# EDGAR Filing Document

**Accession Number:** 0001089819
**File Stem:** 0001089819-26-000002
**Filing Date:** 2026-3
**Character Count:** 829854
**Document Hash:** 14f44b81edcea68ee1f2d15f1e055b2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001089819-26-000002.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001089819-26-000002

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 164

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cleco Corporate Holdings LLC
- **CENTRAL INDEX KEY:** 0001089819
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 721445282
- **STATE OF INCORPORATION:** LA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15759
- **FILM NUMBER:** 26807579

**BUSINESS ADDRESS:**
- **STREET 1:** 2030 DONAHUE FERRY ROAD
- **CITY:** PINEVILLE
- **STATE:** LA
- **ZIP:** 71360-5226
- **BUSINESS PHONE:** 318-484-7400

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 5000
- **CITY:** PINEVILLE
- **STATE:** LA
- **ZIP:** 71361-5000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CLECO CORP
- **DATE OF NAME CHANGE:** 19990708

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CLECO HOLDING CORP
- **DATE OF NAME CHANGE:** 19990630
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CLECO POWER LLC
- **CENTRAL INDEX KEY:** 0000018672
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 720244480
- **STATE OF INCORPORATION:** LA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05663
- **FILM NUMBER:** 26807580

**BUSINESS ADDRESS:**
- **STREET 1:** 2030 DONAHUE FERRY ROAD
- **CITY:** PINEVILLE
- **STATE:** LA
- **ZIP:** 71360-5226
- **BUSINESS PHONE:** 3184847400

**MAIL ADDRESS:**
- **STREET 1:** 2030 DONAHUE FERRY ROAD
- **CITY:** PINEVILLE
- **STATE:** LA
- **ZIP:** 71360-5226

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CLECO UTILITY GROUP INC
- **DATE OF NAME CHANGE:** 19990708

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CENTRAL LOUISIANA ELECTRIC CO INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? cnl-20251231

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**__________________**

**FORM 10-K**

**☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025**

**Or**

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**__________________**

**Commission file number 1-15759**

**CLECO CORPORATE HOLDINGS LLC**

*(Exact name of registrant as specified in its charter)*

---

| | |
|:---|:---|
| **Louisiana** | **72-1445282** |
| *(State or other jurisdiction of incorporation or organization)* | *(I.R.S. Employer Identification No.)* |

---

 **2030 Donahue Ferry Road, Pineville, Louisiana&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71360-5226**

 *(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip Code)*

Registrant's telephone number, including area code: **(318) 484-7400**

Securities registered pursuant to Section 12(b) of the Act: **None**

Securities registered pursuant to Section 12(g) of the Act: **None**

**__________________**

**Commission file number 1-05663**

**CLECO POWER LLC**

*(Exact name of registrant as specified in its charter)*

---

| | |
|:---|:---|
| **Louisiana** | **72-0244480** |
| *(State or other jurisdiction of incorporation or organization)* | *(I.R.S. Employer Identification No.)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2030 Donahue Ferry Road, Pineville, Louisiana&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71360-5226**

 *(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip Code)*

Registrant's telephone number, including area code: **(318) 484-7400**

Securities registered pursuant to Section 12(b) of the Act: **None**

Securities registered pursuant to Section 12(g) of the Act: **None**

**Cleco Power LLC, a wholly owned subsidiary of Cleco Corporate Holdings LLC, meets the conditions set forth in General Instruction (I)(1)(a) and (b) of Form 10-K and is therefore filing this Form 10-K with the reduced disclosure format.**

Indicate by check mark if Cleco Corporate Holdings LLC is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes □No ⌧

Indicate by check mark if Cleco Power LLC is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes □&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

Indicate by check mark if Cleco Corporate Holdings LLC is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark if Cleco Power LLC is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark whether Cleco Corporate Holdings LLC: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes □ No ⌧

Indicate by check mark whether Cleco Power LLC: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes □ No ⌧

Indicate by check mark whether the Registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrants were required to submit such files). Yes ⌧ No □

Indicate by check mark whether Cleco Corporate Holdings LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer □ Accelerated filer □ Non-accelerated filer ⌧ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if Cleco Corporate Holdings LLC has elected not to use the extended transition period for complying with any new or revise accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether Cleco Corporate Holdings LLC has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether Cleco Power LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer □ Accelerated filer □ Non-accelerated filer ⌧ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if Cleco Power LLC has elected not to use the extended transition period for complying with any new or revise accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether Cleco Power LLC has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrants included in the filing reflect the correction of an error to previously issued financial statements. ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrants' executive officers during the relevant recovery period pursuant to § 240.10D-1(b). □

Indicate by check mark whether the Registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ⌧

Cleco Corporate Holdings LLC has no common stock outstanding. All of the outstanding equity of Cleco Corporate Holdings LLC is held by Cleco Group LLC, a wholly owned subsidiary of Cleco Partners L.P.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

This Combined Annual Report on Form 10-K (this "Annual Report on Form 10-K") is separately filed by Cleco Corporate Holdings LLC and Cleco Power LLC. Information in this filing relating to Cleco Power LLC is filed by Cleco Corporate Holdings LLC and separately by Cleco Power LLC on its own behalf. Cleco Power LLC makes no representation as to information relating to Cleco Corporate Holdings LLC (except as it may relate to Cleco Power LLC) or any other affiliate or subsidiary of Cleco Corporate Holdings LLC.

This Annual Report on Form 10-K should be read in its entirety as it pertains to each respective Registrant. The Notes to the Financial Statements for the Registrants and certain other sections of this Annual Report on Form 10-K are combined.

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | |
| | | PAGE |
| <u>[GLOSSARY OF TERMS](#i0c94fdaafb8346d09edcd92010d43975_10)</u> | <u>[GLOSSARY OF TERMS](#i0c94fdaafb8346d09edcd92010d43975_10)</u> | [3](#i0c94fdaafb8346d09edcd92010d43975_10) |
| <u>[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i0c94fdaafb8346d09edcd92010d43975_13)</u> | <u>[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i0c94fdaafb8346d09edcd92010d43975_13)</u> | [6](#i0c94fdaafb8346d09edcd92010d43975_13) |
| **[PART I](#i0c94fdaafb8346d09edcd92010d43975_16)** | | |
| [ITEM 1.](#i0c94fdaafb8346d09edcd92010d43975_19) | <u>[Business](#i0c94fdaafb8346d09edcd92010d43975_19)</u> | |
| | &nbsp;&nbsp;<u>[General](#i0c94fdaafb8346d09edcd92010d43975_22)</u> | [8](#i0c94fdaafb8346d09edcd92010d43975_22) |
| | &nbsp;&nbsp;<u>[Human Capital](#i0c94fdaafb8346d09edcd92010d43975_25)</u> | [8](#i0c94fdaafb8346d09edcd92010d43975_25) |
| | &nbsp;&nbsp;<u>[Operations](#i0c94fdaafb8346d09edcd92010d43975_28)</u> | [9](#i0c94fdaafb8346d09edcd92010d43975_28) |
| | &nbsp;&nbsp;<u>[Regulatory Matters, Industry Developments, and Franchises](#i0c94fdaafb8346d09edcd92010d43975_34)</u> | [11](#i0c94fdaafb8346d09edcd92010d43975_34) |
| | &nbsp;&nbsp;<u>[Environmental Matters](#i0c94fdaafb8346d09edcd92010d43975_37)</u> | [12](#i0c94fdaafb8346d09edcd92010d43975_37) |
| [ITEM 1A.](#i0c94fdaafb8346d09edcd92010d43975_40) | <u>[Risk Factors](#i0c94fdaafb8346d09edcd92010d43975_40)</u> | [14](#i0c94fdaafb8346d09edcd92010d43975_40) |
| [ITEM 1B.](#i0c94fdaafb8346d09edcd92010d43975_43) | <u>[Unresolved Staff Comments](#i0c94fdaafb8346d09edcd92010d43975_43)</u> | [22](#i0c94fdaafb8346d09edcd92010d43975_43) |
| [ITEM 1C.](#i0c94fdaafb8346d09edcd92010d43975_46) | <u>[Cybersecurity](#i0c94fdaafb8346d09edcd92010d43975_46)</u> | [23](#i0c94fdaafb8346d09edcd92010d43975_46) |
| [ITEM 2.](#i0c94fdaafb8346d09edcd92010d43975_49) | <u>[Properties](#i0c94fdaafb8346d09edcd92010d43975_49)</u> | [24](#i0c94fdaafb8346d09edcd92010d43975_49) |
| [ITEM 3.](#i0c94fdaafb8346d09edcd92010d43975_52) | <u>[Legal Proceedings](#i0c94fdaafb8346d09edcd92010d43975_52)</u> | [24](#i0c94fdaafb8346d09edcd92010d43975_52) |
| [ITEM 4.](#i0c94fdaafb8346d09edcd92010d43975_55) | <u>[Mine Safety Disclosures](#i0c94fdaafb8346d09edcd92010d43975_55)</u> | [24](#i0c94fdaafb8346d09edcd92010d43975_55) |
| **[PART II](#i0c94fdaafb8346d09edcd92010d43975_58)** | | |
| [ITEM 5.](#i0c94fdaafb8346d09edcd92010d43975_61) | <u>[Market for Registrants' Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](#i0c94fdaafb8346d09edcd92010d43975_61)</u> | [25](#i0c94fdaafb8346d09edcd92010d43975_61) |
| ITEM 6. | <u>[Reserved](#i0c94fdaafb8346d09edcd92010d43975_64)</u> | [25](#i0c94fdaafb8346d09edcd92010d43975_64) |
| [ITEM 7.](#i0c94fdaafb8346d09edcd92010d43975_67) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i0c94fdaafb8346d09edcd92010d43975_67)</u> | [25](#i0c94fdaafb8346d09edcd92010d43975_67) |
| [ITEM 7A.](#i0c94fdaafb8346d09edcd92010d43975_154) | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i0c94fdaafb8346d09edcd92010d43975_154)</u> | [41](#i0c94fdaafb8346d09edcd92010d43975_154) |
| [ITEM 8.](#i0c94fdaafb8346d09edcd92010d43975_160) | <u>[Financial Statements and Supplementary Data](#i0c94fdaafb8346d09edcd92010d43975_160)</u> | [43](#i0c94fdaafb8346d09edcd92010d43975_160) |
| [ITEM 9.](#i0c94fdaafb8346d09edcd92010d43975_352) | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i0c94fdaafb8346d09edcd92010d43975_352)</u> | [102](#i0c94fdaafb8346d09edcd92010d43975_352) |
| [ITEM 9A.](#i0c94fdaafb8346d09edcd92010d43975_355) | <u>[Controls and Procedures](#i0c94fdaafb8346d09edcd92010d43975_355)</u> | [103](#i0c94fdaafb8346d09edcd92010d43975_355) |
| [ITEM 9B.](#i0c94fdaafb8346d09edcd92010d43975_358) | <u>[Other Information](#i0c94fdaafb8346d09edcd92010d43975_358)</u> | [103](#i0c94fdaafb8346d09edcd92010d43975_358) |
| [ITEM 9C.](#i0c94fdaafb8346d09edcd92010d43975_361) | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i0c94fdaafb8346d09edcd92010d43975_361)</u> | [103](#i0c94fdaafb8346d09edcd92010d43975_361) |
| **[PART III](#i0c94fdaafb8346d09edcd92010d43975_364)** | | |
| [ITEM 10.](#i0c94fdaafb8346d09edcd92010d43975_367) | <u>[Directors, Executive Officers, and Corporate Governance](#i0c94fdaafb8346d09edcd92010d43975_367)</u> | [104](#i0c94fdaafb8346d09edcd92010d43975_367) |
| [ITEM 11.](#i0c94fdaafb8346d09edcd92010d43975_370) | <u>[Executive Compensation](#i0c94fdaafb8346d09edcd92010d43975_370)</u> | [108](#i0c94fdaafb8346d09edcd92010d43975_370) |
| [ITEM 12.](#i0c94fdaafb8346d09edcd92010d43975_373) | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i0c94fdaafb8346d09edcd92010d43975_373)</u> | [121](#i0c94fdaafb8346d09edcd92010d43975_373) |
| [ITEM 13.](#i0c94fdaafb8346d09edcd92010d43975_379) | <u>[Certain Relationships and Related Transactions, and Director Independence](#i0c94fdaafb8346d09edcd92010d43975_379)</u> | [121](#i0c94fdaafb8346d09edcd92010d43975_379) |
| [ITEM 14.](#i0c94fdaafb8346d09edcd92010d43975_382) | <u>[Principal Accountant Fees and Services](#i0c94fdaafb8346d09edcd92010d43975_382)</u> | [122](#i0c94fdaafb8346d09edcd92010d43975_382) |
| **[PART IV](#i0c94fdaafb8346d09edcd92010d43975_385)** | | |
| [ITEM 15](#i0c94fdaafb8346d09edcd92010d43975_388). | <u>[Exhibits and Financial Statement Schedules](#i0c94fdaafb8346d09edcd92010d43975_388)</u> | [123](#i0c94fdaafb8346d09edcd92010d43975_388) |
| [ITEM 16.](#i0c94fdaafb8346d09edcd92010d43975_394) | <u>[Form 10-K Summary](#i0c94fdaafb8346d09edcd92010d43975_394)</u> | [126](#i0c94fdaafb8346d09edcd92010d43975_394) |
| | <u>[Signatures](#i0c94fdaafb8346d09edcd92010d43975_433)</u> | [134](#i0c94fdaafb8346d09edcd92010d43975_433) |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>GLOSSARY OF TERMS</u>   

References in Part III, Item 11 in this filing to "the Company" mean Cleco Corporate Holdings LLC, unless the context clearly indicates otherwise. Additional abbreviations or acronyms used in this filing, including all items in Parts I, II, III, and IV are defined below:

---

| | |
|:---|:---|
| ABBREVIATION OR ACRONYM | DEFINITION |
| 2016 Merger | Merger of Merger Sub with and into Cleco Corporation pursuant to the terms of the Merger Agreement which was completed on April 13, 2016 |
| 2016 Merger Commitments | Cleco Partners', Cleco Group's, Cleco Holdings', and Cleco Power's 77 commitments to the LPSC as defined in Docket No. U-33434 |
| 401(k) Plan | Cleco Power 401(k) Savings and Investment Plan |
| ABR | Alternate Base Rate which is the greater of the prime rate, the federal funds effective rate plus 0.50%, or SOFR plus 1.0% |
| Acadia | Acadia Power Partners, LLC, previously a wholly owned subsidiary of Cleco Midstream Resources LLC (a wholly owned subsidiary of Cleco Holdings). Acadia Power Partners, LLC was dissolved effective August 29, 2014 |
| Acadia Unit 1 | Cleco Power's 580-MW, natural gas-fired, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana |
| Acadia Unit 2 | Entergy Louisiana's 580-MW, natural gas-fired, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana, which is operated by Cleco Power  |
| ADIT | Accumulated Deferred Income Tax |
| AFUDC | Allowance for Funds Used During Construction |
| Amended Lignite Mining Agreement | Amended and restated lignite mining agreement effective December 29, 2009 |
| AMI | Advanced Metering Infrastructure |
| AOCI | Accumulated Other Comprehensive Income (Loss) |
| ARO | Asset Retirement Obligation |
| BCI | British Columbia Investment Management Corporation |
| Brame Energy Center | A facility consisting of Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3 |
| CAA | Clean Air Act |
| CCR | Coal combustion by-products or residual |
| CEO | Chief Executive Officer |
| CFO | Chief Financial Officer |
| CIP | Critical Infrastructure Protection |
| Cleco | Cleco Holdings and its subsidiaries |
| Cleco Cajun | Cleco Cajun LLC, a wholly owned subsidiary of Cleco Holdings, and its subsidiaries |
| Cleco Cajun Acquisition | The transaction between Cleco Cajun and NRG Energy, Inc. in which Cleco Cajun acquired all the membership interest in South Central Generating, which closed on February 4, 2019, pursuant to the Cleco Cajun Acquisition Purchase and Sale Agreement |
| Cleco Cajun Acquisition Purchase and Sale Agreement | Purchase and Sale Agreement, dated as of February 6, 2018, by and among NRG Energy, Inc., South Central Generating, and Cleco Cajun |
| Cleco Cajun Divestiture | The sale of the Cleco Cajun Sale Group to the Cleco Cajun Purchasers on June 1, 2024, in accordance with the Cleco Cajun Divestiture Purchase and Sale Agreement  |
| Cleco Cajun Divestiture Purchase and Sale Agreement | Purchase and Sale Agreement, dated as of November 22, 2023, by and among the Cleco Cajun Purchasers and the Cleco Cajun Sellers |
| Cleco Cajun Purchasers | Big Pelican LLC and Pelican South Central LLC, affiliates of Atlas Capital Resources IV LP |
| Cleco Cajun Sale Group | Cleco Cajun's unregulated utility business for which the Cleco Cajun Sellers entered into the Cleco Cajun Divestiture Purchase and Sale Agreement with the Cleco Cajun Purchasers |
| Cleco Cajun Sellers | Cleco Cajun and South Central Generating |
| Cleco Corporation | Pre-2016 Merger entity that was converted to a limited liability company and changed its name to Cleco Corporate Holdings LLC on April 13, 2016 |
| Cleco Group | Cleco Group LLC, a wholly owned subsidiary of Cleco Partners |
| Cleco Holdings | Cleco Corporate Holdings LLC, a wholly owned subsidiary of Cleco Group |
| Cleco Partners | Cleco Partners L.P., a Delaware limited partnership that is owned by a consortium of investors, including funds or investment vehicles managed by MAM, BCI, John Hancock Financial, and other infrastructure investors |
| Cleco Power | Cleco Power LLC, a wholly owned subsidiary of Cleco Holdings, and its subsidiaries |
| Cleco Securitization I | Cleco Securitization I LLC, a special-purpose, wholly owned subsidiary of Cleco Power formed to purchase and own storm recovery property, to issue one or more series of storm recovery bonds, and to perform activities incidental thereto |
| Cleco Securitization II | Cleco Securitization II LLC, a special-purpose, wholly owned subsidiary of Cleco Power formed to purchase and own energy transition property, to issue the energy transition bonds, and to perform activities incidental thereto |
| Coughlin | Cleco Power's 775-MW, natural gas-fired, combined cycle power plant located in St. Landry, Louisiana  |
| COVID-19 | Coronavirus disease 2019, including any variant thereof, and the related global outbreak that was subsequently declared a pandemic by the World Health Organization in March 2020 |
| CRA | Cost Reimbursement Agreement |
| CSAPR | Cross-State Air Pollution Rule |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | |
|:---|:---|
| ABBREVIATION OR ACRONYM | DEFINITION |
| DESRI | D.E. Shaw Renewable Investments, a company that develops, owns, and operates utility-scale renewable energy projects in the U.S. |
| Diversified Lands | Diversified Lands LLC, a wholly owned subsidiary of Cleco Holdings  |
| Dolet Hills | A facility consisting of the Dolet Hills mine and the Oxbow mine |
| Dolet Hills Power Station | A former power station in Mansfield, Louisiana that was retired on December 31, 2021. Demolition activities are currently underway and are expected to be completed in 2026. Cleco Power had a 50% ownership interest in the facility. |
| EAC | Environmental Adjustment Clause |
| EBITDA | Earnings before interest, income taxes, depreciation, and amortization |
| EGU | Electric Generating Unit |
| EFORd | Equivalent Forced Outage Rate on demand |
| EMT | Executive Management Team |
| Energy Transition Property | Energy Transition Property as defined in the financing order issued by the LPSC in November 2024, which includes the right to impose, bill, charge, collect, and receive energy transition charges from Cleco Power's retail customers |
| Entergy Gulf States | Entergy Gulf States Louisiana, LLC |
| Entergy Louisiana | Entergy Louisiana, LLC |
| EPA | U.S. Environmental Protection Agency |
| ERAS | Expedited Resource Addition Study |
| ERO | Electric Reliability Organization |
| Executive Order 14315 | Signed by the President on July 7, 2025, titled "Ending Market Distorting Subsidies for Unreliable, Foreign-Controlled Energy Sources" |
| Evangeline | Cleco Evangeline LLC, a wholly owned subsidiary of Midstream Resources LLC. Cleco Evangeline LLC was dissolved effective July 29, 2021 |
| FAC | Fuel Adjustment Clause |
| FASB | Financial Accounting Standards Board |
| FERC | Federal Energy Regulatory Commission |
| FIP | Federal Implementation Plan |
| Fitch | Fitch Ratings, a credit rating agency |
| FTR | Financial Transmission Right  |
| FRP | Formula Rate Plan |
| GAAP | Generally Accepted Accounting Principles in the U.S. |
| GHG | Greenhouse gas |
| GO Zone | Gulf Opportunity Zone Act of 2005 (Public Law 109-135) |
| IICR | Infrastructure and Incremental Investment Cost Recovery Rider |
| IRA of 2022 | Federal tax legislation commonly referred to as the Inflation Reduction Act of 2022 |
| IRC | Internal Revenue Code |
| IRP | Integrated Resource Plan |
| IRS | Internal Revenue Service |
| ISO | Independent System Operator |
| kWh | Kilowatt-hour(s) |
| LDEQ | Louisiana Department of Environmental Quality |
| LMP | Locational Marginal Price |
| LPSC | Louisiana Public Service Commission |
| LTIP | Long-Term Incentive Plan |
| Madison Unit 3 | A 641-MW petroleum coke/coal-fired, steam generating unit at Cleco Power's plant site in Boyce, Louisiana  |
| MAM | Macquarie Asset Management |
| Merger Agreement | Agreement and Plan of Merger, dated as of October 17, 2014, by and among Cleco Partners, Merger Sub, and Cleco Corporation relating to the 2016 Merger |
| Merger Sub | Cleco MergerSub Inc., previously an indirect wholly owned subsidiary of Cleco Partners that was merged with and into Cleco Corporation, with Cleco Corporation surviving the 2016 Merger, and Cleco Corporation converting to a limited liability company and changing its name to Cleco Holdings |
| MISO | Midcontinent Independent System Operator, Inc. |
| MMBtu | One million British thermal units |
| Moody's | Moody's Investors Service, a credit rating agency |
| MW | Megawatt(s) |
| MWh | Megawatt-hour(s) |
| N/A | Not Applicable |
| NAAQS | National Ambient Air Quality Standards |
| NERC | North American Electric Reliability Corporation |
| NMTC | New Markets Tax Credit |
| Not Meaningful | A percentage comparison of these items is not statistically meaningful because the percentage difference is greater than 1,000% |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | |
|:---|:---|
| ABBREVIATION OR ACRONYM | DEFINITION |
| NOx | Nitrogen oxide |
| NSPS | New Source Performance Standards |
| OBBBA | Federal tax legislation enacted on July 4, 2025, and commonly referred to as the One Big Beautiful Bill Act |
| Other Benefits | Includes medical, dental, vision, and life insurance for Cleco's retirees |
| Oxbow | Oxbow Lignite Company, LLC, 50% owned by Cleco Power and 50% owned by SWEPCO |
| Project Diamond Vault | Cleco Power's previously proposed project to reduce carbon dioxide emissions from Madison Unit 3 through various possible carbon capture and sequestration technologies |
| Registrant(s) | Cleco Holdings and/or Cleco Power |
| Rodemacher Unit 2 | A 523-MW coal-fired, steam generating unit at Cleco Power's plant site in Boyce, Louisiana. Cleco Power has a 30% ownership interest in the capacity of Rodemacher Unit 2 |
| ROE | Return on Equity |
| ROIC | Return on Invested Capital |
| ROU | Right of Use |
| RTO | Regional Transmission Organization |
| S&P | S&P Global Ratings, a division of S&P Global Inc, a credit rating agency |
| SAIDI | System Average Interruption Duration Index |
| SEC | U.S. Securities and Exchange Commission |
| SERC | SERC Reliability Corporation, a non-profit, member-based organization that works to ensure the reliability, adequacy, and critical infrastructure of the bulk power systems in a large portion of the southeastern and central U.S. |
| SERP | Supplemental Executive Retirement Plan |
| SIP | State Implementation Plan |
| SOFR | Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York |
| South Central Generating | South Central Generating LLC, previously a wholly owned subsidiary of Cleco Cajun |
| St. Mary Clean Energy Center | A 47-MW waste-heat steam generating unit located in Franklin, Louisiana |
| STIP | Short-Term Incentive Plan |
| Storm Recovery Property | Storm Recovery Property as defined in the financing order issued by the LPSC in April 2022, which includes the right to impose, bill, charge, collect, and receive unamortized storm recovery costs from Cleco Power's retail customers |
| Support Group | Cleco Support Group LLC, a wholly owned subsidiary of Cleco Holdings |
| SWEPCO | Southwestern Electric Power Company, an electric utility subsidiary of American Electric Power Company, Inc.  |
| TCJA | Federal tax legislation commonly referred to as the Tax Cuts and Jobs Act of 2017 |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</u>

This Annual Report on Form 10-K includes forward-looking statements. All statements other than statements of historical fact included in this Annual Report on Form 10-K are forward-looking statements, including, without limitation, future capital expenditures; business strategies; goals, plans, and objectives (including those related to sustainability); competitive strengths; market developments; development and operation of facilities; growth in sales volume; meeting capacity requirements; expansion of service to existing customers and service to new customers; future environmental regulations and remediation liabilities; electric customer credits; and the anticipated outcome of various regulatory and legal proceedings. Although the Registrants believe that the expectations reflected in such forward-looking statements are reasonable, such forward-looking statements are based on numerous assumptions (some of which may prove to be incorrect) and are subject to risks and uncertainties that could cause the actual results to differ materially from the Registrants' expectations. In addition to any assumptions and other factors referred to specifically in connection with these forward-looking statements in this Annual Report on Form 10-K, the following list identifies some of the factors that could cause the Registrants' actual results to differ materially from those contemplated in any of the Registrants' forward-looking statements:

• resolution of future rate cases, formula rate proceedings, and any negotiations, settlements, litigation, or delays in cost recovery related to these proceedings,

• changes in environmental laws, regulations, decisions and policies, including modifications resulting from changes in the interpretation thereof by the current presidential administration, present and potential environmental remediation costs, restrictions on emissions, possible effects on Cleco Power's generation resources, special rules relating to data centers, or prohibitions or restrictions on new or existing services, and Cleco's compliance with these matters,

• state and federal regulatory decisions or related judicial decisions disallowing or delaying recovery of capital investments, operating costs, commodity costs, and the ordering of refunds to customers and discretion over allowed return on investment, including those related to infrastructure investments or service arrangements with data centers,

• the loss of regulatory accounting treatment, which could result in the write-off of regulatory assets and the loss of regulatory deferral and recovery mechanisms,

• economic impacts related to global conflicts and hostilities, as well as U.S. economic policies (including tariffs, retaliatory tariffs, trade policies, international agreements, and legal challenges to the same) and potential government shutdowns,

• the possibility of stranded costs with respect to assets that may be retired as a result of new legislation or regulations, technological advances, a shift in demand, or legal action, and Cleco Power's ability to recover stranded costs associated with these events,

• changes in climate and weather conditions, including natural disasters such as wind and ice storms, hurricanes, floods,

droughts, and wildfires, and Cleco Power's ability to recover restoration and stranded costs associated with these events,

• increased late or uncollectible customer payments due to costs related to volatile fuel prices, severe weather cost recoveries, or the costs of other events that are passed through to Cleco Power's customers,

• economic conditions in Cleco Power's service areas, including inflation and the economy's effects on customer demand for and payment of utility services,

• mechanical breakdowns or other incidents that could impair assets and disrupt operations of any of Cleco Power's generation facilities, transmission and distribution systems, or other operations and may require Cleco to purchase replacement power or incur costs to repair the facilities,

• growth or decline of Cleco's customer base, changes in customer demand, or decline in existing services, including the loss of key suppliers for fuel, materials, or services, or other disruptions to the supply chain, including significant changes to Ioad associated with potential data center contracts,

• wholesale and retail competition, including alternative energy sources, growth in customer-owned power resource technologies that displace utility-supplied energy or that may be sold back to the utility, and alternative energy suppliers and delivery arrangements,

• blackouts or disruptions of interconnected transmission systems (the regional power grid), including controlled outages at the direction of MISO,

• terrorist attacks, cyberattacks, or other malicious acts that may damage or disrupt operating or information technology systems, including emerging artificial intelligence technologies that may be used to develop new hacking tools, exploit vulnerabilities, obscure malicious activities, and increase the difficulty in detecting threats,

• changes in technology costs that impede Cleco's ability to effectively implement new information systems or to operate and maintain current production technology,

• changes in Cleco's strategic business plans and/or key initiatives, including growth, expansion plans, potential data center contracts, and performance metrics related to data centers, which could be affected by any of the factors discussed herein,

• the risk of impairment charges, including goodwill impairments, and changes in the carrying value of assets resulting from potential sale processes, strategic actions, market conditions, or changes in valuation assumptions,

• the impact of Cleco's credit ratings, changes in interest rates, other capital market conditions, and global market conditions on financing through the issuance of debt and/or equity securities,

• the ability of Cleco to raise capital or secure funding, such as debt financing, private equity investment, tax credits, U.S. Department of Energy grants or loans, or partnerships, to execute its strategic initiatives,

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

• changes to federal income tax laws (including the OBBBA and Executive Order 14315), regulations, and interpretive guidance,

• legal, environmental, and regulatory delays and other obstacles associated with mergers, acquisitions, reorganizations, investments in joint ventures, or other capital projects,

• failure to meet expectations and report progress on GHG targets, as well as increased focus on and activism related to carbon emissions,

• declining energy demand related to customer energy efficiency, conservation measures, technological advancements, increased distributed generation, or changes in customers' operating or business models,

• industry and geographic concentrations of Cleco's counterparties, suppliers, and customers,

• volatility or illiquidity in wholesale energy markets,

• default or nonperformance on the part of any parties from whom Cleco purchases and/or sells capacity, energy, or fuel, or with whom Cleco enters into derivative contracts,

• Cleco Holdings' and Cleco Power's ability to remain in compliance with their respective debt covenants,

• the outcome of legal and regulatory proceedings, other contingencies, and settlements,

• changes in actuarial assumptions, interest rates, and the actual return on plan assets for Cleco's pension and other postretirement benefit plans,

• insufficient insurance coverage, more restrictive coverage terms, increasing insurance costs, and Cleco's ability to obtain insurance,

• Cleco's ability to remain in compliance with the commitments made to the LPSC in connection with the 2016 Merger,

• Cleco Holdings' dependence on the earnings, dividends, or distributions from its subsidiaries to meet its debt obligations, and

• workforce factors, changes in key members of management, availability of workers in a variety of skill areas, and Cleco's ability to attract, recruit, and retain qualified employees.

For more discussion of these factors and other factors that could cause actual results to differ materially from those contemplated in the Registrants' forward-looking statements, see Part I, Item 1A, "Risk Factors" and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Significant Factors Affecting Cleco Power" in this Annual Report on Form 10-K.

All subsequent written and oral forward-looking statements attributable to the Registrants, or persons acting on their behalf, are expressly qualified in their entirety by the factors identified above.

Any forward-looking statement is considered only as of the date of this Annual Report on Form 10-K and, except as required by law, the Registrants undertake no obligation to update any forward-looking statements, whether as a result of changes in actual results, changes in assumptions, or other factors affecting such statements.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>PART I</u>

**ITEM 1. BUSINESS**<br>

**GENERAL**

Cleco Holdings is a public utility holding company that holds investments in its principal operating business segment, Cleco Power, and prior to the close of the Cleco Cajun Divestiture, Cleco Cajun. Cleco Holdings, subject to certain limited exceptions, is exempt from regulation as a public utility holding company pursuant to provisions of the Public Utility Holding Company Act of 2005. Cleco Holdings' predecessor was incorporated on October 30, 1998, under the laws of the state of Louisiana. In 2016, Cleco Holdings became a direct, wholly owned subsidiary of Cleco Group and an indirect, wholly owned subsidiary of Cleco Partners.

Cleco Power is a regulated electric utility engaged principally in the generation, transmission, distribution, and sale of electricity within Louisiana. Cleco Power owns eight generating units with a total rated capacity of 2,676 MW and serves approximately 298,000 customers in Louisiana through its retail business. Additionally, Cleco Power supplies wholesale power in Louisiana. Cleco Power was organized as a limited liability company under the laws of the state of Louisiana on December 12, 2000. Cleco Power's predecessor was incorporated on January 2, 1935, under the laws of the state of Louisiana.

Cleco's and Cleco Power's mailing address is P.O. Box 5000, Pineville, Louisiana 71361-5000, and its telephone number is (318) 484-7400. Cleco's website is located at https://www.cleco.com. Cleco's and Cleco Power's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the SEC are available, free of charge, through Cleco's website after those reports or filings are filed electronically with or furnished to the SEC. Cleco's electronically filed reports can also be obtained on the SEC's website located at https://www.sec.gov. Cleco's Governance Guidelines, Code of Conduct for Financial Managers, Ethics Guide, Conflicts of Interest and Related Policies, and the charters of its Boards of Managers' Audit, Leadership Development and Compensation, Business Planning and Budget Review, Governance and Public Affairs, and Asset Management Committees are available on its website and available in print upon request. Information on Cleco's website or any other website is not incorporated by reference into this Annual Report on Form 10-K and does not constitute a part of this Annual Report on Form 10-K.

Cleco Power meets the conditions specified in General Instructions I(1)(a) and (b) to Form 10-K and, therefore, is permitted to use the reduced disclosure format for wholly owned subsidiaries of reporting companies. Accordingly, Cleco Power has omitted from this Annual Report on Form 10-K the information called for by the following Part II item of Form 10-K: Item 7 (Management's Discussion and Analysis of Financial Condition and Results of Operations); and the following Part III items of Form 10-K: Item 10 (Directors, Executive Officers, and Corporate Governance), Item 11 (Executive Compensation), Item 12 (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters), and Item 13 (Certain Relationships and Related Transactions, and Director Independence).

**HUMAN CAPITAL**

Cleco's key human capital management objectives are to attract, retain, and develop top talent while providing an inclusive, healthy, and safe workplace. Cleco's programs are designed to create a high-performing workforce while fostering a sense of belonging; reward and support employees through competitive pay and benefits, as well as safety and wellness programs; enhance culture through efforts aimed at making the workplace more engaging and championing a sense of belonging; facilitate programs that build connections between employees and communities; and evolve and invest in technology, tools, and resources to enable employees at work.

At December 31, 2025, Cleco had 1,148 employees and Cleco Power had 925 employees, all of which were full-time. Currently, one of Cleco's employees is covered by a collective bargaining agreement. Cleco has not experienced strikes or work stoppages and believes it has good relations with its employees.

**Health, Safety, and Wellness**

The success of Cleco's business is fundamentally connected to the well-being of its employees. Accordingly, Cleco is committed to the health, safety, and well-being of its employees.

Cleco has a strong safety culture and continues to develop programs to ensure its employees are safe at work and away from work. Cleco strives to improve its safety culture in an effort to be a world-class safety organization with top decile performance compared to peer companies with the goal of reaching a target of zero for injuries and accidents. To accomplish this goal, Cleco continues to implement several safety initiatives throughout the organization aimed at both leading and lagging indicators in an effort to reduce the number and severity of safety incidents. Cleco utilizes employee-led safety teams throughout the company to drive the safety initiatives and provide feedback to senior management. In addition to Occupational Safety and Health Administration mandated safety training, employees receive human performance and energy wheel (hazard identification) training designed to improve total organization performance.

Cleco continues to provide its employees and their families with access to a variety of health and wellness programs, including programs that provide protection and security so they can have peace of mind concerning events that may require time away from work. Cleco also has programs that support employees' physical and mental health by providing tools and resources to help them improve or maintain their health and encourage engagement in healthy behaviors. These include paid time off, family leave, flexible work schedules, employee assistance programs, wellness programs, tuition assistance, and on-site services, such as fitness centers, among many others.

**Compensation and Benefits**

Cleco is committed to offering market-competitive compensation and benefits to its employees. Its incentive plan reinforces and rewards individuals for achievement of specific

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

company goals. Cleco's benefit offerings are designed to meet the varied and evolving needs of an inclusive workforce and offer choice where possible so employees can customize their benefits to meet their needs and the needs of their families. These offerings include a 401(k) Plan, healthcare benefits, health savings and flexible spending accounts, and a variety of insurance options.

**Talent Acquisition and Talent Development**

Cleco prioritizes investing in the attraction and development of the talent needed to build a sustainable workforce. Cleco has continued to revamp its recruiting and hiring practices, technologies, and resources as well as expand its focus on continuous learning and development. Cleco utilizes industry-leading methodologies to assess performance and potential, provide coaching and feedback, and develop talent. Cleco provides a series of targeted management workshops to address leadership skills and competencies. Additionally, its performance management program provides an ongoing opportunity for employees and managers to engage in continuous dialogue and coaching aligned with its annual performance review process. Cleco provides its employees with a multitude of resources, such as online learning platforms that provide quick access to learning resources, tuition reimbursement, and talent and succession planning. Cleco also encourages employees to engage in external workshops and professional organizations to address individualized development needs and stay abreast of industry and position-specific best practices.

**Employee Engagement**

Employee sentiment is important to Cleco. The company measures this throughout the year via employee engagement surveys. One of the key metrics used is the Employee Experience Score, also known as the Employee Net Promoter Score (eNPS), which is an indicator of employees' likelihood to recommend Cleco as a place of employment to friends and/or family. Cleco strives to consistently receive a strong eNPS score year over year. Other important areas measured on the employee engagement surveys include working environment, coworker and manager relationships, inclusion, culture, employee empowerment, employee recognition, departmental leadership, work/life balance, company potential, career advancement, and development, executive leadership, and department collaboration. The survey also includes an open-ended question to receive employee feedback.

Pulse, which is Cleco's mobile, two-way communication platform for employees, allows for tracking of viewership, enables targeted messaging by employee segments, and offers key performance indicators to measure how internal communication supports Cleco's business objectives. In support of employee engagement efforts, Pulse is the cornerstone of communication for all Cleco employees.

**Communities**

Cleco believes that building connections between its employees and its communities creates a more meaningful, fulfilling, and enjoyable workplace. Cleco is committed to being a responsible company in the communities where it does business. Through Cleco's donation and volunteering programs, employees are able to find and register for volunteer opportunities within their communities and use automated payroll deductions to donate to causes they are passionate about. Cleco continues to match employee

donations made to Louisiana qualifying causes dollar for dollar up to $1,000 per year per employee. Employees can also be rewarded with $10 for every hour of volunteer time, up to $500 per year, to donate to their cause of choice. Organizations are also able to enroll in the platform in order to receive donations faster and connect with corporate giving and volunteering opportunities at Cleco. Cleco also frequently collaborates with organizations on volunteer activities for its employees. Throughout the year, employees make a positive impact in their local communities and have found a multitude of special ways to volunteer. Cleco is also proud to continue its outreach efforts by funding the Power of a Promise Scholarship, a need-based scholarship program that helps broaden educational and employment opportunities in the central Louisiana area.

**Oversight and Governance**

Cleco's Leadership Development and Compensation Committee, through its charter, provides oversight of Cleco's policies, programs, and initiatives focusing on workforce inclusion. Cleco's Governance and Public Affairs Committee, through its charter, provides oversight of Cleco's charitable donations, outreach, and economic development funding programs.

**OPERATIONS**

**Cleco Power**

***Certain Factors Affecting Cleco Power***

As an electric utility, Cleco Power is affected by a number of factors influencing the electric utility industry in general. For more information on these factors, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Significant Factors Affecting Cleco Power."

***Power Generation***

As of December 31, 2025, Cleco Power's aggregate net electric generating capacity was 2,563 MW. This amount reflects the maximum production capacity these units can sustain over a specified period of time under certain conditions.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

The following table sets forth certain information with respect to Cleco Power's generating facilities as of December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| GENERATING STATION | &nbsp;&nbsp;&nbsp;YEAR OF INITIAL<br> OPERATION | RATED<br>CAPACITY (MW) |  | &nbsp;&nbsp;&nbsp;NET <br>CAPACITY (MW) | <sup>(1)</sup> | PRIMARY FUEL USED<br> FOR GENERATION | GENERATION TYPE |
| Brame Energy Center |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Nesbitt Unit 1 | 1975 | 440 |  | 429 |  | natural gas | steam |
| &nbsp;&nbsp;&nbsp;Rodemacher Unit 2 | 1982 | 157 | <sup>(2)</sup> | 146 | <sup>(2)</sup> | coal | steam |
| &nbsp;&nbsp;&nbsp;Madison Unit 3 | 2010 | 641 |  | 634 |  | petroleum coke/coal | steam |
| Acadia Unit 1 | 2002 | 580 |  | 553 |  | natural gas | combined cycle |
| Coughlin Unit 6 | 2000 | 264 |  | 248 |  | natural gas | combined cycle |
| Coughlin Unit 7 | 2000 | 511 |  | 479 |  | natural gas | combined cycle |
| Teche Unit 4 | 2011 | 33 |  | 34 |  | natural gas | combustion |
| St. Mary Clean Energy Center | 2019 | 50 |  | 40 |  | waste heat | steam |
| Total generating capability |  | 2676 |  | 2563 |  |  |  |

---

<sup>(1)</sup> Values supported by tests performed between September 2024 and December 2025.

<sup>(2)</sup> Represents Cleco Power's 30% ownership interest in the capacity of Rodemacher Unit 2, a 523-MW generating unit.

The following table sets forth the amounts of power generated by Cleco Power for the years indicated:

---

| | | |
|:---|:---|:---|
| YEAR | THOUSAND<br>MWh | PERCENT OF<br>TOTAL ENERGY<br>REQUIREMENTS |
| **2025** | **8372** | **86.6%** |
| 2024 | 9201 | 89.9% |
| 2023 | 10250 | 83.3% |

---

Cleco Power's generation dispatch and transmission operations are integrated with MISO. The amount of power generated by Cleco Power is dictated by the availability of Cleco Power's generating fleet and the manner in which MISO dispatches each generating unit. Depending on how generating units are dispatched by MISO, the amount of power generated may be greater than or less than total energy requirements. Generating units are dispatched by referencing each unit's economic efficiency as it relates to the overall MISO market. For more information on MISO, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition

and Results of Operations — Financial Condition — Regulatory and Other Matters — Transmission Rates."

***Fuel and Purchased Power***

Changes in fuel expenses reflect fluctuations in the amount, type, and pricing of fuel used for electric generation and fuel transportation and delivery costs. Changes in purchased power expenses are a result of the quantity and price of economic power purchased from the MISO market. These quantity changes can be affected by Cleco plant outages and plant performance. For a discussion of certain risks associated with changes in fuel costs and their impact on utility customers, see Item 1A, "Risk Factors — Regulatory Risks — LPSC Audits" and "— Financial Risks — Transmission Congestion."

The following table sets forth the percentages of power generated from various fuels at Cleco Power's electric generating plants, the cost of fuel used per MWh attributable to each such fuel, and the weighted average fuel cost per MWh:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | COAL | NATURAL GAS | NATURAL GAS | PETROLEUM COKE | PETROLEUM COKE | WASTE HEAT | WEIGHTED<br>AVERAGE COST<br>PER MWh |
| YEAR | COST PER<br>MWh | PERCENT OF<br>GENERATION | COST PER<br>MWh | PERCENT OF<br>GENERATION | COST PER<br>MWh | PERCENT OF<br>GENERATION | PERCENT OF<br>GENERATION | WEIGHTED<br>AVERAGE COST<br>PER MWh |
| 2025 | $**41.40** | **8.3%** | $**30.38** | **84.0%** | $**44.02** | **5.5%** | **2.2%** | $**31.68** |
| 2024 | $41.76 | 5.3% | $21.97 | 92.1% | $106.39 | 0.4% | 2.2% | $23.23 |
| 2023 | $41.27 | 8.5% | $24.96 | 81.0% | $62.48 | 8.4% | 2.1% | $29.18 |

---

*Power Purchases*

Cleco Power is a participant in the MISO market. MISO makes economic and routine dispatch decisions regarding Cleco Power's generating units. Power purchases are made at prevailing market prices, also referred to as LMP. LMP includes a component directly related to congestion on the transmission system. Pricing zones with greater transmission congestion may have higher LMPs. Physical transmission constraints present in the MISO market could increase energy costs within Cleco Power's pricing zones. For information on Cleco Power's ability to pass on to its customers substantially all of its fuel and purchased power expenses, see "— Regulatory Matters, Industry Developments, and Franchises — Rates." For information on MISO, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition

and Results of Operations — Financial Condition — Regulatory and Other Matters — Transmission Rates."

*Coal and Petroleum Coke Supply*

Cleco Power uses coal for generation at Rodemacher Unit 2 and a combination of coal and petroleum coke for generation at Madison Unit 3. Cleco Power had adequate coal and petroleum coke supply to meet its operational needs during 2025. Parties with whom Cleco Power had an existing railcar lease and existing marine transportation delivery agreements were able to satisfy the fuel needs of both generating stations in 2025. During 2025, Cleco Power purchased approximately 120,000 tons of coal and 50,000 tons of petroleum coke. At December 31, 2025, coal inventory at Rodemacher Unit 2 was approximately 266,000 tons, which is approximately a 120-day supply. At December 31, 2025, coal inventory at Madison Unit

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

3 was approximately 440,000 tons and petroleum coke inventory at Madison Unit 3 was approximately 81,000 tons, which collectively totals to an approximate 33-day supply.

Cleco Power is utilizing a short-term, fixed-price coal agreement to meet its coal supply needs at Rodemacher Unit 2 during 2026. Cleco Power will use its existing rail transportation agreement to transport coal to Rodemacher Unit 2 through December 31, 2027, and will reassess this agreement, prior to its 2027 expiration. Cleco Power expects to meet its petroleum coke requirements through purchases on an as-needed basis for Madison Unit 3 during 2026.

Cleco Power's continuous supply of coal and petroleum coke may be subject to interruption due to adverse weather conditions or other factors that may disrupt transportation to the plant site. Cleco Power's continuous supply of petroleum coke may also be interrupted by change in regional and global refining output.

*Natural Gas Supply*

Cleco Power owns natural gas pipelines and interconnections at all of its natural gas generating facilities that allow it to access various natural gas supply markets and maintain a reliable, economical fuel supply for its customers. Cleco Power also uses leased underground salt dome gas storage to help mitigate supply disruptions to its generating facilities and to operationally balance gas supply to its units. During 2025, Cleco Power utilized purchases on the spot market through daily, monthly, and seasonal contracts with various natural gas suppliers as well as gas in storage to meet its natural gas requirements. Additionally, during 2025, Cleco Power utilized short-term and long-term natural gas firm transportation contracts with two interstate pipelines and two self-built pipeline laterals directly connected to a storage hub to supply fuel to its power plants. During 2025, Cleco Power purchased approximately 59.8 million MMBtu of natural gas from various suppliers for the generation of electricity. At December 31, 2025, Cleco Power had 1.6 million MMBtu of natural gas in storage.

Cleco Power expects to continue to meet its natural gas requirements with purchases on the spot market through daily, monthly, and seasonal contracts with various natural gas suppliers and firm transportation contracts. Currently, Cleco Power anticipates that its diverse supply options and natural gas storage, combined with its solid-fuel generation resources, are adequate to meet its generation needs during any temporary interruption of natural gas supplies. To the extent natural gas supplies may become disrupted or natural gas prices significantly increase, Cleco Power may, in some instances, use alternate fuels or rely to a larger extent on coal and purchased power.

***Sales***

Cleco Power's 2025 and 2024 system peak demands, which occurred on January 22, 2025, and January 17, 2024, were 2,084 MW and 2,777 MW, respectively. Generally, sales and system peak demand are affected by weather and are typically highest during the summer air-conditioning season; however, peaks may occur during the winter season as well. For information on the effects of future energy sales on Cleco Power's results of operations, financial condition, and cash flows, see Item 1A, "Risk Factors — Operational Risks — Future Electricity Sales" and "— Weather and Climate Vulnerabilities."

During both 2025 and 2024, Cleco Power was a net seller of MWs in the MISO capacity auction. For more information on MISO, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Regulatory and Other Matters — Transmission Rates."

***Customers and Competition***

During 2023, one wholesale customer accounted for 11.0% and 10.8% of Cleco's and Cleco Power's consolidated revenue, respectively. On March 31, 2024, the contract with this significant customer expired and was not renewed with Cleco Power; therefore, neither Cleco nor Cleco Power had any customer that accounted for 10% or more of consolidated revenue during 2025 or 2024

For more information regarding Cleco Power's sales and revenue, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations."

Within MISO, competitors are typically comprised of investor-owned utilities, independent power producers, power marketers, and power plant developers. These entities typically compete on the basis of price, reliability, and residual risk to the purchasing customer and its end users*.* Cleco Power could experience some competition for electric sales to industrial customers in the form of cogeneration and from alternative and distributed energy power sources.

On July 16, 2024, the LPSC adopted minimum physical capacity threshold requirements for load serving entities. Cleco Power has met those requirements thus far. The LPSC's final rule could materially impact Cleco Power's results of operations, financial condition, or cash flows. Management is unable to determine the effect this rule will have on Cleco Power's operations in the future.

***Capital Investment Projects***

For a discussion of certain Cleco Power major capital investment projects, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Overview."

***Capital Expenditures and Financing***

For information on Cleco Power's capital expenditures, financing, and related matters, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Liquidity and Capital Resources — Summary of Consolidated Results — Capital Expenditures."

**REGULATORY MATTERS, INDUSTRY DEVELOPMENTS, AND FRANCHISES**

**Rates**

Cleco Power's electric operations are subject to the jurisdiction of the LPSC with respect to retail rates, standards of service, accounting, and other matters. Cleco Power is subject to the jurisdiction of FERC with respect to transmission tariffs, accounting, interconnections with other utilities, reliability, and the transmission of power. Periodically, Cleco Power has sought and received from both the LPSC and FERC increases in retail rates and transmission tariffs, respectively, to cover increases in operating costs and costs associated with additions to generation, transmission, and distribution facilities.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

For information on Cleco's wholesale rates, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 14 — Regulation and Rates — Wholesale Rates."

For information on Cleco Power's current FRP, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 14 — Regulation and Rates — FRP." For information on the residential revenue decoupling regulatory liability, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Residential Revenue Decoupling."

Generally, Cleco Power's cost of fuel used for electric generation and the cost of purchased power are recovered through the LPSC-established FAC that enables Cleco Power to pass on to its customers substantially all such charges. Recovery of FAC costs is subject to periodic fuel audits by the LPSC. For more information on the FAC and the most recent fuel audits, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Fuel Audits."

Cleco Power has an EAC that is used to recover certain costs of environmental compliance from its customers. These costs are subject to periodic review by the LPSC. For more information on the EAC and the most recent environmental audit, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Environmental Audit."

For information on Cleco Power's transmission rates, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 5 — Revenue Recognition — Transmission Revenue."

For information on regulatory risks that could have an impact on Cleco, see Item 1A, "Risk Factors — Regulatory Risks."

**Franchises**

Cleco Power operates under nonexclusive franchise rights granted by governmental units, such as municipalities and parishes (counties), and enforced by state law. These franchises are for fixed terms that vary in length. Historically, Cleco Power has been substantially successful in the timely renewal of franchises as each neared the end of its term. Currently, two parish franchise agreements remain expired; however, Cleco Power continues to serve the customers in those parishes. Cleco Power is continuing to make efforts to renew these franchise agreements.

**Industry Developments and Competition**

For information on developments and competition within the electric utility industry, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Regulatory and Other Matters — Market Structure."

**Legislative and Regulatory Changes and Matters**

Various federal and state legislative and regulatory bodies are considering a number of issues that could shape the future of the electric utility industry. Such issues include, among others:

• the ability of electric utilities to recover stranded costs,

• the role of electric utilities, independent power producers, and competitive bidding in the purchase, construction, and operation of new generating capacity,

• the role of electric utilities and independent transmission providers in competitive bidding in the construction of new transmission facilities,

• the pricing of transmission service on an electric utility's transmission system, or the cost of transmission services provided by an RTO/ISO,

• FERC's assessment of market power and a utility's ability to buy generation assets,

• transmission reliability standards mandates,

• NERC's imposition of additional reliability and cybersecurity standards,

• the authority of FERC to grant utilities the power of eminent domain,

• increasing requirements for renewable energy sources,

• demand response and energy efficiency standards,

• environmental regulations in the areas of air, water, and waste,

• development of additional regulations or changes to existing regulations by the current presidential administration, and

• FERC's ability to impose financial penalties.

At this time, management is unable to predict the outcome of such issues or the effects thereof on the results of operations, financial condition, or cash flows of the Registrants.

For information on certain regulatory matters and regulatory accounting affecting Cleco, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Regulatory and Other Matters."

**ENVIRONMENTAL MATTERS**

**Environmental Quality**

Cleco is subject to federal, state, and local laws and regulations governing the protection of the environment. Violations of these laws and regulations may result in substantial fines and penalties. Cleco has obtained the environmental permits necessary for its operations and is in compliance in all material respects with these permits, as well as all applicable environmental laws and regulations. Environmental requirements affecting electric power facilities are complex, change frequently, and have become more stringent over time as a result of new legislation, administrative actions, and judicial interpretations. Therefore, the capital costs and other expenditures necessary to comply with existing and new environmental requirements are difficult to determine. Cleco Power may request recovery of the costs to comply with certain environmental laws and regulations from its retail customers. If recovery were to be approved by the LPSC, Cleco Power's retail rates could increase. If the LPSC were to deny Cleco Power's request to recover all or part of its environmental compliance costs, Cleco Power would bear those costs directly. Such a decision could negatively impact the results of operations, financial condition, or cash flows of

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

the Registrants. For information on Cleco's expected capital expenditures related to environmental compliance, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Liquidity and Capital Resources — Summary of Consolidated Results — Capital Expenditures."

**Air Quality**

***Regional Haze SIP***

The CAA requires the EPA to implement a regional haze program with the goal of returning Class I Federal areas of the nation to natural visibility conditions by 2064. To attain this goal, states are required to develop a SIP every ten years, which, among other things, must include requirements for making reasonable progress toward the national visibility goal, which could include the installation of costly controls on stationary sources such as EGUs. SIPs for the second regional haze planning period were due to the EPA by July 31, 2021. In August 2022, the EPA published a finding that Louisiana and fourteen other states failed to submit a regional haze SIP for the second planning period. Such finding requires the EPA to issue a FIP within two years if the LDEQ does not submit a SIP before then. Until the LDEQ determines what the reasonable progress requirements are for Cleco's units, completes its update of the SIP, and the SIP is approved by the EPA, or the EPA issues a FIP, Cleco is unable to predict if the second phase SIP will have a material impact on the results of operations, financial condition, or cash flows of the Registrants.

*CSAPR*

Cleco's units are subject to CSAPR, a cap-and-trade type program requiring EGUs in several states, including Louisiana, to make substantial reductions in NOx emissions, which contribute to ozone to reduce interstate transport of such pollution to meet the CAA's "good neighbor" provision.

In October 2015, the EPA promulgated the 2015 ozone NAAQS, to lower the level of both the primary and secondary ground-level ozone standards, which prompted Louisiana to develop a "good neighbor" SIP. Louisiana submitted a SIP to the EPA that determined no additional controls on stationary sources such as EGUs were needed to address interstate transport of ozone precursors, including NOx. In February 2023, the EPA issued a disapproval of the "good neighbor" SIP submitted by Louisiana and a number of other states, for the 2015 ozone NAAQS, which was subsequently challenged in regional circuit courts. In May 2023, the U.S. Court of Appeals for the Fifth Circuit temporarily stayed the disapproval of the "good neighbor" SIP for Louisiana pending judicial review. On March 25, 2025, the U.S. Court of Appeals for the Fifth Circuit issued a decision upholding EPA's disapproval of Texas' and Louisiana's SIPs under the "good neighbor" provisions of the CCA for the 2015 8-hour ozone NAAQS.

Louisiana will fall under the "good neighbor" FIP once the Fifth Circuit's mandate is issued; however, the FIP is currently stayed nationwide by a June 2024 order of the U.S. Supreme Court and will remain stayed until related litigation in the D.C. Circuit Court of Appeals is resolved.

*NSPS*

On May 9, 2024, the EPA issued a final rule under Section 111 of the CAA to regulate GHG emissions from existing fossil-fuel fired electric steam generating units (Section 111d GHG rule) and NSPS for modified coal-fired units and new or

reconstructed stationary combustion turbines (Section 111b GHG rule). For existing units, the state will be required to submit an implementation plan to the EPA by May 11, 2026, while the NSPS are applicable as of the effective date of the rule. The Section 111d GHG rule is currently being challenged by several parties. If upheld, the final rule requires significant reductions in carbon dioxide emissions for existing coal-fired EGUs. Cleco's compliance with the Section 111d GHG rule's requirements for existing EGUs could have a material impact on the results of operations, financial condition, or cash flows of the Registrants. Cleco does not anticipate a future modification or future reconstruction of its existing units, as defined in the Section 111b GHG rule, that would trigger the application of the NSPS. On June 17, 2025, the EPA published a proposed rule in the Federal Register that if finalized would repeal and/or revise the GHG emission standards for fossil fuel-fired power plants promulgated under CAA Section 111 of the CAA in both 2015 and 2024. Until there is a final rule, Cleco cannot predict the potential impacts of the rulemaking.

*NAAQS*

In March 2024, the EPA published a final rule regarding the NAAQS for fine particulate matter (PM2.5), which lowered the prior standard from 12 micrograms/cubic meter to 9 micrograms/cubic meter. The rule is currently in litigation and the EPA has not yet designated any areas as nonattainment for the revised standard. Cleco cannot predict the likelihood or potential impacts of the final rule on its generating units at this time.

**Water Quality**

In August 2014, the EPA issued final regulations to establish standards for cooling water intake structures at existing power plants and other facilities pursuant to Section 316(b) of the Clean Water Act to protect fish and other aquatic wildlife. Portions of the final rule could apply to Cleco's fossil fuel steam electric generating stations. Until the studies required by the final rule are conducted, including technical and economic evaluations of the control options available, and regulatory agency officials have reviewed the studies and made determinations, Cleco remains uncertain as to which technology options or retrofits would be required to be installed on its affected facilities. The costs of required technology options and retrofits may be significant, particularly if closed cycle cooling is required.

In November 2015, the EPA released the Effluent Limitations Guidelines and Standards for the Steam Electric Power Generating Point Source Category Rule (ELG Rule), which focused on reducing the discharge of metals in wastewater from generating facilities to surface waters.

In 2020, the EPA revised the Effluent Limitations Guidelines and Standards to flue gas desulfurization and bottom ash transport waste waters for the steam electric power generating source category. The 2020 rule allows a unit to come into compliance with the ELG Rule by qualifying as an electric generating unit that will achieve permanent cessation of coal combustion by December 31, 2028. Under this compliance option, Cleco submitted a timely Notice of Planned Participation for Rodemacher Unit 2. With evolving environmental and market changes, Cleco Power is evaluating options that may extend the unit's operating life beyond 2028.

On May 9, 2024, the EPA issued a final rule that imposes discharge limits on landfill leachate and on the legacy wastewater in retiring impoundments. Cleco is unable to

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

predict at this time if this will have a material impact on the results of operations, financial condition, or cash flow of the Registrants.

Solid Waste Disposal

In August 2020, the EPA published a final rule regulating the disposal and management of CCRs from coal-fired power plants (CCR Rule) that would set deadlines for costly modifications, including retrofitting of clay-lined impoundments with compliant liners or closure of the impoundments. In November 2020, Cleco submitted demonstrations to the EPA specifying its intended course of action for the ash disposal facility at Rodemacher Unit 2 to comply with the final CCR Rule. The demonstration for Rodemacher Unit 2, which was deemed complete by the EPA on January 11, 2022, is still subject to EPA approval based on pending technical reviews.

On May 8, 2024, the EPA published a final rule that would regulate CCR Management Units (MUs), which includes non-containerized accumulations of CCR on the land at facilities otherwise subject to federal CCR regulations. The final regulation mandates the conducting of facility evaluations at such facilities after the effective date of the rule to determine if MUs are present. For any identified MUs of a particular size, the regulation would require evaluating any impacts on groundwater along with planning for closure of any identified CCR MU sites. Cleco does not expect this final rule to have a material financial impact on its generating units and environmental obligations.

As a result of solid waste disposal regulations, Cleco Power has AROs for the retirement of certain ash disposal facilities. All costs of the CCR rule for Cleco Power are expected to be recovered from its customers in future rates. The actual asset retirement costs related to the CCR rule requirements may vary substantially from the estimates used to record the increased obligation. For more information on Cleco's compliance strategies and financial impacts of the CCR Rule, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies,

and Disclosures about Guarantees — Other Commitments." For more information on the regulatory treatment of Cleco Power's AROs, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — AROs."

In October 2023, the LDEQ published a proposed rule, Disposal of Coal Combustion Residuals, to regulate CCR units under a state permit program. Until Louisiana has finalized its CCR permit program rule and such program has been approved by the EPA, Cleco cannot determine if there will be a material impact on the results of operations, financial condition, or cash flows of the Registrants.

Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)

CERCLA imposes strict liability on parties responsible for the presence of hazardous substances at a site. In 2007, the EPA issued a special notice to Cleco, along with numerous other potentially responsible parties, related to the Devil's Swamp Lake site located northwest of Baton Rouge, Louisiana. In 2008, the EPA identified Cleco as one of many companies that sent polychlorinated biphenyl wastes for disposal to the Devil's Swamp Lake site, which was operated by third-party disposal facilities. In August 2020, the EPA signed a Record of Decision for the Devil's Swamp Lake site that defines a remediation approach for cleaning up the site and monitoring the natural recovery of certain areas of the lake. Clean Harbors, Inc. and two of its subsidiaries, have reached an over $5.0 million agreement with the Justice Department and the EPA to clean up the contamination at the Devil's Swamp Lake site. This agreement consists of estimated costs of over $3.0 million for the clean up of the site and $2.0 million for reimbursement to the U.S. for costs incurred in responding to contamination at the site. At this time management is unable to determine how significant Cleco's share of the costs associated with the response action at the site, if any, may be and whether this will have a material impact on the results of operations, financial condition, or cash flows of the Registrants.

**ITEM 1A.** RISK FACTORS<br>

The following risk factors could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants, and cause results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Registrants.

**STRUCTURAL RISKS**

**Holding Company**

***Cleco Holdings is a holding company and its ability to meet its debt obligations is dependent on the cash generated by its subsidiaries.***

Cleco Holdings conducts its operations primarily through its subsidiaries, mainly Cleco Power. Accordingly, Cleco Holdings' ability to meet its debt obligations is largely dependent upon the cash generated by these subsidiaries. Cleco Holdings' subsidiaries are separate and distinct entities and have no obligations to pay any amounts due on Cleco Holdings' debt or to make any funds available for such payment. In addition, Cleco Holdings' subsidiaries' ability to make dividend payments or other distributions to Cleco

Holdings may be restricted by their obligations to holders of their outstanding securities and to other general business creditors. Substantially all of Cleco's consolidated assets are held by Cleco Power. Cleco Holdings' right to receive any assets of any subsidiary, and therefore the right of its creditors to participate in those assets, will be structurally subordinated to the claims of that subsidiary's creditors, including trade creditors. In addition, even if Cleco Holdings were a creditor of any subsidiary, its rights as a creditor would be effectively subordinated to any security interest in the assets of that subsidiary and any indebtedness of the subsidiary ranking senior to that held by Cleco Holdings. Cleco Power is subject to regulation by various governmental agencies, including the LPSC. The 2016 Merger Commitments also provide for limitations on the amount of distributions that may be paid from Cleco Power to Cleco Holdings, depending on Cleco Power's common equity ratio and its corporate credit/issuer ratings. As a result, Cleco Power may be prohibited from making distributions to Cleco Holdings.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

**OPERATIONAL RISKS**

**Future Electricity Sales**

***Cleco's future electricity sales and cash flows could be negatively affected by adverse macroeconomic conditions.***

Adverse macroeconomic conditions resulting in low economic growth can negatively impact the businesses of Cleco Power's retail and wholesale customers. Decreased power consumption could cause a corresponding decrease in base revenue for Cleco Power. The reduced production or shutdown of customer facilities could substantially reduce Cleco Power's base revenue in such cases. In general, rate cases reallocate costs to allow for the ultimate recovery. However, the resulting rate increases for remaining customers could cause affordability challenges that can decrease long-term growth.

***Various factors impacting supply and demand for electricity could affect operating results.***

Demand for Cleco Power's services can be driven by changing populations within its service territory, significant changes in commercial or industrial customers, or other changes in consumer habits such as energy conservation and energy efficiency efforts. Increased energy demand or significant accelerated growth in demand due to new data centers (including as a result of increasing capital investment in, and anticipated demand for, artificial intelligence infrastructure), widespread adoption of electric vehicles, or other customer changes could require enhancements to Cleco Power's infrastructure. As discussed below, the ability of Cleco Power to construct new facilities is dependent upon factors outside of its control, including obtaining regulatory approvals and environmental and other permits as well as competition for and expanding delivery timelines for required materials. Delays in or the inability to complete these projects could increase cost, constrain capacity, and affect service reliability.

Alternatively, regulatory and legislative bodies have proposed or introduced, and may in the future propose or introduce, requirements and incentives to reduce energy consumption. Future electricity sales could be impacted by customers switching to alternative sources of energy, on-site power generation, and retail customers purchasing less electricity due to increased conservation efforts or expanded energy efficiency measures. Declining usage could result in an under-recovery of fixed costs at Cleco Power.

**Weather and Climate Vulnerabilities**

***Cleco Power's operations and power generation could be harmed due to the impact of severe weather events, natural disasters, or climate change.***

Severe weather, including hurricanes, winter storms, tropical storms, and other natural disasters, such as floods, droughts, and wildfires, can affect transportation of fuel to plant sites and can be destructive, causing outages, blackouts or disruptions of interconnected transmission systems, and property damage that can potentially result in additional expenses, lower revenue, and additional capital restoration costs. Extreme weather conditions may limit the availability of cooling water for generating plants and may increase commodity prices, including fuel.

Climate change that results in more frequent and more severe weather events or other natural disasters in Cleco

Power's service territory could result in one or more physical risks that could cause damage to its generation, transmission, and distribution assets. These physical risks include an increase in sea level, wind and storm surge damages, wetland and barrier island erosion, flooding, wildfires, changes in temperature and precipitation patterns, and potential increased impacts of extreme weather conditions, including ice storms and prolonged droughts. Some of Cleco Power's assets are in and serve communities that are at risk from sea level rise, changing weather conditions, and loss of coastal wetlands protection. In addition, a significant portion of the nation's oil and gas infrastructure is located in these areas and is susceptible to storm damage that could be aggravated by wetland and barrier island erosion, which could give rise to fuel supply interruptions and price spikes.

Any future severe weather, other natural disaster, or climate-related physical changes could damage Cleco Power's equipment and facilities, resulting in additional restoration costs, repair expenses, or the need to obtain replacement power. Such events may also alter electricity demand patterns or disrupt the delivery of equipment and supplies necessary to Cleco Power's business. Cleco Power's recovery of costs associated with these events is subject to LPSC review and approval, and the LPSC could disallow timely and full recovery of the costs incurred.

***The operating results of Cleco Power are affected by weather conditions and may fluctuate on a seasonal basis.***

Weather conditions directly influence the demand for electricity, particularly among residential customers. Therefore, Cleco Power's financial results typically fluctuate on a seasonal basis. Periods of unusually mild weather may reduce electricity sales and operating income.

**Workforce**

***Failure to attract, recruit, retain, and develop an appropriately qualified workforce could negatively affect business operations.***

Employee resignations and retirements without appropriate replacements, labor shortages, wage inflation, limitations in the availability of skilled personnel, a lack of equivalent or enhanced skill sets to fulfill future needs, or unavailability of contract resources may lead to operating challenges and increased costs. These challenges may include loss of institutional knowledge, difficulty recruiting highly qualified candidates due to the location of Cleco's corporate office, employee relocation challenges, the lengthy time required to develop specialized skills, as well as the uncertainty associated with potential strategic transactions. Higher contractor use, lower productivity, and safety incidents may further increase operating costs. If Cleco is unable to retain key employees, hire and adequately develop replacement employees, maintain an inclusive work environment, transfer functional knowledge and expertise to the next generation of employees, or ensure the availability of skilled new hires, Cleco's ability to safely and efficiently operate its business may be adversely affected.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

**Technology, Nation-State, and Hacktivist Threats**

***The operational and information technology systems on which Cleco relies to conduct its business and serve customers could fail to function properly due to technological problems, cyber breaches, physical attacks on Cleco's assets, acts of terrorism, severe weather, solar events, electromagnetic events, natural disasters, the age and condition of information technology assets, human error, or other reasons that could disrupt Cleco's operations and cause Cleco to incur unanticipated losses and expenses.***

The operation of Cleco's extensive electrical systems relies on evolving operational and information technology systems and network infrastructures that are becoming more complex as new technologies and business needs are implemented to more safely and reliably deliver electric services. Cleco's business is dependent on its ability to process and monitor, on a real-time basis, a large number of tasks and transactions, many of which are highly complex. Cleco's flexible working environment makes protecting distributed assets more challenging, and there is a greater opportunity for cyber breaches.

Cleco's systems, including its financial information, operational, advanced metering, and billing systems, require constant maintenance, monitoring, security patches, modification or configuration of systems, including periodic updates and upgrades of systems, which can be costly and increase the risk of errors and malfunction. Any disruptions or deficiencies in existing systems, or disruptions, delays, or deficiencies in the modification, transition to, or implementation of new systems, could result in increased costs, the inability to track or collect revenues and the diversion of management's and employees' attention and resources, and could adversely affect the effectiveness of Cleco's control environment, and/or its ability to accurately or timely file required regulatory reports.

Despite implementation of security and mitigation measures, Cleco's technology systems and those of Cleco's suppliers are vulnerable to inoperability, impaired operations, or failures due to physical attacks or cyber breaches on the facilities and equipment needed to operate the technology systems, viruses, human errors, acts of war or terrorism, and other events. If Cleco's or its supplier's information technology systems or network infrastructure were to fail, Cleco might be unable to fulfill critical business functions and serve its customers, which could significantly disrupt operations and impair Cleco's ability to provide reliable service. The potential consequences of a future material cyber breach include reputational damage, extortion payments, litigation with third parties, government enforcement actions, penalties, disruption to systems and facilities, unauthorized release of confidential or otherwise protected information, corruption of data and increased cybersecurity protection and remediation costs, which in turn could adversely affect Cleco's competitiveness, results of operations, and financial condition. Due to the evolving nature of such cyber breach threats, including emerging artificial intelligence technologies that may be used to develop new hacking tools, exploit vulnerabilities, obscure malicious activities, and increase the difficulty in detecting threats, the potential impact of any future incident cannot be predicted. Further, the amount of insurance coverage Cleco maintains may be inadequate to cover claims or liabilities related to a cyber breach.

In addition, in the ordinary course of its business, Cleco collects and retains sensitive information including personally identifiable information about customers and employees,

customer energy usage, and other confidential information. The theft, damage, or improper disclosure of sensitive electronic data could subject Cleco to both penalties for violation of applicable privacy laws and claims from third parties, or harm Cleco's reputation. In addition, new laws and regulations governing data privacy and the unauthorized disclosure of confidential information pose increasingly complex compliance challenges and potentially elevate costs, and any failure to comply with these laws and regulations could result in significant penalties and legal liability.

**Cleco Power's Generation, Transmission, and Distribution Facilities**

***Cleco Power's generation facilities are susceptible to unplanned outages, changes in customer demand, significant maintenance requirements, and interruption of fuel deliveries.***

The operation of power generation facilities involves many risks, including breakdown or failure of equipment, fuel supply interruption, and performance below expected levels of output or efficiency. Aging equipment, even if maintained in accordance with good engineering practices, may require significant expenditures to operate at peak efficiency, or to comply with environmental permits. Newer equipment can also be subject to unexpected failures. Additionally, Cleco Power may face increased customer demand during peak times (including demand related to artificial intelligence, cryptocurrency mining and other computer processing requiring increased power) which may affect Cleco Power's ability to meet its MISO delivery obligations. Accordingly, Cleco Power may incur, as applicable, more frequent unplanned outages, higher than anticipated operating and maintenance expenditures, higher replacement costs of purchased power, increased fuel costs, MISO related costs, and the loss of potential revenue related to competitive opportunities. The costs of such repairs, maintenance, and purchased power may not be fully recoverable in rates, which could significantly increase operating costs and negatively impact Cleco Power's financial position.

Cleco Power's generating facilities are currently fueled by natural gas, coal, waste heat, and petroleum coke. The deliverability of these fuel sources may be constrained due to such factors as higher demand, decreased regional supply, production shortages, weather-related disturbances, railroad constraints or disruptions, waterway levels, labor strikes, or lack of transportation capacity. If suppliers are unable to deliver the contracted volume of fuel at the required times and if associated inventories are depleted, Cleco Power may be unable to operate its generating units which may cause Cleco Power to incur higher costs, which in turn could increase the cost to customers. Cleco Power's fuel and MISO-procured/settled energy expenses, which are recovered from its customers through the FAC, are subject to refund until either a prudency review or a periodic fuel audit is conducted by the LPSC.

Cleco Power could be indirectly liable for the impacts of other companies' activities on lands that have been mined and reclaimed by Cleco Power. The liability for impacts on reclaimed lands may not be recoverable in rates, which could result in additional costs.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

***The construction of and capital improvements to power generation, transmission, and distribution facilities involve substantial risks. Should construction or capital improvement efforts be unsuccessful or significantly more expensive than planned, these issues could materially impact Cleco's cost structure and financial condition.***

Cleco Power's ability to complete new construction or capital improvements to power generation, transmission, and distribution facilities in a timely manner and within budget is contingent upon many variables and subject to substantial risks. These variables include engineering and project execution risk and escalating costs for materials, labor, and environmental compliance. Delays in obtaining permits, shortages in materials and qualified labor, suppliers and contractors not performing as set forth under their contracts, changes in the scope and timing of projects, inaccurate cost estimates, the inability to raise capital or secure funding on favorable terms or at all, changes in commodity prices affecting revenue, fuel or material costs, changes in the economy, changes in laws or regulations, including environmental compliance requirements, and other events beyond the control of Cleco Power may materially affect the schedule and cost of these projects. If these projects are significantly delayed or become subject to cost overruns or cancellation, Cleco Power could incur additional costs including termination payments, face increased risk of potential write-off of the investment in the project, or be unable to recover such costs in rates. Furthermore, failure to maintain various levels of generating unit availability or transmission and distribution reliability may result in various disallowances of Cleco Power's investments.

**Alternative Generation Technology**

***Changes in technology may have a material adverse effect on the value of Cleco Power's generating facilities.***

A basic premise of Cleco's business is that generating electricity at central power plants achieves economies of scale and produces electricity at a relatively low price. There are alternative technologies to produce electricity, most notably wind turbines, photovoltaic cells, and other solar-generated power. As new technologies are developed and become available, the quantity and pattern of electricity purchased by customers could decline, with a corresponding decline in revenues derived by generating assets. In addition, to the extent Cleco is slow to adopt viable alternative generation technologies, under or over relies on these alternative technologies, and/or employs technology that is problematic to operate, the value of Cleco Power's generating facilities could be reduced.

**Litigation**

***Cleco is subject to litigation, and adverse outcomes could significantly impact its operations.***

Cleco is engaged in various litigation matters arising out of the ordinary operations of their business. The ultimate outcome of these matters cannot presently be determined, and in many cases, the potential liability cannot be reasonably estimated. If any of these cases are resolved unfavorably, the resulting obligations could exceed amounts currently reserved or insured resulting in additional costs. For information on legal proceedings affecting Cleco, see Part II, Item 8, "Financial Statements and Supplementary Data — Note 16 — Litigation,

Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation."

**Transmission and Generation Planning**

***Participation in MISO's ERAS could significantly impact Cleco's long-term generation planning and affect the ability to meet future reliability and capacity needs.***

Cleco continues to monitor developments in the MISO planning processes, including the recently launched ERAS. ERAS is intended to accelerate the interconnection timeline for new generation resources, potentially enabling interconnection agreements within approximately 90 days, which is significantly faster than traditional MISO study cycles.

Cleco Power is actively participating in ERAS, which is subject to limitations on the total number and timing of submissions and requires a financial commitment to MISO for each submission. Cleco's ability to meet future reliability and capacity requirements could be materially affected by the anticipated load growth from large-scale commercial and industrial customers, and by the financial commitments required for ERAS participation.

Cleco continues to monitor developments in the MISO planning processes and is actively evaluating its options in response to these changes. While participation is underway, there can be no assurance that ERAS will result in favorable outcomes.

**REGULATORY RISKS**

**Regulatory Compliance**

***Cleco operates in a highly regulated environment and adverse regulatory decisions or changes in applicable regulations could result in operational restrictions, penalties, disallowances, or significant additional costs.***

Cleco's business is subject to extensive federal, state, and local energy, environmental, and other laws and regulations. Should Cleco be unsuccessful in obtaining necessary licenses or permits, or should these regulatory authorities initiate any investigations or enforcement actions or impose penalties or disallowances, Cleco could incur additional costs or face operational restrictions. Existing regulations may be revised or reinterpreted, and new laws and regulations may be adopted or become applicable to Cleco or Cleco's facilities, including decisions by the U.S. Supreme Court that could affect the operation of federal agencies and changes resulting from the current presidential administration, which could require changes to operations or result in additional compliance costs.

**Cleco Power's Rates** 

***The LPSC and FERC regulate the retail rates and wholesale transmission tariffs, respectively, that Cleco Power can charge its customers.***

Cleco Power's ongoing financial viability depends on its ability to recover its costs in a timely manner from its LPSC-jurisdictional customers through LPSC-approved rates and its ability to recover its FERC-authorized revenue requirements from its FERC-jurisdictional wholesale transmission customers. Cleco Power's financial viability also depends on its ability to recover in rates an adequate return on capital, including long-term debt and equity. Generally, historical costs are used by

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

the LPSC in determining Cleco Power's rates. If Cleco Power is unable to recover any material amount of its costs in rates in a timely manner or recover an adequate return on capital, Cleco could incur unrecovered costs or reduced returns. Recovery of these costs could result in rising utility bills threatening the affordability of power and electricity costs for Cleco Power's customers in certain demographic areas.

Cleco Power's revenues and earnings are substantially affected by regulatory proceedings known as rate cases or, in some cases, requests for extensions of an FRP. During those cases, the LPSC determines Cleco Power's rate base, depreciation rates, operation and maintenance costs, and administrative and general costs that Cleco Power may recover from its retail customers through its rates. These proceedings may examine, among other things, the prudency of Cleco Power's operation and maintenance practices, level of subject expenditures, allowed rates of return, and previously incurred capital expenditures. The LPSC has the authority to disallow recovery of costs found not to have been prudently incurred. Rate cases generally have timelines of approximately one year, and decisions are typically subject to appeal, potentially leading to additional uncertainty. The transmission tariffs of Cleco Power are regulated by FERC with its own regulatory proceedings. Both the LPSC and FERC regulatory proceedings can involve multiple parties, including governmental bodies and officials, consumer advocacy groups, and various consumers of energy, all of whom have differing concerns but who have the common objective of just and reasonable rates.

**Retail Electric Service**

***Cleco Power's retail electric rates and business practices are regulated by the LPSC and reviews may result in refunds to customers.***

Cleco Power's retail rates for residential, commercial, and industrial customers and other retail sales are regulated by the LPSC. On June 19, 2024, the LPSC approved Cleco Power's current retail rate plan, which became effective on July 1, 2024. If a refund of previously recorded revenue is required as a result of the LPSC review, the refund could significantly impact Cleco Power's financial condition. For more information about the current retail rate plan, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements —Note 14 — Regulation and Rates — FRP." Management is unable to predict the timing of future audits and their potential impact to Cleco Power's financial results.

