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XX. Summary of Significant Accounting Policies

(All Registrants)

The following accounting policy disclosures represent updates to Note 1 in each Registrant's 2024 Form 10-K and should be read in conjunction with those disclosures.

Restricted Cash and Cash Equivalents (PPL)

Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the Balance Sheets that sum to the total of the same amounts shown on the Statements of Cash Flows:


	PPL
	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	1,102	$	306
Restricted cash - current (a)	42		1
Total Cash, Cash Equivalents and Restricted Cash	$	1,144	$	307

(a)Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash. On the Balance Sheets, the current portion of restricted cash is included in "Other current assets."


	PPL
	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	1,102	$	306
Restricted cash - current (a)	42		1
Total Cash, Cash Equivalents and Restricted Cash	$	1,144	$	307

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30, 2025

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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from _________ to ___________


Commission File Number	Registrant; State of Incorporation; Address and Telephone Number	IRS Employer Identification No.

1-11459	PPL Corporation (Exact name of Registrant as specified in its charter) Pennsylvania 645 Hamilton Street Allentown, PA 18101 (610) 774-5151	23-2758192

1-905	PPL Electric Utilities Corporation (Exact name of Registrant as specified in its charter) Pennsylvania 827 Hausman Road Allentown, PA 18104-9392 (610) 774-5151	23-0959590


1-2893	Louisville Gas and Electric Company (Exact name of Registrant as specified in its charter) Kentucky 820 West Broadway Louisville, KY 40202 (502) 627-2000	61-0264150

1-3464	Kentucky Utilities Company (Exact name of Registrant as specified in its charter) Kentucky and Virginia One Quality Street Lexington, KY 40507-1462 (502) 627-2000	61-0247570

Table of Contents

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s):	Name of each exchange on which registered
Common Stock of PPL Corporation	PPL	New York Stock Exchange

Junior Subordinated Notes of PPL Capital Funding, Inc.
2007 Series A due 2067	PPL/67	New York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.

PPL Corporation

Yes

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PPL Electric Utilities Corporation

Yes

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Louisville Gas and Electric Company

Yes

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Kentucky Utilities Company

Yes

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Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files).

PPL Corporation

Yes

☒

☐

PPL Electric Utilities Corporation

Yes

☒

☐

Louisville Gas and Electric Company

Yes

☒

☐

Kentucky Utilities Company

Yes

☒

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Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies or emerging growth companies. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated
filer

Accelerated
filer

Non-accelerated
filer

Smaller reporting
company

Emerging growth company

PPL Corporation

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☐

PPL Electric Utilities Corporation

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☒

☐

Louisville Gas and Electric Company

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☒

☐

Kentucky Utilities Company

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☒

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If emerging growth companies, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

PPL Corporation

☐

PPL Electric Utilities Corporation

☐

Louisville Gas and Electric Company

☐

Kentucky Utilities Company

☐

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).

PPL Corporation

Yes

☐

☒

PPL Electric Utilities Corporation

Yes

☐

☒

Louisville Gas and Electric Company

Yes

☐

☒

Kentucky Utilities Company

Yes

☐

☒

Table of Contents

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

PPL Corporation Common stock, $0.01 par value, 739,739,177 shares outstanding at October 31, 2025.

PPL Electric Utilities Corporation Common stock, no par value, 66,368,056 shares outstanding and all held by PPL Energy Holdings LLC, a wholly-owned, indirect subsidiary of PPL Corporation, at October 31, 2025.

Louisville Gas and Electric Company Common stock, no par value, 21,294,223 shares outstanding and all held by LG&E and KU Energy LLC, a wholly-owned, indirect subsidiary of PPL Corporation, at October 31, 2025.

Kentucky Utilities Company Common stock, no par value, 37,817,878 shares outstanding and all held by LG&E and KU Energy LLC, a wholly-owned, indirect subsidiary of PPL Corporation, at October 31, 2025.

This document is available free of charge at the Investors section of PPL Corporation's website at www.pplweb.com. However, other information on this website does not constitute a part of this Form 10-Q.

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PPL CORPORATION

PPL ELECTRIC UTILITIES CORPORATION

LOUISVILLE GAS AND ELECTRIC COMPANY

KENTUCKY UTILITIES COMPANY

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2025

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This combined Form 10-Q is separately filed by the following Registrants in their individual capacity: PPL Corporation, PPL Electric Utilities Corporation, Louisville Gas and Electric Company and Kentucky Utilities Company. Information contained herein relating to any individual Registrant is filed by such Registrant solely on its own behalf, and no Registrant makes any representation as to information relating to any other Registrant, except that information under "Forward-Looking Information" relating to subsidiaries of PPL Corporation is also attributed to PPL Corporation.

Unless otherwise specified, references in this Form 10-Q, individually, to PPL Corporation, PPL Electric Utilities Corporation, Louisville Gas and Electric Company and Kentucky Utilities Company are references to such entities directly or to one or more of their subsidiaries, as the case may be, the financial results of which subsidiaries are consolidated into such Registrants' financial statements in accordance with GAAP. This presentation has been applied where identification of particular subsidiaries is not material to the matter being disclosed, and to conform narrative disclosures to the presentation of financial information on a consolidated basis.


