# EDGAR Filing Document

**Accession Number:** 0001089819
**File Stem:** 0001089819-25-000022
**Filing Date:** 2025-11
**Character Count:** 355288
**Document Hash:** a2616685f764911a7ab881ec52203cc2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001089819-25-000022.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001089819-25-000022

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 115

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**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-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15759
- **FILM NUMBER:** 251462824

**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-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05663
- **FILM NUMBER:** 251462825

**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-20250930

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q** 

&nbsp;&nbsp;&nbsp;&nbsp;☒**&nbsp;&nbsp;&nbsp;&nbsp;QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025** 

**Or**

&nbsp;&nbsp;&nbsp;&nbsp;☐**&nbsp;&nbsp;&nbsp;&nbsp;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.)* |

---

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

*&nbsp;&nbsp;&nbsp;&nbsp; (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;&nbsp;&nbsp;&nbsp;&nbsp; (Zip Code)*

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

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

*&nbsp;&nbsp;&nbsp;&nbsp; (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;&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:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| Cleco Corporate Holdings LLC: None | Cleco Power LLC: None |

---

Indicate by check mark whether the Registrants: (1) have 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 Registrants were required to file such reports) and (2) have 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 (§232.405 of this chapter) 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, 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 ☐&nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer ☐&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

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

Indicate by check mark whether Cleco Power LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 the Registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

This Combined Quarterly Report on Form 10-Q (this "Quarterly Report on Form 10-Q") 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 Quarterly Report on Form 10-Q should be read in its entirety as it pertains to each respective Registrant. The Notes to the Unaudited Condensed Consolidated Financial Statements for the Registrants and certain other sections of this Quarterly Report on Form 10-Q are combined.

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | |
| | | PAGE |
| <u>[GLOSSARY OF TERMS](#i9ecff8c14ed54a52851c13b2b9f1a2a7_10)</u> | <u>[GLOSSARY OF TERMS](#i9ecff8c14ed54a52851c13b2b9f1a2a7_10)</u> | [3](#i9ecff8c14ed54a52851c13b2b9f1a2a7_10) |
| <u>[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i9ecff8c14ed54a52851c13b2b9f1a2a7_13)</u> | <u>[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i9ecff8c14ed54a52851c13b2b9f1a2a7_13)</u> | [6](#i9ecff8c14ed54a52851c13b2b9f1a2a7_13) |
| **[PART I](#i9ecff8c14ed54a52851c13b2b9f1a2a7_19)** | **[Financial Information](#i9ecff8c14ed54a52851c13b2b9f1a2a7_19)** | |
| [ITEM 1.](#i9ecff8c14ed54a52851c13b2b9f1a2a7_22) | <u>[Cleco — Condensed Consolidated Financial Statements (Unaudited)](#i9ecff8c14ed54a52851c13b2b9f1a2a7_22)</u>  | [8](#i9ecff8c14ed54a52851c13b2b9f1a2a7_22) |
| | <u>[Cleco Power — Condensed Consolidated Financial Statements (Unaudited)](#i9ecff8c14ed54a52851c13b2b9f1a2a7_46)</u>  | [18](#i9ecff8c14ed54a52851c13b2b9f1a2a7_46) |
| | <u>[Notes to the Unaudited Condensed Consolidated Financial Statements](#i9ecff8c14ed54a52851c13b2b9f1a2a7_73)</u> | [28](#i9ecff8c14ed54a52851c13b2b9f1a2a7_73) |
| [ITEM 2.](#i9ecff8c14ed54a52851c13b2b9f1a2a7_169) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i9ecff8c14ed54a52851c13b2b9f1a2a7_169)</u> | [52](#i9ecff8c14ed54a52851c13b2b9f1a2a7_169) |
| [ITEM 3.](#i9ecff8c14ed54a52851c13b2b9f1a2a7_229) | <u>[Quantitative and Qualitative Disclosures about Market Risk](#i9ecff8c14ed54a52851c13b2b9f1a2a7_229)</u> | [65](#i9ecff8c14ed54a52851c13b2b9f1a2a7_229) |
| [ITEM 4.](#i9ecff8c14ed54a52851c13b2b9f1a2a7_232) | <u>[Controls and Procedures](#i9ecff8c14ed54a52851c13b2b9f1a2a7_232)</u> | [67](#i9ecff8c14ed54a52851c13b2b9f1a2a7_232) |
| **[PART II](#i9ecff8c14ed54a52851c13b2b9f1a2a7_235)** | **[Other Information](#i9ecff8c14ed54a52851c13b2b9f1a2a7_235)** | |
| [ITEM 1.](#i9ecff8c14ed54a52851c13b2b9f1a2a7_238) | <u>[Legal Proceedings](#i9ecff8c14ed54a52851c13b2b9f1a2a7_238)</u> | [68](#i9ecff8c14ed54a52851c13b2b9f1a2a7_238) |
| [ITEM 1A.](#i9ecff8c14ed54a52851c13b2b9f1a2a7_241) | <u>[Risk Factors](#i9ecff8c14ed54a52851c13b2b9f1a2a7_241)</u> | [68](#i9ecff8c14ed54a52851c13b2b9f1a2a7_241) |
| ITEM 5. | <u>[Other Information](#i9ecff8c14ed54a52851c13b2b9f1a2a7_247)</u> | [68](#i9ecff8c14ed54a52851c13b2b9f1a2a7_247) |
| [ITEM 6.](#i9ecff8c14ed54a52851c13b2b9f1a2a7_250) | <u>[Exhibits](#i9ecff8c14ed54a52851c13b2b9f1a2a7_250)</u> | [68](#i9ecff8c14ed54a52851c13b2b9f1a2a7_250) |
| | <u>[Signatures](#i9ecff8c14ed54a52851c13b2b9f1a2a7_256)</u> | [69](#i9ecff8c14ed54a52851c13b2b9f1a2a7_256) |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

<u>GLOSSARY OF TERMS</u>

Abbreviations or acronyms used in this filing, including all items in Parts I and II, 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 |
| AOCI | Accumulated Other Comprehensive Income (Loss) |
| ARO | Asset Retirement Obligation |
| CCR | Coal combustion by-products or residual |
| CEO | Chief Executive Officer |
| CFO | Chief Financial Officer |
| 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, British Columbia Investment Management Corporation, 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 |
| DESRI | D.E. Shaw Renewable Investments, a company that develops, owns, and operates utility-scale renewable energy projects in the U.S. |
| DHLC | Dolet Hills Lignite Company, LLC, a wholly owned subsidiary of SWEPCO |
| Diversified Lands | Diversified Lands LLC, a wholly owned subsidiary of Cleco Holdings  |
| Dolet Hills | A facility consisting of Dolet Hills Power Station, 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 |

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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| | |
|:---|:---|
| ABBREVIATION OR ACRONYM | DEFINITION |
| EBITDA | Earnings before interest, income taxes, depreciation, and amortization |
| 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 |
| ESG | Environmental, Social, and Governance |
| Executive Order 14315 | Signed by the President on July 7, 2025, titled "Ending Market Distorting Subsidies for Unreliable, Foreign-Controlled Energy Sources" |
| FAC | Fuel Adjustment Clause |
| FASB | Financial Accounting Standards Board |
| FERC | Federal Energy Regulatory Commission |
| 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 | Incremental Investment Cost Recovery Rider |
| IRA of 2022 | Federal tax legislation commonly referred to as the Inflation Reduction Act of 2022 |
| IRP | Integrated Resource Plan |
| IRS | Internal Revenue Service |
| kWh | Kilowatt-hour(s) |
| LMP | Locational Marginal Price |
| LPSC | Louisiana Public Service Commission |
| 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) |
| NERC | North American Electric Reliability Corporation |
| Not Meaningful | A percentage comparison of these items is not statistically meaningful because the percentage difference is greater than 1,000% |
| 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 |
| RTO | Regional Transmission Organization |
| S&P | S&P Global Ratings, a division of S&P Global Inc, a credit rating agency |
| 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 |
| 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 |
| 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 |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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| | |
|:---|:---|
| ABBREVIATION OR ACRONYM | DEFINITION |
| 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 <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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

This Quarterly Report on Form 10-Q includes forward-looking statements. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q are forward-looking statements, including, without limitation, future capital expenditures; business strategies; goals, plans, and objectives; 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 Quarterly Report on Form 10-Q, 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 changes resulting from the presidential administration, present and potential environmental remediation costs, restrictions on emissions, possible effects on Cleco Power's generation resources, 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,

• 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, regulatory, or workforce impacts related to pandemics, epidemics, or other outbreaks,

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

• the possibility of stranded costs with respect to assets that may be retired as a result of new climate 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,

• 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, and performance metrics related to data centers, which could be affected by any of the factors discussed herein,

• 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,

• 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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

to carbon emissions, which could limit Cleco's access to capital and/or financing,

• 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 II, Item 1A, "Risk Factors" in the Registrants' Combined Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, and Part I, Item 1A, "Risk Factors" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

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 Quarterly Report on Form 10-Q 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 <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

<u>PART I — FINANCIAL INFORMATION</u>

**ITEM 1.** CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)<br>

**Cleco** 

These unaudited condensed consolidated financial statements should be read in conjunction with Cleco's Consolidated Financial Statements and Notes included in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024. For more information on the basis of presentation, see "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 1 — Summary of Significant Accounting Policies — Basis of Presentation."

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO |  |  |
| Condensed Consolidated Statements of Income (Unaudited) |  |  |
|  | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 |
| **Operating revenue** |  |  |
| &nbsp;&nbsp;&nbsp;Electric operations | $**371356** | $312397 |
| &nbsp;&nbsp;&nbsp;Other operations | **35414** | 28784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating revenue | **406770** | 341181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric customer credits | **—** | (1046) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating revenue, net | **406770** | 340135 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Fuel used for electric generation | **119113** | 69792 |
| &nbsp;&nbsp;&nbsp;Purchased power | **28574** | 28083 |
| &nbsp;&nbsp;&nbsp;Other operations and maintenance | **67572** | 60365 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **54466** | 50293 |
| &nbsp;&nbsp;&nbsp;Taxes other than income taxes | **16838** | 15633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | **286563** | 224166 |
| **Operating income** | **120207** | 115969 |
| Interest income | **4062** | 6366 |
| Allowance for equity funds used during construction | **780** | 977 |
| Other income, net | **3034** | 1331 |
| **Interest charges** |  |  |
| &nbsp;&nbsp;&nbsp;Interest charges, net | **38732** | 37941 |
| &nbsp;&nbsp;&nbsp;Allowance for borrowed funds used during construction | **(698)** | (505) |
| Total interest charges | **38034** | 37436 |
| **Income from continuing operations before income taxes** | **90049** | 87207 |
| &nbsp;&nbsp;Federal and state income tax expense (benefit) | **17789** | (6643) |
| **Income from continuing operations, net of income taxes** | **72260** | 93850 |
| Income from discontinued operations, net of income taxes | **—** | 742 |
| **Net income** | $**72260** | $94592 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO |  |  |
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) |  |  |
|  | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 |
| Net income | $**72260** | $94592 |
| Other comprehensive loss, net of income tax |  |  |
| &nbsp;&nbsp;Postretirement benefits loss (net of tax benefit of $128 in 2025 and $111 in 2024) | **(383)** | (300) |
| Total other comprehensive loss, net of income tax | **(383)** | (300) |
| **Comprehensive income, net of tax** | $**71877** | $94292 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO |  |  |
| Condensed Consolidated Statements of Income (Unaudited) | Condensed Consolidated Statements of Income (Unaudited) | Condensed Consolidated Statements of Income (Unaudited) |
|  | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 |
| **Operating revenue** |  |  |
| &nbsp;&nbsp;&nbsp;Electric operations | $**930950** | $793038 |
| &nbsp;&nbsp;&nbsp;Other operations | **92825** | 79565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating revenue | **1023775** | 872603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric customer credits | **—** | (3441) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating revenue, net | **1023775** | 869162 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Fuel used for electric generation | **225693** | 187891 |
| &nbsp;&nbsp;&nbsp;Purchased power | **114699** | 93958 |
| &nbsp;&nbsp;&nbsp;Other operations and maintenance | **190152** | 182343 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **157581** | 195160 |
| &nbsp;&nbsp;&nbsp;Taxes other than income taxes | **46807** | 45949 |
| Total operating expenses | **734932** | 705301 |
| **Operating income** | **288843** | 163861 |
| Interest income | **15227** | 10427 |
| Allowance for equity funds used during construction | **2213** | 1758 |
| Equity income from investees, before tax | **—** | 672 |
| Other income (expense), net | **3153** | (9290) |
| **Interest charges** |  |  |
| &nbsp;&nbsp;&nbsp;Interest charges, net | **114554** | 122019 |
| &nbsp;&nbsp;&nbsp;Allowance for borrowed funds used during construction | **(2447)** | (2899) |
| Total interest charges | **112107** | 119120 |
| **Income from continuing operations before income taxes** | **197329** | 48308 |
| Federal and state income tax expense (benefit) | **36860** | (4928) |
| **Income from continuing operations, net of income taxes** | **160469** | 53236 |
| Income from discontinued operations, net of income taxes | **—** | 45415 |
| **Net income** | $**160469** | $98651 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO |  |  |
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | Condensed Consolidated Statements of Comprehensive Income (Unaudited) | Condensed Consolidated Statements of Comprehensive Income (Unaudited) |
|  | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 |
| Net income | $**160469** | $98651 |
| Other comprehensive loss, net of tax |  |  |
| &nbsp;&nbsp;Postretirement benefits loss (net of tax benefit of $388 in 2025 and $273 in 2024) | **(1146)** | (743) |
| Total other comprehensive loss, net of tax | **(1146)** | (743) |
| **Comprehensive income, net of tax** | $**159323** | $97908 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO | CLECO | CLECO |
| Condensed Consolidated Balance Sheets (Unaudited) | Condensed Consolidated Balance Sheets (Unaudited) | Condensed Consolidated Balance Sheets (Unaudited) |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**71814** | $30472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **30368** | 15918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable (less allowance for credit losses of $1,355 in 2025 and $1,337 in 2024) | **65460** | 47520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - affiliate | **5653** | 35459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable - Cleco Cajun Divestiture | **105775** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | **39683** | 23979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **52297** | 44687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory, at average cost | **90807** | 95810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies, at average cost | **178138** | 158976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets | **7191** | 11294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deferred fuel | **11688** | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value of company-/trust-owned life insurance policies | **65422** | 61891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **64220** | 27685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | **47689** | 295125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **10041** |  |
| &nbsp;&nbsp;&nbsp;Total current assets | **846246** | 849273 |
| &nbsp;&nbsp;&nbsp;Property, plant, and equipment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | **5187093** | 4991574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | **(1169894)** | (1050376) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net property, plant, and equipment | **4017199** | 3941198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction work in progress | **178463** | 138040 |
| &nbsp;&nbsp;&nbsp;Total property, plant, and equipment, net | **4195662** | 4079238 |
| &nbsp;&nbsp;&nbsp;Equity investment in investee | **1916** | 1916 |
| &nbsp;&nbsp;&nbsp;Goodwill | **1490797** | 1490797 |
| &nbsp;&nbsp;&nbsp;Operating lease right of use assets | **13417** | 14905 |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **139848** | 116493 |
| &nbsp;&nbsp;&nbsp;Regulatory assets - deferred taxes, net | **22593** | 2008 |
| &nbsp;&nbsp;&nbsp;Regulatory assets | **302705** | 308833 |
| &nbsp;&nbsp;Intangible asset - Storm Recovery Property | **373822** | 384908 |
| &nbsp;&nbsp;Intangible asset - Energy Transition Property | **292800** |  |
| &nbsp;&nbsp;Intangible asset - other | **7193** | 7751 |
| &nbsp;&nbsp;&nbsp;Energy risk management assets | **1281** |  |
| &nbsp;&nbsp;Receivable - Cleco Cajun Divestiture | **—** | 98153 |
| &nbsp;&nbsp;&nbsp;Other deferred charges | **9984** | 15331 |
| **Total assets** | $**7698264** | $7369606 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |
| (Continued on next page) |  |  |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO | CLECO | CLECO |
| Condensed Consolidated Balance Sheets (Unaudited) | Condensed Consolidated Balance Sheets (Unaudited) | Condensed Consolidated Balance Sheets (Unaudited) |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 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 | $**93000** | $120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year | **457228** | 264934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **133686** | 125483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **19939** | 21368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | **59252** | 58002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for customer refund | **21009** | 20510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | **74148** | 59629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **44598** | 19919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities | **5521** | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **9917** | 8327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation | **18862** | 17013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **22858** | 26439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserve | **10620** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **33434** | 29565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **1004072** | 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 | **796791** | 748246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **150521** | 166702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **2250** | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserve | **28503** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm reserve | **68648** | 76178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | **17282** | 13450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | **11337** | 12788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for customer refund | **—** | 19896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances for construction | **26926** | 27440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit deposits | **7750** | 14750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities | **533** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deferred credits | **24642** | 31154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities and deferred credits | **1135183** | 1112104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | **2558672** | 2645043 |
| &nbsp;&nbsp;&nbsp;Total liabilities | **4697927** | 4528592 |
| &nbsp;&nbsp;Commitments and contingencies (Note 14) |  |  |
| &nbsp;&nbsp;&nbsp;**Member's equity** | **3000337** | 2841014 |
| **Total liabilities and member's equity** | $**7698264** | $7369606 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO | CLECO | CLECO |
| Condensed Consolidated Statements of Cash Flows (Unaudited) |  |  |
|  | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $**160469** | $98651 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **163820** | 207819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | **1407** | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric customer credits | **—** | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned compensation expense | **23945** | 29463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | **(2213)** | (1758) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on energy risk management assets and liabilities, net | **—** | 5276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on Cleco Cajun Divestiture | **—** | 43715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **27374** | (25967) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value of company/trust-owned life insurance | **(2593)** | (3908) |
| &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 | **(37414)** | 6508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, affiliate | **(3928)** | (9457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **(7609)** | (5337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory and materials and supplies | **(14159)** | (58006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **(37968)** | (4159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(9749)** | (22845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **(1429)** | 9323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | **1452** | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **(21296)** | (28133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | **(2434)** | 5432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligation | **(1672)** | (3107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred fuel recoveries | **7959** | (4008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deferred accounts | **(3764)** | (5091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes accrued | **46982** | 60950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **24679** | 17580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets and liabilities, net | **(8466)** | (10978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm reserve | **(7575)** | (15356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive compensation payable | **(35529)** | (34393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating | **(7556)** | (7918) |
| Net cash provided by operating activities | **252733** | 257715 |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property, plant, and equipment | **(251223)** | (190676) |
| &nbsp;&nbsp;Customer advances for construction | **3089** | 17834 |
| &nbsp;&nbsp;Refunds of customer advances for construction | **(3078)** |  |
| &nbsp;&nbsp;&nbsp;Return of investment in company-owned life insurance | **1070** |  |
| &nbsp;&nbsp;Proceeds from sale of discontinued operations (net of transaction fees of $10.8 million) | **—** | 463769 |
| &nbsp;&nbsp;&nbsp;Other investing | **954** | 2035 |
| Net cash (used in) provided by investing activities | **(249188)** | 292962 |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Draws on revolving credit facilities | **153000** | 22000 |
| &nbsp;&nbsp;&nbsp;Payments on revolving credit facilities | **(180000)** | (132000) |
| &nbsp;&nbsp;&nbsp;Issuances of long-term debt | **305000** | 16599 |
| &nbsp;&nbsp;&nbsp;Repayment of long-term debt | **(190087)** | (262798) |
| &nbsp;&nbsp;&nbsp;Payment of financing costs | **(5311)** |  |
| &nbsp;&nbsp;Credit deposits | **—** | 7750 |
| &nbsp;&nbsp;Refund of credit deposit | **(7000)** |  |
| &nbsp;&nbsp;&nbsp;Distributions to member | **—** | (82505) |
| &nbsp;&nbsp;&nbsp;Other financing | **—** | (1207) |
| Net cash provided by (used in) financing activities | **75602** | (432161) |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |
| (Continued on next page) |  |  |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | | |
|:---|:---|:---|:---|
| CLECO | CLECO | CLECO | CLECO |
| Condensed Consolidated Statements of Cash Flows (Unaudited) |  |  |  |
|  | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** |  | 2024 |
| Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | **79147** |  | 118516 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | **162883** | <sup>(1)</sup> | 256067 |
| **Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period** | $**242030** | <sup>(2)</sup> | $374583 |
| **Supplementary cash flow information** |  |  |  |
| Interest paid, net of amount capitalized | $**84213** |  | $100393 |
| Income taxes paid | $**5371** |  | $8338 |
| **Supplementary non-cash investing and financing activities** |  |  |  |
| Accrued additions to property, plant, and equipment | $**13172** |  | $7532 |
| <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 $71,814, current restricted cash and cash equivalents of $30,368, and non-current restricted cash and cash equivalents of $139,848.  | <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 $71,814, current restricted cash and cash equivalents of $30,368, and non-current restricted cash and cash equivalents of $139,848.  | <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 $71,814, current restricted cash and cash equivalents of $30,368, and non-current restricted cash and cash equivalents of $139,848.  | <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 $71,814, current restricted cash and cash equivalents of $30,368, and non-current restricted cash and cash equivalents of $139,848.  |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |  |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CLECO | CLECO | CLECO | CLECO | CLECO | CLECO | CLECO | CLECO | CLECO |
| Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) |
|  | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** |
| (THOUSANDS) | **MEMBERSHIP INTEREST** | **RETAINED EARNINGS** | **AOCI** | **TOTAL MEMBERS EQUITY** | **MEMBERSHIP INTEREST** | **RETAINED EARNINGS** | **AOCI** | **TOTAL MEMBERS EQUITY** |
| Balances, beginning of period | $**2454276** | $**477631** | $**(3447)** | $**2928460** | $**2454276** | $**389422** | $**(2684)** | $**2841014** |
| Net income | **—** | **72260** | **—** | **72260** | **—** | **160469** | **—** | **160469** |
| Other comprehensive loss, net of tax | **—** | **—** | **(383)** | **(383)** | **—** | **—** | **(1146)** | **(1146)** |
| Balances, end of period | $**2454276** | $**549891** | $**(3830)** | $**3000337** | $**2454276** | $**549891** | $**(3830)** | $**3000337** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 |
| (THOUSANDS) | MEMBERSHIP INTEREST | RETAINED EARNINGS | AOCI | TOTAL MEMBERS EQUITY | MEMBERSHIP INTEREST | RETAINED EARNINGS | AOCI | TOTAL MEMBERS EQUITY |
| Balances, beginning of period | $2454276 | $408068 | $(5555) | $2856789 | $2454276 | $424009 | $(5112) | $2873173 |
| Net income |  | 94592 |  | 94592 |  | 98651 |  | 98651 |
| Distributions to member |  | (62505) |  | (62505) |  | (82505) |  | (82505) |
| Other comprehensive loss, net of tax |  |  | (300) | (300) |  |  | (743) | (743) |
| Balances, end of period | $2454276 | $440155 | $(5855) | $2888576 | $2454276 | $440155 | $(5855) | $2888576 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

