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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________

FORM 10-K

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

For the fiscal year ended December 31, ~~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

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

__________________

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: None

Securities registered pursuant to Section 12(g) of the Act: None

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

Indicate by check mark if Cleco Corporate Holdings LLC is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if Cleco Power LLC is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if Cleco Corporate Holdings LLC is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes x No o

Indicate by check mark if Cleco Power LLC is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes x No o

Indicate by check mark whether Cleco Corporate Holdings LLC: (1) has 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 Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes o No x

Indicate by check mark whether Cleco Power LLC: (1) has 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 Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes o No x

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 during the preceding 12 months (or for such shorter period that the Registrants were required to submit such files). Yes x No o

Indicate by check mark whether Cleco Corporate Holdings LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the 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 o Accelerated filer o Non-accelerated filer x Smaller reporting company ☐ Emerging growth company ☐

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

Indicate by check mark whether Cleco Corporate Holdings LLC has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether Cleco Power LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 o Accelerated filer o Non-accelerated filer x Smaller reporting company ☐ Emerging growth company ☐

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

Indicate by check mark whether Cleco Power LLC has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrants included in the filing reflect the correction of an error to previously issued financial statements. o☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrants’ executive officers during the relevant recovery period pursuant to § 240.10D-1(b). o

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

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 CLECO POWER ~~2024~~2025 FORM 10-K

This Combined Annual Report on Form 10-K (this “Annual Report on Form 10-K”) 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 Annual Report on Form 10-K should be read in its entirety as it pertains to each respective Registrant. The Notes to the Financial Statements for the Registrants and certain other sections of this Annual Report on Form 10-K are combined.

TABLE OF CONTENTS
		PAGE
GLOSSARY OF TERMS		3
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		6
PART I
ITEM 1.	Business
	General	8
	Human Capital	8
	Operations	9
	Regulatory Matters, Industry Developments, and Franchises	1211
	Environmental Matters	12
ITEM 1A.	Risk Factors	1514
ITEM 1B.	Unresolved Staff Comments	2322
ITEM 1C.	Cybersecurity	2423
ITEM 2.	Properties	2524
ITEM 3.	Legal Proceedings	2524
ITEM 4.	Mine Safety Disclosures	2524
PART II
ITEM 5.	Market for Registrants’ Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	2625
ITEM 6.	Reserved	2625
ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2625
ITEM 7A.	Quantitative and Qualitative Disclosures About Market Risk	4541
ITEM 8.	Financial Statements and Supplementary Data	4743
ITEM 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	~~106~~102
ITEM 9A.	Controls and Procedures	~~106~~103
ITEM 9B.	Other Information	~~106~~103
ITEM 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~107~~103
PART III
ITEM 10.	Directors, Executive Officers, and Corporate Governance ~~of the Registrants~~	~~108~~104
ITEM 11.	Executive Compensation	~~112~~108
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~125~~121
ITEM 13.	Certain Relationships and Related Transactions, and Director Independence	~~125~~121
ITEM 14.	Principal Accountant Fees and Services	~~125~~122
PART IV
ITEM 15.	Exhibits and Financial Statement Schedules	~~127~~123
ITEM 16.	Form 10-K Summary	~~131~~126
	Signatures	~~139~~134

CLECO CLECO POWER ~~2024~~2025 FORM 10-K

GLOSSARY OF TERMS

References in Part III, Item 11 in this filing to “the Company” mean Cleco Corporate Holdings LLC, unless the context clearly indicates otherwise. Additional abbreviations or acronyms used in this filing, including all items in Parts I, II, III, and IV 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
BCI			British Columbia Investment Management Corporation
Brame Energy Center			A facility consisting of Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3
CAA			Clean Air Act
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 MAM, BCI, John Hancock Financial, and other infrastructure investors
Cleco Power			Cleco Power LLC ~~and its subsidiaries~~, 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
CO2			Carbon dioxide
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
CRA			Cost Reimbursement Agreement
CSAPR			Cross-State Air Pollution Rule

CLECO CLECO POWER ~~2024~~2025 FORM 10-K

ABBREVIATION OR ACRONYM			DEFINITION
CSAPR			Cross-State Air Pollution Rule
DESRI			D.E. Shaw Renewable Investments, a company that develops, owns, and operates utility-scale renewable energy projects in the U.S.
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 former power station in Mansfield, Louisiana that was retired on December 31, 2021,. Demolition activities are currently underway and are expected to be completed in ~~which~~2026. Cleco Power ~~has~~had a 50% ownership interest in the facility.
EAC			Environmental Adjustment Clause
EAF			Equivalent Availability Factor
EBITDA			Earnings before interest, income taxes, depreciation, and amortization
EGU			Electric Generating Unit
EFORd			Equivalent Forced Outage Rate on demand
EMT			Executive Management Team
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
ERAS			Expedited Resource Addition Study
ERO			Electric Reliability Organization
ESG			Environmental, Social, and Governance
Executive Order 14315			Signed by the President on July 7, 2025, titled “Ending Market Distorting Subsidies for Unreliable, Foreign-Controlled Energy Sources”
Evangeline			Cleco Evangeline LLC, a wholly owned subsidiary of Midstream Resources LLC. Cleco Evangeline LLC was dissolved effective July 29, 2021
FAC			Fuel Adjustment Clause
FASB			Financial Accounting Standards Board
FEED			Front End Engineering Design
FERC			Federal Energy Regulatory Commission
FIP			Federal Implementation Plan
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)
IICR			Infrastructure and Incremental Investment Cost Recovery Rider
IRA of 2022			Federal tax legislation commonly referred to as the Inflation Reduction Act of 2022
IRC			Internal Revenue Code
IRP			Integrated Resource Plan
IRS			Internal Revenue Service
ISO			Independent System Operator
kWh			Kilowatt-hour(s)
LDEQ			Louisiana Department of Environmental Quality
LMP			Locational Marginal Price
LPSC			Louisiana Public Service Commission
LTIP			Long-Term Incentive Plan
Madison Unit 3			A 641-MW petroleum coke/coal-fired, steam generating unit at Cleco Power’s plant site in Boyce, Louisiana
MAM			Macquarie Asset Management
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)
N/A			Not Applicable
NAAQS			National Ambient Air Quality Standards
NERC			North American Electric Reliability Corporation
NMTC			New Markets Tax Credit
Not Meaningful			A percentage comparison of these items is not statistically meaningful because the percentage difference is greater than 1,000%
NOx			Nitrogen oxide
NSPS			New Source Performance Standards
Other Benefits			Includes medical, dental, vision, and life insurance for Cleco’s retirees

CLECO CLECO POWER ~~2024~~2025 FORM 10-K

ABBREVIATION OR ACRONYM			DEFINITION
NOx			Nitrogen oxide
NSPS			New Source Performance Standards
OBBBA			Federal tax legislation enacted on July 4, 2025, and commonly referred to as the One Big Beautiful Bill Act
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
PCB			Polychlorinated biphenyl
Project Diamond Vault			Cleco Power’s previously proposed project to reduce carbon dioxide emissions from Madison Unit 3 through various possible carbon capture and sequestration technologies
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
ppb			Parts per billion
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
ROIC			Return on Invested Capital
ROU			Right of Use
RTO			Regional Transmission Organization
S&P			S&P Global Ratings, a division of S&P Global Inc, a credit rating agency
SAIDI			System Average Interruption Duration Index
SEC			U.S. Securities and Exchange Commission
SERC			SERC Reliability Corporation, a non-profit, member-based organization that works to ensure the reliability, adequacy, and critical infrastructure of the bulk power systems in a large portion of the southeastern and central U.S.
SERP			Supplemental Executive Retirement Plan
SIP			State Implementation Plan
SOFR			Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York
South Central Generating			South Central Generating LLC, previously a wholly owned subsidiary of Cleco Cajun
St. Mary Clean Energy Center			A 47-MW waste-heat steam generating unit located in Franklin, Louisiana
STIP			Short-Term Incentive Plan
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 FORM 10-K

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K includes forward-looking statements. All statements other than statements of historical fact included in this Annual Report on Form 10-K are forward-looking statements, including, without limitation, future capital expenditures; business strategies; goals, plans, and objectives (including those related to sustainability); 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 Annual Report on Form 10-K, 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~~modifications resulting from changes in the ~~new~~interpretation thereof by the current presidential administration, present and potential environmental remediation costs, restrictions on emissions, possible effects on Cleco Power’s generation resources, special rules relating to data centers, 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, including those related to infrastructure investments or service arrangements with data centers,

•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~~impacts related to global conflicts and hostilities, oras ~~workforce~~well ~~impacts~~as ~~related~~U.S. toeconomic ~~pandemics~~policies (including tariffs, ~~epidemics~~retaliatory tariffs, ortrade ~~other~~policies, ~~outbreaks~~international agreements, and legal challenges to the same) and potential government shutdowns,

•~~economic~~the ~~impacts~~possibility ~~related~~of stranded costs with respect to ~~global~~assets ~~conflicts~~that ~~and~~may ~~hostilities~~be retired as a result of new 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,

•~~the~~changes ~~possibility~~in ofclimate ~~stranded~~and ~~costs~~weather ~~with~~conditions, ~~respect~~including tonatural ~~assets~~disasters ~~that~~such ~~may be retired~~ as awind ~~result~~and ofice ~~new climate legislation or regulations~~storms, ~~technological advances~~hurricanes, ~~a shift in demand~~floods, ~~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~~of ~~that~~Cleco’s ~~could~~customer ~~impair~~base, ~~assets~~changes ~~and~~in ~~disrupt~~customer ~~operations~~demand, ofor ~~any~~decline in existing services, including the loss of ~~Cleco’s~~key ~~generation~~suppliers ~~facilities~~for fuel, ~~transmission~~materials, ~~and~~or ~~distribution systems~~services, or other ~~operations~~disruptions ~~and~~to ~~may~~the ~~require~~supply ~~Cleco~~chain, toincluding ~~purchase~~significant ~~replacement~~changes ~~power~~to orIoad ~~incur~~associated ~~costs~~with topotential ~~repair~~data ~~the~~center ~~facilities~~contracts,

•growth or decline of Cleco’s customer base, changes in customer demand, 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, potential data center contracts, and performance metrics related to data centers, which could be affected by any of the factors discussed herein,

•the risk of impairment charges, including goodwill impairments, and changes in the carrying value of assets resulting from potential sale processes, strategic actions, market conditions, or changes in valuation assumptions,

•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 strategic initiatives,

•changes to federal income tax laws, regulations, and interpretive guidance,

•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, 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 ~~2024~~2025 FORM 10-K

•changes to federal income tax laws (including the OBBBA and Executive Order 14315), regulations, and interpretive guidance,

•legal, environmental, and regulatory delays and other obstacles associated with mergers, acquisitions, reorganizations, investments in joint ventures, or other capital projects,

•failure to meet expectations and report progress on GHG targets, as well as increased focus on and activism related to carbon emissions,

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

•volatility or illiquidity in wholesale energy markets,

•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” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — ~~Comparison of the Years Ended December 31, 2024, and 2023 — Cleco Power —~~ Significant Factors Affecting Cleco Power” in this Annual Report on Form 10-K.

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 Annual Report on Form 10-K 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 FORM 10-K

PART I

ITEM 1. BUSINESS

GENERAL

Cleco Holdings is a public utility holding company that holds investments in its principal operating business segment, Cleco Power, and prior to the close of the Cleco Cajun Divestiture, Cleco Cajun. Cleco Holdings, subject to certain limited exceptions, is exempt from regulation as a public utility holding company pursuant to provisions of the Public Utility Holding Company Act of 2005. Cleco Holdings’ predecessor was incorporated on October 30, 1998, under the laws of the state of Louisiana. In 2016, Cleco Holdings became a direct, wholly owned subsidiary of Cleco Group and an indirect, wholly owned subsidiary of Cleco Partners.

Cleco Power is a regulated electric utility engaged principally in the generation, transmission, distribution, and sale of electricity within Louisiana. Cleco Power owns eight generating units with a total rated capacity of 2,676 MW and serves approximately ~~295~~298,000 customers in Louisiana through its retail business. Additionally, Cleco Power supplies wholesale power in Louisiana. Cleco Power was organized as a limited liability company under the laws of the state of Louisiana on December 12, 2000. Cleco Power’s predecessor was incorporated on January 2, 1935, under the laws of the state of Louisiana.

Cleco Cajun, was an unregulated electric utility that owned 14 generating units with a total rated capacity of 3,379 MW and supplied wholesale power and capacity in Louisiana. 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. 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 Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — “Discontinued Operations.”

Cleco’s and Cleco Power’s mailing address is P.O. Box 5000, Pineville, Louisiana 71361-5000, and its telephone number is (318) 484-7400. Cleco’s website is located at https://www.cleco.com. Cleco’s and Cleco Power’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the SEC are available, free of charge, through Cleco’s website after those reports or filings are filed electronically with or furnished to the SEC. Cleco’s electronically filed reports can also be obtained on the SEC’s website located at https://www.sec.gov. Cleco’s Governance Guidelines, Code of Conduct for Financial Managers, Ethics Guide, Conflicts of Interest and Related Policies, and the charters of its Boards of Managers’ Audit, Leadership Development and Compensation, Business Planning and Budget Review, Governance and Public Affairs, and Asset Management Committees are available on its website and available in print upon request. Information on Cleco’s website or any other website is not incorporated by reference into this Annual Report on Form 10-K and does not constitute a part of this Annual Report on Form 10-K.

Cleco Power meets the conditions specified in General Instructions I(1)(a) and (b) to Form 10-K and, therefore, is permitted to use the reduced disclosure format for wholly owned subsidiaries of reporting companies. Accordingly, Cleco Power has omitted from this Annual Report on Form 10-K the information called for by the following Part II item of Form 10-K: Item 7 (Management’s Discussion and Analysis of Financial Condition and Results of Operations); and the following Part III items of Form 10-K: Item 10 (Directors, Executive Officers, and Corporate Governance), Item 11 (Executive Compensation), Item 12 (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters), and Item 13 (Certain Relationships and Related Transactions, and Director Independence).

permitted to use the reduced disclosure format for wholly owned subsidiaries of reporting companies. Accordingly, Cleco Power has omitted from this Annual Report on Form 10-K the information called for by the following Part II item of Form 10-K: Item 7 (Management’s Discussion and Analysis of Financial Condition and Results of Operations); and the following Part III items of Form 10-K: Item 10 (Directors, Executive Officers, and Corporate Governance of the Registrants), Item 11 (Executive Compensation), Item 12 (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters), and Item 13 (Certain Relationships and Related Transactions, and Director Independence).

HUMAN CAPITAL

Cleco’s key human capital management objectives are to attract, retain, and develop top talent while providing an inclusive, healthy, and safe workplace. Cleco’s programs are designed to create a high-performing, ~~inclusive~~ workforce while fostering a sense of belonging; reward and support employees through competitive pay and benefits, as well as safety and wellness programs; enhance culture through efforts aimed at making the workplace more engaging and championing a sense of belonging; facilitate programs that build connections between employees and communities; and evolve and invest in technology, tools, and resources to enable employees at work.

At December 31, ~~2024~~2025, Cleco had 1,~~158~~148 employees and Cleco Power had ~~794~~925 employees, all of which were full-time. Currently, one of Cleco’s employees is covered by a collective bargaining agreement. Cleco has not experienced strikes or work stoppages and believes it has good relations with its employees.

Cleco believes that fostering inclusivity is the primary driver of better employee engagement, increased innovation, and higher customer satisfaction. With greater workplace inclusion, Cleco seeks to create the conditions for high performing teams to do their best work. The following are some of Cleco’s inclusion achievements:

•continued empowerment of the Cleco Inclusion Culture Council as a group of leaders to advance Cleco’s inclusion strategy to help make its business stronger,

•continued to increase inclusion communications internally and externally,

•continued to fund the Power of a Promise Scholarship to educate and employ individuals with limited financial resources in the central Louisiana area, and

•implemented employee development programs.

Health, Safety, and Wellness

The success of Cleco’s business is fundamentally connected to the well-being of its employees. Accordingly, Cleco is committed to the health, safety, and well-being of its employees.

Cleco has a strong safety culture and continues to develop programs to ensure its employees are safe at work and away from work. Cleco strives to improve its safety culture in an effort to be a world-class safety organization with top decile performance compared to peer companies with the goal of reaching a target of zero for injuries and accidents. To accomplish this goal, Cleco continues to implement several safety initiatives throughout the organization aimed at both leading and lagging indicators in an effort to reduce the number and severity of safety incidents. Cleco utilizes employee-led safety teams throughout the company to drive the safety initiatives and provide feedback to senior management. In addition to Occupational Safety and Health Administration mandated safety training, employees receive human performance and energy wheel (hazard identification) training designed to improve total organization performance.

CLECO CLECO POWER 2024 FORM 10-K

in an effort to be a world-class safety organization with top decile performance compared to peer companies with the goal of reaching a target of zero for injuries and accidents. To accomplish this goal, Cleco continues to implement several safety initiatives throughout the organization aimed at both leading and lagging indicators in an effort to reduce the number and severity of safety incidents. Cleco utilizes employee-led safety teams throughout the company to drive the safety initiatives and provide feedback to senior management. In addition to Occupational Safety and Health Administration mandated safety training, employees receive human performance and energy wheel (hazard identification) training designed to improve total organization performance.

Cleco continues to provide its employees and their families with access to a variety of health and wellness programs, including programs that provide protection and security so they can have peace of mind concerning events that may require time away from work. Cleco also has programs that support employees’ physical and mental health by providing tools and resources to help them improve or maintain their health and encourage engagement in healthy behaviors. These include paid time off, family leave, flexible work schedules, employee assistance programs, wellness programs, tuition assistance, and on-site services, such as fitness centers, among many others.

Compensation and Benefits

Cleco is committed to offering market-competitive compensation and benefits to its employees. Its incentive plan reinforces and rewards individuals for achievement of specific company goals. Cleco’s benefit offerings are designed to meet the varied and evolving needs of an inclusive workforce and offer choice where possible so employees can customize their benefits to meet their needs and the needs of their families. These offerings include a 401(k) Plan, healthcare benefits, health savings and flexible spending accounts, and a variety of insurance options.


CLECO
CLECO POWER						2025 FORM 10-K

company goals. Cleco’s benefit offerings are designed to meet the varied and evolving needs of an inclusive workforce and offer choice where possible so employees can customize their benefits to meet their needs and the needs of their families. These offerings include a 401(k) Plan, healthcare benefits, health savings and flexible spending accounts, and a variety of insurance options.

Talent Acquisition and Talent Development

Cleco prioritizes investing in the attraction and development of the talent needed to build a sustainable workforce. Cleco has continued to revamp its recruiting and hiring practices, technologies, and resources as well as expand its focus on continuous learning and development. Cleco utilizes industry-leading methodologies to assess performance and potential, provide coaching and feedback, and develop talent. Cleco provides a series of targeted management workshops to address leadership skills and ~~competency gaps~~competencies. Additionally, its performance management program provides an ongoing opportunity for employees and managers to engage in continuous dialogue and coaching aligned with its annual performance review process. Cleco provides its employees with a multitude of resources, such as online learning platforms that provide quick access to learning resources, tuition reimbursement, and talent and succession planning. Cleco also encourages employees to engage in external workshops and professional organizations to address individualized development needs and stay abreast of industry and position-specific best practices.

Employee Engagement

Employee sentiment is important to Cleco. The company measures this throughout the year via employee engagement surveys. One of the key metrics used is the Employee Experience Score, also known as the Employee Net Promoter Score (eNPS), which is an indicator of employees’ likelihood to recommend Cleco as a place of employment to friends and/or family. Cleco strives to consistently receive a strong eNPS score year over year. Other important areas measured on the employee engagement surveys include working environment, coworker and manager relationships, inclusion, culture, employee empowerment, employee recognition, departmental leadership, work/life balance, company potential, career advancement, and development, executive leadership, and department collaboration. The survey also includes an open-ended question to receive employee feedback.

Promoter Score (eNPS), which is an indicator of employees’ likelihood to recommend Cleco as a place of employment to friends and/or family. Cleco strives to consistently receive a strong eNPS score year over year. Other important areas measured on the employee engagement surveys include future outlook, leadership, safety, inclusion, communications, vibrancy, and goals.

Pulse, which is Cleco’s mobile, two-way communication platform for employees, allows for tracking of viewership, enables targeted messaging by employee segments, and offers key performance indicators to measure how internal communication supports Cleco’s business objectives. In support of employee engagement efforts, Pulse is the cornerstone of communication for all Cleco employees.

Communities

Cleco believes that building connections between its employees and its communities creates a more meaningful, fulfilling, and enjoyable workplace. Cleco is committed to being a responsible company in the communities where it does business. Through Cleco’s donation and volunteering programs, employees are able to find and register for volunteer opportunities within their communities and use automated payroll deductions to donate to causes they are passionate about. Cleco continues to match employee donations made to Louisiana qualifying causes dollar for dollar up to $1,000 per year per employee. Employees can also be rewarded with $10 for every hour of volunteer time, up to $500 per year. Organizations are also able to enroll in the platform in order to receive donations faster and connect with corporate giving and volunteering opportunities at Cleco. Cleco also frequently collaborates with organizations on volunteer activities for its employees. Throughout the year, employees make a positive impact in their local communities and have found a multitude of special ways to volunteer.

donations made to Louisiana qualifying causes dollar for dollar up to $1,000 per year per employee. Employees can also be rewarded with $10 for every hour of volunteer time, up to $500 per year, to donate to their cause of choice. Organizations are also able to enroll in the platform in order to receive donations faster and connect with corporate giving and volunteering opportunities at Cleco. Cleco also frequently collaborates with organizations on volunteer activities for its employees. Throughout the year, employees make a positive impact in their local communities and have found a multitude of special ways to volunteer. Cleco is also proud to continue its outreach efforts by funding the Power of a Promise Scholarship, a need-based scholarship program that helps broaden educational and employment opportunities in the central Louisiana area.

Oversight and Governance

Cleco’s Leadership Development and Compensation Committee, through its charter, provides oversight of Cleco’s policies, programs, and initiatives focusing on workforce inclusion. Cleco’s Governance and Public Affairs Committee, through its charter, provides oversight of Cleco’s charitable donations, outreach, and economic development funding programs.

OPERATIONS

Cleco Power

Certain Factors Affecting Cleco Power

As an electric utility, Cleco Power is affected by a number of factors influencing the electric utility industry in general. For more information on these factors, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — ~~Comparison of the Years Ended December 31, 2024, and 2023 — Cleco Power —~~ Significant Factors Affecting Cleco Power.”

Power Generation

As of December 31, ~~2024~~2025, Cleco Power’s aggregate net electric generating capacity was 2,~~519~~563 MW. This amount reflects the maximum production capacity these units can sustain over a specified period of time under certain conditions.

CLECO CLECO POWER ~~2024~~2025 FORM 10-K

~~sustain~~The ~~over~~following atable ~~specified~~sets ~~period~~forth ofcertain ~~time~~information ~~under~~with ~~certain~~respect ~~conditions.~~to Cleco Power’s generating facilities as of December 31, 2025:

In January 2024, Cleco Power filed a notice with the LPSC to retire Teche Unit 3, and on June 1, 2024, Teche Unit 3 was retired.


GENERATING STATION	YEAR OF INITIAL OPERATION	RATED CAPACITY (MW)		NET CAPACITY (MW)	(1)	PRIMARY FUEL USED FOR GENERATION	GENERATION TYPE
Brame Energy Center
Nesbitt Unit 1	1975	440		429		natural gas	steam
Rodemacher Unit 2	1982	157	(2)	146	(2)	coal	steam
Madison Unit 3	2010	641		634		petroleum coke/coal	steam
Acadia Unit 1	2002	580		553		natural gas	combined cycle
Coughlin Unit 6	2000	264		248		natural gas	combined cycle
Coughlin Unit 7	2000	511		479		natural gas	combined cycle
Teche Unit 4	2011	33		34		natural gas	combustion
St. Mary Clean Energy Center	2019	50		40		waste heat	steam
Total generating capability		2,676		2,563

~~The~~(1) ~~following~~Values ~~table~~supported ~~sets~~by ~~forth~~tests ~~certain~~performed ~~information~~between ~~with~~September ~~respect~~2024 toand ~~Cleco Power’s generating facilities as of~~ December ~~31, 2024:~~2025.

GENERATING STATION	YEAR OF INITIAL OPERATION	RATEDCAPACITY (MW)		NET CAPACITY (MW)	(1)	PRIMARY FUEL USED FOR GENERATION	GENERATION TYPE
Brame Energy Center
Nesbitt Unit 1	1975	440		419		natural gas	steam
Rodemacher Unit 2	1982	157	(2)	148	(2)	coal	steam
Madison Unit 3	2010	641		603		petroleum coke/coal	steam
Acadia Unit 1	2002	580		538		natural gas	combined cycle
Coughlin Unit 6	2000	264		250		natural gas	combined cycle
Coughlin Unit 7	2000	511		480		natural gas	combined cycle
Teche Unit 4	2011	33		34		natural gas	combustion
St. Mary Clean Energy Center	2019	50		47		waste heat	steam
Total generating capability		2,676		2,519

(1) Values supported by tests performed between September 2023 and August 2024.

(2) Represents Cleco Power’s 30% ownership interest in the capacity of Rodemacher Unit 2, a 523-MW generating unit.

The following table sets forth the amounts of power generated by Cleco Power for the years indicated:

YEAR	THOUSANDMWh	PERCENT OFTOTAL ENERGYREQUIREMENTS
2025	8,372	86.6	%
2024	9,201	89.9	%
2023	10,250	83.3	%
2022	10,842	87.0	%

Cleco Power’s generation dispatch and transmission operations are integrated with MISO. The amount of power generated by Cleco Power is dictated by the availability of Cleco Power’s generating fleet and the manner in which MISO dispatches each generating unit. Depending on how generating units are dispatched by MISO, the amount of power generated may be greater than or less than total energy requirements. Generating units are dispatched by referencing each unit’s economic efficiency as it relates to the overall MISO market. For more information on MISO, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition

and Results of Operations — Financial Condition — Regulatory and Other Matters — Transmission Rates.”

Fuel and Purchased Power

Changes in fuel expenses reflect fluctuations in the amount, type, and pricing of fuel used for electric generation; and fuel transportation and delivery costs~~; and deferral of expenses for recovery from customers through Cleco Power’s FAC in subsequent months~~. Changes in purchased power expenses are a result of the quantity and price of economic power purchased from the MISO market. These quantity changes can be affected by Cleco plant outages and plant performance. For a discussion of certain risks associated with changes in fuel costs and their impact on utility customers, see Item 1A, “Risk Factors — ~~Financial~~Regulatory Risks — ~~Transmission~~LPSC ~~Congestion~~Audits” and “— ~~Regulatory~~Financial Risks — ~~LPSC~~Transmission ~~Audits~~Congestion.”

The following table sets forth the percentages of power generated from various fuels at Cleco Power’s electric generating plants, the cost of fuel used per MWh attributable to each such fuel, and the weighted average fuel cost per MWh:

			COAL		NATURAL GAS				PETROLEUM COKE				WASTE HEAT		WEIGHTEDAVERAGE COSTPER MWh
YEAR	COST PERMWh		PERCENT OFGENERATION		COST PERMWh		PERCENT OFGENERATION		COST PERMWh		PERCENT OFGENERATION		PERCENT OFGENERATION
2025	$	41.40	8.3	%	$	30.38	84.0	%	$	44.02	5.5	%	2.2	%	$	31.68
2024	$	41.76	5.3	%	$	21.97	92.1	%	$	106.39	0.4	%	2.2	%	$	23.23
2023	$	41.27	8.5	%	$	24.96	81.0	%	$	62.48	8.4	%	2.1	%	$	29.18
2022	$	31.56	14.1	%	$	54.78	66.7	%	$	57.64	17.0	%	2.2	%	$	51.02

Power Purchases

Cleco Power is a participant in the MISO market. MISO makes economic and routine dispatch decisions regarding Cleco Power’s generating units. Power purchases are made at prevailing market prices, also referred to as LMP. LMP includes a component directly related to congestion on the transmission system. Pricing zones with greater transmission congestion may have higher LMPs. Physical transmission constraints present in the MISO market could increase energy costs within Cleco Power’s pricing zones. For information on Cleco Power’s ability to pass on to its customers substantially all of its fuel and purchased power expenses, see “— Regulatory Matters, Industry Developments, and Franchises — Rates.” For information on MISO, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition

~~“Management’s Discussion~~ and ~~Analysis of Financial Condition and~~ Results of Operations — Financial Condition — Regulatory and Other Matters — Transmission Rates.”

Coal and Petroleum Coke Supply

Cleco Power uses coal for generation at Rodemacher Unit 2 and a combination of coal and petroleum coke for generation at Madison Unit 3. Cleco Power had adequate coal and petroleum coke supply to meet its operational needs during ~~2024~~2025. Parties with whom Cleco Power had an existing railcar lease and existing marine transportation delivery agreements were able to satisfy the fuel needs of both generating stations in ~~2024~~2025. During ~~2024~~2025, Cleco Power purchased approximately ~~222~~120,000 tons of coal and ~~110~~50,000 tons of petroleum coke. At December 31, 2025, coal inventory at Rodemacher Unit 2 was approximately 266,000 tons, which is approximately a 120-day supply. At December 31, 2025, coal inventory at Madison Unit

CLECO CLECO POWER ~~2024~~2025 FORM 10-K

~~December 31, 2024, coal inventory at Rodemacher Unit 2 was approximately 199,000 tons, which is approximately an 83-day supply. At December 31, 2024, coal inventory at Madison Unit~~ 3 was approximately ~~424~~440,000 tons and petroleum coke inventory at Madison Unit 3 was approximately ~~259~~81,000 tons, which collectively totals to an approximate 7233-day supply.

Cleco Power is utilizing a short-term, fixed-price coal agreement to meet its coal supply needs at Rodemacher Unit 2 during ~~2025~~2026. Cleco Power will use its existing rail transportation agreement to transport coal to Rodemacher Unit 2 through December 31, ~~2025~~2027, and will reassess this agreement, ~~upon~~prior to its 2027 expiration. inCleco ~~March~~Power ~~2027~~expects to meet its petroleum coke requirements through purchases on an as-needed basis for Madison Unit 3 during 2026.

As a result of previously executed petroleum coke supply contracts, Cleco Power has sufficient coal and petroleum coke supply for anticipated operations at Madison Unit 3 during 2025. Cleco Power has barge logistics agreements for delivery of petroleum coke and coal at Madison Unit 3 through April 15, 2025. Subsequently, Cleco Power expects to contract marine transportation and logistics for Madison Unit 3 fuel on an as-needed basis. For more information on Cleco Power’s barge logistics agreements, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 4 — Leases — Finance Lease.”

Cleco Power’s continuous supply of coal and petroleum coke may be subject to interruption due to adverse weather conditions or other factors that may disrupt transportation to the plant site. Cleco Power’s continuous supply of petroleum coke may also be interrupted by change in regional and global refining output.

Natural Gas Supply

Cleco Power owns natural gas pipelines and interconnections at all of its natural gas generating facilities that allow it to access various natural gas supply markets and maintain a reliable, economical fuel supply for its customers. Cleco Power also uses leased underground salt dome gas storage to help mitigate supply disruptions to its generating facilities and to operationally balance gas supply to its units. During ~~2024~~2025, Cleco Power utilized purchases on the spot market through daily, monthly, and seasonal contracts with various natural gas suppliers as well as gas in storage to meet its natural gas requirements. Additionally, during ~~2024~~2025, Cleco Power utilized short-term and long-term natural gas firm transportation contracts with ~~one~~two interstate ~~pipeline~~pipelines and two self-built pipeline laterals directly connected to a storage hub to supply fuel to its power plants. During ~~2024~~2025, Cleco Power purchased approximately 6359.78 million MMBtu of natural gas from various suppliers for the generation of electricity. At December 31, ~~2024~~2025, Cleco Power had 1.86 million MMBtu of natural gas in storage.

Cleco Power expects to continue to meet its natural gas requirements with purchases on the spot market through daily, monthly, and seasonal contracts with various natural gas suppliers and firm transportation contracts. Currently, Cleco Power anticipates that its diverse supply options and natural gas storage, combined with its solid-fuel generation resources, are adequate to meet its generation needs during any temporary interruption of natural gas supplies. To the extent natural gas supplies may become disrupted or natural gas prices significantly increase, Cleco Power may, in some instances, use alternate fuels or rely to a larger extent on coal and purchased power.

Sales

Cleco Power’s ~~2024~~2025 and ~~2023~~2024 system peak demands, which occurred on January 1722, ~~2024~~2025, and ~~August~~January 2317, ~~2023~~2024, were 2,~~777~~084 MW and 2,~~759~~777 MW, respectively. Generally, sales and system peak demand are affected by weather and are typically highest during the summer air-conditioning season; however, peaks may occur during the winter season as well. For information on the effects of future energy sales on Cleco Power’s results of operations, financial condition, and cash flows, see Item 1A, “Risk Factors — Operational Risks — Future Electricity Sales” and “— Weather and Climate Vulnerabilities.”

During both ~~2024~~2025 and ~~2023~~2024, Cleco Power was a net seller of MWs in the MISO capacity auction. For more information on MISO, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Regulatory and Other Matters — Transmission Rates.”

Customers and Competition

During 2023, one wholesale customer accounted for 11.0% and 10.8% of Cleco’s and Cleco Power’s consolidated revenue, respectively. On March 31, 2024, the contract with this significant ~~wholesale~~ customer expired and was not renewed with Cleco Power; therefore, neither Cleco nor Cleco Power had any customer that accounted for 10% or more of consolidated revenue during 2025 or 2024.

For more information regarding Cleco Power’s sales and revenue, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations.”

Within MISO, competitors are typically comprised of investor-owned utilities, independent power producers, power marketers, and power plant developers. These entities typically compete on the basis of price, reliability, and residual risk to the purchasing customer and its end users. Cleco Power could experience some competition for electric sales to industrial customers in the form of cogeneration and from alternative and distributed energy power sources.

On July 16, 2024, the LPSC adopted minimum physical capacity threshold requirements for load serving entities. Cleco Power has met those requirements thus far. The LPSC’s final rule could materially impact Cleco Power’s results of operations, financial condition, or cash flows. Management is unable to determine the effect this rule will have on Cleco Power’s operations atin ~~this~~the ~~time~~future.

Capital Investment Projects

For a discussion of certain Cleco Power major capital investment projects, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Overview ~~— Cleco Power~~.”

Capital Expenditures and Financing

For information on Cleco Power’s capital expenditures, financing, and related matters, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Liquidity and Capital Resources — ~~Cash~~Summary ~~Generation~~of ~~and~~Consolidated ~~Cash~~Results ~~Requirements~~ — Capital Expenditures.”

CLECO CLECO POWER 2024 FORM 10-K

REGULATORY MATTERS, INDUSTRY DEVELOPMENTS, AND FRANCHISES

Rates

Cleco Power’s electric operations are subject to the jurisdiction of the LPSC with respect to retail rates, standards of service, accounting, and other matters. Cleco Power is subject to the jurisdiction of FERC with respect to transmission tariffs, accounting, interconnections with other utilities, reliability, and the transmission of power. Periodically, Cleco Power has sought and received from both the LPSC and FERC increases in retail rates and transmission tariffs, respectively, to cover increases in operating costs and costs associated with additions to generation, transmission, and distribution facilities.


CLECO
CLECO POWER						2025 FORM 10-K

For information on Cleco’s wholesale rates, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 14 — Regulation and Rates — Wholesale Rates.”

For information on Cleco Power’s current FRP, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 14 — Regulation and Rates — FRP.” For information on the residential revenue decoupling regulatory liability, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Residential Revenue Decoupling.”

Generally, Cleco Power’s cost of fuel used for electric generation and the cost of purchased power are recovered through the LPSC-established FAC that enables Cleco Power to pass on to its customers substantially all such charges. Recovery of FAC costs is subject to periodic fuel audits by the LPSC. For more information on the FAC and the most recent fuel audits, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Fuel Audits.”

Cleco Power has an EAC that is used to recover certain costs of environmental compliance from its customers. These costs are subject to periodic review by the LPSC. For more information on the EAC and the most recent environmental audit, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Environmental Audit.”

For information on the regulatory impacts of the TCJA on Cleco Power, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 14 — Regulation and Rates — TCJA.”

For information on Cleco Power’s transmission rates, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 5 — Revenue Recognition — Transmission Revenue.”

For information on regulatory risks that could have an impact on Cleco, see Item 1A, “Risk Factors — Regulatory Risks.”

Franchises

Cleco Power operates under nonexclusive franchise rights granted by governmental units, such as municipalities and parishes (counties), and enforced by state law. These franchises are for fixed terms that vary in length. Historically, Cleco Power has been substantially successful in the timely renewal of franchises as each neared the end of its term. Currently, two parish franchise agreements remain expired; however, Cleco Power continues to serve the customers in those parishes. Cleco Power is continuing to make efforts to renew these franchise agreements.

