1st Quarter Investor Update
Premier Balance Sheet Supports Organic Growth
and Provides Financial Flexibility
One of the sector's best credit profiles supports higher relative valuation
✓
Premier credit ratings among peers
Discount Valuation:
14.0x 15.0x
PPL's Relative Valuation has Improved
by ~1.0x since Investor Day
•
Baa1 rating at Moody's
•
2025 P/E Multiple (1)
Average Valuation:
15.0x - 17.5x
ppl
Premium Valuation:
17.5x – 18.5x
Premier Credit Profile Supports Path
to Premium Valuation Multiple
✓
A- rating at S&P
16% 18% FFO/CFO to debt
Peer average is ~15%
HoldCo debt to total debt at <25%
Peer average is ~25%
✓
No planned equity issuances
ETR
FE
EVRG D AEP
ES DUK PPL LNT
SO CMS AEE ED XEL
WEC
(2)
(2)
(2)
Ba1
Baa2
Baa1
(1)
Source: FactSet, represents closing share price and 2025 consensus estimates as of April 28, 2023.
(2) Moody's long-term issuer rating per FactSet.
2
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