**ITEM 1.** CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)<br>

**Cleco Power**

These unaudited condensed consolidated financial statements should be read in conjunction with Cleco Power's Consolidated Financial Statements and Notes included in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024. For more information on the basis of presentation, see "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 1 — Summary of Significant Accounting Policies — Basis of Presentation."

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO POWER |  |  |
| Condensed Consolidated Statements of Income (Unaudited) |  |  |
|  | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 |
| **Operating revenue** |  |  |
| &nbsp;&nbsp;&nbsp;Electric operations | $**371542** | $312583 |
| &nbsp;&nbsp;&nbsp;Other operations | **33835** | 24433 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **244** | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating revenue | **405621** | 338413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric customer credits | **—** | (1046) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating revenue, net | **405621** | 337367 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Fuel used for electric generation | **119113** | 69792 |
| &nbsp;&nbsp;&nbsp;Purchased power | **28574** | 28083 |
| &nbsp;&nbsp;&nbsp;Other operations and maintenance | **67374** | 60387 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **52209** | 48213 |
| &nbsp;&nbsp;&nbsp;Taxes other than income taxes | **15943** | 14590 |
| Total operating expenses | **283213** | 221065 |
| **Operating income** | **122408** | 116302 |
| Interest income | **1408** | 1065 |
| Allowance for equity funds used during construction | **780** | 977 |
| Other income (expense), net | **2433** | (262) |
| **Interest charges** |  |  |
| &nbsp;&nbsp;&nbsp;Interest charges, net | **27329** | 25519 |
| &nbsp;&nbsp;&nbsp;Allowance for borrowed funds used during construction | **(698)** | (505) |
| Total interest charges | **26631** | 25014 |
| **Income before income taxes** | **100398** | 93068 |
| Federal and state income tax expense | **20269** | 9396 |
| **Net income** | $**80129** | $83672 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO POWER |  |  |
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | Condensed Consolidated Statements of Comprehensive Income (Unaudited) | Condensed Consolidated Statements of Comprehensive Income (Unaudited) |
|  | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 |
| Net income | $**80129** | $83672 |
| Other comprehensive income, net of income tax |  |  |
| &nbsp;&nbsp;Postretirement benefits gain (net of tax expense of $54 in 2025 and $71 in 2024) | **152** | 192 |
| &nbsp;&nbsp;Amortization of interest rate derivatives to earnings (net of tax expense of $21 in 2025 and $23 in 2024) | **65** | 63 |
| Total other comprehensive income, net of income tax | **217** | 255 |
| **Comprehensive income, net of tax** | $**80346** | $83927 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO POWER |  |  |
| Condensed Consolidated Statements of Income (Unaudited) |  |  |
|  | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 |
| **Operating revenue** |  |  |
| &nbsp;&nbsp;&nbsp;Electric operations | $**931508** | $795733 |
| &nbsp;&nbsp;&nbsp;Other operations | **87672** | 74032 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **734** | 11788 |
| &nbsp;&nbsp;&nbsp;Gross operating revenue | **1019914** | 881553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric customer credits | **—** | (3441) |
| &nbsp;&nbsp;&nbsp;Operating revenue, net | **1019914** | 878112 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Fuel used for electric generation | **225693** | 181372 |
| &nbsp;&nbsp;&nbsp;Purchased power | **114699** | 93958 |
| &nbsp;&nbsp;&nbsp;Other operations and maintenance | **187889** | 176817 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **151039** | 188970 |
| &nbsp;&nbsp;&nbsp;Taxes other than income taxes | **45386** | 43711 |
| Total operating expenses | **724706** | 684828 |
| **Operating income** | **295208** | 193284 |
| Interest income | **7434** | 3257 |
| Allowance for equity funds used during construction | **2213** | 1758 |
| Equity income from investee before income tax | **—** | 672 |
| Other income (expense), net | **2723** | (11039) |
| **Interest charges** |  |  |
| &nbsp;&nbsp;&nbsp;Interest charges, net | **81013** | 76513 |
| &nbsp;&nbsp;&nbsp;Allowance for borrowed funds used during construction | **(2447)** | (2899) |
| Total interest charges | **78566** | 73614 |
| **Income before income taxes** | **229012** | 114318 |
| Federal and state income tax expense | **44715** | 10508 |
| **Net income** | $**184297** | $103810 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO POWER |  |  |
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | Condensed Consolidated Statements of Comprehensive Income (Unaudited) | Condensed Consolidated Statements of Comprehensive Income (Unaudited) |
|  | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 |
| Net income | $**184297** | $103810 |
| Other comprehensive income, net of tax |  |  |
| &nbsp;&nbsp;Postretirement benefits gain (net of tax expense of $157 in 2025 and $200 in 2024) | **461** | 543 |
| &nbsp;&nbsp;Amortization of interest rate derivatives to earnings (net of tax expense of $66 in 2025 and $69 in 2024) | **192** | 189 |
| Total other comprehensive income, net of tax | **653** | 732 |
| **Comprehensive income, net of tax** | $**184950** | $104542 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO POWER | CLECO POWER | CLECO POWER |
| Condensed Consolidated Balance Sheets (Unaudited) |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Utility plant and equipment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | $**6304974** | $6113217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | **(2459743)** | (2348169) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net property, plant, and equipment | **3845231** | 3765048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction work in progress | **178006** | 136217 |
| &nbsp;&nbsp;&nbsp;Total utility plant and equipment, net | **4023237** | 3901265 |
| &nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **66559** | 23714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **30368** | 15918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable (less allowance for credit losses of $1,355 in 2025 and $1,337 in 2024) | **65460** | 47520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - affiliate | **8** | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | **38724** | 23233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **52297** | 44687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory, at average cost | **90807** | 95810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies, at average cost | **178138** | 158976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets | **7191** | 11294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deferred fuel | **11688** | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value of company-owned life insurance policies | **9341** | 10123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **59680** | 23524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | **40126** | 287390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **6834** |  |
| &nbsp;&nbsp;&nbsp;Total current assets | **657221** | 743820 |
| &nbsp;&nbsp;&nbsp;Equity investment in investee | **1916** | 1916 |
| &nbsp;&nbsp;&nbsp;Operating lease right of use assets | **13417** | 14905 |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **139823** | 116469 |
| &nbsp;&nbsp;&nbsp;Regulatory assets - deferred taxes, net | **22593** | 2008 |
| &nbsp;&nbsp;&nbsp;Regulatory assets | **210289** | 209028 |
| &nbsp;&nbsp;Intangible asset - Storm Recovery Property | **373822** | 384908 |
| &nbsp;&nbsp;Intangible asset - Energy Transition Property | **292800** |  |
| &nbsp;&nbsp;Energy risk management assets | **1281** |  |
| &nbsp;&nbsp;&nbsp;Other deferred charges | **8501** | 14450 |
| **Total assets** | $**5744900** | $5388769 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |
| (Continued on next page) |  |  |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO POWER | CLECO POWER | CLECO POWER |
| Condensed Consolidated Balance Sheets (Unaudited) |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| **Liabilities and member's equity** |  |  |
| &nbsp;&nbsp;&nbsp;Member's equity | $**2292357** | $2107407 |
| &nbsp;&nbsp;Long-term debt, net | **1825177** | 1546624 |
| Total capitalization | **4117534** | 3654031 |
| &nbsp;&nbsp;&nbsp;Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | **35000** | 110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year | **97421** | 264934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **123788** | 110361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **13041** | 11389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | **59252** | 58002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for customer refund | **21009** | 20510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | **66518** | 13422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **31217** | 11781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities | **5521** | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **9917** | 8327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **18121** | 21701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserve | **10620** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **23823** | 17131 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | **515248** | 647814 |
| &nbsp;&nbsp;Commitments and contingencies (Note 14) |  |  |
| &nbsp;&nbsp;&nbsp;Long-term liabilities and deferred credits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deferred federal and state income taxes, net | **835610** | 788016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **94053** | 109464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **2250** | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserve | **28503** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Storm reserve | **68648** | 76178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | **16472** | 13450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | **11337** | 12788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for customer refund | **—** | 19896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer advances for construction | **26926** | 27440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit deposits | **7750** | 14750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities | **533** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other deferred credits | **20036** | 23442 |
| &nbsp;&nbsp;&nbsp;Total long-term liabilities and deferred credits | **1112118** | 1086924 |
| **Total liabilities and member's equity** | $**5744900** | $5388769 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO POWER | CLECO POWER | CLECO POWER |
| Condensed Consolidated Statements of Cash Flows (Unaudited) | Condensed Consolidated Statements of Cash Flows (Unaudited) | Condensed Consolidated Statements of Cash Flows (Unaudited) |
|  | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $**184297** | $103810 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **156237** | 193188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | **1407** | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric customer credits | **—** | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned compensation expense | **15356** | 14337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | **(2213)** | (1758) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **26314** | 6194 |
| &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 | **(34592)** | (12509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - affiliate | **1895** | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **(7609)** | (5337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory and materials and supplies | **(14159)** | (34127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **(36845)** | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(7622)** | (23171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **(3436)** | 15995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | **1452** | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **(19103)** | (26783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | **(4295)** | 3941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligation | **(1672)** | (3103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred fuel recoveries | **7959** | (4008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deferred accounts | **1316** | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes accrued | **56340** | 23554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **19436** | 11992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets and liabilities, net | **(8466)** | (10978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm reserve | **(7575)** | (15356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive compensation payable | **(18311)** | (9462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating | **(3899)** | (1342) |
| Net cash provided by operating activities | **302212** | 241434 |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property, plant, and equipment | **(251200)** | (186691) |
| &nbsp;&nbsp;Customer advances for construction | **3089** | 17834 |
| &nbsp;&nbsp;Refunds of customer advances for construction | **(3078)** |  |
| &nbsp;&nbsp;&nbsp;Return of investment in company-owned life insurance | **1070** |  |
| &nbsp;&nbsp;&nbsp;Other investing | **954** | 2035 |
| Net cash used in investing activities | **(249165)** | (166822) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Draws on revolving credit facility | **105000** |  |
| &nbsp;&nbsp;&nbsp;Payments on revolving credit facility | **(180000)** |  |
| &nbsp;&nbsp;&nbsp;Issuances of long-term debt | **305000** | 16599 |
| &nbsp;&nbsp;&nbsp;Repayment of long-term debt | **(190087)** | (31098) |
| &nbsp;&nbsp;&nbsp;Payment of financing costs | **(5311)** |  |
| &nbsp;&nbsp;Credit deposits |  | 7750 |
| &nbsp;&nbsp;Refund of credit deposit | **(7000)** |  |
| &nbsp;&nbsp;&nbsp;Distributions to member | **—** | (70000) |
| &nbsp;&nbsp;&nbsp;Other financing | **—** | (1207) |
| Net cash provided by (used in) financing activities | **27602** | (77956) |
| The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. |  |
| (Continued on next page) | (Continued on next page) |  |

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | | |
|:---|:---|:---|:---|
| CLECO POWER | CLECO POWER | CLECO POWER | CLECO POWER |
| Condensed Consolidated Statements of Cash Flows (Unaudited) | Condensed Consolidated Statements of Cash Flows (Unaudited) | Condensed Consolidated Statements of Cash Flows (Unaudited) | Condensed Consolidated Statements of Cash Flows (Unaudited) |
|  | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** |  | 2024 |
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | **80649** |  | (3344) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | **156101** | <sup>(1)</sup> | 178578 |
| **Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period** | $**236750** | <sup>(2)</sup> | $175234 |
| **Supplementary cash flow information** |  |  |  |
| Interest paid, net of amount capitalized | $**57026** |  | $60611 |
| Income taxes paid | $**1392** |  | $— |
| **Supplementary non-cash investing and financing activities** |  |  |  |
| Accrued additions to property, plant, and equipment | $**12942** |  | $7530 |
| <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 $66,559, current restricted cash and cash equivalents of $30,368, and non-current restricted cash and cash equivalents of $139,823. | <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 $66,559, current restricted cash and cash equivalents of $30,368, and non-current restricted cash and cash equivalents of $139,823. | <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 $66,559, current restricted cash and cash equivalents of $30,368, and non-current restricted cash and cash equivalents of $139,823. | <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 $66,559, current restricted cash and cash equivalents of $30,368, and non-current restricted cash and cash equivalents of $139,823. |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |  |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLECO POWER | CLECO POWER | CLECO POWER | CLECO POWER | CLECO POWER | CLECO POWER | CLECO POWER |
| Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) | Condensed Consolidated Statements of Changes in Member's Equity (Unaudited) |
|  | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** |
| (THOUSANDS) | **MEMBERSHIP INTEREST** | **AOCI** | **TOTAL MEMBERS EQUITY** | **MEMBERSHIP INTEREST** | **AOCI** | **TOTAL MEMBERS EQUITY** |
| Balances, beginning of period | $**2221674** | $**(9663)** | $**2212011** | $**2117506** | $**(10099)** | $**2107407** |
| Net income | **80129** | **—** | **80129** | **184297** | **—** | **184297** |
| Other comprehensive income, net of tax | **—** | **217** | **217** | **—** | **653** | **653** |
| Balances, end of period | $**2301803** | $**(9446)** | $**2292357** | $**2301803** | $**(9446)** | $**2292357** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 |
| (THOUSANDS) | MEMBERSHIP INTEREST | AOCI | TOTAL MEMBERS EQUITY | MEMBERSHIP INTEREST | AOCI | TOTAL MEMBERS EQUITY |
| Balances, beginning of period | $2053726 | $(9874) | $2043852 | $2073588 | $(10351) | $2063237 |
| Net income | 83672 |  | 83672 | 103810 |  | 103810 |
| Distributions to member | (30000) |  | (30000) | (70000) |  | (70000) |
| Other comprehensive income, net of tax |  | 255 | 255 |  | 732 | 732 |
| Balances, end of period | $2107398 | $(9619) | $2097779 | $2107398 | $(9619) | $2097779 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. | The accompanying notes are an integral part of the condensed consolidated financial statements. |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| Index to Applicable Notes to the Unaudited Condensed Consolidated Financial Statements of Registrants | Index to Applicable Notes to the Unaudited Condensed Consolidated Financial Statements of Registrants | Index to Applicable Notes to the Unaudited Condensed Consolidated Financial Statements of Registrants |
| Note 1 | Summary of Significant Accounting Policies | Cleco and Cleco Power |
| Note 2 | Recent Authoritative Guidance | Cleco and Cleco Power |
| Note 3 | Discontinued Operations | Cleco |
| Note 4 | Revenue Recognition | Cleco and Cleco Power |
| Note 5 | Regulatory Assets and Liabilities | Cleco and Cleco Power |
| Note 6 | Fair Value Accounting Instruments | Cleco and Cleco Power |
| Note 7 | Derivative Instruments | Cleco and Cleco Power |
| Note 8 | Debt | Cleco and Cleco Power |
| Note 9 | Pension Plan and Employee Benefits | Cleco and Cleco Power |
| Note 10 | Income Taxes | Cleco and Cleco Power |
| Note 11 | Segment Disclosures | Cleco  |
| Note 12 | Regulation and Rates | Cleco and Cleco Power |
| Note 13 | Variable Interest Entities | Cleco and Cleco Power |
| Note 14 | Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Cleco and Cleco Power |
| Note 15 | Affiliate Transactions | Cleco and Cleco Power |
| Note 16 | Intangible Assets and Goodwill | Cleco and Cleco Power |
| Note 17 | Accumulated Other Comprehensive Loss | Cleco and Cleco Power |

---

<u>Notes to the Unaudited Condensed Consolidated Financial Statements</u>

**Note 1 — 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."

**Principles of Consolidation**

The accompanying condensed 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 13 — "Variable Interest Entities — Securitization Entities — Cleco Securitization II."