Cleco Power has been substantially successful in the timely renewal of franchises as each neared the end of its term. Currently, two parish franchise agreements remain expired; however, Cleco continues to serve the customers in those parishes. Cleco Power is continuing to make efforts to renew these franchise agreements.

Industry Developments and Competition

For information on developments and competition within the electric utility industry, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Regulatory and Other Matters — Market Structure.”

Legislative and Regulatory Changes and Matters

Various federal and state legislative and regulatory bodies are considering a number of issues that could shape the future of the electric utility industry. Such issues include, among others:

•the ability of electric utilities to recover stranded costs,

•the role of electric utilities, independent power producers, and competitive bidding in the purchase, construction, and operation of new generating capacity,

•the role of electric utilities and independent transmission providers in competitive bidding in the construction of new transmission facilities,

•the pricing of transmission service on an electric utility’s transmission system, or the cost of transmission services provided by an RTO/ISO,

•FERC’s assessment of market power and a utility’s ability to buy generation assets,

•transmission reliability standards mandates,

•NERC’s imposition of additional reliability and cybersecurity standards,

•the authority of FERC to grant utilities the power of eminent domain,

•increasing requirements for renewable energy sources,

•demand response and energy efficiency standards,

•~~comprehensive~~ environmental ~~regulation~~regulations in the areas of air, water, and waste,

•development of additional regulations or changes to existing regulations by the ~~new~~current presidential administration, and

•FERC’s ability to impose financial penalties.

At this time, management is unable to predict the outcome of such issues or the effects thereof on the results of operations, financial condition, or cash flows of the Registrants.

For information on certain regulatory matters and regulatory accounting affecting Cleco, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Regulatory and Other Matters.”

ENVIRONMENTAL MATTERS

Environmental Quality

Cleco is subject to federal, state, and local laws and regulations governing the protection of the environment. Violations of these laws and regulations may result in substantial fines and penalties. Cleco has obtained the environmental permits necessary for its operations and is in compliance in all material respects with these permits, as well as all applicable environmental laws and regulations. Environmental requirements affecting electric power facilities are complex, change frequently, and have become more stringent over time as a result of new legislation, administrative actions, and judicial interpretations. Therefore, the capital costs and other expenditures necessary to comply with existing and new environmental requirements are difficult to determine. Cleco Power may request recovery of the costs to comply with certain environmental laws and regulations from its retail customers. If recovery were to be approved by the LPSC, Cleco Power’s retail rates could increase. If the LPSC were to deny Cleco Power’s request to recover all or part of its environmental compliance costs, Cleco Power would bear those costs directly. Such a decision could negatively impact the results of operations, financial condition, or cash flows of

CLECO CLECO POWER ~~2024~~2025 FORM 10-K

Environmental requirements affecting electric power facilities are complex, change frequently, and have become more stringent over time as a result of new legislation, administrative actions, and judicial interpretations. Therefore, the capital costs and other expenditures necessary to comply with existing and new environmental requirements are difficult to determine. Cleco Power may request recovery of the costs to comply with certain environmental laws and regulations from its retail customers. If recovery were to be approved by the LPSC, Cleco Power’s retail rates could increase. If the LPSC were to deny Cleco Power’s request to recover all or part of its environmental compliance costs, Cleco Power would bear those costs directly. Such a decision could negatively impact the results of operations, financial condition, or cash flows of the Registrants. For information on Cleco’s expected capital expenditures related to environmental compliance, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Liquidity and Capital Resources — ~~Cash~~Summary ~~Generation~~of ~~and~~Consolidated ~~Cash~~Results ~~Requirements~~ — Capital Expenditures.”

Air Quality

Regional Haze SIP

The CAA requires the EPA to implement a regional haze program with the goal of returning Class I Federal areas of the nation to natural visibility conditions by 2064. To attain this goal, states are required to develop a SIP every ten years, which, among other things, must include requirements for making reasonable progress toward the national visibility goal, which could include the installation of costly controls on stationary sources such as EGUs. SIPs for the second regional haze planning period were due to the EPA by July 31, 2021. In August, 2022, the EPA published a finding that Louisiana and fourteen other states failed to submit a regional haze SIP for the second planning period. Such finding requires the EPA to issue a FIP within two years if the LDEQ does not submit a SIP before then. Until the LDEQ determines what the reasonable progress requirements are for Cleco’s units, completes its update of the SIP, and the SIP is approved by the EPA, or the EPA issues a FIP, Cleco is unable to predict if the second phase SIP will have a material impact on the results of operations, financial condition, or cash flows of the Registrants.

CSAPR

Cleco’s units are subject to CSAPR, a cap-and-trade type program requiring EGUs in several states, including Louisiana, to make substantial reductions in NOx emissions, which contribute to ozone to reduce interstate transport of such pollution to meet the CAA’s “good neighbor” provision.

In October 2015, the EPA promulgated the 2015 ozone NAAQS, to lower the level of both the primary and secondary ground-level ozone standards, which prompted Louisiana to develop a “good neighbor” SIP. Louisiana submitted a SIP to the EPA that determined no additional controls on stationary sources such as EGUs were needed to address interstate transport of ozone precursors, including NOx. In February 2023, the EPA issued a disapproval of the “good neighbor” SIP submitted by Louisiana and a number of other states, for the 2015 ozone NAAQS, which was subsequently challenged in regional circuit courts. In May 2023, the U.S. Court of Appeals for the Fifth Circuit temporarily stayed the disapproval of the “good neighbor” SIP for Louisiana pending judicial review. On March 25, 2025, the U.S. Court of Appeals for the Fifth Circuit issued a decision upholding EPA’s disapproval of Texas’ and Louisiana’s SIPs under the “good neighbor” provisions of the CCA for the 2015 8-hour ozone NAAQS.

ToLouisiana ~~address~~will ~~the~~fall ~~SIP~~under ~~disapprovals, in June 2023,~~ the ~~EPA published a final~~ “good neighbor” FIP ~~for~~once ~~Louisiana and~~ the ~~other~~Fifth ~~states subject to SIP disapprovals. The final FIP included revision to CSAPR, which resulted in the allocation of fewer NOx emission allowances to Cleco~~Circuit’s ~~units~~mandate ~~and~~is ~~could~~issued; ~~cause Cleco to buy additional allowances and/or take other measures to comply. However~~however, the FIP ~~did~~is ~~not~~currently ~~take~~stayed ~~effect~~nationwide inby ~~Louisiana~~a ~~due~~June to2024 ~~the~~order ~~Fifth Circuit stay~~ of the ~~Louisiana SIP disapproval~~U.S. InSupreme ~~addition,~~Court ~~numerous~~and ~~parties~~will ~~filed~~remain ~~petitions~~stayed ~~for~~until ~~review~~related oflitigation ~~the FIP~~ in ~~various circuit courts and, in June 2024,~~ the UD.SC. ~~Supreme~~Circuit Court ~~issued~~of anAppeals ~~order~~is ~~granting emergency applications to stay the FIP~~resolved.

In November 2024, the EPA issued an interim final rule to put the prior CSAPR NOx allowance allocations back into effect pending the outcome of the challenges to the SIP disapprovals and the FIP. The final effect of these rulemakings on the Registrants’ results of operations, financial condition, or cash flows cannot be determined until the litigation over the rulemakings has been resolved.

NSPS

On May 9, 2024, the EPA issued a final rule under Section 111 of the CAA to regulate GHG emissions from existing fossil-fuel fired electric steam generating units ~~and NSPS for modified coal-fired units and new or reconstructed stationary combustion turbines~~ (Section ~~111~~111d GHG ~~Rule~~rule). ~~For~~and ~~existing units, the state will be required to submit an implementation plan to the EPA by May 11, 2026, while the~~ NSPS are applicable as of the effective date of the rule. The Section 111 GHG rule is currently being challenged by several parties. If upheld, the final rule requires significant reductions in CO2 emissions for ~~existing~~modified coal-fired ~~EGUs.~~units ~~Cleco’s~~and ~~compliance~~new ~~with the Section III GHG Rule’s requirements for existing EGUs could have a material impact on the results of operations, financial condition,~~ or cash flows of the Registrants. Cleco does not anticipate a future modification or future reconstruction of its existing units, as defined in the Section 111 GHG Rule, that would trigger the application of the NSPS.

reconstructed stationary combustion turbines (Section 111b GHG rule). For existing units, the state will be required to submit an implementation plan to the EPA by May 11, 2026, while the NSPS are applicable as of the effective date of the rule. The Section 111d GHG rule is currently being challenged by several parties. If upheld, the final rule requires significant reductions in carbon dioxide emissions for existing coal-fired EGUs. Cleco’s compliance with the Section 111d GHG rule’s requirements for existing EGUs could have a material impact on the results of operations, financial condition, or cash flows of the Registrants. Cleco does not anticipate a future modification or future reconstruction of its existing units, as defined in the Section 111b GHG rule, that would trigger the application of the NSPS. On June 17, 2025, the EPA published a proposed rule in the Federal Register that if finalized would repeal and/or revise the GHG emission standards for fossil fuel-fired power plants promulgated under CAA Section 111 of the CAA in both 2015 and 2024. Until there is a final rule, Cleco cannot predict the potential impacts of the rulemaking.

NAAQS

In March 2024, the EPA published a final rule regarding the NAAQS for fine particulate matter (PM2.5), which lowered the prior standard from 12 micrograms/cubic meter to 9 micrograms/cubic meter. The rule is currently in litigation and the EPA has not yet designated any areas as nonattainment for the revised standard. Cleco cannot predict the likelihood or potential impacts of the final rule on its generating units at this time.

Water Quality

In August 2014, the EPA issued final regulations to establish standards for cooling water intake structures at existing power plants and other facilities pursuant to Section 316(b) of the ~~CWA~~Clean Water Act to protect fish and other aquatic wildlife. Portions of the final rule could apply to Cleco’s fossil fuel steam electric generating stations. Until the studies required by the final rule are conducted, including technical and economic evaluations of the control options available, and regulatory agency officials have reviewed the studies and made determinations, Cleco remains uncertain as to which technology options or retrofits ~~will~~would be required to be installed on its affected facilities. The costs of required technology options and retrofits may be significant, particularly if closed cycle cooling is required.

CLECO CLECO POWER 2024 FORM 10-K

In November 2015, the EPA released the Effluent Limitations Guidelines and Standards for the Steam Electric Power Generating Point Source Category Rule (ELG Rule), which focused on reducing the discharge of metals in wastewater from generating facilities to surface waters.

In 2020, the EPA revised the ~~effluent~~Effluent ~~limitations~~Limitations ~~guidelines~~Guidelines and ~~standards~~Standards to flue gas desulfurization and bottom ash transport waste waters for the steam electric power generating source category. The 2020 rule allows a unit to come into compliance with the ELG Rule by qualifying as an electric generating unit that will achieve permanent cessation of coal combustion by December 31, 2028. Under this compliance option, Cleco submitted a timely Notice of Planned Participation for ~~the~~Rodemacher ~~Dolet~~Unit ~~Hills~~2. ~~Power~~With ~~Station~~evolving environmental and ~~Rodemacher~~market ~~Unit~~changes, 2Cleco Power is evaluating options that may extend the unit’s operating life beyond 2028.

On May 9, 2024, the EPA issued a final rule that imposes discharge limits on landfill leachate and on the legacy wastewater in retiring impoundments. Cleco is unable to ~~predict at this time if this will have a material impact on the results of operations, financial condition, or cash flow of the Registrants.~~


CLECO
CLECO POWER						2025 FORM 10-K

predict at this time if this will have a material impact on the results of operations, financial condition, or cash flow of the Registrants.

Solid Waste Disposal

In August 2020, the EPA published a final rule regulating the disposal and management of CCRs from coal-fired power plants (CCR Rule) that would set deadlines for costly modifications, including retrofitting of clay-lined impoundments with compliant liners or closure of the impoundments. In November 2020, Cleco submitted demonstrations to the EPA specifying its intended course of action for the ash disposal ~~facilities~~facility at Rodemacher Unit 2 ~~and Dolet Hills Power Station~~ to comply with the final CCR Rule. ~~Cleco Power withdrew the Dolet Hills demonstration due to the cessation of receiving waste.~~ The demonstration for Rodemacher Unit 2, which was deemed complete by the EPA on January 11, 2022, is still subject to EPA approval based on pending technical reviews.

On May 8, 2024, the EPA published a final rule that would regulate CCR Management Units (MUs), which includes non-containerized accumulations of CCR on the land at facilities otherwise subject to federal CCR regulations. The final regulation mandates the conducting of facility evaluations at such facilities after the effective date of the rule to determine if MUs are present. For any identified MUs of a particular size, the regulation would require evaluating any impacts on groundwater along with planning for closure of any identified CCR MU sites. Cleco does not expect this final rule to have a material financial impact on its generating units and environmental obligations.

As a result of solid waste disposal regulations, Cleco Power has AROs for the retirement of certain ash disposal facilities. All costs of the CCR ~~Rule~~rule for Cleco Power are expected to be recovered from its customers in future rates. The actual asset retirement costs related to the CCR ~~Rule~~rule requirements may vary substantially from the estimates used to record the increased obligation. For more information on Cleco’s compliance strategies and financial impacts of the CCR Rule, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Other Commitments.” For more information on the regulatory treatment of Cleco Power’s AROs, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — AROs.”

and Disclosures about Guarantees — Other Commitments.” For more information on the regulatory treatment of Cleco Power’s AROs, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — AROs.”

In October 2023, the LDEQ published a proposed rule, Disposal of Coal Combustion Residuals, to regulate CCR units under a state permit program. Until Louisiana has finalized its CCR permit program rule and such program has been approved by the EPA, Cleco cannot determine if there will be a material impact on the results of operations, financial condition, or cash flows of the Registrants.

Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)

CERCLA imposes strict liability on parties responsible for the presence of hazardous substances at a site. In 2007, the EPA issued a special notice to Cleco, along with numerous other potentially responsible parties, related to the Devil’s Swamp Lake site located northwest of Baton Rouge, Louisiana. In 2008, the EPA identified Cleco as one of many companies that sent ~~PCB~~polychlorinated biphenyl wastes for disposal to the Devil’s Swamp Lake site, ~~located~~which ~~northwest~~was ofoperated ~~Baton~~by ~~Rouge,~~third-party ~~Louisiana~~disposal facilities. In August 2020, the EPA signed a Record of Decision for the Devil’s Swamp Lake site that defines a remediation approach for cleaning up the site and monitoring the natural recovery of certain areas of the lake. Clean Harbors, Inc. and two of its subsidiaries, have reached an over $5.0 million agreement with the Justice Department and the EPA to clean up the contamination at the Devil’s Swamp Lake site. This agreement consists of estimated costs of over $3.0 million for the clean up of the site and $2.0 million for reimbursement to the U.S. for costs incurred in responding to contamination at the site. At this time management is unable to determine how significant Cleco’s share of the costs associated with the response action at the site, if any, may be and whether this will have a material impact on the results of operations, financial condition, or cash flows of the Registrants.

CLECO CLECO POWER 2024 FORM 10-K

ITEM 1A. RISK FACTORS

The following risk factors could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants, and cause results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Registrants.


STRUCTURAL RISKS

Holding Company

Cleco Holdings is a holding company and its ability to meet its debt obligations is dependent on the cash generated by its subsidiaries.

Cleco Holdings ~~is a holding company and~~ conducts its operations primarily through its subsidiaries, mainly Cleco Power. Accordingly, Cleco Holdings’ ability to meet its debt obligations is largely dependent upon the cash generated by these subsidiaries. Cleco Holdings’ subsidiaries are separate and distinct entities and have no obligations to pay any amounts due on Cleco Holdings’ debt or to make any funds available for such payment. In addition, Cleco Holdings’ subsidiaries’ ability to make dividend payments or other distributions to Cleco Holdings may be restricted by their obligations to holders of their outstanding securities and to other general business creditors. Substantially all of Cleco’s consolidated assets are held by Cleco Power. Cleco Holdings’ right to receive any assets of any subsidiary, and therefore the right of its creditors to participate in those assets, will be structurally subordinated to the claims of that subsidiary’s creditors, including trade creditors. In addition, even if Cleco Holdings were a creditor of any subsidiary, its rights as a creditor would be effectively subordinated to any security interest in the assets of that subsidiary and any indebtedness of the subsidiary ranking senior to that held by Cleco Holdings. Cleco Power is subject to regulation by various governmental agencies, including the LPSC. The 2016 Merger Commitments also provide for limitations on the amount of distributions that may be paid from Cleco Power to Cleco Holdings, depending on Cleco Power’s common equity ratio and its corporate credit/issuer ratings. As a result, Cleco Power may be prohibited from making distributions to Cleco Holdings.

Holdings may be restricted by their obligations to holders of their outstanding securities and to other general business creditors. Substantially all of Cleco’s consolidated assets are held by Cleco Power. Cleco Holdings’ right to receive any assets of any subsidiary, and therefore the right of its creditors to participate in those assets, will be structurally subordinated to the claims of that subsidiary’s creditors, including trade creditors. In addition, even if Cleco Holdings were a creditor of any subsidiary, its rights as a creditor would be effectively subordinated to any security interest in the assets of that subsidiary and any indebtedness of the subsidiary ranking senior to that held by Cleco Holdings. Cleco Power is subject to regulation by various governmental agencies, including the LPSC. The 2016 Merger Commitments also provide for limitations on the amount of distributions that may be paid from Cleco Power to Cleco Holdings, depending on Cleco Power’s common equity ratio and its corporate credit/issuer ratings. As a result, Cleco Power may be prohibited from making distributions to Cleco Holdings.


CLECO
CLECO POWER						2025 FORM 10-K


OPERATIONAL RISKS

Future Electricity Sales

Cleco’s future electricity sales and cash flows could be negatively affected by adverse macroeconomic conditions.

Adverse macroeconomic conditions resulting in low economic growth can negatively impact the businesses of Cleco Power’s ~~residential,~~retail ~~commercial,~~and wholesale, ~~and industrial~~ customers. ~~Such~~Decreased ~~resulting decreased~~ power consumption, could cause a corresponding decrease in base revenue for Cleco Power. The reduced production or shutdown of customer facilities could substantially reduce Cleco Power’s base revenue in such cases. In general, rate cases reallocate costs to allow for the ultimate recovery. However, the resulting rate increases for remaining customers could cause affordability challenges that can decrease long-term growth.

Various factors ~~driving~~impacting supply and demand for electricity could ~~have~~affect aoperating ~~material adverse effect on the~~ results ~~of operations, financial condition, or cash flows of the Registrants~~.

Demand for ~~the~~Cleco ~~Registrants~~Power’s services can be driven by changing populations within ~~their~~its service territory, significant changes in commercial or industrial customers, or other changes in consumer habits such as energy conservation and energy efficiency efforts. Increased energy demand or significant accelerated growth in demand due to new data centers (including as a result of increasing capital investment in, and anticipated demand for, artificial intelligence infrastructure), widespread adoption of electric vehicles, or other customer changes could require enhancements to Cleco Power’s infrastructure. As discussed below, the ability of Cleco Power to construct new facilities is dependent upon factors outside of its control, including obtaining regulatory approvals and environmental and other permits as well as competition for and expanding delivery timelines for required materials. Delays in or the inability to complete these projects could increase cost, constrain capacity, and affect service reliability.

~~changes in commercial or industrial customers~~Alternatively, orregulatory ~~other changes in consumer habits such as energy conservation~~ and ~~energy~~legislative ~~efficiency~~bodies ~~efforts.~~have ~~Increased~~proposed ~~energy demand~~ or ~~significant~~introduced, ~~accelerated~~and ~~growth~~may in ~~demand~~the ~~due~~future topropose ~~new~~or ~~data centers~~introduce, ~~widespread~~requirements ~~adoption~~and ofincentives ~~electric vehicles, or other customer changes could require enhancements~~ to ~~the~~reduce ~~Registrants’~~energy ~~infrastructure~~consumption. AsFuture ~~discussed~~electricity ~~below,~~sales ~~the~~could ~~ability~~be ofimpacted ~~the~~by ~~Registrants~~customers switching to ~~construct~~alternative ~~new~~sources ~~facilities is dependent upon factors outside~~ of ~~their control~~energy, ~~including~~on-site ~~obtaining~~power ~~regulatory~~generation, ~~approvals~~ and ~~environmental~~retail ~~and~~customers ~~other~~purchasing ~~permits.~~less ~~Any~~electricity ~~delay~~due ~~in or inability~~ to ~~complete~~increased ~~construction~~conservation ofefforts ~~new facilities~~ or ~~expand~~expanded ~~and/or~~energy ~~retrofit~~efficiency ~~existing~~measures. ~~facilities~~Declining usage could ~~have~~result in an ~~adverse~~under-recovery ~~effect on the results~~ of ~~operations,~~fixed ~~financial~~costs ~~condition,~~at orCleco ~~cash flows of the Registrants~~Power.

Alternatively, regulatory and legislative bodies have proposed or introduced, and may in the future propose or introduce, requirements and incentives to reduce energy consumption. Future electricity sales could be impacted by customers switching to alternative sources of energy, on-site power generation, and retail customers purchasing less electricity due to increased conservation efforts or expanded energy efficiency measures. Declining usage could result in an under-recovery of fixed costs at Cleco Power. An increase in energy conservation, energy efficiency efforts, and other efforts that reduce energy demand without the ability for Cleco Power to recover lost revenue could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants.

Weather and Climate Vulnerabilities

Cleco Power’s operations and power generation could be harmed due to the impact of severe weather events, natural disasters, or climate change~~, which could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants~~.

Severe weather, including hurricanes, winter storms, tropical storms, and other natural disasters, such as floods, droughts, and wildfires, can affect transportation of fuel to plant sites and can be destructive, causing outages, blackouts or disruptions of interconnected transmission systems, and property damage that can potentially result in additional expenses, lower revenue, and additional capital restoration costs. Extreme ~~drought~~weather conditions ~~can~~may ~~impact~~limit the availability of cooling water tofor ~~support the operations of~~ generating plants, ~~which~~and ~~can~~may ~~also result in additional expenses. Extreme weather conditions could also~~ increase commodity prices, including fuel~~, which could have a material adverse effect on Cleco’s results of operations, financial condition, or cash flows~~.

Climate change that results in more frequent and more severe weather events or other natural disasters in Cleco’s service territory could result in one or more physical risks that could cause damage to its generation, transmission, and distribution assets. These physical risks include an increase in sea level, wind and storm surge damages, wetland and barrier island erosion, flooding, wildfires, changes in temperature and precipitation patterns, and potential increased impacts of extreme weather conditions, including ice storms and prolonged droughts. The Registrants’ assets are in and serve communities that are at risk from sea level rise, changes in weather conditions, and loss of the protection offered by coastal wetlands. In addition, a significant portion of the nation’s oil and gas infrastructure is located in these areas and

15Power’s service territory could result in one or more physical risks that could cause damage to its generation, transmission, and distribution assets. These physical risks include an increase in sea level, wind and storm surge damages, wetland and barrier island erosion, flooding, wildfires, changes in temperature and precipitation patterns, and potential increased impacts of extreme weather conditions, including ice storms and prolonged droughts. Some of Cleco Power’s assets are in and serve communities that are at risk from sea level rise, changing weather conditions, and loss of coastal wetlands protection. In addition, a significant portion of the nation’s oil and gas infrastructure is located in these areas and is susceptible to storm damage that could be aggravated by wetland and barrier island erosion, which could give rise to fuel supply interruptions and price spikes.

~~CLECO~~Any ~~CLECO~~future ~~POWER~~severe ~~2024~~weather, ~~FORM~~other 10natural disaster, or climate-Krelated physical changes could damage Cleco Power’s equipment and facilities, resulting in additional restoration costs, repair expenses, or the need to obtain replacement power. Such events may also alter electricity demand patterns or disrupt the delivery of equipment and supplies necessary to Cleco Power’s business. Cleco Power’s recovery of costs associated with these events is subject to LPSC review and approval, and the LPSC could disallow timely and full recovery of the costs incurred.

isThe ~~susceptible~~operating toresults ~~storm~~of ~~damage~~Cleco ~~that~~Power ~~could~~are beaffected ~~aggravated~~ by ~~wetland~~weather conditions and ~~barrier~~may ~~island~~fluctuate ~~erosion,~~on ~~which~~a ~~could~~seasonal ~~give rise to fuel supply interruptions and price spikes~~basis.

~~Any~~Weather ~~future~~conditions ~~severe~~directly ~~weather,~~influence ~~other natural disaster, or physical changes resulting from climate change could cause damage to, or~~ the loss of, Cleco’s equipment and facilities, which could result in Cleco incurring additional costs, such as the cost to restore service, repair damaged facilities, or obtain replacement power. Any future severe weather, other natural disaster, or physical changes resulting from climate change could also result in changes in demand for ~~and usage of~~ electricity, inparticularly ~~Cleco’s~~among ~~service~~residential ~~territory and the service territories of Cleco’s wholesale~~ customers. ~~The~~Therefore, ~~delivery of equipment and supplies necessary to~~ Cleco’s ~~business could also be disrupted. Cleco~~ Power’s ~~recovery~~financial ofresults ~~costs~~typically ~~associated~~fluctuate ~~with~~on ~~these~~a ~~events~~seasonal ~~is subject to LPSC review and approval, and the LPSC could disallow timely and full recovery of the costs incurred~~basis. ~~These~~Periods ~~risks and other possible effects~~ of ~~severe~~unusually mild weather, ~~other~~may ~~natural~~reduce ~~disasters,~~electricity sales and ~~climate~~operating ~~change could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants~~income.

The operating results of Cleco are affected by weather conditions and may fluctuate on a seasonal basis.

Weather conditions directly influence the demand for electricity, particularly with respect to residential customers. In Cleco’s service territory, demand for power typically peaks during the hot summer months. As a result, Cleco’s financial results typically fluctuate on a seasonal basis. In addition, Cleco has sold less power and, consequently, earned less income when weather conditions were mild. Unusually mild weather in the future could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants.

Workforce

Failure to attract, recruit, retain, and develop an appropriately qualified workforce could ~~have~~negatively aaffect ~~negative impact on~~ business operations ~~and a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants~~.

~~Certain~~Employee ~~events, such as employee~~ resignations and retirements without appropriate replacements, labor shortages, wage inflation, limitations in the availability of skilled personnel, a lack of equivalent or enhanced skill sets to fulfill future needs, or unavailability of contract resources, may lead to operating challenges and increased costs. ~~The~~These challenges may include ~~lack of resources,~~ loss of institutional knowledge, difficulty inrecruiting ~~finding~~ highly ~~skilled,~~ qualified candidates, ~~specifically~~ due to the location of Cleco’s corporate office, ~~and potential~~ employee relocation challenges, ~~and~~the a lengthy time ~~period~~required ~~associated~~to ~~with~~develop ~~skill~~specialized ~~development.~~skills, ~~Costs~~as ~~may~~well ~~increase~~ as athe ~~result~~uncertainty ofassociated ~~contractors~~with ~~replacing~~potential ~~employees~~strategic transactions. Higher contractor use, ~~productivity~~lower ~~slowdown~~productivity, and safety incidents may further increase operating costs. ~~Failure~~If Cleco is unable to retain key employees, hire and adequately develop replacement employees, maintain an inclusive work environment, transfer functional knowledge and expertise to the next generation of employees, or ensure the availability of skilled new hires, orCleco’s ~~accept hybrid or remote work options may adversely affect the~~ ability to ~~manage~~safely and ~~safely~~efficiently operate ~~the~~its ~~Registrants’~~ business. Ifmay the Registrants are unable to successfully attract, recruit, retain, and develop an appropriately qualified workforce, the results of operations, financial condition, or cash flows of the Registrants could be ~~materially~~ adversely affected.


CLECO
CLECO POWER						2025 FORM 10-K

Technology, Nation-State, and Hacktivist Threats

The operational and information technology systems on which Cleco relies to conduct its business and serve customers could fail to function properly due to technological problems, cyber breaches, physical attacks on Cleco’s assets, acts of terrorism, severe weather, solar events, electromagnetic events, natural disasters, the age and condition of information technology assets, human error, or other reasons that could disrupt Cleco’s operations and cause Cleco to incur unanticipated losses and ~~expense~~expenses.

The operation of Cleco’s extensive electrical systems relies on evolving operational and information technology systems and network infrastructures that are becoming more complex as new technologies and business needs are implemented to more safely and reliably deliver electric services. Cleco’s business is dependent on its ability to process and monitor, on a real-time basis, a large number of tasks and transactions, many of which are highly complex. Cleco’s flexible working environment makes protecting distributed assets more challenging, and there is a greater opportunity for cyber breaches.

Cleco’s systems, including its financial information, operational, advanced metering, and billing systems, require constant maintenance, monitoring, security patches, modification or configuration of systems, ~~and~~including ~~update~~periodic updates and ~~upgrade~~upgrades of systems, which can be costly and increase the risk of errors and malfunction. Any disruptions or deficiencies in existing systems, or disruptions, delays, or deficiencies in the modification, transition to, or implementation of new systems, could result in increased costs, the inability to track or collect revenues and the diversion of management’s and employees’ attention and resources, and could adversely affect the effectiveness of Cleco’s control environment, and/or its ability to accurately or timely file required regulatory reports.

Despite implementation of security and mitigation measures, Cleco’s technology systems and those of Cleco’s suppliers are vulnerable to inoperability, impaired operations, or failures due to physical attacks or cyber breaches on the facilities and equipment needed to operate the technology systems, viruses, human errors, acts of war or terrorism, and other events. If Cleco’s or its supplier’s information technology systems or network infrastructure were to fail, Cleco might be unable to fulfill critical business functions and serve its customers, which could ~~have~~significantly adisrupt ~~material~~operations ~~adverse~~and ~~effect~~impair onCleco’s ~~the~~ability ~~financial~~to ~~conditions,~~provide ~~results~~reliable ~~of operations, or cash flows of the Registrants~~service. The potential consequences of a future material cyber breach include reputational damage, extortion payments, litigation with third parties, government enforcement actions, penalties, disruption to systems and facilities, unauthorized release of confidential or otherwise protected information, corruption of data and increased cybersecurity protection and remediation costs, which in turn could adversely affect Cleco’s competitiveness, results of operations, and financial condition. Due to the evolving nature of such cyber breach threats, 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, the potential impact of any future incident cannot be predicted. Further, the amount of insurance coverage Cleco maintains may be inadequate to cover claims or liabilities related to a cyber breach.

In addition, in the ordinary course of its business, Cleco collects and retains sensitive information including personally identifiable information about customers and employees,

CLECO CLECO POWER 2024 FORM 10-K

customer energy usage, and other confidential information. The theft, damage, or improper disclosure of sensitive electronic data could subject Cleco to both penalties for violation of applicable privacy laws and claims from third parties, or harm Cleco’s reputation. In addition, new laws and regulations governing data privacy and the unauthorized disclosure of confidential information pose increasingly complex compliance challenges and potentially elevate costs, and any failure to comply with these laws and regulations could result in significant penalties and legal liability.

Cleco Power’s Generation, Transmission, and Distribution Facilities

Cleco Power’s generation facilities are susceptible to unplanned outages, changes in customer demand, significant maintenance requirements, and interruption of fuel deliveries.

The operation of power generation facilities involves many risks, including breakdown or failure of equipment, fuel supply interruption, and performance below expected levels of output or efficiency. Aging equipment, even if maintained in accordance with good engineering practices, may require significant expenditures to operate at peak efficiency, or to comply with environmental permits. Newer equipment can also be subject to unexpected failures. Additionally, Cleco Power may face increased customer demand during peak times (including demand related to artificial intelligence, cryptocurrency mining and other computer processing requiring increased power) which may affect Cleco Power’s ability to meet its MISO delivery obligations. Accordingly, Cleco Power may incur, as applicable, more frequent unplanned outages, higher than anticipated operating and maintenance expenditures, higher replacement costs of purchased power, increased fuel costs, MISO related costs, and the loss of potential revenue related to competitive opportunities. The costs of such repairs, maintenance, and purchased power may not be fully recoverable in rates, ~~and~~which could ~~have~~significantly aincrease ~~material~~operating ~~adverse~~costs ~~effect~~and onnegatively ~~the~~impact ~~results~~Cleco ofPower’s ~~operations,~~ financial ~~condition, or cash flows of the Registrants~~position.

Cleco Power’s generating facilities are currently fueled ~~primarily~~ by natural gas, coal, waste heat, and petroleum coke. The deliverability of these fuel sources may be constrained due to such factors as higher demand, decreased regional supply, production shortages, weather-related disturbances, railroad constraints or disruptions, waterway levels, labor strikes, or lack of transportation capacity. If suppliers are unable to deliver the contracted volume of fuel at the required times and if associated inventories are depleted, Cleco Power may be unable to operate its generating units which may cause Cleco Power to incur higher costs, which in turn could increase the cost to customers. Cleco Power’s fuel and MISO-procured/settled energy expenses, which are recovered from its customers through the FAC, are subject to refund until either a prudency review or a periodic fuel audit is conducted by the LPSC.

Cleco Power could be indirectly liable for the impacts of other companies’ activities on lands that have been mined and reclaimed by Cleco Power. The liability for impacts on reclaimed lands may not be recoverable in rates, ~~and~~which could ~~have~~result ain ~~material~~additional ~~adverse effect on the results of operations, financial condition, or cash flows of the Registrants~~costs.

The construction of and capital improvements to power generation, transmission, and distribution facilities involve substantial risks. Should construction or capital improvement efforts be unsuccessful or significantly more expensive than planned, the financial condition, results of operations, or liquidity of the Registrants could be materially affected.16

~~Cleco’s~~CLECO ~~ability~~CLECO toPOWER ~~complete~~2025 ~~construction~~FORM of or capital improvements to power generation, transmission, and distribution facilities in a timely manner and within budget is contingent upon many variables and subject to substantial risks. These variables include engineering and project execution risk and escalating costs for materials, labor, and environmental compliance. Delays in obtaining permits, shortages in materials and qualified labor, suppliers and contractors not performing as set forth under their contracts, changes in the scope and timing of projects, inaccurate cost estimates, the inability to raise capital or secure funding on favorable terms or at all, changes in commodity prices affecting revenue, fuel or material costs, changes in the economy, changes in laws or regulations, including environmental compliance requirements, and other events beyond the control of Cleco may materially affect the schedule and cost of these projects. If these projects are significantly delayed or become subject to cost overruns or cancellation, Cleco could incur additional costs including termination payments, face increased risk of potential write10-off of the investment in the project, or be unable to recover such costs in rates. Furthermore, failure to maintain various levels of generating unit availability or transmission and distribution reliability may result in various disallowances of Cleco Power’s investments.K

The construction of and capital improvements to power generation, transmission, and distribution facilities involve substantial risks. Should construction or capital improvement efforts be unsuccessful or significantly more expensive than planned, these issues could materially impact Cleco’s cost structure and financial condition.

Cleco Power’s ability to complete new construction or capital improvements to power generation, transmission, and distribution facilities in a timely manner and within budget is contingent upon many variables and subject to substantial risks. These variables include engineering and project execution risk and escalating costs for materials, labor, and environmental compliance. Delays in obtaining permits, shortages in materials and qualified labor, suppliers and contractors not performing as set forth under their contracts, changes in the scope and timing of projects, inaccurate cost estimates, the inability to raise capital or secure funding on favorable terms or at all, changes in commodity prices affecting revenue, fuel or material costs, changes in the economy, changes in laws or regulations, including environmental compliance requirements, and other events beyond the control of Cleco Power may materially affect the schedule and cost of these projects. If these projects are significantly delayed or become subject to cost overruns or cancellation, Cleco Power could incur additional costs including termination payments, face increased risk of potential write-off of the investment in the project, or be unable to recover such costs in rates. Furthermore, failure to maintain various levels of generating unit availability or transmission and distribution reliability may result in various disallowances of Cleco Power’s investments.

Alternative Generation Technology

Changes in technology may have a material adverse effect on the value of Cleco Power’s generating facilities.

A basic premise of Cleco’s business is that generating electricity at central power plants achieves economies of scale and produces electricity at a relatively low price. There are alternative technologies to produce electricity, most notably wind turbines, photovoltaic cells, and other solar-generated power. As new technologies are developed and become available, the quantity and pattern of electricity purchased by customers could decline, with a corresponding decline in revenues derived by generating assets. In addition, to the extent Cleco is slow to adopt viable alternative generation technologies, ~~employs~~under ~~technology~~or ~~that~~over isrelies ~~problematic~~on tothese ~~operate~~alternative technologies, and/or ~~under~~employs ortechnology ~~over~~that ~~relies~~is onproblematic ~~these~~to ~~alternative technologies~~operate, the value of Cleco Power’s generating facilities could be reduced.

Litigation

Cleco is subject to litigation, and aadverse ~~negative~~outcomes ~~outcome~~ could ~~have~~significantly aimpact ~~material~~its ~~adverse effect on the results of~~ operations~~, financial condition, or cash flows of the Registrants~~.