				Page
GLOSSARY OF TERMS AND ABBREVIATIONS				i
FORWARD-LOOKING INFORMATION				1
PART I. FINANCIAL INFORMATION
	Item 1. Financial Statements
		PPL Corporation and Subsidiaries
			Condensed Consolidated Statements of Income	3
			Condensed Consolidated Statements of Comprehensive Income	4
			Condensed Consolidated Statements of Cash Flows	5
			Condensed Consolidated Balance Sheets	6
			Condensed Consolidated Statements of Equity	8
		PPL Electric Utilities Corporation and Subsidiaries
			Condensed Consolidated Statements of Income	10
			Condensed Consolidated Statements of Cash Flows	11
			Condensed Consolidated Balance Sheets	12
			Condensed Consolidated Statements of Equity	14
		Louisville Gas and Electric Company
			Condensed Statements of Income	16
			Condensed Statements of Cash Flows	17
			Condensed Balance Sheets	18
			Condensed Statements of Equity	20
		Kentucky Utilities Company
			Condensed Statements of Income	22
			Condensed Statements of Cash Flows	23
			Condensed Balance Sheets	24
			Condensed Statements of Equity	26

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	Combined Notes to Condensed Financial Statements (Unaudited)
		Index to Combined Notes to Condensed Financial Statements		27
		1. Interim Financial Statements		27

		2. Segment and Related Information		28
		3. Revenue from Contracts with Customers		31
		4. Earnings Per Share		35
		5. Income Taxes		37
		6. Utility Rate Regulation		38
		7. Financing Activities		45
		8. Acquisitions, Developments and Divestitures		47

		9. Defined Benefits		48
		10. Commitments and Contingencies		49
		11. Related Party Transactions		54
		12. Other Income (Expense) - net		55
		13. Fair Value Measurements		56
		14. Derivative Instruments and Hedging Activities		59

		15. Asset Retirement Obligations		65
		16. Accumulated Other Comprehensive Income (Loss)		66
		17. New Accounting Guidance Pending Adoption		67
	Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations
		Overview		68
			Introduction	68
			Business Strategy	70
			Financial and Operational Developments	70
		Results of Operations		75
			PPL Corporation and Subsidiaries - Statement of Income Analysis and Segment Earnings	76
			PPL Electric Utilities Corporation and Subsidiaries - Statement of Income Analysis	85
			Louisville Gas and Electric Company - Statement of Income Analysis	87
			Kentucky Utilities Company - Statement of Income Analysis	89
		Financial Condition		90
			Liquidity and Capital Resources	90
			Risk Management	95

			Related Party Transactions	96
			Acquisitions, Development and Divestitures	96

			Environmental Matters	97
		New Accounting Guidance		98
		Application of Critical Accounting Policies		99
	Item 3. Quantitative and Qualitative Disclosures About Market Risk			100
	Item 4. Controls and Procedures			100
PART II. OTHER INFORMATION
	Item 1. Legal Proceedings			100
	Item 1A. Risk Factors			100

	Item 4. Mine Safety Disclosures			100
	Item 5. Other Information			101
	Item 6. Exhibits			102
SIGNATURES				103
CERTIFICATES OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
CERTIFICATES OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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GLOSSARY OF TERMS AND ABBREVIATIONS

PPL Corporation and its subsidiaries

CEP Reserves - CEP Reserves Inc., a cash management subsidiary of PPL that maintains cash reserves for the balance sheet management of PPL and certain subsidiaries.

KU - Kentucky Utilities Company, a public utility subsidiary of LKE engaged in the regulated generation, transmission, distribution and sale of electricity, primarily in Kentucky.

LG&E - Louisville Gas and Electric Company, a public utility subsidiary of LKE engaged in the regulated generation, transmission, distribution and sale of electricity and the distribution and sale of natural gas in Kentucky.

LKE - LG&E and KU Energy LLC, a subsidiary of PPL and the parent of LG&E, KU and other subsidiaries.

LKS - LG&E and KU Services Company, a subsidiary of LKE that provides administrative, management and support services primarily to LG&E and KU, as well as to LKE and its other subsidiaries.

Narragansett Electric - The Narragansett Electric Company, an entity that serves electric and natural gas customers in Rhode Island. 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. Narragansett Electric is sometimes referred to as Rhode Island Energy or RIE.

PPL - PPL Corporation, the ultimate parent holding company of PPL Electric, PPL Energy Funding, PPL Capital Funding, LKE, RIE and other subsidiaries.

PPL Capital Funding - PPL Capital Funding, Inc., a financing subsidiary of PPL that provides financing for the operations of PPL and certain subsidiaries. Debt issued by PPL Capital Funding is fully and unconditionally guaranteed as to payment by PPL.

PPL Electric - PPL Electric Utilities Corporation, a public utility subsidiary of PPL engaged in the regulated transmission and distribution of electricity in its Pennsylvania service area and that provides electricity supply to its retail customers in this area as a PLR.

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

PPL Energy Holdings - PPL Energy Holdings, LLC, a subsidiary of PPL and the parent holding company of PPL Energy Funding, LKE, PPL Electric, PPL Rhode Island Holdings, PPL Services 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 Rhode Island Holdings - PPL Rhode Island Holdings, LLC, a subsidiary of PPL Energy Holdings formed for the purpose of acquiring Narragansett Electric to which certain interests of PPL Energy Holdings in the Narragansett Stock Purchase Agreement were assigned.

PPL Services - PPL Services Corporation, a subsidiary of PPL that provides administrative, management and support services to PPL and its subsidiaries.

PPL WPD Limited - PPL WPD Limited, a U.K. subsidiary of PPL Global. Prior to the sale of the U.K. utility business on June 14, 2021, PPL WPD Limited was an indirect parent to WPD. PPL WPD Limited was not included in the sale of the U.K. utility business on June 14, 2021.

RIE - Rhode Island Energy, the name under which Narragansett Electric provides gas and electric services to customers in Rhode Island.

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Other terms and abbreviations

£ - British pound sterling.

2024 Form 10-K - Annual Report to the SEC on Form 10-K for the year ended December 31, 2024.

Act 11 - Act 11 of 2012 that became effective on April 16, 2012. The Pennsylvania legislation authorized the PAPUC to approve two specific ratemaking mechanisms: the use of a fully projected future test year in base rate proceedings and, subject to certain conditions, a DSIC.

AFUDC - allowance for funds used during construction. The cost of equity and debt funds used to finance construction projects of regulated businesses, which is capitalized as part of construction costs.

AOCI - accumulated other comprehensive income or loss.

ARO - asset retirement obligation.

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

Bcf - billion cubic feet. A unit of measure commonly used in quoting volumes of natural gas.