**Basis of Presentation**

The condensed consolidated financial statements of Cleco and Cleco Power have been prepared in accordance with GAAP for interim financial information and with the instructions to

Form 10-Q and Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end condensed consolidated balance sheet data was derived from audited financial statements and adjusted for discontinued operations. Because the interim condensed consolidated financial statements and the accompanying notes do not include all of the information and notes required by GAAP for annual financial statements, the condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments that are necessary for a fair statement of the financial position and results of operations of Cleco and Cleco Power. Amounts reported in Cleco's and Cleco Power's interim financial statements are not necessarily indicative of amounts expected for the annual periods due to the effects of seasonal temperature variations on energy consumption, regulatory rulings, the timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices, discrete income tax items, and other factors.

In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. For information on recent authoritative guidance and its effect on financial results, see Note 2 — "Recent Authoritative Guidance." For information on discontinued operations, see Note 3 — "Discontinued Operations."

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

**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 third quarter 2025 Form 10-Q 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 Quarterly Report on Form 10-Q is shown below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | CLECO | CLECO | CLECO | CLECO POWER | CLECO POWER | CLECO POWER |
| | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 |
| (THOUSANDS) | AS REPORTED | REVISION | AS REVISED | AS REPORTED | REVISION | AS REVISED |
| Unearned compensation expense | $5875 | $23588 | $29463 | $1236 | $13101 | $14337 |
| Accounts receivable | $1612 | $4896 | $6508 | $(17405) | $4896 | $(12509) |
| Customer deposits | $5768 | $(4896) | $872 | $5768 | $(4896) | $872 |
| Other deferred accounts<sup>(1)</sup>  | $(10824) | $(9623) | $(20447) | $(5128) | $(9082) | $(14210) |
| Accounts payable<sup>(2)</sup>  | $(30560) | $(18514) | $(49074) | $(20575) | $(10540) | $(31115) |
| Taxes accrued | $60424 | $526 | $60950 | $23473 | $81 | $23554 |
| Other operating<sup>(3)</sup>  | $(12684) | $(3398) | $(16082) | $(2030) | $(981) | $(3011) |
| Net cash provided by operating activities | $265136 | $(7421) | $257715 | $248855 | $(7421) | $241434 |
| Additions to property, plant, and equipment | $(172513) | $(18163) | $(190676) | $(168528) | $(18163) | $(186691) |
| Customer advances for construction | $— | $17834 | $17834 | $— | $17834 | $17834 |
| Net cash provided by (used in) investing activities | $293291 | $(329) | $292962 | $(166493) | $(329) | $(166822) |
| Credit deposits | $— | $7750 | $7750 | $— | $7750 | $7750 |
| Net cash used in financing activities | $(439911) | $7750 | $(432161) | $(85706) | $7750 | $(77956) |
| Accrued additions to property, plant, and equipment | $4488 | $3044 | $7532 | $4486 | $3044 | $7530 |
| Amounts presented as revised differ from those in Part I, Item 1, "Condensed Consolidated Financial Statements (Unaudited) — Cleco — Condensed Consolidated Statements of Cash Flows (Unaudited)" and "— Cleco Power — Condensed Consolidated Statements of Cash Flows (Unaudited)" due to the following:<br><sup>(1)</sup> For Cleco and Cleco Power, includes $15.4 million previously reported in Other deferred accounts that was reclassified to Storm reserves.<br><sup>(2)</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>(3)</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 and $0.2 million that was reclassified to Prepayments. | Amounts presented as revised differ from those in Part I, Item 1, "Condensed Consolidated Financial Statements (Unaudited) — Cleco — Condensed Consolidated Statements of Cash Flows (Unaudited)" and "— Cleco Power — Condensed Consolidated Statements of Cash Flows (Unaudited)" due to the following:<br><sup>(1)</sup> For Cleco and Cleco Power, includes $15.4 million previously reported in Other deferred accounts that was reclassified to Storm reserves.<br><sup>(2)</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>(3)</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 and $0.2 million that was reclassified to Prepayments. | Amounts presented as revised differ from those in Part I, Item 1, "Condensed Consolidated Financial Statements (Unaudited) — Cleco — Condensed Consolidated Statements of Cash Flows (Unaudited)" and "— Cleco Power — Condensed Consolidated Statements of Cash Flows (Unaudited)" due to the following:<br><sup>(1)</sup> For Cleco and Cleco Power, includes $15.4 million previously reported in Other deferred accounts that was reclassified to Storm reserves.<br><sup>(2)</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>(3)</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 and $0.2 million that was reclassified to Prepayments. | Amounts presented as revised differ from those in Part I, Item 1, "Condensed Consolidated Financial Statements (Unaudited) — Cleco — Condensed Consolidated Statements of Cash Flows (Unaudited)" and "— Cleco Power — Condensed Consolidated Statements of Cash Flows (Unaudited)" due to the following:<br><sup>(1)</sup> For Cleco and Cleco Power, includes $15.4 million previously reported in Other deferred accounts that was reclassified to Storm reserves.<br><sup>(2)</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>(3)</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 and $0.2 million that was reclassified to Prepayments. | Amounts presented as revised differ from those in Part I, Item 1, "Condensed Consolidated Financial Statements (Unaudited) — Cleco — Condensed Consolidated Statements of Cash Flows (Unaudited)" and "— Cleco Power — Condensed Consolidated Statements of Cash Flows (Unaudited)" due to the following:<br><sup>(1)</sup> For Cleco and Cleco Power, includes $15.4 million previously reported in Other deferred accounts that was reclassified to Storm reserves.<br><sup>(2)</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>(3)</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 and $0.2 million that was reclassified to Prepayments. | Amounts presented as revised differ from those in Part I, Item 1, "Condensed Consolidated Financial Statements (Unaudited) — Cleco — Condensed Consolidated Statements of Cash Flows (Unaudited)" and "— Cleco Power — Condensed Consolidated Statements of Cash Flows (Unaudited)" due to the following:<br><sup>(1)</sup> For Cleco and Cleco Power, includes $15.4 million previously reported in Other deferred accounts that was reclassified to Storm reserves.<br><sup>(2)</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>(3)</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 and $0.2 million that was reclassified to Prepayments. | Amounts presented as revised differ from those in Part I, Item 1, "Condensed Consolidated Financial Statements (Unaudited) — Cleco — Condensed Consolidated Statements of Cash Flows (Unaudited)" and "— Cleco Power — Condensed Consolidated Statements of Cash Flows (Unaudited)" due to the following:<br><sup>(1)</sup> For Cleco and Cleco Power, includes $15.4 million previously reported in Other deferred accounts that was reclassified to Storm reserves.<br><sup>(2)</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>(3)</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 and $0.2 million that was reclassified to Prepayments. |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

**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 corporate purposes.

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

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Current |  |  |
| &nbsp;&nbsp;Cleco Securitization I and Cleco Securitization II operating expenses and debt service | $**19748** | $15918 |
| &nbsp;&nbsp;Cleco Securitization II energy transition costs | **10620** |  |
| Total current | **30368** | 15918 |
| Non-current |  |  |
| &nbsp;&nbsp;Cleco Securitization II energy transition costs | **31919** | 1 |
| &nbsp;&nbsp;&nbsp;Diversified Lands' mitigation escrow | **25** | 24 |
| &nbsp;&nbsp;&nbsp;Cleco Power's future storm restoration costs | **107904** | 116468 |
| Total non-current | **139848** | 116493 |
| Total restricted cash and cash equivalents | $**170216** | $132411 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Current |  |  |
| &nbsp;&nbsp;Cleco Securitization I and Cleco Securitization II operating expenses and debt service | $**19748** | $15918 |
| &nbsp;&nbsp;Cleco Securitization II energy transition costs | **10620** |  |
| Total current | **30368** | 15918 |
| Non-current |  |  |
| &nbsp;&nbsp;Cleco Securitization II energy transition costs | **31919** | 1 |
| &nbsp;&nbsp;&nbsp;Future storm restoration costs | **107904** | 116468 |
| Total non-current | **139823** | 116469 |
| Total restricted cash and cash equivalents | $**170191** | $132387 |

---

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 anticipates filing an additional application seeking approval for withdrawal of the accumulated restoration costs for Hurricane Francine, as well as expenses from other storms and wildfires that occurred in 2024, from the storm reserve. At September 30, 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 storm restoration costs, see Note 5 — "Regulatory Assets and Liabilities — Storm 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. For more information about the energy transition reserve, see Note 5 — "Regulatory Assets and Liabilities — Energy Transition Reserve."

**Related Party Transactions**

Investment funds managed by MAM hold an ownership interest in Cleco Holdings, which wholly owns Cleco Power. In accordance with applicable state and federal regulations and GAAP, Cleco Power evaluates relationships and transactions to determine whether they involve related parties. A related party relationship exists when one party significantly influences the management or operating policies of the other, or when the parties are subject to common control or ownership, among other things as described in Cleco's policies and procedures.

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 September 30, 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.

**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 September 30, 2025, are within normal levels and historical trends.

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

 

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Cleco |  |  |  |  |  |  |
|  | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** |
| (THOUSANDS) | **ACCOUNTS<br>RECEIVABLE** | **OTHER** | **TOTAL** | **ACCOUNTS<br>RECEIVABLE** | **OTHER** | **TOTAL** |
| Balances, beginning of period | $845 | $1638 | $2483 | $**1337** | $**1638** | $**2975** |
| Current period provision | **1026** | **—** | **1026** | **1407** | **—** | **1407** |
| Charge-offs | **(752)** | **—** | **(752)** | **(2102)** | **—** | **(2102)** |
| Recovery | **236** | **—** | **236** | **713** | **—** | **713** |
| **Balances, Sept. 30, 2025** | $**1355** | $**1638** | $**2993** | $**1355** | $**1638** | $**2993** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 |
| (THOUSANDS) | ACCOUNTS<br>RECEIVABLE | OTHER | TOTAL | ACCOUNTS<br>RECEIVABLE | OTHER | TOTAL |
| Balances, beginning of period | $1368 | $1638 | $3006 | $3012 | $1638 | $4650 |
| Current period provision | 401 |  | 401 | 911 |  | 911 |
| Charge-offs | (854) |  | (854) | (3614) |  | (3614) |
| Recovery | 217 |  | 217 | 823 |  | 823 |
| Balances, Sept. 30, 2024 | $1132 | $1638 | $2770 | $1132 | $1638 | $2770 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
|  | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** |
| (THOUSANDS) | **ACCOUNTS RECEIVABLE** | **ACCOUNTS RECEIVABLE** |
| Balances, beginning of period | $845 | $**1337** |
| Current period provision | **1026** | **1407** |
| Charge-offs | **(752)** | **(2102)** |
| Recovery | **236** | **713** |
| **Balances, Sept. 30, 2025** | $**1355** | $**1355** |

---

---

| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 |
| (THOUSANDS) | ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE |
| Balances, beginning of period | $1368 | $3012 |
| Current period provision | 401 | 911 |
| Charge-offs | (854) | (3614) |
| Recovery | 217 | 823 |
| Balances, Sept. 30, 2024 | $1132 | $1132 |

---

**Note 2 — Recent Authoritative Guidance**<br>

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.

**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.

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 and recorded in Receivable - Cleco Cajun Divestiture on Cleco's Condensed 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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024:

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| | | |
|:---|:---|:---|
| (THOUSANDS) | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 |
| **Operating revenue, net** |  |  |
| &nbsp;&nbsp;&nbsp;Electric operations | $— | $207555 |
| &nbsp;&nbsp;&nbsp;Other operations |  | 50992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating revenue, net |  | 258547 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Fuel used for electric generation | 5 | 21061 |
| &nbsp;&nbsp;&nbsp;Purchased power | 52 | 93087 |
| &nbsp;&nbsp;&nbsp;Other operations and maintenance | 33 | 37623 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65 | 4336 |
| Total operating expenses | 155 | 156107 |
| **Operating (loss) income** | (155) | 102440 |
| Other income, net |  | 239 |
| Interest, net | 643 | 1225 |
| Gain (loss) - Cleco Cajun Divestiture<sup>(1)</sup> | 360 | (43715) |
| **Income from discontinued operations before income taxes** | 848 | 60189 |
| Federal and state income tax expense | 106 | 14774 |
| **Income from discontinued operations, net of income taxes** | $742 | $45415 |

---

<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 line item represents the loss on the sale of the Cleco Cajun Sale Group.

Cleco 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 nine months ended September 30, 2024:

---

| | |
|:---|:---|
| (THOUSANDS) | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 |
| Net cash provided by operating activities - discontinued operations  | $1828 |
| Net cash used in investing activities - discontinued operations | $(5928) |

---

**Note 4 — Revenue Recognition**<br>

Disaggregated Revenue

Operating revenue, net for the three and nine months ended September 30, 2025, and 2024 was as follows:

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** |
| (THOUSANDS) | **CLECO POWER** |  | **OTHER** |  | **ELIMINATIONS** | **TOTAL** |
| Revenue from contracts with customers |  |  |  |  |  |  |
| Retail revenue |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential<sup>(1)</sup> | $**183036** |  | $**—** |  | $**—** | $**183036** |
| &nbsp;&nbsp;Commercial<sup>(1)</sup> | **103544** |  | **—** |  | **—** | **103544** |
| &nbsp;&nbsp;Industrial<sup>(1)</sup> | **56641** |  | **—** |  | **—** | **56641** |
| &nbsp;&nbsp;Other retail<sup>(1)</sup> | **5041** |  | **—** |  | **—** | **5041** |
| Total retail revenue | **348262** |  | **—** |  | **—** | **348262** |
| Wholesale, net | **22306** | <sup>(1)</sup> | **(186)** | <sup>(2)</sup> | **—** | **22120** |
| Transmission | **12512** |  | **—** |  | **—** | **12512** |
| Other | **5066** |  | **—** |  | **(9)** | **5057** |
| Affiliate<sup>(3)</sup> | **244** |  | **19595** |  | **(19839)** | **—** |
| Total revenue from contracts with customers | **388390** |  | **19409** |  | **(19848)** | **387951** |
| Revenue unrelated to contracts with customers |  |  |  |  |  |  |
| &nbsp;&nbsp;Securitization | **16257** |  | **—** |  | **—** | **16257** |
| &nbsp;&nbsp;&nbsp;Other | **974** | <sup>(4)</sup> | **1588** | <sup>(5)</sup> | **—** | **2562** |
| Total revenue unrelated to contracts with customers | **17231** |  | **1588** |  | **—** | **18819** |
| **Operating revenue, net** | $**405621** |  | $**20997** |  | $**(19848)** | $**406770** |

---

<sup>(1)</sup> Includes fuel recovery revenue.

<sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreement.

<sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.

<sup>(4)</sup> Realized gains associated with FTRs.

<sup>(5)</sup> Primarily related to the other services agreement as a result of the Cleco Cajun Divestiture.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 |
| (THOUSANDS) | CLECO POWER |  | OTHER |  | ELIMINATIONS | TOTAL |
| Revenue from contracts with customers |  |  |  |  |  |  |
| Retail revenue |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential<sup>(1)</sup> | $157033 |  | $— |  | $— | $157033 |
| &nbsp;&nbsp;Commercial<sup>(1)</sup> | 88564 |  |  |  |  | 88564 |
| &nbsp;&nbsp;Industrial<sup>(1)</sup> | 47731 |  |  |  |  | 47731 |
| &nbsp;&nbsp;Other retail<sup>(1)</sup> | 4679 |  |  |  |  | 4679 |
| &nbsp;&nbsp;&nbsp;Electric customer credits | (1046) |  |  |  |  | (1046) |
| Total retail revenue | 296961 |  |  |  |  | 296961 |
| Wholesale, net | 14093 | <sup>(1)</sup> | (186) | <sup>(2)</sup> |  | 13907 |
| Transmission | 11043 |  |  |  |  | 11043 |
| Other | 4565 |  |  |  | (12) | 4553 |
| Affiliate<sup>(3)</sup> | 1397 |  | 22733 |  | (24130) |  |
| Total revenue from contracts with customers | 328059 |  | 22547 |  | (24142) | 326464 |
| Revenue unrelated to contracts with customers |  |  |  |  |  |  |
| &nbsp;&nbsp;Securitization | 8825 |  |  |  |  | 8825 |
| &nbsp;&nbsp;&nbsp;Other | 483 | <sup>(4)</sup> | 4364 | <sup>(5)</sup> | (1) | 4846 |
| Total revenue unrelated to contracts with customers | 9308 |  | 4364 |  | (1) | 13671 |
| **Operating revenue, net** | $337367 |  | $26911 |  | $(24143) | $340135 |

---

<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> Realized gains associated with FTRs.

<sup>(5)</sup> Primarily related to the other services agreement and transition services agreement as a result of the Cleco Cajun Divestiture.

