Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Stockholders' Equity Note Disclosure

8. EQUITY

Transactions with Holders of Redeemable Stock of Subsidiaries

On April 4, 2025, DPL sold an aggregate indirect equity interest in AES Ohio of approximately 30% to Astrid Holdings LP, a wholly-owned subsidiary of CDPQ, for total proceeds of approximately $544 million, resulting in an increase to Redeemable stock of subsidiaries of $537.5 million, net of transaction costs on the Condensed

Consolidated Balance Sheets. The agreement contains certain redemption features that, while not currently in effect, are not solely in DPL's control. As a result, the noncontrolling ownership interest is considered temporary equity. The Company has concluded that the likelihood of an event that would allow CDPQ to redeem its interest under the terms of the shareholder agreement is remote, but would require redemption at fair value. Therefore, as of June 30, 2025, the noncontrolling ownership interest is not probable of becoming redeemable and subsequent adjustments to the carrying value were not required. The transaction also resulted in reclassification of $2.7 million of pension related AOCL to Member's equity. As DPL maintained control after the transaction, AES Ohio continues to be consolidated by DPL.

On April 9, 2025, CDPQ made capital contributions totaling $45.0 million as part of a capital call primarily for funding needs related to AES Ohio’s capital expenditure program. The capital contributions were made on a proportional share basis and, therefore, did not change CDPQ’s or DPL’s ownership interests in Ohio Investments or Ohio Holdings.

Other Paid-in Capital

During the six months ended June 30, 2024, DPL received $130.0 million in equity contributions from AES. DPL then made the same investments in AES Ohio. The proceeds from these equity contributions allow AES Ohio to seek to improve its infrastructure and modernize its grid while maintaining liquidity.