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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-15759

CLECO CORPORATE HOLDINGS LLC

(Exact name of registrant as specified in its charter)


Louisiana			72-1445282
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

2030 Donahue Ferry Road, Pineville, Louisiana 71360-5226

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (318) 484-7400

Commission file number 1-05663

CLECO POWER LLC

(Exact name of registrant as specified in its charter)


Louisiana			72-0244480
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

2030 Donahue Ferry Road, Pineville, Louisiana 71360-5226

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (318) 484-7400


Securities registered pursuant to Section 12(b) of the Act:
Cleco Corporate Holdings LLC: None			Cleco Power LLC: None

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. Yes ☐ No ☒

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). Yes ☒ No ☐

Indicate by check mark whether Cleco Corporate Holdings LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

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

Indicate by check mark whether Cleco Power LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

Indicate by check mark whether the Registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

Cleco Corporate Holdings LLC has no common stock outstanding. All of the outstanding equity of Cleco Corporate Holdings LLC is held by Cleco Group LLC, a wholly owned subsidiary of Cleco Partners L.P.

Cleco Power LLC, a wholly owned subsidiary of Cleco Corporate Holdings LLC, meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format.

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

This Combined Quarterly Report on Form 10-Q (this “Quarterly Report on Form 10-Q”) is separately filed by Cleco Corporate Holdings LLC and Cleco Power LLC. Information in this filing relating to Cleco Power LLC is filed by Cleco Corporate Holdings LLC and separately by Cleco Power LLC on its own behalf. Cleco Power LLC makes no representation as to information relating to Cleco Corporate Holdings LLC (except as it may relate to Cleco Power LLC) or any other affiliate or subsidiary of Cleco Corporate Holdings LLC.

This Quarterly Report on Form 10-Q should be read in its entirety as it pertains to each respective Registrant. The Notes to the Unaudited Condensed Consolidated Financial Statements for the Registrants and certain other sections of this Quarterly Report on Form 10-Q are combined.

TABLE OF CONTENTS
		PAGE
GLOSSARY OF TERMS		3
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		5
PART I	Financial Information
ITEM 1.	Cleco — Condensed Consolidated Financial Statements (Unaudited)	7
	Cleco Power — Condensed Consolidated Financial Statements (Unaudited)	1714
	Notes to the Unaudited Condensed Consolidated Financial Statements	2621
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	5140
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	6350
ITEM 4.	Controls and Procedures	6552
PART II	Other Information
ITEM 1.	Legal Proceedings	6653
ITEM 1A.	Risk Factors	6653
ITEM 5.	Other Information	6653
ITEM 6.	Exhibits	6653
	Signatures	6755

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q


GLOSSARY OF TERMS

Abbreviations or acronyms used in this filing, including all items in Parts I and II, are defined below.

ABBREVIATION OR ACRONYM			DEFINITION
2016 Merger			Merger of Merger Sub with and into Cleco Corporation pursuant to the terms of the Merger Agreement, which was completed on April 13, 2016
2016 Merger Commitments			Cleco Partners’, Cleco Group’s, Cleco Holdings’, and Cleco Power’s 77 commitments to the LPSC as defined in Docket No. U-33434
401(k) Plan			Cleco Power 401(k) Savings and Investment Plan
ABR			Alternate Base Rate which is the greater of the prime rate, the federal funds effective rate plus 0.50%, or SOFR plus 1.0%
Acadia			Acadia Power Partners, LLC, previously a wholly owned subsidiary of Cleco Midstream Resources LLC (a wholly owned subsidiary of Cleco Holdings). Acadia Power Partners, LLC was dissolved effective August 29, 2014
Acadia Unit 1			Cleco Power’s 580-MW, natural gas-fired, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana
Acadia Unit 2			Entergy Louisiana’s 580-MW, natural gas-fired, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana, which is operated by Cleco Power
ADIT			Accumulated Deferred Income Tax
AFUDC			Allowance for Funds Used During Construction
ALJ			Administrative Law Judge
Amended Lignite Mining Agreement			Amended and restated lignite mining agreement effective December 29, 2009
AMI			Advanced Metering Infrastructure
AOCI			Accumulated Other Comprehensive Income (Loss)
ARO			Asset Retirement Obligation
CCR			Coal combustion by-products or residual
CEO			Chief Executive Officer
CFO			Chief Financial Officer
CIP			Critical Infrastructure Protection
Cleco			Cleco Holdings and its subsidiaries
Cleco Cajun			Cleco Cajun LLC, a wholly owned subsidiary of Cleco Holdings, and its subsidiaries
Cleco Cajun Acquisition			The transaction between Cleco Cajun and NRG Energy, Inc. in which Cleco Cajun acquired all the membership interest in South Central Generating, which closed on February 4, 2019, pursuant to the Cleco Cajun Acquisition Purchase and Sale Agreement
Cleco Cajun Acquisition Purchase and Sale Agreement			Purchase and Sale Agreement, dated as of February 6, 2018, by and among NRG Energy, Inc., South Central Generating, and Cleco Cajun
Cleco Cajun Divestiture			The sale of the Cleco Cajun Sale Group to the Cleco Cajun Purchasers on June 1, 2024, in accordance with the Cleco Cajun Divestiture Purchase and Sale Agreement
Cleco Cajun Divestiture Purchase and Sale Agreement			Purchase and Sale Agreement, dated as of November 22, 2023, by and among the Cleco Cajun Purchasers and the Cleco Cajun Sellers
Cleco Cajun Purchasers			Big Pelican LLC and Pelican South Central LLC, affiliates of Atlas Capital Resources IV LP
Cleco Cajun Sale Group			Cleco Cajun’s unregulated utility business for which the Cleco Cajun Sellers entered into the Cleco Cajun Divestiture Purchase and Sale Agreement with the Cleco Cajun Purchasers
Cleco Cajun Sellers			Cleco Cajun and South Central Generating
Cleco Corporation			Pre-2016 Merger entity that was converted to a limited liability company and changed its name to Cleco Corporate Holdings LLC on April 13, 2016
Cleco Group			Cleco Group LLC, a wholly owned subsidiary of Cleco Partners
Cleco Holdings			Cleco Corporate Holdings LLC, a wholly owned subsidiary of Cleco Group
Cleco Partners			Cleco Partners L.P., a Delaware limited partnership that is owned by a consortium of investors, including funds or investment vehicles managed by Macquarie Asset Management, British Columbia Investment Management Corporation, John Hancock Financial, and other infrastructure investors
Cleco Power			Cleco Power LLC, a wholly owned subsidiary of Cleco Holdings, and its subsidiaries
Cleco Securitization I			Cleco Securitization I LLC, a special-purpose, wholly owned subsidiary of Cleco Power formed to purchase and own storm recovery property, to issue one or more series of storm recovery bonds, and to perform activities incidental thereto
Cleco Securitization II			Cleco Securitization II LLC, a special-purpose, wholly owned subsidiary of Cleco Power formed to purchase and own energy transition property, to issue the energy transition bonds, and to perform activities incidental thereto
Coughlin			Cleco Power’s 775-MW, natural gas-fired, combined cycle power plant located in St. Landry, Louisiana
COVID-19			Coronavirus disease 2019, including any variant thereof, and the related global outbreak that was subsequently declared a pandemic by the World Health Organization in March 2020
DHLC			Dolet Hills Lignite Company, LLC, a wholly owned subsidiary of SWEPCO
Diversified Lands			Diversified Lands LLC, a wholly owned subsidiary of Cleco Holdings
Dolet Hills			A facility consisting of Dolet Hills Power Station, the Dolet Hills mine, and the Oxbow mine
Dolet Hills Power Station			A ~~650-MW~~power ~~lignite-fired,~~station ~~steam~~in ~~generating~~Mansfield, ~~unit~~Louisiana atthat ~~Cleco~~was ~~Power’s~~retired ~~plant~~on ~~site~~December in31, ~~Mansfield~~2021, ~~Louisiana.~~in which Cleco Power has a 50% ownership interest ~~in the capacity of the Dolet Hills Power Station. The Dolet Hills Power Station was retired on December 31, 2021~~
EAC			Environmental Adjustment Clause
EBITDA			Earnings before interest, income taxes, depreciation, and amortization
Entergy Gulf States			Entergy Gulf States Louisiana, LLC

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

ABBREVIATION OR ACRONYM			DEFINITION
EAC			Environmental Adjustment Clause
EBITDA			Earnings before interest, income taxes, depreciation, and amortization
Energy Transition Property			Energy Transition Property as defined in the financing order issued by the LPSC in November 2024, which includes the right to impose, bill, charge, collect, and receive energy transition charges from Cleco Power’s retail customers
Entergy Gulf States			Entergy Gulf States Louisiana, LLC
Entergy Louisiana			Entergy Louisiana, LLC
EPA			U.S. Environmental Protection Agency
ESG			Environmental, Social, and Governance
FAC			Fuel Adjustment Clause
FASB			Financial Accounting Standards Board
FEED			Front End Engineering Design
FERC			Federal Energy Regulatory Commission
Fitch			Fitch Ratings, a credit rating agency
FTR			Financial Transmission Right
FRP			Formula Rate Plan
GAAP			Generally Accepted Accounting Principles in the U.S.
GHG			Greenhouse gas
GO Zone			Gulf Opportunity Zone Act of 2005 (Public Law 109-135)
IRA of 2022			Federal tax legislation commonly referred to as the Inflation Reduction Act of 2022
IRP			Integrated Resource Plan
IRS			Internal Revenue Service
kWh			Kilowatt-hour(s)
LPSC			Louisiana Public Service Commission
Madison Unit 3			A 641-MW petroleum coke/coal-fired, steam generating unit at Cleco Power’s plant site in Boyce, Louisiana
MATS			Mercury and Air Toxics Standards
Merger Agreement			Agreement and Plan of Merger, dated as of October 17, 2014, by and among Cleco Partners, Merger Sub, and Cleco Corporation relating to the 2016 Merger
Merger Sub			Cleco MergerSub Inc., previously an indirect wholly owned subsidiary of Cleco Partners that was merged with and into Cleco Corporation, with Cleco Corporation surviving the 2016 Merger, and Cleco Corporation converting to a limited liability company and changing its name to Cleco Holdings
Midstream			Cleco Midstream Resources LLC, a wholly owned subsidiary of Cleco Holdings
MISO			Midcontinent Independent System Operator, Inc.
MMBtu			One million British thermal units
Moody’s			Moody’s Investors Service, a credit rating agency
MW			Megawatt(s)
MWh			Megawatt-hour(s)
NERC			North American Electric Reliability Corporation
NOAA			National Oceanic and Atmospheric Administration
Not Meaningful			A percentage comparison of these items is not statistically meaningful because the percentage difference is greater than 1,000%
NRG Energy			NRG Energy, Inc.
Other Benefits			Includes medical, dental, vision, and life insurance for Cleco’s retirees
Oxbow			Oxbow Lignite Company, LLC, 50% owned by Cleco Power and 50% owned by SWEPCO
Perryville			Perryville Energy Partners, L.L.C., a wholly owned subsidiary of Cleco Holdings. Perryville Energy Partners, L.L.C. was dissolved effective September 8, 2021
Project Diamond Vault			Cleco Power’s proposed project to reduce up to 95% of carbon dioxide emissions from Madison Unit 3 through various possible carbon capture and sequestration technologies
Registrant(s)			Cleco Holdings and/or Cleco Power
Rodemacher Unit 2			A 523-MW coal-fired, steam generating unit at Cleco Power’s plant site in Boyce, Louisiana. Cleco Power has a 30% ownership interest in the capacity of Rodemacher Unit 2
ROE			Return on Equity
RTO			Regional Transmission Organization
S&P			S&P Global Ratings, a division of S&P Global Inc, a credit rating agency
SEC			U.S. Securities and Exchange Commission
SERP			Supplemental Executive Retirement Plan
SOFR			Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York
South Central Generating			South Central Generating LLC, ~~formerly~~previously ~~NRG South Central Generating LLC,~~ a wholly owned subsidiary of Cleco Cajun
St. Mary Clean Energy Center			A 47-MW waste-heat steam generating unit located in Franklin, Louisiana
Storm Recovery Property			Storm Recovery Property as defined in the financing order issued by the LPSC in April 2022, which includes the right to impose, bill, charge, collect, and receive unamortized storm recovery costs from Cleco Power’s retail customers
Support Group			Cleco Support Group LLC, a wholly owned subsidiary of Cleco Holdings
SWEPCO			Southwestern Electric Power Company, an electric utility subsidiary of American Electric Power Company, Inc.
TCJA			Federal tax legislation commonly referred to as the Tax Cuts and Jobs Act of 2017
Teche Unit 3			A 359-MW natural gas-fired, steam generating unit at Cleco Power’s plant site in Baldwin, Louisiana. Teche Unit 3 was retired on June 1, 2024

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q includes forward-looking statements. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q are forward-looking statements, including, without limitation, future capital expenditures; business strategies; goals, plans, and objectives; competitive strengths; market developments; development and operation of facilities; growth in sales volume; meeting capacity requirements; expansion of service to existing customers and service to new customers; future environmental regulations and remediation liabilities; electric customer credits; and the anticipated outcome of various regulatory and legal proceedings. Although the Registrants believe that the expectations reflected in such forward-looking statements are reasonable, such forward-looking statements are based on numerous assumptions (some of which may prove to be incorrect) and are subject to risks and uncertainties that could cause the actual results to differ materially from the Registrants’ expectations. In addition to any assumptions and other factors referred to specifically in connection with these forward-looking statements in this Quarterly Report on Form 10-Q, the following list identifies some of the factors that could cause the Registrants’ actual results to differ materially from those contemplated in any of the Registrants’ forward-looking statements:

•resolution of future rate cases, formula rate proceedings, and any negotiations, settlements, litigation, or delays in cost recovery related to these proceedings,

•changes in environmental laws, regulations, decisions and policies, including changes resulting from the presidential administration, present and potential environmental remediation costs, restrictions on ~~GHG~~ emissions, possible effects on Cleco Power’s generation resources, or prohibitions or restrictions on new or existing services, and Cleco’s compliance with these matters,

•state and federal regulatory decisions or related judicial decisions disallowing or delaying recovery of capital investments, operating costs, commodity costs, and the ordering of refunds to customers and discretion over allowed return on investment,

•the loss of regulatory accounting treatment, which could result in the write-off of regulatory assets and the loss of regulatory deferral and recovery mechanisms,

•economic, regulatory, or workforce impacts related to pandemics, epidemics, or other outbreaks,

•economic impacts related to global conflicts and hostilities, ~~including~~as ~~the~~well ~~current~~as ~~armed~~U.S. ~~conflicts~~economic inpolicies ~~Ukraine~~(including tariffs and ~~the~~retaliatory ~~Middle East~~tariffs),

•the possibility of stranded costs with respect to assets that may be retired as a result of new climate legislation or regulations, technological advances, a shift in demand, or legal action, and Cleco Power’s ability to recover stranded costs associated with these events,

•changes in climate and weather conditions, including natural disasters such as wind and ice storms, hurricanes, floods, droughts, and wildfires, and Cleco Power’s ability to recover restoration and stranded costs associated with these events,

•increased late or uncollectible customer payments due to costs related to volatile fuel prices, severe weather cost recoveries, or the costs of other events that are passed through to Cleco Power’s customers,

~~recoveries~~•economic conditions in Cleco Power’s service areas, orincluding ~~the~~inflation ~~costs~~and ofthe ~~other~~economy’s ~~events~~effects ~~that~~on ~~are~~customer ~~passed~~demand ~~through~~for toand ~~Cleco~~payment ~~Power’s~~of ~~customers~~utility services,

•~~economic~~mechanical ~~conditions~~breakdowns inor other incidents that could impair assets and disrupt operations of any of Cleco Power’s ~~service~~generation ~~areas~~facilities, ~~including~~transmission ~~inflation~~and distribution systems, or other operations and ~~the~~may ~~economy’s~~require ~~effects~~Cleco onto ~~customer~~purchase ~~demand~~replacement ~~for~~power ~~and~~or ~~payment~~incur ofcosts ~~utility~~to ~~services~~repair the facilities,

•~~mechanical~~growth ~~breakdowns~~ or ~~other~~decline ~~incidents that could impair assets and disrupt operations~~ of ~~any of~~ Cleco’s ~~generation~~customer ~~facilities~~base, ~~transmission~~changes ~~and~~in ~~distribution~~customer ~~systems~~demand, or ~~other~~decline ~~operations~~in ~~and~~existing ~~may~~services, ~~require~~including ~~Cleco~~the toloss ~~purchase~~of ~~replacement~~key ~~power~~suppliers for fuel, materials, or ~~incur~~services, ~~costs~~or toother ~~repair~~disruptions to the ~~facilities~~supply chain,

•growth or decline of Cleco’s customer base, or decline in existing services, including the loss of key suppliers for fuel, materials, or services, or other disruptions to the supply chain,

•wholesale and retail competition, including alternative energy sources, growth in customer-owned power resource technologies that displace utility-supplied energy or that may be sold back to the utility, and alternative energy suppliers and delivery arrangements,

•blackouts or disruptions of interconnected transmission systems (the regional power grid), including controlled outages at the direction of MISO,

•terrorist attacks, cyberattacks, or other malicious acts that may damage or disrupt operating or information technology systems, including emerging artificial intelligence technologies that may be used to develop new hacking tools, exploit vulnerabilities, obscure malicious activities, and increase the difficulty in detecting threats,

•changes in technology costs that impede Cleco’s ability to effectively implement new information systems or to operate and maintain current production technology,

•changes in Cleco’s strategic business plans and/or key initiatives, including growth, expansion plans, and performance metrics related to data centers, which could be affected by any of the factors discussed herein,

•the impact of Cleco’s credit ratings, changes in interest rates, other capital market conditions, and global market conditions on financing through the issuance of debt and/or equity securities,

•the ability of Cleco to raise capital or secure funding, such as debt financing, private equity investment, tax credits, U.S. Department of Energy grants or loans, or partnerships, to execute its ~~renewables~~strategic ~~and electrification~~ initiatives,

•changes to federal income tax laws, regulations, and interpretive guidance, ~~including the IRA of 2022,~~

•failure to meet expectations and report progress on ~~ESG initiatives and~~ GHG targets, as well as ~~the~~ increased focus on and activism related to ~~ESG~~carbon emissions, which could limit Cleco’s access to capital and/or financing,

•declining energy demand related to customer energy efficiency, conservation measures, technological advancements, increased distributed generation, or changes in customers’ operating or business models,


CLECO
CLECO POWER						2025 1ST QUARTER FORM 10-Q

•industry and geographic concentrations of Cleco’s counterparties, suppliers, and customers,

•volatility or illiquidity in wholesale energy markets,

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q

•default or nonperformance on the part of any parties from whom Cleco purchases and/or sells capacity, energy, or fuel, or with whom Cleco enters into derivative contracts,

•Cleco Holdings’ and Cleco Power’s ability to remain in compliance with their respective debt covenants,

•the outcome of legal and regulatory proceedings, other contingencies, and settlements,

•changes in actuarial assumptions, interest rates, and the actual return on plan assets for Cleco’s pension and other postretirement benefit plans,

•insufficient insurance coverage, more restrictive coverage terms, increasing insurance costs, and Cleco’s ability to obtain insurance,

•Cleco’s ability to remain in compliance with the commitments made to the LPSC in connection with the 2016 Merger,

•Cleco Holdings’ dependence on the earnings, dividends, or distributions from its subsidiaries to meet its debt obligations, and

•workforce factors, changes in key members of management, availability of workers in a variety of skill areas, and Cleco’s ability to attract, recruit, and retain qualified employees.

For more discussion of these factors and other factors that could cause actual results to differ materially from those contemplated in the Registrants’ forward-looking statements, see Part I, Item 1A, “Risk Factors” in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, ~~2023~~2024.

All subsequent written and oral forward-looking statements attributable to the Registrants, or persons acting on their behalf, are expressly qualified in their entirety by the factors identified above.

Any forward-looking statement is considered only as of the date of this Quarterly Report on Form 10-Q and, except as required by law, the Registrants undertake no obligation to update any forward-looking statements, whether as a result of changes in actual results, changes in assumptions, or other factors affecting such statements.

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q


PART I — FINANCIAL INFORMATION


ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Cleco

These unaudited condensed consolidated financial statements should be read in conjunction with Cleco’s Consolidated Financial Statements and Notes included in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, ~~2023~~2024. For more information on the basis of presentation, see “Notes to the Unaudited Condensed Consolidated Financial Statements — Note 1 — Summary of Significant Accounting Policies — Basis of Presentation.”