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** |
| (THOUSANDS) | **CLECO POWER** |  | **OTHER** |  | **ELIMINATIONS** | **TOTAL** |
| Revenue from contracts with customers |  |  |  |  |  |  |
| Retail revenue |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential<sup>(1)</sup> | $**428942** |  | $**—** |  | $**—** | $**428942** |
| &nbsp;&nbsp;Commercial<sup>(1)</sup> | **269857** |  | **—** |  | **—** | **269857** |
| &nbsp;&nbsp;Industrial<sup>(1)</sup> | **152485** |  | **—** |  | **—** | **152485** |
| &nbsp;&nbsp;Other retail<sup>(1)</sup> | **14264** |  | **—** |  | **—** | **14264** |
| Total retail revenue | **865548** |  | **—** |  | **—** | **865548** |
| Wholesale, net | **60926** | <sup>(1)</sup> | **(558)** | <sup>(2)</sup> | **—** | **60368** |
| Transmission, net | **33548** |  | **—** |  | **—** | **33548** |
| Other | **13902** |  | **—** |  | **(28)** | **13874** |
| Affiliate<sup>(3)</sup> | **734** |  | **57020** |  | **(57754)** | **—** |
| Total revenue from contracts with customers | **974658** |  | **56462** |  | **(57782)** | **973338** |
| Revenue unrelated to contracts with customers |  |  |  |  |  |  |
| &nbsp;&nbsp;Securitization | **40222** |  | **—** |  | **—** | **40222** |
| &nbsp;&nbsp;&nbsp;Other | **5034** | <sup>(4)</sup> | **5181** | <sup>(5)</sup> | **—** | **10215** |
| Total revenue unrelated to contracts with customers | **45256** |  | **5181** |  | **—** | **50437** |
| **Operating revenue, net** | $**1019914** |  | $**61643** |  | $**(57782)** | $**1023775** |
| <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement as a result of the Cleco Cajun Divestiture. | <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement as a result of the Cleco Cajun Divestiture. | <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement as a result of the Cleco Cajun Divestiture. | <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement as a result of the Cleco Cajun Divestiture. | <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement as a result of the Cleco Cajun Divestiture. | <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement as a result of the Cleco Cajun Divestiture. | <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement as a result of the Cleco Cajun Divestiture. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 |
| (THOUSANDS) | CLECO POWER |  | OTHER |  | ELIMINATIONS | TOTAL |
| Revenue from contracts with customers |  |  |  |  |  |  |
| Retail revenue |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential<sup>(1)</sup> | $352471 |  | $— |  | $— | $352471 |
| &nbsp;&nbsp;Commercial<sup>(1)</sup> | 224292 |  |  |  |  | 224292 |
| &nbsp;&nbsp;Industrial<sup>(1)</sup> | 123002 |  |  |  |  | 123002 |
| &nbsp;&nbsp;Other retail<sup>(1)</sup> | 12029 |  |  |  |  | 12029 |
| &nbsp;&nbsp;&nbsp;Electric customer credits | (3441) |  |  |  |  | (3441) |
| Total retail revenue | 708353 |  |  |  |  | 708353 |
| Wholesale, net | 82026 | <sup>(1)</sup> | (2695) | <sup>(2)</sup> |  | 79331 |
| Transmission, net | 34395 |  |  |  |  | 34395 |
| Other | 14932 |  |  |  | (12) | 14920 |
| Affiliate<sup>(3)</sup> | 11788 |  | 80156 |  | (91944) |  |
| Total revenue from contracts with customers | 851494 |  | 77461 |  | (91956) | 836999 |
| Revenue unrelated to contracts with customers |  |  |  |  |  |  |
| &nbsp;&nbsp;Securitization | 24705 |  |  |  |  | 24705 |
| &nbsp;&nbsp;&nbsp;Other | 1913 | <sup>(4)</sup> | 5545 | <sup>(5)</sup> |  | 7458 |
| Total revenue unrelated to contracts with customers | 26618 |  | 5545 |  |  | 32163 |
| **Operating revenue, net** | $878112 |  | $83006 |  | $(91956) | $869162 |
| <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement and transition services agreement as a result of the Cleco Cajun Divestiture. | <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement and transition services agreement as a result of the Cleco Cajun Divestiture. | <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement and transition services agreement as a result of the Cleco Cajun Divestiture. | <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement and transition services agreement as a result of the Cleco Cajun Divestiture. | <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement and transition services agreement as a result of the Cleco Cajun Divestiture. | <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement and transition services agreement as a result of the Cleco Cajun Divestiture. | <sup>(1)</sup> Includes fuel recovery revenue.<br><sup>(2)</sup> Amortization of intangible assets related to Cleco Power's wholesale power supply agreements.<br><sup>(3)</sup> Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.<br><sup>(4)</sup> Realized gains associated with FTRs.<br><sup>(5)</sup> Primarily related to the other services agreement and transition services agreement as a result of the Cleco Cajun Divestiture. |

---

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 5 — Regulatory Assets and Liabilities**<br>

Cleco Power recognizes an asset for certain costs capitalized or deferred for recovery from customers and recognizes a

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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 on regulated operations.

The following table summarizes Cleco Power's regulatory assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Cleco Power |  |  |  |  |
|  |  |  | REMAINING<br>RECOVERY<br>PERIOD<br>(YRS.) |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 | REMAINING<br>RECOVERY<br>PERIOD<br>(YRS.) |  |
| Regulatory assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Unit 1 acquisition costs | $**1516** | $1596 | 14.25 |  |
| &nbsp;&nbsp;Accumulated deferred fuel<sup>(1)</sup> | **11688** | 457 | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Affordability study | **7925** | 8959 | 5.75 |  |
| &nbsp;&nbsp;&nbsp;AFUDC equity gross-up | **54962** | 57284 | Various | <sup>(3)</sup> |
| &nbsp;&nbsp;Advanced metering infrastructure deferred revenue requirement | **—** | 409 |  |  |
| &nbsp;&nbsp;AROs | **20861** | 11073 | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Coughlin transaction costs | **730** | 753 | 23.75 |  |
| &nbsp;&nbsp;COVID-19 executive order | **2465** | 3372 | 1.75 |  |
| &nbsp;&nbsp;Deferred lignite and mine closure costs and Dolet Hills Power Station closure costs | **—** | 258951 |  |  |
| &nbsp;&nbsp;&nbsp;Deferred taxes, net | **22593** | 2008 | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;Dolet Hills carrying charge<sup>(4)</sup> | **4435** | 4729 |  |  |
| &nbsp;&nbsp;Financing costs<sup>(1)</sup> | **5439** | 5717 | Various | <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;Interest costs | **2525** | 2712 | Various | <sup>(3)</sup> |
| &nbsp;&nbsp;Madison Unit 3 property taxes | **15023** | 14196 | Various | <sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Non-service cost of postretirement benefits | **13393** | 14057 | Various | <sup>(3)</sup> |
| &nbsp;&nbsp;Northlake Transmission Agreement<sup>(11)</sup> | **6881** | 2542 | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Postretirement costs | **58089** | 58089 | Various | <sup>(7)</sup> |
| &nbsp;&nbsp;Production operations and maintenance expenses | **2525** | 4939 | Various | <sup>(8)</sup> |
| &nbsp;&nbsp;Rodemacher Unit 2 deferred costs<sup>(4)</sup> | **33503** | 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 | **5345** | 5462 | 34.25 |  |
| &nbsp;&nbsp;Tree trimming costs | **—** | 943 |  |  |
| &nbsp;&nbsp;&nbsp;Other | **12676** | 10378 | Various | <sup>(2)</sup> |
| Total regulatory assets | **284696** | 498883 |  |  |
| Regulatory liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred taxes, net | **(6361)** | (6827) | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;Energy transition reserve<sup>(9)</sup> | **(39123)** |  |  |  |
| &nbsp;&nbsp;Interest earned on energy transition reserve<sup>(9)</sup> | **(556)** |  |  |  |
| &nbsp;&nbsp;Residential revenue decoupling<sup>(10)</sup> | **(5250)** | (3000) |  |  |
| &nbsp;&nbsp;Storm reserve | **(68648)** | (76178) |  |  |
| Total regulatory liabilities | **(119938)** | (86005) |  |  |
| **Total regulatory assets, net** | $**164758** | $412878 |  |  |
| <sup>(1)</sup> Represents regulatory assets for past expenditures that were not earning a return on investment at September 30, 2025, and December 31, 2024. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the remaining recovery period, see Part II, Item 8, "Financial Statements and Supplementary Data — Note 6 — Regulatory Assets and Liabilities" for the disclosures for each specific regulatory asset or liability in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024. <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> 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 12-month rate period ending June 30, 2027.<br><sup>(11)</sup> Previously included in Other but presented as its own line item at September 30, 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 September 30, 2025, and December 31, 2024. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the remaining recovery period, see Part II, Item 8, "Financial Statements and Supplementary Data — Note 6 — Regulatory Assets and Liabilities" for the disclosures for each specific regulatory asset or liability in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024. <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> 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 12-month rate period ending June 30, 2027.<br><sup>(11)</sup> Previously included in Other but presented as its own line item at September 30, 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 September 30, 2025, and December 31, 2024. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the remaining recovery period, see Part II, Item 8, "Financial Statements and Supplementary Data — Note 6 — Regulatory Assets and Liabilities" for the disclosures for each specific regulatory asset or liability in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024. <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> 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 12-month rate period ending June 30, 2027.<br><sup>(11)</sup> Previously included in Other but presented as its own line item at September 30, 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 September 30, 2025, and December 31, 2024. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the remaining recovery period, see Part II, Item 8, "Financial Statements and Supplementary Data — Note 6 — Regulatory Assets and Liabilities" for the disclosures for each specific regulatory asset or liability in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024. <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> 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 12-month rate period ending June 30, 2027.<br><sup>(11)</sup> Previously included in Other but presented as its own line item at September 30, 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 September 30, 2025, and December 31, 2024. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the remaining recovery period, see Part II, Item 8, "Financial Statements and Supplementary Data — Note 6 — Regulatory Assets and Liabilities" for the disclosures for each specific regulatory asset or liability in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024. <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> 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 12-month rate period ending June 30, 2027.<br><sup>(11)</sup> Previously included in Other but presented as its own line item at September 30, 2025, due to increased materiality of the comparative periods. |

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

The following table summarizes Cleco's net regulatory assets and liabilities:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Total Cleco Power regulatory assets, net | $**164758** | $412878 |
| 2016 Merger adjustments<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Fair value of long-term debt | **84390** | 89941 |
| &nbsp;&nbsp;&nbsp;Postretirement costs | **5970** | 7461 |
| &nbsp;&nbsp;&nbsp;Financing costs | **5959** | 6217 |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | **3660** | 3921 |
| Total Cleco regulatory assets, net | $**264737** | $520418 |

---

<sup>(1)</sup> Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger.

**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 fuel charges. As of September 30, 2025, Accumulated deferred fuel increased $11.2 million primarily due to increases in mark-to-market losses on gas-related derivative contracts.

**AROs**

At September 30, 2025, as a result of changes in the underlying cost estimate, 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.

**Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs**

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 are recorded in Regulatory assets - current on Cleco's and Cleco Power's Condensed 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 Condensed Consolidated Balance Sheets.

For more information about the securitization financing, see Note 14 — "Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Securitization."

**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 its IICR. In addition, 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 1 — "Summary of Significant Accounting Policies — Restricted Cash and Cash Equivalents."

**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 September 30, 2025, the Northlake Transmission Agreement regulatory asset increased $4.3 million as a result of higher transmission costs billed by MISO for Cleco Power's Northlake service territory.

**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 accumulated storm restoration costs. At September 30, 2025, Cleco Power had a storm reserve balance of $68.6 million, net of $37.8 million of unreimbursed accumulated storm restoration costs.

**Note 6 — 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,

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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, 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 Condensed Consolidated Balance Sheets at September 30, 2025, and December 31, 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 Condensed 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 SEPT. 30, 2025** | **QUOTED PRICES IN 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 PRICES IN 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;Short-term investments | $**231693** | $**231693** | $**—** | $**—** | $153972 | $153972 | $— | $— |
| &nbsp;&nbsp;FTRs | **4315** | **—** | **—** | **4315** | 2084 |  |  | 2084 |
| &nbsp;&nbsp;Natural gas derivatives | **4157** | **—** | **4157** | **—** | 9210 |  | 9210 |  |
| Total assets | $**240165** | $**231693** | $**4157** | $**4315** | $165266 | $153972 | $9210 | $2084 |
| Liability description |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FTRs | $**297** | $**—** | $**—** | $**297** | $256 | $— | $— | $256 |
| &nbsp;&nbsp;Natural gas derivatives | **5757** | **—** | **5757** | **—** |  |  |  |  |
| Total liabilities | $**6054** | $**—** | $**5757** | $**297** | $256 | $— | $— | $256 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 SEPT. 30, 2025** | **QUOTED PRICES IN 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 PRICES IN 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;Short-term investments | $**226468** | $**226468** | $**—** | $**—** | $147648 | $147648 | $— | $— |
| &nbsp;&nbsp;FTRs | **4315** | **—** | **—** | **4315** | 2084 |  |  | 2084 |
| &nbsp;&nbsp;Natural gas derivatives | **4157** | **—** | **4157** | **—** | 9210 |  | 9210 |  |
| Total assets | $**234940** | $**226468** | $**4157** | $**4315** | $158942 | $147648 | $9210 | $2084 |
| Liability description |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FTRs | $**297** | $**—** | $**—** | $**297** | $256 | $— | $— | $256 |
| &nbsp;&nbsp;Natural gas derivatives | **5757** | **—** | **5757** | **—** |  |  |  |  |
| Total liabilities | $**6054** | $**—** | $**5757** | $**297** | $256 | $— | $— | $256 |

---

Cleco applied its Level 2 and Level 3 fair value techniques consistently between comparative fiscal periods. During the nine months ended September 30, 2025, and the year ended December 31, 2024, Cleco did not experience any transfers into or out of Level 3 of the fair value hierarchy.

*Short-term Investments*

At September 30, 2025, and December 31, 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 Condensed

Consolidated Balance Sheets at September 30, 2025, and December 31, 2024:

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| | | |
|:---|:---|:---|
| Cleco |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Cash and cash equivalents | $**61477** | $21562 |
| Current restricted cash and cash equivalents | $**30368** | $15918 |
| Non-current restricted cash and cash equivalents | $**139848** | $116492 |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Cash and cash equivalents | $**56277** | $15263 |
| Current restricted cash and cash equivalents | $**30368** | $15918 |
| Non-current restricted cash and cash equivalents | $**139823** | $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 THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | **2025** | 2024 |
| Balances, beginning of period | $**5786** | $3548 | $**1828** | $2306 |
| Unrealized losses | **(163)** | (156) | **(52)** | (108) |
| Purchases | **—** | (7) | **6488** | 4242 |
| Settlements | **(1605)** | (1001) | **(4246)** | (4056) |
| Balances, end of period | $**4018** | $2384 | $**4018** | $2384 |
| \* Unrealized losses are reported through Accumulated deferred fuel on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets. | \* Unrealized losses are reported through Accumulated deferred fuel on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets. | \* Unrealized losses are reported through Accumulated deferred fuel on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets. | \* Unrealized losses are reported through Accumulated deferred fuel on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets. | \* Unrealized losses are reported through Accumulated deferred fuel on Cleco's and Cleco Power's Condensed 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 at September 30, 2025, and December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | FAIR VALUE | FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT <br>UNOBSERVABLE INPUTS | 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 Sept. 30, 2025** | $**4315** | $**297** | **RTO auction pricing** | **FTR price - per MWh** | $**(3.89)** | $**8.60** | $**0.39** |
| 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 component of Accumulated deferred fuel on Cleco's and Cleco Power's Condensed 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 Condensed Consolidated Balance Sheets:

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| | | | | |
|:---|:---|:---|:---|:---|
| Cleco |  |  |  |  |
|  | **AT SEPT. 30, 2025** | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 | AT DEC. 31, 2024 |
| (THOUSANDS) | **CARRYING**<br>**VALUE\*** | **FAIR VALUE** | CARRYING<br>VALUE\* | FAIR VALUE |
| Long-term debt | $**3031540** | $**2906422** | $2922003 | $2716251 |

---

\* The carrying value of long-term debt does not include deferred issuance costs of $15.3 million at September 30, 2025, and $11.6 million at December 31, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| Cleco Power |  |  |  |  |
|  | **AT SEPT. 30, 2025** | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 | AT DEC. 31, 2024 |
| (THOUSANDS) | **CARRYING**<br>**VALUE\*** | **FAIR VALUE** | CARRYING<br>VALUE\* | FAIR VALUE |
| Long-term debt | $**1937149** | $**1959563** | $1822061 | $1800633 |

---

\* The carrying value of long-term debt does not include deferred issuance costs of $14.2 million at September 30, 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 its financial obligations causing Cleco to potentially incur replacement cost losses.

At September 30, 2025, and December 31, 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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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 mutual 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 September 30, 2025, and December 31, 2024, Cleco held cash collateral of $7.8 million and $14.8 million, respectively, recorded in Credit deposits on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets. At September 30, 2025, and December 31, 2024, Cleco held CIAC of $26.9 million and $27.4 million, respectively, recorded in Customer advances for construction on Cleco's and Cleco Power's Condensed 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 7 — 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 September 30, 2025, and December 31, 2024, there were no fair value amounts offset on the balance sheets and no collateral posted with or received from counterparties. The following table presents the fair values of derivative instruments and their respective line items as recorded on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets at September 30, 2025, and December 31, 2024:

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| | | | |
|:---|:---|:---|:---|
| | DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS |
| (THOUSANDS) | BALANCE SHEET LINE ITEM | AT SEPT. 30, 2025 | AT DEC. 31, 2024 |
| Commodity-related contracts | Commodity-related contracts |  |  |
| &nbsp;&nbsp;&nbsp;FTRs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | Energy risk management assets | $**4315** | $2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | Energy risk management liabilities | **(297)** | (256) |
| Natural gas derivatives | Natural gas derivatives |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | Energy risk management assets | **2876** | 9210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current | Energy risk management assets | 1281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | Energy risk management liabilities | **(5224)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current | Energy risk management liabilities | **(533)** |  |
| Commodity-related contracts, net | Commodity-related contracts, net | $**2418** | $11038 |

---

The following table presents the effect of derivatives not designated as hedging instruments on Cleco's and Cleco Power's Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025, and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME | AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME | AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME | AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME | AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME |
| | | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | INCOME STATEMENT LINE ITEM | **2025** | 2024 | **2025** | 2024 |
| Commodity-related contracts |  |  |  |  |  |
| &nbsp;&nbsp;FTRs<sup>(1)</sup> | Electric operations | $**972** | $483 | $**5106** | $1991 |
| &nbsp;&nbsp;FTRs<sup>(1)</sup> | Purchased power | **(873)** | (484) | **(3997)** | (2683) |
| &nbsp;&nbsp;Natural gas derivatives<sup>(2)(3)</sup> | Fuel used for electric generation | **(3108)** | (7129) | **(4230)** | (22786) |
| Total |  | $**(3009)** | $(7130) | $**(3121)** | $(23478) |

---

<sup>(1)</sup> **FTRs - Unrealized Gains (Losses)**

The three and nine months ended September 30, 2025, include unrealized losses of $(0.2) million and $(0.1) million, respectively. The three and nine months ended September 30, 2024, include unrealized losses of $(0.2) million and $(0.1) million, respectively. Unrealized gains (losses) associated with FTRs are recorded through Accumulated deferred fuel on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets.

<sup>(2)</sup> **Natural gas derivatives - Unrealized (Losses) Gains**

The three and nine months ended September 30, 2025, include unrealized losses of $(6.1) million and $(10.8) million, respectively. The three and nine months ended September 30, 2024, include unrealized gains of $1.7 million and $11.8 million, respectively. Unrealized gains (losses) associated with natural gas derivatives are recorded through Accumulated deferred fuel on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets.

<sup>(3)</sup> **Natural gas derivatives - Realized Losses in Accumulated Deferred Fuel**

Realized gains and losses for Cleco Power are recorded in Accumulated deferred fuel until recovered through the FAC. Both the three and nine months ended September 30, 2025, and 2024 include realized losses of $(0.1) million and $(1.5) million, respectively, recorded in Accumulated deferred fuel on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets.

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

The following table presents the volume of commodity-related derivative contracts outstanding at September 30, 2025, and December 31, 2024, for Cleco and Cleco Power:

---

| | | | |
|:---|:---|:---|:---|
| | UNIT OF MEASURE | TOTAL VOLUME OUTSTANDING | TOTAL VOLUME OUTSTANDING |
| (THOUSAND) | UNIT OF MEASURE | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Commodity-related contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;FTRs | MWh | **10322** | 6720 |
| &nbsp;&nbsp;&nbsp;Natural gas derivatives | MMBtus | **43022** | 18595 |

---

**Note 8 — Debt**<br>

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 the outstanding balance of its $110.0 million short-term revolving credit facility. On May 1, 2025, Cleco Power elected to repay its $50.0 million GO Zone bonds.

