PPL (PPL) Company Report

Q4 2025 Adjusted EBITDA was CAD 1.075 billion, down 14% YoY; net earnings were CAD 489 million and volumes averaged 3.7 mmboe/d, up 1% YoY.
FY 2025 results included Adjusted EBITDA of CAD 4.289 billion, earnings of CAD 1.694 billion, operating cash flow of CAD 3.301 billion (CAD 5.68/share) and adjusted operating cash flow of CAD 2.854 billion (CAD 4.91/share).
2026 Adjusted EBITDA guidance is CAD 4.125–4.425 billion, with year-end proportionally consolidated debt/EBITDA expected at 3.7–4.0× (3.4–3.7× excluding Cedar LNG financing).
Advanced CAD 625 million in conventional pipeline expansions (Fox Creek–Namao, Birch–Taylor, Taylor–Gordondale); LPG export capacity increased, Cedar LNG construction > 35% complete and Greenlight Electricity Centre FID expected H1 2026.

7 hours ago

Transcript

Pembina Pipeline reports Q4 and full-year 2025 results

PPL

Earnings

Guidance Update

New Projects/Investments

Full-year 2025 earnings of CAD 1.694 billion and Adjusted EBITDA of CAD 4.289 billion; cash flow from operating activities of CAD 3.301 billion (CAD 5.68 per share) and adjusted cash flow of CAD 2.854 billion (CAD 4.91 per share).
2026 guidance for Adjusted EBITDA of CAD 4.125 billion–CAD 4.425 billion (midpoint implies ~5% CAGR in fee-based EBITDA per share); year-end debt/EBITDA expected at 3.7–4.0× (3.4–3.7× excluding Cedar LNG debt).
Sanctioned CAD 625 million of expansions on the Peace Pipeline system, including Fox Creek–Mayo (70,000 bpd), Birch–Taylor and Taylor–Gordondale, plus a 30,000 bpd LPG export agreement with AltaGas.
Cedar LNG construction over 35% complete; long-term LNG offtakes signed with PETRONAS and Ovintiv. Greenlight Electricity Centre secured grid allocation, turbine deliveries, and targets a final investment decision in H1 2026.

8 hours ago

Transcript

Pembina Pipeline reports Q4 2025 results

PPL

Earnings

Guidance Update

New Projects/Investments

Pembina Pipeline reported Q4 2025 earnings of CAD 489 million, Adjusted EBITDA of CAD 1.075 billion, and adjusted cash flow from operating activities of CAD 731 million (CAD 1.26 per share); full-year 2025 results included earnings of CAD 1.694 billion, Adjusted EBITDA of CAD 4.289 billion, and adjusted cash flow of CAD 2.854 billion (CAD 4.91 per share).
Total Q4 volumes were 3.7 million boe/d, up 1% year-over-year, while record annual pipeline and facilities throughput rose 3% over 2024.
Advanced key growth projects—RFS IV fractionator, Wapiti expansion, and K3 cogeneration—on time and on budget; announced CAD 625 million of expansions (Fox Creek to Mayo, Birch to Taylor, Taylor to Gordondale) to add ~140,000 bpd of capacity.
Provided 2026 guidance of CAD 4.125–4.425 billion in Adjusted EBITDA, with year-end proportionally consolidated net debt/EBITDA of 3.7–4.0× (or 3.4–3.7× excluding Cedar LNG debt), anticipating leverage to peak in 2026 before returning to 3.5–4.25×.

8 hours ago

Transcript

PPL Corp completes issuance of 23 million equity units

PPL

Debt Issuance

Convertible Preferred Issuance

On February 23, 2026, PPL Corporation and PPL Capital Funding entered into an underwriting agreement for 20 million equity units, granting underwriters an option for 3 million more, and completed the sale of 23 million Corporate Units on February 26, 2026.
Each Corporate Unit has a $50 stated amount and comprises (i) a stock purchase contract to buy PPL common stock on February 15, 2029, and (ii) a 1/40 undivided interest in each of PPL Capital Funding’s 4.02% Remarketable Senior Notes due 2034 and due 2039, both fully guaranteed by PPL.
Total annual distributions on the units are 7.00% of the stated amount, consisting of 2.98% per year in contract adjustment payments and 4.02% per year of interest on the RSNs.
The 4.02% RSNs were issued under the Indenture dated November 1, 1997, as amended by Supplemental Indenture No. 19 (2034 RSNs) and No. 20 (2039 RSNs) on February 26, 2026.

1 day ago

8-K

PPL prices $1 billion equity units offering

PPL

Debt Issuance

Convertible Preferred Issuance

PPL priced a $1.0 billion equity units offering of 20 million units at $50 each, expected to close on February 26, 2026.
Each unit includes a contract to purchase PPL common stock and a 1/40 undivided interest in 4.02% remarketable senior notes due 2034 and 2039.
Total distributions on the units will be 7.00% per year, comprising interest on the notes and contract adjustment payments; stock purchase contracts settle by February 15, 2029 with a reference price of $37.2606.
Net proceeds of $981 million (or up to $1.128 billion if the over-allotment is exercised) will repay short-term debt and fund general corporate purposes; underwriters have a 13-day option for 3 million additional units.
PPL intends to list the units on the NYSE, with trading expected to commence within 30 days of issuance, subject to approval.