**LPSC Audits**

***The LPSC conducts fuel audits that could result in Cleco Power making substantial refunds of previously recorded revenue.***

Generally, Cleco Power's cost of fuel used for electric generation and cost of purchased power are recovered through the LPSC-established FAC, which enables Cleco Power to pass on to its customers substantially all such charges. Recovery of FAC costs is subject to periodic fuel audits by the LPSC, which are performed at least every other year. For more information about Cleco Power's most recent fuel audit, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Fuel Audits."

Management is unable to predict or give a reasonable estimate of the possible range of disallowance by the LPSC, if any, related to FAC filings. If a disallowance of fuel costs is ordered by the LPSC, Cleco Power may be required to refund previously recorded revenue to its customers.

***The LPSC conducts audits of environmental costs that could result in Cleco Power making substantial refunds of previously recorded revenue.***

Cleco Power has an EAC that is used to recover from customers certain costs of environmental compliance. The costs eligible for recovery are prudently incurred air emissions credits associated with complying with federal, state, and local air emission regulations that apply to the generation of electricity reduced by the sale of such allowances. Also eligible for recovery are variable emission mitigation costs, which are the costs of reagents such as ammonia and limestone that are a part of the fuel mix used to reduce air emissions, among other things. These costs are subject to periodic review by the LPSC. For more information about LPSC audits related to environmental costs, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Environmental Audit."

Management is unable to predict or give a reasonable estimate of the possible range of disallowance, if any, related to EAC filings. If a disallowance of environmental costs is ordered by the LPSC, Cleco Power may be required to refund previously recorded revenue to its customers.

**FERC Audit**

***FERC conducts audits that could result in Cleco Power making refunds of previously recorded revenue.***

Generally, Cleco Power records wholesale transmission revenue through approved formula rates, Attachment O of the MISO tariff, and certain grandfathered agreements. The calculation of the rate formulas, as well as FERC accounting and reporting requirements, are subject to periodic audits by FERC. For more information about FERC audits and reviews, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — FERC Audits and Reviews." Management is unable to predict the timing of future audits or whether such audits may result in required refunds or adjustments.

**MISO**

***MISO market operations could increase costs, require capacity purchases, or result in refund obligations.***

Cleco Power is a member of the MISO market region referred to as "MISO South," which encompasses parts of Arkansas, Louisiana, Mississippi, and Texas. Dispatch of generation resources and generation volumes to the market is determined by MISO. Costs in the MISO South region are heavily influenced by commodity fuel prices, transmission congestion, dispatch of the generating assets owned by all market participants in the MISO South region, and the overall demand and generation availability in the region. MISO has issued, and may in the future issue, directives requiring market participants

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

to implement controlled outages as a result of an emergency or reliability issues. Higher demand and the potential volatility thereof related to artificial intelligence, cryptocurrency mining, and other computer processing requiring increased power supply to support these activities may increase the intermittency and decrease the reliability of electric supply in the MISO market.

On June 1, 2023, due to generation resource retirements, increased reliance on intermittent resources, significant weather events with correlated generator outages, and declining excess reserve margins that are expected to profoundly impact future grid reliability, MISO transitioned from a traditional annual unforced capacity value to a seasonal accreditation capacity ("SAC") value. MISO evaluates SAC values to assess generating unit capacity for Cleco's planning reserve margin for each season. If Cleco Power is subject to a significant number of outages during critical instances, Cleco Power may not possess sufficient planning reserves to serve its needs and could be forced to purchase capacity from the MISO resource adequacy auction. Generally, Cleco Power recovers these costs through its FAC, which is subject to audit by the LPSC. If a disallowance of recovery of these costs is ordered by the LPSC, Cleco Power may be required to refund previously recorded revenue to its customers.

**Reliability and CIP Standards Compliance**

***Cleco is subject to mandatory reliability and CIP standards. Fines and civil penalties are imposed on those who fail to comply with these standards.***

NERC serves as the ERO with authority to establish and enforce mandatory reliability and CIP standards, subject to FERC approval, for users of the nation's transmission system. FERC enforces compliance with these standards. New standards are being developed, and existing standards are continuously being modified.

As these standards continue to be adopted and modified, they may impose additional compliance requirements on Cleco Power, which may result in increased capital expenditures and operating expenses. Failure to comply with these standards can result in the imposition of material fines and civil penalties.

A NERC Reliability Standards Operating and Planning Audit and NERC CIP Audit are conducted at least every three years for Cleco Power. For more information on Cleco Power's current and future audits, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition — Financial Condition — Regulatory and Other Matters — Market Structure — Wholesale Electric Markets — ERO."

Management is unable to predict the financial outcome of any future audit or the potential impact these audits may have on Cleco Power.

**Environmental Compliance**

***Cleco's costs of compliance with environmental laws and regulations are significant. The costs of compliance with new environmental laws and regulations, as well as the incurrence of incremental environmental liabilities, could be substantial.***

Cleco is subject to extensive environmental oversight by federal, state, and local authorities and is required to comply with numerous environmental laws and regulations related to air quality, water quality, waste management, natural resources, and health and safety. Cleco also is required to obtain and comply with numerous governmental permits in

operating its facilities. Existing environmental laws, regulations, and permits could be revised or reinterpreted, and new laws and regulations could be adopted or become applicable to Cleco. As a result of any such changes, some of Cleco's EGUs could be rendered uneconomical to maintain or operate and could prompt early retirement of certain generation units. Any legal obligation that would require Cleco to substantially reduce its emissions below present levels could require extensive mitigation efforts and could raise uncertainty about the future viability of some fossil fuels as fuel for new and existing EGUs. Cleco will evaluate potential solutions to comply with such regulations and monitor rulemaking and any legal matters impacting the proposed regulations. Cleco may incur significant capital expenditures or additional operating costs to comply with such revisions, reinterpretations, and new requirements. If Cleco were to fail to comply, it could be subject to civil or criminal liabilities and fines or may be forced to shut down or reduce production from its facilities. Cleco cannot predict the timing or the outcome of pending or future legislative and rulemaking proposals.

Cleco Power may request from its customers recovery of its costs to comply with new environmental laws and regulations. If the LPSC were to deny Cleco Power's request to recover all or part of its environmental compliance costs, Cleco Power may be unable to recover such costs in rates.

**Wholesale Electric Service**

***Cleco Power's business practices are regulated by FERC, and the wholesale rates of Cleco Power are subject to FERC's triennial market power analysis. Cleco Power could lose the right to sell wholesale generation at market-based rates.***

FERC requires a utility to pass a screening test as a condition for securing and/or retaining approval to sell electricity in wholesale markets at market-based rates. An updated market power analysis must be filed with FERC every three years or upon the occurrence of a change in status as defined by FERC regulation. The next triennial market power analysis is expected to be filed in December 2026. In the future, if FERC determines Cleco Power possesses generation market power in excess of certain thresholds, Cleco Power could lose the right to sell wholesale generation at market-based rates.

**FINANCIAL RISKS**

**Strategic Review and Goodwill Impairment Considerations**

***Cleco's shareholder group initiated a process to explore the potential sale of the equity interest of Cleco Group. Future developments in this process could result in an impairment of the Cleco Power reporting unit.***

Cleco's shareholder group initiated a process to explore the potential sale of the equity interests of Cleco Group, the parent entity of Cleco Holdings and Cleco Power. The process has not resulted in a sales transaction at this time, nor has an impairment been indicated. The evaluation of goodwill requires significant judgment and is sensitive to changes in market participant assumptions, including estimates of future cash flows, regulatory outcomes, market conditions, and other factors affecting Cleco's operations. Future adverse changes in these assumptions or in business, regulatory, or economic conditions could result in a determination that the fair value of the Cleco Power reporting unit is less than its carrying value. If

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

such circumstances occur, Cleco could be required to record a goodwill impairment charge in future periods, which could be material.

**Commodity and Commercial Transactions** 

***Cleco may enter into fuel supply contracts, energy hedge transactions, and/or commercial transactions with swap dealers and suppliers. If risks related to these transactions are not managed effectively, Cleco could incur losses or increased costs.***

During its normal course of business, Cleco is exposed to uncertain market prices of electricity, natural gas, coal, and other commodities. Market price volatility can impact costs of fuel supply for generation, generation revenue, customer utility bills, and revenue from customers. To manage the risk of market price volatility, Cleco Power may enter into purchases or sales of certain physical and financial commodity contracts within established risk management guidelines.

The changes in fair value of transactions accounted for as derivatives under authoritative accounting guidance are deferred as a component of deferred fuel assets or liabilities in accordance with regulatory policy. At settlement, realized gains or losses are included in Cleco Power's FAC and are reflected on customers' bills as a component of the fuel charge. Recovery of these costs included in Cleco Power's FAC is subject to, and may be disallowed as part of, a prudency review or a periodic fuel audit conducted by the LPSC.

Due to significant market price fluctuations, Cleco cannot accurately predict the impact of these transactions; therefore, the associated risks cannot be fully eliminated. The judgments and assumptions made in the underlying decisions related to these transactions could result in losses or additional costs.

**Transmission Congestion**

***Transmission congestion may increase energy costs or result in curtailments.***

Energy prices in the MISO market are based on LMP, which includes a component directly related to congestion on the transmission system. Pricing zones with greater transmission congestion may have a higher LMP. Physical transmission constraints present in the MISO market could increase energy costs within Cleco Power's pricing zones or result in transmission curtailments. Cleco Power is awarded and/or purchases FTRs in auctions facilitated by MISO. However, insufficient FTR allocations or increased FTR costs, due to negative congestion flows, may result in an unexpected increase in energy costs to Cleco Power's customers. If a disallowance of additional fuel costs associated with congestion is ordered by the LPSC, Cleco Power may be required to refund previously recorded revenue to its customers.

**Counterparty Risk and Guarantees**

***Cleco may be required to provide credit support to its counterparties.***

Cleco may guarantee the performance of all or some of its commercial transaction obligations and may also be required to provide liquid counterparty credit support in the form of cash or cash equivalent collateral to secure all or part of those obligations. Downgrades in Cleco's credit quality or changes in the market prices of transaction-related energy commodities

could increase the collateral or margin required to be on deposit for the counterparty or clearinghouse. Increases in required credit support could reduce Cleco's available liquidity.

***Cleco is exposed to the risk that counterparties may not meet their performance obligations in the expected time frame or at all.***

Counterparties may fail to fulfill their physical or financial obligations. Currently, Cleco has various relationships whereby amounts are owed to Cleco pursuant to specified terms. Additionally, Cleco expects to receive an additional $113.0 million from the Cleco Cajun Purchasers by June 2026, which is not contingent upon the post-divestiture performance of the divested business.

Cleco also has industry-accepted master agreements in place with counterparties that provide credit default assurances. Some master agreements with counterparties contain provisions that require the counterparties to provide liquid credit support in the form of cash or letters of credit to secure all or part of their obligations to Cleco. If the counterparties to these arrangements fail to perform, Cleco may enforce and recover the proceeds from the credit support provided; however, in the event of a default, credit support may not always be adequate to cover the related obligations. In such event, Cleco may incur losses in excess of amounts already paid from credit support or due to an adverse replacement cost of the transaction and may be unable to collect liquidated damages.

The credit commitments of Cleco's lenders under its bank facilities may not be honored for a variety of reasons, including unexpected periods of financial distress affecting such lenders, which could impact the adequacy of its liquidity.

**Global Economic Environment and Uncertainty**

***Adverse capital market performance could result in reductions in the fair value of benefit plan assets and increase Cleco's liabilities related to such plans. Sustained declines in the fair value of the plan's assets or sustained increases in plan liabilities could result in significant increases in funding requirements.***

Performance of the capital markets affects the value of assets that are held in trust to satisfy future obligations under Cleco's defined benefit pension plan. Sustained adverse market performance could result in lower rates of return for these assets than projected by Cleco and could increase Cleco's funding requirements related to the pension plan. Additionally, changes in interest rates affect the present value of Cleco's liabilities under the pension plan. Adverse changes in assumptions or adverse actual events could cause additional required contributions.

**Cleco Credit Ratings**

***A downgrade in Cleco Holdings' or Cleco Power's credit ratings could increase borrowing costs, reduce access to capital markets, and restrict Cleco Power's ability to make distributions to Cleco Holdings.***

Neither Cleco Holdings nor Cleco Power can assure that its current debt ratings will remain in effect for any given period of time or that one or more of its debt ratings will not be lowered or withdrawn entirely by a rating agency. If S&P, Moody's, or Fitch were to downgrade Cleco Holdings' or Cleco Power's long-term ratings, particularly below investment grade, the value of their debt securities could be adversely affected.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Downgrades of either Cleco Holdings' or Cleco Power's credit ratings could result in additional fees and higher interest rates for borrowings under their respective credit facilities. In addition, Cleco Holdings or Cleco Power, as the case may be, would likely be required to pay higher interest rates in future debt financings, may be subject to more onerous debt covenants, and their pool of potential investors and funding sources could decrease. In addition, the 2016 Merger Commitments provide for limitations on the amount of distributions that may be paid from Cleco Power to Cleco Holdings, depending on Cleco Power's common equity ratio and its corporate credit/issuer ratings. As a result, Cleco Power may be prohibited from making distributions to Cleco Holdings in the event of a ratings downgrade below investment grade.

**Cleco Power LLC's Unsecured and Unsubordinated Obligations**

***Cleco Power LLC's unsecured and unsubordinated obligations, including its senior notes, are effectively subordinated to any secured debt of Cleco Power LLC and structurally subordinated to indebtedness and other liabilities and preferred equity of any of Cleco Power LLC's subsidiaries.***

Cleco Power LLC's senior notes and its obligations under various loan agreements and refunding agreements with the Rapides Finance Authority, the Louisiana Public Facilities Authority, and other issuers of tax-exempt bonds for the benefit of Cleco Power LLC, are unsecured and rank equally with all of Cleco Power LLC's existing and future unsecured and unsubordinated indebtedness. As of December 31, 2025, Cleco Power LLC had an aggregate of $1.51 billion of unsecured and unsubordinated indebtedness net of debt discount and debt expense. The unsecured and unsubordinated indebtedness of Cleco Power LLC will be effectively subordinated to, and thus have a junior position to, any secured debt that Cleco Power LLC may have outstanding from time to time (including any mortgage bonds) with respect to the assets securing such debt. Certain agreements entered into by Cleco Power LLC with other lenders that are unsecured provide that if Cleco Power LLC issues secured debt, Cleco Power LLC is obligated to grant these lenders the same security interest in certain assets of Cleco Power LLC. If such a security interest were to arise, it would further subordinate Cleco Power LLC's unsecured and unsubordinated obligations.

As of December 31, 2025, Cleco Power LLC had no direct secured indebtedness outstanding. Cleco Power LLC may issue mortgage bonds in the future under any future Indenture of Mortgage, and holders of mortgage bonds would have a prior claim on certain Cleco Power LLC material assets upon dissolution, winding up, liquidation, or reorganization. Additionally, neither Cleco Power LLC nor its creditors, including holders of its senior notes, can use the assets of Cleco Securitization I or Cleco Securitization II to settle debts of Cleco Power LLC.

**Trade Policies**

***Changes in U.S. and foreign trade policies and the implementation thereof could increase Cleco's project and operating costs.***

The U.S. government has recently implemented and rescinded multiple significant tariffs, some of which have resulted in additional retaliatory tariffs from foreign countries. Many of these tariffs have been subsequently modified, delayed, or rescinded, and are subject to ongoing legal challenges. As a

result, Cleco cannot predict what changes, if any, will eventually result in trade policies and the effect thereof on Cleco's costs. If the LPSC does not deem prudent the increased costs for Cleco's projects or maintenance of its existing facilities resulting from tariffs or other trade policies, then Cleco may be unable to recover those increased costs in full or at all or on a timely basis. Cleco could incur additional costs, including termination payments, impairment charges, or write-offs, if projects are delayed, canceled, or become uneconomical. Further, if as a result of increased costs due to tariffs or other trade policies, other resources become more economical, Cleco may terminate uneconomical projects and seek to develop those other resources. If any projects are significantly delayed or become subject to cost overruns or cancellation, Cleco could incur additional costs including termination payments, face increased risk of potential write-off of the investment in the project, or be unable to recover such costs in rates.

**GENERAL RISK FACTORS**

**Government Actions and Policy Changes**

***The current Presidential administration may propose further substantial changes to environmental, fiscal, and tax policies.***

The current Presidential administration may propose further substantial changes to environmental, fiscal, and tax policies, which may impact Cleco. In addition, changes in presidential administrations, regardless of political party, often result in shifts in federal policy priorities, regulatory approaches, and enforcement practices, requiring Cleco to continually monitor, assess, and comply with evolving legal and regulatory requirements. Such changes may increase compliance costs, create regulatory uncertainty, or adversely affect Cleco's operations, capital investments, and financial results. Since taking office in January 2025, the current President has issued several executive orders designed to reduce regulatory burdens and prioritize domestic energy production. These executive orders include the withdrawal from the Paris Agreement, declaring a national emergency on energy, reducing regulatory burdens on energy and natural resource development, streamlining permitting processes, removing certain government subsidies for electric vehicle purchases, and ending support for large wind farms, among other things.

On July 4, 2025, the President signed into law the OBBBA, legislation that introduces significant reforms to federal policy across multiple sectors, including energy, taxation, infrastructure, and environmental regulation. The OBBBA includes provisions that may substantially alter the regulatory landscape affecting Cleco, such as modifications to tax incentives for renewable energy and changes to infrastructure permitting processes.

On July 7, 2025, Executive Order 14315 was signed by the President. The goal of Executive Order 14315 is to level the playing field for energy sources by eliminating subsidies for wind and solar and addressing potential national security risks from foreign control.

Cleco continues to evaluate the OBBBA and Executive Order 14325 for potential impacts to future periods, as many provisions require further regulatory guidance and rulemaking before their effects can be fully assessed. Future changes in presidential administrations or congressional priorities could result in additional policy shifts, legislative actions, or

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

regulatory changes that may similarly affect Cleco's business, financial condition, and results of operations.

**Taxes**

***Changes in taxation due to uncertain effects of various tax reform legislation, as well as the inherent difficulty in quantifying potential tax effects of business decisions, may increase tax expense or create additional tax liabilities.***

Cleco makes judgments regarding the utilization of existing income tax credits and the potential tax effects of various financial transactions and operating results to estimate its obligations to taxing authorities. Tax obligations include income, franchise, property, sales and use, and employment-related taxes. These judgments may include reserves for potential adverse outcomes regarding tax positions that have been taken. Changes in federal, state, or local tax laws, adverse tax audit results, or adverse tax rulings on positions taken by Cleco could result in increased tax expense or additional liabilities.

The OBBBA was signed into law on July 4, 2025. The enactment of the OBBBA introduced substantial changes to federal tax law. Key provisions include modifications and limitations to clean energy tax credits and the permanent extension of certain expiring provisions in the TCJA. Additionally, on July 7, 2025, the President issued Executive Order 14315, which relates to the implementation of the OBBBA changes to energy tax credits. Executive Order 14315 directs the Treasury to take actions necessary to strictly enforce the termination of certain solar and wind tax credits, including the issuance of new and revised guidance. On August 15, 2025, the IRS issued an order which provides guidance on the "beginning of construction" requirements for applicable wind and solar projects, including the criteria used to determine whether a project is subject to the termination provisions of the Investment and Production Tax Credits.

These changes may collectively limit the availability of favorable tax incentives that have historically supported investment in critical infrastructure and renewable energy. As a result, Cleco's ability to finance future projects could be limited or more costly.

**Insurance** 

***Cleco's insurance coverage may not be sufficient and may become more costly to maintain.***

Cleco currently has property, casualty, cybersecurity, and liability insurance policies in place to protect its employees, board of managers, and assets in amounts that it considers appropriate. Such policies are subject to certain limits and deductibles. Insurance coverage may not be available in the future at current costs, on commercially reasonable terms, or at all, and insurance proceeds received for any loss of, or

damage to, any of Cleco's facilities may not be sufficient to restore the losses or damages.

Like other utilities that serve coastal regions, Cleco Power does not have insurance covering its transmission and distribution system, other than substations, because it believes such insurance to be cost prohibitive. In the future, Cleco Power may not be able to recover costs incurred in restoring transmission and distribution properties following hurricanes or other natural disasters through issuance of storm recovery bonds or a change in Cleco Power's regulated rates, or any such recovery may not be timely granted. As a result, Cleco Power may incur substantial restoration costs that are not fully recoverable.

**Global Economic Uncertainty and Access to Capital**

***Disruptions in the capital and credit markets may increase borrowing costs, reduce access to capital, or constrain liquidity.***

Cleco's business is capital intensive and dependent upon its ability to access capital at reasonable rates and other terms. Liquidity needs could significantly increase in the event of a hurricane, wildfire, or other weather-related or unforeseen disaster or when there are spikes in the price of natural gas and other commodities. The occurrence of one or more contingencies could materially increase financing needs.

Events beyond Cleco's control, including political uncertainty in the U.S., federal debt ceiling negotiations, the risk of a U.S. government shutdown, volatility in global capital and credit markets, geopolitical events, changes in interest rates or Federal Reserve policy, or adverse developments affecting financial institutions, may create uncertainty that could increase the cost of capital or impair access to the capital markets, including bank credit facilities. Cleco cannot predict the degree of success in renewing or replacing credit facilities as they come up for renewal. New credit facilities may be more restrictive or less favorable than existing facilities. If access to capital becomes limited or more costly, Cleco may delay capital expenditures, issue shorter-term securities, and/or incur a higher cost of capital.

***Inflation may increase operating and capital costs.***

While the pace of inflation has moderated over the last three years, Cleco has observed that prices and lead times for equipment, materials, supplies, employee labor, and contractor services have continued to increase. Long-term inflationary pressures may result in such prices continuing to increase more quickly than expected. Increases in inflation raise costs for labor, materials, and services, and Cleco may be unable to secure these resources on economically acceptable terms or offset such costs with increased revenues, operating efficiencies, or cost savings.

**ITEM 1B.** UNRESOLVED STAFF COMMENTS<br>

None.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

**ITEM 1C.** CYBERSECURITY<br>

**Risk Management, Strategy, and Governance**

***Cybersecurity Integration with overall risk management***

Cleco's business operations rely on complex and evolving operational and information technology systems and network infrastructures. Digital information, information technology, and automation are essential components of Cleco's operations and growth strategy. Cleco continues to assess its cybersecurity tools and processes and has taken a variety of actions to monitor and address cyber-related risks. These cybersecurity tools and assessments are embedded in Cleco's overall enterprise risk management system. Cleco utilizes the following tools, methodologies, and standards to assess, identify, and manage material cybersecurity risks:

• NERC CIP standards, which protect Cleco's operational technology and National Institute of Standards and Technology Cybersecurity Framework (NIST CSF), which provides frameworks to protect Cleco's operational and information technology,

• Sarbanes-Oxley Act (SOX) regulations, which require Cleco to maintain access and security controls for certain systems that are essential to the completeness and accuracy of financial reporting,

• internal and third-party assessments to identify, monitor, and defend against prioritized risks,

• a unified Cybersecurity Incident Response Plan (CSIRP),

• a Security Operations Center managed 24 hours a day by a third party,

• other cybersecurity suppliers, and

• relationships with various local, state, and federal law enforcement agencies.

***Processes to assess, identify, and manage material risks***

Cleco has processes and procedures in place to ensure its cybersecurity program is operating effectively. Members of Cleco's EMT routinely review its cybersecurity strategy, policy, program effectiveness, standards enforcement, and cybersecurity issue management. Cleco conducts risk assessments and compliance audits against standards including the NIST CSF, NERC CIP, and SOX. Cleco also engages with a variety of independent third parties, such as assessors, consultants, and auditors, for periodic audits and reviews of cybersecurity threats and related controls, including review of periodic penetration tests, regular patch reviews from vendors listing relevant risks, industry alerts and forums, and tabletop exercises. These assessment results are used to develop appropriate cybersecurity controls and risk mitigation strategies, which are implemented throughout the organization. Cleco also utilizes its Internal Audit department to review its cybersecurity program, in which findings are reported to the Audit Committee.

Cleco's CSIRP helps ensure a timely, consistent, and compliant response to actual or attempted cybersecurity incidents impacting Cleco. This response plan includes detection, analysis, containment, eradication, recovery, post-incident review, and timely notice to relevant stakeholders, including the Audit Committee, once an incident is deemed to be potentially impactful or material.

Cleco maintains a formal cybersecurity training program for all employees that includes training on matters such as

data protection, phishing, email security best practices, and broader cybersecurity themes such as insider threats, vishing, ransomware, and third-party risk. Cleco also provides specialized security training for certain other employee roles.

***Processes to oversee and identify material risks associated with use of third-party service providers***

Cleco implemented and is optimizing processes to manage the cybersecurity risks associated with its use of third-party software service providers. Additionally, Cleco proactively reviews and updates all third-party software service contracts upon renewal for potential amendments related to security, confidentiality, and recourse in the event of a negligent incident, such as a breach, loss, or unauthorized use of Cleco's data. These measures provide the structure for managing Cleco's cyber-related risks.

***Management's oversight***

Cleco maintains a cybersecurity program overseen by its Chief Administrative and Sustainability Officer, EMT, and Audit Committee that uses a risk-based methodology to support the security, confidentiality, integrity, and availability of information. This program is integrated within Cleco's enterprise risk management program, which utilizes the Enterprise Risk Management Committee to collaboratively manage and advance enterprise-wide risk management processes. Cleco's Disclosure Committee, which is comprised of EMT and the Chief Accounting Officer, is the means in which cybersecurity matters are assessed for disclosure requirements. Cleco's EMT sets enterprise risk strategies and makes risk-informed decisions that include the assessment and response to cybersecurity risk. Management engages in quarterly discussions with the Audit Committee regarding incidents of any magnitude experienced during the quarter, strategies and significant risk exposures, as well as the measures implemented to monitor and control these risks. These discussions may include the results of internal and third-party risk assessments and audit results, and management's plans to improve its cybersecurity posture using a risk-based approach.

Cleco's cybersecurity team, overseen by the Chief Information Officer, has decades of experience selecting, deploying, and operating cybersecurity technologies, initiatives, and processes. Members of this team have extensive technical and leadership experience in federal and/or private sector environments as well as industry-recognized cybersecurity certifications. This team relies on threat intelligence as well as other information obtained from governmental, public or private sources, including external consultants engaged by Cleco. The Audit Committee oversees the management of its cybersecurity risk and is responsible for communicating cyber-related incidents to its Boards of Managers.

***Risks and previous events with material effects***

It is possible that Cleco's information technology systems and networks, or those managed by third parties, could have vulnerabilities and those vulnerabilities could go unnoticed for a period of time. Cleco may also be exposed to, and adversely affected by, interruptions to its computer and information technology systems, and sophisticated cyberattacks, including

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

cybersecurity threats and vulnerabilities in its systems, malware, and attacks targeting its information technology systems and networks. Any such prior events, to date, have not had a material impact on Cleco's results of operations, financial condition or cash flows. While various procedures and controls have been and are being utilized to mitigate such risks, there can be no guarantee that the actions and controls Cleco has implemented and is implementing, or which Cleco causes or has caused third party providers to implement, will be sufficient to protect its systems, information or other property. For more discussion of potential cyber threats that may affect Cleco, see Item 1A, "Risk Factors — Operational Risks — Technology, Nation-State, and Hacktivist Threats."

**ITEM 2.** PROPERTIES<br>

**CLECO POWER**

All of Cleco Power's electric generating stations and electric operating properties are located in Louisiana. Cleco Power considers all of its properties to be well maintained, in good operating condition, and suitable for their intended purposes. For more information on Cleco Power's generating facilities, see Item 1, "Business — Operations — Cleco Power."

**Electric Generating Stations**

As of December 31, 2025, Cleco Power either owned or had an ownership interest in four steam electric generating stations, three combined cycle units, and one gas turbine with a combined rated capacity of 2,676 MW, and a combined electric net generating capacity of 2,563 MW. The net generating capacity is the result of capacity tests and operational tests performed in 2024 and 2025, as required by MISO. This amount reflects the maximum production capacity these units can sustain over a specified period of time. For more information on Cleco Power's generating facilities, see Item 1, "Business — Operations — Cleco Power."

**Electric Substations**

As of December 31, 2025, Cleco Power owned 97 active transmission substations and 248 active distribution substations.

**Electric Lines**

As of December 31, 2025, Cleco Power's transmission system consisted of 67 circuit miles of 500-kiloVolt (kV) lines; 615 circuit miles of 230-kV lines; 689 circuit miles of 138-kV lines; and 29 circuit miles of 69-kV lines. Cleco Power's distribution system consisted of 3,438 circuit miles of 34.5-kV lines and 8,884 circuit miles of other lines.

**General Properties**

Cleco Power owns various properties throughout Louisiana, which include a headquarters office building, regional offices, service centers, telecommunications equipment, and other general-purpose facilities.

**Title**

Cleco Power holds full ownership of its electric generating plants and certain other principal properties. Electric transmission and distribution lines are located either on private rights-of-way or along streets or highways by public consent.

**ITEM 3.** LEGAL PROCEEDINGS<br>

**CLECO**

For information on legal proceedings affecting Cleco, see Item 1, "Business — Environmental Matters — Air Quality," Item 1A, "Risk Factors — Operational Risks — Litigation," and Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation."

**CLECO POWER**

For information on legal proceedings affecting Cleco Power, see Item 1, "Business — Environmental Matters — Air Quality" and Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation."

**ITEM 4.** MINE SAFETY DISCLOSURES<br>

Not applicable.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>PART II</u>

**ITEM 5.** MARKET FOR REGISTRANTS' COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES<br>

**CLECO HOLDINGS**

There is no established public trading market for Cleco Holdings' membership interests. All of Cleco Holdings' outstanding membership interests are owned by Cleco Group.

Cleco Holdings' credit facility requires a total indebtedness of less than or equal to 65.0% of total capitalization in order to declare dividend payments. Additionally, in accordance with the 2016 Merger Commitments, Cleco Holdings is subject to certain provisions limiting the amount of distributions that may be paid from Cleco Holdings to Cleco Group or Cleco Partners, depending on Cleco Holdings' debt to EBITDA ratio and its corporate credit ratings.

Cleco Holdings made no distributions to Cleco Group during 2025. Cleco Holdings made $145.0 million, and $53.5 million of distributions to Cleco Group during 2024 and 2023, respectively.

Cleco Holdings received no equity contributions from Cleco Group during 2025, 2024, and 2023.

**CLECO POWER**

There is no market for Cleco Power's membership interests. All of Cleco Power's outstanding membership interests are owned

by Cleco Holdings. Distributions on Cleco Power's membership interests are paid when and if declared by Cleco Power's Board of Managers. Any future distributions also may be restricted by any credit or loan agreements into which Cleco Power may enter.

Some provisions in Cleco Power's debt instruments restrict the amount of equity available for distribution to Cleco Holdings by Cleco Power by requiring Cleco Power's total indebtedness to be less than or equal to 65.0% of total capitalization. In addition, the 2016 Merger Commitments provide for limitations on the amount of distributions that may be paid from Cleco Power to Cleco Holdings, depending on Cleco Power's common equity ratio and its corporate credit ratings.

Cleco Power made $70.0 million, $95.0 million, and $94.8 million of distributions to Cleco Holdings in 2025, 2024, and 2023, respectively.

Cleco Power received no equity contributions from Cleco Holdings in 2025, 2024, and 2023.

**ITEM 6.** RESERVED<br>

**ITEM 7.** MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS<br>

The following discussion is intended to assist in understanding Cleco's results of operations and Cleco's present financial condition. Cleco's historical consolidated financial statements and the accompanying notes included elsewhere in this Annual Report on Form 10-K contain additional information that should be referred to when reviewing this material.

Cleco uses its website, https://www.cleco.com, as a routine channel for distribution of important information, including news releases and financial information. Cleco's website is the primary source of publicly disclosed news about Cleco. Cleco is providing the address to its website solely for informational purposes and does not intend for the address to be an active link. The contents of the website are not incorporated into this Annual Report on Form 10-K.

**OVERVIEW**

Cleco is a regional energy company that conducts substantially all of its business operations through its principal operating business segment, Cleco Power. Cleco Power is a regulated electric utility company that owns eight generating units with a total rated capacity of 2,676 MW and serves approximately 298,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana.

Many factors affect Cleco's primary business of generating, delivering, and selling electricity. These factors include the ability to increase energy sales while containing

costs and the ability to successfully perform in MISO while subject to the related operating challenges and uncertainties. In addition, factors affecting Cleco Power include weather and the presence of a stable regulatory environment, which impacts the ROE and future rate cases, as well as the recovery of costs related to storms, growing energy demand, and volatile fuel prices; the ability to reliably deliver power to its jurisdictional customers; and the ability to comply with increasingly stringent regulatory and environmental standards. Significant events and major initiatives impacting Cleco and Cleco Power are discussed below.

Strategic Review Process

In 2024, as previously disclosed in Part II, Item 9B, "Other Information" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024, Cleco's shareholder group initiated a process to explore the potential sale of the equity interests of Cleco Group, the parent entity of Cleco Holdings and Cleco Power. A sale transaction has not occurred; however, developments in the current or future processes to sell the equity interest of Cleco Group could result in an impairment of the Cleco Power reporting unit. For more information, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 18 — Intangible Assets and Goodwill — Goodwill."

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Regulatory Structure and Rate Case Outlook

Cleco Power's retail rates are governed by an FRP approved by the LPSC, which allows for annual adjustments based on an ROE. The FRP provides a structured regulatory environment that supports Cleco Power's ability to recover costs and earn a reasonable return while maintaining rate stability for customers.

As of July 1, 2024, Cleco Power's FRP permits a target ROE of 9.7%, with refund obligations for earnings above 10.3%. The FRP also includes a residential revenue decoupling mechanism to stabilize recovery of base revenues.

Cleco Power is required to file its next base rate case with the LPSC by June 30, 2026, with rates effective on July 1, 2027. This filing will provide an opportunity to reassess the cost structure, capital investments, and evolving customer needs, including those related to grid modernization, renewable integration, and electrification initiatives. Management is preparing for this filing as part of Cleco Power's regulatory and financial planning process.

Corporate Sustainability

Cleco is evaluating renewable and electrification initiatives as part of its long-term resource and infrastructure planning. Currently, management is unable to predict what impact the implementation of these sustainability initiatives will have on the Registrants. For more information on these sustainability goals, see Part I, Item 1, "Business — Human Capital — Communities" and "— Oversight and Governance." For more information about Cleco's environmental initiatives, see "— Renewable and Electrification Initiatives."

***People***

Cleco is committed to providing affordable, reliable, and sustainable electricity. It supports community investment across its service territory and fosters a workplace culture that values a sense of belonging, safety, and innovation.

***Planet***

Cleco is expanding renewable and electrification initiatives and transitioning away from coal-fired generation. It aims to reduce GHG emissions from its generating fleet by approximately 50% by 2035, with a long-term ambition of net-zero emissions by 2050. These targets depend on factors such as policy developments, load growth, technology, and implementation feasibility.

***Principles***

Cleco maintains a governance framework supported by policies and practices that promote accountability. A Corporate Sustainability Steering Committee and a Chief Administrative and Sustainability Officer oversee the implementation of sustainability initiatives.

**Tax Reform and Legislative Impacts**

On December 4, 2024, the Louisiana state corporate income tax rate decreased from 7.5% to 5.5%, effective for the income tax periods beginning on or after January 1, 2025.

On July 4, 2025, the OBBBA was signed into law, introducing several provisions that may affect the utility industry. For more information, see Part I, Item 1A, "Risk Factors" and "— Financial Condition — Liquidity and Capital Resources — General Considerations and Credit-Related Risks — OBBBA."

**Grid Reliability** 

Cleco Power continues to prioritize system reliability and operational resilience in the face of evolving grid demands and environmental conditions. As part of this effort, Cleco Power monitors and manages risks associated with potential service outages. Load shedding may occur during periods of extreme weather or transmission constraints to maintain overall grid stability. While Cleco Power works proactively to mitigate these risks through infrastructure investments, demand-side management, and coordination with MISO, the load shed event in May 2025 was initiated by a MISO directive and highlights the ongoing operational challenges posed by extreme weather and system constraints. These operational challenges coincided with increased market prices due to Cleco's need to purchase power at elevated rates, as several generating units were unavailable. As electrification and customer demand increase, particularly during peak usage, Cleco Power continues to assess system readiness and invest in grid modernization to reduce the likelihood and impact of service interruptions. However, Cleco Power cannot guarantee that such events will not recur, particularly in the context of extreme weather or unforeseen system disruptions. For more information on the May 2025 event, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — MISO Load Shed Event." For more information on Cleco Power's grid resiliency plan, see "— Grid Resiliency and Hardening."

**Generation Planning**

Cleco Power's participation in MISO's ERAS could significantly impact its long-term generation planning and its ability to meet future reliability and capacity needs. ERAS is a newly launched MISO initiative designed to accelerate the interconnection timeline for new generation resources, with the potential to enable interconnection agreements within approximately 90 days, which is substantially faster than traditional MISO study cycles. While ERAS offers an expedited path for select projects, the majority of new generation resources will continue to follow MISO's Definitive Planning Phase (DPP), which is the standard interconnection process consisting of multiple phases of system impact and facilities studies that typically span more than a year. This process includes detailed evaluations of network upgrades and reliability impacts and requires milestone commitments and financial deposits at various stages. Because DPP remains the primary pathway for most projects, Cleco's long-term planning must account for both ERAS opportunities and DPP requirements, as delays or cost implications in either process could materially affect resource adequacy and investment decisions.

Cleco Power is actively participating in ERAS, which is subject to limitations on the total number and timing of submissions and requires a financial commitment to MISO for each submission. Cleco's ability to meet future reliability and capacity requirements may be materially affected by anticipated load growth from large-scale commercial and industrial customers, and the financial commitment required for ERAS participation.

Cleco continues to monitor developments in the MISO planning processes, including ERAS and DPP, and is actively evaluating its options in response to these changes. While participation is underway, there can be no assurance that ERAS will result in favorable outcomes. However, the

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

emergence of ERAS represents a material consideration in Cleco's long-term generation planning and capital investment strategy.

**Decarbonization Initiatives**

In April 2022, Cleco Power announced Project Diamond Vault; however, due to increases in the estimated investment required, as well as the current economic and financing environment, Cleco Power's management discontinued further development activities and is evaluating alternatives to decarbonize Madison Unit 3, as required by environmental regulations.

Management is considering the most economically viable decarbonization strategies and remains committed to addressing Cleco Power's carbon output of its solid fuel generating units. For more information on environmental matters that could affect Cleco Power's decarbonization initiatives, see Item 1 "Business — Environmental Matters."

**Renewable and Electrification Initiatives**

In July 2022, Cleco Power entered into a long-term agreement to purchase, among other things, the output, capacity, and current and future environmental resource credits of a 240-MW solar electric generation facility to be constructed in DeSoto Parish, Louisiana and owned by DESRI. In September 2024, the LPSC approved the agreement, including the recovery of $2.1 million of incurred development costs. The LPSC also approved Cleco Power's recovery of future costs to construct, own, operate, and maintain the transmission line necessary to deliver the energy from the solar generation facility to Cleco Power's transmission grid. Cleco Power expects to begin receiving output from this facility by 2027. For information about the regulatory asset associated with Cleco Power's solar development costs, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Solar Development Costs."

Cleco Power is pursuing additional renewable resources and battery storage to diversify its generation portfolio. In April 2025, Cleco Power launched a formal request for proposals (RFP) process to secure up to approximately 500 MW of renewable energy and 150 MW of battery storage, as recommended in its most recent IRP. The RFP process concluded in November 2025, and no resources were selected based on the proposals received. Cleco Power continues to evaluate alternatives to meet its long-term resource needs and is engaging with customers to assess demand for potential renewable energy offerings. Cleco Power will consider these insights, along with market conditions and regulatory requirements, as it further refines its resource planning strategy. For more information on Cleco Power's IRP, see "— Financial Condition — Regulatory and Other Matters — IRP."

Cleco Power is also pursuing electrification initiatives for its customers such as gas compression, e-trucking, green tariffs, infrastructure for light duty electric vehicles and forklifts, and electric vehicle charging sites, among others.

**DSMART Project**

The DSMART project includes modernization of Cleco Power's distribution system by replacing or upgrading distribution line equipment to utilize new and emerging technologies to facilitate automatic fault isolation, service restoration, and fault location. The project is expected to provide savings through a reduction in outage restoration time and improve operational

efficiencies and time to locate faults. The project is also expected to improve safety and reliability of Cleco Power's distribution assets by minimizing outage patrols and improving situational awareness in the distribution operations center. The total estimated project cost is $109.0 million. The project implementation will be completed in phases, and management expects the total project will be completed by the end of 2028. Cleco Power is currently in the second phase of the project. As of December 31, 2025, Cleco Power has incurred $88.9 million of costs on the project.

**Grid Resiliency and Hardening**

Cleco Power is actively participating in programs to enhance its grid resilience against growing threats of extreme weather and climate change. This may include potential hardening projects aimed at reinforcing or replacing critical infrastructure on Cleco Power's transmission and distribution systems with materials that can better withstand extreme weather events, avoid or mitigate customer outages from such events, and facilitate faster restoration after such events. Cleco Power's grid resiliency plan is a 10-year plan that identifies an estimated 1,400 projects with a total investment of approximately $510.0 million. In December 2024, Cleco Power filed an application with the LPSC for approval of Phase 1 of the plan which includes $257.6 million for 781 projects to be completed over 5 years. On November 3, 2025, Cleco Power filed an uncontested stipulated settlement with the LPSC, reducing the proposed investment to approximately $200.0 million. The settlement was approved by the LPSC in November 2025. Effective January 1, 2026, Cleco Power began collecting revenues under the LPSC-approved Grid Resiliency Rate Rider. The rider provides for contemporaneous recovery of prudently incurred costs associated with Phase I of Cleco Power's grid resiliency plan, subject to a semi-annual true up and prudency review by the LPSC. Management expects that costs incurred under Phase I, as well as costs incurred under future phases of the grid resiliency plan, will continue to be recovered through this mechanism.

**Large Load Growth Opportunities**

Cleco Power is evaluating opportunities to support long-term load growth associated with the increasing demand for data centers, which is driven predominately by the rapid expansion of artificial intelligence and digital infrastructure. Cleco Power is pursuing potential long-term agreements to supply power to large-load facilities, including data centers, within its service territory.

**Other**

Cleco Power is working to secure load growth opportunities that include renewing existing franchises, pursuing new franchises, and adding new retail load opportunities with large industrial, commercial, and residential customers. The retail opportunities include sectors such as agriculture, oil and gas, chemicals, metals, national accounts, government, military, wood, paper, health care, information technology, transportation, clean and green fuels, and other manufacturing.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

**RESULTS OF OPERATIONS**

**Significant Factors Affecting Cleco Power**

***Revenue Drivers***

As an electric utility, Cleco Power is affected, to varying degrees, by a number of factors influencing the electric utility industry. These factors, among others, include:

• an increasingly competitive business environment,

• the ability to recover costs through rate-setting proceedings,

• the ability to successfully perform in MISO and the related operating challenges,

• the cost of compliance with environmental and reliability regulations,

• conditions in the credit markets and global economy,

• changes in the federal and state regulation of generation, transmission, and the sale of electricity, and

• the increasing uncertainty of future federal and state regulatory and environmental policies.

Over the last five years, non-industrial retail sales have been steady, with fluctuations in industrial sales. Cleco Power anticipates moderate retail sales growth over the next five years, with the potential for growth to exceed current expectations driven by expansions of current customers and new retail customers. Cleco Power continues to evaluate opportunities to serve potential large-load customers, including data centers. Successful execution of such opportunities could result in retail sales growth materially above expectations, although the timing and feasibility of any related load growth remain uncertain. These expectations are subject to variability based on weather conditions, natural gas prices, conservation efforts, marketing programs, and broader local economic conditions. In addition, Cleco Power continues to pursue load growth through renewal of existing franchises and the addition of new ones within its service territory.

For more information on future energy sales expectations at Cleco Power, see "Cautionary Note Regarding Forward-Looking Statements," and Part I, Item 1A, "Risk Factors — Operational Risks — Future Electricity Sales."

Other issues facing the electric utility industry that could affect sales include:

• imposition of federal and/or state renewable portfolio standards,

• imposition of energy efficiency mandates without recovery of lost revenues,

• legislative and regulatory changes, including changes resulting from the current presidential administration,

• increases in environmental regulations and compliance costs,

• cost of power impacted by the price movement of fuels and the addition of new generation capacity,

• transmission congestion costs,

• increases in capital and operations and maintenance costs due to higher construction and labor costs,

• changes in electric rates compared to customers' ability to pay,

• changes in the credit markets and local and global economies, and

• the LPSC's adoption of minimum physical capacity obligations for load serving entities.

For more information on energy legislation in regulatory matters that could affect Cleco, see Part I, Item 1, "Business — Regulatory Matters, Industry Developments, and Franchises — Legislative and Regulatory Changes and Matters."

***Expense Drivers***

The majority of Cleco Power's non-fuel cost recovery expenses include:

• other operations expenses that are affected by, among other things, the cost of employee benefits, insurance expense, and the costs associated with energy delivery and customer service,

• maintenance expenses for Cleco Power's generating plants, which generally depend upon the plant's physical characteristics, maintenance practices, and effectiveness of preventive maintenance programs,

• maintenance expenses of transmission and distribution assets, which are generally affected by the level of repair and rehabilitation of lines to maintain reliability,

• depreciation and amortization expense, which is primarily affected by the cost of the facilities in service, the time the facilities were placed in service, and the estimated useful life of the facilities,

• taxes other than income taxes, which generally include payroll taxes, franchise taxes, and property taxes, and

• interest charges, which are generally affected by interest rates on outstanding debt.

***Regulatory Impacts***

Cleco Power's revenues and earnings are substantially affected by regulatory proceedings, including base rate cases and, in certain circumstances, requests for extensions of its FRP. In these proceedings, the LPSC determines Cleco Power's rate base and allowed rate of return, as well as the level of depreciation, operation and maintenance, and administrative and general costs that may be recovered from retail customers through rates. In setting rates, the LPSC generally relies on historical costs, which can result in regulatory lag and may limit the timely recovery of increased costs. These proceedings also involve reviews of the prudency of Cleco Power's operations and maintenance practices, levels of expenditures, allowed rates of return, and previously incurred capital expenditures. The LPSC has the authority to disallow costs it determines were not prudently incurred, which could adversely affect Cleco Power's results of operations. Rate cases typically take approximately one year, and resulting decisions are subject to appeal, which may create additional uncertainty regarding ultimate outcomes. Cleco Power's current FRP became effective on July 1, 2024. Cleco Power is required to file its next base rate case with the LPSC by June 30, 2026, with rates expected to become effective on July 1, 2027. In addition, Cleco Power's transmission tariffs are regulated by FERC through separate regulatory proceedings. Both the LPSC and FERC proceedings may involve multiple parties, including governmental bodies and officials, consumer advocacy groups, and various energy consumers, whose interests often include limiting or reducing rate increases. For more information on Cleco Power's FRP see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 14 — Regulation and Rates — FRP."

For a discussion of various regulatory changes and competitive forces affecting Cleco Power and other electric utilities, see "Cautionary Note Regarding Forward-Looking

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Statements," Part I, Item 1, "Business — Regulatory Matters, Industry Developments, and Franchises," and "— Financial Condition — Regulatory and Other Matters — Market Structure." For a discussion of risk factors affecting Cleco Power's business, see Part I, Item 1A, "Risk Factors."

**Comparison of the Years Ended December 31, 2025, and 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| | CLECO POWER | CLECO POWER | CLECO POWER | OTHER<br>SEGMENTS | CLECO |
| | | | FAVORABLE/(UNFAVORABLE) | FAVORABLE/(UNFAVORABLE) | FAVORABLE/(UNFAVORABLE) |
| (THOUSANDS) | **2025** | 2024 | VARIANCE | VARIANCE | VARIANCE |
| Operating revenue |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Base | $**796123** | $729273 | 66850 | $2137 | 68987 |
| &nbsp;&nbsp;Fuel cost and purchased power recovery | **413608** | 321980 | 91628 |  | 91628 |
| &nbsp;&nbsp;Electric customer credits | **—** | (3940) | 3940 |  | 3940 |
| &nbsp;&nbsp;&nbsp;Other operations | **117521** | 95137 | 22384 | (2858) | 19526 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **976** | 12452 | (11476) | 11476 |  |
| Operating revenue, net | **1328228** | 1154902 | 173326 | 10755 | 184081 |
| Operating expenses |  |  |  |  |  |
| &nbsp;&nbsp;Recoverable fuel and purchased power | **413610** | 321980 | (91630) |  | (91630) |
| &nbsp;&nbsp;Non-recoverable fuel and purchased power | **30530** | 32752 | 2222 | 6519 | 8741 |
| &nbsp;&nbsp;Other operations and maintenance | **256230** | 245651 | (10579) | 5243 | (5336) |
| &nbsp;&nbsp;Depreciation and amortization | **201073** | 236444 | 35371 | (513) | 34858 |
| &nbsp;&nbsp;Taxes other than income taxes | **60078** | 57754 | (2324) | 903 | (1421) |
| Total operating expenses | **961521** | 894581 | (66940) | 12152 | (54788) |
| Operating income | **366707** | 260321 | 106386 | 22907 | 129293 |
| Interest income | **9505** | 4125 | 5380 | (422) | 4958 |
| Allowance for equity funds used during construction | **3039** | 2310 | 729 |  | 729 |
| Equity income from investees, before tax | **65** | 677 | (612) |  | (612) |
| Other income (expense), net | **4487** | (11151) | 15638 | 3390 | 19028 |
| Interest charges | **106125** | 98858 | (7267) | 9739 | 2472 |
| Federal and state income tax expense | **49577** | 18506 | (31071) | 5512 | (25559) |
| Income from discontinued operations, net of income taxes | **—** |  |  | (45517) | (45517) |
| Net income | $**228101** | $138918 | $89183 | $(4391) | $84792 |

---

***Summary of Consolidated Results***

The changes in Cleco's and Cleco Power's results of operations are primarily attributable to the following:

Base

Base revenue increased $69.0 million primarily due to $80.6 million related to higher retail rates, largely resulting from the implementation of the current retail rate plan, including the IICR, and $10.0 million from higher usage from Cleco Power's customers due to colder winter weather. These increases were partially offset by $14.2 million of lower wholesale revenue due to the expiration of a wholesale contract in March 2024 and $6.6 million for the absence of the allowed carrying charge on the related Dolet Hills regulatory asset. For more information on the Dolet Hills carrying charge, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Dolet Hills Carrying Charge."

For more information on the effects of future energy sales on the results of operations, financial condition, or cash flows of Cleco Power, see "— Significant Factors Affecting Cleco Power," "Cautionary Note Regarding Forward-Looking

Statements," and Part I, Item 1A, "Risk Factors — Operational Risks — Future Electricity Sales."

The following table shows the components of Cleco Power's base revenue:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| | | | FAVORABLE/ |
| (THOUSANDS) | **2025** | 2024 | (UNFAVORABLE) |
| Electric sales |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential | $**397376** | $351309 | 13.1% |
| &nbsp;&nbsp;&nbsp;Commercial | **254326** | 227829 | 11.6% |
| &nbsp;&nbsp;&nbsp;Industrial | **124479** | 116423 | 6.9% |
| &nbsp;&nbsp;&nbsp;Other retail | **14279** | 12874 | 10.9% |
| Total retail | **790460** | 708435 | 11.6% |
| Sales for resale | **5663** | 20838 | (72.8)% |
| Total base revenue | $**796123** | $729273 | 9.2% |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

The following table shows the components of Cleco Power's retail and wholesale customer sales related to base revenue:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| | | | FAVORABLE/ |
| (MILLION kWh) | **2025** | 2024 | (UNFAVORABLE) |
| Electric sales |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential | **3777** | 3678 | 2.7% |
| &nbsp;&nbsp;&nbsp;Commercial | **2718** | 2701 | 0.6% |
| &nbsp;&nbsp;&nbsp;Industrial | **2298** | 2275 | 1.0% |
| &nbsp;&nbsp;&nbsp;Other retail | **121** | 124 | (2.4)% |
| Total retail | **8914** | 8778 | 1.5% |
| Sales for resale | **176** | 927 | (81.0)% |
| Total retail and wholesale customer sales | **9090** | 9705 | (6.3)% |

---

Cleco Power's residential customers' demand for electricity is affected largely by weather. Weather is generally measured in cooling degree-days and heating degree-days. A high number of cooling degree-days may indicate consumers will use more air conditioning, while a high number of heating degree-days may indicate consumers will use more heating. An increase in heating degree-days does not produce the same increase in revenue as an increase in cooling degree-days because alternative heating sources are more readily available, and winter energy is typically priced below the rate charged for energy used in the summer. Normal heating degree-days and cooling degree-days are calculated for a month by separately calculating the average actual heating and cooling degree-days for that month over a period of 30 years.

The following chart shows how cooling and heating degree-days varied from normal conditions and from the prior period. Cleco Power uses weather data provided by the National Oceanic and Atmospheric Administration to determine degree-days.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| | | | | 2025 CHANGE | 2025 CHANGE |
| | **2025** | 2024 |<br>NORMAL | PRIOR YEAR | NORMAL |
| Cooling degree-days | **3348** | 3377 | 2920 | (0.9)% | 14.7% |
| Heating degree-days | **1351** | 1152 | 1477 | 17.3% | (8.5)% |

---

Fuel Cost and Purchased Power Recovery/Recoverable Fuel and Purchased Power

Changes in fuel costs historically have not significantly affected Cleco Power's net income. Generally, fuel and purchased power expenses are recovered through the LPSC-established FAC, which enables Cleco Power to pass on to its customers substantially all such expenses. Approximately 98% of Cleco Power's total fuel cost during 2025 was regulated by the LPSC. Recovery of FAC costs is subject to periodic fuel audits by the LPSC which may result in a refund to customers. Generally, fuel and purchased power expenses are impacted by customer usage, the per unit cost of fuel used for electric generation, and the dispatch of Cleco Power's generating facilities by MISO. Cleco Power's incremental recoverable fuel and purchased power expenses for the year ended December 31, 2025, were impacted primarily by higher natural gas costs as compared to the year ended December 31, 2024. Also contributing to the increase were higher LMPs resulting from transmission constraints within MISO, as well as

generation outages at Cleco Power. For more information on the accounting for MISO transactions, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Accounting for MISO Transactions." For more information on Cleco Power's fuel audits, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Fuel Audits."

Electric Customer Credits

Electric customer credits decreased $3.9 million primarily due to $1.3 million for the absence of the partial disallowance associated with the Dolet Hills prudency review and $1.1 million for the absence of refunds to Cleco Power's retail customers related to the St. Mary Clean Energy Center.

Other Operations Revenue

Other operations revenue increased $19.5 million primarily due to higher securitization revenue resulting from the completion of the securitization financing of the Energy Transition Property in March 2025.

Affiliate Revenue

Affiliate revenue eliminates at the consolidated level. Cleco Power's affiliate revenue decreased $11.5 million primarily due to the absence of internal software services provided to affiliates in accordance with service agreements.

Non-Recoverable Fuel and Purchased Power

Non-recoverable fuel and purchased power decreased $8.7 million primarily due the absence of $6.5 million of mark-to-market losses on Cleco Cajun's gas-related derivative contracts following the Cleco Cajun Divestiture in 2024 and lower transmission costs of $2.2 million at Cleco Power resulting from the expiration of a wholesale contract in March 2024.

Other Operations and Maintenance

Other operations and maintenance increased $5.3 million primarily due to $25.5 million of higher maintenance expenses largely from distribution right-of-way maintenance and scheduled plant outages. These increases were partially offset by $15.8 million of lower operations expenses primarily due to reduced generation activity and lower employee-related costs.

Depreciation and Amortization

Depreciation and amortization decreased $34.9 million primarily due to the absence of $40.0 million reduction in the regulatory asset associated with the Dolet Hills Power Station as a result of the settlement of the Dolet Hills prudency review and $7.1 million for changes in the estimated useful lives of internal software. These decreases were partially offset by $8.9 million of higher amortization of securitized intangible assets due to Cleco Securitization II's purchase of Energy Transition Property from Cleco Power in March 2025 and $5.7 million of higher depreciation from normal recurring additions to fixed assets. For more information on the reduction in the regulatory asset associated with the Dolet Hills Power Station and the settlement of the Dolet Hills prudency review, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Deferred Lignite and Mine Closure Costs and

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Dolet Hills Power Station Closure Costs" and "— Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Securitization."

Interest Income

Interest income increased $5.0 million primarily due to interest earned on Cleco Power's storm reserve for future storm costs.

Other Income (expense), Net

Other income (expense), net increased $19.0 million primarily due to $11.3 million from the absence of expenses at Cleco Power related to Project Diamond Vault and $3.0 million of higher royalty-related income from mineral interests and associated lease activities. Also contributing to the increase was $1.3 million of higher mark-to-market gains on company-owned life insurance at Cleco Holdings.

Interest Charges

Interest charges decreased $2.5 million primarily due to the repayment of certain long-term debt at both Cleco Holdings and Cleco Power, which reduced average outstanding borrowings during the year. These decreases were partially offset by higher interest on energy transition bonds issued in March 2025 by Cleco Securitization II and higher interest on short-term borrowings. For more information, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt."

Income Taxes

For information on Cleco's and Cleco Power's effective income tax rates, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 12 — Income Taxes — Cleco" and — Cleco Power."

Income from Discontinued Operations, Net of Income Taxes

Income from discontinued operations, net of income taxes, reflects the June 2024 divestiture of the Cleco Cajun Sale Group and its presentation as discontinued operations. Cleco Cajun's results are no longer included as a reportable segment. For information on discontinued operations, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Discontinued Operations."

**Comparison of the Years Ended December 31, 2024, and 2023** 

For the comparison of Cleco's and Cleco Power's results of operations for the years ended December 31, 2024, and 2023, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Comparison of the Years Ended December 31, 2024, and 2023 — Cleco" and "— Cleco Power" in the Annual Report on Form 10-K for the year ended December 31, 2024.

**Non-GAAP Measure**

The financial results in the following table 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 segment; however, it is not indicative of future performance. Management evaluates the performance of Cleco's segment 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.

Cleco's segment structure and its allocation of corporate expenses were updated to reflect how management makes financial decisions and allocates resources.

The following table sets forth a reconciliation of net income, the nearest comparable GAAP financial performance measure, to EBITDA for the Cleco Power reportable segment for the years ended December 31, 2025, 2024, and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Net income | $**228101** | $138918 | $137149 |
| Add: Depreciation and amortization | **201073** | 236444 | 191745 |
| Less: Interest income | **9505** | 4125 | 5011 |
| Add: Interest charges | **106125** | 98858 | 98879 |
| Add: Federal and state income tax expense (benefit) | **49577** | 18506 | (4434) |
| EBITDA | $**575371** | $488601 | $418328 |

---

**CLECO POWER — NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS**<br>

For a narrative analysis of the results of operations explaining the revenue and expense items of Cleco Power for the years ended December 31, 2025, and 2024, see "— Results of Operations — Comparison of the Years Ended December 31, 2025, and 2024 — Summary of Consolidated Results."

For a narrative analysis of the results of operations explaining the revenue and expense items for Cleco Power for the years ended December 31, 2024, and 2023, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Comparison of the Years Ended December 31, 2024, and 2023— Cleco Power" in the Annual Report on Form 10-K for the year ended December 31, 2024.

The narrative analysis referenced above should be read in combination with Cleco Power's Financial Statements and the Notes contained in this Annual Report on Form 10-K.

**CRITICAL ACCOUNTING ESTIMATES**

The preparation of Cleco's and Cleco Power's Consolidated Financial Statements in conformity with GAAP requires management to apply appropriate accounting policies and to make estimates and judgments that could have a material impact on the results of operations, financial condition, or cash flows of the Registrants. For more information on Cleco's accounting policies, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies."

Cleco believes that the following accounting estimates are the most significant in understanding reported financial results:

• **Regulatory Accounting:** A significant portion of Cleco's business is subject to regulation. This results in differences in the application of GAAP between regulated and non-regulated businesses. Cleco Power records regulatory assets and liabilities for certain transactions that would have been treated as revenue or expense in non-regulated businesses. Future regulatory changes or changes in the competitive environment could result in the discontinuance of this accounting treatment for regulatory assets and

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

liabilities for some or all of Cleco's businesses. Cleco's management believes that currently available facts support the continued use of regulatory assets and liabilities and that all regulatory assets and liabilities are recoverable or refundable in the current rate environment. For more information on regulatory assets and liabilities, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Regulation," "Note 6 — Regulatory Assets and Liabilities," and "Note 14 — Regulation and Rates."

• **Goodwill:** On April 13, 2016, in connection with the completion of the 2016 Merger, Cleco recognized goodwill of $1.49 billion, all of which was assigned to the Cleco Power reporting unit. Goodwill is required to be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Application of the goodwill impairment test requires management to make significant assumptions and estimates, including the identification of reporting units, assignments of assets and liabilities to reporting units, assignment of goodwill to reporting units, and the determination of the fair value of the reporting units, in which independent valuation experts are often used. Changes in management's assumptions and estimates could materially affect the determination of fair value and goodwill impairment. For more information on goodwill recorded in connection with the 2016 Merger, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 18 — Intangible Assets and Goodwill — Goodwill."

• **Pension and Other Postretirement Benefits:** To determine assets, liabilities, and expenses relating to pension and other postretirement benefits, management must make assumptions about future trends. Assumptions and estimates include, but are not limited to, discount rates, expected return on plan assets, mortality rates, future rate of compensation increases, and medical inflation trend rates. These assumptions are reviewed and updated on an annual basis. Changes in the rates from year-to-year and newly-enacted laws could have a material effect on Cleco's financial condition and results of operations by changing the recorded assets, liabilities, expense, or required funding of the pension plan obligation. One component of pension expense is the expected return on plan assets. It is an assumed percentage return on the market-related value of plan assets. The market-related value of plan assets differs from the fair value of plan assets by the amount of deferred asset gains or losses. Actual asset returns that differ from the expected return on plan assets are deferred and recognized in the market-related value of assets on a straight-line basis over a five-year period.

Management uses a theoretical bond portfolio in order to calculate the discount rate for the measurement of liabilities. A change in the assumed discount rate creates a deferred actuarial gain or loss. Generally, when the assumed discount rate increases or decreases compared to the prior measurement date, an actuarial gain or loss occurs, respectively. Actuarial gains and losses also are created when actual results, such as compensation increases, differ from assumptions. Historically, Cleco Power has been

allowed to recover pension plan expenses; therefore, deferred actuarial gains and losses are recorded as a regulatory asset or liability. The net of the deferred gains and losses is amortized to pension expense over the average service life of the remaining plan participants when it exceeds certain thresholds. This approach of amortizing gains and losses has the effect of reducing the volatility of pension expense. Over time, it is not expected to reduce or increase the pension expense relative to an approach that immediately recognizes losses and gains.

The following table shows the impact of a 0.5% change in Cleco's pension plan discount rate, salary scale, and rate of return on plan assets:

---

| | | | |
|:---|:---|:---|:---|
| ACTUARIAL ASSUMPTION<br>(THOUSANDS) | CHANGE IN ASSUMPTION | CHANGE IN PROJECTED BENEFIT OBLIGATION | CHANGE IN ESTIMATED BENEFIT COST |
| Discount rate | 0.5% increase | $(25348) | $590 |
|  | 0.5% decrease | $27810 | $(481) |
| Salary scale | 0.5% increase | $2461 | $243 |
|  | 0.5% decrease | $(2298) | $(226) |
| Expected return on assets | 0.5% increase | $— | $(2295) |
|  | 0.5% decrease | $— | $2295 |

---

Based on funding assumptions at December 31, 2025, management estimates that $59.8 million of pension contributions will be required through 2030 of which $16.8 million is required in 2026. Future discretionary contributions may be made depending on changes in assumptions, the ability to utilize the contribution as a tax deduction, and requirements concerning recognizing a minimum pension liability. Future required contributions are driven by liability funding target percentages set by law which could cause the required contributions to change from year-to-year. The ultimate amount and timing of the contributions will be affected by changes in the discount rate, changes in the funding regulations, and actual returns on fund assets. Adverse changes in assumptions or adverse actual events could cause additional minimum contributions.

For more information on pension and other postretirement benefits, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 11 — Pension Plan and Employee Benefits."

• **Income Taxes:** For more information on income taxes, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Income Taxes" and Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 12 — Income Taxes."

• **Loss Contingencies**: Cleco is currently involved in certain legal and regulatory proceedings and management has estimated the probable costs for the resolution of these matters. These estimates are based on an analysis of potential results, assuming a combination of litigation and settlement assumptions. For more information on legal and regulatory proceedings affecting Cleco, see Part I, Item 1, "Business — Environmental Matters — Air Quality," Item 1A, "Risk Factors — Operational Risks — Litigation," and Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Commitments and Contingencies, and Disclosures about Guarantees."

**• Discontinued Operations:** Cleco calculated an estimated impairment on the disposition of its Cleco Cajun Sale Group as of December 31, 2023. Cleco determined that the estimated fair value less the estimated cost to sell the Cleco Cajun Sale Group was less than the carrying value of the Cleco Cajun Sale Group at December 31, 2023. The fair value estimates involved a number of judgments and assumptions including the future performance of the Cleco Cajun Sale Group through the expected divestiture date, the expected net working capital adjustment to the sale proceeds from the Cleco Cajun Divestiture Purchase and Sale Agreement, and the weighted average cost of capital or discount rate. The estimated fair value was determined using the income approach. During 2024, changes occurred in the fair value less cost to sell the Cleco Cajun Sale Group and the actual impairment on the disposition of the Cleco Cajun Sale Group was different compared to the estimated loss recorded at December 31, 2023. For more information on discontinued operations, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Discontinued Operations."

**Cleco Power**

Cleco Power's retail rates are regulated by the LPSC and its tariffs for transmission services are regulated by FERC, while rates for wholesale power sales are based on market-based rates and ultimately reviewed by FERC. Cleco Power must evaluate its various transactions related to regulatory orders and accounting guidance to ensure the appropriate timing of revenue recognition, the evaluation of cost deferral and the recoverability and refund of certain assets. Future rate changes could have a material impact on the results of operations, financial condition, or cash flows of Cleco Power. Areas that could be materially impacted by future actions of regulators are described below:

• The LPSC allows Cleco Power to recover prudent costs incurred in developing long-lived assets. If the LPSC were to rule that the cost of current or future long-lived assets was imprudent and not recoverable, Cleco Power could be required to write down the asset and incur a corresponding impairment loss.

• The LPSC determines the amount and type of fuel and purchased power expenses that Cleco Power can charge customers through the FAC. Changes in the determination of allowable costs already incurred by Cleco Power could cause material changes in fuel revenue. Recovery of FAC costs is subject to periodic fuel audits by the LPSC, which are performed at least every other year. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, by the LPSC related to these filings. For more information on LPSC fuel audits, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees —Litigation — LPSC Audits and Reviews — Fuel Audits." For information on fuel revenue, see "— Results of Operations — Comparison of the Years Ended December 31, 2025, and 2024 — Summary of

Consolidated Results — Fuel Cost and Purchased Power Recovery/Recoverable Fuel and Purchased Power."

**FINANCIAL CONDITION**

**Liquidity and Capital Resources**

***General Considerations and Credit-Related Risks*** 

*Credit Ratings and Counterparties*

Financing for operational needs and capital expenditure requirements not satisfied by operating cash flows depends upon the cost and availability of external funds through both short- and long-term financing. The inability to raise capital on favorable terms could negatively affect Cleco's ability to maintain or expand its businesses. Access to funds is dependent upon factors such as general economic and capital market conditions, regulatory authorizations and policies, Cleco Holdings' and Cleco Power's credit ratings, cash flows from routine operations, and credit ratings of project counterparties. After assessing the current operating performance, liquidity, and credit ratings of Cleco Holdings and Cleco Power, management believes that Cleco will have access to the capital markets at prevailing market rates for companies with comparable credit ratings. The following table presents the credit ratings of Cleco Holdings and Cleco Power at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | SENIOR UNSECURED DEBT | SENIOR UNSECURED DEBT | SENIOR UNSECURED DEBT | CORPORATE/LONG-TERM ISSUER | CORPORATE/LONG-TERM ISSUER | CORPORATE/LONG-TERM ISSUER |
| | S&P | MOODY'S | FITCH | S&P | MOODY'S | FITCH |
| Cleco Holdings | BBB- | Baa3 | BBB- | BBB | Baa3 | BBB- |
| Cleco Power | A- | A3 | BBB+ | A- | A3 | BBB |

---

Credit ratings are not recommendations to buy, sell, or hold securities, and may be subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.

Cleco Holdings and Cleco Power pay fees and interest under their bank credit agreements based on the highest rating held. If Cleco Holdings' or Cleco Power's credit ratings were to be downgraded, Cleco Holdings or Cleco Power, respectively, could be required to pay additional fees and incur higher interest rates for borrowings under their respective revolving credit facilities. On June 3, 2025, Fitch revised Cleco Power's long-term issuer default ratings outlook from stable to positive.

Cleco Holdings and Cleco Power may be required to provide credit support with respect to bilateral transactions and contracts that they have entered into or may enter into in the future. The amount of credit support required may change based on margining formulas, changes in credit agency ratings, or liquidity ratios.

Cleco Power participates in the MISO market. MISO requires participants to provide credit support which may increase or decrease due to the timing of the settlement schedules and MISO margining formulas. For more information about MISO, see "— Regulatory and Other Matters — Transmission Rates." For more information about credit support, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Off-Balance Sheet Commitments and Guarantees."

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

*Global and U.S. Economic Environment*

Global and domestic economic conditions may have an impact on Cleco's business and financial condition. Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows. During periods of capital market volatility, the availability of capital could be limited and the costs of capital may increase for many companies. Although the Registrants have not experienced restrictions in the financial markets, their ability to access the capital markets may be restricted at a time when the Registrants would like, or need, to do so. Any restrictions could have a material impact on the Registrants' ability to fund capital expenditures or debt service, or on their flexibility to react to changing economic and business conditions. Credit constraints could have a material, negative impact on the Registrants' lenders or customers, causing them to fail to meet their obligations to the Registrants or to delay payment of such obligations.

In recent years, inflationary pressures have increased substantially. Under established regulatory practice, historical costs have traditionally formed the basis for recovery from customers. As a result, Cleco Power's future cash flows designed to provide recovery of historical plant costs may not be adequate to replace property, plant, and equipment in future years. For information on the impacts of inflation and market price volatility of natural gas on credit loss reserves related to customer accounts receivable, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Reserves for Credit Losses" and Part I, Item 1A, "Risk Factors — General Risk Factors — Global Economic Uncertainty and Access to Capital."

*OBBBA*

On July 4, 2025 the current presidential administration signed into law the OBBBA, that includes tax reform provisions that amend, eliminate, and extend tax rules under the TCJA. The

OBBBA includes changes to federal tax, energy, and infrastructure policy that may affect the utility industry. Key provisions include modifications to clean energy tax credits that were initially introduced and expanded under the IRA of 2022, and the permanent extension of certain expiring provisions of the TCJA. The OBBBA has not had a material impact on Cleco's financial statements at this time. However, it could affect the timing and amount of tax credits Cleco may claim on future projects.

*Fair Value Measurements*

Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. For more information about fair value instruments, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 8 — Fair Value Accounting Instruments."

***Cash Generation and Cash Requirements***

*Restricted Cash and Cash Equivalents*

For information on Cleco's and Cleco Power's restricted cash and cash equivalents, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Restricted Cash and Cash Equivalents."

*Working Capital* 

At December 31, 2025, and 2024, Cleco Power had a working capital surplus of $164.4 million and $96.0 million, respectively, resulting in an increase of $68.4 million in working capital.

At December 31, 2025, and 2024, Cleco had a working capital deficit of $74.2 million and working capital surplus of $77.8 million, respectively, resulting in a decrease of $152.0 million in working capital.

The following table contains the working capital variances for the years ended December 31, 2025, and 2024.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| | CLECO POWER | CLECO POWER | CLECO POWER | OTHER<br>SEGMENTS | CLECO |
| (THOUSANDS) | **2025** | 2024 | VARIANCE | VARIANCE | VARIANCE |
| **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**162660** | $23714 | $138946 | $1638 | $140584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **33865** | 15918 | 17947 |  | 17947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | **53053** | 47520 | 5533 |  | 5533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - affiliate | **9** | 1174 | (1165) | (33526) | (34691) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | **67449** | 23233 | 44216 | (275) | 43941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **47453** | 44687 | 2766 |  | 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory, at average cost | **84951** | 95810 | (10859) |  | (10859) |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies, at average cost | **183085** | 158976 | 24109 |  | 24109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets<sup>(1)</sup> | **2452** | 9210 | (6758) |  | (6758) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deferred fuel<sup>(1)</sup> | **25711** | 661 | 25050 |  | 25050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value of company/trust-owned life insurance policies | **7813** | 10123 | (2310) | 5812 | 3502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **60702** | 23524 | 37178 | 1537 | 38715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | **37923** | 287390 | (249467) | (206) | (249673) |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable - Cleco Cajun Divestiture | **—** |  |  | 108445 | 108445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **353** |  | 353 | 735 | 1088 |
| &nbsp;&nbsp;&nbsp;Total current assets | **767479** | 741940 | 25539 | 84160 | 109699 |
| &nbsp;&nbsp;Current liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | **—** | 110000 | (110000) | (10000) | (120000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year | **254943** | 264934 | (9991) | 359883 | 349892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable<sup>(1)</sup> | **133283** | 108736 | 24547 | (4533) | 20014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **13038** | 11389 | 1649 | 13149 | 14798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | **58787** | 58002 | 785 |  | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for customer refund | **20900** | 20510 | 390 |  | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | **28454** | 13422 | 15032 | (55602) | (40570) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **13891** | 11781 | 2110 | (10) | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities<sup>(1)</sup> | **10890** |  | 10890 |  | 10890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **10199** | 8327 | 1872 |  | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation | **—** |  |  | 2364 | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **22530** | 21701 | 829 | 238 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserves | **10730** |  | 10730 |  | 10730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **25414** | 17131 | 8283 | (895) | 7388 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | **603059** | 645933 | (42874) | 304594 | 261720 |
| **Working capital surplus (deficit)** | $**164420** | $96007 | $68413 | $(220434) | $(152021) |
| <sup>(1)</sup> Energy risk management assets, Accumulated deferred fuel, Accounts payable, and Energy risk management liabilities do not include FTRs. FTR activity is not included in working capital. | <sup>(1)</sup> Energy risk management assets, Accumulated deferred fuel, Accounts payable, and Energy risk management liabilities do not include FTRs. FTR activity is not included in working capital. | <sup>(1)</sup> Energy risk management assets, Accumulated deferred fuel, Accounts payable, and Energy risk management liabilities do not include FTRs. FTR activity is not included in working capital. | <sup>(1)</sup> Energy risk management assets, Accumulated deferred fuel, Accounts payable, and Energy risk management liabilities do not include FTRs. FTR activity is not included in working capital. | <sup>(1)</sup> Energy risk management assets, Accumulated deferred fuel, Accounts payable, and Energy risk management liabilities do not include FTRs. FTR activity is not included in working capital. | <sup>(1)</sup> Energy risk management assets, Accumulated deferred fuel, Accounts payable, and Energy risk management liabilities do not include FTRs. FTR activity is not included in working capital. |

---

Summary of Consolidated Results

The $152.0 million decrease in Cleco's working capital is primarily due to:

• a $349.9 million increase in long-term debt due within one year primarily due to the reclassification of Cleco Holdings' $360.0 million senior notes due in May 2026. For more information on Cleco's and Cleco Power's short and long-term debt, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt,"

• a $249.7 million decrease in regulatory assets for Cleco Power primarily due to the securitization financing of the Dolet Hills Power Station and mine-related regulatory assets associated with the closure of the Oxbow mine on March 12, 2025. For more information on the securitization settlement, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory

Assets and Liabilities — Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs,"

• a $34.7 million decrease in accounts receivable-affiliate primarily due to filing of the 2024 federal and state income tax returns, which incorporated the utilization of net operating losses and final allocation of consolidated taxable income at Cleco Holdings,

• a $20.0 million increase in accounts payable, excluding FTRs, primarily due to an increase in the purchase of transformers, generation and plant maintenance, and information technology, partially offset by lower accruals for short-term incentive plan compensation at Cleco Power,

• a $14.8 million increase in accounts payable-affiliate primarily due to an increase in the amounts payable to Cleco Group for income taxes,

• a $10.9 million decrease in fuel inventory primarily due to lower purchases of petroleum coke at a lower cost at Cleco Power,

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

• a $10.9 million increase in energy risk management liabilities primarily due higher losses on mark-to-market gas-related derivative contracts at Cleco Power, and

• a $10.7 million increase in energy transition reserves at Cleco Power primarily due to the Dolet Hills Power Station energy transition costs and for future energy transition costs established as a result of the securitization financing of Energy Transition Property. For more information about the energy transition reserve, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Energy Transition Reserve."

These decreases in working capital were partially offset by:

• a $140.6 million increase in cash and cash equivalents,

• a $120.0 million decrease in short-term debt primarily due to pay downs on the revolving credit facilities at Cleco Holdings and Cleco Power,

• a $108.4 million increase in receivable – Cleco Cajun Divestiture primarily due to the reclassification of the expected payment from the Cleco Cajun purchasers due by June 2026 at Cleco Holdings,

• a $43.9 million increase in other accounts receivable primarily due to an accrual for a customer reimbursement, higher accruals of customer advances for construction, general liability insurance, and MISO, and the timing of collections from joint owners at Cleco Power,

• a $40.6 million decrease in taxes payable primarily due to intercompany tax settlements at Cleco Holdings and Cleco Power, partially offset by higher federal taxes,

• a $38.7 million increase in prepayments primarily due to the purchase of transformers and packaged substations related to new gas compression customers at Cleco Power,

• a $25.1 million increase in accumulated deferred fuel, excluding FTRs, primarily due to the increase of fuel cost and higher mark-to-market losses on gas-related derivative contracts for Cleco Power,

• a $24.1 million increase in materials and supplies primarily due to higher purchases of transmission and distribution inventory in order to support future needs at Cleco Power, and

• a $17.9 million increase in restricted cash and cash equivalents primarily due to the establishment of restricted cash accounts related to the Dolet Hills securitization.

For the comparison of Cleco's and Cleco Power's working capital for the years ended December 31, 2024, and 2023, see Part II, Item 7, " Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Cash Generation and Cash Requirements — Working Capital and Debt" in the Annual Report on Form 10-K for the year ended December 31, 2024.

Liabilities

At December 31, 2025, Cleco's Consolidated Balance Sheet had $4.85 billion of total liabilities compared to $4.53 billion at December 31, 2024. The $317.1 million increase in total liabilities during 2025 was primarily due to:

• a $372.1 million increase in long-term debt primarily due to the issuances of $305.0 million of senior secured energy transition bonds in March 2025 and $350.0 million of senior

notes at Cleco Power. These increases were partially offset by the repayments of the $125.0 million bank term loan in March 2025, the $75.0 million of senior notes in November 2025, and the $50.0 million GO Zone bonds in May 2025 at Cleco Power. Also contributing to the offset were pay downs of $15.1 million on Cleco Securitization I bonds and $3.2 million on Cleco Securitization II bonds. For more information on Cleco's and Cleco Power's short and long-term debt, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt,"

• a $60.4 million increase in accumulated deferred federal and state income taxes, net primarily due to the absence of adjustments for the reduction in income tax rates in 2024,

• a $38.4 million increase in energy transition reserves at Cleco Power primarily due to the Dolet Hills Power Station energy transition costs and future energy transition costs established as a result of the securitization financing of Energy Transition Property. For more information about the energy transition reserve, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Energy Transition Reserve,"

• a $20.2 million increase in accounts payable, primarily due to an increase in the purchase of transformers, generation and plant maintenance, and information technology, partially offset by lower accruals for short-term incentive plan compensation at Cleco Power,

• a $14.8 million increase in accounts payable-affiliate primarily due to an increase in the amounts payable to Cleco Group for income taxes, and

• an $11.6 million increase in energy risk management liabilities primarily due to higher mark-to-market losses on gas-related derivative contracts at Cleco Power.