Cleco Power's total long-term debt due within one year as of September 30, 2025, and December 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Senior notes, 3.68% | $**75000** | $75000 |
| 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% | **6733** |  |
| Long-term debt due within one year | **97432** | 265087 |
| Unamortized debt issuance costs | **(11)** | (153) |
| Long-term debt due within one year, net  | $**97421** | $264934 |

---

Cleco's total long-term debt due within one year as of September 30, 2025, and December 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
| Cleco  |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Total Cleco Power long-term debt due within one year, net | $**97421** | $264934 |
| Senior notes, 3.743% | **360000** |  |
| Long-term debt due within one year | **457421** | 264934 |
| Unamortized debt issuance costs | **(193)** |  |
| Long-term debt due within one year, net  | $**457228** | $264934 |

---

**Note 9 — Pension Plan and Employee Benefits**<br>

**Pension Plan**

Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. Based on the funding assumptions at December 31, 2024, management estimates that $76.1 million in pension contributions will be required through 2029, of which $16.5 million is required in 2025. In January 2025, Cleco made an $11.5 million required contribution payment towards the 2025 plan year and a $5.0 million required contribution towards the 2024 plan year. Cleco expects to make a $16.8 million required contribution to the pension plan in 2026.

The service costs are included in Other operations and maintenance within Cleco's and Cleco Power's Condensed Consolidated Statements of Income. The non-service components of periodic pension costs, such as interest, expected return on plan assets, amortization of prior service costs and/or actuarial gains or losses, are included in Other income (expense), net within Cleco's and Cleco Power's Condensed Consolidated Statements of Income. The components of net periodic pension cost for the three and nine months ended September 30, 2025, and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | **2025** | 2024 |
| Components of periodic benefit costs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service cost | $**966** | $1114 | $**2899** | $3490 |
| &nbsp;&nbsp;Non-service cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest cost | **6776** | 6535 | **20329** | 19605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected return on plan assets | **(8292)** | (7607) | **(24876)** | (22821) |
| Net periodic benefit (income) cost | $**(550)** | $42 | $**(1648)** | $274 |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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 three and nine months ended September 30, 2025, was $0.2 million and $0.7 million, respectively. The expense of the pension plan related to Cleco's other subsidiaries for the three and nine months ended September 30, 2024, was $0.4 million and $1.3 million, respectively.

The current and non-current portions of the pension benefits liability for Cleco and Cleco Power at September 30, 2025, and December 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Current | $**12764** | $16344 |
| Non-current | $**54682** | $69250 |

---

**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 service costs are included in Other operations and maintenance within Cleco's and Cleco Power's Condensed Consolidated Statements of Income. The non-service components of periodic Other Benefits cost, such as interest, expected return on plan assets, amortization of prior service costs and/or actuarial gains or losses, are included in Other income (expense), net within Cleco's and Cleco Power's Condensed Consolidated Statements of Income. The components of periodic Other Benefits cost for the three and nine months ended September 30, 2025, and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | **2025** | 2024 |
| Components of periodic benefit costs |  |  |  |  |
| &nbsp;&nbsp;Service cost | $**395** | $475 | $**1184** | $1375 |
| &nbsp;&nbsp;Non-service cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest cost | **586** | 583 | **1757** | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | **74** | 156 | **222** | 367 |
| Net periodic benefit cost | $**1055** | $1214 | $**3163** | $3492 |

---

Cleco Holdings is the plan sponsor for the Other Benefit plan. 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 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025, was $1.0 million and $3.1 million, respectively. The expense related to Other Benefits reflected in Cleco Power's Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024, was $1.1 million and $3.2 million, respectively. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at September 30, 2025, and December 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Current | $**5279** | $5279 |
| Non-current | $**37919** | $38724 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Current | $**4524** | $4524 |
| Non-current | $**29407** | $30054 |

---

**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 policies 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 service costs are included in Other operations and maintenance within Cleco's and Cleco Power's Condensed Consolidated Statements of Income. The non-service components of periodic benefit cost related to SERP, such as interest, expected return on plan assets, amortization of prior service costs and/or actuarial gains or losses, are included in Other income (expense), net within Cleco's and Cleco Power's Condensed Consolidated Statements of Income. The components of the net periodic benefit cost related to SERP for the three and nine months ended September 30, 2025, and 2024 were as follows:

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | 2025 | 2024 |
| Components of periodic benefit costs |  |  |  |  |
| &nbsp;&nbsp;Service cost | $**14** | $34 | $**43** | $101 |
| &nbsp;&nbsp;Non-service cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest cost | **864** | 836 | **2591** | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortizations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior period service credit | **(54)** | (54) | **(161)** | (161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain | **(35)** | (21) | **(104)** | (61) |
| Net periodic benefit cost | $**789** | $795 | $**2369** | $2386 |

---

The expense related to SERP reflected on Cleco Power's Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025, was $0.1 million and $0.4 million, respectively. The expense related to SERP reflected on Cleco Power's Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024, was $0.1 million and $0.4 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 September 30, 2025, and December 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Current | $**4815** | $4815 |
| Non-current | $**57920** | $58728 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Current | $**833** | $833 |
| Non-current | $**9963** | $10160 |

---

**401(k) Plan**

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 three and nine months ended September 30, 2025, and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS<br>ENDED SEPT. 30, | FOR THE NINE MONTHS<br>ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | **2025** | 2024 |
| 401(k) Plan expense | $**1796** | $1766 | $**6767** | $7078 |

---

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 three and nine months ended September 30, 2025, and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS<br>ENDED SEPT. 30, | FOR THE NINE MONTHS<br>ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | **2025** | 2024 |
| 401(k) Plan expense | $**349** | $347 | $**1452** | $2685 |

---

**Note 10 — Income Taxes**<br>

**Effective Tax Rates**

The following tables summarize the effective income tax rates from continuing operations for Cleco and Cleco Power for the three and nine months ended September 30, 2025, and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Cleco |  |  |  |  |
|  | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS<br>ENDED SEPT. 30, | FOR THE NINE MONTHS<br>ENDED SEPT. 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Effective tax rate | **19.8%** | (7.6)% | **18.7%** | (10.2)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Cleco Power |  |  |  |  |
|  | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS<br>ENDED SEPT. 30, | FOR THE NINE MONTHS<br>ENDED SEPT. 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Effective tax rate | **20.2%** | 10.1% | **19.5%** | 9.2% |

---

For Cleco and Cleco Power, the effective income tax rates for the three and nine months ended September 30, 2025, and 2024 were different than the federal statutory rate primarily due to the amortization of excess ADIT, the adjustment to **record tax expense at the projected annual effective tax rate,** flow through of state tax benefits, adjustments to tax returns as filed and state tax expense.

**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.

**Uncertain Tax Positions**

Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense. For the three and nine months ended September 30, 2025, and 2024, Cleco and Cleco Power had no interest expense related to uncertain tax positions. At September 30, 2025, and December 31, 2024, Cleco and Cleco Power had no liability for

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

uncertain tax positions or interest payable related to uncertain 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 2021-2024 tax years and the statute of limitations remains open for those tax years.

Cleco records income tax penalties in Other Expense on its Condensed Consolidated Statement of Income. For the three and nine months ended September 30, 2025, and 2024, no penalties were recognized.

**Note 11 — Segment Disclosures**<br>

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 segments. Management evaluates the performance of Cleco's segments 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** | **Segment Information** |
| **FOR THE THREE MONTHS ENDED SEPT. 30, 2025 (THOUSANDS)** | **CLECO POWER** |
| Revenue |  |
| &nbsp;&nbsp;Base revenue | $**237027** |
| &nbsp;&nbsp;Fuel cost recovery revenue<sup>(1)</sup> | **134515** |
| &nbsp;&nbsp;&nbsp;Other operations | **33835** |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **244** |
| Operating revenue, net | $**405621** |
| Less: |  |
| &nbsp;&nbsp;Recoverable fuel and purchased power<sup>(1)</sup> | $**134491** |
| &nbsp;&nbsp;Non-recoverable fuel and purchased power | **13196** |
| &nbsp;&nbsp;Other operations and maintenance<sup>(2)</sup> | **67374** |
| &nbsp;&nbsp;Taxes other than income taxes | **15943** |
| &nbsp;&nbsp;Other segment items<sup>(3)</sup> | **(3213)** |
| **EBITDA** | $**177830** |
| <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 $19.9 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 $19.9 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 THREE MONTHS ENDED SEPT. 30, 2025 (THOUSANDS)** | **CLECO POWER** | **OTHER** | | **ELIMINATIONS** | **TOTAL** |
| Revenue |  |  |  |  |  |
| &nbsp;&nbsp;Base revenue | $**237027** | $**(186)** |  | $**—** | $**236841** |
| &nbsp;&nbsp;Fuel cost recovery revenue | **134515** | **—** |  | **—** | **134515** |
| &nbsp;&nbsp;&nbsp;Other operations | **33835** | **1588** |  | **(9)** | **35414** |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **244** | **19595** |  | **(19839)** | **—** |
| Operating revenue, net | $**405621** | $**20997** |  | $**(19848)** | $**406770** |
| Depreciation and amortization | $**52209** | $**2444** | <sup>(1)</sup> | $**(1)** | $**54652** |
| Interest income | $**1408** | $**2704** |  | $**(50)** | $**4062** |
| Interest charges | $**26631** | $**11453** |  | $**(50)** | $**38034** |
| Federal and state income tax expense (benefit) | $**20269** | $**(2480)** |  | $**—** | $**17789** |
| Net income (loss) | $**80129** | $**(7869)** |  | $**—** | $**72260** |
| <sup>(1)</sup> Includes $0.2 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 $0.2 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 $0.2 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 $0.2 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 $0.2 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 $0.2 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger.  |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

---

| | |
|:---|:---|
| FOR THE THREE MONTHS ENDED SEPT. 30, 2024 (THOUSANDS) | CLECO POWER |
| Revenue |  |
| &nbsp;&nbsp;Base revenue | $226990 |
| &nbsp;&nbsp;Fuel cost recovery revenue<sup>(1)</sup> | 85593 |
| &nbsp;&nbsp;&nbsp;Other operations | 24433 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | 1397 |
| &nbsp;&nbsp;&nbsp;Electric customer credits | (1046) |
| Operating revenue, net | $337367 |
| Less: |  |
| &nbsp;&nbsp;Recoverable fuel and purchased power<sup>(1)</sup> | 85706 |
| &nbsp;&nbsp;Non-recoverable fuel and purchased power | 12169 |
| &nbsp;&nbsp;Other operations and maintenance<sup>(2)</sup> | 60387 |
| &nbsp;&nbsp;Taxes other than income taxes | 14590 |
| &nbsp;&nbsp;Other segment items<sup>(3)</sup> | (715) |
| EBITDA | $165230 |
| <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 $25.1 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 $25.1 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 THREE MONTHS ENDED SEPT. 30, 2024 (THOUSANDS) | CLECO POWER | OTHER |  | ELIMINATIONS | TOTAL |
| Revenue |  |  |  |  |  |
| &nbsp;&nbsp;Base revenue | $226990 | $(186) |  | $— | $226804 |
| &nbsp;&nbsp;Fuel cost recovery revenue | 85593 |  |  |  | 85593 |
| &nbsp;&nbsp;&nbsp;Other operations | 24433 | 4364 |  | (13) | 28784 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | 1397 | 22733 |  | (24130) |  |
| &nbsp;&nbsp;&nbsp;Electric customer credits | (1046) |  |  |  | (1046) |
| Operating revenue, net | $337367 | $26911 |  | $(24143) | $340135 |
| Depreciation and amortization | $48213 | $2266 | <sup>(1)</sup> | $— | $50479 |
| Interest income | $1065 | $5326 |  | $(25) | $6366 |
| Interest charges | $25014 | $12445 |  | $(23) | $37436 |
| Federal and state income tax expense (benefit) | $9396 | $(16039) |  | $— | $(6643) |
| Income from continuing operations, net of income taxes | $83672 | $10178 |  | $— | $93850 |
| Income from discontinued operations, net of income taxes |  | 742 |  |  | 742 |
| Net income | $83672 | $10920 |  | $— | $94592 |
| <sup>(1)</sup> Includes $0.2 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 $0.2 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 $0.2 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 $0.2 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 $0.2 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 $0.2 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. |

---

---

| | |
|:---|:---|
| **Segment Information** | **Segment Information** |
| **FOR THE NINE MONTHS ENDED SEPT. 30, 2025 (THOUSANDS)** | **CLECO POWER** |
| Revenue |  |
| &nbsp;&nbsp;Base revenue | $**610434** |
| &nbsp;&nbsp;Fuel cost recovery revenue<sup>(1)</sup> | **321074** |
| &nbsp;&nbsp;&nbsp;Other operations | **87672** |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **734** |
| Operating revenue, net | $**1019914** |
| Less: |  |
| &nbsp;&nbsp;Recoverable fuel and purchased power<sup>(1)</sup> | $**321052** |
| &nbsp;&nbsp;Non-recoverable fuel and purchased power | **19340** |
| &nbsp;&nbsp;Other operations and maintenance<sup>(2)</sup> | **187889** |
| &nbsp;&nbsp;Taxes other than income taxes | **45386** |
| &nbsp;&nbsp;Other segment items<sup>(3)</sup> | **(4936)** |
| EBITDA | $**451183** |
| <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 $66.2 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 $66.2 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. |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FOR THE NINE MONTHS ENDED SEPT. 30, 2025 (THOUSANDS)** | **CLECO POWER** | **OTHER** | | **ELIMINATIONS** | **TOTAL** |
| Revenue |  |  |  |  |  |
| &nbsp;&nbsp;Base revenue | $**610434** | $**(558)** |  | $**—** | $**609876** |
| &nbsp;&nbsp;Fuel cost recovery revenue | **321074** | **—** |  | **—** | **321074** |
| &nbsp;&nbsp;&nbsp;Other operations | **87672** | **5181** |  | **(28)** | **92825** |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **734** | **57020** |  | **(57754)** | **—** |
| Operating revenue, net | $**1019914** | $**61643** |  | $**(57782)** | $**1023775** |
| Depreciation and amortization | $**151039** | $**7100** | <sup>(2)</sup> | $**—** | $**158139** |
| Interest income | $**7434** | $**8066** |  | $**(273)** | $**15227** |
| Interest charges | $**78566** | $**33814** |  | $**(273)** | $**112107** |
| Federal and state income tax expense (benefit) | $**44715** | $**(7855)** |  | $**—** | $**36860** |
| Net income (loss) | $**184297** | $**(23828)** |  | $**—** | $**160469** |
| Additions to property, plant, and equipment | $**251200** | $**23** |  | $**—** | $**251223** |
| Equity investment in investees<sup>(1)</sup> | $**1916** | $**(848952)** |  | $**848952** | $**1916** |
| Goodwill<sup>(1)</sup> | $**1490797** | $**—** |  | $**—** | $**1490797** |
| Total segment assets<sup>(1)</sup> | $**7235697** | $**(324086)** |  | $**786653** | $**7698264** |
| <sup>(1)</sup> Balances as of September 30, 2025.<br><sup>(2)</sup> Includes $0.6 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> Balances as of September 30, 2025.<br><sup>(2)</sup> Includes $0.6 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> Balances as of September 30, 2025.<br><sup>(2)</sup> Includes $0.6 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> Balances as of September 30, 2025.<br><sup>(2)</sup> Includes $0.6 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> Balances as of September 30, 2025.<br><sup>(2)</sup> Includes $0.6 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> Balances as of September 30, 2025.<br><sup>(2)</sup> Includes $0.6 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. |

