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Segment Disclosures
 9 Months Ended
Sep. 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 SEPT. 30, 2025 (THOUSANDS)
CLECO POWER
Revenue 
Base revenue
$237,027 
Fuel cost recovery revenue(1)
134,515 
Other operations33,835 
Affiliate revenue244 
Operating revenue, net$405,621 
Less:
Recoverable fuel and purchased power(1)
$134,491 
Non-recoverable fuel and purchased power
13,196 
Other operations and maintenance(2)
67,374 
Taxes other than income taxes
15,943 
Other segment items(3)
(3,213)
EBITDA$177,830 
(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 $19.9 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 SEPT. 30, 2025 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Base revenue
$237,027 $(186)$— $236,841 
Fuel cost recovery revenue
134,515 — — 134,515 
Other operations33,835 1,588 (9)35,414 
Affiliate revenue244 19,595 (19,839)— 
Operating revenue, net$405,621 $20,997 $(19,848)$406,770 
Depreciation and amortization$52,209 $2,444 
(1)
$(1)$54,652 
Interest income$1,408 $2,704 $(50)$4,062 
Interest charges$26,631 $11,453 $(50)$38,034 
Federal and state income tax expense (benefit)
$20,269 $(2,480)$— $17,789 
Net income (loss)
$80,129 $(7,869)$— $72,260 
(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 SEPT. 30, 2024 (THOUSANDS)
CLECO POWER
Revenue
Base revenue
$226,990 
Fuel cost recovery revenue(1)
85,593 
Other operations24,433 
Affiliate revenue1,397 
Electric customer credits(1,046)
Operating revenue, net$337,367 
Less:
Recoverable fuel and purchased power(1)
85,706 
Non-recoverable fuel and purchased power12,169 
Other operations and maintenance(2)
60,387 
Taxes other than income taxes14,590 
Other segment items(3)
(715)
EBITDA$165,230 
(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 $25.1 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 SEPT. 30, 2024 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Base revenue
$226,990 $(186)$— $226,804 
Fuel cost recovery revenue
85,593 — — 85,593 
Other operations24,433 4,364 (13)28,784 
Affiliate revenue1,397 22,733 (24,130)— 
Electric customer credits(1,046)— — (1,046)
Operating revenue, net$337,367 $26,911 $(24,143)$340,135 
Depreciation and amortization$48,213 $2,266 
(1)
$— $50,479 
Interest income $1,065 $5,326 $(25)$6,366 
Interest charges$25,014 $12,445 $(23)$37,436 
Federal and state income tax expense (benefit)
$9,396 $(16,039)$— $(6,643)
Income from continuing operations, net of income taxes
$83,672 $10,178 $— $93,850 
Income from discontinued operations, net of income taxes
— 742 — 742 
Net income
$83,672 $10,920 $— $94,592 
(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 NINE MONTHS ENDED SEPT. 30, 2025 (THOUSANDS)
CLECO POWER
Revenue 
Base revenue
$610,434 
Fuel cost recovery revenue(1)
321,074 
Other operations87,672 
Affiliate revenue734 
Operating revenue, net$1,019,914 
Less:
Recoverable fuel and purchased power(1)
$321,052 
Non-recoverable fuel and purchased power19,340 
Other operations and maintenance(2)
187,889 
Taxes other than income taxes45,386 
Other segment items(3)
(4,936)
EBITDA$451,183 
(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 $66.2 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 NINE MONTHS ENDED SEPT. 30, 2025 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Base revenue
$610,434 $(558)$— $609,876 
Fuel cost recovery revenue
321,074 — — 321,074 
Other operations87,672 5,181 (28)92,825 
Affiliate revenue734 57,020 (57,754)— 
Operating revenue, net$1,019,914 $61,643 $(57,782)$1,023,775 
Depreciation and amortization$151,039 $7,100 
(2)
$— $158,139 
Interest income$7,434 $8,066 $(273)$15,227 
Interest charges$78,566 $33,814 $(273)$112,107 
Federal and state income tax expense (benefit)$44,715 $(7,855)$— $36,860 
Net income (loss)$184,297 $(23,828)$— $160,469 
Additions to property, plant, and equipment$251,200 $23 $— $251,223 
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)
$7,235,697 $(324,086)$786,653 $7,698,264 
(1) Balances as of September 30, 2025.
(2) Includes $0.6 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
FOR THE NINE MONTHS ENDED SEPT. 30, 2024 (THOUSANDS)
CLECO POWER
Revenue
Base revenue
$546,335 
Fuel cost recovery revenue(1)
249,398 
Other operations74,032 
Affiliate revenue11,788 
Electric customer credits(3,441)
Operating revenue, net$878,112 
Less:
Recoverable fuel and purchased power(1)
249,549 
Non-recoverable fuel and purchased power25,781 
Other operations and maintenance(2)
176,817 
Taxes other than income taxes43,711 
Other segment items(3)
8,609 
EBITDA$373,645 
(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 $67.2 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 NINE MONTHS ENDED SEPT. 30, 2024 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Base revenue
$546,335 $(2,695)$— $543,640 
Fuel cost recovery revenue
249,398 — — 249,398 
Other operations74,032 5,545 (12)79,565 
Affiliate revenue11,788 80,156 (91,944)— 
Electric customer credits(3,441)— — (3,441)
Operating revenue, net$878,112 $83,006 $(91,956)$869,162 
Depreciation and amortization$188,970 $8,885 
(2)
$— $197,855 
Interest income$3,257 $7,432 $(262)$10,427 
Interest charges$73,614 $45,768 $(262)$119,120 
Federal and state income tax expense (benefit)
$10,508 $(15,436)$— $(4,928)
Income (loss) from continuing operations, net of income taxes
$103,810 $(50,574)$— $53,236 
Income from discontinued operations, net of income taxes
— 45,415 — 45,415 
Net income (loss)
$103,810 $(5,159)$— $98,651 
Additions to property, plant, and equipment$186,691 $3,985 $— $190,676 
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 $2.7 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 SEPT. 30,FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)2025202420252024
Net income
$72,260 $94,592 $160,469 $98,651 
Less: income from discontinued operations, net of income taxes
— 742 — 45,415 
Income from continuing operations, net of income taxes
72,260 93,850 160,469 53,236 
Add: Depreciation and amortization54,652 50,479 158,139 197,855 
Less: Interest income4,062 6,366 15,227 10,427 
Add: Interest charges38,034 37,436 112,107 119,120 
Add: Federal and state income tax expense (benefit)
17,789 (6,643)36,860 (4,928)
Add: Other corporate costs and noncash items(1)(2)
(843)(3,526)(1,165)18,789 
Total segment EBITDA$177,830 $165,230 $451,183 $373,645 
(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 $(6.5) million for the nine months ended September 30, 2024. After the closing of the Cleco Cajun Divestiture, all natural gas derivatives related to Cleco Cajun were liquidated, therefore, there was no gain (loss) on natural gas derivatives for Cleco Cajun for the three months ended September 30, 2024.