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

CLECO
Condensed Consolidated Statements of Income (Unaudited)
	FOR THE THREE MONTHS ENDED SEPT. 30,
	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	~~2024~~2025		~~2023~~2024
Operating revenue
Electric operations	$	~~312~~269,~~397~~942	$	~~361~~251,~~838~~471
Other operations	2825,~~784~~302		3127,~~984~~218
Gross operating revenue	~~341~~295,~~181~~244		~~393~~278,~~822~~689
Electric customer credits	~~(1,046)~~—		24(1,847)
Operating revenue, net	~~340~~295,~~135~~244		~~393~~276,~~846~~842
Operating expenses
Fuel used for electric generation	6955,~~792~~514		~~125~~80,~~372~~737
Purchased power	2835,~~083~~195		4437,~~803~~791
Other operations and maintenance	60,~~365~~057		6260,~~985~~540
Depreciation and amortization	5049,~~293~~910		5096,~~055~~052
Taxes other than income taxes	15,~~633~~591		16,~~746~~099
Total operating expenses	~~224~~216,~~166~~267		~~299~~291,~~961~~219
Operating income	115,969		93,885
Operating income (loss)	78,977		(14,377)
Interest income	67,~~366~~133		1,~~283~~408
Allowance for equity funds used during construction	~~977~~531		~~1,617~~134
Other income (expense), net	1,331		(2,404)
Equity income from investee before income tax	—		677
Other (expense) income, net	(851)		1,398
Interest charges
Interest charges, net	37,~~941~~178		42,~~212~~792
Allowance for borrowed funds used during construction	(~~505~~757)		(~~178~~2,030)
Total interest charges	3736,~~436~~421		4240,~~034~~762
Income from continuing operations before income taxes	87,207		52,347
Income (loss) from continuing operations before income taxes	49,369		(51,522)
Federal and state income tax benefit	(6,643)		(246,494)
Federal and state income tax expense	9,057		37,671
Income from continuing operations, net of income taxes	93,850		298,841
Income (loss) from continuing operations, net of income taxes	40,312		(89,193)
Income (loss) from discontinued operations, net of income taxes	742		(142,729)
Income from discontinued operations, net of income taxes	—		31,962
Net income	$	94,592	$	156,112
Net income (loss)	$	40,312	$	(57,231)
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

CLECO
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
	FOR THE THREE MONTHS ENDED SEPT. 30,
	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	~~2024~~2025		~~2023~~2024
Net income	$	94,592	$	156,112
Net income (loss)	$	40,312	$	(57,231)
Other comprehensive loss, net of income tax
Postretirement benefits loss (net of tax benefit of $111 in 2024 and $156 in 2023)	(300)		(422)
Postretirement benefits loss (net of tax benefit of $130 in 2025 and $108 in 2024)	(382)		(299)
Total other comprehensive loss, net of income tax	(~~300~~382)		(~~422~~299)
Comprehensive income, net of tax	$	94,292	$	155,690
Comprehensive income (loss), net of tax	$	39,930	$	(57,530)
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

CLECO
Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
	FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
(THOUSANDS)	2024		2023
Assets
Operating revenue
Current assets
Electric operations	$	793,038	$	916,554
Cash and cash equivalents	$	55,831	$	30,472
Other operations	79,565		84,030
Restricted cash and cash equivalents	17,303		15,918
Gross operating revenue	872,603		1,000,584
Customer accounts receivable (less allowance for credit losses of $845 in 2025 and $1,337 in 2024)	43,397		47,520
Electric customer credits	(3,441)		(1,362)
Accounts receivable - affiliate	35,484		35,459
Operating revenue, net	869,162		999,222
Other accounts receivable	28,419		23,979
Operating expenses
Unbilled revenue	39,768		44,687
Fuel used for electric generation	187,891		389,216
Fuel inventory, at average cost	92,623		95,810
Purchased power	93,958		126,086
Materials and supplies, at average cost	165,287		158,976
Other operations and maintenance	182,343		181,260
Energy risk management assets	14,273		11,294
Depreciation and amortization	195,160		148,612
Accumulated deferred fuel	6,470		457
Taxes other than income taxes	45,949		48,782
Cash surrender value of company-/trust-owned life insurance policies	61,254		61,891
Total operating expenses	705,301		893,956
Prepayments	37,448		27,685
Operating income	163,861		105,266
Regulatory assets	40,296		295,125
Interest income	10,427		3,223
Other current assets	2,585		—
Allowance for equity funds used during construction	1,758		4,423
Total current assets	640,438		849,273
Equity income from investees, before tax	672		—
Property, plant, and equipment
Other expense, net	(9,290)		(2,656)
Property, plant, and equipment	5,051,258		4,991,574
Interest charges
Accumulated depreciation	(1,094,502)		(1,050,376)
Interest charges, net	122,019		123,533
Net property, plant, and equipment	3,956,756		3,941,198
Allowance for borrowed funds used during construction	(2,899)		(1,244)
Construction work in progress	141,597		138,040
Total interest charges	119,120		122,289
Total property, plant, and equipment, net	4,098,353		4,079,238
Income (loss) from continuing operations before income taxes	48,308		(12,033)
Equity investment in investee	1,916		1,916
Federal and state income tax benefit	(4,928)		(121,160)
Goodwill	1,490,797		1,490,797
Income from continuing operations, net of income taxes	53,236		109,127
Operating lease right of use assets	14,298		14,905
Income (loss) from discontinued operations, net of income taxes	45,415		(9,707)
Restricted cash and cash equivalents	150,938		116,493
Net income	$	98,651	$	99,420
Regulatory assets - deferred taxes, net	7,942		2,008
Regulatory assets	305,136		308,833
Intangible asset - Storm Recovery Property	381,569		384,908
Intangible asset - Energy Transition Property	299,735		—
Intangible asset - other	7,565		7,751
Receivable - Cleco Cajun Divestiture	100,631		98,153
Other deferred charges	13,552		15,331
Total assets	$	7,512,870	$	7,369,606
The accompanying notes are an integral part of the condensed consolidated financial statements.
(Continued on next page)

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

CLECO
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
	FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
(THOUSANDS)	2024		2023
Liabilities and member’s equity
Net income	$	98,651	$	99,420
Liabilities
Other comprehensive loss, net of tax
Current liabilities
Postretirement benefits loss (net of tax benefit of $273 in 2024 and $466 in 2023)	(743)		(1,267)
Short-term debt	$	30,000	$	120,000
Total other comprehensive loss, net of tax	(743)		(1,267)
Long-term debt and finance leases due within one year	143,543		264,934
Comprehensive income, net of tax	$	97,908	$	98,153
Accounts payable	112,982		125,483
Accounts payable - affiliate	21,368		21,368
Customer deposits	58,409		58,002
Provision for rate refund	20,436		20,510
Taxes payable	67,031		59,629
Interest accrued	37,371		19,919
Regulatory liabilities	9,127		8,327
Deferred compensation	15,880		17,013
Postretirement benefit obligations	13,865		26,439
Energy transition reserve	7,543		—
Other current liabilities	20,097		29,821
Total current liabilities	557,652		771,445
Long-term liabilities and deferred credits
Accumulated deferred federal and state income taxes, net	768,707		748,246
Postretirement benefit obligations	161,662		166,702
Regulatory liabilities	750		1,500
Energy transition reserve	33,084		—
Storm reserve	70,922		76,178
Asset retirement obligations	13,203		13,450
Operating lease liabilities	12,316		12,788
Provision for rate refund	19,896		19,896
Customer advances for construction	25,407		27,440
Credit deposits	14,750		14,750
Other deferred credits	21,464		31,154
Total long-term liabilities and deferred credits	1,142,161		1,112,104
Long-term debt and finance leases, net	2,932,113		2,645,043
Total liabilities	4,631,926		4,528,592
Commitments and contingencies (Note 14)
Member’s equity	2,880,944		2,841,014
Total liabilities and member’s equity	$	7,512,870	$	7,369,606
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

CLECO
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited)
(THOUSANDS)	AT SEPT. 30, 2024				AT DEC. 31, 2023
			FOR THE THREE MONTHS ENDED MAR. 31,
Assets
(THOUSANDS)			2025				2024
Current assets
Operating activities
Cash and cash equivalents	$	248,912			$	122,576
Net income (loss)			$	40,312			$	(57,231)
Restricted cash and cash equivalents	7,537				15,818
Adjustments to reconcile net income to net cash provided by operating activities
Customer accounts receivable (less allowance for credit losses of $1,132 in 2024 and $3,012 in 2023)	55,337				48,949
Depreciation and amortization			51,866				100,558
Accounts receivable - affiliate	34,543				24,216
Electric customer credits			—				1,300
Other accounts receivable	37,616				30,518
Unearned compensation expense			435				1,594
Taxes receivable	3,738				—
Loss on energy risk management assets and liabilities, net			—				4,686
Unbilled revenue	48,193				42,856
Loss on Cleco Cajun Divestiture			—				17,000
Fuel inventory, at average cost	87,768				68,387
Deferred income taxes			14,657				(10,750)
Materials and supplies, at average cost	156,436				141,688
Cash surrender value of company/trust-owned life insurance			(184)				(2,333)
Energy risk management assets	10,578				8,129
Changes in assets and liabilities
Accumulated deferred fuel	4,974				11,627
Accounts receivable			(710)				37,027
Cash surrender value of company-/trust-owned life insurance policies	63,015				56,922
Unbilled revenue			4,919				6,878
Prepayments	22,820				24,269
Fuel inventory and materials and supplies			(3,124)				(11,263)
Regulatory assets	289,463				34,280
Prepayments			(9,833)				(1,619)
Assets held for sale - discontinued operations	—				159,514
Accounts payable			(9,105)				(51,854)
Other current assets	10,859				918
Customer deposits			1,749				2,460
Total current assets	1,081,789				790,667
Postretirement benefit obligations			(18,126)				(720)
Property, plant, and equipment
Regulatory assets and liabilities, net			(2,528)				3,106
Property, plant, and equipment	4,929,018				4,838,994
Asset retirement obligation			(421)				(1,202)
Accumulated depreciation	(1,008,411)				(924,624)
Deferred fuel recoveries			(12,447)				1,328
Net property, plant, and equipment	3,920,607				3,914,370
Other deferred accounts			(19,419)				7,061
Construction work in progress	126,709				119,572
Taxes accrued			7,226				68,396
Total property, plant, and equipment, net	4,047,316				4,033,942
Interest accrued			17,452				18,910
Goodwill	1,490,797				1,490,797
Energy risk management assets and liabilities, net			2,877				(4,882)
Operating lease right of use assets	18,430				20,070
Storm reserve			(5,262)				1,410
Restricted cash and cash equivalents	118,134				113,573
Other operating			(5,892)				(8,700)
Note receivable	10,659				11,990
Net cash provided by operating activities			54,442				121,160
Regulatory assets - deferred taxes, net	64,897				43,866
Investing activities
Regulatory assets	312,525				615,495
Additions to property, plant, and equipment			(68,289)				(36,964)
Intangible asset - securitization	388,135				398,658
Customer advances for construction			900				—
Intangible assets - other	7,938				10,633
Refunds of customer advances for construction			(3,071)				—
Assets held for sale - discontinued operations	—				546,218
Other investing			294				564
Receivable - Cleco Cajun Divestiture	95,736				—
Net cash used in investing activities			(70,166)				(36,400)
Other deferred charges	18,252				24,484
Financing activities
Total assets	$	7,654,608			$	8,100,393
Draws on revolving credit facilities			40,000				—
The accompanying notes are an integral part of the condensed consolidated financial statements.
Payments on revolving credit facilities			(130,000)				(15,000)
(Continued on next page)
Issuances of long-term debt			305,000				—
Repayment of long-term debt			(133,135)				(7,844)
Payment of financing costs			(4,952)				—
Other financing			—				(219)
Net cash provided by (used in) financing activities			76,913				(23,063)
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents			61,189				61,697
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period			162,883		(1)		256,067
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period			$	224,072	(2)		$	317,764
Supplementary cash flow information
Interest paid, net of amount capitalized			$	18,007			$	23,275
Supplementary non-cash investing and financing activities
Accrued additions to property, plant, and equipment			$	3,466			$	13,363
(1) Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493. (2) Includes cash and cash equivalents of $55,831, current restricted cash and cash equivalents of $17,303, and non-current restricted cash and cash equivalents of $150,938.
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

CLECO
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited)
(THOUSANDS)	AT SEPT. 30, 2024				AT DEC. 31, 2023
	FOR THE THREE MONTHS ENDED MAR. 31, 2025
Liabilities and member’s equity
(THOUSANDS)	MEMBERSHIP INTEREST		RETAINED EARNINGS		AOCI		TOTAL MEMBERS EQUITY
Liabilities
Balances, beginning of period	$	2,454,276	$	389,422	$	(2,684)	$	2,841,014
Current liabilities
Net income	—		40,312		—		40,312
Short-term debt	$	—			$	110,000
Other comprehensive loss, net of tax	—		—		(382)		(382)
Long-term debt and finance leases due within one year	240,892				256,811
Balances, end of period	$	2,454,276	$	429,734	$	(3,066)	$	2,880,944
Accounts payable	121,631				119,801
Accounts payable - affiliate	20,006				10,683
Customer deposits	57,730				56,982
Provision for rate refund	22,358				60,768
Taxes payable	84,317				19,963
Interest accrued	39,790				22,209
Energy risk management liabilities	369				15,786
Regulatory liabilities	7,733				21,939
Deferred compensation	16,585				14,277
Post retirement benefit obligations	22,422				35,520
Liabilities held for sale - discontinued operations	—				39,019
Other current liabilities	30,808				24,378
Total current liabilities	664,641				808,136
Long-term liabilities and deferred credits
Accumulated deferred federal and state income taxes, net	806,270				801,397
Postretirement benefit obligations	182,301				196,321
Regulatory liabilities	2,250				—
Storm reserves	81,227				111,509
Asset retirement obligations	10,885				13,723
Operating lease liabilities	15,613				17,276
Provision for rate refund	19,897				—
Customer advances for construction	31,087				26,815
Credit deposits	14,750				7,000
Liabilities held for sale - discontinued operations	—				75,933
Other deferred credits	30,045				27,186
Total long-term liabilities and deferred credits	1,194,325				1,277,160
Long-term debt and finance leases, net	2,907,066				3,141,924
Total liabilities	4,766,032				5,227,220
Commitments and contingencies (Note 14)
Member’s equity	2,888,576				2,873,173
Total liabilities and member’s equity	$	7,654,608			$	8,100,393
The accompanying notes are an integral part of the condensed consolidated financial statements.


	FOR THE THREE MONTHS ENDED MAR. 31, 2024
(THOUSANDS)	MEMBERSHIP INTEREST		RETAINED EARNINGS		AOCI		TOTAL MEMBERS EQUITY
Balances, beginning of period	$	2,454,276	$	424,009	$	(5,112)	$	2,873,173
Net loss	—		(57,231)		—		(57,231)

Other comprehensive loss, net of tax	—		—		(299)		(299)
Balances, end of period	$	2,454,276	$	366,778	$	(5,411)	$	2,815,643
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

CLECO
Condensed Consolidated Statements of Cash Flows (Unaudited)
	FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2024			2023
Operating activities
Net income	$	98,651		$	99,420
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	207,819			181,672
Provision for credit losses	911			3,243
Electric customer credits	1,300			—
Unearned compensation expense	5,875			6,676
Allowance for equity funds used during construction	(1,758)			(4,423)
Loss on energy risk management assets and liabilities, net	5,276			76,748
Loss on discontinued operations	43,715			154,000
Deferred lease revenue	—			(2,301)
Deferred income taxes	(25,967)			(51,894)
Cash surrender value of company-/trust-owned life insurance	(3,908)			690
Derecognition of previously deferred Project Diamond Vault costs	10,336			—
Changes in assets and liabilities
Accounts receivable	1,612			1,045
Accounts receivable, affiliate	(9,457)			(7,693)
Unbilled revenue	(5,337)			2,398
Fuel inventory and materials and supplies	(58,006)			(86,598)
Prepayments	(4,159)			(12,805)
Accounts payable	(30,560)			(40,162)
Accounts payable - affiliate	9,323			7,834
Customer deposits	5,768			3,607
Postretirement benefit obligations	(28,133)			(1,607)
Regulatory assets and liabilities, net	5,432			4,677
Asset retirement obligation	(3,107)			(6,115)
Deferred fuel recoveries	(4,008)			34,801
Other deferred accounts	(10,824)			516
Taxes accrued	60,424			(45,700)
Interest accrued	17,580			14,666
Energy risk management assets and liabilities, net	(10,978)			(6,500)
Other operating	(12,684)			(5,022)
Net cash provided by operating activities	265,136			321,173
Investing activities
Additions to property, plant, and equipment	(172,513)			(165,750)
Proceeds from sale of discontinued operations (net of transaction fees of $10.8 million)	463,769			—
Other investing	2,035			2,068
Net cash provided by (used in) investing activities	293,291			(163,682)
Financing activities
Draws on revolving credit facilities	22,000			107,000
Payments on revolving credit facilities	(132,000)			(111,000)
Issuances of long-term debt	16,599			—
Repayment of long-term debt	(262,798)			(9,574)
Distributions to member	(82,505)			(30,000)
Other financing	(1,207)			(1,116)
Net cash used in financing activities	(439,911)			(44,690)
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents	118,516			112,801
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	256,067		(1)	191,572
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	$	374,583	(2)	$	304,373
(1) Includes cash and cash equivalents of $122,576, current restricted cash and cash equivalents of $15,818, and non-current restricted cash and cash equivalents of $113,573. Also includes cash, cash equivalents, and restricted cash equivalents in assets held for sale of $4,100.(2) Includes cash and cash equivalents of $248,912, current restricted cash and cash equivalents of $7,537, and non-current restricted cash and cash equivalents of $118,134. Also includes cash, cash equivalents, and restricted cash equivalents in assets held for sale of $0.
The accompanying notes are an integral part of the condensed consolidated financial statements.
(Continued on next page)


ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Cleco Power

These unaudited condensed consolidated financial statements should be read in conjunction with Cleco Power’s Consolidated Financial Statements and Notes included in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024. For more information on the basis of presentation, see “Notes to the Unaudited Condensed Consolidated Financial Statements — Note 1 — Summary of Significant Accounting Policies — Basis of Presentation.”

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

CLECO
CLECO POWER
Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statements of Income (Unaudited)
			FOR THE NINE MONTHS ENDED SEPT. 30,
	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2025		~~2024~~		2024		~~2023~~
Supplementary cash flow information
Operating revenue
Interest paid, net of amount capitalized			$	100,393			$	109,997
Electric operations	$	270,128			$	253,794
Income taxes paid, net			$	8,338			$	2,162
Other operations	23,456				27,218
Supplementary non-cash investing and financing activities
Affiliate revenue	245				8,869
Accrued additions to property, plant, and equipment			$	4,488			$	3,506
Gross operating revenue	293,829				289,881
The accompanying notes are an integral part of the condensed consolidated financial statements.
Electric customer credits	—				(1,847)
Operating revenue, net	293,829				288,034
Operating expenses
Fuel used for electric generation	55,514				69,791
Purchased power	35,195				37,791
Other operations and maintenance	57,908				56,797
Depreciation and amortization	47,783				94,004
Taxes other than income taxes	15,618				15,646
Total operating expenses	212,018				274,029
Operating income	81,811				14,005
Interest income	4,592				1,288
Allowance for equity funds used during construction	531				134
Equity income from investee before income tax	—				677
Other expense, net	(350)				(228)
Interest charges
Interest charges, net	26,441				25,514
Allowance for borrowed funds used during construction	(757)				(2,030)
Total interest charges	25,684				23,484
Income (loss) before income taxes	60,900				(7,608)
Federal and state income tax expense (benefit)	11,883				(960)
Net income (loss)	$	49,017			$	(6,648)
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

CLECO
CLECO POWER
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
	FOR THE THREE MONTHS ENDED SEPT. 30, 2024								FOR THE NINE MONTHS ENDED SEPT. 30, 2024
	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	~~MEMBERSHIP INTEREST~~2025		~~RETAINED EARNINGS~~		~~AOCI~~2024		~~TOTAL MEMBERS EQUITY~~		~~MEMBERSHIP INTEREST~~		~~RETAINED EARNINGS~~		~~AOCI~~		~~TOTAL MEMBERS EQUITY~~
Balances, beginning of period	$	2,454,276	$	408,068	$	(5,555)	$	2,856,789	$	2,454,276	$	424,009	$	(5,112)	$	2,873,173
Net income (loss)	$	49,017			$	(6,648)
Net income	—		94,592		—		94,592		—		98,651		—		98,651
Other comprehensive income, net of income tax
Distributions to member	—		(62,505)		—		(62,505)		—		(82,505)		—		(82,505)
Postretirement benefits gain (net of tax expense of $52 in 2025 and $70 in 2024)	155				190
Other comprehensive loss, net of tax	—		—		(300)		(300)		—		—		(743)		(743)
Amortization of interest rate derivatives to earnings (net of tax expense of $22 in 2025 and $23 in 2024)	64				64
Balances, end of period	$	2,454,276	$	440,155	$	(5,855)	$	2,888,576	$	2,454,276	$	440,155	$	(5,855)	$	2,888,576
Total other comprehensive income, net of income tax	219				254
Comprehensive income (loss), net of tax	$	49,236			$	(6,394)
The accompanying notes are an integral part of the condensed consolidated financial statements.