CCR(s) - coal combustion residual(s). CCRs include fly ash, bottom ash and sulfur dioxide scrubber wastes.

Clean Air Act - federal legislation enacted to address certain environmental issues related to air emissions, including acid rain, ozone and toxic air emissions.

CPCN - Certificate of Public Convenience and Necessity. Authority granted by the KPSC pursuant to Kentucky Revised Statute 278.020 to provide utility service to or for the public or the construction of certain plant, equipment, property or facilities for furnishing of utility service to the public. A CPCN is required for any capital addition, subject to KPSC jurisdiction, in excess of $100 million.

Customer Choice Act - the Pennsylvania Electricity Generation Customer Choice and Competition Act, legislation enacted to restructure the state's electric utility industry to create retail access to a competitive market for generation of electricity.

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

DSIC - Distribution System Improvement Charge. Authorized under Act 11, which is an alternative ratemaking mechanism providing more-timely cost recovery of qualifying distribution system capital expenditures.

DSM - Demand Side Management. Pursuant to Kentucky Revised Statute 278.285, the KPSC may determine the reasonableness of DSM programs proposed by any utility under its jurisdiction. DSM programs consist of energy efficiency programs intended to reduce peak demand and delay the investment in additional power plant construction, provide customers with tools and information regarding their energy usage and support energy efficiency.

Earnings from Ongoing Operations - a non-GAAP financial measure of earnings adjusted for the impact of special items and used in "Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" (MD&A).

ECR - Environmental Cost Recovery. Pursuant to Kentucky Revised Statute 278.183, Kentucky electric utilities are entitled to the current recovery of costs of complying with the Clean Air Act, as amended, and those federal, state or local environmental requirements that apply to coal combustion wastes and byproducts from the production of energy from coal.

ELG(s) - Effluent Limitation Guidelines, regulations promulgated by the EPA.

Environmental Response Fund - Established in RIPUC Docket No. 2930. Created to satisfy remedial and clean-up obligations of RIE arising from the past ownership and/or operation of manufactured gas plants and sites associated with the operation and disposal activities of such gas plants.

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EPA - Environmental Protection Agency, a U.S. government agency.

EPS - earnings per share.

FERC - Federal Energy Regulatory Commission, the U.S. federal agency that regulates, among other things, interstate transmission and wholesale sales of electricity, hydroelectric power projects and related matters.

FY - fiscal year.

GAAP - Generally Accepted Accounting Principles in the U.S.

GHG(s) - greenhouse gas(es).

If-Converted Method - A method applied to calculate diluted EPS for a company with outstanding convertible debt. This method generally adds back the interest charges, net of tax, of the debt to net income and the convertible debt is assumed to have been converted to equity at the beginning of the period, and the resulting common shares are treated as outstanding shares for diluted EPS calculations.

IRA - Inflation Reduction Act, a U.S. federal law, which aims to curb inflation by possibly reducing the federal government budget deficit, lowering prescription drug prices, and investing in domestic energy production while promoting clean energy.

IRS - Internal Revenue Service, a U.S. government agency.

ISO - Independent System Operator.

ISR - Infrastructure, safety and reliability.

KPSC - Kentucky Public Service Commission, the state agency that has jurisdiction over the regulation of rates and service of utilities in Kentucky.

Moody's - Moody's Investors Service, Inc., a credit rating agency.

MW - megawatt, one thousand kilowatts.

NAAQS - National Ambient Air Quality Standards periodically adopted pursuant to the Clean Air Act.

National Grid USA - National Grid USA is a wholly-owned subsidiary of National Grid plc, a British multinational electricity and gas utility company headquartered in London, England.

NERC - North American Electric Reliability Corporation.

NGCC - Natural gas combined cycle.

NPNS - the normal purchases and normal sales exception as permitted by derivative accounting rules. Derivatives that qualify for this exception may receive accrual accounting treatment.

OCI - other comprehensive income or loss.

OVEC - Ohio Valley Electric Corporation, located in Piketon, Ohio, an entity in which LG&E owns a 5.63% interest and KU owns a 2.50% interest, which are recorded at cost. OVEC owns and operates two coal-fired power plants, the Kyger Creek plant in Ohio and the Clifty Creek plant in Indiana, with combined capacities of 2,120 MW.

PAPUC - Pennsylvania Public Utility Commission, the state agency that regulates certain ratemaking, services, accounting and operations of Pennsylvania utilities.

PHMSA - Pipeline and Hazardous Materials Safety Administration.

iii

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PJM - PJM Interconnection, L.L.C., operator of the electricity transmission network and electricity energy market in all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia.

PLR - Provider of Last Resort, the role of PPL Electric in providing default electricity supply within its delivery area to retail customers who have not chosen to select an alternative electricity supplier under the Customer Choice Act.

PP&E - property, plant and equipment.

RAR - Retired Asset Recovery rider, established by KPSC orders in 2021 to provide for recovery of and return on the remaining investment in certain electric generating units upon their retirement over a ten-year period following retirement.

Registrant(s) - refers to the Registrants named on the cover of this Form 10-Q (each a "Registrant" and collectively, the "Registrants").

Regulation S-X - SEC regulation governing the form and content of and requirements for financial statements required to be filed pursuant to the federal securities laws.

RIPUC - Rhode Island Public Utilities Commission, a three-member quasi-judicial tribunal with jurisdiction, powers, and duties to implement and enforce the standards of conduct under R.I. Gen. Laws § 39-1-27.6 and to hold investigations and hearings involving the rates, tariffs, tolls, and charges, and the sufficiency and reasonableness of facilities and accommodations of public utilities.

Rhode Island Division of Public Utilities and Carriers - the Rhode Island Division of Public Utilities and Carriers, which is headed by an Administrator who is not a Commissioner of the RIPUC, exercises the jurisdiction, supervision, power, and duties not specifically assigned to the RIPUC.

ROE - Return on equity.

