# EDGAR Filing Document

**Accession Number:** 0001089819
**File Stem:** 0001089819-26-000010
**Filing Date:** 2026-5
**Character Count:** 311981
**Document Hash:** 2a0183d2ce337c4c4e4d7fdf9f87e841
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001089819-26-000010.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001089819-26-000010

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 113

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**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:** 26968675

**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:** 26968676

**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-20260331

**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 March 31, 2026** 

**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>2026 1ST 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](#i73017fed23cd4ac8847520da8cb09acd_10)</u> | <u>[Glossary of Terms](#i73017fed23cd4ac8847520da8cb09acd_10)</u> | [3](#i73017fed23cd4ac8847520da8cb09acd_10) |
| <u>[Cautionary Note Regarding Forward-Looking Statements](#i73017fed23cd4ac8847520da8cb09acd_13)</u> | <u>[Cautionary Note Regarding Forward-Looking Statements](#i73017fed23cd4ac8847520da8cb09acd_13)</u> | [5](#i73017fed23cd4ac8847520da8cb09acd_13) |
| **[PART I](#i73017fed23cd4ac8847520da8cb09acd_19)** | **[Financial Information](#i73017fed23cd4ac8847520da8cb09acd_19)** | |
| [ITEM 1.](#i73017fed23cd4ac8847520da8cb09acd_22) | <u>[Cleco — Condensed Consolidated Financial Statements (Unaudited)](#i73017fed23cd4ac8847520da8cb09acd_22)</u>  | [7](#i73017fed23cd4ac8847520da8cb09acd_22) |
| | <u>[Cleco Power — Condensed Consolidated Financial Statements (Unaudited)](#i73017fed23cd4ac8847520da8cb09acd_46)</u>  | [14](#i73017fed23cd4ac8847520da8cb09acd_46) |
| | <u>[Notes to the Unaudited Condensed Consolidated Financial Statements](#i73017fed23cd4ac8847520da8cb09acd_73)</u> | [21](#i73017fed23cd4ac8847520da8cb09acd_73) |
| [ITEM 2.](#i73017fed23cd4ac8847520da8cb09acd_172) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i73017fed23cd4ac8847520da8cb09acd_172)</u> | [38](#i73017fed23cd4ac8847520da8cb09acd_172) |
| [ITEM 3.](#i73017fed23cd4ac8847520da8cb09acd_229) | <u>[Quantitative and Qualitative Disclosures about Market Risk](#i73017fed23cd4ac8847520da8cb09acd_229)</u> | [48](#i73017fed23cd4ac8847520da8cb09acd_229) |
| [ITEM 4.](#i73017fed23cd4ac8847520da8cb09acd_232) | <u>[Controls and Procedures](#i73017fed23cd4ac8847520da8cb09acd_232)</u> | [49](#i73017fed23cd4ac8847520da8cb09acd_232) |
| **[PART II](#i73017fed23cd4ac8847520da8cb09acd_235)** | **[Other Information](#i73017fed23cd4ac8847520da8cb09acd_235)** | |
| [ITEM 1.](#i73017fed23cd4ac8847520da8cb09acd_238) | <u>[Legal Proceedings](#i73017fed23cd4ac8847520da8cb09acd_238)</u> | [50](#i73017fed23cd4ac8847520da8cb09acd_238) |
| [ITEM 1A.](#i73017fed23cd4ac8847520da8cb09acd_241) | <u>[Risk Factors](#i73017fed23cd4ac8847520da8cb09acd_241)</u> | [50](#i73017fed23cd4ac8847520da8cb09acd_241) |
| ITEM 5. | <u>[Other Information](#i73017fed23cd4ac8847520da8cb09acd_247)</u> | [51](#i73017fed23cd4ac8847520da8cb09acd_247) |
| [ITEM 6.](#i73017fed23cd4ac8847520da8cb09acd_250) | <u>[Exhibits](#i73017fed23cd4ac8847520da8cb09acd_250)</u> | [51](#i73017fed23cd4ac8847520da8cb09acd_250) |
| | <u>[Signatures](#i73017fed23cd4ac8847520da8cb09acd_256)</u> | [53](#i73017fed23cd4ac8847520da8cb09acd_256) |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST 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  |
| 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 residuals or by-products |
| 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 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 in one or more tranches, 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 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 October 2026. Cleco Power had a 50% ownership interest in the facility. |
| EAC | Environmental Adjustment Clause |
| 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 |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

---

| | |
|:---|:---|
| ABBREVIATION OR ACRONYM | DEFINITION |
| EPA | U.S. Environmental Protection Agency |
| ERAS | Expedited Resource Addition Study |
| 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 |
| HSR Act | The Hart-Scott-Rodino Antitrust Improvements Act of 1976  |
| IICR | Infrastructure and Incremental Costs 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 |
| 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 |
| Proposed Cleco Group Sale Transaction | Equity Purchase Agreement, dated as of April 24, 2026, by and among Cleco Partners, Stonepeak, and Bernhard Capital Partners by which Stonepeak and Bernhard Capital Partners have agreed to acquire all of the outstanding equity interests of Cleco Group |
| 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 |
| Stonepeak and Bernhard Capital Partners | Private market investment firms focused on infrastructure and energy assets that have entered into an Equity Purchase Agreement with Cleco Partners to acquire all of the outstanding equity interests of Cleco Group |
| Storm Recovery Property | Storm Recovery Property as defined in the financing order issued by the LPSC in April 2022, which includes the right to impose, bill, charge, collect, and receive unamortized storm recovery costs from Cleco Power's retail customers |
| Support Group | Cleco Support Group LLC, a wholly owned subsidiary of Cleco Holdings |
| SWEPCO | Southwestern Electric Power Company, an electric utility subsidiary of American Electric Power Company, Inc.  |
| TCJA | Federal tax legislation commonly referred to as the Tax Cuts and Jobs Act of 2017 |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST 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 (including those related to sustainability); competitive strengths; market developments; development and operation of facilities; growth in sales volume; meeting capacity requirements; expansion of service to existing customers and service to new customers; future environmental regulations and remediation liabilities; electric customer credits; and the anticipated outcome of various regulatory and legal proceedings. Although the Registrants believe that the expectations reflected in such forward-looking statements are reasonable, such forward-looking statements are based on numerous assumptions (some of which may prove to be incorrect) and are subject to risks and uncertainties that could cause the actual results to differ materially from the Registrants' expectations. In addition to any assumptions and other factors referred to specifically in connection with these forward-looking statements in this 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:

• certain risks and uncertainties associated with the Proposed Cleco Group Sale Transaction, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;◦ the occurrence of any event, change or other circumstance that could give rise to the termination of the equity purchase agreement or otherwise cause the failure of the Proposed Cleco Group Sale Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;◦ the failure to obtain required regulatory approvals, including approvals from the LPSC and FERC, or delays in obtaining such approvals that could cause the parties to abandon the Proposed Cleco Group Sale Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;◦ the expiration or termination of applicable waiting periods under the HSR Act;

&nbsp;&nbsp;&nbsp;&nbsp;◦ the outcome of any legal or regulatory proceeding that may be instituted relating to the Proposed Cleco Group Sale Transaction or the equity purchase agreement;

&nbsp;&nbsp;&nbsp;&nbsp;◦ risks related to disruption of management's attention from Cleco's ongoing business operations due to the Proposed Cleco Group Sale Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;◦ the effect of the announcement or pendency of the Proposed Cleco Group Sale Transaction on Cleco's relationships with customers, employees, regulators, and other stakeholders;

&nbsp;&nbsp;&nbsp;&nbsp;◦ the risk that the pendency of the Proposed Cleco Group Sale Transaction disrupts current plans and operations or results in difficulties in employee retention; and

&nbsp;&nbsp;&nbsp;&nbsp;◦ the amount of costs, fees, expenses, and charges related to the Proposed Cleco Group Sale Transaction,