These increases in total liabilities were partially offset by:

• a $120.0 million decrease in short-term debt primarily due to pay downs on the revolving credit facilities at Cleco Holdings and Cleco Power,

• a $40.6 million decrease in taxes payable primarily due to intercompany tax settlements at Cleco Holdings,

• a $20.4 million decrease in postretirement benefit obligations due to a decrease in expected pension liability payments for 2025, partially offset by an increase in interest and service costs, and

• a $19.5 million decrease in provision for customer refund primarily due to the third quarter 2025 refund issued to Cleco Power's retail customers resulting from the settlement of the Dolet Hills prudency review. For more information about the settlement, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs and "— Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Securitization."

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

At December 31, 2025, Cleco Power's Consolidated Balance Sheet reflected $3.66 billion of total liabilities compared to $3.28 billion at December 31, 2024. The $381.6 million increase in total liabilities during 2025 was primarily due to:

• a $378.9 million increase in long-term debt primarily due to the issuances of $305.0 million of senior secured energy transition bonds in March 2025 and $350.0 million of senior notes. These increases were partially offset by the repayments of the $125.0 million bank term loan in March 2025, the $75.0 million of senior notes in November 2025, and the $50.0 million GO Zone bonds in May 2025. Also contributing to the offset were pay downs of $15.1 million of on Cleco Securitization I bonds and $3.2 million on Cleco Securitization II bonds. For more information on Cleco's and Cleco Power's short and long-term debt, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt,"

• a $61.7 million increase in accumulated deferred federal and state income taxes, net primarily due to the absence of adjustments for the reduction in income tax rates in 2024,

• a $38.4 million increase in energy transition reserves primarily due to the Dolet Hills Power Station energy transition costs and for future energy transition costs established as a result of the securitization financing of Energy Transition Property. For more information about the energy transition reserve, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Energy Transition Reserve,"

• a $24.7 million increase in accounts payable primarily due to an increase in the purchase of transformers, generation and plant maintenance, and information technology, partially offset by lower accruals related to short-term incentive plan compensation,

• a $15.0 million increase in taxes payable primarily due to increases in federal taxable income, and

• an $11.6 million increase in energy risk management liabilities primarily due to higher mark-to-market losses on gas-related derivative contracts.

These increases in total liabilities were partially offset by:

• a $110.0 million decrease in short-term debt primarily due to pay downs on the revolving credit facility,

• a $21.5 million decrease in postretirement benefit obligations due to a decrease in expected pension liability payments for 2025, partially offset by an increase in interest and service costs, and

• a $19.5 million decrease in provision for customer refunds primarily due to the third quarter 2025 refund issued to Cleco Power's retail customers resulting from the settlement of the Dolet Hills prudency review. For more information about the settlement, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs and "— Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation— LPSC Audits and Reviews — Dolet Hills Securitization."

Debt

For more information on Cleco Power's short and long-term debt, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt — Cleco Power." For more information on Cleco Holdings' short and long-term debt, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt — Cleco."

Liquidity

The following tables present the total liquidity for Cleco and Cleco Power for December 31, 2025, and 2024:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Cash and cash equivalents | $**171056** | $30472 |
| Cleco Power revolving credit facility  | **300000** | 300000 |
| &nbsp;&nbsp;Less: Outstanding revolving draws | **—** | (110000) |
| Cleco Holdings revolving credit facility | **175000** | 175000 |
| &nbsp;&nbsp;Less: Outstanding revolving draws | **—** | (10000) |
| Total liquidity | $**646056** | $385472 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Cash and cash equivalents | $**162660** | $23714 |
| Revolving credit facility | **300000** | 300000 |
| &nbsp;&nbsp;Less: Outstanding revolving draws | **—** | (110000) |
| Total liquidity | $**462660** | $213714 |

---

For more information on Cleco Power's and Cleco Holdings' credit facilities, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt — Credit Facilities."

Concentrations of Credit Risk

At December 31, 2025, and 2024, Cleco and Cleco Power were exposed to concentrations of credit risk through their short-term investments classified as cash equivalents. In order to mitigate potential credit risk, Cleco and Cleco Power have established guidelines for short-term investments. For more information on the concentration of credit risk through short-term investments classified as cash equivalents, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 8 — Fair Value Accounting Instruments."

Debt and Distribution Limitations

The 2016 Merger Commitments include provisions for limiting the amount of distributions that can be made from Cleco Holdings to Cleco Group, depending on Cleco Holdings' debt to EBITDA ratio and its corporate credit ratings. Cleco Holdings may not make any distribution unless, after giving effect to such distribution, Cleco Holdings' debt to EBITDA ratio is equal to or less than 6.50 to 1.00 and Cleco Holdings' corporate credit rating is investment grade with one or more of the three credit rating agencies. At December 31, 2025, Cleco Holdings was in compliance with the provisions of the 2016 Merger Commitments that would restrict the amount of distributions available. Additionally, in accordance with the

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

2016 Merger Commitments, Cleco Power is subject to certain provisions limiting the amount of distributions that may be paid to Cleco Holdings, depending on Cleco Power's common equity ratio and its corporate credit ratings. Cleco Power may not make any distribution unless, after giving effect to such distribution, Cleco Power's common equity ratio would not be less than 48% and Cleco Power's corporate credit rating is investment grade with two of the three credit rating agencies. At December 31, 2025, Cleco Power was in compliance with

the provisions of the 2016 Merger Commitments that would restrict the amount of distributions available. The 2016 Merger Commitments also prohibit Cleco from incurring additional long-term debt, excluding non-recourse debt, unless certain financial ratios are achieved. For more information on the 2016 Merger Commitments, see Part I, Item 1A, "Risk Factors — Structural Risks — Holding Company" and "— Regulatory Risks — Regulatory Compliance."

*Cash Flows Comparison for the Years Ended December 31, 2025, and 2024*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| | | CLECO POWER | CLECO POWER | | | CLECO |
| (THOUSANDS) | **2025** | 2024 | VARIANCE | **2025** | 2024 | VARIANCE |
| **Operating activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net income, adjusted for non-cash items<sup>(1)</sup> | $**482085** | $423699 | $58386 | $**467301** | $444064 | $23237 |
| &nbsp;&nbsp;Changes in assets and liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **(28269)** | 5016 | (33285) | **(33272)** | 26712 | (59984) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory and materials and supplies | **(13250)** | (44615) | 31365 | **(13250)** | (68494) | 55244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **(54776)** | (5875) | (48901) | **(57673)** | (10108) | (47565) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(3851)** | (15015) | 11164 | **(5511)** | (13160) | 7649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **(7155)** | (2255) | (4900) | **(1429)** | 10685 | (12114) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes accrued | **21791** | (11744) | 33535 | **11931** | 39636 | (27705) |
| &nbsp;&nbsp;&nbsp;&nbsp;Storm reserve | **(6876)** | (37094) | 30218 | **(6876)** | (37094) | 30218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating items with variances outside the threshold<sup>(2)</sup> | **(55837)** | (52618) | (3219) | **(85388)** | (106522) | 21134 |
| Net cash provided by operating activities | $**333862** | $259499 | $74363 | $**275833** | $285719 | $(9886) |
| **Investing activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Additions to property, plant, and equipment | $**(348530)** | $(270058) | $(78472) | $**(348862)** | $(274247) | $(74615) |
| &nbsp;&nbsp;Payments received on note receivable | **—** | 11914 | (11914) | **—** | 11914 | (11914) |
| &nbsp;&nbsp;Proceeds from sale of discontinued operations (net of transaction fees of $10.8 million) | **—** |  |  | **—** | 463769 | (463769) |
| &nbsp;&nbsp;Other investing items with variances outside the threshold<sup>(2)</sup> | **6653** | 19139 | (12486) | **6653** | 19139 | (12486) |
| Net cash (used in) provided by investing activities | $**(341877)** | $(239005) | $(102872) | $**(342209)** | $220575 | $(562784) |
| **Financing activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Draws on revolving credit facilities | $**130000** | $110000 | $20000 | $**193000** | $142000 | $51000 |
| &nbsp;&nbsp;Payments on revolving credit facilities | **(240000)** |  | (240000) | **(313000)** | (132000) | (181000) |
| &nbsp;&nbsp;Issuances of securitized debt | **305000** |  | 305000 | **305000** |  | 305000 |
| &nbsp;&nbsp;Issuances of long-term debt | **349218** | 16599 | 332619 | **349218** | 16599 | 332619 |
| &nbsp;&nbsp;Repayment of long-term debt | **(268301)** | (81098) | (187203) | **(268301)** | (487798) | 219497 |
| &nbsp;&nbsp;Refunds of credit deposits | **(10350)** |  | (10350) | **(10350)** |  | (10350) |
| &nbsp;&nbsp;Distributions to member | **(70000)** | (95000) | 25000 | **—** | (145005) | 145005 |
| &nbsp;&nbsp;Other financing items with variances outside the threshold<sup>(2)</sup> | **(8784)** | 6528 | (15312) | **(8784)** | 6726 | (15510) |
| Net cash provided by (used in) financing activities | $**186783** | $(42971) | $229754 | $**246783** | $(599478) | $846261 |
| <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, unrealized gains and losses, deferred income taxes, and derecognition of previously deferred costs.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. | <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, unrealized gains and losses, deferred income taxes, and derecognition of previously deferred costs.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. | <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, unrealized gains and losses, deferred income taxes, and derecognition of previously deferred costs.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. | <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, unrealized gains and losses, deferred income taxes, and derecognition of previously deferred costs.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. | <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, unrealized gains and losses, deferred income taxes, and derecognition of previously deferred costs.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. | <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, unrealized gains and losses, deferred income taxes, and derecognition of previously deferred costs.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. | <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, unrealized gains and losses, deferred income taxes, and derecognition of previously deferred costs.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. |

---

Summary of Consolidated Results

*Net Operating Cash Flows* 

Net cash provided by operating activities increased primarily due to cash flows from net income, adjusted for non-cash items. For more information, see "— Results of Operations — Comparison of the Years Ended December 31, 2025, and 2024 — Summary of Consolidated Results."

Year over year changes in working capital accounts also materially impacts the net cash provided by operating activities. For more information on these changes in working capital, see "— Working Capital."

Other material impacts to the change in operating cash flows were attributable to the deferred recovery of storm expenditures due to timing. For more information on the storm reserve, see Item 8, "Financial Statements and Supplementary

Data — Notes to the Financial Statements — Note 6 — Regulatory Assets and Liabilities — Storm Reserve."

*Net Investing Cash Flows* 

Net cash used in investing activities increased primarily due to higher additions to property, plant, and equipment, excluding AFUDC at Cleco Power.

Also contributing to the increase was the absence of $463.8 million of net proceeds from the Cleco Cajun Divestiture. For more information on the Cleco Cajun Divestiture, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Discontinued Operations."

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

*Net Financing Cash Flows* 

Net cash provided by financing activities increased primarily due to higher draws on revolving credit facilities, higher issuances of long-term debt and securitized debt, lower distributions from Cleco Power to Cleco Holdings, and the absence of distributions from Cleco Holdings to Cleco Group.

These increases were partially offset by higher payments on revolving credit facilities, higher repayments of long-term debt, and higher remittance of collateral to counterparties.

For more information on financing activities, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 8 — Fair Value Accounting Instruments — Concentrations of Credit Risk." and "— Note 10 — Debt."

***Cash Flows Comparison of the Years Ended December 31, 2024, and 2023*** 

For the comparison of Cleco's and Cleco Power's cash flows for the years ended December 31, 2024, and 2023, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Cash Generation and Cash Requirements — Cash Flows Comparison of the Years Ended December 31, 2024, and 2023 — Cleco" and "— Cleco Power" in the Annual Report on Form 10-K for the year ended December 31, 2024.

*Capital Expenditures* 

Cleco's capital expenditures are primarily incurred at Cleco Power. Cleco Power's capital expenditures relate primarily to assets that may be included in Cleco Power's rate base and, if considered prudent by the LPSC, can be recovered from its customers. Those assets also earn a rate of return authorized by the LPSC and are subject to the FRP. Such assets primarily consist of improvements to Cleco Power's distribution system, transmission system, and generating stations as well as hardware and software upgrades.

During the years ended December 31, 2025, 2024, and 2023, Cleco Power had capital expenditures, excluding AFUDC, of $348.5 million, $270.1 million, and $254.6 million, respectively. Cleco Power funded its capital expenditures for 2025, 2024, and 2023 from internally generated funds and funds obtained through debt issuances.

During the years ended December 31, 2025, 2024, and 2023, Cleco's other subsidiaries had capital expenditures of $0.3 million, $0.9 million, and $0.5 million, respectively.

During 2026 and for the five-year period ending 2030, Cleco and Cleco Power expect to materially fund their capital expenditure requirements with internally generated funds. However, Cleco Power may choose to issue debt in order to supplement its funding sources and achieve its stipulated regulatory capital structure. All computations of internally funded capital expenditures exclude AFUDC.

Cleco's and Cleco Power's estimated capital expenditures and debt maturities for 2026 and for the five-year period ending December 31, 2030, are presented in the following tables. All amounts exclude AFUDC.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Cleco |  |  |  |  |
| PROJECT (THOUSANDS) | 2026 | % | 2026-2030 | % |
| Generation | $257000 | 44% | $2738000 | 55% |
| Transmission | 82000 | 14% | 920000 | 18% |
| Distribution | 189000 | 32% | 1126000 | 23% |
| Other<sup>(1)</sup> | 58000 | 10% | 210000 | 4% |
| Total capital expenditures | $586000 | 100% | $4994000 | 100% |
| Debt payments | 615212 |  | 1277416 |  |
| Total capital expenditures and debt payments | $1201212 |  | $6271416 |  |
| <sup>(1)</sup> Primarily consists of information technology and telecommunications hardware and software upgrades.  | <sup>(1)</sup> Primarily consists of information technology and telecommunications hardware and software upgrades.  | <sup>(1)</sup> Primarily consists of information technology and telecommunications hardware and software upgrades.  | <sup>(1)</sup> Primarily consists of information technology and telecommunications hardware and software upgrades.  | <sup>(1)</sup> Primarily consists of information technology and telecommunications hardware and software upgrades.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Cleco Power |  |  |  |  |
| PROJECT (THOUSANDS) | 2026 | % | 2026-2030 | % |
| Generation | $257000 | 44% | $2738000 | 55% |
| Transmission | 82000 | 14% | 920000 | 18% |
| Distribution | 189000 | 32% | 1126000 | 23% |
| Other<sup>(1)</sup> | 55000 | 10% | 198000 | 4% |
| Total capital expenditures | $583000 | 100% | $4982000 | 100% |
| Debt payments | 255212 |  | 617416 |  |
| &nbsp;&nbsp;Total capital expenditures and debt payments | $838212 |  | $5599416 |  |
| <sup>(1)</sup> Primarily consists of information technology and telecommunications hardware and software upgrades.  | <sup>(1)</sup> Primarily consists of information technology and telecommunications hardware and software upgrades.  | <sup>(1)</sup> Primarily consists of information technology and telecommunications hardware and software upgrades.  | <sup>(1)</sup> Primarily consists of information technology and telecommunications hardware and software upgrades.  | <sup>(1)</sup> Primarily consists of information technology and telecommunications hardware and software upgrades.  |

---

Capital expenditures for Cleco's other subsidiaries in 2026 are estimated to total $3.0 million. For the five-year period ending December 31, 2030, capital expenditures for Cleco's other subsidiaries are estimated to total $12.0 million. Cleco expects cash and cash equivalents on hand, in addition to cash generated from operations, borrowings from credit facilities, and the net proceeds of any issuances of debt securities, to be adequate to fund normal ongoing capital expenditures, working capital, and debt service requirements for the foreseeable future. For more information on future debt payments, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Debt."

*Other Cash Requirements*

Cleco Power's regulated operations are Cleco's primary sources of internally generated funds. These funds, along with issuances of additional debt received in future years, will be used for general company purposes, capital expenditures, debt service, human capital expenditures, contractual obligations, and off-balance sheet arrangements, if required.

Cleco also anticipates funding future cash requirements for large future projects, through one or more sources including debt financing, private equity investment, and partnership interests.

**Contractual Obligations** 

Cleco, in the normal course of business activities, enters into a variety of contractual obligations. Some of these result in direct obligations that are reflected in Cleco's Consolidated Balance Sheets while others are commitments, some firm and some based on uncertainties, that are not reflected in the consolidated financial statements. These obligations do not

include amounts for ongoing needs for which no contractual obligation existed as of December 31, 2025.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | |
|:---|:---|:---|:---|
| | | PAYMENTS DUE BY PERIOD | PAYMENTS DUE BY PERIOD |
| (THOUSANDS) | TOTAL | UP TO 12 MONTHS | BEYOND 12<br>MONTHS |
| Cleco  |  |  |  |
| &nbsp;&nbsp;Long-term debt <sup>(1)</sup> | $4735099 | $755356 | $3979743 |
| &nbsp;&nbsp;Purchase obligations  | $983625 | $147140 | $836485 |
| &nbsp;&nbsp;Other long-term liabilities <sup>(2)</sup> | $28376 | $3350 | $25026 |
| Cleco Power |  |  |  |
| &nbsp;&nbsp;Long-term debt <sup>(1)</sup> | $3321049 | $361088 | $2959961 |
| &nbsp;&nbsp;&nbsp;Purchase obligations | $976654 | $141925 | $834729 |
| &nbsp;&nbsp;Other long-term liabilities <sup>(2)</sup> | $8850 | $1855 | $6995 |

---

<sup>(1)</sup> For Cleco, the amount above excludes the fair value adjustments related to the 2016 Merger. Cleco's and Cleco Power's anticipated interest payments related to long-term debt also are included in this category and do not reflect anticipated future refinancing, early redemption, or debt issuance.

<sup>(2)</sup> Other long-term liabilities primarily consist of obligations for deferred compensation and various operating and maintenance agreements.

 

For purposes of this table, it is assumed that all terms and rates related to the above obligations will remain the same and all franchises will be renewed according to the rates used in the table.

For contractual obligations related to leases, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 4 — Leases." For information on amounts expected to be contributed to the employee pension plan and the projected benefit payments for Other Benefits and SERP, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 11 — Pension Plan and Employee Benefits."

**Off-Balance Sheet Commitments and Guarantees**

Cleco Holdings and Cleco Power have entered into various off-balance sheet commitments in the form of guarantees and standby letters of credit in order to facilitate its activities and the activities of Cleco Holdings' subsidiaries and equity investees (affiliates). Cleco Holdings and Cleco Power have also agreed to contractual terms that require them to pay third parties if certain triggering events occur. These contractual terms generally are defined as guarantees. For more information about off-balance sheet commitments and guarantees, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Off-Balance Sheet Commitments and Guarantees."

**Regulatory and Other Matters**

***Environmental Matters***

For information on environmental matters, see Part I, Item 1, "Business — Environmental Matters."

***Retail and Wholesale Rates***

For 2025 and 2024, retail rates, which includes the retail portion of FAC and EAC revenue, regulated by the LPSC accounted for approximately 99% and 95%, respectively, of Cleco Power's total base, FAC, and EAC revenue.

For information on Cleco Power's base rates, fuel rates, and environmental rates, see Part I, Item 1, "Business — Regulatory Matters, Industry Developments, and Franchises — Rates."

For information on Cleco Power's wholesale rates, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 14 — Regulation and Rates — Wholesale Rates."

***Transmission Rates***

Cleco Power's generation dispatch and transmission operations are integrated with MISO. MISO operates a fully functioning RTO market with two major market processes: the Day-Ahead Energy and Operating Reserves Market and the Real-Time Energy and Operating Reserves Market. Both use market-based mechanisms to manage transmission congestion across the MISO market area.

On May 25, 2025, under MISO's directives, Cleco Power shed load of approximately 102 MW to its service territory. The service outage event lasted approximately two hours. For more information on this event, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — MISO Load Shed Event." For more information about the risks associated with Cleco's participation in MISO, see Part I, Item 1A, "Risk Factors — Regulatory Risks — MISO."

Cleco Power is actively participating in programs to enhance its grid resilience against growing threats of extreme weather and climate change. For more information on Cleco Power's grid resiliency plan, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Overview — Grid Resiliency and Hardening." For information on transmission rates of Cleco, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 5 — Revenue Recognition — Transmission Revenue."

***Market Structure***

*Wholesale Electric Markets*

RTO

In 1999, FERC issued Order No. 2000, which established a general framework for all transmission-owning entities in the nation to voluntarily place their transmission facilities under the control of an appropriate RTO. Cleco Power's generation dispatch and transmission operations are integrated with MISO. For more information about Cleco Power's integration into MISO, see "— Transmission Rates."

ERO

NERC, subject to oversight by FERC, is the ERO responsible for developing and enforcing mandatory reliability standards for users, owners, and operators of the bulk power system. NERC, as the ERO, delegates authority to SERC.

A NERC Operations and Planning Reliability Standards audit is conducted at least every three years for Cleco Power. The most recent Operations and Planning Reliability Standards audit for Cleco Power began in the fall of 2024, and concluded in March 2025 resulting in no financial penalties. The next audit is scheduled to begin in 2028.

A NERC CIP audit is also conducted at least every three years for Cleco Power. The current audit began in October 2025 and concluded on February 12, 2026, resulting in no financial penalties.

On May 25, 2025, under MISO's directives, Cleco Power, Entergy Louisiana, and Entergy New Orleans shed load in the New Orleans area. Cleco Power shed approximately 102 MW of load for approximately two hours. SERC, on behalf of NERC, has opened a formal investigation regarding this event. Cleco has responded to several sets of data requests and expects to

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

receive the final report by June 2026. Management does not expect the outcome of this investigation to impact Cleco's results of operations, financial condition, or cash flows. For more information on this event, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — MISO Load Shed Event."

Management is unable to predict the final outcome of any future audits or whether any findings will have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants. For a discussion of risks associated with FERC's regulation of Cleco Power's transmission system, see Part I, Item 1A, "Risk Factors — Regulatory Risks — Reliability and CIP Standards Compliance."

*Retail Electric Markets*

Currently, the LPSC does not provide exclusive service territories for electric utilities under its jurisdiction. Instead, retail service is obtained through a long-term nonexclusive franchise. The LPSC uses a "300-foot rule" for determining the supplier for new customers. The "300-foot rule" requires a customer to take service from the electric utility that is within 300 feet of the respective customer. If the customer is beyond 300 feet from any existing utility service, they may choose their electric supplier. The application of the rule has led to competition with neighboring utilities for retail customers at the borders of Cleco Power's service areas. In the fourth quarter of 2024, Cleco Power filed a complaint with the LPSC under the 300-foot rule. In March 2025, a stipulated settlement was reached whereby Cleco received exclusive rights to provide electric service to the customer. The settlement was approved by the LPSC on April 16, 2025.

***IRP***

The IRP report outlines how Cleco Power plans to meet its forecasted load requirements on a reliable and economic

basis, while reducing Cleco Power's carbon footprint. The IRP is used as a guide in future decision-making and does not represent firm operational commitments.

In September 2025, Cleco Power filed an interim IRP with the LPSC. Cleco Power has received and is responding to data requests related to the interim IRP.

On October 22, 2025, Cleco Power submitted a request to the LPSC to initiate its next four-year IRP cycle. Cleco filed data assumptions related to the IRP with the LPSC on February 26, 2026, and is expected to submit a draft IRP in October 2026.

***Service Quality Plan (SQP)***

In October 2015, the LPSC proposed an SQP containing 21 requirements for Cleco Power. The SQP has provisions relating to employee headcount, employee benefits, customer service, reliability, vegetation management, and reporting. In April 2016, the SQP was approved by the LPSC. The SQP expired in December 2020; however, Cleco continued to maintain its compliance with the SQP. On October 15, 2024, Cleco Power submitted a proposed amended and extended SQP to the LPSC. On March 31, 2025, Cleco Power filed its annual SQP monitoring report for 2024 based on the expired reporting requirements.

***Franchises***

For information on franchises, see Part I, Item 1, "Business — Regulatory Matters, Industry Developments, and Franchises — Franchises."

***Recent Authoritative Guidance***

For a discussion of recent authoritative guidance, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Recent Authoritative Guidance."

**ITEM 7A.** QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK<br>

**RISK OVERVIEW**

Cleco is exposed to counterparty credit risk, liquidity risk, interest rate risk, and commodity price risk. Cleco has implemented a governance framework, inclusive of risk policies and procedures to help manage these and other risks.

For more information, see Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Liquidity and Capital Resources — General Considerations and Credit-Related Risks."

**Counterparty Credit Risk**

Cleco is exposed to counterparty credit risk due to the potential that a counterparty may fail to meet its financial obligations causing Cleco to incur replacement cost losses. Cleco may be exposed when it enters certain transactions such as commodity derivative or physical commodity transactions directly with market participants and contracts with retail electric customers that require Cleco to construct grid facilities for the purpose of serving those customers. Cleco enters into long-form contracts and master agreements

with counterparties that govern the risk of counterparty credit default and allow for collateralization above prenegotiated thresholds to help mitigate potential losses. Alternatively, Cleco may be required to provide credit support with respect to bilateral transactions and contracts that Cleco has entered into or may enter into in the future. The amount of credit support required may change based on margining formulas, changes in credit agency ratings or liquidity ratios.

Cleco monitors and manages its credit risk exposure through credit risk management policies and procedures that require retail customer and counterparty credit quality review and monitoring, establishment of credit and default terms in bilateral contracts and master agreements, monitoring changing credit exposure as compared to fair value, and collateralization and other methods of counterparty credit assurance.

**Liquidity Risk**

Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows. Disruption in the capital and credit markets may potentially increase the costs of capital and limit

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

the ability to access the capital markets. The inability to raise capital on favorable terms could negatively affect Cleco's ability to maintain and expand its business. After assessing the current operating performance, liquidity, and credit ratings of Cleco Holdings and Cleco Power, management believes that Cleco will have access to the capital markets at prevailing market rates for companies with comparable credit ratings.

**Interest Rate Risk**

Cleco monitors its mix of fixed- and variable-rate debt obligations in light of changing market conditions and from time to time may alter that mix, for example, refinancing balances outstanding under its variable-rate bank facilities with fixed-rate debt or vice versa. Calculations of the changes in fair market value and interest expense of the debt securities are made over a one-year period.

Sensitivity to changes in interest rates for variable-rate obligations is computed by assuming a 1% change in the current interest rate applicable to such debt.

At December 31, 2025, Cleco Holdings and Cleco Power had no short-term debt outstanding under their respective revolving credit facilities of $175.0 million and $300.0 million. The borrowing costs under Cleco Holdings' revolving credit facility were equal to SOFR plus 1.725% or ABR plus 0.625%, plus commitment fees of 0.275% paid on the unused portion of the facility. The borrowing costs under Cleco Power's revolving credit facility were equal to SOFR plus 1.35% or ABR plus 0.25%, plus commitment fees of 0.15% paid on the unused portion of the facility. There were no amounts outstanding at December 31, 2025, on Cleco's and Cleco Power's revolving credit facilities; therefore, a 1% increase in short-term variable interest rates at Cleco Holdings or Cleco Power would have had no impact on pretax earnings on an annualized basis.

Cleco may enter into contracts to mitigate the volatility in interest rate risk. These contracts include, but are not limited to, interest rate swaps and treasury rate locks. For each reporting period presented, the Registrants did not enter into any contracts to mitigate the volatility in interest rate risk.

**Commodity Price Risk**

Cleco Power's financial performance can be adversely impacted by the volatility in future fuel and power prices, which may impact customer costs passed through Cleco Power's FAC; therefore, Cleco Power has implemented a natural gas hedging program to partially mitigate the volatility of customer costs. The program includes transacting in financially settled swaps and options contracts and physical fixed price supply agreements. Cleco Power executes this program within a risk management framework inclusive of risk management policies, procedures, and guidelines, set forth by its Board of Managers and management. Cleco Power may be exposed to transmission congestion price risk as a result of physical transmission constraints present between MISO LMP nodes when serving customer load. Cleco Power is awarded and/or purchases FTRs in auctions facilitated by MISO. FTRs are accounted for as derivatives not designated as hedging instruments for accounting purposes.

During 2025, Cleco Power had natural gas derivative contracts consisting of fixed price physical forwards and financially settled swap and/or options contract transactions. Cleco Power monitors the Value at Risk (VaR) of its natural gas derivative contracts requiring derivative accounting treatment. VaR is defined as the maximum expected loss over a given holding period at a given confidence level based on

observable market prices and volatilities. Cleco Power uses a parametric risk modeling approach to estimate VaR using a combination of implied and historical volatilities within a five-

day holding period at a 95% confidence interval. Given Cleco Power's reliance on historical data, VaR is effective in estimating risk exposures in markets in which there are no sudden fundamental changes or abnormal shifts in market conditions. An inherent limitation of VaR is that past changes in market risk factors, even when weighted toward more recent observations, may not produce accurate predictions of future

market risk. VaR should be evaluated in light of this and the methodology's other limitations.

The following table presents the VaR of natural gas derivative contracts based on these assumptions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **FOR THE YEAR ENDED DEC. 31, 2025** | **FOR THE YEAR ENDED DEC. 31, 2025** | **FOR THE YEAR ENDED DEC. 31, 2025** |
|<br>(THOUSANDS) |<br>**AT DEC. 31, 2025** | **HIGH** | **LOW** | **AVERAGE** |
| Cleco Power | $**4816** | $**14277** | $**3133** | $**7260** |

---

For more information on the accounting treatment and fair value of FTRs and other commodity derivatives, see Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 2 — Summary of Significant Accounting Policies — Derivatives and Other Risk Management Activity," "Note 8 — Fair Value Accounting Instruments," and "Note 9 — Derivative Instruments."

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

**ITEM 8.** FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA<br>

<u>Report of Independent Registered Public Accounting Firm</u>

To the Board of Managers and Member of

Cleco Corporate Holdings LLC

***Opinion on the Financial Statements***

We have audited the accompanying consolidated balance sheets of Cleco Corporate Holdings LLC and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of income, of comprehensive income, of changes in member's equity, and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes and financial statement schedules listed in the index appearing under Item 15(a)(2) (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matters***

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

*Goodwill Impairment Assessment – Cleco Power Reporting Unit*

As described in Notes 2 and 18 to the consolidated financial statements, the Company's consolidated goodwill balance was $1.49 billion at December 31, 2025, all of which was assigned to the Cleco Power reporting unit. Management conducts an impairment test as of August 1 of each year, or more often if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Fair value is estimated by management using a weighted combination of the income approach, which estimates fair value based on discounted cash flows, and the market approach, which estimates fair value based on market comparables within the utility and energy industries. Significant assumptions used in these fair value estimates include estimation of future cash flows related to capital expenditures, long-term rate of growth, and discount rate.

The principal considerations for our determination that performing procedures relating to the goodwill impairment assessment of the Cleco Power reporting unit is a critical audit matter are (i) the significant judgment by management when developing the fair value measurement of the reporting unit; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's significant assumptions related to capital expenditures, long-term rate of growth, and discount rate; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, (i) testing management's process for developing the fair value estimate; (ii) evaluating the appropriateness of the discounted cash flow model; (iii) testing the completeness, accuracy, and relevance of underlying data used in the model; and (iv) evaluating the significant assumptions used by management relating to capital expenditures, long-term rate of growth, and discount rate. Evaluating management's assumptions related to the capital expenditures and projected long-term rate of growth involved evaluating whether the assumptions used by

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

management were reasonable considering, as applicable, (i) the current and past performance of the reporting unit, (ii) the consistency with external market and modeled rate base changes, and (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company's discounted cash flow model and the long-term rate of growth and discount rate assumptions.

*Accounting for the Effects of Regulatory Matters* 

As described in Notes 2, 6, and 14 to the consolidated financial statements, Cleco Power LLC ("Cleco Power"), a wholly-owned subsidiary of the Company, complies with the accounting policies and practices prescribed by its regulatory commissions, Federal Energy Regulatory Commission (FERC) and the Louisiana Public Service Commission (LPSC). Cleco Power's retail rates are regulated by the LPSC and its tariffs for transmission services are regulated by FERC, while rates for wholesale power sales are based on market-based rates and are ultimately reviewed by FERC. Cleco Power must evaluate its various transactions related to regulatory orders and accounting guidance to ensure the appropriate timing of revenue recognition, the evaluation of cost deferral, and the recoverability and refund of certain assets. Cleco Power capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to customers based on regulatory approval and management's ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. As of December 31, 2025, there were $412.7 million of deferred costs included in regulatory assets and $141.7 million of regulatory liabilities awaiting cash outflow or potential refund. Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable; however, if in the future, as a result of regulatory changes or competition, Cleco Power's ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable,

Cleco Power would be required to write-down such assets. Further, potential deregulation of the industry or possible future changes in the method of rate regulation of Cleco Power could require discontinuance of the application of the authoritative guidance of regulated operations.

The principal considerations for our determination that performing procedures relating to the accounting for the effects of regulatory matters is a critical audit matter are (i) the significant judgment by management in evaluating the impact of regulatory orders and accounting guidance on relevant transactions and (ii) a high degree of auditor judgment, subjectivity, and effort in performing audit procedures and evaluating audit evidence related to the timing of revenue recognition, the evaluation of cost deferral, and the recoverability and refund of certain assets.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, evaluating (i) management's process for identifying relevant transactions which require regulatory treatment; (ii) management's assessment regarding the accounting impacts arising from regulatory orders and accounting guidance; (iii) the reasonableness of management's assessment regarding the timing of revenue recognition, probability of recovery of regulatory assets, and the establishment of regulatory liabilities; and (iv) the regulatory assets and liabilities calculated by management based on provisions and formulas outlined in rate orders and other correspondence.

<u>/s/</u> <u>PricewaterhouseCoopers LLP</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

New Orleans, Louisiana

March 27, 2026

We have served as the Company's auditor since 2016.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | |
|:---|:---|:---|:---|
| CLECO |  |  |  |
| Consolidated Statements of Income |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| **Operating revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric operations | $**1208986** | $1048371 | $1187915 |
| &nbsp;&nbsp;&nbsp;Other operations | **122803** | 103277 | 111565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating revenue | **1331789** | 1151648 | 1299480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric customer credits | **—** | (3940) | (60689) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating revenue, net | **1331789** | 1147708 | 1238791 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Fuel used for electric generation | **290541** | 244122 | 506264 |
| &nbsp;&nbsp;&nbsp;Purchased power | **153599** | 117129 | 160570 |
| &nbsp;&nbsp;&nbsp;Other operations and maintenance | **258864** | 253528 | 248085 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **209849** | 244707 | 199935 |
| &nbsp;&nbsp;&nbsp;Taxes other than income taxes | **62164** | 60743 | 64469 |
| Total operating expenses | **975017** | 920229 | 1179323 |
| **Operating income** | **356772** | 227479 | 59468 |
| Interest income | **20025** | 15067 | 5393 |
| Allowance for equity funds used during construction | **3039** | 2310 | 5747 |
| Equity income from investees, before tax | **65** | 677 |  |
| Other income (expense), net | **6007** | (13021) | (694) |
| **Interest charges** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest charges, net | **154283** | 156718 | 165529 |
| &nbsp;&nbsp;&nbsp;Allowance for borrowed funds used during construction | **(3200)** | (3163) | (673) |
| Total interest charges | **151083** | 153555 | 164856 |
| **Income (loss) from continuing operations before income taxes** | **234825** | 78957 | (94942) |
| Federal and state income tax expense (benefit) | 39615 | 14056 | (65073) |
| **Income (loss) from continuing operations, net of income taxes** | 195210 | 64901 | (29869) |
| Income from discontinued operations, net of income taxes |  | 45517 | 14642 |
| Net income (loss) | $195210 | $110418 | $(15227) |
| The accompanying notes are an integral part of the consolidated financial statements. |  |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | |
|:---|:---|:---|:---|
| CLECO |  |  |  |
| Consolidated Statements of Comprehensive Income |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Net income (loss) | $**195210** | $110418 | $(15227) |
| Other comprehensive income, net of tax |  |  |  |
| Postretirement benefits (loss) gain (net of tax benefit of $2,308 in 2025, tax expense of $973 in 2024, and tax benefit of $1,905 in 2023) | **(6798)** | 2428 | (5171) |
| Total other comprehensive (loss) income, net of tax | **(6798)** | 2428 | (5171) |
| **Comprehensive income (loss), net of tax** | $**188412** | $112846 | $(20398) |
| The accompanying notes are an integral part of the consolidated financial statements. |  |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | |
|:---|:---|:---|
| CLECO | CLECO | CLECO |
| Consolidated Balance Sheets | Consolidated Balance Sheets | Consolidated Balance Sheets |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**171056** | $30472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **33865** | 15918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable (less allowance for credit losses of $1,275 in 2025 and $1,337 in 2024)  | **53053** | 47520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - affiliate | **768** | 35459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable - Cleco Cajun Divestiture | **108445** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | **67920** | 23979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **47453** | 44687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory, at average cost | **84951** | 95810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies, at average cost | **183085** | 158976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets | **7965** | 11294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deferred fuel | **22910** | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value of company/trust-owned life insurance policies | **65393** | 61891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **66400** | 27685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | **45452** | 295125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **1088** |  |
| &nbsp;&nbsp;&nbsp;Total current assets | **959804** | 849273 |
| &nbsp;&nbsp;&nbsp;Property, plant, and equipment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | **5269550** | 4991574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | **(1212093)** | (1050376) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net property, plant, and equipment | **4057457** | 3941198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction work in progress | **180798** | 138040 |
| &nbsp;&nbsp;&nbsp;Total property, plant, and equipment, net | **4238255** | 4079238 |
| &nbsp;&nbsp;Equity investment in investee | **1916** | 1916 |
| &nbsp;&nbsp;&nbsp;Goodwill | **1490797** | 1490797 |
| &nbsp;&nbsp;&nbsp;Prepayments | **18334** | 1250 |
| &nbsp;&nbsp;&nbsp;Operating lease right of use assets | **12858** | 14905 |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **138369** | 116493 |
| &nbsp;&nbsp;&nbsp;Regulatory assets - deferred taxes, net | **35311** | 2008 |
| &nbsp;&nbsp;&nbsp;Regulatory assets | **302713** | 308833 |
| &nbsp;&nbsp;Intangible assets - Storm Recovery Property | **370329** | 384908 |
| &nbsp;&nbsp;Intangible assets - Energy Transition Property | **290901** |  |
| &nbsp;&nbsp;&nbsp;Intangible assets - other | **7008** | 7751 |
| &nbsp;&nbsp;Receivable - Cleco Cajun Divestiture | **—** | 98153 |
| &nbsp;&nbsp;&nbsp;Other deferred charges | **8569** | 14081 |
| **Total assets** | $**7875164** | $7369606 |
| The accompanying notes are an integral part of the consolidated financial statements. |  |  |
| (Continued on next page) |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | |
|:---|:---|:---|
| CLECO | CLECO | CLECO |
| Consolidated Balance Sheets | Consolidated Balance Sheets | Consolidated Balance Sheets |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| **Liabilities and member's equity** |  |  |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | $**—** | $120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year | **614826** | 264934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **145639** | 125483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **36166** | 21368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | **58787** | 58002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for customer refund | **20900** | 20510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | **19059** | 59629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **22019** | 19919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities | **11835** | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **10199** | 8327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation | **19377** | 17013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **27506** | 26439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserve | **10730** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **36953** | 29565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **1033996** | 771445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term liabilities and deferred credits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deferred federal and state income taxes, net | **808647** | 748246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **145215** | 166702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **1500** | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserve | **27630** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm reserve | **69440** | 76178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | **11544** | 13450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | **10788** | 12788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for customer refund | **—** | 19896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances for construction | **33116** | 27440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit deposits | **4400** | 14750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deferred credits | **32218** | 31154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities and deferred credits | **1144498** | 1112104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | **2667244** | 2645043 |
| &nbsp;&nbsp;&nbsp;Total liabilities | **4845738** | 4528592 |
| &nbsp;&nbsp;Commitments and contingencies (Note 16) |  |  |
| &nbsp;&nbsp;&nbsp;**Member's equity** | **3029426** | 2841014 |
| **Total liabilities and member's equity** | $**7875164** | $7369606 |
| The accompanying notes are an integral part of the consolidated financial statements. |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | |
|:---|:---|:---|:---|
| CLECO |  |  |  |
| Consolidated Statements of Cash Flows |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| **Operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $**195210** | $110418 | $(15227) |
| &nbsp;&nbsp;&nbsp;Adjustment to reconcile net income (loss) to net cash provided by operating activities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **217978** | 259292 | 237614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | **2278** | 2048 | 5506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric customer credits | **—** | 1300 | 58700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned compensation expense | **30312** | 38944 | 36356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | **(3039)** | (2310) | (5747) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on energy risk management assets and liabilities, net | **—** | 5276 | 103876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on Cleco Cajun Divestiture | **—** | 43715 | 173000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred lease revenue | **—** |  | (2301) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **28431** | (22504) | (75103) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value of company/trust-owned life insurance | **(3869)** | (2451) | (2211) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derecognition of previously deferred Project Diamond Vault costs | **—** | 10336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **(33272)** | 26712 | 14792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - affiliate | **(3928)** | (10373) | (9445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **(2766)** | (1831) | 3184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory and materials and supplies | **(13250)** | (68494) | (52621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **(57673)** | (10108) | (22438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(5511)** | (13160) | (34097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **(1429)** | 10685 | (2409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | **834** | 1261 | (1369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **(22887)** | (28989) | (2793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | **(9372)** | (5397) | 7592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | **(2619)** | (6701) | (7348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred fuel recoveries | **721** | (4515) | 54028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deferred accounts | **2374** | (7122) | (13759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes accrued | **11931** | 39636 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **2100** | (2290) | (3330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets and liabilities, net | **(8466)** | (8973) | (6500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm reserve | **(6876)** | (37094) | 2790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive compensation payable  | **(35544)** | (34423) | (31387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating | **(5835)** | 2831 | 6019 |
| Net cash provided by operating activities | **275833** | 285719 | 415890 |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property, plant, and equipment | **(348862)** | (274247) | (263824) |
| &nbsp;&nbsp;Proceeds from sale of property, plant, and equipment | **1176** | 805 | 956 |
| &nbsp;&nbsp;Customer advances for construction | **7191** | 18058 | 31888 |
| &nbsp;&nbsp;Refunds of customer advances for construction | **(3078)** |  |  |
| &nbsp;&nbsp;Return of investment in company/trust-owned life insurance | **1070** |  | 417 |
| &nbsp;&nbsp;&nbsp;Payments received on note receivable | **—** | 11914 | 822 |
| &nbsp;&nbsp;Proceeds from sale of discontinued operations (net of transaction fees of $10.8 million) | **—** | 463769 |  |
| &nbsp;&nbsp;Other investing | **294** | 276 | 227 |
| Net cash (used in) provided by investing activities | **(342209)** | 220575 | (229514) |
| The accompanying notes are an integral part of the consolidated financial statements. |  |  |  |
| (Continued on next page) |  |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLECO |  |  |  |  |  |  |
| Consolidated Statements of Cash Flows |  |  |  |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |  |
| (THOUSANDS) | **2025** |  | 2024 |  | 2023 |  |
| **Financing activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Draws on revolving credit facilities | **193000** |  | 142000 |  | 125000 |  |
| &nbsp;&nbsp;&nbsp;Payments on revolving credit facilities | **(313000)** |  | (132000) |  | (124000) |  |
| &nbsp;&nbsp;Issuances of securitized debt | **305000** |  |  |  |  |  |
| &nbsp;&nbsp;Issuances of long-term debt | **349218** |  | 16599 |  | 100000 |  |
| &nbsp;&nbsp;Repayments of long-term debt | **(268301)** |  | (487798) |  | (175174) |  |
| &nbsp;&nbsp;Payment of financing costs | **(8784)** |  | (7) |  | (375) |  |
| &nbsp;&nbsp;Credit deposits | **—** |  | 7750 |  | 7000 |  |
| &nbsp;&nbsp;Refunds of credit deposits | **(10350)** |  |  |  |  |  |
| &nbsp;&nbsp;Distributions to member | **—** |  | (145005) |  | (53496) |  |
| &nbsp;&nbsp;Other financing | **—** |  | (1017) |  | (836) |  |
| Net cash provided by (used in) financing activities  | **246783** |  | (599478) |  | (121881) |  |
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | **180407** |  | (93184) |  | 64495 |  |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | **162883** | <sup>(1)</sup> | 256067 |  | 191572 |  |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents **at end of period** | $**343290** | <sup>(2)</sup> | $162883 | <sup>(1)</sup> | $256067 |  |
| **Supplementary cash flow information** |  |  |  |  |  |  |
| Interest paid, net of amount capitalized | $**144621** |  | $155670 |  | $170680 |  |
| Income taxes paid | $**5371** |  | $9138 |  | $2162 |  |
| **Supplementary non-cash investing and financing activities** |  |  |  |  |  |  |
| Accrued additions to property, plant, and equipment | $**22163** |  | $11470 |  | $8533 |  |
| <sup>(1)</sup> Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493.<br><sup>(2)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369.  | <sup>(1)</sup> Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493.<br><sup>(2)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369.  | <sup>(1)</sup> Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493.<br><sup>(2)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369.  | <sup>(1)</sup> Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493.<br><sup>(2)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369.  | <sup>(1)</sup> Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493.<br><sup>(2)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369.  | <sup>(1)</sup> Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493.<br><sup>(2)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369.  |  |
| <sup>(1)</sup> Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493.<br><sup>(2)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369.  | <sup>(1)</sup> Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493.<br><sup>(2)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369.  | <sup>(1)</sup> Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493.<br><sup>(2)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369.  | <sup>(1)</sup> Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493.<br><sup>(2)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369.  | <sup>(1)</sup> Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493.<br><sup>(2)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369.  | <sup>(1)</sup> Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493.<br><sup>(2)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369.  | The accompanying notes are an integral part of the consolidated financial statements. |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| CLECO | CLECO | CLECO | CLECO | CLECO |
| Consolidated Statements of Changes in Member's Equity | Consolidated Statements of Changes in Member's Equity | Consolidated Statements of Changes in Member's Equity | Consolidated Statements of Changes in Member's Equity | Consolidated Statements of Changes in Member's Equity |
| (THOUSANDS) | <br>MEMBERSHIP<br>INTEREST | RETAINED<br>EARNINGS | AOCI | TOTAL<br>MEMBER'S<br>EQUITY |
| Balances, Dec. 31, 2022 | $2454276 | $492732 | $59 | $2947067 |
| Distributions to member |  | (53496) |  | (53496) |
| Net loss |  | (15227) |  | (15227) |
| Other comprehensive loss, net of tax |  |  | (5171) | (5171) |
| Balances, Dec. 31, 2023 | $2454276 | $424009 | $(5112) | $2873173 |
| Distributions to member |  | (145005) |  | (145005) |
| Net income |  | 110418 |  | 110418 |
| Other comprehensive income, net of tax |  |  | 2428 | 2428 |
| Balances, Dec. 31, 2024 | $2454276 | $389422 | $(2684) | $2841014 |
| Net income | **—** | **195210** | **—** | **195210** |
| Other comprehensive loss, net of tax | **—** | **—** | **(6798)** | **(6798)** |
| **Balances, Dec. 31, 2025** | $**2454276** | $**584632** | $**(9482)** | $**3029426** |
| The accompanying notes are an integral part of the consolidated financial statements. |  |  |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>Report of Independent Registered Public Accounting Firm</u>

To the Board of Managers and Member of

Cleco Power LLC

***Opinion on the Financial Statements***

We have audited the accompanying consolidated balance sheets of Cleco Power LLC and its subsidiaries (the "Company" or "Cleco Power") as of December 31, 2025 and 2024, and the related consolidated statements of income, of comprehensive income, of changes in member's equity, and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated

financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Accounting for the Effects of Regulatory Matters* 

As described in Notes 2, 6, and 14 to the consolidated financial statements, the Company complies with the accounting policies and practices prescribed by its regulatory commissions, Federal Energy Regulatory Commission (FERC) and the Louisiana Public Service Commission (LPSC). The Company's retail rates are regulated by the LPSC and its tariffs for transmission services are regulated by FERC, while rates for wholesale power sales are based on market-based rates and are ultimately reviewed by FERC. The Company must evaluate its various transactions related to regulatory orders and accounting guidance to ensure the appropriate timing of revenue recognition, the evaluation of cost deferral, and the recoverability and refund of certain assets. The Company capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to customers based on regulatory approval and management's ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. As of December 31, 2025, there were $315.2 million of deferred costs included in regulatory assets and $141.7 million of regulatory liabilities awaiting cash outflow or potential refund. Under the current regulatory environment, the Company believes these regulatory assets will be fully recoverable; however, if in the future, as a result of regulatory changes or competition, the Company's ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, the Company would be required to write-down such assets. Further, potential deregulation of the industry or possible future changes in the method of rate regulation of the Company could require discontinuance of the application of the authoritative guidance of regulated operations.

The principal considerations for our determination that performing procedures relating to the accounting for the effects of regulatory matters is a critical audit matter are (i) the significant judgment by management in evaluating the impact of regulatory orders and accounting guidance on relevant transactions and (ii) a high degree of auditor judgment, subjectivity, and effort in performing audit procedures and evaluating audit evidence related to the timing of revenue recognition, the evaluation of cost deferral, and the recoverability and refund of certain assets.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

procedures included, among others, evaluating (i) management's process for identifying relevant transactions which require regulatory treatment; (ii) management's assessment regarding the accounting impacts arising from regulatory orders and accounting guidance; (iii) the reasonableness of management's assessment regarding the timing of revenue recognition, probability of recovery of regulatory assets, and the establishment of regulatory liabilities; and (iv) the regulatory assets and liabilities calculated by management based on provisions and formulas outlined in rate orders and other correspondence.

<u>/s/ PricewaterhouseCoopers LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

New Orleans, Louisiana

March 27, 2026

We have served as the Company's auditor since 2016.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | |
|:---|:---|:---|:---|
| CLECO POWER |  |  |  |
| Consolidated Statements of Income |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| **Operating revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric operations | $**1209731** | $1051253 | $1197369 |
| &nbsp;&nbsp;&nbsp;Other operations | **117521** | 95137 | 111561 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **976** | 12452 | 8904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating revenue | **1328228** | 1158842 | 1317834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric customer credits | **—** | (3940) | (60689) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating revenue, net | **1328228** | 1154902 | 1257145 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Fuel used for electric generation | **290541** | 237603 | 389427 |
| &nbsp;&nbsp;&nbsp;Purchased power | **153599** | 117129 | 160570 |
| &nbsp;&nbsp;&nbsp;Other operations and maintenance | **256230** | 245651 | 233863 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **201073** | 236444 | 191745 |
| &nbsp;&nbsp;&nbsp;Taxes other than income taxes | **60078** | 57754 | 60676 |
| Total operating expenses | **961521** | 894581 | 1036281 |
| **Operating income** | **366707** | 260321 | 220864 |
| Interest income | **9505** | 4125 | 5011 |
| Allowance for equity funds used during construction | **3039** | 2310 | 5747 |
| Equity income from investees, before tax | **65** | 677 |  |
| Other income (expense), net | **4487** | (11151) | (28) |
| **Interest charges** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest charges, net | **109325** | 102021 | 99552 |
| &nbsp;&nbsp;&nbsp;Allowance for borrowed funds used during construction | **(3200)** | (3163) | (673) |
| Total interest charges | **106125** | 98858 | 98879 |
| **Income before income taxes** | **277678** | 157424 | 132715 |
| Federal and state income tax expense (benefit) | **49577** | 18506 | (4434) |
| **Net income** | $**228101** | $138918 | $137149 |
| The accompanying notes are an integral part of the consolidated financial statements. |  |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | |
|:---|:---|:---|:---|
| CLECO POWER |  |  |  |
| Consolidated Statements of Comprehensive Income |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Net income | $**228101** | $138918 | $137149 |
| Other comprehensive income, net of tax |  |  |  |
| Postretirement benefits (loss) gain (net of tax benefit of $1,031 in 2025, tax expense of $157 in 2024, and tax benefit of $825 in 2023) | **(3037)** | 98 | (2237) |
| &nbsp;&nbsp;Amortization of interest rate derivatives to earnings (net of tax expense of $87 in 2025, $191 in 2024, and $93 in 2023) | **256** | 154 | 251 |
| Total other comprehensive (loss) income, net of tax | **(2781)** | 252 | (1986) |
| **Comprehensive income, net of tax** | $**225320** | $139170 | $135163 |
| The accompanying notes are an integral part of the consolidated financial statements. |  |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | |
|:---|:---|:---|
| CLECO POWER | CLECO POWER | CLECO POWER |
| Consolidated Balance Sheets |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Utility plant and equipment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | $**6386051** | $6113217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | **(2497667)** | (2348169) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net property, plant, and equipment | **3888384** | 3765048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction work in progress | **179825** | 136217 |
| &nbsp;&nbsp;&nbsp;Total utility plant and equipment, net | **4068209** | 3901265 |
| &nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **162660** | 23714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **33865** | 15918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable (less allowance for credit losses of $1,275 in 2025 and $1,337 in 2024) | **53053** | 47520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - affiliate | **9** | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | **67449** | 23233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **47453** | 44687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory, at average cost | **84951** | 95810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies, at average cost | **183085** | 158976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets | **7965** | 11294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deferred fuel | **22910** | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value of company-owned life insurance policies | **7813** | 10123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **60702** | 23524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | **37923** | 287390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **353** |  |
| &nbsp;&nbsp;&nbsp;Total current assets | **770191** | 743820 |
| &nbsp;&nbsp;Equity investment in investee | **1916** | 1916 |
| &nbsp;&nbsp;&nbsp;Operating lease right of use assets | **12858** | 14905 |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **138344** | 116469 |
| &nbsp;&nbsp;&nbsp;Prepayments | **16935** | 1212 |
| &nbsp;&nbsp;&nbsp;Regulatory assets - deferred taxes, net | **35311** | 2008 |
| &nbsp;&nbsp;&nbsp;Regulatory assets | **212762** | 209028 |
| &nbsp;&nbsp;Intangible assets - Storm Recovery Property | **370329** | 384908 |
| &nbsp;&nbsp;Intangible assets - Energy Transition Property | **290901** |  |
| &nbsp;&nbsp;&nbsp;Other deferred charges | **7916** | 13238 |
| **Total assets** | $**5925672** | $5388769 |
| The accompanying notes are an integral part of the consolidated financial statements. |  |  |
| (Continued on next page) |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | |
|:---|:---|:---|
| CLECO POWER | CLECO POWER | CLECO POWER |
| Consolidated Balance Sheets |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| **Liabilities and member's equity** |  |  |
| &nbsp;&nbsp;&nbsp;Member's equity | $**2262727** | $2107407 |
| &nbsp;&nbsp;Long-term debt, net | **1935516** | 1546624 |
| Total capitalization | **4198243** | 3654031 |
| &nbsp;&nbsp;&nbsp;Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | **—** | 110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year | **254943** | 264934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **135050** | 110361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **13038** | 11389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | **58787** | 58002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for customer refund | **20900** | 20510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | **28454** | 13422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **13891** | 11781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities | **11835** | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **10199** | 8327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **22530** | 21701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserve | **10730** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **25414** | 17131 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | **605771** | 647814 |
| &nbsp;&nbsp;Commitments and contingencies (Note 16) |  |  |
| &nbsp;&nbsp;&nbsp;Long-term liabilities and deferred credits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deferred federal and state income taxes, net | **849724** | 788016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **87090** | 109464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **1500** | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserve | **27630** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Storm reserve | **69440** | 76178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | **11172** | 13450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | **10788** | 12788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for customer refund | **—** | 19896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer advances for construction | **33116** | 27440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit deposits | **4400** | 14750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other deferred credits | **26798** | 23442 |
| &nbsp;&nbsp;&nbsp;Total long-term liabilities and deferred credits | **1121658** | 1086924 |
| **Total liabilities and member's equity** | $**5925672** | $5388769 |
| The accompanying notes are an integral part of the consolidated financial statements. |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | |
|:---|:---|:---|:---|
| CLECO POWER |  |  |  |
| Consolidated Statements of Cash Flows |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Operating activities |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $**228101** | $138918 | $137149 |
| &nbsp;&nbsp;&nbsp;Adjustment to reconcile net income to net cash provided by operating activities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **207764** | 242117 | 197366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | **2278** | 2048 | 5506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric customer credits | **—** | 1300 | 58700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned compensation expense | **18105** | 18910 | 17039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | **(3039)** | (2310) | (5747) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **28876** | 12380 | (21112) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derecognition of previously deferred Project Diamond Vault costs | **—** | 10336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **(28269)** | 5016 | 24724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - affiliate | **193** | 5176 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **(2766)** | (1831) | 3184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory and materials and supplies | **(13250)** | (44615) | (36443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **(54776)** | (5875) | (5407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(3851)** | (15015) | (23878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **(7155)** | (2255) | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | **834** | 1261 | (1369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **(18002)** | (27175) | (1839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | **(11784)** | (7384) | 5604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | **(2556)** | (3489) | (7124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred fuel recoveries | **721** | (4515) | 54028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deferred accounts | **7461** | 1130 | (6455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes accrued | **21791** | (11744) | 6607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **2110** | 29 | (3524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets and liabilities, net | **(8466)** | (8973) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm reserve | **(6876)** | (37094) | 2790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive compensation payable | **(18316)** | (9462) | (9047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating | **(5266)** | 2615 | 1537 |
| Net cash provided by operating activities | **333862** | 259499 | 394635 |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;Additions to property, plant, and equipment | **(348530)** | (270058) | (254562) |
| &nbsp;&nbsp;Proceeds from sale of property, plant, and equipment | **1176** | 805 | 859 |
| &nbsp;&nbsp;Customer advances for construction | **7191** | 18058 | 31888 |
| &nbsp;&nbsp;Refunds of customer advances for construction | **(3078)** |  |  |
| &nbsp;&nbsp;Payments received on note receivable | **—** | 11914 | 822 |
| &nbsp;&nbsp;Return of investment in company-owned life insurance | **1070** |  | 417 |
| &nbsp;&nbsp;Other investing | **294** | 276 | 227 |
| Net cash used in investing activities | **(341877)** | (239005) | (220349) |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Draws on revolving credit facility | **130000** | 110000 | 25000 |
| &nbsp;&nbsp;&nbsp;Payments on revolving credit facility | **(240000)** |  | (70000) |
| &nbsp;&nbsp;Issuances of securitized debt | **305000** |  |  |
| &nbsp;&nbsp;Issuances of long-term debt | **349218** | 16599 | 100000 |
| &nbsp;&nbsp;Repayments of long-term debt | **(268301)** | (81098) | (109574) |
| &nbsp;&nbsp;&nbsp;Payment of financing costs | **(8784)** | (205) | (104) |
| &nbsp;&nbsp;Credit deposits | **—** | 7750 | 7000 |
| &nbsp;&nbsp;Refunds of credit deposits | **(10350)** |  |  |
| &nbsp;&nbsp;Distributions to member | **(70000)** | (95000) | (94838) |
| &nbsp;&nbsp;Other financing | **—** | (1017) | (836) |
| Net cash provided by (used in) financing activities | **186783** | (42971) | (143352) |
| The accompanying notes are an integral part of the consolidated financial statements. |  |  |  |
| (Continued on next page) |  |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CLECO POWER |  |  |  |  |  |
| Consolidated Statements of Cash Flows |  |  |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** |  | 2024 |  | 2023 |
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | **178768** |  | (22477) |  | 30934 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | **156101** | <sup>(1)</sup> | 178578 |  | 147644 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents **at end of period** | $**334869** | <sup>(2)</sup> | $156101 | <sup>(1)</sup> | $178578 |
| **Supplementary cash flow information** |  |  |  |  |  |
| Interest paid, net of amount capitalized | $**101229** |  | $96700 |  | $98143 |
| Income taxes paid, net | $**1392** |  | $— |  | $— |
| **Supplementary non-cash investing and financing activities** |  |  |  |  |  |
| Accrued additions to property, plant, and equipment | $**22149** |  | $11470 |  | $7677 |
| <sup>(1)</sup> Includes cash and cash equivalents of $23,714, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,469.<br><sup>(2)</sup> Includes cash and cash equivalents of $162,660, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,344. | <sup>(1)</sup> Includes cash and cash equivalents of $23,714, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,469.<br><sup>(2)</sup> Includes cash and cash equivalents of $162,660, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,344. | <sup>(1)</sup> Includes cash and cash equivalents of $23,714, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,469.<br><sup>(2)</sup> Includes cash and cash equivalents of $162,660, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,344. | <sup>(1)</sup> Includes cash and cash equivalents of $23,714, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,469.<br><sup>(2)</sup> Includes cash and cash equivalents of $162,660, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,344. | <sup>(1)</sup> Includes cash and cash equivalents of $23,714, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,469.<br><sup>(2)</sup> Includes cash and cash equivalents of $162,660, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,344. | <sup>(1)</sup> Includes cash and cash equivalents of $23,714, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,469.<br><sup>(2)</sup> Includes cash and cash equivalents of $162,660, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,344. |
| The accompanying notes are an integral part of the consolidated financial statements. | The accompanying notes are an integral part of the consolidated financial statements. | The accompanying notes are an integral part of the consolidated financial statements. | The accompanying notes are an integral part of the consolidated financial statements. | The accompanying notes are an integral part of the consolidated financial statements. | The accompanying notes are an integral part of the consolidated financial statements. |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | |
|:---|:---|:---|:---|
| CLECO POWER |  |  |  |
| Consolidated Statements of Changes in Member's Equity |  |  |  |
| (THOUSANDS) | MEMBER'S<br>EQUITY | AOCI | TOTAL<br>MEMBER'S<br>EQUITY |
| Balances, Dec. 31, 2022 | $2031277 | $(8365) | $2022912 |
| Distributions to member | (94838) |  | (94838) |
| Net income | 137149 |  | 137149 |
| Other comprehensive loss, net of tax |  | (1986) | (1986) |
| Balances, Dec. 31, 2023 | $2073588 | $(10351) | $2063237 |
| Distributions to member | (95000) |  | (95000) |
| Net income | 138918 |  | 138918 |
| Other comprehensive income, net of tax |  | 252 | 252 |
| Balances, Dec. 31, 2024 | $2117506 | $(10099) | $2107407 |
| Distributions to member | **(70000)** | **—** | **(70000)** |
| Net income | **228101** | **—** | **228101** |
| Other comprehensive loss, net of tax | **—** | **(2781)** | **(2781)** |
| **Balances, Dec. 31, 2025** | $**2275607** | $**(12880)** | $**2262727** |
| The accompanying notes are an integral part of the consolidated financial statements. |  |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>Index to Applicable Notes to the Financial Statements of the Registrants</u>

---

| | | |
|:---|:---|:---|
| Note 1 | The Company | Cleco and Cleco Power |
| Note 2 | Summary of Significant Accounting Policies | Cleco and Cleco Power |
| Note 3 | Discontinued Operations | Cleco |
| Note 4 | Leases | Cleco and Cleco Power |
| Note 5 | Revenue Recognition | Cleco and Cleco Power |
| Note 6 | Regulatory Assets and Liabilities | Cleco and Cleco Power |
| Note 7 | Jointly Owned Generation Units | Cleco and Cleco Power |
| Note 8 | Fair Value Accounting Instruments | Cleco and Cleco Power |
| Note 9 | Derivative Instruments | Cleco and Cleco Power |
| Note 10 | Debt | Cleco and Cleco Power |
| Note 11 | Pension Plan and Employee Benefits | Cleco and Cleco Power |
| Note 12 | Income Taxes | Cleco and Cleco Power |
| Note 13 | Segment Disclosures | Cleco |
| Note 14 | Regulation and Rates | Cleco and Cleco Power |
| Note 15 | Variable Interest Entities | Cleco and Cleco Power |
| Note 16 | Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Cleco and Cleco Power |
| Note 17 | Affiliate Transactions | Cleco and Cleco Power |
| Note 18 | Intangible Assets and Goodwill | Cleco and Cleco Power |
| Note 19 | Accumulated Other Comprehensive Loss | Cleco and Cleco Power |

---

<u>Notes to the Financial Statements</u>

**Note 1 — The Company**<br>

Cleco is composed of the following:

• Cleco Power, a regulated electric utility subsidiary, which owns eight generating units with a total rated capacity of 2,676 MW and serves approximately 298,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana. Cleco Power also owns a 50% interest in Oxbow. Cleco Power owns all of the outstanding membership interests in Cleco Securitization I and Cleco Securitization II, special purpose limited liability companies that are consolidated with Cleco Power in its financial statements. For more information on Oxbow, Cleco Securitization I, and Cleco Securitization II, see Note 15 — "Variable Interest Entities."

**•** Prior to the close of the Cleco Cajun Divestiture, Cleco Cajun, an unregulated electric utility subsidiary, which owned 14 generating units with a total rated capacity of 3,379 MW and supplied wholesale power and capacity in Louisiana. The Cleco Cajun Divestiture closed on June 1, 2024. For more information, see Note 3 — "Discontinued Operations."

• Cleco's other operations consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Cleco Holdings, a holding company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Support Group, a shared services subsidiary, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Diversified Lands, an investment subsidiary.

**Note 2 — Summary of Significant Accounting Policies**<br>

**Discontinued Operations**

In March 2023, Cleco Holdings' management, with the support of its Board of Managers, committed to a plan of action for the disposition of the Cleco Cajun Sale Group. As a result, Cleco Holdings' management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met, and the sale represents a strategic shift that

will have a major effect on Cleco's future operations and financial results. Therefore, the results of operations and financial position of the Cleco Cajun Sale Group have been presented as discontinued operations since March 31, 2023. On June 1, 2024, the Cleco Cajun Divestiture closed. For more information, see Note 3 — "Discontinued Operations."

**Use of Estimates**

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

**Principles of Consolidation**

The accompanying consolidated financial statements of Cleco include the accounts of Cleco Holdings and its majority-owned subsidiaries after elimination of intercompany accounts and transactions.

On March 12, 2025, following the formation of Cleco Securitization II and the completion of the securitization financing of stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station as well as deferred fuel and other costs associated with the closure of the Oxbow mine, Cleco Power became the primary beneficiary of Cleco Securitization II, and as a result, the financial statements of Cleco Securitization II are consolidated with the financial statements of Cleco Power. For more information on Cleco Securitization II, see Note 15 — "Variable Interest Entities — Securitization Entities — Cleco Securitization II."

**Goodwill**

Goodwill is the excess of the purchase price (consideration transferred and liabilities assumed) over the estimated fair value of net assets of the acquired business and is not subject to amortization. Goodwill is assessed as of August 1 of each

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

year or more often if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Events or circumstances that could trigger an interim impairment assessment include developments related to strategic transactions, such as the potential sale of Cleco Group, changes in expected transaction terms or timing, regulatory developments, or other factors affecting the estimated fair value of a reporting unit. For more information on goodwill, see Note 18 — "Intangible Assets and Goodwill — Goodwill."

**Intangible Assets**

Intangible assets include Cleco Securitization I's and Cleco Securitization II's right to bill and collect storm recovery and energy transition charges, respectively, along with fair value adjustments for acquired long-term wholesale power supply agreements. These intangible assets are being amortized in a manner that best reflects the economic impact derived from such assets.

Impairment is tested if there are events or circumstances that indicate that an impairment analysis should be performed. If such an event or circumstance occurs, intangible impairment testing is performed prior to goodwill impairment testing. Impairment is calculated as the excess of the asset and liabilities' respective carrying amounts over their respective fair values. For more information on intangible assets, see Note 18 — "Intangible Assets and Goodwill."

**Statements of Cash Flows**

Cleco's and Cleco Power's Consolidated Statements of Cash Flows are prepared using the indirect method. This method requires adjusting net income to remove the effects of all deferrals and accruals of operating cash receipts and payments and to remove items whose cash effects are related to investing and financing cash flows. For more information on Cleco's treatment of discontinued operations on the Consolidated Statements of Cash Flows, see Note 3 — "Discontinued Operations."

**Regulation**

Cleco Power is subject to regulation by FERC and the LPSC. Cleco Power complies with the accounting policies and practices prescribed by its regulatory commissions. Cleco Power's retail rates are regulated by the LPSC and rates for transmission services are regulated by FERC. Rates for wholesale power sales are based on market-based rates. Cleco Power must evaluate its various transactions related to regulatory orders and accounting guidance to ensure the appropriate timing of revenue recognition, the evaluation of cost deferral, and the recoverability of certain assets and refund of certain liabilities. Cleco Power capitalizes or defers certain costs for recovery from its customers and recognizes a liability for amounts expected to be returned to its customers based on regulatory approval and management's ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. Regulatory assets and liabilities are amortized consistent with the treatment in the ratemaking process. Pursuant to this regulatory process, Cleco Power has recorded regulatory assets and liabilities.

Any future plan adopted by the LPSC for purposes of transitioning utilities from LPSC regulation to retail competition may affect the regulatory assets and liabilities recorded by Cleco Power if the criteria for the application of the authoritative guidelines for industry regulated operations

cannot continue to be met. At this time, Cleco Power cannot predict whether any legislation or regulation affecting Cleco Power will be enacted or adopted and, if enacted, what form such legislation or regulation may take.

For more information regarding the regulatory assets and liabilities recorded by Cleco Power, see Note 6 — "Regulatory Assets and Liabilities." For more information on Cleco Power's retail rates, see Note 14 — "Regulation and Rates."

**AROs**

Cleco Power recognizes an ARO when there is a legal obligation under existing or enacted law, statute, written or oral contract, or by legal construction under the doctrine of promissory estoppel to incur costs to remove an asset when the asset is retired. AROs that are conditional on a future event are recognized only when it is probable that the event will occur and the related costs are reasonably estimable.

Cleco Power recognizes AROs at the present value of the projected liability in the period in which the obligation is incurred, if a reasonable estimate of fair value can be made. The liability is accreted to its present value each accounting period, and Cleco Power defers this accretion as a regulatory asset based on its determination that these costs can be collected from customers. Concurrent with the recognition of the liability, Cleco Power capitalizes these costs to the related property, plant, and equipment asset. These capitalized costs are depreciated over the same period as the related property asset. Cleco Power also defers the current depreciation of the asset retirement cost as a regulatory asset.

For more information on Cleco Power's ARO regulatory asset, see Note 6 — "Regulatory Assets and Liabilities — AROs."

**Property, Plant, and Equipment**

Property, plant, and equipment consists primarily of electric utility generation and energy transmission and distribution assets. Property, plant, and equipment are stated at the cost to acquire or construct the assets, which includes certain materials, labor, payroll taxes and benefits, administrative and general costs, and the estimated cost of funds used during construction. Jointly owned assets are reflected in property, plant, and equipment at Cleco Power's share of the cost to construct or purchase the respective assets. For information on jointly owned assets, see Note 7 — "Jointly Owned Generation Units."

At the date of the 2016 Merger, Cleco's gross balance of fixed depreciable assets was adjusted to be net of accumulated depreciation, as no accumulated depreciation existed on such date. Since pushdown accounting was not elected at the Cleco Power level, Cleco Power retained its accumulated depreciation.

Cleco's cost of improvements to property, plant, and equipment is capitalized. Costs associated with repairs and major maintenance projects are expensed as incurred. Cleco capitalizes the cost to purchase or develop software for internal use.

***Construction Work In Progress***

Cleco Power defers project costs to construction work in progress that it believes are prudently incurred and probable of recovery through future rates. These deferred costs are related to the initial stage of a construction project during which time the feasibility of the construction of property, plant, and equipment is being evaluated.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

In 2022, Cleco Power began development efforts for Project Diamond Vault, which intended to use an amine-based carbon capture technology to reduce Madison Unit 3's carbon dioxide emissions. In 2023 and 2024, Cleco Power incurred costs related to feasibility and engineering studies, partially offset by a $9.0 million congressional appropriation secured to help offset these costs. In 2024, management discontinued the front end engineering design study due to increased estimated investment requirements and economic conditions and recorded $10.8 million of previously deferred costs from Construction work in progress on Cleco's and Cleco Power's Consolidated Balance Sheets to Other expense, net on Cleco's and Cleco Power's Consolidated Statements of Income. In 2025, Cleco Power recorded an additional $0.4 million of expenses related to evaluating alternative decarbonization technologies.

***Retirement, Disposition, and Cost of Removal***

Upon retirement or disposition, the cost of Cleco Power's depreciable plant and the cost of removal, net of salvage value, are charged to accumulated depreciation. For Cleco's other subsidiaries, upon disposition or retirement of depreciable assets, the difference between the net book value of the property and any proceeds received for the property is recorded as a gain or loss on asset disposition on Cleco's Consolidated Statements of Income. Any cost incurred to remove the asset is charged to expense.

***Cloud Computing Arrangements and Internal-Use Software***

*Cloud Computing Arrangements*

Cleco capitalizes certain implementation costs incurred in cloud computing arrangements that are accounted for as service contracts. These arrangements differ from internal-use software in that Cleco does not obtain or control the underlying software; however, the implementation costs are capitalized in a manner consistent with those incurred to develop or obtain internal-use software. These capitalized implementation costs are recorded in Prepayments on Cleco's and Cleco Power's Consolidated Balance Sheets. These costs are amortized on a straight-line basis over the estimated useful life of the cloud software. The associated contracts primarily involve the implementation and upgrade of cloud-hosted enterprise information systems. When recognized, amortization of these costs will be recorded in Other operations and maintenance expense on Cleco's and Cleco Power's Consolidated Income Statements.

At December 31, 2025, the balance of capitalized cloud computing arrangement implementation costs recorded in Prepayments on Cleco's and Cleco Power's Consolidated Balance Sheets was $16.9 million, including $0.2 million classified for the current portion. Amortization expense related to these costs for the years ended December 31, 2025, 2024, and 2023 did not have a material impact on Cleco's or Cleco Power's Consolidated Financial Statements.

*Internal-Use Software*

Cleco capitalizes costs incurred to develop, modify, or implement internal-use software, including external direct costs of materials and services and payroll-related costs for employees directly associated with software development, configuration, testing activities, and interest costs incurred during development. Capitalized internal-use software costs are recorded in Property, plant, and equipment on Cleco's and

Cleco Power's Consolidated Balance Sheets. These costs are amortized on a straight-line basis over the estimated useful life of the software, beginning when the software is ready for its intended use. Amortization expense is recorded in Depreciation and amortization on Cleco's and Cleco Power's Consolidated Income Statements.

The following table summarizes the balance of computer software costs subject to amortization included on Cleco's and Cleco Power's Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
|  |  | AT DEC. 31, |
| (THOUSANDS) | 2025 | 2024 |
| Internal-use software costs | $267495 | $250359 |
| Accumulated amortization | (97193) | (78944) |
| Net internal-use software costs | $170302 | $171415 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
|  |  | AT DEC. 31, |
| (THOUSANDS) | 2025 | 2024 |
| Internal-use software costs | $306463 | $289319 |
| Accumulated amortization | (137194) | (119287) |
| Net internal-use software costs | $169269 | $170032 |

---

Amortization of internal-use software costs charged to Depreciation and amortization expense in Cleco's and Cleco Power's Consolidated Statements of Income for the years ending December 31, 2025, 2024, and 2023 is shown in the following tables:

---

| | | | |
|:---|:---|:---|:---|
| Cleco |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Amortization | $**16588** | $19981 | $11092 |

---

---

| | | | |
|:---|:---|:---|:---|
| Cleco Power |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Amortization | $**16244** | $19574 | $10650 |

---

During 2024, there was a change in the estimated useful life of the internal software Cleco Power owns and used to provide services to Cleco Cajun in accordance with service level agreements. As a result, Cleco Power recorded an increase of $7.1 million for accelerated amortization of the internal software.

***Estimated Useful Lives***

Depreciation on property, plant, and equipment is calculated primarily on a straight-line basis over the estimated useful lives of the assets. The following table presents the estimated useful lives of depreciable assets for Cleco and Cleco Power:

---

| | | |
|:---|:---|:---|
| CATEGORY | YEARS | YEARS |
| Utility Plants |  |  |
| &nbsp;&nbsp;Generation | 5 | 55 |
| &nbsp;&nbsp;Distribution | 5 | 50 |
| &nbsp;&nbsp;Transmission | 5 | 55 |
| &nbsp;&nbsp;Other utility plant | 5 | 45 |
| Other property, plant, and equipment | 5 | 45 |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

***Components of Property, Plant, and Equipment***

At December 31, 2025, and 2024, Cleco's and Cleco Power's property, plant, and equipment consisted of the following:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Utility plants |  |  |
| &nbsp;&nbsp;&nbsp;Generation | $**1953616** | $1914812 |
| &nbsp;&nbsp;&nbsp;Distribution | **1873227** | 1693668 |
| &nbsp;&nbsp;&nbsp;Transmission | **973122** | 878833 |
| &nbsp;&nbsp;&nbsp;Other utility plant | **454858** | 490975 |
| Other property, plant, and equipment | **14727** | 13286 |
| Total property, plant, and equipment | **5269550** | 4991574 |
| Accumulated depreciation | **(1212093)** | (1050376) |
| Net property, plant, and equipment | $**4057457** | $3941198 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Regulated utility plants |  |  |
| &nbsp;&nbsp;&nbsp;Generation | $**2339600** | $2300880 |
| &nbsp;&nbsp;&nbsp;Distribution | **2308067** | 2129721 |
| &nbsp;&nbsp;&nbsp;Transmission | **1183707** | 1089964 |
| &nbsp;&nbsp;&nbsp;Other utility plant | **554677** | 592652 |
| Total property, plant, and equipment | **6386051** | 6113217 |
| Accumulated depreciation | **(2497667)** | (2348169) |
| Net property, plant, and equipment | $**3888384** | $3765048 |

---

During 2025, Cleco Power's regulated utility property, plant, and equipment increased primarily due to transmission enhancements and a broad range of distribution system improvements, including reliability and service restoration initiatives as well as modernization efforts under the DSMART project.

***Plant Acquisition Adjustments***

Cleco Power's property, plant, and equipment includes plant acquisition costs related primarily to the acquisition of Acadia Unit 1 in 2010. The plant acquisition adjustment and accumulated amortization are reported in Property, plant, and equipment and Accumulated depreciation, respectively, on Cleco's and Cleco Power's Consolidated Balance Sheets at December 31, 2025, and 2024, and are shown in the following tables:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Acadia Unit 1 |  |  |
| &nbsp;&nbsp;Plant acquisition adjustment | $**76116** | $76116 |
| &nbsp;&nbsp;Accumulated amortization | **(30932)** | (27749) |
| Net plant acquisition adjustment | $**45184** | $48367 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Acadia Unit 1 |  |  |
| &nbsp;&nbsp;Plant acquisition adjustment | $**95578** | $95578 |
| &nbsp;&nbsp;Accumulated amortization | **(50394)** | (47211) |
| Net plant acquisition adjustment | $**45184** | $48367 |

---

**Fuel Inventory and Materials and Supplies**

At December 31, 2025, and 2024, fuel inventory consisted primarily of petroleum coke, coal, limestone, and natural gas used to generate electricity.

Materials and supplies consist of transmission and distribution line construction and repair materials, as well as generating station and transmission and distribution substation repair materials.