Safari Energy - Safari Energy, LLC, which was, prior to the sale of Safari Holdings on November 1, 2022, a subsidiary of Safari Holdings that provided solar energy solutions for commercial customers in the U.S.

Safari Holdings - Safari Holdings, LLC, which was, prior to its sale on November 1, 2022, a subsidiary of PPL and parent holding company of Safari Energy.

Sarbanes-Oxley - Sarbanes-Oxley Act of 2002, which sets requirements for management's assessment of internal controls for financial reporting. It also requires an independent auditor to make its own assessment.

Scrubber - an air pollution control device that can remove particulates and/or gases (primarily sulfur dioxide) from exhaust gases.

SEC - the U.S. Securities and Exchange Commission, a U.S. government agency primarily responsible to protect investors and maintain the integrity of the securities markets.

SOFR - Secured Overnight Financing Rate, a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.

S&P - S&P Global Ratings, a credit rating agency.

Superfund - federal environmental statute that addresses remediation of contaminated sites; states also have similar statutes.

TCJA - Tax Cuts and Jobs Act. Comprehensive U.S. federal tax legislation enacted on December 22, 2017.

Treasury Stock Method - a method applied to calculate diluted EPS that assumes any proceeds that could be obtained upon exercise of options and warrants (and their equivalents) would be used to purchase common stock at the average market price during the relevant period.

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U.K. utility business - PPL WPD Investments Limited and its subsidiaries, including, notably, WPD plc and the four distribution network operators, which substantially represented PPL's U.K. Regulated segment. The U.K. utility business was sold on June 14, 2021.

VEBA - Voluntary Employee Beneficiary Association, a tax-exempt trust under the Internal Revenue Code Section 501(c)(9) used by employers to fund and pay eligible medical, life and similar benefits.

VSCC - Virginia State Corporation Commission, the state agency that has jurisdiction over the regulation of Virginia corporations, including utilities.

WPD - Prior to the sale of the U.K. utility business on June 14, 2021, refers to PPL WPD Investments Limited and its subsidiaries. WPD was included in the sale of the U.K. utility business on June 14, 2021.

WPD plc - Western Power Distribution plc, prior to the sale of the U.K utility business, a U.K. indirect subsidiary of PPL WPD Limited. Its principal indirectly owned subsidiaries are WPD (East Midlands), WPD (South Wales), WPD (South West) and WPD (West Midlands). WPD plc was included in the sale of the U.K. utility business on June 14, 2021.

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Forward-looking Information

Statements contained in this Form 10-Q concerning expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical fact are "forward-looking statements" within the meaning of the federal securities laws. Although the Registrants believe that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations will prove to be correct. Forward-looking statements are subject to many risks and uncertainties, and actual results may differ materially from the results discussed in forward-looking statements. In addition to the specific factors discussed in each Registrant's 2024 Form 10-K and in "Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Form 10-Q, the following are among the important factors that could cause actual results to differ materially and adversely from the forward-looking statements:

•weather and other conditions affecting generation, transmission and distribution operations, operating costs and customer energy use;

•strategic acquisitions, dispositions, joint-ventures or similar transactions and our ability to consummate these business transactions, integrate the acquired entities or realize expected benefits from them;

•pandemic health events or other catastrophic events such as wildfires, earthquakes, explosions, floods, droughts, tornadoes, hurricanes and other extreme weather-related events (including events potentially caused or exacerbated by climate change) and their impact on economic conditions, financial markets and supply chains;

•capital market conditions, including the availability of capital, credit or insurance, changes in interest rates and certain economic indices, and decisions regarding capital structure;

•volatility in or the impact of other changes in financial markets, commodity prices and economic conditions, including inflation;

•the outcome of rate cases or other cost recovery, revenue or regulatory proceedings;

•the direct or indirect effects on PPL or its subsidiaries or business systems of cyber-based intrusion or the threat of cyberattacks;

•development, adoption and use of artificial intelligence by us, our customers and our third-party vendors;

•the effect of existing tariffs, the establishment of additional tariffs, or subsequent changes to tariffs once announced or implemented, on the cost or availability of imported goods;

•significant changes in the demand for electricity;

•expansion of alternative and distributed sources of electricity generation and storage;

•the effectiveness of our risk management programs, including commodity and interest rate hedging;

•defaults by counterparties or suppliers for energy, capacity, coal, natural gas or key commodities, goods or services;

•a material decline in the market value of PPL's equity;

•significant decreases in the fair value of debt and equity securities and their impact on the value of assets in defined benefit plans, and the related cash funding requirements if the fair value of those assets decline;

•interest rates and their effect on pension and retiree medical liabilities, ARO liabilities, interest payable on certain debt securities, and the general economy;

•the potential impact of any unrecorded commitments and liabilities of the Registrants and their subsidiaries;

•new accounting requirements or new interpretations or applications of existing requirements;

•adverse changes in the corporate credit ratings or securities analyst rankings of the Registrants and their securities;

•any requirement to record impairment charges pursuant to GAAP with respect to any of our significant investments;

•laws or regulations to reduce emissions of GHGs or the physical effects of climate change;

•the availability of electricity and natural gas, and any consequences of a perceived or actual inability to serve demand reliably;

•continuing ability to access fuel supply for LG&E and KU, as well as the ability to recover fuel costs and environmental expenditures in a timely manner at LG&E and KU and natural gas supply costs at LG&E and RIE;

•war, armed conflicts, terrorist attacks, or similar disruptive events, including the ongoing conflicts in Ukraine and the Middle East;

•changes in political, regulatory or economic conditions in states or regions where the Registrants or their subsidiaries conduct business;

•the ability to obtain necessary governmental permits and approvals;

•changes in state or federal tax laws or regulations;

•changes in state, federal or foreign legislation or regulatory developments;

•the impact of any state, federal or foreign investigations applicable to the Registrants, their subsidiaries or the energy industry;

•our ability to attract and retain qualified employees;

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•the effect of changing expectations and demands of our customers, regulators, investors and stakeholders, including differing views on environmental, social and governance concerns;

•the effect of any business or industry restructuring;

•the ability to control costs and avoid cost and schedule overruns during the development, construction and operation of significant projects, including generation and battery storage facilities and IT infrastructure;

•development of new projects, markets and technologies;

•performance of new ventures;

•collective labor bargaining negotiations and labor costs;

•risks related to wildfires, including costs of potential regulatory penalties and other liabilities, and the cost and availability of insurance and damages in excess of insurance liability coverage; and

•the outcome of litigation involving the Registrants and their subsidiaries.

