PPL (PPL) Company Report

PPL Capital Funding, Inc., wholly owned by PPL Corp, priced $1.0 billion of 3.000% Exchangeable Senior Notes due 2030, fully and unconditionally guaranteed by PPL Corporation.
The notes pay 3.000% interest semi-annually and are exchangeable at an initial rate of 23.4412 shares per $1,000 principal (approx. $42.66/share, a 20% premium to PPL’s $35.55 close on NYSE on Nov 19, 2025).
Expected settlement on November 24, 2025, yielding net proceeds of about $988.8 million, earmarked for short-term debt repayment and general corporate purposes.
Initial purchasers have a 13-day option to purchase up to an additional $150 million of the notes.

4 days ago

8-K

PPL Capital Funding prices $1 B of 3.000% exchangeable notes due 2030

PPL

Debt Issuance

PPL Capital Funding, a subsidiary of PPL Corporation, priced $1 billion aggregate principal amount of 3.000% Exchangeable Senior Notes due 2030, with an option for up to $150 million additional notes.
The notes are senior unsecured obligations guaranteed by PPL, bearing interest at 3.000%, payable semi-annually on June 1 and December 1, beginning June 1, 2026.
They are exchangeable into 23.4412 shares of PPL common stock per $1,000 principal (exchange price ≈ $42.66/share), reflecting a 20% premium to the Nov 19, 2025 share price.
Net proceeds are intended to repay short-term debt and for general corporate purposes.

4 days ago

Press Release

PPL Corp proposes $1 billion exchangeable notes offering

PPL

Debt Issuance

PPL Capital Funding, Inc., a wholly-owned subsidiary of PPL Corporation (NYSE: PPL), intends a private placement of $1.0 billion in senior exchangeable notes due 2030, with an option for purchasers to buy an additional $150 million.
The notes will be senior, unsecured obligations of PPL Capital Funding, fully and unconditionally guaranteed by PPL Corporation, accrue semi-annual interest, and mature on December 1, 2030.
Redemption is not permitted before December 5, 2028; thereafter, PPL Capital Funding may redeem the notes at 100% of principal if the common stock trades at least 130% of the exchange price for 20 of 30 consecutive trading days.
Proceeds are to be used to repay short-term debt and for general corporate purposes.

5 days ago

8-K

PPL Capital Funding announces $1 billion exchangeable senior notes offering

PPL

Debt Issuance

PPL Capital Funding plans to privately place $1 billion aggregate principal of Exchangeable Senior Notes due 2030, with an option for purchasers to acquire up to an additional $150 million.
The notes are senior, unsecured obligations fully and unconditionally guaranteed by PPL Corporation, accrue interest semi-annually, and mature on December 1, 2030.
Notes are exchangeable, subject to conditions, for cash, PPL common stock, or a combination thereof; PPL may redeem them on or after December 5, 2028, if the stock trades at 130% of the exchange price over specified periods.
Holders can require PPL Capital Funding to repurchase notes upon a fundamental change at 100% of principal plus accrued interest; net proceeds will repay short-term debt and support general corporate purposes.

5 days ago

Press Release

Pembina reports Q3 2025 results and business update

PPL

Earnings

Guidance Update

New Projects/Investments

Pembina reported third quarter 2025 earnings of $286 million, adjusted EBITDA of $1.034 billion, and adjusted cash flow from operations of $648 million ($1.12/share).
Updated full-year 2025 adjusted EBITDA guidance to $4.25 billion–$4.35 billion, narrowed from $4.225 billion–$4.425 billion.
Secured renewal and addition of approximately 50,000 bpd on the Peace Pipeline under ≈10-year contracts, and extended 96% of Alliance Pipeline’s firm capacity with a new 10-year toll.
Advancing over $1 billion of proposed pipeline expansions to meet rising demand from the Montney, Duvernay, and Deep Basin plays.
Entered a 20-year agreement with PETRONAS for 1.0 mtpa of capacity at the Cedar LNG facility, with the remaining 0.5 mtpa to be remarketed by year-end 2025.