	FOR THE THREE MONTHS ENDED SEPT. 30, 2023								FOR THE NINE MONTHS ENDED SEPT. 30, 2023
(THOUSANDS)	MEMBERSHIP INTEREST		RETAINED EARNINGS		AOCI		TOTAL MEMBERS EQUITY		MEMBERSHIP INTEREST		RETAINED EARNINGS		AOCI		TOTAL MEMBERS EQUITY
Balances, beginning of period	$	2,454,276	$	436,040	$	(786)	$	2,889,530	$	2,454,276	$	492,732	$	59	$	2,947,067
Net income	—		156,112		—		156,112		—		99,420		—		99,420
Distributions to member	—		(30,000)		—		(30,000)		—		(30,000)		—		(30,000)
Other comprehensive loss, net of tax	—		—		(422)		(422)		—		—		(1,267)		(1,267)
Balances, end of period	$	2,454,276	$	562,152	$	(1,208)	$	3,015,220	$	2,454,276	$	562,152	$	(1,208)	$	3,015,220
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


CLECO POWER

Condensed Consolidated Balance Sheets (Unaudited)
(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Assets
Utility plant and equipment
Property, plant, and equipment	$	6,171,552	$	6,113,217
Accumulated depreciation	(2,390,113)		(2,348,169)
Net property, plant, and equipment	3,781,439		3,765,048
Construction work in progress	140,849		136,217
Total utility plant and equipment, net	3,922,288		3,901,265
Current assets
Cash and cash equivalents	51,428		23,714
Restricted cash and cash equivalents	17,303		15,918
Customer accounts receivable (less allowance for credit losses of $845 in 2025 and $1,337 in 2024)	43,397		47,520
Accounts receivable - affiliate	1,195		1,174
Other accounts receivable	27,960		23,233

Unbilled revenue	39,768		44,687
Fuel inventory, at average cost	92,623		95,810
Materials and supplies, at average cost	165,287		158,976
Energy risk management assets	14,273		11,294
Accumulated deferred fuel	6,470		457
Cash surrender value of company-owned life insurance policies	10,207		10,123
Prepayments	33,879		23,524
Regulatory assets	32,615		287,390
Other current assets	3,992		—
Total current assets	540,397		743,820
Equity investment in investee	1,916		1,916

Operating lease right of use assets	14,298		14,905
Restricted cash and cash equivalents	150,914		116,469

Regulatory assets - deferred taxes, net	7,942		2,008
Regulatory assets	207,793		209,028
Intangible asset - Storm Recovery Property	381,569		384,908
Intangible asset - Energy Transition Property	299,735		—



Other deferred charges	12,756		14,450
Total assets	$	5,539,608	$	5,388,769
The accompanying notes are an integral part of the condensed consolidated financial statements.

(Continued on next page)

Cleco Power

These unaudited condensed consolidated financial statements should be read in conjunction with Cleco Power’s Consolidated Financial Statements and Notes included in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023. For more information on the basis of presentation, see “Notes to the Unaudited Condensed Consolidated Financial Statements — Note 1 — Summary of Significant Accounting Policies — Basis of Presentation.”

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

CLECO POWER
Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
	FOR THE THREE MONTHS ENDED SEPT. 30,
(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
(THOUSANDS)	2024		2023
Liabilities and member’s equity
Operating revenue
Member’s equity	$	2,156,643	$	2,107,407
Electric operations	$	312,583	$	364,161
Long-term debt and finance leases, net	1,835,384		1,546,624
Other operations	24,433		31,984
Total capitalization	3,992,027		3,654,031
Affiliate revenue	1,397		1,645
Current liabilities
Gross operating revenue	338,413		397,790
Short-term debt	—		110,000
Electric customer credits	(1,046)		24
Long-term debt and finance leases due within one year	143,543		264,934
Operating revenue, net	337,367		397,814
Accounts payable	105,609		110,361
Operating expenses
Accounts payable - affiliate	10,369		11,389
Fuel used for electric generation	69,792		117,175
Customer deposits	58,409		58,002
Purchased power	28,083		44,803
Provision for rate refund	20,436		20,510
Other operations and maintenance	60,387		59,452
Taxes payable	27,989		13,422
Depreciation and amortization	48,213		48,012
Interest accrued	23,985		11,781
Taxes other than income taxes	14,590		15,818
Regulatory liabilities	9,127		8,327
Total operating expenses	221,065		285,260
Postretirement benefit obligations	9,127		21,701
Operating income	116,302		112,554
Energy transition reserve	7,543		—
Interest income	1,065		1,215
Other current liabilities	13,686		17,387
Allowance for equity funds used during construction	977		1,617
Total current liabilities	429,823		647,814
Other expense, net	(262)		(103)
Commitments and contingencies (Note 14)
Interest charges
Long-term liabilities and deferred credits
Interest charges, net	25,519		25,099
Accumulated deferred federal and state income taxes, net	804,735		788,016
Allowance for borrowed funds used during construction	(505)		(178)
Postretirement benefit obligations	104,685		109,464
Total interest charges	25,014		24,921
Regulatory liabilities	750		1,500
Income before income taxes	93,068		90,362
Energy transition reserve	33,084		—
Federal and state income tax expense (benefit)	9,396		(552)
Storm reserve	70,922		76,178
Net income	$	83,672	$	90,914
Asset retirement obligations	13,203		13,450
Operating lease liabilities	12,316		12,788
Provision for rate refund	19,896		19,896
Customer advances for construction	25,407		27,440
Credit deposits	14,750		14,750
Other deferred credits	18,010		23,442
Total long-term liabilities and deferred credits	1,117,758		1,086,924
Total liabilities and member’s equity	$	5,539,608	$	5,388,769
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

CLECO POWER
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited)
	FOR THE THREE MONTHS ENDED SEPT. 30,
			FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	~~2024~~		2025		~~2023~~		2024
Net income	$	83,672			$	90,914
Operating activities
Other comprehensive income, net of income tax
Net income (loss)			$	49,017			$	(6,648)
Postretirement benefits gain (net of tax expense of $71 in 2024 and $35 in 2023)	192				97
Adjustments to reconcile net income to net cash provided by operating activities
Amortization of interest rate derivatives to earnings (net of tax expense of $23 in 2024 and 2023)	63				62
Depreciation and amortization			49,279				95,358
Total other comprehensive income, net of income tax	255				159
Electric customer credits			—				1,300
Comprehensive income, net of tax	$	83,927			$	91,073
Unearned compensation expense			1,317				326
The accompanying notes are an integral part of the condensed consolidated financial statements.
Deferred income taxes			10,711				(11,344)
Changes in assets and liabilities
Accounts receivable			(997)				11,770
Unbilled revenue			4,919				6,878
Fuel inventory and materials and supplies			(3,124)				1,521
Prepayments			(10,463)				(203)
Accounts payable			(1,338)				(33,251)
Accounts payable - affiliate			(1,276)				(2,513)
Customer deposits			1,749				2,460
Postretirement benefit obligations			(17,448)				(386)
Regulatory assets and liabilities, net			(3,025)				2,609
Asset retirement obligation			(421)				(1,197)
Deferred fuel recoveries			(12,447)				1,328
Other deferred accounts			(7,542)				6,668
Taxes accrued			13,975				21,223
Interest accrued			12,204				12,084
Energy risk management assets and liabilities, net			2,877				(4,882)
Storm reserve			(5,262)				1,410
Other operating			(6,365)				(2,367)
Net cash provided by operating activities			76,340				102,144
Investing activities
Additions to property, plant, and equipment			(67,832)				(39,494)
Customer advances for construction			900				—
Refunds of customer advances for construction			(3,071)				—
Other investing			294				564
Net cash used in investing activities			(69,709)				(38,930)
Financing activities
Draws on revolving credit facility			20,000				—
Payments on revolving credit facility			(130,000)				—
Issuances of long-term debt			305,000				—
Repayment of long-term debt			(133,135)				(7,844)
Payment of financing costs			(4,952)				—
Distributions to member			—				(40,000)
Other financing			—				(219)
Net cash provided by (used in) financing activities			56,913				(48,063)
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents			63,544				15,151
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period			156,101		(1)		178,578
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period			$	219,645	(2)		$	193,729
Supplementary cash flow information
Interest paid, net of amount capitalized			$	12,791			$	12,152
Supplementary non-cash investing and financing activities
Accrued additions to property, plant, and equipment			$	3,449			$	8,836
(1) Includes cash and cash equivalents of $23,714, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,469.(2) Includes cash and cash equivalents of $51,428, current restricted cash and cash equivalents of $17,303, and non-current restricted cash and cash equivalents of $150,914.
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

CLECO POWER
Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited)
	FOR THE NINE MONTHS ENDED SEPT. 30,
	FOR THE THREE MONTHS ENDED MAR. 31, 2025
(THOUSANDS)	~~2024~~MEMBERSHIP INTEREST		AOCI		~~2023~~TOTAL MEMBERS EQUITY
Operating revenue
Balances, beginning of period	$	2,117,506	$	(10,099)	$	2,107,407
Electric operations	$	795,733			$	923,685
Net income	49,017		—		49,017
Other operations	74,032				84,028
Other comprehensive income, net of tax	—		219		219
Affiliate revenue	11,788				4,967
Balances, end of period	$	2,166,523	$	(9,880)	$	2,156,643
Gross operating revenue	881,553				1,012,680
Electric customer credits	(3,441)				(1,362)
Operating revenue, net	878,112				1,011,318
Operating expenses
Fuel used for electric generation	181,372				298,586
Purchased power	93,958				126,086
Other operations and maintenance	176,817				170,827
Depreciation and amortization	188,970				142,467
Taxes other than income taxes	43,711				46,155
Total operating expenses	684,828				784,121
Operating income	193,284				227,197
Interest income	3,257				2,979
Allowance for equity funds used during construction	1,758				4,423
Equity income from investee before income tax	672				—
Other (expense) income, net	(11,039)				198
Interest charges
Interest charges, net	76,513				74,686
Allowance for borrowed funds used during construction	(2,899)				(1,244)
Total interest charges	73,614				73,442
Income before income taxes	114,318				161,355
Federal and state income tax expense	10,508				4,185
Net income	$	103,810			$	157,170
The accompanying notes are an integral part of the condensed consolidated financial statements.


	FOR THE THREE MONTHS ENDED MAR. 31, 2024
(THOUSANDS)	MEMBERSHIP INTEREST		AOCI		TOTAL MEMBERS EQUITY
Balances, beginning of period	$	2,073,588	$	(10,351)	$	2,063,237
Net loss	(6,648)		—		(6,648)
Distributions to member	(40,000)		—		(40,000)
Other comprehensive income, net of tax	—		254		254
Balances, end of period	$	2,026,940	$	(10,097)	$	2,016,843
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

CLECO POWER
Index to Applicable Notes to the Unaudited Condensed Consolidated Financial Statements of Registrants
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Note 1	Summary of Significant Accounting Policies		Cleco and Cleco Power
	FOR THE NINE MONTHS ENDED SEPT. 30,
Note 2	Recent Authoritative Guidance		Cleco and Cleco Power
(THOUSANDS)	2024			2023
Note 3	Discontinued Operations		Cleco
Net income	$	103,810		$	157,170
Note 4	Revenue Recognition		Cleco and Cleco Power
Other comprehensive income, net of tax
Note 5	Regulatory Assets and Liabilities		Cleco and Cleco Power
Postretirement benefits gain (net of tax expense of $200 in 2024 and $106 in 2023)	543			289
Note 6	Fair Value Accounting Instruments		Cleco and Cleco Power
Amortization of interest rate derivatives to earnings (net of tax expense of $69 in 2024 and 2023)	189			188
Note 7	Derivative Instruments		Cleco and Cleco Power
Total other comprehensive income, net of tax	732			477
Note 8	Debt		Cleco and Cleco Power
Comprehensive income, net of tax	$	104,542		$	157,647
Note 9	Pension Plan and Employee Benefits		Cleco and Cleco Power
The accompanying notes are an integral part of the condensed consolidated financial statements.
Note 10	Income Taxes		Cleco and Cleco Power
Note 11	Segment Disclosures		Cleco
Note 12	Regulation and Rates		Cleco and Cleco Power
Note 13	Variable Interest Entities		Cleco and Cleco Power
Note 14	Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees		Cleco and Cleco Power
Note 15	Affiliate Transactions		Cleco and Cleco Power
Note 16	Intangible Assets		Cleco and Cleco Power
Note 17	Accumulated Other Comprehensive Loss		Cleco and Cleco Power

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q

CLECO POWER
Condensed Consolidated Balance Sheets (Unaudited)
(THOUSANDS)	AT SEPT. 30, 2024		AT DEC. 31, 2023
Assets
Utility plant and equipment
Property, plant, and equipment	$	6,050,720	$	5,969,355
Accumulated depreciation	(2,308,401)		(2,244,217)
Net property, plant, and equipment	3,742,319		3,725,138
Construction work in progress	125,132		118,249
Total utility plant and equipment, net	3,867,451		3,843,387
Current assets
Cash and cash equivalents	49,587		49,211
Restricted cash and cash equivalents	7,537		15,818
Customer accounts receivable (less allowance for credit losses of $1,132 in 2024 and $3,012 in 2023)	55,337		48,949
Accounts receivable - affiliate	3,991		4,543
Other accounts receivable	34,194		27,768
Unbilled revenue	48,193		42,856
Fuel inventory, at average cost	87,768		68,387
Materials and supplies, at average cost	156,436		141,688
Energy risk management assets	10,578		3,087
Accumulated deferred fuel	4,974		11,627
Cash surrender value of company-owned life insurance policies	10,039		9,792
Prepayments	18,883		17,375
Regulatory assets	281,727		26,545
Other current assets	6,497		918
Total current assets	775,741		468,564
Operating lease right of use assets	18,430		20,070
Restricted cash and cash equivalents	118,110		113,549
Note receivable	10,659		11,990
Regulatory assets - deferred taxes, net	64,897		43,866
Regulatory assets	210,203		505,623
Intangible asset - securitization	388,135		398,658
Other deferred charges	17,323		23,835
Total assets	$	5,470,949	$	5,429,542
The accompanying notes are an integral part of the condensed consolidated financial statements.
(Continued on next page)

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q

CLECO POWER
Condensed Consolidated Balance Sheets (Unaudited)
(THOUSANDS)	AT SEPT. 30, 2024		AT DEC. 31, 2023
Liabilities and member’s equity
Member’s equity	$	2,097,779	$	2,063,237
Long-term debt and finance leases, net	1,632,148		1,697,152
Total capitalization	3,729,927		3,760,389
Current liabilities
Long-term debt and finance leases due within one year	240,892		190,314
Accounts payable	109,931		95,565
Accounts payable - affiliate	29,616		13,200
Customer deposits	57,730		56,982
Provision for rate refund	22,358		60,768
Taxes payable	48,355		23,709
Interest accrued	23,744		11,752
Energy risk management liabilities	369		15,112
Regulatory liabilities	7,733		21,939
Post retirement benefit obligations	17,687		30,777
Other current liabilities	19,677		14,617
Total current liabilities	578,092		534,735
Commitments and contingencies (Note 14)
Long-term liabilities and deferred credits
Accumulated deferred federal and state income taxes, net	844,484		806,560
Postretirement benefit obligations	119,277		132,321
Regulatory liabilities	2,250		—
Storm reserves	81,227		111,509
Asset retirement obligations	10,885		13,598
Operating lease liabilities	15,613		17,276
Provision for rate refund	19,897		—
Customer advances for construction	31,087		26,815
Credit deposits	14,750		7,000
Other deferred credits	23,460		19,339
Total long-term liabilities and deferred credits	1,162,930		1,134,418
Total liabilities and member’s equity	$	5,470,949	$	5,429,542
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q

CLECO POWER
Condensed Consolidated Statements of Cash Flows (Unaudited)
	FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2024			2023
Operating activities
Net income	$	103,810		$	157,170
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	193,188			146,703
Provision for credit losses	911			3,243
Electric customer credits	1,300			—
Unearned compensation expense	1,236			1,059
Allowance for equity funds used during construction	(1,758)			(4,423)
Deferred income taxes	6,194			(3,117)
Derecognition of previously deferred Project Diamond Vault costs	10,336			—
Changes in assets and liabilities
Accounts receivable	(17,405)			396
Accounts receivable - affiliate	1,943			3,056
Unbilled revenue	(5,337)			2,398
Fuel inventory and materials and supplies	(34,127)			(24,115)
Accounts payable	(20,575)			(27,286)
Accounts payable - affiliate	15,995			9,076
Customer deposits	5,768			3,607
Postretirement benefit obligations	(26,783)			(1,080)
Regulatory assets and liabilities, net	3,941			3,187
Asset retirement obligation	(3,103)			(5,923)
Deferred fuel recoveries	(4,008)			34,801
Other deferred accounts	(5,128)			6,291
Taxes accrued	23,473			33,824
Interest accrued	11,992			7,636
Energy risk management assets and liabilities, net	(10,978)			—
Other operating	(2,030)			(4,570)
Net cash provided by operating activities	248,855			341,933
Investing activities
Additions to property, plant, and equipment	(168,528)			(159,947)
Other investing	2,035			1,971
Net cash used in investing activities	(166,493)			(157,976)
Financing activities
Draws on revolving credit facility	—			25,000
Payments on revolving credit facility	—			(70,000)
Issuances of long-term debt	16,599			—
Repayment of long-term debt	(31,098)			(9,574)
Payment of financing costs	—			—
Distributions to member	(70,000)			(50,000)
Other financing	(1,207)			(715)
Net cash used in financing activities	(85,706)			(105,289)
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents	(3,344)			78,668
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	178,578		(1)	147,644
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	$	175,234	(2)	$	226,312
Supplementary cash flow information
Interest paid, net of amount capitalized	$	60,611		$	63,204
Supplementary non-cash investing and financing activities
Accrued additions to property, plant, and equipment	$	4,486		$	2,825
(1) Includes cash and cash equivalents of $49,211, current restricted cash and cash equivalents of $15,818, and non-current restricted cash and cash equivalents of $113,549.(2) Includes cash and cash equivalents of $49,587, current restricted cash and cash equivalents of $7,537, and non-current restricted cash and cash equivalents of $118,110.
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q

CLECO POWER
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited)
	FOR THE THREE MONTHS ENDED SEPT. 30, 2024						FOR THE NINE MONTHS ENDED SEPT. 30, 2024
(THOUSANDS)	MEMBERSHIP INTEREST		AOCI		TOTAL MEMBERS EQUITY		MEMBERSHIP INTEREST		AOCI		TOTAL MEMBERS EQUITY
Balances, beginning of period	$	2,053,726	$	(9,874)	$	2,043,852	$	2,073,588	$	(10,351)	$	2,063,237
Net income	83,672		—		83,672		103,810		—		103,810
Distributions to member	(30,000)		—		(30,000)		(70,000)		—		(70,000)
Other comprehensive income, net of tax	—		255		255		—		732		732
Balances, end of period	$	2,107,398	$	(9,619)	$	2,097,779	$	2,107,398	$	(9,619)	$	2,097,779

	FOR THE THREE MONTHS ENDED SEPT. 30, 2023						FOR THE NINE MONTHS ENDED SEPT. 30, 2023
(THOUSANDS)	MEMBERSHIP INTEREST		AOCI		TOTAL MEMBERS EQUITY		MEMBERSHIP INTEREST		AOCI		TOTAL MEMBERS EQUITY
Balances, beginning of period	$	2,072,533	$	(8,047)	$	2,064,486	$	2,031,277	$	(8,365)	$	2,022,912
Net income	90,914		—		90,914		157,170		—		157,170
Distributions to member	(25,000)		—		(25,000)		(50,000)		—		(50,000)
Other comprehensive income, net of tax	—		159		159		—		477		477
Balances, end of period	$	2,138,447	$	(7,888)	$	2,130,559	$	2,138,447	$	(7,888)	$	2,130,559
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q

Index to Applicable Notes to the Unaudited Condensed Consolidated Financial Statements of Registrants
Note 1	Summary of Significant Accounting Policies	Cleco and Cleco Power
Note 2	Recent Authoritative Guidance	Cleco and Cleco Power
Note 3	Discontinued Operations	Cleco
Note 4	Revenue Recognition	Cleco and Cleco Power
Note 5	Regulatory Assets and Liabilities	Cleco and Cleco Power
Note 6	Fair Value Accounting Instruments	Cleco and Cleco Power
Note 7	Derivative Instruments	Cleco and Cleco Power
Note 8	Debt	Cleco and Cleco Power
Note 9	Pension Plan and Employee Benefits	Cleco and Cleco Power
Note 10	Income Taxes	Cleco and Cleco Power
Note 11	Segment Disclosures	Cleco
Note 12	Regulation and Rates	Cleco and Cleco Power
Note 13	Variable Interest Entities	Cleco and Cleco Power
Note 14	Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees	Cleco and Cleco Power
Note 15	Affiliate Transactions	Cleco and Cleco Power
Note 16	Intangible Assets	Cleco and Cleco Power
Note 17	Accumulated Other Comprehensive Loss	Cleco and Cleco Power
Note 18	Storm Restoration	Cleco and Cleco Power
Note 19	Property, Plant, and Equipment	Cleco and Cleco Power
Note 20	Subsequent Event	Cleco and Cleco Power


Notes to the Unaudited Condensed Consolidated Financial Statements


Note 1 — Summary of Significant Accounting Policies

Discontinued Operations

In March 2023, Cleco Holdings’ management, with the support of its Board of Managers, committed to a plan of action for the disposition of the Cleco Cajun Sale Group. As a result, Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met, and the sale represents a strategic shift that will have a major effect on Cleco’s future operations and financial results. Therefore, the results of operations and financial position of the Cleco Cajun Sale Group have been presented as discontinued operations since March 31, 2023. On June 1, 2024, the Cleco Cajun Divestiture closed. For more information, see Note 3 — “Discontinued Operations.”

