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Segment Disclosures
 6 Months Ended
Jun. 30, 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 certain committees of the Boards of Managers. The reportable segment prepares budgets that are presented to and approved by the 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 JUNE 30, 2025 (THOUSANDS)
CLECO POWER
Revenue 
Base revenue
$190,821 
Fuel cost recovery revenue(1)
99,017 
Other operations30,381 
Affiliate revenue245 
Operating revenue, net$320,464 
Less:
Recoverable fuel and purchased power(1)
$99,001 
Non-recoverable fuel and purchased power
2,995 
Other operations and maintenance(2)
62,611 
Taxes other than income taxes
13,825 
Other segment items(3)
(1,544)
EBITDA$143,576 
(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 $23.5 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 JUNE 30, 2025 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Base revenue
$190,821 $(186)$— $190,635 
Fuel cost recovery revenue
99,017 — — 99,017 
Other operations30,381 1,738 (10)32,109 
Affiliate revenue245 16,594 (16,839)— 
Operating revenue, net$320,464 $18,146 $(16,849)$321,761 
Depreciation and amortization$51,048 $2,343 
(1)
$— $53,391 
Interest income$1,435 $2,657 $(60)$4,032 
Interest charges$26,249 $11,461 $(59)$37,651 
Federal and state income tax expense (benefit)
$12,563 $(2,549)$— $10,014 
Net income (loss)
$55,151 $(7,254)$— $47,897 
(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.
FOR THE THREE MONTHS ENDED JUNE 30, 2024 (THOUSANDS)
CLECO POWER
Revenue
Base revenue
$165,316 
Fuel cost recovery revenue(1)
64,040 
Other operations22,382 
Affiliate revenue1,522 
Electric customer credits(548)
Operating revenue, net$252,712 
Less:
Recoverable fuel and purchased power(1)
64,055 
Non-recoverable fuel and purchased power5,817 
Other operations and maintenance(2)
59,636 
Taxes other than income taxes13,475 
Other segment items(3)
9,906 
EBITDA$99,823 
(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 $21.4 million.
(3) Includes amounts for equity portions of AFUDC, pension non-service costs, changes in the cash surrender value of life insurance policies, and expenses related to Project Diamond Vault.

FOR THE THREE MONTHS ENDED JUNE 30, 2024 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Base revenue
$165,316 $(186)$— $165,130 
Fuel cost recovery revenue
64,040 — — 64,040 
Other operations22,382 1,181 — 23,563 
Affiliate revenue1,522 27,756 (29,278)— 
Electric customer credits(548)— — (548)
Operating revenue, net$252,712 $28,751 $(29,278)$252,185 
Depreciation and amortization$46,753 $2,249 
(1)
$— $49,002 
Interest income $904 $1,814 $(65)$2,653 
Interest charges$25,116 $15,871 $(65)$40,922 
Federal and state income tax expense (benefit)
$2,072 $(38,028)$— $(35,956)
Income from continuing operations, net of income taxes
$26,786 $21,794 $— $48,580 
Income from discontinued operations, net of income taxes
— 12,710 — 12,710 
Net income
$26,786 $34,504 $— $61,290 
(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.
Segment Information
FOR THE SIX MONTHS ENDED JUNE 30, 2025 (THOUSANDS)
CLECO POWER
Revenue 
Base revenue
$373,407 
Fuel cost recovery revenue(1)
186,559 
Other operations53,837 
Affiliate revenue490 
Operating revenue, net$614,293 
Less:
Recoverable fuel and purchased power(1)
$186,561 
Non-recoverable fuel and purchased power6,144 
Other operations and maintenance(2)
120,517 
Taxes other than income taxes29,443 
Other segment items(3)
(1,725)
EBITDA$273,353 
(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 $46.3 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 SIX MONTHS ENDED JUNE 30, 2025 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Base revenue
$373,407 $(372)$— $373,035 
Fuel cost recovery revenue
186,559 — — 186,559 
Other operations53,837 3,593 (19)57,411 
Affiliate revenue490 37,425 (37,915)— 
Operating revenue, net$614,293 $40,646 $(37,934)$617,005 
Depreciation and amortization$98,831 $4,656 
(2)
$— $103,487 
Interest income$6,026 $5,362 $(223)$11,165 
Interest charges$51,934 $22,361 $(223)$74,072 
Federal and state income tax expense (benefit)$24,446 $(5,375)$— $19,071 
Income (loss) from continuing operations, net of income taxes$104,168 $(15,959)$— $88,209 
Net income (loss)$104,168 $(15,959)$— $88,209 
Additions to property, plant, and equipment$141,430 $40 $— $141,470 
Equity investment in investees(1)
$1,916 $(848,952)$848,952 $1,916 
Goodwill(1)
$1,490,797 $— $— $1,490,797 
Total segment assets(1)
$7,142,500 $(322,387)$811,410 $7,631,523 
(1) Balances as of June 30, 2025.
(2) Includes $0.4 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
FOR THE SIX MONTHS ENDED JUNE 30, 2024 (THOUSANDS)
CLECO POWER
Revenue
Base revenue
$319,345 
Fuel cost recovery revenue(1)
163,805 
Other operations49,599 
Affiliate revenue10,391 
Electric customer credits(2,395)
Operating revenue, net$540,745 
Less:
Recoverable fuel and purchased power(1)
163,843 
Non-recoverable fuel and purchased power13,612 
Other operations and maintenance(2)
116,430 
Taxes other than income taxes29,121 
Other segment items(3)
9,325 
EBITDA$208,414 
(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 $42.1 million.
(3) Includes amounts for equity portions of AFUDC, equity income from investee, pension non-service costs, changes in the cash surrender value of life insurance policies, and expenses related to Project Diamond Vault.
FOR THE SIX MONTHS ENDED JUNE 30, 2024 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Base revenue
$319,345 $(2,509)$— $316,836 
Fuel cost recovery revenue
163,805 — — 163,805 
Other operations49,599 1,182 — 50,781 
Affiliate revenue10,391 57,423 (67,814)— 
Electric customer credits(2,395)— — (2,395)
Operating revenue, net$540,745 $56,096 $(67,814)$529,027 
Depreciation and amortization$140,757 $6,619 
(2)
$1 $147,377 
Interest income$2,192 $2,107 $(238)$4,061 
Interest charges$48,599 $33,322 $(238)$81,683 
Federal and state income tax expense
$1,112 $603 $— $1,715 
Income (loss) from continuing operations, net of income taxes
$20,138 $(60,751)$— $(40,613)
Income from discontinued operations, net of income taxes
— 44,672 — 44,672 
Net income (loss)
$20,138 $(16,079)$— $4,059 
Additions to property, plant, and equipment$120,378 $3,434 $— $123,812 
Equity investment in investees(1)
$1,916 $(848,952)$848,952 $1,916 
Goodwill(1)
$1,490,797 $— $— $1,490,797 
Total segment assets(1)
$6,879,566 $(286,556)$776,596 $7,369,606 
(1) Balances as of December 31, 2024.
(2) Includes $2.5 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
FOR THE THREE MONTHS ENDED JUNE 30,FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)2025202420252024
Net income
$47,897 $61,290 $88,209 $4,059 
Less: income from discontinued operations, net of income taxes
— 12,710 — 44,672 
Income (loss) from continuing operations, net of income taxes
47,897 48,580 88,209 (40,613)
Add: Depreciation and amortization53,391 49,002 103,487 147,377 
Less: Interest income4,032 2,653 11,165 4,061 
Add: Interest charges37,651 40,922 74,072 81,683 
Add: Federal and state income tax expense (benefit)
10,014 (35,956)19,071 1,715 
Add: Other corporate costs and noncash items(1)(2)
(1,345)(72)(321)22,313 
Total segment EBITDA$143,576 $99,823 $273,353 $208,414 
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.
(2) Includes gain (loss) on Cleco Cajun’s natural gas derivatives of $4.4 million and $(6.5) million, respectively, for the three and six months ended June 30, 2024.