dbb7661472_16)] | | |

| 1A. | | | | | | [Risk [removed: Factors](#i27f679f7e4204661b54c0ced620f8b46_25)] [added: Factors](#i1657f0dcf6424497aecc21dbb7661472_25)] | | | [removed: [17](#i27f679f7e4204661b54c0ced620f8b46_25)] [added: [18](#i1657f0dcf6424497aecc21dbb7661472_25)] | | |

| 1B. | | | | | | [Unresolved Staff [removed: Comments](#i27f679f7e4204661b54c0ced620f8b46_28)] [added: Comments](#i1657f0dcf6424497aecc21dbb7661472_28)] | | | [removed: [24](#i27f679f7e4204661b54c0ced620f8b46_28)] [added: [26](#i1657f0dcf6424497aecc21dbb7661472_28)] | | |

| 1C. | | | | | | [removed: [Cybersecurity](#i27f679f7e4204661b54c0ced620f8b46_31)] [added: [Cybersecurity](#i1657f0dcf6424497aecc21dbb7661472_31)] | | | [removed: [25](#i27f679f7e4204661b54c0ced620f8b46_31)] [added: [26](#i1657f0dcf6424497aecc21dbb7661472_31)] | | |

| 3. | | | | | | [Legal [removed: Proceedings](#i27f679f7e4204661b54c0ced620f8b46_37)] [added: Proceedings](#i1657f0dcf6424497aecc21dbb7661472_37)] | | | [removed: [28](#i27f679f7e4204661b54c0ced620f8b46_37)] [added: [29](#i1657f0dcf6424497aecc21dbb7661472_37)] | | |

| 4. | | | | | | [Mine Safety [removed: Disclosures](#i27f679f7e4204661b54c0ced620f8b46_40)] [added: Disclosures](#i1657f0dcf6424497aecc21dbb7661472_40)] | | | [removed: [28](#i27f679f7e4204661b54c0ced620f8b46_40)] [added: [29](#i1657f0dcf6424497aecc21dbb7661472_40)] | | |

| 5. | | | | | | [Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i27f679f7e4204661b54c0ced620f8b46_46)] [added: Securities](#i1657f0dcf6424497aecc21dbb7661472_46)] | | | [removed: [29](#i27f679f7e4204661b54c0ced620f8b46_46)] [added: [30](#i1657f0dcf6424497aecc21dbb7661472_46)] | | |

| 7. | | | | | | [Combined Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i27f679f7e4204661b54c0ced620f8b46_52)] [added: Operations](#i1657f0dcf6424497aecc21dbb7661472_52)] | | | [removed: [30](#i27f679f7e4204661b54c0ced620f8b46_52)] [added: [31](#i1657f0dcf6424497aecc21dbb7661472_52)] | | |

| | | | | | | [Business [removed: Strategy](#i27f679f7e4204661b54c0ced620f8b46_58)] [added: Strategy](#i1657f0dcf6424497aecc21dbb7661472_58)] | | | [removed: [30](#i27f679f7e4204661b54c0ced620f8b46_58)] [added: [31](#i1657f0dcf6424497aecc21dbb7661472_58)] | | |

| | | | | | | [Financial and Operational [removed: Developments](#i27f679f7e4204661b54c0ced620f8b46_61)] [added: Developments](#i1657f0dcf6424497aecc21dbb7661472_61)] | | | [removed: [31](#i27f679f7e4204661b54c0ced620f8b46_61)] [added: [32](#i1657f0dcf6424497aecc21dbb7661472_61)] | | |

| | | | | | | [Results of [removed: Operations](#i27f679f7e4204661b54c0ced620f8b46_64)] [added: Operations](#i1657f0dcf6424497aecc21dbb7661472_64)] | | | [removed: [33](#i27f679f7e4204661b54c0ced620f8b46_64)] [added: [37](#i1657f0dcf6424497aecc21dbb7661472_64)] | | |

| | | | | | | [PPL Corporation and Subsidiaries - Statement of Income Analysis and Segment [removed: Earnings](#i27f679f7e4204661b54c0ced620f8b46_67)] [added: Earnings](#i1657f0dcf6424497aecc21dbb7661472_67)] | | | [removed: [34](#i27f679f7e4204661b54c0ced620f8b46_67)] [added: [38](#i1657f0dcf6424497aecc21dbb7661472_67)] | | |

| | | | | | | [PPL Electric Utilities Corporation and Subsidiaries - Statement of Income [removed: Analysis](#i27f679f7e4204661b54c0ced620f8b46_73)] [added: Analysis](#i1657f0dcf6424497aecc21dbb7661472_73)] | | | [removed: [42](#i27f679f7e4204661b54c0ced620f8b46_73)] [added: [46](#i1657f0dcf6424497aecc21dbb7661472_73)] | | |

| | | | | | | [Louisville Gas and Electric Company - Statement of Income [removed: Analysis](#i27f679f7e4204661b54c0ced620f8b46_76)] [added: Analysis](#i1657f0dcf6424497aecc21dbb7661472_76)] | | | [removed: [43](#i27f679f7e4204661b54c0ced620f8b46_76)] [added: [48](#i1657f0dcf6424497aecc21dbb7661472_76)] | | |

| | | | | | | [Kentucky Utilities Company - Statement of Income [removed: Analysis](#i27f679f7e4204661b54c0ced620f8b46_79)] [added: Analysis](#i1657f0dcf6424497aecc21dbb7661472_79)] | | | [removed: [44](#i27f679f7e4204661b54c0ced620f8b46_79)] [added: [49](#i1657f0dcf6424497aecc21dbb7661472_79)] | | |

| | | | | | | [Financial [removed: Condition](#i27f679f7e4204661b54c0ced620f8b46_82)] [added: Condition](#i1657f0dcf6424497aecc21dbb7661472_82)] | | | [removed: [45](#i27f679f7e4204661b54c0ced620f8b46_82)] [added: [49](#i1657f0dcf6424497aecc21dbb7661472_82)] | | |

| | | | | | | [Liquidity and Capital [removed: Resources](#i27f679f7e4204661b54c0ced620f8b46_85)] [added: Resources](#i1657f0dcf6424497aecc21dbb7661472_85)] | | | [removed: [45](#i27f679f7e4204661b54c0ced620f8b46_85)] [added: [50](#i1657f0dcf6424497aecc21dbb7661472_85)] | | |