~~The~~Cleco ~~Registrants~~is ~~are~~engaged ~~parties~~in to various litigation matters arising out of the ordinary operations of their business. The ultimate outcome of these matters cannot presently be determined, ~~nor,~~and in many cases, ~~can~~ the potential liability ~~that~~cannot ~~could~~be ~~potentially~~reasonably ~~result~~estimated. ~~from~~If aany ~~negative~~of ~~outcome~~these incases ~~each~~are ~~case~~resolved ~~presently~~unfavorably, bethe ~~reasonably~~resulting ~~estimated.~~obligations ~~The~~could ~~liability~~exceed ~~that~~amounts ~~the~~currently ~~Registrants~~reserved ~~may~~or ~~ultimately~~insured ~~incur~~resulting ~~with~~in ~~respect~~additional tocosts. ~~any~~For ofinformation ~~these~~on ~~cases~~legal inproceedings ~~the~~affecting ~~event~~Cleco, ofsee aPart ~~negative~~II, ~~outcome~~Item ~~may~~8, be“Financial inStatements ~~excess~~and ofSupplementary ~~amounts~~Data ~~currently~~— ~~reserved~~Note ~~and~~16 — Litigation,

17Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation.”

~~CLECO~~Transmission ~~CLECO~~and ~~POWER~~Generation ~~2024 FORM 10-K~~Planning

~~insured~~Participation ~~against~~in ~~with~~MISO’s ~~respect~~ERAS tocould ~~such~~significantly ~~matters~~impact ~~and,~~Cleco’s aslong-term ageneration ~~result,~~planning ~~these~~and ~~matters~~affect ~~may have a material adverse effect on~~ the ~~results~~ability ofto ~~operations,~~meet ~~financial~~future ~~condition,~~reliability orand ~~cash~~capacity ~~flows of the Registrants~~needs.

Cleco continues to monitor developments in the MISO planning processes, including the recently launched ERAS. ERAS is intended to accelerate the interconnection timeline for new generation resources, potentially enabling interconnection agreements within approximately 90 days, which is significantly faster than traditional MISO study cycles.

Cleco Power is actively participating in ERAS, which is subject to limitations on the total number and timing of submissions and requires a financial commitment to MISO for each submission. Cleco’s ability to meet future reliability and capacity requirements could be materially affected by the anticipated load growth from large-scale commercial and industrial customers, and by the financial commitments required for ERAS participation.

Cleco continues to monitor developments in the MISO planning processes and is actively evaluating its options in response to these changes. While participation is underway, there can be no assurance that ERAS will result in favorable outcomes.


REGULATORY RISKS

Regulatory Compliance

Cleco operates in a highly regulated environment and adverse regulatory decisions or changes in applicable regulations could ~~have~~result ain ~~material~~operational ~~adverse~~restrictions, ~~effect~~penalties, ondisallowances, ~~the Registrants’ business~~ or ~~result in~~ significant additional costs.

Cleco’s business is subject to extensive federal, state, and local energy, environmental, and other laws and regulations. Should Cleco be unsuccessful in obtaining necessary licenses or permits, or should these regulatory authorities initiate any investigations or enforcement actions or impose penalties or disallowances ~~on Cleco~~, Cleco’s ~~business~~ could beincur ~~adversely~~additional ~~affected~~costs or face operational restrictions. Existing regulations may be revised or reinterpreted, and new laws and regulations may be adopted or become applicable to Cleco or Cleco’s facilities, including decisions by the U.S. Supreme Court that could affect the operation of federal agencies and changes resulting from the ~~new~~current presidential administration, ~~that~~which ~~may~~could ~~have~~require achanges ~~material~~to ~~adverse~~operations ~~effect on the Registrants’ business~~ or result in ~~significant~~ additional compliance costs. In addition, the overturning of the Chevron doctrine on June 28, 2024, by the U.S. Supreme Court, which had provided for deference in certain cases to the relevant federal agency with regard to the interpretation of federal regulations, has introduced additional uncertainty going forward regarding existing and future federal regulations.

As a result of the 2016 Merger, Cleco Holdings and Cleco Power made the 2016 Merger Commitments to the LPSC including, but not limited to, maintaining employee headcount, salaries, and benefits for ten years, and a limitation from incurring additional long-term debt, excluding non-recourse debt, unless certain financial ratios are achieved.

Cleco Power’s Rates

The LPSC and FERC regulate the retail rates and wholesale transmission tariffs, respectively, that Cleco Power can charge its customers.

Cleco Power’s ongoing financial viability depends on its ability to recover its costs in a timely manner from its LPSC-jurisdictional customers through LPSC-approved rates and its ability to recover its FERC-authorized revenue requirements from its FERC-jurisdictional wholesale transmission customers. Cleco Power’s financial viability also depends on its ability to recover in rates an adequate return on capital, including long-term debt and equity. Generally, historical costs are used by the LPSC in determining Cleco Power’s rates. If Cleco Power is unable to recover any material amount of its costs in rates in a timely manner or recover an adequate return on capital, the results of operations, financial condition, or cash flows of the Registrants could be materially adversely affected. Recovery of these costs could result in rising utility bills threatening the affordability of such costs by Cleco Power’s customers in certain demographic areas, which in turn could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants.


CLECO
CLECO POWER						2025 FORM 10-K

the LPSC in determining Cleco Power’s rates. If Cleco Power is unable to recover any material amount of its costs in rates in a timely manner or recover an adequate return on capital, Cleco could incur unrecovered costs or reduced returns. Recovery of these costs could result in rising utility bills threatening the affordability of power and electricity costs for Cleco Power’s customers in certain demographic areas.

Cleco Power’s revenues and earnings are substantially affected by regulatory proceedings known as rate cases or, in some cases, requests for extensions of an FRP. During those cases, the LPSC determines Cleco Power’s rate base, depreciation rates, operation and maintenance costs, and administrative and general costs that Cleco Power may recover from its retail customers through its rates. These proceedings may examine, among other things, the prudency of Cleco Power’s operation and maintenance practices, level of subject expenditures, allowed rates of return, and previously incurred capital expenditures. The LPSC has the authority to disallow recovery of costs found not to have been prudently incurred. Rate cases generally have timelines of approximately one year, and decisions are typically subject to appeal, potentially leading to additional uncertainty. The transmission tariffs of Cleco Power are regulated by FERC with its own regulatory proceedings. Both the LPSC and FERC regulatory proceedings can involve multiple parties, including governmental bodies and officials, consumer advocacy groups, and various consumers of energy, all of whom have differing concerns but who have the common objective of just and reasonable rates.

Retail Electric Service

Cleco Power’s retail electric rates and business practices are regulated by the LPSC and reviews may result in refunds to customers.

Cleco Power’s retail rates for residential, commercial, and industrial customers and other retail sales are regulated by the LPSC. On June 19, 2024, the LPSC approved Cleco Power’s ~~new~~current retail rate plan., ~~The~~which ~~new retail rate plan~~ became effective on July 1, 2024. If a refund of previously recorded revenue is required as a result of the LPSC’s review, the refund could ~~result~~significantly inimpact aCleco ~~material~~Power’s ~~adverse effect on the results of operations,~~ financial condition~~, or cash flows of the Registrants~~. For more information about the current retail rate plan, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements —Note 14 — Regulation and Rates — FRP.” Management is unable to predict the timing of future audits and their potential impact to Cleco Power’s financial results.

Cleco Power’s next base rate case is required to be filed with the LPSC on or before June 30, 2026. The outcome of any future base rate case could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants.

Dolet Hills Securitization

Cleco Power may not be able to securitize all costs associated with the retirement of the Dolet Hills Power Station and lignite mine closure.

Cleco Power is seeking securitization financing of stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station as well as deferred fuel and other mine-related closure costs. On April 19, 2024, the LPSC approved an uncontested settlement containing certain provisions. See Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review” for more information.

On November 27, 2024, the LPSC issued a financing order authorizing the securitization of costs related to the

CLECO CLECO POWER 2024 FORM 10-K

settlement, which became final and not subject to appeal on December 13, 2024. Management anticipates the securitization financing to close by the end of March 2025. However, a failure of the securitization financing to be consummated, whether at all or on the timeline anticipated by management, could result in a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants.

LPSC Audits

The LPSC conducts fuel audits that could result in Cleco Power making substantial refunds of previously recorded revenue.

Generally, Cleco Power’s cost of fuel used for electric generation and cost of purchased power are recovered through the LPSC-established FAC, which enables Cleco Power to pass on to its customers substantially all such charges. Recovery of FAC costs is subject to periodic fuel audits by the LPSC, which are performed at least every other year. For more information about Cleco Power’s ~~current~~most recent fuel audit, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Fuel Audits.”

Management is unable to predict or give a reasonable estimate of the possible range of ~~the~~ disallowance by the LPSC, if any, related to FAC filings. If a disallowance of fuel costs is ordered ~~resulting~~by inthe aLPSC, ~~refund to~~ Cleco Power’s ~~customers,~~may ~~any~~be ~~such~~required to refund ~~could~~previously ~~have~~recorded arevenue ~~material~~to ~~adverse~~its ~~effect on the results of operations, financial condition, or cash flows of the Registrants~~customers.

The LPSC conducts audits of environmental costs that could result in Cleco Power making substantial refunds of previously recorded revenue.

Cleco Power has an EAC that is used to recover from customers certain costs of environmental compliance. The costs eligible for recovery are prudently incurred air emissions credits associated with complying with federal, state, and local air emission regulations that apply to the generation of electricity reduced by the sale of such allowances. Also eligible for recovery are variable emission mitigation costs, which are the costs of reagents such as ammonia and limestone that are a part of the fuel mix used to reduce air emissions, among other things. These costs are subject to periodic review by the LPSC. For more information about LPSC audits related to environmental costs, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Environmental Audit.”

Management is unable to predict or give a reasonable estimate of the possible range of disallowance, if any, related to EAC filings. If a disallowance of environmental costs is ordered ~~resulting~~by inthe aLPSC, ~~refund to~~ Cleco Power’s ~~customers,~~may ~~any~~be ~~such~~required to refund ~~could~~previously ~~have~~recorded arevenue ~~material~~to ~~adverse~~its ~~effect on the results of operations, financial condition, or cash flows of the Registrants~~customers.

FERC Audit

FERC conducts audits that could result in Cleco Power making refunds of previously recorded revenue.

Generally, Cleco Power records wholesale transmission revenue through approved formula rates, Attachment O of the MISO tariff, and certain grandfathered agreements. The calculation of the rate formulas, as well as FERC accounting and reporting requirements, are subject to periodic audits by FERC. For more information about FERC audits and reviews, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — FERC Audits and Reviews.” Management is unable to predict the timing of future audits ~~and~~or whether ~~or not the outcome of~~ such ~~future~~ audits ~~will~~may ~~have~~result ain ~~material~~required ~~adverse~~refunds ~~effect on the results of operations, financial condition,~~ or ~~cash flows of the Registrants~~adjustments.

MISO

MISO market operations could ~~have~~increase ~~a material adverse effect on the results of operations~~costs, ~~generation~~require ~~revenues,~~capacity ~~energy supply costs~~purchases, ~~financial condition,~~ or ~~cash~~result ~~flows~~in ofrefund ~~the Registrants~~obligations.

Cleco Power is a member of the MISO market region referred to as “MISO South,” which encompasses parts of Arkansas, Louisiana, Mississippi, and Texas. Dispatch of generation resources and generation volumes to the market is determined by MISO. Costs in the MISO South region are heavily influenced by commodity fuel prices, transmission congestion, dispatch of the generating assets owned by all market participants in the MISO South region, and the overall demand and generation availability in the region. MISO has issued, and may in the future issue, directives requiring market participants to implement controlled outages as a result of an emergency or reliability issues. Higher demand and the potential volatility thereof related to artificial intelligence, cryptocurrency mining, and other computer processing requiring increased power supply to support these activities may increase the intermittency and decrease the reliability of electric supply in the MISO market.

On June 1, 2023, due to generation resource retirements, increased reliance on intermittent resources, significant weather events with correlated generator outages, and declining excess reserve margins that are expected to profoundly impact future grid reliability, MISO transitioned from a traditional annual unforced capacity value to a seasonal accreditation capacity (“SAC”) value. MISO evaluates SAC values to assess generating unit capacity for Cleco’s planning reserve margin for each season. If Cleco is subject to a significant number of outages during critical instances, Cleco may not possess sufficient planning reserves to serve its needs and could be forced to purchase capacity from the MISO resource adequacy auction. Generally, Cleco Power recovers these costs through its FAC, which is subject to audit by the LPSC. If a disallowance of recovery resulting in a refund is ordered, it could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants.18

19CLECO CLECO POWER 2025 FORM 10-K

~~CLECO~~to ~~CLECO~~implement ~~POWER~~controlled ~~2024~~outages ~~FORM~~as ~~10-K~~a result of an emergency or reliability issues. Higher demand and the potential volatility thereof related to artificial intelligence, cryptocurrency mining, and other computer processing requiring increased power supply to support these activities may increase the intermittency and decrease the reliability of electric supply in the MISO market.

On June 1, 2023, due to generation resource retirements, increased reliance on intermittent resources, significant weather events with correlated generator outages, and declining excess reserve margins that are expected to profoundly impact future grid reliability, MISO transitioned from a traditional annual unforced capacity value to a seasonal accreditation capacity (“SAC”) value. MISO evaluates SAC values to assess generating unit capacity for Cleco’s planning reserve margin for each season. If Cleco Power is subject to a significant number of outages during critical instances, Cleco Power may not possess sufficient planning reserves to serve its needs and could be forced to purchase capacity from the MISO resource adequacy auction. Generally, Cleco Power recovers these costs through its FAC, which is subject to audit by the LPSC. If a disallowance of recovery of these costs is ordered by the LPSC, Cleco Power may be required to refund previously recorded revenue to its customers.

Reliability and CIP Standards Compliance

Cleco is subject to mandatory reliability and CIP standards. Fines and civil penalties are imposed on those who fail to comply with these standards.

NERC serves as the ERO with authority to establish and enforce mandatory reliability and CIP standards, subject to FERC approval, for users of the nation’s transmission system. FERC enforces compliance with these standards. New standards are being developed, and existing standards are continuously being modified.

As these standards continue to be adopted and modified, they may impose additional compliance requirements on Cleco Power, which may result in increased capital expenditures and operating expenses. Failure to comply with these standards can result in the imposition of material fines and civil penalties.

A NERC Reliability Standards Operating and Planning Audit and NERC CIP Audit are conducted at least every three years for Cleco Power. For more information on Cleco Power’s current and future audits, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition — Financial Condition — Regulatory and Other Matters — Market Structure — Wholesale Electric Markets — ERO.”

Management is unable to predict the financial outcome of any future ~~audits~~audit or ~~whether~~the ~~any~~potential ~~findings~~impact ~~will~~these ~~have~~audits amay ~~material~~have ~~adverse effect~~ on ~~the~~Cleco ~~results of operations, financial condition, or cash flows of the Registrants~~Power.

Environmental Compliance

Cleco’s costs of compliance with environmental laws and regulations are significant. The costs of compliance with new environmental laws and regulations, as well as the incurrence of incremental environmental liabilities, could be ~~significant to the Registrants~~substantial.

Cleco is subject to extensive environmental oversight by federal, state, and local authorities and is required to comply with numerous environmental laws and regulations related to air quality, water quality, waste management, natural resources, and health and safety. Cleco also is required to obtain and comply with numerous governmental permits in operating its facilities. Existing environmental laws, regulations, and permits could be revised or reinterpreted, and new laws and regulations could be adopted or become applicable to Cleco. The overturning of the Chevron doctrine on June 28, 2024, by the U.S. Supreme Court, which had provided for deference in certain cases to the relevant federal agency with regard to the interpretation of federal regulations, has introduced additional uncertainty going forward regarding existing and future federal regulations. As a result of any such changes, some of Cleco’s EGUs could be rendered uneconomical to maintain or operate and could prompt early retirement of certain generation units. Any legal obligation that would require Cleco to substantially reduce its emissions beyond present levels could require extensive mitigation efforts and could raise uncertainty about the future viability of some fossil fuels as fuel for new and existing EGUs. Cleco will evaluate potential solutions to comply with such regulations and monitor rulemaking and any legal matters impacting the proposed regulations. Cleco may incur significant capital expenditures or additional operating costs to comply with such revisions, reinterpretations, and new requirements. If Cleco were to fail to comply, it could be subject to civil or criminal liabilities and fines or may be forced to shut down or reduce

operating its facilities. Existing environmental laws, regulations, and permits could be revised or reinterpreted, and new laws and regulations could be adopted or become applicable to Cleco. As a result of any such changes, some of Cleco’s EGUs could be rendered uneconomical to maintain or operate and could prompt early retirement of certain generation units. Any legal obligation that would require Cleco to substantially reduce its emissions below present levels could require extensive mitigation efforts and could raise uncertainty about the future viability of some fossil fuels as fuel for new and existing EGUs. Cleco will evaluate potential solutions to comply with such regulations and monitor rulemaking and any legal matters impacting the proposed regulations. Cleco may incur significant capital expenditures or additional operating costs to comply with such revisions, reinterpretations, and new requirements. If Cleco were to fail to comply, it could be subject to civil or criminal liabilities and fines or may be forced to shut down or reduce production from its facilities. Cleco cannot predict the timing or the outcome of pending or future legislative and rulemaking proposals.

Cleco Power may request from its customers recovery of its costs to comply with new environmental laws and regulations. If the LPSC were to deny Cleco Power’s request to recover all or part of its environmental compliance costs, ~~there~~Cleco ~~could~~Power may be aunable ~~material~~to ~~adverse~~recover ~~effect~~such oncosts ~~the~~in ~~results of operations, financial condition, or cash flows of the Registrants~~rates.

Wholesale Electric Service

Cleco Power’s business practices are regulated by FERC, and the wholesale rates of Cleco Power are subject to FERC’s triennial market power analysis. Cleco Power could lose the right to sell wholesale generation at market-based rates.

FERC requires a utility to pass a screening test as a condition for securing and/or retaining approval to sell electricity in wholesale markets at market-based rates. An updated market power analysis must be filed with FERC every three years or upon the occurrence of a change in status as defined by FERC regulation. ~~Cleco filed its most recent triennial market power analysis in December 2023, and received FERC approval on December 13, 2024.~~ The next triennial market power analysis is expected to be filed in December 2026. In the future, if FERC determines Cleco Power possesses generation market power in excess of certain thresholds, Cleco Power could lose the right to sell wholesale generation at market-based rates~~, which could result in a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants~~.


FINANCIAL RISKS

Strategic Review and Goodwill Impairment Considerations

Cleco’s shareholder group initiated a process to explore the potential sale of the equity interest of Cleco Group. Future developments in this process could result in an impairment of the Cleco Power reporting unit.

Cleco’s shareholder group initiated a process to explore the potential sale of the equity interests of Cleco Group, the parent entity of Cleco Holdings and Cleco Power. The process has not resulted in a sales transaction at this time, nor has an impairment been indicated. The evaluation of goodwill requires significant judgment and is sensitive to changes in market participant assumptions, including estimates of future cash flows, regulatory outcomes, market conditions, and other factors affecting Cleco’s operations. Future adverse changes in these assumptions or in business, regulatory, or economic conditions could result in a determination that the fair value of the Cleco Power reporting unit is less than its carrying value. If


CLECO
CLECO POWER						2025 FORM 10-K

such circumstances occur, Cleco could be required to record a goodwill impairment charge in future periods, which could be material.

Commodity and Commercial Transactions

Cleco may enter into fuel supply contracts, energy hedge transactions, and/or commercial transactions with swap dealers, and suppliers. If risks related to these transactions are not managed effectively, ~~they~~Cleco ~~may~~could ~~have~~incur alosses ~~material adverse effect on the liquidity, results of operations,~~ or ~~financial~~increased ~~condition of the Registrants~~costs.

During its normal course of business, Cleco is exposed to uncertain market prices of electricity, natural gas, coal, and other commodities. Market price volatility can impact costs of fuel supply for generation, generation revenue, customer utility bills, and revenue from customers. To manage the risk of market price volatility, Cleco Power may enter into purchases or sales of certain physical and financial commodity contracts within established risk management guidelines.

The changes in fair value of transactions accounted for as derivatives under authoritative accounting guidance are deferred as a component of deferred fuel assets or liabilities in accordance with regulatory policy. At settlement, realized gains or losses are included in Cleco Power’s FAC and are reflected on ~~customer~~customers’s bills as a component of the fuel charge. Recovery of these costs included in Cleco Power’s FAC is subject to, and may be disallowed as part of, a prudency review or a periodic fuel audit conducted by the LPSC.

~~Because~~Due ~~Cleco is subject~~ to significant market price fluctuations, ~~caused~~Cleco bycannot ~~changes~~accurately inpredict ~~market~~the ~~prices~~impact of these transactions; therefore, ~~Cleco~~the isassociated ~~unable~~risks tocannot ~~accurately~~be ~~predict~~fully ~~the~~eliminated. ~~effect~~The ~~that~~judgments ~~these~~and ~~transactions~~assumptions ~~could~~made ~~have~~in onthe ~~its~~underlying ~~results~~decisions ofrelated ~~operations,~~to ~~financial~~these ~~condition,~~transactions could result in losses or ~~cash~~additional ~~flows~~costs.

CLECO CLECO POWER 2024 FORM 10-K

All risks associated with these transactions cannot be fully eliminated. Therefore, the judgements and assumptions made in the underlying decisions related to these transactions could have a material adverse effect on the liquidity, results of operations, financial condition, or cash flows of the Registrants.

Transmission Congestion

Transmission congestion ~~could~~may ~~have~~increase aenergy ~~material~~costs ~~adverse effect on the results of operations, financial condition,~~ or ~~cash~~result ~~flows~~in ~~of the Registrants~~curtailments.

Energy prices in the MISO market are based on LMP, which includes a component directly related to congestion on the transmission system. Pricing zones with greater transmission congestion may have a higher LMP. Physical transmission constraints present in the MISO market could increase energy costs within Cleco Power’s pricing zones or result in transmission curtailments. Cleco Power is awarded and/or purchases FTRs in auctions facilitated by MISO. However, insufficient FTR allocations or increased FTR costs, due to negative congestion flows, may result in an unexpected increase in energy costs to Cleco Power’s customers. If a disallowance of additional fuel costs associated with congestion is ordered by the LPSC, ~~resulting in a refund to~~ Cleco Power’s ~~customers,~~may ~~any~~be ~~such~~required to refund ~~could~~previously ~~have~~recorded arevenue ~~material~~to ~~adverse~~its ~~effect on the results of operations, financial condition, or cash flows of the Registrants~~customers.

Counterparty Risk and Guarantees

Cleco may be required to provide credit support to its counterparties~~, which could have a material adverse effect on the Registrants’ liquidity~~.

Cleco may guarantee the performance of all or some of its commercial transaction obligations and may also be required to provide liquid counterparty credit support in the form of cash or cash equivalent collateral to secure all or part of those obligations. Downgrades in Cleco’s credit quality or changes in the market prices of transaction-related energy commodities could increase the collateral or margin required to be on deposit for the counterparty or clearing house. Changes in required credit support, notably increases to Cleco’s requirement to post capital, could have a material adverse effect on the Registrants’ liquidity.

~~Cleco~~could isincrease ~~exposed to~~ the ~~risk~~collateral ~~that~~or ~~counterparties~~margin ~~may~~required ~~not~~to ~~meet~~be ~~their~~on ~~performance~~deposit ~~obligations~~for in the ~~expected~~counterparty ~~time frame~~ or atclearinghouse. ~~all,~~Increases ~~which~~in ~~could~~required ~~have~~credit asupport ~~material~~could ~~adverse~~reduce ~~effect~~Cleco’s onavailable ~~the operating and financial performance of the Registrants~~liquidity.

~~Counterparties may fail to fulfill their physical or financial obligations. Currently,~~ Cleco ~~has~~is ~~various~~exposed ~~relationships whereby amounts are owed~~ to ~~Cleco pursuant to specified terms. Additionally, Cleco expects to receive an additional $113.0 million from~~ the ~~Cleco~~risk ~~Cajun~~that ~~Purchasers~~counterparties bymay ~~June 2026, which is~~ not ~~contingent~~meet ~~upon~~their ~~the post-divestiture~~ performance ofobligations ~~the~~in ~~divested business. If~~ the ~~counterparties~~expected ~~fail~~time toframe ~~pay amounts due pursuant to these agreements, the Registrants’ financial condition, cash flows,~~ or ~~liquidity~~at ~~could be materially affected~~all.

~~Cleco~~Counterparties ~~also~~may ~~has~~fail ~~industry~~to ~~accepted~~fulfill ~~master~~their ~~agreements~~physical inor ~~place~~financial ~~with~~obligations. ~~counterparties~~Currently, ~~that~~Cleco ~~provide~~has ~~credit~~various ~~default~~relationships ~~assurances.~~whereby ~~Some~~amounts ~~master~~are ~~agreements~~owed ~~with~~to ~~counterparties~~Cleco ~~contain~~pursuant ~~provisions~~to ~~that~~specified ~~require~~terms. ~~the~~Additionally, ~~counterparties~~Cleco expects to ~~provide~~receive ~~liquid~~an ~~credit~~additional ~~support~~$113.0 million infrom the ~~form~~Cleco ofCajun ~~cash~~Purchasers orby ~~letters~~June 2026, which is not contingent upon the post-divestiture performance of ~~credit~~the todivested business.

Cleco also has industry-accepted master agreements in place with counterparties that provide credit default assurances. Some master agreements with counterparties contain provisions that require the counterparties to provide liquid credit support in the form of cash or letters of credit to secure all or part of their obligations to Cleco. If the counterparties to these arrangements fail to perform, Cleco may enforce and recover the proceeds from the credit support provided; however, in the event of a default, credit support may not always be adequate to cover the related obligations. In such event, Cleco may incur losses in excess of amounts already paid from ~~the~~ credit support or due to an adverse replacement cost of the transaction and may be unable to collect liquidated damages.

The credit commitments of Cleco’s lenders under its bank facilities may not be honored for a variety of reasons, including unexpected periods of financial distress affecting such lenders, which could ~~materially~~impact ~~affect~~ the adequacy of its liquidity ~~sources~~.

Global Economic Environment and Uncertainty

Adverse capital market performance could result in reductions in the fair value of benefit plan assets and increase ~~the Registrants~~Cleco’s liabilities related to such plans. Sustained declines in the fair value of the plan’s assets or sustained increases in plan liabilities could result in significant increases in funding requirements~~, which could adversely affect the Registrants’ liquidity and results of operations~~.

Performance of the capital markets affects the value of assets that are held in trust to satisfy future obligations under Cleco’s defined benefit pension plan. Sustained adverse market performance could result in lower rates of return for these assets than projected by Cleco and could increase Cleco’s funding requirements related to the pension plan. Additionally, changes in interest rates affect the present value of Cleco’s liabilities under the pension plan. Adverse changes in assumptions or adverse actual events could cause additional ~~minimum~~required contributions.

Cleco Credit Ratings

A downgrade in Cleco Holdings’ or Cleco Power’s credit ratings could ~~result in an~~ increase ~~in their respective~~ borrowing costs, areduce ~~reduced~~access ~~pool~~to ofcapital ~~potential investors and funding sources~~markets, and arestrict ~~restriction on~~ Cleco Power’s ~~making~~ability to make distributions to Cleco Holdings.

Neither Cleco Holdings nor Cleco Power can assure that its current debt ratings will remain in effect for any given period of time or that one or more of its debt ratings will not be lowered or withdrawn entirely by a rating agency. If S&P, Moody’s, or Fitch were to downgrade Cleco Holdings’ or Cleco Power’s long-term ratings, particularly below investment grade, the value of their debt securities could be adversely affected. Downgrades of either Cleco Holdings’ or Cleco Power’s credit ratings could result in additional fees and higher interest rates for borrowings under their respective credit facilities and term loans. In addition, Cleco Holdings or Cleco Power, as the case may be, would likely be required to pay higher interest rates in future debt financings, may be subject to more onerous debt covenants, and their pool of potential investors and funding sources could decrease. In addition, the 2016 Merger Commitments provide for limitations on the amount of distributions that may be paid from Cleco Power to Cleco Holdings, depending on Cleco Power’s common equity ratio and its corporate credit/issuer ratings. As a result, Cleco Power may be prohibited from making distributions to Cleco Holdings in the event of a ratings downgrade below investment grade.

2120

CLECO CLECO POWER ~~2024~~2025 FORM 10-K

Downgrades of either Cleco Holdings’ or Cleco Power’s credit ratings could result in additional fees and higher interest rates for borrowings under their respective credit facilities. In addition, Cleco Holdings or Cleco Power, as the case may be, would likely be required to pay higher interest rates in future debt financings, may be subject to more onerous debt covenants, and their pool of potential investors and funding sources could decrease. In addition, the 2016 Merger Commitments provide for limitations on the amount of distributions that may be paid from Cleco Power to Cleco Holdings, depending on Cleco Power’s common equity ratio and its corporate credit/issuer ratings. As a result, Cleco Power may be prohibited from making distributions to Cleco Holdings in the event of a ratings downgrade below investment grade.

Cleco Power LLC’s Unsecured and Unsubordinated Obligations

Cleco Power LLC’s unsecured and unsubordinated obligations, including, ~~without limitation,~~ its senior notes, ~~will~~are be effectively subordinated to any secured debt of Cleco Power LLC and structurally subordinated to indebtedness and other liabilities and preferred equity of any of Cleco Power LLC’s subsidiaries.

Cleco Power LLC’s senior notes and its obligations under various loan agreements and refunding agreements with the Rapides Finance Authority, the Louisiana Public Facilities Authority, and other issuers of tax-exempt bonds for the benefit of Cleco Power LLC, are unsecured and rank equally with all of Cleco Power LLC’s existing and future unsecured and unsubordinated indebtedness. As of December 31, ~~2024~~2025, Cleco Power LLC had an aggregate of $1.551 billion of unsecured and unsubordinated indebtedness net of debt discount and debt expense. The unsecured and unsubordinated indebtedness of Cleco Power LLC will be effectively subordinated to, and thus have a junior position to, any secured debt that Cleco Power LLC may have outstanding from time to time (including any mortgage bonds) with respect to the assets securing such debt. Certain agreements entered into by Cleco Power LLC with other lenders that are unsecured provide that if Cleco Power LLC issues secured debt, Cleco Power LLC is obligated to grant these lenders the same security interest in certain assets of Cleco Power LLC. If such a security interest were to arise, it would further subordinate Cleco Power LLC’s unsecured and unsubordinated obligations.

As of December 31, ~~2024~~2025, Cleco Power LLC had no direct secured indebtedness outstanding. Cleco Power LLC may issue mortgage bonds in the future under any future Indenture of Mortgage, and holders of mortgage bonds would have a prior claim on certain Cleco Power LLC material assets upon dissolution, winding up, liquidation, or reorganization. Additionally, neither Cleco Power LLC nor its creditors, including holders of its senior notes, can use the assets of Cleco Securitization I or Cleco Securitization II to settle debts of Cleco Power LLC.

Trade Policies

Changes in U.S. and foreign trade policies and the implementation thereof could increase Cleco’s project and operating costs.

The U.S. government has recently implemented and rescinded multiple significant tariffs, some of which have resulted in additional retaliatory tariffs from foreign countries. Many of these tariffs have been subsequently modified, delayed, or rescinded, and are subject to ongoing legal challenges. As a

result, Cleco cannot predict what changes, if any, will eventually result in trade policies and the effect thereof on Cleco’s costs. If the LPSC does not deem prudent the increased costs for Cleco’s projects or maintenance of its existing facilities resulting from tariffs or other trade policies, then Cleco may be unable to recover those increased costs in full or at all or on a timely basis. Cleco could incur additional costs, including termination payments, impairment charges, or write-offs, if projects are delayed, canceled, or become uneconomical. Further, if as a result of increased costs due to tariffs or other trade policies, other resources become more economical, Cleco may terminate uneconomical projects and seek to develop those other resources. If any projects are significantly delayed or become subject to cost overruns or cancellation, Cleco could incur additional costs including termination payments, face increased risk of potential write-off of the investment in the project, or be unable to recover such costs in rates.


GENERAL RISK FACTORS

~~Presidential~~Government ~~Administration~~Actions and Policy Changes

The ~~new~~current Presidential administration may propose further substantial changes to environmental, fiscal, and tax policies ~~that could have a material adverse effect on the Registrants’ business~~.

The ~~new~~current Presidential administration may propose further substantial changes to environmental, fiscal, and tax policies, which may ~~include~~impact ~~comprehensive~~Cleco. ~~tax~~In ~~reform~~addition, changes in presidential administrations, regardless of political party, often result in shifts in federal policy priorities, regulatory approaches, and ~~other~~enforcement ~~objectives~~practices, ~~that~~requiring ~~may~~Cleco ~~impact~~to ~~the~~continually ~~results~~monitor, ofassess, ~~operations~~and comply with evolving legal and regulatory requirements. Such changes may increase compliance costs, ~~financial~~create ~~condition~~regulatory uncertainty, or ~~cash~~adversely ~~flows~~affect ofCleco’s ~~the~~operations, ~~Registrants~~capital investments, and financial results. Since taking office in January 2025, the ~~new~~current President has issued several executive orders designed to reduce regulatory burdens and prioritize domestic energy production. These executive orders include the withdrawal from the Paris Agreement, declaring a national emergency on energy, ~~unleashing~~reducing ~~American~~regulatory burdens on energy and natural resource development, streamlining permitting processes, ~~empowering~~removing ~~consumer~~certain government subsidies for electric vehicle ~~choice~~purchases, and ending support for large wind farms, among other things. The executive orders issued by the new Presidential administration may result in the development of additional regulations or changes to existing regulations, and it is possible that these changes could adversely affect Cleco’s business. Until any such changes are enacted, management is

~~unable~~On toJuly ~~determine~~4, 2025, the ~~impact~~President ofsigned ~~any~~into ~~such~~law ~~changes~~the onOBBBA, ~~the~~legislation ~~Registrants’~~that ~~business~~introduces significant reforms to federal policy across multiple sectors, ~~results~~including ofenergy, ~~operations~~taxation, ~~financial~~infrastructure, ~~condition~~and environmental regulation. The OBBBA includes provisions that may substantially alter the regulatory landscape affecting Cleco, orsuch ~~cash~~as ~~flows~~modifications to tax incentives for renewable energy and changes to infrastructure permitting processes.

On July 7, 2025, Executive Order 14315 was signed by the President. The goal of Executive Order 14315 is to level the playing field for energy sources by eliminating subsidies for wind and solar and addressing potential national security risks from foreign control.

Cleco continues to evaluate the OBBBA and Executive Order 14325 for potential impacts to future periods, as many provisions require further regulatory guidance and rulemaking before their effects can be fully assessed. Future changes in presidential administrations or congressional priorities could result in additional policy shifts, legislative actions, or


CLECO
CLECO POWER						2025 FORM 10-K

regulatory changes that may similarly affect Cleco’s business, financial condition, and results of operations.

Taxes

Changes in taxation due to uncertain effects of various tax reform legislation, as well as the inherent difficulty in quantifying potential tax effects of business decisions, ~~could~~may ~~have~~increase atax ~~material~~expense ~~adverse effect on the results of operations, financial condition,~~ or ~~cash~~create ~~flows~~additional oftax ~~the Registrants~~liabilities.

~~The~~Cleco ~~Registrants~~makes ~~make~~ judgments regarding the utilization of existing income tax credits and the potential tax effects of various financial transactions and operating results ~~of operations~~ to estimate ~~their~~its obligations to taxing authorities. Tax obligations include income, franchise, property, sales and use, and employment-related taxes. These judgments may include reserves for potential adverse outcomes regarding tax positions that have been taken. Changes in federal, state, or local tax laws, adverse tax audit results, or adverse tax rulings on positions taken by ~~the~~Cleco ~~Registrants~~ could ~~have~~result ain ~~material~~increased ~~adverse~~tax ~~effect~~expense ~~on the results of operations, financial condition,~~ or ~~cash~~additional ~~flows of the Registrants~~liabilities.

The ~~IRA~~OBBBA ~~of 2022~~ was signed into law on ~~August~~July 164, ~~2022~~2025. ~~Management~~The isenactment ~~still~~of ~~monitoring~~the ~~any~~OBBBA ~~potential~~introduced ~~impact~~substantial changes to federal tax law. Key provisions include modifications and limitations to clean energy tax credits and the ~~legislation~~permanent ~~could~~extension ~~have~~of oncertain expiring provisions in the ~~Registrants~~TCJA. ~~Cleco~~Additionally, ~~will~~on ~~access~~July ~~any~~7, ~~changes~~2025, inthe ~~tax~~President ~~laws~~issued ~~due~~Executive Order 14315, which relates to the ~~new~~implementation ~~presidential~~of ~~administration~~the OBBBA changes to energy tax credits. ~~For~~Executive ~~more~~Order ~~information~~14315 ~~related~~directs the Treasury to take actions necessary to strictly enforce the ~~IRA~~termination of ~~2022’s~~certain ~~tax~~solar and ~~renewable~~wind ~~provisions~~tax credits, ~~see~~including ~~Part~~the ~~II,~~issuance ~~Item~~of 7new and revised guidance. On August 15, ~~Management’s~~2025, ~~Discussion~~the ~~and~~IRS ~~Analysis~~issued an order which provides guidance on the “beginning of ~~Financial~~construction” ~~Condition~~requirements for applicable wind and ~~Results~~solar projects, including the criteria used to determine whether a project is subject to the termination provisions of ~~Operations~~the —Investment ~~Overview~~and —Production Tax ~~Reform~~Credits.”

