2026 Earnings Guidance and Outlook

In conjunction with today's earnings announcement, PPL provided a 2026 earnings forecast range of $1.90 to $1.98 per share. The midpoint, $1.94 per share, represents a 7.2% increase over the company's 2025 actual ongoing earnings results of $1.81 per share.

PPL also extended its 6% to 8% annual EPS growth target through 2029. The company expects to achieve compound annual growth near the top end of its targeted range through at least 2029 off of 2025 actual ongoing earnings of $1.81 per share, with stronger growth beginning in 2027 and continuing through 2029.

In addition, the company updated its capital investment plan to $23 billion from 2026 through 2029, compared to the prior plan of $20 billion from 2025 to 2028. These investments are expected to result in approximately 10.3% average annual rate base growth through 2029. The company is targeting approximately $5.1 billion in infrastructure investments in 2026, including investments to construct generation in Kentucky, expand transmission networks to support new data centers, and further improve transmission and distribution safety and reliability in both the electricity and natural gas businesses across all of its service territories.

PPL's updated plan does not include earnings contributions or capital investments from the company's joint venture with Blackstone Infrastructure. Depending on the timing of signed energy services agreements and the generation mix selected by these hyperscalers, the joint venture could potentially deliver earnings to PPL in the back end of the plan period, with such earnings being upside to the updated plan announced today.

To support the significant capital needs over the updated business plan, PPL projects approximately $3 billion of equity needs from 2026 through 2029. Approximately $1 billion of these needs have already been executed through forward sales agreements during 2025, with the remaining $2 billion to be addressed over the plan period. The company continues to project a Funds from Operations (FFO)/Cash Flow from Operations (CFO) to debt ratio of 16% to 18% throughout its updated plan period.