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

• changes in environmental laws, regulations, decisions and policies, including modifications resulting from changes in the interpretation thereof by the current presidential

administration, present and potential environmental remediation costs, restrictions on emissions, potential impacts on Cleco Power's generation resources, special rules relating to data centers, or prohibitions or restrictions on new or existing services, and Cleco's compliance with these matters,

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

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

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

• the possibility of stranded costs with respect to assets that may be retired as a result of new legislation or regulations, technological advances, a shift in demand (including in relation to data center contracts), 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 Power to purchase replacement power or incur costs to repair the facilities,

• growth or decline of Cleco Power's customer base, changes in customer demand, or decline in existing services, including the loss of key suppliers for fuel, materials, or services, constraints on the availability, transportation, or pricing of fuel or generation equipment, or other disruptions to the supply chain, including significant changes to load associated with data center contracts,

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

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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

• the risk of impairment charges, including goodwill impairments, and changes in the carrying value of assets resulting from the Proposed Cleco Group Sale Transaction, strategic actions, market conditions, or changes in valuation assumptions,

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

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

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

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

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

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

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

• volatility or illiquidity in wholesale energy markets,

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

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

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

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

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

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

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

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

For more discussion of these factors and other factors that could cause actual results to differ materially from those contemplated in the Registrants' forward-looking statements, see Part I, Item 1A, "Risk Factors" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

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>2026 1ST 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, 2025. 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>2026 1ST QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO |  |  |
| Condensed Consolidated Statements of Income (Unaudited) |  |  |
|  | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| **Operating revenue** |  |  |
| &nbsp;&nbsp;&nbsp;Electric operations | $**302854** | $269942 |
| &nbsp;&nbsp;&nbsp;Other operations | **31080** | 25302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating revenue, net | **333934** | 295244 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Fuel used for electric generation | **92200** | 55514 |
| &nbsp;&nbsp;&nbsp;Purchased power | **32141** | 35195 |
| &nbsp;&nbsp;&nbsp;Other operations and maintenance | **70847** | 60057 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **52023** | 49910 |
| &nbsp;&nbsp;&nbsp;Taxes other than income taxes | **16268** | 15591 |
| Total operating expenses | **263479** | 216267 |
| **Operating income** | **70455** | 78977 |
| Interest income | **5572** | 7133 |
| Allowance for equity funds used during construction | **1619** | 531 |
| Other income (expense), net | **922** | (851) |
| **Interest charges** |  |  |
| &nbsp;&nbsp;&nbsp;Interest charges, net | **41029** | 37178 |
| &nbsp;&nbsp;&nbsp;Allowance for borrowed funds used during construction | **(561)** | (757) |
| Total interest charges | **40468** | 36421 |
| **Income before income taxes** | **38100** | 49369 |
| &nbsp;&nbsp;Federal and state income tax expense | **7998** | 9057 |
| **Net income** | $**30102** | $40312 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO |  |  |
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) |  |  |
|  | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| Net income | $**30102** | $40312 |
| Other comprehensive loss, net of income tax |  |  |
| &nbsp;&nbsp;Postretirement benefits loss (net of tax benefit of $85 in 2026 and $130 in 2025) | **(251)** | (382) |
| Total other comprehensive loss, net of income tax | **(251)** | (382) |
| **Comprehensive income, net of tax** | $**29851** | $39930 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST 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 MAR. 31, 2026** | AT DEC. 31, 2025 |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**217717** | $171056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **25567** | 33865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable (less allowance for credit losses of $1,279 in 2026 and $1,275 in 2025) | **49058** | 53053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - affiliate | **704** | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable - Cleco Cajun Divestiture | **111183** | 108445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | **47778** | 67920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **42882** | 47453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory, at average cost | **86572** | 84951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies, at average cost | **194904** | 183085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets | **5535** | 7965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deferred fuel | **29808** | 22910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value of company/trust-owned life insurance policies | **63134** | 65393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **61252** | 66400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | **38334** | 45452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **631** | 1088 |
| &nbsp;&nbsp;&nbsp;Total current assets | **975059** | 959804 |
| &nbsp;&nbsp;&nbsp;Property, plant, and equipment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | **5340018** | 5269550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | **(1256572)** | (1212093) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net property, plant, and equipment | **4083446** | 4057457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction work in progress | **182204** | 180798 |
| &nbsp;&nbsp;&nbsp;Total property, plant, and equipment, net | **4265650** | 4238255 |
| &nbsp;&nbsp;&nbsp;Equity investment in investee | **1916** | 1916 |
| &nbsp;&nbsp;&nbsp;Goodwill | **1490797** | 1490797 |
| &nbsp;&nbsp;&nbsp;Prepayments | **24339** | 18334 |
| &nbsp;&nbsp;&nbsp;Operating lease right of use assets | **12293** | 12858 |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **144475** | 138369 |
| &nbsp;&nbsp;&nbsp;Regulatory assets - deferred taxes, net | **37567** | 35311 |
| &nbsp;&nbsp;&nbsp;Regulatory assets | **303510** | 302713 |
| &nbsp;&nbsp;Intangible asset - Storm Recovery Property | **366799** | 370329 |
| &nbsp;&nbsp;Intangible asset - Energy Transition Property | **289742** | 290901 |
| &nbsp;&nbsp;Intangible asset - other | **6821** | 7008 |
| &nbsp;&nbsp;&nbsp;Energy risk management assets | **3923** |  |
| &nbsp;&nbsp;&nbsp;Other deferred charges | **12154** | 8569 |
| **Total assets** | $**7935045** | $7875164 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |
| (Continued on next page) |  |  |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST 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 MAR. 31, 2026** | AT DEC. 31, 2025 |
| **Liabilities and member's equity** |  |  |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | $**10000** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year | **365287** | 614826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **136688** | 145639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **43340** | 36166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | **59138** | 58787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for customer refund | **20797** | 20900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | **34622** | 19059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **46572** | 22019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities | **9235** | 11835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **10445** | 10199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation | **1797** | 19377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **25072** | 27506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserve | **6080** | 10730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **23895** | 36953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **792968** | 1033996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term liabilities and deferred credits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deferred federal and state income taxes, net | **814801** | 808647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **142018** | 145215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **750** | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserve | **31372** | 27630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm reserve, net | **58873** | 69440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation  | **16309** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | **16139** | 11544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | **10238** | 10788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities  | **3467** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances for construction | **60754** | 33116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit deposits | **4400** | 4400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deferred credits | **16567** | 32218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities and deferred credits | **1175688** | 1144498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | **2907112** | 2667244 |
| &nbsp;&nbsp;&nbsp;Total liabilities | **4875768** | 4845738 |
| &nbsp;&nbsp;Commitments and contingencies (Note 13) |  |  |
| &nbsp;&nbsp;&nbsp;**Member's equity** | **3059277** | 3029426 |
| **Total liabilities and member's equity** | $**7935045** | $7875164 |
| 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>2026 1ST QUARTER FORM 10-Q</u>