Both fuel inventory and materials and supplies are recorded at the lower of cost or net realizable value using the average cost method and are issued from stock using the average cost of existing stock. Fuel inventory is recorded when purchased and subsequently charged to expense when used. Materials and supplies are recorded when purchased and subsequently charged to expense or capitalized to property, plant, and equipment when installed.

**Revision of Previously Issued Financial Information**

In the second quarter of 2025, Cleco identified errors in its previously filed consolidated annual and interim financial statements. Specifically, management identified errors (collectively, the "Q2 2025 CF Errors") in the Consolidated Statements of Cash Flows included in the previously filed consolidated financial statements of Cleco and Cleco Power for the years ended December 31, 2024, 2023, and 2022 and interim periods in 2025 and 2024.

Management assessed the materiality of the Q2 2025 CF Errors on the previously filed consolidated financial statements in accordance with the SEC's Staff Accounting Bulletin ("SAB") No. 99 and SAB No. 108 and determined that the Q2 2025 CF Errors were not material to the prior period financial statements, individually or in the aggregate; however, for comparability purposes, the comparative amounts presented in the 2025 Form 10-K have been revised.

The Q2 2025 CF Errors primarily relate to an error in the classification of accrued capital expenditures in the Consolidated Statements of Cash Flows, which resulted in errors to the Net cash provided by operating activities and Net cash provided by (used in) investing activities lines. The revisions had no impact on the consolidated balance sheets, consolidated statements of income, consolidated statements of comprehensive income, consolidated statements of changes in member's equity, or notes to the financial statements included in the previously filed financial statements.

A summary of the revisions to the comparative periods presented in this Annual Report on Form 10-K is shown below.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | CLECO | CLECO | CLECO | CLECO POWER | CLECO POWER | CLECO POWER |
| | FOR THE YEAR ENDED DEC. 31, 2024 | FOR THE YEAR ENDED DEC. 31, 2024 | FOR THE YEAR ENDED DEC. 31, 2024 | FOR THE YEAR ENDED DEC. 31, 2024 | FOR THE YEAR ENDED DEC. 31, 2024 | FOR THE YEAR ENDED DEC. 31, 2024 |
| (THOUSANDS) | AS REPORTED | REVISION | AS REVISED | AS REPORTED | REVISION | AS REVISED |
| Unearned compensation expense | $8774 | $30170 | $38944 | $1867 | $17043 | $18910 |
| Accounts receivable | $20319 | $6393 | $26712 | $(1377) | $6393 | $5016 |
| Customer deposits | $7654 | $(6393) | $1261 | $7654 | $(6393) | $1261 |
| Other deferred accounts | $2943 | $(10065) | $(7122) | $10564 | $(9434) | $1130 |
| Accounts payable<sup>(1)</sup> | $(11856) | $(27563) | $(39419) | $(5295) | $(17664) | $(22959) |
| Taxes accrued | $39010 | $626 | $39636 | $(11845) | $101 | $(11744) |
| Other operating<sup>(2)</sup> | $(1079) | $(4254) | $(5333) | $2229 | $(1132) | $1097 |
| Net cash provided by operating activities | $296805 | $(11086) | $285719 | $270585 | $(11086) | $259499 |
| Additions to property, plant, and equipment | $(259525) | $(14722) | $(274247) | $(255336) | $(14722) | $(270058) |
| Customer advances for construction | $— | $18058 | $18058 | $— | $18058 | $18058 |
| Net cash provided by (used in) investing activities | $217239 | $3336 | $220575 | $(242341) | $3336 | $(239005) |
| Credit deposits | $— | $7750 | $7750 | $— | $7750 | $7750 |
| Net cash used in financing activities | $(607228) | $7750 | $(599478) | $(50721) | $7750 | $(42971) |
| Accrued additions to property, plant, and equipment | $5010 | $6460 | $11470 | $5010 | $6460 | $11470 |
| Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.3 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $8.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.5 million that was reclassified to Incentive compensation payable. | Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.3 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $8.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.5 million that was reclassified to Incentive compensation payable. | Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.3 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $8.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.5 million that was reclassified to Incentive compensation payable. | Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.3 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $8.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.5 million that was reclassified to Incentive compensation payable. | Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.3 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $8.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.5 million that was reclassified to Incentive compensation payable. | Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.3 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $8.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.5 million that was reclassified to Incentive compensation payable. | Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.3 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $8.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.5 million that was reclassified to Incentive compensation payable. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | CLECO | CLECO | CLECO | CLECO POWER | CLECO POWER | CLECO POWER |
| | FOR THE YEAR ENDED DEC. 31, 2023 | FOR THE YEAR ENDED DEC. 31, 2023 | FOR THE YEAR ENDED DEC. 31, 2023 | FOR THE YEAR ENDED DEC. 31, 2023 | FOR THE YEAR ENDED DEC. 31, 2023 | FOR THE YEAR ENDED DEC. 31, 2023 |
| (THOUSANDS) | AS REPORTED | REVISION | AS REVISED | AS REPORTED | REVISION | AS REVISED |
| Unearned compensation expense | $10102 | $26254 | $36356 | $1661 | $15378 | $17039 |
| Accounts receivable | $8112 | $6680 | $14792 | $18044 | $6680 | $24724 |
| Customer deposits | $5311 | $(6680) | $(1369) | $5311 | $(6680) | $(1369) |
| Other deferred accounts | $(1632) | $(9337) | $(10969) | $4441 | $(8106) | $(3665) |
| Accounts payable<sup>(1)</sup> | $(37827) | $(22513) | $(60340) | $(19185) | $(12620) | $(31805) |
| Taxes accrued | $225 | $293 | $518 | $6567 | $40 | $6607 |
| Other operating<sup>(2)</sup> | $874 | $— | $874 | $417 | $— | $417 |
| Net cash provided by operating activities | $421192 | $(5302) | $415890 | $399943 | $(5308) | $394635 |
| Additions to property, plant, and equipment | $(230238) | $(33586) | $(263824) | $(220982) | $(33580) | $(254562) |
| Customer advances for construction | $— | $31888 | $31888 | $— | $31888 | $31888 |
| Net cash used in investing activities | $(227816) | $(1698) | $(229514) | $(218657) | $(1692) | $(220349) |
| Credit deposits | $— | $7000 | $7000 | $— | $7000 | $7000 |
| Net cash used in financing activities | $(128881) | $7000 | $(121881) | $(150352) | $7000 | $(143352) |
| Accrued additions to property, plant, and equipment | $5052 | $3481 | $8533 | $4196 | $3481 | $7677 |
| Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $5.1 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.1 million that was reclassified to Incentive compensation payable. | Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $5.1 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.1 million that was reclassified to Incentive compensation payable. | Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $5.1 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.1 million that was reclassified to Incentive compensation payable. | Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $5.1 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.1 million that was reclassified to Incentive compensation payable. | Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $5.1 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.1 million that was reclassified to Incentive compensation payable. | Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $5.1 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.1 million that was reclassified to Incentive compensation payable. | Amounts presented as revised differ from those in Part II, Item 8, "Consolidated Financial Statements — Cleco — Consolidated Statements of Cash Flows" and "— Cleco Power — Consolidated Statements of Cash Flows" due to the following:<br><sup>(1)</sup> For Cleco, includes $26.2 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $7.9 million that was reclassified to Incentive compensation payable.<br><sup>(2)</sup> For Cleco, includes $5.1 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $1.1 million that was reclassified to Incentive compensation payable. |

---

**Reserves for Credit Losses**

Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivable are generally considered past due 21 days after the billing date. Cleco recognizes write-offs within the allowance for credit losses once all recovery methods have been exhausted. It is the policy of management to review accounts receivable and unbilled revenue monthly using a reserve matrix based on historical bad debt write-off as well as current and forecasted economic conditions, to establish a credit loss estimate.

Cleco's credit losses at December 31, 2025, are within normal levels and historical trends.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

The tables below present the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:

---

| | | | |
|:---|:---|:---|:---|
| Cleco |  |  |  |
| (THOUSANDS) | ACCOUNTS<br>RECEIVABLE | OTHER | TOTAL |
| Balances, Dec. 31, 2023 | $3012 | $1638 | $4650 |
| Current period provision | 2048 |  | 2048 |
| Charge-offs | (4815) |  | (4815) |
| Recovery | 1092 |  | 1092 |
| Balances, Dec. 31, 2024 | 1337 | 1638 | 2975 |
| Current period provision | **2278** | **—** | **2278** |
| Charge-offs | **(3256)** | **—** | **(3256)** |
| Recovery | **916** | **—** | **916** |
| **Balances, Dec. 31, 2025** | $**1275** | $**1638** | $**2913** |

---

---

| | |
|:---|:---|
| Cleco Power |  |
| (THOUSANDS) | ACCOUNTS<br>RECEIVABLE |
| Balances, Dec. 31, 2023 | $3012 |
| Current period provision | 2048 |
| Charge-offs | (4815) |
| Recovery | 1092 |
| Balances, Dec. 31, 2024 | 1337 |
| Current period provision | **2278** |
| Charge-offs | **(3256)** |
| Recovery | **916** |
| **Balances, Dec. 31, 2025** | $**1275** |

---

Cleco also has a receivable in conjunction with the Cleco Cajun Divestiture of $108.4 million, discounted to its net present value. Currently, there is no credit loss reserve estimated against the Cleco Cajun Divestiture receivable. For more information on the receivable, see Note 3 — "Discontinued Operations."

**Other Reserves**

Cleco maintains property insurance on generating stations, buildings and contents, and substations. Cleco is self-insured for any damage to its power lines. To mitigate the exposure to potential financial loss for storm-related damage to lines and property, the LPSC approved Cleco Power to establish a funded storm reserve. For more information on the storm reserve, see Note 6 — "Regulatory Assets and Liabilities — Storm Reserve."

Cleco also maintains liability and workers' compensation insurance to mitigate financial losses due to injuries and damages to the property of others. Cleco's insurance covers claims that exceed certain self-insured limits. For claims within certain self-insured limits, Cleco maintains reserves. At December 31, 2025, and 2024, the general liability and workers compensation reserves together were $16.5 million and $11.5 million, respectively.

Additionally, Cleco maintains directors and officers insurance to protect managers from claims which may arise from their decisions and actions taken within the scope of their regular duties.

**Cash Equivalents**

Cleco considers highly liquid, marketable securities, and other similar instruments with original maturity dates of three months or less to be cash equivalents.

**Restricted Cash and Cash Equivalents**

Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general company purposes.

Cleco's and Cleco Power's restricted cash and cash equivalents consisted of the following:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Current |  |  |
| &nbsp;&nbsp;Cleco Securitization I and Cleco Securitization II operating expenses and debt service | $**23135** | $15918 |
| &nbsp;&nbsp;Cleco Power Energy transition costs | **10730** |  |
| Total current | **33865** | 15918 |
| Non-current |  |  |
| &nbsp;&nbsp;Cleco Power Energy transition costs | **29492** | 1 |
| &nbsp;&nbsp;&nbsp;Diversified Lands' mitigation escrow | **25** | 24 |
| &nbsp;&nbsp;&nbsp;Cleco Power's future storm restoration costs | **108852** | 116468 |
| Total non-current | **138369** | 116493 |
| Total restricted cash and cash equivalents | $**172234** | $132411 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Current |  |  |
| &nbsp;&nbsp;Cleco Securitization I and Cleco Securitization II operating expenses and debt service | $**23135** | $15918 |
| &nbsp;&nbsp;Energy transition costs | **10730** |  |
| Total current | **33865** | 15918 |
| Non-current |  |  |
| &nbsp;&nbsp;Energy transition costs | **29492** | 1 |
| &nbsp;&nbsp;&nbsp;Future storm restoration costs | **108852** | 116468 |
| Total non-current | **138344** | 116469 |
| Total restricted cash and cash equivalents | $**172209** | $132387 |

---

On March 12, 2025, in conjunction with the securitization financing and pursuant to the financing order issued by the LPSC on November 20, 2024, a newly funded energy transition reserve for reimbursement of Dolet Hills Power Station energy transition costs and for future energy transition costs was established. For more information about the energy transition reserve, see Note 6 **— "**Regulatory Assets and Liabilities — Energy Transition Reserve."

In June 2025, Cleco Power received LPSC approval to withdraw $12.3 million from the storm reserve to cover costs associated with multiple storm events that occurred from December 2022 until April 2024. In December 2025, management submitted a request to the LPSC seeking an amendment to the originally approved order to permit the withdrawal of only operations and maintenance-related storm costs from the reserve. The request also included approval to withdraw approximately $13.1 million in operations and maintenance costs related to the remaining 2024 and prior storms and wildfire costs. At December 31, 2025, Cleco Power had $37.8 million of unrecovered accumulated storm restoration costs that are probable of recovery from the storm reserve, pending submittal of applications and approvals by the LPSC. For more information about these accumulated

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

storm restoration costs, see Note 6 **— "**Regulatory Assets and Liabilities — Storm Reserve."

**Equity Investments**

Cleco and Cleco Power account for investments in unconsolidated affiliated companies using the equity method of accounting. The amounts reported on Cleco's and Cleco Power's Consolidated Balance Sheets represent assets contributed by Cleco or Cleco Power, plus their share of the net income of the affiliate, less any distributions of earnings (dividends) received from the affiliate. The revenues and expenses (excluding income taxes) of these affiliates are netted and reported on one line item as equity income from investees on Cleco's and Cleco Power's Consolidated Statements of Income.

Cleco evaluates for impairments of equity method investments when events and circumstances have occurred that indicate a possible other-than-temporary decline in the fair value of the investment and the possible inability to recover the carrying value through operations. Cleco uses estimates of the future cash flows from the investee and observable market transactions in order to calculate fair value and recoverability. An impairment is recognized when an other-than-temporary decline in market value occurs and recovery of the carrying value is not probable. There were no impairments recorded for 2025, 2024, or 2023. For more information on Cleco's equity investments, see Note 15 — "Variable Interest Entities."

**Income Taxes**

Cleco accounts for income taxes under the asset and liability method. Income taxes recorded on the income statement and related balance sheet amounts are comprised of a current portion and a deferred portion. The current portion represents Cleco's estimate of the income taxes payable or receivable for the current year. The deferred portion represents Cleco's estimate of the future income tax effects of events that have been recognized in the financial statements or income tax returns in the current or prior years. Cleco makes assumptions and estimates when it records income taxes, such as its ability to deduct items on its tax returns, the timing of the deduction, and the effect of regulation on income taxes. Cleco's income tax expense and benefit and related assets and liabilities could be affected by changes in its assumptions and estimates and by ultimate resolution of assumptions and estimates with taxing authorities and changes in tax regulations. The actual results may differ from the estimated results based on these assumptions and may have a material effect on Cleco's results of operations. Cleco Group files a federal income tax return for all wholly owned subsidiaries. Cleco Power computes its federal and state income taxes as if it were a stand-alone taxpayer. The LPSC generally requires Cleco Power to flow the effects of state income taxes to customers. For more information on income taxes, see Note 12 — "Income Taxes."

**Investment Tax Credits**

Investment tax credits, which were deferred for financial statement purposes, are amortized as a reduction to income tax expense over the estimated service lives of the properties that gave rise to the credits.

**Debt Issuance Costs, Premiums, and Discounts**

Issuance costs, premiums, and discounts applicable to debt securities are amortized to interest expense ratably over the lives of the related issuances. Expenses and call premiums

related to refinanced Cleco Power debt are deferred and amortized over the life of the original issuance. Debt issuance costs, premiums, and discounts are presented as a direct deduction from the carrying value of the related debt liability.

**Revenue and Fuel Costs**

***Utility Revenue***

Revenue from retail sales and transmission of electricity is recognized when the service is provided. The costs of fuel and purchased power used for Cleco Power's retail customers currently are recovered from its customers through Cleco Power's FAC. These costs are subject to audit and final determination by the LPSC. Sales taxes and pass-through fees collected on the sale of electricity are not recorded in utility revenue.

Cleco recognizes wholesale revenue, inclusive of both energy and capacity performance obligations, under the invoice practical expedient for the amount Cleco has the right to invoice.

***Unbilled Revenue***

Cleco Power accrues estimated revenue monthly for energy used by customers but not yet billed. The monthly estimated unbilled revenue amounts are recorded as unbilled revenue and a receivable. Cleco Power uses actual customer energy consumption data available from AMI to calculate unbilled revenues.

***Other Operations Revenue***

Other operations revenue is recognized at the time products or services are provided to and accepted by customers, and collectability is reasonably assured.

***Sales and Use Taxes***

Cleco collects a sales and use tax on the sale of electricity that subsequently is remitted to the state in accordance with state law. These amounts are not recorded as income or expense on Cleco's or Cleco Power's Consolidated Statements of Income but are reflected at gross amounts on Cleco's and Cleco Power's Consolidated Balance Sheets as a receivable until the tax is collected and as a payable until the liability is paid.

***Franchise and Consumer Fees***

Cleco Power operates under nonexclusive franchise rights granted by municipalities through franchise agreements in which franchise fees are collected and paid. A portion of the franchise fees associated with these franchise agreements is collected by Cleco Power from its retail customers and submitted to the municipality. These fees are recorded as a receivable until it is collected and as a payable until the liability is paid.

Cleco Power also pays periodic franchise fees to the government units, which may include upfront payments upon the renewal of the franchise agreement. The upfront payments are amortized over the life of the franchise agreement and the periodic fees are expensed in the period in which they are incurred. These amounts are recovered from retail customers through base rates.

Cleco Power collects a consumer fee for one of its franchise agreements. This fee is not recorded on Cleco's and Cleco Power's Consolidated Statements of Income as revenue and expense, but is reflected at gross amounts on Cleco's and

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Cleco Power's Consolidated Balance Sheets as a receivable until it is collected and as a payable until the liability is paid.

**AFUDC**

The capitalization of AFUDC by Cleco Power is a utility accounting practice prescribed by FERC and the LPSC for which a return on and recovery of is permitted in setting rates charged for utility services. AFUDC represents the estimated debt and equity costs of capital funds that are necessary to finance construction of new and improvements to existing assets. While cash is not realized directly from such allowance, AFUDC increases the revenue requirement over the same life of the plant through a higher rate base and higher depreciation.

The following tables show the composite AFUDC rates, including borrowed and other funds for the years ended December 31, 2025, 2024, and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| | **2025** | **2025** | 2024 | 2024 | 2023 | 2023 |
| | **PRETAX BASIS** | **NET OF TAX** | PRETAX BASIS | NET OF TAX | PRETAX BASIS | NET OF TAX |
| AFUDC composite rate | **7.33%** | **6.46%** | 8.65% | 7.62% | 8.11% | 6.50% |

---

**Fair Value Measurements and Disclosures**

Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. Some assets and liabilities are required to be measured at their fair value each reporting period, while others are required to be measured only one time, generally the date of acquisition or debt issuance. Cleco and Cleco Power disclose the fair value of certain assets and liabilities by one of three levels when required for recognition purposes. For more information about fair value levels, see Note 8 — "Fair Value Accounting Instruments."

**Derivatives and Other Risk Management Activity**

Accounting guidance requires derivative instruments and hedging activities to be recognized at fair value on the balance sheet. Cleco may elect the normal purchase and normal sale scope exception to the application of fair value accounting for these instruments and activities if they meet certain accounting criteria. Cleco's Energy Market Risk Management Policy authorizes hedging against commodity price risk with physical or financially settled derivative instruments. Due to regulatory treatment, associated mark-to-market adjustments for changes in fair value of recognized derivatives are generally recognized in Accumulated deferred fuel on the balance sheet. For more information on derivative instruments, see Note 9 — "Derivative Instruments."

**Accounting for MISO Transactions**

Cleco Power participates in MISO's Energy and Operating Reserve market and has the opportunity to participate in the MISO capacity market. The hourly power sales and purchases are netted and net sales and net purchases are reported in Electric operations and Purchased power, respectively, on Cleco's and Cleco Power's Consolidated Statements of Income. Power sales and purchases in the MISO market are made at prevailing market prices, also known as LMP, which represents the cost of providing the next MW of electrical energy at a specific location on the grid. LMP includes a

component directly related to congestion on the transmission system and, as a result, can be different based on the location and time of the day the energy is dispatched causing energy costs to increase.

**Leases**

Cleco determines if a contract is a lease at its inception. A lease is deemed to exist when the right to control the use of identified property, plant, or equipment is conveyed through a contract for a certain period of time and consideration is paid. If a contract is determined to be a lease, Cleco recognizes an ROU asset and lease liability at the commencement date based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit interest rate if readily determinable, otherwise Cleco's incremental borrowing rate for a term similar to the duration of the lease is utilized.

Cleco recognizes ROU assets and lease liabilities for leasing arrangements with terms greater than one year. Cleco accounts for lease and non-lease components in a contract as a single lease component for all classes of underlying assets.

Expense for a lessee operating lease is recognized as a single lease cost on a straight-line basis over the lease term and reflected in the appropriate income statement line item based on the leased asset's function. Income for a lessor operating lease is recognized as a single lease income item on a straight-line basis over the lease term and reflected in the appropriate income statement line item based on the lease asset's function. For more information on leases, see Note 4 — "Leases."

**Related-Party Transactions**

Cleco Power evaluates its relationships and transactions in accordance with applicable state and federal regulations and GAAP to determine whether they involve related parties. A related-party relationship exists when parties are subject to common ownership or significant influence, or when one party has the ability to affect the management or operating policies of the other, among other indicators described in Cleco's policies and procedures. Investment funds managed by MAM hold an ownership interest in Cleco Holdings, which wholly owns Cleco Power. As a result, counterparties in which MAM-managed investment funds hold significant investments may be considered related parties to Cleco Power.

In July 2022, Cleco Power entered into a long-term agreement with DESRI, a third party, to purchase the output and associated attributes of a 240-MW solar electric generation facility to be constructed in DeSoto Parish, Louisiana. Cleco Power expects to begin receiving output from this facility by 2027. In January 2025, MAM, through the investment funds it manages, completed a significant minority investment in DESRI, establishing DESRI as a related party to Cleco Power.

As of December 31, 2025, the project remains in development, and no payments or capital expenditures have been made to DESRI to date. Cleco Power will disclose and quantify any future financial activity under the agreement as it occurs.

In December 2025, Cleco Power entered into a cost reimbursement agreement on an arms-length basis with a data center developer which is a related party through MAM. Through the end of December 2025, Cleco had billed approximately $15.1 million under the cost reimbursement agreement.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

**Recent Authoritative Guidance**

In December 2023, FASB issued ASU 2023-09, which enhances required income tax disclosures by increasing transparency and detail provided to financial statement users. Cleco adopted this guidance as it became effective for annual reporting periods beginning after December 15, 2024. Cleco has expanded the income tax reporting to include more disaggregated information regarding the effective tax rate reconciliation, including detailed categories and explanations of significant reconciling items. Cleco discloses income taxes paid by federal and state jurisdictions. These updates are intended to provide stakeholders with improved insight into Cleco's global tax profile. The implementation of this guidance did not have a material impact on the results of operations, financial condition, or cash flows of the Registrants. For more information on income taxes, see Note 12 — "Income Taxes."

In November 2024, FASB issued guidance to improve the presentation and disclosures of certain expenses. This guidance enhances annual and interim disclosure requirements by requiring registrants to disclose purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. This update should be applied either prospectively or retrospectively to all prior periods presented. Management expects to have additional disclosures upon adoption of this guidance, but does not expect this guidance to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants.

In September 2025, FASB issued guidance to change the capitalization criteria concerning software costs. This guidance removes the current references to software development project stages in determining when eligible costs are capitalized. Once implemented, eligible costs will be capitalized when management has authorized and committed to funding the project and it is probable that the project will be completed and used for its intended use. The guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted at the beginning of a fiscal year. This update may be applied either prospectively, a modified approach that is based on the project status, or retrospectively. Management is currently evaluating the potential impacts of this guidance on the results of operations, financial condition and cash flows of the Registrants.

In December 2025, FASB issued guidance to codify the accounting for government grants received by businesses. This guidance identifies two types of government grants: those related to an asset and those related to income. If a government grant is related to an asset, a company can make an accounting policy election to treat it as either a reduction to the carrying value of the asset acquired or a company can recognize the asset at its acquisition cost and the government grant as deferred revenue. If a government grant is related to income, an accounting policy election can be made to either net the grant against the expense or recognize the expense and recognize revenue as a component of other income. The guidance also requires certain disclosures. This guidance is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The guidance also provides three different transition approaches.

Management is currently evaluating the potential impacts of this guidance on the results of operations, financial condition and cash flows of the Registrants.

**Deferred Compensation Obligation**

Cleco maintains a deferred compensation plan that allows members of the Boards, executive officers, and certain key employees to defer the receipt and taxation of certain forms of cash compensation. Notional investment elections options are made by individual participants. The value of the deferred compensation obligations is based on the market value of the participants' notional investment accounts. The underlying notional investments are comprised primarily of money market, fixed income, and equity funds, the values of which are based on directly and indirectly observable market prices. Cleco records the related obligation as Deferred compensation on its Consolidated Balance Sheets.

To economically offset a portion of the market risk associated with changes in the deferred compensation obligation, Cleco maintains company-owned and trust-owned life insurance policies. The cash surrender values of these policies are also subject to market fluctuations based on underlying investment performance. While Cleco does not designate these policies as accounting hedges, changes in the value of the life insurance assets are generally expected to partially offset economic changes in the deferred compensation obligation.

**Note 3 — Discontinued Operations**<br>

In March 2023, Cleco Holdings' management, with the support of its Board of Managers, committed to a plan of action for the disposition of the Cleco Cajun Sale Group. As a result, Cleco Holdings' management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met, and the sale represents a strategic shift that will have a major effect on Cleco's future operations and financial results. Therefore, the results of operations and financial position of the Cleco Cajun Sale Group have been presented as discontinued operations since March 31, 2023. Prior to the Cleco Cajun Divestiture, certain expenses incurred by the Cleco Cajun Sale Group as a result of common services provided by Support Group were reflected in Cleco's results of continuing operations due to the expected ongoing nature of those expenses. In addition, revenue recognized by Cleco Power from transmission services provided to the Cleco Cajun Sale Group was no longer eliminated upon consolidation of Cleco's financial statements and was reflected in Cleco's results of continuing operations due to the ongoing nature of these services.

On June 1, 2024, the Cleco Cajun Sellers completed the sale of the Cleco Cajun Sale Group. After all working capital adjustments were finalized, Cleco incurred a cumulative loss related to the Cleco Cajun Divestiture of $216.7 million. Upon closing, the Cleco Cajun Sellers received $474.5 million, net of adjustments as set forth in the Cleco Cajun Divestiture Purchase and Sale Agreement and adjustments based on net working capital. Also, in conjunction with the closing of the Cleco Cajun Divestiture, the Cleco Cajun Sellers paid $10.8 million to professional service firms that were engaged to facilitate the transaction. Cleco expects to receive an additional $113.0 million by June 2026, which is not contingent upon the post-divestiture performance of the divested business. This receivable is discounted to its net present value

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

and recorded in Receivable - Cleco Cajun Divestiture on Cleco's Consolidated Balance Sheet. In connection with the sale, Cleco entered into an other services agreement and a transition services agreement to provide certain services to the Cleco Cajun Purchasers for up to twelve months. During the fourth quarter of 2024, the transition services agreement was terminated. The other services agreement was terminated on October 7, 2025.

In February 2019 in connection with the approval of the Cleco Cajun Acquisition, Cleco made commitments to the

LPSC that included the repayment of $400.0 million of Cleco Holdings' debt by December 31, 2024. On April 26, 2024, the remaining $66.7 million of that debt was repaid, and this LPSC commitment was satisfied. Interest expense on that debt was included in discontinued operations.

The following table presents the amounts that were reclassified from continuing operations and included in discontinued operations within Cleco's Consolidated Statements of Income for the years ended December 31, 2024, and 2023:

---

| | | |
|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | 2024 | 2023 |
| **Operating revenue, net** |  |  |
| &nbsp;&nbsp;&nbsp;Electric operations | $207555 | $543519 |
| &nbsp;&nbsp;&nbsp;Other operations | 50992 | 125816 |
| &nbsp;&nbsp;Operating revenue, net | 258547 | 669335 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Fuel used for electric generation | 21061 | 126130 |
| &nbsp;&nbsp;&nbsp;Purchased power | 93074 | 230284 |
| &nbsp;&nbsp;&nbsp;Other operations and maintenance | 37685 | 87599 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 4336 | 15891 |
| &nbsp;&nbsp;Taxes other than income taxes |  | 13160 |
| Total operating expenses | 156156 | 473064 |
| **Operating income** | 102391 | 196271 |
| Other income, net | 240 | 47 |
| Interest, net | 1396 | (6919) |
| Loss - Cleco Cajun Divestiture<sup>(1)</sup> | (43715) | (173000) |
| **Income from discontinued operations before income taxes** | 60312 | 16399 |
| Federal and state income tax expense | 14795 | 1757 |
| **Income from discontinued operations, net of income taxes** | $45517 | $14642 |

---

<sup>(1)</sup> This line item represents the loss on the classification as held for sale until the closing of the Cleco Cajun Divestiture. After the closing of the Cleco Cajun Divestiture, this represents the loss on the sale of the Cleco Cajun Sale Group.

Cleco has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. The following table presents the cash flows from discontinued operations related to the Cleco Cajun Sale Group for the years ended December 31, 2024, and 2023:

---

| | | |
|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | 2024 | 2023 |
| Net cash (used in) provided by operating activities - discontinued operations  | $(822) | $8778 |
| Net cash used in investing activities - discontinued operations | $(3278) | $(8745) |

---

**Note 4 — Leases**<br>

Cleco maintains operating leases in its ordinary course of business activities.

**Operating Leases** 

Cleco Power leases utility systems from two municipalities and one non-municipal public body. One municipal lease has a term of 10 years and expires on August 11, 2031. The second municipal lease has a term of 10 years and expires on May 13, 2028. The non-municipal lease has a term of 27 years and expires on July 31, 2039. Each utility system lease contains fixed and variable components, as well as provisions for extensions.

During 2024, Cleco Power renewed its lease for 111 railcars for coal transportation which expires on March 31,

2027. Cleco Power reassesses its need for the railcars upon the expiration of each term. Cleco Power pays a monthly rental fee per car. The railcar lease does not contain contingent rent payments.

Cleco Power had leases for three towboats in order to transport petroleum coke to Madison Unit 3. During 2024, Cleco Power modified its agreement to reduce the number of towboats to two with an expiration date of April 2025 due to a change in fuel strategy. As a result of a cancellation notice and two amendments, Cleco Power reclassified its barge finance lease to an operating lease for 20 barges through April 15, 2025. For more information on the barge lease see "— Finance Lease."

Cleco's and Cleco Power's remaining operating leases provide for office and operating facilities, office equipment, and tower rentals.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

The following is a schedule by year of future minimum lease payments due under Cleco's and Cleco Power's long-term operating leases together with the present value of the net minimum lease payments as of December 31, 2025:

---

| | |
|:---|:---|
| (THOUSANDS) |  |
| Years ending Dec. 31, |  |
| &nbsp;&nbsp;2026 | $2763 |
| &nbsp;&nbsp;2027 | 2482 |
| &nbsp;&nbsp;2028 | 2275 |
| &nbsp;&nbsp;2029 | 2205 |
| &nbsp;&nbsp;2030 | 2205 |
| Thereafter | 3165 |
| Total minimum lease payments | 15095 |
| &nbsp;&nbsp;Less: amount representing interest | 1903 |
| Present value of net minimum operating lease payments | $13192 |
| Current liabilities | $2404 |
| Non-current liabilities | $10788 |

---

**Finance Lease**

In April 2018, Cleco Power entered into an agreement with Savage Inland Marine for continued use of barges used to transport solid fuel to Madison Unit 3 through March 2033. Upon commencement, Cleco Power loaned Savage Inland Marine $16.8 million to purchase the barges and a receivable was established. At December 31, 2024, this receivable was satisfied as part of the termination of the finance lease discussed below. The agreement met the accounting definition of a finance lease at inception.

The barge lease rate contained both a fixed and variable component, of which the latter was adjusted periodically for associated executory costs. If the barges were idle, the lessor was required to attempt to sublease the barges to third parties with the revenue reducing Cleco Power's lease payment.

In October 2024, pursuant to a provision for early termination in accordance with the terms of the agreement, Cleco Power notified Savage Inland Marine that Cleco Power would be terminating the lease agreement effective April 15, 2025. This resulted in the lease being classified as an operating lease. Consequently, the net finance lease asset and finance lease obligation were derecognized and a $2.2 million gain was recorded in Accumulated deferred fuel on Cleco's and Cleco Power's Consolidated Balance Sheets at December 31, 2024. In addition, an operating lease obligation of $0.4 million was recognized.

For the years ended December 31, 2024, and 2023, Cleco Power paid $2.0 million, and $2.2 million, respectively, in lease payments. For the years ended December 31, 2024, and 2023, Cleco Power received $0.7 million, and $2.6 million, respectively, of revenue from subleases.

**Additional Lessee Disclosures**

Cleco's and Cleco Power's total lease cost includes amounts on the income statement, as well as amounts capitalized as part of property, plant, or equipment or inventory. The following tables reflect total lease costs for Cleco and Cleco Power for the years ended December 31, 2025, and 2024:

---

| | | |
|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Finance lease cost |  |  |
| &nbsp;&nbsp;Amortization of ROU assets | $**—** | $1027 |
| &nbsp;&nbsp;Interest on lease liabilities | **—** | 1175 |
| Operating lease cost | **2733** | 3772 |
| Variable lease cost | **877** | 737 |
| Total lease cost | $**3610** | $6711 |

---

The following tables present additional information related to Cleco's and Cleco Power's leases as of and for the years ended December 31, 2025, and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | BALANCE SHEET LINE ITEM | **2025** | 2024 |
| Supplemental balance sheet information | Supplemental balance sheet information |  |  |
| ROU assets |  |  |  |
| &nbsp;&nbsp;Operating | Operating lease right of use assets | $**12858** | $14905 |
| Total ROU assets | Total ROU assets | $**12858** | $14905 |
| Current lease liabilities | Current lease liabilities |  |  |
| &nbsp;&nbsp;Operating | Other current liabilities | $**2404** | $2754 |
| Non-current lease liabilities | Non-current lease liabilities |  |  |
| &nbsp;&nbsp;Operating | Operating lease liabilities | **10788** | 12788 |
| Total lease liabilities | Total lease liabilities | $**13192** | $15542 |

---

---

| | | |
|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Supplemental cash flow information |  |  |
| Cash paid for amounts included in the measurement of lease liabilities |  |  |
| &nbsp;&nbsp;Operating cash flows from operating leases | $**2711** | $3663 |
| &nbsp;&nbsp;Operating cash flows from finance leases | $**—** | $1175 |
| &nbsp;&nbsp;Financing cash flows from finance leases | $**—** | $844 |

---

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Other supplemental information |  |  |
| Operating leases |  |  |
| &nbsp;&nbsp;Weighted-average remaining lease term | **13.2 years** | 11.7 years |
| &nbsp;&nbsp;Weighted-average discount rate | **4.01%** | 4.16% |

---

**Note 5 — Revenue Recognition**<br>

**Revenue from Contracts with Customers**

***Retail Revenue***

Retail revenue from contracts with customers is generated primarily from Cleco's regulated electric sales from residential, commercial, and industrial customers. Cleco Power recognizes retail revenue from these contracts as a series, and progress towards satisfaction of the performance obligation is measured using an output method based on kWh delivered. Accordingly, revenue from electricity sales is recognized as energy is delivered to the customer. Cleco Power bills retail customers, based on rates regulated by the LPSC, on a monthly basis with payments generally due within 20 days of the invoice date.

Included in retail revenue is unbilled electric revenue, which represents the amount customers will be billed for services rendered from the meter reading from the most recent

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

bill to the end of the respective accounting period. Actual customer energy consumption data available from AMI is used to calculate unbilled revenue. Also included in retail revenue is electric customer credits, which represents potential refunds to customers and offsets base revenue. For more information on the regulation of Cleco Power's retail revenue, see Note 14 — "Regulation and Rates — FRP."

***Wholesale Revenue***

Cleco's wholesale revenue is generated primarily through the sale of energy and capacity to electric cooperatives and municipalities. The electricity revenue performance obligations, representing both energy and capacity, are satisfied as a series of performance obligations, and progress towards satisfaction of the performance obligations are measured using an output method. The energy performance obligation measure of progress is based on kWh delivered. The capacity performance obligation measure of progress is based on time elapsed and is recognized each month as Cleco's generating units stand ready to deliver electricity to the customer. Cleco recognizes wholesale revenue, inclusive of both performance obligations, under the invoice practical expedient for the amount Cleco has the right to invoice. Wholesale customers are charged market-based rates that are subject to FERC's triennial market power analysis. Cleco also enters into transactions through MISO for spot energy sales which are transacted in the Day-Ahead Energy and Operating Reserves Market and the Real-Time Energy and Operating Reserves Market. For more information on the accounting for MISO transactions, see Note 2 — "Summary of Significant Accounting Policies — Accounting for MISO Transactions."

***Transmission Revenue***

Cleco Power earns transmission revenues pursuant to MISO's FERC filed tariff. The performance obligation of transmission service is satisfied as service is provided. Revenue from the transmission of electricity for Cleco Power is recorded based on a separate FERC-approved annual filing rate mechanism effective June 1 of each year. These rates are based on the respective costs to provide transmission services.

***Other Revenue***

Other revenue from contracts with customers, which is not a significant source of Cleco's revenue, consisted of customer-forfeited discounts and reconnect fees, electric property rental, and other miscellaneous fees. The performance obligation under these contracts is satisfied and revenue is recognized as control of the products is delivered or services are rendered.

**Revenue Unrelated to Contracts with Customers**

On September 1, 2022, Cleco Power began billing and collecting, on behalf of Cleco Securitization I, a storm recovery surcharge from all retail customers. This surcharge represents the recovery of costs incurred by Cleco Power as a result of Hurricanes Laura, Delta, Zeta, and Ida and Winter Storms Uri and Viola, as well as interest and associated expenses. Cleco Power remits the collected storm recovery surcharge to Cleco Securitization I to service Cleco Securitization I storm recovery bonds. The storm recovery surcharge will continue to be billed and collected from Cleco Power's retail customers through the life of the Cleco Securitization I storm recovery bonds.

On April 1, 2025, Cleco Power began billing and collecting, on behalf of Cleco Securitization II, an energy transition surcharge from all retail customers. This surcharge represents the recovery of costs associated with the closure of the Dolet Hills Power Station and the Oxbow mine, as well as interest and associated expenses. Cleco Power remits the collected energy transition surcharge to Cleco Securitization II to service Cleco Securitization II energy transition bonds. The energy transition surcharge will continue to be billed and collected from Cleco Power's retail customers through the life of the Cleco Securitization II energy transition bonds.

**Disaggregated Revenue**

Operating revenue, net for the years ended December 31, 2025, 2024, and 2023 was as follows:

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE YEAR ENDED DEC. 31, 2025** | **FOR THE YEAR ENDED DEC. 31, 2025** | **FOR THE YEAR ENDED DEC. 31, 2025** | **FOR THE YEAR ENDED DEC. 31, 2025** | **FOR THE YEAR ENDED DEC. 31, 2025** | **FOR THE YEAR ENDED DEC. 31, 2025** |
| (THOUSANDS) | **CLECO POWER** |  | **OTHER** |  | **ELIMINATIONS** | **TOTAL** |
| Revenue from contracts with customers |  |  |  |  |  |  |
| Retail revenue |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential <sup>(1)</sup> | $**538704** |  | $**—** |  | $**—** | $**538704** |
| &nbsp;&nbsp;Commercial <sup>(1)</sup> | **355380** |  | **—** |  | **—** | $**355380** |
| &nbsp;&nbsp;Industrial <sup>(1)</sup> | **207490** |  | **—** |  | **—** | $**207490** |
| &nbsp;&nbsp;Other retail <sup>(1)</sup> | **18806** |  | **—** |  | **—** | $**18806** |
| Total retail revenue | **1120380** |  | **—** |  | **—** | **1120380** |
| Wholesale, net | **82003** | <sup>(1)</sup> | **(745)** | <sup>(2)</sup> | **—** | **81258** |
| Transmission | **44494** |  | **—** |  | **—** | **44494** |
| Other | **18858** |  | **—** |  | **(30)** | **18828** |
| Affiliate <sup>(3)</sup> | **976** |  | **81899** |  | **(82875)** | **—** |
| Total revenue from contracts with customers | **1266711** |  | **81154** |  | **(82905)** | **1264960** |
| Revenue unrelated to contracts with customers |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securitization | **54169** |  | **—** |  | **—** | **54169** |
| &nbsp;&nbsp;&nbsp;Other | **7348** | <sup>(4)</sup> | **5312** | <sup>(5)</sup> | **—** | **12660** |
| Total revenue unrelated to contracts with customers | **61517** |  | **5312** |  | **—** | **66829** |
| **Operating revenue, net** | $**1328228** |  | $**86466** |  | $**(82905)** | $**1331789** |

---

<sup>(1)</sup> Includes fuel recovery revenue.

<sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.

<sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.

<sup>(4)</sup> Represents realized gains associated with FTRs. For more information on FTRs see Note 8 — "Fair Value Accounting Instruments — FTRs."

<sup>(5)</sup> Primarily related to the other services agreement as a result of the Cleco Cajun Divestiture.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, 2024 | FOR THE YEAR ENDED DEC. 31, 2024 | FOR THE YEAR ENDED DEC. 31, 2024 | FOR THE YEAR ENDED DEC. 31, 2024 | FOR THE YEAR ENDED DEC. 31, 2024 | FOR THE YEAR ENDED DEC. 31, 2024 |
| (THOUSANDS) | CLECO POWER |  | OTHER |  | ELIMINATIONS | TOTAL |
| Revenue from contracts with customers |  |  |  |  |  |  |
| Retail revenue |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential <sup>(1)</sup> | $453518 |  | $— |  | $— | $453518 |
| &nbsp;&nbsp;Commercial <sup>(1)</sup> | 302380 |  |  |  |  | 302380 |
| &nbsp;&nbsp;Industrial <sup>(1)</sup> | 177176 |  |  |  |  | 177176 |
| &nbsp;&nbsp;Other retail <sup>(1)</sup> | 16317 |  |  |  |  | 16317 |
| &nbsp;&nbsp;&nbsp;Electric customer credits | (3940) |  |  |  |  | (3940) |
| Total retail revenue | 945451 |  |  |  |  | 945451 |
| Wholesale, net | 99128 | <sup>(1)</sup> | (2881) | <sup>(2)</sup> |  | 96247 |
| Transmission, net | 43004 |  |  |  |  | 43004 |
| Other | 19514 |  |  |  | (22) | 19492 |
| Affiliate <sup>(3)</sup> | 12452 |  | 108127 |  | (120579) |  |
| Total revenue from contracts with customers | 1119549 |  | 105246 |  | (120601) | 1104194 |
| Revenue unrelated to contracts with customers |  |  |  |  |  |  |
| &nbsp;&nbsp;Securitization | 32619 |  |  |  |  | 32619 |
| &nbsp;&nbsp;&nbsp;Other | 2734 | <sup>(4)</sup> | 8162 | <sup>(5)</sup> | (1) | 10895 |
| Total revenue unrelated to contracts with customers | 35353 |  | 8162 |  | (1) | 43514 |
| **Operating revenue, net** | $1154902 |  | $113408 |  | $(120602) | $1147708 |

---

<sup>(1)</sup> Includes fuel recovery revenue.

<sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.

<sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.

<sup>(4)</sup> Represents realized gains associated with FTRs. For more information on FTRs see Note 8 — "Fair Value Accounting Instruments — FTRs."

<sup>(5)</sup> Primarily related to the other services agreement and transition services agreement as a result of the Cleco Cajun Divestiture

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, 2023 | FOR THE YEAR ENDED DEC. 31, 2023 | FOR THE YEAR ENDED DEC. 31, 2023 | FOR THE YEAR ENDED DEC. 31, 2023 | FOR THE YEAR ENDED DEC. 31, 2023 | FOR THE YEAR ENDED DEC. 31, 2023 |
| (THOUSANDS) | CLECO POWER |  | OTHER |  | ELIMINATIONS | TOTAL |
| Revenue from contracts with customers |  |  |  |  |  |  |
| Retail revenue |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential <sup>(1)</sup> | $469099 |  | $— |  | $— | $469099 |
| &nbsp;&nbsp;Commercial <sup>(1)</sup> | 304422 |  |  |  |  | 304422 |
| &nbsp;&nbsp;Industrial <sup>(1)</sup> | 179506 |  |  |  |  | 179506 |
| &nbsp;&nbsp;Other retail <sup>(1)</sup> | 16543 |  |  |  |  | 16543 |
| &nbsp;&nbsp;&nbsp;Electric customer credits | (60689) |  |  |  |  | (60689) |
| Total retail revenue | 908881 |  |  |  |  | 908881 |
| Wholesale, net | 221547 | <sup>(1)</sup> | (9454) | <sup>(2)</sup> |  | 212093 |
| Transmission  | 56701 |  |  |  |  | 56701 |
| Other | 20797 |  |  |  |  | 20797 |
| Affiliate <sup>(3)</sup> | 8904 |  | 120716 |  | (129620) |  |
| Total revenue from contracts with customers | 1216830 |  | 111262 |  | (129620) | 1198472 |
| Revenue unrelated to contracts with customers |  |  |  |  |  |  |
| &nbsp;&nbsp;Securitization | 34063 |  |  |  |  | 34063 |
| &nbsp;&nbsp;&nbsp;Other | 6252 | <sup>(4)</sup> | 5 |  | (1) | 6256 |
| Total revenue unrelated to contracts with customers | 40315 |  | 5 |  | (1) | 40319 |
| **Operating revenue, net** | $1257145 |  | $111267 |  | $(129621) | $1238791 |

---

<sup>(1)</sup> Includes fuel recovery revenue.

<sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.

<sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.

<sup>(4)</sup> Represents realized gains associated with FTRs. For more information on FTRs see Note 8 — "Fair Value Accounting Instruments — FTRs."

Cleco has elected not to disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less, or for revenue recognized in an amount equal to what Cleco and Cleco Power have the right to bill the customer for services performed. Cleco's contracts are based on demand, except in a few cases where there are defined minimums or stated terms. This results in customer bills that vary each month based on an approved tariff and usage. In limited cases, Cleco may impose monthly or annual minimum capacity requirements on some customers primarily as a credit and cost recovery guarantee and not as pricing for unsatisfied performance obligations. These minimums typically expire after the initial term or when specified costs have been recovered. The minimum amounts are part of each month's bill and recognized as revenue accordingly. The total fixed consideration related to unsatisfied performance obligations is not material to Cleco's revenues.

**Note 6 — Regulatory Assets and Liabilities**<br>

Cleco Power recognizes an asset for certain costs capitalized or deferred for recovery from customers and recognizes a

liability for amounts expected to be returned to customers or collected for future expected costs. Cleco Power records these assets and liabilities based on regulatory approval or precedent and management's ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process.

Under the current regulatory environment, Cleco Power estimates these regulatory assets are probable of full recovery. If in the future, as a result of regulatory changes, Cleco Power's ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-down such assets. In addition, potential deregulation of the industry or possible future changes in the method of rate regulation of Cleco Power, could require discontinuance of the application of the authoritative guidance of regulated operations.

The following table summarizes Cleco Power's regulatory assets and liabilities:

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Cleco Power |  |  |  |  |
|  | AT DEC. 31, | AT DEC. 31, | REMAINING<br>RECOVERY PERIOD (YRS.) |  |
| (THOUSANDS) | **2025** | 2024 | REMAINING<br>RECOVERY PERIOD (YRS.) |  |
| Regulatory assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Unit 1 acquisition costs | $**1490** | $1596 | 14 |  |
| &nbsp;&nbsp;Accumulated deferred fuel<sup>(1)</sup> | **22910** | 457 | Various |  |
| &nbsp;&nbsp;&nbsp;Affordability study | **7581** | 8959 | 5.5 |  |
| &nbsp;&nbsp;&nbsp;AFUDC equity gross-up | **54188** | 57284 | Various | <sup>(3)</sup> |
| &nbsp;&nbsp;AMI deferred revenue requirement | **—** | 409 |  |  |
| &nbsp;&nbsp;AROs | **21370** | 11073 | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Coughlin transaction costs | **722** | 753 | 23.5 |  |
| &nbsp;&nbsp;COVID-19 executive order | **2113** | 3372 | 1.5 |  |
| &nbsp;&nbsp;Deferred lignite and mine closure costs and Dolet Hills Power Station closure costs | **—** | 258951 |  |  |
| &nbsp;&nbsp;&nbsp;Deferred taxes, net | **35311** | 2008 | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;Dolet Hills carrying charge | **2957** | 4729 |  |  |
| &nbsp;&nbsp;Financing costs<sup>(1)</sup> | **5347** | 5717 | Various | <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;Interest costs | **2463** | 2712 | Various | <sup>(3)</sup> |
| &nbsp;&nbsp;Madison Unit 3 property taxes | **15350** | 14196 | Various | <sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Non-service cost of postretirement benefits | **13204** | 14057 | Various | <sup>(3)</sup> |
| &nbsp;&nbsp;Northlake Transmission Agreement<sup>(10)</sup> | **4587** | 2542 | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Postretirement costs | **51451** | 58089 | Various | <sup>(7)</sup> |
| &nbsp;&nbsp;Production operations and maintenance expenses | **14809** | 4939 | Various | <sup>(8)</sup> |
| &nbsp;&nbsp;Rodemacher Unit 2 deferred costs<sup>(4)</sup> | **35655** | 27265 |  |  |
| &nbsp;&nbsp;Solar development costs<sup>(4)</sup> | **2122** | 2122 |  |  |
| &nbsp;&nbsp;&nbsp;St. Mary Clean Energy Center | **—** | 870 |  |  |
| &nbsp;&nbsp;&nbsp;Training costs | **5306** | 5462 | 34 |  |
| &nbsp;&nbsp;Tree trimming costs | **—** | 943 |  |  |
| &nbsp;&nbsp;&nbsp;Other | **9970** | 10378 | Various | <sup>(2)</sup> |
| Total regulatory assets | **308906** | 498883 |  |  |
| Regulatory liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred taxes, net | **(6368)** | (6827) | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;Energy transition reserve<sup>(9)</sup> | **(38360)** |  |  |  |
| &nbsp;&nbsp;Interest earned on energy transition reserve<sup>(9)</sup> | **(831)** |  |  |  |
| &nbsp;&nbsp;Residential revenue decoupling | **(4500)** | (3000) |  |  |
| &nbsp;&nbsp;Storm reserve | **(69440)** | (76178) |  |  |
| Total regulatory liabilities | **(119499)** | (86005) |  |  |
| Total regulatory assets, net | $**189407** | $412878 |  |  |
| <sup>(1)</sup> Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2025, and 2024, respectively. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the remaining recovery period, refer to the following disclosures for each specific regulatory asset or liability.<br><sup>(3)</sup> Amortized over the estimated lives of the respective assets. <br><sup>(4)</sup> Currently not in a recovery period. <br><sup>(5)</sup> Amortized over the terms of the related debt issuances.<br><sup>(6)</sup> Beginning July 1, 2021, property taxes paid for the year ended December 31, are being amortized over the subsequent 12 months beginning July 1.<br><sup>(7)</sup> Amortized over the average service life of the remaining plan participants.<br><sup>(8)</sup> Deferral is recovered over the following three-year regulatory period.<br><sup>(9)</sup> Currently not in a refund period.<br><sup>(10)</sup> Previously included in Other but presented as its own line item at December 31, 2025, due to increased materiality of the comparative periods. | <sup>(1)</sup> Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2025, and 2024, respectively. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the remaining recovery period, refer to the following disclosures for each specific regulatory asset or liability.<br><sup>(3)</sup> Amortized over the estimated lives of the respective assets. <br><sup>(4)</sup> Currently not in a recovery period. <br><sup>(5)</sup> Amortized over the terms of the related debt issuances.<br><sup>(6)</sup> Beginning July 1, 2021, property taxes paid for the year ended December 31, are being amortized over the subsequent 12 months beginning July 1.<br><sup>(7)</sup> Amortized over the average service life of the remaining plan participants.<br><sup>(8)</sup> Deferral is recovered over the following three-year regulatory period.<br><sup>(9)</sup> Currently not in a refund period.<br><sup>(10)</sup> Previously included in Other but presented as its own line item at December 31, 2025, due to increased materiality of the comparative periods. | <sup>(1)</sup> Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2025, and 2024, respectively. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the remaining recovery period, refer to the following disclosures for each specific regulatory asset or liability.<br><sup>(3)</sup> Amortized over the estimated lives of the respective assets. <br><sup>(4)</sup> Currently not in a recovery period. <br><sup>(5)</sup> Amortized over the terms of the related debt issuances.<br><sup>(6)</sup> Beginning July 1, 2021, property taxes paid for the year ended December 31, are being amortized over the subsequent 12 months beginning July 1.<br><sup>(7)</sup> Amortized over the average service life of the remaining plan participants.<br><sup>(8)</sup> Deferral is recovered over the following three-year regulatory period.<br><sup>(9)</sup> Currently not in a refund period.<br><sup>(10)</sup> Previously included in Other but presented as its own line item at December 31, 2025, due to increased materiality of the comparative periods. | <sup>(1)</sup> Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2025, and 2024, respectively. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the remaining recovery period, refer to the following disclosures for each specific regulatory asset or liability.<br><sup>(3)</sup> Amortized over the estimated lives of the respective assets. <br><sup>(4)</sup> Currently not in a recovery period. <br><sup>(5)</sup> Amortized over the terms of the related debt issuances.<br><sup>(6)</sup> Beginning July 1, 2021, property taxes paid for the year ended December 31, are being amortized over the subsequent 12 months beginning July 1.<br><sup>(7)</sup> Amortized over the average service life of the remaining plan participants.<br><sup>(8)</sup> Deferral is recovered over the following three-year regulatory period.<br><sup>(9)</sup> Currently not in a refund period.<br><sup>(10)</sup> Previously included in Other but presented as its own line item at December 31, 2025, due to increased materiality of the comparative periods. |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

The following table summarizes Cleco's net regulatory assets and liabilities:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Total Cleco Power regulatory assets, net | $**189407** | $412878 |
| 2016 Merger adjustments <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Fair value of long-term debt | 82553 | 89941 |
| &nbsp;&nbsp;&nbsp;Postretirement costs | 5473 | 7461 |
| &nbsp;&nbsp;&nbsp;Financing costs | 5873 | 6217 |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | 3581 | 3921 |
| Total Cleco regulatory assets, net | $286887 | $520418 |

---

<sup>(1)</sup> Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger.

**Acadia Unit 1 Acquisition Costs**

In 2009, the LPSC approved Cleco Power's request to establish a regulatory asset for costs incurred as a result of the acquisition by Cleco Power of Acadia Unit 1 and half of Acadia Power Station's related common facilities. In 2010, Cleco Power began recovering the Acadia Unit 1 acquisition costs over a 30-year period.

**Accumulated Deferred Fuel**

Cleco Power is allowed to recover the cost of fuel used for electric generation and power purchased for utility customers through the LPSC-established FAC or related wholesale contract provisions, which enable Cleco Power to pass on to its customers substantially all such charges. The difference between fuel and purchased power revenues collected from retail and wholesale customers and the current fuel and purchased power costs is generally recorded as Accumulated deferred fuel on Cleco Power's Consolidated Balance Sheet. At December 31, 2025, Accumulated deferred fuel increased $22.5 million, primarily due to increased fuel costs and increases in mark-to-market losses on gas-related derivative contracts. For 2025, approximately 98% of Cleco Power's total fuel cost was regulated by the LPSC.

**Affordability Study**

In July 2021, as approved by the LPSC in Cleco Power's prior retail rate plan, Cleco Power was allowed to establish a regulatory asset related to outside consulting fees for the assessment of Cleco Power's practices and assistance in the identification of potential cost savings opportunities, while maintaining superior levels of employee safety, reliability, customer service, environmental stewardship, community involvement, and regulatory transparency. In 2021, the regulatory asset began being amortized over 10 years.

**AFUDC Equity Gross-Up**

Cleco Power capitalizes equity AFUDC as a cost component of construction projects. Cleco Power has recorded a regulatory asset to recover the tax gross-up related to the equity component of AFUDC. These costs are being amortized over the estimated lives of the respective assets constructed.

**AMI Deferred Revenue Requirement**

In 2011, the LPSC approved Cleco Power's stipulated settlement in Docket No. U-31393 allowing Cleco Power to defer the estimated revenue requirements for the AMI project as a regulatory asset. In 2014, the LPSC approved Cleco

Power's recovery of the AMI regulatory asset over the average life of the AMI meters, or 11 years, and Cleco Power began recovering the AMI deferred revenue requirement. At December 31, 2025, the AMI regulatory asset was fully amortized.

**AROs**

Cleco Power recorded an ARO liability for the retirement of certain ash disposal facilities. The ARO regulatory asset represents the accretion of the ARO liability and the depreciation of the related assets.

During the third quarter of 2025, as a result of changes in the underlying cost estimates, Cleco Power remeasured an ARO liability associated with the closure of the Dolet Hills Power Station landfill, resulting in an increase of $8.6 million to the liability and regulatory asset, which reflects the expected recovery of these costs through the energy transition reserve once these costs are incurred.

**Coughlin Transaction Costs**

In January 2014, the LPSC authorized Cleco Power to create a regulatory asset for the transaction costs related to the transfer of Coughlin from Evangeline to Cleco Power. In 2014, Cleco Power began recovering the Coughlin transaction costs over a 35-year period.

**COVID-19 Executive Order**

In March 2020, the LPSC issued an executive order prohibiting the disconnection of utilities for nonpayment. This order resulted in an increase of expenses and a loss of revenue for Cleco Power. In April 2020, the LPSC issued an order allowing utilities to establish a regulatory asset for expenses incurred from the suspension of disconnections and collection of late fees imposed by the LPSC executive order. On July 1, 2020, the LPSC issued an order terminating the moratorium on disconnections effective July 16, 2020. Cleco began resuming disconnections and late fees and utilizing collection agencies in October 2020. As approved by the LPSC in Cleco Power's current retail rate plan, beginning on July 1, 2024, the lost revenues and incremental costs associated with the COVID-19 executive order are being amortized over three years.

**Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs**

In 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine and to include and defer certain accelerated mine closing costs in fuel and related ratemaking treatment. In 2021, the LPSC approved the establishment of a regulatory asset for certain lignite costs that would otherwise be billed through Cleco Power's FAC and any reasonable incremental third-party professional costs related to the closure of the mine.

In 2020, Cleco Power revised depreciation rates for the Dolet Hills Power Station to utilize the December 31, 2021, expected end-of-life and early retirement of the Dolet Hills Power Station and defer depreciation expense to a regulatory asset for the amount in excess of the previously approved depreciation rates by the LPSC. The Dolet Hills Power Station was retired on December 31, 2021.

In 2022, Cleco Power filed an application with the LPSC requesting approval of the regulatory treatment and recovery of stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station over 20 years as well as recovery of deferred fuel and mine-related costs. At

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

June 30, 2024, $12.3 million of the ARO regulatory asset, which was related to the Dolet Hills Power Station, was reclassified to the Dolet Hills Power Station Closure Cost regulatory asset.

At December 31, 2024, Cleco Power had $136.8 million recorded for the deferred lignite and mine closure costs regulatory asset and $122.2 million recorded for the Dolet Hills Power Station closure costs regulatory asset. These regulatory assets were previously recorded in Regulatory assets - current on Cleco's and Cleco Power's Consolidated Balance Sheets.

On March 12, 2025, through Cleco Securitization II, Cleco Power completed a securitization financing of Energy Transition Property, which included full recovery of the previously mentioned Dolet Hills Power Station costs that were deferred as regulatory assets, and at March 31, 2025, the balance was reduced to zero on Cleco's and Cleco Power's Consolidated Balance Sheets.

**Deferred Taxes, Net**

The regulatory assets and liabilities recorded for deferred income taxes represent the effect of tax benefits or detriments that must be flowed through to customers as they are received or paid. The amounts deferred are attributable to differences between book and tax recovery periods. Tax effects of changes in tax laws must be recognized in the period in which the law is enacted. Also, deferred tax assets and liabilities must be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled.

In 2017, the TCJA was enacted. The provisions of TCJA reduced the top federal statutory corporate income tax rate from 35% to 21%. Changes in the IRC from the TCJA had a material impact on the Registrants' financial statements in 2017. Cleco Power had portions of the excess ADIT classified as protected and unprotected. All amounts associated with the unprotected portion were fully credited to Cleco Power's retail customers by the end of 2024. The protected excess ADIT continues to be credited until the full amount has been returned to Cleco Power's customers. At December 31, 2025, and 2024, Cleco and Cleco Power had $182.4 million and $189.6 million, respectively, accrued for the protected excess ADIT.

In 2021, the Louisiana state corporate income tax rate decreased from 8% to 7.5% and the state deduction for federal income taxes paid was eliminated, effective for income tax periods beginning on or after January 1, 2022. These changes resulted in an increase in income tax expense. Therefore, Cleco Power established a regulatory asset for the increased revenue requirements associated with the income tax expense in excess of the amount previously approved by the LPSC. At June 30, 2024, as approved by the LPSC in Cleco Power's current retail rate plan, $5.5 million for the total costs recorded for the associated regulatory asset were netted with the excess ADIT liability recorded in the Deferred taxes, net regulatory asset.

On December 4, 2024, the Louisiana state corporate income tax rate decreased from 7.5% to 5.5%, effective for the income tax periods beginning on or after January 1, 2025.

In 2024, Cleco and Cleco Power recorded a $64.9 million decrease in Regulatory assets - deferred taxes, net for the flowthrough effects of state income taxes. At December 31, 2025, Deferred Taxes, Net regulatory asset increased $33.3 million primarily due to amortization of the excess deferred income taxes and the state flowthrough of tax benefits.

**Dolet Hills Carrying Charge**

On November 20, 2024, the LPSC authorized Cleco Power to establish an additional regulatory asset to accrue a carrying charge at Cleco Power's weighted average cost of capital on the total of the related Dolet Hills Power Station regulatory assets that were included in the principal balance of the securitization financing, which closed in March 2025. The amount is being recovered over one year beginning on July 1, 2025, through Cleco Power's IICR.

**Financing Costs**

In 2011, Cleco Power entered into and settled two treasury rate locks. Of the $26.8 million in settlements, $7.4 million was deferred as a regulatory asset relating to ineffectiveness of the hedge relationships. Also in 2011, Cleco Power entered into a forward starting swap contract. These derivatives were entered into in order to mitigate the interest rate exposure on coupon payments related to forecasted debt issuances. In 2013, the forward starting interest rate swap was settled at a loss of $3.3 million. Cleco Power deferred $2.9 million of the losses as a regulatory asset, which is being amortized over the terms of the related debt issuances.

**Interest Costs**

Cleco Power's deferred interest costs include additional deferred capital construction financing costs authorized by the LPSC. These costs are being amortized over the estimated lives of the respective assets.

**Madison Unit 3 Property Taxes**

Beginning in July 2021, as approved by the LPSC in Cleco Power's prior retail rate plan, Cleco Power is allowed to recover property taxes paid for Madison Unit 3, including a carrying charge at Cleco Power's weighted average cost of capital, grossed up for income taxes. The amount recorded annually in the regulatory asset will be amortized over the following rate year, beginning on July 1.

**Non-Service Cost of Postretirement Benefits**

In 2018, FASB's amended guidance related to defined benefit pension and other postretirement plans became effective. The amendment allows only the service cost component of net benefit cost to be eligible for capitalization within property, plant, and equipment. Beginning in 2018, Cleco Power's non-service cost previously eligible for capitalization into property, plant, and equipment are being deferred to a regulatory asset and will be amortized over the estimated lives of the respective assets.

**Northlake Transmission Agreement**

Annually, as approved in Cleco Power's prior retail rate plan, Cleco Power is allowed to defer, as a regulatory asset, the undercollection of revenues related to the Northlake Transmission Agreement. This agreement governs Cleco Power's share of transmission costs for serving load in its Northlake service territory under MISO. The amount recorded annually in the regulatory asset will be amortized over the following rate year, beginning on July 1.

As of December 31, 2025, the Northlake Transmission Agreement regulatory asset increased $2.0 million as a result of higher transmission costs billed by MISO for Cleco Power's Northlake service territory.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

**Postretirement Costs**

Cleco Power recognizes the funded status of its postretirement benefit plans as a net liability or asset. The net liability or asset is defined as the difference between the benefit obligation and the fair market value of plan assets. For defined benefit pension plans, the benefit obligation is the projected benefit obligation. Historically, the LPSC has allowed Cleco Power to recover pension plan expense. Cleco Power, therefore, recognizes a regulatory asset based on its determination that these costs can be collected from customers. These costs are amortized to pension expense over the average service life of the remaining plan participants (approximately five years as of December 31, 2025, for Cleco's plan) when it exceeds certain thresholds. The amount and timing of the recovery will be based on the changing funded status of the pension plan in future periods. For more information on Cleco's pension plan and adoption of these authoritative guidelines, see Note 11 — "Pension Plan and Employee Benefits."

**Production Operations and Maintenance Expenses**

Annually, Cleco Power is allowed to defer, as a regulatory asset, production operations and maintenance expenses, net of fuel and payroll, above the retail jurisdictional portion of $29.7 million, adjusted annually for a growth factor (deferral threshold). The amount of the regulatory asset is capped at $25.0 million. The LPSC allows Cleco Power to recover the amount deferred in any calendar year over the following three-year regulatory period though the IICR, beginning on July 1 when the annual rates are set. Cleco Power deferred $12.6 million and $2.0 million in 2025 and 2024, respectively.

**Rodemacher Unit 2 Deferred Costs**

As a result of environmental regulations enacted during 2020, Cleco Power revised Rodemacher Unit 2's expected end-of-life to coincide with its application to the EPA for an alternative closure date of October 17, 2028. With evolving environmental and market changes, Cleco Power is evaluating options that may extend the unit's operating life beyond 2028. Rodemacher Unit 2's depreciation expense in excess of the previously LPSC-approved depreciation rates continues to be deferred to a regulatory asset.

**Solar Development Costs**

In July 2022, Cleco Power entered into a long-term agreement to purchase, among other things, the output, capacity, and current and future environmental resource credits of a 240-MW solar electric generation facility to be constructed in DeSoto Parish, Louisiana and owned by a third party. On September 17, 2024, the LPSC approved the agreement and authorized Cleco Power to establish a regulatory asset for the stipulated settlement of development costs incurred through December 31, 2023, associated with the long-term agreement. As approved by the LPSC, Cleco Power will begin amortizing these costs over 25 years once it begins purchasing power from the third party, which is expected by 2027.

**St. Mary Clean Energy Center**

Cleco Power had a regulatory asset for the revenue requirements related to the planning and construction costs incurred for the St. Mary Clean Energy Center. As approved by the LPSC in Cleco Power's prior retail rate plan, the regulatory asset began being amortized over four years on July 1, 2021.

In September 2022, the LPSC approved a settlement refunding $10.4 million to Cleco Power's retail customers,

which was refunded to customers in October 2022. The $10.4 million refund consisted of $6.6 million for costs recovered in periods prior to September 30, 2022, and $3.8 million for costs recovered from October 1, 2022, until Cleco Power's base rates were reset with its new retail rate plan on July 1, 2024. At December 31, 2025, this regulatory asset was fully amortized.

**Training Costs**

In 2008, the LPSC approved Cleco Power's request to establish a regulatory asset for training costs associated with existing processes and technology for new employees at Madison Unit 3. Recovery of these expenditures was approved by the LPSC in 2009. In 2010, Cleco Power began amortizing the regulatory asset over a 50-year period.

**Tree Trimming Costs**

In 2016, the LPSC approved Cleco Power to defer and recover through its base rates tree trimming costs. The LPSC authorized a deferral up to $11.0 million, excluding debt carrying costs. At December 31, 2025, this regulatory asset was fully amortized.

**Cleco Holdings' 2016 Merger Adjustments**

As a result of the 2016 Merger, Cleco implemented acquisition accounting, which eliminated AOCI at the Cleco consolidated level on the date of the 2016 Merger. Cleco will continue to recover expenses related to certain postretirement costs; therefore, Cleco recognized a regulatory asset based on its determination that these costs that are probable of recovery continue to be collected from customers. These costs will be amortized to Other operations expense over the average remaining service period of participating employees. Cleco will also continue to recover financing costs associated with the settlement of two treasury rate locks and a forward starting swap contract that were previously recognized in AOCI. Additionally, as a result of the 2016 Merger, a regulatory asset was recorded for debt issuance costs that were eliminated at Cleco, and a regulatory asset was recorded for the difference between the carrying value and the fair value of long-term debt. These regulatory assets are being amortized over the terms of the related debt issuances, unless the debt is redeemed prior to maturity, at which time any unamortized related regulatory asset will be derecognized.

**Other Regulatory Assets**

The LPSC approved recovery of other previously deferred costs associated with Cleco Power's current and prior retail rate plan, which began being amortized over three years on July 1, 2024. At December 31, 2025, and 2024, Cleco Power had a regulatory asset of $2.0 million and $4.5 million, respectively, recorded for these deferred costs.

In June 2017, the LPSC approved the establishment of a regulatory asset upon the completion of the Coughlin Pipeline project for the revenue requirement associated with the project, until Cleco Power's prior retail rate plan was approved. As approved by the LPSC in Cleco Power's prior rate case, the regulatory asset began being amortized over four years on July 1, 2021. At December 31, 2024, Cleco Power had a regulatory asset of $0.7 million recorded for the deferred revenue associated with the Coughlin Pipeline project. At December 31, 2025, this regulatory asset was fully amortized.

Cleco Power recovers increases in property taxes through its base rates. Additionally, as approved by the LPSC in Cleco

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Power's current retail rate plan, increases in property taxes that are related to the industrial tax exemption program roll-offs will be recovered through the IICR. At December 31, 2025, and 2024, Cleco Power had a regulatory asset of $2.0 million and $0.6 million, respectively, for these costs.

On July 1, 2024, as approved by the LPSC in Cleco Power's current retail rate plan, Cleco Power established a regulatory asset for right-of-way vegetation management costs to mitigate potential disruptions to its transmission and distribution system. At December 31, 2025, and 2024, Cleco Power had $5.9 million and $4.6 million, respectively, recorded for these costs.

**Energy Transition Reserve**

On March 12, 2025, in conjunction with the securitization financing and pursuant to the financing order issued by the LPSC on November 20, 2024, a newly funded energy transition reserve for reimbursement of Dolet Hills Power Station energy transition costs and for future energy transition costs was established. Any surplus that remains in the reserve after all Dolet Hills Power Station energy transition costs are prudently incurred will be refunded to Cleco Power's retail electric customers using the IICR.

**Interest Earned on Energy Transition Reserve**

Cleco Power established a regulatory liability for the interest earned on the restricted cash for the newly funded energy transition reserve. Per the financing order, Cleco Power will refund this interest annually through the IICR. For more information on the restricted cash for the energy transition reserve, see Note 2 — "Summary of Significant Accounting Policies — Restricted Cash and Cash Equivalents."

**Residential Revenue Decoupling**

Under the terms of Cleco Power's current retail rate plan, effective July 1, 2024, Cleco Power implemented a residential revenue decoupling mechanism through its IICR that provides a charge or credit to its residential customers for any under or over collection of residential base revenue as a result of

changes in usage driven by weather or other measures. The under or over collection of residential base revenue is assessed on Cleco Power's rate year and an associated credit or charge for decoupling, not to exceed $3.0 million for any respective rate year, will be adjusted through the IICR for each subsequent year.

On July 1, 2025, Cleco Power began providing a $3.0 million credit to its residential customers through the IICR. At September 30, 2025, Cleco Power accrued an additional $3.0 million reflecting an expected credit to be provided to residential customers for the rate year starting July 1, 2026.

**Storm Reserve**

Cleco Power has a storm reserve to fund future storm restoration costs. Accumulated storm restoration costs that are probable of recovery from retail customers are netted against the storm reserve. During 2024, Cleco Power's service territory was impacted by multiple severe weather events resulting in significant storm restoration costs. At December 31, 2024, Cleco Power had a storm reserve balance of $76.2 million, net of $43.3 million of unreimbursed accumulated storm restoration costs. At December 31, 2025, Cleco Power had a storm reserve balance of $69.4 million, net of $37.8 million of unreimbursed accumulated storm restoration costs.

**Note 7 — Jointly Owned Generation Units**<br>

Cleco Power operates electric generation units that are jointly owned with other utilities. The joint-owners are responsible for their own share of the capital and the operating and maintenance costs of the respective units. Cleco Power is responsible for its own share of the direct expenses of its jointly owned generation units. Cleco Power's share of expenses is included in the operating expenses on Cleco's and Cleco Power's Consolidated Statements of Income.

At December 31, 2025, the investment in and accumulated depreciation for each generating facility on Cleco's and Cleco Power's Consolidated Balance Sheets were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Cleco |  |  |  |  |  |  |
|  |  | **AT DEC. 31, 2025** | **AT DEC. 31, 2025** | **AT DEC. 31, 2025** | **AT DEC. 31, 2025** | **AT DEC. 31, 2025** |
| (THOUSANDS, EXCEPT PERCENTAGES AND MW) | **UTILITY PLANT**<br> **IN SERVICE** <sup>(2)</sup> | **ACCUMULATED DEPRECIATION** <sup>(2)</sup> | **CONSTRUCTION WORK IN PROGRESS** | **OWNERSHIP INTEREST PERCENTAGE** | **RATED<br>CAPACITY (MW)** | **OWNERSHIP INTEREST (MW)** |
| Acadia Power Station common facilities <sup>(1)</sup> | $**19142** | $**4532** | $**395** | **50%** |  |  |
| Brame Energy Center  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rodemacher Unit 2  | $**89412** | $**61900** | $**671** | **30%** | **523** | **157** |
| &nbsp;&nbsp;Common facilities - Nesbitt Unit 1 and Rodemacher Unit 2 | $**3369** | $**862** | $**15** | **62%** |  |  |
| &nbsp;&nbsp;Common facilities - Rodemacher Unit 2 and Madison Unit 3  | $**3245** | $**554** | $**11** | **69%** |  |  |
| &nbsp;&nbsp;Common facilities - Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3  | $**11801** | $**2769** | $**112** | **77%** |  |  |

---

<sup>(1)</sup> Cleco Power has a 100% ownership interest in Acadia Unit 1. The common facilities at the Acadia Power Station are jointly owned.

<sup>(2)</sup> At the date of the 2016 Merger, utility plant in service was adjusted to be net of accumulated depreciation, as no accumulated depreciation existed on such date. Since pushdown accounting was not elected at the Cleco Power level, Cleco Power retained its accumulated depreciation.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Cleco Power |  |  |  |  |  |  |
|  | **AT DEC. 31, 2025** | **AT DEC. 31, 2025** | **AT DEC. 31, 2025** | **AT DEC. 31, 2025** | **AT DEC. 31, 2025** | **AT DEC. 31, 2025** |
| (THOUSANDS, EXCEPT PERCENTAGES AND MW) | **UTILITY PLANT<br> IN SERVICE** | **ACCUMULATED DEPRECIATION** | **CONSTRUCTION WORK IN PROGRESS** | **OWNERSHIP INTEREST PERCENTAGE** | **RATED<br>CAPACITY (MW)** | **OWNERSHIP INTEREST (MW)** |
| Acadia Power Station common facilities <sup>(1)</sup> | $**19916** | $**5306** | $**395** | **50%** |  |  |
| Brame Energy Center |  |  |  |  |  |  |
| &nbsp;&nbsp;Rodemacher Unit 2 | $**162992** | $**135480** | $**671** | **30%** | **523** | **157** |
| &nbsp;&nbsp;Common facilities - Nesbitt Unit 1 and Rodemacher Unit 2 | $**4776** | $**2269** | $**15** | **62%** |  |  |
| &nbsp;&nbsp;Common facilities - Rodemacher Unit 2 and Madison Unit 3 | $**3335** | $**644** | $**11** | **69%** |  |  |
| &nbsp;&nbsp;Common facilities - Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3 | $**21844** | $**12812** | $**112** | **77%** |  |  |

---

<sup>(1)</sup> Cleco Power has a 100% ownership interest in Acadia Unit 1. The common facilities at the Acadia Power Station are jointly owned.

**Note 8 — Fair Value Accounting Instruments**<br>

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Cleco utilizes a three-tier fair value hierarchy that prioritizes inputs that may be used to measure fair value. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. Significant increases or decreases in any of those inputs in isolation could result in a significantly different fair value measurement. Cleco classifies fair value balances based on the fair value hierarchy defined as follows:

• Level 1 — observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that Cleco can observe as of the measurement date.

• Level 2 — observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets, quoted market prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

• Level 3 — unobservable inputs for assets or liabilities whose fair value is estimated based on internally or third-party developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints.

When available and if applicable, Cleco uses observable market prices to measure fair value. Credit risk of Cleco and its counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves. Cleco applies the provisions of the fair value measurement standard to its non-recurring, non-financial measurements including business combinations as well as impairment related to goodwill and other long-lived assets.

**Fair Value Measurements on a Recurring Basis**

The amounts reflected in Cleco's and Cleco Power's Consolidated Balance Sheets at December 31, 2025, and 2024, for cash equivalents, restricted cash equivalents, accounts receivable, other accounts receivable, short-term debt, and accounts payable approximate fair value because of their short-term nature.

The following tables disclose the fair value of financial assets and liabilities measured on a recurring basis on Cleco's and Cleco Power's Consolidated Balance Sheets. These amounts are presented on a gross basis.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Cleco |  |  |  |  |  |  |  |  |
|  | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE |
| (THOUSANDS) | **AT DEC. 31, 2025** | **QUOTED<br> PRICES IN<br>ACTIVE MARKETS<br>FOR IDENTICAL<br>ASSETS<br>(LEVEL 1)** | **SIGNIFICANT<br>OTHER<br>OBSERVABLE<br>INPUTS<br>(LEVEL 2)** | **SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS<br>(LEVEL 3)** | AT DEC. 31, 2024 | QUOTED <br>PRICES IN<br>ACTIVE MARKETS<br>FOR IDENTICAL<br>ASSETS<br>(LEVEL 1) | SIGNIFICANT<br>OTHER<br>OBSERVABLE<br>INPUTS<br>(LEVEL 2) | SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS<br>(LEVEL 3) |
| Asset Description |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term investments | $**334353** | $**334353** | $**—** | $**—** | $153972 | $153972 | $— | $— |
| &nbsp;&nbsp;FTRs | **5513** | **—** | **—** | **5513** | 2084 |  |  | 2084 |
| &nbsp;&nbsp;&nbsp;Natural gas derivatives | **2452** | **—** | **2452** | **—** | 9210 |  | 9210 |  |
| Total assets | $**342318** | $**334353** | $**2452** | $**5513** | $165266 | $153972 | $9210 | $2084 |
| Liability Description |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FTRs | $**945** | $**—** | $**—** | $**945** | $256 | $— | $— | $256 |
| &nbsp;&nbsp;&nbsp;Natural gas derivatives | **10890** | **—** | **10890** | **—** |  |  |  |  |
| Total liabilities | $**11835** | $**—** | $**10890** | $**945** | $256 | $— | $— | $256 |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Cleco Power |  |  |  |  |  |  |  |  |
|  | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE | FAIR VALUE MEASUREMENTS AT REPORTING DATE |
| (THOUSANDS) | **AT DEC. 31, 2025** | **QUOTED<br> PRICES IN<br>ACTIVE MARKETS<br>FOR IDENTICAL<br>ASSETS<br>(LEVEL 1)** | **SIGNIFICANT<br>OTHER<br>OBSERVABLE<br>INPUTS<br>(LEVEL 2)** | **SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS<br>(LEVEL 3)** | AT DEC. 31, 2024 | QUOTED<br> PRICES IN<br>ACTIVE MARKETS<br>FOR IDENTICAL<br>ASSETS<br>(LEVEL 1) | SIGNIFICANT<br>OTHER<br>OBSERVABLE<br>INPUTS<br>(LEVEL 2) | SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS<br>(LEVEL 3) |
| Asset Description |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term investments | $**326128** | $**326128** | $**—** | $**—** | $147648 | $147648 | $— | $— |
| &nbsp;&nbsp;FTRs | **5513** | **—** | **—** | **5513** | 2084 |  |  | 2084 |
| &nbsp;&nbsp;&nbsp;Natural gas derivatives | **2452** | **—** | **2452** | **—** | 9210 |  | 9210 |  |
| Total assets | $**334093** | $**326128** | $**2452** | $**5513** | $158942 | $147648 | $9210 | $2084 |
| Liability Description |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FTRs | $**945** | $**—** | $**—** | $**945** | $256 | $— | $— | $256 |
| &nbsp;&nbsp;&nbsp;Natural gas derivatives | **10890** | **—** | **10890** | **—** |  |  |  |  |
| Total liabilities | $**11835** | $**—** | $**10890** | $**945** | $256 | $— | $— | $256 |

---

Cleco applied its Level 2 and Level 3 fair value techniques between comparative fiscal periods. During the years ended December 31, 2025, and 2024, Cleco did not experience any transfers into or out of Level 3 of the fair value hierarchy.