---

---

| | |
|:---|:---|
| FOR THE NINE MONTHS ENDED SEPT. 30, 2024 (THOUSANDS) | CLECO POWER |
| Revenue |  |
| &nbsp;&nbsp;Base revenue | $546335 |
| &nbsp;&nbsp;Fuel cost recovery revenue<sup>(1)</sup> | 249398 |
| &nbsp;&nbsp;&nbsp;Other operations | 74032 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | 11788 |
| &nbsp;&nbsp;&nbsp;Electric customer credits | (3441) |
| Operating revenue, net | $878112 |
| Less: |  |
| &nbsp;&nbsp;Recoverable fuel and purchased power<sup>(1)</sup> | 249549 |
| &nbsp;&nbsp;Non-recoverable fuel and purchased power | 25781 |
| &nbsp;&nbsp;Other operations and maintenance<sup>(2)</sup> | 176817 |
| &nbsp;&nbsp;Taxes other than income taxes | 43711 |
| &nbsp;&nbsp;Other segment items<sup>(3)</sup> | 8609 |
| EBITDA | $373645 |
| <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 $67.2 million.<br><sup>(3)</sup> Includes amounts for equity portions of AFUDC, equity income from investee, pension non-service costs, changes in the cash surrender value of life insurance policies, and expenses related to Project Diamond Vault. | <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 $67.2 million.<br><sup>(3)</sup> Includes amounts for equity portions of AFUDC, equity income from investee, pension non-service costs, changes in the cash surrender value of life insurance policies, and expenses related to Project Diamond Vault. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FOR THE NINE MONTHS ENDED SEPT. 30, 2024 (THOUSANDS) | CLECO POWER | OTHER |  | ELIMINATIONS | TOTAL |
| Revenue |  |  |  |  |  |
| &nbsp;&nbsp;Base revenue | $546335 | $(2695) |  | $— | $543640 |
| &nbsp;&nbsp;Fuel cost recovery revenue | 249398 |  |  |  | 249398 |
| &nbsp;&nbsp;&nbsp;Other operations | 74032 | 5545 |  | (12) | 79565 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | 11788 | 80156 |  | (91944) |  |
| &nbsp;&nbsp;&nbsp;Electric customer credits | (3441) |  |  |  | (3441) |
| Operating revenue, net | $878112 | $83006 |  | $(91956) | $869162 |
| Depreciation and amortization | $188970 | $8885 | <sup>(2)</sup> | $— | $197855 |
| Interest income | $3257 | $7432 |  | $(262) | $10427 |
| Interest charges | $73614 | $45768 |  | $(262) | $119120 |
| Federal and state income tax expense (benefit) | $10508 | $(15436) |  | $— | $(4928) |
| Income (loss) from continuing operations, net of income taxes | $103810 | $(50574) |  | $— | $53236 |
| Income from discontinued operations, net of income taxes |  | 45415 |  |  | 45415 |
| Net income (loss) | $103810 | $(5159) |  | $— | $98651 |
| Additions to property, plant, and equipment | $186691 | $3985 |  | $— | $190676 |
| Equity investment in investees<sup>(1)</sup> | $1916 | $(848952) |  | $848952 | $1916 |
| Goodwill<sup>(1)</sup> | $1490797 | $— |  | $— | $1490797 |
| Total segment assets<sup>(1)</sup> | $6879566 | $(286556) |  | $776596 | $7369606 |
| <sup>(1)</sup> Balances as of December 31, 2024.<br><sup>(2)</sup> Includes $2.7 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> Balances as of December 31, 2024.<br><sup>(2)</sup> Includes $2.7 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> Balances as of December 31, 2024.<br><sup>(2)</sup> Includes $2.7 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> Balances as of December 31, 2024.<br><sup>(2)</sup> Includes $2.7 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> Balances as of December 31, 2024.<br><sup>(2)</sup> Includes $2.7 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> Balances as of December 31, 2024.<br><sup>(2)</sup> Includes $2.7 million of amortization of intangible assets related to Cleco Power's wholesale power supply agreements as a result of the 2016 Merger. |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | 2025 | 2024 |
| Net income | $**72260** | $94592 | $**160469** | $98651 |
| Less: income from discontinued operations, net of income taxes | **—** | 742 | **—** | 45415 |
| Income from continuing operations, net of income taxes | **72260** | 93850 | **160469** | 53236 |
| Add: Depreciation and amortization | **54652** | 50479 | **158139** | 197855 |
| Less: Interest income | **4062** | 6366 | **15227** | 10427 |
| Add: Interest charges | **38034** | 37436 | **112107** | 119120 |
| Add: Federal and state income tax expense (benefit) | **17789** | (6643) | **36860** | (4928) |
| Add: Other corporate costs and noncash items<sup>(1)(2)</sup> | **(843)** | (3526) | **(1165)** | 18789 |
| Total segment EBITDA | $**177830** | $165230 | $**451183** | $373645 |
| <sup>(1)</sup> Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.<br><sup>(2)</sup> Includes gain (loss) on Cleco Cajun's natural gas derivatives of $(6.5) million for the nine months ended September 30, 2024. After the closing of the Cleco Cajun Divestiture, all natural gas derivatives related to Cleco Cajun were liquidated, therefore, there was no gain (loss) on natural gas derivatives for Cleco Cajun for the three months ended September 30, 2024. | <sup>(1)</sup> Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.<br><sup>(2)</sup> Includes gain (loss) on Cleco Cajun's natural gas derivatives of $(6.5) million for the nine months ended September 30, 2024. After the closing of the Cleco Cajun Divestiture, all natural gas derivatives related to Cleco Cajun were liquidated, therefore, there was no gain (loss) on natural gas derivatives for Cleco Cajun for the three months ended September 30, 2024. | <sup>(1)</sup> Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.<br><sup>(2)</sup> Includes gain (loss) on Cleco Cajun's natural gas derivatives of $(6.5) million for the nine months ended September 30, 2024. After the closing of the Cleco Cajun Divestiture, all natural gas derivatives related to Cleco Cajun were liquidated, therefore, there was no gain (loss) on natural gas derivatives for Cleco Cajun for the three months ended September 30, 2024. | <sup>(1)</sup> Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.<br><sup>(2)</sup> Includes gain (loss) on Cleco Cajun's natural gas derivatives of $(6.5) million for the nine months ended September 30, 2024. After the closing of the Cleco Cajun Divestiture, all natural gas derivatives related to Cleco Cajun were liquidated, therefore, there was no gain (loss) on natural gas derivatives for Cleco Cajun for the three months ended September 30, 2024. | <sup>(1)</sup> Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.<br><sup>(2)</sup> Includes gain (loss) on Cleco Cajun's natural gas derivatives of $(6.5) million for the nine months ended September 30, 2024. After the closing of the Cleco Cajun Divestiture, all natural gas derivatives related to Cleco Cajun were liquidated, therefore, there was no gain (loss) on natural gas derivatives for Cleco Cajun for the three months ended September 30, 2024. |

---

**Note 12 — 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 more information about the settlement, see Note 14 — "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. Due to the nature of the regulatory process, management is not able to determine the timing of the approval of this 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 Condensed Consolidated Balance Sheets. At September 30, 2025, and December 31, 2024, Cleco Power had $0.5 million and $4.0 million, respectively, recorded for deferred costs it 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 13 — 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.

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

*Cleco Securitization I*

The following table summarizes the impact of Cleco Securitization I on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Restricted cash - current | $**7210** | $15918 |
| Accounts receivable - affiliate | **3493** | 2996 |
| Intangible asset - securitization | **373822** | 384908 |
| Total assets | $**384525** | $403822 |
| Long-term debt due within one year | $**15699** | $15087 |
| Accounts payable | **3** |  |
| Accounts payable - affiliate | **35** | 113 |
| Interest accrued | **1448** | 5997 |
| Long-term debt, net | **365207** | 380468 |
| Total liabilities | **382392** | 401665 |
| Member's equity | **2133** | 2157 |
| Total liabilities and member's equity | $384525 | $403822 |

---

The following table summarizes the impact of Cleco Securitization I on Cleco's and Cleco Power's Condensed Consolidated Statements of Income:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS<br> ENDED SEPT. 30, | FOR THE NINE MONTHS<br> ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | **2025** | 2024 |
| Operating revenue | $**8843** | $8776 | $**24442** | $24578 |
| Operating expenses | **(4448)** | (4271) | **(11092)** | (10876) |
| Interest income | **167** | 214 | **442** | 557 |
| Interest charges, net | **(4537)** | (4694) | **(13718)** | (14185) |
| Net income | $**25** | $25 | $**74** | $74 |

---

*Cleco Securitization II*

The following table summarizes the impact of Cleco Securitization II on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets:

---

| | |
|:---|:---|
| (THOUSANDS) | **AT SEPT. 30, 2025** |
| Restricted cash - current | $**12538** |
| Accounts receivable - affiliate | **2939** |
| Restricted cash and cash equivalents | **2720** |
| Intangible asset - securitization | **292800** |
| Total assets | $**310997** |
| Long-term debt due within one year | $**6733** |
| Accounts payable - affiliate | **150** |
| Interest accrued | **8646** |
| Long-term debt, net | **293113** |
| Total liabilities | **308642** |
| Member's equity | **2355** |
| Total liabilities and member's equity | $310997 |

---

The following table summarizes the impact of Cleco Securitization II on Cleco's and Cleco Power's Condensed Consolidated Statements of Income:

---

| | | |
|:---|:---|:---|
| (THOUSANDS) | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** |
| Operating revenue | $**7316** | $**15550** |
| Operating expenses | **(3343)** | **(6689)** |
| Interest income | **95** | **106** |
| Interest charges, net | **(4037)** | **(8900)** |
| Net income | $**31** | $**67** |

---

**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 Condensed 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 Condensed 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 September 30, 2025, consisted of its equity investment of approximately $1.9 million.

The following table presents the components of Cleco Power's equity investment in Oxbow:

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| | | |
|:---|:---|:---|
| INCEPTION TO DATE (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Purchase price | $**12873** | $12873 |
| Cash contributions | **6399** | 6399 |
| Distributions | **(18033)** | (18033) |
| Equity income from investee | **677** | 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:

---

| | | |
|:---|:---|:---|
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 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 table contains summarized financial information for Oxbow:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, 2025 | FOR THE NINE MONTHS ENDED SEPT. 30, 2025 |
| (THOUSANDS) | **2025** | 2024 | **2025** | 2024 |
| Operating revenue | $**57** | $55 | $**230** | $306 |
| Operating expenses | **(57)** | (55) | **(230)** | (209) |
| Gain on sale of property | **—** |  | **—** | 1356 |
| Interest income | **—** |  | **—** | (97) |
| Income before taxes | $**—** | $— | $**—** | $1356 |

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

Oxbow has no third-party agreements, guarantees, or other third-party commitments that contain obligations affecting Cleco Power's investment in Oxbow.

**Note 14 — 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, and a trial is scheduled for March 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 2026. Cleco Power believes that it has substantial meritorious claims and defenses to the counterclaims asserted by Saulsbury.

***LPSC Audits and Reviews***

*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.

Currently, Cleco Power's fuel costs for 2020 through 2022 totaling $1.10 billion are under audit. On July 28, 2025, Cleco

Power received the audit report from the LPSC indicating no material findings. Cleco Power's FAC filings for January 2023 onward remain subject to audit. Management cannot predict or reasonably estimate the potential range of any disallowances related to these filings; however, historical disallowances have not been material. Any ordered refund due to a disallowance could have a material impact on the results of operations, financial condition, or cash flows of the Registrants.

*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, 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. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, related to these filings. Historically, the disallowances have not been material. If a disallowance of environmental cost is ordered resulting in a refund to Cleco Power's customers, any such refund could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants.

*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 will launch on January 1, 2026, with new energy efficiency rates 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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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 Condensed 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 5 — "Regulatory Assets and Liabilities."

On March 12, 2025, Cleco Power completed the 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 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. Cleco Power utilized the proceeds received from Cleco Securitization II to fund the energy transition reserve, repay its $125.0 million bank term loan, and repay the short-term debt outstanding on its revolving credit facility.

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. 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 potential 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 September 30, 2025, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters for Cleco and Cleco Power are $10.2 million and $9.7 million, respectively. Cleco and Cleco Power have accrued these amounts in Other deferred credits on their respective Condensed 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.

The off-balance sheet commitments are not recognized on Cleco's and Cleco Power's Condensed 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. These 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.

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

As part of the Amended Lignite Mining Agreement, Cleco Power and SWEPCO, joint owners of the recently 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 September 30, 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.

**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 could result in impairment charges and could materially affect Cleco's financial condition.

**Note 15 — Affiliate Transactions**<br>

Cleco Holdings has balances that are payable to or due from its affiliate, Cleco Group. The following table is a summary of those balances:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **AT SEPT. 30, 2025** | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 | AT DEC. 31, 2024 |
| (THOUSANDS) | **AFFILIATE RECEIVABLE** | **AFFILIATE PAYABLE** | AFFILIATE RECEIVABLE | AFFILIATE PAYABLE |
| Cleco Group | $**5653** | $**19939** | $35459 | $21368 |

---

Affiliate receivable decreased $29.8 million primarily due to the filing of the 2024 federal income tax return, which incorporated the utilization of net operating losses and final allocation of consolidated taxable income.

Cleco Power has balances that are payable to or due from its affiliates. The following table is a summary of those balances:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 | AT DEC. 31, 2024 |
| (THOUSANDS) | **AFFILIATE RECEIVABLE** | **AFFILIATE PAYABLE** | AFFILIATE RECEIVABLE | AFFILIATE PAYABLE |
| Cleco Holdings | $**8** | $**3840** | $185 | $318 |
| Support Group | **—** | **9201** | 989 | 11071 |
| Total | $**8** | $**13041** | $1174 | $11389 |

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**Note 16 — 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 Energy Transition Property are both classified as securitized intangible assets on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets. These securitized intangible assets are being amortized ratably each period consistent with actual collections of the asset's portion of the 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 Condensed Consolidated Statements of Income.

The following table presents the amortization expense recognized during the three and nine months ended September 30, 2025, and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS<br> ENDED SEPT. 30, | FOR THE NINE MONTHS<br> ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | **2025** | 2024 |
| Amortization expense |  |  |  |  |
| &nbsp;&nbsp;Storm Recovery Property | $**4312** | $4176 | $**10732** | $10523 |
| &nbsp;&nbsp;Energy Transition Property | $**3274** | $— | $**6539** | $— |

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

The following table summarizes the balance of the securitized intangible assets subject to amortization included on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets:

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| | | |
|:---|:---|:---|
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Storm Recovery Property | $**415593** | $415946 |
| Energy Transition Property | **299338** |  |
| Total securitized intangible assets carrying value | **714931** | 415946 |
| Accumulated amortization | **(48309)** | (31038) |
| Net securitized intangible assets subject to amortization | $**666622** | $384908 |

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**Other Intangible Assets**

As a result of the 2016 Merger, fair value adjustments were recorded on Cleco's Condensed 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 September 30, 2025, Cleco had one remaining power supply agreement intangible asset being amortized over the estimated life of its contract of 19 years, and the amortization expense is recorded in Electric operations on Cleco's Condensed Consolidated Statements of Income.

The following table presents the amortization expense recognized during the three and nine months ended September 30, 2025, and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS<br> ENDED SEPT. 30, | FOR THE NINE MONTHS<br> ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | **2025** | 2024 |
| Amortization expense |  |  |  |  |
| &nbsp;&nbsp;Power supply agreements | $**186** | $186 | $**558** | $2695 |

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The following table summarizes the balance of other intangible assets subject to amortization included in Cleco's Condensed Consolidated Balance Sheets:

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| | | |
|:---|:---|:---|
| Cleco |  |  |
| (THOUSANDS) | **AT SEPT. 30, 2025** | AT DEC. 31, 2024 |
| Power supply agreements | $**14238** | $14238 |
| Accumulated amortization | **(7045)** | (6487) |
| Net other intangible assets subject to amortization | $**7193** | $7751 |

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**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.

**Note 17 — 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 Condensed 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.

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| | | |
|:---|:---|:---|
| Cleco |  |  |
|  | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** |
| (THOUSANDS) | **POSTRETIREMENT BENEFIT NET LOSS** | **POSTRETIREMENT BENEFIT NET LOSS** |
| Balances, beginning of period | $**(3447)** | $**(2684)** |
| Amounts reclassified from AOCI |  |  |
| Amortization of postretirement benefit net gain | **(383)** | **(1146)** |
| **Balance, Sept. 30, 2025** | $**(3830)** | $**(3830)** |

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| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 |
| (THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS | POSTRETIREMENT BENEFIT NET LOSS |
| Balances, beginning of period | $(5555) | $(5112) |
| Amounts reclassified from AOCI |  |  |
| Amortization of postretirement benefit net gain | (300) | (743) |
| Balance, Sept. 30, 2024 | $(5855) | $(5855) |

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Cleco Power |  |  |  |  |  |  |
|  | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** |
| (THOUSANDS) | **POSTRETIREMENT<br>BENEFIT<br>NET LOSS** | **NET LOSS<br>ON CASH FLOW<br>HEDGES** | **TOTAL AOCI** | **POSTRETIREMENT<br>BENEFIT<br>NET LOSS** | **NET LOSS<br>ON CASH FLOW<br>HEDGES** | **TOTAL AOCI** |
| Balances, beginning of period | $**(5148)** | $**(4515)** | $**(9663)** | $**(5457)** | $**(4642)** | $**(10099)** |
| Amounts reclassified from AOCI |  |  |  |  |  |  |
| Amortization of postretirement benefit net loss | **152** | **—** | **152** | **461** | **—** | **461** |
| Reclassification of net loss to interest charges | **—** | **65** | **65** | **—** | **192** | **192** |
| **Balances, Sept. 30, 2025** | $**(4996)** | $**(4450)** | $**(9446)** | $**(4996)** | $**(4450)** | $**(9446)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE THREE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 | FOR THE NINE MONTHS ENDED SEPT. 30, 2024 |
| (THOUSANDS) | POSTRETIREMENT<br>BENEFIT<br>NET LOSS | NET LOSS<br>ON CASH FLOW<br>HEDGES | TOTAL AOCI | POSTRETIREMENT<br>BENEFIT<br>NET LOSS | NET LOSS<br>ON CASH FLOW<br>HEDGES | TOTAL AOCI |
| Balances, beginning of period | $(5204) | $(4670) | $(9874) | $(5555) | $(4796) | $(10351) |
| Amounts reclassified from AOCI |  |  |  |  |  |  |
| Amortization of postretirement benefit net loss | 192 |  | 192 | 543 |  | 543 |
| Reclassification of net loss to interest charges |  | 63 | 63 |  | 189 | 189 |
| Balances, Sept. 30, 2024 | $(5012) | $(4607) | $(9619) | $(5012) | $(4607) | $(9619) |

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**ITEM 2.** MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS<br>

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 Quarterly Report on Form 10-Q.

The following discussion and analysis should be read in combination with the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and Cleco's and Cleco Power's Condensed Consolidated Financial Statements contained in this Quarterly Report on Form 10-Q. The information included therein is essential to understanding the following discussion and analysis. Below is information concerning the consolidated results of operations of Cleco for the three and nine months ended September 30, 2025, and 2024.

**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 300,000 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.

*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.

*ESG*

Cleco is accelerating its efforts to address environmental, social, and governance priorities. Currently, management is unable to predict what impact the implementation of these ESG initiatives will have on the Registrants. For more information on these ESG initiatives, see Part I, Item 1, "Business — Human Capital," "— Communities," and "— Oversight and Governance" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024. For more information about Cleco's environmental initiatives, see "— Decarbonization Initiatives" and "— Renewable and Electrification Initiatives."

*Environmental*

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 goal of net-zero emissions by 2050.

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

These targets depend on factors such as policy developments, load growth, technology, and implementation feasibility.

*Social*

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 inclusion, safety, and innovation.

*Governance*

Cleco maintains a governance framework supported by policies and practices that promote accountability. An ESG Steering Committee and a Chief Administrative and Sustainability Officer oversee the implementation of ESG 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. Among the most significant are changes to federal tax, clean energy, and infrastructure policy. The OBBBA terminates a broad range of clean energy credits originally introduced or expanded under the IRA of 2022. These credits will no longer be available for projects that begin construction more than 12 months after the date of enactment or are placed in service after December 31, 2027. Additionally, the OBBBA restricts eligibility of these credits for entities receiving material assistance from prohibited foreign entities. Cleco does not expect this legislation to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants in 2025. Cleco is evaluating the potential impacts of this legislation for the years thereafter.

***Economic Outlook***

Current uncertainties about U.S. and international economic policy regarding tariffs and retaliatory tariffs, including the announcement and rescission of multiple tariffs by the U.S. on imports from several foreign jurisdictions, have increased macroeconomic uncertainty. Current uncertainties about tariffs and their effects on trading relationships may affect costs for and availability of raw materials or contribute to inflation in the markets in which Cleco operates. Management is continuing to monitor the economic effects of such shifting policies, which remain uncertain and could affect Cleco's ability to forecast results and have a material adverse effect on results of operations, financial condition, or cash flows. In addition, the risk associated with the current U.S. federal government shutdown that began on October 1, 2025, is disrupting federal agencies, resulting in regulatory delays and heightened economic uncertainty, which may reduce customer demand for and payment of utility services.

***Regional 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 1, Notes to the Unaudited Condensed Consolidated Financial Statements — "Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — 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 Expedited Resource Addition Study ("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 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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

environment, Cleco Power's management 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 and ESG goals to sustainably reduce its GHG emissions. For more information on environmental matters that could affect Cleco Power's decarbonization initiatives, see "— Results of Operations — Regulatory and Other Matters — 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.

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. To update stakeholders, Cleco Power filed an interim IRP with the LPSC in September 2025, stating that the RFP will be completed. Management is currently reviewing bids, but due to the nature of these processes, management is not certain when the RFP process will be complete.

Cleco Power is also pursuing electrification initiatives for its customers such as gas compression, e-trucking, green tariffs, increasing the supply of 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 September 30, 2025, Cleco Power had spent $83.1 million 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, with the hearing scheduled for November 10, 2025. Management expects the costs related to these projects to be recoverable through appropriate ratemaking treatment, subject to LPSC approval.

***Data Center 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. These opportunities are subject to a number of risks and uncertainties, including regulatory review and approval requirements, as well as potential adverse legislative or policy developments, any of which could affect the timing or feasibility of advancing the opportunity.

