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**【Key Takeaways】**
- **Strong Financial Performance**: Q3 2025 ongoing EPS of $0.48 per share, with narrowed 2025 guidance ($1.78–$1.84). Capital allocation derisked with $1 billion equity forward contracts.
- **Data Center Growth Engine**: 20.5 GW pipeline in advanced stages (+40% QoQ), 11.3 GW publicly announced, 5 GW under construction. Pennsylvania JV with Blackstone targeting new generation to meet demand.
- **Regulatory Momentum**: Kentucky rate case settlement includes GCR/SAM clauses; Mill Creek 6 NGCC approved. Rhode Island bill credits ($155M) approved for 2026–2027 winter months.
- **Affordability & Risk Management**: Tariff protections ensure large load customers pay 80% of forecasted demand. PJM load forecast haircut (30%) acknowledged, but pipeline credibility validated.


**【CEO Summary Section】**
- Reported Q3 2025 GAAP earnings of $0.43 per share, with ongoing earnings of $0.48 per share (excluding special items). Narrowed 2025 ongoing earnings forecast to $1.78–$1.84 per share.
- Advanced utility infrastructure investments: $4.3 billion in 2025, targeting 6%–8% annual EPS growth through 2028. Maintaining strong credit metrics (FFO/debt ratio 16%–18%).
- Kentucky regulatory updates: Proposed rate case settlement includes Generation Cost Recovery (GCR) and Sharing Mechanism (SAM) clauses. New 645 MW NGCC units (Mill Creek 6) approved for construction.
- Pennsylvania data center pipeline growth: 20.5 GW in advanced stages (ESAs/LOAs), up 40% QoQ. 11.3 GW publicly announced, with 5 GW under construction.
- Rhode Island customer bill credits: $155 million over 2026–2027 winter months, approved by state regulators.

**【CFO Financial Commentary】**
- Q3 2025 ongoing EPS of $0.48 per share (+$0.06 YoY), driven by higher rider recoveries, lower O&M costs, and capital investments. GAAP net income $0.43 per share.
- Capital allocation: $1 billion in equity forward contracts executed, supporting $2.5 billion equity needs through 2028. Remaining $1.4 billion to settle in 2026–2027.
- Segment performance: Kentucky (+$0.02 per share), Pennsylvania (+$0.02 per share), Rhode Island (+$0.01 per share), and Corporate/Other (+$0.01 per share).

**【Q&A Key Highlights】**
- **Kentucky Regulatory Updates**: Mill Creek 2 stay-open costs to be addressed in rate case; Mill Creek 6 AFUDC approved. PJM load forecast haircut (30%) acknowledged, but 20.5 GW pipeline deemed credible.
- **Pennsylvania Data Center Strategy**: JV with Blackstone for new generation; 20.5 GW pipeline supported by $1 billion+ capital additions. Transmission cost-sharing benefits existing customers (10%+ savings per GW).
- **Blackstone JV Progress**: Active discussions with hyperscalers, landowners, and pipeline companies; no announcements yet, but focus on long-term energy supply agreements.
- **Risk Management**: Tariff protections for large load customers (80% minimum load commitment), minimizing cross-subsidization risk. PJM capacity auction reforms (e.g., bifurcated new build auctions) proposed to accelerate generation development.


PPL Corporation (PPL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PPL

PPL fundamentals

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