These changes may collectively limit the availability of favorable tax incentives that have historically supported investment in critical infrastructure and renewable energy. As a result, Cleco’s ability to finance future projects could be limited or more costly.

Insurance

Cleco’s insurance coverage may not be sufficient and may become more costly to maintain.

Cleco currently has property, casualty, cybersecurity, and liability insurance policies in place to protect its employees, board of managers, and assets in amounts that it considers appropriate. Such policies are subject to certain limits and deductibles. Insurance coverage may not be available in the future at current costs, on commercially reasonable terms, or at all, and ~~the~~ insurance proceeds received for any loss of, or any damage to, any of Cleco’s facilities may not be sufficient to restore the loss or damage without a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants.

~~Like~~damage ~~other utilities that serve coastal regions, Cleco Power does not have insurance covering its transmission and distribution system, other than substations, because it believes such insurance~~ to ~~be cost prohibitive. In the future~~, ~~Cleco~~any ~~Power may not be able to recover the costs incurred in restoring transmission and distribution properties following hurricanes or other natural disasters through issuance~~ of ~~storm recovery bonds or a change in~~ Cleco ~~Power~~’s ~~regulated~~facilities ~~rates or otherwise, or any such recovery~~ may not be ~~timely~~sufficient ~~granted. Therefore, Cleco Power may not be able~~ to restore ~~any loss of, or damage to, any of its transmission and distribution properties without a material adverse effect on~~ the ~~results~~losses ~~of operations, financial condition,~~ or ~~cash flows of the Registrants~~damages.

22Like other utilities that serve coastal regions, Cleco Power does not have insurance covering its transmission and distribution system, other than substations, because it believes such insurance to be cost prohibitive. In the future, Cleco Power may not be able to recover costs incurred in restoring transmission and distribution properties following hurricanes or other natural disasters through issuance of storm recovery bonds or a change in Cleco Power’s regulated rates, or any such recovery may not be timely granted. As a result, Cleco Power may incur substantial restoration costs that are not fully recoverable.

CLECO CLECO POWER 2024 FORM 10-K

Global Economic Uncertainty and Access to Capital

Disruptions in the capital and credit markets may ~~adversely~~increase ~~affect~~borrowing ~~the~~costs, ~~Registrants’~~reduce ~~cost~~access ofto capital, ~~and ability to meet liquidity needs~~ or ~~access~~constrain ~~capital to operate and grow the business~~liquidity.

~~The Registrants~~Cleco’s business is capital intensive and dependent upon ~~the~~its ~~Registrants’~~ability ~~respective abilities~~ to access capital at reasonable rates and other terms. ~~The~~Liquidity ~~Registrants’ liquidity~~ needs could significantly increase in the event of a hurricane, wildfire, or other weather-related or unforeseen disaster or when there are spikes in the price of natural gas and other commodities. The occurrence of one or more contingencies could ~~cause~~materially ~~the~~increase financing needs ~~of the Registrants to increase materially~~.

Events beyond ~~the Registrants~~Cleco’s control, ~~such~~including as political uncertainty in the U.S. ~~(including the ongoing debates related to the U.S. federal government budget)~~, ~~U.S.~~ federal debt ceiling negotiations, ~~and~~ the risk of a U.S. government shutdown ~~(including potential credit rating downgrades as a result thereof)~~, volatility ~~and disruption~~ in global capital and credit markets, ~~including those resulting from~~ geopolitical events, ~~increases~~changes ~~or decreases~~ in interest rates ~~and~~or ~~uncertainty with regard thereto resulting from changes in the federal funds rate range targeted by the~~ Federal Reserve policy, or ~~other~~ adverse developments ~~that~~affecting ~~affect~~ financial institutions, may create uncertainty that could increase the cost of capital ~~for the Registrants~~ or impair ~~their~~access ~~ability~~ to ~~access~~ the capital markets, including ~~the ability to draw on their respective~~ bank credit facilities. ~~While~~Cleco ~~the~~cannot ~~Registrants have recently renewed their respective credit facilities as further discussed herein, the Registrants may be unable to~~ predict the degree of success ~~they will have~~ in renewing or replacing ~~their respective~~ credit facilities ~~in the future~~ as they come up for renewal. ~~Moreover,~~New ~~the size, terms, and covenants of any new~~ credit facilities may ~~not~~ be ~~comparable~~more ~~to,~~restrictive ~~and~~or ~~may~~less befavorable ~~more restrictive~~ than, existing facilities. If ~~the~~access ~~Registrants are unable~~ to ~~access the credit and~~ capital ~~markets~~becomes onlimited ~~terms~~or ~~that~~more ~~are reasonable~~costly, ~~they~~Cleco may ~~have to~~ delay ~~raising~~ capital expenditures, issue shorter-term securities, and/or ~~bear~~incur ana ~~unfavorable~~higher cost of capital, which, in turn, could have a material adverse effect on the Registrants’ ability to fund capital expenditures or to service debt, or on the Registrants’ flexibility to react to changing economic and business conditions.

Inflation may ~~negatively~~increase ~~impact~~operating ~~the~~and ~~results~~capital ~~of operations, financial condition, or cash flows of the Registrants~~costs.

While the pace of inflation has moderated over the last ~~two~~three years, Cleco has observed that prices and lead times for equipment, materials, supplies, employee labor, and contractor services have continued to increase. Long-term inflationary pressures may result in such prices continuing to increase more quickly than expected. Increases in inflation ~~raises~~raise costs for labor, materials, and services, and Cleco may be unable to secure these resources on economically acceptable terms or offset such costs with increased revenues, operating efficiencies, or cost savings~~, which may adversely impact the results of operations, financial condition, or cash flows of the Registrants~~.

ESG

Increased focus on and changing expectations regarding ESG programs, as well as failure to achieve ESG goals, may adversely impact the Registrants’ access to capital, results of operations, financial condition, or cash flows.

Stakeholder scrutiny of companies’ ESG practices has been increasing across numerous industries. In recent years, certain stakeholders, including an increasing number of investors and lenders, have started placing more importance on ESG criteria when making lending and investment decisions. The increased focus on and activism related to ESG may limit the Registrants’ access to capital or financing and/or increase the cost of capital or financing as some investors or lenders may elect to increase their required returns on capital offered to the Registrants or reallocate or not commit capital based on their assessment of the Registrants’ ESG profile. Furthermore, Cleco could also face the risk of climate-related litigation. Additionally, the Registrants’ failure to address and meet stakeholders’ ESG expectations, which continue to evolve, failure to report progress on ESG initiatives, or failure to achieve the ESG goals may negatively impact the Registrants’ reputation and business and, as a result, could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

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CLECO CLECO POWER ~~2024~~2025 FORM 10-K

ITEM 1C. CYBERSECURITY

Risk Management, Strategy, and Governance

Cybersecurity Integration with overall risk management

Cleco’s business operations rely on complex and evolving operational and information technology systems and network infrastructures. Digital information, information technology, and automation are essential components of Cleco’s operations and growth strategy. Cleco continues to assess its cybersecurity tools and processes and has taken a variety of actions to monitor and address cyber-related risks. These cybersecurity tools and assessments are embedded in Cleco’s overall enterprise risk management system. Cleco utilizes the following tools, methodologies, and standards to assess, identify, and manage material cybersecurity risks:

•NERC CIP standards, which protect Cleco’s operational technology and National Institute of Standards and Technology Cybersecurity Framework (NIST CSF), which provides frameworks to protect Cleco’s operational and information technology,

•Sarbanes-Oxley Act (SOX) regulations, which require Cleco to maintain access and security controls for certain systems that are essential to the completeness and accuracy of financial reporting,

•internal and third-party assessments to identify, monitor, and defend against prioritized risks,

•a unified Cybersecurity Incident Response Plan (CSIRP),

•a Security Operations Center managed 24 hours a day by a third party,

•other cybersecurity suppliers, and

•relationships with various local, state, and federal law enforcement agencies.

Processes to assess, identify, and manage material risks

Cleco has processes and procedures in place to ensure its cybersecurity program is operating effectively. Members of Cleco’s EMT routinely review its cybersecurity strategy, policy, program effectiveness, standards enforcement, and cybersecurity issue management. Cleco conducts risk assessments and compliance audits against standards including the NIST CSF, NERC CIP, and SOX. Cleco also engages with a variety of independent third parties, such as assessors, consultants, and auditors, for periodic audits and reviews of cybersecurity threats and related controls, including review of periodic penetration tests, regular patch reviews from vendors listing relevant risks, industry alerts and forums, and tabletop exercises. These assessment results are used to develop appropriate cybersecurity controls and risk mitigation strategies, which are implemented throughout the organization. Cleco also utilizes its Internal Audit department to review its cybersecurity program, in which findings are reported to the Audit Committee.

Cleco’s CSIRP helps ensure a timely, consistent, and compliant response to actual or attempted cybersecurity incidents impacting Cleco. This response plan includes detection, analysis, containment, eradication, recovery, post-incident review, and timely notice to relevant stakeholders, including ~~Cleco’s~~the Audit Committee, once an incident is deemed to be potentially impactful or material.

Cleco maintains a formal cybersecurity training program for all employees that includes training on matters such as

data protection, phishing, email security best practices, and broader cybersecurity themes such as insider threats, vishing, ransomware, and third-party risk. Cleco also provides specialized security training for certain other employee roles.

Processes to oversee and identify material risks associated with use of third-party service providers

Cleco implemented and is optimizing processes to manage the cybersecurity risks associated with its use of third-party software service providers. Additionally, Cleco proactively reviews and updates all third-party software service contracts upon renewal for potential amendments related to security, confidentiality, and recourse in the event of a negligent incident, such as a breach, loss, or unauthorized use of Cleco’s data. These measures provide the structure for managing Cleco’s cyber-related risks.

Management’s oversight

Cleco maintains a cybersecurity program overseen by its Chief Administrative and Sustainability Officer, EMT, and Audit Committee that uses a risk-based methodology to support the security, confidentiality, integrity, and availability of information. This program is integrated within Cleco’s enterprise risk management program, which utilizes the Enterprise Risk Management Committee to collaboratively manage and advance enterprise-wide risk management processes. Cleco’s Disclosure Committee, which is comprised of EMT and the Chief Accounting Officer, is the means in which cybersecurity matters are assessed for disclosure requirements. Cleco’s EMT sets enterprise risk strategies and makes risk-informed decisions that include the assessment and response to cybersecurity risk. Management engages in quarterly discussions with the Audit Committee regarding incidents of any magnitude experienced during the quarter, strategies and significant risk exposures, as well as the measures implemented to monitor and control these risks. These discussions may include the results of internal and third-party risk assessments and audit results, and management’s plans to improve its cybersecurity posture using a risk-based approach.

Cleco’s cybersecurity team, overseen by the Chief ~~Administrative~~Information ~~and Sustainability~~ Officer, has decades of experience selecting, deploying, and operating cybersecurity technologies, initiatives, and processes. Members of this team have extensive technical and leadership experience in federal and/or private sector environments as well as industry-recognized cybersecurity certifications. This team relies on threat intelligence as well as other information obtained from governmental, public or private sources, including external consultants engaged by Cleco. ~~Cleco’s~~The Audit Committee oversees the management of its cybersecurity risk and is responsible for communicating cyber-related incidents to its Boards of Managers.

Risks and previous events with material effects

It is possible that Cleco’s information technology systems and networks, or those managed by third parties, could have vulnerabilities and those vulnerabilities could go unnoticed for a period of time. Cleco may also be exposed to, and adversely affected by, interruptions to its computer and information technology systems, and sophisticated cyberattacks, including

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CLECO CLECO POWER ~~2024~~2025 FORM 10-K

cybersecurity threats and vulnerabilities in its systems, malware, and attacks targeting its information technology systems and networks. Any such prior events, to date, have not had a material impact on Cleco’s results of operations, financial condition or cash flows. While various procedures and controls have been and are being utilized to mitigate such risks, there can be no guarantee that the actions and controls

Cleco has implemented and is implementing, or which Cleco causes or has caused third party providers to implement, will be sufficient to protect its systems, information or other property. For more discussion of potential cyber threats that may affect Cleco, see Item 1A, “Risk Factors — Operational Risks — Technology, Nation-State, and Hacktivist Threats.”

ITEM 2. PROPERTIES

CLECO POWER

All of Cleco Power’s electric generating stations and electric operating properties are located in Louisiana. Cleco Power considers all of its properties to be well maintained, in good operating condition, and suitable for their intended purposes. For more information on Cleco Power’s generating facilities, see Item 1, “Business — Operations — Cleco Power.”

Electric Generating Stations

As of December 31, ~~2024~~2025, Cleco Power either owned or had an ownership interest in four steam electric generating stations, three combined cycle units, and one gas turbine with a combined rated capacity of 2,676 MW, and a combined electric net generating capacity of 2,~~519~~563 MW. The net generating capacity is the result of capacity tests and operational tests performed in ~~2023~~2024 and ~~2024~~2025, as required by MISO. This amount reflects the maximum production capacity these units can sustain over a specified period of time. For more information on Cleco Power’s generating facilities, see Item 1, “Business — Operations — Cleco Power.”

Electric Substations

As of December 31, ~~2024~~2025, Cleco Power owned 9497 active transmission substations and ~~251~~248 active distribution substations.

Electric Lines

As of December 31, ~~2024~~2025, Cleco Power’s transmission system consisted of 67 circuit miles of 500-kiloVolt (kV) lines; ~~609~~615 circuit miles of 230-kV lines; ~~682~~689 circuit miles of 138-kV lines; and 29 circuit miles of 69-kV lines. Cleco Power’s distribution system consisted of 3,~~445~~438 circuit miles of 34.5-kV lines and 8,~~874~~884 circuit miles of other lines.

General Properties

Cleco Power owns various properties throughout Louisiana, which include a headquarters office building, regional offices, service centers, telecommunications equipment, and other general-purpose facilities.

Title

Cleco Power’s holds full ownership of its electric generating plants and certain other principal properties ~~are owned in fee simple~~. Electric transmission and distribution lines are located either on private rights-of-way or along streets or highways by public consent.

ITEM 3. LEGAL PROCEEDINGS

CLECO

For information on legal proceedings affecting Cleco, see Item 1, “Business — Environmental Matters — Air Quality,” Item 1A, “Risk Factors — Operational Risks — Litigation,” and Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation.”

CLECO POWER

For information on legal proceedings affecting Cleco Power, see Item 1, “Business — Environmental Matters — Air Quality” and Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation.”

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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CLECO CLECO POWER ~~2024~~2025 FORM 10-K

PART II

ITEM 5. MARKET FOR REGISTRANTS’ COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

CLECO HOLDINGS

There is no established public trading market for Cleco Holdings’ membership interests. All of Cleco Holdings’ outstanding membership interests are owned by Cleco Group.

Cleco Holdings’ credit facility requires a total indebtedness of less than or equal to 65.0% of total capitalization in order to declare dividend payments. Additionally, in accordance with the 2016 Merger Commitments, Cleco Holdings is subject to certain provisions limiting the amount of distributions that may be paid from Cleco Holdings to Cleco Group or Cleco Partners, depending on Cleco Holdings’ debt to EBITDA ratio and its corporate credit ratings.

Cleco Holdings made no distributions to Cleco Group during 2025. Cleco Holdings made $145.0 million, and $53.5 million, ~~and $219.6 million~~ of distributions to Cleco Group during 2024, ~~2023,~~ and ~~2022~~2023, respectively.

Cleco Holdings received no equity contributions from Cleco Group during ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023.

CLECO POWER

There is no market for Cleco Power’s membership interests. All of Cleco Power’s outstanding membership interests are owned

by Cleco Holdings. Distributions on Cleco Power’s membership interests are paid when and if declared by Cleco Power’s Board of Managers. Any future distributions also may be restricted by any credit or loan agreements into which Cleco Power may enter.

Some provisions in Cleco Power’s debt instruments restrict the amount of equity available for distribution to Cleco Holdings by Cleco Power by requiring Cleco Power’s total indebtedness to be less than or equal to 65.0% of total capitalization. In addition, the 2016 Merger Commitments provide for limitations on the amount of distributions that may be paid from Cleco Power to Cleco Holdings, depending on Cleco Power’s common equity ratio and its corporate credit ratings.

Cleco Power made $9570.0 million, $9495.8 0 million, and $~~105~~94.5 8 million of distributions to Cleco Holdings in ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, respectively.

Cleco Power received no equity contributions from Cleco Holdings in ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023.

ITEM 6. RESERVED

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion is intended to assist in understanding Cleco’s results of operations and Cleco’s present financial condition. Cleco’s historical consolidated financial statements and the accompanying notes included elsewhere in this Annual Report on Form 10-K contain additional information that should be referred to when reviewing this material.

Cleco uses its website, https://www.cleco.com, as a routine channel for distribution of important information, including news releases and financial information. Cleco’s website is the primary source of publicly disclosed news about Cleco. Cleco is providing the address to its website solely for informational purposes and does not intend for the address to be an active link. The contents of the website are not incorporated into this Annual Report on Form 10-K.

OVERVIEW

Cleco is a regional energy company that conducts substantially all of its business operations through its principal operating business segment, Cleco Power. Cleco Power is a regulated electric utility company that owns eight generating units with a total rated capacity of 2,676 MW and serves approximately ~~295~~298,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana.

Many factors affect Cleco’s primary business of generating, delivering, and selling electricity. These factors include the ability to increase energy sales while containing ~~costs and the ability to successfully perform in MISO while~~

costs and the ability to successfully perform in MISO while subject to the related operating challenges and uncertainties. In addition, factors affecting Cleco Power include weather and the presence of a stable regulatory environment, which impacts the ROE and future rate cases, as well as the recovery of costs related to storms, growing energy demand, and volatile fuel prices; the ability to reliably deliver power to its jurisdictional customers; and the ability to comply with increasingly stringent regulatory and environmental standards. Significant events and major initiatives impacting Cleco and Cleco Power are discussed below.

~~FRP~~Strategic Review Process

OnIn ~~June~~2024, 19as previously disclosed in Part II, ~~2024~~Item 9B, ~~the~~“Other ~~LPSC~~Information” ~~approved~~in ~~Cleco~~the ~~Power~~Registrants’s ~~new~~Combined ~~retail~~Annual ~~rate~~Report ~~plan.~~on ~~Effective~~Form ~~July~~10-K 1,for ~~2024, under~~ the ~~terms~~fiscal ofyear ~~the~~ended ~~new~~December ~~FRP~~31, 2024, Cleco’s ~~Power~~shareholder isgroup ~~allowed~~initiated ~~to earn~~ a ~~target~~process ~~ROE~~to ofexplore ~~9.7%,~~the ~~while~~potential ~~providing~~sale of the ~~opportunity~~equity tointerests ~~earn~~of upCleco toGroup, ~~10.3%.~~the ~~Additionally,~~parent ~~60.0%~~entity of ~~retail~~Cleco ~~earnings~~Holdings ~~between 10.3%~~ and 10Cleco Power.~~9%,~~ ~~and~~A ~~all~~sale ~~retail~~transaction ~~earnings~~has ~~over~~not ~~10.9%~~occurred; however, ~~are~~developments ~~required~~in tothe becurrent ~~refunded~~or future processes to ~~customers.~~sell ~~The~~the ~~amount~~equity interest of ~~credits~~Cleco ~~due~~Group tocould ~~customers,~~result ifin ~~any,~~an isimpairment ~~determined~~of bythe Cleco Power ~~and~~reporting ~~the LPSC annually~~unit. For ~~information~~more ~~on Cleco Power’s new FRP~~information, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 1418 — ~~Regulation~~Intangible Assets and ~~Rates~~Goodwill — ~~FRP~~Goodwill.”

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CLECO CLECO POWER ~~2024~~2025 FORM 10-K

~~Cleco~~Regulatory ~~Cajun~~Structure ~~Divestiture~~and Rate Case Outlook

~~In March 2023,~~ Cleco ~~Holdings~~Power’s ~~management,~~retail ~~with~~rates ~~the~~are ~~support~~governed ofby ~~its~~an ~~Board~~FRP ofapproved ~~Managers,~~by ~~committed~~the toLPSC, awhich ~~plan~~allows ~~of action~~ for ~~the~~annual ~~disposition~~adjustments ofbased ~~the~~on ~~Cleco~~an ~~Cajun Sale Group~~ROE. The ~~results~~FRP ofprovides ~~operations~~a ~~and~~structured ~~financial~~regulatory ~~position~~environment ofthat ~~the~~supports Cleco ~~Cajun~~Power’s ~~Sale~~ability ~~Group~~to ~~have~~recover ~~been~~costs ~~presented as discontinued operations since March 31, 2023. On June 1, 2024, the Cleco Cajun Divestiture closed. For more information, see Item 8, “Financial Statements~~ and ~~Supplementary~~earn ~~Data~~a —reasonable ~~Notes~~return towhile ~~the~~maintaining ~~Financial~~rate ~~Statements~~stability —for ~~Note 3 — Discontinued Operations~~customers.”

~~Dolet~~As ~~Hills~~of July 1, 2024, Cleco Power’s FRP permits a target ROE of 9.7%, with refund obligations for earnings above 10.3%. The FRP also includes a residential revenue decoupling mechanism to stabilize recovery of base revenues.

Cleco Power is ~~seeking~~required ~~securitization~~to ~~financing~~file ofits ~~stranded~~next ~~and~~base ~~decommissioning~~rate ~~costs~~case ~~associated~~ with the ~~retirement~~LPSC ofby ~~the~~June ~~Dolet~~30, ~~Hills~~2026, ~~Power~~with ~~Station~~rates aseffective ~~well~~on asJuly ~~deferred~~1, ~~fuel~~2027. ~~and~~This ~~other~~filing ~~costs~~will ~~associated~~provide ~~with~~an ~~the~~opportunity ~~closure~~to ofreassess the ~~Oxbow~~cost ~~mine.~~structure, ~~Management~~capital ~~anticipates~~investments, ~~the~~and ~~securitization~~evolving ~~financing~~customer needs, including those related to ~~close~~grid bymodernization, ~~the~~renewable ~~end~~integration, and electrification initiatives. Management is preparing for this filing as part of ~~March~~Cleco ~~2025~~Power’s regulatory and financial planning process.

~~For~~Corporate more information, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review.”Sustainability

~~ESG~~Cleco is evaluating renewable and electrification initiatives as part of its long‑term resource and infrastructure planning. Currently, management is unable to predict what impact the implementation of these sustainability initiatives will have on the Registrants. For more information on these sustainability goals, see Part I, Item 1, “Business — Human Capital — Communities” and “— Oversight and Governance.” For more information about Cleco’s environmental initiatives, see “— Renewable and Electrification Initiatives.”

Cleco is accelerating its efforts to protect the environment, manage social relationships, govern responsibly, and ensure accountability. To protect the environment, Cleco is increasing its renewable and electrification initiatives. Cleco is also aiming to reduce GHG emissions in ways such as incorporating renewable energy resources into its generating fleet, as it replaces coal-fired generation units retired after serving their useful lives. Cleco aims to sustainably reduce its GHG emissions from its generating fleet by approximately 50.0% by 2035 with aspirations of net zero emissions by 2050. Cleco’s ability to meet these targets depends heavily on real-world factors such as policy changes, load growth, and technological advancements. To manage social relationships, Cleco plans to ensure that the electricity that it generates is affordable, reliable, and sustainable. Cleco also continues to support community investment opportunities across its service territory and has created a workforce culture that rewards inclusion, safety, and innovation. To govern responsibly, Cleco plans to continue operating according to policies and practices that support the governance framework. To ensure accountability, Cleco has created an ESG Steering Committee and appointed a Chief Administrative and Sustainability Officer to oversee the continued implementation of ESG initiatives. Currently, management is unable to predict the impact of implementing these ESG initiatives on the Registrants. For more information on these ESG goals, see Part I, Item 1, “Business — Human Capital — Communities” and “— Oversight and Governance.” For more information about Cleco’s environmental initiatives, see “— Renewable and Electrification Initiatives.”People

~~Tax~~Cleco ~~Reform~~is committed to providing affordable, reliable, and sustainable electricity. It supports community investment across its service territory and fosters a workplace culture that values a sense of belonging, safety, and innovation.

On August 16, 2022, the IRA of 2022 became law. The IRA of 2022 seeks to lower gasoline and electricity prices, increase energy security, and help consumers afford emissions-cutting technologies. In addition, the IRA of 2022 provides tax credits for clean electricity sources and energy storage, as well as creates programs to enable states and electric utilities to transition to clean power. There are several tax and Planet

~~renewables~~Cleco ~~provisions~~is inexpanding ~~this~~renewable ~~legislation~~and ~~that~~electrification ~~could~~initiatives ~~have~~and atransitioning ~~material~~away ~~effect~~from oncoal-fired ~~the results of operations, financial condition, or cash flows of the Registrants~~generation. ~~These~~It ~~include~~aims ~~provisions related~~ to ~~direct~~reduce ~~pay~~GHG ~~and~~emissions ~~credit~~from ~~transferability,~~its ~~enhanced~~generating ~~carbon~~fleet ~~capture~~by ~~and~~approximately ~~sequestration~~50% ~~credits~~by 2035, ~~new~~with ~~technology~~a long-~~neutral~~term ~~clean~~ambition ~~energy~~of ~~investment credits, and new technology~~net-~~neutral~~zero ~~clean~~emissions ~~energy~~by ~~production credits~~2050. These ~~credits~~targets ~~are~~depend ~~expected~~on tofactors ~~help~~such ~~fund~~as ~~future~~policy ~~renewable~~developments, ~~and~~load ~~electrification~~growth, ~~projects. Management continues to monitor any potential impacts the IRA of 2022 could have on the Registrants~~technology, ~~including~~and ~~the~~implementation ~~changes resulting from the new presidential administration~~feasibility.

Principles

Cleco maintains a governance framework supported by policies and practices that promote accountability. A Corporate Sustainability Steering Committee and a Chief Administrative and Sustainability Officer oversee the implementation of sustainability initiatives.

Tax Reform and Legislative Impacts

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.

On July 4, 2025, the OBBBA was signed into law, introducing several provisions that may affect the utility industry. For more information, see Part I, Item 1A, “Risk Factors” and “— Financial Condition — Liquidity and Capital Resources — General Considerations and Credit-Related Risks — OBBBA.”

Grid Reliability

Cleco Power continues to prioritize system reliability and operational resilience in the face of evolving grid demands and environmental conditions. As part of this effort, Cleco Power monitors and manages risks associated with potential service outages. Load shedding may occur during periods of extreme weather or transmission constraints to maintain overall grid stability. While Cleco Power works proactively to mitigate these risks through infrastructure investments, demand-side management, and coordination with MISO, the load shed event in May 2025 was initiated by a MISO directive and highlights the ongoing operational challenges posed by extreme weather and system constraints. These operational challenges coincided with increased market prices due to Cleco’s need to purchase power at elevated rates, as several generating units were unavailable. As electrification and customer demand increase, particularly during peak usage, Cleco Power continues to assess system readiness and invest in grid modernization to reduce the likelihood and impact of service interruptions. However, Cleco Power cannot guarantee that such events will not recur, particularly in the context of extreme weather or unforeseen system disruptions. For more information on the May 2025 event, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — MISO Load Shed Event.” For more information on Cleco Power’s grid resiliency plan, see “— Grid Resiliency and Hardening.”

Generation Planning

Cleco Power’s participation in MISO’s ERAS could significantly impact its long-term generation planning and its ability to meet future reliability and capacity needs. ERAS is a newly launched MISO initiative designed to accelerate the interconnection timeline for new generation resources, with the potential to enable interconnection agreements within approximately 90 days, which is substantially faster than traditional MISO study cycles. While ERAS offers an expedited path for select projects, the majority of new generation resources will continue to follow MISO’s Definitive Planning Phase (DPP), which is the standard interconnection process consisting of multiple phases of system impact and facilities studies that typically span more than a year. This process includes detailed evaluations of network upgrades and reliability impacts and requires milestone commitments and financial deposits at various stages. Because DPP remains the primary pathway for most projects, Cleco’s long-term planning must account for both ERAS opportunities and DPP requirements, as delays or cost implications in either process could materially affect resource adequacy and investment decisions.

Cleco Power is actively participating in ERAS, which is subject to limitations on the total number and timing of submissions and requires a financial commitment to MISO for each submission. Cleco’s ability to meet future reliability and capacity requirements may be materially affected by anticipated load growth from large-scale commercial and industrial customers, and the financial commitment required for ERAS participation.

Cleco continues to monitor developments in the MISO planning processes, including ERAS and DPP, and is actively evaluating its options in response to these changes. While participation is underway, there can be no assurance that ERAS will result in favorable outcomes. However, the


CLECO
CLECO POWER						2025 FORM 10-K

emergence of ERAS represents a material consideration in Cleco’s long-term generation planning and capital investment strategy.

Decarbonization Initiatives

In April 2022, Cleco Power announced Project Diamond Vault; however, adue ~~proposed project with the goal of reducing up~~ to 95% of carbon dioxide emissions from Madison Unit 3 through various possible carbon capture and sequestration technologies. Development efforts using an amine-based carbon capture technology began in 2022. Due to increases in the estimated investment required, as well as the current economic and financing environment, Cleco Power’s management ~~decided~~discontinued tofurther ~~evaluate~~development ~~other~~activities ~~potential carbon capture~~ and ~~sequestration~~is ~~technologies~~evaluating or alternatives to decarbonize Madison Unit 3, ~~including~~as ~~fuel~~required ~~switching~~by ~~technology.~~environmental For more information on Project Diamond Vault, see, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Property, Plant, and Equipmentregulations.”

Management is considering the most economically viable decarbonization ~~strategy~~strategies and remains committed to addressing Cleco Power’s carbon output of its solid fuel generating ~~unit~~units. ~~and~~For ~~ESG~~more ~~goals~~information toon ~~sustainably~~environmental ~~reduce~~matters ~~its~~that ~~GHG~~could ~~emissions.~~affect Cleco Power’s decarbonization initiatives, see Item 1 ”Business — Environmental Matters.”

For more information on environmental matters that could affect Madison Unit 3 and Cleco Power’s decarbonization initiatives, see Item 1 ”Business — Environmental Matters.”

Renewable and Electrification Initiatives

In July 2022, Cleco Power entered into a long-term agreement to purchase, among other things, the output, capacity, and current and future environmental resource credits of a 240-MW solar electric generation facility to be constructed in DeSoto Parish, Louisiana and owned by ~~a third party~~DESRI. In September 2024, the LPSC approved the agreement, including the recovery of $2.1 million of incurred development costs. The LPSC also approved Cleco Power’s recovery of future costs to construct, own, operate, and maintain the transmission line necessary to deliver the energy from the solar generation facility to Cleco Power’s transmission grid. Cleco Power expects to begin receiving output from this facility by 2027. For information about the regulatory asset associated with Cleco Power’s solar development costs, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Solar Development Costs.”

Cleco Power is ~~seeking~~pursuing toadditional ~~replace~~renewable orresources ~~supplement~~and ~~certain~~battery ~~existing~~storage ~~power~~to ~~supply~~diversify ~~resources~~its ~~with~~generation ~~products~~portfolio. ~~identified~~In inApril 2025, Cleco Power’s ~~most~~launched ~~recent~~a ~~IRP.~~formal ~~The~~request ~~IRP~~for ~~indicated~~proposals ~~that~~(RFP) aprocess ~~portfolio~~to ~~providing~~secure up to approximately ~~500MW~~500 MW of renewable ~~resources~~energy and up150 toMW ~~150MW~~ of battery storage, ~~would~~as ~~provide~~recommended in its most recent IRP. The RFP process concluded in November 2025, and no resources were selected based on the proposals received. Cleco Power continues to evaluate alternatives to meet its long‑term resource needs and is engaging with customers to assess demand for potential renewable energy offerings. Cleco Power will consider these insights, along with market conditions and regulatory requirements, as it further refines its resource planning strategy. For more information on Cleco Power’s IRP, see “— Financial Condition — Regulatory and Other Matters — IRP.”

27Cleco Power is also pursuing electrification initiatives for its customers such as gas compression, e-trucking, green tariffs, infrastructure for light duty electric vehicles and forklifts, and electric vehicle charging sites, among others.

CLECO CLECO POWER 2024 FORM 10-K

an effective addition to Cleco Power’s current generation portfolio. On December 30, 2024, Cleco Power filed a draft request for proposal (RFP) that outlines the resources and transaction structures that Cleco Power is seeking from bidders. Market comments on the draft RFP were due on February 28, 2025, and management expects to file and issue the final RFP on April 4, 2025. Bid submissions to the RFP are due on May 26, 2025.

Cleco Power is also pursuing electrification initiatives for its customers such as gas compression, e-trucking, green tariffs, residential heating programs, and increasing the supply of light duty electric vehicles and forklifts, among others.

Cleco Power is seeking available funds from the U.S. government for funding of these electrification initiatives. Cleco Power cannot predict the likelihood that any funding from the U.S. government ultimately will be approved.

DSMART Project

The DSMART project includes modernization of Cleco Power’s distribution system by replacing or upgrading distribution line equipment to utilize new and emerging technologies to facilitate automatic fault isolation, service restoration, and fault location. The project is expected to provide savings through a reduction in outage restoration time and improve operational efficiencies and time to locate faults. The project is also expected to improve safety and reliability of Cleco Power’s distribution assets by minimizing outage patrols and improving situational awareness in the distribution operations center. The total estimated project cost is $105.0 million. The project implementation will be completed in phases, and management expects the total project will be completed by the end of 2028. Cleco Power is currently in the second phase of the project. As of December 31, 2024, Cleco Power had spent $70.8 million on the project.

efficiencies and time to locate faults. The project is also expected to improve safety and reliability of Cleco Power’s distribution assets by minimizing outage patrols and improving situational awareness in the distribution operations center. The total estimated project cost is $109.0 million. The project implementation will be completed in phases, and management expects the total project will be completed by the end of 2028. Cleco Power is currently in the second phase of the project. As of December 31, 2025, Cleco Power has incurred $88.9 million of costs on the project.

Grid Resiliency and Hardening

InCleco ~~2023,~~Power ~~the~~is ~~LPSC~~actively ~~Staff~~participating ~~proposed~~in aprograms ~~final~~to ~~rule~~enhance ~~for~~its ~~LPSC~~grid ~~consideration~~resilience against growing threats of extreme weather and ~~adoption~~climate ~~setting~~change. ~~guidelines~~This may include potential hardening projects aimed at reinforcing or replacing critical infrastructure on Cleco Power’s transmission and ~~requirements~~distribution ~~for~~systems ~~utilities~~with tomaterials ~~develop~~that can better withstand extreme weather events, avoid or mitigate customer outages from such events, and facilitate faster restoration after such events. Cleco Power’s grid ~~resilience~~resiliency ~~plans~~plan inis a 10-year plan that identifies an ~~effort~~estimated to1,400 ~~enhance~~projects ~~the~~with ~~state~~a total investment of ~~Louisiana’s~~approximately ~~collective~~$510.0 ~~ability~~million. toIn ~~withstand~~December 2024, ~~adapt~~Cleco Power filed an application with the LPSC for approval of Phase 1 of the plan which includes $257.6 million for 781 projects to be completed over 5 years. On November 3, ~~and~~2025, ~~recover~~Cleco ~~from~~Power ~~risks~~filed ~~posed~~an uncontested stipulated settlement with the LPSC, reducing the proposed investment to approximately $200.0 million. The settlement was approved by the ~~electric~~LPSC ~~system~~in November 2025. ~~Management~~Effective isJanuary ~~unable~~1, to2026, ~~determine~~Cleco Power began collecting revenues under the ~~outcome~~LPSC‑approved ~~and~~Grid ~~timing~~Resiliency Rate Rider. The rider provides for contemporaneous recovery of ~~approval~~prudently incurred costs associated with Phase I of ~~this~~Cleco ~~proposed~~Power’s ~~rule~~grid resiliency plan, subject to a semi‑annual true up and prudency review by the LPSC. Management expects that costs incurred under Phase I, as well as costs incurred under future phases of the grid resiliency plan, will continue to be recovered through this mechanism.