| | | | | | | [Risk [removed: Management](#i27f679f7e4204661b54c0ced620f8b46_88)] [added: Management](#i1657f0dcf6424497aecc21dbb7661472_88)] | | | [removed: [54](#i27f679f7e4204661b54c0ced620f8b46_88)] [added: [58](#i1657f0dcf6424497aecc21dbb7661472_88)] | | |

| | | | | | | [Related Party [removed: Transactions](#i27f679f7e4204661b54c0ced620f8b46_91)] [added: Transactions](#i1657f0dcf6424497aecc21dbb7661472_91)] | | | [removed: [56](#i27f679f7e4204661b54c0ced620f8b46_91)] [added: [60](#i1657f0dcf6424497aecc21dbb7661472_91)] | | |

| | | | | | | [Acquisitions, Developments and [removed: Divestitures](#i27f679f7e4204661b54c0ced620f8b46_94)] [added: Divestitures](#i1657f0dcf6424497aecc21dbb7661472_94)] | | | [removed: [56](#i27f679f7e4204661b54c0ced620f8b46_94)] [added: [60](#i1657f0dcf6424497aecc21dbb7661472_94)] | | |

| | | | | | | [Environmental [removed: Matters](#i27f679f7e4204661b54c0ced620f8b46_97)] [added: Matters](#i1657f0dcf6424497aecc21dbb7661472_97)] | | | [removed: [56](#i27f679f7e4204661b54c0ced620f8b46_97)] [added: [60](#i1657f0dcf6424497aecc21dbb7661472_97)] | | |

| | | | | | | [removed: [Sustainability](#i27f679f7e4204661b54c0ced620f8b46_100)] [added: [Sustainability](#i1657f0dcf6424497aecc21dbb7661472_100)] | | | [removed: [56](#i27f679f7e4204661b54c0ced620f8b46_100)] [added: [61](#i1657f0dcf6424497aecc21dbb7661472_100)] | | |

| | | | | | | [removed: [Cybersecurity](#i27f679f7e4204661b54c0ced620f8b46_103)] [added: [Cybersecurity](#i1657f0dcf6424497aecc21dbb7661472_103)] | | | [removed: [57](#i27f679f7e4204661b54c0ced620f8b46_103)] [added: [61](#i1657f0dcf6424497aecc21dbb7661472_103)] | | |

| | | | | | | [removed: [Competition](#i27f679f7e4204661b54c0ced620f8b46_106)] [added: [Competition](#i1657f0dcf6424497aecc21dbb7661472_106)] | | | [removed: [57](#i27f679f7e4204661b54c0ced620f8b46_106)] [added: [61](#i1657f0dcf6424497aecc21dbb7661472_106)] | | |

| | | | | | | [New Accounting [removed: Guidance](#i27f679f7e4204661b54c0ced620f8b46_109)] [added: Guidance](#i1657f0dcf6424497aecc21dbb7661472_109)] | | | [removed: [57](#i27f679f7e4204661b54c0ced620f8b46_109)] [added: [61](#i1657f0dcf6424497aecc21dbb7661472_109)] | | |

| | | | | | | [Application of Critical Accounting [removed: Policies](#i27f679f7e4204661b54c0ced620f8b46_112)] [added: Policies](#i1657f0dcf6424497aecc21dbb7661472_112)] | | | [removed: [57](#i27f679f7e4204661b54c0ced620f8b46_112)] [added: [61](#i1657f0dcf6424497aecc21dbb7661472_112)] | | |

| | | | | | | [Other [removed: Information](#i27f679f7e4204661b54c0ced620f8b46_115)] [added: Information](#i1657f0dcf6424497aecc21dbb7661472_115)] | | | [removed: [61](#i27f679f7e4204661b54c0ced620f8b46_115)] [added: [65](#i1657f0dcf6424497aecc21dbb7661472_115)] | | |

| 1. | | | | | | [Business](#i1657f0dcf6424497aecc21dbb7661472_22) | | | [3](#i1657f0dcf6424497aecc21dbb7661472_22) | | |

| 2. | | | | | | [Properties](#i1657f0dcf6424497aecc21dbb7661472_34) | | | [28](#i1657f0dcf6424497aecc21dbb7661472_34) | | |

| 6. | | | | | | [Reserved](#i1657f0dcf6424497aecc21dbb7661472_49) | | | [30](#i1657f0dcf6424497aecc21dbb7661472_49) | | |

| | | | | | | [Overview](#i1657f0dcf6424497aecc21dbb7661472_55) | | | [31](#i1657f0dcf6424497aecc21dbb7661472_55) | | |

| | | | | | | [Signatures](#i1657f0dcf6424497aecc21dbb7661472_328) | | | [208](#i1657f0dcf6424497aecc21dbb7661472_328) | | |

PPL WPD Limited was dissolved June 17, 2025.

ATM Program - at-the-market stock offering program.

CLC - Corporate Leadership Council - executive management committee that is comprised of the President and Chief Executive Officer, Chief Technology and Innovation Officer, Chief Financial Officer, Chief Human Resources Officer, Chief Legal Officer, Chief Operating Officer-Utilities, Executive Vice President of Engineering, Construction and Generation.

DRIP - PPL Amended and Restated Dividend Reinvestment and Direct Stock Purchase Plan.

FY - fiscal year.

LRS - Last Resort Service, the role of RIE in providing default electricity supply within its delivery area to all customers who have not elected to receive their electric supply from a non-regulated power producer or any customer who, for any reason, has stopped receiving generation service from a non-regulated power producer.

ROE \- Return on equity.

- the effect of existing trade policies (including tariffs and other trade measures), the establishment of additional trade policies or subsequent changes to trade policies once announced or implemented, on the cost or availability of imported goods;

- significant changes in the demand for electricity, including uncertainties related to projected rapid growth in electricity demand driven primarily by data centers and other large load customers and the related requirement for substantial new generation and transmission investment, which may create capital access, revenue recovery and customer affordability risks;

- prolonged or recurring US federal government shutdowns;

- development of new projects, markets and technologies, including the potential impact of advancing technologies on the electricity demand required by data centers and other large load customers;

| 1. | | | | | | [Business](#i27f679f7e4204661b54c0ced620f8b46_22) | | | [3](#i27f679f7e4204661b54c0ced620f8b46_22) | | |

| 2. | | | | | | [Properties](#i27f679f7e4204661b54c0ced620f8b46_34) | | | [26](#i27f679f7e4204661b54c0ced620f8b46_34) | | |

| 6. | | | | | | [Selected Financial and Operating Data](#i27f679f7e4204661b54c0ced620f8b46_49) | | | [29](#i27f679f7e4204661b54c0ced620f8b46_49) | | |

| | | | | | | [Overview](#i27f679f7e4204661b54c0ced620f8b46_55) | | | [30](#i27f679f7e4204661b54c0ced620f8b46_55) | | |

| | | | | | | [Signatures](#i27f679f7e4204661b54c0ced620f8b46_328) | | | [205](#i27f679f7e4204661b54c0ced620f8b46_328) | | |

On May 25, 2022, PPL and its subsidiary, PPL Rhode Island Holdings announced the completion of the acquisition of Narragansett Electric, which continues to provide services under the name Rhode Island Energy.