Principles of Consolidation

The accompanying condensed consolidated financial statements of Cleco include the accounts of Cleco Holdings and its majority-owned subsidiaries after elimination of intercompany accounts and transactions.

On March 12, 2025, following the formation of Cleco Securitization II and the completion of the securitization financing of stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station as well as deferred fuel and other costs associated with the closure of the Oxbow mine, Cleco Power became the primary beneficiary of Cleco Securitization II, and as a result, the financial statements of Cleco Securitization II are consolidated with the financial statements of Cleco Power. For more information on Cleco Securitization II, see Note 13 — “Variable Interest Entities — Securitization Entities — Cleco Securitization II.”

Basis of Presentation

The condensed consolidated financial statements of Cleco and Cleco Power have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end condensed consolidated balance sheet data was derived from audited financial statements and adjusted for discontinued operations. Because the interim condensed consolidated financial statements and the accompanying notes do not include all of the information and notes required by GAAP for annual financial statements, the

consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end condensed consolidated balance sheet data was derived from audited financial statements and adjusted for discontinued operations. Because the interim condensed consolidated financial statements and the accompanying notes do not include all of the information and notes required by GAAP for annual financial statements, the condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, ~~2023~~2024.

These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments that are necessary for a fair statement of the financial position and results of operations of Cleco and Cleco Power. Amounts reported in Cleco’s and Cleco Power’s interim financial statements are not necessarily indicative of amounts expected for the annual periods due to the effects of seasonal temperature variations on energy consumption, regulatory rulings, the timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices, discrete income tax items, and other factors.

In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. For information on recent authoritative guidance and its effect on financial results, see Note 2 — “Recent Authoritative Guidance.” For information on discontinued operations, see Note 3 — “Discontinued Operations.”

Restricted Cash and Cash Equivalents

Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions ~~under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general corporate purposes.~~

2621

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general corporate purposes.

Cleco’s and Cleco Power’s restricted cash and cash equivalents consisted of the following:

Cleco
(THOUSANDS)	AT ~~SEPT~~MAR. 3031, ~~2024~~2025		AT DEC. 31, ~~2023~~2024
Current
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service	$	7,537	$	15,818
Cleco Securitization I and Cleco Securitization II operating expenses and debt service	$	9,727	$	15,918
Total current	7,537		15,818
Cleco Securitization II Dolet Hills plant and mine retirement costs	7,576		—
Total current	17,303		15,918
Non-current
Cleco Securitization II Dolet Hills plant and mine retirement costs	33,255		1
Diversified Lands’ mitigation escrow	24		24
Cleco Power’s future storm restoration costs	~~118~~117,~~110~~659		~~113~~116,~~549~~468
Total non-current	~~118~~150,~~134~~938		~~113~~116,~~573~~493
Total restricted cash and cash equivalents	$	~~125~~168,~~671~~241	$	~~129~~132,~~391~~411

Cleco Power
(THOUSANDS)	AT ~~SEPT~~MAR. 3031, ~~2024~~2025		AT DEC. 31, ~~2023~~2024
Current
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service	$	7,537	$	15,818
Cleco Securitization I and Cleco Securitization II operating expenses and debt service	$	9,727	$	15,918
Total current	7,537		15,818
Cleco Securitization II Dolet Hills plant and mine retirement costs	7,576		—
Total current	17,303		15,918
Non-current
Future storm restoration costs	118,110		113,549
Cleco Securitization II Dolet Hills plant and mine retirement costs	33,255		1
Total non-current	118,110		113,549
Future storm restoration costs	117,659		116,468
Total restricted cash and cash equivalents	$	125,647	$	129,367
Total non-current	150,914		116,469
Total restricted cash and cash equivalents	$	168,217	$	132,387

On October 8, 2024, Cleco Power made a filing with the LPSC seeking approval to withdraw storm restoration costs associated with the April 2024 storm, as well as costs associated with other storm events that occurred since December 2022, from the storm reserve. This request is currently under review by the LPSC. Management anticipates filing an additional application seeking approval for withdrawal of the accumulated restoration costs for Hurricane Francine, as well as other storms that occurred in 2024, from the restricted storm reserve in 2025. At March 31, 2025, Cleco Power had $46.0 million of accumulated storm restoration costs that are probable of recovery from the storm reserve, pending approval by the LPSC. For more information about these accumulated storm restoration costs, see Note 5 — “Regulatory Assets and Liabilities — Storm Reserve.”

On March 12, 2025, in conjunction with the securitization financing and pursuant to the financing order issued by the LPSC on November 20, 2024, newly funded energy transition reserve for reimbursement of Dolet Hills Power Station energy transition costs and for future energy transition costs were established. For more information about the energy transition reserve, see Note 5 — “Regulatory Assets and Liabilities — Energy Transition Reserve.”

Reserves for Credit Losses

Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivable are generally considered past due 2021 days after the billing date. Cleco recognizes write-offs within the allowance for credit losses once all recovery methods have been exhausted. It is the policy of management to review accounts receivable and unbilled revenue monthly using a reserve matrix based on historical bad debt write-~~offs,~~off as well as current and forecasted economic conditions, to establish a credit loss estimate. Management’s historical credit loss analysis included periods of economic recessions, natural disasters, and temporary changes to collection policies. Due to the critical necessity of electricity, these past events have not significantly impacted Cleco’s credit loss rates.

Cleco’s credit losses at ~~September~~March 3031, ~~2024~~2025, ~~were~~are within ~~range~~normal oflevels ~~its~~and historical ~~credit loss analysis~~trends.

The tables below present the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:

Cleco
	FOR THE THREE MONTHS ENDED SEPT. 30, 2024						FOR THE NINE MONTHS ENDED SEPT. 30, 2024
(THOUSANDS)	ACCOUNTSRECEIVABLE		OTHER		TOTAL
(THOUSANDS)	ACCOUNTSRECEIVABLE		OTHER		TOTAL		ACCOUNTSRECEIVABLE		OTHER		TOTAL
Balances, beginning of period	$	1,337	$	1,638	$	2,975
Balances, beginning of period	$	1,368	$	1,638	$	3,006	$	3,012	$	1,638	$	4,650
Current period provision	(95)		—		(95)
Current period provision	401		—		401		911		—		911
Charge-offs	(662)		—		(662)
Charge-offs	(854)		—		(854)		(3,614)		—		(3,614)
Recovery	265		—		265
Recovery	217		—		217		823		—		823
Balances, Mar. 31, 2025	$	845	$	1,638	$	2,483
Balances, Sept. 30, 2024	$	1,132	$	1,638	$	2,770	$	1,132	$	1,638	$	2,770

	FOR THE THREE MONTHS ENDED SEPT. 30, 2023						FOR THE NINE MONTHS ENDED SEPT. 30, 2023
(THOUSANDS)	ACCOUNTSRECEIVABLE		OTHER		TOTAL
(THOUSANDS)	ACCOUNTSRECEIVABLE		OTHER		TOTAL		ACCOUNTSRECEIVABLE		OTHER		TOTAL
Balances, beginning of period	$	3,012	$	1,638	$	4,650
Balances, beginning of period	$	1,252	$	1,638	$	2,890	$	1,147	$	1,638	$	2,785
Current period provision	142		—		142
Current period provision	1,106		—		1,106		3,252		—		3,252
Charge-offs	(1,662)		—		(1,662)
Charge-offs	(325)		—		(325)		(3,071)		—		(3,071)
Recovery	330		—		330
Recovery	215		—		215		920		—		920
Balances, Mar. 31, 2024	$	1,822	$	1,638	$	3,460
Balances, Sept. 30, 2023	$	2,248	$	1,638	$	3,886	$	2,248	$	1,638	$	3,886

Cleco Power
	FOR THE THREE MONTHS ENDED SEPT. 30, 2024		FOR THE NINE MONTHS ENDED SEPT. 30, 2024
(THOUSANDS)	ACCOUNTS RECEIVABLE
(THOUSANDS)	ACCOUNTS RECEIVABLE
Balances, beginning of period	$	1,337
Balances, beginning of period	$	1,368	$	3,012
Current period provision	(95)
Current period provision	401		911
Charge-offs	(662)
Charge-offs	(854)		(3,614)
Recovery	265
Recovery	217		823
Balances, Mar. 31, 2025	$	845
Balances, Sept. 30, 2024	$	1,132	$	1,132

	FOR THE THREE MONTHS ENDED SEPT. 30, 2023		FOR THE NINE MONTHS ENDED SEPT. 30, 2023
(THOUSANDS)	ACCOUNTS RECEIVABLE
(THOUSANDS)	ACCOUNTS RECEIVABLE
Balances, beginning of period	$	3,012
Balances, beginning of period	$	1,252	$	1,147
Current period provision	142
Current period provision	1,106		3,252
Charge-offs	(1,662)
Charge-offs	(325)		(3,071)
Recovery	330
Recovery	215		920
Balances, Mar. 31, 2024	$	1,822
Balances, Sept. 30, 2023	$	2,248	$	2,248

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q


Note 2 — Recent Authoritative Guidance

In ~~March~~December 2023, FASB issued guidance ~~that applies~~ to ~~leases~~improve ~~between~~disclosures ~~entities~~relating ~~under~~to ~~common~~income ~~control~~taxes. The guidance ~~provides~~enhances aannual ~~practical~~disclosure ~~expedient~~requirements ~~for~~by ~~determining~~requiring ~~whether~~registrants anto ~~arrangement~~disclose ~~between entities under common control is~~ a ~~lease~~greater asdisaggregation ~~well as the classification~~ of ~~the~~information ~~lease.~~in ~~In addition,~~ the ~~leasehold~~tabular ~~improvements~~rate ~~amortization~~reconciliation ~~period~~of isincome totax beexpense ~~determined~~and byincreased ~~the~~disclosure ~~useful life to the common group rather than the term~~ of ~~the~~income ~~lease.~~taxes ~~The~~paid ~~new~~by ~~guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years~~jurisdiction. ~~Cleco has arrangements between entities under common control.~~ The ~~implementation of this~~ guidance ~~did not have a material impact on the results of operations, financial condition, or cash flows of the Registrants.~~

In November 2023, FASB issued guidance to improve reportable segment disclosure requirements. The guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. Disclosure requirements include disclosing significant segment expenses by reportable segment if they are regularly provided to the chief operating decision maker and included in each reported measure of segment profit or loss. Disclosures are required on both an annual and an interim basis. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Management does not expect this guidance to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants.22


CLECO
CLECO POWER						2025 1ST QUARTER FORM 10-Q

is effective for fiscal years beginning after December 15, 2024. Management does not expect this guidance to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants.

In November 2024, FASB issued guidance to improve disclosures of certain expenses. This guidance enhances annual and interim disclosure requirements by requiring registrants to disclose purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. This update should be applied either prospectively or retrospectively to all prior periods presented. Management expects to have additional disclosures upon adoption of this guidance, but does not expect this guidance to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants.


Note 3 — Discontinued Operations

In March 2023, Cleco Holdings’ management, with the support of its Board of Managers, committed to a plan of action for the disposition of the Cleco Cajun Sale Group. As a result, Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met, and the sale represents a strategic shift that will have a major effect on Cleco’s future operations and financial results. Therefore, the results of operations and financial position of the Cleco Cajun Sale Group have been presented as discontinued operations since March 31, 2023. Certain expenses incurred by the Cleco Cajun Sale Group as a result of common services provided by Support Group are reflected in Cleco’s results of continuing operations due to the expected ongoing nature of those expenses. In addition, revenue recognized by Cleco Power from transmission services provided to the Cleco Cajun Sale Group is no longer eliminated upon consolidation of Cleco’s financial statements

On June 1, 2024, the Cleco Cajun Sellers completed the sale of the Cleco Cajun Sale Group. After all working capital adjustments were finalized, Cleco incurred a cumulative loss related to the Cleco Cajun Divestiture of $216.7 million. Upon closing, the Cleco Cajun Sellers received $474.5 million, net of adjustments as set forth in the Cleco Cajun Divestiture Purchase and Sale Agreement and adjustments based on net working capital. Also, in conjunction with the closing of the Cleco Cajun Divestiture, the Cleco Cajun Sellers paid $10.8 million to professional service firms that were engaged to facilitate the transaction. Cleco expects to receive an additional $113.0 million by June 2026, which is ~~reflected~~not contingent upon the post-divestiture performance of the divested business. This receivable is discounted to its net present value and recorded in Receivable - Cleco Cajun Divestiture on Cleco’s ~~results~~Condensed ofConsolidated ~~continuing~~Balance ~~operations~~Sheet. ~~due~~In connection with the sale, Cleco entered into an other services agreement and a transition services agreement to provide certain services to the ~~ongoing~~Cleco ~~nature~~Cajun Purchasers for up to twelve months. During the fourth quarter of ~~these~~2024, the transition services agreement was terminated.

OnIn ~~June~~February 1,2019 ~~2024,~~in ~~the~~connection ~~Cleco~~with ~~Cajun Sellers completed~~ the ~~sale~~approval of the Cleco Cajun ~~Sale Group. Upon closing~~Acquisition, ~~the~~ Cleco ~~Cajun~~made ~~Sellers~~commitments ~~received~~to ~~$474.5 million, net of adjustments as set forth in~~ the ~~Cleco~~LPSC ~~Cajun~~that ~~Divestiture~~included ~~Purchase and Sale Agreement and adjustments based on net working capital. Also, in conjunction with~~ the ~~closing~~repayment of ~~the Cleco Cajun Divestiture, the Cleco Cajun Sellers paid~~ $10400.80 million toof ~~professional~~Cleco ~~service~~Holdings’ ~~firms~~debt ~~that~~by ~~were~~December ~~engaged~~31, ~~to facilitate the transaction~~2024. ~~Cleco~~On ~~expects~~April to26, ~~receive~~2024, anthe ~~additional~~remaining $~~113~~66.07 million ~~24 months after closing, which is not contingent upon the post-divestiture performance~~ of ~~the~~that ~~divested~~debt ~~business.~~was ~~This~~paid ~~receivable is discounted to its net present value~~ and ~~recorded~~this inLPSC ~~Receivable~~commitment -was ~~Cleco~~satisfied. ~~Cajun~~Interest ~~Divestiture~~expense on ~~Cleco’s~~that ~~Condensed~~debt ~~Consolidated~~was ~~Balance~~included ~~Sheet.~~in Indiscontinued ~~connection with the sale, Cleco entered into an other services agreement and a transition services agreement to provide certain services to the Cleco Cajun Purchasers for up to twelve months~~operations.

InThe ~~February~~following ~~2019~~table inpresents ~~connection with~~ the ~~approval~~amounts ofthat ~~the~~were ~~Cleco~~reclassified ~~Cajun~~from ~~Acquisition,~~continuing ~~Cleco~~operations ~~made~~and ~~commitments to the LPSC that~~ included ~~the~~in ~~repayment~~discontinued ofoperations ~~$400.0 million~~within of Cleco ~~Holdings~~’s ~~debt~~Condensed by December 31, 2024. On April 26, 2024, the remaining $66.7 million of that debt was paid and this LPSC commitment was satisfied. Interest expense on that debt is included in discontinued operations.

~~Cleco~~Consolidated ~~determined~~Statements ~~that the estimated fair value less the estimated cost to sell the Cleco Cajun Sale Group was less than the carrying value~~ of ~~the~~Income ~~Cleco~~for ~~Cajun Sale Group. As a result,~~ the ~~Cleco Cajun Sale Group had an impairment of $173.0 million at December 31, 2023. During the~~ three months ended March 31, 2024, an additional impairment charge of $17.0 million was recorded. On June 1, 2024, the Cleco Cajun Divestiture closed, and an incremental $27.1 million loss on the sale of the Cleco Cajun Sale Group was recorded. This resulted in a cumulative loss related to the Cleco Cajun Divestiture of $217.1 million. The incremental loss on the sale of the Cleco Cajun Sale Group recognized during the three months ended June 30, 2024, was the difference between the fair value of the proceeds received and the derecognized net assets of the Cleco Cajun Sale Group on the closing date. During the three months ended September 30, 2024, the working capital adjustments related to the Cleco Cajun Divestiture were finalized and resulted in a $0.4 million decrease to the loss on the Cleco Cajun Divestiture that was previously recorded.:

The following table presents the amounts that have been reclassified from continuing operations and included in discontinued operations within Cleco’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024, and 2023:


(THOUSANDS)	FOR THE THREE MONTHS ENDED MAR. 31, 2024

Operating revenue, net
Electric operations		$	128,828
Other operations		31,534
Operating revenue, net		160,362
Operating expenses
Fuel used for electric generation		15,196
Purchased power		61,940
Other operations and maintenance		23,291
Depreciation and amortization		356

Total operating expenses		100,783
Operating income		59,579
Other income, net		126
Interest, net		(80)
Loss on classification as held for sale		(17,000)
Income from discontinued operations before income taxes		42,625
Federal and state income tax expense		10,663
Income from discontinued operations, net of income taxes		$	31,962

28Cleco elected to present cash flows of discontinued operations combined with cash flows of continuing operations. The following table presents the cash flows from discontinued operations related to the Cleco Cajun Sale Group for the three months ended March 31, 2024:

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q


(THOUSANDS)			FOR THE THREE MONTHS ENDED MAR. 31, 2024

Net cash used in operating activities - discontinued operations	$	(4,780)
Net cash provided by investing activities - discontinued operations	$	4,953

	FOR THE THREE MONTHS ENDED SEPT. 30,				FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2024		2023		2024		2023
Operating revenue, net
Electric operations	$	—	$	153,025	$	207,555	$	385,249
Other operations	—		34,231		50,992		95,413
Operating revenue, net	—		187,256		258,547		480,662
Operating expenses
Fuel used for electric generation	5		41,339		21,061		70,053
Purchased power	52		67,297		93,087		175,884
Other operations and maintenance	33		28,611		37,623		75,926
Depreciation and amortization	65		433		4,336		15,448
Total operating expenses	155		137,680		156,107		337,311
Operating (loss) income	(155)		49,576		102,440		143,351
Other (expense) income, net	—		(7)		239		125
Interest, net	643		(1,835)		1,225		(5,545)
Gain (loss) - Cleco Cajun Divestiture(1)	360		(38,000)		(43,715)		(154,000)
Income (loss) from discontinued operations before income taxes	848		9,734		60,189		(16,069)
Federal and state income tax expense (benefit)	106		152,463		14,774		(6,362)
Income (loss) from discontinued operations, net of income taxes	$	742	$	(142,729)	$	45,415	$	(9,707)

~~(1)~~CLECO ~~This~~CLECO ~~represents~~POWER ~~the~~2025 ~~loss~~1ST onQUARTER ~~the~~FORM classification as held for sale until the closing of the Cleco Cajun Divestiture. After the closing of the Cleco Cajun Divestiture, this represents the gain (loss) on the sale of the Cleco Cajun Sale Group.10-Q