~~Cleco~~Large ~~Power~~Load isGrowth actively participating in programs to enhance its grid resilience against growing threats of extreme weather and climate change. These may include potential hardening projects aimed at reinforcing or replacing critical infrastructure on Cleco Power’s transmission and distribution systems with materials that can better withstand extreme weather events, avoid or mitigate customer outages from such events, and facilitate faster restoration after such events. The grid resiliency plan is a 10-year plan that identifies an estimated 1,400 projects with a total investment of approximately $510.0 million. In December 2024, Cleco Power filed an application with the LPSC for approval of Phase 1 of the plan which includes recovery of $257.6 million for 781 projects over 5 years. Opportunities

~~Data~~Cleco ~~Centers~~Power is evaluating opportunities to support long-term load growth associated with the increasing demand for data centers, which is driven predominately by the rapid expansion of artificial intelligence and digital infrastructure. Cleco Power is pursuing potential long-term agreements to supply power to large-load facilities, including data centers, within its service territory.

As a result of the growing demand of data centers, driven by the use of artificial intelligence, the electric industry has opportunity for significant future load growth, and Cleco Power shares in that opportunity. Cleco is pursuing potential long-term agreements to supply power to large load facilities. Such

potential transactions are subject to certain risks and uncertainties, including regulatory review and/or approval and adverse legislative action, which could impact the timing and ability to consummate a transaction.

Other

Cleco Power is working to secure load growth opportunities that include renewing existing franchises, pursuing new franchises, and adding new retail load opportunities with large industrial, commercial, and residential customers. The retail opportunities include sectors such as agriculture, oil and gas, chemicals, metals, national accounts, government, military, wood, paper, health care, information technology, transportation, clean and green fuels, and other manufacturing.

On March 31, 2024, a contract with a significant wholesale customer expired and was not renewed with Cleco Power. The absence of this agreement affected jurisdictional retail rates that were reviewed by the LPSC in conjunction with Cleco Power’s most recent rate case. The LPSC approved Cleco Power’s new rate plan effective July 1, 2024.27


CLECO
CLECO POWER						2025 FORM 10-K

RESULTS OF OPERATIONS

Use of Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.

Comparison of the Years Ended December 31, 2024, and 2023

Cleco
	FOR THE YEAR ENDED DEC. 31,
					FAVORABLE/(UNFAVORABLE)
(THOUSANDS)	2024		2023		VARIANCE		CHANGE
Operating revenue, net	$	1,147,708	$	1,238,791	$	(91,083)	(7.4)	%
Operating expenses	920,229		1,179,323		259,094		22.0	%
Operating income	227,479		59,468		168,011		282.5	%
Interest income	15,067		5,393		9,674		179.4	%
Allowance for equity funds used during construction	2,310		5,747		(3,437)		(59.8)	%
Equity income from investees, before tax	677		—		677		100.0	%
Other expense, net	(13,021)		(694)		(12,327)		*
Interest charges	153,555		164,856		11,301		6.9	%
Federal and state income tax expense (benefit)	14,056		(65,073)		(79,129)		(121.6)	%
Income (loss) from continuing operations, net of income taxes	64,901		(29,869)		94,770		317.3	%
Income from discontinued operations, net of income taxes	45,517		14,642		30,875		210.9	%
Net income (loss)	$	110,418	$	(15,227)	$	125,645	825.1	%
* Not meaningful

CLECO CLECO POWER 2024 FORM 10-K

The increase in Cleco’s results of operations is primarily attributable to the following:

•lower losses on gas-related derivative contracts at Cleco Cajun of $110.3 million which are included in continuing operations.

•the effects of the presentation of the Cleco Cajun Sale Group as discontinued operations and, as a result, Cleco Cajun no longer being reflected as a reportable segment. For information on discontinued operations, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Discontinued Operations.”

•activity of its reportable segment, Cleco Power. For detailed discussions of those impacts, see “— Cleco Power.”

•lower interest expense at Cleco Holdings of $11.1 million primarily due to the repayment of the $66.7 million bank term loan in April 2024, the redemption of $165.0 million floating rate senior notes in June 2024, and the voluntary tender offer for its senior notes due in May 2026 in an aggregate principal amount of $175.0 million. For more information, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt.”

•higher interest earned on temporary investments in 2024 and interest on the receivable from the Cleco Cajun Purchasers due to the close of the Cleco Cajun Divestiture. For information on the receivable from the Cleco Cajun Purchasers, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Discontinued Operations.”

These increases were partially offset by changes in federal and state income taxes. For more information on Cleco’s effective income tax rates on continuing operations, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 12 — Income Taxes — Cleco.”

Cleco Power

Significant Factors Affecting Cleco Power

Revenue ~~is primarily affected by the following factors:~~Drivers

As an electric utility, Cleco Power is affected, to varying degrees, by a number of factors influencing the electric utility industry. These factors, among others, include:

•an increasingly competitive business environment,

•the ability to recover costs through rate-setting proceedings,

•the ability to successfully perform in MISO and the related operating challenges,

•the cost of compliance with environmental and reliability regulations,

•conditions in the credit markets and global economy,

•changes in the federal and state regulation of generation, transmission, and the sale of electricity, and

•the increasing uncertainty of future federal and state regulatory and environmental policies.

~~For~~Over athe ~~discussion~~last offive ~~various~~years, ~~regulatory~~non-industrial ~~changes~~retail ~~and~~sales ~~competitive~~have ~~forces~~been ~~affecting~~steady, with fluctuations in industrial sales. Cleco Power ~~and~~anticipates ~~other~~moderate ~~electric~~retail ~~utilities~~sales growth over the next five years, ~~see~~with ~~“Cautionary~~the ~~Note~~potential ~~Regarding~~for ~~Forward~~growth to exceed current expectations driven by expansions of current customers and new retail customers. Cleco Power continues to evaluate opportunities to serve potential large-~~Looking~~load ~~Statements~~customers,” ~~Part~~including Idata centers. Successful execution of such opportunities could result in retail sales growth materially above expectations, ~~Item~~although 1the timing and feasibility of any related load growth remain uncertain. These expectations are subject to variability based on weather conditions, ~~“Business~~natural —gas ~~Regulatory~~prices, ~~Matters~~conservation efforts, ~~Industry~~marketing ~~Developments~~programs, and ~~Franchises~~broader local economic conditions. In addition,” Cleco Power continues to pursue load growth through renewal of existing franchises and “—the ~~Financial~~addition of new ones within its service territory.

~~Condition~~For —more ~~Regulatory~~information ~~and~~on ~~Other~~future ~~Matters~~energy —sales ~~Market~~expectations ~~Structure.”~~at ~~For~~Cleco aPower, ~~discussion~~see of“Cautionary ~~risk~~Note ~~factors~~Regarding ~~affecting~~Forward-Looking ~~Cleco Power’s business~~Statements,” ~~see~~and Part I, Item 1A, “Risk Factors — Operational Risks — Future Electricity Sales.”

Cleco Power’s residential customers’ demand for electricity is affected largely by weather. Weather is generally measured in cooling degree-days and heating degree-days. A high number of cooling degree-days may indicate consumers will use more air conditioning, while a high number of heating degree-days may indicate consumers will use more heating. An increase in heating degree-days does not produce the same increase in revenue as an increase in cooling degree-days because alternative heating sources are more readily available, and winter energy is typically priced below the rate charged for energy used in the summer. Normal heating degree-days and cooling degree-days are calculated for a month by separately calculating the average actual heating and cooling degree-days for that month over a period of 30 years.

Over the last five years, Cleco Power’s non-industrial retail sales have been relatively steady; however, there have been fluctuations in industrial retail sales. Cleco Power anticipates moderate growth in retail sales over the next five years. Cleco Power expects to begin providing service to expansions of current customers’ operations, as well as service to new retail customers. Cleco Power’s expectations and projections regarding retail sales are dependent upon factors such as weather conditions, natural gas prices, customer conservation efforts, retail marketing and business development programs, and the economy of Cleco Power’s service area. Cleco Power is pursuing load growth opportunities that include renewal of existing franchises as well as adding new franchises. For more information on other expectations of future energy sales on Cleco Power, see “Cautionary Note Regarding Forward-Looking Statements,” and Part I, Item 1A, “Risk Factors — Operational Risks — Future Electricity Sales.”

Other issues facing the electric utility industry that could affect sales include:

•imposition of federal and/or state renewable portfolio standards,

•imposition of energy efficiency mandates without recovery of lost revenues,

•legislative and regulatory changes, including changes resulting from the ~~new~~current presidential administration.,

•increases in environmental regulations and compliance costs,

•cost of power impacted by the price movement of fuels and the addition of new generation capacity,

•transmission congestion costs,

•increases in capital and operations and maintenance costs due to higher construction and labor costs,

•changes in electric rates compared to customers’ ability to pay,

•changes in the credit markets and local and global economies, and

•the LPSC’s ~~consideration~~adoption of ~~adopting~~ minimum physical capacity ~~threshold~~obligations ~~requirements~~ for load serving entities.

For more information on energy legislation in regulatory matters that could affect Cleco, see Part I, Item 1, “Business — Regulatory Matters, Industry Developments, and Franchises — Legislative and Regulatory Changes and Matters.”

~~Cleco~~Expense ~~Power’s revenues and earnings are substantially affected by regulatory proceedings known as rate cases, or in~~ Drivers

CLECO CLECO POWER 2024 FORM 10-K

some cases, a request for extension of an FRP. During those cases, the LPSC determines Cleco Power’s rate base, depreciation rates, operation and maintenance costs, and administrative and general costs that Cleco Power may recover from its retail customers through its rates. Generally, historical costs are used by the LPSC in determining Cleco Power’s rates. These proceedings may examine, among other things, the prudency of Cleco Power’s operation and maintenance practices, level of expenditures, allowed rates of return, and previously incurred capital expenditures. The LPSC has the authority to disallow costs found not to have been prudently incurred. Rate cases generally have timelines of approximately one year, and decisions are typically subject to appeal, potentially leading to additional uncertainty. Cleco Power’s new FRP became effective on July 1, 2024. Cleco Power’s next base rate case is required to be filed with the LPSC on or before June 30, 2026. The transmission tariffs of Cleco Power are regulated by FERC with its own regulatory proceedings. Both the LPSC and FERC regulatory proceedings can involve multiple parties, including governmental bodies and officials, consumer advocacy groups, and various consumers of energy, all of whom have differing concerns but who have the common objective of limiting rate increases or reducing rates.

For more information on Cleco Power’s FRP see “—Overview — FRP.”

Expenses are primarily affected by the following factors:

The majority of Cleco Power’s non-fuel cost recovery expenses include:

•other operations expenses that are affected by, among other things, the cost of employee benefits, insurance expense, and the costs associated with energy delivery and customer service,

•maintenance expenses for Cleco Power’s generating plants, which generally depend upon the plant’s physical characteristics, maintenance practices, and effectiveness of preventive maintenance programs,

•maintenance expenses of transmission and distribution assets, which are generally affected by the level of repair and rehabilitation of lines to maintain reliability,

•depreciation and amortization expense, which is primarily affected by the cost of the facilities in service, the time the facilities were placed in service, and the estimated useful life of the facilities,

•taxes other than income taxes, which generally include payroll taxes, franchise taxes, and property taxes, and

•interest charges, which are generally affected by interest rates on outstanding debt.

	FOR THE YEAR ENDED DEC. 31,
					FAVORABLE/(UNFAVORABLE)
(THOUSANDS)	2024		2023		VARIANCE		CHANGE
Operating revenue
Base	$	729,273	$	692,866	$	36,407	5.3	%
Fuel cost and purchased power recovery	321,980		504,503		(182,523)		(36.2)	%
Electric customer credits	(3,940)		(60,689)		56,749		93.5	%
Other operations	95,137		111,561		(16,424)		(14.7)	%
Affiliate revenue	12,452		8,904		3,548		39.8	%
Operating revenue, net	1,154,902		1,257,145		(102,243)		(8.1)	%
Operating expenses
Recoverable fuel and purchased power	321,980		504,512		182,532		36.2	%
Non-recoverable fuel and purchased power	32,752		45,485		12,733		28.0	%
Other operations and maintenance	245,651		233,863		(11,788)		(5.0)	%
Depreciation and amortization	236,444		191,745		(44,699)		(23.3)	%
Taxes other than income taxes	57,754		60,676		2,922		4.8	%
Total operating expenses	894,581		1,036,281		141,700		13.7	%
Operating income	260,321		220,864		39,457		17.9	%
Interest income	4,125		5,011		(886)		(17.7)	%
Allowance for equity funds used during construction	2,310		5,747		(3,437)		(59.8)	%
Equity income from investees, before tax	677		—		677		100.0	%
Other expense, net	(11,151)		(28)		(11,123)		*
Interest charges	98,858		98,879		21		—	%
Federal and state income tax expense (benefit)	18,506		(4,434)		(22,940)		(517.4)	%
Net income	$	138,918	$	137,149	$	1,769	1.3	%
* Not meaningful

Regulatory Impacts

~~The~~Cleco ~~following~~Power’s ~~table~~revenues ~~shows~~and ~~the~~earnings ~~components~~are substantially affected by regulatory proceedings, including base rate cases and, in certain circumstances, requests for extensions of its FRP. In these proceedings, the LPSC determines Cleco Power’s rate base and allowed rate of return, as well as the level of depreciation, operation and maintenance, and administrative and general costs that may be recovered from retail customers through rates. In setting rates, the LPSC generally relies on historical costs, which can result in regulatory lag and ~~wholesale~~may ~~customer~~limit ~~sales~~the ~~related~~timely recovery of increased costs. These proceedings also involve reviews of the prudency of Cleco Power’s operations and maintenance practices, levels of expenditures, allowed rates of return, and previously incurred capital expenditures. The LPSC has the authority to disallow costs it determines were not prudently incurred, which could adversely affect Cleco Power’s results of operations. Rate cases typically take approximately one year, and resulting decisions are subject to appeal, which may create additional uncertainty regarding ultimate outcomes. Cleco Power’s current FRP became effective on July 1, 2024. Cleco Power is required to file its next base ~~revenue:~~rate case with the LPSC by June 30, 2026, with rates expected to become effective on July 1, 2027. In addition, Cleco Power’s transmission tariffs are regulated by FERC through separate regulatory proceedings. Both the LPSC and FERC proceedings may involve multiple parties, including governmental bodies and officials, consumer advocacy groups, and various energy consumers, whose interests often include limiting or reducing rate increases. For more information on Cleco Power’s FRP see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 14 — Regulation and Rates — FRP.”

	FOR THE YEAR ENDED DEC. 31,
			FAVORABLE/
(MILLION kWh)	2024	2023	(UNFAVORABLE)
Electric sales
Residential	3,678	3,772	(2.5)	%
Commercial	2,701	2,723	(0.8)	%
Industrial	2,275	2,229	2.1	%
Other retail	124	124	—	%
Total retail	8,778	8,848	(0.8)	%
Sales for resale	927	2,980	(68.9)	%
Total retail and wholesale customer sales	9,705	11,828	(17.9)	%

For a discussion of various regulatory changes and competitive forces affecting Cleco Power and other electric utilities, see “Cautionary Note Regarding Forward-Looking

3028

CLECO CLECO POWER ~~2024~~2025 FORM 10-K

Statements,” Part I, Item 1, “Business — Regulatory Matters, Industry Developments, and Franchises,” and “— Financial Condition — Regulatory and Other Matters — Market

Structure.” For a discussion of risk factors affecting Cleco Power’s business, see Part I, Item 1A, “Risk Factors.”

Comparison of the Years Ended December 31, 2025, and 2024


	FOR THE YEAR ENDED DEC. 31,
	CLECO POWER						OTHER SEGMENTS		CLECO
					FAVORABLE/(UNFAVORABLE)
(THOUSANDS)	2025		2024		VARIANCE		VARIANCE		VARIANCE
Operating revenue
Base	$	796,123	$	729,273	66,850		$	2,137	68,987
Fuel cost and purchased power recovery	413,608		321,980		91,628		—		91,628
Electric customer credits	—		(3,940)		3,940		—		3,940
Other operations	117,521		95,137		22,384		(2,858)		19,526
Affiliate revenue	976		12,452		(11,476)		11,476		—
Operating revenue, net	1,328,228		1,154,902		173,326		10,755		184,081
Operating expenses							—
Recoverable fuel and purchased power	413,610		321,980		(91,630)		—		(91,630)
Non-recoverable fuel and purchased power	30,530		32,752		2,222		6,519		8,741
Other operations and maintenance	256,230		245,651		(10,579)		5,243		(5,336)
Depreciation and amortization	201,073		236,444		35,371		(513)		34,858
Taxes other than income taxes	60,078		57,754		(2,324)		903		(1,421)

Total operating expenses	961,521		894,581		(66,940)		12,152		(54,788)
Operating income	366,707		260,321		106,386		22,907		129,293
Interest income	9,505		4,125		5,380		(422)		4,958
Allowance for equity funds used during construction	3,039		2,310		729		—		729
Equity income from investees, before tax	65		677		(612)		—		(612)
Other income (expense), net	4,487		(11,151)		15,638		3,390		19,028
Interest charges	106,125		98,858		(7,267)		9,739		2,472
Federal and state income tax expense	49,577		18,506		(31,071)		5,512		(25,559)
Income from discontinued operations, net of income taxes	—		—		—		(45,517)		(45,517)
Net income	$	228,101	$	138,918	$	89,183	$	(4,391)	$	84,792

Summary of Consolidated Results

The changes in Cleco’s and Cleco Power’s results of operations are primarily attributable to the following:

Base

Base revenue increased $69.0 million primarily due to $80.6 million related to higher retail rates, largely resulting from the implementation of the current retail rate plan, including the IICR, and $10.0 million from higher usage from Cleco Power’s customers due to colder winter weather. These increases were partially offset by $14.2 million of lower wholesale revenue due to the expiration of a wholesale contract in March 2024 and $6.6 million for the absence of the allowed carrying charge on the related Dolet Hills regulatory asset. For more information on the Dolet Hills carrying charge, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Dolet Hills Carrying Charge.”

Statements,” and Part I, Item 1A, “Risk Factors — Operational Risks — Future Electricity Sales.”

The following table shows the components of Cleco Power’s base revenue:

FOR THE YEAR ENDED DEC. 31,

FAVORABLE/

(THOUSANDS)

~~2024~~2025

~~2023~~2024

(UNFAVORABLE)

Electric sales

Residential

~~351~~397,~~309~~376

~~322~~351,~~729~~309

813.91

Commercial

~~227~~254,~~829~~326

~~201~~227,~~270~~829

1311.26

Industrial

~~116~~124,~~423~~479

95116,~~707~~423

~~21.~~6.9

Other retail

1214,~~874~~279

1112,~~663~~874

10.49

Total retail

~~708~~790,~~435~~460

~~631~~708,~~369~~435

1211.26

Sales for resale

205,~~838~~663

6120,~~497~~838

(6672.18)

Total base revenue

~~729~~796,~~273~~123

~~692~~729,~~866~~273

59.32


CLECO
CLECO POWER						2025 FORM 10-K

The following table shows the components of Cleco Power’s retail and wholesale customer sales related to base revenue:


	FOR THE YEAR ENDED DEC. 31,
			FAVORABLE/
(MILLION kWh)	2025	2024	(UNFAVORABLE)
Electric sales
Residential	3,777	3,678	2.7	%
Commercial	2,718	2,701	0.6	%
Industrial	2,298	2,275	1.0	%
Other retail	121	124	(2.4)	%
Total retail	8,914	8,778	1.5	%
Sales for resale	176	927	(81.0)	%
Total retail and wholesale customer sales	9,090	9,705	(6.3)	%

The following chart shows how cooling and heating degree-days varied from normal conditions and from the prior period. Cleco Power uses weather data provided by the National Oceanic and Atmospheric Administration to determine degree-days.

	FOR THE YEAR ENDED DEC. 31,
				2024 CHANGE
				2025 CHANGE
	2024	2023	NORMAL	PRIOR YEAR		NORMAL
	2025	2024	NORMAL	PRIOR YEAR		NORMAL
Cooling degree-days	3,~~377~~348	3,~~707~~377	2,920	(80.9)	%	1514.7	%
Heating degree-days	1,~~152~~351	1,~~057~~152	1,477	917.03	%	(228.05)	%

Base

Base revenue increased $36.4 million primarily due to $72.7 million of higher rates largely resulting from the implementation of Cleco Power’s new retail rate plan. Also contributing to the increase was $6.4 million of higher demand charges from new industrial customers in the third quarter of 2023, and $4.7 million relating to the recognition of the allowed carrying charge on the related Dolet Hills regulatory asset. These increases were partially offset by $34.7 million of lower wholesale revenue due to the expiration of a wholesale contract in March 2024 and $12.8 million of lower usage from milder summer weather compared to 2023. For more information on the Dolet Hills carrying charge, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Dolet Hills Carrying Charge.”

For more information on the effects of future energy sales on the results of operations, financial condition, or cash flows of Cleco Power, see “— Significant Factors Affecting Cleco Power,” “Cautionary Note Regarding Forward-Looking Statements,” and Part I, Item 1A, “Risk Factors — Operational Risks — Future Electricity Sales.”

Fuel Cost and Purchased Power Recovery/Recoverable Fuel and Purchased Power

Changes in fuel costs historically have not significantly affected Cleco Power’s net income. Generally, fuel and purchased power expenses are recovered through the LPSC-established FAC, which enables Cleco Power to pass on to its customers substantially all such expenses. Approximately 8998% of Cleco Power’s total fuel cost during ~~2024~~2025 was regulated by the LPSC. Recovery of FAC costs is subject to periodic fuel audits by the LPSC which may result in a refund to customers. Generally, fuel and purchased power expenses are impacted by customer usage, the per unit cost of fuel used for electric generation, and the dispatch of Cleco Power’s generating facilities by MISO. Cleco Power’s incremental recoverable fuel and purchased power expenses for the year ended December 31, 2025, were impacted primarily by higher natural gas costs as compared to the year ended December 31, 2024. Also contributing to the increase were higher LMPs resulting from transmission constraints within MISO, as well as

~~facilities~~generation byoutages ~~MISO.~~at Cleco Power’s incremental recoverable fuel and purchased power expenses for the year ended December 31, 2024, were impacted primarily by lower natural gas costs as compared to the year ended December 31, 2023. For more information on the accounting for MISO transactions, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Accounting for MISO Transactions.” For more information on Cleco Power’s ~~most current~~ fuel audits, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Fuel Audits.”

Electric Customer Credits

Electric customer credits decreased $563.79 million primarily due to $1.3 million for the absence of the partial disallowance associated with the Dolet Hills prudency review. ~~For~~and ~~information~~$1.1 million onfor the ~~Dolet~~absence ~~Hills~~of ~~prudency~~refunds ~~review,~~to ~~see~~Cleco ~~Item~~Power’s 8,retail ~~“Financial~~customers ~~Statements~~related ~~and Supplementary Data — Notes~~ to the ~~Financial~~St. ~~Statements~~Mary —Clean ~~Note~~Energy ~~16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review~~Center.”

Other Operations Revenue

Other operations revenue ~~decreased~~increased $1619.45 million primarily due to ~~lower~~higher ~~transmission~~securitization revenue resulting from the ~~expiration~~completion of athe ~~wholesale~~securitization ~~contract~~financing of the Energy Transition Property in March ~~2024~~2025.

Affiliate Revenue

Affiliate revenue eliminates at the consolidated level. Cleco Power’s affiliate revenue decreased $11.5 million primarily due to the absence of internal software services provided to affiliates in accordance with service agreements.

Non-Recoverable Fuel and Purchased Power

Non-recoverable fuel and purchased power decreased $128.7 million primarily due the absence of $6.5 million of mark‑to‑market losses on Cleco Cajun’s gas‑related derivative contracts following the Cleco Cajun Divestiture in 2024 and lower transmission costs of $2.2 million at Cleco Power resulting from the expiration of a wholesale contract in March 2024.

Other Operations and Maintenance

Other operations and maintenance increased $115.83 million primarily due to $925.65 million of higher ~~employee-related~~maintenance expenses largely ~~resulting~~ from ~~the~~distribution ~~transfer~~ right-of-way ~~employees~~maintenance ~~from~~and ~~Support~~scheduled ~~Group~~plant ~~and~~outages. ~~Cleco~~These ~~Cajun~~increases towere ~~Cleco~~partially ~~Power~~offset ~~and~~by $115.98 million of ~~higher~~lower ~~outside~~operations ~~service~~expenses ~~costs~~ primarily ~~related~~due to ~~legal~~reduced ~~fees~~generation activity and lower employee-related costs.

Depreciation and Amortization

Depreciation and amortization ~~increased~~decreased $4434.79 million primarily due to athe absence of $40.0 million reduction in the regulatory asset associated with the Dolet Hills Power Station as a result of the settlement of the Dolet Hills prudency review and $7.1 ~~The~~million ~~increase~~for ~~was~~changes ~~also~~in ~~due~~the toestimated $3useful lives of internal software. These decreases were partially offset by $8.9 million ~~for~~of higher ~~normal~~amortization ~~recurring~~of ~~additions~~securitized intangible assets due to ~~fixed~~Cleco ~~assets~~Securitization II’s purchase of Energy Transition Property from Cleco Power in March 2025 and $25.97 million ~~for~~of ~~changes~~higher indepreciation ~~estimated~~from ~~useful~~normal ~~lives~~recurring ofadditions ~~internal~~to ~~software~~fixed assets. For more information on the reduction in the regulatory asset associated with the Dolet Hills Power Station and the settlement of the Dolet Hills prudency review, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities” — “Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs” and — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review.”

3130

CLECO CLECO POWER ~~2024~~2025 FORM 10-K

Dolet Hills Power Station Closure Costs” and “— Note 16 — Litigation, Other ~~Expense~~Commitments and Contingencies, ~~Net~~and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Securitization.”

~~Other~~Interest ~~expense, net increased $11.1 million primarily due to expenses relating to Project Diamond Vault. For more information, see “— Overview — Decarbonization Initiatives.”~~Income

~~Income~~Interest ~~Taxes~~income increased $5.0 million primarily due to interest earned on Cleco Power’s storm reserve for future storm costs.

~~For~~Other ~~information~~Income ~~on Cleco Power’s effective income tax rates~~(expense), ~~see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 12 — Income Taxes — Cleco Power.”~~Net

~~Comparison~~Other ofincome (expense), net increased $19.0 million primarily due to $11.3 million from the ~~Years~~absence ~~Ended~~of ~~December~~expenses ~~31,~~at ~~2023,~~Cleco Power related to Project Diamond Vault and ~~2022~~$3.0 million of higher royalty-related income from mineral interests and associated lease activities. Also contributing to the increase was $1.3 million of higher mark-to-market gains on company-owned life insurance at Cleco Holdings.

Cleco
	FOR THE YEAR ENDED DEC. 31,
					FAVORABLE/(UNFAVORABLE)
(THOUSANDS)	2023		2022		VARIANCE		CHANGE
Operating revenue, net	$	1,238,791	$	1,604,480	$	(365,689)	(22.8)	%
Operating expenses	1,179,323		1,205,091		25,768		2.1	%
Operating income	59,468		399,389		(339,921)		(85.1)	%
Interest income	5,393		5,250		143		2.7	%
Allowance for equity funds used during construction	5,747		3,740		2,007		53.7	%
Other expense, net	(694)		(11,240)		10,546		93.8	%
Interest charges	164,856		143,956		(20,900)		(14.5)	%
Federal and state income tax (benefit) expense	(65,073)		20,035		85,108		424.8	%
(Loss) income from continuing operations, net of income taxes	(29,869)		233,148		(263,017)		(112.8)	%
Income (loss) from discontinued operations, net of income taxes	14,642		(44,337)		58,979		133.0	%
Net (loss) income	$	(15,227)	$	188,811	$	(204,038)	(108.1)	%

The decrease in Cleco’s results of operations is primarily attributable to the following:

•lower gains on gas-related derivative contracts, net of income taxes, at Cleco Cajun of $217.3 million included in continuing operations.

•activity of its reportable segment, Cleco Power. For detailed discussions of those impacts, see “— Cleco Power.”

These decreases were partially offset by the effects of the presentation of the Cleco Cajun Sale Group as discontinued operations and, as a result, Cleco Cajun no longer being reflected as a reportable segment. For information on discontinued operations, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Discontinued Operations.”

For information on Cleco’s effective income tax rates, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 12 — Income Taxes — Cleco.”

Cleco Power
	FOR THE YEAR ENDED DEC. 31,
					FAVORABLE/(UNFAVORABLE)
(THOUSANDS)	2023		2022		VARIANCE		CHANGE
Operating revenue
Base	$	692,866	$	685,419	$	7,447	1.1	%
Fuel cost and purchased power recovery	504,503		837,647		(333,144)		(39.8)	%
Electric customer credits	(60,689)		(7,674)		(53,015)		(690.8)	%
Other operations	111,561		98,759		12,802		13.0	%
Affiliate revenue	8,904		6,377		2,527		39.6	%
Operating revenue, net	1,257,145		1,620,528		(363,383)		(22.4)	%
Operating expenses
Recoverable fuel and purchased power	504,512		837,647		333,135		39.8	%
Non-recoverable fuel and purchased power	45,485		59,846		14,361		24.0	%
Other operations and maintenance	233,863		216,851		(17,012)		(7.8)	%
Depreciation and amortization	191,745		178,231		(13,514)		(7.6)	%
Taxes other than income taxes	60,676		55,075		(5,601)		(10.2)	%
Regulatory disallowance	—		13,841		13,841		100.0	%
Total operating expenses	1,036,281		1,361,491		325,210		23.9	%
Operating income	220,864		259,037		(38,173)		(14.7)	%
Interest income	5,011		5,082		(71)		(1.4)	%
Allowance for equity funds used during construction	5,747		3,740		2,007		53.7	%
Other expense, net	(28)		(7,081)		7,053		99.6	%
Interest charges	98,879		88,218		(10,661)		(12.1)	%
Federal and state income tax (benefit) expense	(4,434)		2,503		6,937		277.1	%
Net income	$	137,149	$	170,057	$	(32,908)	(19.4)	%

The following table shows the components of Cleco Power’s retail and wholesale customer sales related to base revenue:

	FOR THE YEAR ENDED DEC. 31,
			FAVORABLE/
(MILLION kWh)	2023	2022	(UNFAVORABLE)
Electric sales
Residential	3,772	3,787	(0.4)	%
Commercial	2,723	2,674	1.8	%
Industrial	2,229	2,282	(2.3)	%
Other retail	124	121	2.5	%
Total retail	8,848	8,864	(0.2)	%
Sales for resale	2,980	3,061	(2.6)	%
Total retail and wholesale customer sales	11,828	11,925	(0.8)	%

CLECO CLECO POWER 2024 FORM 10-K

The following table shows the components of Cleco Power’s base revenue:

	FOR THE YEAR ENDED DEC. 31,
					FAVORABLE/
(THOUSANDS)	2023		2022		(UNFAVORABLE)
Electric sales
Residential	$	322,729	$	322,545	0.1	%
Commercial	201,270		200,031		0.6	%
Industrial	95,707		90,243		6.1	%
Other retail	11,663		11,032		5.7	%
Total retail	631,369		623,851		1.2	%
Sales for resale	61,497		61,568		(0.1)	%
Total base revenue	$	692,866	$	685,419	1.1	%

	FOR THE YEAR ENDED DEC. 31,
				2023 CHANGE
	2023	2022	NORMAL	PRIOR YEAR		NORMAL
Cooling degree-days	3,707	3,095	2,920	19.8	%	27.0	%
Heating degree-days	1,057	1,650	1,477	(35.9)	%	(28.4)	%

Base

Base revenue increased $7.4 million primarily due to $4.9 million of higher industrial demand. Industrial demand increased primarily due to new industrial customers in 2023. Also contributing to the increase was $1.4 million of higher rates, largely related to the infrastructure and incremental cost recovery rider. Although higher than normal temperatures were experienced during the summer of 2023 which contributed to an increase in base revenue, the lower usage from milder winter weather during 2023 offset this increase resulting in no meaningful impact to the overall base revenue variance for 2023.

Fuel Cost and Purchased Power Recovery/Recoverable Fuel and Purchased Power

Changes in fuel costs historically have not significantly affected Cleco Power’s net income. Generally, fuel and purchased power expenses are recovered through the LPSC-established FAC, which enables Cleco Power to pass on to its customers substantially all such expenses. Approximately 77% of Cleco Power’s total fuel cost during 2023 was regulated by the LPSC. Recovery of FAC costs is subject to periodic fuel audits by the LPSC which may result in a refund to customers. Generally, fuel and purchased power expenses are impacted by customer usage, the per unit cost of fuel used for electric generation, and the dispatch of Cleco Power’s generating facilities by MISO. Cleco Power’s incremental recoverable fuel and purchased power expenses for the year ended December 31, 2023, were impacted primarily by lower natural gas costs as compared to the year ended December 31, 2022. For more

information on the accounting for MISO transactions, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Accounting for MISO Transactions.” For more information on Cleco Power’s most current fuel audits, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Fuel Audits.”

Electric Customer Credits

Electric customer credits increased $53.0 million primarily due to $58.7 million for the accrual of an estimated contingency loss related to the probability of a partial disallowance of the recovery of incurred fuel costs associated with the Dolet Hills prudency review. This increase was partially offset by $5.7 million for the absence of a 2022 refund to Cleco Power’s retail customers related to the St. Mary Clean Energy Center for costs recovered in periods prior to September 30, 2022. For information, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review.”

Other Operations Revenue

Other operations revenue increased $12.8 million primarily due to $20.8 million for a full year of storm recovery collection in 2023 compared to four months of storm recovery collection in 2022, partially offset by $6.7 million of lower MISO transmission revenue from lower usage.

Non-Recoverable Fuel and Purchased Power

Non-recoverable fuel and purchased power decreased $14.4 million primarily due to $8.6 million for the timing of recovery of transmission costs and $4.7 million of lower fuel expense primarily due to the expiration of wholesale contracts in December 2022 and May 2023.

Other Operations and Maintenance

Other operations and maintenance increased $17.0 million primarily due to $14.7 million of higher employee-related expenses largely related to employee benefits. Also contributing to the increase was $3.1 million of higher routine distribution maintenance expenses, $2.8 million of higher outside service costs primarily related to information technology support and consulting, $2.2 million of higher distribution operations expenses, and $2.1 million of higher reserve for credit losses. These increases were partially offset by $8.2 million of lower generating outage maintenance expenses and $1.4 million of lower generating routine maintenance expenses.

Depreciation and Amortization

Depreciation and amortization increased $13.5 million primarily due to $11.6 million for the amortization of the securitized intangible asset that began in November 2022, $6.5 million related to changes in the estimated useful lives of internal software, and $4.2 million for higher normal recurring additions to fixed assets. These increases were partially offset by $7.4 million for the absence of amortization of regulatory assets relating to Hurricanes Laura, Delta, and Zeta and $2.1 million

CLECO CLECO POWER 2024 FORM 10-K

for the absence of amortization related to costs associated with lignite mining.

Taxes Other Than Income Taxes

Taxes other than income taxes increased $5.6 million primarily due to the amortization of the Madison Unit 3 property tax regulatory asset that began in July 2022. For more information, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Madison Unit 3 Property Taxes.”

Regulatory Disallowance

Regulatory disallowance decreased $13.8 million due to the absence of the impairment charge resulting from the LPSC approved settlement disallowing the recovery of a portion of planning and construction costs incurred for the St. Mary Clean Energy Center.

Other Expense, Net

Other expense, net decreased $7.1 million primarily due to the absence of non-service pension costs amortization as a result of an increase in the discount rate which caused actuarial gains.

Interest Charges

Interest charges ~~increased~~decreased $102.75 million primarily due to $8the repayment of certain long‑term debt at both Cleco Holdings and Cleco Power, which reduced average outstanding borrowings during the year.8 ~~million~~These ~~for~~decreases were partially offset by higher interest on ~~storm~~energy ~~recovery~~transition bonds issued in ~~June~~March ~~2022~~2025 by Cleco Securitization III and ~~$4.3 million for~~ higher ~~rates~~interest on ~~variable~~short-term ~~rate debt~~borrowings. ~~These~~For ~~increases~~more ~~were~~information, ~~partially~~see ~~offset~~Item ~~by $2.~~8, ~~million~~“Financial ~~for~~Statements ~~the~~and ~~absence~~Supplementary ofData ~~interest~~— onNotes ~~floating~~to ~~rate~~the ~~senior~~Financial ~~notes~~Statements ~~that~~— ~~were~~Note ~~redeemed~~10 at— ~~par in June 2022~~Debt.”

Income Taxes

For information on Cleco’s and Cleco Power’s effective income tax rates, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 12 — Income Taxes — Cleco” and — Cleco Power.”

Income from Discontinued Operations, Net of Income Taxes

Income from discontinued operations, net of income taxes, reflects the June 2024 divestiture of the Cleco Cajun Sale Group and its presentation as discontinued operations. Cleco Cajun’s results are no longer included as a reportable segment. For information on discontinued operations, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Discontinued Operations.”

