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Segment Disclosures
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Disclosures
Note 11 — Segment Disclosures
Segment disclosures are based on Cleco’s method of internal reporting, which disaggregates business units by first-tier subsidiary. Cleco’s segment structure and its allocation of corporate expenses were updated to reflect how management measures performance and allocates resources.
Segment managers report periodically to Cleco’s CEO, who is Cleco’s chief operating decision maker, with discrete financial information and, at least quarterly, present discrete financial information to Cleco Holdings’ and, in the case of Cleco Power, Cleco Power’s Boards of Managers. The reportable segment prepares budgets that are presented to and approved by Cleco Holdings’ and, in the case of Cleco Power, Cleco Power’s Boards of Managers. The column shown as Other in the following tables includes the holding company, a shared services subsidiary, an investment subsidiary, discontinued operations, and Cleco Cajun’s natural gas derivatives. After the closing of the Cleco Cajun Divestiture, all of Cleco Cajun’s natural gas derivative contracts were liquidated.
The financial results in the following tables are presented on an accrual basis. EBITDA is a key non-GAAP financial
measure used by the CEO to assess the operating performance of Cleco’s segments. Management evaluates the performance of Cleco’s segments and allocates resources to it based on segment profit and the requirements to implement strategic initiatives and projects to meet current business objectives. EBITDA is defined as net income adjusted for interest, income taxes, depreciation, and amortization. Depreciation and amortization in the following tables includes amortization of intangible assets recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services.

Segment Information
FOR THE THREE MONTHS ENDED MAR. 31, 2025 (THOUSANDS)
CLECO POWER
Revenue 
Base revenue
$182,585 
Fuel cost recovery revenue (1)
87,543 
Other operations23,456 
Affiliate revenue245 
Operating revenue, net$293,829 
Less:
Recoverable fuel and purchased power (1)
$87,561 
Non-recoverable fuel and purchased power
3,148 
Other operations and maintenance (2)
57,908 
Taxes other than income taxes
15,618 
Other segment items (3)
(181)
EBITDA$129,775 
(1) These pass through items are regularly provided to the chief operating decision maker as a net amount.
(2) Includes administrative and general expenses of $22.8 million.
(3) Includes amounts for equity portions of AFUDC, pension non-service costs, and changes in the cash surrender value of life insurance policies.

FOR THE THREE MONTHS ENDED MAR. 31, 2025 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Base revenue
$182,585 $(186)$— $182,399 
Fuel cost recovery revenue
87,543 — — 87,543 
Other operations23,456 1,855 (9)25,302 
Affiliate revenue245 20,831 (21,076)— 
Operating revenue, net$293,829 $22,500 $(21,085)$295,244 
Depreciation and amortization$47,783 $2,313 
(1)
$— $50,096 
Interest income$4,592 $2,705 $(164)$7,133 
Interest charges$25,684 $10,901 $(164)$36,421 
Federal and state income tax expense (benefit)
$11,883 $(2,826)$— $9,057 
Net income (loss)
$49,017 $(8,706)$1 $40,312 
Additions to property, plant, and equipment$67,832 $457 $— $68,289 
Equity investment in investee (2)
$1,916 $(849,117)$849,117 $1,916 
Goodwill (2)
$1,490,797 $— $— $1,490,797 
Total segment assets (2)
$7,030,405 $(277,438)$759,903 $7,512,870 
(1) Includes $0.2 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
(2) Balances at March 31, 2025
FOR THE THREE MONTHS ENDED MAR. 31, 2024 (THOUSANDS)
CLECO POWER
Revenue
Base revenue
$154,028 
Fuel cost recovery revenue (1)
99,766 
Other operations27,218 
Affiliate revenue8,869 
Electric customer credits(1,847)
Operating revenue, net$288,034 
Less:
Recoverable fuel and purchased power (1)
99,788 
Non-recoverable fuel and purchased power
7,794 
Other operations and maintenance (2)
56,797 
Taxes other than income taxes
15,646 
Other segment items (3)
(583)
EBITDA$108,592 
(1) These pass through items are regularly provided to the chief operating decision maker as a net amount.
(2) Includes administrative and general expenses of $20.7 million.
(3) Includes amounts for equity portions of AFUDC, equity income from investee, pension non-service costs, and changes in the cash surrender value of life insurance policies.

FOR THE THREE MONTHS ENDED MAR. 31, 2024 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Base revenue
$154,028 $(2,323)$— $151,705 
Fuel cost recovery revenue
99,766 — — 99,766 
Other operations27,218 — — 27,218 
Affiliate revenue8,869 29,667 (38,536)— 
Electric customer credits(1,847)— — (1,847)
Operating revenue, net$288,034 $27,344 $(38,536)$276,842 
Depreciation and amortization$94,004 $4,371 
(1)
$— $98,375 
Interest income $1,288 $293 $(173)$1,408 
Interest charges$23,484 $17,452 $(174)$40,762 
Federal and state income tax (benefit) expense
$(960)$38,631 $— $37,671 
Loss from continuing operations, net of income taxes
$(6,648)$(82,545)$— $(89,193)
Income from discontinued operations, net of income taxes
— 31,962 — 31,962 
Net loss
$(6,648)$(50,583)$— $(57,231)
Additions to property, plant, and equipment$39,494 $(2,530)$— $36,964 
Equity investment in investees (2)
$1,916 $(848,952)$848,952 $1,916 
Goodwill (2)
$1,490,797 $— $— $1,490,797 
Total segment assets (2)
$6,879,566 $(286,556)$776,596 $7,369,606 
(1) Includes $2.3 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
(2) Balances at December 31, 2024
FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)20252024
Net income (loss)
$40,312 $(57,231)
Less: income from discontinued operations, net of income taxes
— 31,962 
Income (loss) from continuing operations, net of income taxes
40,312 (89,193)
Add: Depreciation and amortization50,096 98,375 
Less: Interest income7,133 1,408 
Add: Interest charges36,421 40,762 
Add: Federal and state income tax expense
9,057 37,671 
Add: Other corporate costs and noncash items(1)(2)
1,022 22,385 
Total segment EBITDA$129,775 $108,592 
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.
(2) Includes loss on Cleco Cajun’s natural gas derivatives of $(10.9) million for the three months ended March 31, 2024.