4 days ago

Press Release

PPL announces Q4 2025 results and updates outlook

PPL

Earnings

Guidance Update

Dividends

PPL reported Q4 2025 ongoing EPS of $0.41 (GAAP $0.36; special items $0.05) and FY 2025 ongoing EPS of $1.81 (GAAP $1.59).
Announced 2026 EPS forecast of $1.90 – $1.98 (midpoint $1.94), extending 6 – 8% annual EPS growth target through 2029 with a CAGR near the top end (2025 ongoing EPS $1.81).
Raised quarterly dividend to $0.285 per share (annualized $1.14), a 4.6% increase, and updated 4 – 6% annual dividend growth target with a 50–60% payout ratio.
Increased utility capex plan to $23 billion (2026–2029), supporting a 10.3% rate base CAGR over the period.
Secured rate orders boosting annual revenues by $233 million with a base ROE of 9.775%, and Pennsylvania rate case evidentiary hearing held; decision due June for rates effective July 1, 2026.

7 days ago

Presentation

PPL reports Q4 2025 results and updates guidance

PPL

Earnings

Guidance Update

New Projects/Investments

For 2026, EPS guidance of $1.90–$1.98 (midpoint $1.94), reflecting 7.2% growth and extending a 6%–8% EPS CAGR target through 2029.
FY 2025 GAAP EPS $1.59 vs $1.20 in 2024; ongoing EPS $1.81, driven by returns on capital investments, higher transmission revenues, and cost savings.
Capital plan totaling $23 billion from 2026–2029 (up from $20 billion), supporting an estimated 10.3% rate-base CAGR, with $3 billion equity needs (≈$2 billion remaining) and a 5% dividend increase to $0.285 per quarter.
Advanced project pipeline includes ~25.2 GW under executed agreements, ~10 GW under ESAs by Q1, plus >9 GW potential new load in Kentucky, validating demand for new generation.

7 days ago

Transcript

PPL reports Q4 2025 results and 2026 guidance

PPL

Earnings

Guidance Update

New Projects/Investments

Delivered 2025 ongoing EPS of $1.81, up 7.1% year-over-year, in line with guidance.
Issued 2026 ongoing EPS guidance of $1.90–$1.98 (midpoint $1.94), representing 7.2% growth and extending the 6%–8% CAGR target through 2029.
Announced a $23 billion capital investment plan (2026–2029) supporting an estimated 10.3% rate base CAGR, with a 4%–6% dividend growth target and an annualized dividend of $1.14.
Secured an aggregate $233 million Kentucky rate increase with allowed ROE of 9.775%, and expects a Pennsylvania base-rate decision in June 2026.
Advanced its JV with Blackstone to build new generation for data centers, with potential earnings contributions emerging late in the 2026–2029 plan period.

7 days ago

Transcript

PPL announces Q4 2025 earnings and 2026 outlook

PPL

Earnings

Guidance Update

Dividends

Full-year 2025 ongoing EPS of $1.81, up 7.1% year-over-year
2026 ongoing EPS guidance of $1.90–$1.98 (midpoint $1.94), representing 7.2% growth; 6%–8% annual EPS target extended through 2029
$23 billion capital investment plan for 2026–2029, supporting a 10.3% rate-base CAGR and equity needs of **$3 billion** (with ~$1 billion issued in 2025)
Quarterly dividend raised to $0.285 per share (annualized $1.14, ~5% increase) with a 50%–60% payout ratio
Regulatory updates: Kentucky rate case approved ~$233 million revenue increase at 9.775% ROE; Pennsylvania base rate decision due in June (new rates effective July 1); Rhode Island base rate decision expected this summer (rates effective Sept 1)

7 days ago

Transcript

PPL Corp reports 2025 earnings and raises 2026 guidance

PPL

Earnings

Guidance Update

Dividends

PPL reported 2025 GAAP earnings of $1.59 per share and ongoing earnings of $1.81 per share, a 7.1% increase over 2024 ongoing EPS.
The company provided 2026 EPS guidance of $1.90 to $1.98, with a midpoint of $1.94, implying 7.2% growth over 2025 ongoing EPS.
PPL extended its annual EPS growth target to 6%–8% through 2029 and updated its capital plan to $23 billion of infrastructure investments from 2026–2029, targeting 10.3% average annual rate base growth.
The quarterly common stock dividend was raised by 4.6% to $0.2850 per share.

7 days ago

8-K

Earnings Transcripts

Quarterly earnings call transcripts for PPL.

Q4 2025

Feb 20, 2026

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Q3 2025

Nov 7, 2025

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