---

| | | | |
|:---|:---|:---|:---|
| CLECO | CLECO | CLECO | CLECO |
| Condensed Consolidated Statements of Cash Flows (Unaudited) |  |  |  |
|  | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, |
| (THOUSANDS) | **2026** |  | 2025 |
| **Operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $**30102** |  | $40312 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **54054** |  | 51866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned compensation expense | **5511** |  | 5546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | **(1619)** |  | (531) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **3983** |  | 14657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **2347** |  | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **4572** |  | 4919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory and materials and supplies | **(13440)** |  | (3124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **(1182)** |  | (9833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **280** |  | 10502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **7175** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **(5968)** |  | (18126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | **5334** |  | (2528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligation | **(1370)** |  | (421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred fuel recoveries | **(8983)** |  | (12447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deferred accounts | **(15555)** |  | (6544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes accrued | **15700** |  | 6732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **24554** |  | 17452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets and liabilities, net | **—** |  | 2877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm reserve | **(14418)** |  | (5262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive compensation payable | **(28830)** |  | (35496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating | **(1279)** |  | (5929) |
| Net cash provided by operating activities | **60968** |  | 55254 |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property, plant, and equipment | **(73534)** |  | (69101) |
| &nbsp;&nbsp;Customer advances for construction | **53622** |  | 900 |
| &nbsp;&nbsp;Refunds of customer advances for construction | **—** |  | (3071) |
| &nbsp;&nbsp;Return of investment in company/trust-owned life insurance | **1684** |  |  |
| &nbsp;&nbsp;&nbsp;Other investing | **357** |  | 294 |
| Net cash used in investing activities | **(17871)** |  | (70978) |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Draws on revolving credit facilities | **10000** |  | 40000 |
| &nbsp;&nbsp;&nbsp;Payments on revolving credit facilities | **—** |  | (130000) |
| &nbsp;&nbsp;&nbsp;Issuances of long-term debt | **—** |  | 305000 |
| &nbsp;&nbsp;&nbsp;Repayment of long-term debt | **(8438)** |  | (133135) |
| &nbsp;&nbsp;&nbsp;Payment of financing costs | **(190)** |  | (4952) |
| Net cash provided by financing activities | **1372** |  | 76913 |
| Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | **44469** |  | 61189 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | **343290** | <sup>(1)</sup> | 162883 |
| **Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period** | $**387759** | <sup>(2)</sup> | $224072 |
| **Supplementary cash flow information** |  |  |  |
| Interest paid, net of amount capitalized | $**14271** |  | $18007 |
| Income taxes refunded, net | $**(7268)** |  | $— |
| **Supplementary non-cash investing and financing activities** |  |  |  |
| Accrued additions to property, plant, and equipment | $**19382** |  | $9114 |
| <sup>(1)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369. <br><sup>(2)</sup> Includes cash and cash equivalents of $217,717, current restricted cash and cash equivalents of $25,567, and non-current restricted cash and cash equivalents of $144,475.  | <sup>(1)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369. <br><sup>(2)</sup> Includes cash and cash equivalents of $217,717, current restricted cash and cash equivalents of $25,567, and non-current restricted cash and cash equivalents of $144,475.  | <sup>(1)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369. <br><sup>(2)</sup> Includes cash and cash equivalents of $217,717, current restricted cash and cash equivalents of $25,567, and non-current restricted cash and cash equivalents of $144,475.  | <sup>(1)</sup> Includes cash and cash equivalents of $171,056, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,369. <br><sup>(2)</sup> Includes cash and cash equivalents of $217,717, current restricted cash and cash equivalents of $25,567, and non-current restricted cash and cash equivalents of $144,475.  |
| 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>2026 1ST QUARTER FORM 10-Q</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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) |
|  | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** |
| (THOUSANDS) | **MEMBERSHIP INTEREST** | **RETAINED EARNINGS** | **AOCI** | **TOTAL MEMBER'S EQUITY** |
| Balances, beginning of period | $**2454276** | $**584632** | $**(9482)** | $**3029426** |
| Net income | **—** | **30102** | **—** | **30102** |
| Other comprehensive loss, net of tax | **—** | **—** | **(251)** | **(251)** |
| Balances, end of period | $**2454276** | $**614734** | $**(9733)** | $**3059277** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 |
| (THOUSANDS) | MEMBERSHIP INTEREST | RETAINED EARNINGS | AOCI | TOTAL MEMBER'S EQUITY |
| Balances, beginning of period | $2454276 | $389422 | $(2684) | $2841014 |
| Net income |  | 40312 |  | 40312 |
| Other comprehensive loss, net of tax |  |  | (382) | (382) |
| Balances, end of period | $2454276 | $429734 | $(3066) | $2880944 |
| 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>2026 1ST 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, 2025. 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>2026 1ST QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO POWER |  |  |
| Condensed Consolidated Statements of Income (Unaudited) |  |  |
|  | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| **Operating revenue** |  |  |
| &nbsp;&nbsp;&nbsp;Electric operations | $**303040** | $270128 |
| &nbsp;&nbsp;&nbsp;Other operations | **31078** | 23456 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **246** | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating revenue, net | **334364** | 293829 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Fuel used for electric generation | **92200** | 55514 |
| &nbsp;&nbsp;&nbsp;Purchased power | **32141** | 35195 |
| &nbsp;&nbsp;&nbsp;Other operations and maintenance | **70818** | 57908 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **49859** | 47783 |
| &nbsp;&nbsp;&nbsp;Taxes other than income taxes | **16140** | 15618 |
| Total operating expenses | **261158** | 212018 |
| **Operating income** | **73206** | 81811 |
| Interest income | **2732** | 4592 |
| Allowance for equity funds used during construction | **1619** | 531 |
| Other income (expense), net | **1485** | (350) |
| **Interest charges** |  |  |
| &nbsp;&nbsp;&nbsp;Interest charges, net | **30236** | 26441 |
| &nbsp;&nbsp;&nbsp;Allowance for borrowed funds used during construction | **(561)** | (757) |
| Total interest charges | **29675** | 25684 |
| **Income before income taxes** | **49367** | 60900 |
| Federal and state income tax expense | **10554** | 11883 |
| **Net income** | $**38813** | $49017 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST 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 MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| Net income | $**38813** | $49017 |
| Other comprehensive income, net of income tax |  |  |
| &nbsp;&nbsp;Postretirement benefits gain (net of tax expense of $88 in 2026 and $52 in 2025) | **261** | 155 |
| &nbsp;&nbsp;Amortization of interest rate derivatives to earnings (net of tax expense of $22 in 2026 and 2025) | **64** | 64 |
| Total other comprehensive income, net of income tax | **325** | 219 |
| **Comprehensive income, net of tax** | $**39138** | $49236 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO POWER | CLECO POWER | CLECO POWER |
| Condensed Consolidated Balance Sheets (Unaudited) |  |  |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Utility plant and equipment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | $**6456332** | $6386051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | **(2539806)** | (2497667) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net property, plant, and equipment | **3916526** | 3888384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction work in progress | **180761** | 179825 |
| &nbsp;&nbsp;&nbsp;Total utility plant and equipment, net | **4097287** | 4068209 |
| &nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **208196** | 162660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **25567** | 33865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable (less allowance for credit losses of $1,279 in 2026 and $1,275 in 2025) | **49058** | 53053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - affiliate | **2** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | **47290** | 67449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **42882** | 47453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory, at average cost | **86572** | 84951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies, at average cost | **194904** | 183085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets | **5535** | 7965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deferred fuel | **29808** | 22910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value of company-owned life insurance policies | **6862** | 7813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **56563** | 60702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | **30805** | 37923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **723** | 353 |
| &nbsp;&nbsp;&nbsp;Total current assets | **784767** | 770191 |
| &nbsp;&nbsp;&nbsp;Equity investment in investee | **1916** | 1916 |
| &nbsp;&nbsp;&nbsp;Operating lease right of use assets | **12293** | 12858 |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **144450** | 138344 |
| &nbsp;&nbsp;&nbsp;Prepayments | **23096** | 16935 |
| &nbsp;&nbsp;&nbsp;Regulatory assets - deferred taxes, net | **37567** | 35311 |
| &nbsp;&nbsp;&nbsp;Regulatory assets | **216024** | 212762 |
| &nbsp;&nbsp;Intangible asset - Storm Recovery Property | **366799** | 370329 |
| &nbsp;&nbsp;Intangible asset - Energy Transition Property | **289742** | 290901 |
| &nbsp;&nbsp;Energy risk management assets | **3923** |  |
| &nbsp;&nbsp;&nbsp;Other deferred charges | **11548** | 7916 |
| **Total assets** | $**5989412** | $5925672 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |  |  |
| (Continued on next page) |  |  |

