1) Q2 2026 Performance Overview - PPL reported ongoing earnings of $0.33 per share, a $0.01 increase from Q2 2025. - Reaffirmed ongoing earnings forecast for 2026 in the range of $1.90 to $1.98 per share, with a midpoint of $1.94. - Capital investments for 2026 are projected at approximately $5 billion, with a long-term investment need of $23 billion through 2029. - Long-term financial targets include 6% to 8% annual EPS growth and 4% to 6% annual dividend growth.

2) Regulatory and Rate Case Updates - Successful rate case settlement in Pennsylvania effective July 1, resulting in a $275 million increase, reflecting less than a 4% increase across rate classes. - In Rhode Island, the first base rate increase in 8 years is expected to be effective September 1, following hearings completed in mid-July. - Kentucky's rate case decision is pending, with a request for reconsideration submitted to the KPSC.

3) Growth Drivers and Data Center Demand - Data center agreements in Pennsylvania increased to 32 gigawatts, with 6.5 gigawatts under construction. - The company is seeing strong economic development in Kentucky, with a potential load growth pipeline of 13.7 gigawatts, primarily from data centers. - PPL's large-load tariffs are designed to protect existing customers while facilitating growth, with significant contributions to low-income assistance starting in 2027.

4) Joint Venture and Future Investments - The Invitium Energy joint venture is progressing, with plans for 8 to 14 gigawatts of new generation capacity. - Expected investments from the joint venture could reach $12.5 billion to $15 billion through 2032. - Earnings contributions from the joint venture are not expected to be material until 2030, with potential for earlier contributions from batteries or shorter-lead-time technologies.

5) Outlook and Strategic Initiatives - PPL is focused on maintaining a strong balance sheet and credit profile while executing its capital plan. - The company is engaging with local communities to ensure responsible development of data centers and infrastructure. - Future guidance updates may consider longer planning windows due to the evolving landscape of generation and regulatory frameworks.

Bottom line: PPL is executing its strategic plan effectively, reaffirming its earnings outlook while positioning itself for future growth through regulatory successes and strong demand in data centers. The joint venture with Blackstone presents significant long-term upside, although material earnings contributions are not expected until 2030.