1st Quarter Investor Update

Financial Overview Overview of 1st Quarter Financial Results (Earnings per share) Q1 2023 Q1 2022 Reported Earnings (GAAP) $0.39 $0.37 Less: Special Items ($0.09) ($0.04) Ongoing Earnings $0.48 $0.41 $0.19 $0.19 (1) $0.22 $0.26 $0.10 $0.00 ($0.03) ($0.04) PA Regulated KY Regulated RI Regulated Corp. and Other Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. ppl Q1 2023 GAAP earnings of $0.39 per share • Q1 2023 special items of $0.09 per share, primarily related to RI integration costs Q1 2023 ongoing earnings of $0.48 per share, a $0.07 per share increase from prior year • Addition of RI Segment and lower O&M, partially offset by lower sales volumes in KY and PA and higher interest expense • Weather unfavorably impacted results by $0.05 per share compared to normal as HDD were lower by ~25-30% in KY and PA • ➤ Remain confident in 2023 earnings forecast Offsets to weather impacts include lower financing costs, additional DSIC revenue in PA, outperformance on RI integration, and O&M management (1) Kentucky holding company costs for intercompany financing activity are now presented in Corporate and Other beginning on January 1, 2023. Prior periods have been adjusted to reflect this change. 00 8

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