***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.

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

**RESULTS OF OPERATIONS**

**Comparison of the Three Months Ended September 30, 2025, and 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Cleco*** | | | | |
|  | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, |
|  |  |  | FAVORABLE/(UNFAVORABLE) | FAVORABLE/(UNFAVORABLE) |
| (THOUSANDS) | **2025** | 2024 | VARIANCE | CHANGE |
| Operating revenue, net | $**406770** | $340135 | $66635 | 19.6% |
| Operating expenses | **286563** | 224166 | (62397) | (27.8)% |
| Operating income | **120207** | 115969 | 4238 | 3.7% |
| Interest income | **4062** | 6366 | (2304) | (36.2)% |
| Allowance for equity funds used during construction | **780** | 977 | (197) | (20.2)% |
| Other income, net | **3034** | 1331 | 1703 | 127.9% |
| Interest charges | **38034** | 37436 | (598) | (1.6)% |
| Federal and state income tax expense (benefit) | **17789** | (6643) | (24432) | (367.8)% |
| Income from continuing operations, net of income taxes | **72260** | 93850 | (21590) | (23.0)% |
| Income from discontinued operations, net of income taxes | **—** | 742 | (742) | (100.0)% |
| Net income | $**72260** | $94592 | $(22332) | (23.6)% |

---

The decrease in Cleco's results of operations is primarily attributable to the following:

• changes in federal and state income taxes. For more information on Cleco's effective income tax rates on continuing operations, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 10 — Income Taxes — Effective Tax Rates."

• lower interest income of $2.6 million primarily due to lower average cash balances following the distribution of proceeds from the Cleco Cajun Divestiture in 2024.

These decreases were partially offset by activity of its reportable segment, Cleco Power, excluding Cleco Power's income taxes, which are consolidated at Cleco. For detailed discussions of those impacts, see "— Cleco Power."

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Cleco Power*** | | | | |
|  |  | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, |
|  |  |  | FAVORABLE/(UNFAVORABLE) | FAVORABLE/(UNFAVORABLE) |
| (THOUSANDS) | **2025** | 2024 | VARIANCE | CHANGE |
| Operating revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Base | $**237027** | $226990 | $10037 | 4.4% |
| &nbsp;&nbsp;Fuel cost and purchased power recovery  | **134515** | 85593 | 48922 | 57.2% |
| &nbsp;&nbsp;Electric customer credits | **—** | (1046) | 1046 | 100.0% |
| &nbsp;&nbsp;&nbsp;Other operations | **33835** | 24433 | 9402 | 38.5% |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **244** | 1397 | (1153) | (82.5)% |
| Operating revenue, net | **405621** | 337367 | 68254 | 20.2% |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;Recoverable fuel and purchased power  | **134491** | 85706 | (48785) | (56.9)% |
| &nbsp;&nbsp;Non-recoverable fuel and purchased power  | **13196** | 12169 | (1027) | (8.4)% |
| &nbsp;&nbsp;Other operations and maintenance | **67374** | 60387 | (6987) | (11.6)% |
| &nbsp;&nbsp;Depreciation and amortization | **52209** | 48213 | (3996) | (8.3)% |
| &nbsp;&nbsp;Taxes other than income taxes | **15943** | 14590 | (1353) | (9.3)% |
| Total operating expenses | **283213** | 221065 | (62148) | (28.1)% |
| Operating income | **122408** | 116302 | 6106 | 5.3% |
| Interest income | **1408** | 1065 | 343 | 32.2% |
| Allowance for equity funds used during construction | **780** | 977 | (197) | (20.2)% |
| Other income (expense), net | **2433** | (262) | 2695 | \* |
| Interest charges | **26631** | 25014 | (1617) | (6.5)% |
| Federal and state income tax expense | **20269** | 9396 | (10873) | (115.7)% |
| Net income | $**80129** | $83672 | $(3543) | (4.2)% |
| \* Not meaningful |  |  |  |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, |
| (MILLION kWh) | **2025** | 2024 | FAVORABLE/<br>(UNFAVORABLE) |
| Electric sales |  |  |  |
| &nbsp;&nbsp;Residential | **1175** | 1169 | 0.5% |
| &nbsp;&nbsp;&nbsp;Commercial | **788** | 797 | (1.1)% |
| &nbsp;&nbsp;&nbsp;Industrial | **580** | 598 | (3.0)% |
| &nbsp;&nbsp;&nbsp;Other retail | **32** | 33 | (3.0)% |
| Total retail | **2575** | 2597 | (0.8)% |
| Sales for resale | **7** | 139 | (95.0)% |
| Total retail and wholesale customer sales | **2582** | 2736 | (5.6)% |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | FAVORABLE/<br>(UNFAVORABLE) |
| Electric sales |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential | $**130700** | $123278 | 6.0% |
| &nbsp;&nbsp;&nbsp;Commercial | **69156** | 66220 | 4.4% |
| &nbsp;&nbsp;&nbsp;Industrial | **32262** | 32100 | 0.5% |
| &nbsp;&nbsp;&nbsp;Other retail | **3635** | 3758 | (3.3)% |
| Total retail | **235753** | 225356 | 4.6% |
| Sales for resale | **1274** | 1634 | (22.0)% |
| Total base revenue | $**237027** | $226990 | 4.4% |

---

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 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 THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, |
| | | | | 2025 CHANGE | 2025 CHANGE |
| | **2025** | 2024 |<br>NORMAL | PRIOR YEAR | NORMAL |
| Cooling degree-days | **1656** | 1649 | 1564 | 0.4% | 5.9% |

---

*Base*

Base revenue increased $10.0 million primarily due to higher rates largely resulting from an increase in the IICR, which is adjusted annually.

For information on the effects of future energy sales on the results of operations, financial condition, or cash flows of Cleco Power, see Part I, Item 1A, "Risk Factors — Operational Risks — Future Electricity Sales" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

*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 100% of Cleco Power's total fuel cost during the third quarter of 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 three months ended September 30, 2025, were impacted primarily by higher natural gas costs as compared to the three months ended September 30, 2024.

*Other Operations Revenue*

Other operations revenue increased $9.4 million primarily due to higher securitization revenue resulting from the completion of the securitization financing of the Energy Transition Property in March 2025.

*Other Operations and Maintenance*

Other operations and maintenance expense increased $7.0 million primarily due to higher right-of-way maintenance.

*Depreciation and Amortization*

Depreciation and amortization increased $4.0 million primarily due to higher amortization of securitized intangible assets due to Cleco Securitization II's purchase of Energy Transition Property.

*Taxes Other Than Income Taxes*

Taxes other than income taxes increased $1.4 million primarily due to higher property and franchise taxes.

*Other Income (Expense), net*

Other income (expense), net increased $2.7 million primarily due to $1.6 million of higher royalty-related income from mineral interests and associated lease activities, lower non-service pension-related costs of $0.5 million, and the absence of $0.5 million for expenses relating to Project Diamond Vault.

*Interest Charges*

Interest charges increased $1.6 million primarily due to $0.9 million of higher debt balances and $0.8 million from higher interest on variable rate debt.

*Income Taxes*

For more information on Cleco Power's effective income tax rates, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 10 — Income Taxes — Effective Tax Rates."

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

**Comparison of the Nine Months Ended September 30, 2025, and 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Cleco*** | | | | |
|  | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
|  |  |  | FAVORABLE/(UNFAVORABLE) | FAVORABLE/(UNFAVORABLE) |
| (THOUSANDS) | **2025** | 2024 | VARIANCE | CHANGE |
| Operating revenue, net | $**1023775** | $869162 | $154613 | 17.8% |
| Operating expenses | **734932** | 705301 | (29631) | (4.2)% |
| &nbsp;&nbsp;&nbsp;Operating income | **288843** | 163861 | 124982 | 76.3% |
| Interest income | **15227** | 10427 | 4800 | 46.0% |
| Allowance for equity funds used during construction | **2213** | 1758 | 455 | 25.9% |
| Equity income from investee before income tax | **—** | 672 | (672) | (100.0)% |
| Other income (expense), net | **3153** | (9290) | 12443 | 133.9% |
| Interest charges | **112107** | 119120 | 7013 | 5.9% |
| Federal and state income tax expense (benefit) | **36860** | (4928) | (41788) | (848.0)% |
| Income from continuing operations, net of income taxes | **160469** | 53236 | 107233 | 201.4% |
| Income from discontinued operations, net of income taxes | **—** | 45415 | (45415) | (100.0)% |
| Net income | $**160469** | $98651 | $61818 | 62.7% |

---

The increase in Cleco's results of operations is primarily attributable to the following:

• activity of its reportable segment, Cleco Power, which is consolidated at Cleco. For detailed discussions of those impacts, see "— Cleco Power."

• lower interest charges at Cleco Holdings of $12.0 million due to lower outstanding debt balances.

• the absence of losses on gas-related derivative contracts at Cleco Cajun of $6.5 million which is included in continuing operations.

These increases were partially offset by:

• the absence of the effects of the presentation of the Cleco Cajun Sale Group as discontinued operations. For information on discontinued operations, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 3 — Discontinued Operations."

• changes in federal and state income taxes. For more information on Cleco's effective income tax rates on continuing operations, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 10 — Income Taxes — Effective Tax Rates."

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Cleco Power*** | | | | |
|  |  | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
|  |  |  | FAVORABLE/(UNFAVORABLE) | FAVORABLE/(UNFAVORABLE) |
| (THOUSANDS) | **2025** | 2024 | VARIANCE | CHANGE |
| Operating revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Base | $**610434** | $546335 | $64099 | 11.7% |
| &nbsp;&nbsp;Fuel cost and purchased power recovery  | **321074** | 249398 | 71676 | 28.7% |
| &nbsp;&nbsp;Electric customer credits | **—** | (3441) | 3441 | 100.0% |
| &nbsp;&nbsp;&nbsp;Other operations | **87672** | 74032 | 13640 | 18.4% |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **734** | 11788 | (11054) | (93.8)% |
| Operating revenue, net | **1019914** | 878112 | 141802 | 16.1% |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;Recoverable fuel and purchased power  | **321052** | 249549 | (71503) | (28.7)% |
| &nbsp;&nbsp;Non-recoverable fuel and purchased power | **19340** | 25781 | 6441 | 25.0% |
| &nbsp;&nbsp;Other operations and maintenance | **187889** | 176817 | (11072) | (6.3)% |
| &nbsp;&nbsp;Depreciation and amortization | **151039** | 188970 | 37931 | 20.1% |
| &nbsp;&nbsp;Taxes other than income taxes | **45386** | 43711 | (1675) | (3.8)% |
| Total operating expenses | **724706** | 684828 | (39878) | (5.8)% |
| Operating income | **295208** | 193284 | 101924 | 52.7% |
| Interest income | **7434** | 3257 | 4177 | 128.2% |
| Allowance for equity funds used during construction | **2213** | 1758 | 455 | 25.9% |
| Equity income from investee before income tax | **—** | 672 | (672) | (100.0)% |
| Other income (expense), net | **2723** | (11039) | 13762 | 124.7% |
| Interest charges | **78566** | 73614 | (4952) | (6.7)% |
| Federal and state income tax expense | **44715** | 10508 | (34207) | (325.5)% |
| Net income | $**184297** | $103810 | $80487 | 77.5% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (Million kWh) | **2025** | 2024 | FAVORABLE/<br>(UNFAVORABLE) |
| Electric sales |  |  |  |
| &nbsp;&nbsp;Residential | **2992** | 2908 | 2.9% |
| &nbsp;&nbsp;Commercial | **2095** | 2082 | 0.6% |
| &nbsp;&nbsp;Industrial | **1681** | 1680 | 0.1% |
| &nbsp;&nbsp;Other retail | **93** | 94 | (1.1)% |
| Total retail | **6861** | 6764 | 1.4% |
| Sales for resale | **172** | 859 | (80.0)% |
| Total retail and wholesale customer sales | **7033** | 7623 | (7.7)% |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | FAVORABLE/<br>(UNFAVORABLE) |
| Electric sales |  |  |  |
| &nbsp;&nbsp;Residential | $**315170** | $272255 | 15.8% |
| &nbsp;&nbsp;Commercial | **190822** | 167403 | 14.0% |
| &nbsp;&nbsp;Industrial | **89235** | 78223 | 14.1% |
| &nbsp;&nbsp;&nbsp;Other retail | **10705** | 9394 | 14.0% |
| Total retail | **605932** | 527275 | 14.9% |
| Sales for resale | **4502** | 19060 | (76.4)% |
| Total base revenue | $**610434** | $546335 | 11.7% |

---

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 NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| | | | | 2025 CHANGE | 2025 CHANGE |
| | **2025** | 2024 |<br>NORMAL | PRIOR YEAR | NORMAL |
| Heating degree-days | **893** | 789 | 889 | 13.2% | 0.4% |
| Cooling degree-days | **2955** | 2928 | 2647 | 0.9% | 11.6% |

---

*Base*

Base revenue increased $64.1 million primarily due to $72.9 million of higher rates, largely resulting from the implementation of Cleco Power's new retail rate plan and the IICR, which is adjusted annually. Also contributing to the increase was $8.7 million related to higher usage from colder winter weather. These increases were partially offset by $14.2 million of lower wholesale revenue largely due to the expiration of a wholesale contract in March 2024.

For information on the effects of future energy sales on the results of operations, financial condition, or cash flows of Cleco Power, see Part I, Item 1A, "Risk Factors — Operational Risks — Future Electricity Sales" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

*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 the first nine months of 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 nine months ended September 30, 2025, were impacted primarily by higher natural gas costs as compared to the nine months ended September 30, 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 Cleco Power's most current fuel audits, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Fuel Audits."

*Electric Customer Credits*

Electric customer credits decreased $3.4 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 $13.6 million primarily due to $15.5 million of higher securitization revenue resulting from the completion of the securitization financing of the Energy Transition Property in March 2025 and $5.6 million of higher MISO transmission revenue. These increases were partially offset by $6.3 million of lower wholesale transmission revenue resulting from the expiration of a wholesale contract in March 2024 and $1.1 million of lower reconnection fees.

*Affiliate Revenue*

Affiliate revenue decreased $11.1 million primarily due to the absence of internal software services provided to affiliates in accordance with service agreements as a result of the Cleco Cajun Divestiture in 2024.

*Non-Recoverable Fuel and Purchased Power*

Non-recoverable fuel and purchased power decreased $6.4 million primarily due to lower transmission costs resulting from the expiration of a wholesale contract in March 2024.

*Other Operations and Maintenance*

Other operations and maintenance expense increased $11.1 million primarily due to higher distribution right-of -way maintenance and increased generation costs associated with scheduled plant outages.

*Depreciation and Amortization*

Depreciation and amortization decreased $37.9 million primarily due to the absence of a $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 $6.7 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 $4.5 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 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 5 — Regulatory Assets and Liabilities" — "Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs" and "Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Securitization."

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

*Interest Income*

Interest income increased $4.2 million primarily due to interest related to the storm reserve.

*Other Income (Expense), Net*

Other income (expense), net increased $13.8 million primarily due to the absence of expenses relating to Project Diamond Vault.

*Interest Charges*

Interest charges increased $5.0 million primarily due to $8.6 million for interest on energy transition bonds issued in March 2025 by Cleco Securitization II. These increases were partially offset by $3.0 million of lower interest on the bank term loan that was repaid in March 2025.

*Income Taxes*

For more information on Cleco Power's effective income tax rates, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 10 — Income Taxes — Effective Tax Rates."

**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 three and nine months ended September 30, 2025, and 2024:

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| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 |
| Net income | $**80129** | $83672 |
| Add: Depreciation and amortization | **52209** | 48213 |
| Less: Interest income | **1408** | 1065 |
| Add: Interest charges | **26631** | 25014 |
| Add: Federal and state income tax expense | **20269** | 9396 |
| EBITDA | $**177830** | $165230 |

---

---

| | | |
|:---|:---|:---|
| | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 |
| Net income | $**184297** | $103810 |
| Add: Depreciation and amortization | **151039** | 188970 |
| Less: Interest income | **7434** | 3257 |
| Add: Interest charges | **78566** | 73614 |
| Add: Federal and state income tax expense | **44715** | 10508 |
| EBITDA | $**451183** | $373645 |

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**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 September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | 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 Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Regulatory and Other Matters — Transmission Rates" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024. For more information about credit support see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees."

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</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 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 1 — Summary of Significant Accounting Policies — Reserves for Credit Losses."

*TCJA*

The provisions of the TCJA reduced the top federal statutory corporate income tax rate from 35% to 21%. At June 30, 2024, all amounts for the TCJA unprotected excess ADIT had been returned to Cleco Power's retail customers. Cleco Power's retail customers will continue receiving bill credits for the TCJA protected excess ADIT until the full amount has been returned. For more information on the regulatory impact of the TCJA, see Part II, Item 8, "Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 14 — Regulation and Rates — TCJA" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

*OBBBA*

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. Cleco does not expect this legislation to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants in 2025. Cleco is evaluating the potential impacts of this legislation for the years thereafter.

*Fair Value Measurements*

Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. For more information, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 6 — 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 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 1 — Summary of Significant Accounting Policies — Restricted Cash and Cash Equivalents."

*Working Capital and Debt*

Cleco

At September 30, 2025, and December 31, 2024, Cleco had $93.0 million and $120.0 million, respectively, of short-term debt for outstanding borrowings under its aggregate $475.0 million revolving credit facilities. For more information on Cleco's revolving credit facilities, see "— Credit Facilities."

At September 30, 2025, Cleco's long-term debt outstanding, excluding fair value adjustments resulting from the 2016 merger, was $2.93 billion, of which $457.2 million was due within one year. For more information on Cleco's long-term debt due within one year, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 8 — Debt."

At September 30, 2025, cash and cash equivalents available of $71.8 million combined with $382.0 million of available revolving credit facility capacity ($117.0 million from Cleco Holdings and $265.0 million from Cleco Power) provided total liquidity of $453.8 million.

At September 30, 2025, and December 31, 2024, Cleco had a working capital deficit of $157.8 million and a working capital surplus of $77.8 million, respectively. The $235.6 million decrease in working capital is primarily due to a $281.6 million decrease at Cleco Holdings, partially offset by a $46.0 million increase in the working capital of Cleco's reportable segment, Cleco Power. For detailed discussions of the impacts to the working capital of Cleco Power, see "— Cleco Power." The $281.6 million decrease in working capital at Cleco Holdings is primarily due to:

• a $359.8 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,

• a $48.0 million increase in short-term debt primarily due to draws on Cleco Holdings' revolving credit facility, and

• a $29.8 million decrease in affiliate accounts receivable primarily due to the filing of the 2024 federal income tax return, which incorporated the utilization of net operating losses and final allocation of consolidated taxable income.

These decreases in working capital were partially offset by:

• a $105.8 million increase in accounts receivable due to the reclassification of the expected payment from the Cleco Cajun purchasers due by June 2026 and

• a $38.6 million decrease in taxes payable primarily due to accruals for property taxes, partially offset by a decrease in federal and state taxes.