The following table presents the assets and liabilities of the Cleco Cajun Sale Group that have been reclassified as held for sale within Cleco’s Condensed Consolidated Balance Sheet as of December 31, 2023:

(THOUSANDS)	AT DEC. 31, 2023
Cash, cash equivalents, and restricted cash equivalents	$	4,100
Accounts receivable	70,001
Fuel inventory, at average cost	47,243
Materials and supplies, at average cost	36,283
Energy risk management assets	1,066
Property, plant, and equipment, net	648,676
Prepayments	18,587
Intangible assets - other	32,569
Other assets	20,207
Accumulated loss recognized on classification as held for sale	(173,000)
Total assets held for sale - discontinued operations	$	705,732
Accounts payable	$	30,442
Deferred lease revenue	19,945
Intangible liabilities	12,695
Asset retirement obligations	46,165
Other liabilities	5,705
Total liabilities held for sale - discontinued operations	$	114,952

Cleco has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. The following table presents the cash flows from discontinued operations related to the Cleco Cajun Sale Group for the nine months ended September 30, 2024, and 2023:

	FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2024		2023
Net cash provided by operating activities - discontinued operations	$	1,828	$	5,425
Net cash used in investing activities - discontinued operations	$	(5,928)	$	(5,401)


Note 4 — Revenue Recognition

Disaggregated Revenue

Operating revenue, net for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, and ~~2023~~2024 was as follows:


	FOR THE THREE MONTHS ENDED MAR. 31, 2025
(THOUSANDS)	CLECO POWER			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential(1)	$	114,654		$	—		$	—	$	114,654
Commercial(1)	81,104			—			—		81,104
Industrial(1)	48,028			—			—		48,028
Other retail(1)	4,508			—			—		4,508
Electric customer credits	—			—			—		—
Total retail revenue	248,294			—			—		248,294
Wholesale, net	20,864		(1)	(186)		(2)	—		20,678
Transmission	10,924			—			—		10,924
Other	4,547			—			(9)		4,538
Affiliate(3)	245			20,831			(21,076)		—
Total revenue from contracts with customers	284,874			20,645			(21,085)		284,434
Revenue unrelated to contracts with customers
Securitization	7,984			—			—		7,984
Other	971		(4)	1,855		(5)	—		2,826
Total revenue unrelated to contracts with customers	8,955			1,855			—		10,810
Operating revenue, net	$	293,829		$	22,500		$	(21,085)	$	295,244

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q

	FOR THE THREE MONTHS ENDED SEPT. 30, 2024
(THOUSANDS)	CLECO POWER			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential(1)	$	157,033		$	—		$	—	$	157,033
Commercial(1)	88,564			—			—		88,564
Industrial(1)	47,731			—			—		47,731
Other retail(1)	4,679			—			—		4,679
Electric customer credits	(1,046)			—			—		(1,046)
Total retail revenue	296,961			—			—		296,961
Wholesale, net	14,093		(1)	(186)		(2)	—		13,907
Transmission	11,043			—			—		11,043
Other	4,565			—			(12)		4,553
Affiliate(3)	1,397			22,733			(24,130)		—
Total revenue from contracts with customers	328,059			22,547			(24,142)		326,464
Revenue unrelated to contracts with customers
Securitization revenue	8,825			—			—		8,825
Other	483		(4)	4,364		(5)	(1)		4,846
Total revenue unrelated to contracts with customers	9,308			4,364			(1)		13,671
Operating revenue, net	$	337,367		$	26,911		$	(24,143)	$	340,135

(1) Includes fuel recovery revenue.

(2) Amortization of intangible assets related to Cleco Power’s wholesale power supply ~~agreements~~agreement.

(3) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.

(4) Realized gains associated with FTRs.

(5) Primarily related to the other services agreement ~~and transition services agreement~~ as a result of the Cleco Cajun Divestiture.

	FOR THE THREE MONTHS ENDED SEPT. 30, 2023
	FOR THE THREE MONTHS ENDED MAR. 31, 2024
(THOUSANDS)	CLECO POWER			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential(1)	$	~~166~~92,~~638~~012		$	—		$	—	$	~~166~~92,~~638~~012
Commercial(1)	8568,~~137~~146			—			—		8568,~~137~~146
Industrial(1)	4539,~~214~~401			—			—		4539,~~214~~401
Other retail(1)	43,~~126~~732			—			—		43,~~126~~732
Electric customer credits	24(1,847)			—			—		24(1,847)
Total retail revenue	~~301~~201,~~139~~444			—			—		~~301~~201,~~139~~444
Wholesale, net	6049,~~844~~855		(1)	(2,323)		(2)	~~(1)~~—		5847,~~520~~532
Transmission	1713,~~077~~894			—			—		1713,~~077~~894
Other	45,~~923~~249			—			—		45,~~923~~249
Affiliate(3)	18,~~645~~869			3029,~~253~~667			(3138,~~898~~536)		—
Total revenue from contracts with customers	~~385~~279,~~628~~311			27,~~930~~344			(3138,~~899~~536)		~~381~~268,~~659~~119
Revenue unrelated to contracts with customers
Securitization revenue	9,984			—			—		9,984
Securitization	8,074			—			—		8,074
Other	~~2,202~~649		(4)	—			1—		~~2,203~~649
Total revenue unrelated to contracts with customers	128,~~186~~723			—			1—		128,~~187~~723
Operating revenue, net	$	~~397~~288,~~814~~034		$	27,~~930~~344		$	(3138,~~898~~536)	$	~~393~~276,~~846~~842

(1) Includes fuel recovery revenue.

(2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements.

(3) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.

(4) Realized gains associated with FTRs.

3024

CLECO CLECO POWER ~~2024~~2025 ~~3RD~~1ST QUARTER FORM 10-Q

	FOR THE NINE MONTHS ENDED SEPT. 30, 2024
(THOUSANDS)	CLECO POWER			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential(1)	$	352,471		$	—		$	—	$	352,471
Commercial(1)	224,292			—			—		224,292
Industrial(1)	123,002			—			—		123,002
Other retail(1)	12,029			—			—		12,029
Electric customer credits	(3,441)			—			—		(3,441)
Total retail revenue	708,353			—			—		708,353
Wholesale, net	82,026		(1)	(2,695)		(2)	—		79,331
Transmission, net	34,395			—			—		34,395
Other	14,932			—			(12)		14,920
Affiliate(3)	11,788			80,156			(91,944)		—
Total revenue from contracts with customers	851,494			77,461			(91,956)		836,999
Revenue unrelated to contracts with customers
Securitization revenue	24,705			—			—		24,705
Other	1,913		(4)	5,545		(5)	—		7,458
Total revenue unrelated to contracts with customers	26,618			5,545			—		32,163
Operating revenue, net	$	878,112		$	83,006		$	(91,956)	$	869,162
(1) Includes fuel recovery revenue.(2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements.(3) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.(4) Realized gains associated with FTRs.(5) Primarily related to the other services agreement and transition services agreement as a result of the Cleco Cajun Divestiture.

Cleco has elected not to disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less, or for revenue recognized in an amount equal to what Cleco and Cleco Power have the right to bill the customer for services performed. Cleco’s contracts are based on demand, except in a few cases where there are defined minimums or stated terms. This results in customer bills that vary each month based on an approved tariff and usage. In limited cases, Cleco may impose monthly or annual minimum capacity requirements on some customers primarily as a credit and cost recovery guarantee and not as pricing for unsatisfied performance obligations. These minimums typically expire after the initial term or when specified costs have been recovered. The minimum amounts are part of each month’s bill and recognized as revenue accordingly. The total fixed consideration related to unsatisfied performance obligations is not material to Cleco’s revenues.

	FOR THE NINE MONTHS ENDED SEPT. 30, 2023
(THOUSANDS)	CLECO POWER			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential(1)	$	376,978		$	—		$	—	$	376,978
Commercial(1)	230,861			—			—		230,861
Industrial(1)	132,239			—			—		132,239
Other retail(1)	12,770			—			—		12,770
Electric customer credits	(1,362)			—			—		(1,362)
Total retail revenue	751,486			—			—		751,486
Wholesale, net	166,008		(1)	(7,131)		(2)	—		158,877
Transmission, net	43,562			—			—		43,562
Other	15,023			—			—		15,023
Affiliate(3)	4,967			86,669			(91,636)		—
Total revenue from contracts with customers	981,046			79,538			(91,636)		968,948
Revenue unrelated to contracts with customers
Securitization Revenue	25,444			—			—		25,444
Other	4,828		(4)	1			1		4,830
Total revenue unrelated to contracts with customers	30,272			1			1		30,274
Operating revenue, net	$	1,011,318		$	79,539		$	(91,635)	$	999,222
(1) Includes fuel recovery revenue.(2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements.(3) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.(4) Realized gains associated with FTRs.

Cleco and Cleco Power have unsatisfied performance obligations under contracts with wholesale and retail customers with durations between 2 and 10 years that primarily relate to stand-ready obligations as part of fixed capacity minimums. At September 30, 2024, Cleco and Cleco Power had $255.7 million of unsatisfied fixed performance obligations that will be recognized as revenue over the term of such contracts as the stand-ready obligation to provide energy is provided.


Note 5 — Regulatory Assets and Liabilities

Cleco Power recognizes an asset for certain costs capitalized or deferred for recovery from customers and recognizes a liability for amounts expected to be returned to customers or collected for future expected costs. Cleco Power records these assets and liabilities based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process.

31liability for amounts expected to be returned to customers or collected for future expected costs. Cleco Power records these assets and liabilities based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process.

~~CLECO~~Under ~~CLECO~~the ~~POWER~~current ~~2024~~regulatory ~~3RD~~environment, ~~QUARTER~~Cleco ~~FORM~~Power 10estimates these regulatory assets are probable of full recovery. If in the future, as a result of regulatory changes or competition, Cleco Power’s ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-Qdown such assets. In addition, potential deregulation of the industry, or possible future changes in the method of rate regulation of Cleco Power, could require discontinuance of the application of the authoritative guidance on regulated operations.

Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable. If in the future, as a result of regulatory changes or competition, Cleco Power’s ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-down such assets. In addition,

potential deregulation of the industry, or possible future changes in the method of rate regulation of Cleco Power, could require discontinuance of the application of the authoritative guidance on regulated operations.

The following table summarizes Cleco Power’s regulatory assets and liabilities:

Cleco Power
					REMAININGRECOVERYPERIOD(YRS.)
(THOUSANDS)	AT SEPT. 30, 2024		AT DEC. 31, 2023
Regulatory assets
Acadia Unit 1 acquisition costs	$	1,622	$	1,701	15.25
Accumulated deferred fuel(1)	4,974		11,627		Various
Affordability study	9,303		10,337		6.75
AFUDC equity gross-up	58,058		60,381		Various	(2)
AMI deferred revenue requirement	545		954		1.5
AROs(7)	10,222		20,094
Coughlin transaction costs	761		784		24.75
COVID-19 executive order(9)	3,674		3,039		2.75
Deferred lignite and mine closure costs(7)	122,208		136,076
Deferred storm restoration costs(6)	442		462
Deferred taxes, net	64,897		43,866		Various
Dolet Hills Power Station closure costs(7)	136,168		147,323
Financing costs(1)	5,809		6,087		Various	(3)
Interest costs	2,774		2,961		Various	(2)
Madison Unit 3 property taxes	14,364		13,297		Various	(8)
Non-service cost of postretirement benefits	14,233		14,526		Various	(2)
Postretirement costs	64,399		64,399		Various	(4)
Production operations and maintenance expenses	3,940		7,002		Various	(5)
Rodemacher Unit 2 deferred costs(7)	25,251		19,282
Solar development costs(7)	2,122		—
St. Mary Clean Energy Center	1,305		3,705		0.75
Training costs	5,501		5,618		35.25
Tree trimming costs	1,621		3,657		0.5
Other	7,608		10,483		Various
Total regulatory assets	561,801		587,661
Regulatory liabilities
Deferred taxes, net	(6,983)		(21,939)		Various
Residential revenue decoupling(7)	(3,000)		—
Storm reserves	(81,227)		(111,509)
Total regulatory liabilities	(91,210)		(133,448)
Total regulatory assets, net	$	470,591	$	454,213
(1) Represents regulatory assets for past expenditures that were not earning a return on investment at September 30, 2024, and December 31, 2023. All other assets are earning a return on investment.(2) Amortized over the estimated lives of the respective assets.(3) Amortized over the terms of the related debt issuances.(4) Amortized over the average service life of the remaining plan participants.(5) Deferral is recovered over the following three-year regulatory period.(6) These costs were included in the October 8, 2024, filing with the LPSC whereby Cleco Power requested recovery from the storm reserve. For more information, see “— Storm Reserves.”(7) Currently not in a recovery period. (8) Beginning July 1, 2021, property taxes paid for the year ended December 31, are being amortized over the subsequent 12 months beginning July 1.(9) Beginning July 1, 2024, the lost revenues and incremental costs associated with the COVID-19 executive order are being amortized over three years as approved bythe LPSC in May 2024.

32CLECO CLECO POWER 2025 1ST QUARTER FORM 10-Q

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q


Cleco Power
					REMAINING RECOVERY PERIOD (YRS.)
(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Regulatory assets
Acadia Unit 1 acquisition costs	$	1,569	$	1,596	14.75
Accumulated deferred fuel(1)	6,470		457		Various	(2)
Affordability study	8,614		8,959		6.25
AFUDC equity gross-up	56,510		57,284		Various	(3)
AMI deferred revenue requirement	273		409		1
AROs(4)	11,481		11,073

Coughlin transaction costs	746		753		24.25
COVID-19 executive order	3,095		3,372		2.25
Deferred lignite and mine closure costs and Dolet Hills Power Station closure costs	—		258,951





Deferred taxes, net	7,942		2,008		Various	(2)
Dolet Hills carrying charge(4)	5,914		4,729



Financing costs(1)	5,625		5,717		Various	(5)
Interest costs	2,650		2,712		Various	(3)
Madison Unit 3 property taxes	14,567		14,196		Various	(6)
Non-service cost of postretirement benefits	13,930		14,057		Various	(3)
Postretirement costs	58,089		58,089		Various	(7)
Production operations and maintenance expenses	3,901		4,939		Various	(8)
Rodemacher Unit 2 deferred costs(4)	29,306		27,265

Solar development costs(4)	2,122		2,122
St. Mary Clean Energy Center	435		870		0.25

Training costs	5,423		5,462		34.75
Tree trimming costs(9)	264		943
Other	15,894		12,920		Various	(2)
Total regulatory assets	254,820		498,883
Regulatory liabilities


Deferred taxes, net	(6,827)		(6,827)		Various	(2)
Energy transition reserve(10)	(40,627)		—
Interest earned on energy transition reserve(10)	(50)		—

Residential revenue decoupling(10)	(3,000)		(3,000)
Storm reserve	(70,922)		(76,178)
Total regulatory liabilities	(121,426)		(86,005)
Total regulatory assets, net	$	133,394	$	412,878
(1) Represents regulatory assets for past expenditures that were not earning a return on investment at March 31, 2025, and December 31, 2024. All other assets are earning a return on investment. (2) For more information on the remaining recovery period, see Part II, Item 8, “Financial Statements and Supplementary Data — Note 6 — Regulatory Assets and Liabilities” for the disclosures for each specific regulatory asset or liability in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024. (3) Amortized over the estimated lives of the respective assets. (4) Currently not in a recovery period. (5) Amortized over the terms of the related debt issuances. (6) Beginning July 1, 2021, property taxes paid for the year ended December 31, are being amortized over the subsequent 12 months beginning July 1. (7) Amortized over the average service life of the remaining plan participants. (8) Deferral is recovered over the following three-year regulatory period. (9) Will be fully amortized in May 2025. (10) Currently not in a refund period.

The following table summarizes Cleco’s net regulatory assets and liabilities:

Cleco
(THOUSANDS)	AT ~~SEPT~~MAR. 3031, ~~2024~~2025		AT DEC. 31, ~~2023~~2024
Total Cleco Power regulatory assets, net	$	~~470~~133,~~591~~394	$	~~454~~412,~~213~~878
2016 Merger adjustments(1)
Fair value of long-term debt	9188,~~794~~091		9789,~~345~~941
Postretirement costs	76,~~958~~964		97,~~448~~461
Financing costs	6,~~302~~131		6,~~560~~217
Debt issuance costs	43,~~004~~838		43,~~254~~921
Total Cleco regulatory assets, net	$	~~580~~238,~~649~~418	$	~~571~~520,~~820~~418

(1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger.

Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs

In 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine and to include and defer certain accelerated mine closing costs in fuel and related ratemaking treatment. In 2021, the LPSC approved the establishment of a regulatory asset for certain lignite costs that would otherwise be billed through Cleco Power’s FAC and any reasonable incremental third-party professional costs related to the closure of the mine.

In 2020, Cleco Power revised depreciation rates for the Dolet Hills Power Station to utilize the December 31, 2021, expected end-of-life and early retirement of the Dolet Hills Power Station and defer depreciation expense to a regulatory asset for the amount in excess of the previously approved ~~depreciation rates by the LPSC. The Dolet Hills Power Station was retired on December 31, 2021.~~

In 2022, Cleco Power filed an application with the LPSC requesting approval of the regulatory treatment and recovery of stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station over 20 years as well as recovery of deferred fuel and mine-related costs. On April 19, 2024, the LPSC approved an uncontested settlement that contains a provision for a $40.0 million reduction in the regulatory asset associated with the Dolet Hills Power Station. This amount was recorded as a reduction to the associated regulatory asset on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets and an increase to Depreciation and amortization on Cleco’s and Cleco Power’s Statements of Income. At June 30, 2024, $12.3 million of the ARO regulatory asset, which is related to the Dolet Hills Power Station, was reclassified to the Dolet Hills Power Station Closure Costs regulatory asset. This amount was included in the related securitization application filed with the LPSC on May 17, 2024. Management anticipates the securitization of these costs to close by the end of March 2025, and as a result, reclassified these costs as current Regulatory assets on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. 26

~~For~~CLECO ~~more~~CLECO ~~information~~POWER ~~about~~2025 ~~the~~1ST ~~settlement,~~QUARTER ~~see~~FORM ~~Note 14 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review.”~~10-Q

~~Solar~~depreciation ~~Development~~rates ~~Costs~~by the LPSC. The Dolet Hills Power Station was retired on December 31, 2021. At December 31, 2024, Cleco Power had $136.8 million recorded for the Deferred lignite and mine closure costs regulatory asset and $122.2 million recorded for the Dolet Hills Power Station closure costs regulatory asset. These regulatory assets are recorded in Regulatory assets - current on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets.

InOn ~~July~~March ~~2022~~12, 2025, through Cleco ~~Power~~Securitization ~~entered~~II, ~~into~~Cleco Power completed a ~~long-term~~securitization ~~agreement~~financing toof ~~purchase~~Energy Transition Property, ~~among~~which ~~other~~included ~~things,~~full recovery of the ~~output,~~previously ~~capacity~~mentioned Dolet Hills Power Station costs that were deferred as regulatory assets, and ~~current~~at ~~and~~March ~~future~~31, ~~environmental~~2025, ~~resource~~the ~~credits~~balance ofwas areduced ~~240-MW~~to ~~solar~~zero ~~electric~~on ~~generation~~Cleco’s ~~facility~~and toCleco bePower’s ~~constructed~~Condensed inConsolidated ~~DeSoto~~Balance Sheets.

~~Parish,~~For ~~Louisiana~~more ~~and~~information ~~owned~~about bythe asecuritization ~~third~~financing, ~~party.~~see OnNote ~~September~~14 ~~17,~~— ~~2024~~“Litigation, ~~the~~Other ~~LPSC~~Commitments ~~approved the agreement~~ and ~~authorized Cleco Power to establish a regulatory asset for the stipulated settlement of development costs incurred through December 31~~Contingencies, ~~2023,~~and ~~associated~~Disclosures ~~with~~about ~~the~~Guarantees ~~long-term~~— ~~agreement.~~Litigation As— ~~approved by the~~ LPSC, ~~Cleco~~Audits ~~Power~~and ~~will~~Reviews ~~begin~~— ~~amortizing~~Dolet ~~these~~Hills ~~costs over 25 years once it begins purchasing power from the third party, which is expected by January 2027~~Securitization.”

