Overview

• U.S. utility's Q1 ongoing EPS rose to $0.63 from $0.60 a year ago

• Company reaffirmed 2026 ongoing EPS forecast and long-term annual growth targets

• Kentucky segment earnings rose on higher retail rates, offset by lower sales and higher costs

Outlook

• PPL reaffirms 2026 ongoing EPS guidance of $1.90 to $1.98, midpoint $1.94

• Company maintains annual EPS growth target of 6% to 8% through at least 2029

• PPL expects compound annual growth near top end of target range through 2029

Result Drivers

• KENTUCKY RETAIL RATES - Higher retail rates in Kentucky boosted segment earnings, partially offset by lower sales volumes, higher operating costs, depreciation, and interest expense

• PENNSYLVANIA TRANSMISSION REVENUE - Higher transmission revenue from capital investments offset by increased operating costs, depreciation, and interest expense kept segment earnings flat

• RHODE ISLAND RIDER REVENUE - Higher rider revenue in Rhode Island was offset by higher depreciation, resulting in flat ongoing segment earnings

Company press release: ID:nPn22HnQba

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		$0.60
Q1 Net Income		$452 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the multiline utilities peer group is "buy"

• Wall Street's median 12-month price target for PPL Corp is $42.00, about 14.2% above its May 7 closing price of $36.77

• The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 19 three months ago

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