---

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| CLECO POWER | CLECO POWER | CLECO POWER |
| Condensed Consolidated Balance Sheets (Unaudited) |  |  |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| **Liabilities and member's equity** |  |  |
| &nbsp;&nbsp;&nbsp;Member's equity | $**2301865** | $2262727 |
| &nbsp;&nbsp;Long-term debt, net | **1927185** | 1935516 |
| Total capitalization | **4229050** | 4198243 |
| &nbsp;&nbsp;&nbsp;Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year | **255326** | 254943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **130056** | 135050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **9967** | 13038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | **59138** | 58787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for customer refund | **20797** | 20900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | **50927** | 28454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **33236** | 13891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities | **9235** | 11835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **10445** | 10199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **20096** | 22530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserve | **6080** | 10730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **18757** | 25414 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | **624060** | 605771 |
| &nbsp;&nbsp;Commitments and contingencies (Note 13) |  |  |
| &nbsp;&nbsp;&nbsp;Long-term liabilities and deferred credits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deferred federal and state income taxes, net | **852567** | 849724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **84226** | 87090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **750** | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserve | **31372** | 27630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Storm reserve | **58873** | 69440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | **15765** | 11172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | **10238** | 10788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities  | **3467** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer advances for construction | **60754** | 33116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit deposits | **4400** | 4400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other deferred credits | **13890** | 26798 |
| &nbsp;&nbsp;&nbsp;Total long-term liabilities and deferred credits | **1136302** | 1121658 |
| **Total liabilities and member's equity** | $**5989412** | $5925672 |
| 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>2026 1ST 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 THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, |
| (THOUSANDS) | **2026** |  | 2025 |
| **Operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $**38813** |  | $49017 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **51367** |  | 49279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned compensation expense | **3358** |  | 4673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | **(1619)** |  | (531) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **476** |  | 10711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **5102** |  | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **4572** |  | 4919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory and materials and supplies | **(13440)** |  | (3124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **(2280)** |  | (10463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **558** |  | 11524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **(3103)** |  | (1276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **(4721)** |  | (17448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | **4837** |  | (3025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligation | **(1367)** |  | (421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred fuel recoveries | **(8983)** |  | (12447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deferred accounts | **(15203)** |  | (3997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes accrued | **21907** |  | 13898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **19346** |  | 12204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets and liabilities, net | **—** |  | 2877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm reserve | **(14418)** |  | (5262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive compensation payable | **(14025)** |  | (18278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating | **(1809)** |  | (6023) |
| Net cash provided by operating activities | **69368** |  | 77152 |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property, plant, and equipment | **(73127)** |  | (68644) |
| &nbsp;&nbsp;Customer advances for construction | **53622** |  | 900 |
| &nbsp;&nbsp;Refunds of customer advances for construction | **—** |  | (3071) |
| &nbsp;&nbsp;&nbsp;Return of investment in company-owned life insurance | **1684** |  |  |
| &nbsp;&nbsp;&nbsp;Other investing | **357** |  | 294 |
| Net cash used in investing activities | **(17464)** |  | (70521) |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Draws on revolving credit facility | **—** |  | 20000 |
| &nbsp;&nbsp;&nbsp;Payments on revolving credit facility | **—** |  | (130000) |
| &nbsp;&nbsp;&nbsp;Issuances of long-term debt | **—** |  | 305000 |
| &nbsp;&nbsp;&nbsp;Repayment of long-term debt | **(8438)** |  | (133135) |
| &nbsp;&nbsp;&nbsp;Payment of financing costs | **(122)** |  | (4952) |
| Net cash (used in) provided by financing activities | **(8560)** |  | 56913 |
| Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | **43344** |  | 63544 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | **334869** | <sup>(1)</sup> | 156101 |
| **Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period** | $**378213** | <sup>(2)</sup> | $219645 |
| **Supplementary cash flow information** |  |  |  |
| Interest paid, net of amount capitalized | $**9209** |  | $12791 |
| **Supplementary non-cash investing and financing activities** |  |  |  |
| Accrued additions to property, plant, and equipment | $**19266** |  | $9097 |
| <sup>(1)</sup> Includes cash and cash equivalents of $162,660, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,344.<br><sup>(2)</sup> Includes cash and cash equivalents of $208,196, current restricted cash and cash equivalents of $25,567, and non-current restricted cash and cash equivalents of $144,450. | <sup>(1)</sup> Includes cash and cash equivalents of $162,660, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,344.<br><sup>(2)</sup> Includes cash and cash equivalents of $208,196, current restricted cash and cash equivalents of $25,567, and non-current restricted cash and cash equivalents of $144,450. | <sup>(1)</sup> Includes cash and cash equivalents of $162,660, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,344.<br><sup>(2)</sup> Includes cash and cash equivalents of $208,196, current restricted cash and cash equivalents of $25,567, and non-current restricted cash and cash equivalents of $144,450. | <sup>(1)</sup> Includes cash and cash equivalents of $162,660, current restricted cash and cash equivalents of $33,865, and non-current restricted cash and cash equivalents of $138,344.<br><sup>(2)</sup> Includes cash and cash equivalents of $208,196, current restricted cash and cash equivalents of $25,567, and non-current restricted cash and cash equivalents of $144,450. |
| 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>2026 1ST QUARTER FORM 10-Q</u>

---

| | | | |
|:---|:---|:---|:---|
| 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) |
|  | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** |
| (THOUSANDS) | **MEMBERSHIP INTEREST** | **AOCI** | **TOTAL MEMBER'S EQUITY** |
| Balances, beginning of period | $**2275607** | $**(12880)** | $**2262727** |
| Net income | **38813** | **—** | **38813** |
| Other comprehensive income, net of tax | **—** | **325** | **325** |
| Balances, end of period | $**2314420** | $**(12555)** | $**2301865** |

---

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 |
| (THOUSANDS) | MEMBERSHIP INTEREST | AOCI | TOTAL MEMBER'S EQUITY |
| Balances, beginning of period | $2117506 | $(10099) | $2107407 |
| Net income | 49017 |  | 49017 |
| Other comprehensive income, net of tax |  | 219 | 219 |
| Balances, end of period | $2166523 | $(9880) | $2156643 |
| 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>2026 1ST QUARTER FORM 10-Q</u>

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| | | |
|:---|:---|:---|
| 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 | Revenue Recognition | Cleco and Cleco Power |
| Note 4 | Regulatory Assets and Liabilities | Cleco and Cleco Power |
| Note 5 | Fair Value Accounting Instruments | Cleco and Cleco Power |
| Note 6 | Derivative Instruments | Cleco and Cleco Power |
| Note 7 | Debt | Cleco and Cleco Power |
| Note 8 | Pension Plan and Employee Benefits | Cleco and Cleco Power |
| Note 9 | Income Taxes | Cleco and Cleco Power |
| Note 10 | Segment Disclosures | Cleco  |
| Note 11 | Regulation and Rates | Cleco and Cleco Power |
| Note 12 | Variable Interest Entities | Cleco and Cleco Power |
| Note 13 | Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Cleco and Cleco Power |
| Note 14 | Affiliate Transactions | Cleco and Cleco Power |
| Note 15 | Intangible Assets  | Cleco and Cleco Power |
| Note 16 | Accumulated Other Comprehensive Loss | Cleco and Cleco Power |
| Note 17 | Subsequent Event — Proposed Cleco Group Sale Transaction | Cleco and Cleco Power |

---

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

**Note 1 — Summary of Significant Accounting Policies**<br>

**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.

**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. 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, 2025.

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."

**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 first 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 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.