Any forward-looking statements should be considered in light of these important factors and in conjunction with other documents of the Registrants on file with the SEC.

New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for the Registrants to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. Any forward-looking statement speaks only as of the date on which such statement is made, and the Registrants undertake no obligation to update the information contained in the statement to reflect subsequent developments or information.

Investors should note that PPL announces material financial information in SEC filings, press releases and public conference calls. In accordance with SEC guidelines, PPL also uses the Investors section of its website, www.pplweb.com, to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on PPL's website is not part of this document.

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PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

PPL Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars, except share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating Revenues	$	2,239	$	2,066	$	6,768	$	6,251

Operating Expenses
Operation
Fuel	231		207		657		597
Energy purchases	422		338		1,369		1,133
Other operation and maintenance	586		681		1,798		1,930
Depreciation	331		322		977		957
Taxes, other than income	100		90		314		271
Total Operating Expenses	1,670		1,638		5,115		4,888

Operating Income	569		428		1,653		1,363

Other Income (Expense) - net (Note 12)	39		32		90		86

Interest Expense	210		188		599		549

Income Before Income Taxes	398		272		1,144		900

Income Taxes	80		58		229		189








Net Income	$	318	$	214	$	915	$	711

Earnings Per Share of Common Stock:
Net Income Available to PPL Common Shareowners:
Basic	$	0.43	$	0.29	$	1.24	$	0.96
Diluted	$	0.43	$	0.29	$	1.23	$	0.96







Weighted-Average Shares of Common Stock Outstanding (in thousands)
Basic	739,525		737,773		739,167		737,678
Diluted	744,290		739,965		742,747		739,450

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

PPL Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	318	$	214	$	915	$	711

Other comprehensive income (loss):
Amounts arising during the period - gains (losses), net of tax (expense) benefit:


Qualifying derivatives, net of tax of $0, $0, $0, $0	—		—		1		—
Equity investees' other comprehensive income (loss), net of tax of $0, $0, $0, $0	—		—		—		1
Defined benefit plans:

Net actuarial gain (loss), net of tax of $1, $1, $4, $0	(3)		(4)		(11)		(2)
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit):

Qualifying derivatives, net of tax of $0, $1, $0, $0	1		2		2		3

Defined benefit plans:

Net actuarial (gain) loss, net of tax of $0, $0, $0, $1	(1)		(1)		(1)		(2)
Total other comprehensive income (loss)	(3)		(3)		(9)		—

Comprehensive income	$	315	$	211	$	906	$	711

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

PPL Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars)


	Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities
Net income	$	915	$	711


Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	977		957
Amortization	73		61
Defined benefit plans - income	(44)		(52)
Deferred income taxes and investment tax credits	177		147





Other	(3)		13
Change in current assets and current liabilities
Accounts receivable	(72)		259
Accounts payable	(159)		(236)
Unbilled revenues	130		109
Fuel, materials and supplies	3		(9)
Prepayments	(9)		(75)

Taxes payable	29		(8)
Regulatory assets and liabilities, net	73		(54)
Accrued interest	80		104
Other	(31)		(78)
Other operating activities
Defined benefit plans - funding	(9)		(10)

Other assets	(116)		(66)
Other liabilities	67		56


Net cash provided by operating activities	2,081		1,829

Cash Flows from Investing Activities
Expenditures for property, plant and equipment	(2,868)		(1,945)





Other investing activities	8		1


Net cash used in investing activities	(2,860)		(1,944)

Cash Flows from Financing Activities
Issuance of long-term debt	1,895		1,894




Payment of common stock dividends	(593)		(557)




Net increase (decrease) in short-term debt	292		(992)
Other financing activities	(35)		(29)



Net cash provided by financing activities	1,559		316



Net Increase in Cash, Cash Equivalents and Restricted Cash	780		201
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	339		382
Cash, Cash Equivalents and Restricted Cash at End of Period	$	1,119	$	583
Supplemental Disclosures of Cash Flow Information
Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at September 30,	$	486	$	281

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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CONDENSED CONSOLIDATED BALANCE SHEETS

PPL Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Assets

Current Assets
Cash and cash equivalents	$	1,102	$	306
Accounts receivable (less reserve: 2025, $133; 2024, $147)
Customer	1,002		961
Other	101		76
Unbilled revenues (less reserve: 2025, $3; 2024, $6)	355		485
Fuel, materials and supplies	517		511
Prepayments	145		136
Regulatory assets	312		320
Other current assets	98		85

Total Current Assets	3,632		2,880

Property, Plant and Equipment
Regulated utility plant	41,776		40,391
Less: accumulated depreciation - regulated utility plant	10,182		9,682
Regulated utility plant, net	31,594		30,709
Non-regulated property, plant and equipment	81		79
Less: accumulated depreciation - non-regulated property, plant and equipment	35		29
Non-regulated property, plant and equipment, net	46		50
Construction work in progress	3,513		2,390
Property, Plant and Equipment, net	35,153		33,149

Other Noncurrent Assets
Regulatory assets	2,058		2,060
Goodwill	2,247		2,247
Other intangibles	312		314

Other noncurrent assets (less reserve for accounts receivable: 2025, $2; 2024, $1)	537		419
Total Other Noncurrent Assets	5,154		5,040