Comparison of the Years Ended December 31, 2024, and 2023

For the comparison of Cleco’s and Cleco Power’s results of operations for the years ended December 31, 2024, and 2023, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Comparison of the Years Ended December 31, 2024, and 2023 — Cleco” and “— Cleco Power” in the Annual Report on Form 10-K for the year ended December 31, 2024.

Non-GAAP Measure

The financial results in the following table isare 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 segment; however, it is not indicative of future performance. Management evaluates the performance of Cleco’s segment 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.~~

EBITDA is defined as net income adjusted for interest, income taxes, depreciation, and amortization.

Cleco’s segment structure and its allocation of corporate expenses were updated to reflect how management makes financial decisions and allocates resources.

The following table sets forth a reconciliation of net income, the nearest comparable GAAP financial performance measure, to EBITDA for the Cleco Power reportable segment for the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023:

FOR THE YEAR ENDED DEC. 31,

(THOUSANDS)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Net income

~~138~~228,~~918~~101

~~137~~138,~~149~~918

~~170~~137,~~057~~149

Add: Depreciation and amortization

~~236~~201,~~444~~073

~~191~~236,~~745~~444

~~178~~191,~~231~~745

Less: Interest income

49,~~125~~505

54,~~011~~125

5,~~082~~011

Add: Interest charges

98106,~~858~~125

98,~~879~~858

8898,~~218~~879

Add: Federal and state income tax expense (benefit)

1849,~~506~~577

(418,~~434)~~506

2(4,~~503~~434)

EBITDA

~~488~~575,~~601~~371

~~418~~488,~~328~~601

~~433~~418,~~927~~328

Selected Financial Data

The information set forth in the following table should be read in conjunction with Cleco’s Consolidated Financial Statements and the related Notes in Item 8, “Financial Statements and Supplementary Data.”

	FOR THE YEAR ENDED DEC. 31,
(THOUSANDS, EXCEPT PER SHARE AND PERCENTAGES)	2024			2023			2022
Operating revenue, net (excluding intercompany revenue)
Cleco Power (1)	$	1,142,450		$	1,248,241		$	1,614,151
Other	5,258			(9,450)			(9,671)
Total	$	1,147,708		$	1,238,791		$	1,604,480
Income (loss) from continuing operations before income taxes	$	78,957		$	(94,942)		$	253,183
Income (loss) from discontinued operations, net of income taxes	$	45,517		$	14,642		$	(44,337)
Net income (loss)	$	110,418		$	(15,227)		$	188,811
Capitalization
Member’s equity	51.79		%	47.77		%	48.42		%
Long-term debt and finance leases (2)	48.21		%	52.23		%	51.58		%
Member’s equity	$	2,841,014		$	2,873,173		$	2,947,067
Long-term debt and finance leases (2)	$	2,645,043		$	3,141,924		$	3,139,094
Total assets	$	7,369,606		$	8,100,393		$	8,253,749

(1) Includes revenue for transmission services provided to Cleco Cajun that are no longer eliminated on Cleco’s Consolidated Statements of Income as a result of discontinued operations presentation. For more information on discontinued operations and the closing of the Cleco Cajun Divestiture, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Discontinued Operations.”

(2) Excludes long-term debt and finance leases due within one year.

CLECO POWER — NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS

For a narrative analysis of the results of operations explaining the revenue and expense items of Cleco Power for the years ended December 31, ~~2024~~2025, and ~~2023~~2024, see “— Results of Operations — Comparison of the Years Ended December 31, 2025, and 2024 — Summary of Consolidated Results.”

For a narrative analysis of the results of operations explaining the revenue and expense items for Cleco Power for the years ended December 31, 2024, and 2023, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Comparison of the Years Ended December 31, 2024, and 2023 — Cleco Power.” in the Annual Report on Form 10-K for the year ended December 31, 2024.

For a narrative analysis of the results of operations explaining the revenue and expense items of Cleco Power for the years ended December 31, 2023, and 2022, see “—

CLECO CLECO POWER 2024 FORM 10-K

Results of Operations — Comparison of the Years Ended December 31, 2023, and 2022 — Cleco Power.”

The narrative analysis referenced above should be read in combination with Cleco Power’s Financial Statements and the Notes contained in this Annual Report on Form 10-K.

CRITICAL ACCOUNTING ESTIMATES

The preparation of Cleco’s and Cleco Power’s Consolidated Financial Statements in conformity with ~~generally~~GAAP ~~accepted accounting principles~~ requires management to apply appropriate accounting policies and to make estimates and judgments that could have a material impact on the results of operations, financial condition, or cash flows of the Registrants. For more information on Cleco’s accounting policies, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies.”

Cleco believes that the following accounting estimates are the most significant in understanding reported financial results:

•Regulatory Accounting: A significant portion of Cleco’s ~~businesses~~business ~~are~~is subject to regulation. This results in differences in the application of ~~generally~~GAAP ~~accepted accounting principles~~ between regulated and non-regulated businesses. Cleco Power isrecords ~~allowed to record~~ regulatory assets and liabilities for certain transactions that would have been treated as revenue or expense in non-regulated businesses. Future regulatory changes or changes in the competitive environment could result in the discontinuance of this accounting treatment for regulatory assets and liabilities for some or all of Cleco’s businesses. Cleco’s management believes that currently available facts support the continued use of regulatory assets and liabilities and that all regulatory assets and liabilities are recoverable or refundable in the current rate environment. For more information on regulatory assets and liabilities, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Regulation,” “Note 6 — Regulatory Assets and Liabilities,” and “Note 14 — Regulation and Rates.”


CLECO
CLECO POWER						2025 FORM 10-K

liabilities for some or all of Cleco’s businesses. Cleco’s management believes that currently available facts support the continued use of regulatory assets and liabilities and that all regulatory assets and liabilities are recoverable or refundable in the current rate environment. For more information on regulatory assets and liabilities, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Regulation,” “Note 6 — Regulatory Assets and Liabilities,” and “Note 14 — Regulation and Rates.”

•Goodwill: On April 13, 2016, in connection with the completion of the 2016 Merger, Cleco recognized goodwill of $1.49 billion, all of which was assigned to the Cleco Power reporting unit. Goodwill is required to be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Application of the goodwill impairment test requires management to make significant assumptions and estimates, including the identification of reporting units, assignments of assets and liabilities to reporting units, assignment of goodwill to reporting units, and the determination of the fair value of the reporting units, in which independent valuation experts are often used. Changes in management’s assumptions and estimates could materially affect the determination of fair value and goodwill impairment. For more information on goodwill recorded in connection with the 2016 Merger, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 18 — Intangible Assets and Goodwill — Goodwill.”

•Pension and Other Postretirement Benefits: To determine assets, liabilities, and expenses relating to pension and other postretirement benefits, management must make assumptions about future trends. Assumptions and estimates include, but are not limited to, discount rates, expected return on plan assets, mortality rates, future rate of compensation increases, and medical inflation trend rates. These assumptions are reviewed and updated on an annual basis. Changes in the rates from year-to-year and newly-enacted laws could have a material effect on Cleco’s financial condition and results of operations by changing the recorded assets, liabilities, expense, or required funding of the pension plan obligation. One component of pension expense is the expected return on plan assets. It is an assumed percentage return on the market-related value of plan assets. The market-related value of plan assets differs from the fair value of plan assets by the amount of deferred asset gains or losses. Actual asset returns that differ from the expected return on plan assets are deferred and recognized in the market-related value of assets on a straight-line basis over a five-year period.

Management uses a theoretical bond portfolio in order to calculate the discount rate for the measurement of liabilities. A change in the assumed discount rate creates a deferred actuarial gain or loss. Generally, when the assumed discount rate increases or decreases compared to the prior measurement date, an actuarial gain or loss occurs, respectively. Actuarial gains and losses also are created when actual results, such as compensation increases, differ from assumptions. Historically, Cleco Power has been allowed to recover pension plan expenses; therefore, deferred actuarial gains and losses are recorded as a regulatory asset or liability. The net of the deferred gains and losses is amortized to pension expense over the average service life of the remaining plan participants when it exceeds certain thresholds. This approach of amortizing gains and losses has the effect of reducing the volatility of pension expense. Over time, it is not expected to reduce or increase the pension expense relative to an approach that immediately recognizes losses and gains.

allowed to recover pension plan expenses; therefore, deferred actuarial gains and losses are recorded as a regulatory asset or liability. The net of the deferred gains and losses is amortized to pension expense over the average service life of the remaining plan participants when it exceeds certain thresholds. This approach of amortizing gains and losses has the effect of reducing the volatility of pension expense. Over time, it is not expected to reduce or increase the pension expense relative to an approach that immediately recognizes losses and gains.

The following table shows the impact of a 0.5% change in Cleco’s pension plan discount rate, salary scale, and rate of return on plan assets:

ACTUARIAL ASSUMPTION(THOUSANDS)

CHANGE IN ASSUMPTION

CHANGE IN PROJECTED BENEFIT OBLIGATION

CHANGE IN ESTIMATED BENEFIT COST

Discount rate

0.5% increase

(25,~~319~~348)

~~530~~590

0.5% decrease

27,~~797~~810

(~~617~~481)

Salary scale

0.5% increase

2,~~631~~461

~~266~~243

0.5% decrease

(2,~~477~~298)

(~~250~~226)

Expected return on assets

0.5% increase

—

(2,~~346~~295)

0.5% decrease

—

2,~~346~~295

Based on funding assumptions at December 31, ~~2024~~2025, management estimates that $7659.18 million of pension contributions will be required through ~~2029~~2030 of which $16.58 million is required in ~~2025~~2026. Future discretionary contributions may be made depending on changes in assumptions, the ability to utilize the contribution as a tax deduction, and requirements concerning recognizing a minimum pension liability. Future required contributions are driven by liability funding target percentages set by law which could cause the required contributions to change from year-to-year. The ultimate amount and timing of the contributions will be affected by changes in the discount rate, changes in the funding regulations, and actual returns on fund assets. Adverse changes in assumptions or adverse actual events could cause additional minimum contributions.

CLECO CLECO POWER 2024 FORM 10-K

year-to-year. The ultimate amount and timing of the contributions will be affected by changes in the discount rate, changes in the funding regulations, and actual returns on fund assets. Adverse changes in assumptions or adverse actual events could cause additional minimum contributions.

For more information on pension and other postretirement benefits, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 11 — Pension Plan and Employee Benefits.”

•Income Taxes: For more information on income taxes, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Income Taxes” and Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 12 — Income Taxes.”

•Loss Contingencies: Cleco is currently involved in certain legal and regulatory proceedings and management has estimated the probable costs for the resolution of these matters. These estimates are based on an analysis of potential results, assuming a combination of litigation and settlement assumptions. For more information on legal and regulatory proceedings affecting Cleco, see Part I, Item 1, “Business — Environmental Matters — Air Quality,” Item 1A, “Risk Factors — Operational Risks — Litigation,” and Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other ~~Commitments and Contingencies, and Disclosures about Guarantees.”~~

•Discontinued Operations: Cleco calculated an estimated impairment on the disposition of its Cleco Cajun Sale Group as of December 31, 2023. Cleco determined that the estimated fair value less the estimated cost to sell the Cleco Cajun Sale Group was less than the carrying value of the Cleco Cajun Sale Group at December 31, 2023. The fair value estimates involved a number of judgements and assumptions including the future performance of the Cleco Cajun Sale Group through the expected divestiture date, the expected net working capital adjustment to the sale proceeds from the Cleco Cajun Divestiture Purchase and Sale Agreement, and the weighted average cost of capital or discount rate. The estimated fair value was determined using the income approach. During 2024, changes occurred in the fair value less cost to sell the Cleco Cajun Sale Group and the actual impairment on the disposition of the Cleco Cajun Sale Group was different compared to the estimated loss recorded at December 31, 2023. For more on discontinued operations, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Discontinued Operations.”32


CLECO
CLECO POWER						2025 FORM 10-K

Commitments and Contingencies, and Disclosures about Guarantees.”

•Discontinued Operations: Cleco calculated an estimated impairment on the disposition of its Cleco Cajun Sale Group as of December 31, 2023. Cleco determined that the estimated fair value less the estimated cost to sell the Cleco Cajun Sale Group was less than the carrying value of the Cleco Cajun Sale Group at December 31, 2023. The fair value estimates involved a number of judgments and assumptions including the future performance of the Cleco Cajun Sale Group through the expected divestiture date, the expected net working capital adjustment to the sale proceeds from the Cleco Cajun Divestiture Purchase and Sale Agreement, and the weighted average cost of capital or discount rate. The estimated fair value was determined using the income approach. During 2024, changes occurred in the fair value less cost to sell the Cleco Cajun Sale Group and the actual impairment on the disposition of the Cleco Cajun Sale Group was different compared to the estimated loss recorded at December 31, 2023. For more information on discontinued operations, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Discontinued Operations.”

Cleco Power

Cleco Power’s retail rates are regulated by the LPSC and its tariffs for transmission services are regulated by FERC, while rates for wholesale power sales are based on market-based rates and ultimately reviewed by FERC. Cleco Power must evaluate its various transactions related to regulatory orders and accounting guidance to ensure the appropriate timing of revenue recognition, the evaluation of cost deferral and the recoverability and refund of certain assets. Future rate changes could have a material impact on the results of operations, financial condition, or cash flows of Cleco Power. Areas that could be materially impacted by future actions of regulators are described below:

operations, financial condition, or cash flows of Cleco Power. Areas that could be materially impacted by future actions of regulators are described below:

•The LPSC allows Cleco Power to recover prudent costs incurred in developing long-lived assets. If the LPSC were to rule that the cost of current or future long-lived assets was imprudent and not recoverable, Cleco Power could be required to write down the asset and incur a corresponding impairment loss.

•The LPSC determines the amount and type of fuel and purchased power expenses that Cleco Power can charge customers through the FAC. Changes in the determination of allowable costs already incurred by Cleco Power could cause material changes in fuel revenue. Recovery of FAC costs is subject to periodic fuel audits by the LPSC, which are performed at least every other year. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, by the LPSC related to these filings. For more information on ~~current~~ LPSC fuel audits, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees —Litigation — LPSC Audits and Reviews — Fuel Audits.” For information on fuel revenue, see “— Results of Operations — Comparison of the Years Ended December 31, ~~2024~~2025, and ~~2023~~2024 — ~~Cleco~~Summary ~~Power~~of ~~— Significant Factors Affecting Cleco Power — Fuel Cost and Purchased Power Recovery/Recoverable Fuel and Power Purchased.”~~

Consolidated Results — Fuel Cost and Purchased Power Recovery/Recoverable Fuel and Purchased Power.”

FINANCIAL CONDITION

Liquidity and Capital Resources

General Considerations and Credit-Related Risks

Credit Ratings and Counterparties

Financing for operational needs and capital expenditure requirements not satisfied by operating cash flows depends upon the cost and availability of external funds through both short- and long-term financing. The inability to raise capital on favorable terms could negatively affect Cleco’s ability to maintain or expand its businesses. Access to funds is dependent upon factors such as general economic and capital market conditions, regulatory authorizations and policies, Cleco Holdings’ and Cleco Power’s credit ratings, cash flows from routine operations, and credit ratings of project counterparties. After assessing the current operating performance, liquidity, and credit ratings of Cleco Holdings and Cleco Power, management believes that Cleco will have access to the capital markets at prevailing market rates for companies with comparable credit ratings. The following table presents the credit ratings of Cleco Holdings and Cleco Power at December 31, ~~2024~~2025:

CLECO CLECO POWER 2024 FORM 10-K

SENIOR UNSECURED DEBT

CORPORATE/LONG-TERM ISSUER

S&P

MOODY’S

FITCH

S&P

MOODY’S

FITCH

Cleco Holdings

BBB-

Baa3

BBB-

BBB

Baa3

BBB-

Cleco Power

A-

BBB+

A-

BBB

Credit ratings are not recommendations to buy, sell, or hold securities, and may be subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.

OnCleco ~~June~~Holdings 7,and ~~2024,~~Cleco Power pay fees and ~~following~~interest ~~the~~under ~~closing~~their ofbank ~~the~~credit ~~Cleco~~agreements ~~Cajun~~based ~~Divestiture,~~on ~~S&P~~the ~~upgraded~~highest ~~its~~rating ~~ratings~~held. ~~for~~If Cleco Holdings’ ~~from~~or ~~BBB-~~Cleco toPower’s ~~BBB~~credit atratings ~~the~~were ~~issuer~~to ~~level~~be ~~and~~downgraded, Cleco Holdings or Cleco Power, ~~from~~respectively, ~~BBB+~~could tobe A-required atto ~~both~~pay ~~the~~additional ~~issuer~~fees and ~~issue~~incur ~~level.~~higher ~~S&P~~interest ~~revised~~rates ~~its~~for ~~ratings~~borrowings ~~due~~under totheir ~~the~~respective ~~expected~~revolving ~~improvement~~credit infacilities. ~~business~~On ~~risk~~June ~~from~~3, ~~having~~2025, aFitch ~~fully~~revised ~~regulated~~Cleco ~~utility~~Power’s ~~business~~long-term ~~after~~issuer ~~the~~default ~~closing~~ratings ofoutlook ~~the~~from ~~Cleco~~stable ~~Cajun~~to ~~Divestiture~~positive.

Cleco Holdings and Cleco Power pay fees and interest under their bank credit agreements based on the highest rating held. If Cleco Holdings’ or Cleco Power’s credit ratings were to be downgraded, Cleco Holdings or Cleco Power, respectively, could be required to pay additional fees and incur higher interest rates for borrowings under their respective revolving credit facilities.

Cleco Holdings and Cleco Power may be required to provide credit support with respect to bilateral transactions and contracts that they have 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.

Cleco Power participates in the MISO market. MISO requires participants to provide credit support which may increase or decrease due to the timing of the settlement schedules and MISO margining formulas. For more information about MISO, see “— Regulatory and Other Matters — Transmission Rates.” For more information about credit support, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Off-Balance Sheet Commitments and Guarantees.”


CLECO
CLECO POWER						2025 FORM 10-K

Global and U.S. Economic Environment

Global and domestic economic conditions may have an impact on Cleco’s business and financial condition. Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows. During periods of capital market volatility, the availability of capital could be limited and the costs of capital may increase for many companies. Although the Registrants have not experienced restrictions in the financial markets, their ability to access the capital markets may be restricted at a time when the Registrants would like, or need, to do so. Any restrictions could have a material impact on the Registrants’ ability to fund capital expenditures or debt service, or on their flexibility to react to changing economic and business conditions. Credit constraints could have a material, negative impact on the Registrants’ lenders or customers, causing them to fail to meet their obligations to the Registrants or to delay payment of such obligations.

In recent years, inflationary pressures have increased substantially. Under established regulatory practice, historical costs have traditionally formed the basis for recovery from customers. As a result, Cleco Power’s future cash flows designed to provide recovery of historical plant costs may not be adequate to replace property, plant, and equipment in future years. For information on the impacts of inflation and market price volatility of natural gas on credit loss reserves related to customer accounts receivable, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Reserves for Credit Losses” and Part I, Item 1A, “Risk Factors — General Risk Factors — Global Economic Uncertainty and Access to Capital.”

future years. For information on the impacts of inflation and market price volatility of natural gas on credit loss reserves related to customer accounts receivable, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Reserves for Credit Losses” and Part I, Item 1A, “Risk Factors — General Risk Factors — Global Economic Uncertainty and Access to Capital.”OBBBA

On July 4, 2025 the current presidential administration signed into law the OBBBA, that includes tax reform provisions that amend, eliminate, and extend tax rules under the TCJA. The

~~The~~OBBBA ~~provisions~~includes ofchanges ~~the~~to ~~TCJA~~federal ~~reduced~~tax, ~~the~~energy, ~~top~~and ~~federal~~infrastructure ~~statutory~~policy ~~corporate~~that ~~income~~may ~~tax~~affect ~~rate~~the ~~from~~utility ~~35% to 21%~~industry. AtKey ~~June~~provisions ~~13,~~include ~~2024,~~modifications ~~all~~to ~~amounts~~clean ~~for~~energy ~~the~~tax ~~TCJA~~credits ~~unprotected~~that ~~excess~~were ~~ADIT~~initially ~~had~~introduced ~~been~~and ~~returned~~expanded tounder ~~Cleco~~the ~~Power’s~~IRA ~~retail~~of ~~customers.~~2022, ~~Cleco~~and ~~Power’s~~the ~~retail~~permanent ~~customers~~extension ~~will~~of ~~continue~~certain ~~receiving~~expiring ~~bill~~provisions ~~credits~~of ~~for~~ the TCJA. ~~protected~~The ~~excess~~OBBBA ~~ADIT until the full amount~~ has ~~been~~not ~~returned.~~had ~~For~~a ~~more~~material ~~information~~impact on ~~the~~Cleco’s ~~regulatory~~financial ~~impact~~statements ofat ~~the~~this ~~TCJA,~~time. ~~see Item 8~~However, ~~“Financial~~it ~~Statements~~could ~~and~~affect ~~Supplementary Data — Notes to~~ the ~~Financial~~timing ~~Statements~~and —amount ~~Note~~of 14tax —credits ~~Regulation~~Cleco ~~and~~may ~~Rates~~claim —on ~~TCJA~~future projects.”

Fair Value Measurements

Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. For more information about fair value instruments, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 8 — Fair Value Accounting Instruments.”

Cash Generation and Cash Requirements

Restricted Cash and Cash Equivalents

For information on Cleco’s and Cleco Power’s restricted cash and cash equivalents, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Restricted Cash and Cash Equivalents.”

Working Capital ~~and Debt~~

At December 31, 2025, and 2024, Cleco Power had a working capital surplus of $164.4 million and $96.0 million, respectively, resulting in an increase of $68.4 million in working capital.

At December 31, ~~2024~~2025, and ~~2023~~2024, Cleco had ~~$120.0~~a ~~million~~working ~~and~~capital ~~$110.0 million,~~deficit ~~respectively,~~ of ~~short-term debt for outstanding borrowings under its aggregate~~ $~~475~~74.02 million ~~revolving~~and ~~credit~~working ~~facilities.~~capital ~~For~~surplus ~~more~~of ~~information~~$77.8 ~~on Cleco’s credit facilities~~million, ~~see Item 8~~respectively, ~~“Financial~~resulting ~~Statements~~in ~~and~~a ~~Supplementary~~decrease ~~Data~~of —$152.0 ~~Notes~~million toin ~~the~~working ~~Financial Statements — Note 10 — Debt — Credit Facilities~~capital.”

AtThe ~~December 31,~~following ~~2024,~~table ~~Cleco’s~~contains ~~long-term~~the ~~debt~~working ~~and~~capital ~~finance~~variances ~~leases~~for ~~outstanding, excluding fair value adjustments resulting from~~ the ~~2016~~years ~~merger,~~ended ~~was $2.82 billion, of which $264.9 million was due within one year. The long-term debt and finance leases due within one year at~~ December 31, ~~2024~~2025, primarily represents Cleco Power’s $125.0 million bank term loan due in May 2025; $75.0 million of Cleco Power’s senior notes due in November 2025; $50.0 million of Cleco Power’s GO-Zone bonds with a mandatory tender in April 2025; and ~~$15~~2024.~~1 million of Cleco Securitization I storm recovery bond principal payments scheduled to be paid in 2025.~~

In February 2019 in connection with the approval of the Cleco Cajun Acquisition, Cleco made commitments to the LPSC that included the repayment of $400.0 million of Cleco Holdings’ debt by December 31, 2024. On April 26, 2024, Cleco Holdings paid the remaining $66.7 million satisfying this LPSC commitment. In addition, on June 4, 2024, Cleco 34

37CLECO CLECO POWER 2025 FORM 10-K

CLECO CLECO POWER 2024 FORM 10-K


	FOR THE YEAR ENDED DEC. 31,
	CLECO POWER						OTHER SEGMENTS		CLECO
(THOUSANDS)	2025		2024		VARIANCE		VARIANCE		VARIANCE
Current assets
Cash and cash equivalents	$	162,660	$	23,714	$	138,946	$	1,638	$	140,584
Restricted cash and cash equivalents	33,865		15,918		17,947		—		17,947
Customer accounts receivable	53,053		47,520		5,533		—		5,533
Accounts receivable - affiliate	9		1,174		(1,165)		(33,526)		(34,691)
Other accounts receivable	67,449		23,233		44,216		(275)		43,941
Unbilled revenue	47,453		44,687		2,766		—		2,766
Fuel inventory, at average cost	84,951		95,810		(10,859)		—		(10,859)
Materials and supplies, at average cost	183,085		158,976		24,109		—		24,109
Energy risk management assets(1)	2,452		9,210		(6,758)		—		(6,758)
Accumulated deferred fuel(1)	25,711		661		25,050		—		25,050
Cash surrender value of company/trust-owned life insurance policies	7,813		10,123		(2,310)		5,812		3,502
Prepayments	60,702		23,524		37,178		1,537		38,715
Regulatory assets	37,923		287,390		(249,467)		(206)		(249,673)

Receivable - Cleco Cajun Divestiture	—		—		—		108,445		108,445
Other current assets	353		—		353		735		1,088
Total current assets	767,479		741,940		25,539		84,160		109,699
Current liabilities
Short-term debt	—		110,000		(110,000)		(10,000)		(120,000)
Long-term debt due within one year	254,943		264,934		(9,991)		359,883		349,892
Accounts payable(1)	133,283		108,736		24,547		(4,533)		20,014
Accounts payable - affiliate	13,038		11,389		1,649		13,149		14,798
Customer deposits	58,787		58,002		785		—		785
Provision for customer refund	20,900		20,510		390		—		390

Taxes payable	28,454		13,422		15,032		(55,602)		(40,570)
Interest accrued	13,891		11,781		2,110		(10)		2,100

Energy risk management liabilities(1)	10,890		—		10,890		—		10,890

Regulatory liabilities	10,199		8,327		1,872		—		1,872

Deferred compensation	—		—		—		2,364		2,364


Postretirement benefit obligations	22,530		21,701		829		238		1,067

Energy transition reserves	10,730		—		10,730		—		10,730
Other current liabilities	25,414		17,131		8,283		(895)		7,388
Total current liabilities	603,059		645,933		(42,874)		304,594		261,720
Working capital surplus (deficit)	$	164,420	$	96,007	$	68,413	$	(220,434)	$	(152,021)

(1) Energy risk management assets, Accumulated deferred fuel, Accounts payable, and Energy risk management liabilities do not include FTRs. FTR activity is not included in working capital.

~~Holdings~~Summary ~~redeemed~~of ~~its~~Consolidated ~~$165.0 million floating rate senior notes due in May 2025.~~Results

OnThe ~~November 27, 2024, Cleco Holdings completed a voluntary tender offer for its 3~~$152.~~743%~~0 ~~senior~~million ~~notes~~decrease ~~due~~ in ~~May~~Cleco’s ~~2026~~working incapital anis ~~aggregate~~primarily ~~principal~~due ~~amount of $175.0 million.~~to:

~~Cash~~•a ~~and~~$349.9 ~~cash~~million ~~equivalents~~increase ~~available~~in atlong-term ~~December 31,~~debt ~~2024,~~due ~~were~~within ~~$30.5~~one ~~million~~year ~~combined~~primarily ~~with~~due to the reclassification of Cleco Holdings’ $~~355~~360.0 million ~~available~~senior ~~revolving~~notes ~~credit~~due ~~facility~~in ~~capacity~~May ~~($165~~2026.0 ~~million~~For ~~from~~more information on Cleco’s ~~Holdings~~and Cleco Power’s short and ~~$190.0~~long-term ~~million~~debt, ~~from~~see ~~Cleco~~Item ~~Power)~~8, ~~for~~“Financial ~~total~~Statements ~~liquidity~~and ofSupplementary ~~$385.5~~Data ~~million.~~— Notes to the Financial Statements — Note 10 — Debt,”

At•a ~~December 31,~~$249.7 ~~2024,~~million ~~and~~decrease ~~2023,~~in regulatory assets for Cleco ~~had~~Power aprimarily ~~working~~due ~~capital~~to ~~surplus~~the securitization financing of ~~$77.8~~the ~~million~~Dolet Hills Power Station and ~~working~~mine-related ~~capital~~regulatory ~~deficit~~assets associated with the closure of ~~$17.5~~the ~~million,~~Oxbow ~~respectively.~~mine ~~The~~on ~~$95~~March 12, 2025.3 ~~million~~For ~~increase~~more ininformation on the ~~working~~securitization ~~capital~~settlement, ~~surplus~~see isItem ~~primarily~~8, ~~due~~“Financial Statements and Supplementary Data — Notes to: the Financial Statements — Note 6 — Regulatory

•aAssets ~~$260.8~~and ~~million~~Liabilities ~~increase~~— inDeferred ~~regulatory~~Lignite ~~assets~~and ~~primarily~~Mine ~~due~~Closure toCosts ~~the~~and ~~reclassification of the~~ Dolet Hills ~~and mine-related regulatory assets to short-term as a result of Cleco~~ Power ~~expecting~~Station ~~the~~Closure ~~securitization of those amounts to be completed by the end of March 2025~~Costs,”

•a $4034.37 million decrease in ~~provision~~accounts ~~for~~receivable-affiliate ~~rate refund~~ primarily due to ~~the~~filing ~~reclassification~~ of the ~~long-term~~2024 ~~portion~~federal ~~of refunds to be made to Cleco Power’s retail customers~~ and ~~the~~state ~~third~~income ~~quarter~~tax ~~2024~~returns, ~~refund~~which ~~issued~~incorporated ~~to Cleco Power’s retail customers resulting from~~ the ~~settlement~~utilization of ~~the~~net ~~Dolet~~operating ~~Hills~~losses ~~prudency review. For more information about the settlement, see Item 8, “Financial Statements~~ and ~~Supplementary~~final ~~Data~~allocation —of ~~Note~~consolidated 16taxable —income ~~Litigation,~~at ~~Other~~Cleco ~~Commitments and Contingencies~~Holdings, ~~and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review,”~~

•a $2720.40 million increase in ~~fuel~~accounts ~~inventory~~payable, excluding FTRs, primarily due to ~~higher~~an ~~coal~~increase ~~volume~~in ~~with~~the ~~higher~~purchase ~~transportation~~of ~~costs~~transformers, ~~driven~~generation and plant maintenance, and information technology, partially offset by lower ~~usage~~accruals ~~from~~for ashort-term ~~decrease~~incentive inplan ~~market~~compensation ~~gas~~at ~~prices~~Cleco Power,

•a $1714.38 million increase in ~~materials~~accounts ~~and~~payable-affiliate ~~supplies inventory~~ primarily due to ~~higher~~an ~~purchases~~increase ofin ~~transmission~~the ~~and~~amounts ~~distribution~~payable ~~inventory in order~~ to ~~support~~Cleco ~~future~~Group ~~needs~~for ~~and~~income ~~mitigate future supply chain uncertainty~~taxes,

•a $1510.09 million decrease in ~~energy~~fuel ~~risk~~inventory ~~management liabilities~~ primarily due to lower ~~mark-to-market~~purchases ~~losses~~of onpetroleum ~~gas~~coke ~~related~~at ~~derivative~~a ~~contracts~~lower cost at Cleco Power,

~~•a $13.6 million decrease in regulatory liabilities primarily due to the amortization of the TCJA regulatory liability,~~35

~~•an~~CLECO ~~$11.2~~CLECO ~~million~~POWER ~~increase~~2025 inFORM ~~affiliate accounts receivable due to estimated income taxes paid by Cleco Holdings on behalf of Cleco Group, and~~10-K

•a $910.19 million ~~decrease~~increase in ~~the~~energy ~~current~~risk ~~portion~~management ofliabilities ~~postretirement benefit obligations~~ primarily due tohigher ~~pension~~losses ~~plan~~on ~~contributions~~mark-to-market ~~expected~~gas-related toderivative becontracts ~~made~~at inCleco ~~2025.~~Power, and

~~These~~•a ~~increases~~$10.7 million increase in energy transition reserves at Cleco Power primarily due to the ~~working~~Dolet ~~capital~~Hills ~~surplus~~Power ~~were~~Station ~~partially~~energy ~~offset~~transition ~~by:~~costs and for future energy transition costs established as a result of the securitization financing of Energy Transition Property. For more information about the energy transition reserve, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Energy Transition Reserve.”

•aThese ~~$120.5~~decreases ~~million decrease~~ in ~~the~~working ~~net~~capital ~~assets~~were ~~and~~partially ~~liabilities~~offset held for sale as a result of the closing of the Cleco Cajun Divestiture. For more information about assets and liabilities held for sale, see Item 8, “Financial Statements and Supplementary Data — Note 3 — Discontinued Operations,”by:

•a $92140.16 million ~~decrease~~increase in cash and cash equivalents,

•a $39120.70 million ~~increase~~decrease in ~~taxes~~short-term ~~payable~~debt primarily due to ~~higher~~pay ~~provisions~~downs ~~for~~on ~~federal~~the ~~and~~revolving ~~state~~credit ~~income~~facilities ~~taxes~~at Cleco Holdings and Cleco Power,

•a $10108.74 million increase in ~~affiliate~~receivable ~~accounts~~– ~~payable~~Cleco Cajun Divestiture primarily due to anthe ~~increase~~reclassification inof the ~~amounts~~expected ~~payable~~payment tofrom the Cleco Cajun purchasers due by June 2026 at Cleco Holdings,

~~Group~~•a $43.9 million increase in other accounts receivable primarily due to an accrual for ~~income~~a ~~taxes~~customer ~~and~~reimbursement, higher ~~corporate~~accruals ~~franchise~~of ~~taxes~~customer advances for construction, general liability insurance, and MISO, and the timing of collections from joint owners at Cleco Power,

•a $1040.56 million decrease in ~~accumulated~~taxes ~~deferred~~payable ~~fuel, excluding FTRs,~~ primarily due to ~~lower~~intercompany ~~mark-to-market~~tax ~~losses~~settlements onat ~~gas-related~~Cleco ~~derivative~~Holdings ~~contracts~~ and ~~the~~Cleco ~~expiration of a significant wholesale customer contract~~Power, partially offset by ~~the~~higher ~~timing~~federal ~~of fuel revenue collections~~taxes,

•a $1038.07 million increase in ~~short-term~~prepayments ~~debt~~ primarily due to ~~draws~~the onpurchase ~~Cleco~~of ~~Holdings’~~transformers and ~~Cleco~~packaged ~~Power’s~~substations ~~revolving~~related ~~credit~~to ~~facilities,~~new ~~and~~gas compression customers at Cleco Power,

•ana $825.1 million increase in ~~long-term~~accumulated ~~debt~~deferred ~~and~~fuel, ~~finance~~excluding ~~leases~~FTRs, ~~due within one year~~ primarily due to ~~$75.0~~the ~~million~~increase of ~~Cleco~~fuel ~~Power’s~~cost ~~senior~~and ~~notes~~higher ~~due~~mark-to-market inlosses ~~November~~on ~~2025, $50.0 million of Cleco Power’s GO~~gas-~~Zone~~related ~~bonds~~derivative ~~with~~contracts afor ~~mandatory tender in April 2025, partially offset by the repayment of~~ Cleco ~~Holdings’ $66.7 million bank term loan, and the repayment of $50.0 million of Cleco~~ Power~~’s senior notes in December 2024.~~,

At•a ~~December 31, 2024, Cleco’s Consolidated Balance Sheets reflected~~ $424.531 ~~billion~~million ofincrease ~~total~~in ~~liabilities~~materials ~~compared~~and tosupplies ~~$5.23~~primarily ~~billion~~due atto ~~December 31,~~higher ~~2023.~~purchases ~~The~~of ~~$698.6~~transmission ~~million~~and ~~decrease~~distribution inventory in ~~total~~order ~~liabilities~~to ~~during~~support ~~2024~~future ~~was~~needs ~~primarily~~at ~~due~~Cleco ~~to:~~Power, and

•a $~~488~~17.89 million ~~decrease~~increase in ~~long-term~~restricted ~~debt~~cash and ~~finance~~cash ~~leases,~~equivalents ~~net~~ primarily due to the ~~completion~~establishment of arestricted ~~voluntary~~cash ~~tender~~accounts ~~offer~~related ofto ~~Cleco Holdings’ $175.0 million senior notes,~~ the ~~redemption~~Dolet ofHills ~~Cleco Holdings’ $165~~securitization.0 million senior notes, the repayment of Cleco Holdings’ $66.7 million bank term loan, the repayment of $50.0 million of Cleco Power’s senior notes, $15.1 million of Cleco Securitization I storm recovery bond principal payments, and Cleco Power’s $12.1 payment on the barge finance lease,

•aFor ~~$115.0~~the ~~million~~comparison ~~decrease~~of inCleco’s ~~the~~and ~~net~~Cleco ~~liabilities~~Power’s ~~held~~working capital for ~~sale~~the ~~primarily~~years asended aDecember 31, ~~result~~2024, ofand ~~the~~2023, ~~closing~~see ofPart ~~the~~II, ~~Cleco~~Item ~~Cajun~~7, ~~Divestiture.~~“ ~~For~~Management’s ~~more~~Discussion ~~information~~and ~~about~~Analysis ~~assets~~of Financial Condition and ~~liabilities~~Results ~~held~~of ~~for~~Operations ~~sale,~~— ~~see~~Liquidity ~~Item~~and 8,Capital ~~“Financial~~Resources ~~Statements~~— Cash Generation and ~~Supplementary~~Cash ~~Data~~Requirements — ~~Note~~Working 3Capital —and ~~Discontinued~~Debt” ~~Operations~~in the Annual Report on Form 10-K for the year ended December 31,” 2024.