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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 THREE MONTHS ENDED MARCH 31, 2025 | FOR THE THREE MONTHS ENDED MARCH 31, 2025 | FOR THE THREE MONTHS ENDED MARCH 31, 2025 | FOR THE THREE MONTHS ENDED MARCH 31, 2025 | FOR THE THREE MONTHS ENDED MARCH 31, 2025 | FOR THE THREE MONTHS ENDED MARCH 31, 2025 |
| (THOUSANDS) | AS REPORTED | REVISION | AS REVISED | AS REPORTED | REVISION | AS REVISED |
| Unearned compensation expense | $435 | $5111 | $5546 | $1317 | $3356 | $4673 |
| Accounts receivable | $(710) | $1342 | $632 | $(997) | $1342 | $345 |
| Customer deposits<sup>(1)</sup> | $1749 | $(1342) | $407 | $1749 | $(1342) | $407 |
| Other deferred accounts | $(19419) | $12875 | $(6544) | $(7542) | $3545 | $(3997) |
| Accounts payable<sup>(2)</sup> | $(9105) | $(3014) | $(12119) | $(1338) | $(1870) | $(3208) |
| Taxes accrued | $7226 | $(494) | $6732 | $13975 | $(77) | $13898 |
| Other operating<sup>(1)(3)</sup> | $(5892) | $(13666) | $(19558) | $(6365) | $(4142) | $(10507) |
| Net cash provided by operating activities | $54442 | $812 | $55254 | $76340 | $812 | $77152 |
| Additions to property, plant, and equipment | $(68289) | $(812) | $(69101) | $(67832) | $(812) | $(68644) |
| Net cash used in investing activities | $(70166) | $(812) | $(70978) | $(69709) | $(812) | $(70521) |
| Accrued additions to property, plant, and equipment | $3466 | $5648 | $9114 | $3449 | $5648 | $9097 |
| 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> Reclassification of certain items to or from Other operating based on changes in materiality. <br><sup>(2)</sup> For Cleco, includes $22.6 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $14.7 million that was reclassified to Incentive compensation payable.<br><sup>(3)</sup> For Cleco, includes $12.9 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $3.5 million that was reclassified to Incentive compensation payable. | 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> Reclassification of certain items to or from Other operating based on changes in materiality. <br><sup>(2)</sup> For Cleco, includes $22.6 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $14.7 million that was reclassified to Incentive compensation payable.<br><sup>(3)</sup> For Cleco, includes $12.9 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $3.5 million that was reclassified to Incentive compensation payable. | 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> Reclassification of certain items to or from Other operating based on changes in materiality. <br><sup>(2)</sup> For Cleco, includes $22.6 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $14.7 million that was reclassified to Incentive compensation payable.<br><sup>(3)</sup> For Cleco, includes $12.9 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $3.5 million that was reclassified to Incentive compensation payable. | 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> Reclassification of certain items to or from Other operating based on changes in materiality. <br><sup>(2)</sup> For Cleco, includes $22.6 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $14.7 million that was reclassified to Incentive compensation payable.<br><sup>(3)</sup> For Cleco, includes $12.9 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $3.5 million that was reclassified to Incentive compensation payable. | 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> Reclassification of certain items to or from Other operating based on changes in materiality. <br><sup>(2)</sup> For Cleco, includes $22.6 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $14.7 million that was reclassified to Incentive compensation payable.<br><sup>(3)</sup> For Cleco, includes $12.9 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $3.5 million that was reclassified to Incentive compensation payable. | 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> Reclassification of certain items to or from Other operating based on changes in materiality. <br><sup>(2)</sup> For Cleco, includes $22.6 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $14.7 million that was reclassified to Incentive compensation payable.<br><sup>(3)</sup> For Cleco, includes $12.9 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $3.5 million that was reclassified to Incentive compensation payable. | 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> Reclassification of certain items to or from Other operating based on changes in materiality. <br><sup>(2)</sup> For Cleco, includes $22.6 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $14.7 million that was reclassified to Incentive compensation payable.<br><sup>(3)</sup> For Cleco, includes $12.9 million that was reclassified to Incentive compensation payable. For Cleco Power, includes $3.5 million that was reclassified to Incentive compensation payable. |

---

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

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| | | |
|:---|:---|:---|
| Cleco Power |  |  |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Current |  |  |
| &nbsp;&nbsp;Cleco Securitization I and Cleco Securitization II operating expenses and debt service | $**19610** | $23135 |
| &nbsp;&nbsp;Energy transition costs | **5957** | 10730 |
| Total current | **25567** | 33865 |
| Non-current |  |  |
| &nbsp;&nbsp;Energy transition costs | **34624** | 29492 |
| &nbsp;&nbsp;Future storm restoration costs | **109826** | 108852 |
| Total non-current | **144450** | 138344 |
| Total restricted cash and cash equivalents | $**170017** | $172209 |

---

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

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| | | |
|:---|:---|:---|
| Cleco |  |  |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Total Cleco Power restricted cash and cash equivalents  | $**170017** | $172209 |
| Non-current |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Lands' mitigation escrow | **25** | 25 |
| Total Cleco restricted cash and cash equivalents | $**170042** | $172234 |

---

In December 2025, management submitted a request to the LPSC seeking an amendment to the originally approved order to permit the withdrawal of only operations and maintenance-related storm costs from the storm reserve. The request also included approval to withdraw approximately $13.1 million in operations and maintenance costs related to the remaining 2024 and prior storms and wildfire costs. At March 31, 2026, Cleco Power had $49.1 million of unrecovered accumulated storm restoration costs that are probable of recovery from the storm reserve, pending approval by the LPSC. For more information about these accumulated storm restoration costs, see Note 4 — "Regulatory Assets and Liabilities — Storm Reserve."

**Related-Party Transactions**

Cleco Power evaluates its relationships and transactions in accordance with applicable state and federal regulations and GAAP to determine whether they involve related parties. A related-party relationship exists when parties are subject to common ownership or significant influence, or when one party has the ability to affect the management or operating policies of the other, among other indicators described in Cleco's policies and procedures. Investment funds managed by MAM hold an ownership interest in Cleco Holdings, which wholly owns Cleco Power. As a result, counterparties in which MAM-managed investment funds hold significant investments may be considered related parties to Cleco Power.

In July 2022, Cleco Power entered into a long-term agreement with DESRI, a third party, to purchase the output and associated attributes of a 240-MW solar electric generation facility to be constructed in DeSoto Parish, Louisiana. Cleco Power expects to begin receiving output from this facility in the third quarter of 2026. 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.

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

As of March 31, 2026, the project remains in development, and no payments or capital expenditures have been made to DESRI. Cleco Power will disclose and quantify any future financial activity under the agreement as it occurs.

In December 2025, Cleco Power entered into a cost reimbursement agreement on an arm's-length basis with a data center developer which is a related party through MAM. As of March 31, 2026, Cleco Power had billed $24.8 million under the cost reimbursement agreement. On April 20, 2026, Cleco Power executed an electric service agreement with this data center developer.

**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 March 31, 2026, 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:

 

---

| | | | |
|:---|:---|:---|:---|
| Cleco |  |  |  |
|  | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** |
| (THOUSANDS) | **ACCOUNTS<br>RECEIVABLE** | **OTHER** | **TOTAL** |
| Balances, beginning of period | $1275 | $1638 | $2913 |
| Current period provision | **419** | **—** | **419** |
| Charge-offs | **(709)** | **—** | **(709)** |
| Recovery | **294** | **—** | **294** |
| **Balances, Mar. 31, 2026** | $**1279** | $**1638** | $**2917** |

---

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 |
| (THOUSANDS) | ACCOUNTS<br>RECEIVABLE | OTHER | TOTAL |
| Balances, beginning of period | $1337 | $1638 | $2975 |
| Current period provision | (95) |  | (95) |
| Charge-offs | (662) |  | (662) |
| Recovery | 265 |  | 265 |
| Balances, Mar. 31, 2025 | $845 | $1638 | $2483 |

---

---

| | |
|:---|:---|
| Cleco Power |  |
| (THOUSANDS) | **ACCOUNTS RECEIVABLE** |
| Balances, beginning of period | $1275 |
| Current period provision | **419** |
| Charge-offs | **(709)** |
| Recovery | **294** |
| **Balances, Mar. 31, 2026** | $**1279** |

---

---

| | |
|:---|:---|
| (THOUSANDS) | ACCOUNTS RECEIVABLE |
| Balances, beginning of period | $1337 |
| Current period provision | (95) |
| Charge-offs | (662) |
| Recovery | 265 |
| Balances, Mar. 31, 2025 | $845 |

---

There is no credit loss reserve estimated against the $111.2 million receivable associated with the Cleco Cajun Divestiture.