~~Residential~~Energy ~~Revenue~~Transition ~~Decoupling~~Reserve

~~Under~~On March 12, 2025, in conjunction with the ~~terms~~securitization offinancing ~~Cleco~~and ~~Power’s~~pursuant ~~new~~to ~~FRP,~~the ~~effective~~financing ~~July~~order 1issued by the LPSC on November 20, 2024, ~~Cleco~~a ~~Power~~newly ~~implemented~~funded aenergy ~~residential~~transition ~~revenue~~reserve ~~decoupling~~for ~~mechanism~~reimbursement ~~through~~of ~~its~~Dolet ~~infrastructure~~Hills ~~and~~Power ~~incremental~~Station ~~cost~~energy ~~recovery~~transition ~~rider~~costs ~~that~~and ~~provides~~for afuture ~~charge~~energy ortransition ~~credit~~costs towas ~~its~~established. ~~residential~~Any ~~customers~~surplus ~~for~~that ~~any~~remains ~~under~~in orthe ~~over~~reserve ~~collection~~after ofall ~~residential~~Dolet ~~base~~Hills ~~revenue~~Power asStation aenergy ~~result~~transition ofcosts ~~changes~~are inprudently ~~usage~~incurred ~~driven~~will bybe ~~weather~~refunded orto ~~other~~Cleco ~~measures.~~Power’s ~~The~~retail ~~under~~electric orcustomers ~~over~~using ~~collection~~its ofincremental ~~residential~~investment ~~base~~cost ~~revenue~~recovery isrider. ~~assessed~~In onaddition, Cleco Power’s ~~rate~~established ~~year~~a ~~and~~regulatory anliability ~~associated~~for ~~credit~~the orinterest ~~charge~~earned on the restricted cash for ~~decoupling,~~the ~~not~~newly tofunded ~~exceed~~energy $3transition reserve.~~0 million~~ Per the financing order, Cleco Power will berefund ~~adjusted~~this ~~for~~interest ~~the~~annually ~~infrastructure~~through ~~and~~the incremental investment cost recovery rider. ~~filings~~For more information on the restricted cash for ~~July~~the ~~2025~~energy ~~and~~transition ~~2026~~reserve, ~~respectively~~see Note 1 — “Summary of Significant Accounting Policies — Restricted Cash and Cash Equivalents.”

Storm ~~Reserves~~Reserve

Cleco Power has a storm reserve to fund future storm restoration costs. Accumulated storm restoration costs that are probable of recovery from retail customers are netted against the storm reserve. ~~At December 31, 2023, Cleco Power had a storm reserve balance of $111.5 million, net of $2.5 million of accumulated restoration costs.~~ During 2024, Cleco Power’s service territory was impacted by multiple severe weather events resulting in significant storm restoration costs. At ~~September 30~~December 31, 2024, Cleco Power had a storm reserve balance of $8176.2 million, net of $3743.3 million of accumulated storm restoration costs. ~~For~~At ~~more~~March ~~information~~31, on2025, ~~the~~Cleco ~~storm~~Power ~~restoration~~had ~~costs~~a ~~associated~~storm ~~with~~reserve ~~severe~~balance ~~weather~~of ~~events~~$70.9 million, ~~that~~net ~~impacted~~of ~~Cleco~~$46.0 million ~~Power’s~~of ~~service~~accumulated ~~territory,~~storm ~~see~~restoration ~~Note 18 — “Storm Restoration~~costs.”


Note 6 — Fair Value Accounting Instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Cleco utilizes a three-tier fair value hierarchy that prioritizes inputs that may be used to measure fair value. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. Significant increases or decreases in any of those inputs in isolation could result in a significantly different fair value measurement. Cleco classifies fair value balances based on the fair value hierarchy defined as follows:

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q

classifies fair value balances based on the fair value hierarchy defined as follows:

•Level 1 — observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that Cleco can observe as of the measurement date.

•Level 2 — observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets, quoted market prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 — unobservable inputs for assets or liabilities whose fair value is estimated based on internally or third-party developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints.

When available, Cleco uses observable market prices to measure fair value. Credit risk of Cleco and its counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves. Cleco applies the provisions of the fair value measurement standard to its non-recurring, non-financial measurements including business combinations as well as impairment related to goodwill and other long-lived assets.

is incorporated in the valuation of assets and liabilities through the use of credit reserves. Cleco applies the provisions of the fair value measurement standard to its non-recurring, non-financial measurements including business combinations as well as impairment related to goodwill and other long-lived assets.

Fair Value Measurements on a Recurring Basis

The amounts reflected in Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at ~~September~~March 3031, ~~2024~~2025, and December 31, ~~2023~~2024, for cash equivalents, restricted cash equivalents, accounts receivable, other accounts receivable, short-term debt, and accounts payable approximate fair value because of their short-term nature.

The following tables disclose the fair value of financial assets and liabilities measured on a recurring basis on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. These amounts are presented on a gross basis.

Cleco
	FAIR VALUE MEASUREMENTS AT REPORTING DATE
(THOUSANDS)	AT SEPT. 30, 2024		QUOTED PRICES IN ACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1)		SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2)		SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3)		AT DEC. 31, 2023		QUOTED PRICES IN ACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1)		SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2)		SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3)
Asset description
Short-term investments	$	365,228	$	365,228	$	—	$	—	$	242,596	$	242,596	$	—	$	—
FTRs	2,753		—		—		2,753		3,087		—		—		3,087
Natural gas derivatives	8,471		—		8,471		—		5,042		—		5,042		—
Total assets	$	376,452	$	365,228	$	8,471	$	2,753	$	250,725	$	242,596	$	5,042	$	3,087
Liability description
FTRs	$	369	$	—	$	—	$	369	$	781	$	—	$	—	$	781
Natural gas derivatives	—		—		—		—		15,005		—		15,005		—
Total liabilities	$	369	$	—	$	—	$	369	$	15,786	$	—	$	15,005	$	781

Cleco Power
	FAIR VALUE MEASUREMENTS AT REPORTING DATE
(THOUSANDS)	AT SEPT. 30, 2024		QUOTED PRICES IN ACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1)		SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2)		SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3)		AT DEC. 31, 2023		QUOTED PRICES IN ACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1)		SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2)		SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3)
Asset description
Short-term investments	$	166,204	$	166,204	$	—	$	—	$	169,606	$	169,606	$	—	$	—
FTRs	2,753		—		—		2,753		3,087		—		—		3,087
Natural gas derivatives	8,471		—		8,471		—		—		—		—		—
Total assets	$	177,428	$	166,204	$	8,471	$	2,753	$	172,693	$	169,606	$	—	$	3,087
Liability description
FTRs	$	369	$	—	$	—	$	369	$	781	$	—	$	—	$	781
Natural gas derivatives	—		—		—		—		14,331		—		14,331		—
Total liabilities	$	369	$	—	$	—	$	369	$	15,112	$	—	$	14,331	$	781


CLECO
CLECO POWER						2025 1ST QUARTER FORM 10-Q

Cleco has applied the Level 2 and Level 3 fair value techniques between comparative fiscal periods. During the nine months ended September 30, 2024, and the year ended December 31, 2023, Cleco did not experience any transfers into or out of Level 3 of the fair value hierarchy.


Cleco
	FAIR VALUE MEASUREMENTS AT REPORTING DATE
(THOUSANDS)	AT MAR. 31, 2025		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		AT DEC. 31, 2024		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Asset description
Short-term investments	$	173,224	$	173,224	$	—	$	—	$	153,972	$	153,972	$	—	$	—
FTRs	588		—		—		588		2,084		—		—		2,084
Natural gas derivatives	13,685		—		13,685		—		9,210		—		9,210		—
Total assets	$	187,497	$	173,224	$	13,685	$	588	$	165,266	$	153,972	$	9,210	$	2,084
Liability description
FTRs	$	138	$	—	$	—	$	138	$	256	$	—	$	—	$	256

Total liabilities	$	138	$	—	$	—	$	138	$	256	$	—	$	—	$	256


Cleco Power
	FAIR VALUE MEASUREMENTS AT REPORTING DATE
(THOUSANDS)	AT MAR. 31, 2025		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		AT DEC. 31, 2024		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Asset description
Short-term investments	$	169,000	$	169,000	$	—	$	—	$	147,648	$	147,648	$	—	$	—
FTRs	588		—		—		588		2,084		—		—		2,084
Natural gas derivatives	13,685		—		13,685		—		9,210		—		9,210		—
Total assets	$	183,273	$	169,000	$	13,685	$	588	$	158,942	$	147,648	$	9,210	$	2,084
Liability description
FTRs	$	138	$	—	$	—	$	138	$	256	$	—	$	—	$	256

Total liabilities	$	138	$	—	$	—	$	138	$	256	$	—	$	—	$	256

Cleco has applied the Level 2 and Level 3 fair value techniques between comparative fiscal periods. During the three months ended March 31, 2025, and the year ended December 31, 2024, Cleco did not experience any transfers into or out of Level 3 of the fair value hierarchy.

Short-term Investments

At ~~September~~March 3031, ~~2024~~2025, and December 31, ~~2023~~2024, Cleco and Cleco Power had short-term investments in money market funds and treasury bills that have a maturity of three months or less when purchased.

~~funds~~The following tables present the short-term investments as recorded on Cleco’s and ~~treasury~~Cleco ~~bills~~Power’s ~~that~~Condensed ~~have~~Consolidated aBalance ~~maturity~~Sheets ofat ~~three~~March ~~months~~31, or2025, ~~less~~and ~~when~~December 31, ~~purchased.~~2024:

The following tables present the short-term investments as recorded on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2024, and December 31, 2023:


Cleco
(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Cash and cash equivalents	$	46,067	$	21,562
Current restricted cash and cash equivalents	$	9,474	$	15,918
Non-current restricted cash and cash equivalents	$	117,683	$	116,492


Cleco Power
(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Cash and cash equivalents	$	41,867	$	15,263
Current restricted cash and cash equivalents	$	9,474	$	15,918
Non-current restricted cash and cash equivalents	$	117,659	$	116,467

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q

Cleco
(THOUSANDS)	AT SEPT. 30, 2024		AT DEC. 31, 2023
Cash and cash equivalents	$	239,557	$	113,207
Current restricted cash and cash equivalents	$	7,537	$	15,818
Non-current restricted cash and cash equivalents	$	118,134	$	113,571

Cleco Power
(THOUSANDS)	AT SEPT. 30, 2024		AT DEC. 31, 2023
Cash and cash equivalents	$	40,557	$	40,240
Current restricted cash and cash equivalents	$	7,537	$	15,818
Non-current restricted cash and cash equivalents	$	118,110	$	113,548

FTRs

FTRs are energy-related financial instruments used to provide a financial hedge to manage the risk of transmission congestion charges between MISO nodes in MISO’s Day-Ahead Energy Market. Cleco is awarded and/or purchases FTRs in auctions facilitated by MISO. FTRs are derivatives not designated as hedging instruments for accounting purposes.

between MISO nodes in MISO’s Day-Ahead Energy Market. Cleco is awarded and/or purchases FTRs in auctions facilitated by MISO. FTRs are derivatives not designated as hedging instruments for accounting purposes.

FTRs are valued using MISO’s monthly auction prices as a price index reference (Level 3). Unrealized gains or losses are deferred as a component of Accumulated deferred fuel on the balance sheet in accordance with regulatory policy, and at settlement, realized gains or losses are included in Cleco Power’s FAC and reflected on customers’ bills as a component of the fuel charge.

The following table summarizes the changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power:

FOR THE THREE MONTHS ENDED SEPT. 30,

FOR THE NINE MONTHS ENDED SEPT. 30,

FOR THE THREE MONTHS ENDED MAR. 31,

(THOUSANDS)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

Balances, beginning of period

31,~~548~~828

62,~~459~~306

~~2,306~~

~~2,276~~

Unrealized (losses) gains*

(156)

114

(108)

(186)

Unrealized losses*

(416)

(418)

Purchases

~~(7)~~2

12(33)

~~4,242~~

~~8,035~~

Settlements

(~~1,001~~964)

(21,~~442~~409)

~~(4,056)~~

~~(5,982)~~

Balances, end of period

~~2,384~~450

~~4,143~~446

~~2,384~~

~~4,143~~

* Unrealized losses are reported through Accumulated deferred fuel on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets.

~~The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power at September 30, 2024, and December 31, 2023:~~28

	FAIR VALUE				VALUATION TECHNIQUE	SIGNIFICANT UNOBSERVABLE INPUTS	INPUT/RANGE
(THOUSANDS, EXCEPT FORWARD PRICE RANGE)	ASSETS		LIABILITIES				LOW(1)		HIGH(1)		WEIGHTEDAVERAGE(2)
FTRs at Sept. 30, 2024	$	2,753	$	369	RTO auction pricing	FTR price - per MWh	$	(5.52)	$	8.68	$	0.22
FTRs at Dec. 31, 2023	$	3,087	$	781	RTO auction pricing	FTR price - per MWh	$	(3.51)	$	7.07	$	0.24
(1) The low and high prices reflect the lowest and highest values of all single point-to-point FTRs and not the range of aggregate price changes.(2) The weighted average reflects the market price and volume of each commodity weighted by the total volume of commodities.


CLECO
CLECO POWER						2025 1ST QUARTER FORM 10-Q

The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power at March 31, 2025, and December 31, 2024:


	FAIR VALUE				VALUATION TECHNIQUE	SIGNIFICANT UNOBSERVABLE INPUTS	INPUT/RANGE
(THOUSANDS, EXCEPT FORWARD PRICE RANGE)	ASSETS		LIABILITIES				LOW(1)		HIGH(1)		WEIGHTED AVERAGE(2)
FTRs at Mar. 31, 2025	$	588	$	138	RTO auction pricing	FTR price - per MWh	$	(1.98)	$	10.32	$	0.18
FTRs at Dec. 31, 2024	$	2,084	$	256	RTO auction pricing	FTR price - per MWh	$	(4.39)	$	8.49	$	0.27
(1) The low and high prices reflect the lowest and highest values of all single point-to-point FTRs and not the range of aggregate price changes. (2) The weighted average reflects the market price and volume of each commodity weighted by the total volume of commodities.

Natural Gas Derivatives

Cleco may enter into energy-related physical and financial fixed price forward or options contracts that financially settle or are physically delivered at a future date. Management has not elected to apply hedge accounting to these contracts as allowed under applicable accounting standards. Cleco Power’s natural gas derivative contracts are marked-to-market with the resulting unrealized gain or loss recorded as a component of Accumulated deferred fuel on ~~the~~Cleco’s ~~balance~~and ~~sheet~~Cleco Power’s Condensed Consolidated Balance Sheets. At settlement, realized gains or losses are included in Cleco Power’s FAC and reflected on customer’s bills as a component of the fuel charge. Prior to the closing of the Cleco Cajun Divestiture, Cleco Cajun’s unrealized gains or losses as well as realized gains or losses at settlement were recorded on the income statements as a component of fuel expense. After the closing of the Cleco Cajun Divestiture in June 2024, all of Cleco Cajun’s natural gas derivative contracts were liquidated. Upon liquidation, a $6.4 million gain was recorded in Cleco’s Condensed Consolidated Statements of Income as a component of fuel expense.

Fair Value Measurements on a Nonrecurring Basis

The following tables summarize the carrying value and estimated market value of Cleco’s and Cleco Power’s financial instruments not measured at fair value on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:

Cleco

AT SEPT. 30, 2024

AT DEC. 31, 2023

AT MAR. 31, 2025

AT DEC. 31, 2024

(THOUSANDS)

CARRYINGVALUE*

FAIR VALUE

CARRYINGVALUE*

FAIR VALUE

Long-term debt

3,~~148~~092,~~776~~035

32,~~027~~929,~~874~~585

32,~~400~~922,~~293~~003

32,~~177~~716,~~654~~251

* The carrying value of long-term debt does not include deferred issuance costs of $1216.40 million at ~~September~~March 3031, ~~2024~~2025, and $1411.26 million at December 31, ~~2023~~2024.

Cleco Power

AT SEPT. 30, 2024

AT DEC. 31, 2023

AT MAR. 31, 2025

AT DEC. 31, 2024

(THOUSANDS)

CARRYINGVALUE*

FAIR VALUE

CARRYINGVALUE*

FAIR VALUE

Long-term debt

1,~~871~~993,~~983~~943

1,~~913~~992,~~692~~877

1,~~886~~822,~~248~~061

1,~~867~~800,~~559~~633

* The carrying value of long-term debt does not include deferred issuance costs of $1014.56 million at ~~September~~March 3031, ~~2024~~2025, and $1110.51 million at December 31, ~~2023~~2024.

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q

In order to fund capital requirements, Cleco may issue fixed and variable rate long-term debt with various tenors. The fair value of this class fluctuates as the market interest rates for fixed and variable rate debt with similar tenors and credit ratings change. The fair value of the debt could also change from period to period due to changes in the credit rating of the Cleco entity by which the debt was issued. The fair value of long-term debt is classified as Level 2 in the fair value hierarchy.

Concentrations of Credit Risk

~~At September 30, 2024, and December 31, 2023,~~ Cleco ~~and~~is ~~Cleco Power were~~ exposed to ~~concentrations~~counterparty of credit risk ~~through~~when ~~their~~a ~~short-term~~counterparty ~~investments~~fails ~~classified as cash equivalents and restricted cash equivalents. If the short-term investments failed~~ to ~~perform~~meet ~~under~~their ~~the~~financial ~~terms~~obligations ofcausing ~~the investments,~~ Cleco ~~and Cleco Power could be exposed~~ to apotentially ~~loss~~incur ofreplacement ~~the~~cost ~~invested amounts~~losses. Collateral on these types of investments is not required. In order to optimize interest income and minimize risk, cash is invested primarily in short-term securities issued by the U.S. government and money market mutual funds to maintain liquidity and achieve the goal of a net asset value of a dollar.

~~When~~At ~~Cleco~~March ~~enters~~31, ~~into~~2025, ~~commodity~~and ~~derivative~~December 31, ~~or physical commodity transactions directly with market participants~~2024, Cleco ~~may~~and ~~be exposed to counterparty credit risk.~~ Cleco isPower were exposed to ~~counterparty~~concentrations of credit risk ~~when~~through ~~a counterparty fails to meet~~ their ~~financial~~short-term ~~obligations~~investments ~~causing~~classified ~~Cleco~~as tocash ~~potentially~~equivalents ~~incur~~and ~~replacement~~restricted ~~cost~~cash ~~losses~~equivalents. ~~Cleco~~If ~~enters~~the ~~into long~~short-~~form~~term ~~contracts~~investments ~~and~~failed ~~master~~to ~~agreements~~perform ~~with~~under ~~counterparties that govern~~ the ~~risk~~terms of ~~counterparty~~the ~~credit~~investments, ~~default~~Cleco and ~~allow~~Cleco ~~for~~Power ~~collateralization~~would ~~above~~be ~~prenegotiated~~exposed ~~thresholds~~ to ~~help~~a ~~mitigate~~loss ~~potential~~of ~~losses~~the invested amounts. ~~Alternatively,~~Collateral ~~Cleco~~on ~~may~~these betypes ~~required~~of toinvestments ~~provide~~is ~~credit~~not ~~support~~required. ~~with~~In ~~respect~~order to ~~bilateral~~optimize ~~transactions~~interest income and ~~contracts~~minimize ~~that~~risk, ~~Cleco~~cash ~~has~~is ~~entered~~invested ~~into~~primarily orin ~~may~~short-term ~~enter~~securities ~~into~~issued inby the ~~future~~U.S. ~~The~~government ~~amount~~and ofliquid ~~credit~~money ~~support~~market ~~required~~mutual ~~may change based on margining formulas, changes in credit agency ratings, or liquidity ratios~~funds.

When Cleco enters into commodity derivative or physical commodity transactions directly with market participants, Cleco may be exposed to counterparty credit risk. Cleco enters into long-form contracts and master agreements with counterparties that govern the risk of counterparty credit default and allow for collateralization above prenegotiated thresholds to help mitigate potential losses. At March 31, 2025, and December 31, 2024, both Cleco and Cleco Power had $14.8 million of collateral held to mitigate risk with counterparties recorded in Credit deposits on their respective Condensed Consolidated Balance Sheets. Alternatively, Cleco may be required to provide credit support with respect to bilateral transactions and contracts that Cleco has entered into or may enter into in the future. The amount of credit support required may change based on margining formulas, changes in credit agency ratings, or liquidity ratios.

Note 7 — Derivative Instruments

In the normal course of business, Cleco utilizes derivative instruments, such as natural gas derivatives and FTRs, to mitigate volatility of overall fuel and purchased power costs.

