PPL Corp — Director's Dealing 2026

Feb 2, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PPL Corp (PPL)
CIK: 0000922224
Period of Report: 2026-01-29

Reporting Person: Henninger Tadd J (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-01-29	Common Stock	M	3242	$36.31	Acquired	15969.166	Direct
2026-01-29	Common Stock	F	1029	$36.31	Disposed	14940.166	Direct
2026-01-29	Common Stock	M	7175	$36.31	Acquired	22115.166	Direct
2026-01-29	Common Stock	F	2065	$36.31	Disposed	20050.166	Direct
2026-01-30	Common Stock	M	718.704	$36.25	Acquired	20768.87	Direct
2026-01-30	Common Stock	F	207.000	$36.25	Disposed	20561.87	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-01-29	Stock Unit (SIP)	$	A	2348	Acquired		Common Stock (2348)	Direct
2026-01-29	Performance Stock Unit (SIP)	$	A	4696	Acquired		Common Stock (4696)	Direct
2026-01-29	Performance Stock Unit (SIP)	$	A	2348	Acquired		Common Stock (2348)	Direct
2026-01-29	Performance Stock Unit (SIP)	$	A	2348	Acquired		Common Stock (2348)	Direct
2026-01-29	Performance Stock Unit (SIP)	$	M	7175	Disposed		Common Stock (7175)	Direct
2026-01-29	Performance Stock Unit (SIP)	$	M	3242	Disposed		Common Stock (3242)	Direct
2026-01-30	Stock Unit (SIP)	$	M	718.704	Disposed		Common Stock (718.704)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	101.571	Indirect

Footnotes

F1: Total includes the reinvestment of dividends.

F2: Shares withheld by the company at the request of the executive officer to pay taxes due following expiration of the applicable restriction period, under the terms of the Stock Incentive Plan (SIP).

F3: No conversion or exercise price applies. Under the terms of the Stock Incentive Plan (SIP), a restricted stock unit converts to a share of common stock on the applicable vesting date.

F4: The total grant of 2,348 restricted stock units will vest in three equal installments on 01/29/2027, 01/29/2028, and 01/29/2029.

F5: As of 02/02/2026, total restricted stock units beneficially owned is 18,992.984. This total includes the two 01/25/2024 grants of (a) 12,395.567 and (b) 2,809.947 restricted stock units, two-thirds of the 01/30/2025 grant, which totals 1,439.470, plus in each case, the incremental addition of restricted stock units credited to the original grant in amounts equal to dividend equivalents deemed earned on shares underlying such restricted stock units, and the 01/29/2026 grant of 2,348 restricted stock units.

F6: No conversion or exercise price or exercise or expiration date applies. Under the terms of the Stock Incentive Plan (SIP), all, some or none of the underlying securities will be earned depending on the Company's performance relative to a peer group (determined by the Company's People and Compensation Committee as described in more detail in the Company's annual Proxy Statement on Schedule 14A), over a three-year performance period ending 12/31/2028. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2029.

F7: As of 02/02/2026, total performance units beneficially owned is 31,491.294. This total includes the 01/20/2023 grant of 2,226.809 performance units, the three 01/25/2024 grants of (a) 2,809.947, (b) 2,809.947, and (c) 5,619.892 performance units, the three 01/30/2025 grants of (a) 2,158.174, (b) 2,158.174, and (c) 4,316.351 performance units, plus in each case, the incremental addition of performance units credited to the original grant in amounts equal to dividend equivalents deemed earned on shares underlying such performance units, and the three 01/29/2026 grants of (a) 2,348, (b) 2,348, and (c) 4,696 performance units.

F8: No conversion or exercise price or exercise or expiration date applies. Under the terms of the Stock Incentive Plan (SIP), all, some or none of the underlying securities will be earned depending on the Company's earnings growth over a three-year performance period ending 12/31/2028. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2029.

F9: No conversion or exercise price or exercise or expiration date applies. Under the terms of the Stock Incentive Plan (SIP), all, some or none of the underlying securities will be earned depending on the Company's achievement of certain long-term sustainability-related metrics over a three-year performance period ending 12/31/2028. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2029.

F10: No conversion or exercise price or exercise or expiration date applies. Under the terms of the Stock Incentive Plan (SIP), the underlying securities were earned (161.10%) based on the Company's performance relative to an industry peer group over a three-year performance period ending 12/31/2025. Determination of the percentage of the award earned was made by the People and Compensation Committee on 01/29/2026 and calculation of the underlying shares to be delivered, net of withholding, was completed on 01/30/2026.

F11: No conversion or exercise price or exercise or expiration date applies. Under the terms of the Stock Incentive Plan (SIP), the underlying securities were earned (145.58%) based on the Company's achievements of certain ESG-related metrics over a three-year performance period ending 12/31/2025. Determination of the percentage of the award earned was made by the People and Compensation Committee on 01/29/2026 and calculation of the underlying shares to be delivered, net of withholding, was completed on 01/30/2026.

F12: One-third of the 01/30/2025 grant of restricted stock units vested on 01/30/2026; the remaining thirds will vest on 01/30/2027 and 01/30/2028, respectively.