PPL updates capital plan to $23B of projected infra investments, announces boost in quarterly stock div to $0.2850/shr, updates capex plan to $23B from 2026 through 2029

PPL updates capital plan to $23B of projected infra investments, announces boost in quarterly stock div to $0.2850/shr, updates capex plan to $23B from 2026 through 2029

PPL Updates Capital Plan to $23 Billion for 2026–2029, Announces Dividend Increase

PPL Corporation (NYSE: PPL) has revised its capital expenditure plan, allocating $23 billion for infrastructure investments from 2026 through 2029, reflecting a 10.3% average annual rate base growth. This update follows the company's 2025 financial performance, which saw GAAP earnings of $1.59 per share and ongoing earnings of $1.81 per share, representing a 7.1% year-over-year increase.

The updated capital plan aligns with PPL's broader strategy to modernize energy infrastructure and advance sustainable solutions. The company also raised its 2026 earnings per share (EPS) guidance to a range of $1.90–$1.98 (midpoint $1.94) and reaffirmed its long-term EPS growth target of 6%–8% through 2029.

In tandem with these updates, PPL announced a 4.6% increase in its quarterly stock dividend to $0.2850 per share, effective for the dividend payable on January 2, 2026, to shareholders of record as of December 10, 2025. This follows a prior dividend declaration of $0.2725 per share on November 21, 2025. The company projects approximately $3 billion in equity requirements for the 2026–2029 period to support its capital initiatives.

PPL, a leading U.S. energy provider serving over 3.6 million customers, emphasized its focus on building "smarter, more resilient, and dynamic power grids" while advancing sustainable energy solutions. The updated capital plan underscores its commitment to addressing evolving energy demands and regulatory priorities.

The company's strategic priorities include enhancing grid reliability, integrating renewable energy, and expanding affordable utility services. With these moves, PPL aims to balance growth, profitability, and shareholder returns while navigating the transition to a decarbonized energy landscape.

For further details, investors may refer to PPL's official disclosures or contact the company's investor relations team.