PPL Energy Funding - PPL Energy Funding Corporation, a subsidiary of PPL and the parent holding company of PPL Global and other subsidiaries.

PPL Global - PPL Global, LLC, a subsidiary of PPL Energy Funding that, prior to the sale of the U.K. utility business on June 14, 2021, primarily through its subsidiaries, owned and operated WPD, PPL's regulated electricity distribution businesses in the U.K. PPL Global was not included in the sale of the U.K. utility business on June 14, 2021.

PPL WPD Limited - PPL WPD Limited, a U.K. subsidiary of PPL Global.

Cane Run Unit 7 - a NGCC generating unit in Kentucky, jointly owned by LG&E and KU.

COVID\-19 - the disease caused by the coronavirus identified in 2019 that caused a global pandemic.

GLT \- gas line tracker.

The KPSC approved mechanism for LG&E's recovery of certain costs associated with gas transmission lines, gas service lines, gas risers, leak mitigation, and gas main replacements.

IBEW - International Brotherhood of Electrical Workers.

Mill Creek Unit 5 - a combined cycle natural gas unit under construction in Kentucky, jointly owned by LG&E and KU, which is expected to provide additional generating capacity of 198 MW to LG&E and 442 MW to KU beginning in 2027.

NEP *-* New England Power Company, a National Grid U.S. affiliate.

PEDFA - Pennsylvania Economic Development Financing Authority.

RCRA - Resource Conservation and Recovery Act of 1976.

UWUA - Utility Workers Union of America.

VEBA - Voluntary Employee Beneficiary Association.

- significant changes in the demand for electricity;

- establishment of new tariffs on imported goods;

- development of new projects, markets and technologies;

- performance of new ventures;

The CSO has over [removed: 25] [added: 30] years of experience leading technology and security organizations, has a degree in computer science, and holds professional certifications in information security, IT auditing, and privacy.

The [removed: teams managed by the] CSO [removed: are] [added: has responsibility for and oversees teams] comprised of seasoned experts in cyber and IT security [removed: and] [added: who] possess appropriate experience to safeguard the [removed: company’s] [added: company's] data, networks and systems, mitigate cyber risks and help prevent and combat cyber threats.

The CSO chairs the Corporate Security Council, [removed: which holds regular meetings] consisting of senior executive [removed: management] [added: management, which convenes regularly to] and [removed: reviews] [added: review] and [removed: oversees] [added: oversee] cybersecurity risks.

PPL has established an Executive Crisis Team comprised of [removed: PPL’s] [added: PPL's] executive leadership, including the [removed: Chief Executive Officer, Chief Technology and Innovation Officer, Chief Financial Officer, Chief Human Resources Officer, Chief Legal Officer, Chief Operating Officer, VP – Public Affairs and Sustainability, VP – Corporate Communications, Chief Security Officer] [added: CLC] and additional officers as circumstances may warrant, to allow the company to respond quickly to a crisis, including a cyber event.

Additionally, all employees and contractors are required to participate in the [removed: Registrants’] [added: Registrants'] ethical cyber phishing campaign [removed: program.][added: program and complete annual cybersecurity awareness training.]

In addition to these enterprise-wide initiatives, PPL's Kentucky, Pennsylvania and Rhode Island operations are subject to extensive and rigorous mandatory cybersecurity requirements that are developed and enforced by NERC and approved by [removed: the] FERC to protect grid security and reliability.

While PPL has not determined [added: that] any cybersecurity incidents have materially affected the Registrants, including their business strategy, results of operations or financial condition, there can be no guarantee that the Registrants will not be the subject of future attacks, threats or incidents, the consequences of which may be material.

[removed: PPL’s] [added: PPL's] Board of Directors [added: (the Board)] oversees the [removed: Registrants’] [added: Registrants'] management of cybersecurity risk through various processes identified below.

Each member of the Board has access to management, including the CEO and CSO, to ask questions and engage [removed: on] [added: in] the [removed: company’s] [added: company's] approach to prevent, detect, assess, and mitigate cybersecurity risk.

Reporting to the CSO are PPL's Chief Technology Security Officer (CTSO) and the VP of Corporate Security.

The CTSO has over 25 years of experience, is a certified information security professional, and manages PPL's cyber security operations overseeing the implementation of security strategies and solutions across the Registrants, threat management, access management, cloud security and artificial intelligence.

The electricity generating capacity at December 31, [removed: 2024] [added: 2025] was:

Business - General - Segment Information - Kentucky Regulated Segment." At December 31, [removed: 2024,] [added: 2025,] LG&E's and KU's electricity transmission and distribution systems and LG&E's natural gas transmission and distribution systems were:

| Overhead lines (circuit miles) | | | | | | [removed: 3,887] [added: 3,890] | | | | | | [removed: 663] [added: 662] | | | | | | [removed: 14,093] [added: 14,104] | | | | | | 4,064 | | |

| Underground lines (circuit miles) | | | | | | [removed: 2,876] [added: 2,913] | | | | | | 6 | | | | | | [removed: 2,840] [added: 2,901] | | | | | | 4 | | |

| Distribution mains (miles) | | | | | | [removed: 4,463] [added: 4,475] | | | | | | — | | | | | | — | | | | | | — | | |

| Transmission pipeline (miles) | | | | | | — | | | | | | [removed: 229] [added: 230] | | | | | | — | | | | | | — | | |

[removed: (a)195] [added: (a)196] substations (62 at LG&E and [removed: 133] [added: 134] at KU) are shared between the distribution and transmission systems.

Business for a discussion related to LG&E's and KU's Solar Share program and 2022 [added: and 2025] CPCN [removed: filing.][added: filings.]

At December 31, [removed: 2024,] [added: 2025,] PPL Electric's transmission system includes [removed: 52] [added: 53] substations with a total capacity of 32 million kVA and [removed: 5,286] [added: 5,301] circuit miles in service.