~~•a $53.2 million decrease in accumulated deferred federal and state income taxes primarily due to a reduction in the state income tax rate,~~Liabilities

•aAt December 31, 2025, Cleco’s Consolidated Balance Sheet had $384.785 billion of total liabilities compared to $4.53 billion at December 31, 2024. The $317.1 million ~~decrease~~increase in ~~postretirement~~total ~~benefit~~liabilities ~~obligations,~~during as2025 ~~previously~~was ~~discussed,~~primarily ~~and~~due to:

•a $35372.31 million ~~decrease~~increase in ~~restricted~~long-term ~~storm~~debt ~~reserve~~ primarily due to ~~costs~~the ~~recorded~~issuances ~~for~~of ~~multiple~~$305.0 ~~severe~~million ~~weather~~of ~~events~~senior ~~that~~secured ~~are~~energy ~~netted~~transition ~~against~~bonds ~~the~~in ~~storm~~March ~~reserve~~2025 and $350.0 million of senior

~~These~~notes ~~decreases~~at inCleco ~~total~~Power. ~~liabilities~~These increases were partially offset by athe repayments of the $39125.70 million ~~increase~~bank term loan in ~~taxes~~March ~~payable~~2025, asthe ~~previously~~$75.0 ~~discussed~~million of senior notes in November 2025, and the $50.0 million GO Zone bonds in May 2025 at Cleco Power. Also contributing to the offset were pay downs of $15.1 million on Cleco Securitization I bonds and $3.2 million on Cleco Securitization II bonds. For more information on Cleco’s and Cleco Power’s short and long-term debt, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt,”

~~Cleco~~•a ~~Holdings~~$60.4 million increase in accumulated deferred federal and state income taxes, net primarily due to the absence of adjustments for the reduction in income tax rates in 2024,

At•a ~~December 31,~~$38.4 ~~2024~~million ~~and~~increase ~~2023,~~in energy transition reserves at Cleco ~~Holdings~~Power ~~had~~primarily ~~$10.0~~due ~~million~~to the Dolet Hills Power Station energy transition costs and ~~$110.0~~future ~~million,~~energy ~~respectively,~~transition ofcosts ~~short-term~~established ~~debt~~as ~~outstanding~~a ~~under~~result ~~its~~of ~~$175.0~~the ~~million~~securitization ~~revolving~~financing ~~credit~~of ~~facility~~Energy Transition Property. For more information onabout ~~Cleco~~the ~~Holdings’~~energy ~~credit~~transition ~~facility~~reserve, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 106 — ~~Debt~~Regulatory Assets and Liabilities — ~~Credit~~Energy ~~Facilities.~~Transition Reserve,”

On•a ~~April~~$20.2 ~~26,~~million ~~2024,~~increase ~~Cleco~~in ~~Holdings~~accounts ~~repaid~~payable, ~~its~~primarily ~~$66.7 million~~due ~~bank~~to ~~term~~an ~~loan~~increase ~~that~~in ~~was~~the ~~due~~purchase onof ~~May 21~~transformers, ~~2024.~~generation Inand ~~addition~~plant maintenance, onand ~~June~~information 4technology, ~~2024,~~partially ~~Cleco~~offset ~~Holdings~~by ~~redeemed~~lower ~~its~~accruals ~~$165.0~~for ~~million~~short-term ~~floating~~incentive ~~rate~~plan ~~senior~~compensation ~~notes~~at ~~due~~Cleco ~~in May 2025.~~Power,

38•a $14.8 million increase in accounts payable-affiliate primarily due to an increase in the amounts payable to Cleco Group for income taxes, and

~~CLECO~~•an ~~CLECO~~$11.6 ~~POWER~~million ~~2024~~increase ~~FORM~~in 10energy risk management liabilities primarily due to higher mark-Kto-market losses on gas-related derivative contracts at Cleco Power.

OnThese ~~September~~increases ~~20,~~in ~~2024,~~total ~~Cleco~~liabilities ~~Holdings’~~were ~~individual~~partially ~~$10.0~~offset ~~million uncommitted line of credit expired. Previously, this line of credit was being renewed on an annual basis.~~by:

On•a ~~November~~$120.0 ~~27,~~million ~~2024,~~decrease ~~Cleco~~in ~~Holdings~~short-term ~~completed~~debt aprimarily ~~voluntary~~due ~~tender~~to ~~offer~~pay ~~for~~downs ~~its~~on ~~3.743%~~the ~~senior~~revolving ~~notes~~credit ~~due~~facilities inat ~~May~~Cleco ~~2026~~Holdings inand anCleco ~~aggregate principal amount of $175.0 million.~~Power,

At•a ~~December 31, 2024, Cleco Holdings’ long-term debt outstanding, excluding fair value adjustments resulting from the 2016 merger, was~~ $140.006 ~~billion,~~million ~~none~~decrease ofin ~~which~~taxes ~~was~~payable ~~due within one year. For Cleco Holdings, long-term debt and finance leases, net decreased $405.1 million~~ primarily due to ~~the~~intercompany ~~completion~~tax ofsettlements aat ~~voluntary~~Cleco ~~tender offer of $175.0 million senior notes~~Holdings, ~~the redemption of $165.0 million senior notes, and the repayment of the $66.7 million bank term loan.~~

~~Cash~~•a ~~and~~$20.4 ~~cash~~million ~~equivalents~~decrease ~~available~~in atpostretirement ~~Cleco~~benefit ~~Holdings~~obligations atdue ~~December 31,~~to ~~2024,~~a ~~were~~decrease ~~$6.8~~in ~~million,~~expected ~~combined~~pension ~~with~~liability ~~$165.0~~payments ~~million~~for ~~available~~2025, ~~revolving~~partially ~~credit~~offset ~~facility~~by ~~capacity~~an ~~for~~increase ain ~~total~~interest ~~liquidity~~and ofservice ~~$171.8~~costs, ~~million.~~ and

•a $19.5 million decrease in provision for customer refund primarily due to the third quarter 2025 refund issued to Cleco Power’s retail customers resulting from the settlement of the Dolet Hills prudency review. For more information about the settlement, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs and “— Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Securitization.”

At December 31, 2024, Cleco Power had $110.0 million outstanding borrowings of short-term debt under its $300.0 million revolving credit facility. At December 31, 2023, Cleco Power had no short-term debt. For more information on Cleco Power’s credit facility, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt — Credit Facilities.”36

AtCLECO ~~December 31,~~CLECO ~~2024,~~POWER Cleco Power’s long-term debt and finance leases outstanding was $1.81 billion, of which $264.9 million was due within one year. The long-term debt and finance leases due within one year at December 31, 2024, primarily represents the $125.0 million bank term loan due in May 2025; ~~$75.0~~FORM ~~million senior notes due in November 2025; $50.0 million GO~~10-~~Zone bonds with a mandatory tender in April 2025; and $15.1 million of Cleco Securitization I storm recovery bond principal payments scheduled to be paid in 2025.~~K

OnAt ~~May 17~~December 31, ~~2024~~2025, Cleco Power ~~entered into a $125.0 million bank term loan. This term loan replaced Cleco Power~~’s ~~existing~~Consolidated ~~term~~Balance ~~loan~~Sheet ~~credit~~reflected ~~agreement~~$3.66 ~~The~~billion ~~current term loan has an interest rate~~ of ~~SOFR~~total ~~plus~~liabilities ~~1.35%~~compared orto ~~ABR plus 0~~$3.~~25%~~28 ~~and~~billion aat ~~maturity date of May 17, 2025. In addition, on~~ December 16 31, 2024,. ~~Cleco~~The ~~Power repaid its~~ $50381.06 million ~~3.17%~~increase ~~senior~~in ~~notes~~total ~~that~~liabilities ~~matured~~during in2025 ~~December~~was ~~2024.~~primarily due to:

On•a ~~September~~$378.9 ~~20,~~million ~~2024,~~increase ~~Cleco~~in ~~Power’s~~long-term ~~individual~~debt primarily due to the issuances of $10305.0 million ~~uncommitted~~of ~~line~~senior secured energy transition bonds in March 2025 and $350.0 million of ~~credit~~senior ~~expired~~notes. ~~Previously~~These increases were partially offset by the repayments of the $125.0 million bank term loan in March 2025, ~~this~~the ~~line~~$75.0 million of ~~credit~~senior ~~was~~notes ~~being~~in ~~renewed~~November 2025, and the $50.0 million GO Zone bonds in May 2025. Also contributing to the offset were pay downs of $15.1 million of on anCleco ~~annual~~Securitization ~~basis~~I bonds and $3.2 million on Cleco Securitization II bonds. For more information on Cleco’s and Cleco Power’s short and long-term debt, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt,”

~~Cash~~•a ~~and~~$61.7 ~~cash~~million ~~equivalents~~increase ~~available~~in ataccumulated ~~December 31,~~deferred ~~2024,~~federal ~~were~~and ~~$23.7~~state ~~million~~income ~~combined~~taxes, ~~with~~net ~~$190.0~~primarily ~~million~~due ~~available~~to ~~revolving~~the ~~credit~~absence ~~facility~~of ~~capacity~~adjustments for ~~total~~the ~~liquidity~~reduction ofin ~~$213.7~~income ~~million.~~tax rates in 2024,

At•a ~~December 31,~~$38.4 ~~2024,~~million ~~and~~increase ~~2023,~~in ~~Cleco~~energy ~~Power~~transition ~~had~~reserves aprimarily ~~working~~due ~~capital~~to ~~surplus~~the ofDolet ~~$96.0~~Hills ~~million~~Power Station energy transition costs and for future energy transition costs established as a ~~working~~result ~~capital~~of ~~deficit~~the securitization financing of ~~$66~~Energy Transition Property.2 ~~million~~For more information about the energy transition reserve, ~~respectively.~~see ~~The~~Item ~~$162.2~~8, ~~million~~“Financial ~~increase~~Statements inand Supplementary Data — Notes to the ~~working~~Financial ~~capital~~Statements ~~surplus~~— isNote ~~primarily~~6 ~~due~~— ~~to:~~Regulatory Assets and Liabilities — Energy Transition Reserve,”

•a $~~260~~24.87 million increase in ~~regulatory~~accounts ~~assets~~payable primarily due to ~~the~~an ~~reclassification~~increase ofin the ~~Dolet~~purchase ~~Hills~~of ~~and~~transformers, ~~mine-related~~generation ~~regulatory~~and ~~assets~~plant tomaintenance, ~~short-term~~and asinformation atechnology, ~~result~~partially ofoffset ~~Cleco~~by ~~Power~~lower ~~expecting~~accruals ~~the~~related ~~securitization of those amounts~~ to beshort-term ~~completed~~incentive byplan ~~the end of March 2025~~compensation,

•a $4015.30 million ~~decrease~~increase in ~~provision~~taxes ~~for~~payable ~~rate refund~~ primarily due to ~~the~~increases ~~reclassification~~in offederal ~~the~~taxable ~~long-term~~income, ~~portion of refunds to be made to Cleco Power’s retail customers~~ and ~~the third quarter 2024 refund issued to Cleco Power’s retail~~

~~customers~~•an ~~resulting from the settlement of the Dolet Hills prudency review~~$11.6 ~~For~~million ~~more~~increase ~~information~~in ~~about~~energy ~~the~~risk ~~settlement,~~management ~~see~~liabilities ~~Item~~primarily 8,due ~~“Financial~~to ~~Statements~~higher ~~and~~mark-to-market ~~Supplementary~~losses ~~Data~~on —gas-related ~~Note~~derivative ~~16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review,”~~contracts.

•aThese ~~$27.4~~increases ~~million increase~~ in ~~fuel~~total ~~inventory~~liabilities ~~primarily~~were ~~due~~partially tooffset ~~higher coal volume with higher transportation costs driven~~ by ~~lower usage from a decrease in market gas prices,~~:

•a $17110.30 million ~~increase~~decrease in ~~materials~~short-term ~~and~~debt ~~supplies inventory~~ primarily due to ~~higher~~pay ~~purchases~~downs ofon ~~transmission~~the ~~and~~revolving ~~distribution~~credit ~~inventory in order to support future needs and mitigate future supply chain uncertainty~~facility,

•a $1421.35 million decrease in ~~energy~~postretirement ~~risk~~benefit ~~management~~obligations ~~liabilities primarily~~ due to ~~lower~~a ~~mark-to-market~~decrease ~~losses~~in onexpected ~~gas-related~~pension ~~derivative~~liability ~~contracts~~payments for 2025, partially offset by an increase in interest and service costs, and

•a $1319.65 million decrease in ~~regulatory~~provision ~~liabilities~~for customer refunds primarily due to the ~~reclassification~~third quarter 2025 refund issued to Cleco Power’s retail customers resulting from the settlement of the ~~short-term~~Dolet ~~portion~~Hills ofprudency review. For more information about the ~~TCJA~~settlement, ~~regulatory~~see ~~liability~~Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs and “— Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation— LPSC Audits and Reviews — Dolet Hills Securitization.”

~~•a $10.3 million decrease in taxes payable primarily due to lower provisions for income taxes, and~~Debt

•aFor ~~$9.1~~more ~~million~~information ~~decrease~~on inCleco ~~the~~Power’s ~~current~~short ~~portion~~and oflong-term ~~postretirement~~debt, ~~benefit~~see ~~obligations~~Item ~~primarily~~8, ~~due~~“Financial Statements and Supplementary Data — Notes to ~~pension~~the ~~plan~~Financial ~~contributions~~Statements ~~expected~~— Note 10 — Debt — Cleco Power.” For more information on Cleco Holdings' short and long-term debt, see Item 8, “Financial Statements and Supplementary Data — Notes to bethe ~~made~~Financial inStatements ~~2025~~— Note 10 — Debt — Cleco.”

~~These increases in the working capital surplus were partially offset by:~~Liquidity

•aThe ~~$110.0~~following ~~million~~tables ~~increase~~present inthe ~~short-term~~total ~~debt~~liquidity ~~due~~for toCleco ~~outstanding~~and ~~borrowings~~Cleco ofPower ~~short-term~~for ~~debt~~December ~~under~~31, ~~its~~2025, ~~$300.0~~and ~~million revolving credit facility,~~2024:

•a $74.6 million increase in long-term debt and finance leases due within one year primarily due to $75.0 million of senior notes due in November 2025, $50.0 million of GO-Zone bonds with a mandatory tender in April 2025, partially offset by the repayment of $50.0 million of senior notes in December 2024,


Cleco
	AT DEC. 31,
(THOUSANDS)	2025		2024
Cash and cash equivalents	$	171,056	$	30,472
Cleco Power revolving credit facility	300,000		300,000
Less: Outstanding revolving draws	—		(110,000)
Cleco Holdings revolving credit facility	175,000		175,000
Less: Outstanding revolving draws	—		(10,000)
Total liquidity	$	646,056	$	385,472

•a $25.5 million decrease in cash and cash equivalents,


Cleco Power
	AT DEC. 31,
(THOUSANDS)	2025		2024
Cash and cash equivalents	$	162,660	$	23,714
Revolving credit facility	300,000		300,000
Less: Outstanding revolving draws	—		(110,000)
Total liquidity	$	462,660	$	213,714

•aFor ~~$15.9~~more ~~million~~information ~~increase~~on inCleco ~~accounts~~Power’s ~~payable~~and ~~primarily~~Cleco ~~due~~Holdings’ tocredit ~~storm~~facilities, ~~accruals~~see ~~related~~Item 8, “Financial Statements and Supplementary Data — Notes to the ~~restoration~~Financial ~~efforts~~Statements ~~for~~— ~~Hurricane~~Note ~~Francine~~10 ~~and~~— ~~short-term~~Debt ~~incentive~~— ~~plan~~Credit ~~accruals,~~Facilities.”

•a $10.5 million decrease in accumulated deferred fuel, excluding FTRs, primarily due to lower mark-to-market losses on gas-related derivative contracts and the expiration of a significant wholesale customer contract, partially offset by the timing of fuel revenue collections.

At December 31, 2024, Cleco Power’s Consolidated Balance Sheets reflected $3.28 billion of total liabilities compared to $3.37 billion at December 31, 2023. The $84.9 million decrease in total liabilities during 2024 was primarily due to:

•a $75.9 million decrease in long-term debt and finance leases, net primarily due the repayment of $50.0 million senior notes, $15.1 million of Cleco Securitization I storm recovery bond principal payments, and a $12.1 million payment on the barge finance lease,

•a $35.3 million decrease in restricted storm reserve, as previously discussed,

•a $31.9 million decrease in postretirement benefit obligations, as previously discussed, and

CLECO CLECO POWER 2024 FORM 10-K

•an $18.5 million decrease in accumulated deferred federal and state income taxes primarily due to a reduction in the state income tax rate, partially offset by the utilization of the loss carryforward.

These decreases in total liabilities were partially offset by a $110.0 million increase in short-term debt, as previously discussed.

Concentrations of Credit Risk

At December 31, ~~2024~~2025, and ~~2023~~2024, Cleco and Cleco Power were exposed to concentrations of credit risk through their short-term investments classified as cash equivalents. In order to mitigate potential credit risk, Cleco and Cleco Power have established guidelines for short-term investments. For more information on the concentration of credit risk through short-term investments classified as cash equivalents, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 8 — Fair Value Accounting Instruments.”

Debt and Distribution Limitations

The 2016 Merger Commitments include provisions for limiting the amount of distributions that can be made from Cleco Holdings to Cleco Group, depending on Cleco Holdings’ debt to EBITDA ratio and its corporate credit ratings. Cleco Holdings may not make any distribution unless, after giving effect to such distribution, Cleco Holdings’ debt to EBITDA ratio is equal to or less than 6.50 to 1.00 and Cleco Holdings’ corporate credit rating is investment grade with one or more of the three credit rating agencies. At December 31, 2025, Cleco Holdings was in compliance with the provisions of the 2016 Merger Commitments that would restrict the amount of distributions available. Additionally, in accordance with the

ratio is equal to or less than 6.50 to 1.00 and Cleco Holdings’ corporate credit rating is investment grade with one or more of the three credit rating agencies. At December 31, 2024, Cleco Holdings was in compliance with the provisions of the 2016 Merger Commitments that would restrict the amount of distributions available. Additionally, in accordance with the 2016 Merger Commitments, Cleco Power is subject to certain provisions limiting the amount of distributions that may be paid to Cleco Holdings, depending on Cleco Power’s common equity ratio and its corporate credit ratings. Cleco Power may not make any distribution unless, after giving effect to such distribution, Cleco Power’s common equity ratio would not be less than 48% and Cleco Power’s corporate credit rating is investment grade with two of the three credit rating agencies. At December 31, 2024, Cleco Power was in compliance with the provisions of the 2016 Merger Commitments that would restrict the amount of distributions available. The 2016 Merger Commitments also prohibit Cleco from incurring additional long-term debt, excluding non-recourse debt, unless certain financial ratios are achieved. For more information on the 2016 Merger Commitments, see Part I, Item 1A, “Risk Factors — Structural Risks — Holding Company” and “— Regulatory Risks — Regulatory Compliance.”37

~~Cash~~CLECO ~~Flows~~CLECO ~~Comparison~~POWER ~~for~~2025 ~~the~~FORM ~~Years Ended December 31, 2024, and 2023~~10-K

2016 Merger Commitments, Cleco Power is subject to certain provisions limiting the amount of distributions that may be paid to Cleco Holdings, depending on Cleco Power’s common equity ratio and its corporate credit ratings. Cleco Power’s ~~net~~may ~~cash~~not ~~activities~~make ~~for~~any ~~operating~~distribution unless, ~~investing~~after giving effect to such distribution, Cleco Power’s common equity ratio would not be less than 48% and ~~financing~~Cleco ~~cash~~Power’s ~~flows~~corporate ~~are~~credit asrating ~~follows~~is ~~for~~investment grade with two of the three credit rating agencies. At December 31, ~~2024~~2025, ~~and~~Cleco ~~2023:~~Power was in compliance with

	CLECO						CLECO POWER
	FOR THE YEAR ENDED DEC. 31,						FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2024		2023		VARIANCE		2024		2023		VARIANCE
Net cash provided by operating activities	$	296,805	$	421,192	$	(124,387)	$	270,585	$	399,943	$	(129,358)
Net cash provided by (used in) investing activities	$	217,239	$	(227,816)	$	445,055	$	(242,341)	$	(218,657)	$	(23,684)
Net cash used in financing activities	$	(607,228)	$	(128,881)	$	(478,347)	$	(50,721)	$	(150,352)	$	99,631

the provisions of the 2016 Merger Commitments that would restrict the amount of distributions available. The 2016 Merger Commitments also prohibit Cleco from incurring additional long-term debt, excluding non-recourse debt, unless certain financial ratios are achieved. For more information on the 2016 Merger Commitments, see Part I, Item 1A, “Risk Factors — Structural Risks — Holding Company” and “— Regulatory Risks — Regulatory Compliance.”

~~Cleco~~Cash –Flows ~~Net~~Comparison ~~Operating~~for ~~Cash~~the ~~Flow~~Years Ended December 31, 2025, and 2024

Cash generated from operating activities consists of net income, adjusted for non-cash expenses, non-cash income, and changes in operating assets and liabilities. Non-cash adjustments include items such as depreciation and amortization, gain or loss on risk management assets and liabilities, regulatory disallowance, deferred income taxes, and allowance for equity funds used during construction.


	FOR THE YEAR ENDED DEC. 31,
			CLECO POWER								CLECO
(THOUSANDS)	2025		2024		VARIANCE		2025		2024		VARIANCE
Operating activities
Net income, adjusted for non-cash items(1)	$	482,085	$	423,699	$	58,386	$	467,301	$	444,064	$	23,237
Changes in assets and liabilities
Accounts receivable	(28,269)		5,016		(33,285)		(33,272)		26,712		(59,984)
Fuel inventory and materials and supplies	(13,250)		(44,615)		31,365		(13,250)		(68,494)		55,244
Prepayments	(54,776)		(5,875)		(48,901)		(57,673)		(10,108)		(47,565)
Accounts payable	(3,851)		(15,015)		11,164		(5,511)		(13,160)		7,649
Accounts payable - affiliate	(7,155)		(2,255)		(4,900)		(1,429)		10,685		(12,114)
Taxes accrued	21,791		(11,744)		33,535		11,931		39,636		(27,705)
Storm reserve	(6,876)		(37,094)		30,218		(6,876)		(37,094)		30,218
Other operating items with variances outside the threshold(2)	(55,837)		(52,618)		(3,219)		(85,388)		(106,522)		21,134
Net cash provided by operating activities	$	333,862	$	259,499	$	74,363	$	275,833	$	285,719	$	(9,886)
Investing activities
Additions to property, plant, and equipment	$	(348,530)	$	(270,058)	$	(78,472)	$	(348,862)	$	(274,247)	$	(74,615)
Payments received on note receivable	—		11,914		(11,914)		—		11,914		(11,914)
Proceeds from sale of discontinued operations (net of transaction fees of $10.8 million)	—		—		—		—		463,769		(463,769)
Other investing items with variances outside the threshold(2)	6,653		19,139		(12,486)		6,653		19,139		(12,486)
Net cash (used in) provided by investing activities	$	(341,877)	$	(239,005)	$	(102,872)	$	(342,209)	$	220,575	$	(562,784)
Financing activities
Draws on revolving credit facilities	$	130,000	$	110,000	$	20,000	$	193,000	$	142,000	$	51,000
Payments on revolving credit facilities	(240,000)		—		(240,000)		(313,000)		(132,000)		(181,000)
Issuances of securitized debt	305,000		—		305,000		305,000		—		305,000
Issuances of long-term debt	349,218		16,599		332,619		349,218		16,599		332,619
Repayment of long-term debt	(268,301)		(81,098)		(187,203)		(268,301)		(487,798)		219,497
Refunds of credit deposits	(10,350)		—		(10,350)		(10,350)		—		(10,350)
Distributions to member	(70,000)		(95,000)		25,000		—		(145,005)		145,005
Other financing items with variances outside the threshold(2)	(8,784)		6,528		(15,312)		(8,784)		6,726		(15,510)
Net cash provided by (used in) financing activities	$	186,783	$	(42,971)	$	229,754	$	246,783	$	(599,478)	$	846,261
(1) Non-cash items primarily include depreciation and amortization, AFUDC, unrealized gains and losses, deferred income taxes, and derecognition of previously deferred costs. (2) For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million.

~~Net~~Summary ~~cash~~of ~~provided~~Consolidated ~~by operating activities during 2024 decreased $124.4 million from 2023 primarily due to:~~Results

~~•$59.2~~Net ~~million~~Operating ofCash ~~lower~~Flows ~~recoveries of fuel and purchased power costs primarily due to the timing of collections at a lower fuel rate,~~

~~•$36.2~~Net ~~million~~cash ofprovided ~~higher~~by ~~payments~~operating activities increased primarily due to cash flows from net income, adjusted for non-~~capital~~cash ~~severe~~items. ~~weather~~For ~~events~~more atinformation, ~~Cleco~~see ~~Power~~“— Results of Operations — Comparison of the Years Ended December 31, 2025, and 2024 — Summary of Consolidated Results.”

~~•$25.3~~Year ~~million~~over ofyear ~~higher~~changes ~~minimum~~in ~~required~~working ~~contributions~~capital ~~made~~accounts ~~for~~also materially impacts the ~~pension~~net ~~plan~~cash atprovided ~~Cleco~~by ~~Power~~operating activities. For more information on these changes in working capital, see “— Working Capital.”

~~•$17.6~~Other ~~million~~material impacts to the change in operating cash flows were attributable to the deferred recovery of ~~lower~~storm ~~collections~~expenditures ~~from~~due ~~Cleco~~to ~~Power’s~~timing. ~~customers~~For more information on the storm reserve, see Item 8, “Financial Statements and Supplementary

~~•$11.0~~Data ~~million~~— ofNotes ~~higher~~to ~~payments~~the ~~for~~Financial ~~natural~~Statements ~~gas~~— ~~derivatives~~Note at6 ~~Cleco~~— ~~Power~~Regulatory Assets and Liabilities — Storm Reserve.”

~~These~~Net ~~decreases~~Investing ~~were~~Cash ~~partially~~Flows ~~offset by~~

~~•$15.0~~Net ~~million~~cash ofused ~~lower~~in ~~interest~~investing ~~paid~~activities onincreased ~~debt~~primarily due to higher additions to property, plant, and equipment, excluding AFUDC at Cleco Power.

•Also contributing to the increase was the absence of $11463.38 million of ~~lower~~net ~~affiliate~~proceeds ~~settlements~~from tothe Cleco ~~Group,~~Cajun ~~primarily~~Divestiture. ~~for~~For ~~income~~more ~~taxes~~information ~~payable~~on the Cleco Cajun Divestiture, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Discontinued Operations.”

~~•the absence of $6.5 million of cash collateral remitted to counterparties for Cleco Cajun’s natural gas derivatives.~~38

~~Cleco~~CLECO –CLECO ~~Net~~POWER ~~Investing~~2025 ~~Cash~~FORM ~~Flow~~10-K

Net ~~cash~~Financing ~~provided~~Cash byFlows ~~investing activities increased $445.1 million, which includes discontinued operations of $5.5 million, primarily due to $463.8 million of net proceeds from the Cleco Cajun Divestiture.~~

~~This~~Net ~~increase~~cash ~~was~~provided ~~partially~~by ~~offset~~financing byactivities ~~higher~~increased ~~additions~~primarily due to ~~property,~~higher ~~plant~~draws on revolving credit facilities, higher issuances of long-term debt and ~~equipment~~securitized debt, ~~excluding~~lower ~~AFUDC~~distributions from Cleco Power to Cleco Holdings, and the absence of ~~$29.3~~distributions ~~million~~from Cleco Holdings to Cleco Group.

~~Cleco~~These –increases ~~Net~~were ~~Financing~~partially ~~Cash~~offset ~~Flow~~by higher payments on revolving credit facilities, higher repayments of long-term debt, and higher remittance of collateral to counterparties.

~~Net~~ ~~cash~~For ~~used~~more ininformation on financing activities, ~~increased~~see ~~$478.3~~Item ~~million~~8, ~~during~~“Financial ~~2024~~Statements ~~primarily~~and ~~due~~Supplementary Data — Notes to: the Financial Statements — Note 8 — Fair Value Accounting Instruments — Concentrations of Credit Risk.” and “— Note 10 — Debt.”

~~•$296.0~~Cash ~~million~~Flows Comparison of ~~higher~~the ~~repayments~~Years onEnded ~~long-term~~December ~~debt~~31, 2024, and 2023

•For the ~~absence~~comparison of ~~$100.0~~Cleco’s ~~million~~and ofCleco ~~proceeds~~Power’s ~~from~~cash flows for the ~~refinancing~~years ended December 31, 2024, and 2023, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Cash Generation and Cash Requirements — Cash Flows Comparison of the Years Ended December 31, 2024, and 2023 — Cleco” and “— Cleco Power’s” ~~senior~~in ~~notes~~the Annual Report on Form 10-K for the year ended December 31, 2024.

•$91.5 million of higher distributions to Cleco Group, and

•$8.0 million of higher payments on credit facilities.

CLECO CLECO POWER 2024 FORM 10-K

These increases were partially offset by $17.0 million of higher draws on credit facilities.

Cleco Power – Net Operating Cash Flow

Cash generated from operating activities consists of net income, adjusted for non-cash expenses, non-cash income, and changes in operating assets and liabilities. Non-cash adjustments include items such as depreciation and amortization, regulatory disallowance, deferred income taxes, and allowance for equity funds used during construction.

Net cash provided by operating activities during 2024 decreased $129.4 million from 2023 primarily due to:

•$59.2 million of lower recoveries of fuel and purchased power costs primarily due to the timing of collections at a lower fuel rate,

•$36.2 million of higher payments for non-capital severe weather events,

•$25.3 million of higher minimum required contributions made for the pension plan,

•$17.6 million of lower collections from customers, and

•$11.0 million of higher payments for natural gas derivatives.

These decreases were partially offset by:

•$9.1 million of higher collections from joint owners primarily due to the timing of receipts for generating station expenses and

•$6.6 million of lower purchased power costs from MISO.

Cleco Power – Net Investing Cash Flow

Net cash used in investing activities during 2024 increased $23.7 million from 2023 primarily due to higher additions to property, plant, and equipment, excluding AFUDC, of $34.4 million.

This increase was partially offset by higher payments received on note receivables of $11.1 million.

Cleco Power – Net Financing Cash Flow

Net cash used in financing activities during 2024 decreased $99.6 million from 2023 primarily due to:

•$85.0 million of higher draws on revolving credit facilities,

•$70.0 million of lower payments on the credit facility, and

•$45.1 million of lower repayments on long-term debt.

These decreases were partially offset by the absence of $100.0 million of proceeds from the refinancing of Cleco Power’s senior notes.

Cash Flows Comparison for the Years Ended December 31, 2023, and 2022

Cleco’s and Cleco Power’s net cash activities for operating, investing, and financing cash flows are as follows for December 31, 2023, and 2022:

	CLECO						CLECO POWER
	FOR THE YEAR ENDED DEC. 31,						FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2023		2022		VARIANCE		2023		2022		VARIANCE
Net cash provided by operating activities	$	421,192	$	344,912	$	76,280	$	399,943	$	274,265	$	125,678
Net cash used in investing activities	$	(227,816)	$	(193,257)	$	(34,559)	$	(218,657)	$	(220,693)	$	2,036
Net cash (used in) provided by financing activities	$	(128,881)	$	(111,065)	$	(17,816)	$	(150,352)	$	6,731	$	(157,083)

Cleco – Net Operating Cash Flow

Net cash provided by operating activities during 2023 increased $76.3 million from 2022 primarily due to:

•$53.8 million of higher collections from Cleco Power and Cleco Cajun’s customers,

•$45.3 million of higher recoveries of fuel and purchased power costs primarily due to the timing of collections at a higher fuel rate, and

•$21.0 million of higher collections from joint owners primarily due to the timing of receipts for their portions of generating station expenses.

These increases were partially offset by $37.1 million of higher purchased power costs from MISO at Cleco Power and Cleco Cajun.

Cleco – Net Investing Cash Flow

Net cash used in investing activities increased $34.6 million primarily due to lower life insurance proceeds of $41.3 million.

This increase was partially offset by lower additions to property, plant, and equipment, excluding AFUDC, of $6.5 million.

Cleco – Net Financing Cash Flow

Net cash used in financing activities increased $17.8 million during 2023 primarily due to:

•the absence of proceeds of $424.9 million, net of discount, from the issuance of Cleco Securitization I storm recovery bonds and

•$101.0 million of lower draws on credit facilities.

These increases were partially offset by:

•$242.5 million of lower repayments on long-term debt,

•$166.1 million of lower distributions to Cleco Group, and

•$100.0 million of proceeds from the refinancing of Cleco Power’s senior notes due in 2023.

Cleco Power – Net Operating Cash Flow

Cash generated from operating activities consists of net income, adjusted for non-cash expenses, non-cash income,

CLECO CLECO POWER 2024 FORM 10-K

and changes in operating assets and liabilities. Non-cash adjustments include items such as depreciation and amortization, regulatory disallowance, deferred income taxes, and allowance for equity funds used during construction.

Net cash provided by operating activities during 2023 increased $125.7 million from 2022 primarily due to:

•$50.6 million of higher collections from customers,

•$45.8 million of higher receipts for affiliate settlements,

•$45.3 million of higher recoveries of fuel and purchased power costs primarily due to the timing of collections at a higher fuel rate, and

•$16.7 million of higher collections from joint owners primarily due to the timing of receipts for their portions of generating station expenses.

These increases were partially offset by:

•$18.9 million of higher fuel inventory costs due to purchases at a higher price per unit for petroleum coke and natural gas and

•$9.8 million of higher purchased power costs from MISO.

Cleco Power – Net Investing Cash Flow

Net cash used in investing activities during 2023 decreased $2.0 million from 2022 primarily due to lower additions to property, plant, and equipment, excluding $8.0 million of AFUDC, and

These decreases were partially offset by lower life insurance proceeds received of $6.5 million.

Cleco Power – Net Financing Cash Flow

Net cash used in financing activities during 2023 increased $157.1 million from 2022 primarily due to:

•the absence of proceeds of $424.9 million, net of discount, from the issuance of Cleco Securitization I senior secured storm recovery bonds and

•$137.0 million of lower draws on revolving credit facilities.

These increases were partially offset by:

•$240.4 million of lower repayments on long-term debt,

•$100.0 million of proceeds from the refinancing of senior notes due in 2023,

•$47.0 million of lower payments on the credit facility,

•$10.7 million of lower distributions to Cleco Holdings, and

•$6.9 million of lower payments for debt financing costs.

Capital Expenditures

Cleco’s capital expenditures are primarily incurred at Cleco Power. Cleco Power’s capital expenditures relate primarily to assets that may be included in Cleco Power’s rate base and, if considered prudent by the LPSC, can be recovered from its customers. Those assets also earn a rate of return authorized by the LPSC and are subject to the FRP. Such assets primarily consist of improvements to Cleco Power’s distribution system, transmission system, and generating stations as well as hardware and software upgrades.

During the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, Cleco Power had capital expenditures, excluding AFUDC, of $~~255~~348.35 million, $~~221~~270.01 million, and $~~228~~254.96 million, respectively. Cleco Power funded its capital expenditures for 2025, 2024, and 2023 from internally generated funds and funds obtained through debt issuances.

During the years ended December 31, 2025, 2024, and 2023, ~~and~~Cleco’s ~~2022~~other ~~from~~subsidiaries ~~internally~~had ~~generated~~capital ~~funds~~expenditures ~~and~~of ~~funds~~$0.3 ~~obtained~~million, ~~through~~$0.9 ~~debt~~million, ~~issuances~~and $0.5 million, respectively.

During 2026 and for the ~~years~~five-year ~~ended~~period ~~December 31,~~ending ~~2024~~2030, ~~2023,~~Cleco and ~~2022,~~ Cleco’s ~~other~~Power ~~subsidiaries~~expect ~~had~~to materially fund their capital ~~expenditures~~expenditure ofrequirements ~~$0.9~~with ~~million,~~internally $0generated funds.5 ~~million~~However, Cleco Power may choose to issue debt in order to supplement its funding sources and $1achieve its stipulated regulatory capital structure.0 ~~million,~~All ~~respectively~~computations of internally funded capital expenditures exclude AFUDC.