Cleco has not elected to designate any of its current instruments as an accounting hedge. Generally, Cleco’s derivative positions are subject to netting agreements that provide for offsetting of asset and liability positions as well as related collateral with the same counterparty. At ~~September~~March 3031, 2025, and December 31, 2024, there were no fair value amounts offset on the balance sheets and no collateral posted with or received from counterparties. The following table presents the fair values of derivative instruments and their respective line items as recorded on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2025, and December 31, 2024:

2024, and December 31, 2023, there were no fair value amounts offset on the balance sheets and no collateral posted with or received from counterparties. The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2024, and December 31, 2023:29

Cleco
	DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
(THOUSANDS)	BALANCE SHEET LINE ITEM	AT SEPT. 30, 2024		AT DEC. 31, 2023
Commodity-related contracts
FTRs
Current	Energy risk management assets	$	2,753	$	3,087
Current	Energy risk management liabilities	(369)		(781)
Natural gas derivatives
Current	Energy risk management assets	7,825		5,042
Non-current	Energy risk management assets	646		—
Current	Energy risk management liabilities	—		(15,005)
Commodity-related contracts, net		$	10,855	$	(7,657)


CLECO
CLECO POWER						2025 1ST QUARTER FORM 10-Q

Cleco Power
	DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
	DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
(THOUSANDS)	BALANCE SHEET LINE ITEM	AT MAR. 31, 2025				AT DEC. 31, 2024
(THOUSANDS)	BALANCE SHEET LINE ITEM			AT SEPT. 30, 2024				AT DEC. 31, 2023
Commodity-related contracts
Commodity-related contracts
FTRs
FTRs
Current	Energy risk management assets	$	588			$	2,084
Current	Energy risk management ~~assets~~liabilities	(138)		$	~~2,753~~	(256)		$	~~3,087~~
Current	Energy risk management liabilities			(369)				(781)
Natural gas derivatives
Natural gas derivatives
Current	Energy risk management assets	13,685				9,210
Current	Energy risk management assets			7,825				—
Commodity-related contracts, net		$	14,135			$	11,038
Non-current	Energy risk management assets			646				—
Current	Energy risk management liabilities			—				(14,331)
Commodity-related contracts, net				$	10,855			$	(12,025)

The following tables present the effect of derivatives not designated as hedging instruments on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, and ~~2023~~2024:


Cleco
	AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME
		FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	INCOME STATEMENT LINE ITEM	2025		2024
Commodity-related contracts
FTRs(1)	Electric operations	$	1,034	$	726
FTRs(1)	Purchased power	(602)		(1,371)
Natural gas derivatives(2)	Fuel used for electric generation	939		(18,701)
Total		$	1,371	$	(19,346)

~~CLECO~~(1) ~~CLECO~~For ~~POWER~~both the three months ended March 31, 2025, and 2024, ~~3RD~~unrealized ~~QUARTER~~losses ~~FORM~~associated ~~10-Q~~with FTRs of $(0.4) million were reported through Accumulated deferred fuel on the balance sheet.

Cleco
	AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME
		FOR THE THREE MONTHS ENDED SEPT. 30,				FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	INCOME STATEMENT LINE ITEM	2024		2023		2024		2023
Commodity-related contracts
FTRs(1)	Electric operations	$	483	$	2,227	$	1,991	$	4,920
FTRs(1)	Purchased power	(484)		(1,690)		(2,683)		(3,786)
Natural gas derivatives(2)(3)	Fuel used for electric generation	(7,129)		(10,250)		(22,786)		(110,506)
Total		$	(7,130)	$	(9,713)	$	(23,478)	$	(109,372)

(2) For the three months ended March 31, 2025, unrealized gains and realized gains associated with natural gas derivatives of $7.4 million and $1.1 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three months ended March 31, 2024, unrealized gains and realized losses associated with natural gas derivatives for Cleco Power of $1.3 million and $(3.2) million, respectively, were reported through Accumulated deferred fuel on the balance sheet.

(1) For the three and nine months ended September 30, 2024, unrealized losses associated with FTRs of$(0.2) million and $(0.1) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three and nine months ended September 30, 2023, unrealized gains (losses) associated with FTRs of $0.1 million and $(0.2) million, respectively, were reported through Accumulated deferred fuel on the balance sheet.


Cleco Power
	AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME
		FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	INCOME STATEMENT LINE ITEM	2025		2024
Commodity-related contracts
FTRs(1)	Electric operations	$	1,034	$	726
FTRs(1)	Purchased power	(602)		(1,371)
Natural gas derivatives (2)	Fuel used for electric generation	939		(7,756)
Total		$	1,371	$	(8,401)

(21) For both the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, ~~unrealized gains associated with natural gas derivatives of $1.7 million~~ and ~~$11.8 million,~~2024 ~~respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three and nine months ended September 30, 2023,~~ unrealized (losses) ~~gains~~ associated with ~~natural~~FTRs ~~gas derivatives~~ of $(4.0.4) million ~~and $0.8 million, respectively,~~ were reported through Accumulated deferred fuel on the balance sheet.

(32) For the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, unrealized gains and realized ~~losses~~gains associated with natural gas derivatives of $(7.4 million and $1.5)1 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three ~~and nine~~ months ended ~~September~~March 3031, ~~2023~~2024, unrealized gains and realized losses associated with natural gas derivatives for Cleco Power of $(01.3 million and $(3.2) million, respectively, were reported through Accumulated deferred fuel on the balance sheet.

Cleco Power
	AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME
		FOR THE THREE MONTHS ENDED SEPT. 30,				FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	INCOME STATEMENT LINE ITEM	2024		2023		2024		2023
Commodity-related contracts
FTRs(1)	Electric operations	$	483	$	2,227	$	1,991	$	4,920
FTRs(1)	Purchased power	(484)		(1,690)		(2,683)		(3,786)
Natural gas derivatives (2)(3)	Fuel used for electric generation	(7,129)		(2,053)		(22,786)		(19,876)
Total		$	(7,130)	$	(1,516)	$	(23,478)	$	(18,742)

The following table presents the volume of commodity-related derivative contracts outstanding at March 31, 2025, and December 31, 2024, for Cleco and Cleco Power:

(1) For the three and nine months ended September 30, 2024, unrealized losses associated with FTRs of $(0.2) million, and $(0.1) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three and nine months ended September 30, 2023, unrealized gains (losses) associated with FTRs of $0.1 million and $(0.2) million, respectively, were reported through Accumulated deferred fuel on the balance sheet.

UNIT OF MEASURE

TOTAL VOLUME OUTSTANDING

(THOUSAND)

AT MAR. 31, 2025

AT DEC. 31, 2024

Commodity-related contracts

FTRs

MWh

2,458

6,720

Natural gas derivatives

MMBtus

12,924

18,595

(2) For the three and nine months ended September 30, 2024, unrealized gains associated with natural gas derivatives of $1.7 million and $11.8 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three and nine months ended September 30, 2023, unrealized (losses) gains associated with natural gas derivatives of $(4.0) million and $0.8 million, respectively, were reported through Accumulated deferred fuel on the balance sheet.

(3) For the three and nine months ended September 30, 2024, realized losses associated with natural gas derivatives of $(1.5) million were reported through Accumulated deferred fuel on the balance sheet. For the three and nine months ended September 30, 2023, realized losses associated with natural gas derivatives of $(0.3) million were reported through Accumulated deferred fuel on the balance sheet.

The following tables present the volume of commodity-related derivative contracts outstanding at September 30, 2024, and December 31, 2023, for Cleco and Cleco Power:

Cleco

UNIT OF MEASURE

TOTAL VOLUME OUTSTANDING

(THOUSAND)

AT SEPT. 30, 2024

AT DEC. 31, 2023

Commodity-related contracts

FTRs

MWh

10,641

9,611

Natural gas derivatives

MMBtus

24,805

61,119

Cleco Power

UNIT OF MEASURE

TOTAL VOLUME OUTSTANDING

(THOUSAND)

AT SEPT. 30, 2024

AT DEC. 31, 2023

Commodity-related contracts

FTRs

MWh

10,641

9,611

Natural gas derivatives

MMBtus

24,805

19,915


Note 8 — Debt

On ~~May~~March 1712, ~~2024~~2025, Cleco ~~Holdings~~Power ~~entered~~completed ~~into~~ a securitization financing of the Energy Transition Property through Cleco Securitization II. Cleco Securitization II used the net proceeds from its issuance of $~~175~~305.0 million ~~revolving~~aggregate ~~credit~~principal ~~agreement.~~amount ~~This~~of ~~agreement~~its ~~replaced~~senior ~~Cleco~~secured ~~Holdings’~~energy ~~existing~~transition ~~revolving~~bonds ~~credit~~to ~~agreement~~purchase ~~and~~the ~~matures~~Energy onTransition ~~May~~Property 17from Cleco Power, ~~2029.~~pay ~~Under~~for ~~this~~debt ~~agreement~~issuance costs, and reimburse Cleco ~~Holdings~~Power isfor ~~required~~upfront tosecuritization ~~maintain~~costs ~~total~~paid ~~indebtedness,~~by ~~not~~Cleco ~~including~~Power ~~securitization~~on ~~indebtedness,~~behalf ~~less~~of ~~than~~Cleco orSecuritization ~~equal~~II. toOne ~~65%~~tranche of ~~total~~$100.0 million aggregate

~~capitalization.~~principal ~~The~~amount ~~borrowing~~was ~~costs~~issued ~~under~~with ~~Cleco~~an ~~Holdings’~~interest ~~revolving~~rate ~~credit~~of ~~agreement~~4.680% ~~are~~and ~~currently~~an ~~equal~~expected toweighted ~~SOFR~~average ~~plus~~life 1of 5.~~725%~~4 oryears. ~~ABR~~A ~~plus~~second 0tranche of $205.~~625%,~~0 million ~~plus~~aggregate ~~commitment~~principal ~~fees~~amount ofwas ~~0.275%~~issued onwith ~~the~~an ~~unused~~interest ~~portion~~rate of ~~the facility~~5.346% Ifand ~~Cleco~~an ~~Holdings’~~expected ~~credit~~weighted ~~ratings~~average ~~were~~life toof be15.5 ~~downgraded~~years. ~~one~~The ~~level~~energy bytransition ~~the~~bonds ~~credit~~are ~~rating~~governed ~~agencies,~~by an indenture between Cleco ~~Holdings~~Securitization ~~may~~II beand ~~required~~the toindenture ~~pay~~trustee. ~~higher~~The ~~commitment~~indenture ~~fees~~contains ~~and~~certain ~~additional~~covenants ~~interest~~that ofrestrict ~~0.05%.~~Cleco AtSecuritization ~~September~~II's 30ability to sell, ~~2024~~transfer, ~~Cleco~~convey, ~~Holdings~~exchange, ~~had~~or nootherwise ~~borrowings~~dispose ~~outstanding~~of ~~under~~ its ~~revolving credit facility~~assets.

InOn ~~addition~~March 14, on2025, ~~May~~following ~~17,~~this ~~2024~~securitization financing, Cleco Power ~~entered~~repaid ~~into~~the aoutstanding ~~$300.0 million~~balance ~~revolving~~of ~~credit~~its ~~agreement and a~~ $125.0 million ~~term~~bank ~~loan agreement. The revolving credit agreement replaced Cleco Power’s existing revolving credit agreement and matures on May 17, 2029. The~~ term loan ~~agreement replaced Cleco Power’s existing term loan agreement~~ and matures on May 17, 2025. Under these agreements, Cleco Power is required to maintain total indebtedness, not including securitization indebtedness, less than or equal to 65% for total capitalization. The borrowing costs under the ~~revolving~~outstanding ~~credit~~balance ~~agreement~~of ~~are~~its ~~currently equal to SOFR plus 1~~$110.~~35% or ABR plus~~ 0~~.25%,~~ million ~~plus~~credit ~~commitment fees of 0.15% on the unused portion of the~~ facility. IfIn ~~Cleco Power’s credit ratings were to be downgraded one level by the credit rating agencies~~addition, Cleco Power ~~may~~elected ~~be required~~ to ~~pay~~repay ~~higher~~its ~~commitment~~$50.0 million ~~fees~~GO ~~and~~Zone ~~additional~~bonds ~~interest~~on ofMay ~~0.025%. At September 30~~1, ~~2024, Cleco Power had no borrowings outstanding under the revolving credit agreement~~2025. ~~The term loan under the term loan~~

37At March 31, 2025, and December 31, 2024, Cleco’s and Cleco Power’s long-term debt and finance leases outstanding due within one year were $143.5 million and $264.9 million, respectively. The decrease of $121.4 million is primarily due to the repayment of Cleco Power’s $125.0 million bank term loan.

~~CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q~~30

~~agreement~~CLECO ~~bears~~CLECO ~~interest~~POWER at2025 a1ST ~~rate~~QUARTER ofFORM ~~SOFR plus 1.35% or ABR plus 0.25%.~~10-Q

On April 26, 2024, Cleco Holdings repaid its $66.7 million term loan that was due on May 21, 2024. In addition, on June 4, 2024, Cleco Holdings redeemed its $165.0 million floating rate senior notes due on May 1, 2025.

Cleco Power’s $50.0 million GO-Zone bonds have a mandatory tender in April 2025. This amount is reflected in long-term debt due within one year on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2024.

At September 30, 2024, and December 31, 2023, Cleco’s long-term debt and finance leases outstanding due within one year were $240.9 million and $256.8 million, respectively. The decrease of $15.9 million is primarily due to the repayment of Cleco Holdings’ $66.7 million term loan, partially offset by the reclassification of Cleco Power’s $50.0 million GO-Zone bonds with a mandatory tender in April 2025.

At September 30, 2024, and December 31, 2023, Cleco Power’s long-term debt and finance leases outstanding due within one year was $240.9 million and $190.3 million, respectively. The increase of $50.6 million is primarily due to the reclassification of $50.0 million GO-Zone bonds with a mandatory tender in April 2025.


Note 9 — Pension Plan and Employee Benefits

Pension Plan ~~and Other Benefits Plan~~

Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. Based on the funding assumptions at December 31, 2024, management estimates that $76.1 million in pension contributions will be required through 2029, of which $16.5 million is required in 2025. In January 2025, Cleco made an $11.5 million required contribution payment towards the 2025 plan year and a $5.0 million required contribution towards the 2024 plan year.

~~funding~~The ~~assumptions~~non-service atcomponents ~~December 31,~~of ~~2023,~~net ~~management~~periodic ~~estimates that~~ pension ~~contributions~~cost ~~totaling~~are ~~$94.2 million~~included ~~will~~in beOther ~~required~~income ~~through 2028~~(expense), ofnet ~~which~~within ~~$25.7~~Cleco’s ~~million is required in 2024. In April 2024~~ and ~~July~~Cleco ~~2024,~~Power’s ~~Cleco~~Condensed ~~made~~Consolidated ~~payments~~Statements of $3Income.~~5 million~~ ~~and~~The ~~$7.1 million,~~components ~~respectively,~~of ~~toward~~net ~~its~~periodic ~~2024~~pension ~~contribution~~cost ~~requirement.~~for Inthe ~~July~~three ~~2024,~~months ~~Cleco~~ended ~~also~~March ~~made~~31, a2025, ~~$15.2 million~~and ~~required~~2024 ~~contribution~~were ~~payment~~as ~~towards the 2023 plan year.~~follows:

In June 2024, an amendment to the pension plan was executed allowing the transfer of the cash balance and


	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2025		2024
Components of periodic benefit costs
Service cost	$	966	$	1,189
Interest cost	6,776		6,535
Expected return on plan assets	(8,292)		(7,607)



Net periodic benefit (income) cost	$	(550)	$	117

Because Cleco Power is the pension ~~liabilities~~plan tosponsor and the ~~Cleco~~related ~~Cajun~~trust ~~Purchaser’s~~holds the assets, the net unfunded status of the pension plan. ~~This~~is ~~transfer~~reflected ~~was~~at ~~for~~Cleco ~~the~~Power. ~~former~~The liability of Cleco’s ~~Cajun~~other ~~employees~~subsidiaries ~~that~~is ~~became~~transferred ~~employees~~with a like amount of ~~the~~assets to Cleco ~~Cajun~~Power ~~Purchasers~~monthly. ~~following~~The ~~the~~expense ~~closing~~ of the pension plan related to Cleco’s ~~Cajun~~other ~~Divestiture.~~subsidiaries ~~The~~for ~~transfer~~the ~~was~~three ~~completed~~months inended ~~June~~March 31, 2025, and 2024 was $0.2 million and $0.5 million, respectively.

~~Cleco’s~~The ~~retirees~~current ~~may~~and benon-current ~~eligible~~portions toof ~~receive~~the ~~Other~~pension ~~Benefits.~~benefits ~~Dependents~~liability offor Cleco’s ~~retirees~~and ~~may~~Cleco ~~also~~Power beat ~~eligible~~March to31, ~~receive~~2025, ~~Other~~and ~~Benefits~~December 31, ~~with~~2024, ~~the~~were ~~exception~~as ~~of life insurance benefits.~~ follows:

The non-service components of net periodic pension and Other Benefits cost are included in Other income (expense), net within Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income. The components of net periodic pension and Other Benefits cost for the three and nine months ended September 30, 2024, and 2023 were as follows:


(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Current	$	3,770	$	16,344
Non-current	$	64,775	$	69,250

	PENSION BENEFITS				OTHER BENEFITS
	FOR THE THREE MONTHS ENDED SEPT. 30,				FOR THE THREE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2024		2023		2024		2023
Components of periodic benefit costs
Service cost	$	1,114	$	1,173	$	475	$	365
Interest cost	6,535		6,606		583		566
Expected return on plan assets	(7,607)		(7,386)		—		—
Amortizations
Net loss (gain)	—		—		156		(13)
Net periodic benefit cost	$	42	$	393	$	1,214	$	918

Other Benefits Plan

	PENSION BENEFITS				OTHER BENEFITS
	FOR THE NINE MONTHS ENDED SEPT. 30,				FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2024		2023		2024		2023
Components of periodic benefit costs
Service cost	$	3,490	$	3,520	$	1,375	$	1,094
Interest cost	19,605		19,817		1,750		1,698
Expected return on plan assets	(22,821)		(22,158)		—		—
Amortizations
Net loss (gain)	—		—		367		(39)
Net periodic benefit cost	$	274	$	1,179	$	3,492	$	2,753

Cleco’s retirees, including retirees not covered by the pension plan, may be eligible to receive Other Benefits. Dependents of these retirees may also be eligible to receive Other Benefits with the exception of life insurance benefits. Cleco recognizes the expected cost of Other Benefits during the periods in which the benefits are earned.

~~Because~~The ~~Cleco~~non-service ~~Power~~components isof ~~the~~net periodic pension ~~plan~~and ~~sponsor~~Other ~~and~~Benefits ~~the~~cost ~~related~~are ~~trust~~included ~~holds~~in ~~the~~Other ~~assets~~income (expense), ~~the~~ net ~~unfunded~~within ~~status~~Cleco’s ofand ~~the pension plan is reflected at~~ Cleco Power~~. The liability of Cleco~~’s ~~other~~Condensed ~~subsidiaries~~Consolidated isStatements ~~transferred, with a like amount~~ of ~~assets, to Cleco Power monthly~~Income. The ~~expense~~components of ~~the~~net periodic pension ~~plan~~and ~~related~~Other toBenefits ~~Cleco’s~~cost ~~other subsidiaries~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, ~~was $0.4 million~~ and ~~$1.3~~2024 ~~million,~~were ~~respectively.~~as ~~The expense of the pension plan related~~ follows:

to Cleco’s other subsidiaries for the three and nine months ended September 30, 2023, was $0.4 million and $1.2 million, respectively.