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

The following authoritative accounting guidance issued by the FASB has not yet been adopted and reflected by the Registrants in their consolidated financial statements as of March 31, 2026. The Registrants have assessed other FASB issuances of new standards which are not listed below given the current expectation that such standards will not significantly impact the Registrants' financial reporting.

In November 2024, FASB issued guidance to improve the presentation and disclosures of certain expenses. 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. 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 still assessing the adoption method, but does not expect this guidance to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants.

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

**Note 3 — Revenue Recognition**<br>

Disaggregated Revenue

Operating revenue, net for the three months ended March 31, 2026, and 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** |
| (THOUSANDS) | **CLECO POWER** |  | **OTHER** |  | **ELIMINATIONS** | **TOTAL** |
| Revenue from contracts with customers |  |  |  |  |  |  |
| Retail revenue |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential<sup>(1)</sup> | $**118024** |  | $**—** |  | $**—** | $**118024** |
| &nbsp;&nbsp;Commercial<sup>(1)</sup> | **89315** |  | **—** |  | **—** | $**89315** |
| &nbsp;&nbsp;Industrial<sup>(1)</sup> | **59372** |  | **—** |  | **—** | $**59372** |
| &nbsp;&nbsp;Other retail<sup>(1)</sup> | **4780** |  | **—** |  | **—** | $**4780** |
| Total retail revenue | **271491** |  | **—** |  | **—** | **271491** |
| Wholesale, net | **28518** | <sup>(1)</sup> | **(186)** | <sup>(2)</sup> | **—** | **28332** |
| Transmission | **13028** |  | **—** |  | **—** | **13028** |
| Other | **4670** |  | **—** |  | **1** | **4671** |
| Affiliate<sup>(3)</sup> | **246** |  | **19562** |  | **(19808)** | **—** |
| Total revenue from contracts with customers | **317953** |  | **19376** |  | **(19807)** | **317522** |
| Revenue unrelated to contracts with customers |  |  |  |  |  |  |
| &nbsp;&nbsp;Securitization | **13356** |  | **—** |  | **—** | **13356** |
| &nbsp;&nbsp;&nbsp;Other | **3055** | <sup>(4)</sup> | **1** |  | **—** | **3056** |
| Total revenue unrelated to contracts with customers | **16411** |  | **1** |  | **—** | **16412** |
| **Operating revenue, net** | $**334364** |  | $**19377** |  | $**(19807)** | $**333934** |

---

<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> Primarily represents realized gains associated with FTRs. For more information on FTRs, see Note 5 — "Fair Value Accounting Instruments — Fair Value Measurements on a Recurring Basis — FTRs."

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 |
| (THOUSANDS) | CLECO POWER |  | OTHER |  | ELIMINATIONS | TOTAL |
| Revenue from contracts with customers |  |  |  |  |  |  |
| Retail revenue |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential<sup>(1)</sup> | $114654 |  | $— |  | $— | $114654 |
| &nbsp;&nbsp;Commercial<sup>(1)</sup> | 81104 |  |  |  |  | 81104 |
| &nbsp;&nbsp;Industrial<sup>(1)</sup> | 48028 |  |  |  |  | 48028 |
| &nbsp;&nbsp;Other retail<sup>(1)</sup> | 4508 |  |  |  |  | 4508 |
| Total retail revenue | 248294 |  |  |  |  | 248294 |
| Wholesale, net | 20864 | <sup>(1)</sup> | (186) | <sup>(2)</sup> |  | 20678 |
| Transmission | 10924 |  |  |  |  | 10924 |
| Other | 4547 |  |  |  | (9) | 4538 |
| Affiliate<sup>(3)</sup> | 245 |  | 20831 |  | (21076) |  |
| Total revenue from contracts with customers | 284874 |  | 20645 |  | (21085) | 284434 |
| Revenue unrelated to contracts with customers |  |  |  |  |  |  |
| &nbsp;&nbsp;Securitization | 7984 |  |  |  |  | 7984 |
| &nbsp;&nbsp;&nbsp;Other | 971 | <sup>(4)</sup> | 1855 | <sup>(5)</sup> |  | 2826 |
| Total revenue unrelated to contracts with customers | 8955 |  | 1855 |  |  | 10810 |
| **Operating revenue, net** | $293829 |  | $22500 |  | $(21085) | $295244 |

---

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

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

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

<sup>(4)</sup> Represents realized gains associated with FTRs. For more information on FTRs, see Note 5 — "Fair Value Accounting Instruments — Fair Value Measurements on a Recurring Basis — FTRs."

<sup>(5)</sup> Primarily related to the other 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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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 4 — Regulatory Assets and Liabilities**<br>

Cleco Power recognizes an asset for certain costs capitalized or deferred for recovery from customers and recognizes a liability for amounts expected to be returned to customers or collected for future expected costs. Cleco Power records these assets and liabilities based on regulatory approval or precedent and management's ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process.

Under the current regulatory environment, Cleco Power estimates these regulatory assets are probable of full recovery. If in the future, as a result of regulatory changes, Cleco Power's ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-down such assets. In addition, potential deregulation of the industry, or possible future changes in the method of rate regulation of Cleco Power, could require discontinuance of the application of the authoritative guidance 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 MAR. 31, 2026** | AT DEC. 31, 2025 | REMAINING<br>RECOVERY<br>PERIOD<br>(YRS.) |  |
| Regulatory assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Unit 1 acquisition costs | $**1463** | $1490 | 13.75 |  |
| &nbsp;&nbsp;Accumulated deferred fuel<sup>(1)</sup> | **29808** | 22910 | Various |  |
| &nbsp;&nbsp;&nbsp;Affordability study | **7236** | 7581 | 5.25 |  |
| &nbsp;&nbsp;&nbsp;AFUDC equity gross-up | **53413** | 54188 | Various | <sup>(3)</sup> |
| &nbsp;&nbsp;AROs<sup>(4)</sup> | **23418** | 21370 |  |  |
| &nbsp;&nbsp;COVID-19 executive order | **1761** | 2113 | 1.25 |  |
| &nbsp;&nbsp;&nbsp;Deferred taxes, net | **37567** | 35311 | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;Dolet Hills carrying charge | **1478** | 2957 |  |  |
| &nbsp;&nbsp;Financing costs<sup>(1)</sup> | **5255** | 5347 | Various | <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;Interest costs | **2401** | 2463 | Various | <sup>(3)</sup> |
| &nbsp;&nbsp;Madison Unit 3 property taxes | **15648** | 15350 | Various | <sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Non-service cost of postretirement benefits | **13105** | 13204 | Various | <sup>(3)</sup> |
| &nbsp;&nbsp;Northlake Transmission Agreement | **2294** | 4587 | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Postretirement costs | **51451** | 51451 | Various | <sup>(7)</sup> |
| &nbsp;&nbsp;Production operations and maintenance expenses | **14618** | 14809 | Various | <sup>(8)</sup> |
| &nbsp;&nbsp;Rodemacher Unit 2 deferred costs<sup>(4)</sup> | **37894** | 35655 |  |  |
| &nbsp;&nbsp;Solar development costs<sup>(4)</sup> | **2122** | 2122 |  |  |
| &nbsp;&nbsp;&nbsp;Training costs | **5267** | 5306 | 33.75 |  |
| &nbsp;&nbsp;&nbsp;Other | **8005** | 10692 | Various | <sup>(2)</sup> |
| Total regulatory assets | **314204** | 308906 |  |  |
| Regulatory liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred taxes, net | **(6368)** | (6368) | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;Energy transition reserve<sup>(9)</sup> | **(37452)** | (38360) |  |  |
| &nbsp;&nbsp;Interest earned on energy transition reserve | **(1077)** | (831) | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;Residential revenue decoupling | **(3750)** | (4500) | Various | <sup>(2)</sup> |
| &nbsp;&nbsp;Storm reserve | **(58873)** | (69440) |  |  |
| Total regulatory liabilities | **(107520)** | (119499) |  |  |
| **Total regulatory assets, net** | $**206684** | $189407 |  |  |
| &nbsp;&nbsp;<sup>(1)</sup> Represents regulatory assets for past expenditures that were not earning a return on investment at March 31, 2026, and December 31, 2025. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the recovery/refund 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, 2025. <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. | &nbsp;&nbsp;<sup>(1)</sup> Represents regulatory assets for past expenditures that were not earning a return on investment at March 31, 2026, and December 31, 2025. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the recovery/refund 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, 2025. <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. | &nbsp;&nbsp;<sup>(1)</sup> Represents regulatory assets for past expenditures that were not earning a return on investment at March 31, 2026, and December 31, 2025. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the recovery/refund 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, 2025. <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. | &nbsp;&nbsp;<sup>(1)</sup> Represents regulatory assets for past expenditures that were not earning a return on investment at March 31, 2026, and December 31, 2025. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the recovery/refund 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, 2025. <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. | &nbsp;&nbsp;<sup>(1)</sup> Represents regulatory assets for past expenditures that were not earning a return on investment at March 31, 2026, and December 31, 2025. All other assets are earning a return on investment. <br><sup>(2)</sup> For more information on the recovery/refund 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, 2025. <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. |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Total Cleco Power regulatory assets, net | $**206684** | $189407 |
| 2016 Merger adjustments<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Fair value of long-term debt | **80744** | 82553 |
| &nbsp;&nbsp;&nbsp;Postretirement costs | **4976** | 5473 |
| &nbsp;&nbsp;&nbsp;Financing costs | **5787** | 5873 |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | **3508** | 3581 |
| Total Cleco regulatory assets, net | $**301699** | $286887 |

