Shares declined 2.3% following the earnings release, reflecting investor caution despite reaffirmed guidance and ongoing operational progress, likely due to concerns over regulatory uncertainties and limited near-term growth catalysts.

• Reported first quarter GAAP EPS was $0.60, with adjusted ongoing EPS of $0.63, consistent with expectations.
• Reaffirmed 2026 ongoing earnings guidance of $1.90 to $1.98 per share, maintaining the midpoint at $1.94.
• Completed a constructive distribution base rate settlement in Pennsylvania, with less than 4% bill increases and a two-year stay-out.
• Regulatory risks remain in Kentucky, with ongoing reconsideration of base rate case decisions potentially delaying rate adjustments.
• Announced exploratory partnerships for innovative generation projects, including pumped storage hydro and small modular nuclear reactors, though these have no current impact on capital plans or near-term earnings.