	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2025		2024
Components of periodic benefit costs
Service cost	$	395	$	479
Interest cost	586		583

Amortizations

Net loss	74		164
Net periodic benefit cost	$	1,055	$	1,226

38Cleco Holdings is the plan sponsor for the Other Benefit plan. There are no assets set aside in a trust, and the liabilities are reported on the individual subsidiaries’ financial statements. The expense related to Other Benefits reflected in Cleco Power’s Condensed Consolidated Statements of Income for the three months ended March 31, 2025, and 2024 was $1.0 million and $1.1 million, respectively. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at March 31, 2025, and December 31, 2024, were as follows:

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q


Cleco
(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Current	$	5,279	$	5,279
Non-current	$	38,428	$	38,724

The current and non-current portions of the pension benefits liability for Cleco and Cleco Power at September 30, 2024, and December 31, 2023, were as follows:


Cleco Power
(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Current	$	4,524	$	4,524
Non-current	$	29,815	$	30,054

(THOUSANDS)	AT SEPT. 30, 2024		AT DEC. 31, 2023
Current	$	12,594	$	25,685
Non-current	$	79,250	$	91,638

Cleco Holdings is the plan sponsor for the Other Benefit plan. There are no assets set aside in a trust, and the liabilities are reported on the individual subsidiaries’ financial statements. The expense related to Other Benefits reflected in Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024, was $1.1 million and $3.2 million, respectively. The expense related to Other Benefits reflected in Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2023, was $0.9 million and $2.6 million, respectively. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at September 30, 2024, and December 31, 2023, were as follows:

Cleco
(THOUSANDS)	AT SEPT. 30, 2024		AT DEC. 31, 2023
Current	$	5,235	$	5,241
Non-current	$	41,012	$	41,815

Cleco Power
(THOUSANDS)	AT SEPT. 30, 2024		AT DEC. 31, 2023
Current	$	4,480	$	4,479
Non-current	$	31,893	$	32,289

SERP

~~Certain current and former Cleco officers are covered by~~ SERP. ~~Cleco does not fund the SERP liability but instead pays for current benefits out of cash available of the respective company of the officer. Because SERP~~ is a non-qualified, ~~plan~~non-contributory, ~~Cleco~~defined ~~has~~benefit ~~purchased~~pension ~~life~~plan ~~insurance~~for ~~policies~~the onbenefit ~~certain SERP participants as a mechanism to provide a source~~ of ~~funding.~~certain ~~These~~executive ~~policies~~officers who are ~~held~~designated inas aparticipants ~~rabbi trust formed~~ by ~~Cleco Power. The rabbi trust is~~ the ~~named~~Leadership ~~beneficiary~~Development ofand ~~the~~Compensation ~~life~~Committee. ~~insurance~~In ~~policies and~~2014, ~~therefore,~~SERP ~~receives~~was ~~the~~closed ~~proceeds~~to ~~upon~~new ~~the death of the insured~~ participants.; ~~The~~however, ~~life~~with ~~insurance~~regard ~~policies may be used~~ to ~~reimburse~~current ~~Cleco for benefits paid from general funds, pay the~~ SERP participants~~’ death benefits~~, orincluding ~~pay~~former ~~future~~employees ~~SERP~~or ~~payments.~~their ~~Market~~beneficiaries, ~~conditions~~all ~~could~~terms ~~have a significant impact on the cash surrender value~~ of ~~these life insurance policies. Because~~ SERP iswill ~~a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency~~continue. ~~Cleco Power is the plan sponsor and Support Group is the plan administrator.~~

~~The~~Cleco does not fund the SERP liability, but instead pays for current benefits out of the cash available of the respective company of the employed officer. Because SERP is a non-~~service~~qualified ~~components~~plan, ofCleco ~~net~~has ~~periodic~~purchased ~~benefit~~life ~~cost~~insurance ~~related~~policies toon certain SERP participants as a mechanism to provide a source of funding. These polices are ~~included~~held in ~~Other~~a ~~income~~rabbi ~~(expense),~~trust ~~net~~formed ~~within~~by Cleco’s Power. The rabbi trust is the named beneficiary of the life insurance policies and, ~~Cleco~~therefore, ~~Power’s~~receives ~~Condensed~~the ~~Consolidated~~proceeds ~~Statements~~upon death of ~~Income~~the insured participants. The ~~components~~life ofinsurance policies may be used to reimburse Cleco for benefits paid from general funds, pay the ~~net~~SERP ~~periodic~~participants’ ~~benefit~~death ~~cost~~benefits, ~~related~~or topay future SERP ~~for~~payments. Market conditions could have a significant impact on the ~~three~~cash ~~and~~surrender ~~nine~~value ~~months~~of ~~ended~~the ~~September~~life ~~30,~~insurance ~~2024~~policies. Because SERP is a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency. Cleco Power is the plan sponsor and ~~2023,~~Support ~~were~~Group asis ~~follows:~~the plan administrator.

	FOR THE THREE MONTHS ENDED SEPT. 30,				FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2024		2023		2024		2023
Components of periodic benefit costs
Service cost	$	34	$	35	$	101	$	106
Interest cost	836		901		2,507		2,703
Amortizations
Prior period service credit	(54)		(54)		(161)		(161)
Net gain	(21)		(16)		(61)		(47)
Net periodic benefit cost	$	795	$	866	$	2,386	$	2,601

The non-service components of net periodic benefit cost related to SERP are included in Other income (expense), net within Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income. The components of the net periodic benefit cost related to SERP for the three months ended March 31, 2025, and 2024, were as follows:

The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024, was $0.1 million and $0.4 million, respectively. The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2023, was $0.1 million and $0.4 million, respectively.31

~~Liabilities~~CLECO ~~relating~~CLECO toPOWER ~~SERP~~2025 ~~are~~1ST ~~reported~~QUARTER onFORM ~~the individual subsidiaries’ financial statements. The current and non~~10-~~current portions of the SERP liability for Cleco and Cleco Power at September 30, 2024, and December 31, 2023, were as follows:~~ Q

Cleco
	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	~~AT SEPT. 30, 2024~~2025		~~AT DEC. 31, 2023~~2024
Current	$	4,593	$	4,593
Components of periodic benefit costs
Non-current	$	62,039	$	62,868
Service cost	$	14	$	34
Interest cost	864		836
Amortizations
Prior period service credit	(54)		(54)
Net gain	(35)		(21)
Net periodic benefit cost	$	789	$	795

Cleco Power
(THOUSANDS)	AT SEPT. 30, 2024		AT DEC. 31, 2023
Current	$	613	$	613
Non-current	$	8,134	$	8,394

The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income for both the three months ended March 31, 2025, and 2024 was $0.1 million.

Liabilities relating to SERP are reported on the individual subsidiaries’ financial statements. The current and non-current portions of the SERP liability for Cleco and Cleco Power at March 31, 2025, and December 31, 2024, were as follows:


Cleco
(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Current	$	4,815	$	4,815
Non-current	$	58,459	$	58,728


Cleco Power
(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Current	$	833	$	833
Non-current	$	10,095	$	10,160

401(k) Plan

Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The 401(k) Plan is a defined contribution plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974. In accordance with the 401(k) Plan, employer contributions are made in the form of cash. Cash contributions are invested in proportion to the participant’s voluntary contribution investment choices. Participation in the Plan is voluntary, and active Cleco employees are eligible to participate. Cleco’s 401(k) Plan expense for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, and ~~2023~~2024, was as follows:

FOR THE THREE MONTHS ENDED SEPT. 30,

FOR THE NINE MONTHSENDED SEPT. 30,

FOR THE THREE MONTHS ENDED MAR. 31,

(THOUSANDS)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

401(k) Plan expense

12,~~766~~909

13,~~741~~075

~~7,078~~

~~5,821~~

39Cleco Power is the plan sponsor for the 401(k) Plan. The expense of the 401(k) Plan related to Cleco’s other subsidiaries for the three months ended March 31, 2025, and 2024, was as follows:

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q


	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2025		2024
401(k) Plan expense	$	706	$	1,601

Cleco Power is the plan sponsor for the 401(k) Plan. The expense of the 401(k) Plan related to Cleco’s other subsidiaries for the three and nine months ended September 30, 2024, and 2023, was as follows:

	FOR THE THREE MONTHS ENDED SEPT. 30,				FOR THE NINE MONTHSENDED SEPT. 30,
(THOUSANDS)	2024		2023		2024		2023
401(k) Plan expense	$	347	$	592	$	2,685	$	2,164


Note 10 — Income Taxes

Effective Tax Rates

The following tables summarize the effective income tax rates from continuing operations for Cleco and Cleco Power for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, and ~~2023~~2024:

Cleco
	FOR THE THREE MONTHS ENDED SEPT. 30,				FOR THE NINE MONTHSENDED SEPT. 30,
	FOR THE THREE MONTHS ENDED MAR. 31,
	2024		2023		2024		2023
	2025		2024
Effective tax rate	(718.6)3	%	(~~470~~73.91)	%	~~(10.2)~~	%	~~1,006.9~~	%

Cleco Power
	FOR THE THREE MONTHS ENDED SEPT. 30,				FOR THE NINE MONTHSENDED SEPT. 30,
	FOR THE THREE MONTHS ENDED MAR. 31,
	2024		2023		2024		2023
	2025		2024
Effective tax rate	1019.15	%	(012.6)	%	~~9.2~~	%	~~2.6~~	%

For Cleco and Cleco Power, the effective income tax rates for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, and ~~2023~~2024, were different than the federal statutory rate primarily due to the amortization of excess ADIT, the adjustment to record tax expense at the projected annual effective tax rate, flow through of state tax benefits, and state tax expense.

~~Cleco’s~~Tax ~~effective~~Rate tax rate for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023, was different primarily due to the amortization of excess ADIT, the adjustment to record tax expense at the projected annual effective tax rate, flow through of state tax benefits, and higher pre-tax book income in 2024 due to lower losses on gas-related derivative contracts at Cleco Cajun.Changes

On December 4, 2024, the Louisiana state corporate income tax rate decreased from 7.5% to 5.5%, effective for the income tax periods beginning on or after January 1, 2025.

Uncertain Tax Positions

Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense. For the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, and ~~2023~~2024, Cleco and Cleco Power had no interest expense related to uncertain tax positions. At ~~September~~March 3031, ~~2024~~2025, and December 31, ~~2023~~2024, Cleco and Cleco Power had no liability for uncertain tax positions or interest payable related to uncertain tax positions.

Income Tax Audits

Cleco ~~and~~Group ~~Cleco~~participates ~~Power~~in the IRS’s Compliance Assurance Process program in which tax positions are ~~party~~examined and agreed upon prior to filing the ~~consolidated~~federal ~~income~~ tax return. ~~filed~~The byCompliance ~~Cleco~~Assurance ~~Group~~Process program allows the IRS to establish a low risk of non-compliance, and at its discretion, may reduce the level of its review based on complexity and the number of issues found. Cleco Group's ~~participates~~application inhas been accepted into the Compliance Assurance Process program for the 2021-2024 tax years and the statute of limitations remains open for those tax years.

~~the~~Cleco ~~IRS’s~~records ~~Compliance~~income ~~Assurance~~tax ~~Process~~penalties in ~~which~~Other ~~tax~~Expense ~~positions~~on ~~are~~its ~~examined~~Condensed ~~and~~Consolidated ~~agreed~~Statement ~~upon~~of ~~prior to filing the federal tax return~~Income. ~~While~~For the ~~statute~~three ofmonths ~~limitations~~ended ~~remains~~March ~~open for tax years 2021~~31, ~~2022~~2025, and ~~2023~~2024, ~~the~~no ~~IRS~~penalties has placed Cleco Group in the Bridge phase of the Compliance Assurance Process for the 2021 tax year. In this phase, the IRS will not accept any disclosures, conduct any reviews, or provide any assurances. These tax returns were ~~filed consistent with the IRS’s review~~recognized. The IRS has accepted Cleco Group’s application for the Compliance Assurance Process for the 2022 tax year and the Compliance Assurance Maintenance phase for the 2023 tax year. In this maintenance phase, the IRS typically will, at its discretion, reduce the level of its review of the tax year relative to the regular Compliance Assurance Process phase.

The state income tax years 2021, 2022, and 2023 remain subject to examination by the Louisiana Department of Revenue.

Cleco classifies income tax penalties as a component of other expense. For the three and nine months ended September 30, 2024, and 2023, no penalties were recognized.


Note 11 — Segment Disclosures

Segment disclosures are based on Cleco’s method of internal reporting, which disaggregates business units by first-tier subsidiary. Cleco’s segment structure and its allocation of corporate expenses were updated to reflect how management measures performance and allocates resources.


CLECO
CLECO POWER						2025 1ST QUARTER FORM 10-Q

Segment managers report periodically to Cleco’s CEO, who is Cleco’s chief operating decision maker, with discrete financial information and, at least quarterly, present discrete financial information to Cleco Holdings’ and, in the case of Cleco Power, Cleco Power’s Boards of Managers. The reportable segment prepares budgets that are presented to and approved by Cleco Holdings’ and, in the case of Cleco Power, Cleco Power’s Boards of Managers. The column shown as Other in the following tables includes the holding company, a shared services subsidiary, an investment subsidiary, discontinued operations, and Cleco Cajun’s natural gas derivatives. After the closing of the Cleco Cajun Divestiture, all of Cleco Cajun’s natural gas derivative contracts were liquidated.

The financial results in the following tables are presented on an accrual basis. EBITDA is a key non-GAAP financial measure used by the CEO to assess the operating performance of Cleco’s segments. Management evaluates the performance of Cleco’s segments and allocates resources to it based on segment profit and the requirements to implement strategic initiatives and projects to meet current business objectives. EBITDA is defined as net income adjusted for interest, income taxes, depreciation, and amortization. Depreciation and amortization in the following tables includes amortization of intangible assets recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services.

40measure used by the CEO to assess the operating performance of Cleco’s segments. Management evaluates the performance of Cleco’s segments and allocates resources to it based on segment profit and the requirements to implement strategic initiatives and projects to meet current business objectives. EBITDA is defined as net income adjusted for interest, income taxes, depreciation, and amortization. Depreciation and amortization in the following tables includes amortization of intangible assets recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services.

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q


Segment Information
FOR THE THREE MONTHS ENDED MAR. 31, 2025 (THOUSANDS)	CLECO POWER
Revenue
Base revenue	$	182,585
Fuel cost recovery revenue (1)	87,543
Other operations	23,456
Affiliate revenue	245

Operating revenue, net	$	293,829
Less:
Recoverable fuel and purchased power (1)	$	87,561
Non-recoverable fuel and purchased power	3,148
Other operations and maintenance (2)	57,908
Taxes other than income taxes	15,618
Other segment items (3)	(181)
EBITDA	$	129,775
(1) These pass through items are regularly provided to the chief operating decision maker as a net amount. (2) Includes administrative and general expenses of $22.8 million. (3) Includes amounts for equity portions of AFUDC, pension non-service costs, and changes in the cash surrender value of life insurance policies.

Segment Information
FOR THE THREE MONTHS ENDED MAR. 31, 2025 (THOUSANDS)	CLECO POWER		OTHER			ELIMINATIONS		TOTAL
FOR THE THREE MONTHS ENDED SEPT. 30, 2024 (THOUSANDS)	CLECO POWER
Revenue
Revenue
Base revenue	$	182,585	$	(186)		$	—	$	182,399
Electric operations	$	312,583
Fuel cost recovery revenue	87,543		—			—		87,543
Other operations	2423,~~433~~456		1,855			(9)		25,302
Affiliate revenue	~~1,397~~245		20,831			(21,076)		—
Electric customer credits	(1,046)
Operating revenue, net	$	293,829	$	22,500		$	(21,085)	$	295,244
Operating revenue, net	$	337,367
Depreciation and amortization	$	47,783	$	2,313	(1)	$	—	$	50,096
Net income	$	83,672
Interest income	$	4,592	$	2,705		$	(164)	$	7,133
Add: Depreciation and amortization	48,213
Interest charges	$	25,684	$	10,901		$	(164)	$	36,421
Less: Interest income	1,065
Federal and state income tax expense (benefit)	$	11,883	$	(2,826)		$	—	$	9,057
Add: Interest charges	25,014
Net income (loss)	$	49,017	$	(8,706)		$	1	$	40,312
Add: Federal and state income tax expense	9,396
Additions to property, plant, and equipment	$	67,832	$	457		$	—	$	68,289
EBITDA	$	165,230
Equity investment in investee (2)	$	1,916	$	(849,117)		$	849,117	$	1,916
Goodwill (2)	$	1,490,797	$	—		$	—	$	1,490,797
Total segment assets (2)	$	7,030,405	$	(277,438)		$	759,903	$	7,512,870
(1) Includes $0.2 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. (2) Balances at March 31, 2025

FOR THE THREE MONTHS ENDED SEPT. 30, 2024 (THOUSANDS)	CLECO POWER		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	312,583	$	(186)		$	—	$	312,397
Other operations	24,433		4,364			(13)		28,784
Affiliate revenue	1,397		22,733			(24,130)		—
Electric customer credits	(1,046)		—			—		(1,046)
Operating revenue, net	$	337,367	$	26,911		$	(24,143)	$	340,135
Depreciation and amortization	$	48,213	$	2,266	(1)	$	—	$	50,479
Interest income	$	1,065	$	5,326		$	(25)	$	6,366
Interest charges	$	25,014	$	12,445		$	(23)	$	37,436
Federal and state income tax expense (benefit)	$	9,396	$	(16,039)		$	—	$	(6,643)
Income from continuing operations, net of income taxes	$	83,672	$	10,178		$	—	$	93,850
Income from discontinued operations, net of income taxes	—		742			—		742
Net income	$	83,672	$	10,920		$	—	$	94,592
(1) Includes $0.2 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.

FOR THE THREE MONTHS ENDED SEPT. 30, 2023 (THOUSANDS)	CLECO POWER
Revenue
Electric operations	$	364,161
Other operations	31,984
Affiliate revenue	1,645
Electric customer credits	24
Operating revenue, net	$	397,814
Net income	$	90,914
Add: Depreciation and amortization	48,012
Less: Interest income	1,215
Add: Interest charges	24,921
Add: Federal and state income tax benefit	(552)
EBITDA	$	162,080


CLECO
CLECO POWER						2025 1ST QUARTER FORM 10-Q


FOR THE THREE MONTHS ENDED MAR. 31, 2024 (THOUSANDS)	CLECO POWER
Revenue
Base revenue	$	154,028
Fuel cost recovery revenue (1)	99,766
Other operations	27,218
Affiliate revenue	8,869
Electric customer credits	(1,847)
Operating revenue, net	$	288,034
Less:
Recoverable fuel and purchased power (1)	99,788
Non-recoverable fuel and purchased power	7,794
Other operations and maintenance (2)	56,797
Taxes other than income taxes	15,646
Other segment items (3)	(583)
EBITDA	$	108,592
(1) These pass through items are regularly provided to the chief operating decision maker as a net amount. (2) Includes administrative and general expenses of $20.7 million. (3) Includes amounts for equity portions of AFUDC, equity income from investee, pension non-service costs, and changes in the cash surrender value of life insurance policies.

CLECO CLECO POWER 2024 3RD QUARTER FORM 10-Q


FOR THE THREE MONTHS ENDED MAR. 31, 2024 (THOUSANDS)	CLECO POWER		OTHER			ELIMINATIONS		TOTAL
Revenue
Base revenue	$	154,028	$	(2,323)		$	—	$	151,705
Fuel cost recovery revenue	99,766		—			—		99,766
Other operations	27,218		—			—		27,218
Affiliate revenue	8,869		29,667			(38,536)		—
Electric customer credits	(1,847)		—			—		(1,847)
Operating revenue, net	$	288,034	$	27,344		$	(38,536)	$	276,842
Depreciation and amortization	$	94,004	$	4,371	(1)	$	—	$	98,375
Interest income	$	1,288	$	293		$	(173)	$	1,408
Interest charges	$	23,484	$	17,452		$	(174)	$	40,762
Federal and state income tax (benefit) expense	$	(960)	$	38,631		$	—	$	37,671
Loss from continuing operations, net of income taxes	$	(6,648)	$	(82,545)		$	—	$	(89,193)
Income from discontinued operations, net of income taxes	—		31,962			—		31,962
Net loss	$	(6,648)	$	(50,583)		$	—	$	(57,231)
Additions to property, plant, and equipment	$	39,494	$	(2,530)		$	—	$	36,964
Equity investment in investees (2)	$	1,916	$	(848,952)		$	848,952	$	1,916
Goodwill (2)	$	1,490,797	$	—		$	—	$	1,490,797
Total segment assets (2)	$	6,879,566	$	(286,556)		$	776,596	$	7,369,606
(1) Includes $2.3 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. (2) Balances at December 31, 2024

FOR THE THREE MONTHS ENDED SEPT. 30, 2023 (THOUSANDS)	CLECO POWER		OTHER			ELIMINATIONS		TOTAL
	FOR THE THREE MONTHS ENDED MAR. 31,
Revenue
(THOUSANDS)	2025		2024
Electric operations	$	364,161	$	(2,323)		$	—	$	361,838
Net income (loss)	$	40,312	$	(57,231)
Other operations	31,984		—			—		31,984
Less: income from discontinued operations, net of income taxes	—		31,962
Affiliate revenue	1,645		30,253			(31,898)		—
Income (loss) from continuing operations, net of income taxes	40,312		(89,193)
Electric customer credits	24		—			—		24
Add: Depreciation and amortization	50,096		98,375
Operating revenue, net	$	397,814	$	27,930		$	(31,898)	$	393,846
Less: Interest income	7,133		1,408
Depreciation and amortization	$	48,012	$	4,365	(1)	$	1	$	52,378
Add: Interest charges	36,421		40,762
Interest income	$	1,215	$	81		$	(13)	$	1,283
Add: Federal and state income tax expense	9,057		37,671
Interest charges	$	24,921	$	17,125		$	(12)	$	42,034
Add: Other corporate costs and noncash items(1)(2)	1,022		22,385
Federal and state income tax benefit	$	(552)	$	(245,942)		$	—	$	(246,494)
Total segment EBITDA	$	129,775	$	108,592

Filing Compare · Cleco Corporate Holdings LLC