Total Assets	$	43,939	$	41,069

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

Table of Contents

CONDENSED CONSOLIDATED BALANCE SHEETS

PPL Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Liabilities and Equity

Current Liabilities
Short-term debt	$	595	$	303
Long-term debt due within one year	1,455		551
Accounts payable	1,188		1,196
Taxes	132		103
Interest	237		157
Dividends	197		186
Regulatory liabilities	291		223
Other current liabilities	596		614

Total Current Liabilities	4,691		3,333

Long-term Debt	16,936		15,952

Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	3,575		3,356
Investment tax credits	109		111
Accrued pension obligations	284		317
Asset retirement obligations	141		136
Regulatory liabilities	3,322		3,335
Other deferred credits and noncurrent liabilities	468		452
Total Deferred Credits and Other Noncurrent Liabilities	7,899		7,707

Commitments and Contingent Liabilities (Notes 6 and 10)

Equity
Common stock - $0.01 par value (a)	8		8
Additional paid-in capital	12,356		12,346
Treasury stock	(901)		(928)
Earnings reinvested	3,143		2,835
Accumulated other comprehensive loss	(193)		(184)


Total Equity	14,413		14,077

Total Liabilities and Equity	$	43,939	$	41,069

(a)1,560,000 shares authorized, 770,798 shares issued and 739,545 shares outstanding at September 30, 2025. 1,560,000 shares authorized, 770,215 shares issued and 738,033 shares outstanding at December 31, 2024.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

Table of Contents

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

PPL Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars)


	Common stock shares outstanding (a)	Common stock		Additional paid-in capital		Treasury stock		Earnings reinvested		Accumulated other comprehensive loss		Total
June 30, 2025	739,306	$	8	$	12,343	$	(902)	$	3,027	$	(190)	$	14,286
Common stock issued	197											—
Treasury stock issued	42			6		1						7
Stock-based compensation				7								7
Net income								318				318
Dividends and dividend equivalents (b)								(202)				(202)

Other comprehensive income (loss)										(3)		(3)

September 30, 2025	739,545	$	8	$	12,356	$	(901)	$	3,143	$	(193)	$	14,413

December 31, 2024	738,033	$	8	$	12,346	$	(928)	$	2,835	$	(184)	$	14,077
Common stock issued	583											—
Treasury stock issued	929			13		27						40
Stock-based compensation				(3)								(3)
Net income								915				915
Dividends and dividend equivalents (b)								(607)				(607)
Other comprehensive income (loss)										(9)		(9)

September 30, 2025	739,545	$	8	$	12,356	$	(901)	$	3,143	$	(193)	$	14,413

June 30, 2024	737,762	$	8	$	12,321	$	(930)	$	2,826	$	(160)	$	14,065
Common stock issued	2											—
Treasury stock issued	14					1						1
Stock-based compensation				7								7
Net income								214				214
Dividends and dividend equivalents (b)								(192)				(192)

Other comprehensive income (loss)										(3)		(3)

September 30, 2024	737,778	$	8	$	12,328	$	(929)	$	2,848	$	(163)	$	14,092

December 31, 2023	737,130	$	8	$	12,326	$	(948)	$	2,710	$	(163)	$	13,933
Common stock issued	2											—
Treasury stock issued	646					19						19
Stock-based compensation				2								2
Net income								711				711
Dividends and dividend equivalents (b)								(573)				(573)



September 30, 2024	737,778	$	8	$	12,328	$	(929)	$	2,848	$	(163)	$	14,092

(a)Shares in thousands. Each share entitles the holder to one vote on any question presented at any shareowners' meeting.

(b)Dividends declared per share of common stock were $0.2725 and $0.8175 for the three and nine months ended September 30, 2025 and $0.2575 and $0.7725 for the three and nine months ended September 30, 2024.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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Table of Contents

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

PPL Electric Utilities Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating Revenues	$	786	$	716	$	2,298	$	2,159

Operating Expenses
Operation
Energy purchases	224		177		622		544

Other operation and maintenance	160		176		481		511
Depreciation	105		101		307		300
Taxes, other than income	38		32		111		98
Total Operating Expenses	527		486		1,521		1,453

Operating Income	259		230		777		706

Other Income (Expense) - net (Note 12)	14		13		36		33

Interest Income from Affiliate	2		7		4		27

Interest Expense	67		61		189		184

Income Before Income Taxes	208		189		628		582

Income Taxes	49		47		146		141

Net Income (a)	$	159	$	142	$	482	$	441

(a)Net income equals comprehensive income.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

Table of Contents

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

PPL Electric Utilities Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars)


	Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities
Net income	$	482	$	441
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	307		300
Amortization	34		35
Defined benefit plans - income	(21)		(30)
Deferred income taxes and investment tax credits	63		91
Other	(20)		(9)
Change in current assets and current liabilities
Accounts receivable	(108)		67
Accounts payable	(71)		(63)
Unbilled revenues	43		50
Materials and supplies	(24)		(16)
Prepayments	5		(64)
Regulatory assets and liabilities, net	57		(77)
Taxes payable	(1)		(36)

Accrued interest	23		32
Other	(2)		(4)
Other operating activities
Defined benefit plans - funding	—		(2)
Other assets	(51)		(24)
Other liabilities	3		(2)
Net cash provided by operating activities	719		689

Cash Flows from Investing Activities
Expenditures for property, plant and equipment	(1,082)		(820)
Expenditures for intangible assets	(7)		(6)
Notes receivable from affiliates	(287)		(418)
Other investing activities	14		4
Net cash used in investing activities	(1,362)		(1,240)

Cash Flows from Financing Activities
Issuance of long-term debt	496		649

Contributions from parent	540		685
Return of capital to parent	(100)		—
Payment of common stock dividends to parent	(298)		(283)
Net increase (decrease) in short-term debt	—		(509)
Debt issuance costs	(6)		(7)

Net cash provided by financing activities	632		535

Net Decrease in Cash, Cash Equivalents and Restricted Cash	(11)		(16)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	24		51
Cash, Cash Equivalents and Restricted Cash at End of Period	$	13	$	35

Supplemental Disclosure of Cash Flow Information
Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at September 30,	$	237	$	168