*Short-term Investments*

At December 31, 2025, and 2024, Cleco and Cleco Power had short-term investments in money market funds and treasury bills that have a maturity of three months or less when purchased.

The following tables present the short-term investments as recorded on Cleco's and Cleco Power's Consolidated Balance Sheets at December 31, 2025, and 2024:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Cash and cash equivalents | $**162282** | $21562 |
| Current restricted cash and cash equivalents | $**33702** | $15918 |
| Non-current restricted cash and cash equivalents | $**138369** | $116492 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Cash and cash equivalents | $**154082** | $15263 |
| Current restricted cash and cash equivalents | $**33702** | $15918 |
| Non-current restricted cash and cash equivalents | $**138344** | $116467 |

---

*FTRs*

FTRs are energy-related financial instruments used to provide a financial hedge to manage the risk of transmission

congestion charges between MISO nodes in MISO's Day-Ahead Energy Market. Cleco is awarded and/or purchases FTRs in auctions facilitated by MISO. FTRs are derivatives not designated as hedging instruments for accounting purposes.

FTRs are valued using MISO's monthly auction prices as a price index reference (Level 3). Unrealized gains or losses are deferred as a component of Accumulated deferred fuel on the balance sheet in accordance with regulatory policy, and at settlement, realized gains or losses are included in Cleco Power's FAC and reflected on customers' bills as a component of the fuel charge.

The following table summarizes the changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Beginning balance | $**1828** | $2306 | $2276 |
| Realized losses | **(2158)** |  |  |
| Unrealized gains (losses)\* | **2801** | 204 | (425) |
| Purchases | **6489** | 4240 | 8089 |
| Sales | **(1583)** |  |  |
| Settlements | **(2809)** | (4922) | (7634) |
| Ending balance | $**4568** | $1828 | $2306 |
| \* Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco's and Cleco Power's Consolidated Balance Sheets. | \* Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco's and Cleco Power's Consolidated Balance Sheets. | \* Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco's and Cleco Power's Consolidated Balance Sheets. | \* Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco's and Cleco Power's Consolidated Balance Sheets. |

---

The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of December 31, 2025, and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | FAIR VALUE | FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT <br>UNOBSERVABLE INPUTS | INPUT/RANGE | INPUT/RANGE | INPUT/RANGE |
| (THOUSANDS, EXCEPT FORWARD PRICE RANGE) | ASSETS | LIABILITIES |  |  | LOW<sup>(1)</sup> | HIGH<sup>(1)</sup> | WEIGHTED<br>AVERAGE<sup>(2)</sup> |
| **FTRs at Dec. 31, 2025** | $**5513** | $**945** | **RTO auction pricing** | **FTR price - per MWh** | $**(6.78)** | $**6.46** | $**0.79** |
| FTRs at Dec. 31, 2024 | $2084 | $256 | RTO auction pricing | FTR price - per MWh | $(4.39) | $8.49 | $0.27 |
| <sup>(1)</sup> The low and high prices reflect the lowest and highest values of all single point-to-point FTRs and not the range of aggregate price changes.<br><sup>(2)</sup> The weighted average reflects the market price and volume of each commodity weighted by the total volume of commodities. | <sup>(1)</sup> The low and high prices reflect the lowest and highest values of all single point-to-point FTRs and not the range of aggregate price changes.<br><sup>(2)</sup> The weighted average reflects the market price and volume of each commodity weighted by the total volume of commodities. | <sup>(1)</sup> The low and high prices reflect the lowest and highest values of all single point-to-point FTRs and not the range of aggregate price changes.<br><sup>(2)</sup> The weighted average reflects the market price and volume of each commodity weighted by the total volume of commodities. | <sup>(1)</sup> The low and high prices reflect the lowest and highest values of all single point-to-point FTRs and not the range of aggregate price changes.<br><sup>(2)</sup> The weighted average reflects the market price and volume of each commodity weighted by the total volume of commodities. | <sup>(1)</sup> The low and high prices reflect the lowest and highest values of all single point-to-point FTRs and not the range of aggregate price changes.<br><sup>(2)</sup> The weighted average reflects the market price and volume of each commodity weighted by the total volume of commodities. | <sup>(1)</sup> The low and high prices reflect the lowest and highest values of all single point-to-point FTRs and not the range of aggregate price changes.<br><sup>(2)</sup> The weighted average reflects the market price and volume of each commodity weighted by the total volume of commodities. | <sup>(1)</sup> The low and high prices reflect the lowest and highest values of all single point-to-point FTRs and not the range of aggregate price changes.<br><sup>(2)</sup> The weighted average reflects the market price and volume of each commodity weighted by the total volume of commodities. | <sup>(1)</sup> The low and high prices reflect the lowest and highest values of all single point-to-point FTRs and not the range of aggregate price changes.<br><sup>(2)</sup> The weighted average reflects the market price and volume of each commodity weighted by the total volume of commodities. |

---

***Natural Gas Derivatives***

Cleco may enter into energy-related physical and financial fixed price forward or options contracts that financially settle or are physically delivered at a future date. Management has not elected to apply hedge accounting to these contracts as allowed under applicable accounting standards. Cleco Power's natural gas derivative contracts are marked-to-market with the resulting unrealized gain or loss recorded as a

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

component of Accumulated deferred fuel on Cleco's and Cleco Power's Consolidated Balance Sheets. At settlement, realized gains or losses are included in Cleco Power's FAC and reflected on customer's bills as a component of the fuel charge.

**Fair Value Measurements** on a Nonrecurring Basis

The following tables summarize the carrying value and estimated market value of Cleco's and Cleco Power's financial instruments not measured at fair value on Cleco's and Cleco Power's Consolidated Balance Sheets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Cleco |  |  |  |  |
|  | AT DEC. 31, | AT DEC. 31, | AT DEC. 31, | AT DEC. 31, |
|  | **2025** | **2025** | 2024 | 2024 |
| (THOUSANDS) | **CARRYING<br>VALUE\*** | **FAIR VALUE** | CARRYING<br>VALUE\* | FAIR VALUE |
| Long-term debt | $**3300793** | $**3179215** | $2922003 | $2716251 |

---

\* The carrying value of long-term debt does not include deferred issuance costs of $18.3 million at December 31, 2025, and $11.6 million at December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Cleco Power |  |  |  |  |
|  | AT DEC. 31, | AT DEC. 31, | AT DEC. 31, | AT DEC. 31, |
|  | **2025** | **2025** | 2024 | 2024 |
| (THOUSANDS) | **CARRYING<br>VALUE\*** | **FAIR VALUE** | CARRYING<br>VALUE\* | FAIR VALUE |
| Long-term debt | $**2208240** | $**2232569** | $1822061 | $1800633 |

---

\* The carrying value of long-term debt does not include deferred issuance costs of $17.4 million at December 31, 2025, and $10.1 million at December 31, 2024.

In order to fund capital requirements, Cleco may issue fixed and variable rate long-term debt with various tenors. The fair value of this class fluctuates as the market interest rates for fixed and variable rate debt with similar tenors and credit ratings change. The fair value of the debt could also change from period to period due to changes in the credit rating of the Cleco entity by which the debt was issued. The fair value of long-term debt is classified as Level 2 in the fair value hierarchy.

**Concentrations of Credit Risk**

Cleco is exposed to counterparty credit risk due to the potential that a counterparty may fail to meet their financial obligations causing Cleco to potentially incur replacement cost losses.

At December 31, 2025, and 2024, Cleco and Cleco Power were exposed to concentrations of credit risk through their short-term investments classified as cash equivalents and restricted cash equivalents. If the short-term investments failed to perform under the terms of the investments, Cleco and Cleco Power would be exposed to a loss of the invested amounts. Collateral on these types of investments is not required. In order to optimize interest income and minimize risk, cash is invested primarily in short-term securities issued by the U.S. government and liquid money market funds.

When Cleco enters into financial or physical commodity transactions with market participants, or commitments to build facilities to serve customers, it may be exposed to counterparty credit risk. To mitigate this risk, Cleco enters into long-form contracts and master agreements with counterparties. These agreements address the potential for credit default and include provisions for collateralization above prenegotiated thresholds. Under these agreements, counterparties are required to post margin to secure their

obligations. To mitigate counterparty risk for customer-related projects, Cleco requires either cash collateral, such as credit deposits or letters of credit, or customer advances for construction (CIAC). Cash collateral is held until it is either returned to the counterparty or applied in the event of a default. CIAC is applied to active construction projects as reimbursement for Cleco's incurred costs.

At December 31, 2025, and 2024, Cleco held cash collateral of $4.4 million and $14.8 million, respectively, recorded in Credit deposits on Cleco's and Cleco Power's Consolidated Balance Sheets. At December 31, 2025, and 2024, Cleco held CIAC of $33.1 million and $27.4 million, respectively, recorded in Customer advances for construction on Cleco's and Cleco Power's Consolidated Balance Sheets.

Alternatively, Cleco may be required to provide credit support with respect to bilateral transactions and contracts that Cleco has entered into or may enter into in the future. The amount of credit support required may change based on margining formulas, changes in credit agency ratings, or liquidity ratios.

**Note 9 — Derivative Instruments**<br>

In the normal course of business, Cleco utilizes derivative instruments, such as natural gas derivatives and FTRs, to mitigate volatility of overall fuel and purchased power costs.

Cleco has not elected to designate any of its current instruments as an accounting hedge. Generally, Cleco's derivative positions are subject to netting agreements that provide for offsetting of asset and liability positions as well as related collateral with the same counterparty. At December 31, 2025, and 2024, there were no fair value amounts offset on Cleco's and Cleco Power's Consolidated Balance Sheets.

The following table presents the fair values of derivative instruments on Cleco's and Cleco Power's Consolidated Balance Sheets at December 31, 2025, and 2024:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Commodity-related contracts |  |  |
| FTRs |  |  |
| &nbsp;&nbsp;Current |  |  |
| &nbsp;&nbsp;&nbsp;Energy risk management assets | $**5513** | $2084 |
| &nbsp;&nbsp;&nbsp;Energy risk management liabilities | **(945)** | (256) |
| Natural gas derivatives |  |  |
| &nbsp;&nbsp;Current |  |  |
| &nbsp;&nbsp;&nbsp;Energy risk management assets | **2452** | 9210 |
| &nbsp;&nbsp;&nbsp;Energy risk management liabilities | **(10890)** |  |
| Commodity-related contracts, net | $**(3870)** | $11038 |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

The following tables present the effect of derivatives not designated as hedging instruments on Cleco's and Cleco Power's Consolidated Statements of Income for the years December 31, 2025, 2024, and 2023:

---

| | | | |
|:---|:---|:---|:---|
| Cleco |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Commodity contracts |  |  |  |
| FTRs <sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;Electric operations | $**7424** | $2811 | $6320 |
| &nbsp;&nbsp;Purchased power | **(4533)** | (2988) | (4465) |
| Natural gas derivatives <sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;Fuel used for electric generation | **(9534)** | (30748) | (139315) |
| Total | $**(6643)** | $(30925) | $(137460) |
| <sup>(1)</sup> Cleco's realized gains (losses) for FTRs and natural gas derivatives are consistent with amounts disclosed in Cleco Power's derivative table below, see — Cleco Power. | <sup>(1)</sup> Cleco's realized gains (losses) for FTRs and natural gas derivatives are consistent with amounts disclosed in Cleco Power's derivative table below, see — Cleco Power. | <sup>(1)</sup> Cleco's realized gains (losses) for FTRs and natural gas derivatives are consistent with amounts disclosed in Cleco Power's derivative table below, see — Cleco Power. | <sup>(1)</sup> Cleco's realized gains (losses) for FTRs and natural gas derivatives are consistent with amounts disclosed in Cleco Power's derivative table below, see — Cleco Power. |

---

---

| | | | |
|:---|:---|:---|:---|
| Cleco Power |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Commodity contracts |  |  |  |
| FTRs |  |  |  |
| &nbsp;&nbsp;Electric operations | $**7424** | $2811 | $6320 |
| &nbsp;&nbsp;Purchased power | **(4533)** | (2988) | (4465) |
| Natural gas derivatives <sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;Fuel used for electric generation | **(9534)** | (24289) | (22734) |
| Total | $**(6643)** | $(24466) | $(20879) |
| &nbsp;&nbsp;<sup>(1)</sup> **Natural gas derivatives - Realized Gains (Losses)**<br>Realized gains and losses related to natural gas derivatives are recorded in Accumulated deferred fuel on Cleco's and Cleco Power's Consolidated Balance Sheets and recovered from customers through the FAC. For the years ended December 31, 2025, and 2024, Cleco and Cleco Power had no unrecovered realized gains (losses) recorded in Accumulated deferred fuel. For the year ended December 31, 2023, Cleco Power had unrecovered realized losses of $(2.0) million associated with natural gas derivatives recorded in Accumulated deferred fuel. | &nbsp;&nbsp;<sup>(1)</sup> **Natural gas derivatives - Realized Gains (Losses)**<br>Realized gains and losses related to natural gas derivatives are recorded in Accumulated deferred fuel on Cleco's and Cleco Power's Consolidated Balance Sheets and recovered from customers through the FAC. For the years ended December 31, 2025, and 2024, Cleco and Cleco Power had no unrecovered realized gains (losses) recorded in Accumulated deferred fuel. For the year ended December 31, 2023, Cleco Power had unrecovered realized losses of $(2.0) million associated with natural gas derivatives recorded in Accumulated deferred fuel. | &nbsp;&nbsp;<sup>(1)</sup> **Natural gas derivatives - Realized Gains (Losses)**<br>Realized gains and losses related to natural gas derivatives are recorded in Accumulated deferred fuel on Cleco's and Cleco Power's Consolidated Balance Sheets and recovered from customers through the FAC. For the years ended December 31, 2025, and 2024, Cleco and Cleco Power had no unrecovered realized gains (losses) recorded in Accumulated deferred fuel. For the year ended December 31, 2023, Cleco Power had unrecovered realized losses of $(2.0) million associated with natural gas derivatives recorded in Accumulated deferred fuel. | &nbsp;&nbsp;<sup>(1)</sup> **Natural gas derivatives - Realized Gains (Losses)**<br>Realized gains and losses related to natural gas derivatives are recorded in Accumulated deferred fuel on Cleco's and Cleco Power's Consolidated Balance Sheets and recovered from customers through the FAC. For the years ended December 31, 2025, and 2024, Cleco and Cleco Power had no unrecovered realized gains (losses) recorded in Accumulated deferred fuel. For the year ended December 31, 2023, Cleco Power had unrecovered realized losses of $(2.0) million associated with natural gas derivatives recorded in Accumulated deferred fuel. |

---

The following table presents the unrealized gains (losses) of derivatives not designated as hedging instruments that are recorded in Accumulated deferred fuel on Cleco's and Cleco Power's Consolidated Balance Sheets for the years December 31, 2025, and 2024:

---

| | | |
|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Commodity contracts |  |  |
| FTRs  |  |  |
| &nbsp;&nbsp;Unrealized gains | $**2801** | $204 |
| Natural gas derivatives  |  |  |
| &nbsp;&nbsp;Unrealized (losses) gains | **(14480)** | 14568 |
| Total | $**(11679)** | $14772 |

---

The following table presents the volume of commodity-related derivative contracts outstanding at December 31, 2025, and 2024 for Cleco and Cleco Power:

---

| | | | |
|:---|:---|:---|:---|
| | | TOTAL VOLUME OUTSTANDING | TOTAL VOLUME OUTSTANDING |
| | UNIT OF MEASURE | AT DEC. 31, | AT DEC. 31, |
| (THOUSAND) | UNIT OF MEASURE | **2025** | 2024 |
| Commodity-related contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;FTRs | MWh | **5755** | 6720 |
| &nbsp;&nbsp;&nbsp;Natural gas derivatives | MMBtus | **36825** | 18595 |

---

**Note 10 — Debt**<br>

Cleco Power's total long-term indebtedness as of December 31, 2025, and 2024 was as follows:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Bonds |  |  |
| &nbsp;&nbsp;Senior notes, 3.68%, due 2025 | $**—** | $75000 |
| &nbsp;&nbsp;Senior notes, 3.47%, due 2026 | **130000** | 130000 |
| &nbsp;&nbsp;Senior notes, 5.96%, due 2026 | **100000** | 100000 |
| &nbsp;&nbsp;Senior notes, 4.33%, due 2027 | **50000** | 50000 |
| &nbsp;&nbsp;Senior notes, 3.57%, due 2028 | **200000** | 200000 |
| &nbsp;&nbsp;Senior notes, 6.50%, due 2035 | **295000** | 295000 |
| &nbsp;&nbsp;Senior notes, 5.30%, due 2036 | **350000** |  |
| &nbsp;&nbsp;Senior notes, 6.00%, due 2040 | **250000** | 250000 |
| &nbsp;&nbsp;Senior notes, 5.12%, due 2041 | **100000** | 100000 |
| &nbsp;&nbsp;Series A GO Zone bonds, 2.50%, due 2038, mandatory tender in 2025 | **—** | 50000 |
| &nbsp;&nbsp;Series B GO Zone bonds, 4.25%, due 2038 | **50000** | 50000 |
| &nbsp;&nbsp;Cleco Securitization I storm recovery bonds, 4.016%, due 2033 | **85840** | 100927 |
| &nbsp;&nbsp;Cleco Securitization I storm recovery bonds, 4.646%, due 2044 | **300000** | 300000 |
| &nbsp;&nbsp;Cleco Securitization II energy transition bonds, 4.680%, due 2036 | **96786** |  |
| &nbsp;&nbsp;Cleco Securitization II energy transition bonds, 5.346%, due 2047 | **205000** |  |
| Total bonds | **2212626** | 1700927 |
| Bank term loan, variable rate, due 2025 | **—** | 125000 |
| Gross amount of long-term debt  | **2212626** | 1825927 |
| Long-term debt due within one year | **(254943)** | (264934) |
| Unamortized debt discount | **(4386)** | (3866) |
| Unamortized debt issuance costs | **(17781)** | (10503) |
| Total long-term debt, net | $**1935516** | $1546624 |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Cleco's total long-term indebtedness as of December 31, 2025, and 2024 was as follows:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Total Cleco Power long-term debt, net | $**1935516** | $1546624 |
| Cleco Holdings' long-term debt, net |  |  |
| &nbsp;&nbsp;&nbsp;Senior notes, 3.743%, due 2026 | **360000** | 360000 |
| &nbsp;&nbsp;&nbsp;Senior notes, 3.375%, due 2029 | **300000** | 300000 |
| &nbsp;&nbsp;&nbsp;Senior notes, 4.973%, due 2046 | **350000** | 350000 |
| &nbsp;&nbsp;&nbsp;Long-term debt due within one year | **(359884)** |  |
| &nbsp;&nbsp;&nbsp;Unamortized debt issuance costs<sup>(1)</sup> | **(941)** | (1523) |
| &nbsp;&nbsp;&nbsp;Fair value adjustment | **82553** | 89942 |
| Total Cleco long-term debt, net | $**2667244** | $2645043 |

---

<sup>(1)</sup> For December 31, 2025, and 2024, this amount includes unamortized debt issuance costs for Cleco Holdings of $4.5 million and $5.4 million, respectively, partially offset by deferred debt issuance costs eliminated as a result of the 2016 Merger of $3.6 million and $3.9 million, respectively. For more information, see Note 6 — "Regulatory Assets and Liabilities — Cleco Holdings' 2016 Merger Adjustments."

The principal amounts payable under long-term debt agreements for each year through 2030 and thereafter are as follows:

---

| | | |
|:---|:---|:---|
| (THOUSANDS) | CLECO POWER | CLECO |
| For the year ending Dec. 31, |  |  |
| &nbsp;&nbsp;2026 | $255212 | $615212 |
| &nbsp;&nbsp;2027 | $76300 | $76300 |
| &nbsp;&nbsp;2028 | $227434 | $227434 |
| &nbsp;&nbsp;2029 | $28618 | $328618 |
| &nbsp;&nbsp;2030 | $29853 | $29853 |
| Thereafter | $1595209 | $1945210 |

---

Cleco Power

Cleco Power's total long-term debt due within one year as of December 31, 2025, and December 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
| (THOUSANDS) | AT DEC. 31, 2025 | AT DEC. 31, 2024 |
| Senior notes, 3.68% | $**—** | $75000 |
| Senior notes, 3.47% | **130000** |  |
| Senior notes, 5.96% | **100000** |  |
| Series A GO Zone bonds, 2.50%, | **—** | 50000 |
| Bank term loan, variable rate | **—** | 125000 |
| Cleco Securitization I storm recovery bonds, 4.016% | **15699** | 15087 |
| Cleco Securitization II energy transition bonds, 4.680% | **9513** |  |
| Long-term debt due within one year | **255212** | 265087 |
| Unamortized debt issuance costs | **(269)** | (153) |
| Long-term debt due within one year, net | $**254943** | $264934 |

---

On March 12, 2025, Cleco Power completed a securitization financing of the Energy Transition Property through Cleco Securitization II. Cleco Securitization II used the net proceeds from its issuance of $305.0 million aggregate principal amount of its senior secured energy transition bonds to purchase the Energy Transition Property from Cleco Power, pay for debt issuance costs, and reimburse Cleco Power for upfront securitization costs paid by Cleco Power on behalf of Cleco Securitization II. One tranche of $100.0 million aggregate principal amount was issued with an interest rate of 4.680% and an expected weighted average life of 5.4 years. A second tranche of $205.0 million aggregate principal amount

was issued with an interest rate of 5.346% and an expected weighted average life of 15.5 years. The energy transition bonds are governed by an indenture between Cleco Securitization II and the indenture trustee. The indenture contains certain covenants that restrict Cleco Securitization II's ability to sell, transfer, convey, exchange, or otherwise dispose of its assets.

On March 14, 2025, following this securitization financing, Cleco Power repaid the outstanding balance of its $125.0 million bank term loan and outstanding balance of its $110.0 million short-term revolving credit facility. On May 1, 2025, Cleco Power elected to repay $50.0 million GO Zone bonds issued on its behalf.

On November 17, 2025, Cleco Power used its revolving credit facility to repay its $75.0 million of senior notes. On November 21, 2025, Cleco Power completed the issuance of $350.0 million aggregate principal amount of its unsecured senior notes at a fixed interest rate of 5.30% and a maturity date of January 15, 2036. The proceeds of the issuance were used for general corporate purposes, including ongoing capital expenditures and to repay Cleco Power's outstanding balance of its short-term revolving credit facility.

Other than Cleco Securitization I storm recovery bonds and Cleco Securitization II's energy transition bonds, all of Cleco Power's debt outstanding at December 31, 2025, and 2024 is unsecured and unsubordinated.

Cleco

Cleco's total long-term debt due within one year as of December 31, 2025, and December 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
| (THOUSANDS) | **AT DEC. 31, 2025** | AT DEC. 31, 2024 |
| Total Cleco Power long-term debt due within one year, net | $**254943** | $264934 |
| Senior notes, 3.743% | **360000** |  |
| Long-term debt due within one year | **614943** | 264934 |
| Unamortized debt issuance costs | **(117)** |  |
| Long-term debt due within one year, net  | $**614826** | $264934 |

---

Other than Cleco Securitization I storm recovery bonds and Cleco Securitization II's energy transition bonds, all of Cleco's debt outstanding at December 31, 2025, and 2024 is unsecured and unsubordinated.

**Credit Facilities**

At December 31, 2025, Cleco had two separate revolving credit facilities, one for Cleco Holdings in the amount of $175.0 million and one for Cleco Power in the amount of $300.0 million. There were no outstanding borrowings on either of these revolving credit facilities. The total of all revolving credit facilities maintains a maximum aggregate capacity of $475.0 million.

Cleco Holdings' revolving credit facility provides funding for working capital and other financing needs. The revolving credit facility includes restrictive financial covenants and matures in May 2029. Under covenants contained in Cleco Holdings' revolving credit facility, Cleco is required to maintain total indebtedness, not including securitization indebtedness, less than or equal to 65% of total capitalization. At December 31, 2025, Cleco Holdings was in compliance with the covenants of its revolving credit facility. At December 31, 2025, the borrowing costs under Cleco Holdings' revolving credit agreement were equal to SOFR plus 1.725% or ABR plus

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

0.625%, plus commitment fees of 0.275% on the unused portion of the facility. If Cleco Holdings' credit ratings were to be downgraded one level by the credit rating agencies, Cleco Holdings may be required to pay incremental interest and commitment fees of 0.125% and 0.05%, respectively, under the pricing levels of its revolving credit facility.

Cleco Power's revolving credit facility provides funding for working capital and other financing needs. The revolving credit facility includes restrictive financial covenants and matures in May 2029. Under covenants contained in Cleco Power's revolving credit facility, Cleco Power is required to maintain total indebtedness, not including securitization indebtedness, less than or equal to 65% of total capitalization. At December 31, 2025, Cleco Power was in compliance with the covenants of its revolving credit facility. At December 31, 2025, the borrowing costs under Cleco Power's revolving credit agreement were equal to SOFR plus 1.35% or ABR plus 0.25%, plus commitment fees of 0.15% on the unused portion of the facility. If Cleco Power's credit ratings were to be downgraded one level by the credit rating agencies, Cleco Power may be required to pay incremental interest and commitment fees of 0.125% and 0.025%, respectively, under the pricing levels of its revolving credit facility.

If Cleco Holdings or Cleco Power were to not comply with certain covenants in their respective revolving credit facilities or other debt agreements, they would be unable to borrow additional funds under the facilities, and the lenders under the respective credit facility or debt agreement could accelerate all principal and interest outstanding. Further, if Cleco Power were to default under its revolving credit facility or other debt agreements, Cleco Holdings would be considered in default under its revolving credit facility.

**Note 11 — Pension Plan and Employee Benefits**<br>

**Pension Plan** 

Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. Benefits under the plan reflect an employee's years of service, age at retirement, and highest total average compensation for any consecutive five calendar years during the last ten years of employment with Cleco. Cleco's policy is to base its contributions to the employee pension plan upon actuarial computations utilizing the projected unit credit method, subject to the IRS's full funding limitation. Required contributions are driven by liability funding target percentages set by law and could cause the required contributions to be uneven among the years. Based on the funding assumptions at December 31, 2025, management estimates that $59.8 million in pension contributions will be required through 2030, of which $16.8 million is required in 2026. During the years ended December 31, 2025, and 2024, Cleco made required pension contributions of $16.5 million and $25.8 million, respectively. No pension contributions were required in 2023.

Future discretionary contributions may be made depending on changes in assumptions, the ability to utilize the contribution as a tax deduction, and requirements concerning recognizing a minimum pension liability. Adverse changes in assumptions or adverse actual events could cause additional minimum contributions. The ultimate amount and timing of the contributions may be affected by changes in the discount rate, changes in the funding regulations, and actual returns on fund

assets. Cleco Power is the plan sponsor, and Support Group is the plan administrator.

In June 2024, an amendment to the pension plan was executed allowing the transfer of the cash balance and

pension liabilities to the Cleco Cajun Purchaser's pension plan. This transfer was for the former Cleco Cajun employees that became employees of the Cleco Cajun Purchasers following the closing of the Cleco Cajun Divestiture. The transfer was completed in June 2024.

The benefit obligation, plan assets, and funded status for the pension plan at December 31, 2025, and 2024 are presented in the following table:

---

| | | |
|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Change in benefit obligation |  |  |
| &nbsp;&nbsp;Benefit obligation at beginning of period | $**494864** | $525482 |
| &nbsp;&nbsp;Service cost | **3866** | 4619 |
| &nbsp;&nbsp;Interest cost | **27105** | 26140 |
| &nbsp;&nbsp;Actuarial loss (gain) | **5913** | (25647) |
| &nbsp;&nbsp;Expenses paid | **—** | (3396) |
| &nbsp;&nbsp;Transfer to Cleco Cajun Purchasers | **—** | (1674) |
| &nbsp;&nbsp;&nbsp;Benefits paid | **(31247)** | (30660) |
| Benefit obligation at end of period | **500501** | 494864 |
| Change in plan assets |  |  |
| &nbsp;&nbsp;Fair value of plan assets at beginning of period | **409270** | 408159 |
| &nbsp;&nbsp;Actual gain on plan assets | **48686** | 11091 |
| &nbsp;&nbsp;Employer contributions | **16500** | 25750 |
| &nbsp;&nbsp;Expenses paid | **(2967)** | (3396) |
| &nbsp;&nbsp;Transfer to Cleco Cajun Purchasers | **—** | (1674) |
| &nbsp;&nbsp;&nbsp;Benefits paid | **(31247)** | (30660) |
| Fair value of plan assets at end of period | **440242** | 409270 |
| Unfunded status | $**(60259)** | $(85594) |

---

The current and non-current portions of the Pension Benefits liability for Cleco and Cleco Power at December 31, 2025, and 2024 are as follows:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Current | $**16772** | $16344 |
| Non-current | $**43487** | $69250 |

---

The employee pension plan accumulated benefit obligation at December 31, 2025, and 2024 is presented in the following table:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Accumulated benefit obligation | $**485708** | $479948 |

---

The following table presents the net actuarial gains/losses included in net periodic benefit cost and recorded in the associated Postretirement costs regulatory asset for the Pension Plan for the years ended December 31, 2025, and 2024:

---

| | | |
|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Net actuarial gain occurring during period | $**(6639)** | $(6310) |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

The pension net actuarial gain was $6.6 million for the year ended December 31, 2025, primarily due to actual plan asset returns exceeding expected returns, partially offset by losses resulting from a decrease in the discount rate and unfavorable demographic experience. The pension net actuarial gain was $6.3 million for the year ended December 31, 2024, primarily due to the increase in the discount rate, partially offset by the actual plan asset returns compared to the expected plan asset returns.

The following table presents net actuarial gains/losses in accumulated other comprehensive income that have not been recognized as components of net periodic benefit costs for the employee pension plan:

---

| | | |
|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Accumulated net actuarial loss | $**51451** | $58089 |

---

The non-service components of net periodic pension cost are included in Other income (expense), net within Cleco's and Cleco Power's Consolidated Statements of Income. The components of net periodic pension costs for 2025, 2024, and 2023 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Components of periodic benefit costs |  |  |  |
| &nbsp;&nbsp;&nbsp;Service cost | $**3866** | $4619 | $4977 |
| &nbsp;&nbsp;&nbsp;Interest cost | **27105** | 26140 | 26423 |
| &nbsp;&nbsp;&nbsp;Expected return on plan assets | **(33167)** | (30428) | (29544) |
| Net periodic benefit (credit) cost  | $**(2196)** | $331 | $1856 |

---

Because Cleco Power is the pension plan sponsor and the related trust holds the assets, the net unfunded status of the pension plan is reflected at Cleco Power. The liability of Cleco's other subsidiaries is transferred with a like amount of assets to Cleco Power monthly. The expense of the pension plan related to Cleco's other subsidiaries for the years ended December 31, 2025, 2024, and 2023 was $1.0 million, $1.8 million, and $1.9 million, respectively.

The measurement date used to determine the pension benefits is December 31. In order to calculate the discount rate to measure the liabilities, management uses a theoretical bond portfolio that matches expected benefit payments. The assumptions used to determine the benefit obligation and the periodic costs are as follows:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| | **2025** | 2024 |
| Weighted-average assumptions used to determine the benefit obligation |  |  |
| &nbsp;&nbsp;&nbsp;Discount rate | **5.60%** | 5.66% |
| &nbsp;&nbsp;Rate of compensation increase | **3.00%** | 3.00% |

---

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| | **2025** | 2024 | 2023 |
| Weighted-average assumptions used to determine the net benefit cost |  |  |  |
| &nbsp;&nbsp;&nbsp;Discount rate | **5.66%** | 5.13% | 5.44% |
| &nbsp;&nbsp;Expected return on plan assets | **7.07%** | 6.68% | 6.60% |
| &nbsp;&nbsp;Rate of compensation increase | **3.00%** | 3.50% | 2.76% |

---

***Pension Plan Asset Investments***

The expected return on plan assets was determined by examining the risk profile of each target category as compared to the expected return on that risk, within the parameters determined by Cleco's Retirement Committee. In assessing the risk as compared to return profile, historical returns as compared to risk were considered. The historical risk compared to returns was adjusted for the expected future long-term relationship between risk and return. For the calculation of the 2026 periodic expense, Cleco decreased the discount rate to 5.60% and decreased the expected long-term return on plan assets to 6.95%. As a result, Cleco expects pension income to decrease in 2026 by approximately $1.0 million primarily due to an increase in the expected return on plan assets.

Employee pension plan assets are invested in accordance with the Pension Plan's Investment Policy Statement. At December 31, 2025, allowable investments included U.S. Equity Portfolios, International Equity - Developed Markets Portfolios, Emerging Markets Equity Portfolios, Multi-Asset Credits, Treasury Separate Trading of Registered Interest and Principal of Securities (STRIPS), Fixed Income Portfolios - Long Credit and Intermediate Government Credit, and Real Estate Portfolios.

Real estate funds and the pooled separate accounts are stated at estimated market value based on appraisal reports prepared annually by independent real estate appraisers (members of the American Institute of Real Estate Appraisers). The estimated market value of recently acquired properties is assumed to approximate cost.

***Fair Value Disclosures***

Cleco classifies assets and liabilities measured at their fair value according to three different levels, depending on the inputs used in determining fair value. For more information on the fair value hierarchy, see Note 8 — "Fair Value Accounting Instruments."

There have been no changes in the methodologies for determining fair value at December 31, 2025, and 2024. The following tables disclose the pension plan's fair value of financial assets measured on a recurring basis:

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (THOUSANDS) |  | **AT DEC. 31, 2025** | **QUOTED PRICES<br>IN ACTIVE<br>MARKETS FOR<br>IDENTICAL ASSETS<br>(LEVEL 1)** | **SIGNIFICANT<br>OTHER<br>OBSERVABLE<br>INPUTS<br>(LEVEL 2)** | **SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS<br>(LEVEL 3)** |
| Asset Description |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash equivalents |  | $**9264** | $**—** | $**9264** | $**—** |
| &nbsp;&nbsp;Mutual funds | &nbsp;&nbsp;Mutual funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic |  | **138407** | **138407** | **—** | **—** |
| Total |  | $**147671** | $**138407** | $**9264** | $**—** |
|  | Investments measured at net asset value<sup>(1)</sup> | **292247** |  |  |  |
|  | Interest accrual | **324** |  |  |  |
|  | Total net assets | $**440242** |  |  |  |
| <sup>(1)</sup> Investments measured at net asset value consist of Common/collective trust and real estate fund investments. | <sup>(1)</sup> Investments measured at net asset value consist of Common/collective trust and real estate fund investments. | <sup>(1)</sup> Investments measured at net asset value consist of Common/collective trust and real estate fund investments. | <sup>(1)</sup> Investments measured at net asset value consist of Common/collective trust and real estate fund investments. | <sup>(1)</sup> Investments measured at net asset value consist of Common/collective trust and real estate fund investments. | <sup>(1)</sup> Investments measured at net asset value consist of Common/collective trust and real estate fund investments. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (THOUSANDS) |  | AT DEC. 31, 2024 | QUOTED PRICES<br>IN ACTIVE<br>MARKETS FOR<br>IDENTICAL ASSETS<br>(LEVEL 1) | SIGNIFICANT<br>OTHER<br>OBSERVABLE<br>INPUTS<br>(LEVEL 2) | SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS<br>(LEVEL 3<sup>)(1)</sup> |
| Asset Description |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash equivalents |  | $5818 | $— | $5818 | $— |
| &nbsp;&nbsp;Mutual funds | &nbsp;&nbsp;Mutual funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic |  | 121954 | 121954 |  |  |
| &nbsp;&nbsp;&nbsp;Corporate debt |  | 76712 |  | 76712 |  |
| Total |  | $204484 | $121954 | $82530 | $— |
|  | Investments measured at net asset value<sup>(1)</sup> | 204476 |  |  |  |
|  | Interest accrual | 310 |  |  |  |
|  | Total net assets | $409270 |  |  |  |
| <sup>(1)</sup> Investments measured at net asset value consist of Common/collective trust and real estate fund investments. | <sup>(1)</sup> Investments measured at net asset value consist of Common/collective trust and real estate fund investments. | <sup>(1)</sup> Investments measured at net asset value consist of Common/collective trust and real estate fund investments. | <sup>(1)</sup> Investments measured at net asset value consist of Common/collective trust and real estate fund investments. | <sup>(1)</sup> Investments measured at net asset value consist of Common/collective trust and real estate fund investments. | <sup>(1)</sup> Investments measured at net asset value consist of Common/collective trust and real estate fund investments. |

---

Cleco utilizes a practical expedient, referred to as net asset value (NAV), to estimate fair value of certain pension investments, Common/collective trust funds and real estate investment funds. Common/collective trust fund investments consist of domestic and international index equities, valued based upon the aggregate market values of the underlying investment index equities. The value of the NAV of each fund or trust is determined as of the close of the national securities exchange on which such fund or trust is listed for trading at the last business day of the year. There are no imposed redemption restrictions and the pension plan does not have any contractual obligations to further invest in the trust. Real estate fund investments are open-end real estate funds that invest in a portfolio of real properties that are broadly diversified by geography and property type. The real estate asset class is expected to produce returns from income and capital appreciation. Real estate also provides a hedge against inflation. The purpose of each fund is to invest in real estate and real estate related assets that generate a total return from current income and capital appreciation which exceeds the applicable fund's index. Each fund's NAV is made available to fund participants quarterly.

The market-related value of plan assets differs from the fair value of plan assets by the amount of deferred asset gains or losses. Actual asset returns that differ from the expected return on plan assets are deferred and recognized in the market-related value of assets on a straight-line basis over a five-year period. For 2025, the return on plan assets was 11.16% compared to an expected long-term return of 7.07%. The 2024 return on pension plan assets was 1.90% compared

to an expected long-term return of 6.68%. As of December 31, 2025, none of the pension plan participants' future annual benefits are covered by insurance contracts.

***Pension Plan Strategic Asset Allocation***

Cleco's pension investment strategy is designed to balance risk and return through a diversified portfolio of equity and fixed income investments. As the funded status of the plan improves, Cleco's target asset allocation is structured to reduce funded status volatility by increasing exposure to fixed income investments and reducing exposure to return-seeking assets.

The general funded status to target portfolio allocations are as follows:

---

| | | | |
|:---|:---|:---|:---|
| FUNDED STATUS | RETURN-SEEKING ASSETS | LIABILITY-HEDGING<br>ASSETS - CREDIT | LIABILITY-HEDGING<br>ASSETS - GOVERNMENT |
| ≤ 80% | 60% | 20% | 20% |
| 80% to 100% | 60% to 47% | 20% to 37% | 20% to 16% |
| 100% to 115% | 47% to 10% | 37% to 83% | 16% to 7% |
| ≥ 115% | 10% | 83% | 7% |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

***Other Pension Plan Disclosures***

The projected benefit payments for the employee pension plan for each year through 2030 and the next five years thereafter are listed in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (THOUSANDS) | 2026 | 2027 | 2028 | 2029 | 2030 | FIVE<br>YEARS<br>THEREAFTER |
| Pension  | $33095 | $33882 | $34510 | $35058 | $35522 | $180012 |

---

**Other Benefits Plan**

Cleco's retirees, including retirees not covered by the pension plan, may be eligible to receive Other Benefits. Dependents of these retirees may also be eligible to receive Other Benefits with the exception of life insurance benefits. Cleco recognizes the expected cost of Other Benefits during the periods in which the benefits are earned.

The benefit obligation, plan assets, and funded status for the Other Benefits plan at December 31, 2025, and 2024 are presented in the following table:

---

| | | |
|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Change in benefit obligation |  |  |
| &nbsp;&nbsp;Benefit obligation at beginning of period | $**44003** | $47056 |
| &nbsp;&nbsp;Service cost | **1578** | 1907 |
| &nbsp;&nbsp;Interest cost | **2343** | 2322 |
| &nbsp;&nbsp;Actuarial gain | **1346** | (2011) |
| &nbsp;&nbsp;Plan amendments | **4532** |  |
| &nbsp;&nbsp;&nbsp;Derecognition of Cleco Cajun liability | **—** | (380) |
| &nbsp;&nbsp;&nbsp;Benefits paid | **(4969)** | (4891) |
| Benefit obligation at end of period | **48833** | 44003 |
| Unfunded status | $**(48833)** | $(44003) |

---

The following table presents the net actuarial gains/losses included in other comprehensive income for Other Benefits related to current year gains and losses as a result of being included in net periodic benefit costs for the Other Benefits plan for the years ended December 31, 2025, and 2024:

---

| | | |
|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Net actuarial loss (gain) occurring during period | $**1346** | $(1964) |
| Net actuarial (gain) loss amortized during period | $**(295)** | $653 |

---

The Other Benefits net actuarial loss was $1.3 million for the year ended December 31, 2025, primarily due to a decrease in the discount rate. The Other Benefits net actuarial gain was $2.0 million for the year ended December 31, 2024, primarily due to updated demographic assumptions, the removal of Cleco Cajun participants, and the increase in the discount rate.

During 2025, Cleco amended the Other Benefits plan to increase its share of medical costs, which increased the accumulated postretirement benefit obligation and resulted in the recognition of prior service cost.

The following table presents net actuarial gains/losses in accumulated other comprehensive income that have not been

recognized as components of net periodic benefit costs for the Other Benefits plan:

---

| | | |
|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Accumulated net actuarial loss | $**9984** | $9685 |

---

The non-service components of net periodic Other Benefits cost are included in Other income (expense), net within Cleco's and Cleco Power's Consolidated Statements of Income. The components of net periodic Other Benefits costs for 2025, 2024, and 2023 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Components of periodic benefit costs |  |  |  |
| &nbsp;&nbsp;&nbsp;Service cost | $**1578** | $1907 | $1472 |
| &nbsp;&nbsp;&nbsp;Interest cost | **2343** | 2322 | 2285 |
| Amortizations |  |  |  |
| &nbsp;&nbsp;Net (gain) loss | **295** | 646 | (45) |
| Gain on derecognition of Cleco Cajun | **—** | (169) |  |
| Net periodic benefit cost | $**4216** | $4706 | $3712 |

---

Cleco Holdings is the plan sponsor for the other benefit plans. There are no assets set aside in a trust and the liabilities are reported on the individual subsidiaries' financial statements. The expense related to Other Benefits reflected in Cleco Power's Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023 was $4.1 million, $4.3 million, and $3.5 million, respectively. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at December 31, 2025, and 2024 are as follows:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Current | $**5753** | $5279 |
| Non-current | $**43080** | $38724 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Current | $**4896** | $4524 |
| Non-current | $**33457** | $30054 |

---

The measurement date used to determine the other postretirement benefits is December 31. The assumptions used to determine the benefit obligation and the periodic costs are as follows:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| | **2025** | 2024 |
| Weighted-average assumptions used to determine the benefit obligation |  |  |
| &nbsp;&nbsp;&nbsp;Discount rate | **5.25%** | 5.61% |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| | **2025** | 2024 | 2023 |
| Weighted-average assumptions used to determine the net benefit cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount rate | **5.61%** | 5.25% | 5.61% |

---

***Other Benefits Plan Disclosures***

The assumed health care cost trend rates used to measure the expected cost of Other Benefits is 5.0% for 2026 and remains at 5.0% thereafter. The rate used for 2025 was also 5.0%. Assumed health care cost trend rates have a limited effect on the amount reported for Cleco's health care plans.

The projected benefit payments for the Other Benefits plan for each year through 2030 and the next five years thereafter are listed in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (THOUSANDS) | 2026 | 2027 | 2028 | 2029 | 2030 | FIVE<br>YEARS<br>THEREAFTER |
| Other benefits | $5753 | $5792 | $5667 | $5555 | $5397 | $24195 |

---

**SERP**

SERP is a non-qualified, non-contributory, defined benefit pension plan for the benefit of certain executive officers who are designated as participants by the Leadership Development and Compensation Committee. In 2014, SERP was closed to new participants; however, with regard to current SERP participants, including former employees or their beneficiaries, all terms of SERP will continue.

Cleco does not fund the SERP liability, but instead pays for current benefits out of the cash available of the respective company of the employed officer. Because SERP is a non-qualified plan, Cleco has purchased life insurance policies on certain SERP participants as a mechanism to provide a source of funding. These polices are held in a rabbi trust formed by Cleco Power. The rabbi trust is the named beneficiary of the life insurance policies and, therefore, receives the proceeds upon death of the insured participants. The life insurance policies may be used to reimburse Cleco for benefits paid from general funds, pay the SERP participants' death benefits, or pay future SERP payments. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Because SERP is a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency. Cleco Power is the plan sponsor and Support Group is the plan administrator.

The SERP funded status at December 31, 2025, and 2024 is presented in the following table:

---

| | | |
|:---|:---|:---|
| | | SERP BENEFITS |
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Change in benefit obligation |  |  |
| &nbsp;&nbsp;Benefit obligation at beginning of period | $**63543** | $67462 |
| &nbsp;&nbsp;&nbsp;Service cost | **58** | 134 |
| &nbsp;&nbsp;&nbsp;Interest cost | **3454** | 3343 |
| &nbsp;&nbsp;&nbsp;Actuarial gain | **1177** | (2814) |
| &nbsp;&nbsp;&nbsp;Benefits paid | **(4603)** | (4582) |
| Benefit obligation at end of period | $**63629** | $63543 |

---

The SERP accumulated benefit obligation at December 31, 2025, and 2024 is presented in the following table:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Accumulated benefit obligation | $**63629** | $63543 |

---

The following table presents net actuarial gains/losses and prior service credits included in other comprehensive income or regulatory assets related to current year gains and losses as a result of being amortized as a component of net periodic benefit costs for SERP for December 31, 2025, and 2024:

---

| | | |
|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Net actuarial loss (gain) occurring during year | $**1176** | $(2814) |
| Net actuarial gain amortized during year | $**—** | $(58) |
| Prior service credit amortized during year | $**(215)** | $(215) |

---

The SERP net actuarial loss was $1.2 million for the year ended December 31, 2025, primarily due to the decrease in the discount rate and updates to the 2025 census data. The following table presents net actuarial losses and prior service credit in accumulated other comprehensive income and regulatory assets that have not been recognized as components of net periodic benefit costs for SERP at December 31, 2025, and 2024:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31 | AT DEC. 31 |
| (THOUSANDS) | **2025** | 2024 |
| Accumulated net actuarial loss | $**6125** | $4948 |
| Prior service credit | $**(655)** | $(870) |

---

The non-service components of net periodic benefit cost related to SERP are included in Other income (expense), net within Cleco's and Cleco Power's Consolidated Statements of Income. The components of the net SERP costs for 2025, 2024, and 2023 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Components of periodic benefit costs |  |  |  |
| &nbsp;&nbsp;&nbsp;Service cost | $**58** | $134 | $142 |
| &nbsp;&nbsp;&nbsp;Interest cost | **3454** | 3343 | 3604 |
| Amortizations |  |  |  |
| &nbsp;&nbsp;&nbsp;Prior service credit | **(215)** | (215) | (215) |
| &nbsp;&nbsp;Net (gain) loss | **(139)** | (81) | (63) |
| Net periodic benefit cost | $**3158** | $3181 | $3468 |

---

The measurement date used to determine the SERP benefits is December 31. The assumptions used to determine the benefit obligation and the periodic costs are as follows:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| | **2025** | 2024 |
| Weighted-average assumptions used to determine the benefit obligation |  |  |
| &nbsp;&nbsp;&nbsp;Discount rate | **5.54%** | 5.65% |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| | **2025** | 2024 | 2023 |
| Weighted-average assumptions used to determine the net benefit cost |  |  |  |
| &nbsp;&nbsp;&nbsp;Discount rate | **5.65%** | 5.13% | 5.46% |

---

The expense related to SERP reflected on Cleco Power's Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023 was $0.6 million, $0.5 million, and $0.5 million, respectively.

Liabilities relating to SERP are reported on the individual subsidiaries' financial statements. The current and non-current portions of the SERP liability for Cleco and Cleco Power at December 31, 2025, and 2024 are as follows:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Current | $**4981** | $4815 |
| Non-current | $**58648** | $58728 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Current | $**862** | $833 |
| Non-current | $**10146** | $10160 |

---

The projected benefit payments for SERP for each year through 2030 and the next five years thereafter are shown in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (THOUSANDS) | 2026 | 2027 | 2028 | 2029 | 2030 | FIVE<br>YEARS<br>THEREAFTER |
| SERP | $4981 | $4936 | $4925 | $4898 | $4829 | $23079 |

---

**401(k)**

Cleco's 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The 401(k) Plan is a defined contribution plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974. In accordance with the 401(k) Plan, employer contributions are made in the form of cash. Cash contributions are invested in proportion to the participant's voluntary contribution investment choices. Participation in the Plan is voluntary and active Cleco employees are eligible to participate. Cleco's 401(k) Plan expense for the years ended December 31, 2025, 2024, and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| 401(k) Plan expense | $**8829** | $9069 | $7770 |

---

Cleco Power is the plan sponsor for the 401(k) Plan. The expense of the 401(k) Plan related to Cleco's other subsidiaries for the years ended December 31, 2025, 2024, and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| 401(k) Plan expense | $**1835** | $3071 | $2859 |

---

**Note 12 — Income Taxes**<br>

**Cleco** 

The following table presents a reconciliation of income tax expense (benefit) at the statutory rate and income tax expense (benefit) on income (loss) from continuing operations reported on Cleco's Consolidated Statement of Income:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS, EXCEPT PERCENTAGES) | **2025** | **%** | 2024 | % | 2023 | % |
| Income (loss) from continuing operations before income taxes | $**234825** |  | $78957 |  | $(94942) |  |
| U.S federal statutory tax rate  | $**49313** | **21.0%** | $16581 | 21.0% | $(19938) | 21.0% |
| State and local income taxes, net of federal tax effect  | $**10541** | **4.5%** | $20999 | 26.6% | $(4004) | 4.2% |
| Nontaxable or nondeductible items  | $**1147** | **0.5%** | $748 | 0.9% | $192 | (0.2)% |
| Other adjustments  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Flowthrough of tax benefits  | $**(15859)** | **(6.7)%** | $(7844) | (9.9)% | $(7737) | 8.1% |
| &nbsp;&nbsp;&nbsp;Amortization of excess deferred income taxes  | $**(5359)** | **(2.3)%** | $(15977) | (20.2)% | $(33518) | 35.3% |
| &nbsp;&nbsp;&nbsp;Other  | $**(168)** | **(0.1)%** | $(451) | (0.6)% | $(68) | 0.1% |
| Effective tax rate | $**39615** | **16.9%** | $14056 | 17.8% | $(65073) | 68.5% |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Information about current and deferred income tax expense from continuing operations is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Current federal income tax expense (benefit) | $**11145** | $(46955) | $(45429) |
| Deferred federal income tax expense (benefit) | **31230** | 42380 | (7137) |
| Amortization of accumulated deferred investment tax credits | **(104)** | (115) | (127) |
| Total federal income tax expense (benefit) | $**42271** | $(4690) | $(52693) |
| Current state income tax (benefit) expense | **(342)** | 18833 | (9787) |
| Deferred state income tax benefit | **(2314)** | (87) | (2593) |
| Total state income tax (benefit) expense | $**(2656)** | $18746 | $(12380) |
| Total federal and state income tax expense (benefit) | $**39615** | $14056 | $(65073) |
| Items charged or credited directly to member's equity |  |  |  |
| &nbsp;&nbsp;Federal deferred income tax | **(1807)** | 646 | (1374) |
| &nbsp;&nbsp;State deferred income tax | **(501)** | 327 | (531) |
| Total tax (benefit) expense from items charged directly to member's equity | $**(2308)** | $973 | $(1905) |
| Total federal and state income tax expense (benefit)  | $**37307** | $15029 | $(66978) |

---

The following table presents federal and state income taxes paid, net of refunds.

---

| | | | |
|:---|:---|:---|:---|
| | | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Income taxes paid, net of refunds  |  |  |  |
| &nbsp;&nbsp;Federal  | $**3044** | $2714 | $— |
| &nbsp;&nbsp;State: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana  | **2325** | 6424 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | **2** |  |  |
| Total income taxes paid, net of refunds | $**5371** | $9138 | $2162 |

---

The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2025, and 2024 was comprised of the following:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| **Deferred tax liabilities:** |  |  |
| &nbsp;&nbsp;Depreciation and property basis differences | $**(674802)** | $(663454) |
| &nbsp;&nbsp;Fuel cost | **(4378)** | (2161) |
| &nbsp;&nbsp;Other comprehensive income  | **(4763)** | (6127) |
| &nbsp;&nbsp;Regulated operations  | **(226197)** | (207915) |
| &nbsp;&nbsp;Merger fair value adjustments | **(39817)** | (41583) |
| &nbsp;&nbsp;Other  | **(39843)** | (15276) |
| Total deferred tax liabilities | **(989800)** | (936516) |
| **Deferred tax assets:** |  |  |
| &nbsp;&nbsp;Depreciation and property basis differences  | **199** | 291 |
| &nbsp;&nbsp;Net operating loss carryforward  | **—** | 11761 |
| &nbsp;&nbsp;NMTC  | **68152** | 68655 |
| &nbsp;&nbsp;Other comprehensive income  | **11788** | 10844 |
| &nbsp;&nbsp;Regulated operations | **60946** | 57776 |
| &nbsp;&nbsp;Postretirement benefits | **21262** | 21803 |
| &nbsp;&nbsp;Other  | **18806** | 17140 |
| Total deferred tax assets | **181153** | 188270 |
| Accumulated deferred federal and state income taxes, net | $**(808647)** | $(748246) |

---

**Cleco Power**

The following table presents a reconciliation of income tax expense at the statutory rate and income tax expense (benefit) on income reported on Cleco Power's Consolidated Statement of Income:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS, EXCEPT PERCENTAGES) | **2025** | **%** | 2024 | % | 2023 | % |
| Income before income taxes | $**277678** |  | $157424 |  | $132715 |  |
| U.S federal statutory tax rate  | $**58312** | **21.0%** | $33059 | 21.0% | $27870 | 21.0% |
| State and local income taxes, net of federal tax effect  | $**12632** | **4.6%** | $9714 | 6.2% | $9101 | 6.9% |
| Nontaxable or nondeductible items  | $**76** | **— %** | $183 | 0.1% | $92 | 0.1% |
| Other adjustments  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Flowthrough of tax benefits  | $**(15859)** | **(5.7)%** | $(7844) | (5.0)% | $(7737) | (5.8)% |
| &nbsp;&nbsp;&nbsp;Amortization of excess deferred income taxes  | $**(5359)** | **(1.9)%** | $(15977) | (10.1)% | $(33518) | (25.3)% |
| &nbsp;&nbsp;&nbsp;Other  | $**(225)** | **(0.1)%** | $(629) | (0.4)% | $(242) | (0.2)% |
| Effective tax rate | $**49577** | **17.9%** | $18506 | 11.8% | $(4434) | (3.3)% |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Information about current and deferred income tax expense is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Current federal income tax expense | $**18706** | $4189 | $11188 |
| Deferred federal income tax expense (benefit) | **31074** | 12736 | (20029) |
| Amortization of accumulated deferred investment tax credits | **(104)** | (114) | (127) |
| Total federal income tax expense (benefit) | $**49676** | $16811 | $(8968) |
| Current state income tax expense | **2115** | 2052 | 5617 |
| Deferred state income tax benefit | **(2214)** | (357) | (1083) |
| Total state income tax (benefit) expense  | $**(99)** | $1695 | $4534 |
| Total federal and state income tax expense (benefit) | $**49577** | $18506 | $(4434) |
| Items charged or credited directly to members' equity |  |  |  |
| &nbsp;&nbsp;Federal deferred income tax | **(739)** | 67 | (528) |
| &nbsp;&nbsp;State deferred income tax | **(205)** | 281 | (208) |
| Total tax expense (benefit) from items charged directly to member's equity | $**(944)** | $348 | $(736) |
| Total federal and state income tax expense (benefit) | $**48633** | $18854 | $(5170) |

---

Cleco Power paid $1.4 million in federal income taxes, net of refunds for 2025. Cleco Power made no payments in 2024 and 2023.

The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2025, and 2024 was comprised of the following:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| **Deferred tax liabilities:** |  |  |
| &nbsp;&nbsp;Depreciation and property basis differences | $**(674749)** | $(663291) |
| &nbsp;&nbsp;Fuel cost | **(4378)** | (2161) |
| &nbsp;&nbsp;Regulated operations | **(226197)** | (207915) |
| &nbsp;&nbsp;Other  | **(25349)** | (3389) |
| Total deferred tax liabilities | **(930673)** | (876756) |
| **Deferred tax assets:** |  |  |
| &nbsp;&nbsp;Depreciation and property basis differences  | **199** | 291 |
| &nbsp;&nbsp;Net operating loss carryforward  | **—** | 11761 |
| &nbsp;&nbsp;Other comprehensive income  | **3932** | 2988 |
| &nbsp;&nbsp;Regulated operations | **60946** | 57776 |
| &nbsp;&nbsp;Postretirement benefits | **10067** | 10137 |
| &nbsp;&nbsp;Other  | **5805** | 5787 |
| Total deferred tax assets | **80949** | 88740 |
| Accumulated deferred federal and state income taxes, net | $**(849724)** | $(788016) |

---

**Tax Rate Changes**

On December 4, 2024, the Louisiana state corporate income tax rate decreased from 7.5% to 5.5%, effective for the income tax periods beginning on or after January 1, 2025. In accordance with accounting guidance, Cleco and Cleco Power recorded the impact of the rate change on its consolidated financial statements at December 31, 2024, by decreasing Accumulated deferred federal and state income taxes, net by $66.5 million and increasing Regulatory liabilities - deferred taxes, net by $64.9 million. The impact to income tax

expense was $1.6 million. For more information, see Note 6 "Regulatory Assets and Liabilities — Deferred Taxes, Net."

**Valuation Allowance**

Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. At December 31, 2025, and 2024, Cleco had a deferred tax asset resulting from a NMTC carryforward of $68.2 million and $68.7 million, respectively. If the NMTC carryforward is not utilized, it will begin to expire in 2030. Management considers it more likely than not that the deferred tax asset related to the NMTC carryforward will be realized; therefore, no valuation allowance has been recorded for Cleco and Cleco Power.

Quarterly, management monitors and evaluates the realizability of deferred tax assets, and adjustments are recorded as appropriate in future periods. In evaluating the need for a valuation allowance, management considers various factors, including the expected level of future taxable income, available tax planning strategies, and reversals of existing taxable temporary differences. If such estimates and related assumptions change in the future, Cleco and Cleco Power may be required to record a valuation allowance against its deferred tax assets, resulting in additional income tax expense in Cleco's and Cleco Power's Consolidated Statements of Income.

**Net Operating Losses**

For the 2024 tax year, Cleco and Cleco Power had a federal net operating loss of approximately $39.4 million and a state net operating loss of approximately $81.8 million. For the 2025 tax year, Cleco and Cleco Power expect to utilize the remaining federal and state net operating losses.

**Uncertain Tax Positions**

Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense. At December 31, 2025, and 2024, Cleco and Cleco Power had no interest payable related to uncertain tax positions. For the years ended December 31, 2025, 2024, and 2023, Cleco and Cleco Power had no interest expense related to uncertain tax positions. At December 31, 2025, and 2024, Cleco and Cleco Power had no liability for unrecognized tax positions.

Income Tax Audits

Cleco Group participates in the IRS's Compliance Assurance Process program in which tax positions are examined and agreed upon prior to filing the federal tax return. The Compliance Assurance Process program allows the IRS to establish a low risk of non-compliance, and at its discretion, may reduce the level of its review based on complexity and the number of issues found. Cleco Group's application has been accepted into the Compliance Assurance Process program for the 2022-2024 tax years and the statute of limitations remains open for those tax years.

The state income tax years 2022, 2023, and 2024 remain subject to examination by the Louisiana Department of Revenue.

Cleco records income tax penalties in Other Expense on its Consolidated Statements of Income. For the years ended December 31, 2025, 2024, and 2023, no penalties were recognized.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

**Note 13 — Segment Disclosures**<br>

**Cleco**

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 segment. Management evaluates the performance of Cleco's segment 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 YEAR ENDED DEC. 31, 2025 (THOUSANDS)** | **CLECO POWER** |
| Revenue |  |
| &nbsp;&nbsp;Base revenue | $796123 |
| &nbsp;&nbsp;Fuel cost recovery revenue <sup>(1)</sup> | 413608 |
| &nbsp;&nbsp;&nbsp;Other operations | **117521** |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **976** |
| Operating revenue, net | $**1328228** |
| Less: |  |
| &nbsp;&nbsp;Recoverable fuel and purchased power <sup>(1)</sup> | $**413610** |
| &nbsp;&nbsp;Non-recoverable fuel and purchased power | **30530** |
| &nbsp;&nbsp;Other operations and maintenance <sup>(2)</sup> | **256230** |
| &nbsp;&nbsp;Taxes other than income taxes | **60078** |
| &nbsp;&nbsp;Other segment items <sup>(3)</sup> | **(7591)** |
| EBITDA | $**575371** |
| <sup>(1)</sup> These pass through items are regularly provided to the chief operating decision maker as a net amount.<br><sup>(2)</sup> Includes administrative and general expenses of $90.6 million.<br><sup>(3)</sup> Includes amounts for equity portions of AFUDC, pension non-service costs, and changes in the cash surrender value of life insurance policies. | <sup>(1)</sup> These pass through items are regularly provided to the chief operating decision maker as a net amount.<br><sup>(2)</sup> Includes administrative and general expenses of $90.6 million.<br><sup>(3)</sup> Includes amounts for equity portions of AFUDC, pension non-service costs, and changes in the cash surrender value of life insurance policies. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FOR THE YEAR ENDED DEC. 31, 2025 (THOUSANDS)** | **CLECO POWER** | **OTHER** | | **ELIMINATIONS** | **TOTAL** |
| Revenue |  |  |  |  |  |
| &nbsp;&nbsp;Base revenue | $**796123** | $**(745)** | <sup>(1)</sup> | $**—** | $**795378** |
| &nbsp;&nbsp;Fuel cost recovery revenue | **413608** | **—** |  | **—** | $**413608** |
| &nbsp;&nbsp;&nbsp;Other operations | **117521** | **5312** |  | **(30)** | **122803** |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **976** | **81899** |  | **(82875)** | **—** |
| Operating revenue, net | $**1328228** | $**86466** |  | $**(82905)** | $**1331789** |
| Depreciation and amortization | $**201073** | $**9520** | <sup>(1)</sup> | $**—** | $**210593** |
| Interest income | $**9505** | $**10817** |  | $**(297)** | $**20025** |
| Interest charges | $**106125** | $**45255** |  | $**(297)** | $**151083** |
| Federal and state income tax expense (benefit) | $49577 | $**(9962)** |  | $**—** | $**39615** |
| Net income (loss) | $**228101** | $**(32891)** |  | $**—** | $**195210** |
| Additions to property, plant, and equipment | $**348530** | $**332** |  | $**—** | $**348862** |
| Equity investment in investee | $**1916** | $**(918952)** |  | $**918952** | $**1916** |
| Goodwill | $**1490797** | $**—** |  | $**—** | $**1490797** |
| Total segment assets | $**7416469** | $**(397107)** |  | $**855802** | $**7875164** |
| <sup>(1)</sup> Includes $0.7 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger.  | <sup>(1)</sup> Includes $0.7 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger.  | <sup>(1)</sup> Includes $0.7 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger.  | <sup>(1)</sup> Includes $0.7 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger.  | <sup>(1)</sup> Includes $0.7 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger.  | <sup>(1)</sup> Includes $0.7 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger.  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | |
|:---|:---|
| FOR THE YEAR ENDED DEC. 31, 2024 (THOUSANDS) | CLECO POWER |
| Revenue |  |
| &nbsp;&nbsp;Base revenue | $729273 |
| &nbsp;&nbsp;Fuel cost recovery revenue <sup>(1)</sup> | 321980 |
| &nbsp;&nbsp;&nbsp;Other operations | 95137 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | 12452 |
| &nbsp;&nbsp;&nbsp;Electric customer credits | (3940) |
| Operating revenue, net | $1154902 |
| Less: |  |
| &nbsp;&nbsp;Recoverable fuel and purchased power <sup>(1)</sup> | $321980 |
| &nbsp;&nbsp;Non-recoverable fuel and purchased power | 32752 |
| &nbsp;&nbsp;Other operations and maintenance <sup>(2)</sup> | 245651 |
| &nbsp;&nbsp;Taxes other than income taxes | 57754 |
| &nbsp;&nbsp;Other segment items <sup>(3)</sup> | 8164 |
| EBITDA | $488601 |
| <sup>(1)</sup> These pass through items are regularly provided to the chief operating decision maker as a net amount.<br><sup>(2)</sup> Includes administrative and general expenses of $95.3 million.<br><sup>(3)</sup> Includes amounts for equity portions of AFUDC, pension non-service costs, and changes in the cash surrender value of life insurance policies. | <sup>(1)</sup> These pass through items are regularly provided to the chief operating decision maker as a net amount.<br><sup>(2)</sup> Includes administrative and general expenses of $95.3 million.<br><sup>(3)</sup> Includes amounts for equity portions of AFUDC, pension non-service costs, and changes in the cash surrender value of life insurance policies. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FOR THE YEAR ENDED DEC. 31, 2024 (THOUSANDS) | CLECO POWER | OTHER |  | ELIMINATIONS | TOTAL |
| Revenue |  |  |  |  |  |
| &nbsp;&nbsp;Base revenue | $729273 | $(2881) | <sup>(1)</sup> | $(1) | $726391 |
| &nbsp;&nbsp;Fuel cost recovery revenue | 321980 |  |  |  | $321980 |
| &nbsp;&nbsp;&nbsp;Other operations | 95137 | 8162 |  | (22) | 103277 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | 12452 | 108127 |  | (120579) |  |
| &nbsp;&nbsp;&nbsp;Electric customer credits | (3940) |  |  |  | (3940) |
| Operating revenue, net | $1154902 | $113408 |  | $(120602) | $1147708 |
| Depreciation and amortization | $236444 | $11143 | <sup>(1)</sup> | $1 | $247588 |
| Interest income | $4125 | $11291 |  | $(349) | $15067 |
| Interest charges | $98858 | $55046 |  | $(349) | $153555 |
| Federal and state income tax expense (benefit) | $18506 | $(4450) |  | $— | $14056 |
| Income (loss) from continuing operations, net of income taxes | $138918 | $(74017) |  | $— | $64901 |
| Income from discontinued operations, net of income taxes | $— | $45517 |  | $— | $45517 |
| Net income (loss) | $138918 | $(28500) |  | $— | $110418 |
| Additions to property, plant, and equipment | $255336 | $4189 |  | $— | $259525 |
| Equity investment in investee | $1916 | $(848952) |  | $848952 | $1916 |
| Goodwill | $1490797 | $— |  | $— | $1490797 |
| Total segment assets | $6879566 | $(286556) |  | $776596 | $7369606 |
| <sup>(1)</sup> Includes $2.9 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. | <sup>(1)</sup> Includes $2.9 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. | <sup>(1)</sup> Includes $2.9 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. | <sup>(1)</sup> Includes $2.9 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. | <sup>(1)</sup> Includes $2.9 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. | <sup>(1)</sup> Includes $2.9 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. |

---

---

| | |
|:---|:---|
| FOR THE YEAR ENDED DEC. 31, 2023 (THOUSANDS) | CLECO POWER |
| Revenue |  |
| &nbsp;&nbsp;Base revenue | $692866 |
| &nbsp;&nbsp;Fuel cost recovery revenue <sup>(1)</sup> | 504503 |
| &nbsp;&nbsp;&nbsp;Other operations | 111561 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | 8904 |
| &nbsp;&nbsp;&nbsp;Electric customer credits | (60689) |
| Operating revenue, net | $1257145 |
| Less: |  |
| &nbsp;&nbsp;Recoverable fuel and purchased power <sup>(1)</sup> | $504512 |
| &nbsp;&nbsp;Non-recoverable fuel and purchased power | 45485 |
| &nbsp;&nbsp;Other operations and maintenance <sup>(2)</sup> | 233863 |
| &nbsp;&nbsp;Taxes other than income taxes | 60676 |
| &nbsp;&nbsp;Other segment items <sup>(3)</sup> | (5719) |
| EBITDA | $418328 |
| <sup>(1)</sup> These pass through items are regularly provided to the chief operating decision maker as a net amount.<br><sup>(2)</sup> Includes administrative and general expenses of $83.5 million.<br><sup>(3)</sup> Includes amounts for equity portions of AFUDC, pension non-service costs, and changes in the cash surrender value of life insurance policies. | <sup>(1)</sup> These pass through items are regularly provided to the chief operating decision maker as a net amount.<br><sup>(2)</sup> Includes administrative and general expenses of $83.5 million.<br><sup>(3)</sup> Includes amounts for equity portions of AFUDC, pension non-service costs, and changes in the cash surrender value of life insurance policies. |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FOR THE YEAR ENDED DEC. 31, 2023 (THOUSANDS) | CLECO POWER | OTHER |  | ELIMINATIONS | TOTAL |
| Revenue |  |  |  |  |  |
| &nbsp;&nbsp;Base revenue | $692866 | $(9454) | <sup>(1)</sup> | $— | $683412 |
| &nbsp;&nbsp;Fuel cost recovery revenue | 504503 |  |  |  | $504503 |
| &nbsp;&nbsp;&nbsp;Other operations | 111561 | 5 |  | (1) | 111565 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | 8904 | 120716 |  | (129620) |  |
| &nbsp;&nbsp;&nbsp;Electric customer credits | (60689) |  |  |  | (60689) |
| Operating revenue, net | $1257145 | $111267 |  | $(129621) | $1238791 |
| Depreciation and amortization | $191745 | $17644 | <sup>(1)</sup> | $— | $209389 |
| Interest income | $5011 | $571 |  | $(189) | $5393 |
| Interest charges | $98879 | $66165 |  | $(188) | $164856 |
| Federal and state income tax benefit | $(4434) | $(60639) |  | $— | $(65073) |
| Income (loss) from continuing operations, net of income taxes | $137149 | $(167018) |  | $— | $(29869) |
| Income from discontinued operations, net of income taxes | $— | $14642 |  | $— | $14642 |
| Net income (loss) | $137149 | $(152376) |  | $— | $(15227) |
| Additions to property, plant, and equipment | $220982 | $9256 |  | $— | $230238 |
| Equity investment in investee | $1992 | $(467329) |  | $467329 | $1992 |
| Goodwill | $1490797 | $— |  | $— | $1490797 |
| Total segment assets | $6920339 | $870743 |  | $309311 | $8100393 |
| <sup>(1)</sup> Includes $9.5 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. | <sup>(1)</sup> Includes $9.5 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. | <sup>(1)</sup> Includes $9.5 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. | <sup>(1)</sup> Includes $9.5 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. | <sup>(1)</sup> Includes $9.5 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEARS ENDED DEC. 31, | FOR THE YEARS ENDED DEC. 31, | FOR THE YEARS ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Net income (loss) | $**195210** | $110418 | $(15227) |
| Less: income from discontinued operations, net of income taxes | **—** | 45517 | 14642 |
| Income (loss) from continuing operations, net of income taxes | **195210** | 64901 | (29869) |
| Add: Depreciation and amortization | **210593** | 247588 | 209389 |
| Less: Interest income | **20025** | 15067 | 5393 |
| Add: Interest charges | **151083** | 153555 | 164856 |
| Add: Federal and state income tax expense (benefit) | **39615** | 14056 | (65073) |
| Add: Other corporate costs and noncash items <sup>(1) (2)</sup> | **(1105)** | 23568 | 144418 |
| Total segment EBITDA | $**575371** | $488601 | $418328 |
| <sup>(1)</sup> Adjustments made for Other and Eliminations totals not allocated to total segment EBITDA.<br><sup>(2)</sup> Includes loss on Cleco Cajun's natural gas derivatives of $6.5 million, and $116.8 million, respectively, for the years ended December 31, 2024, and 2023. | <sup>(1)</sup> Adjustments made for Other and Eliminations totals not allocated to total segment EBITDA.<br><sup>(2)</sup> Includes loss on Cleco Cajun's natural gas derivatives of $6.5 million, and $116.8 million, respectively, for the years ended December 31, 2024, and 2023. | <sup>(1)</sup> Adjustments made for Other and Eliminations totals not allocated to total segment EBITDA.<br><sup>(2)</sup> Includes loss on Cleco Cajun's natural gas derivatives of $6.5 million, and $116.8 million, respectively, for the years ended December 31, 2024, and 2023. | <sup>(1)</sup> Adjustments made for Other and Eliminations totals not allocated to total segment EBITDA.<br><sup>(2)</sup> Includes loss on Cleco Cajun's natural gas derivatives of $6.5 million, and $116.8 million, respectively, for the years ended December 31, 2024, and 2023. |

---

**Cleco Power**

Cleco Power is a vertically integrated, regulated electric utility operating within Louisiana, and is viewed as one unit by management. Discrete financial reports are prepared only at the company level and the CEO uses Cleco Power's EBITDA to assess the operating performance of Cleco Power at the consolidated level.

**Note 14 — Regulation and Rates**<br>

**Dolet Hills Regulatory Refund**

On April 19, 2024, the LPSC approved an uncontested settlement for recovery of costs associated with the retirement of the Dolet Hills Power Station and the closure of the Oxbow mine. As a result of this settlement, Cleco Power issued $20.0 million of refunds in each of the third quarters of 2024 and 2025 and will issue a refund of $20.0 million in the third quarter of 2026 for a total refund of $60.0 million. For information about the settlement, see Note 16 — "Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Securitization."

**FRP**

Effective July 1, 2024, and as approved by the LPSC under the terms of the current FRP, Cleco Power is allowed to earn a

target ROE of 9.7%, while providing the opportunity to earn up to 10.3%. Additionally, 60.0% of retail earnings between 10.3% and 10.9%, and all retail earnings over 10.9%, are required to be refunded to customers. Cleco Power's next base rate case is required to be filed with the LPSC on or before June 30, 2026. The amount of credits due to customers, if any, is determined by Cleco Power's monitoring report, which is filed with the LPSC annually.

On October 31, 2024, Cleco Power filed its monitoring report for the 12-month period ended June 30, 2024, indicating no refund to Cleco Power's retail customers. Cleco Power has received the LPSC Staff's final report indicating no refund and no material findings. On October 31, 2025, Cleco Power filed its monitoring report for the 12-month period ended June 30, 2025, indicating no refund to Cleco Power's retail customers. Cleco has responded to multiple sets of data requests. Due to the nature of the regulatory process, management is not able to determine the timing of the LPSC Staff's final report.

**Other Deferred Costs**

Cleco Power defers other costs that it believes are prudently incurred and probable of recovery from its retail customers. These costs are recorded in Other deferred charges on Cleco's and Cleco Power's Consolidated Balance Sheets. At December 31, 2025, and 2024, Cleco Power had $0.9 million and $4.0 million, respectively, recorded for deferred costs it

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

anticipates to recover from its customers, subject to approval by the LPSC.

**Wholesale Rates**

Wholesale customers are charged market-based rates that are subject to FERC's triennial market power analysis. Cleco filed its most recent triennial power analysis in December 2023 and received FERC approval on December 13, 2024. The next triennial market power analysis is expected to be filed in December 2026.

**Note 15 — Variable Interest Entities**<br>

**Securitization Entities**

Cleco Securitization I and Cleco Securitization II are special-purpose, wholly owned subsidiaries of Cleco Power that were formed for the purpose of issuing storm recovery bonds and energy transition bonds, respectively, for the securitization financing of intangible property at Cleco Power. Cleco Securitization I's and Cleco Securitization II's assets cannot be used to settle Cleco Power's obligations, and the holders of their respective bonds have no recourse against Cleco Power.

Cleco Securitization I's and Cleco Securitization II's equity at risk is less than 1% of their total assets; therefore, they are considered variable interest entities. Cleco Power, through its equity ownership interest and role as servicer of each securitization entity's respective bonds, has the power to direct the most significant financial and operating activities, including billings, collections, and remittances of retail customer cash receipts to enable each securitization entity to pay the principal and interest payments on bond payments. Cleco Power also has the obligation to absorb losses up to its equity investments and rights to receive returns from each securitization entity. Therefore, management has determined that Cleco Power is the primary beneficiary of each securitization entity, and as a result, Cleco Securitization I and Cleco Securitization II are included in the consolidated financial statements of Cleco Power. No gain or loss was recognized upon initial consolidation of the securitization entities.

*Cleco Securitization I*

The following table summarizes the impact of Cleco Securitization I on Cleco's and Cleco Power's Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Restricted cash - current | $15791 | $15918 |
| Accounts receivable - affiliate | **2996** | 2996 |
| Intangible asset - securitization | **370329** | 384908 |
| Total assets | $**389116** | $403822 |
| Long-term debt due within one year | $**15699** | $15087 |
| Accounts payable - affiliate | **115** | 113 |
| Interest accrued | **5795** | 5997 |
| Long-term debt, net | **365349** | 380468 |
| Total liabilities | **386958** | 401665 |
| Member's equity | **2158** | 2157 |
| Total liabilities and member's equity | $**389116** | $403822 |

---

The following table summarizes the impact of Cleco Securitization I on Cleco's and Cleco Power's Consolidated Statements of Income:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Operating revenue | $**32438** | $32447 | $33913 |
| Operating expenses | **(14663)** | (14183) | (14884) |
| Interest income | **530** | 667 | 537 |
| Interest charges, net | **(18206)** | (18832) | (19467) |
| Income before taxes | $**99** | $99 | $99 |

---

*Cleco Securitization II*

The following table summarizes the impact of Cleco Securitization II on Cleco's and Cleco Power's Consolidated Balance Sheets:

---

| | |
|:---|:---|
| (THOUSANDS) | **AT DEC. 31, 2025** |
| Restricted cash | $**7345** |
| Accounts receivable - affiliate | **2131** |
| Intangible asset - securitization | **290901** |
| Total assets | $**300377** |
| Long-term debt due within one year | $**9513** |
| Accounts payable  | **12** |
| Accounts payable - affiliate | **32** |
| Interest accrued | **1291** |
| Long-term debt, net | **287232** |
| Total liabilities | **298080** |
| Member's equity | **2297** |
| Total liabilities and member's equity | $300377 |

---

The following table summarizes the impact of Cleco Securitization II on Cleco's and Cleco Power's Consolidated Statements of Income:

---

| | |
|:---|:---|
| (THOUSANDS) | **FOR THE YEAR ENDED**<br> **DEC. 31, 2025** |
| Operating revenue | $**21414** |
| Operating expenses | **(8674)** |
| Interest income | **268** |
| Interest charges, net | **(12911)** |
| Income before taxes  | $**97** |

---

**Oxbow**

Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco's and Cleco Power's Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco's and Cleco Power's Consolidated Statements of Income.

