Business: PPL Corporation Equity Units, stated amount $50.00 per unit, initially consisting of corporate units which include a stock purchase contract and a a 1/40 undivided beneficial ownership interest in $1,000 principal amount of Remarketable Senior Notes due 2034 to be issued by PPL Capital Funding, Inc. and a 1/40 undivided beneficial ownership interest in $1,000 principal amount of Remarketable Senior Notes due 2039 to be issued by PPL Capital Funding, Inc. The Notes will be fully and unconditionally guaranteed by the Company pursuant to guarantees. (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee). <p> The stock purchase contract requires the holder to purchase for $50 a variable number of shares of PPL Corp (NYSE:PPL) common stock no later than 02/15/2029 and pays a contract adjustment rate of 2.98% per annum. The stock purchase settlement rate will be 1.0735 shares per unit if the then current market price is equal to or greater than $46.5766 and 1.3419 shares per unit if the market price is equal to or less than $37.2606. For market prices between those values the settlement rate will be $50 divided by the market value. Prior to the IPO of this security, the last reported sale price of the common stock on 02/20/2026 was $37.44 per share. The stock purchase contract may be settled any time at the holder’s option and the company will deliver 1.0735 shares of common stock for each purchase contract. <p> The Corporate Units pay quarterly distributions of 7.00% ($3.50) per annum on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date which is one business day prior to the payment date while the securities remain in book-entry form (NOTE: the ex-dividend date is the record date). <p> The Remarketable Senior Notes due 2034 have principal amount of $1,000 ($25 per corporate unit) and pays 4.02% per annum and are due 02/15/2034. The 2034 notes are subject to reset and remarketing on the third business day prior to 02/15/2024. The Remarketable Senior Notes due 2039 have principal amount of $1,000 ($25 per corporate unit) and pays 4.02% per annum and are due 02/15/2039. The 2039 notes are subject to reset and remarketing on the third business day prior to 02/15/2029.The Remarketable Senior Notes are pledged as collateral to secure the holder's obligations under the stock purchase contract. PPL Capital Funding may redeem the Remarketable Senior Notes at its option only if there has been a failed final remarketing. <p> Distributions paid by these securities are derived from interest paid on the underlying debt securities and therefore are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> This security was rated as Baa1 by Moody’s and NOT rated by S&P at the date of its IPO. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.