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

Table of Contents

CONDENSED CONSOLIDATED BALANCE SHEETS

PPL Electric Utilities Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Assets

Current Assets
Cash and cash equivalents	$	13	$	24
Accounts receivable (less reserve: 2025, $34; 2024, $37)
Customer	418		353
Other	45		8
Accounts receivable from affiliates	6		10
Notes receivable from affiliate	509		222
Unbilled revenues (less reserve: 2025, $2; 2024, $3)	116		159
Materials and supplies	132		104
Prepayments	69		74
Regulatory assets	90		133
Other current assets	40		30
Total Current Assets	1,438		1,117

Property, Plant and Equipment
Regulated utility plant	17,100		16,469
Less: accumulated depreciation - regulated utility plant	4,106		4,052
Regulated utility plant, net	12,994		12,417



Construction work in progress	1,184		898
Property, Plant and Equipment, net	14,178		13,315

Other Noncurrent Assets
Regulatory assets	703		673
Intangibles	277		274

Other noncurrent assets (less reserve for accounts receivable: 2025, $2; 2024, $1)	106		96
Total Other Noncurrent Assets	1,086		1,043

Total Assets	$	16,702	$	15,475

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

Table of Contents

CONDENSED CONSOLIDATED BALANCE SHEETS

PPL Electric Utilities Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Liabilities and Equity

Current Liabilities


Accounts payable	$	529	$	565
Accounts payable to affiliates	69		44

Interest	78		55
Regulatory liabilities	71		57

Customer deposits	63		25
Other current liabilities	62		60
Total Current Liabilities	872		806

Long-term Debt	5,707		5,214

Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	1,815		1,726
Regulatory liabilities	827		839
Other deferred credits and noncurrent liabilities	127		160
Total Deferred Credits and Other Noncurrent Liabilities	2,769		2,725

Commitments and Contingent Liabilities (Notes 6 and 10)

Equity
Common stock - no par value (a)	364		364
Additional paid-in capital	5,108		4,668
Earnings reinvested	1,882		1,698
Total Equity	7,354		6,730

Total Liabilities and Equity	$	16,702	$	15,475

(a)170,000 shares authorized; 66,368 shares issued and outstanding at September 30, 2025 and December 31, 2024.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

Table of Contents

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

PPL Electric Utilities Corporation and Subsidiaries

(Unaudited)

(Millions of Dollars)


	Common stock shares outstanding (a)	Common stock		Additional paid-in capital		Earnings reinvested		Total
June 30, 2025	66,368	$	364	$	4,568	$	1,814	$	6,746
Net income						159		159
Capital contributions from parent				540				540

Dividends declared						(91)		(91)
September 30, 2025	66,368	$	364	$	5,108	$	1,882	$	7,354

December 31, 2024	66,368	$	364	$	4,668	$	1,698	$	6,730
Net income						482		482
Capital contributions from parent				540				540
Return of capital to parent				(100)				(100)
Dividends declared						(298)		(298)
September 30, 2025	66,368	$	364	$	5,108	$	1,882	$	7,354

June 30, 2024	66,368	$	364	$	4,720	$	1,614	$	6,698
Net income						142		142
Capital contributions from parent				5				5

Dividends declared						(99)		(99)
September 30, 2024	66,368	$	364	$	4,725	$	1,657	$	6,746

December 31, 2023	66,368	$	364	$	4,040	$	1,499	$	5,903
Net income						441		441
Capital contributions from parent				685				685

Dividends declared						(283)		(283)
September 30, 2024	66,368	$	364	$	4,725	$	1,657	$	6,746

(a)Shares in thousands. All common shares of PPL Electric stock are owned by PPL Energy Holdings.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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Table of Contents

CONDENSED STATEMENTS OF INCOME

Louisville Gas and Electric Company

(Unaudited)

(Millions of Dollars)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating Revenues
Retail and wholesale	$	420	$	396	$	1,293	$	1,219
Electric revenue from affiliate	7		1		17		20
Total Operating Revenues	427		397		1,310		1,239

Operating Expenses
Operation
Fuel	97		75		254		228
Energy purchases	17		19		128		105
Energy purchases from affiliate	6		11		18		19
Other operation and maintenance	91		84		271		259
Depreciation	77		76		228		229
Taxes, other than income	13		13		39		38
Total Operating Expenses	301		278		938		878

Operating Income	126		119		372		361

Other Income (Expense) - net (Note 12)	8		3		16		9



Interest Income from Affiliate	—		1		—		1

Interest Expense	30		26		83		78

Income Before Income Taxes	104		97		305		293

Income Taxes	21		20		61		61

Net Income (a)	$	83	$	77	$	244	$	232

(a)Net income equals comprehensive income.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

Table of Contents

CONDENSED STATEMENTS OF CASH FLOWS

Louisville Gas and Electric Company

(Unaudited)

(Millions of Dollars)


	Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities
Net income	$	244	$	232
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	228		229
Amortization	17		10

Deferred income taxes and investment tax credits	1		3
Other	(5)		(3)
Change in current assets and current liabilities
Accounts receivable	16		(13)
Accounts receivable from affiliates	9		—
Accounts payable	18		—
Accounts payable to affiliates	6		(3)
Unbilled revenues	17		21
Fuel, materials and supplies	15		(2)
Regulatory assets and liabilities, net	(16)		4


Accrued interest	28		22
Other	(19)		(21)
Other operating activities

Expenditures for asset retirement obligations	(8)		(8)

Other assets	(21)		(12)
Other liabilities	8		(3)
Net cash provided by operating activities	538		456
Cash Flows from Investing Activities
Expenditures for property, plant and equipment	(561)		(327)


Net cash used in investing activities	(561)		(327)
Cash Flows from Financing Activities
Net increase (decrease) in notes payable to affiliates	(43)		34
Issuance of long-term debt	700		—



Net increase (decrease) in short-term debt	(25)		—

Payment of common stock dividends to parent	(148)		(138)
Contributions from parent	101		37
Return of capital to parent	(55)		(76)
Debt issuance costs	(8)		—