~~During 2025 and for the five-year period ending 2029,~~ Cleco’s and Cleco Power’s ~~expect~~estimated tocapital ~~materially~~expenditures ~~fund~~and ~~their~~debt ~~capital~~maturities ~~expenditure~~for ~~requirements~~2026 ~~with~~and ~~internally~~for ~~generated~~the ~~funds.~~five-year ~~However,~~period ~~Cleco~~ending ~~Power~~December ~~may~~31, ~~choose~~2030, toare ~~issue~~presented ~~debt~~ in ~~order~~the tofollowing ~~supplement its funding sources and achieve its stipulated regulatory capital structure~~tables. All ~~computations~~amounts ~~of internally funded capital expenditures~~ exclude AFUDC ~~and capitalized interest~~.

Cleco’s and Cleco Power’s estimated capital expenditures and debt maturities for 2025 and for the five-year period ending December 31, 2029, are presented in the following tables. All amounts exclude AFUDC and capitalized interest.


Cleco
PROJECT (THOUSANDS)	2026		%		2026-2030		%
Generation	$	257,000	44	%	$	2,738,000	55	%
Transmission	82,000		14	%	920,000		18	%
Distribution	189,000		32	%	1,126,000		23	%


Other(1)	58,000		10	%	210,000		4	%
Total capital expenditures	$	586,000	100	%	$	4,994,000	100	%
Debt payments	615,212				1,277,416
Total capital expenditures and debt payments	$	1,201,212			$	6,271,416
(1) Primarily consists of information technology and telecommunications hardware and software upgrades.

Cleco
Cleco Power
PROJECT (THOUSANDS)	~~2025~~2026		%		~~2025~~2026-~~2029~~2030			%
Environmental	$	8,000	2	%	$	20,000		1	%
Generation	$	257,000	44	%	$	2,738,000		55	%
New business	29,000		8	%	141,000			6	%
Transmission	82,000		14	%	920,000			18	%
Renewables and electrification	39,000		11	%	194,000			8	%
Distribution	189,000		32	%	1,126,000			23	%
Transmission reliability	2,000		1	%	12,000			—	%
Other(1)	55,000		10	%	198,000			4	%
General (1)	274,000		78	%	2,171,000			85	%
Total capital expenditures	$	583,000	100	%	$	4,982,000		100	%
Total capital expenditures	$	352,000	100	%	$	2,538,000	(2)	100	%
Debt payments	255,212				617,416
Debt payments	215,000				1,422,000
Total capital expenditures and debt payments	$	838,212			$	5,599,416
Total capital expenditures and debt payments	$	567,000			$	3,960,000
(1) Primarily consists of information technology and telecommunications hardware and software upgrades.
(1) Primarily consists of rehabilitation projects of older transmission, distribution, and generation assets and hardware and software upgrades at Cleco Power.(2) Does not include investment related to potential larger load customers; if contracts are executed, Cleco estimates $1.89 billion of additional capital expenditures.

Cleco Power
PROJECT (THOUSANDS)	2025		%		2025-2029			%
Environmental	$	8,000	2	%	$	20,000		1	%
New business	29,000		8	%	141,000			6	%
Renewables and electrification	39,000		11	%	194,000			8	%
Transmission reliability	2,000		1	%	12,000			—	%
General (1)	272,000		78	%	2,159,000			85	%
Total capital expenditures	$	350,000	100	%	$	2,526,000	(2)	100	%
Debt payments	215,000				762,000
Total capital expenditures and debt payments	$	565,000			$	3,288,000
(1) Primarily consists of rehabilitation projects of older transmission, distribution, and generation assets and hardware and software upgrades.(2) Does not include investment related to potential larger load customers; if contracts are executed, Cleco Power estimates $1.89 billion of additional capital expenditures.

Capital expenditures for Cleco’s other subsidiaries in 2026 are estimated to total $3.0 million. For the five-year period ending December 31, 2030, capital expenditures for Cleco’s other subsidiaries are estimated to total $12.0 million. Cleco expects cash and cash equivalents on hand, in addition to cash generated from operations, borrowings from credit facilities, and the net proceeds of any issuances of debt securities, to be adequate to fund normal ongoing capital expenditures, working capital, and debt service requirements for the foreseeable future. For more information on future debt payments, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt.”

Capital expenditures for Cleco’s other subsidiaries in 2025 are estimated to total $2.0 million. For the five-year period ending December 31, 2029, capital expenditures for Cleco’s other subsidiaries are estimated to total $12.0 million. Cleco expects cash and cash equivalents on hand, in addition to cash generated from operations, borrowings from credit facilities, and the net proceeds of any issuances of debt securities, to be adequate to fund normal ongoing capital expenditures, working capital, and debt service requirements for the foreseeable future. For more information on future debt payments, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt.”

CLECO CLECO POWER 2024 FORM 10-K

Other Cash Requirements

Cleco Power’s regulated operations are Cleco’s primary sources of internally generated funds. These funds, along with issuances of additional debt received in future years, will be used for general company purposes, capital expenditures, debt service, human capital expenditures, contractual obligations, and off-balance sheet arrangements, if required.

Cleco also anticipates funding future cash requirements for ~~renewable,~~large ~~electrification,~~future ~~and decarbonization~~ projects, through one or more sources including ~~tax credits, U.S. Department of Energy grants or loans,~~ debt financing, private equity investment, and partnership interests. For more information on renewable and electrification initiatives, see “— Overview — Renewable and Electrification Initiatives.” For more information on decarbonization initiatives, see “— Overview — Decarbonization Initiatives.”

Contractual Obligations

Cleco, in the normal course of business activities, enters into a variety of contractual obligations. Some of these result in direct obligations that are reflected in Cleco’s Consolidated Balance Sheets while others are commitments, some firm and some based on uncertainties, that are not reflected in the consolidated financial statements. These obligations do not

~~obligations~~include ~~that~~amounts ~~are~~for ~~reflected~~ongoing inneeds ~~Cleco’s~~for ~~Consolidated~~which ~~Balance~~no ~~Sheets~~contractual ~~while~~obligation ~~others~~existed ~~are~~as ~~commitments,~~of ~~some~~December ~~firm and some based on uncertainties~~31, ~~that are not reflected in the consolidated financial statements~~2025. ~~These obligations do not~~

~~include amounts for ongoing needs for which no contractual obligation existed as of December 31, 2024.~~39

~~For~~CLECO ~~contractual~~CLECO ~~obligations~~POWER ~~related~~2025 toFORM leases, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 4 — Leases.” For information on amounts expected to be contributed to the employee pension plan and the projected benefit payments for Other Benefits and SERP, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 11 — Pension Plan and Employee Benefits.”10-K

PAYMENTS DUE BY PERIOD

CONTRACTUAL OBLIGATIONS (THOUSANDS)

TOTAL

UP TO 12 MONTHS

BEYOND 12MONTHS

(THOUSANDS)

TOTAL

UP TO 12 MONTHS

BEYOND 12MONTHS

Cleco

Long-term debt (1)

4,~~119~~735,~~566~~099

~~342~~755,~~089~~356

3,~~777~~979,~~477~~743

Purchase obligations

~~263~~983,~~139~~625

~~178~~147,~~588~~140

84836,~~551~~485

Other long-term liabilities (2)

1828,~~973~~376

23,~~970~~350

1625,~~003~~026

Cleco Power

Long-term debt (1)

23,~~664~~321,~~510~~049

~~301~~361,~~083~~088

2,~~363~~959,~~427~~961

Purchase obligations

~~227~~976,~~376~~654

~~144~~141,~~661~~925

82834,~~715~~729

Other long-term liabilities (2)

18,~~895~~850

1,~~875~~855

206,995

(1) For Cleco, the amount above excludes the fair value adjustments related to the 2016 Merger. Cleco’s and Cleco Power’s anticipated interest payments related to long-term debt also are included in this category and do not reflect anticipated future refinancing, early redemption, or debt issuance.

(2) Other long-term liabilities primarily consist of obligations for deferred compensation and various operating and maintenance agreements.

For purposes of this table, it is assumed that all terms and rates related to the above obligations will remain the same and all franchises will be renewed according to the rates used in the table.

For contractual obligations related to leases, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 4 — Leases.” For information on amounts expected to be contributed to the employee pension plan and the projected benefit payments for Other Benefits and SERP, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 11 — Pension Plan and Employee Benefits.”

Off-Balance Sheet Commitments and Guarantees

Cleco Holdings and Cleco Power have entered into various off-balance sheet commitments in the form of guarantees and standby letters of credit in order to facilitate its activities and the activities of Cleco Holdings’ subsidiaries and equity investees (affiliates). Cleco Holdings and Cleco Power have also agreed to contractual terms that require them to pay third parties if certain triggering events occur. These contractual terms generally are defined as guarantees. For more information about off-balance sheet commitments and guarantees, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Off-Balance Sheet Commitments and Guarantees.”

Regulatory and Other Matters

Environmental Matters

For information on environmental matters, see Part I, Item 1, “Business — Environmental Matters.”

Retail and Wholesale Rates

For ~~2024~~2025 and ~~2023~~2024, retail rates, which includes the retail portion of FAC and EAC revenue, regulated by the LPSC accounted for approximately 99% and 95%, respectively, of Cleco Power’s total base, FAC, and EAC revenue.

~~accounted~~For ~~for~~information ~~approximately~~on ~~95%~~Cleco Power’s base rates, fuel rates, and ~~86%~~environmental rates, ~~respectively~~see Part I, ofItem ~~Cleco~~1, ~~Power’s~~“Business ~~total~~— ~~base~~Regulatory Matters, ~~FAC~~Industry Developments, and ~~EAC~~Franchises ~~revenue~~— Rates.”

For information on Cleco Power’s base rates, fuel rates, and environmental rates, see Part I, item 1, “Regulatory Matters, Industry Developments, and Franchises — Rates.”

For information on Cleco Power’s wholesale rates, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 14 — Regulation and Rates — Wholesale Rates.”

Transmission Rates

Cleco Power’s generation dispatch and transmission operations are integrated with MISO. MISO operates a fully functioning RTO market with two major market processes: the Day-Ahead Energy and Operating Reserves Market and the Real-Time Energy and Operating Reserves Market. Both use market-based mechanisms to manage transmission congestion across the MISO market area. ~~For more information about the risks associated with Cleco’s participation in MISO, see Part I, Item 1A, “Risk Factors — Regulatory Risks — MISO.”~~

~~For~~On ~~information~~May on25, ~~Cleco~~2025, ~~Power~~under MISO’s ~~transmission~~directives, ~~rates~~Cleco Power shed load of approximately 102 MW to its service territory. The service outage event lasted approximately two hours. For more information on this event, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 516 — ~~Revenue~~Litigation, ~~Recognition~~Other Commitments and Contingencies, and Disclosures about Guarantees — ~~Transmission~~Litigation ~~Revenue~~— LPSC Audits and Reviews — MISO Load Shed Event.” For more information about the risks associated with Cleco’s participation in MISO, see Part I, Item 1A, “Risk Factors — Regulatory Risks — MISO.”

43Cleco Power is actively participating in programs to enhance its grid resilience against growing threats of extreme weather and climate change. For more information on Cleco Power’s grid resiliency plan, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Overview — Grid Resiliency and Hardening.” For information on transmission rates of Cleco, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 5 — Revenue Recognition — Transmission Revenue.”

CLECO CLECO POWER 2024 FORM 10-K

Market Structure

Wholesale Electric Markets

RTO

In 1999, FERC issued Order No. 2000, which established a general framework for all transmission-owning entities in the nation to voluntarily place their transmission facilities under the control of an appropriate RTO. Cleco Power’s generation dispatch and transmission operations are integrated with MISO. For more information about Cleco Power’s integration into MISO, see “— Transmission Rates.”

ERO

NERC, subject to oversight by FERC, is the ERO responsible for developing and enforcing mandatory reliability standards for users, owners, and operators of the bulk power system. NERC, as the ERO, delegates authority to ~~the~~ SERC ~~Reliability Corporation~~.

A ~~revised~~ NERC ~~reliability~~Operations ~~standard~~and ~~relating~~Planning toReliability ~~the~~Standards ~~winterization~~audit ofis ~~generation~~conducted ~~assets~~at ~~became~~least ~~effective~~every onthree ~~April~~years 1,for ~~2023~~Cleco Power. ~~This~~The ~~revised~~most ~~standard~~recent ~~requires~~Operations ~~the~~and ~~implementation~~Planning ofReliability ~~cold~~Standards ~~weather~~audit ~~preparedness~~for ~~plans~~Cleco ~~that~~Power ~~include~~began ~~geographical~~in ~~based~~the ~~freeze~~fall ~~protection~~of ~~measures~~2024, ~~annual inspections, unit design temperature basis,~~ and ~~employee~~concluded ~~training.~~in AMarch ~~new~~2025 ~~winterization~~resulting ~~standard~~in ~~requiring~~no ~~additional~~financial ~~freeze protection measures was approved by FERC and fully implemented by Cleco, with an effective date of October 1, 2024~~penalties. ~~Management~~The ~~does~~next ~~not~~audit ~~expect~~is ~~this~~scheduled ~~new standard~~ to ~~have~~begin ~~any~~in ~~impact on Cleco’s results of operations, financial condition, or cash flows~~2028.

A NERC ~~Operations~~CIP ~~and Planning Reliability Standards~~ audit is also conducted at least every three years for Cleco Power. The ~~next~~current ~~Operations and Planning Reliability Standards~~ audit ~~for Cleco Power~~ began in ~~the~~October ~~fall~~2025 ofand ~~2024,~~concluded ~~and~~on isFebruary ~~expected~~12, to2026, ~~conclude~~resulting in ~~March~~no ~~2025~~financial penalties.

AOn ~~NERC~~May ~~CIP~~25, ~~audit~~2025, isunder ~~also~~MISO’s ~~conducted~~directives, atCleco ~~least~~Power, ~~every~~Entergy ~~three~~Louisiana, ~~years~~and ~~for~~Entergy ~~Cleco~~New ~~Power.~~Orleans ~~NERC~~shed ~~CIP~~load ~~audits~~in ~~for~~the New Orleans area. Cleco Power ~~were~~shed ~~concluded~~approximately in102 ~~2023~~MW of load for approximately two hours. ~~The~~SERC, ~~next~~on ~~audit~~behalf isof ~~anticipated~~NERC, tohas ~~begin~~opened ina ~~2025~~formal investigation regarding this event. Cleco has responded to several sets of data requests and expects to

Management is unable to predict the final outcome of any future audits or whether any findings will have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants. For a discussion of risks associated with FERC’s regulation of Cleco Power’s transmission system, see Part I, Item 1A, “Risk Factors — Regulatory Risks — Reliability and CIP Standards Compliance”.40


CLECO
CLECO POWER						2025 FORM 10-K

receive the final report by June 2026. Management does not expect the outcome of this investigation to impact Cleco’s results of operations, financial condition, or cash flows. For more information on this event, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — MISO Load Shed Event.”

Retail Electric Markets

Currently, the LPSC does not provide exclusive service territories for electric utilities under its jurisdiction. Instead, retail service is obtained through a long-term nonexclusive franchise. The LPSC uses a “300-foot rule” for determining the supplier for new customers. The “300-foot rule” requires a customer to take service from the electric utility that is within 300 feet of the respective customer. If the customer is beyond 300 feet from any existing utility service, they may choose their electric supplier. The application of the rule has led to competition with neighboring utilities for retail customers at the borders of Cleco Power’s service areas. In the fourth quarter of 2024, Cleco Power filed a complaint with the LPSC under the 300-foot rule. ~~There~~In isMarch ~~currently~~2025, a ~~procedural~~stipulated ~~schedule~~settlement inwas ~~place~~reached ~~and~~whereby Cleco received exclusive rights to provide electric service to the ~~expected~~customer. ~~hearing~~The ~~date~~settlement iswas ~~March~~approved 24by the LPSC on April 16, 2025.

Cleco Power also competes in its service area with suppliers of alternative forms of energy, some of which may be less costly than electricity for certain applications. Cleco Power could experience some competition for electric sales to industrial customers in the form of cogeneration.

IRP

The IRP ~~process~~report ~~includes~~outlines ~~conducting~~how ~~stakeholder meetings and receiving feedback from stakeholders. The final IRP was filed with the LPSC in May 2023. On March 21, 2024, the LPSC issued an order acknowledging that~~ Cleco Power’s ~~Final~~plans ~~IRP~~to ~~complied~~meet ~~with~~its ~~the~~forecasted ~~LPSC’s~~load ~~IRP~~requirements ~~General~~on ~~Order.~~a ~~The~~reliable ~~LPSC’s~~and ~~acknowledgement~~economic ~~completes this IRP cycle. The next IRP cycle is expected to begin in the fourth quarter of 2025.~~

~~The IRP report describes how Cleco Power plans to meet its forecasted load requirements on a reliable and economic~~ basis, while reducing Cleco Power’s carbon footprint. The IRP is used as a guide in future decision-making and does not represent firm operational commitments.

In September 2025, Cleco Power filed an interim IRP with the LPSC. Cleco Power has received and is responding to data requests related to the interim IRP.

On October 22, 2025, Cleco Power submitted a request to the LPSC to initiate its next four-year IRP cycle. Cleco filed data assumptions related to the IRP with the LPSC on February 26, 2026, and is expected to submit a draft IRP in October 2026.

Service Quality Plan (SQP)

In October 2015, the LPSC proposed an SQP containing 21 requirements for Cleco Power. The SQP has provisions relating to employee headcount, employee benefits, customer service, reliability, vegetation management, and reporting. In April 2016, the SQP was approved by the LPSC. The SQP expired in December 2020; however, Cleco continued to maintain its compliance with the SQP. On ~~March~~October 2815, 2024, Cleco Power submitted a proposed amended and extended SQP to the LPSC. On March 31, 2025, Cleco Power filed its annual SQP monitoring report for ~~2023~~2024 based on the expired reporting requirements.

A request to renew the conditions of the expired SQP was included in Cleco Power’s application for its most recent rate case, which was approved by the LPSC in June 2024. As a result, all parties were required to engage and present an amended and extended SQP, including an implementation plan and timeline, 90 days from the issuance of the LPSC order approving the settlement of the rate case. On October 15, 2024, Cleco Power submitted a proposed amended and extended SQP with the LPSC.

Franchises

For information on franchises, see Part I, Item 1, “Business — Regulatory Matters, Industry Developments, and Franchises — Franchises.”

Recent Authoritative Guidance

For a discussion of recent authoritative guidance, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Recent Authoritative Guidance.”

CLECO CLECO POWER 2024 FORM 10-K

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

RISK OVERVIEW

Cleco is exposed to counterparty credit risk, liquidity risk, interest rate risk, and commodity price risk. Cleco has implemented a governance framework, inclusive of risk policies and procedures to help manage these and other risks.

For more information, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Liquidity and Capital Resources — General Considerations and Credit-Related Risks.”

Counterparty Credit Risk

Cleco is exposed to counterparty credit risk ~~when~~due to the potential that a counterparty ~~fails~~may fail to meet ~~their~~its financial obligations ~~which~~causing ~~causes~~ Cleco to incur replacement cost losses. Cleco may be exposed when it enters certain transactions such as commodity derivative or physical commodity transactions directly with market participants and contracts with retail electric customers that require Cleco to construct grid facilities for the purpose of serving those customers. Cleco enters into long-form ~~contract~~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. 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.

with counterparties that govern the risk of counterparty credit default and allow for collateralization above prenegotiated thresholds to help mitigate potential losses. 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.

Cleco monitors and manages its credit risk exposure through credit risk management policies and procedures that require retail customer and counterparty credit quality review and monitoring, establishment of credit and default terms in bilateral contracts and master agreements, monitoring changing credit exposure as compared to fair value, and collateralization and other methods of counterparty credit assurance.

Liquidity Risk

Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows. Disruption in the capital and credit markets may potentially increase the costs of capital and limit the ability to access the capital markets. The inability to raise capital on favorable terms could negatively affect Cleco’s ability to maintain and expand its business. After assessing the current operating performance, liquidity, and credit ratings of Cleco Holdings and Cleco Power, management believes that Cleco will have access to the capital markets at prevailing market rates for companies with comparable credit ratings. For more information, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Liquidity and Capital Resources — General Considerations and Credit-Related Risks.”


CLECO
CLECO POWER						2025 FORM 10-K

the ability to access the capital markets. The inability to raise capital on favorable terms could negatively affect Cleco’s ability to maintain and expand its business. After assessing the current operating performance, liquidity, and credit ratings of Cleco Holdings and Cleco Power, management believes that Cleco will have access to the capital markets at prevailing market rates for companies with comparable credit ratings.

Interest Rate Risk

Cleco monitors its mix of fixed- and variable-rate debt obligations in light of changing market conditions and from time to time may alter that mix, for example, refinancing balances outstanding under its variable-rate bank facilities with fixed-rate debt or vice versa. Calculations of the changes in fair market value and interest expense of the debt securities are made over a one-year period.

fixed-rate debt or vice versa. Calculations of the changes in fair market value and interest expense of the debt securities are made over a one-year period.

Sensitivity to changes in interest rates for variable-rate obligations is computed by assuming a 1% change in the current interest rate applicable to such debt.

At December 31, ~~2024~~2025, Cleco Holdings ~~had~~and ~~$10.0~~Cleco ~~million~~Power ofhad no short-‑term debt outstanding under ~~its~~their respective revolving credit facilities of $175.0 million and $300.0 million. The borrowing costs under Cleco Holdings’ revolving credit facility atwere anequal ~~all-in~~to ~~interest~~SOFR ~~rate~~plus of1.725% 6or ABR plus 0.~~064~~625%, plus commitment fees of 0.275% Atpaid ~~December 31,~~on ~~2024,~~the unused portion of the facility. The borrowing costs under Cleco ~~Holdings~~Power’s revolving credit facility were equal to SOFR plus 1.~~725~~35% or ABR plus 0.~~625~~25%, plus commitment fees of 0.~~275~~15% paid on the unused portion of the facility. ~~Each~~There 1%were ~~increase~~no inamounts ~~the~~outstanding ~~interest~~at ~~rate~~December 31, ~~applicable~~2025, toon Cleco ~~Holdings~~’s ~~short-term~~and ~~variable~~Cleco ~~rate~~Power’s ~~debt~~revolving ~~would~~credit ~~result~~facilities; intherefore, a ~~decrease~~1% increase in short‑term variable interest rates at Cleco Holdings’ ~~pretax~~or ~~earnings~~Cleco ofPower ~~$0.1~~would ~~million~~have had no impact on pretax earnings on an annualized basis.

~~At December 31, 2024,~~ Cleco ~~Power~~may ~~had~~enter ~~$110.0~~into ~~million~~contracts ofto ~~short-term~~mitigate ~~debt~~the ~~outstanding~~volatility ~~under its $300.0 million revolving credit facility at an all-~~in interest rate ~~of 5~~risk.~~794%.~~ ~~The~~These ~~borrowing~~contracts ~~costs~~include, ~~under~~but ~~Cleco~~are ~~Power’s~~not ~~revolving~~limited ~~credit~~to, ~~facility~~interest ~~are~~rate ~~equal~~swaps toand ~~SOFR~~treasury ~~plus~~rate 1locks.~~35%~~ orFor ~~ABR~~each ~~plus~~reporting ~~0.25%~~period presented, ~~plus~~the ~~commitment~~Registrants ~~fees~~did ofnot ~~0.15%~~enter ~~paid~~into onany ~~the~~contracts ~~unused~~to ~~portion~~mitigate of the ~~facility.~~volatility ~~Each 1% increase~~ in ~~the~~ interest rate ~~applicable to Cleco Power’s short-term variable rate debt would result in a decrease in Cleco Power’s pretax earnings of $1~~risk.~~1 million on an annualized basis.~~

At December 31, 2024, Cleco Power had a $125.0 million long-term variable rate bank term loan outstanding, at an interest rate of SOFR plus 1.35%, for an all-in interest rate of 5.707%. Each 1% increase in the interest rate applicable to Cleco Power’s long-term variable rate debt would result in a decrease in Cleco Power’s pretax earnings of $1.3 million on an annualized basis. The weighted average rate for the outstanding term loan debt at Cleco Power for the year ended December 31, 2024, was 6.565%.

Each 1% increase in the interest rate applicable to Cleco’s short- and long-term variable rate debt would result in a decrease in Cleco’s consolidated pretax earnings of $2.5 million on an annualized basis.

Cleco may enter into contracts to mitigate the volatility in interest rate risk. For each reporting period presented, the Registrants did not enter into any contracts to mitigate the volatility in interest rate risk.

Commodity Price Risk

Cleco Power’s financial performance can be adversely impacted by the volatility in future fuel and power prices, which may impact customer costs passed through Cleco Power’s FAC; therefore, Cleco Power has implemented a natural gas hedging program to partially mitigate the volatility of customer costs. The program includes transacting in financially settled swaps, and options contracts and physical fixed price supply agreements~~, and financially settled options contracts~~. Cleco Power executes this program within a risk management framework inclusive of risk management policies, procedures, and guidelines, set forth by its Board of Managers and management. Cleco Power may be exposed to transmission congestion price risk as a result of physical transmission constraints present between MISO LMP nodes when serving customer load. Cleco Power is awarded and/or purchases FTRs in auctions facilitated by MISO. FTRs are accounted for as derivatives not designated as hedging instruments for accounting purposes.

45During 2025, Cleco Power had natural gas derivative contracts consisting of fixed price physical forwards and financially settled swap and/or options contract transactions. Cleco Power monitors the Value at Risk (VaR) of its natural gas derivative contracts requiring derivative accounting treatment. VaR is defined as the maximum expected loss over a given holding period at a given confidence level based on

~~CLECO~~observable ~~CLECO~~market ~~POWER~~prices ~~2024~~and ~~FORM~~volatilities. 10Cleco Power uses a parametric risk modeling approach to estimate VaR using a combination of implied and historical volatilities within a five-K

~~are~~day ~~accounted~~holding ~~for~~period asat ~~derivatives~~a ~~not~~95% ~~designated~~confidence asinterval. ~~hedging~~Given ~~instruments~~Cleco ~~for~~Power’s ~~accounting~~reliance ~~purposes~~on historical data, VaR is effective in estimating risk exposures in markets in which there are no sudden fundamental changes or abnormal shifts in market conditions. An inherent limitation of VaR is that past changes in market risk factors, even when weighted toward more recent observations, may not produce accurate predictions of future

~~During~~market ~~2024, Cleco Cajun and Cleco Power had natural gas derivative contracts consisting of fixed price physical forwards and financially settled swap and/or options contract transactions~~risk. ~~After the closing of the Cleco Cajun Divestiture, all natural gas derivative contracts related to Cleco Cajun were liquidated during June 2024. Cleco monitors the Value at Risk (~~VaR) ofshould ~~its~~be ~~natural~~evaluated ~~gas~~in ~~derivative~~light contracts requiring derivative accounting treatment. VaR is defined as the maximum expected loss over a given holding period at a given confidence level based on observable market prices and volatilities. Cleco uses a parametric variance-covariance model methodology to estimate VaR using a combination of ~~implied~~this and ~~historical~~the ~~volatilities within a 5-day holding period at a 95% confidence interval. Given Cleco~~methodology’s ~~reliance~~other ~~on historical data, VaR is effective in estimating risk exposures in markets in which there are no sudden fundamental changes or abnormal shifts in market conditions~~limitations. ~~An inherent limitation of VaR is that past changes in market risk factors, even when~~

weighted toward more recent observations, may not produce accurate predictions of future market risk. VaR should be evaluated in light of this and the methodology’s other limitations.

The following table presents the VaR of natural gas derivative contracts based on these assumptions:

			FOR THE YEAR ENDED DEC. 31, 2024
			FOR THE YEAR ENDED DEC. 31, 2025
(THOUSANDS)	AT DEC. 31, ~~2024~~2025		HIGH		LOW		AVERAGE
Cleco	$	4,631	$	13,864	$	2,801	$	7,085
Cleco Power	$	4,816	$	14,277	$	3,133	$	7,260
Cleco Power	$	4,631	$	9,066	$	2,576	$	4,709

For more information on the accounting treatment and fair value of FTRs and ~~natural~~other ~~gas~~commodity ~~derivative contracts~~derivatives, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Derivatives and Other Risk Management Activity,” “Note 8 — Fair Value Accounting Instruments,” and “Note 9 — Derivative Instruments.”

4642

CLECO CLECO POWER ~~2024~~2025 FORM 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Report of Independent Registered Public Accounting Firm

To the Board of Managers and Member of

Cleco Corporate Holdings LLC

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Cleco Corporate Holdings LLC and its subsidiaries (the “Company”) as of December 31, ~~2024~~2025 and ~~2023~~2024, and the related consolidated statements of income, of comprehensive income, of changes in member’s equity, and of cash flows for each of the three years in the period ended December 31, ~~2024~~2025, including the related notes and financial statement schedules listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2024~~2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Goodwill Impairment Assessment – Cleco Power Reporting Unit

As described in Notes 2 and 18 to the consolidated financial statements, the Company’s consolidated goodwill balance was $1.49 billion at December 31, ~~2024~~2025, all of which was assigned to the Cleco Power reporting unit. Management conducts an impairment test as of August 1 of each year, or more often if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Fair value is estimated by management using a weighted combination of the income approach, which estimates fair value based on discounted cash flows, and the market approach, which estimates fair value based on market comparables within the utility and energy industries. Significant assumptions used in these fair value estimates include estimation of future cash flows related to capital expenditures, long-term rate of growth, and discount rate.

The principal considerations for our determination that performing procedures relating to the goodwill impairment assessment of the Cleco Power reporting unit is a critical audit matter are (i) the significant judgment by management when developing the fair value measurement of the reporting unit; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to capital expenditures, long-term rate of growth, and discount rate; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, (i) testing management’s process for developing the fair value estimate; (ii) evaluating the appropriateness of the discounted cash flow model; (iii) testing the completeness, accuracy, and relevance of underlying data used in the model; and (iv) evaluating the significant assumptions used by management relating to capital expenditures, long-term rate of growth, and discount rate. Evaluating management’s assumptions related to the capital expenditures and projected long-term rate of growth involved evaluating whether the assumptions used by

4743

CLECO CLECO POWER ~~2024~~2025 FORM 10-K

management were reasonable considering, as applicable, (i) the current and past performance of the reporting unit, (ii) the consistency with external market and modeled rate base changes, and (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company’s discounted cash flow model and the long-term rate of growth and discount rate assumptions.

Accounting for the Effects of Regulatory Matters

As described in Notes 2, 6, and 14 to the consolidated financial statements, Cleco Power LLC (“Cleco Power”), a wholly-owned subsidiary of the Company, complies with the accounting policies and practices prescribed by its regulatory commissions, Federal Energy Regulatory Commission (FERC) and the Louisiana Public Service Commission (LPSC). Cleco Power’s retail rates are regulated by the LPSC and its tariffs for transmission services are regulated by FERC, while rates for wholesale power sales are based on market-based rates and are ultimately reviewed by FERC. Cleco Power must evaluate its various transactions related to regulatory orders and accounting guidance to ensure the appropriate timing of revenue recognition, the evaluation of cost deferral, and the recoverability and refund of certain assets. Cleco Power capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. As of December 31, ~~2024~~2025, there were $~~617~~412.7 million of deferred costs included in regulatory assets and $~~127~~141.7 million of regulatory liabilities awaiting cash outflow or potential refund. Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable; however, 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. Further, 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 of regulated operations.

The principal considerations for our determination that performing procedures relating to the accounting for the effects of regulatory matters is a critical audit matter are (i) the significant judgment by management in evaluating the impact of regulatory orders and accounting guidance on relevant transactions and (ii) a high degree of auditor judgment, subjectivity, and effort in performing audit procedures and evaluating audit evidence related to the timing of revenue recognition, the evaluation of cost deferral, and the recoverability and refund of certain assets.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, evaluating (i) management’s process for identifying relevant transactions which require regulatory treatment; (ii) management’s assessment regarding the accounting impacts arising from regulatory orders and accounting guidance; (iii) the reasonableness of management’s assessment regarding the timing of revenue recognition, probability of recovery of regulatory assets, and the establishment of regulatory liabilities; and (iv) the regulatory assets and liabilities calculated by management based on provisions and formulas outlined in rate orders and other correspondence.

/s/ PricewaterhouseCoopers LLP

New Orleans, Louisiana

March 727, ~~2025~~2026

We have served as the Company’s auditor since 2016.


CLECO
CLECO POWER						2025 FORM 10-K


CLECO

Consolidated Statements of Income
	FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2025		2024		2023
Operating revenue
Electric operations	$	1,208,986	$	1,048,371	$	1,187,915
Other operations	122,803		103,277		111,565

Gross operating revenue	1,331,789		1,151,648		1,299,480
Electric customer credits	—		(3,940)		(60,689)
Operating revenue, net	1,331,789		1,147,708		1,238,791
Operating expenses
Fuel used for electric generation	290,541		244,122		506,264
Purchased power	153,599		117,129		160,570
Other operations and maintenance	258,864		253,528		248,085
Depreciation and amortization	209,849		244,707		199,935
Taxes other than income taxes	62,164		60,743		64,469



Total operating expenses	975,017		920,229		1,179,323
Operating income	356,772		227,479		59,468
Interest income	20,025		15,067		5,393
Allowance for equity funds used during construction	3,039		2,310		5,747
Equity income from investees, before tax	65		677		—
Other income (expense), net	6,007		(13,021)		(694)
Interest charges
Interest charges, net	154,283		156,718		165,529
Allowance for borrowed funds used during construction	(3,200)		(3,163)		(673)
Total interest charges	151,083		153,555		164,856
Income (loss) from continuing operations before income taxes	234,825		78,957		(94,942)
Federal and state income tax expense (benefit)	39,615		14,056		(65,073)
Income (loss) from continuing operations, net of income taxes	195,210		64,901		(29,869)
Income from discontinued operations, net of income taxes	—		45,517		14,642
Net income (loss)	$	195,210	$	110,418	$	(15,227)
The accompanying notes are an integral part of the consolidated financial statements.


CLECO
CLECO POWER						2025 FORM 10-K


CLECO

Consolidated Statements of Comprehensive Income
	FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2025		2024		2023
Net income (loss)	$	195,210	$	110,418	$	(15,227)
Other comprehensive income, net of tax
Postretirement benefits (loss) gain (net of tax benefit of $2,308 in 2025, tax expense of $973 in 2024, and tax benefit of $1,905 in 2023)	(6,798)		2,428		(5,171)
Total other comprehensive (loss) income, net of tax	(6,798)		2,428		(5,171)
Comprehensive income (loss), net of tax	$	188,412	$	112,846	$	(20,398)
The accompanying notes are an integral part of the consolidated financial statements.


CLECO
CLECO POWER						2025 FORM 10-K


CLECO

Consolidated Balance Sheets
	AT DEC. 31,
(THOUSANDS)	2025		2024
Assets
Current assets
Cash and cash equivalents	$	171,056	$	30,472
Restricted cash and cash equivalents	33,865		15,918
Customer accounts receivable (less allowance for credit losses of $1,275 in 2025 and $1,337 in 2024)	53,053		47,520
Accounts receivable - affiliate	768		35,459
Receivable - Cleco Cajun Divestiture	108,445		—
Other accounts receivable	67,920		23,979

Unbilled revenue	47,453		44,687
Fuel inventory, at average cost	84,951		95,810
Materials and supplies, at average cost	183,085		158,976
Energy risk management assets	7,965		11,294
Accumulated deferred fuel	22,910		457
Cash surrender value of company/trust-owned life insurance policies	65,393		61,891
Prepayments	66,400		27,685
Regulatory assets	45,452		295,125

Other current assets	1,088		—
Total current assets	959,804		849,273
Property, plant, and equipment
Property, plant, and equipment	5,269,550		4,991,574
Accumulated depreciation	(1,212,093)		(1,050,376)
Net property, plant, and equipment	4,057,457		3,941,198
Construction work in progress	180,798		138,040
Total property, plant, and equipment, net	4,238,255		4,079,238

Equity investment in investee	1,916		1,916
Goodwill	1,490,797		1,490,797
Prepayments	18,334		1,250
Operating lease right of use assets	12,858		14,905
Restricted cash and cash equivalents	138,369		116,493


Regulatory assets - deferred taxes, net	35,311		2,008
Regulatory assets	302,713		308,833

Intangible assets - Storm Recovery Property	370,329		384,908
Intangible assets - Energy Transition Property	290,901		—
Intangible assets - other	7,008		7,751

Receivable - Cleco Cajun Divestiture	—		98,153

Other deferred charges	8,569		14,081
Total assets	$	7,875,164	$	7,369,606
The accompanying notes are an integral part of the consolidated financial statements.

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CLECO
CLECO POWER						2025 FORM 10-K


CLECO

Consolidated Balance Sheets
	AT DEC. 31,
(THOUSANDS)	2025		2024
Liabilities and member’s equity
Liabilities
Current liabilities
Short-term debt	$	—	$	120,000
Long-term debt due within one year	614,826

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