Oxbow is owned 50% by Cleco Power and 50% by SWEPCO. Cleco Power is not the primary beneficiary because it shares the power to control Oxbow's significant activities with SWEPCO. Cleco Power's current assessment of its maximum exposure to loss related to Oxbow at December 31, 2025, consisted of its equity investment of approximately $1.9 million.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

The following table presents the components of Cleco Power's equity investment in Oxbow:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| INCEPTION TO DATE (THOUSANDS) | **2025** | 2024 |
| Purchase price | $**12873** | $12873 |
| Cash contributions | **6399** | 6399 |
| Distributions | **(18098)** | (18033) |
| Equity income from investee | **742** | 677 |
| Total equity investment in investee | $**1916** | $1916 |

---

The following table compares the carrying amount of Oxbow's assets and liabilities with Cleco Power's maximum exposure to loss related to its investment in Oxbow:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Oxbow's net assets/liabilities | $**3832** | $3832 |
| Cleco Power's 50% equity | $**1916** | $1916 |
| Cleco Power's maximum exposure to loss | $**1916** | $1916 |

---

The following tables contain summarized financial information for Oxbow:

---

| | | |
|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Current assets | $**4368** | $5055 |
| Property, plant, and equipment, net | **3486** | 3486 |
| Total assets | $**7854** | $8541 |
| Current liabilities | $**385** | $529 |
| Other liabilities | **3636** | 4180 |
| Partners' capital | **3833** | 3832 |
| Total liabilities and partners' capital | $**7854** | $8541 |

---

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Operating revenue | $**315** | $363 | $327 |
| Operating expenses | **(315)** | (266) | (424) |
| Gain on sale of property | **—** | 1356 |  |
| Interest (expense) income | **—** | (97) | 97 |
| Income before taxes | $**—** | $1356 | $— |

---

Oxbow has no third-party agreements, guarantees, or other third-party commitments that contain obligations affecting Cleco Power's investment in Oxbow.

**Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees**<br>

**Litigation** 

***Gulf Coast Spinning***

In September 2015, Gulf Coast Spinning Company, LLC (Gulf Coast Spinning) initiated a lawsuit against Cleco, claiming that Cleco failed to meet obligations under an alleged verbal agreement. According to Gulf Coast Spinning, Cleco promised to provide $6.5 million in startup funding and assist it in raising approximately $60.0 million for the construction of a cotton spinning facility near Bunkie, Louisiana. Diversified Lands loaned $2.0 million, secured by a mortgage on the Bunkie

project site, to Gulf Coast Spinning for the project. In February 2020, Diversified Lands foreclosed on the Bunkie property and asserted additional claims against the former owner of Gulf Coast Spinning. These claims are based on contractual and credit documents executed by Gulf Coast Spinning, with the former owner of Gulf Coast Spinning personally guaranteeing the obligations. Diversified Lands is seeking to recover the outstanding debt after the foreclosure. This action has been consolidated with the litigation originally filed by Gulf Coast Spinning in the 12<sup>th</sup> Judicial District Court for Avoyelles Parish, Louisiana. Mediation efforts conducted in August 2025 did not resolve these matters. The trial in this matter is scheduled to commence on March 30, 2026.

Cleco maintains that all allegations made by Gulf Coast Spinning are contradicted by the written documents executed by Gulf Coast Spinning and are without merit. Cleco believes it has substantial meritorious defenses to these claims.

***Dispute with Saulsbury Industries, Inc.***

In October 2018, Cleco Power filed suit against Saulsbury Industries, Inc. (Saulsbury), the former general contractor for the St. Mary Clean Energy Center project. Cleco Power seeks damages for Saulsbury's failure to complete the project on time and for additional costs incurred to hire a replacement general contractor. The action was filed in the Ninth Judicial District Court for Rapides Parish. In October 2019, Saulsbury filed a counterclaim alleging that Cleco Power owed the remaining balance under the contract, as well as additional costs from an accelerated recovery attempt and costs incurred during an extended delay period. Both parties are involved in ongoing discovery, and a trial date is expected to be set in 2027. Cleco Power believes that it has substantial meritorious claims and defenses to the counterclaims asserted by Saulsbury.

***LPSC Audits and Reviews***

Cleco Power is subject to routine audits and reviews by the LPSC. Management is unable to reasonably estimate the possible range of disallowance, if any, related to these filings. Historically, disallowances resulting from such audits have not been material. However, if a disallowance of an audited cost is ordered resulting in a refund, it could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants.

*Fuel Audits*

Cleco Power's fuel costs for electric generation and purchased power are typically recovered through the LPSC-established FAC, which allows Cleco Power to pass on most of these expenses to its customers. The recovery of FAC costs is subject to periodic audits by the LPSC, conducted at least every other year.

On December 17, 2025, the LPSC approved the final audit report for Cleco Power's fuel costs for 2020 through 2022 totaling $1.10 billion. The report indicated that the fuel costs were prudently incurred and that Cleco Power was compliant with the FAC order. Cleco Power's FAC filings for January 2023 onward remain subject to audit.

*Environmental Audit*

In 2009, the LPSC approved Cleco Power to recover certain costs of environmental compliance through an EAC. The costs eligible for recovery are those for prudently incurred air emissions credits associated with complying with federal,

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

state, and local air emission regulations that apply to the generation of electricity reduced by the sale of such allowances. Also eligible for recovery are variable emission mitigation costs, which are the costs of reagents such as ammonia and limestone that are a part of the fuel mix used to reduce air emissions, among other things. Cleco Power has EAC filings for January 2023 and thereafter that remain subject to audit.

*Energy Efficiency Audit*

Following a 2013 LPSC General Order, Cleco Power began participating in energy efficiency programs in November 2014. Through its approved rate tariff, Cleco Power recovered $10.2 million in both program years 2024 and 2023. These amounts are subject to LPSC audit.

In January 2024, the LPSC shifted administrative control of energy efficiency programs to an independent, third-party administrator, removing a utility's ability to recover lost revenues from reduced electricity sales. On April 16, 2025, the LPSC approved termination of the third-party administrator, and on May 19, 2025, the LPSC established the Louisiana Energy Efficiency Program (LEEP). LEEP incorporates aspects of the previous programs with revised rules and modifications, including the ability to recover lost revenues from reduced electricity sales, that were formally approved by the LPSC on August 20, 2025. LEEP launched on January 1, 2026 and new energy efficiency rates will be effective June 1, 2026. Cleco Power remains subject to audit for program years 2023 onward.

*Dolet Hills Securitization*

Cleco Power sought recovery for stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station as well as deferred fuel and other mine-related closure costs.

On April 19, 2024, the LPSC approved an uncontested settlement containing the following provisions:

• a $40.0 million reduction in the regulatory asset associated with the Dolet Hills Power Station,

• an additional $20.0 million refund per year to Cleco Power's retail customers as a credit to their bills during the third quarters of 2024, 2025, and 2026 for a total of $60.0 million, and

• allowing securitization of $305.0 million. If the securitization was not complete by September 1, 2024, Cleco Power was allowed to accrue a carrying charge through the earlier of the completion of the securitization or January 31, 2025.

As a result of the settlement, the following was recorded in Cleco's and Cleco Power's Consolidated Financial Statements as of March 31, 2024:

• a $40.0 million reduction in regulatory assets with an offsetting increase recorded as depreciation expense and

• a $1.3 million increase in the provision for rate refund and electric customer credits bringing the reserve for refund to $60.0 million.

For more information on the regulatory asset activity related to the uncontested settlement, see Note 6 — "Regulatory Assets and Liabilities."

Cleco Power began billing its retail customers on April 1, 2025, for the required amounts to service Cleco Securitization II's energy transition bonds.

***MISO Load Shed Event***

On May 25, 2025, MISO experienced a transmission system emergency due to transmission system constraints, including an ongoing forced outage on a 500 kilovolt line due to prior storm damage. To maintain grid stability, MISO directed temporary service interruptions for certain customers in Cleco Power's service territory. Immediately following the event, an after-action review was initiated by the LPSC. On October 23, 2025, the LPSC completed its after-action review and did not issue penalties regarding the event. SERC, on behalf of NERC,

has also opened a formal investigation. Cleco Power has responded to SERC's requests for information and expects to

receive the final report by June 2026. Cleco Power believes its response to this event was reasonable under the circumstances and does not expect to be issued a penalty.

***FERC Audits and Reviews***

In 2024, FERC ruled as part of Docket EL14-12-016 that the MISO transmission owners' base ROE should be lowered to 9.98%, with a total or maximum ROE including incentives not to exceed 12.58%. The effective date of the change was September 28, 2016, for the MISO Attachment O rates. As a result, Cleco Power estimated and recorded a refund of $0.5 million to be refunded by May 2026.

***Other***

Cleco is involved in various litigation matters, including regulatory, environmental, and administrative proceedings before various courts, regulatory commissions, arbitrators, and governmental agencies regarding matters arising in the ordinary course of business. The liability Cleco may ultimately incur with respect to any one of these matters may be in excess of amounts currently accrued. Management regularly analyzes current information and, as of December 31, 2025, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters for Cleco and Cleco Power are $16.5 million and $16.0 million, respectively. Cleco and Cleco Power have accrued these

amounts in Other deferred credits on their respective Consolidated Balance Sheets.

**Off-Balance Sheet Commitments and Guarantees**

Cleco Holdings and Cleco Power have entered into various off-balance sheet commitments, in the form of guarantees and standby letters of credit, in order to facilitate their activities and the activities of Cleco Holdings' subsidiaries and equity investees (affiliates). Cleco Holdings and Cleco Power have also agreed to contractual terms that require the Registrants to pay third parties if certain triggering events occur. These contractual terms generally are defined as guarantees.

Cleco Holdings entered into these off-balance sheet commitments in order to entice desired counterparties to contract with its affiliates by providing some measure of credit assurance to the counterparty in the event Cleco's affiliates do not fulfill certain contractual obligations. If Cleco Holdings had not provided the off-balance sheet commitments, the desired counterparties may not have contracted with Cleco's affiliates or may have contracted with them at terms less favorable to its affiliates.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

The off-balance sheet commitments are not recognized on Cleco's and Cleco Power's Consolidated Balance Sheets because management has determined that Cleco's and Cleco Power's affiliates are able to perform the obligations under their contracts and that it is not probable that payments by Cleco or Cleco Power will be required.

Cleco Holdings provided guarantees and indemnities to Entergy Louisiana and Entergy Gulf States as a result of a sale of a generation facility in 2005. The remaining indemnities relate to environmental matters that may have been present prior to closing. These remaining indemnities have no time limitations. The maximum amount of the potential payment to Entergy Louisiana and Entergy Gulf States is $42.4 million. Management does not expect to be required to pay Entergy Louisiana and Entergy Gulf States under these guarantees.

On behalf of Acadia, Cleco Holdings provided guarantees and indemnities as a result of the sales of Acadia Unit 1 to Cleco Power and Acadia Unit 2 to Entergy Louisiana in 2010 and 2011, respectively. The remaining indemnities have no time limitations or maximum potential future payments. Management does not expect to be required to pay Cleco Power or Entergy Louisiana under these guarantees.

Cleco Holdings provided indemnities to Cleco Power as a result of the transfer of Coughlin to Cleco Power in March 2014. Cleco Power also provided indemnities to Cleco Holdings as a result of the transfer of Coughlin to Cleco Power. The maximum amount of the potential payment to Cleco Power and Cleco Holdings for their respective indemnities is $40.0 million, except for indemnities relating to the fundamental organizational structure of each respective entity, of which the maximum amount is $400.0 million. Management does not expect to be required to make any payments under these indemnities.

As part of the Amended Lignite Mining Agreement, Cleco Power and SWEPCO, joint owners of the retired and partially demolished Dolet Hills Power Station, have agreed to pay the principal obligations of the lignite miner, DHLC, when due if DHLC does not have sufficient funds or credit to pay. Any amounts projected to be paid would be based on the forecasted obligations to be incurred by DHLC, primarily for reclamation obligations. As of December 31, 2025, Cleco Power does not expect any payments to be made under this guarantee. Cleco Power has the right to dispute the incurrence of such obligations through the review of the mining reclamation plan before the incurrence of such obligations. The Amended Lignite Mining Agreement expires after 2026 and does not affect the amount the Registrants can borrow under their credit facilities.

Cleco Power has a letter of credit to MISO pursuant to energy market requirements, and Cleco Holdings has a parent guarantee on behalf of Cleco Power. These agreements automatically renew each year and have no impact on Cleco Holdings' or Cleco Power's revolving credit facility.

Generally, neither Cleco Holdings nor Cleco Power has recourse that would enable them to recover amounts paid under their guarantee or indemnification obligations. There are no assets held as collateral for third parties that either Cleco Holdings or Cleco Power could obtain and liquidate to recover amounts paid pursuant to the guarantees or indemnification obligations.

**Long-Term Purchase Obligations**

Cleco Holdings has several unconditional long-term purchase obligations primarily related to information technology

outsourcing, network monitoring, and software maintenance. Cleco Power has several unconditional long-term purchase obligations primarily related to the purchase of fuel, energy delivery facilities, information technology outsourcing, natural gas storage, network monitoring, and software maintenance. The aggregate amount of payments required under such obligations at December 31, 2025, is as follows:

---

| | | |
|:---|:---|:---|
| (THOUSANDS) | CLECO POWER | CLECO |
| For the year ending Dec. 31, |  |  |
| &nbsp;&nbsp;&nbsp;2026 | $98991 | $100504 |
| &nbsp;&nbsp;&nbsp;2027 | 99178 | 100622 |
| &nbsp;&nbsp;&nbsp;2028 | 36992 | 37304 |
| &nbsp;&nbsp;&nbsp;2029 | 35837 | 35837 |
| &nbsp;&nbsp;&nbsp;2030 | 31372 | 31372 |
| Thereafter | 631350 | 631350 |
| Total long-term purchase obligations | $933720 | $936989 |

---

Cleco's payments under these agreements for the years ended December 31, 2025, 2024, and 2023 were $22.4 million, $55.7 million, and $79.2 million, respectively. Cleco Power's payments under these agreements for the years ended December 31, 2025, 2024, and 2023 were $20.9 million, $48.6 million, and $70.5 million, respectively.

**Other Commitments**

Cleco has accrued for liabilities related to third parties, employee medical benefits, and AROs.

In April 2015, the EPA published a final rule for regulating the disposal and management of CCRs from coal-fired power plants (CCR Rule). In August 2018, the D.C. Court of Appeals vacated several requirements in the CCR regulation, which included eliminating the previous acceptability of compacted clay material as a liner for impoundments. As a result, in August 2020, the EPA published a final rule that would set deadlines for costly modifications including retrofitting of clay-lined impoundments with compliant liners or closure of the impoundments. In November 2020, demonstrations were submitted to the EPA specifying its intended course of action for the ash disposal facilities at Rodemacher Unit 2 and the Dolet Hills Power Station in order to comply with the final CCR Rule. In January 2022, Cleco Power received communication from the EPA that the demonstrations had been deemed complete. Cleco Power withdrew the Dolet Hills demonstration due to the cessation of receiving waste. The remaining demonstration is still subject to EPA approval based on pending technical review.

In September 2025, Cleco Power recorded an increase of $8.6 million in its ARO balance due to revised cost estimates related to the clean up and closure work at the Dolet Hills Power Station landfill.

**Risks and Uncertainties**

Cleco faces potential adverse consequences if Cleco's counterparties fail to perform their contractual obligations or if Cleco or its affiliates are not in compliance with loan agreements or bond indentures.

Access to capital markets is a key source of funding for short- and long-term capital requirements not satisfied by operating cash flows.

Significant changes in the regulatory environment or market conditions could require Cleco to evaluate if its assets have suffered an other-than-temporary decline in value, which

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

could result in impairment charges and could materially affect Cleco's financial condition.

**Note 17 — Affiliate Transactions**<br>

**Cleco** 

Cleco has entered into service agreements with affiliates to receive and to provide goods and professional services. Goods and services received by Cleco primarily involve services provided by Support Group. Support Group provides joint and common administrative support services in the areas of information technology; finance, cash management, accounting, tax, and auditing; human resources; public relations; project consulting; risk management; strategic and corporate development; legal, ethics, and regulatory compliance; facilities management; supply chain and inventory management; and other administrative services.

Cleco Power's affiliates are charged the higher of management's estimated fair market value or fully loaded costs for goods and services provided by Cleco Power. Cleco, with the exception of Support Group, charges Cleco Power the lower of management's estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements. Support Group bills fully loaded costs to affiliates, which includes payroll and non-payroll costs.

All charges and revenues from consolidated affiliates were eliminated in Cleco's Consolidated Statements of Income for the years ending December 31, 2025, 2024, and 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, | AT DEC. 31, | AT DEC. 31, |
| | **2025** | **2025** | 2024 | 2024 |
| (THOUSANDS) | **AFFILIATE**<br>**RECEIVABLE** | **AFFILIATE**<br>**PAYABLE** | AFFILIATE<br>RECEIVABLE | AFFILIATE<br>PAYABLE |
| Cleco Group | $**768** | $**36166** | $35459 | $21368 |

---

Affiliate receivable decreased $34.7 million primarily due to the filing of the 2024 federal and state income tax return, which incorporated the utilization of net operating losses and final allocation of consolidated taxable income.

Cleco Holdings made no distributions to Cleco Group during 2025. Cleco Holdings made $145.0 million and $53.5 million of distributions to Cleco Group during 2024 and 2023, respectively. Cleco Holdings received no equity contributions from Cleco Group during 2025, 2024, and 2023.

**Cleco Power**

Cleco Power has entered into service agreements with affiliates to receive and to provide goods and professional services. Charges from affiliates included in Cleco Power's Consolidated Statements of Income primarily involve services provided by Support Group in accordance with service agreements. Support Group provides joint and common administrative support services in the areas of information technology; finance, cash management, accounting, tax, and auditing; human resources; public relations; project consulting; risk management; strategic and corporate development; legal, ethics, and regulatory compliance; facilities management; supply chain and inventory management; and other administrative services.

With the exception of Support Group, affiliates charge Cleco Power the lower of management's estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements. Support Group charges

only fully loaded costs, which are based on management's estimated fair market value. The following table is a summary of charges from each affiliate included in Cleco Power's Consolidated Statements of Income:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Support Group |  |  |  |
| &nbsp;&nbsp;Other operations and maintenance | $**89753** | $99547 | $96907 |
| &nbsp;&nbsp;Taxes other than income taxes | $**—** | $— | $65 |
| &nbsp;&nbsp;Other expense | $**588** | $242 | $92 |
| Cleco Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;Other expense | $**—** | $625 | $— |

---

The majority of the services provided by Cleco Power relates to the lease of office space to Support Group. Cleco Power charges affiliates the higher of management's estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements.

The following table is a summary of revenue received from affiliates included in Cleco Power's Consolidated Statements of Income:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Other operations revenue |  |  |  |
| &nbsp;&nbsp;Cleco Cajun | $**—** | $3422 | $10208 |
| Affiliate revenue |  |  |  |
| &nbsp;&nbsp;&nbsp;Support Group | **972** | 4938 | 5651 |
| &nbsp;&nbsp;&nbsp;Cleco Cajun | **—** | 7385 | 3253 |
| &nbsp;&nbsp;&nbsp;Cleco Holdings | **4** | 129 |  |
| Total | $**976** | $15874 | $19112 |

---

Cleco Power had the following affiliate receivable and payable balances associated with the service agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | AT DEC. 31, | AT DEC. 31, | AT DEC. 31, | AT DEC. 31, |
| | **2025** | **2025** | 2024 | 2024 |
| (THOUSANDS) | **AFFILIATE**<br>**RECEIVABLE** | **AFFILIATE**<br>**PAYABLE** | AFFILIATE<br>RECEIVABLE | AFFILIATE<br>PAYABLE |
| Cleco Holdings | $**9** | $**137** | $185 | $318 |
| Support Group | **—** | **12152** | 989 | 11071 |
| Total | $**9** | $**12289** | $1174 | $11389 |

---

During 2025, 2024, and 2023, Cleco Power made $70.0 million, $95.0 million, and $94.8 million respectively, of distribution payments to Cleco Holdings. Cleco Power received no equity contributions from Cleco Holdings in 2025, 2024, and 2023.

**Note 18 — Intangible Assets and Goodwill**<br>

**Securitized Intangible Assets**

On June 22, 2022, Cleco Securitization I acquired the Storm Recovery Property from Cleco Power for a purchase price of $415.9 million. On March 12, 2025, Cleco Securitization II acquired the Energy Transition Property from Cleco Power for a purchase price of $301.9 million. The Storm Recovery Property and the Energy Transition Property are both classified as securitized intangible assets on Cleco's and Cleco Power's

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Consolidated Balance Sheets. These securitized intangible assets are being amortized ratably each period consistent with actual collections of the asset's portion of revenue requirement billed to Cleco Power's customers. At the end of their lives, these securitized intangible assets will have no residual value. Amortization expense is included in Depreciation and amortization on Cleco's and Cleco Power's Consolidated Statements of Income. Cleco expects to recognize an estimated $132.1 million of amortization expense over the five years ending December 31, 2030.

The following table presents the amortization expense of the securitized intangible assets in Cleco's and Cleco Power's Consolidated Statement of Income:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31. | FOR THE YEAR ENDED DEC. 31. | FOR THE YEAR ENDED DEC. 31. |
| (THOUSANDS) | 2025 | 2024 | 2023 |
| Amortization expense | Amortization expense |  |  |
| Storm Recovery Property | $**14225** | $13750 | $14465 |
| Energy Transition Property  | $**8437** | $— | $— |

---

The following table summarizes the balance of the securitized intangible assets subject to amortization included on Cleco's and Cleco Power's Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| | | AT DEC. 31, |
| (THOUSANDS) | 2025 | 2024 |
| Storm Recovery Property | $415593 | $415946 |
| Energy Transition Property | 299338 |  |
| Total securitized intangible assets carrying value | 714931 | 415946 |
| Accumulated amortization | (53701) | (31038) |
| Net securitized intangible assets subject to amortization | $661230 | $384908 |

---

**Other Intangible Assets**

As a result of the 2016 Merger, fair value adjustments were recorded on Cleco's Consolidated Balance Sheet for the valuation of finite intangible assets relating to long-term wholesale power supply agreements. At the end of their lives, these power supply agreement intangible assets will have no residual value. At December 31, 2025, Cleco Power had one remaining power supply agreement intangible asset being amortized over the estimated life of its contract of 19 years, and the amortization is included in Electric operations on Cleco's Consolidated Statements of Income. Cleco expects to recognize an estimated $3.7 million for amortization expense over the five years ending December 31, 2030.

The following table presents the amortization expense recognized for other intangible assets in Cleco's Consolidated Statements of Income:

---

| | | | |
|:---|:---|:---|:---|
| Cleco |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Amortization expense |  |  |  |
| &nbsp;&nbsp;Power supply agreements | $**744** | $2881 | $9454 |

---

The following table summarizes the balance of other intangible assets subject to amortization included in Cleco's Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| Power supply agreements | $**14238** | $14238 |
| Accumulated amortization | **(7230)** | (6487) |
| Net other intangible assets subject to amortization | $**7008** | $7751 |

---

**Goodwill**

On April 13, 2016, in connection with the completion of the 2016 Merger, Cleco recognized goodwill of $1.49 billion. Management assigned the recognized goodwill to the Cleco Power reporting unit. Goodwill is required to be tested for impairment at the reporting unit level on an annual basis or whenever events or circumstances indicate that the value of goodwill may be impaired.

In performing the impairment test, Cleco compares the fair value of the reporting unit to its carrying value including goodwill. If the carrying value including goodwill were to exceed the fair value of a reporting unit, an impairment loss would be recognized. A goodwill impairment loss is measured as the amount by which a reporting unit's carrying value exceeds fair value, not to exceed the carrying amount of goodwill.

Cleco estimates the reporting unit's fair value using a weighted combination of the income approach, which estimates fair value based on discounted cash flows, and the market approach, which estimates fair value based on market comparables within the utility and energy industries. The income approach cash flow valuations involve a number of estimates that require broad assumptions and significant judgment by management regarding future performance, including estimation of future cash flows related to capital expenditures, the weighted average cost of capital or discount rate and the assumed long-term growth rate approach, which incorporates management's assumptions regarding sustainable long-term growth. The market approach includes significant assumptions around the implied market multiples for certain peer companies. Management selects comparable peers based on each peer's primary business mix, operations, and market capitalization compared to the applicable reporting unit and calculates implied market multiples based on available projected earnings guidance and peer company market values as of the test date.

Cleco performs an annual impairment test each August. In between annual tests, Cleco monitors its estimates and assumptions regarding estimated future cash flows, including the impact of movements in market indicators in future quarters, and will update the impairment analyses if a triggering event occurs. While Cleco believes the assumptions are reasonable, actual results may differ from projections. To the extent cash flows, long-term growth rates, U.S. Treasury rates, or other factors outside of Cleco's control may impact Cleco's projected results, Cleco may be required to reduce all or a portion of the carrying value of goodwill.

Cleco conducted its 2025 annual impairment test using an August 1, 2025, measurement date and determined that the estimated fair value of the Cleco Power reporting unit exceeded its carrying value, and no impairment existed.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

In 2024, as previously disclosed in Part II, Item 9B, "Other Information" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024, Cleco's shareholder group initiated a process to explore the potential sale of the equity interests of Cleco Group, the parent entity of Cleco Holdings and Cleco Power. A sale transaction has not occurred; however, in the normal course of preparing the Cleco financial statements for December 31, 2025, Cleco performed a quantitative assessment of the carrying value of the Cleco Power goodwill reporting unit as of December 31,

2025. No impairment was indicated as a result of that assessment.

**Note 19 — Accumulated Other Comprehensive Loss**<br>

The components of accumulated other comprehensive loss are presented as a component of member's equity on Cleco's and Cleco Power's Consolidated Balance Sheets, and are summarized in the following tables for Cleco and Cleco Power. All amounts are reported net of income taxes. Amounts in parentheses indicate debits.

---

| | |
|:---|:---|
| Cleco |  |
| (THOUSANDS) | POSTRETIREMENT <br>BENEFIT NET<br> GAIN (LOSS) |
| Balance, Dec. 31, 2022 | $59 |
| Other comprehensive income before reclassifications |  |
| &nbsp;&nbsp;&nbsp;Postretirement benefit adjustments incurred during the year | (3482) |
| Amounts reclassified from AOCI |  |
| &nbsp;&nbsp;&nbsp;Amortization of postretirement benefit net loss | (1689) |
| Balance, Dec. 31, 2023 | $(5112) |
| Other comprehensive income before reclassifications |  |
| &nbsp;&nbsp;&nbsp;Postretirement benefit adjustments incurred during the year | 3603 |
| Amounts reclassified from AOCI |  |
| &nbsp;&nbsp;Amortization of postretirement benefit net gain | (1175) |
| Balance, Dec. 31, 2024 | $(2684) |
| Other comprehensive income before reclassifications |  |
| &nbsp;&nbsp;&nbsp;Postretirement benefit adjustments incurred during the year | **(5271)** |
| Amounts reclassified from AOCI |  |
| &nbsp;&nbsp;Amortization of postretirement benefit net gain | **(1527)** |
| **Balance, Dec. 31, 2025** | $**(9482)** |

---

---

| | | | |
|:---|:---|:---|:---|
| Cleco Power |  |  |  |
| (THOUSANDS) | POSTRETIREMENT BENEFIT NET<br> (LOSS) GAIN | NET (LOSS) GAIN<br> ON CASH<br> FLOW HEDGES | TOTAL AOCI |
| Balances, Dec. 31, 2022 | $(3318) | $(5047) | $(8365) |
| Other comprehensive loss before reclassifications |  |  |  |
| &nbsp;&nbsp;&nbsp;Postretirement benefit adjustments incurred during the year | (2623) |  | (2623) |
| Amounts reclassified from AOCI |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of postretirement benefit net loss | 386 |  | 386 |
| &nbsp;&nbsp;&nbsp;Reclassification of net loss to interest charges |  | 251 | 251 |
| Balances, Dec. 31, 2023 | $(5555) | $(4796) | $(10351) |
| Other comprehensive loss before reclassifications |  |  |  |
| &nbsp;&nbsp;&nbsp;Postretirement benefit adjustments incurred during the year | (559) |  | (559) |
| Amounts reclassified from AOCI |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of postretirement benefit net loss | 657 |  | 657 |
| &nbsp;&nbsp;&nbsp;Reclassification of net loss to interest charges |  | 154 | 154 |
| Balances, Dec. 31, 2024 | $(5457) | $(4642) | $(10099) |
| Other comprehensive loss before reclassifications |  |  |  |
| &nbsp;&nbsp;&nbsp;Postretirement benefit adjustments incurred during the year | **(3652)** | **—** | **(3652)** |
| Amounts reclassified from AOCI |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of postretirement benefit net loss | **615** | **—** | **615** |
| &nbsp;&nbsp;&nbsp;Reclassification of net loss to interest charges | **—** | **256** | **256** |
| **Balances, Dec. 31, 2025** | $**(8494)** | $**(4386)** | $**(12880)** |

---

**ITEM 9.** CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE <br>

None.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

**ITEM 9A.** CONTROLS AND PROCEDURES<br>

**Evaluation of Disclosure Controls and Procedures**

Under the supervision and with the participation of Cleco Holdings and Cleco Power (individually, "Registrant" and collectively, the "Registrants") management, including the CEO and CFO, the Registrants have evaluated the effectiveness of their disclosure controls and procedures as of December 31, 2025. Based on the evaluations, the CEO and CFO have concluded that the Registrants' disclosure controls and procedures are effective to ensure that information required to be disclosed by each Registrant in reports that it files or submits under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms; and that the Registrants' disclosure controls and procedures are also effective in ensuring that such information is accumulated and communicated to the Registrants' management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

**Internal Control Over Financial Reporting**

***Managements' Reports on Internal Control Over Financial Reporting***

The management of the Registrants are responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) and 15d-15(f) promulgated under the Exchange Act. The Registrants' internal control over financial reporting is a process designed by, or under the supervision of, the Registrants' principal executive and financial officers and effected by the Registrants' board of managers, management,

and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

As a result of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness in future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

The management of the Registrants, under the supervision of each of the Registrants' principal executive officer and principal financial officer, conducted an assessment of the effectiveness of the Registrants' respective internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria in *Internal Control-Integrated Framework* issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Based on this assessment, the management of the Registrants concluded that, as of December 31, 2025, the Registrants' internal control over financial reporting was effective.

***Changes in Internal Control over Financial Reporting***

There have been no changes in the Registrants' internal control over financial reporting that occurred during the quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, the Registrants' internal control over financial reporting.

**ITEM 9B.** OTHER INFORMATION <br>

**Insider Trading Arrangements**

During the three months ended December 31, 2025, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of Cleco Holdings or Cleco Power adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

**ITEM 9C.** DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS <br>

Not applicable.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>PART III</u>

**Cleco Power** 

The information called for by Items 10, 11, 12 and 13 with respect to Cleco Power is omitted pursuant to General Instruction I(2)(c) to Form 10-K (Omission of Information by Certain Wholly Owned Subsidiaries).

**ITEM 10.** DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE<br>

**Boards of Managers of Cleco**

As of March 27, 2026, the Board of Managers of Cleco Holdings is comprised of 12 managers, as set forth below. Cleco Power's Board of Managers is comprised of 12 managers, excluding Dylan Arnould, who is a member of the Board of Managers of Cleco Group and Cleco Holdings, and including special independent manager, Melissa Stark. The Board of Managers of Cleco Holdings and the Board of Managers of Cleco Power are collectively referred to below as "the Boards." The managers' ages, dates of appointment, employment history, and committee assignments as of March 27, 2026, are also set forth below. Each of Ms. Scott and Messrs. Gallot, Gilchrist, and Wainer serve pursuant to one-year agreements which are considered for renewal annually by the Boards. Ms. Stark serves under a staffing agreement. Mr. Fontenot serves by virtue of his position as the CEO, and the other managers are designated for membership by BCI, John Hancock, or MAM.

***Dylan Arnould*** is a Director in Manulife's Infrastructure Investment Group. He joined John Hancock/Manulife in 2018 and is responsible for origination, execution, and asset management of investments in various infrastructure sections. Mr. Arnould is 37 years old and became a member of the Boards of Managers for Cleco Group and Cleco Holdings in 2023. Mr. Arnould is a member of the Audit Committee.

Mr. Arnould's previous industry experience includes development and merger and acquisition of power projects with InterGen, as well as with origination, execution and management of climate technology venture capital investments with the Massachusetts Clean Energy Center.

Mr. Arnould holds a Bachelor of Arts degree from Duke University and a Master of Arts degree in International Economics and International Affairs from the Johns Hopkins University, School of Advanced International Studies.

***Andrew Chapman*** joined Macquarie in 2006 and retired on September 30, 2021. Through his consulting company WesWave LLC, Mr. Chapman is a consultant to MAM and serves on the Boards of Cleco and served on the board of the entity that holds Lordstown Energy Center, a gas-fired power plant in eastern Ohio until late 2024. Consulting through WesWave LLC, he also assists MAM on other matters as requested.

During his 15 years with Macquarie, Mr. Chapman has served as a director of utility companies owned in part by MAM's funds, including Puget Sound Energy, Duquesne Light Company, Aquarion Water Company, Cleco, and entities related to those holdings. Mr. Chapman is 70 years old and became a member of the Boards in 2016. He is the Chair of the Business Planning and Budget Review Committee, and the Leadership Development and Compensation Committee, and

a member of the Asset Management Committee, the Governance and Public Affairs Committee and the Audit Committee.

Mr. Chapman held executive positions with Elizabethtown Water Company, E-town Corporation, American Water Works and the State of New Jersey prior to joining Macquarie in 2006.

Mr. Chapman earned his Master of Business Administration from the Yale School of Management and his bachelor's degree from the University of California at Berkeley.

***William "Bill" Fontenot*** has served as the President and CEO of Cleco Holdings since January 2018 and CEO of Cleco Power and Cleco Cajun since February 2019. Mr. Fontenot is 63 years old and was appointed to the Boards in 2018. He is a member of the Asset Management Committee, the Business Planning and Budget Review Committee, and the Governance and Public Affairs Committee. Mr. Fontenot has previously served as Interim CEO of Cleco Power from February 2017 to December 2017, Chief Operating Officer of Cleco Power from April 2016 to February 2017, and Senior Vice President of Utility Operations from March 2012 to April 2016.

Mr. Fontenot serves on the boards of the Leaders for a Better Louisiana, Louisiana Central, Louisiana Economic Development Partnership, Edison Electric Institute and the Louisiana State University at Alexandria Foundation.

Mr. Fontenot holds a Bachelor of Science degree in electrical engineering from Louisiana State University.

***Paraskevas "Paris" Fronimos*** is a Senior Director on the Infrastructure and Renewable Resource Investments team of BCI. He is 51 years old and became a member of the Boards in 2019. Mr. Fronimos is the Chair of the Asset Management Committee and a member of the Business Planning and Budget Review Committee.

Mr. Fronimos joined BCI in 2017 and works with the management teams of portfolio companies primarily in the energy, midstream, and utility sectors in BCI's global portfolio. Mr. Fronimos serves as a Non-Executive Director on the boards of BCI's portfolio companies, including natural gas pipelines in Germany and Brazil and a district cooling company in the United Arab Emirates and a power generator in Colombia (historically). Prior to joining BCI, Mr. Fronimos was employed by Nova Scotia Power, a Canadian power utility, as a fuels portfolio manager. He has more than 20 years of experience in the energy and utilities space, having worked on environmental and energy policy, developing greenfield energy projects, advising on transactions, and driving fleet and fuel supply optimization activities, including commodity pricing and hedging.

Mr. Fronimos holds a bachelor's degree in Mineral Resources Engineering from the Technical University of Crete

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

and a Master's in Business Administration (specializing in Natural Resources and Energy) from the University of Alberta.

***Dr. Richard "Rick" Gallot, Jr.*** is the President of the University of Louisiana System. He is 59 years old and became a member of the Boards in 2016. Dr. Gallot is a member of the Leadership Development and Compensation Committee and the Governance and Public Affairs Committee.

Dr. Gallot served as the President of Grambling State University from 2016 to 2023. He serves on the board of Origin Bancorp, Inc. (Nasdaq: OBNK) and was appointed to the Louisiana Cybersecurity Commission by former Louisiana Governor John Bel Edwards. He previously served as a Louisiana state senator for District 29, where he held the position of vice chairman of the Commerce Committee and was a member of the Agriculture, Forestry, Aquaculture, and Rural Development Committee and the Revenue and Fiscal Affairs Committee. He previously served as a member of the Louisiana House of Representatives for District 11, where he served as Chair of the House and Governmental Affairs Committee and was a member of the Executive Committee.

Dr. Gallot obtained his PhD in organizational leadership from Southeastern University in Lakeland, Florida and a Juris Doctorate from Southern University School of Law.

***David Randall "Randy" Gilchrist*** is the President and CEO of Gilchrist Construction Company (GCC), a central Louisiana-based infrastructure contractor specializing in road and bridge construction. He is 66 years old and became a member of the Boards in 2016. Mr. Gilchrist is a member of the Asset Management Committee and the Audit Committee.

Under Mr. Gilchrist's leadership, GCC has grown since 1985 from a small site work contractor to one of Louisiana's leading highway contractors. Mr. Gilchrist has served as President of Associated General Contractors, Chair of Driving Louisiana Forward, Chair of the Central Louisiana Chamber of Commerce, and vice chairman of Central Louisiana Economic Development Alliance. He has also served on the boards of the Rapides Foundation and Rapides Healthcare System.

***Christopher Leslie*** is Executive Chairman of Macquarie Asset Management Real Assets Americas. Prior to taking that role in July 2016, Mr. Leslie was the CEO of Macquarie Infrastructure Partners Inc., which managed more than $7 billion in U.S. and Canadian infrastructure investments. Mr. Leslie is 61 years old and became a member of the Boards in 2016. He is a member of the Leadership Development and Compensation Committee. Mr. Leslie has been or is a director of a number of MAM portfolio companies in the energy, transportation, and communications sectors.

Mr. Leslie joined Macquarie in 1992 in Australia. He has been instrumental in expanding Macquarie's infrastructure business globally, having launched Macquarie offices in Southeast Asia, India, and North America.

Mr. Leslie holds a Bachelor of Commerce degree from the University of Melbourne.

***Jon Perry*** is a Director within the Infrastructure and Renewable Resources Department at BCI, where he is responsible for sourcing, executing and managing infrastructure investments. He is 50 years old and became a member of the Boards in 2018. Mr. Perry is the Chair of the Audit Committee.

Mr. Perry has over 20 years of experience in the utility and energy sectors. Prior to working with BCI, he held positions as

Manager, Mergers and Acquisitions at TransAlta, a leading Canadian independent power producer and Manager, Regulatory and Financial Reporting at FortisAlberta, a regulated distribution utility. Before then, Mr. Perry held financial and investor relations positions in Canadian junior and mid-cap oil and gas companies.

Mr. Perry holds a Bachelor of Medical Laboratory Sciences from the University of British Columbia. He is also a Chartered Accountant in the Province of Alberta and is a Chartered Financial Analyst charter holder.

***Aaron Rubin*** is a Managing Director at MAM, where he is responsible for MAM's North American power and utilities investment team. He is 48 years old and became a member of the Boards in 2018. Mr. Rubin is a member of the Business Planning and Budget Review Committee.

Since joining Macquarie in 2008, Mr. Rubin has had extensive responsibility for investment origination and execution as well as for management of portfolio investments. He has also served as the CEO of the Moscow-based Macquarie Russia & CIS Infrastructure Fund, and has been or is a director of a number of Macquarie portfolio companies in the energy, transportation, and communications sectors. Mr. Rubin is currently a director of the holding companies of Puget Energy, an electric and natural gas utility in Washington State, and Cyrq Energy, a leading U.S. geothermal power company. Prior to joining Macquarie, Mr. Rubin was a Vice President on JPMorgan's North American mergers and acquisitions team.

Mr. Rubin holds a Bachelor of Commerce and a Bachelor of Laws degree from the University of Queensland.

***Peggy Scott*** currently serves as the Chair of the Boards. In addition, she serves on Cleco's Audit Committee and Governance and Public Affairs Committee. She served as Chairperson and Interim CEO of Cleco Holdings from February 9, 2017, through December 31, 2017. She is 74 years old and became a member of the Boards in 2016.

Ms. Scott serves on the boards of The Eastern Company (Nasdaq: EML) where she chairs the Environment, Health & Safety Committee and is a member of the Compensation Committee. She serves on the board and Governance Committee and is the Chair of the Audit Committee of Martin Sustainable Resources LLC. She previously served on the Blue Cross Foundation of Louisiana board from 2005 to 2024, and held positions of board chair and president. Her recent public company board service includes Benefytt Technologies, Inc. (BFYT) until its 2020 acquisition, and Gresham Smith Partners until June 2022. She also serves on the boards of various corporate and community organizations.

Presently, Ms. Scott is an adviser to growing companies in diverse industries. Previously, she served as the Executive Vice President, Chief Operating Officer, and CFO of Blue Cross Blue Shield of Louisiana (BCBS) as well as Chief Strategy Officer. Prior to BCBS, Ms. Scott was an office Managing Partner with Deloitte and held senior executive positions in U.S. and International companies in seven countries where she led transformational growth and change.

Ms. Scott was named one of the ten Outstanding Young Women of America, featured in the Wall Street Journal as National Financial Executive of the year, and inducted into the American Institute of CPAs' Hall of Fame. She is in the Louisiana State University's Alumni Hall of Distinction, named a Tulane Outstanding Alumnus, and holds a Presidential citation.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Ms. Scott holds a Master of Business Administration from Tulane University and a Bachelor of Science degree in accounting from Louisiana State University. She is a CPA and certified in Valuations and Forensics and as a Master Professional Corporate Director.

***Melissa Stark*** currently serves as the managing principal and owner of Co Issuer Corporate Staffing, LLC, which she established in 2003 to provide independent directors and officers for special purpose entities. She is 63 years old and was appointed in 2016 as a special independent manager of Cleco Power, whose sole purpose is to vote on any bankruptcy-related matters, as specified in Cleco Power's Second Amended and Restated Operating Agreement.

Ms. Stark serves as a director of a number of companies in the financial sector. From 2001 to 2017, Ms. Stark concurrently served as a principal and co-founder of Water Tower Capital, LLC, a Chicago based investment advisory firm. From 1994 to 1996 she was Vice President - Fixed Income Research at Duff & Phelps (now known as Fitch) where she covered high yield bonds in the retail industry. She served as Vice President - Special Investments at PPM America, Inc. from 1991 to 1994.

Ms. Stark holds a Master of Business Administration in Finance from New York University Stern School of Business.

***Steven Turner*** is a Managing Director within the Infrastructure and Renewable Resources Department at BCI, where he is responsible for sourcing, executing, and managing infrastructure investments. He is 53 years old and became a member of the Boards in 2016. Mr. Turner is the Chair of the Governance and Public Affairs Committee and a member of the Business Planning and Budget Review Committee and the Leadership Development and Compensation Committee.

Mr. Turner serves on the board of Nexus Water Group, a privately held waste/wastewater utility company. He is also a past director of Corix Infrastructure Inc., Macquarie Utilities Inc. and Aquarion Water Company.

Mr. Turner has over 20 years of experience in institutional investing. Prior to joining BCI, he held positions as an Associate with Ventures West Management, a leading Canadian venture capital firm and as an Associate Equity Analyst with Raymond James Ltd., a full-service brokerage firm.

Mr. Turner has a Bachelor of Science degree in Environmental Engineering from Montana Tech of the University of Montana and holds a Master of Business Administration from the University of Victoria. He is also a registered Professional Engineer in the Province of British Columbia, a Chartered Financial Analyst charter holder and holds the ICD.D designation.

***Bruce Wainer*** is the CEO of Wainer Enterprises, a family-owned commercial development company on Louisiana's Northshore and in New Orleans. He is 66 years old and became a member of the Boards in 2016. Mr. Wainer is a member of the Business Planning and Budget Review Committee and the Governance and Public Affairs Committee.

Mr. Wainer is the developer of some of the most successful commercial developments in the New Orleans area and a past chairman of the Northshore Business Council. His business affiliations include partner at Wainer Brothers, All State Financial Company and Circle West Trailer Park Company; president of Quality Properties, Inc., Regent Lands, Inc., Flowers, Inc., Upside Down Cajun Brands, Inc., Louisiana Properties, Inc., Tamco, Inc., Riverhill, Inc., Metro Credit Services, Inc. and Pan American Investors, Inc., and manager of Advance Mortgage Company, LLC.

**Executive Officers of Cleco**

The names of the executive officers of Cleco and certain subsidiaries, their positions held, five-year employment history, and ages as of March 27, 2026, are as follows. Executive officers are appointed annually to serve for the ensuing year or until their successors have been appointed.

---

| | |
|:---|:---|
| NAME OF EXECUTIVE | POSITION AND FIVE-YEAR EMPLOYMENT HISTORY |
| **William G. Fontenot**<br>Cleco Holdings<br>Cleco Power<br>Cleco Cajun | <br>President and CEO since January 2018. <br>CEO since February 2019.<br>CEO since February 2019.<br>(Age 63)  |
| **Kristin L. Guillory**<br>Cleco Holdings<br>Cleco Power<br>Cleco Cajun | <br>CFO since July 2021. <br>CFO since July 2021; President from September 2019 to July 2021.<br>(Age 43) |
| Mark D. Kleehammer<br>Cleco Holdings | <br>General Counsel & Chief Regulatory Officer since July 2023; Vice President, Commercial and Industrial Journey and Products at Entergy Corporation from February 2023 to June 2023; Vice President, Regulatory and Public Affairs at Entergy Louisiana from October 2015 to February 2023. <br>(Age 57) |
| **Sybil S. Montegut**<br>Cleco Holdings  | <br>Chief Administrative & Sustainability Officer since January 2024; Vice President Enterprise Analytics & Innovation from May 2020 to January 2024.<br>(Age 48) |
| **Justin S. Hilton**<br>Cleco Power | <br>Chief Commercial Officer since January 2024; President from February 2019 to January 2024. <br>(Age 56) |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | |
|:---|:---|
| NAME OF EXECUTIVE | POSITION AND FIVE-YEAR EMPLOYMENT HISTORY |
| **Robert A. Breedlove** Cleco Holdings | <br>Chief Operations Officer since January 2024; Vice President, Generation Operations from November 2021 to January 2024; Director, Fleet Maintenance Entergy Corporation from October 2018 to November 2021.<br>(Age 52) |
| **Paul A. Guillory II**<br>Cleco Power  | <br>Chief Customer Officer since January 2024; Vice President & Chief Customer Officer from June 2021 to January 2024; Director, Meter, Bill & Revenue Collection from February 2020 to June 2021. <br>(Age 43) |

---

**Audit Committee** 

Cleco has a separately-designated standing Audit Committee. The members of Cleco's Audit Committee are Dylan Arnould, Andrew Chapman, Randy Gilchrist, Jon Perry (who serves as Chair of the committee) and Peggy Scott. The Boards have determined that Andrew Chapman is the Audit Committee financial expert.

**Code of Business Conduct & Ethics and Related Party Transactions**

Cleco has adopted a Code of Conduct that applies to its principal executive officer, principal financial officer, principal accounting officer, and treasurer. Cleco also has adopted an Ethics Guide applicable to all employees and the Boards. In addition, the Boards have adopted Conflicts of Interest and Related Policies to prohibit certain conduct and to reflect the expectation of the Boards that their members engage in and promote honest and ethical conduct in carrying out their duties and responsibilities, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships and corporate opportunities. Under the Conflicts of Interest and Related Policies, Cleco considers transactions that are reportable under the SEC's rules for transactions with related parties to be conflicts of interest and prohibits them. Any request, waiver, interpretation or other administration of the policy shall be referred to the Governance and Public Affairs Committee. Any recommendations by the Governance and Public Affairs Committee to implement a waiver shall be referred to the full Boards for a final determination. The Code of Conduct for Financial Managers, Ethics Guide, and Conflicts of Interest and Related Policies are posted on Cleco's website at https://www.cleco.com/about/leadership-governance/codes-of-conduct. Each of these documents is also available free of charge by request sent to: Public Relations, Cleco, P.O. Box 5000, Pineville, LA 71361-5000.

Cleco has an insider trading policy governing the purchase and sale of, and certain other transactions involving,

Cleco's securities that applies to all of Cleco's directors, officers, and other employees. Cleco believes its insider trading policy is reasonably designed to promote compliance with U.S. federal insider trading laws, rules, and regulations. A copy of Cleco's insider trading policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

**Communications with the Boards**

The Corporate Governance Guidelines provide for communications with the Boards by interested persons. In order for employees and other interested persons to make their concerns known to the Boards, Cleco has established a procedure for communications with the Boards through the Boards' Chair. The procedure is intended to provide a method for confidential communication, while at the same time protecting the privacy of the members of the Boards. Any interested person wishing to communicate with the Boards, or the non-management members of the Boards, may do so by addressing such communication as follows:

Chair of the Boards of Managers

c/o Corporate Secretary

Cleco Holdings

P.O. Box 5000

Pineville, LA 71361-5000

Upon receipt, Cleco's Corporate Secretary will forward the communication, unopened, directly to the Chair of the Boards. The Chair will, upon review of the communication, make a determination as to whether it should be brought to the attention of the other non-management members and/or the management member of the Boards and whether any response should be made to the person sending the communication, unless the communication was made anonymously.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

**ITEM 11.** EXECUTIVE COMPENSATION<br>

**Compensation Discussion and Analysis (CD&A)**

This section provides information about the compensation program in place for the Company's named executive officers who are included in the Summary Compensation Table. It includes a discussion and analysis of the overall objectives of its compensation program and each element of compensation the Company provides.

*Executive Summary*

*Compensation Philosophy*

The compensation principles and philosophy of the Committee are:

• Executives should be rewarded on performance, and incentives should align interests between management and the Company while considering prudent risk taking;

• Total remuneration (the sum of base salary, annual incentives, long-term incentives, and retirement benefits) is determined such that the combination of all pay elements

will deliver a total compensation opportunity comparable to that of the Company's Peer Group.

• The mix of fixed compensation (base salary and retirement benefits) and variable/at-risk compensation (annual incentive and long-term incentive) should align with the market and are all paid in cash; and

• The competitive market for an executive's compensation will be based on Comparator Group as adjusted for size and are not adjusted for Cleco's privately held status or location.

*Compensation Program Components*

The Committee targets total compensation (made up of the components described below) to be competitive with the median of the Comparator Group adjusted for size, but individual positioning may vary above or below the median depending on each executive's experience, performance, and contribution to the Company. For 2025, Cleco believes that it accomplished its philosophy through the following compensation and benefit components:

---

| | |
|:---|:---|
| 2025 PAY COMPONENT | DESCRIPTION |
| Base Salary | • Fixed component of compensation<br>• Paid in cash |
| Annual Cash Incentive (STIP) | • Performance-based annual incentive plan that is paid in cash<br>• Adjusted EBITDA is the primary performance metric for named executive officers<br>• Additional metrics include safety, system reliability, customer satisfaction, generation fleet reliability, and milestone measures |
| Long-Term Incentives | • Performance-based three-year cycle incentive paid in cash<br>• Payouts are contingent on Average ROIC and Total Shareholder Return (TSR), each weighted at 50% |
| Benefits | • Broad-based benefits including medical, dental, vision, and prescription drug coverage; basic life insurance; supplemental life insurance; dependent life insurance; accidental death and dismemberment insurance; retirement benefits. Eligible employees hired prior to August 1, 2007 participate in a defined benefit pension plan and a 401(k) plan with Company matching contributions. Employees hired on or after August 1, 2007, are eligible for a 401(k) plan with enhanced Company benefits |
| Executive Benefits | • SERP (closed to new participants in 2014 and currently only applicable to CEO)<br>• Nonqualified Deferred Compensation Plan |
| Perquisites | • Limited to executive physicals, spousal/companion travel, and relocation assistance |

---

*Roles and Responsibilities*

Leadership Development and Compensation Committee

The Committee, which consists of one independent Board Manager and three investor Board Managers, is responsible for developing and overseeing the Company's executive compensation program. The Committee met eight times during 2025.

Relating to executive compensation, the Committee's responsibilities, which are more fully described in its charter, include:

• establishing and overseeing the Company's executive compensation philosophy and goals ensuring no material adverse effect on the Company;

• engaging and evaluating an independent compensation consultant to analyze and recommend new or revised policies regarding executive compensation programs and practices;

• annually reporting to the Board or recommending for approval by the Board the overall design of the Company's executive compensation and benefit programs;

• annually evaluating the performance of the CEO and the CFO and recommending to the Board adjustments in the CEO's and CFO's compensation and benefits;

• overseeing the administrative committees and periodically reviewing the Company's benefit plans, including retirement plans;

• reviewing and making recommendations for talent and succession planning and efforts to promote and foster a sense of belonging and collaborative workplace culture.

The Compensation Consultant

The Committee engaged Pay Governance to consult on matters concerning executive officers' compensation and benefits. All executive compensation for 2025 was established by Pay Governance and reviewed by the Committee. Pay Governance acted at the direction of the Committee and was independent of management. Pay Governance was responsible for:

• recommending a group of peer companies to use for its market comparisons;

• reviewing the Company's executive compensation program, including compensation relative to those executives at comparable companies, short- and long-term incentive targets and metrics, executive retirement benefits, and other executive benefits;

• reviewing the Company's Board of Manager compensation program;

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

• reporting on emerging trends and best practices in the area of executive and Board of Manager compensation; and

• attending the Committee meetings.

The Committee reviewed the compensation consultant's qualifications as well as its independence and the potential for conflicts of interest. The Committee concluded that Pay Governance is independent, and its services to the Committee do not create any conflicts of interest. The Committee has the sole authority to approve Pay Governance's compensation and determine the nature and scope of its services. Pay Governance does not perform any other services for or receive any other fees from the Company other than those relating to this Committee.

CEO

The CEO reviews with the Committee base salary adjustments, cash incentives, and long-term incentive awards for all members of EMT other than himself.

***Evaluation and Design of the Compensation and Benefit Programs***

The Committee believes that compensation and benefits for executive officers who successfully enhance investors' value

should be competitive with the compensation and benefits offered by similar companies in the industry to attract and retain the high-quality executive talent required by the Company. The Committee examines executive officers' compensation against comparable positions using publicly available proxy data for a group of 12 industry peers (Peer Group) and utility industry survey data to help design and benchmark executive officer compensation. This evaluation includes base salary, annual and long-term incentive plan targets, other potential awards, retirement benefits, and target total compensation. The Peer Group is used to track comparable performance of the long-term incentive plan. The combination of the Peer Group and the utility industry survey data is referred to as the "Comparator Group."

The Peer Group did not change in 2025. The Committee evaluates the Peer Group annually to ensure continued comparability, considering changes such as acquisitions, privatizations, or growth. The review focuses on alignment in revenues, assets, employee count, and operational fit.

---

| | | |
|:---|:---|:---|
| 2025 PEER GROUP COMPANIES | 2025 PEER GROUP COMPANIES | 2025 PEER GROUP COMPANIES |
| ALLETE, Inc. | ITC Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otter Tail Corporation |
| Avista Corporation | MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland General Electric Company |
| Black Hills Corporation | NorthWestern Energy Group, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. |
| IDA CORP, Inc. | OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitil Corporation |

---

In setting executive compensation levels in 2025, the Committee also used utility industry survey data from the most recent Willis Towers Watson Energy Services Executive Compensation Database and utilized regression analysis to establish executive compensation levels. Survey data provides a broader energy industry perspective. This survey data is used in conjunction with the Peer Group data as a competitive market reference point for the Committee to consider in determining pay levels.

***Decisions Made in 2025 with Regard to Each Compensation and Benefit Component***

*Base Salary* 

The base salary levels for the executive officers as a group, including the named executive officers are set so that it will deliver a total compensation opportunity comparable to that of the Company's Peer Group. The Committee, and then the Board, sets the base salary level for the CEO and CFO. Other executive compensation is set by the CEO after consultation with the Committee.

Base salaries for the named executive officers in 2025 are shown in the table below:

---

| | | |
|:---|:---|:---|
| NAME | 2025 BASE SALARY | 2025 % CHANGE |
| Mr. Fontenot | $854288 | 4.50% |
| Ms. Guillory | $490004 | 4.26% |
| Mr. Kleehammer | $469996 | 4.44% |
| Ms. Montegut | $355025 | 9.23% |
| Mr. Hilton <sup>(1)</sup> | $310000 | 0.0% |

---

<sup>(1)</sup> Cleco Power employee.

*Executive Annual Cash Incentive (STIP)*

The Company incentive compensation provides for the executive STIP, an annual, performance-based cash incentive plan. It includes weighting for corporate and individual performance goals. The STIP award opportunities for executive officers are set so that it will deliver a total compensation opportunity comparable to that of the Company's Peer Group. The Committee sets the annual cash incentive level for the CEO and CFO. The CEO establishes STIP levels for other remaining officers. Payouts for all officers are capped at 200% of target.

The table below presents the target STIP opportunities for the named executive officers in 2025:

---

| | |
|:---|:---|
| NAME | TARGET AS %<br>OF BASE SALARY |
| Mr. Fontenot | 125% |
| Ms. Guillory | 65% |
| Mr. Kleehammer | 60% |
| Ms. Montegut | 50% |
| Mr. Hilton <sup>(1)</sup> | 50% |

---

<sup>(1)</sup> Cleco Power employee.

The 2025 STIP award for the named executive officers was based on the corporate and individual performance measures described below. These measures also apply to non-named executive officers.

The Committee included Milestone Measures in the 2025 STIP corporate metrics for EMT and other corporate officers, weighted at 20% with a maximum payout opportunity of 40%. These measures were tied to progress against defined milestones for key strategic corporate initiatives.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

For STIP purposes, financial performance is measured on a consolidated basis. Adjusted EBITDA represents net income before interest, income taxes, depreciation, and amortization, as adjusted for certain pension and SERP expenses, gains and losses on life insurance policies, merger and acquisition–related expenses, and other adjustments at the discretion of the Board of Managers. The remaining portion of the STIP opportunity was based on operational performance measures applicable to Cleco executives and employees, including safety, system reliability, generation fleet reliability, and customer satisfaction.

Management recommends the STIP financial, operational, and milestone performance measures to the Committee. The Committee reviews these measures annually and, based on historical performance relative to target and comparative performance versus the Peer Group, revises and approves the STIP metrics for the upcoming year.

*Details Related to Corporate Performance Metrics Established to Determine 2025 STIP Award Levels* 

**Metric # 1: Adjusted EBITDA** — An adjusted EBITDA matrix was developed to determine performance and payout ranges related to adjusted EBITDA performance in 2025. This measure represents 40% of the overall STIP award for the corporate measures for executives. The final percentage of the financial target award is interpolated based on the performance level.

**Metric # 2**: Safety — For the 2025 safety measure, the Company recognized injuries by using the Days Away, Restricted, or Transferred (DART) incident rate, which represents 5% of the overall STIP award. The Company also included employee safety leading indicators by incorporating the Safety Observation and Training Participation Rate, which represents 3% of the overall STIP award, and focused on improving contractor safety and awareness by Contractor Safety Observations, which represents 2% of the overall STIP award. These three measures total 10% for the safety metric. The target for DART was based on the average historical rate over the five-year period of 2020-2024.

**Metric # 3: EFORd** — This metric represents the probability a generator will fail due to forced outages or derates when in demand. This metric is 6% of the overall STIP award for corporate measures. The 2025 target was based on the comparison to historical class average forced outage rates, as well as the MISO system-wide weighted average forced outage rate.

**Metric # 4: Availability** — This metric is an indicator of generation performance impacts related to unplanned outages and derates. This metric is 4% of the overall STIP award. The 2025 target was based on the average performance over the three-year period of 2022-2024 of Cleco Power's fleet.

**Metric # 5: Customer Satisfaction** — The Company included Customer Satisfaction in its performance measures in 2025 using the JD Power South Midsize segment (JD Power study) for comparison. For the STIP metric, the Company uses a percentile-based target relative to the peer groups, which represents 5% of the overall STIP award. The Company compared its overall performance against its peers in the JD Power study. In 2025, the Company implemented leading indicators, accounting for 5% of the total STIP opportunity. This component is evenly split, with 2.5% based on Net Promoter Score performance derived from internal transactional surveys and 2.5% tied to the formation of a company-wide Customer Insights and Actions team tasked with developing a customer service initiative roadmap. This metric represents 10% of the overall STIP award.

**Metric # 6: SAIDI** — SAIDI measures the average amount of time a customer's service is interrupted during the year measured in hours per customer per year, and excludes major events per the LPSC's criteria. The 2025 SAIDI goal was based on the long-term goal of consistent performance improvement aligned with the LPSC target. This metric represents 10% of the overall STIP award for corporate measures.

**Metric # 7: Milestone Measures** — **In addition to the above metrics,** Cleco officers had the following STIP metric for 2025**.** This metric represents 20% of the overall STIP award for the corporate measures for executives and measures progress on certain strategic initiatives. These initiatives included, safety, clean energy solutions, an interim IRP, generation operations improvements, company sale activities, and information technology initiatives related to cybersecurity, artificial intelligence, enterprise system upgrades, and the completion of Cleco's Vision 2030 initiative. For 2025, executives were able to earn up to a maximum of 40% based on success of milestone measures. The Committee evaluated the performance of each initiative and determined the 2025 result for the Milestone Measures was 25.5%.

**Total Payout for EMT**: The calculated STIP payout for EMT was 119.5% of target based on the applicable financial, operational, and milestone measures. After reviewing the Company's overall performance for 2025, the Committee exercised discretion to reduce the payout to 99% of target.

The CEO's STIP design differed from that of other officers, with the safety metric weighted at 20% and the adjusted EBITDA metric weighted at 30%. Based on these metrics and milestone measures, the calculated STIP payout for Mr. Fontenot was 122.2% of target. The Committee exercised discretion to adjust this result, resulting in a final STIP corporate payout for Mr. Fontenot of 90% for 2025. STIP payouts were calculated as follows:

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | PERFORMANCE RANGE | PERFORMANCE RANGE | PERFORMANCE RANGE | | |
| METRIC | WEIGHT | THRESHOLD (50%) | TARGET (100%) | MAXIMUM (200%) | 2025 RESULTS | PERCENTAGE PAYOUT |
| Adjusted EBITDA - Consolidated | 40% | $522.3M | $564.7M | $607.1M | $576.3M | 51.0% |
| Safety: Safety Observations/Training Participation | 3% | 96.00% | 98.00% | 100.00% | 100.00% | 6.0% |
| Safety: DART | 5% | 0.402 | 0.306-0.211 | 0.114 | 0.179 | 7.5% |
| Safety: Contractor Safety Observations | 2% | N/A | ≥2,340 | N/A | 2905 | 2.0% |
| EFORd | 6% | 8.67% | 6.65% | 2.62% | 13.80% | 0.0% |
| Availability | 4% | 71.90% | 80.66 %-89.41% | 98.19% | 70.59% | 0.0% |
| Customer Satisfaction: J.D. Power | 5% | 25<sup>th</sup> Percentile | 50<sup>th</sup> Percentile | ≥90<sup>th</sup> Percentile | 37<sup>th</sup> Percentile | 2.5% |
| Customer Satisfaction: Customer Care Survey | 2.5% | 1 | 30 | 86 | 42.6 | 2.5% |
| Customer Satisfaction: Insight and Action Team | 2.5% | N/A | 100% | N/A | 100% | 2.5% |
| SAIDI | 10% | 2.87 | 2.59-2.73 | ≤2.44 | 2.43 | 20.0% |
| Milestones Measures  | 20% | 10% | 20% | 40% | 25.5% | 25.5% |
| Committee Discretion |  |  |  |  |  | (20.5)% |
| **Resulting Total**  | **100%** |  |  |  |  | **99.0%** |

---

The Committee has discretion to adjust individual STIP metric payouts upon recommendation by the CEO. Adjustments for the STIP participants, except for members of EMT, may be made by the CEO at his discretion.

*Long-Term Compensation*

In 2025, the Committee continued a cash-based LTIP and issued grants for the three-year cycle for the performance period ending December 31, 2027. The metrics for the LTIP cycle issued in 2025 are weighted 50% on the three-year average ROIC and 50% on TSR with a maximum payout of 300%.

Each executive officer's target LTIP award level is set annually, so it will deliver a total compensation opportunity comparable to that of the Company's Peer Group. The chart below details the targeted opportunity for each of the named executives expressed as a percentage of base salary.

---

| | |
|:---|:---|
| NAME | TARGET AS %<br>OF BASE SALARY |
| Mr. Fontenot | 217% |
| Ms. Guillory | 120% |
| Mr. Kleehammer <sup>(1)</sup> | 110% |
| Ms. Montegut | 75% |
| Mr. Hilton <sup>(2)</sup> | 80% |

---

<sup>(1)</sup> Mr. Kleehammer was issued LTIP grants for cycle 2023-2025 at the above mentioned target percentage with a guaranteed minimum target payout.

<sup>(2)</sup> Cleco Power employee.

 

*2023-2025 LTIP Award*

The Leadership Development & Compensation Committee approved an overall award level of 166.75% of target for the LTIP three-year performance cycle that ended on December 31, 2025. This award will be paid in cash and is included in column E of the Summary Compensation Table for 2025.

*Retirement Plans - Nonqualified Deferred Compensation Plan* 

The Company maintains a Deferred Compensation Plan so that members of the Boards, executive officers, and certain key employees may defer receipt and taxation of certain forms of compensation. Members of the Boards may defer up to 100% of their compensation; executive officers and other key employees may defer up to 50% of their base salary and up to 100% of their annual cash incentive. The use of deferred compensation plans is prevalent within the industry and within the companies in the Peer Group. The Company does not

match deferrals or contribute to the plan. Participation in the plan is voluntary. The allocation of deferrals among investment options is made by individual participants. The notional investment options include money market, fixed income, and equity funds. No changes were made to the plan during 2025.

*Change in Employment Status and Change in Control Events* 

During 2025, the Company executed an Executive Retention Plan. This Plan is designed to retain key officers, executives and employees of the Company who support the Company's business strategies and development through a change in control. Payments shall be made in accordance with this Plan.

Also during 2025, the Company entered into Amendment number one of the already existing employment agreement with Mr. Fontenot as President and CEO. This Amendment provides for additional vesting of LTIP incentives. Under this Amendment, Mr. Fontenot is subject to the same LTIP terms and conditions as all other plan participants, and will vest in 100% of outstanding LTIP incentives granted before the year of his retirement, and on a pro rata basis with respect to the outstanding LTIP incentive granted for the year of retirement. These provisions apply only if Mr. Fontenot remains employed by the Company through the last day of the Retention Period as defined in the Company's 2025 Executive Retention Plan. This replaces the previous method of pro rata vesting for all outstanding LTIP incentives for Mr. Fontenot. There was no change to the existing agreement with Mr. Kleehammer as General Counsel & Chief Regulatory Officer. The Company may enter into employment agreements with its executives generally in connection with recruiting efforts or as necessary to retain certain executives.

*The Cleco Corporation Executive Severance Plan* 

In recognition of the non-renewal of executive employment contracts, the Cleco Corporation Board of Directors adopted the Cleco Corporation Executive Severance Plan (the Executive Severance Plan) on October 28, 2011. The Executive Severance Plan provides the executive officers and other key employees with cash severance benefits in the event of a termination of employment, including involuntary termination in connection with a change in control.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

*Perquisites and Other Benefits* 

The Company may make available the following perquisites to its executive officers:

• Executive officer physicals - Cleco offers a complimentary annual physical for the executive officers and their spouses;

• Spousal/companion travel - in connection with the various industry, governmental, civic, and entertainment activities of the executive officers, Cleco pays for spousal/companion travel associated with such events;

• Relocation program - in addition to the standard relocation policy available to all employees, Cleco maintains an executive relocation policy whereby the Company will pay reasonable and customary closing costs on a new home up to a maximum of 2% of the purchase price of said new home if purchased within one year of the relocation date; and

• Purchase program - under the Executive Severance Plan, if a change in control occurs, a covered executive officer may request the Company to purchase his/her primary residence within one year of the separation date (if the home is within 60 miles of the executive's primary work location) and provided the executive officer relocates more than 100 miles from the residence to be purchased. The Executive Severance Plan provides details on limits of the purchase amount.

The Committee approves the perquisites based on what it believes is prevailing market practice, as well as specific Company needs. The Company believes the relocation program is an important element in attracting executive talent.

See the section titled "All Other Compensation" for details of these perquisites and their value for the named executive officers.

The executive officers, including the named executive officers, participate in the other benefit plans on the same terms as other employees. These plans include paid time off for vacation, sick leave, maternity and paternity, and bereavement; group medical, dental, vision, and prescription drug coverage (including the annual wellness program); basic life insurance; supplemental life insurance; dependent life insurance; accidental death and dismemberment insurance; defined benefit pension plan (for those hired prior to August 1, 2007); and the 401(k) Plan with a Company match for those employees hired before August 1, 2007, as well as a 401(k) Plan with an enhanced benefit for those employees hired on or after August 1, 2007.

*Other Tools and Analyses to Support Compensation Decisions* 

Tally Sheets

The Committee conducts a review as part of the comparison of the compensation and benefit components that are prevalent within the Comparator Group. The comparison facilitates discussion with the Committee's outside independent consultant as to the use and amount of each compensation and benefit component versus the applicable Peer Group.

• Annual compensation expense for each named executive officer - this includes the rate of change in total cash compensation from year-to-year; the annual periodic cost of providing retirement benefits; and the annual cost of providing other benefits such as health insurance, as well as the status of any deferred compensation.

• Reportable compensation - to further evaluate total compensation; to evaluate total compensation of the CEO compared to the other executive officers; and to otherwise evaluate internal equity among the named officers.

• Post-employment payments - reviewed pursuant to the potential separation events discussed in "Potential Payments at Termination or Change in Control."

Trends and Regulatory Updates

As needed, and generally at least annually, the Committee reviews reports related to industry trends, legislative and regulatory developments, and compliance requirements based on management's analysis and guidance provided by Pay Governance, as applicable. Plan revisions and compensation program design changes are implemented as needed.

Risk Assessment

The Committee also seeks to structure compensation that will provide sufficient incentives for the executive officers to drive results while avoiding unnecessary or excessive risk taking that could harm the long-term value of the Company. The Committee believes that the following actions and/or measures help achieve this goal:

• the Committee reviews the design of the executive compensation program versus the Comparator Group to ensure an appropriate balance between business risk and resulting compensation;

• the Committee allocates pay mix between fixed and variable-based pay to provide a balance of incentives consistent with the median market;

• the design of the incentive measures is structured to align management's actions with the interests of the stakeholders;

• incentive payments are dependent on the Company's performance measured against pre-established targets and goals and/or compared to the performance of companies in the Peer Group;

• the range and sensitivity of potential payouts relative to target performance are reasonable;

• the Committee imposes checks and balances on the payment of compensation discussed herein;

• detailed processes establish the Company's financial performance measures under its incentive plans; and

• incentive targets are designed to be challenging, yet achievable, to mitigate the potential for excessive risk-taking behaviors.

IRC Section 409A

IRC Section 409A generally was effective as of January 1, 2005. The section substantially modified the rules governing the taxation of nonqualified deferred compensation. The consequences of a violation of IRC Section 409A, unless corrected, are the immediate taxation of amounts deferred, the imposition of an excise tax and the assessment of interest on the amount of the income inclusion, each of which is imposed upon the recipient of the compensation. The plans, agreements and incentives subject to IRC Section 409A have been operated pursuant to and are in compliance with IRC Section 409A.

*IRC Section 162(m)*

IRC Section 162(m) limits to $1,000,000 the amount Cleco may deduct in a tax year for compensation paid to covered employees defined as the principal executive officer, principal

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

financial officer (or anyone serving that role in a tax year), the next three highest compensated officers after the CEO and CFO, as well as any covered employees from prior years.

The Committee took actions considered appropriate to preserve the deductibility of compensation paid to executive officers, but the Committee did not adopt a formal policy that required all compensation to be fully deductible. As a result, the Committee may have paid or awarded compensation that it deemed necessary or appropriate to achieve business goals and to align the interests of executives with those of Cleco's

investors, whether or not the compensation was fully deductible under IRC Section 162(m).

*Board Compensation*

The Governance and Public Affairs Committee may engage the Committee's independent consultant from time to time to conduct market competitive reviews of the Board compensation program. Details of the Boards' compensation are shown in the "Board of Manager Compensation" table.

**Executive Officers' Compensation**

***Summary Compensation Table***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| NAME AND PRINCIPAL POSITION | YEAR | SALARY($) | BONUS($) | NON-EQUITY<br>INCENTIVE PLAN<br>COMPENSATION<br>($) | CHANGE IN<br>PENSION<br>VALUE AND<br>NONQUALIFIED<br>DEFERRED<br>COMPENSATION<br>EARNINGS<br>($)<sup>(1)</sup> | ALL OTHER<br>COMPENSATION<br>($) | TOTAL ($) |
| A | B | C | D | E | F | G | H |
| **William G. Fontenot,** | 2025 | $850043 | $0 | $4506407 | $358354 | $29253 | $5744057 |
| &nbsp;&nbsp;President & CEO | 2024 | $809712 | $0 | $4416130 | $10620 | $25762 | $5262224 |
|  | 2023 | $746654 | $0 | $3004254 | $527167 | $31036 | $4309111 |
| **Kristin L. Guillory,** | 2025 | $487696 | $0 | $1328274 | $64579 | $16604 | $1897153 |
| &nbsp;&nbsp;CFO | 2024 | $467119 | $0 | $1251822 | $0 | $16260 | $1735201 |
|  | 2023 | $438654 | $0 | $674322 | $101468 | $13817 | $1228261 |
| **Mark D. Kleehammer,** | 2025 | $467689 | $0 | $1057365 | $0 | $30732 | $1555786 |
| &nbsp;&nbsp;General Counsel & Chief Regulatory Officer | 2024 | $447112 | $0 | $1249893 | $0 | $27974 | $1724979 |
|  | 2023 | $212500 | $420000 | $754712 | $0 | $33779 | $1420991 |
| **Sybil S. Montegut,** <sup>(2)</sup> | 2025 | $351564 | $0 | $479800 | $0 | $32679 | $864043 |
| &nbsp;&nbsp;Chief Administrative & Sustainability Officer | 2024 | $322179 | $0 | $479563 | $0 | $27105 | $828847 |
| **Justin S. Hilton,** | 2025 | $310000 | $0 | $711977 | $135142 | $14766 | $1171885 |
| &nbsp;&nbsp;Chief Commercial Officer | 2024 | $308269 | $0 | $684010 | $28162 | $15080 | $1035521 |
|  | 2023 | $295000 | $0 | $438335 | $314229 | $16135 | $1063699 |

---

<sup>(1)</sup> Amounts in this column include the change in pension value year over year. For 2025, this amount includes the change in pension value from 2024 to 2025. Negative changes in the pension value year over year are reported as $0.

<sup>(2)</sup> Ms. Montegut is classified as a named executive officer for 2024 and 2025 only.

***General*** 

The Summary Compensation Table sets forth individual compensation information for the CEO, the CFO, and the three other most highly compensated executive officers of Cleco and its affiliates for services rendered in all capacities to Cleco and its affiliates during the fiscal years ended December 31, 2025, 2024, and 2023 (the "named executives" or "named executive officers"). Compensation components represent both payments made to the named executive officers during the year and other forms of compensation as follows:

• Column C, "Salary;" Column D, "Bonus;" Column E, "Non-Equity Incentive Plan Compensation;" and Column G, "All Other Compensation" represent cash compensation earned by the named executive in 2025, 2024, or 2023.

• The amounts shown in Column F, "Change in Pension Value and Nonqualified Deferred Compensation Earnings," represent changes in the actuarial value of accrued benefits during 2025, 2024, and 2023 under the Pension Plan and SERP, as applicable. Actuarial value computations are based on assumptions discussed in Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 11 — Pension Plan and

Employee Benefits." Column F reflects year-over-year changes in liabilities driven mainly by discount rate movements and benefit accruals. In 2024, a 53 basis point increase in the discount rate significantly reduced liabilities, resulting in zero or minimal amounts in Column F. In contrast, 2025 reflects a 6 basis point decrease in the discount rate, with most of the impact coming from an additional year of interest and qualified plan benefit accruals. Negative changes, if any, are reported as zero. The CEO SERP benefit increases annually based on a fixed schedule outlined in the plan document. This compensation will be payable to the named executive in future years, generally as post-employment retirement payments.

*Salary* 

Data in Column C includes pay for time worked, as well as pay for time not worked, such as vacation, sick leave, jury duty, bereavement, and holidays. The salary level of each of the named executives is determined by a review of market data for companies comparable in size and scope to Cleco, as discussed under "— Compensation Discussion and Analysis — Decisions Made in 2025 with Regard to Each Compensation and Benefit Component — Base Salary." In some instances,

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

merit lump sum payments are used to recognize positive performance when base pay has reached or exceeded the Company's base pay policy target, and are included in the salary column. Deferral of 2025, 2024, and 2023 base pay made by Mr. Fontenot, pursuant to the Deferred Compensation Plan, is included in the salary column and is further detailed in the "Nonqualified Deferred Compensation" table. Ms. Guillory participated in the Deferred Compensation Plan by deferring a portion of her 2025 base salary. Adjustments to base pay are recommended to the Committee typically on an annual basis, and if approved, usually are implemented in February. Base salary changes made in 2025 for named executives and the reasons for those changes are discussed in "— Compensation Discussion and Analysis — Decisions Made in 2025 with Regard to Each Compensation and Benefit Component — Base Salary."

*Bonus* 

Column D, "Bonus" includes non-plan-based, discretionary incentives earned during 2025, 2024, or 2023.

*Non-Equity Incentive Plan Compensation* 

Column E, "Non-Equity Incentive Plan Compensation" contains cash awards earned during 2025 that will be paid in March 2026 under the STIP; earned during 2024 and paid in March 2025 under the STIP; and earned during 2023 and paid in March 2024 under the STIP. Deferral of annual cash incentive payments made by Mr. Fontenot and Ms. Guillory pursuant to the Deferred Compensation Plan are included in Column E, further detailed in the "Nonqualified Deferred Compensation" table. Column E also includes cash awards earned during 2025 that will be paid in March 2026; earned during 2024 that were paid in March 2025, and earned during 2023 that were paid in March 2024 for the LTIP performance periods ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively.

*Change in Pension Value and Nonqualified Deferred Compensation Earnings* 

The values in Column F represent the aggregate increase in the actuarial present value of benefits earned by each named executive officer during 2025, 2024, and 2023 under the Pension Plan and SERP, including SERP's supplemental death benefit provision. These values do not represent cash received by the named executives in 2025, 2024, and 2023; rather,

these amounts represent the present value of future retirement payments Cleco projects will be made to each named executive. Changes in the present value of the Pension Plan and SERP benefits from December 31, 2024, to December 31, 2025; from December 31, 2023 to December 31, 2024; and from December 31, 2022, to December 31, 2023, result from an additional year of earned service, compensation changes and the increase (or decrease) in value caused by the change in the discount rate used to compute present value. (Generally, a decrease in the discount rate will increase the present value of benefits and an increase in the discount rate will decrease the present value.) If the discount rate increases by a large enough amount, it can cause the accrued pension and SERP liability to decline versus the prior year. When this occurs, the values reported for Column F are zero.

