Equity

12 Months Ended

Dec. 31, 2024

Entity Information [Line Items]

Stockholders' Equity Note Disclosure [Text Block]

SHAREHOLDER'S EQUITY

Common Stock

Effective on the Merger date, DPL's Amended Articles of Incorporation provided for 1,500 authorized common shares, of which one share is outstanding at December 31, 2024.

AES Ohio has 50,000,000 authorized common shares, of which 41,172,173 are outstanding at December 31, 2024. All common shares are held by AES Ohio’s parent, DPL.

Capital Contributions from AES

During the year ended December 31, 2024, DPL received $200.0 million in equity contributions from AES. DPL then made the same investments in AES Ohio.

During the year ended December 31, 2023, DPL received $260.0 million in cash contributions from AES. DPL then made the same investments in AES Ohio. The proceeds from the cash contributions at DPL represented equity contributions of $239.0 million and payments of $21.0 million against the tax receivable from AES.

The proceeds from these equity contributions allow AES Ohio to seek to improve its infrastructure and modernize its grid while maintaining liquidity. DPL did not receive any contributions from AES in 2022.

Dividend Restrictions

DPL’s Amended Articles of Incorporation (the Articles) contain provisions which state that DPL may not make a distribution to its shareholder or make a loan to any of its affiliates (other than its subsidiaries), unless: (a) there exists no Event of Default (as defined in the Articles) and no such Event of Default would result from the making of the distribution or loan; and either (b)(i) at the time of, and/or as a result of, the distribution or loan, DPL’s leverage ratio does not exceed 0.67 to 1.00 and DPL’s interest coverage ratio is not less than 2.50 to 1.00 or, (b)(ii) if such ratios are not within the parameters, DPL’s senior long-term debt rating from one of the three major credit rating agencies is at least investment grade. Further, the restrictions on the payment of distributions to a shareholder and the making of loans to its affiliates (other than subsidiaries) cease to be in effect if the three major credit rating agencies confirm that a lowering of DPL’s senior long-term debt rating below investment grade by the credit rating agencies would not occur without these restrictions.

As described above, DPL’s Amended Articles of Incorporation contain restrictions on DPL’s ability to make dividends, distributions and affiliate loans (other than to its subsidiaries), including restrictions on making such dividends, distributions and loans if certain financial ratios exceed specified levels and DPL’s senior long-term debt rating from a rating agency is below investment grade. As of December 31, 2024, DPL did not meet these

requirements and was prohibited under its Articles of Incorporation from making a distribution to its shareholder or making a loan to any of its affiliates (other than its subsidiaries).

THE DAYTON POWER AND LIGHT COMPANY [Member]

Entity Information [Line Items]

Stockholders' Equity Note Disclosure [Text Block]

SHAREHOLDER'S EQUITY

Common Stock

AES Ohio has 50,000,000 authorized common shares, of which 41,172,173 are outstanding at December 31, 2024. All common shares are held by AES Ohio’s parent, DPL.

Capital Contributions and Returns of Capital

During the years ended December 31, 2024 and 2023, AES Ohio received $200.0 million and $260.0 million, respectively, in equity contributions from DPL. The proceeds from these equity contributions allow AES Ohio to seek to improve its infrastructure and modernize its grid while maintaining liquidity. AES Ohio did not receive any equity contributions from DPL in 2022.

During the years ended December 31, 2024, 2023 and 2022, AES Ohio declared and paid distributions totaling $40.0 million, $83.0 million and $64.0 million, respectively.