Nov 6, 2025, 10:01 PM

Press Release

PPL reports Q3 2025 results and updates guidance

PPL

Earnings

Guidance Update

New Projects/Investments

PPL delivered GAAP EPS of $0.43 and adjusted EPS of $0.48 in Q3 2025, and narrowed its 2025 ongoing EPS guidance to $1.78–$1.84 per share, midpoint $1.81.
LG&E and KU reached a proposed Kentucky base rate settlement, reflecting an aggregate $235 million annual revenue increase and a 9.9% authorized ROE with rate-stay-out through August 2028 ; the companies also received CPCN approval to build two new 645 MW NGCC units (Brown 12 & Mill Creek 6).
PPL Electric Utilities filed for its first Pennsylvania distribution base rate increase in over a decade, requesting $300 million (8.6%) net revenue growth and an 11.3% ROE, with new rates effective July 1, 2026.
The Pennsylvania data center pipeline advanced to 20.5 GW (up >40% since last update), driving at least $1 billion of incremental transmission CapEx.
Kentucky’s economic development pipeline totals just under 10 GW, with probability-weighted demand projections now at 2.8 GW, indicating further generation investment needs.

Nov 5, 2025, 4:00 PM

Transcript

PPL reports Q3 2025 earnings and regulatory updates

PPL

Earnings

Guidance Update

New Projects/Investments

PPL delivered Q3 GAAP EPS of $0.43 and ongoing EPS of $0.48, and narrowed its 2025 ongoing earnings guidance to $1.78–$1.84 (midpoint $1.81).
On track to complete $4.3 billion in infrastructure improvements in 2025 and plans $20 billion of capital investments from 2025–2028, targeting 9.8% average annual rate-based growth.
Secured a Kentucky rate case settlement adding $235 million in annual revenues with an authorized 9.9% ROE and stay-out through August 1, 2028, and received CPCN approval for two 645 MW natural gas combined cycle units and Ghent 2 SCR installation.
Filed a Pennsylvania distribution rate case requesting $300 million (8.6%) base rate increase with a forecasted 11.3% ROE, expecting a decision by Q2 2026 and new rates effective July 1, 2026.
Advanced-stage data center interconnection agreements in Pennsylvania jumped from 14.4 GW to 20.5 GW, with incremental related CapEx of ~$1 billion.

Nov 5, 2025, 4:00 PM

Transcript

PPL reports Q3 2025 earnings and updates guidance

PPL

Earnings

Guidance Update

New Projects/Investments

Q3 2025 GAAP EPS of $0.43 and ongoing EPS of $0.48, driven by formula rates, rider recoveries and lower operating costs (YoY +$0.06).
Narrowed full-year 2025 ongoing EPS forecast to $1.78–1.84 per share (midpoint $1.81) from $1.75–1.87, reaffirming ability to hit the midpoint.
On track to complete $4.3 billion of capital investments in 2025 and achieve at least $150 million of cumulative O&M savings to support reliability and affordability.
Reaffirmed long-term financial targets: 6–8% annual EPS and dividend growth and 16–18% FFO/CFO to debt through 2028, underpinned by a $20 billion capex plan driving ~9.8% annual rate base growth.

Nov 5, 2025, 4:00 PM

Presentation

PPL reports Q3 2025 earnings and narrows guidance

PPL

Earnings

Guidance Update

New Projects/Investments

PPL delivered Q3 GAAP EPS of $0.43 and ongoing EPS of $0.48, narrowing its 2025 ongoing earnings guidance to $1.78–$1.84 per share (midpoint $1.81).
Plans to complete $4.3 billion in infrastructure improvements in 2025, on track for at least $150 million in annual O&M savings, and expects $20 billion of capex from 2025–2028 supporting 6–8% EPS and dividend growth.
Secured a proposed Kentucky rate-case settlement adding $235 million in annual revenues at a 9.9% ROE, with rate-case stay-out through August 2028 and new cost-recovery and sharing mechanisms.
Pennsylvania data-center pipeline in advanced stages surged to 20.5 GW (from 14.4 GW), with 5 GW already under construction, driving at least $1 billion of incremental capex.

Nov 5, 2025, 4:00 PM

Transcript

PPL Corp reports Q3 2025 results and updates guidance

PPL

Earnings

Guidance Update

New Projects/Investments

PPL reported Q3 2025 GAAP EPS of $0.43 versus $0.29 in Q3 2024, and ongoing EPS of $0.48 versus $0.42 a year ago.
Through the first nine months of 2025, PPL delivered GAAP EPS of $1.23 and ongoing EPS of $1.40, up from $0.96 and $1.34, respectively, in the same period of 2024.
The company narrowed its 2025 ongoing EPS guidance to $1.78–$1.84, maintaining a midpoint of $1.81, and reaffirmed 6–8% annual EPS and dividend growth targets through at least 2028.
PPL’s Kentucky utilities received Kentucky PSC approval to build two new 645 MW combined-cycle units (online 2030 and 2031), enhancing generation capacity for LG&E and KU.

Nov 5, 2025, 12:59 PM

8-K

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