Net cash provided by (used in) financing activities	522		(143)
Net Increase (Decrease) in Cash and Cash Equivalents	499		(14)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	24		44
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	523	$	30

Supplemental Disclosure of Cash Flow Information



Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at September 30,	$	68	$	43

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

Table of Contents

CONDENSED BALANCE SHEETS

Louisville Gas and Electric Company

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Assets

Current Assets
Cash and cash equivalents	$	515	$	8
Accounts receivable (less reserve: 2025, $6; 2024, $3)
Customer	124		134
Other	28		23
Unbilled revenues (less reserve: 2025, $0; 2024, $0)	70		87
Accounts receivable from affiliates	31		40

Fuel, materials and supplies	142		157
Prepayments	12		9

Regulatory assets	24		8

Other current assets	9		2
Total Current Assets	955		468

Property, Plant and Equipment
Regulated utility plant	7,950		7,748
Less: accumulated depreciation - regulated utility plant	1,805		1,643
Regulated utility plant, net	6,145		6,105
Construction work in progress	713		443
Property, Plant and Equipment, net	6,858		6,548

Other Noncurrent Assets
Regulatory assets	485		491
Goodwill	389		389
Other intangibles	8		12
Other noncurrent assets	153		84
Total Other Noncurrent Assets	1,035		976

Total Assets	$	8,848	$	7,992

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

Table of Contents

CONDENSED BALANCE SHEETS

Louisville Gas and Electric Company

(Unaudited)

(Millions of Dollars, shares in thousands)


	September 30, 2025		December 31, 2024
Liabilities and Equity

Current Liabilities
Short-term debt	$	—	$	25
Long-term debt due within one year	390		300
Notes payable to affiliates	—		43
Accounts payable	189		158
Accounts payable to affiliates	70		64
Customer deposits	36		36
Taxes	41		40

Regulatory liabilities	14		14
Interest	49		21
Asset retirement obligations	4		11
Other current liabilities	46		50
Total Current Liabilities	839		762

Long-term Debt	2,775		2,171

Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	822		803
Investment tax credits	29		30
Price risk management liabilities	5		3

Asset retirement obligations	75		73
Regulatory liabilities	812		815
Other deferred credits and noncurrent liabilities	78		64
Total Deferred Credits and Other Noncurrent Liabilities	1,821		1,788

Commitments and Contingent Liabilities (Notes 6 and 10)

Stockholder's Equity
Common stock - no par value (a)	424		424
Additional paid-in capital	2,028		1,982
Earnings reinvested	961		865
Total Equity	3,413		3,271

Total Liabilities and Equity	$	8,848	$	7,992

(a)75,000 shares authorized; 21,294 shares issued and outstanding at September 30, 2025 and December 31, 2024.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

Table of Contents

CONDENSED STATEMENTS OF EQUITY

Louisville Gas and Electric Company

(Unaudited)

(Millions of Dollars)


	Common stock shares outstanding (a)	Common stock		Additional paid-in capital		Earnings reinvested		Total
June 30, 2025	21,294	$	424	$	2,028	$	915	$	3,367
Net income						83		83


Dividends declared						(37)		(37)
September 30, 2025	21,294	$	424	$	2,028	$	961	$	3,413

December 31, 2024	21,294	$	424	$	1,982	$	865	$	3,271
Net income						244		244
Capital contributions from parent				101				101
Return of capital to parent				(55)				(55)
Dividends declared						(148)		(148)
September 30, 2025	21,294	$	424	$	2,028	$	961	$	3,413

June 30, 2024	21,294	$	424	$	1,979	$	813	$	3,216
Net income						77		77

Return of capital to parent				(25)				(25)
Dividends declared						(41)		(41)
September 30, 2024	21,294	$	424	$	1,954	$	849	$	3,227

December 31, 2023	21,294	$	424	$	1,993	$	755	$	3,172
Net income						232		232
Capital contributions from parent				37				37
Return of capital to parent				(76)				(76)
Dividends declared						(138)		(138)
September 30, 2024	21,294	$	424	$	1,954	$	849	$	3,227

(a)Shares in thousands. All common shares of LG&E stock are owned by LKE.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

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Table of Contents

CONDENSED STATEMENTS OF INCOME

Kentucky Utilities Company

(Unaudited)

(Millions of Dollars)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating Revenues
Retail and wholesale	$	524	$	498	$	1,548	$	1,479
Electric revenue from affiliate	6		11		18		19
Total Operating Revenues	530		509		1,566		1,498

Operating Expenses
Operation
Fuel	135		131		404		369
Energy purchases	6		7		20		19
Energy purchases from affiliate	7		1		17		20
Other operation and maintenance	101		103		303		306
Depreciation	102		102		305		302
Taxes, other than income	13		12		38		36
Total Operating Expenses	364		356		1,087		1,052

Operating Income	166		153		479		446

Other Income (Expense) - net (Note 12)	9		4		19		10

Interest Expense	38		35		108		102



Interest Expense with Affiliate	—		—		—		1

Income Before Income Taxes	137		122		390		353

Income Taxes	28		24		78		70

Net Income (a)	$	109	$	98	$	312	$	283

(a)Net income equals comprehensive income.

The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.

Table of Contents

CONDENSED STATEMENTS OF CASH FLOWS

Kentucky Utilities Company

(Unaudited)

(Millions of Dollars)


	Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities
Net income	$	312	$	283
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	305		302
Amortization	13		14
Defined benefit plans - income	(2)		(8)
Deferred income taxes and investment tax credits	11		(12)
Other	(6)		(2)
Change in current assets and current liabilities
Accounts receivable	3		(25)

Accounts payable	(4)		(3)
Accounts payable to affiliates	19		7
Unbilled revenues	12		9
Fuel, materials and supplies	(3)		19
Regulatory assets and liabilities, net	3		27

Taxes payable	3

PPL Corp 10-Q