The present value of the accumulated benefit obligation for each named executive officer is included in the table, "Pension Benefits." These values are reviewed by the Committee.

Column F also would include any above-market or preferential earnings on deferred compensation paid by the Company. There were no such preferential earnings paid by the Company in 2025, 2024, and 2023.

*All Other Compensation* 

Payments made to or on behalf of named executive officers in Column G, "All Other Compensation," include the following:

• Contributions by Cleco under the 401(k) Plan on behalf of the named executive officers;

• Term life insurance premiums paid for the benefit of the named executive officers;

• Spousal travel;

• Certain corporate memberships;

• Unused vacation paid at separation or retirement;

• Severance;

• Relocation and home purchase program; and

• Federal Insurance Contributions Act (FICA) tax due currently and paid by the Company on the annual increase in the named executive officers' future SERP benefits.

The value of the Column G items for 2025 for each named executive officer is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | MR. FONTENOT | MS. GUILLORY | MR. KLEEHAMMER | MS. MONTEGUT | MR. HILTON |
| Cleco Contributions to 401(k) Plan | $14000 | $14000 | $29013 | $31538 | $13907 |
| Taxable Group Term Life Insurance | 1411 | 67 | 859 | 187 | 859 |
| Spousal Travel | 2635 | 2537 | 860 | 954 | 0 |
| Memberships | 0 | 0 | 0 | 0 | 0 |
| Unused vacation payout at retirement | 0 | 0 | 0 | 0 | 0 |
| Severance | 0 | 0 | 0 | 0 | 0 |
| Relocation and home purchase program | 0 | 0 | 0 | 0 | 0 |
| FICA Tax on SERP | 11207 | 0 | 0 | 0 | 0 |
| Total Other Compensation | $29253 | $16604 | $30732 | $32679 | $14766 |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| NAME | GRANT DATE | ESTIMATED FUTURE PAYMENTS<br>UNDER NON-EQUITY INCENTIVE<br>PLAN AWARDS (STIP) | ESTIMATED FUTURE PAYMENTS<br>UNDER NON-EQUITY INCENTIVE<br>PLAN AWARDS (STIP) | ESTIMATED FUTURE PAYMENTS<br>UNDER NON-EQUITY INCENTIVE<br>PLAN AWARDS (STIP) | ESTIMATED FUTURE PAYMENTS <br>UNDER NON-EQUITY INCENTIVE <br>PLAN AWARDS (2025-2027 LTIP GRANT)  | ESTIMATED FUTURE PAYMENTS <br>UNDER NON-EQUITY INCENTIVE <br>PLAN AWARDS (2025-2027 LTIP GRANT)  | ESTIMATED FUTURE PAYMENTS <br>UNDER NON-EQUITY INCENTIVE <br>PLAN AWARDS (2025-2027 LTIP GRANT)  |
| NAME | GRANT DATE | THRESHOLD ($) | TARGET ($) | MAXIMUM ($) | THRESHOLD ($) | TARGET ($) | MAXIMUM ($) |
| A | B | C | D | E | F | G | H |
| Mr. Fontenot | 01/01/25 | $0 | $1062554 | $2125108 | $0 | $1850000 | $5550000 |
| Ms. Guillory | 01/01/25 | $0 | $317003 | $634006 | $0 | $588005 | $1764015 |
| Mr. Kleehammer | 01/01/25 | $0 | $280613 | $561226 | $0 | $516996 | $1550988 |
| Ms. Montegut | 01/01/25 | $0 | $175782 | $351564 | $0 | $266269 | $798807 |
| Mr. Hilton | 01/01/25 | $0 | $155000 | $310000 | $0 | $248000 | $744000 |

---

*General* 

The target values for each of the Company's incentive plans — the STIP and the LTIP — are determined as part of the Committee's review of executive officer compensation. The Committee's review, supported by data prepared by Pay Governance, includes comparisons of base salary and annual and long-term incentive levels of Cleco executive officers versus the Comparator Group as detailed in "— Compensation Discussion and Analysis — Evaluation and Design of the Compensation and Benefit Programs." Targets for both the STIP and the LTIP are set as a percentage of base salary and stated in their dollar equivalent in the table above.

*Estimated Future Payments under Non-Equity Incentive Plan Awards (STIP)* 

See "— Compensation Discussion and Analysis — Decisions Made in 2025 with Regard to Each Compensation and Benefit Component — Executive Annual Cash Incentive" for a discussion of 2025 STIP award calculations.

*Estimated Future Payments under Non-Equity Incentive Plan Awards (LTIP)* 

See "— Compensation Discussion and Analysis — Decisions Made in 2025 with Regard to Each Compensation and Benefit Component — Long-Term Compensation" for a discussion of grants made in 2025.

*Pension Benefits*

---

| | | | | |
|:---|:---|:---|:---|:---|
| NAME | PLAN NAME (s) | NUMBER OF<br>YEARS OF<br>CREDITED<br>SERVICE (#) | PRESENT<br> VALUE OF<br>ACCUMULATED<br>BENEFIT ($) | PAYMENTS<br>DURING LAST<br>FISCAL YEAR ($) |
| Mr. Fontenot | Cleco Corporate Holdings LLC Pension Plan | 39 | $2264149 | $0 |
|  | Cleco Corporation SERP | 39 | $3932933 | $0 |
| Ms. Guillory <sup>(1)</sup> | Cleco Corporate Holdings LLC Pension Plan | 21 | $525117 | $0 |
|  | Cleco Corporation SERP | 0 | $0 | $0 |
| Mr. Kleehammer <sup>(2)</sup> | Cleco Corporate Holdings LLC Pension Plan | 0 | $0 | $0 |
|  | Cleco Corporation SERP | 0 | $0 | $0 |
| Ms. Montegut <sup>(3)</sup> | Cleco Corporate Holdings LLC Pension Plan | 0 | $0 | $0 |
|  | Cleco Corporation SERP | 0 | $0 | $0 |
| Mr. Hilton <sup>(4)</sup> | Cleco Corporate Holdings LLC Pension Plan | 36 | $1776092 | $0 |
|  | Cleco Corporation SERP | 0 | $0 | $0 |

---

<sup>(1)</sup> Ms. Guillory is not a participant in SERP as her appointment to her current position was after the plan was closed to new participants.

<sup>(2)</sup> Mr. Kleehammer is not a participant in the Pension Plan or SERP as he was hired after both plans were closed to new participants.

<sup>(3)</sup> Ms. Montegut is not a participant in the Pension Plan or SERP as her appointment to her current position was after both plans were closed to new participants.

<sup>(4)</sup> Mr. Hilton is not a participant in SERP as his appointment to his current position was after the plan was closed to new participants.

*General* 

The Company provides executive officers who meet certain tenure requirements, benefits from the Pension Plan and SERP. Vesting in the Pension Plan requires five years of service with the Company. Mr. Fontenot, Ms. Guillory, and Mr. Hilton are fully vested in the Pension Plan. Mr. Kleehammer and Ms. Montegut, having been hired after August 1, 2007, were not eligible to participate in the Pension Plan and were included in an enhanced 401(k) Plan for those employees hired on or after August 1, 2007.

The "Pension Benefits" table lists the present value of accumulated SERP benefits for the named executive officers as of December 31, 2025. Mr. Fontenot is the only officer with a SERP benefit and is fully vested based on years of service.

The present value of each of the named executive officer's accumulated benefit values was actuarially calculated and represents the values as of December 31, 2025. These calculations were made using the projected unit credit method for valuation purposes and a discount rate of 5.60%. Other material assumptions relating to the valuation include use of the Pri-2012 Employee and Healthy Retiree gender distinct

mortality tables projected generationally using Scale MP-2020 (using White Collar for SERP present values and no collar for Qualified Plan present values), assumed retirement at age 65 and retirement payments in the form of joint and 100% survivor with 10 years certain payment.

The sum of the change in actuarial value of the Pension Plan during 2025 and the change in value of SERP is included in Column F, "Change in Pension Value and Nonqualified Deferred Compensation Earnings," in the Summary Compensation Table. Negative changes, if any, are reported as zero.

*Pension Plan* 

The Cleco Corporate Holdings LLC Pension Plan, restated effective September 1, 2020, is a defined benefit plan funded entirely by employer contributions. Effective August 1, 2007, the Pension Plan was closed to new participants. Employees hired or rehired on or after August 1, 2007 are eligible to participate in an enhanced 401(k) Plan. Mr. Fontenot, Ms. Guillory, and Mr. Hilton were hired prior to August 1, 2007.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Benefits under the Pension Plan are determined by years of service, age at retirement, and highest total average compensation for any consecutive five calendar years during the last ten years of employment. Earnings include base pay, cash incentives, merit lump sums, imputed income with respect to life insurance premiums paid by the Company, pre-tax contributions to the 401(k) Plan, salary and bonus deferrals to the Deferred Compensation Plan, and any other form of payment taxable under IRC Section 3401(a). Earnings exclude reimbursement of expenses, gifts, severance pay, moving expenses, outplacement assistance, relocation allowances, welfare benefits, benefits accrued (other than salary and bonus deferrals) or paid pursuant to the Deferred Compensation Plan, and the value of benefits accrued or paid under the LTIP. For 2025, the amount of earnings was further limited to $350,000 as prescribed by the IRS.

The formula for calculating the defined benefit under the Pension Plan is as follows:

1. Defined Benefit = Annual Benefit + Supplement Benefit

2. Annual Benefit = Final Average Earnings × Years of Service × Pension Factor

3. Supplement Benefit = (Final Average Earnings - Social Security Covered Compensation) × Years of Service × .0065

The applicable pension factor for 2025 was 1.25%. Based on the benefit formula, the pension factor will remain at 1.25% in future years. Social Security-covered income is prescribed by the IRS based on the year of birth.

Benefits from the Pension Plan are generally paid at normal, late or early retirement dates and are subject to a limit prescribed by the IRS, generally $280,000 in 2025. Normal retirement at age 65 entitles the participant to a full pension. A participant may elect to delay retirement past age 65 as long as he/she is actively employed. Years of service continue to accumulate (up to a maximum of 35) and earnings continue to count toward the final earnings calculation. If a participant chooses to retire after age 55 but before normal retirement age of 65, the amount of the annual pension benefit is reduced by 3% per year between ages 55 and 62. For example, the normal pension benefit at age 55 is reduced by 21%.

*SERP* 

SERP is designed to provide retirement income for certain executive officers. In July 2014, Cleco Corporation's Board of Directors closed SERP to new participants. In December 2017,

the Company entered into an employment agreement with Mr. Fontenot as its CEO, the terms of which amended the calculation of Mr. Fontenot's SERP benefit to include a fixed benefit depending upon the year Mr. Fontenot separates from the Company. In 2025, the Company entered into Amendment number one of the already existing employment agreement with Mr. Fontenot as President and CEO. This amendment allows Mr. Fontenot to vest in 100% of outstanding LTIP incentives granted before the year of his retirement, and on a pro rata basis with respect to the outstanding LTIP incentive granted for the year of retirement. These provisions apply only if Mr. Fontenot remains employed by the Company through the last day of the Retention Period as defined in the Company's 2025 Executive Retention Plan.

SERP provides survivor benefits, which are payable to a participant's surviving spouse or other beneficiary. SERP also contains a supplemental death benefit that was added in 1999 to reflect market practice. If a SERP participant dies while actively employed, the amount of the supplemental death benefit is equal to the sum of two times the participant's annual base salary as of the date of death and the participant's target bonus payable under the annual incentive plan for the year in which death occurs. If a participant dies after termination of employment, the supplemental benefit is equal to the sum of the participant's final annual base salary and target bonus payable under the annual incentive plan for the year in which the participant retired or otherwise terminated employment. The supplemental death benefit is not dependent on years of service.

*Estimated Annual Payments* 

The following table shows the estimated annual payments at age 55 (or actual attained age if greater than 55) to each of the named executives under the Pension Plan and SERP as of December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | ESTIMATED PAYMENTS AT 55<br>(OR ACTUAL ATTAINED AGE IF GREATER THAN 55) | ESTIMATED PAYMENTS AT 55<br>(OR ACTUAL ATTAINED AGE IF GREATER THAN 55) | ESTIMATED PAYMENTS AT 55<br>(OR ACTUAL ATTAINED AGE IF GREATER THAN 55) |
| | PENSION | SERP | TOTAL |
| Mr. Fontenot <sup>(1)</sup> | $158224 | $241776 | $400000 |
| Ms. Guillory | $75786 | $0 | $75786 |
| Mr. Kleehammer <sup>(2)</sup> | $0 | $0 | $0 |
| Ms. Montegut <sup>(2)</sup> | $0 | $0 | $0 |
| Mr. Hilton | $132904 | $0 | $132904 |
| <sup>(1)</sup> Mr. Fontenot is the only named executive officer with a SERP benefit.<br><sup>(2)</sup> Neither Mr. Kleehammer nor Ms. Montegut participate in the Pension Plan, as they were hired after August 1, 2007. | <sup>(1)</sup> Mr. Fontenot is the only named executive officer with a SERP benefit.<br><sup>(2)</sup> Neither Mr. Kleehammer nor Ms. Montegut participate in the Pension Plan, as they were hired after August 1, 2007. | <sup>(1)</sup> Mr. Fontenot is the only named executive officer with a SERP benefit.<br><sup>(2)</sup> Neither Mr. Kleehammer nor Ms. Montegut participate in the Pension Plan, as they were hired after August 1, 2007. | <sup>(1)</sup> Mr. Fontenot is the only named executive officer with a SERP benefit.<br><sup>(2)</sup> Neither Mr. Kleehammer nor Ms. Montegut participate in the Pension Plan, as they were hired after August 1, 2007. |

---

*Nonqualified Deferred Compensation* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| NAME | <br>EXECUTIVE OFFICER<br>CONTRIBUTIONS IN<br>2025 ($)<sup>(1)</sup>  | <br>COMPANY CONTRIBUTIONS IN<br>2025 ($) | <br>AGGREGATE<br>EARNINGS IN<br>2025 ($) <sup>(2)</sup> | AGGREGATE<br>WITHDRAWALS/<br>DISTRIBUTIONS IN<br>2025 ($)  | AGGREGATE<br>BALANCE AT<br>DECEMBER 31,<br>2025 ($)<sup>(3)</sup>  |
| A | B | C | D | E | F |
| Mr. Fontenot | $611536 | $0 | $862722 | $0 | $6705429 |
| Ms. Guillory | $200000 | $0 | $22350 | $0 | $222350 |
| Mr. Kleehammer | $0 | $0 | $0 | $0 | $0 |
| Ms. Montegut | $0 | $0 | $0 | $0 | $0 |
| Mr. Hilton | $0 | $0 | $0 | $0 | $0 |

---

<sup>(1)</sup> The amounts in Column B represent deferrals of salary and non-equity incentive compensation payments made to the named executive officers during 2025 and are included in the amounts shown in Columns C and E, respectively, of the Summary Compensation Table.

<sup>(2)</sup> The aggregate earnings shown in Column D are not included in the Summary Compensation Table. Negative returns are reflected as zero.

<sup>(3)</sup> The aggregate balances shown in Column F include amounts reported as salary and non-equity incentive compensation payments in the Summary Compensation Table for the current fiscal year, as well as previous years and the earnings on those amounts.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

*Deferred Compensation* 

Named executives and other key employees are eligible to participate in the Company's Deferred Compensation Plan. Participants are allowed to defer up to 50% of their base salary and up to 100% of their annual cash incentive, as reported in Columns C and E in the Summary Compensation Table. Consequently, the executive officer contributions listed in Column B above are made by the participant and not by Cleco. Mr. Fontenot and Ms. Guillory elected to participate in the Deferred Compensation Plan during 2025. All deferral elections for 2025 were made prior to the beginning of 2025 as required by the regulations under IRC Section 409A. There are no matching contributions made by the Company.

Deferrals become general funds for use by the Company to be repaid to the participant at a pre-specified date. Short-term deferrals may be paid out as early as five years following the end of the plan year (i.e., the year in which compensation was earned). Retirement deferrals are paid at the later of termination of service or the attainment of an age specified by the participant. A bookkeeping account is maintained for each participant that records deferred salary and/or bonus, as well as earnings on deferred amounts. Earnings are determined by the performance of notional investment alternatives. Participants select which of these alternatives will be used to determine the earnings on their own accounts. The Deferred Compensation Plan is not intended to provide for the payment of above-market or preferential earnings (as these terms are defined under the SEC regulations) on compensation deferred under the plan. As such, the Deferred Compensation Plan does not provide a guaranteed rate of return.

*Potential Payments at Termination or Change in Control* 

The following tables, "Potential Payments at Termination or Change in Control," detail the estimated value of payments and benefits provided to each named executive officer assuming the following separation events occurred as of December 31, 2025: termination by the executive; disability; death; retirement; constructive termination; termination by the Company for cause; and termination in connection with a change in control. The Company has selected these events based on long-standing provisions in employee benefit plans, such as the Pension Plan and 401(k) Plan, or because the use is common within the industry and Comparator Group. Some of the potential severance payments are governed by the separate documents establishing the STIP, LTIP, and SERP.

At its October 2011 meeting, Cleco Corporation's Compensation Committee approved the Executive Severance Plan to provide severance benefits to executive officers. In October and December 2014, July 2015, and May 2021, Cleco Corporation's Compensation Committee approved amendments to the Executive Severance Plan. At December 31, 2025, all of the named executive officers were covered by the Executive Severance Plan.

The following narrative describes the type and form of payments and benefits for each separation event. The tables under "Potential Payments at Termination or Change in Control" provide an estimate of potential payments and benefits to each named executive officer under each separation event. Throughout this section, reference to "executive officers" is inclusive of named executive officers.

*Termination by the Executive* 

If an executive officer resigns voluntarily, no payments are made or benefits provided other than those required by law.

*Disability* 

Annual disability benefits are payable when a total and permanent disability occurs and are paid until the executive officer's normal retirement age, which is age 65. This benefit is provided under SERP, if applicable, and is paid regardless of whether the executive was vested in SERP at the time of disability. At age 65, a disabled executive is eligible to receive annual retirement benefits under the Pension Plan, for those who are participants, and SERP as outlined under the headings "Pension Plan" and "SERP," respectively. The executive officer also is eligible to receive a one-time, prorated share of the current year's STIP award and a prorated award for each LTIP performance cycle in which he/she participates to the extent those performance cycles award at their completion.

*Death* 

A prorated share of the current year's STIP award and a supplemental death benefit provided from SERP, if applicable, are paid to an executive officer's designated beneficiary in the event of death in service. Both are one-time payments. The executive officer's designated beneficiary is also eligible to receive a prorated award for each LTIP performance cycle in which the executive officer participates, to the extent those performance cycles award at their completion.

Annual survivor benefits are payable to an executive officer's surviving spouse for his/her life, or if there is no surviving spouse, to the executive officer's designated beneficiary for a period of ten years or, if no designated beneficiary is named, to the executive officer's estate for a period of ten years. Amounts are calculated under the provisions of the Pension Plan and SERP. For more information, see the discussion under the headings "Pension Plan" and "SERP," respectively, as well as SERP provisions relating to death while in service.

*Retirement* 

In the event of early or normal retirement, the executive officer is eligible to receive a prorated share of the current year's STIP award and at least a prorated award for each LTIP performance cycle in which he/she participates to the extent those performance cycles award at their completion. Retirement benefits are provided pursuant to the Pension Plan and SERP. Payments are made monthly and are calculated using the assumptions described in the discussion following the "Pension Benefits" table.

*Constructive Termination* 

Payments made and benefits provided upon a constructive termination are ordinarily greater than payments made on account of an executive officer's retirement, death or disability because separation effectively is initiated by the Company. Certain payments are made contingent upon the execution of a waiver, release and covenants agreement in favor of the Company. Constructive termination also may be initiated by an executive officer if there has been (i) a material reduction in his/her base compensation, other than a reduction uniformly applicable to all executive officers; and (ii) a contemporaneous, material reduction in his/her authority, job duties, or responsibilities.

Under the terms of the Executive Severance Plan, an executive would receive constructive termination payments including up to 52 weeks of base compensation, up to $50,000 in lieu of outplacement services and reimbursement of

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

premiums paid to maintain coverage under Cleco's medical plan for up to 18 months. The executive also would be eligible for a prorated portion of the current year's payout under the STIP and a prorated award for the LTIP performance cycles in which he/she participates, to the extent those performance cycles award at their completion.

If the executive officer has vested retirement benefits and has attained eligible retirement age, he/she would receive retirement benefits as described under "Pension Benefits."

*Termination for Cause* 

"Cause" is defined as an executive's (i) intentional act of fraud, embezzlement or theft in the course of employment or other intentional misconduct that is materially injurious to the Company's financial condition or business reputation; (ii) intentional damage to Company property, including the wrongful disclosure of its confidential information; (iii) willful and intentional refusal to perform the essential duties of his/her position; (iv) failure to fully cooperate with government or independent agency investigations; (v) conviction of a felony or crime involving moral turpitude; (vi) willful, reckless, or negligent violation of the material provisions of Cleco's Code of Conduct; or (vii) reckless or intentional acts or failures to act in a manner which materially compromises his/her ability to perform the essential duties of his/her position; or (viii) willful, reckless, or negligent violation of rules related to the LTIP or rules adopted by the SEC. No payments, other than those required by law, are made or benefits provided under the Executive Severance Plan if an executive officer is terminated for cause. If an executive officer is vested in SERP, that benefit is forfeited. The value of that forfeiture is shown as a negative number in the separation payments tables.

*Change in Control* 

The term "Change in Control" is defined in the LTIP, Executive Severance, and Executive Retention Plan documents. One or more of the following triggering events constitute a Change in Control:

• Any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than the Company or an Affiliate or any "person" who on the effective date of this Plan is a director, officer, or is the "beneficial owner" (as determined in Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the combined voting power of outstanding securities of the Company or an employee stock ownership plan (within the meaning of Code Section 4975(e)(7)) sponsored by the Company or an Affiliate, is or becomes the "beneficial owner" (as determined in Rule 13d-3 promulgated under the Exchange Act) of 80% or more of the combined voting power of the outstanding securities of the Company;

• The Company is party to a merger or consolidation with another entity and, as a result of such transaction, 80% or more of the combined voting power of outstanding securities of the Company or its successor in the merger (or a direct or indirect parent company of the Company or its successor in the merger) is owned in the aggregate by persons who were not "beneficial owners" (as determined in Rule 13d-3 promulgated under the Exchange Act) of securities of the Company immediately before such transaction;

• The Company sells, leases, or otherwise disposes of, in one transaction or in a series of related transactions, all or substantially all of its assets;

• The owners of the Company approve a plan of dissolution or liquidation; or

• All or substantially all of the assets or the issued and outstanding membership interests of an affected entity are sold, leased or otherwise disposed of in one or a series of related transactions to a person, other than another affected entity or an affiliate.

Except as described below, payments are made and benefits provided only if an executive's employment is terminated during the 60-day period preceding or the 24-month period following the Change in Control.

Termination must be involuntary and by the Company without cause or initiated by the executive on account of "Good Reason." Good reason means that (i) a Participant's base compensation in effect immediately before the commencement of a Change in Control Period is materially reduced, or there is a material reduction or termination of such Participant's rights to any employee benefit in effect immediately prior to such period; (ii) a Participant's authority, duties or responsibilities are materially reduced from those in effect immediately before the commencement of a Change in Control Period, or such Participant has reasonably determined that, as a result of a change in circumstances that materially affects his or her employment with the Company, he or she is unable to exercise the authority, power, duties and responsibilities assigned to him or her immediately before the commencement of such period; or (iii) a Participant is required to transfer to an office or business location that is more than 60 miles from the primary location to which he or she was assigned prior to the commencement of a Change in Control Period. No event or condition shall constitute Good Reason hereunder unless (a) a Participant provides to the Committee written notice of his or her objection to such event not later than 60 days after such Participant first learns, or should have learned, of such event; (b) such event is not corrected by the Company promptly after receipt of such notice, but in no event more than 30 days after receipt thereof; and (c) such Participant Separates from Service not more than 15 days following the expiration of the 30-day period described in clause (b) hereof. The executive also must satisfy the conditions included in the waiver, release and covenants agreement defined in the Executive Severance Plan.

Under the Executive Severance Plan, an executive would receive an amount up to two times the sum of annualized base salary and the average non-equity incentive plan bonus over the last three fiscal years and reimbursement of COBRA premiums for up to 24 months. Payments may also include the purchase of the executive officer's primary residence and reimbursement of relocation expenses, but only if the executive relocates his/her primary residence more than 100 miles. No excise tax payments or gross-ups are made; instead, benefits will be reduced in lieu of the imposition of the tax. The numbers shown below do not give effect to this reduction.

Subject to the conditions described above, upon a Change in Control, SERP benefits are: (i) fully vested; (ii) increased by adding three years to an affected executive's age, subject to a minimum benefit of 50% of compensation; and (iii) subject to a modified actuarial reduction determined by increasing the executive's age by three years.

If an executive officer is vested and of eligible retirement age, he or she may become eligible to begin to receive the annual retirement benefit described above upon a Change in Control.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

In connection with Cleco Partners' evaluation of strategic alternatives for its investment in Cleco Holdings, including a potential Change in Control, Cleco Holdings adopted, effective January 1, 2026, the Cleco Corporate Holdings LLC Amended and Restated 2025 Executive Retention Plan (the "Retention Plan") to promote retention and continuity of key executives. Under the Retention Plan, eligible participants are assigned a target retention amount, generally equal to 100% to 200% of base annual salary, as approved by the Leadership Development and Compensation Committee and the Board of Managers, and will receive a cash lump-sum payment equal to 75% to 150% of the target retention amount if they remain employed through the 12-month period following the closing of a Change in Control, with the final amount determined in part by transaction value relative to a specified target. Participants who voluntarily resign without good reason or are terminated for cause during the retention period forfeit all benefits, while participants whose employment terminates due to death or disability, termination without cause, or resignation for good reason become fully vested, subject to execution of a waiver and release of claims, and will receive the payment under the terms of the Retention Plan.

Payments under the Retention Plan are excluded from the calculation of other compensation or benefits, including severance, and may be reduced to avoid excise taxes under

Sections 280G and 4999 of the IRC if such reduction results in a greater after-tax benefit. Estimated retention incentive amounts payable to named executive officers are reflected under "Potential Payments at Termination or Change in Control."

The following tables set forth the value of post-employment payments and benefits that are not generally made available to all employees. Each separation event is assumed to occur on December 31, 2025. Retirement is assumed to occur at age 55 or the named executive officer's actual attained age if greater than 55. Estimated payments under the LTIP and LTIP for disability, death, retirement and constructive termination are uncertain until the completion of the performance period/cycle. In the case of the LTIP, the performance period is the current fiscal year. The estimated payment for the home purchase and relocation is a projection of the expense to the Company to sell the named executive officer's principal residence including any loss avoided by the named executive officer by having the right to sell the residence to the Company, plus the projected cost to the Company to relocate the named executive officer.

Pursuant to Item 401(j) of Regulation S-K, the separation events disclosed in this Annual Report on Form 10-K are assumed to occur in the past, as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Mr. Fontenot*** | | | | | | | | |
| VALUE OF PAYMENT/BENEFIT | TERMINATION<br>BY EXECUTIVE | DISABILITY | DEATH | RETIREMENT | CONSTRUCTIVE<br>TERMINATION | TERMINATION<br>FOR CAUSE | CHANGE IN<br>CONTROL |  |
| Cash Severance and Executive Retention  | $0 | $0 | $0 | $0 | $854288 | $0 | $5598317 | <sup>(2)</sup> |
| Annual Cash Bonus | 0 | 956299 | 956299 | 956299 | 956299 | 0 | 0 |  |
| Long-Term Incentive | 0 | 5400108 | 5400108 | 5400108 | 5400108 | 0 | 5829000 |  |
| Cash Payment in Lieu of Outplacement Services | 0 | 0 | 0 | 0 | 50000 | 0 | 0 |  |
| Present Value of Accumulated SERP Payments<sup>(1)</sup> | 0 | 4070757 | 8077702 | 3526195 | 3526195 | (3526195) | 4466550 |  |
| SERP Supplemental Death Benefit | 0 | 0 | 2776436 | 0 | 0 | 0 | 0 |  |
| Purchase of Principal Residence/Relocation  | 0 | 0 | 0 | 0 | 0 | 0 | 83500 |  |
| COBRA Medical Coverage  | 0 | 0 | 0 | 0 | 34172 | 0 | 45563 |  |
| Total Incremental Value | $0 | $10427164 | $17210545 | $9882602 | $10821062 | $(3526195) | $16022930 |  |

---

<sup>(1)</sup> As of December 31, 2025, Mr. Fontenot was vested in SERP payments, which would be forfeited upon termination for cause.

<sup>(2)</sup> Inclusive of retention amount of $1,708,575.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Ms. Guillory*** | | | | | | | | |
| VALUE OF PAYMENT/BENEFIT | TERMINATION<br>BY EXECUTIVE | DISABILITY | DEATH | RETIREMENT <sup>(1)</sup> | CONSTRUCTIVE<br>TERMINATION | TERMINATION<br>FOR CAUSE | CHANGE IN<br>CONTROL |  |
| Cash Severance and Executive Retention | $0 | $0 | $0 | $0 | $490004 | $0 | $2612728 | <sup>(2)</sup> |
| Annual Cash Bonus | 0 | 313833 | 313833 | 0 | 313833 | 0 | 0 |  |
| Long-Term Incentive | 0 | 1586446 | 1586446 | 0 | 1586446 | 0 | 1760370 |  |
| Cash Payment in Lieu of Outplacement Services | 0 | 0 | 0 | 0 | 25000 | 0 | 0 |  |
| Present Value of Accumulated SERP Payments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |  |
| SERP Supplemental Death Benefit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |  |
| Purchase of Principal Residence/Relocation  | 0 | 0 | 0 | 0 | 0 | 0 | 83500 |  |
| COBRA Medical Coverage | 0 | 0 | 0 | 0 | 34172 | 0 | 45563 |  |
| Total Incremental Value | $0 | $1900279 | $1900279 | $0 | $2449455 | $0 | $4502161 |  |

---

<sup>(1)</sup> As of December 31, 2025, Ms. Guillory was not eligible for retirement.

<sup>(2)</sup> Inclusive of retention amount of $980,008.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Mr. Kleehammer*** | | | | | | | | |
| VALUE OF PAYMENT/BENEFIT | TERMINATION<br>BY EXECUTIVE | DISABILITY | DEATH | RETIREMENT <sup>(1)</sup> | CONSTRUCTIVE<br>TERMINATION | TERMINATION<br>FOR CAUSE | CHANGE IN<br>CONTROL |  |
| Cash Severance and Executive Retention | $0 | $0 | $0 | $0 | $469996 | $0 | $2560161 | <sup>(2)</sup> |
| Annual Cash Bonus | 0 | 277808 | 277808 | 0 | 277808 | 0 | 0 |  |
| Long-Term Incentive | 0 | 1281886 | 1281886 | 0 | 1281886 | 0 | 1479492 |  |
| Cash Payment in Lieu of Outplacement Services | 0 | 0 | 0 | 0 | 25000 | 0 | 0 |  |
| Present Value of Accumulated SERP Payments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |  |
| SERP Supplemental Death Benefit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |  |
| Purchase of Principal Residence/Relocation  | 0 | 0 | 0 | 0 | 0 | 0 | 83500 |  |
| COBRA Medical Coverage | 0 | 0 | 0 | 0 | 31321 | 0 | 41761 |  |
| Total Incremental Value | $0 | $1559694 | $1559694 | $0 | $2086011 | $0 | $4164914 |  |

---

<sup>(1)</sup> As of December 31, 2025, Mr. Kleehammer was not eligible for retirement due to his years of service.

<sup>(2)</sup> Inclusive of retention amount of $939,992.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Ms. Montegut*** | | | | | | | | |
| VALUE OF PAYMENT/BENEFIT | TERMINATION<br>BY EXECUTIVE | DISABILITY | DEATH | RETIREMENT <sup>(1)</sup> | CONSTRUCTIVE<br>TERMINATION | TERMINATION<br>FOR CAUSE | CHANGE IN<br>CONTROL |  |
| Cash Severance and Executive Retention | $0 | $0 | $0 | $0 | $355025 | $0 | $1526711 | <sup>(2)</sup> |
| Annual Cash Bonus | 0 | 174025 | 174025 | 0 | 174025 | 0 | 0 |  |
| Long-Term Incentive | 0 | 557044 | 557044 | 0 | 557044 | 0 | 693411 |  |
| Cash Payment in Lieu of Outplacement Services | 0 | 0 | 0 | 0 | 25000 | 0 | 0 |  |
| Present Value of Accumulated SERP Payments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |  |
| SERP Supplemental Death Benefit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |  |
| Purchase of Principal Residence/Relocation  | 0 | 0 | 0 | 0 | 0 | 0 | 83500 |  |
| COBRA Medical Coverage | 0 | 0 | 0 | 0 | 33836 | 0 | 45115 |  |
| Total Incremental Value | $0 | $731069 | $731069 | $0 | $1144930 | $0 | $2348737 |  |

---

<sup>(1)</sup> As of December 31, 2025, Ms. Montegut was not eligible for retirement.

<sup>(2)</sup> Inclusive of retention amount of $532,538.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Mr. Hilton*** | | | | | | | |
| VALUE OF PAYMENT/BENEFIT | TERMINATION<br>BY EXECUTIVE | DISABILITY | DEATH | RETIREMENT  | CONSTRUCTIVE<br>TERMINATION | TERMINATION<br>FOR CAUSE | CHANGE IN<br>CONTROL |
| Cash Severance | $0 | $0 | $0 | $0 | $310000 | $0 | $914049 |
| Annual Cash Bonus | 0 | 138106 | 138106 | 138106 | 138106 | 0 | 0 |
| Long-Term Incentive | 0 | 821871 | 821871 | 821871 | 821871 | 0 | 840150 |
| Cash Payment in Lieu of Outplacement Services | 0 | 0 | 0 | 0 | 25000 | 0 | 0 |
| Present Value of Accumulated SERP Payments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SERP Supplemental Death Benefit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Principal Residence/Relocation  | 0 | 0 | 0 | 0 | 0 | 0 | 83500 |
| COBRA Medical Coverage | 0 | 0 | 0 | 0 | 34172 | 0 | 45563 |
| Total Incremental Value | $0 | $959977 | $959977 | $959977 | $1329149 | $0 | $1883262 |

---

**BOARD OF MANAGERS COMPENSATION** 

***2025 Board of Managers Compensation*** 

---

| | | |
|:---|:---|:---|
| NAME <sup>(1)</sup> | FEES EARNED<br>OR PAID IN<br>CASH ($) | TOTAL ($) |
| A | B | C |
| Rick Gallot | $180000 | $180000 |
| Randy Gilchrist | $180000 | $180000 |
| Peggy Scott | $275000 | $275000 |
| Melissa Stark | $3750 | $3750 |
| Bruce Wainer | $180000 | $180000 |

---

<sup>(1)</sup> Messrs. Arnould, Chapman, Fronimos, Leslie, Perry, Rubin, and Turner were appointed to the Boards by the Owner Group and do not receive additional compensation for their service on the Boards.

*General* 

Column B, "Fees Earned or Paid in Cash" represents cash compensation earned and/or received in 2025.

A non-management Board Manager may elect to participate in the Company's Deferred Compensation Plan and

defer the receipt of all or part of his or her fees. Benefits are equal to the amount credited to each Board Manager's individual account based on compensation deferred plus applicable investment returns as specified by the director upon election to participate in the plan. Investment options are similar to those provided to participants in the 401(k) Plan. Funds may be reallocated between investments at the discretion of the Board Manager. Accounts, which may be designated separately by deferral year, are payable in the form of a single-sum payment or in the form of substantially equal annual installments, not to exceed 15, when a Board Manager ceases to serve on the Cleco's Boards or attains a specified age.

*Fees Earned or Paid in Cash* 

During 2025, each Board Manager who is not a Cleco employee or appointed by the Owner Group, except Ms. Stark, received an annual cash retainer of $180,000. Ms. Stark received an annual cash retainer of $3,750. During this period,

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

the non-management Chair was compensated with an additional retainer of $95,000.

Board Managers are permitted to defer receipt of their fees under the Company's Deferred Compensation Plan. Messrs. Gallot and Gilchrist elected to defer all or a portion of their fees in 2025.

Cleco reimburses Board Managers for travel and related expenses incurred for attending meetings of Cleco's Boards and Board committees, including travel costs for spouses/companions. Ms. Scott incurred $172 of expenses for spousal/companion travel during 2025.

Cleco also provides its Board Managers who are not employed by Cleco or appointed by the Owner Group with $200,000 of business travel accident insurance under a group accidental death and dismemberment plan maintained by Cleco Power. The total 2025 premium for all coverage (exempt employees, officers and Board Managers) under this plan was $9,921.

*Interests of the Board of Managers* 

In 2025, no non-management member of Cleco's Boards performed services for or received compensation from Cleco or its affiliates except for those services relating to his or her duty as a member of Cleco's Boards.

**REPORT OF THE LEADERSHIP DEVELOPMENT AND COMPENSATION COMMITTEE**

The Leadership Development and Compensation Committee of the Boards (see "Boards of Managers of Cleco" above and "Director Independence and Related Party Transactions" below), includes four managers, one of whom meets the additional requirements for independence which were adopted by the Board. The Leadership Development and Compensation Committee operates under a written charter last revised on October 17, 2025, a copy of which is posted on Cleco's website at https://www.cleco.com/about/leadership-governance/board-committees. A copy of this charter also is available free of charge by request sent to: Corporate Secretary, Cleco, P.O. Box 5000, Pineville, LA 71361-5000.

The Leadership Development and Compensation Committee was established in April 2016.

Based on the review and discussions referred to above, the Leadership Development and Compensation Committee recommended to the Company's Boards that the CD&A and related required compensation disclosure tables be included in this Annual Report on Form 10-K and filed with the SEC.

***The Leadership Development and Compensation Committee of the Boards of Managers of Cleco Holdings and Cleco Power***

Andrew Chapman, Chair

Christopher Leslie

Richard Gallot, Jr.

Steven Turner

***Leadership Development and Compensation Committee Interlocks and Insider Participation***

The members of the Leadership Development and Compensation Committee are set forth above. No members of the Leadership Development and Compensation Committee were officers or employees of the Company or any of its subsidiaries during 2025, were former Company officers, or had any relationship otherwise requiring disclosure.

***CEO Pay Ratio***

The aggregate compensation of the executive who served in the CEO role in 2025 (Mr. Fontenot) was $5,746,982. This amount differs from the aggregate amount reflected in the Summary Compensation Table included in this Annual Report on Form 10-K because of the inclusion of the value of the Company's contribution to health and welfare benefits. The median employee's annual total compensation for 2025 was $137,447 calculated including the same components of total pay as was used for Mr. Fontenot. As a result, Cleco estimates that the CEO's 2025 annual total compensation was 41.8 times that of the median employee's annual total compensation. The median employee was determined based on employees of the Company on December 31, 2025, using the consistently applied compensation measure of target total cash compensation (including base salary and target bonus). Target total cash compensation was annualized for those employees that were not employed for the full year of 2025.

The pay ratio estimate has been calculated in a manner consistent with Item 402(u) of Regulation S-K. In addition, because the SEC rules for identifying the median employee allow companies to adopt a variety of methodologies, to apply certain exclusions, and to make reasonable estimates and assumptions that reflect their compensation practices, the pay ratio reported by other companies may not be comparable to the pay ratio reported above, as other companies may have different employment and compensation practices and may utilize different methodologies, exclusions, estimates and assumptions in calculating their own pay ratios.

**ITEM 12.** SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS <br>

**Security Ownership of Directors and Management and Certain Beneficial Owners**

Following the closing of the 2016 Merger, there are no longer any outstanding shares of Cleco Corporation common stock.

**Equity Compensation Plan Information**

Cleco has no compensation plans under which equity securities are awarded.

**ITEM 13.** CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE<br>

**Director Independence and Related Party Transactions**

Cleco's Boards have adopted categorical standards to assist them in making determinations of managers' independence. These categorical standards are posted on Cleco's website at https://www.cleco.com/about/leadership-governance/governance-guidelines. A copy of the standards is also available free of charge by request sent to: Public Relations, Cleco, P.O. Box 5000, Pineville, LA 71361-5000. The Boards have determined that Rick Gallot (member of the Boards of Cleco Group, Cleco Holdings and Cleco Power), Randy Gilchrist (member of the Boards of Cleco Group, Cleco Holdings and Cleco Power), Peggy Scott (member of the

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

Boards of Cleco Group, Cleco Holdings, and Cleco Power), Melissa Stark (member of the Board of Cleco Power), and Bruce Wainer (member of the Boards of Cleco Group, Cleco

Holdings and Cleco Power) are independent within the meaning of the categorical standards adopted by the Boards.

Cleco has no relationships to report under Item 407(a)(3).

**ITEM 14.** PRINCIPAL ACCOUNTANT FEES AND SERVICES<br>

Aggregate fees for professional services rendered by PricewaterhouseCoopers LLP (PwC) for the years ended December 31, 2025, and 2024, respectively, were as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | 2024 |
| Audit fees | $**2115920** | $2035020 |
| Audit-related fees | **494000** | 154000 |
| Tax fees | **529011** | 410179 |
| Other fees | **2000** | 2000 |
| Total | $**3140931** | $2601199 |

---

Audit fees include professional fees rendered by PwC for financial statement audit and review services that are customary under generally accepted auditing standards or that are customary for the purpose of rendering an opinion or review report on the financial statements.

Audit-related fees consist of assurance and related services that are traditionally performed by PwC, such as audits of stand-alone financial statements or other assurance services not required by statute or regulation.

Tax fees consist of professional services rendered by PwC for tax compliance, tax planning and tax advice, and consulting services, including assistance and representation in connection with tax audits and appeals, tax advice related to employee benefit plans and requests for rulings or technical advice from taxing authorities.

Other fees primarily reflect costs for training services and accounting research software licenses.

As it relates to PwC's engagement to audit Cleco's financial statements for the year ended December 31, 2025, there were no professional services performed by persons other than the principal accountant's full-time, permanent employees at PwC.

**Audit Committee Pre-Approval Policies and Procedures**

The Audit Committee has established a policy requiring its pre-approval of all audit and non-audit services provided by the independent registered public accounting firm. The policy

requires the general pre-approval of annual audit services and specific pre-approval of all other permitted services. In determining whether to pre-approve permitted services, the Audit Committee considers whether such services are consistent with SEC rules and regulations. Furthermore, requests for pre-approval for services that are eligible for

general pre-approval must be detailed as to the services to be provided. The independent registered public accounting firm and management are required to periodically report to the Audit Committee regarding the extent of services provided by the independent registered public accounting firm in accordance with this pre-approval and the fees for the services performed to date. During 2025 and 2024, all audit and non-audit fees were pre-approved by the Audit Committee in accordance with the policy described above and pursuant to applicable rules of the SEC.

For the fiscal year ended December 31, 2025, all professional services that were directly billed to Cleco Holdings were fully allocated to Cleco Power. Prior to the closure of the Cleco Cajun Divestiture, for the fiscal year ended December 31, 2024, professional services provided for Cleco

Power that were directly billed to Cleco Holdings were allocated to Cleco Power though not billed directly to Cleco Power. The following is Cleco Power's allocation of professional services provided by PwC:

---

| | | |
|:---|:---|:---|
| | **2025** | 2024 |
| Audit fees | $**2115920** | $1648366 |
| Audit-related fees | **494000** | 154000 |
| Tax fees | **529011** | 332245 |
| Other fees | **2000** | 1620 |
| Total | $**3140931** | $2136231 |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>PART IV</u>

---

| | | |
|:---|:---|:---|
| **ITEM 15.** EXHIBITS AND FINANCIAL STATEMENT SCHEDULES | **ITEM 15.** EXHIBITS AND FINANCIAL STATEMENT SCHEDULES | |
|  |  | FORM 10-K<br>ANNUAL<br>REPORT |
|  | <u>[Report of Independent Registered Public Accounting Firm](#i0c94fdaafb8346d09edcd92010d43975_163)</u> (PCAOB ID 238) | [43](#i0c94fdaafb8346d09edcd92010d43975_163) |
|  | <u>Report of Independent Registered Public Accounting Firm</u> (PCAOB ID 238) | [52](#i0c94fdaafb8346d09edcd92010d43975_181) |
| [15(a)(1)](#i0c94fdaafb8346d09edcd92010d43975_166) | [Financial Statements of Cleco](#i0c94fdaafb8346d09edcd92010d43975_166) |  |
|  | &nbsp;&nbsp;<u>[Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023](#i0c94fdaafb8346d09edcd92010d43975_166)</u> | [45](#i0c94fdaafb8346d09edcd92010d43975_166) |
|  | &nbsp;&nbsp;<u>[Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023](#i0c94fdaafb8346d09edcd92010d43975_169)</u> | [46](#i0c94fdaafb8346d09edcd92010d43975_169) |
|  | &nbsp;&nbsp;<u>[Consolidated Balance Sheets at December 31, 2025, and 2024](#i0c94fdaafb8346d09edcd92010d43975_172)</u> | [47](#i0c94fdaafb8346d09edcd92010d43975_172) |
|  | &nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023](#i0c94fdaafb8346d09edcd92010d43975_175)</u> | [49](#i0c94fdaafb8346d09edcd92010d43975_175) |
|  | &nbsp;&nbsp;<u>[Consolidated Statements of Changes in Equity for the years ended December 31, 2025, 2024, and 2023](#i0c94fdaafb8346d09edcd92010d43975_178)</u> | [51](#i0c94fdaafb8346d09edcd92010d43975_178) |
|  | [Financial Statements of Cleco Power](#i0c94fdaafb8346d09edcd92010d43975_184) |  |
|  | &nbsp;&nbsp;<u>[Cleco Power Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023](#i0c94fdaafb8346d09edcd92010d43975_184)</u> | [54](#i0c94fdaafb8346d09edcd92010d43975_184) |
|  | &nbsp;&nbsp;<u>[Cleco Power Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023](#i0c94fdaafb8346d09edcd92010d43975_187)</u> | [55](#i0c94fdaafb8346d09edcd92010d43975_187) |
|  | &nbsp;&nbsp;<u>[Cleco Power Consolidated Balance Sheets at December 31, 2025, and 2024](#i0c94fdaafb8346d09edcd92010d43975_190)</u> | [56](#i0c94fdaafb8346d09edcd92010d43975_190) |
|  | &nbsp;&nbsp;<u>[Cleco Power Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023](#i0c94fdaafb8346d09edcd92010d43975_193)</u> | [58](#i0c94fdaafb8346d09edcd92010d43975_193) |
|  | &nbsp;&nbsp;<u>[Cleco Power Consolidated Statements of Changes in Member's Equity for the years ended December 31, 2025, 2024, and 2023](#i0c94fdaafb8346d09edcd92010d43975_196)</u> | [60](#i0c94fdaafb8346d09edcd92010d43975_196) |
|  | <u>[Notes to the Financial Statements](#i0c94fdaafb8346d09edcd92010d43975_199)</u> | [61](#i0c94fdaafb8346d09edcd92010d43975_199) |
| 15(a)(2) | Financial Statement Schedules |  |
|  | [Schedule I — Financial Statements of Cleco Holdings (Parent Company Only)](#i0c94fdaafb8346d09edcd92010d43975_397) |  |
|  | &nbsp;&nbsp;<u>[Condensed Statements of Income for the years ended December 31, 2025, 2024, and 2023](#i0c94fdaafb8346d09edcd92010d43975_397)</u> | [127](#i0c94fdaafb8346d09edcd92010d43975_397) |
|  | &nbsp;&nbsp;<u>[Condensed Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023](#i0c94fdaafb8346d09edcd92010d43975_400)</u> | [128](#i0c94fdaafb8346d09edcd92010d43975_400) |
|  | &nbsp;&nbsp;<u>[Condensed Balance Sheets at December 31, 2025, and 2024](#i0c94fdaafb8346d09edcd92010d43975_403)</u> | [129](#i0c94fdaafb8346d09edcd92010d43975_403) |
|  | &nbsp;&nbsp;<u>[Condensed Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023](#i0c94fdaafb8346d09edcd92010d43975_406)</u> | [130](#i0c94fdaafb8346d09edcd92010d43975_406) |
|  | <u>[Notes to the Condensed Financial Statements](#i0c94fdaafb8346d09edcd92010d43975_409)</u> | [131](#i0c94fdaafb8346d09edcd92010d43975_409) |
|  | [Schedule II — Valuation and Qualifying Accounts](#i0c94fdaafb8346d09edcd92010d43975_430) |  |
|  | &nbsp;&nbsp;<u>[Cleco - Valuation and Qualifying Accounts for the years ended December 31, 2025, 2024, and 2023](#i0c94fdaafb8346d09edcd92010d43975_430)</u> | [133](#i0c94fdaafb8346d09edcd92010d43975_430) |
|  | &nbsp;&nbsp;<u>[Cleco Power - Valuation and Qualifying Accounts for the years ended December 2025, 2024, and 2023](#i0c94fdaafb8346d09edcd92010d43975_430)</u> | [133](#i0c94fdaafb8346d09edcd92010d43975_430) |
|  | Financial Statement Schedules other than those shown in the above index are omitted because they are either not required or are not applicable or the required information is shown in the Consolidated Financial Statements and Notes thereto |  |
| [15(a)(3)](#i0c94fdaafb8346d09edcd92010d43975_391) | <u>[List of Exhibits](#i0c94fdaafb8346d09edcd92010d43975_391)</u> | [124](#i0c94fdaafb8346d09edcd92010d43975_391) |

---

The Exhibits designated by an asterisk are filed herewith, except for Exhibits 32.1, 32.2, 32.3, 32.4, which are furnished herewith (and not filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section). The Exhibits not so designated previously have been filed with the SEC and are incorporated herein by reference. The Exhibits designated by two asterisks are management contracts and compensatory plans and arrangements required to be filed as Exhibits to this Report.

Pursuant to paragraph 601(b)(4)(iii)(A) of Regulation S-K, the Registrants have omitted from the following listings of Exhibits, and hereby agrees to furnish to the SEC upon its request, copies of certain instruments, each relating to debt not exceeding 10 percent of the total assets of the respective Registrant and its subsidiaries on a consolidated basis.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| EXHIBITS | EXHIBITS |  |  |  |  |
| CLECO | CLECO | CLECO | SEC FILE OR<br>REGISTRATION<br>NUMBER | REGISTRATION<br>STATEMENT OR<br>REPORT | EXHIBIT<br>NUMBER |
|  | 2(a) | <u>[Agreement and Plan of Merger, dated as of October 17, 2014, by and among the Company, Como 1 L.P. and Como 3 Inc.](https://www.sec.gov/Archives/edgar/data/1089819/000108981914000034/exhibit21_102014.htm000034/exhibit21_102014.htm)</u> | 1-15759 | 8-K(10/20/14) | 2.1 |
|  | 2(b) | <u>[Purchase and Sale Agreement dated as of February 6, 2018 by and between NRG Energy, Inc., a Delaware Corporation, as Seller, NRG South Central Generating LLC, a Delaware limited liability company, as the Company and Cleco Energy LLC, a Louisiana limited liability company, as Purchaser](https://www.sec.gov/Archives/edgar/data/18672/000108981918000014/cnl-3312018xq1ex21.htm)</u> | 1-15759 | 10-Q(3/18) | 2.1 |
|  | 2(c) | <u>[Letter Agreement, dated as of February 1, 2019 between NRG Energy, Inc. and Cleco Cajun LLC (f/k/a Cleco Energy LLC) amending, supplementing and modifying the Purchase and Sale Agreement (the "Cleco Cajun Divestiture Purchase and Sale Agreement"), dated as of February 6, 2018, by and between NRG Energy, Inc. and Cleco Cajun LLC (f/k/a Cleco Energy LLC).](https://www.sec.gov/Archives/edgar/data/18672/000108981919000003/exhibit106_020819.htm)</u> | 1-15759 | 8-K(2/8/19) | 10.6 |
|  | 2(d) | <u>[Purchase and Sale Agreement dated November 22, 2023 by and among Big Pelican LLC, Pelican South Central LLC, South Central Generating LLC, and Cleco Cajun LLC](https://www.sec.gov/Archives/edgar/data/18672/000108981924000006/cnl-20231231x10kxex2d.htm)</u> | 1-15759 | 10-K(2023) | 2(d) |
|  | 3(a) | <u>[Articles of Entity Conversion of Cleco Corporate Holdings LLC, dated as of April 13, 2016](https://www.sec.gov/Archives/edgar/data/18672/000108981916000094/exhibit31_041916.htm)</u> | 1-15759 | 8-K(4/19/16) | 3.1 |
|  | 3(b) | <u>[Limited Liability Company Agreement of Cleco Corporate Holdings LLC, dated as of April 13, 2016](https://www.sec.gov/Archives/edgar/data/18672/000108981916000094/exhibit32_041916.htm)</u> | 1-15759 | 8-K(4/19/16) | 3.2 |
|  | 4(a)(1) | Indenture between Cleco Power (as successor) and Bankers Trust Company, as Trustee, dated as of October 1, 1988 | 33-24896 | S-3(10/11/88) | 4(b) |
|  | 4(a)(2) | <u>[Agreement Appointing Successor Trustee dated as of April 1, 1996, by and among Central Louisiana Electric Company, Inc., Bankers Trust Company, and The Bank of New York](https://www.sec.gov/Archives/edgar/data/18672/0000950134-96-001565.txt)</u> | 333-02895 | S-3(4/29/96) | 4(a)(2) |
|  | 4(a)(3) | <u>[First Supplemental Indenture, dated as of December 1, 2000, between Cleco Utility Group Inc. and the Bank of New York](https://www.sec.gov/Archives/edgar/data/18672/000089924301000163/0000899243-01-000163-0005.txt)</u> | 333-52540 | S-3/A(1/26/01) | 4(a)(2) |
|  | 4(a)(4) | <u>[Second Supplemental Indenture, dated as of January 1, 2001, between Cleco Power LLC and The Bank of New York](https://www.sec.gov/Archives/edgar/data/18672/000089924301000163/0000899243-01-000163-0006.txt)</u> | 333-52540 | S-3/A(1/26/01) | 4(a)(3) |
|  | 4(a)(5) | <u>[Eighth Supplemental Indenture, dated as of November 30, 2005, between Cleco Power LLC and the Bank of New York Trust Company, N.A.](https://www.sec.gov/Archives/edgar/data/18672/000095012905011397/h30797exv4w1.htm)</u> | 1-05663 | 8-K(11/28/05) | 4.1 |
|  | 4(a)(6) | <u>[Tenth Supplemental Indenture, dated as of November 13, 2009, between Cleco Power LLC and The Bank of New York Mellon Trust Company, N.A. (as successor trustee)](https://www.sec.gov/Archives/edgar/data/18672/000119312509232953/dex41.htm)</u> | 1-05663 | 8-K(11/12/09) | 4.1 |
|  | 4(a)(7) | <u>[Eleventh Supplemental Indenture, dated as of November 15, 2010, between Cleco Power LLC and The Bank of New York Mellon Trust Company, N.A. (as successor trustee)](https://www.sec.gov/Archives/edgar/data/18672/000119312510260105/dex41.htm)</u> | 1-05663 | 8-K(11/15/10) | 4.1 |
|  | 4(b)(1) | <u>[Indenture of Mortgage dated May 17, 2016 between Cleco Corporate Holdings LLC and Wells Fargo Bank, N.A.](https://www.sec.gov/Archives/edgar/data/1089819/000119312516592981/d136020dex41.htm)</u> | 1-15759 | 8-K(5/17/16) | 4.1 |
|  | 4(b)(2) | <u>[First Supplemental Indenture dated May 17, 2016 between Cleco Corporate Holdings LLC and Wells Fargo Bank, N.A](https://www.sec.gov/Archives/edgar/data/1089819/000119312516592981/d136020dex42.htm)</u> | 1-15759 | 8-K(5/17/16) | 4.2 |
|  | 4(b)(3) | <u>[Second Supplemental Indenture dated May 17, 2016 between Cleco Corporate Holdings LLC and Wells Fargo Bank, N.A](https://www.sec.gov/Archives/edgar/data/1089819/000119312516592981/d136020dex43.htm)</u> | 1-15759 | 8-K(5/17/16) | 4.3 |
|  | 4(b)(4) | <u>[Amended and Restated Third Supplemental Indenture dated as of May 1, 2023 between Cleco Corporate Holdings LLC and Regions Bank (as successor to Wells Fargo Bank, N.A.) as trustee](https://www.sec.gov/Archives/edgar/data/1089819/000108981923000012/exhibit42.htm)</u> | 1-15759 | 8-K(05/02/23) | 4.2 |
|  | 4(c)(1) | <u>[Indenture, dated as of September 11, 2019, by and between Cleco Corporate Holdings LLC and Regions Bank](https://www.sec.gov/Archives/edgar/data/1089819/000108981919000027/exhibit41_091219.htm)</u> | 1-15759 | 8-K(9/12/19) | 4.1 |
|  | 4(c)(2) | <u>[Supplemental Indenture No.1, dated as of September 11, 2019, by and between Cleco Corporate Holdings LLC and Regions Bank](https://www.sec.gov/Archives/edgar/data/1089819/000108981919000027/exhibit42_091219.htm)</u> | 1-15759 | 8-K(9/12/19) | 4.2 |
|  | 4(d)(1) | <u>[I](https://www.sec.gov/Archives/edgar/data/18672/000108981921000030/exhibit41.htm)[ndenture, dated as of September 10, 2021, by and between Cleco Power LLC and Regions Bank](https://www.sec.gov/Archives/edgar/data/18672/000108981921000030/exhibit41.htm)[, as trustee](https://www.sec.gov/Archives/edgar/data/18672/000108981921000030/exhibit41.htm)</u> | 1-05663 | 8-K(9/10/21) | 4.1 |
|  | 4(d)(2) | <u>[S](https://www.sec.gov/Archives/edgar/data/18672/000114036125042968/ef20059691_ex4-2.htm)[up](https://www.sec.gov/Archives/edgar/data/18672/000114036125042968/ef20059691_ex4-2.htm)[plemental Indenture N](https://www.sec.gov/Archives/edgar/data/18672/000114036125042968/ef20059691_ex4-2.htm)[o. 2, dated as of November](https://www.sec.gov/Archives/edgar/data/18672/000114036125042968/ef20059691_ex4-2.htm)[21, 2025, by and be](https://www.sec.gov/Archives/edgar/data/18672/000114036125042968/ef20059691_ex4-2.htm)[tween Cleco Power LLC and Regions Bank, as trustee](https://www.sec.gov/Archives/edgar/data/18672/000114036125042968/ef20059691_ex4-2.htm)</u> | 1-05663 | 8-K(11/21/25) | 4.2 |
|  | 4(d)(3) | <u>[F](https://www.sec.gov/Archives/edgar/data/18672/000114036125042968/ef20059691_ex4-2.htm)[orm o](https://www.sec.gov/Archives/edgar/data/18672/000114036125042968/ef20059691_ex4-2.htm)[f Note (in](https://www.sec.gov/Archives/edgar/data/18672/000114036125042968/ef20059691_ex4-2.htm)[cluded in Supplemental Indenture N](https://www.sec.gov/Archives/edgar/data/18672/000114036125042968/ef20059691_ex4-2.htm)[o. 2, dated November 21, 2025, by and between Cleco Power LLC and R](https://www.sec.gov/Archives/edgar/data/18672/000114036125042968/ef20059691_ex4-2.htm)[egions Bank, as trustee](https://www.sec.gov/Archives/edgar/data/18672/000114036125042968/ef20059691_ex4-2.htm)</u> | 1-05663 | 8-K(11/21/25) | 4.3 |
| \*\* | 10(a)(1) | <u>[Supplemental Executive Retirement Plan Amended and Restated January 1, 2009](https://www.sec.gov/Archives/edgar/data/18672/000108981909000008/exhibit10f4.htm)</u> | 1-15759 | 10-K(2008) | 10(f)(4) |
| \*\* | 10(a)(2) | <u>[Supplemental Executive Retirement Plan (Amended and Restated January 1, 2009), Amendment No. 1](https://www.sec.gov/Archives/edgar/data/1089819/000108981908000042/exhibit103.htm)</u> | 1-15759 | 8-K(12/9/08) | 10.3 |
| \*\* | 10(a)(3) | <u>[Cleco Corporation Supplemental Executive Retirement Plan Amendment, effective October 28, 2011](https://www.sec.gov/Archives/edgar/data/18672/000108981911000070/exhibit102.htm)</u> | 1-15759 | 10-Q(9/11) | 10.2 |
| \*\* | 10(a)(4) | <u>[Cleco Corporation Supplemental Executive Retirement Plan Amended and Restated effective January 1, 2009, Amendment No. 3 (No New Participants)](https://www.sec.gov/Archives/edgar/data/18672/000108981915000019/cnl-12312014xex10c10.htm)</u> | 1-15759 | 10-K(2014) | 10(c)(10) |
| \*\* | 10(a)(5) | <u>[Cleco Corporate Holdings LLC Supplemental Executive Retirement Plan (Amended and Restated January 1, 2009), Amendment No.4 (Special CEO Benefit)](https://www.sec.gov/Archives/edgar/data/18672/000108981917000023/cleco8k_exhibit102x122117.htm)</u> | 1-15759 | 8-K(12/21/17) | 10.2 |
| \*\* | 10(a)(6) | <u>[Supplemental Executive Retirement Trust dated December 13, 2000](https://www.sec.gov/Archives/edgar/data/18672/000108981904000009/exhibit10e1c.htm)</u> | 1-15759 | 10-K(2003) | 10(e)(1)(c) |
| \*\* | 10(a)(7) | <u>[Supplemental Executive Retirement Plan Participation Agreement between Cleco Corporation and Dilek Samil](https://www.sec.gov/Archives/edgar/data/18672/000108981903000006/exhibit10z1_samil.htm)</u> | 1-15759 | 10-K(2002) | 10(z)(1) |
| \*\* | 10(a)(8) | <u>[Supplemental Executive Retirement Plan Participation Agreement between Cleco Corporation and Michael H. Madison](https://www.sec.gov/Archives/edgar/data/18672/000108981905000008/exhibit10v3.htm)</u> | 1-15759 | 10-K(2004) | 10(v)(3) |
| \*\* | 10(b)(1) | <u>[Cleco Corporate Holdings LLC Executive Severance Plan, effective May 21, 2021](https://www.sec.gov/Archives/edgar/data/18672/000108981921000025/cnl-6302021xq2ex103.htm)</u> | 1-15759 | 10-Q(6/21) | 10.3 |
| \*\* | 10(b)(2) | <u>[Cleco Corporate Holdings LLC Separation Agreement, dated effective March 23, 2017, by and among Cleco Group LLC, Cleco Corporate Holdings LLC, and Cleco Power LLC and Darren J. Olagues](https://www.sec.gov/Archives/edgar/data/18672/000108981917000009/cleco8k_exhibit101x032817.htm)</u> | 1-15759 | 8-K(3/28/17) | 10.1 |
| \*\* | 10(b)(3) | <u>[Executive Employment Agreement, dated April 21, 2011, by and between Cleco Corporation and Bruce A. Williamson](https://www.sec.gov/Archives/edgar/data/18672/000108981911000016/exhibit101.htm)</u> | 1-15759 | 8-K(4/27/11) | 10.1 |
| \*\* | 10(b)(4) | <u>[Employment Agreement, effective as of January 1, 2018, by and between Cleco Corporate Holdings LLC, Cleco Group LLC and Cleco Power LLC and William G. Fontenot](https://www.sec.gov/Archives/edgar/data/18672/000108981917000023/cleco8k_exhibit101x122117.htm)</u> | 1-15759 | 8-K(12/21/17) | 10.1 |
| \*\* | 10(b)(5) | <u>[Amendment Number 1 to Employment Agreement for William G. Fontenot, dated effective October 17, 2025](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)</u> | 1-15759 | 8-K(10/23/25) | 10.1 |
| \*\*  | 10(b)(6) | <u>[Supplemental Agreement, dated May 16, 2023, by and between Cleco Corporate Holdings LLC and Mark Kleehammer](https://www.sec.gov/Archives/edgar/data/18672/000108981923000022/cnl-6302023xq2ex101.htm)</u> | 1-15759 | 10-Q(6/23) | 10.1 |
| \*\* | 10(c)(1) | <u>[Cleco Corporation Deferred Compensation Plan](https://www.sec.gov/Archives/edgar/data/1089819/000089924301500201/dex43.txt)</u> | 333-59696 | S-8(4/27/01) | 4.3 |
| \*\* | 10(c)(2) | <u>[First Amendment to Cleco Corporation Deferred Compensation Plan](https://www.sec.gov/Archives/edgar/data/18672/000108981909000008/exhibit10n5.htm)</u> | 1-15759 | 10-K(2008) | 10(n)(5) |
| \*\* | 10(c)(3) | <u>[Cleco Corporation Deferred Compensation Plan, Corrective Section 409A Amendment](https://www.sec.gov/Archives/edgar/data/1089819/000108981908000042/exhibit102.htm)</u> | 1-15759 | 8-K(12/9/08) | 10.2 |
| \*\* | 10(c)(4) | <u>[Deferred Compensation Trust dated January 2001](https://www.sec.gov/Archives/edgar/data/18672/000108981904000009/exhibit10u.htm)</u> | 1-15759 | 10-K(2003) | 10(u) |
| \*\* | 10(c)(5) | <u>[Cleco Corporation Deferred Compensation Plan Amendment, effective October 28, 2011](https://www.sec.gov/Archives/edgar/data/18672/000108981911000070/exhibit105.htm)</u> | 1-15759 | 10-Q(9/11) | 10.5 |
|  | 10(d)(1) | <u>[Note Purchase Agreement dated May 8, 2012 by and among Cleco Power LLC and the Purchasers listed on the signature pages thereto](https://www.sec.gov/Archives/edgar/data/18672/000108981912000039/exhibit101_050812.htm)</u> | 1-05663 | 8-K(05/09/12) | 10.1 |
|  | 10(d)(2) | <u>[Note Purchase Agreement dated November 13, 2015 by and among Cleco Power LLC and the Purchasers listed on the signature pages thereto](https://www.sec.gov/Archives/edgar/data/18672/000108981915000055/exhibit101_111315.htm)</u> | 1-15759 | 8-K(11/13/15) | 10.1 |
|  | 10(d)(3) | <u>[Note Purchase Agreement dated December 20, 2016 by and among Cleco Power LLC and the Purchasers listed on the signature pages thereto](https://www.sec.gov/Archives/edgar/data/18672/000119312516800144/d316379dex101.htm)</u> | 1-05663 | 8-K(12/21/16) | 10.1 |
|  | 10(d)(4) | <u>[Note Purchase Agreement dated December 18, 2017 by and among Cleco Power LLC and the Purchasers listed on the signature pages thereto](https://www.sec.gov/Archives/edgar/data/18672/000119312517375935/d509879dex101.htm)</u> | 1-15759 | 8-K(12/21/17) | 10.1 |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| EXHIBITS | EXHIBITS |  |  |  |  |
| CLECO | CLECO | CLECO | SEC FILE OR<br>REGISTRATION<br>NUMBER | REGISTRATION<br>STATEMENT OR<br>REPORT | EXHIBIT<br>NUMBER |
|  | 10(d)(5) | <u>[Credit Agreement, dated as of May 17, 2024, by and among Cleco Power LLC, the lenders party thereto and Regions Bank, as administrative agent](https://www.sec.gov/Archives/edgar/data/18672/000108981924000019/exhibit101-power.htm)</u> | 1-15759 | 8-K(5/21/24) | 10.1 |
|  | 10(d)(6) | <u>[Term Agreement, dated as of May 17, 2024, by and among Cleco Power LLC, the lenders party thereto and Regions Bank, as administrative agent](https://www.sec.gov/Archives/edgar/data/18672/000108981924000019/exhibit102-power.htm)</u> | 1-15759 | 8-K(5/21/24) | 10.2 |
|  | 10(d)(7) | <u>[Credit Agreement, dated as of May 17, 2024, by and among Cleco Corporate Holdings LLC, the lenders party thereto and Regions Bank, as administrative agent](https://www.sec.gov/Archives/edgar/data/1089819/000108981924000017/exhibit101-holdings.htm)</u> | 1-15759 | 8-K(5/21/24) | 10.1 |
|  | 10(e)(1) | <u>[2017 Long-Term Incentive Compensation Plan, effective as of January 1, 2017](https://www.sec.gov/Archives/edgar/data/18672/000108981917000013/cnl-33117xq1ex103.htm)</u> | 1-15759 | 10-Q(3/17) | 10.3 |
|  | 10(e)(2) | <u>[Form of Notice and Acceptance of Incentive Award under Cleco Corporate Holdings LLC 2017 Long-Term Incentive Compensation Plan - 2017 Two-Year Performance Cycle](https://www.sec.gov/Archives/edgar/data/18672/000108981917000013/cnl33117-q1ex104.htm)</u> | 1-15759 | 10-Q(3/17) | 10.4 |
|  | 10(e)(3) | <u>[Form of Notice and Acceptance of Incentive Award under Cleco Corporate Holdings LLC 2017 Long-Term Incentive Compensation Plan - 2017 Three-Year Performance Cycle](https://www.sec.gov/Archives/edgar/data/18672/000108981917000013/cnl-33117xq1ex105.htm)</u> | 1-15759 | 10-Q(3/17) | 10.5 |
|  | 10(f) | <u>[Form of Ninth Agreement to Extend the Board of Managers Services Agreement, effective as of May 1, 2025, by and among Cleco Group LLC, Cleco Corporate Holdings LLC, and Cleco Power LLC and Manager](https://www.sec.gov/Archives/edgar/data/18672/000108981925000008/cnl-3312025xq1ex101.htm)</u> | 1-15759 | 10-Q(3/25) | 10.1 |
|  | 10(g) | <u>[2017 Short-Term Incentive Plan, effective as of January 1, 2017](https://www.sec.gov/Archives/edgar/data/18672/000108981917000013/cnl-33117xq1ex106.htm)</u> | 1-15759 | 10-Q(3/17) | 10.6 |
|  | 10(h) | <u>[Note Purchase Agreement dated December 14, 2023 by and among Cleco Power LLC and the Purchasers listed on Schedule A thereto](https://www.sec.gov/Archives/edgar/data/18672/000108981924000006/cnl-20231231x10kxex10h.htm)</u> | 1-15759 | 10-K(2023) | 10(h) |
| \* | 10(i) | <u>[C](cnl-20251231x10kxex101.htm)[leco Holdings](cnl-20251231x10kxex101.htm)[Am](cnl-20251231x10kxex101.htm)[ende](cnl-20251231x10kxex101.htm)[d](cnl-20251231x10kxex101.htm)[and Restated](cnl-20251231x10kxex101.htm)[2025 Executive](cnl-20251231x10kxex101.htm)[Retention Plan](cnl-20251231x10kxex101.htm)[, effective](cnl-20251231x10kxex101.htm)[January 1, 2026](cnl-20251231x10kxex101.htm)</u> |  |  |  |
|  | 19.1 | <u>[Insider Trading Policy, effective March 22, 2004](https://www.sec.gov/Archives/edgar/data/18672/000108981925000003/cnl-20241231x10kxex191.htm)</u> | 1-15759 | 10-K(2024) | 19.1 |
| \* | 21 | <u>[Subsidiaries of the Registrant](cnl-20251231x10kxex21.htm)</u> |  |  |  |
| \* | 24(a) | <u>[Power of Attorney from each Manager of Cleco Corporate Holdings LLC and Cleco Power LLC whose signature is affixed to this Form 10-K for the fiscal year ended December 31, 2025](cnl-20251231x10kxex24a.htm)</u> |  |  |  |
| \* | 31.1 | <u>[CEO Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002](cnl-20251231x10kxex311.htm)</u> |  |  |  |
| \* | 31.2 | <u>[CFO Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002](cnl-20251231x10kxex312.htm)</u> |  |  |  |
| \* | 32.1 | <u>[CEO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002](cnl-20251231x10kxex321.htm)</u> |  |  |  |
| \* | 32.2 | <u>[CFO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002](cnl-20251231x10kxex322.htm)</u> |  |  |  |
| \* | 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |  |  |  |
| \* | 101.SCH | Inline XBRL Taxonomy Extension Schema |  |  |  |
| \* | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase |  |  |  |
| \* | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase |  |  |  |
| \* | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase |  |  |  |
| \* | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase |  |  |  |
| \* | 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CLECO POWER | CLECO POWER | CLECO POWER | SEC FILE OR<br>REGISTRATION<br>NUMBER | REGISTRATION<br>STATEMENT OR<br>REPORT | EXHIBIT<br>NUMBER |
|  | 3(a) | <u>[Second Amended and Restated Articles of Organization of Cleco Power LLC, dated as of April 13, 2016](https://www.sec.gov/Archives/edgar/data/18672/000108981916000094/exhibit33_041916.htm)</u> | 1-05663 | 8-K(4/19/16) | 3.3 |
|  | 3(b) | <u>[Second Amended and Restated Articles Operating Agreement of Cleco Power LLC, dated as of April 13, 2016](https://www.sec.gov/Archives/edgar/data/18672/000108981916000094/exhibit34_041916.htm)</u> | 1-05663 | 8-K(4/19/16) | 3.4 |
|  | 4(a)(1) | Indenture between the Company and Bankers Trust Company, as Trustee, dated as of October 1, 1988 | 33-24896 | S-3(10/11/88) | 4(b) |
|  | 4(a)(2) | <u>[Agreement Appointing Successor Trustee dated as of April 1, 1996, by and among Central Louisiana Electric Company, Inc., Bankers Trust Company, and The Bank of New York](https://www.sec.gov/Archives/edgar/data/18672/0000950134-96-001565.txt)</u> | 333-02895 | S-3(4/29/96) | 4(a)(2) |
|  | 4(a)(3) | <u>[First Supplemental Indenture, dated as of December 1, 2000, between Cleco Utility Group Inc. and the Bank of New York](https://www.sec.gov/Archives/edgar/data/18672/000089924301000163/0000899243-01-000163-0005.txt)</u> | 333-52540 | S-3/A(1/26/01) | 4(a)(2) |
|  | 4(a)(4) | <u>[Second Supplemental Indenture, dated as of January 1, 2001, between Cleco Power LLC and The Bank of New York](https://www.sec.gov/Archives/edgar/data/18672/000089924301000163/0000899243-01-000163-0006.txt)</u> | 333-52540 | S-3/A(1/26/01) | 4(a)(3) |
|  | 4(a)(5) | <u>[Seventh Supplemental Indenture, dated as of July 6, 2005, between Cleco Power LLC and the Bank of New York Trust Company, N.A.](https://www.sec.gov/Archives/edgar/data/18672/000095012905006863/h26784exv4w1.htm)</u> | 1-05663 | 8-K(7/6/05) | 4.1 |
|  | 4(a)(6) | <u>[Eighth Supplemental Indenture, dated as of November 30, 2005, between Cleco Power LLC and the Bank of New York Trust Company, N.A.](https://www.sec.gov/Archives/edgar/data/18672/000095012905011397/h30797exv4w1.htm)</u> | 1-05663 | 8-K(11/28/05) | 4.1 |
|  | 4(a)(7) | <u>[Ninth Supplemental Indenture, dated as of June 3, 2008, between Cleco Power LLC and The Bank of New York Trust Company, N.A.](https://www.sec.gov/Archives/edgar/data/18672/000095012908003290/h57304exv4w1.htm)</u> | 1-05663 | 8-K(6/2/08) | 4.1 |
|  | 4(a)(8) | <u>[Tenth Supplemental Indenture, dated as of November 13, 2009, between Cleco Power LLC and The Bank of New York Mellon Trust Company, N.A. (as successor trustee)](https://www.sec.gov/Archives/edgar/data/18672/000119312509232953/dex41.htm)</u> | 1-05663 | 8-K(11/12/09) | 4.1 |
|  | 4(a)(9) | <u>[Eleventh Supplemental Indenture, dated as of November 15, 2010, between Cleco Power LLC and The Bank of New York Mellon Trust Company, N.A. (as successor trustee)](https://www.sec.gov/Archives/edgar/data/18672/000119312510260105/dex41.htm)</u> | 1-05663 | 8-K(11/15/10) | 4.1 |
|  | 4(b) | <u>[Loan Agreement, dated as of November 1, 2007, between Cleco Power LLC and the Rapides Finance Authority](https://www.sec.gov/Archives/edgar/data/18672/000108981907000041/exhibit41.htm)</u> | 1-05663 | 8-K(11/20/07) | 4.1 |
|  | 4(c) | <u>[Loan Agreement, dated as of October 1, 2008, between Cleco Power LLC and the Rapides Finance Authority](https://www.sec.gov/Archives/edgar/data/18672/000108981910000016/exhibit41.htm)</u> | 1-05663 | 10-Q(3/10) | 4.1 |
|  | 4(d) | <u>[Loan Agreement, dated as of December 1, 2008, between Cleco Power LLC and the Louisiana Public Facilities Authority](https://www.sec.gov/Archives/edgar/data/18672/000108981910000016/exhibit42.htm)</u> | 1-05663 | 10-Q(3/10) | 4.2 |
|  | 4(e)(1) | <u>[Indenture, dated as of September 10, 2021, by and between Cleco Power LLC and Regions Bank, as trustee](https://www.sec.gov/Archives/edgar/data/18672/000108981921000030/exhibit41.htm)</u> | 1-05663 | 8-K(09/10/21) | 4.1 |
|  | 4(e)(2) | <u>[Supplemental Indenture No. 2, dated as of November 21, 2025, by and between Cleco Power LLC and Regions Bank, as trustee](https://www.sec.gov/Archives/edgar/data/1089819/000114036125042968/ef20059691_ex4-2.htm)</u> | 1-05663 | 8-K(11/21/25) | 4.2 |
|  | 4(e)(3) | <u>[Form of Note (included in Supplemental Indenture No. 2, dated November 21, 2025, by and between Cleco Power LLC and Regions Bank, as trustee)](https://www.sec.gov/Archives/edgar/data/1089819/000114036125042968/ef20059691_ex4-2.htm)</u> | 1-05663 | 8-K(11/21/25) | 4.3 |
| \*\* | 10(a) | Supplemental Executive Retirement Plan | 1-05663 | 10-K(1992) | 10(o)(1) |
|  | 10(b)(1) | <u>[Notes Purchase Agreement dated as of December 16, 2011 among Cleco Power LLC, various financial institutions and Credit Agricole Securities (USA) Inc., JPMorgan Securities Inc. and KeyBanc Capital Markets Inc., as agents.](https://www.sec.gov/Archives/edgar/data/18672/000108981911000077/cnl-exhibit101.htm)</u> | 1-05663 | 8-K(12/19/11) | 10.1 |
|  | 10(b)(2) | <u>[Note Purchase Agreement dated May 8, 2012 by and among Cleco Power LLC and the Purchasers listed on the signature pages thereto](https://www.sec.gov/Archives/edgar/data/18672/000108981912000039/exhibit101_050812.htm)</u> | 1-05663 | 8-K(05/09/12) | 10.1 |
|  | 10(b)(3) | <u>[Note Purchase Agreement dated November 13, 2015 by and among Cleco Power LLC and the Purchasers listed on the signature pages thereto](https://www.sec.gov/Archives/edgar/data/18672/000108981915000055/exhibit101_111315.htm)</u> | 1-05663 | 8-K(11/13/15) | 10.1 |
|  | 10(b)(4) | <u>[Note Purchase Agreement dated December 20, 2016 by and among Cleco Power LLC and the Purchasers listed on the signature pages thereto](https://www.sec.gov/Archives/edgar/data/18672/000119312516800144/d316379dex101.htm)</u> | 1-05663 | 8-K(12/21/16) | 10.1 |
|  | 10(b)(5) | <u>[Note Purchase Agreement dated December 18, 2017 by and among Cleco Power LLC and the Purchasers listed on the signature pages thereto](https://www.sec.gov/Archives/edgar/data/18672/000119312517375935/d509879dex101.htm)</u> | 1-05663 | 8-K(12/21/17) | 10.1 |
|  | 10(b)(6 | <u>[Credit Agreement, dated as of May 17, 2024, by and among Cleco Power LLC, the lenders party thereto and Regions Bank, as administrative agent](https://www.sec.gov/ix?doc=/Archives/edgar/data/1089819/000108981924000017/cnl-20240517.htm)</u> | 1-15759 | 8-K(5/21/24) | 10.1 |
|  | 10(b)(7 | <u>[Term Agreement, dated as of May 17, 2024, by and among Cleco Power LLC, the lenders party thereto and Regions Bank, as administrative agent](https://www.sec.gov/ix?doc=/Archives/edgar/data/18672/000108981924000019/cnl-20240517.htm)</u> | 1-15759 | 8-K(5/21/24) | 10.2 |
|  | 10(c) | <u>[Staffing Agreement, dated as of April 13, 2016, by and between Cleco Power LLC and Co Issuer Corporate Staffing, LLC](https://www.sec.gov/Archives/edgar/data/18672/000108981916000094/exhibit104_041916.htm)</u> | 1-05663 | 8-K(4/19/16) | 10.4 |
| \*\* | 10(d)(1) | <u>[Cleco Corporate Holdings LLC Separation Agreement, dated effective March 23, 2017, by and among Cleco Group LLC, Cleco Corporate Holdings LLC, and Cleco Power LLC and Darren J. Olagues](https://www.sec.gov/Archives/edgar/data/18672/000108981917000009/cleco8k_exhibit101x032817.htm)</u> | 1-05663 | 8-K(3/28/17) | 10.1 |
| \*\* | 10(d)(2) | <u>[Employment Agreement, effective as of January 1, 2018, by and between Cleco Corporate Holdings LLC, Cleco Group LLC and Cleco Power LLC and William G. Fontenot](https://www.sec.gov/Archives/edgar/data/18672/000108981917000023/cleco8k_exhibit101x122117.htm)</u> | 1-05663 | 8-K(12/21/17) | 10.1 |
| \*\* | 10(d)(3) | <u>[Amendment Number 1 to Employment Agreement for William G. Fontenot, dated effective October 17, 2025](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)</u> | 1-15759 | 8-K(10/23/25) | 10.1 |
|  | 10(e) | <u>[Form of Ninth Agreement to Extend the Board of Managers Services Agreement, effective as of May 1, 2025, by and among Cleco Group LLC, Cleco Corporate Holdings LLC, and Cleco Power LLC and Manager](https://www.sec.gov/Archives/edgar/data/18672/000108981925000008/cnl-3312025xq1ex101.htm)</u> | 1-05663 | 10-Q(3/25) | 10.1 |
|  | 10(f) | <u>[Note Purchase Agreement dated December 14, 2023 by and among Cleco Power LLC and the Purchasers listed on Schedule A thereto](https://www.sec.gov/Archives/edgar/data/18672/000108981924000006/cnl-20231231x10kxex10h.htm)</u> | 1-15759 | 10-K(2023) | 10(h) |
| \* | 24(a) | <u>[Power of Attorney from each Manager of Cleco Corporate Holdings LLC and Cleco Power LLC whose signature is affixed to this Form 10-K for the fiscal year ended December 31, 2025](cnl-20251231x10kxex24a.htm)</u> |  |  |  |
| \* | 31.3 | <u>[CEO Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002](cnl-20251231x10kxex313.htm)</u> |  |  |  |
| \* | 31.4 | <u>[CFO Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002](cnl-20251231x10kxex314.htm)</u> |  |  |  |
| \* | 32.3 | <u>[CEO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002](cnl-20251231x10kxex323.htm)</u> |  |  |  |
| \* | 32.4 | <u>[CFO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002](cnl-20251231x10kxex324.htm)</u> |  |  |  |
| \* | 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |  |  |  |
| \* | 101.SCH | Inline XBRL Taxonomy Extension Schema |  |  |  |
| \* | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase |  |  |  |
| \* | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase |  |  |  |
| \* | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase |  |  |  |
| \* | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase |  |  |  |
| \* | 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  |

---

**ITEM 16.** FORM 10-K SUMMARY<br>

None.