Cleco Holdings

At September 30, 2025, and December 31, 2024, Cleco Holdings had $58.0 million and $10.0 million, respectively, of short-term debt outstanding under its $175.0 million revolving

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

credit facility. For more information on Cleco Holdings' revolving credit facility, see "— Credit Facilities."

At September 30, 2025, Cleco Holdings' long-term debt outstanding, excluding fair value adjustments, was $1.00 billion, of which $359.8 million was due within one year.

At September 30, 2025, cash and cash equivalents available at Cleco Holdings of $5.3 million combined with $117.0 million of available revolving credit facility capacity provided a total liquidity of $122.3 million.

Cleco Power

At September 30, 2025, and December 31, 2024, Cleco Power had $35.0 million and $110.0 million, respectively, of short-term debt for outstanding borrowings under its $300.0 million revolving credit facility. For more information on Cleco Power's revolving credit facility, see "— Credit Facilities."

At September 30, 2025, Cleco Power's long-term debt outstanding was $1.92 billion, of which $97.4 million was due within one year. For more information on Cleco Power's long-term debt due within one year, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 8 — Debt."

On March 14, 2025, following the securitization financing through Cleco Securitization II, Cleco Power repaid the outstanding balance of its $125.0 million bank term loan and $110.0 million short-term debt outstanding on its revolving credit facility. On May 1, 2025, Cleco Power elected to repay its $50.0 million GO Zone bonds. For more information on the securitization settlement, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Securitization."

At September 30, 2025, cash and cash equivalents available of $66.6 million combined with $265.0 million of available revolving credit facility capacity provided a total liquidity of $331.6 million.

At September 30, 2025, and December 31, 2024, Cleco Power had a working capital surplus of $142.0 million and $96.0 million, respectively. The $46.0 million increase in working capital is primarily due to:

• a $167.5 million decrease in long-term debt due within one year primarily due to the repayment of the $125.0 million bank term loan and $50.0 million of GO Zone bonds,

• a $75.0 million decrease in short-term debt primarily due to payments on the revolving credit facility,

• a $42.8 million increase in cash and cash equivalents,

• a $36.2 million increase in prepaid inventory primarily due to the purchase of transformers and packaged substations related to new gas compression customers,

• a $19.2 million increase in materials and supplies inventory primarily due to higher purchases of transmission and distribution inventory in order to support future needs and mitigate future supply chain uncertainty,

• a $17.9 million increase in customer accounts receivable resulting from higher customer bills, primarily driven by higher usage and higher fuel costs due to an increase in natural gas prices,

• a $15.5 million increase in other accounts receivable primarily due to the timing of collections from joint owners and accruals from MISO,

• a $14.5 million increase in restricted cash and cash equivalents primarily due to the establishment of the

restricted cash accounts related to the Dolet Hills securitization, and

• an $11.0 million increase in accumulated deferred fuel, excluding FTRs, primarily due to increases in mark-to-market losses on gas-related derivative contracts.

These increases in working capital were partially offset by:

• a $247.3 million decrease in regulatory assets 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 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 5 — Regulatory Assets and Liabilities — Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs" and "Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Securitization,"

• a $53.1 million increase in taxes payable primarily due to accruals for property taxes and a higher provision for federal income taxes,

• a $19.4 million increase in interest accrued primarily due to the timing of interest payments on long-term debt,

• an $11.0 million increase in accounts payable, excluding Cleco Power's FTRs, primarily due to an increase in accruals related to the purchase of transformers, consulting fees, and generation and plant maintenance and an increase in natural gas purchases, partially offset by the timing of payments for short-term incentive plan compensation, and

• a $10.6 million increase in the energy transition reserve for 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 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 5 — "Regulatory Assets and Liabilities — Energy Transition Reserve."

Credit Facilities

At September 30, 2025, Cleco had two separate revolving credit facilities, one for Cleco Holdings in the amount of $175.0 million with $58.0 million of outstanding borrowings and one for Cleco Power in the amount of $300.0 million with $35.0 million outstanding borrowings. 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 September 30, 2025, Cleco Holdings was in compliance with the covenants of its revolving credit facility. At September 30, 2025, the borrowing costs under Cleco Holdings' revolving credit agreement were equal to SOFR plus 1.725% or ABR plus 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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

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 September 30, 2025, Cleco Power was in compliance with the covenants of its revolving credit facility. At September 30, 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.

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 September 30, 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 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 September 30, 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" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

*Cleco - Cash Flows* 

Cleco's operating, investing, and financing cash flows include both continuing and discontinued operations. For information

on the cash flows from discontinued operations, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 3 — Discontinued Operations."

Cleco's net cash activities are as follows for the nine months ended September 30, 2025, and 2024:

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| | | | |
|:---|:---|:---|:---|
| | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | VARIANCE |
| Net cash provided by operating activities | $**252733** | $257715 | $(4982) |
| Net cash (used in) provided by investing activities | $**(249188)** | $292962 | $(542150) |
| Net cash provided by (used in) financing activities | $**75602** | $(432161) | $507763 |

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Cleco - Net Operating Cash Flows

Net cash provided by operating activities decreased $5.0 million primarily due to:

• the absence of $37.5 million of other operating activities at Cleco Cajun,

• the absence of $37.4 million of taxes accrued at Cleco Cajun, and

• the absence of $19.0 million of collections from Cleco Cajun's customers.

These decreases were partially offset by:

• the net cash operating activity at Cleco Power, as described in "— Cleco Power — Net Operating Cash Flows" below and

• the absence of $23.9 million of fuel inventory at Cleco Cajun.

Cleco - Net Investing Cash Flows

Net cash used in investing activities increased $542.2 million primarily due to:

• the absence of $463.8 million of net proceeds from the Cleco Cajun Divestiture,

• $60.5 million of higher additions to property, plant, and equipment, net of AFUDC, primarily at Cleco Power, and

• $17.8 million of lower customer advances for construction, net of refunds, at Cleco Power.

Cleco - Net Financing Cash Flows

Net cash provided by financing activities increased $507.8 million primarily due to:

• $305.0 million of proceeds from the issuance of Cleco Securitization II's energy transition bonds,

• $131.0 million of higher draws on revolving credit facilities,

• the absence of $82.5 million of distributions to Cleco Group, and

• $56.1 million of lower repayments on long-term debt.

These increases were partially offset by:

• $48.0 million of higher payments on revolving credit facilities,

• the absence of $7.8 million of collateral received from a counterparty, and

• $7.0 million of collateral remitted to a counterparty.

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

*Cleco Power - Cash Flows* 

Cleco Power's net cash activities are as follows for the nine months ended September 30, 2025, and 2024:

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| | | | |
|:---|:---|:---|:---|
| | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, |
| (THOUSANDS) | **2025** | 2024 | VARIANCE |
| Net cash provided by operating activities | $**302212** | $241434 | $60778 |
| Net cash used in investing activities | $**(249165)** | $(166822) | $(82343) |
| Net cash provided by (used in) financing activities | $**27602** | $(77956) | $105558 |

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Cleco Power - Net Operating Cash Flows

Net cash provided by operating activities increased $60.8 million primarily due to:

• $53.1 million of net income adjusted for non-cash items,

• $20.0 million of lower purchases of solid fuel inventory,

• $15.5 million of higher accounts payable due to the timing of vendor payments,

• $12.0 million of higher recoveries of fuel and purchased power costs primarily due to the timing of collections at a higher fuel rate, and

• $7.8 million of lower payments for non-capital storm restoration costs.

These decreases were partially offset by:

• $36.7 million of higher prepayments on inventory for large capital projects and

• $22.1 million of lower collections from customers primarily due to higher customer bills resulting from the implementation of the current FRP and higher natural gas prices.

Cleco Power - Net Investing Cash Flows

Net cash used in investing activities increased $82.3 million primarily due to:

• $64.5 million of higher additions to property, plant, and equipment, net of AFUDC and

• $17.8 million of lower customer advances for construction, net of refunds.

Cleco Power - Net Financing Cash Flows

Net cash provided by financing activities increased $105.6 million primarily due to:

• $305.0 million of proceeds from the issuance of Cleco Securitization II's energy transition bonds,

• $105.0 million of higher draws on the revolving credit facility, and

• the absence of $70.0 million of distributions to Cleco Holdings.

These increases were partially offset by:

• $180.0 million of higher payments on the revolving credit facility,

• $175.6 million of higher repayments on long-term debt,

• the absence of $7.8 million of collateral received from a counterparty, and

• $7.0 million of collateral remitted to a counterparty.

**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 Condensed Consolidated Balance Sheets while others are commitments, some firm and some based on uncertainties, that are not reflected in the Condensed Consolidated Financial Statements. For more information regarding Cleco's Contractual Obligations, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Contractual Obligations" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

**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 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 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees."

**Regulatory and Other Matters**

***Environmental Matters***

Cleco is subject to extensive environmental regulation by federal, state, and local authorities and is required to comply with numerous environmental laws and regulations, and to obtain and comply with numerous governmental permits in operating its facilities. In addition, existing environmental laws, regulations, and permits could be revised or reinterpreted; new laws and regulations could be adopted or become applicable to Cleco or its facilities; and future changes in environmental laws and regulations could occur, including potential regulatory and enforcement developments related to air emissions, water and/or waste management. Cleco may incur significant additional costs to comply with these revisions, reinterpretations, and requirements. Cleco Power could then seek recovery of additional environmental compliance costs as riders through the LPSC's EAC or FRP. If Cleco fails to comply with these revisions, reinterpretations, and requirements, it could be subject to civil or criminal liabilities and fines.

Cleco is currently evaluating possible impacts various environmental rules may have on its generating units. For a discussion of other Cleco environmental matters, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Environmental Audit" in this Quarterly Report on Form 10-Q and Part I, Item 1, "Business — Environmental Matters" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

***Retail and Wholesale Rates***

For information on Cleco Power's base rates, fuel rates, and environmental rates, see Part I, Item 1, "Regulatory Matters,

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

Industry Developments, and Franchises — Rates" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

For information on Cleco Power's FRP, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 12 — Regulation and Rates — FRP."

For information on Cleco Power's FAC and the most recent fuel audit, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Fuel Audits."

For information on Cleco Power's EAC, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Environmental Audit."

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" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

***Transmission Rates***

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 Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — MISO Load Shed Event."

For information about the risks associated with Cleco's participation in MISO, see Part I, Item 1A, "Risk Factors — Regulatory Risks — MISO" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

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 I, Item 2, "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 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Regulatory and Other Matters — Transmission Rates" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

***Market Structure*** 

*Wholesale Electric Markets*

RTO

For information on Cleco's operations within MISO and for information on regulatory aspects of wholesale electric markets 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 — Market Structure — Wholesale Electric Markets" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Electric Reliability Organization (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 Critical Infrastructure Protection (CIP) audit is also conducted at least every three years for Cleco Power. The current audit began in October 2025 and is expected to conclude in February 2026.

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 around two hours. SERC, on behalf of NERC, has opened a formal investigation regarding this event. 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 Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 14 — 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" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

*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. For information on the regulatory aspects of retail electric markets affecting Cleco Power, 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 — Retail Electric Markets" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

***IRP***

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

On September 5, 2025, Cleco Power filed an interim IRP with the LPSC to reaffirm the recommendations from its most recent IRP. On October 22, 2025, Cleco Power submitted a request to the LPSC to initiate its next four-year IRP cycle.

***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" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

***Recent Authoritative Guidance***

For a discussion of recent authoritative guidance, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 2 — Recent Authoritative Guidance."

**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 critical accounting estimates, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

**CLECO POWER — NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS**

Cleco Power meets the conditions specified in General Instructions H(1)(a) and (b) to Form 10-Q and is, therefore, permitted to use the reduced disclosure format for wholly owned subsidiaries of reporting companies. Accordingly, Cleco Power has omitted from this Quarterly Report on Form 10-Q the information called for by Item 2 (Management's Discussion and Analysis of Financial Condition and Results of Operations) and Item 3 (Quantitative and Qualitative Disclosures about Market Risk) of Part I of Form 10-Q and the following Part II items of Form 10-Q: Item 2 (Unregistered Sales of Equity Securities and Use of Proceeds) and Item 3 (Defaults upon Senior Securities).

**ITEM 3. &nbsp;&nbsp;&nbsp;&nbsp;** 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.

**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.

For more information, see Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Liquidity and Capital Resources — General Considerations and Credit Risks."

**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 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. For more information, see Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Liquidity and Capital Resources — General Considerations and Credit Risks."

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

**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 September 30, 2025, Cleco Holdings had $58.0 million of short-term debt outstanding under its $175.0 million revolving credit facility at a weighted average all-in interest rate of 5.875%. At September 30, 2025, 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. Each 1% increase in the interest rate applicable to Cleco's short-term variable rate debt would result in a decrease in Cleco's consolidated pretax earnings of $0.6 million on an annualized basis.

At September 30, 2025, Cleco Power had $35.0 million of short-term debt outstanding under its $300.0 million revolving credit facility at an all-in interest rate of 5.630%. At September 30, 2025, the borrowing costs under Cleco Power's $300.0 million revolving credit facility are 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. Each 1% increase in the interest rate applicable to Cleco Power's short-term variable rate debt would result in a decrease in Cleco Power's consolidated pretax earnings of $0.4 million 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's financial performance can be adversely impacted by the volatility in future fuel and power prices, which may impact

customer costs passed through Cleco's FAC; therefore, Cleco has implemented a natural gas hedging program to partially mitigate the volatility of customer costs. The program includes transacting in financially settled swaps, physical fixed price supply agreements, and financially settled options contracts. Cleco 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 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 the nine months ended September 30, 2025, Cleco had natural gas derivative contracts consisting of fixed price physical forwards, and financially settled swap and/or options contract transactions. Cleco 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 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'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 THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE THREE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** | **FOR THE NINE MONTHS ENDED SEPT. 30, 2025** |
|<br>(THOUSANDS) |<br>**AT SEPT. 30, 2025** | **HIGH** | **LOW** | **AVERAGE** | **HIGH** | **LOW** | **AVERAGE** |
| Cleco | $**6554** | $**9390** | $**5822** | $**7088** | $**14277** | $**3133** | $**7520** |

---

For more information on the accounting treatment and fair value of FTRs and other commodity derivatives, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 6 — Fair Value Accounting Instruments" and "Note 7 — Derivative Instruments."

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

**ITEM 4.** 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 September 30, 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.

***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 September 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Registrants' internal control over financial reporting.

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

<u>PART II — OTHER INFORMATION</u>

**ITEM 1.** LEGAL PROCEEDINGS <br>

**CLECO**

For information on legal proceedings affecting Cleco, see Part I, Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation."

**CLECO POWER**

For information on legal proceedings affecting Cleco Power, see Part I, Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation."

**ITEM 1A.&nbsp;&nbsp;&nbsp;&nbsp;** RISK FACTORS<br>

Other than the addition of two risk factors and the modification of two risk factors disclosed in Part II, Item 1A, "Risk Factors" in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, there have been no other material changes to the risk factors disclosed in Part I, Item 1A, "Risk Factors" of the Registrants' Combined Annual Report on Form 10-K for the

fiscal year ended December 31, 2024. For risks that could affect actual results and cause results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Registrants, see the risk factors disclosed in the aforementioned report.

**ITEM 5.&nbsp;&nbsp;&nbsp;&nbsp;** OTHER INFORMATION<br>

During the three months ended September 30, 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 6.** EXHIBITS | **ITEM 6.** EXHIBITS |
| **CLECO** | **CLECO** |
| 10.1 | <u>[A](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[mendment Number 1 to E](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[mployment A](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[g](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[reement for William G. Fonte](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[n](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[ot](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[, dated effective October 17, 20](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[25 (incorporate](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[d by reference to](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[E](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[xhibit](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[1](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[0.1 to](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[the](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)[Current Report on Form 8-K filed October 23, 2025)](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)</u> |
| 31.1 | <u>[CEO Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002](cnl-9302025xq3ex311.htm)</u> |
| 31.2 | <u>[CFO Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002](cnl-9302025xq3ex312.htm)</u> |
| 32.1 | <u>[CEO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002](cnl-9302025xq3ex321.htm)</u> |
| 32.2 | <u>[CFO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002](cnl-9302025xq3ex322.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 POWER** | **CLECO POWER** |
| 10.1 | <u>[Amendment Number 1 to Employment Agreement for William G. Fontenot, dated effective October 17, 2025 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed October 23, 2025)](https://www.sec.gov/Archives/edgar/data/18672/000108981925000020/exhibit101_102325.htm)</u> |
| 31.3 | <u>[CEO Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002](cnl-9302025xq3ex313.htm)</u> |
| 31.4 | <u>[CFO Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002](cnl-9302025xq3ex314.htm)</u> |
| 32.3 | <u>[CEO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002](cnl-9302025xq3ex323.htm)</u> |
| 32.4 | <u>[CFO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002](cnl-9302025xq3ex324.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 <u></u> <br> <u>CLECO POWER</u> <u>2025 3RD QUARTER FORM 10-Q</u>

<u>SIGNATURES</u>

Pursuant to the requirements 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 | CLECO CORPORATE HOLDINGS LLC |
| (Registrant) | (Registrant) |
| By: | <u>/s/ Tonita Laprarie&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;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Tonita Laprarie |
|  | Controller and Chief Accounting Officer |

---

Date: November 7, 2025

Pursuant to the requirements 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 | CLECO POWER LLC |
| (Registrant) | (Registrant) |
| By: | <u>/s/ Tonita Laprarie&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;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Tonita Laprarie |
|  | Controller and Chief Accounting Officer |

---

Date: November 7, 2025

## 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 quarterly report on Form 10-Q for the quarter ended September 30, 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: November 7, 2025

---

| |
|:---|
| /s/ William G. Fontenot |
| William G. Fontenot<br>President and 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 quarterly report on Form 10-Q for the quarter ended September 30, 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: November 7, 2025

---

| |
|:---|
| /s/ Kristin L. Guillory |
| 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 quarterly report on Form 10-Q for the quarter ended September 30, 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: November 7, 2025

---

| |
|:---|
| /s/ William G. Fontenot |
| 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 quarterly report on Form 10-Q for the quarter ended September 30, 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: November 7, 2025

---

| |
|:---|
| /s/ Kristin L. Guillory |
| 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 Quarterly Report of Cleco Corporate Holdings LLC (the "Company") on Form 10-Q for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, William G. Fontenot, President and 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: November 7, 2025

---

| |
|:---|
| /s/ William G. Fontenot |
| William G. Fontenot<br>President and 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 Quarterly Report of Cleco Corporate Holdings LLC (the "Company") on Form 10-Q for the quarter ended September 30, 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: November 7, 2025

---

| |
|:---|
| /s/ Kristin L. Guillory |
| 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 Quarterly Report of Cleco Power LLC (the "Company") on Form 10-Q for the quarter ended <br>September 30, 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: November 7, 2025

---

| |
|:---|
| /s/ William G. Fontenot |
| 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 Quarterly Report of Cleco Power LLC (the "Company") on Form 10-Q for the quarter ended <br>September 30, 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: November 7, 2025

---

| |
|:---|
| /s/ Kristin L. Guillory |
| Kristin L. Guillory<br>Chief Financial Officer |

---

<br>