---

<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 such charges. At March 31, 2026, Accumulated deferred fuel increased $6.9 million primarily due to the deferral of $9.0 million of fuel costs incurred during the January 2026 severe winter storm that affected Cleco Power's service territory. The deferral mitigates the immediate bill impact to customers resulting from elevated natural gas prices and generation costs during the storm period. The deferred fuel costs are being recovered from customers over a 12-month period through the FAC.

**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. The following table summarizes the components of the storm reserve included on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Storm reserve  | $**107937** | $107214 |
| Accumulated unreimbursed storm restoration costs | **(49064)** | (37774) |
| Storm reserve, net  | $**58873** | $69440 |

---

The $11.3 million increase in accumulated storm restoration costs was primarily due to costs associated with a January 2026 severe winter storm.

**Note 5 — Fair Value Accounting Instruments**<br>

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Cleco utilizes a three-tier fair value hierarchy that prioritizes inputs that may be used to measure fair value. The

fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. Significant increases or decreases in any of those inputs in isolation could result in a significantly different fair value measurement. Cleco classifies fair value balances based on the fair value hierarchy defined as follows:

• Level 1 — observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that Cleco can observe as of the measurement date.

• Level 2 — observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets, quoted market prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

• Level 3 — unobservable inputs for assets or liabilities whose fair value is estimated based on internally or third-party developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints.

When available and if applicable, Cleco uses observable market prices to measure fair value. Credit risk of Cleco and its counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves. Cleco applies the provisions of the fair value measurement standard to its non-recurring, non-financial measurements including business combinations as well as impairment related to goodwill and other long-lived assets.

**Fair Value Measurements on a Recurring Basis**

The amounts reflected in Cleco's and Cleco Power's Condensed Consolidated Balance Sheets at March 31, 2026, and December 31, 2025, 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.

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  | **AT MAR. 31, 2026** | **AT MAR. 31, 2026** | **AT MAR. 31, 2026** | AT DEC. 31, 2025 | AT DEC. 31, 2025 | AT DEC. 31, 2025 |
| (THOUSANDS) | **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)** | 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 | $**380228** | $**—** | $**—** | $334353 | $— | $— |
| &nbsp;&nbsp;FTRs | **—** | **—** | **1288** |  |  | 5513 |
| &nbsp;&nbsp;Natural gas derivatives | **—** | **8170** | **—** |  | 2452 |  |
| Total assets | $**380228** | $**8170** | $**1288** | $334353 | $2452 | $5513 |
| Liability description |  |  |  |  |  |  |
| &nbsp;&nbsp;FTRs | $**—** | $**—** | $**406** | $— | $— | $945 |
| &nbsp;&nbsp;Natural gas derivatives | **—** | **12295** | **—** |  | 10890 |  |
| Total liabilities | $**—** | $**12295** | $**406** | $— | $10890 | $945 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  | **AT MAR. 31, 2026** | **AT MAR. 31, 2026** | **AT MAR. 31, 2026** | AT DEC. 31, 2025 | AT DEC. 31, 2025 | AT DEC. 31, 2025 |
| (THOUSANDS) | **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)** | 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 | $**370903** | $**—** | $**—** | $326128 | $— | $— |
| &nbsp;&nbsp;FTRs | **—** | **—** | **1288** |  |  | 5513 |
| &nbsp;&nbsp;Natural gas derivatives | **—** | **8170** | **—** |  | 2452 |  |
| Total assets | $**370903** | $**8170** | $**1288** | $326128 | $2452 | $5513 |
| Liability description |  |  |  |  |  |  |
| &nbsp;&nbsp;FTRs | $**—** | $**—** | $**406** | $— | $— | $945 |
| &nbsp;&nbsp;Natural gas derivatives | **—** | **12295** | **—** |  | 10890 |  |
| Total liabilities | $**—** | $**12295** | $**406** | $— | $10890 | $945 |

---

Cleco applied its Level 2 and Level 3 fair value techniques consistently between comparative fiscal periods. During the three months ended March 31, 2026, and the year ended December 31, 2025, Cleco did not experience any transfers into or out of Level 3 of the fair value hierarchy.

*Short-term Investments*

At March 31, 2026, and December 31, 2025, 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 March 31, 2026, and December 31, 2025:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Cash and cash equivalents | $**210186** | $162282 |
| Current restricted cash and cash equivalents | **25567** | 33702 |
| Non-current restricted cash and cash equivalents | **144475** | 138369 |
| Total short-term investments | $**380228** | $334353 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Cash and cash equivalents | $**200886** | $154082 |
| Current restricted cash and cash equivalents | **25567** | 33702 |
| Non-current restricted cash and cash equivalents | **144450** | 138344 |
| Total short-term investments | $**370903** | $326128 |

---

*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:

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

---

| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| Balances, beginning of period | $**4568** | $1828 |
| Realized losses | **(732)** |  |
| Unrealized losses\* | **(536)** | (416) |
| Purchases | **26** | 2 |
| Sales | **(461)** |  |
| Settlements | **(1983)** | (964) |
| Balances, end of period | $**882** | $450 |
| \* 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 March 31, 2026, and December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | 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 Mar. 31, 2026** | $**1288** | $**406** | **RTO auction pricing** | **FTR price - per MWh** | $**(3.52)** | $**9.87** | $**0.45** |
| FTRs at Dec. 31, 2025 | $5513 | $945 | RTO auction pricing | FTR price - per MWh | $(6.78) | $6.46 | $0.79 |
| <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 customers' 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Cleco |  |  |  |  |
|  | **AT MAR. 31, 2026** | **AT MAR. 31, 2026** | AT DEC. 31, 2025 | AT DEC. 31, 2025 |
| (THOUSANDS) | **CARRYING**<br>**VALUE\*** | **FAIR VALUE** | CARRYING<br>VALUE\* | FAIR VALUE |
| Long-term debt | $**3290644** | $**3148411** | $3300793 | $3179215 |

---

\* The carrying value of long-term debt does not include deferred issuance costs of $17.9 million at March 31, 2026, and $18.3 million at December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Cleco Power |  |  |  |  |
|  | **AT MAR. 31, 2026** | **AT MAR. 31, 2026** | AT DEC. 31, 2025 | AT DEC. 31, 2025 |
| (THOUSANDS) | **CARRYING**<br>**VALUE\*** | **FAIR VALUE** | CARRYING<br>VALUE\* | FAIR VALUE |
| Long-term debt | $**2199900** | $**2206945** | $2208240 | $2232569 |

---

\* The carrying value of long-term debt does not include deferred issuance costs of $17.0 million at March 31, 2026, and $17.4 million at December 31, 2025.