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>CLECO HOLDINGS (Parent Company Only)</u> <u>SCHEDULE I</u>

---

| | | | |
|:---|:---|:---|:---|
| Condensed Statements of Income |  |  |  |
|  |  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| **Operating income** | $**5292** | $8158 | $— |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Administrative and general | **4149** | 3049 | 1206 |
| &nbsp;&nbsp;&nbsp;Merger transaction costs | **—** | 19 | 665 |
| &nbsp;&nbsp;Other operating expense | **5680** | 6642 | 268 |
| **Total operating expenses** | **9829** | 9710 | 2139 |
| **Operating loss** | **(4537)** | (1552) | (2139) |
| Equity income from continuing operations of subsidiaries, net of income taxes | **221996** | 115123 | 25232 |
| Interest, net | **(34522)** | (45562) | (74578) |
| Other income, net | **4502** | 1407 | 2568 |
| **Income (loss) from continuing operations before income taxes** | **187439** | 69416 | (48917) |
| Federal and state income tax (benefit) expense | **(7771)** | 4515 | (19048) |
| **Income (loss) from continuing operations, net of income taxes** | **195210** | 64901 | (29869) |
| Equity income from discontinued operations of subsidiary, net of income taxes | **—** | 45517 | 14642 |
| **Net income (loss)** | $**195210** | $110418 | $(15227) |
| The accompanying notes are an integral part of the condensed financial statements. |  |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>CLECO HOLDINGS (Parent Company Only)</u> <u>SCHEDULE I</u>

---

| | | | |
|:---|:---|:---|:---|
| Condensed Statements of Comprehensive Income |  |  |  |
|  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Net income (loss) | $**195210** | $110418 | $(15227) |
| Other comprehensive income, net of tax |  |  |  |
| &nbsp;&nbsp;Postretirement benefits (loss) gain (net of tax benefit of $2,308 in 2025, tax expense of $973 in 2024, and tax benefit of $1,905 in 2023) | **(6798)** | 2428 | (5171) |
| Total other comprehensive (loss) income, net of tax | **(6798)** | 2428 | (5171) |
| **Comprehensive income (loss), net of tax** | $**188412** | $112846 | $(20398) |
| The accompanying notes are an integral part of the financial statements. |  |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>CLECO HOLDINGS (Parent Company Only)</u> <u>SCHEDULE I</u>

---

| | | |
|:---|:---|:---|
| Condensed Balance Sheets |  |  |
|  | AT DEC. 31, | AT DEC. 31, |
| (THOUSANDS) | **2025** | 2024 |
| **Assets** |  |  |
| &nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**8397** | $6758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - affiliate | **10474** | 44158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | **11841** | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable - Cleco Cajun Divestiture | **108445** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value of trust-owned life insurance policies | **57580** | 51768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **123** | 90 |
| &nbsp;&nbsp;Total current assets | **196860** | 103517 |
| &nbsp;&nbsp;Equity investment in subsidiaries | **3820208** | 3674855 |
| &nbsp;&nbsp;Accumulated deferred federal and state income taxes, net | **86336** | 87574 |
| &nbsp;&nbsp;Receivable - Cleco Cajun Divestiture | **—** | 98153 |
| &nbsp;&nbsp;Other deferred charges | **653** | 844 |
| **Total assets** | $**4104057** | $3964943 |
| **Liabilities and member's equity** |  |  |
| &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year | $**359884** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **1674** | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | **—** | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **36202** | 32989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes payable, net | **22** | 44714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **8128** | 8138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation | **19377** | 17013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **527** | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **425814** | 115968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **2735** | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other deferred credits | **488** | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | **645594** | 1004556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **1074631** | 1123929 |
| &nbsp;&nbsp;Commitments and contingencies (Note 6) |  |  |
| &nbsp;&nbsp;&nbsp;**Member's equity** | **3029426** | 2841014 |
| **Total liabilities and member's equity** | $**4104057** | $3964943 |
| The accompanying notes are an integral part of the condensed financial statements. |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>CLECO HOLDINGS (Parent Company Only)</u> <u>SCHEDULE I</u>

---

| | | | |
|:---|:---|:---|:---|
| Condensed Statements of Cash Flows |  |  |  |
|  |  | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| **Operating activities** |  |  |  |
| Net cash provided by operating activities | $**10569** | $189344 | $75548 |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;Proceeds from Cleco Cajun Divestiture (net of transaction fees of $10.8 million) | **—** | 463769 |  |
| &nbsp;&nbsp;Return of investment in company/trust-owned life insurance | **1070** |  | 417 |
| Net cash provided by investing activities | **1070** | 463769 | 417 |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Draws on credit facility | **63000** | 32000 | 100000 |
| &nbsp;&nbsp;&nbsp;Payments on credit facility | **(73000)** | (132000) | (54000) |
| &nbsp;&nbsp;&nbsp;Repayment of long-term debt | **—** | (406700) | (65600) |
| &nbsp;&nbsp;&nbsp;Distributions to member | **—** | (145005) | (53496) |
| &nbsp;&nbsp;&nbsp;Other financing | **—** | 197 | (272) |
| Net cash used in financing activities | **(10000)** | (651508) | (73368) |
| Net increase in cash and cash equivalents | **1639** | 1605 | 2597 |
| Cash and cash equivalents at beginning of period | **6758** | 5153 | 2556 |
| **Cash and cash equivalents at end of period** | $**8397** | $6758 | $5153 |
| **Supplementary cash flow information** |  |  |  |
| Interest paid, net of amount capitalized | $**43392** | $58970 | $72537 |
| Income taxes paid | $**3980** | $9138 | $2162 |
| The accompanying notes are an integral part of the condensed financial statements. |  |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>CLECO HOLDINGS (Parent Company Only) Notes to the Condensed Financial Statements</u>

**Note 1 — Summary of Significant Accounting Policies**

The condensed financial statements represent the financial information required by SEC Regulation S-X 5-04 for Cleco Holdings, which requires the inclusion of parent company only financial statements if the restricted net assets of consolidated subsidiaries exceed 25% of total consolidated net assets as of the last day of its most recent fiscal year. As of December 31, 2025, Cleco Holdings' restricted net assets of consolidated subsidiaries were $1.45 billion and exceeded 25% of its total consolidated net assets.

Cleco Holdings' major, first-tier subsidiary is Cleco Power, and prior to the close of the Cleco Cajun Divestiture, Cleco Cajun. Cleco Power contains the LPSC-jurisdictional generation, transmission, and distribution electric utility operations serving its retail and wholesale customers.

Cleco Cajun was an unregulated electric utility that owned generation and transmission assets and supplied wholesale power and capacity to its customers. On June 1, 2024, the Cleco Cajun Divestiture closed. For more information, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — "Discontinued Operations."

The accompanying financial statements have been prepared to present the results of operations, financial condition, and cash flows of Cleco Holdings on a stand-alone basis as a holding company. Investments in subsidiaries and other investees are presented using the equity method. These financial statements should be read in conjunction with Cleco's consolidated financial statements.

**Note 2 — Discontinued Operations**<br>

In March 2023, Cleco Holdings' management, with the support of its Board of Managers, committed to a plan of action for the disposition of the Cleco Cajun Sale Group. As a result, Cleco Holdings' management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met, and the sale represents a strategic shift that will have a major effect on Cleco's future operations and financial results. Therefore, in the Condensed Statements of Income, the results of operations of the Cleco Cajun Sale Group have been presented as discontinued operations in Equity income (loss) from discontinued operations of subsidiary, net of income taxes.

On June 1, 2024, the Cleco Cajun Sellers completed the sale of the Cleco Cajun Sale Group. Upon closing, the Cleco Cajun Sellers received $474.5 million, net of adjustments as set forth in the Cleco Cajun Divestiture Purchase and Sale Agreement and adjustments based on net working capital. Also, in conjunction with the closing of the Cleco Cajun Divestiture, the Cleco Cajun Sellers paid $10.8 million to professional service firms that were engaged to facilitate the transaction. Cleco expects to receive an additional $113.0 million by June 2026, which is not contingent upon the post-divestiture performance of the divested business. This receivable is discounted to its net present value and recorded in Receivable - Cleco Cajun Divestiture on the Condensed Balance Sheet.

**Note 3 — Debt**<br>

At December 31, 2025, Cleco Holdings had no short-term debt outstanding under its $175.0 million revolving credit facility. At December 31, 2024, Cleco Holdings had $10.0 million, of short-term debt outstanding.

At December 31, 2025, Cleco Holdings' long-term debt outstanding was $645.6 million, of which $359.9 million is due within one year.

Cleco Holdings' revolving credit facility provides funding for working capital and other financing needs. The revolving credit facility includes restrictive financial covenants and matures in May 2029. Under this agreement, Cleco Holdings is required to maintain total indebtedness, not including securitization indebtedness, less than or equal to 65% of total capitalization. The borrowing costs under Cleco Holdings' revolving credit agreement are currently equal to SOFR plus 1.725% or ABR plus 0.625%, plus commitment fees of 0.125% on the unused portion of the facility. If Cleco Holdings' credit ratings were to be downgraded one level by the credit rating agencies, Cleco Holdings may be required to pay higher commitment fees and additional interest of 0.05%.

The principal amounts payable under long-term debt agreements for each year through 2030 and thereafter are as follows:

---

| | |
|:---|:---|
| AMOUNTS PAYABLE UNDER LONG-TERM DEBT ARRANGEMENTS | (THOUSANDS) |
| For the year ending Dec. 31, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2026 | $360000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2027 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;2028 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;2029 | $300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2030 | $— |
| Thereafter | $350000 |

---

**Note 4 — Cash Distributions and Equity Contributions**<br>

Some provisions in Cleco Power's debt instruments restrict the amount of equity available for distribution to Cleco Holdings by Cleco Power by requiring Cleco Power's total indebtedness to be less than or equal to 65.0% of total capitalization. In addition, the 2016 Merger Commitments provide for limitations on the amount of distributions that may be paid from Cleco Power to Cleco Holdings, depending on Cleco Power's common equity ratio and its corporate credit ratings.

The following table summarizes the cash distributions Cleco Holdings received from affiliates during 2025, 2024, and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Cleco Power | $**70000** | $95000 | $94838 |
| Cleco Cajun | **—** | 101000 | 101000 |
| Total | $**70000** | $196000 | $195838 |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

During the years ended December 31, 2025, 2024, and 2023, Cleco Holdings made no contributions to affiliates.

During the years ended December 31, 2025, 2024, and 2023, Cleco Holdings received no equity contributions from Cleco Group.

During the year ended December 31, 2025, Cleco Holdings made no distribution payments to Cleco Group. During the years ended December 31, 2024, and 2023, Cleco Holdings made $145.0 million, and $53.5 million, respectively, of distribution payments to Cleco Group.

**Note 5 — Income Taxes**<br>

Cleco Holdings' (Parent Company Only) Condensed Statements of Income reflect income tax (benefit) expense for the following line items:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, |
| (THOUSANDS) | **2025** | 2024 | 2023 |
| Federal and state income tax (benefit) expense  | $**(7771)** | $4515 | $(19048) |
| Equity income from subsidiaries - federal and state income tax expense (benefit) | $**31844** | $(5254) | $(44268) |

---

**Note 6 — Commitments and Contingencies**<br>

For information regarding commitments and contingencies related to Cleco Holdings, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees."

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| CLECO |  |  | SCHEDULE II | SCHEDULE II |
| VALUATION AND QUALIFYING ACCOUNTS |  |  |  |  |
| (THOUSANDS) | BALANCE AT<br>BEGINNING OF<br>PERIOD | ADDITIONS | DEDUCTIONS | BALANCE AT<br>END OF<br> PERIOD <sup>(1)</sup> |
| **Allowance for Credit Losses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Year Ended Dec. 31, 2025** | $**1337** | $**3194** | $**3256** | $**1275** |
| &nbsp;&nbsp;&nbsp;Year Ended Dec. 31, 2024 | $3012 | $3140 | $4815 | $1337 |
| &nbsp;&nbsp;&nbsp;Year Ended Dec. 31, 2023 | $1147 | $6804 | $4939 | $3012 |
| <sup>(1)</sup> Deducted in the consolidated balance sheet |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| CLECO POWER |  |  | SCHEDULE II | SCHEDULE II |
| VALUATION AND QUALIFYING ACCOUNTS |  |  |  |  |
| (THOUSANDS) | BALANCE AT<br>BEGINNING OF<br>PERIOD | ADDITIONS | DEDUCTIONS | BALANCE AT<br>END OF<br>PERIOD <sup>(1)</sup> |
| **Allowance for Credit Losses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Year Ended Dec. 31, 2025** | $**1337** | $**3194** | $**3256** | $**1275** |
| &nbsp;&nbsp;&nbsp;Year Ended Dec. 31, 2024 | $3012 | $3140 | $4815 | $1337 |
| &nbsp;&nbsp;&nbsp;Year Ended Dec. 31, 2023 | $1147 | $6804 | $4939 | $3012 |
| <sup>(1)</sup> Deducted in the consolidated balance sheet |  |  |  |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>Signatures</u>

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| | CLECO CORPORATE HOLDINGS LLC |
| | (Registrant) |
| By: | /s/ William G. Fontenot |
|  | (William G. Fontenot) |
|  | (President & Chief Executive Officer) |

---

Date: March 27, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| SIGNATURE | TITLE | DATE |
| /s/ William G. Fontenot | President & Chief Executive Officer | March 27, 2026 |
| (William G. Fontenot) | (Principal Executive Officer) |  |
| /s/ Kristin L. Guillory | Chief Financial Officer | March 27, 2026 |
| (Kristin L. Guillory) | (Principal Financial Officer) |  |
| /s/ Samuel S. Kennedy | Controller and Chief Accounting Officer | March 27, 2026 |
| (Samuel S. Kennedy) | (Principal Accounting Officer) |  |

---

---

| |
|:---|
| <u>MANAGERS\*</u> |
| Dylan D. Arnould |
| Andrew M. Chapman |
| Paraskevas Fronimos |
| Richard J. Gallot, Jr. |
| David R. Gilchrist |
| Christopher J. Leslie |
| Jon R. R. Perry |
| Aaron J. Rubin |
| Peggy B. Scott |
| Steven J. Turner |
| Bruce D. Wainer |

---

---

| | | |
|:---|:---|:---|
| \*By: | /s/ William G. Fontenot | March 27, 2026 |
|  | (William G. Fontenot, as Attorney-in-Fact) |  |

---

------

CLECO <br> <u>CLECO POWER</u>  <u>2025 FORM 10-K</u>

<u>Signatures</u>

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| | CLECO POWER LLC |
| | (Registrant) |
| By: | /s/ William G. Fontenot |
|  | (William G. Fontenot) |
|  | (Chief Executive Officer) |

---

Date: March 27, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| SIGNATURE | TITLE | DATE |
| /s/ William G. Fontenot | Chief Executive Officer | March 27, 2026 |
| (William G. Fontenot) | (Principal Executive Officer) |  |
| /s/ Kristin L. Guillory | Chief Financial Officer | March 27, 2026 |
| (Kristin L. Guillory) | (Principal Financial Officer) |  |
| /s/ Samuel S. Kennedy | Controller and Chief Accounting Officer | March 27, 2026 |
| (Samuel S. Kennedy) | (Principal Accounting Officer) |  |

---

---

| |
|:---|
| <u>MANAGERS\*</u> |
| Andrew M. Chapman |
| Paraskevas Fronimos |
| Richard J. Gallot, Jr. |
| David R. Gilchrist |
| Christopher J. Leslie |
| Jon R. R. Perry |
| Aaron J. Rubin |
| Peggy B. Scott |
| Melissa M. Stark |
| Steven J. Turner |
| Bruce D. Wainer |

---

---

| | | |
|:---|:---|:---|
| \*By: | /s/ William G. Fontenot | March 27, 2026 |
|  | (William G. Fontenot, as Attorney-in-Fact) |  |

---

## Exhibit 10.1

Exhibit 10.1

**CLECO CORPORATE HOLDINGS LLC AMENDED AND RESTATED**

**2025 EXECUTIVE RETENTION PLAN**

------

**CLECO CORPORATE HOLDINGS LLC** 

**AMENDED AND RESTATED**

**2025 EXECUTIVE RETENTION PLAN**

**TABLE OF CONTENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Page**

ARTICLE I. PURPOSE&nbsp;&nbsp;&nbsp;&nbsp;1

ARTICLE II. DEFINITIONS&nbsp;&nbsp;&nbsp;&nbsp;1

&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;Affiliate&nbsp;&nbsp;&nbsp;&nbsp;1

&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;Base Salary&nbsp;&nbsp;&nbsp;&nbsp;1

&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary&nbsp;&nbsp;&nbsp;&nbsp;1

&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;Board or Board of Managers&nbsp;&nbsp;&nbsp;&nbsp;1

&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;Cause&nbsp;&nbsp;&nbsp;&nbsp;1

&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;Change in Control&nbsp;&nbsp;&nbsp;&nbsp;2

&nbsp;&nbsp;&nbsp;&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;Change in Control Period&nbsp;&nbsp;&nbsp;&nbsp;3

&nbsp;&nbsp;&nbsp;&nbsp;2.8&nbsp;&nbsp;&nbsp;&nbsp;Code&nbsp;&nbsp;&nbsp;&nbsp;3

&nbsp;&nbsp;&nbsp;&nbsp;2.9&nbsp;&nbsp;&nbsp;&nbsp;Committee&nbsp;&nbsp;&nbsp;&nbsp;3

&nbsp;&nbsp;&nbsp;&nbsp;2.10&nbsp;&nbsp;&nbsp;&nbsp;Company&nbsp;&nbsp;&nbsp;&nbsp;3

&nbsp;&nbsp;&nbsp;&nbsp;2.11&nbsp;&nbsp;&nbsp;&nbsp;Disability&nbsp;&nbsp;&nbsp;&nbsp;3

&nbsp;&nbsp;&nbsp;&nbsp;2.12&nbsp;&nbsp;&nbsp;&nbsp;Employee&nbsp;&nbsp;&nbsp;&nbsp;3

&nbsp;&nbsp;&nbsp;&nbsp;2.13&nbsp;&nbsp;&nbsp;&nbsp;Employer&nbsp;&nbsp;&nbsp;&nbsp;3

&nbsp;&nbsp;&nbsp;&nbsp;2.14&nbsp;&nbsp;&nbsp;&nbsp;Exchange Act&nbsp;&nbsp;&nbsp;&nbsp;3

&nbsp;&nbsp;&nbsp;&nbsp;2.15&nbsp;&nbsp;&nbsp;&nbsp;Good Reason&nbsp;&nbsp;&nbsp;&nbsp;3

&nbsp;&nbsp;&nbsp;&nbsp;2.16&nbsp;&nbsp;&nbsp;&nbsp;Involuntary or Involuntarily&nbsp;&nbsp;&nbsp;&nbsp;4

&nbsp;&nbsp;&nbsp;&nbsp;2.17&nbsp;&nbsp;&nbsp;&nbsp;Participant&nbsp;&nbsp;&nbsp;&nbsp;4

&nbsp;&nbsp;&nbsp;&nbsp;2.18&nbsp;&nbsp;&nbsp;&nbsp;Plan&nbsp;&nbsp;&nbsp;&nbsp;4

&nbsp;&nbsp;&nbsp;&nbsp;2.19&nbsp;&nbsp;&nbsp;&nbsp;Target Amount&nbsp;&nbsp;&nbsp;&nbsp;4

&nbsp;&nbsp;&nbsp;&nbsp;2.20&nbsp;&nbsp;&nbsp;&nbsp;Retention Incentive&nbsp;&nbsp;&nbsp;&nbsp;4

&nbsp;&nbsp;&nbsp;&nbsp;2.21&nbsp;&nbsp;&nbsp;&nbsp;Retention Period&nbsp;&nbsp;&nbsp;&nbsp;4

&nbsp;&nbsp;&nbsp;&nbsp;2.22&nbsp;&nbsp;&nbsp;&nbsp;Separation Date or Separation from Service&nbsp;&nbsp;&nbsp;&nbsp;5

&nbsp;&nbsp;&nbsp;&nbsp;2.23&nbsp;&nbsp;&nbsp;&nbsp;Specified Employee&nbsp;&nbsp;&nbsp;&nbsp;5

ARTICLE III. ADOPTION&nbsp;&nbsp;&nbsp;&nbsp;5

&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;Adoption and Effective Date&nbsp;&nbsp;&nbsp;&nbsp;5

&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;Duration&nbsp;&nbsp;&nbsp;&nbsp;5

ARTICLE IV. PARTICIPATION&nbsp;&nbsp;&nbsp;&nbsp;5

&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;Eligibility&nbsp;&nbsp;&nbsp;&nbsp;5

&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;No Continued Employment&nbsp;&nbsp;&nbsp;&nbsp;5

ARTICLE V. ADMINISTRATION OF PLAN&nbsp;&nbsp;&nbsp;&nbsp;6

&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;Composition of/Actions by the Committee&nbsp;&nbsp;&nbsp;&nbsp;6

&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;Power and Authority&nbsp;&nbsp;&nbsp;&nbsp;6

ARTICLE VI. RETENTION INCENTIVES&nbsp;&nbsp;&nbsp;&nbsp;6

&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;Retention and Target Price Objectives.&nbsp;&nbsp;&nbsp;&nbsp;6

&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;Vesting and Forfeiture&nbsp;&nbsp;&nbsp;&nbsp;9

&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;Time and Form of Payment&nbsp;&nbsp;&nbsp;&nbsp;10

&nbsp;&nbsp;&nbsp;&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;Tax Withholding&nbsp;&nbsp;&nbsp;&nbsp;10

ARTICLE VII. MISCELLANEOUS&nbsp;&nbsp;&nbsp;&nbsp;10

Amended and Restated 2025 Executive Retention Plan i

------

&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;Amendment&nbsp;&nbsp;&nbsp;&nbsp;10

&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;Transferability of Retention Incentives&nbsp;&nbsp;&nbsp;&nbsp;10

&nbsp;&nbsp;&nbsp;&nbsp;7.3&nbsp;&nbsp;&nbsp;&nbsp;Agreements&nbsp;&nbsp;&nbsp;&nbsp;11

&nbsp;&nbsp;&nbsp;&nbsp;7.4&nbsp;&nbsp;&nbsp;&nbsp;Governing Law&nbsp;&nbsp;&nbsp;&nbsp;11

&nbsp;&nbsp;&nbsp;&nbsp;7.5&nbsp;&nbsp;&nbsp;&nbsp;Other Benefits&nbsp;&nbsp;&nbsp;&nbsp;11

&nbsp;&nbsp;&nbsp;&nbsp;7.6&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Code Section 409A&nbsp;&nbsp;&nbsp;&nbsp;11

&nbsp;&nbsp;&nbsp;&nbsp;7.7&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Code Sections 280G and 4999.&nbsp;&nbsp;&nbsp;&nbsp;11

&nbsp;&nbsp;&nbsp;&nbsp;7.8&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality.&nbsp;&nbsp;&nbsp;&nbsp;12

Amended and Restated 2025 Executive Retention Plan ii

------

**CLECO CORPORATE HOLDINGS LLC AMENDED AND RESTATED**

**2025 EXECUTIVE RETENTION PLAN**

Cleco Corporate Holdings LLC (the "Company"), hereby establishes the Amended and Restated 2025 Executive Retention Plan (the "Plan") for the benefit of eligible employees.

**ARTICLE I. PURPOSE**

This Plan, effective as of January 1, 2026, amends and restates in its entirety the 2025 Executive Retention Plan, dated October 17, 2025 (the "Prior Plan"). It is designed to retain key officers, executives and employees of the Company who support the Company's business strategies and development through a Change in Control.

**ARTICLE II. DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1&nbsp;&nbsp;&nbsp;&nbsp;Affiliate** means any corporation or other form of entity of which the Company, owns, from time to time, directly or indirectly, at least 50% of the total combined voting power of all classes of stock or other equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2&nbsp;&nbsp;&nbsp;&nbsp;Base Salary** means an Employee's periodic regular rate of pay, determined without regard to any bonus, incentive, equity compensation, fringe benefit or similar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary** means the Participant's surviving spouse or estate, as determined in the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4&nbsp;&nbsp;&nbsp;&nbsp;Board or Board of Managers** means the Board of Managers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5&nbsp;&nbsp;&nbsp;&nbsp;Cause**, unless otherwise specified in an employment or similar agreement between a Participant and the Company, means that a Participant has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;**Committed an intentional act of fraud, embezzlement or theft in the course of employment or otherwise engaged in any intentional misconduct which is injurious to the financial condition or business reputation of the Company or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;**Committed intentional damage to the property of the Company and its Affiliates or committed intentional wrongful disclosure of proprietary information or confidential information, which is injurious to the financial condition or business reputation of the Company or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;**Been convicted with no further possibility of appeal, or entered a guilty or

*nolo contendere* plea, for a felony or a crime involving moral turpitude;

Amended and Restated 2025 Executive Retention Plan Page 1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)&nbsp;&nbsp;&nbsp;&nbsp;**Willfully and substantially refused to perform the essential duties of his or her position after written notice from the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)&nbsp;&nbsp;&nbsp;&nbsp;**Intentionally, recklessly or negligently violated any provision of the Company's code of conduct or equivalent code of policy that is applicable to the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)&nbsp;&nbsp;&nbsp;&nbsp;**Intentionally, recklessly or negligently acted or failed to act in a manner which materially compromises his or her ability to perform the essential duties of his or her position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)&nbsp;&nbsp;&nbsp;&nbsp;**Intentionally, recklessly or negligently violated any material provision of the Sarbanes-Oxley Act of 2002 or any of the rules adopted by the Securities and Exchange Commission implementing any such provision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)&nbsp;&nbsp;&nbsp;&nbsp;**Failed to fully cooperate to the extent requested by the Company or an Affiliate with investigations by government or independent agencies involving the Company or an Affiliate.

No act or failure to act on the part of a Participant will be deemed intentional if it was due primarily to an error in judgment or negligence, but will be deemed intentional only if done or omitted to be done by a Participant not in good faith and without reasonable belief that his or her action or omission was in the best interest of the Company or an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6&nbsp;&nbsp;&nbsp;&nbsp;Change in Control** means and shall be deemed to occur upon the consummation

of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;**Any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than the Company or an Affiliate or any "person" who on the effective date of this Plan is a director, officer, or is the "beneficial owner" (as determined in Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the combined voting power of outstanding securities of the Company or an employee stock ownership plan (within the meaning of Code Section 4975(e)(7)) sponsored by the Company or an Affiliate, is or becomes the "beneficial owner" (as determined in Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the combined voting power of the outstanding securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;**The Company is party to a merger or consolidation with another entity and, as a result of such transaction, 50% or more of the combined voting power of outstanding securities of the Company or its successor in the merger (or a direct or indirect parent company of the Company or its successor in the merger) is owned in the aggregate by persons who were not "beneficial owners" (as determined in Rule 13d-3 promulgated under the Exchange Act) of securities of the Company immediately before such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;**The Company sells, leases, or otherwise disposes of, in one transaction or in a series of related transactions, all or substantially all of its assets;

Amended and Restated 2025 Executive Retention Plan Page 2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)&nbsp;&nbsp;&nbsp;&nbsp;**The owners of the Company approve a plan of dissolution or liquidation;

or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)&nbsp;&nbsp;&nbsp;&nbsp;**All or substantially all of the assets or the issued and outstanding

membership interests of the Company, Cleco Group LLC, or Cleco Power LLC, is sold, leased or otherwise disposed of in one or a series of related transactions to a person, other than the Company or an Affiliate.

The Board of Managers shall determine whether a Change in Control has occurred hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7&nbsp;&nbsp;&nbsp;&nbsp;Change in Control Period** means the 60-day period preceding and the 12- month period following the consummation of a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8&nbsp;&nbsp;&nbsp;&nbsp;Code** means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9&nbsp;&nbsp;&nbsp;&nbsp;Committee** means the Leadership Development & Compensation Committee appointed according to Section 5.1 to administer this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10&nbsp;&nbsp;&nbsp;&nbsp;Company** means Cleco Corporate Holdings LLC**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11&nbsp;&nbsp;&nbsp;&nbsp;Disability** means that a Participant, by reason of a medically determinable physical or mental impairment that can be expected to result in death or last for a continuous period of not less than 12 months, (a) has been receiving income replacement benefits for a period of not less than three months under a separate long-term disability plan or policy maintained by the Company or an Affiliate, or (b) is unable to engage in gainful employment similar in complexity, responsibility, and compensation to his employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12&nbsp;&nbsp;&nbsp;&nbsp;Employee** means a regular, common law employee of the Company and/or an Affiliate determined in accordance with the Employer's standard personnel policies and practices, but excluding individuals who the Employer classifies as leased or otherwise employed by a third party, independent contractors or intermittent or temporary employees, even if any such classification is modified by audit, administrative proceeding, litigation or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13&nbsp;&nbsp;&nbsp;&nbsp;Employer** means the Company and its Affiliates, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14&nbsp;&nbsp;&nbsp;&nbsp;Exchange Act** means the Securities Exchange Act of 1934, as amended, including any rule, regulation or interpretation promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15&nbsp;&nbsp;&nbsp;&nbsp;Good Reason** means that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;**a Participant's Base Salary in effect immediately before the commencement of a Change in Control Period is materially reduced, or there is a material reduction or termination of such Participant's rights to any employee benefit in effect immediately prior to such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;**a Participant's authority, duties or responsibilities are materially reduced from those in effect immediately before the commencement of a Change in Control

Amended and Restated 2025 Executive Retention Plan Page 3

------

Period, or such Participant has reasonably determined that, as a result of a change in circumstances that materially affects his or her employment with the Company, he or she is unable to exercise the authority, power, duties and responsibilities assigned to him or her immediately before the commencement of such period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;**a Participant is required to transfer to an office or business location that is more than 60 miles from the primary location to which he or she was assigned immediately prior to the commencement of a Change in Control Period.

No event or condition shall constitute Good Reason hereunder unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)&nbsp;&nbsp;&nbsp;&nbsp;**a Participant provides to the Committee written notice of his or her objection to such event not later than sixty (60) days after such Participant first learns, or should have learned, of such event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)&nbsp;&nbsp;&nbsp;&nbsp;**such event is not corrected by the Company promptly after receipt of such notice, but in no event more than thirty (30) days after receipt thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)&nbsp;&nbsp;&nbsp;&nbsp;**such Participant Separates from Service not more than twelve (12) months following the occurrence of such event.

A majority of the Committee, as constituted immediately before the commencement of a Change in Control Period, shall determine whether any Separation from Service is on account of Good Reason as defined herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16&nbsp;&nbsp;&nbsp;&nbsp;Involuntary or Involuntarily** means a Separation from Service because of the independent exercise of the unilateral authority of the Employer to terminate the Participant's services, other than because of the Participant's implicit or explicit request, if the Participant was willing and able to continue performing services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17&nbsp;&nbsp;&nbsp;&nbsp;Participant** means an Employee who is granted or awarded a Retention Incentive under this Plan as provided in Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18&nbsp;&nbsp;&nbsp;&nbsp;Plan** means this Amended and Restated 2025 Executive Retention Plan, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19&nbsp;&nbsp;&nbsp;&nbsp;Target Amount** means the amount specified by the Committee, as approved by the Board, for each Participant. Such Target Amounts are expected to range between 100% to 200% of a Participant's Base Salary at the time of designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.20&nbsp;&nbsp;&nbsp;&nbsp;Retention Incentive** means a bonus payable under Section 6.1 of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.21&nbsp;&nbsp;&nbsp;&nbsp;Retention Period** means the 12-month period commencing as of the closing date of the Change in Control.

Amended and Restated 2025 Executive Retention Plan Page 4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.22&nbsp;&nbsp;&nbsp;&nbsp;Separation Date or Separation from Service** means the later of the date on which (a) a Participant's employment with the Company and its Affiliates ceases, or (b) the Company and such Participant reasonably anticipate that he or she will perform no further services for the Company and its Affiliates, whether as a common law employee or independent contractor. Notwithstanding the foregoing, a Participant may be deemed to have Separated from Service if he or she continues to provide services to the Company or an Affiliate, whether as an employee or an independent contractor, provided such continuing services are not more than 20% of the average level of services performed by such Participant during the immediately preceding 36-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.23&nbsp;&nbsp;&nbsp;&nbsp;Specified Employee** shall be determined in accordance with Code Section 409A and shall generally mean that a Participant is a "key employee" of the Company or an Affiliate, within the meaning of Code Section 416(i)(1)(A)(i), (ii) or (iii), but determined without regard to paragraph (i)(5) thereof, as of his or her Separation Date. A Participant who satisfies such requirement as of a December 31st shall be considered a Specified Employee hereunder during the 12-month period commencing on the immediately following April 1st.

**ARTICLE III. ADOPTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1&nbsp;&nbsp;&nbsp;&nbsp;Adoption and Effective Date.** This Plan, which amends and restates in its entirety the Prior Plan, is effective as of January 1, 2026 (the "Effective Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2&nbsp;&nbsp;&nbsp;&nbsp;Duration.** This Plan shall commence on its Effective Date and shall remain in effect until the earlier of: (a) the end of the thirty-six (36) month period beginning with the Effective Date of this Plan, which period may be subsequently extended by the Board upon recommendation by the Committee, during which a Change in Control has not occurred; or (b) assuming a Change in Control has occurred within the period described in subsection (a) hereof, the date all Retention Incentives have been satisfied by cash payments or have been expired, terminated or forfeited.

**ARTICLE IV. PARTICIPATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1&nbsp;&nbsp;&nbsp;&nbsp;Eligibility.** Employees shall be eligible to receive Retention Incentives under this Plan, when designated by the Committee. Employees may be designated for participation hereunder individually or by groups or categories, in the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2&nbsp;&nbsp;&nbsp;&nbsp;No Continued Employment.** No Participant shall have any right to continue in the employ of the Company or an Affiliate for any period of time or any right to continue his or her present or any other rate of compensation on account of the grant or award of a Retention Incentive or other form of payment hereunder.

Amended and Restated 2025 Executive Retention Plan Page 5

------

**ARTICLE V. ADMINISTRATION OF PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1&nbsp;&nbsp;&nbsp;&nbsp;Composition of/Actions by the Committee.** This Plan shall be administered by a Leadership Development & Compensation Committee (the "Committee") that is appointed by the Board of Managers and that shall consist of not less than two persons. All powers granted to the Committee hereunder are subject to the approval and direction of the Board. The Committee, in its discretion, may delegate to one or more executive officers of the Company the authority to grant or award Retention Incentives hereunder, except that the authority to make grants and awards to the Company's named executive officers shall not be subject to delegation hereunder. Any grant or award made pursuant to such delegation shall be subject to subsequent ratification by the Board. Notwithstanding the foregoing, the Board of Managers may act in lieu of the Committee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2&nbsp;&nbsp;&nbsp;&nbsp;Power and Authority.** The Committee shall have the discretionary power and authority to (a) designate Participants hereunder, (b) grant or award Retention Incentives under the Plan, including the determination of the terms and conditions thereof, subject to the restrictions set forth in 6.2(d) and 7.1 hereof, (c) construe and interpret the provisions of the Plan and any form or agreement related thereto, (d) establish and adopt rules, regulations, and procedures relating to the Plan and the grant or award of Retention Incentives hereunder, including, without limitation, procedures for the crediting of periods of employment with an Affiliate and/or during any period of part-time employment, (e) interpret, apply and construe such rules, regulations and procedures, and (f) make any other determination which it believes necessary or advisable for the proper administration of the Plan. Notwithstanding the foregoing, any such Committee decision or determination shall be subject to the subsequent ratification by the Board of Managers.

Decisions, interpretations and actions of the Committee concerning matters related to the Plan shall be final and conclusive on the Company, its Affiliates and Participants and their beneficiaries or heirs. The Committee may make determinations selectively among Participants who receive or are eligible to receive Retention Incentives hereunder, whether or not such Participants are similarly situated.

For the avoidance of doubt, the Committee and/or the Board are expressly prohibited from amending this Plan, or any grant or award of Retention Incentives hereunder, to reduce any Retention Incentives without the Participant's consent thereto, as set forth in Section 7.1 hereof.

**ARTICLE VI. RETENTION INCENTIVES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1&nbsp;&nbsp;&nbsp;&nbsp;Retention and Target Price Objectives.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;In General**. The Retention Incentives payable under this Plan are based upon the following factors: (1) the Participant's continued employment with Employer for the duration of the Retention Period ("**Retention Objective**"); and (2) the transaction value realized from the Change in Control in relation to the target deal price goal as

Amended and Restated 2025 Executive Retention Plan Page 6

------

recommended by the Committee and approved by the Board ("**Target Price Objective**"). As of the Effective Date of this Plan, the Target Price Objective equals the highest price offered for the equity of Cleco Group LLC in the non-binding offers submitted prior to the Effective Date which assume a Change in Control closing date of December 31, 2026. The Board reserves the right to adjust the Target Price Objective as a result of changes in expected terms of a Change in Control, including but not limited to the anticipated closing date. The "**Threshold Target Price Objective**" for purposes of calculating any Retention Incentive shall equal the Target Price Objective minus five percent (5%) thereof. The "**Maximum Target Price Objective**" shall equal the Target Price Objective plus ten percent (10%) thereof. Notwithstanding anything to the contrary herein, in no event shall the Retention Incentive payable under this Plan be less than seventy-five percent (75%) or greater than one hundred fifty percent (150%), of a Participant's Target Amount. The Committee or its successor shall determine the amount of the Retention Incentive for each Participant, which shall be calculated as the sum of the following, provided that the Participant is employed by the Employer through the last day of the Retention Period and satisfies the vesting requirements in section 6.2 of the Plan:

As demonstrated below, the Retention Incentives shall be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)&nbsp;&nbsp;&nbsp;&nbsp;Retention Objective.** Fifty percent (50%) of the Participant's

Target Amount; ***plus***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)&nbsp;&nbsp;&nbsp;&nbsp;Target Price Objective.** No less than twenty-five percent (25%) and no greater than one-hundred percent (100%) of the Participant's Target Amount, determined on an interpolated, straight-line sliding scale basis depending on the attainment of the Target Price Objective as set forth below.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**Target Price Objective Payout** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retention Objective Payout** | &nbsp;&nbsp;&nbsp;&nbsp;***Total Potential Retention Incentive*** |
| &nbsp;&nbsp;&nbsp;**Threshold Target Price Objective (5% less than Target**<br>**Price Objective)** | &nbsp;&nbsp;&nbsp;&nbsp;<br>25% *times*<br>Target Amount | &nbsp;&nbsp;<br>50% *times* Target Amount | &nbsp;&nbsp;<br>**75% *times* Target Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Target Price Objective** | &nbsp;&nbsp;&nbsp;&nbsp;50% *times*<br>Target Amount | &nbsp;&nbsp;<br>50% *times* Target Amount | &nbsp;&nbsp;&nbsp;**100% *times***<br>**Target Amount** |
| &nbsp;&nbsp;&nbsp;**Maximum Target Price Objective (10% more than Target Price**<br>**Objective)** | &nbsp;&nbsp;&nbsp;&nbsp;<br>100% *times*<br>Target Amount | &nbsp;&nbsp;<br>50% *times* Target Amount | &nbsp;&nbsp;&nbsp;<br>**150% *times***<br>**Target Amount** |

---

Below are some examples evidencing the calculation of the Retention Incentives.

Amended and Restated 2025 Executive Retention Plan Page 7

------

***<u>Example 1:</u>*** Assume that Employee A's Base Salary in effect immediately before the Change in Control Period was $200,000.00. The Committee designates and the Board approves her Target Amount for purposes of this Plan as 150%. Her Target Amount is therefore $300,000.00 (*i.e.,* 150% *times* $200,000.00). Accordingly, her potential Retention Incentive is calculated as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<br>***<u>Example 1</u>*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Target Price Objective Payout** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retention Objective Payout** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Potential Retention Incentive*** |
| &nbsp;&nbsp;<br>**Threshold Target Price Objective (5% less than Target Price Objective)** | &nbsp;&nbsp;&nbsp;<br>$75,000.00<br>(*i.e.,* 25% *times*<br>$300,000.00) |  | &nbsp;&nbsp;**$225,000.00**<br>**(*i.e.*, 75% of Target Amount)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>$150000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$300000.00** |
| &nbsp;&nbsp;**Target Price Objective** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>(*i.e.,* 50% *times*<br>$300,000.00) | &nbsp;&nbsp;&nbsp;&nbsp;(*i.e.*, 50% *times*<br>$300,000.00) | &nbsp;&nbsp;**(*i.e.,* 100% of Target Amount)** |
| &nbsp;&nbsp;**Maximum Target Price Objective (10% more than Target Price Objective)** | &nbsp;&nbsp;&nbsp;<br>$300,000.00<br>(*i.e.,* 100% *times*<br>$300,000.00) |  | &nbsp;&nbsp;**$450,000.00**<br>**(*i.e.,* 150% of Target Amount)** |

---

***<u>Example 2:</u>*** Assume that Employee B's Base Salary in effect immediately before the Change in Control Period was $150,000.00. The Committee designates and the Board approves her Target Amount for purposes of this Plan as 100%. Her Target Amount is therefore $150,000.00 (*i.e.,* 100% *times* $150,000.00). Accordingly, her potential Retention Incentive is calculated as follows:

Amended and Restated 2025 Executive Retention Plan Page 8

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<br>***<u>Example 2</u>*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Target Price Objective Payout** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retention Objective Payout** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Potential Retention Incentive*** |
| &nbsp;&nbsp;&nbsp;<br>**Threshold Target Price Objective (5% less than Target Price Objective)** | &nbsp;&nbsp;&nbsp;<br>$37,500.00<br>(*i.e.,* 25% *times*<br>$150,000.00) |  | &nbsp;&nbsp;**$112,500.00**<br>**(*i.e.*, 75% of Target Amount)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>$75000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$150000.00** |
| &nbsp;&nbsp;**Target Price Objective** | &nbsp;&nbsp;&nbsp;&nbsp;<br>(*i.e.,* 50% *times*<br>$150,000.00) | &nbsp;&nbsp;&nbsp;&nbsp;(*i.e.*, 50% *times*<br>$150,000.00) | &nbsp;&nbsp;**(*i.e.,* 100% of Target Amount)** |
| &nbsp;&nbsp;**Maximum Target Price Objective (10% more than Target Price Objective)** | &nbsp;&nbsp;&nbsp;<br>$150,000.00<br>(*i.e.,* 100% *times*<br>$150,000.00) |  | &nbsp;&nbsp;**$225,000.00**<br>**(*i.e.,* 150% of Target Amount)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2&nbsp;&nbsp;&nbsp;&nbsp;Vesting and Forfeiture.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;In General.** A Participant shall become vested in one hundred percent (100%) of his Retention Incentive if the Participant remains employed by the Employer through the last day of the Retention Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;Voluntary Termination without Good Reason or Involuntary Termination for Cause.** Except as provided in sections 6.2(c) and (d), a Participant forfeits any unvested Retention Incentives if the Participant Separates from Service before the end of the Retention Period or if the Participant Separates from Service for Cause (regardless of whether the Separation from Service was Involuntary or voluntary at the Company's request).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;Involuntary Termination without Cause, Voluntary Termination for Good Reason, Disability, and Death.** A Participant will become vested in one hundred percent (100%) of the Retention Incentive if during the Retention Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)&nbsp;&nbsp;&nbsp;&nbsp;Involuntary.** The Participant Separates from Service with the Employer Involuntarily, other than for Cause and the Participant satisfies the requirements of section 6.2(e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)&nbsp;&nbsp;&nbsp;&nbsp;Separation from Service for Good Reason.** The Participant Separates from Service with Good Reason and the Participant satisfies the requirements of section 6.2(e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)&nbsp;&nbsp;&nbsp;&nbsp;Death.** The Participant dies; or

Amended and Restated 2025 Executive Retention Plan Page 9

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)&nbsp;&nbsp;&nbsp;&nbsp;Disability.** The Participant ceases to be actively employed by the Employer because of the Participant's Disability and the Participant satisfies the requirements of section 6.2(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)&nbsp;&nbsp;&nbsp;&nbsp;Plan Termination.** If the Board terminates the Plan during the Retention Period, all Participants will become vested in the Retention Incentive, provided the Participant satisfies the requirements of section 6.2(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)&nbsp;&nbsp;&nbsp;&nbsp;Waiver, Release and Covenants Agreement.** Vesting under Section 6.2(c) and (d) will not be available unless the Participant executes and timely delivers to the Company a waiver and release agreement in favor of the Company and its Affiliates that is substantially in the form attached to the Cleco Corporate Holdings LLC Executive Severance Plan, as it may be reasonably modified by the Committee from time to time to account for changes in applicable law or to protect the Company's and/or its Affiliates' business and economic value, provided that such modifications may not impose additional post-employment restrictive covenants on a Participant without such Participant's written consent. To be timely, the Participant must execute and return such agreement to the Company within the time specified in such agreement and so the Company can make payment to the Participant on the dates provided above and within the time provided by Treasury Regulation Section 1.409A-1(b)(4) or to otherwise comply with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3&nbsp;&nbsp;&nbsp;&nbsp;Time and Form of Payment.** A Participant's vested Retention Incentive for the Retention Period will be paid to the Participant or, in the case of death, to his Beneficiary as soon as administratively feasible following the earlier of: (a) the end of the Retention Period, (b) the Participant's Separation Date, or (c) the Plan's termination date pursuant to Section 6.2(d) hereof; but not later than the 60th day following such applicable date. In the event that such 60- day period spans two calendar years, the Retention Incentive shall be paid in the second year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4&nbsp;&nbsp;&nbsp;&nbsp;Tax Withholding.** Payments with respect to Retention Incentives shall be subject to payroll tax withholding according to applicable law.

**ARTICLE VII. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1&nbsp;&nbsp;&nbsp;&nbsp;Amendment.** The Committee or the Board of Managers, as the case may be, shall possess the authority to amend the terms of this Plan or of a Retention Incentive granted or awarded hereunder; provided, however, that no such amendment shall reduce any Retention Incentive granted or awarded hereunder or otherwise be materially adverse to a Participant without the consent of each affected Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2&nbsp;&nbsp;&nbsp;&nbsp;Transferability of Retention Incentives.** Except as expressly provided in this Section 7.2, no Retention Incentive granted hereunder shall be transferred, pledged, assigned, hypothecated, alienated or otherwise encumbered or sold by the holder thereof, whether by operation of law or otherwise, and whether voluntarily or involuntarily (except in the event of the holder's death by will or the laws of descent and distribution) and neither the Committee nor the

Amended and Restated 2025 Executive Retention Plan Page 10

------

Company shall be required to recognize any attempted assignment of such rights by any Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3&nbsp;&nbsp;&nbsp;&nbsp;Agreements.** The terms of each Retention Incentive granted or awarded hereunder shall be evidenced by a separate agreement between each Participant and the Committee setting forth the terms and conditions applicable to such Retention Incentive; such agreement shall be made in writing or by such electronic means as the Committee deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4&nbsp;&nbsp;&nbsp;&nbsp;Governing Law.** Except to the extent preempted by federal law, the Plan and any Retention Incentive granted under the Plan shall be governed by the laws of the State of Louisiana, without regard to the conflicts of law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5&nbsp;&nbsp;&nbsp;&nbsp;Other Benefits**. Retention Incentives granted to a Participant under the terms of the Plan shall not impair or otherwise reduce such Participant's compensation, life insurance or other benefits provided by the Company or its Affiliates; provided, however, that the value of Retention Incentives shall not be treated as compensation for purposes of computing the value or amount of any such benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Code Section 409A**. If any Retention Incentive is determined to be subject to Code Section 409A, this Plan and any agreement issued or procedure adopted in connection therewith is intended to comply and to be interpreted and construed in accordance with the provisions of Code Section 409A. With respect to any Code Section 409A governed Retention Incentive granted or awarded hereunder and notwithstanding any provision of this Plan or the terms of any such Retention Incentive to the contrary, the Committee (or its designee) shall exercise any discretion afforded hereunder only to the extent such discretion may be exercised in accordance with the provisions of Code Section 409A.

If a Participant is a Specified Employee as of his or her Separation Date, any cash payment to be made on account of such Participant's Separation from Service shall be postponed until the first business day of the seventh calendar month following his or her Separation Date. The Company shall make such payment at the time provided herein without liability for interest or other loss of investment opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Code Sections 280G and 4999.** Notwithstanding any contrary provisions in any other plan, program or policy of the Company or Employer, if all or any portion of the benefits payable under the Plan, either alone or together with other payments and benefits which the Participant receives or is entitled to from the Company or Employer or any other source, would constitute an "excess parachute payment" within the meaning of Section 280G of the Code, the Committee shall reduce the Participant's payments and benefits payable under the Plan to the extent necessary so that no portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code, but only if, by reason of such reduction, the net after-tax benefit after such reduction shall exceed the net after-tax benefit if such reduction were not made. The parachute payments shall be reduced in a manner that provides to the Participant the greatest economic benefit and to the extent the reduction of any two or more parachute payments

Amended and Restated 2025 Executive Retention Plan Page 11

------

would produce an economically equivalent benefit to the Participant, each shall be reduced pro rata.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality.** Notwithstanding any contrary provisions in this Plan or any other plan, program, agreement, or policy of the Company or Employer, each Participant hereunder shall be bound by the confidentiality obligations described herein. Each Participant agrees and acknowledges that in the course of his or her employment with the Company and/or his or her participation in the Plan, the Participant has obtained confidential, proprietary and/or trade secret information of the Company, relating to, among other things, (a) programs, strategies, information or materials related to the business, services, manner of operation and activities of the Company, (b) customers, suppliers, dealers, distributors, clients, vendors or prospects of the Company, (c) business plans, business strategies, and employee names and information, (d) trade secrets, patent applications, and other intellectual property of the Company, and (e) customer proprietary network information and personal information of directors, officers, employees, customers, agents, suppliers or contractors; ***including but not limited to the Target Price Objective, Retention Incentive amounts, and any compensation or incentives payable or paid under the Plan (collectively referred to hereafter as "Confidential Information")***. Such Confidential Information shall be retained in the Participant's own confidence and shall not be disclosed, discussed, or transmitted by the Participant to any other person, entity or thing, regardless of whether that person, entity or thing is employed by, engaged by, related to, or affiliated with the Company, for any purpose at any time, without written approval by the Board of Managers or the Committee, unless and until such information has become public knowledge without fault by the Participant. However, Participant may discuss Confidential Information related to this Plan with the Chief Financial Officer or Chief Executive Officer of the Company at any time.

This Plan was approved by the Board of Managers of Cleco Corporate Holdings LLC on the date indicated below to be effective as of January 1, 2026.

**Cleco Corporate Holdings LLC**

By: <u>/s/ Peggy B. Scott&nbsp;&nbsp;&nbsp;&nbsp;</u>Print Name: <u>Peggy B. Scott&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title: <u>Board Chair&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date: <u>January 6, 2026&nbsp;&nbsp;&nbsp;&nbsp;</u>

Amended and Restated 2025 Executive Retention Plan Page 12

## Ex-21

---

| | |
|:---|:---|
| CLECO CORPORATE HOLDINGS LLC | EXHIBIT 21 |
| Subsidiaries of the Registrant as of December 31, 2025 | Subsidiaries of the Registrant as of December 31, 2025 |

---

---

| | |
|:---|:---|
| <br><u>SUBSIDIARIES OF REGISTRANT OR ORGANIZATION</u> | <br><u>STATE OF INCORPORATION</u> |
| Cleco Power LLC | Louisiana |
| Cleco Securitization I LLC | Louisiana |
| Cleco Securitization II LLC | Louisiana |

---

## Ex-24.A

EXHIBIT 24(a)

**CLECO CORPORATE HOLDINGS LLC**

**POWER OF ATTORNEY**

**WHEREAS**, Cleco Corporate Holdings LLC, a Louisiana limited liability company, (also known as the "Company") intends to file with the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934, as amended, an Annual Report on Form 10-K (the "Form 10-K") for the Company's fiscal year ended December 31, 2025, with any and all amendments thereto as may be necessary or appropriate, together with any and all exhibits and other documents having relation to the Form 10-K;

**NOW, THEREFORE**, the undersigned, in the capacity of a manager or officer or both a manager and officer of the Company, as the case may be, does hereby appoint William G. Fontenot, Kristin L. Guillory, Mark D. Kleehammer, and Robbyn S. Cooper, and each of them severally, his true and lawful attorney(s)-in-fact and agent(s) with power to act without the other, with full power of substitution and resubstitution, to execute in his name, place and stead, in any and all capacities, the Form 10-K and any and all amendments thereto and any and all instruments necessary or incidental in connection therewith, to file the same with the Commission and to appear before the Commission in connection with any matter relating thereto. Each of said attorneys-in-fact and agents shall have full power and authority to do and perform in the name and on behalf of the undersigned, in any and all capacities, every act whatsoever necessary or desirable to be done in the premises, as fully and to all intents and purposes as the undersigned might or could do in person, the undersigned hereby ratifying, approving and confirming the acts that said attorneys-in-fact and agents and each of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this power of attorney as of the 4<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ Dylan D. Arnould |
| Dylan D. Arnould |

---

------

**CLECO CORPORATE HOLDINGS LLC**

**CLECO POWER LLC**

**POWER OF ATTORNEY**

**WHEREAS**, Cleco Corporate Holdings LLC, a Louisiana limited liability company, the sole member of Cleco Power LLC, and Cleco Power LLC, a Louisiana limited liability company, (collectively known as the "Companies") intend to file with the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934, as amended, an Annual Report on Form 10-K (the "Form 10-K") for the Companies' fiscal year ended December 31, 2025, with any and all amendments thereto as may be necessary or appropriate, together with any and all exhibits and other documents having relation to the Form 10-K;

**NOW, THEREFORE**, the undersigned, in the capacity of a manager or officer or both a manager and officer of the Companies, as the case may be, does hereby appoint William G. Fontenot, Kristin L. Guillory, Mark D. Kleehammer, and Robbyn S. Cooper, and each of them severally, his true and lawful attorney(s)-in-fact and agent(s) with power to act without the other, with full power of substitution and resubstitution, to execute in his name, place and stead, in any and all capacities, the Form 10-K and any and all amendments thereto and any and all instruments necessary or incidental in connection therewith, to file the same with the Commission and to appear before the Commission in connection with any matter relating thereto. Each of said attorneys-in-fact and agents shall have full power and authority to do and perform in the name and on behalf of the undersigned, in any and all capacities, every act whatsoever necessary or desirable to be done in the premises, as fully and to all intents and purposes as the undersigned might or could do in person, the undersigned hereby ratifying, approving and confirming the acts that said attorneys-in-fact and agents and each of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this power of attorney as of the 4<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ Andrew M. Chapman |
| Andrew M. Chapman |

---

------

**CLECO CORPORATE HOLDINGS LLC**

**CLECO POWER LLC**

**POWER OF ATTORNEY**

**WHEREAS**, Cleco Corporate Holdings LLC, a Louisiana limited liability company, the sole member of Cleco Power LLC, and Cleco Power LLC, a Louisiana limited liability company, (collectively known as the "Companies") intend to file with the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934, as amended, an Annual Report on Form 10-K (the "Form 10-K") for the Companies' fiscal year ended December 31, 2025, with any and all amendments thereto as may be necessary or appropriate, together with any and all exhibits and other documents having relation to the Form 10-K;

**NOW, THEREFORE**, the undersigned, in the capacity of a manager or officer or both a manager and officer of the Companies, as the case may be, does hereby appoint William G. Fontenot, Kristin L. Guillory, Mark D. Kleehammer, and Robbyn S. Cooper, and each of them severally, his true and lawful attorney(s)-in-fact and agent(s) with power to act without the other, with full power of substitution and resubstitution, to execute in his name, place and stead, in any and all capacities, the Form 10-K and any and all amendments thereto and any and all instruments necessary or incidental in connection therewith, to file the same with the Commission and to appear before the Commission in connection with any matter relating thereto. Each of said attorneys-in-fact and agents shall have full power and authority to do and perform in the name and on behalf of the undersigned, in any and all capacities, every act whatsoever necessary or desirable to be done in the premises, as fully and to all intents and purposes as the undersigned might or could do in person, the undersigned hereby ratifying, approving and confirming the acts that said attorneys-in-fact and agents and each of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this power of attorney as of the 4<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ Paraskevas Fronimos |
| Paraskevas Fronimos |

---

------

**CLECO CORPORATE HOLDINGS LLC**

**CLECO POWER LLC**

**POWER OF ATTORNEY**

**WHEREAS**, Cleco Corporate Holdings LLC, a Louisiana limited liability company, the sole member of Cleco Power LLC, and Cleco Power LLC, a Louisiana limited liability company, (collectively known as the "Companies") intend to file with the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934, as amended, an Annual Report on Form 10-K (the "Form 10-K") for the Companies' fiscal year ended December 31, 2025, with any and all amendments thereto as may be necessary or appropriate, together with any and all exhibits and other documents having relation to the Form 10-K;

**NOW, THEREFORE**, the undersigned, in the capacity of a manager or officer or both a manager and officer of the Companies, as the case may be, does hereby appoint William G. Fontenot, Kristin L. Guillory, Mark D. Kleehammer, and Robbyn S. Cooper, and each of them severally, his true and lawful attorney(s)-in-fact and agent(s) with power to act without the other, with full power of substitution and resubstitution, to execute in his name, place and stead, in any and all capacities, the Form 10-K and any and all amendments thereto and any and all instruments necessary or incidental in connection therewith, to file the same with the Commission and to appear before the Commission in connection with any matter relating thereto. Each of said attorneys-in-fact and agents shall have full power and authority to do and perform in the name and on behalf of the undersigned, in any and all capacities, every act whatsoever necessary or desirable to be done in the premises, as fully and to all intents and purposes as the undersigned might or could do in person, the undersigned hereby ratifying, approving and confirming the acts that said attorneys-in-fact and agents and each of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this power of attorney as of the 4<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ Richard J. Gallot, Jr. |
| Richard J. Gallot, Jr. |

---

------

**CLECO CORPORATE HOLDINGS LLC**

**CLECO POWER LLC**

**POWER OF ATTORNEY**

**WHEREAS**, Cleco Corporate Holdings LLC, a Louisiana limited liability company, the sole member of Cleco Power LLC, and Cleco Power LLC, a Louisiana limited liability company, (collectively known as the "Companies") intend to file with the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934, as amended, an Annual Report on Form 10-K (the "Form 10-K") for the Companies' fiscal year ended December 31, 2025, with any and all amendments thereto as may be necessary or appropriate, together with any and all exhibits and other documents having relation to the Form 10-K;

**NOW, THEREFORE**, the undersigned, in the capacity of a manager or officer or both a manager and officer of the Companies, as the case may be, does hereby appoint William G. Fontenot, Kristin L. Guillory, Mark D. Kleehammer, and Robbyn S. Cooper, and each of them severally, his true and lawful attorney(s)-in-fact and agent(s) with power to act without the other, with full power of substitution and resubstitution, to execute in his name, place and stead, in any and all capacities, the Form 10-K and any and all amendments thereto and any and all instruments necessary or incidental in connection therewith, to file the same with the Commission and to appear before the Commission in connection with any matter relating thereto. Each of said attorneys-in-fact and agents shall have full power and authority to do and perform in the name and on behalf of the undersigned, in any and all capacities, every act whatsoever necessary or desirable to be done in the premises, as fully and to all intents and purposes as the undersigned might or could do in person, the undersigned hereby ratifying, approving and confirming the acts that said attorneys-in-fact and agents and each of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this power of attorney as of the 4<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ David R. Gilchrist |
| David R. Gilchrist |

---

------

**CLECO CORPORATE HOLDINGS LLC**

**CLECO POWER LLC**

**POWER OF ATTORNEY**

**WHEREAS**, Cleco Corporate Holdings LLC, a Louisiana limited liability company, the sole member of Cleco Power LLC, and Cleco Power LLC, a Louisiana limited liability company, (collectively known as the "Companies") intend to file with the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934, as amended, an Annual Report on Form 10-K (the "Form 10-K") for the Companies' fiscal year ended December 31, 2025, with any and all amendments thereto as may be necessary or appropriate, together with any and all exhibits and other documents having relation to the Form 10-K;

**NOW, THEREFORE**, the undersigned, in the capacity of a manager or officer or both a manager and officer of the Companies, as the case may be, does hereby appoint William G. Fontenot, Kristin L. Guillory, Mark D. Kleehammer, and Robbyn S. Cooper, and each of them severally, his true and lawful attorney(s)-in-fact and agent(s) with power to act without the other, with full power of substitution and resubstitution, to execute in his name, place and stead, in any and all capacities, the Form 10-K and any and all amendments thereto and any and all instruments necessary or incidental in connection therewith, to file the same with the Commission and to appear before the Commission in connection with any matter relating thereto. Each of said attorneys-in-fact and agents shall have full power and authority to do and perform in the name and on behalf of the undersigned, in any and all capacities, every act whatsoever necessary or desirable to be done in the premises, as fully and to all intents and purposes as the undersigned might or could do in person, the undersigned hereby ratifying, approving and confirming the acts that said attorneys-in-fact and agents and each of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this power of attorney as of the 4<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ Christopher J. Leslie |
| Christopher J. Leslie |

---

------

**CLECO CORPORATE HOLDINGS LLC**

**CLECO POWER LLC**

**POWER OF ATTORNEY**

**WHEREAS**, Cleco Corporate Holdings LLC, a Louisiana limited liability company, the sole member of Cleco Power LLC, and Cleco Power LLC, a Louisiana limited liability company, (collectively known as the "Companies") intend to file with the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934, as amended, an Annual Report on Form 10-K (the "Form 10-K") for the Companies' fiscal year ended December 31, 2025, with any and all amendments thereto as may be necessary or appropriate, together with any and all exhibits and other documents having relation to the Form 10-K;

**NOW, THEREFORE**, the undersigned, in the capacity of a manager or officer or both a manager and officer of the Companies, as the case may be, does hereby appoint William G. Fontenot, Kristin L. Guillory, Mark D. Kleehammer, and Robbyn S. Cooper, and each of them severally, his true and lawful attorney(s)-in-fact and agent(s) with power to act without the other, with full power of substitution and resubstitution, to execute in his name, place and stead, in any and all capacities, the Form 10-K and any and all amendments thereto and any and all instruments necessary or incidental in connection therewith, to file the same with the Commission and to appear before the Commission in connection with any matter relating thereto. Each of said attorneys-in-fact and agents shall have full power and authority to do and perform in the name and on behalf of the undersigned, in any and all capacities, every act whatsoever necessary or desirable to be done in the premises, as fully and to all intents and purposes as the undersigned might or could do in person, the undersigned hereby ratifying, approving and confirming the acts that said attorneys-in-fact and agents and each of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this power of attorney as of the 4<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ Jon R. R. Perry |
| Jon R. R. Perry |

---

------

**CLECO CORPORATE HOLDINGS LLC**

**CLECO POWER LLC**

**POWER OF ATTORNEY**

**WHEREAS**, Cleco Corporate Holdings LLC, a Louisiana limited liability company, the sole member of Cleco Power LLC, and Cleco Power LLC, a Louisiana limited liability company, (collectively known as the "Companies") intend to file with the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934, as amended, an Annual Report on Form 10-K (the "Form 10-K") for the Companies' fiscal year ended December 31, 2025, with any and all amendments thereto as may be necessary or appropriate, together with any and all exhibits and other documents having relation to the Form 10-K;

**NOW, THEREFORE**, the undersigned, in the capacity of a manager or officer or both a manager and officer of the Companies, as the case may be, does hereby appoint William G. Fontenot, Kristin L. Guillory, Mark D. Kleehammer, and Robbyn S. Cooper, and each of them severally, his true and lawful attorney(s)-in-fact and agent(s) with power to act without the other, with full power of substitution and resubstitution, to execute in his name, place and stead, in any and all capacities, the Form 10-K and any and all amendments thereto and any and all instruments necessary or incidental in connection therewith, to file the same with the Commission and to appear before the Commission in connection with any matter relating thereto. Each of said attorneys-in-fact and agents shall have full power and authority to do and perform in the name and on behalf of the undersigned, in any and all capacities, every act whatsoever necessary or desirable to be done in the premises, as fully and to all intents and purposes as the undersigned might or could do in person, the undersigned hereby ratifying, approving and confirming the acts that said attorneys-in-fact and agents and each of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this power of attorney as of the 4<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ Aaron J. Rubin |
| Aaron J. Rubin |

---

------

**CLECO CORPORATE HOLDINGS LLC**

**CLECO POWER LLC**

**POWER OF ATTORNEY**

**WHEREAS**, Cleco Corporate Holdings LLC, a Louisiana limited liability company, the sole member of Cleco Power LLC, and Cleco Power LLC, a Louisiana limited liability company, (collectively known as the "Companies") intend to file with the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934, as amended, an Annual Report on Form 10-K (the "Form 10-K") for the Companies' fiscal year ended December 31, 2025, with any and all amendments thereto as may be necessary or appropriate, together with any and all exhibits and other documents having relation to the Form 10-K;

**NOW, THEREFORE**, the undersigned, in the capacity of a manager or officer or both a manager and officer of the Companies, as the case may be, does hereby appoint William G. Fontenot, Kristin L. Guillory, Mark D. Kleehammer, and Robbyn S. Cooper, and each of them severally, her true and lawful attorney(s)-in-fact and agent(s) with power to act without the other, with full power of substitution and resubstitution, to execute in her name, place and stead, in any and all capacities, the Form 10-K and any and all amendments thereto and any and all instruments necessary or incidental in connection therewith, to file the same with the Commission and to appear before the Commission in connection with any matter relating thereto. Each of said attorneys-in-fact and agents shall have full power and authority to do and perform in the name and on behalf of the undersigned, in any and all capacities, every act whatsoever necessary or desirable to be done in the premises, as fully and to all intents and purposes as the undersigned might or could do in person, the undersigned hereby ratifying, approving and confirming the acts that said attorneys-in-fact and agents and each of them, or their or her substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this power of attorney as of the 4<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ Peggy B. Scott |
| Peggy B. Scott |

---

------

**CLECO POWER LLC**

**POWER OF ATTORNEY**

**WHEREAS**, Cleco Power LLC, a Louisiana limited liability company, (the "company"), intends to file with the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934, as amended, an Annual Report on Form 10-K (the "Form 10-K") for the Company's fiscal year ended December 31, 2025, with any and all amendments thereto as may be necessary or appropriate, together with any and all exhibits and other documents having relation to the Form 10-K;

**NOW, THEREFORE**, the undersigned, in the capacity of a manager or officer or both a manager and officer of the Company, as the case may be, does hereby appoint William G. Fontenot, Kristin L. Guillory, Mark D. Kleehammer, and Robbyn S. Cooper, and each of them severally, her true and lawful attorney(s)-in-fact and agent(s) with power to act without the other, with full power of substitution and resubstitution, to execute in her name, place and stead, in any and all capacities, the Form 10-K and any and all amendments thereto and any and all instruments necessary or incidental in connection therewith, to file the same with the Commission and to appear before the Commission in connection with any matter relating thereto. Each of said attorneys-in-fact and agents shall have full power and authority to do and perform in the name and on behalf of the undersigned, in any and all capacities, every act whatsoever necessary or desirable to be done in the premises, as fully and to all intents and purposes as the undersigned might or could do in person, the undersigned hereby ratifying, approving and confirming the acts that said attorneys-in-fact and agents and each of them, or their or her substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this power of attorney as of the 4<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ Melissa M. Stark |
| Melissa M. Stark |

---

------

**CLECO CORPORATE HOLDINGS LLC**

**CLECO POWER LLC**

**POWER OF ATTORNEY**

**WHEREAS**, Cleco Corporate Holdings LLC, a Louisiana limited liability company, the sole member of Cleco Power LLC, and Cleco Power LLC, a Louisiana limited liability company, (collectively known as the "Companies") intend to file with the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934, as amended, an Annual Report on Form 10-K (the "Form 10-K") for the Companies' fiscal year ended December 31, 2025, with any and all amendments thereto as may be necessary or appropriate, together with any and all exhibits and other documents having relation to the Form 10-K;

**NOW, THEREFORE**, the undersigned, in the capacity of a manager or officer or both a manager and officer of the Companies, as the case may be, does hereby appoint William G. Fontenot, Kristin L. Guillory, Mark D. Kleehammer, and Robbyn S. Cooper, and each of them severally, his true and lawful attorney(s)-in-fact and agent(s) with power to act without the other, with full power of substitution and resubstitution, to execute in his name, place and stead, in any and all capacities, the Form 10-K and any and all amendments thereto and any and all instruments necessary or incidental in connection therewith, to file the same with the Commission and to appear before the Commission in connection with any matter relating thereto. Each of said attorneys-in-fact and agents shall have full power and authority to do and perform in the name and on behalf of the undersigned, in any and all capacities, every act whatsoever necessary or desirable to be done in the premises, as fully and to all intents and purposes as the undersigned might or could do in person, the undersigned hereby ratifying, approving and confirming the acts that said attorneys-in-fact and agents and each of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this power of attorney as of the 4<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ Steven J. Turner |
| Steven J. Turner |

---

------

**CLECO CORPORATE HOLDINGS LLC**

**CLECO POWER LLC**

**POWER OF ATTORNEY**

**WHEREAS**, Cleco Corporate Holdings LLC, a Louisiana limited liability company, the sole member of Cleco Power LLC, and Cleco Power LLC, a Louisiana limited liability company, (collectively known as the "Companies") intend to file with the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934, as amended, an Annual Report on Form 10-K (the "Form 10-K") for the Companies' fiscal year ended December 31, 2025, with any and all amendments thereto as may be necessary or appropriate, together with any and all exhibits and other documents having relation to the Form 10-K;

**NOW, THEREFORE**, the undersigned, in the capacity of a manager or officer or both a manager and officer of the Companies, as the case may be, does hereby appoint William G. Fontenot, Kristin L. Guillory, Mark D. Kleehammer, and Robbyn S. Cooper, and each of them severally, his true and lawful attorney(s)-in-fact and agent(s) with power to act without the other, with full power of substitution and resubstitution, to execute in his name, place and stead, in any and all capacities, the Form 10-K and any and all amendments thereto and any and all instruments necessary or incidental in connection therewith, to file the same with the Commission and to appear before the Commission in connection with any matter relating thereto. Each of said attorneys-in-fact and agents shall have full power and authority to do and perform in the name and on behalf of the undersigned, in any and all capacities, every act whatsoever necessary or desirable to be done in the premises, as fully and to all intents and purposes as the undersigned might or could do in person, the undersigned hereby ratifying, approving and confirming the acts that said attorneys-in-fact and agents and each of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this power of attorney as of the 4<sup>th</sup> day of March, 2026.

---

| |
|:---|
| /s/ Bruce D. Wainer |
| Bruce D. Wainer |

---

## Exhibit 31.1

<u>CLECO CORPORATE HOLDINGS LLC</u> <u>EXHIBIT 31.1</u>

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302

OF THE SARBANES–OXLEY ACT OF 2002

I, William G. Fontenot, certify that:

1. I have reviewed this annual report on Form 10-K for the fiscal year ended December 31, 2025, of Cleco Corporate Holdings LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 27, 2026 |
| /s/ William G. Fontenot | /s/ William G. Fontenot |
| William G. Fontenot<br>President & Chief Executive Officer | William G. Fontenot<br>President & Chief Executive Officer |

---

## Exhibit 31.2

<u>CLECO CORPORATE HOLDINGS LLC</u> <u>EXHIBIT 31.2</u>

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302

OF THE SARBANES–OXLEY ACT OF 2002

I, Kristin L. Guillory, certify that:

1. I have reviewed this annual report on Form 10-K for the fiscal year ended December 31, 2025, of Cleco Corporate Holdings LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 27, 2026 |
| /s/ Kristin L. Guillory | /s/ Kristin L. Guillory |
| Kristin L. Guillory<br>Chief Financial Officer | Kristin L. Guillory<br>Chief Financial Officer |

---

## Exhibit 31.3

<u>CLECO POWER LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>EXHIBIT 31.3</u>

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302

OF THE SARBANES–OXLEY ACT OF 2002

I, William G. Fontenot, certify that:

1. I have reviewed this annual report on Form 10-K for the fiscal year ended December 31, 2025, of Cleco Power LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 27, 2026 |
| /s/ William G. Fontenot | /s/ William G. Fontenot |
| William G. Fontenot<br>Chief Executive Officer | William G. Fontenot<br>Chief Executive Officer |

---

## Exhibit 31.4

<u>CLECO POWER LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>EXHIBIT 31.4</u>

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302

OF THE SARBANES–OXLEY ACT OF 2002

I, Kristin L. Guillory, certify that:

1. I have reviewed this annual report on Form 10-K for the fiscal year ended December 31, 2025, of Cleco Power LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 27, 2026 |
| /s/ Kristin L. Guillory | /s/ Kristin L. Guillory |
| Kristin L. Guillory<br>Chief Financial Officer | Kristin L. Guillory<br>Chief Financial Officer |

---

## Exhibit 32.1

<u>CLECO CORPORATE HOLDINGS LLC</u> <u>EXHIBIT 32.1</u>

---

| |
|:---|
| CERTIFICATION PURSUANT TO |
| 18 U.S.C. SECTION 1350, |
| AS ADOPTED PURSUANT TO |
| SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 |

---

In connection with the Annual Report of Cleco Corporate Holdings LLC (the "Company") on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, William G. Fontenot, President & Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: | March 27, 2026 |
| /s/ William G. Fontenot | /s/ William G. Fontenot |
| William G. Fontenot<br>President & Chief Executive Officer | William G. Fontenot<br>President & Chief Executive Officer |

---

## Exhibit 32.2

<u>CLECO CORPORATE HOLDINGS LLC</u> <u>EXHIBIT 32.2</u>

---

| |
|:---|
| CERTIFICATION PURSUANT TO |
| 18 U.S.C. SECTION 1350, |
| AS ADOPTED PURSUANT TO |
| SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 |

---

In connection with the Annual Report of Cleco Corporate Holdings LLC (the "Company") on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kristin L. Guillory, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: | March 27, 2026 |
| /s/ Kristin L. Guillory | /s/ Kristin L. Guillory |
| Kristin L. Guillory<br>Chief Financial Officer | Kristin L. Guillory<br>Chief Financial Officer |

---

## Exhibit 32.3

<u>CLECO POWER LLC</u> <u>EXHIBIT 32.3</u>

---

| |
|:---|
| CERTIFICATION PURSUANT TO |
| 18 U.S.C. SECTION 1350, |
| AS ADOPTED PURSUANT TO |
| SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 |

---

In connection with the Annual Report of Cleco Power LLC (the "Company") on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, William G. Fontenot, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: | March 27, 2026 |
| /s/ William G. Fontenot | /s/ William G. Fontenot |
| William G. Fontenot<br>Chief Executive Officer | William G. Fontenot<br>Chief Executive Officer |

---

## Exhibit 32.4

<u>CLECO POWER LLC</u> <u>EXHIBIT 32.4</u>

---

| |
|:---|
| CERTIFICATION PURSUANT TO |
| 18 U.S.C. SECTION 1350, |
| AS ADOPTED PURSUANT TO |
| SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 |

---

In connection with the Annual Report of Cleco Power LLC (the "Company") on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kristin L. Guillory, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: | March 27, 2026 |
| /s/ Kristin L. Guillory | /s/ Kristin L. Guillory |
| Kristin L. Guillory<br>Chief Financial Officer | Kristin L. Guillory<br>Chief Financial Officer |

---

<br>