Business Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting Information [Line Items]

Business Segments

BUSINESS SEGMENTS

DPL manages its business through one reportable operating segment, the Utility segment, led by our Chief Executive Officer and Chief Financial Officer who, collectively, are the Chief Operating Decision Maker. The primary segment performance measures are income / (loss) before income tax and net income / (loss) as management has concluded that these measures best reflect the underlying business performance of DPL and are the most relevant measures considered in DPL’s internal evaluation of the financial performance of its segment. The Chief Operating Decision Maker uses income / (loss) before income tax and net income / (loss) in the annual budget and forecasting process, including making decisions on reinvesting profits to support Utility segment growth. On a monthly basis, the Chief Operating Decision Maker reviews variances in budget versus actual results and monitors changes in forecasted results to assess the underlying operating performance and analyze risks and opportunities for the Utility segment.

The Utility segment is comprised of AES Ohio, a public electric transmission and distribution utility, with all other nonutility business activities aggregated separately. See Note 1. Overview and Summary of Significant Accounting Policies for further information on AES Ohio. The “Other” nonutility category primarily includes interest expense, cash and other immaterial balances. The accounting policies of the identified segment are consistent with those policies and procedures described in the summary of significant accounting policies.

The following tables present financial information for DPL’s reportable business segment:

$ in millions	Utility		Other		Adjustments and Eliminations		DPL Consolidated
Year ended December 31, 2025
Revenue from external customers	$	1,060.7	$	9.9	$	—	$	1,070.6
Intersegment revenue	1.1		4.6		(5.7)		—
Total revenue	1,061.8		14.5		(5.7)		1,070.6
Purchased power	393.4		2.0		(1.1)		394.3
Operation and maintenance	278.1		7.6		(4.6)		281.1
Depreciation and amortization	117.5		1.9		—		119.4
Taxes other than income taxes	137.0		0.3		—		137.3
Interest expense	57.8		24.6		—		82.4
Other segment items (a)	3.3		(3.1)		—		0.2
Income / (loss) before income tax	74.7		(18.8)		—		55.9
Income tax expense / (benefit)	24.1		(1.2)		—		22.9
Net income / (loss)	$	50.6	$	(17.6)	$	—	$	33.0
Cash capital expenditures	$	385.7	$	1.5	$	—	$	387.2

(a)    Other segment items primarily includes AFUDC equity and other miscellaneous gains and losses in Other income / (expense), net.

$ in millions	Utility		Other		Adjustments and Eliminations		DPL Consolidated
Year ended December 31, 2024
Revenue from external customers	$	866.7	$	9.8	$	—	$	876.5
Intersegment revenue	0.9		4.9		(5.8)		—
Total revenue	867.6		14.7		(5.8)		876.5
Purchased power	315.4		1.9		(0.9)		316.4
Operation and maintenance	258.3		5.7		(4.9)		259.1
Depreciation and amortization	93.4		1.8		—		95.2
Taxes other than income taxes	113.4		0.1		—		113.5
Interest expense	48.2		36.6		0.2		85.0
Other segment items (a)	(1.2)		(2.1)		(0.2)		(3.5)
Income / (loss) before income tax	40.1		(29.3)		—		10.8
Income tax expense / (benefit)	3.2		(6.2)		—		(3.0)
Net income / (loss)	$	36.9	$	(23.1)	$	—	$	13.8
Cash capital expenditures	$	547.9	$	1.6	$	—	$	549.5

(a)    Other segment items primarily includes AFUDC equity and other miscellaneous gains and losses in Other income / (expense), net.

$ in millions	Utility		Other		Adjustments and Eliminations		DPL Consolidated
Year ended December 31, 2023
Revenue from external customers	$	851.3	$	9.7	$	—	$	861.0
Intersegment revenue	0.7		4.4		(5.1)		—
Total revenue	852.0		14.1		(5.1)		861.0
Purchased power	346.0		1.6		(0.7)		346.9
Operation and maintenance	229.8		6.7		(4.4)		232.1
Depreciation and amortization	80.7		1.4		—		82.1
Taxes other than income taxes	100.6		0.2		—		100.8
Interest expense	25.8		39.2		(1.4)		63.6
Other segment items (a)	(5.8)		(2.4)		1.4		(6.8)
Income / (loss) before income tax	74.9		(32.6)		—		42.3
Income tax expense / (benefit)	13.5		(6.9)		—		6.6
Net income / (loss)	$	61.4	$	(25.7)	$	—	$	35.7
Cash capital expenditures	$	384.3	$	3.6	$	—	$	387.9

(a)    Other segment items primarily includes AFUDC equity and other miscellaneous gains and losses in Other income / (expense), net.

Total Assets	December 31, 2025		December 31, 2024		December 31, 2023
Utility	$	3,730.8	$	3,355.2	$	2,871.0
All Other (a)	50.2		62.2		35.2
DPL Consolidated	$	3,781.0	$	3,417.4	$	2,906.2

(a)    "All Other" includes Eliminations for all periods presented.