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 March 31, 2026, and December 31, 2025, Cleco and Cleco Power were exposed to concentrations of credit risk through their short-term investments classified as cash equivalents and restricted cash equivalents. If the short-term investments failed to perform under the terms of the investments, Cleco and Cleco Power would be exposed to a loss of the invested amounts. Collateral on these types of investments is not required. In order to optimize interest income and minimize risk, cash is invested primarily in short-term securities issued by the U.S. government and liquid money market 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 both March 31, 2026, and December 31, 2025, Cleco held cash collateral of $4.4 million recorded in Credit deposits on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets. At March 31, 2026, and December 31, 2025, Cleco held CIAC of $60.8 million and $33.1 million, respectively, that was recorded in Customer advances for

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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 6 — 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 March 31, 2026, and December 31, 2025, there were no fair value amounts offset on Cleco's and Cleco Power's Balance Sheets and no collateral posted with or received from counterparties.

The following table presents the fair values of derivative instruments and their related line item classifications as recorded on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets at March 31, 2026, and December 31, 2025:

---

| | | |
|:---|:---|:---|
| (THOUSANDS) | AT MAR. 31, 2026 | AT DEC. 31, 2025 |
| **Commodity-related contracts** |  |  |
| **FTRs** |  |  |
| &nbsp;&nbsp;*Current* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets | $**1288** | $5513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities | **(406)** | (945) |
| **Natural gas derivatives** |  |  |
| &nbsp;&nbsp;*Current* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets | **4247** | 2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities | **(8828)** | (10890) |
| &nbsp;&nbsp;*Non-current* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets | **3923** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities | **(3467)** |  |
| **Commodity-related contracts, net** | $**(3243)** | $(3870) |

---

The following table presents the effect of derivatives not designated as hedging instruments and their related line item classifications on Cleco's and Cleco Power's Condensed Consolidated Statements of Income for the three months ended March 31, 2026, and 2025:

---

| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| **Commodity contracts** |  |  |
| **FTRs** |  |  |
| &nbsp;&nbsp;Electric operations | $**3031** | $1034 |
| &nbsp;&nbsp;Purchased power | **(1055)** | (602) |
| **Natural gas derivatives**<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Fuel used for electric generation | **(922)** | 939 |
| Total | $**1054** | $1371 |

---

<sup>(1)</sup> **Natural gas derivatives - Realized (Losses) Gains**

Realized gains and losses related to natural gas derivatives are recorded in Accumulated deferred fuel on Cleco's and Cleco Power's Consolidated Balance Sheets and recovered from customers through the FAC. For the three months ended March 31, 2026, and 2025, Cleco and Cleco Power had unrecovered realized (losses) gains of $(1.7) million and $1.1 million, respectively, recorded in Accumulated deferred fuel.

The following table presents the unrealized gains (losses) of derivatives not designated as hedging instruments for the three months ended March 31, 2026, and 2025:

---

| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| **Commodity contracts** |  |  |
| **FTRs** |  |  |
| &nbsp;&nbsp;Unrealized losses\* | $**(536)** | $(416) |
| **Natural gas derivatives** |  |  |
| &nbsp;&nbsp;Unrealized gains\* | **446** | 7352 |
| Total | $**(90)** | $6936 |
| \* Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets. | \* Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets. | \* Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets. |

---

The following table presents the volume of commodity-related derivative contracts outstanding at March 31, 2026, and December 31, 2025, for Cleco and Cleco Power:

---

| | | | |
|:---|:---|:---|:---|
| | UNIT OF MEASURE | TOTAL VOLUME OUTSTANDING | TOTAL VOLUME OUTSTANDING |
| (THOUSAND) | UNIT OF MEASURE | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| **Commodity-related contracts** |  |  |  |
| &nbsp;&nbsp;&nbsp;FTRs | MWh | **1973** | 5755 |
| &nbsp;&nbsp;&nbsp;Natural gas derivatives | MMBtus | **65150** | 36825 |

---

**Note 7 — Debt**<br>

Cleco Power's total long-term debt due within one year as of March 31, 2026, and December 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Senior notes, 3.47% | $**130000** | $130000 |
| Senior notes, 5.96% | **100000** | 100000 |
| Cleco Securitization I storm recovery bonds, 4.016% | **16014** | 15699 |
| Cleco Securitization II energy transition bonds, 4.680% | **9513** | 9513 |
| Long-term debt due within one year | **255527** | 255212 |
| Unamortized debt issuance costs | **(201)** | (269) |
| Long-term debt due within one year, net  | $**255326** | $254943 |

---

Cleco's total long-term debt due within one year as of March 31, 2026, and December 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| Cleco  |  |  |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Total Cleco Power long-term debt due within one year, net | $**255326** | $254943 |
| Senior notes, 3.743% | **110000** | 360000 |
| Long-term debt due within one year | **365326** | 614943 |
| Unamortized debt issuance costs | **(39)** | (117) |
| Long-term debt due within one year, net  | $**365287** | $614826 |

---

On April 24, 2026, Cleco Holdings entered into a $250.0 million term loan agreement that matures on April 24, 2028. The borrowing costs under the term loan agreement are currently equal to SOFR plus 1.50% or ABR plus 0.50%.

On May 1, 2026, Cleco Holdings repaid its $360.0 million senior notes using proceeds from the $250.0 million term loan

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

entered into on April 24, 2026, and a supplemental draw on its revolving credit facility.

**Note 8 — 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, 2025, management estimates that $61.2 million in pension contributions will be required through 2030, of which $15.6 million is required in 2026. For the three months ended March 31, 2026, and 2025, Cleco made $4.8 million and $16.5 million, respectively, of required contribution payments to the pension plan. In April 2026, Cleco made a $3.6 million payment toward its 2026 contribution requirement.

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 net periodic pension cost 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 months ended March 31, 2026, and 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| **Components of periodic benefit costs** |  |  |
| Service cost | $**899** | $966 |
| Non-service cost |  |  |
| &nbsp;&nbsp;&nbsp;Interest cost | **6777** | 6776 |
| &nbsp;&nbsp;&nbsp;Expected return on plan assets | **(7976)** | (8292) |
| **Net periodic benefit (credit) cost** | $**(300)** | $(550) |

---

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 both the three months ended March 31, 2026, and 2025, was $0.2 million.

The current and non-current portions of the pension benefits liability for Cleco and Cleco Power at March 31, 2026, and December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Current | $**14338** | $16772 |
| Non-current | $**40822** | $43487 |

---

**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 net periodic Other Benefits cost are included in Other income (expense), net within Cleco's and Cleco Power's

Condensed Consolidated Statements of Income. The components of net periodic Other Benefits cost for the three months ended March 31, 2026, and 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| **Components of periodic benefit costs** |  |  |
| Service cost | $**440** | $395 |
| