Equity

12 Months Ended

Dec. 31, 2025

Entity Information [Line Items]

Stockholders' Equity Note Disclosure [Text Block]

EQUITY

Agreement to Sell Minority Interest in AES Ohio

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 Consolidated Balance Sheets. The transaction also resulted in reclassification of $2.7 million of pension related AOCL to Member's equity. There is no change in management or operational control of DPL or AES Ohio as a result of the transaction. As DPL maintained control after the transaction, AES Ohio continues to be consolidated by DPL.

The shareholders' agreements contain 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 shareholders' agreements is remote, but would require redemption at fair value. Therefore, as of December 31, 2025, the noncontrolling ownership interest is not probable of becoming redeemable and subsequent adjustments to the carrying value were not required.

Prior to the transaction closing, DPL contributed to AES Ohio Holdings, Inc. (“Ohio Holdings”) 100% of the issued and outstanding shares of AES Ohio, such that Ohio Holdings owns 100% of AES Ohio.

Contributions from AES

During the years ended December 31, 2024 and 2023, DPL received $200.0 million and $260.0 million, respectively, in contributions from AES. The proceeds in 2023 represented equity contributions of $239.0 million and payments of $21.0 million against a tax receivable from AES. DPL then made the same investments in AES Ohio. The proceeds are primarily for funding needs related to AES Ohio’s capital expenditure program.

Restrictions on Distributions

DPL’s Operating Agreement contains provisions which state that DPL may not make a distribution to its member 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 Operating Agreement) 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 member 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 of December 31, 2025, DPL was in compliance with all covenants and no event of default existed.