PPL Electric's distribution system includes 355 substations with a total capacity of 15 million kVA, [removed: 36,628] [added: 36,660] circuit miles of overhead lines and [removed: 9,006] [added: 9,102] underground circuit miles.

Business - General - Segment Information - Rhode Island Regulated Segment." At December 31, [removed: 2024,] [added: 2025,] RIE's electric transmission system includes [removed: 44] [added: 45] substations with capacity of 33 kVA or higher, 361 circuit miles of overhead lines and 49 underground circuit miles.

RIE's electric distribution system includes 59 substations, [removed: 6,500] [added: 6,600] circuit miles of overhead lines and [removed: 1,229] [added: 1,268] underground circuit miles.

RIE also has distribution mains for its natural gas system with mileage of [removed: 3,223] [added: 3,220] miles.

| Substations (a) | | | | | | 97 | | | | | | 79 | | | | | | 460 | | | | | | 216 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | LG&E | | | | | | | | | | | | KU | | | | | | | | |

| Primary Fuel/Plant | | | | | | Total MW Capacity Summer | | | | | | % Ownership or Other Interest | | | | | | Ownership or Other Interest in MW | | | | | | % Ownership or Other Interest | | | | | | Ownership or Other Interest in MW | | |

| Substations (a) | | | | | | 97 | | | | | | 79 | | | | | | 461 | | | | | | 215 | | |

At January [removed: 31, 2025] [added: 30, 2026] there were [removed: 42,122] [added: 39,811] common stock shareowners of record.

There were no purchases by PPL of its common stock during the fourth quarter of [removed: 2024.][added: 2025.]

PPL Electric paid common stock dividends to PPL of [removed: $375] [added: $401] million in [removed: 2024] [added: 2025] and [removed: $323] [added: $375] million in [removed: 2023.][added: 2024.]

LG&E paid common stock dividends to LKE of [removed: $187] [added: $200] million in [removed: 2024] [added: 2025] and [removed: $166] [added: $187] million in [removed: 2023.][added: 2024.]

KU paid common stock dividends to LKE of [removed: $232] [added: $249] million in [removed: 2024] [added: 2025] and [removed: $190] [added: $232] million in [removed: 2023.][added: 2024.]

PPL Corporation, PPL Electric Utilities Corporation, Louisville Gas and Electric Company and Kentucky Utilities Company

\[Reserved\]

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Operating Revenues | | | $ | [removed: 8,462] [added: 9,042] | | | | | $ | [removed: 8,312] [added: 8,462] | | | | | $ | [removed: 7,902] [added: 8,312] | |

| Fuel | | | [removed: 783] [added: 855] | | | | | | [removed: 733] [added: 783] | | | | | | [removed: 931] [added: 733] | | |

| Energy purchases | | | [removed: 1,679] [added: 1,892] | | | | | | [removed: 1,841] [added: 1,679] | | | | | | [removed: 1,686] [added: 1,841] | | |

| Other operation and maintenance | | | [removed: 2,607] [added: 2,431] | | | | | | [removed: 2,462] [added: 2,607] | | | | | | [removed: 2,398] [added: 2,462] | | |

| Depreciation | | | [removed: 1,279] [added: 1,312] | | | | | | [removed: 1,254] [added: 1,279] | | | | | | [removed: 1,181] [added: 1,254] | | |

| Taxes, other than income | | | [removed: 374] [added: 423] | | | | | | [removed: 392] [added: 374] | | | | | | [removed: 332] [added: 392] | | |

| Total Operating Expenses | | | [removed: 6,722] [added: 6,913] | | | | | | [removed: 6,682] [added: 6,722] | | | | | | [removed: 6,528] [added: 6,682] | | |

| Operating Income | | | [removed: 1,740] [added: 2,129] | | | | | | [removed: 1,630] [added: 1,740] | | | | | | [removed: 1,374] [added: 1,630] | | |

| Other Income (Expense) - net (Note 14) | | | [removed: 114] [added: 151] | | | | | | [removed: (40)] [added: 114] | | | | | | [removed: 54] [added: (40)] | | |

| Interest Expense | | | [removed: 738] [added: 808] | | | | | | [removed: 666] [added: 738] | | | | | | [removed: 513] [added: 666] | | |

| Income [removed: from Continuing Operations] Before Income Taxes | | | [removed: 1,116] [added: 1,472] | | | | | | [removed: 924] [added: 1,116] | | | | | | [removed: 915] [added: 924] | | |

| Income Taxes | | | [removed: 228] [added: 291] | | | | | | [removed: 184] [added: 228] | | | | | | [removed: 201] [added: 184] | | |

| Income [removed: from Discontinued Operations (net of income taxes) (Note 9)] [added: taxes - net] | | | [removed: —] [added: $] | [added: 81] | | | | | [removed: —] [added: $] | [added: 73] | | | | | [removed: 42] [added: $] | [added: 84] | |

| Net Income | | | $ | [removed: 888] [added: 1,181] | | | | | $ | [removed: 740] [added: 888] | | | | | $ | [removed: 756] [added: 740] | |

| Net Income [removed: Available] [added: available] to PPL [removed: Common Shareowners] [added: common shareowners] | | | [removed: $] [added: $] | [removed: 1.20] [added: 1.60] | | | | | $ | [removed: 1.00] [added: 1.20] | | | | | $ | [removed: 1.03] [added: 1.00] | |

| Net Income [removed: Available] [added: available] to PPL [removed: Common Shareowners] [added: common shareowners] | | | [removed: $] [added: $] | [removed: 1.20] [added: 1.59] | | | | | $ | [removed: 1.00] [added: 1.20] | | | | | $ | [removed: 1.02] [added: 1.00] | |

| Basic | | | [removed: 737,756] [added: 739,406] | | | | | | [removed: 737,036] [added: 737,756] | | | | | | [removed: 736,027] [added: 737,036] | | |

| Diluted | | | [removed: 739,853] [added: 743,348] | | | | | | [removed: 738,166] [added: 739,853] | | | | | | [removed: 736,902] [added: 738,166] | | |

| Equity investees' other comprehensive income (loss), net tax of $0, $0, $0 | | | [removed: 1] [added: (1)] | | | | | | 1 | | | | | | [removed: 2] [added: 1] | | |

| Prior service costs, net of tax of $0, $0, [removed: $0] [added: ($1)] | | | [removed: —] [added: 1] | | | | | | [removed: —] [added: 1] | | | | | | [removed: (1)] [added: 1] | | |

| Net actuarial gain (loss), net of tax of [added: $7,] $8, [removed: $15, ($2)] [added: $15] | | | [removed: (22)] [added: (20)] | | | | | | [removed: (41)] [added: (22)] | | | | | | [removed: 11] [added: (41)] | | |

| Reclassifications [removed: from AOCI] [added: to net income] - (gains) losses, net of tax expense (benefit): | | | | | | | | | | | | | | | | | |

| Qualifying derivatives, net of tax of [removed: $0,] [added: ($1),] $0, [removed: ($1)] [added: $0] | | | [removed: 3] [added: 1] | | | | | | [removed: 3] [added: —] | | | | | | [removed: 2] [added: —] | | |

| Prior service [removed: costs, net of tax of $0, ($1), ($1)] [added: costs] | | | [removed: 1] | | | [added: (1)] | | | [removed: 1] | | | [added: (1)] | | | [removed: 2] | | | [added: (2) | | | | | | | | |]

| Net actuarial (gain) loss, net of tax of [removed: $0,] [added: $1,] $0, [removed: ($7)] [added: $0] | | | [removed: (4)] [added: (1)] | | | | | | [removed: (3)] [added: (4)] | | | | | | [removed: 17] [added: (3)] | | |

| Total other comprehensive income (loss) | | | [removed: (21)] [added: (18)] | | | | | | [removed: (39)] [added: (21)] | | | | | | [removed: 33] [added: (39)] | | |

| Comprehensive income | | | $ | [removed: 867] [added: 1,163] | | | | | $ | [removed: 701] [added: 867] | | | | | $ | [removed: 789] [added: 701] | |

| [removed: Net income] [added: Net income] | | | $ | [removed: 888] [added: 1,181] | | | | | $ | [removed: 740] [added: 888] | | | | | $ | [removed: 756] [added: 740] | |

| Income [removed: from discontinued operations (net of income taxes)] [added: taxes - net] | | | [removed: —] [added: $] | [added: 129] | | | | | [removed: —] [added: $] | [added: 83] | | | | | [removed: (42)] [added: $] | [added: 92] | |

| [removed: Income from continuing operations (net of] [added: Net] income [removed: taxes)] | | | [removed: 888] [added: $] | [added: 1,181] | | | | | [removed: 740] [added: $] | [added: 888] | | | | | [removed: 714] [added: $] | [added: 740] | |

| Amortization | | | [removed: 78] [added: 48] | | | | | | [removed: 81] [added: 45] | | | | | | [removed: 52] [added: 41] | | |

| Defined benefit plans - [removed: expense (income)] [added: income] | | | [removed: (72)] [added: (57)] | | | | | | [removed: (73)] [added: (72)] | | | | | | [removed: (16)] [added: (73)] | | |

| Deferred income taxes and investment tax credits | | | [removed: 196] [added: 192] | | | | | | [removed: 322] [added: 196] | | | | | | [removed: 179] [added: 322] | | |

| Stock compensation expense | | | [removed: 46] [added: 49] | | | | | | [removed: 33] [added: 46] | | | | | | [removed: 37] [added: 33] | | |

| Other | | | [removed: (17)] [added: 8] | | | | | | [removed: (29)] [added: 30] | | | | | | [removed: 14] [added: 1] | | |

| Accounts receivable | | | [removed: 254] [added: (207)] | | | | | | [removed: (170)] [added: 254] | | | | | | [removed: (176)] [added: (170)] | | |

| Accounts payable | | | [removed: (41)] [added: (12)] | | | | | | [removed: (72)] [added: (41)] | | | | | | [removed: 358] [added: (72)] | | |

| Unbilled revenues | | | [removed: (57)] [added: (73)] | | | | | | [removed: 128] [added: (57)] | | | | | | [removed: (197)] [added: 128] | | |

| Fuel, materials and supplies | | | [removed: (2)] [added: (28)] | | | | | | [removed: (60)] [added: (2)] | | | | | | [removed: (90)] [added: (60)] | | |

| Basic | | | $ | 1.60 | | | | | $ | 1.20 | | | | | $ | 1.00 | |

| Diluted | | | $ | 1.59 | | | | | $ | 1.20 | | | | | $ | 1.00 | |

| Qualifying derivatives, net of tax of ($1), $0, $0 | | | 2 | | | | | | 3 | | | | | | 3 | | |

| Depreciation | | | 1,312 | | | | | | 1,279 | | | | | | 1,254 | | |

| Issuance of treasury stock | | | 401 | | | | | | 2 | | | | | | 5 | | |

| | | | 2025 | | | | | | 2024 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| December 31, 2025 | | | 751,041 | | | $ | 8 | | $ | 12,443 | | $ | (575) | | $ | 3,207 | | $ | (202) | | $ | — | | | | | | | | $ | 14,881 | |

| Depreciation | | | 413 | | | | | | 401 | | | | | | 397 | | |

| Debt issuance costs | | | (6) | | | | | | (7) | | | | | | (14) | | |

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

| Dividends declared | | | | | | | | | | | | | | | | | | | | | (401) | | | | | | (401) | | |

| December 31, 2025 | | | 66,368 | | | | | | $ | 364 | | | | | $ | 5,038 | | | | | $ | 1,936 | | | | | $ | 7,338 | |

| Depreciation | | | 307 | | | | | | 305 | | | | | | 302 | | |

| Notes receivable from affiliates | | | (36) | | | | | | — | | | | | | — | | |

| Debt issuance costs | | | (9) | | | | | | — | | | | | | (5) | | |

| | | | 2025 | | | | | | 2024 | | |

| Notes receivable from affiliates | | | 36 | | | | | | — | | |

| | | | 2025 | | | | | | 2024 | | |

| Return of capital to parent | | | | | | | | | | | | | | | (55) | | | | | | | | | | | | (55) | | |

| December 31, 2025 | | | 21,294 | | | | | | $ | 424 | | | | | $ | 2,208 | | | | | $ | 974 | | | | | $ | 3,606 | |

| Depreciation | | | 408 | | | | | | 403 | | | | | | 392 | | |

| Other | | | 11 | | | | | | 5 | | | | | | 1 | | |

| Other | | | (4) | | | | | | (5) | | | | | | (4) | | |

| Debt issuance costs | | | (9) | | | | | | — | | | | | | (4) | | |

| | | | 2025 | | | | | | 2024 | | |

| Other | | | 26 | | | | | | 22 | | |

| | | | 2025 | | | | | | 2024 | | |

| Customer deposits | | | 41 | | | | | | 39 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Income from Continuing Operations After Income Taxes | | | 888 | | | | | | 740 | | | | | | 714 | | |

| Basic | | | | | | | | | | | | | | | | | |

| Income from Continuing Operations After Income Taxes | | | $ | 1.20 | | | | | $ | 1.00 | | | | | $ | 0.97 | |

| Income from Discontinued Operations (net of income taxes) | | | — | | | | | | — | | | | | | 0.06 | | |

| Diluted | | | | | | | | | | | | | | | | | |

| Income from Continuing Operations After Income Taxes | | | $ | 1.20 | | | | | $ | 1.00 | | | | | $ | 0.96 | |

| Loss on sale of Safari Holdings | | | — | | | | | | — | | | | | | 60 | | |

| Proceeds from sale of Safari Holdings, net of cash divested | | | — | | | | | | — | | | | | | 146 | | |

| Acquisition of Narragansett Electric, net of cash acquired | | | — | | | | | | — | | | | | | (3,660) | | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

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| December 31, 2021 | | | 735,112 | | | | | | $ | 8 | | | | | $ | 12,303 | | | | | $ | (1,003) | | | | | $ | 2,572 | | | | | $ | (157) | | | | | $ | — | | | | | | | | | | | $ | 13,723 | |

| Preferred stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (3) | | | | | | | | | | | | (3) | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| December 31, 2021 | | | 66,368 | | | | | | $ | 364 | | | | | $ | 4,254 | | | | | $ | 1,118 | | | | | $ | 5,736 | |

| Dividends declared on common stock | | | | | | | | | | | | | | | | | | | | | (340) | | | | | | (340) | | |

| Other investing activities | | | — | | | | | | — | | | | | | 11 | | |

| Other financing activities | | | — | | | | | | (5) | | | | | | — | | |

| December 31, 2021 | | | 21,294 | | | | | | $ | 424 | | | | | $ | 1,997 | | | | | $ | 658 | | | | | $ | 3,079 | |

| Other | | | (4) | | | | | | (2) | | | | | | 3 | | |

| Other | | | (5) | | | | | | (4) | | | | | | (3) | | |

| Defined benefit plans - funding | | | — | | | | | | — | | | | | | (1) | | |

| Other investing activities | | | — | | | | | | 6 | | | | | | — | | |

| Other financing activities | | | — | | | | | | (4) | | | | | | (1) | | |

| Other | | | 22 | | | | | | 12 | | |

| Short-term debt | | | $ | 140 | | | | | $ | 93 | |

| Taxes | | | 37 | | | | | | 32 | | |

| December 31, 2021 | | | 37,818 | | | | | | $ | 308 | | | | | $ | 2,957 | | | | | $ | 663 | | | | | $ | 3,928 | |

| Net income | | | | | | | | | | | | | | | | | | | | | 322 | | | | | | 322 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

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On March 17, 2021, PPL WPD Limited entered into a share purchase agreement to sell PPL's U.K. utility business, which prior to its sale substantially represented PPL's U.K. Regulated segment, to a subsidiary of National Grid plc.

The sale was completed on June 14, 2021.

The results of operations of the U.K. utility business are classified as Discontinued Operations on PPL's Statements of Income for 2022.

PPL has elected to separately report the cash flows of continuing and discontinued operations on the Statements of Cash Flows for 2022.

Unless otherwise noted, the notes to these financial statements exclude amounts related to discontinued operations.

The Registrants' principal executive officers and principal financial officers, based on their evaluation of the Registrants' disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934) have concluded that, as of December 31, [removed: 2024,] [added: 2025,] the Registrants' disclosure controls and procedures are effective to ensure that material information relating to the Registrants and their consolidated subsidiaries is recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms, particularly during the period for which this annual report has been prepared.

Based on our evaluation under the framework in "Internal Control - Integrated Framework" (2013), our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

Based on our evaluation under the framework in "Internal Control - Integrated Framework" (2013), management of these companies concluded that our internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

We have audited the internal control over financial reporting of PPL Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 13, 2025,] [added: 20, 2026,] expressed an unqualified opinion on those financial statements.

February 20, 2026

February 13, 2025

During the three months ended December 31, 2025, none of our directors or executive officers adopted, terminated or modified any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408 of Regulation S-K.

On November 26, 2024, Ms. Christine M.

Martin, President of PPL Electric, adopted a trading arrangement for the sale of shares of PPL’s common stock (a Rule 10b5-1 Trading Plan) that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934.

Ms. Martin’s Rule 10b5-1 Trading Plan, which terminates on the earlier of (i) June 30, 2025 and (ii) the date all trades specified under the plan have been executed or all orders under the plan have expired, provides for the sale of up to 2,160 shares of common stock of PPL, plus dividends on such shares prior to sale, pursuant to the terms of the plan.

Additional information required by this Item is incorporated by reference to, and will be contained in, our definitive proxy statement in the sections entitled: [removed: “Proposal] [added: "Proposal] 1: Election of [removed: Directors,” “Governance] [added: Directors," "Governance] of the Company – Board of [removed: Directors,” “Governance] [added: Directors," "Governance] of the Company – Board [removed: Committees,” “Delinquent] [added: Committees," "Delinquent] Section 16(a) [removed: Reports,”] [added: Reports,"] and [removed: “Governance] [added: "Governance] Policies Underpinning Our Compensation Framework [removed: -] [added: –] Insider Trading [removed: Policy.”] [added: Policy."] The proxy statement will be filed within 120 days after December 31, [removed: 2024;] [added: 2025;] accordingly, we have omitted the information from this Item pursuant to General Instruction G(3) of Form 10-K.

Listed below are the executive officers at December 31, [removed: 2024.][added: 2025.]

| Vincent Sorgi | | | | | | [removed: 53] [added: 54] | | | | | | President and Chief Executive Officer | | | | | | June 2020 - [removed: present] [added: Present] | | |

| Joseph P. Bergstein, Jr. | | | | | | [removed: 54] [added: 55] | | | | | | Executive Vice President and Chief Financial Officer | | | | | | April 2021 - [removed: present] [added: Present] | | |

| Dean A. Del Vecchio | | | | | | [removed: 58] [added: 59] | | | | | | Executive Vice President and Chief Technology & Innovation Officer | | | | | | February 2024 - [removed: present] [added: Present] | | |

| Angela K. Gosman | | | | | | [removed: 56] [added: 57] | | | | | | Executive Vice President and Chief Human Resources Officer | | | | | | January 2023 - [removed: present] [added: Present] | | |

| Wendy E. Stark | | | | | | [removed: 52] [added: 53] | | | | | | Executive Vice President-Utilities and Chief Legal Officer | | | | | | November 2024 - [removed: present] [added: Present] | | |

| [removed: Francis X. Sullivan] [added: David J. Bonenberger] | | | | | | [removed: 68] [added: 64] | | | | | | Executive Vice President and Chief Operating [removed: Officer] [added: Officer-Utilities] | | | | | | [removed: January 2023] [added: March 2025] - [removed: present] [added: Present] | | |

| J. Gregory Cornett (a) | | | | | | [removed: 54] [added: 55] | | | | | | President-RIE | | | | | | March 2024 - [removed: present] [added: Present] | | |

| John R. Crockett III (a) | | | | | | [removed: 60] [added: 61] | | | | | | President-LKE | | | | | | October 2021 - [removed: present] [added: Present] | | |

| Christine M. Martin (a) | | | | | | [removed: 52] [added: 53] | | | | | | President-PPL Electric | | | | | | September 2023 - [removed: present] [added: Present] | | |

| [removed: David J. Bonenberger (a)] | | | | | | [removed: 63] | | | | | | Senior Vice President and Chief Operating Officer-Utilities-PPL Services | | | | | | March 2024 - [removed: present] [added: March 2025] | | |

| Tadd J. Henninger | | | | | | [removed: 49] [added: 50] | | | | | | Senior Vice President-Finance and Treasurer | | | | | | January 2023 - [removed: present] [added: Present] | | |

| Marlene C. Beers | | | | | | [removed: 53] [added: 54] | | | | | | Vice President and Controller | | | | | | March 2019 - [removed: present] [added: Present] | | |

| Lonnie E. Bellar | | | | | | 61 | | | | | | Executive Vice President-Engineering, Construction and Generation | | | | | | March 2025 - Present | | |

| | | | | | | | | | | | | Senior Vice President-Engineering & Construction- PPL Services | | | | | | March 2024 – March 2025 | | |

| | | | | | | | | | | | | Chief Operating Officer-LKE | | | | | | March 2018 - March 2024 | | |

| | | | | | | | | | | | | President and Chief Operating Officer | | | | | | July 2019 - May 2020 | | |

| | | | | | | | | | | | | Director - Human Resources-LKE | | | | | | September 2016 - May 2020 | | |

| | | | | | | | | | | | | Vice President-Operations Performance-PPL Services | | | | | | October 2021 - December 2022 | | |

The information required by this Item is incorporated by reference to, and will be contained in, our definitive proxy statement in the sections entitled: [removed: “Governance] [added: "Governance] of the Company – Compensation of [removed: Directors,” “Executive] [added: Directors," "Executive] Compensation – People and Compensation Committee [removed: Report,” “Executive] [added: Report" "Executive] Compensation – Compensation Discussion and [removed: Analysis,” “Executive] [added: Analysis," "Executive] Compensation - Executive Compensation [removed: Tables,”] [added: Tables,"] and [removed: “Executive] [added: "Executive] Compensation – CEO Pay [removed: Ratio.”] [added: Ratio."] The proxy statement will be filed within 120 days after December 31, [removed: 2024;] [added: 2025;] accordingly, we have omitted the information from this Item pursuant to General Instruction G(3) of Form 10-K.

Additional information required by this Item is incorporated by reference to, and will be contained in, our definitive proxy statement in the section entitled: "Stock Ownership." The proxy statement will be filed within 120 days after December 31, [removed: 2024;] [added: 2025;] accordingly, we have omitted the information from this Item pursuant to General Instruction G(3) of Form 10-K.

In addition, provided below in tabular format is information as of December 31, [removed: 2024,] [added: 2025,] with respect to compensation plans (including individual compensation arrangements) under which equity securities of PPL are authorized for issuance.

| Equity compensation | | | | | | | | | | | | | | | [removed: 1,092,065] [added: 1,010,182] | | | – DDCP | | |

| plans approved by | | | | | | | | | | | | | | | [removed: 6,806,285] [added: 5,556,839] | | | – SIP | | |

| security holders (1) | | | | | | | | | | | | | | | [removed: 425,338] [added: 559,780] | | | – ICPKE | | |

(3)As of December 31, [removed: 2024,] [added: 2025,] there were [removed: 4,197,595] [added: 4,189,745] stock awards outstanding under the plans.

| | | | | | | | | | | | | | | | 7,126,801 | | | – Total | | |

The following stock awards are outstanding under the SIP, ICPKE and DDCP: 1,354,533 restricted stock units, 983,384 TSR performance awards, 510,343 EG performance awards and 510,343 LTS performance awards under the SIP; 768 restricted stock units under the ICPKE; and 830,374 stock units under the DDCP.

| | | | | | | | | | | | | | | | 8,323,688 | | | – Total | | |

The following stock awards are outstanding under the SIP, ICPKE and DDCP: 1,183,738 restricted stock units, 844,985 TSR performance awards, 446,503 EG performance awards and 446,503 ESG performance awards under the SIP; 335,998 restricted stock units 87,024 TSR performance awards, 3,581 ROE performance awards, 50,386 EG performance awards and 50,386 ESG performance awards under the ICPKE; and 748,491 stock units under the DDCP.

The information required by this Item is incorporated by reference to, and will be contained in, our definitive proxy statement in the sections entitled: [removed: “Governance] [added: "Governance] of the Company – Board of [removed: Directors”] [added: Directors"] and [removed: “Transactions] [added: "Transactions] with Related [removed: Persons.”] [added: Persons."] The proxy statement will be filed within 120 days after December 31, [removed: 2024;] [added: 2025;] accordingly, we have omitted the information from this Item pursuant to General Instruction G(3) of Form 10-K.

The information required by this Item is incorporated by reference to, and will be contained in, our definitive proxy statement in the section entitled: "Proposal 3: Ratification of the Appointment of Independent Registered Public Accounting Firm -- Fees to Independent Auditor for [removed: 2024] [added: 2025] and [removed: 2023."] [added: 2024."] The proxy statement will be filed within 120 days after December 31, [removed: 2024;] [added: 2025;] accordingly, we have omitted the information from this Item pursuant to General Instruction G(3) of Form 10-K.

For the fiscal years ended [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] Deloitte & Touche LLP (Deloitte) served as PPL Electric's independent auditor.

| Audit fees (a) | | | $ | [removed: 1,302] [added: 1,412] | | | | | $ | [removed: 1,390] [added: 1,302] | |

| Audit-related fees (b) | | | 21 | | | | | | [removed: 17] [added: 21] | | |

For the fiscal years ended [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] Deloitte served as LG&E's independent auditor.

| Audit fees (a) | | | $ | [removed: 903] [added: 943] | | | | | $ | [removed: 1,189] [added: 903] | |

For the fiscal years ended [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] Deloitte served as KU's independent auditor.

| Audit fees (a) | | | | | | $ | [removed: 1,053] [added: 1,181] | | | | | $ | [removed: 1,175] [added: 1,053] | |

The Audit Committee of PPL approved 100% of the [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] services provided by Deloitte.

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

| | | | | | | 2025 | | | | | | 2024 | | |

| | | | 2024 | | | | | | 2023 | | |

| | | | | | | 2024 | | | | | | 2023 | | |

Annual Meeting: The [removed: 2025] [added: 2026] annual meeting of shareowners of PPL will be held on [removed: Friday,] [added: Wednesday,] May [removed: 16, 2025] [added: 13, 2026] in a virtual meeting format.

Proxy Statement Material: A proxy statement and notice of PPL's annual meeting will be provided to all shareowners who are holders of record as of March 4, [removed: 2025.][added: 2026.]

PPL Annual Report: The report will be published in the beginning of April and will be provided to all shareowners who are holders of record as of March 4, [removed: 2025.][added: 2026.]

The [removed: 2025] [added: 2026] record dates for dividends are expected to be March 10, June 10, September 10 and December 10.

| [removed: [4(b)-2](https://www.sec.gov/Archives/edgar/data/922224/000119312512270630/d367056dex4b.htm)] [added: [4(b](https://www.sec.gov/Archives/edgar/data/922224/000092222416000153/exhibit4b.htm)[)-5](https://www.sec.gov/Archives/edgar/data/922224/000092222416000153/exhibit4b.htm)] | | | \- | | | Supplemental Indenture No. [removed: 8,] [added: 15,] dated as of [removed: June 14, 2012,] [added: May 17, 2016,] to said Indenture (Exhibit 4(b) to PPL Corporation Form 8-K Report (File No. 1-11459) dated [removed: June 14, 2012)] [added: May 17, 2016)] | | |

| [removed: [4(b)-3](https://www.sec.gov/Archives/edgar/data/922224/000095010312005455/dp33560_ex04b.htm)] [added: [4(b)](https://www.sec.gov/Archives/edgar/data/922224/000119312517280055/d448362dex4b.htm)[\-6](https://www.sec.gov/Archives/edgar/data/922224/000119312517280055/d448362dex4b.htm)] | | | \- | | | Supplemental Indenture No. [removed: 9,] [added: 16,] dated as of [removed: October 15, 2012,] [added: September 8, 2017,] to said Indenture (Exhibit 4(b) to PPL Corporation Form 8-K Report (File No. 1-11459) dated [removed: October 15, 2012)] [added: September 6, 2017)] | | |

| [removed: [4(b)-4](https://www.sec.gov/Archives/edgar/data/922224/000119312513235277/d543420dex42.htm)] [added: [4(b)](https://www.sec.gov/Archives/edgar/data/922224/000119312513235277/d543420dex44.htm)[\-2](https://www.sec.gov/Archives/edgar/data/922224/000119312513235277/d543420dex44.htm)] | | | \- | | | Supplemental Indenture No. [removed: 10,] [added: 12,] dated as of May 24, 2013, to said Indenture (Exhibit [removed: 4.2] [added: 4.4] to PPL Corporation Form 8-K Report (File No. 1-11459) dated May 24, 2013) | | |

| [removed: [4(b)-5](https://www.sec.gov/Archives/edgar/data/922224/000119312513235277/d543420dex43.htm)] [added: [4(b)](https://www.sec.gov/Archives/edgar/data/922224/000119312514091265/d689661dex43.htm)[\-4](https://www.sec.gov/Archives/edgar/data/922224/000119312514091265/d689661dex43.htm)] | | | \- | | | Supplemental Indenture No. [removed: 11,] [added: 14,] dated as of [removed: May 24, 2013,] [added: March 10, 2014,] to said Indenture (Exhibit 4.3 to PPL Corporation Form 8-K Report (File No. 1-11459) dated [removed: May 24, 2013)] [added: March 10, 2014)] | | |

| [removed: [4(b)-6](https://www.sec.gov/Archives/edgar/data/922224/000119312513235277/d543420dex44.htm)] [added: [4(b)](https://www.sec.gov/Archives/edgar/data/922224/000092222420000019/exhibit4b.htm)[\-7](https://www.sec.gov/Archives/edgar/data/922224/000092222420000019/exhibit4b.htm)] | | | \- | | | Supplemental Indenture No. [removed: 12,] [added: 17,] dated as of [removed: May 24, 2013,] [added: April 1, 2020,] to said Indenture (Exhibit [removed: 4.4] [added: 4(b)] to PPL Corporation Form 8-K Report (File No. 1-11459) dated [removed: May 24, 2013)] [added: April 3, 2020)] | | |

| [removed: [4(b)-7](https://www.sec.gov/Archives/edgar/data/922224/000119312514091265/d689661dex42.htm)] [added: [4(b)](https://www.sec.gov/Archives/edgar/data/922224/000119312514091265/d689661dex42.htm)[\-3](https://www.sec.gov/Archives/edgar/data/922224/000119312514091265/d689661dex42.htm)] | | | \- | | | Supplemental Indenture No. 13, dated as of March 10, 2014, to said Indenture (Exhibit 4.2 to PPL Corporation Form 8-K Report (File No. 1-11459) dated March 10, 2014) | | |

| [removed: [4(b)-8](https://www.sec.gov/Archives/edgar/data/922224/000119312514091265/d689661dex43.htm)] [added: [4(c)-](https://www.sec.gov/Archives/edgar/data/317187/000092222423000018/ppl03022023ex4a.htm)[17](https://www.sec.gov/Archives/edgar/data/317187/000092222423000018/ppl03022023ex4a.htm)] | | | \- | | | Supplemental Indenture No. [removed: 14,] [added: 24,] dated as of March [removed: 10, 2014,] [added: 1, 2023,] to said Indenture (Exhibit [removed: 4.3] [added: 4(a)] to PPL Corporation Form 8-K Report (File No. 1-11459) dated March [removed: 10, 2014)] [added: 2, 2023)] | | |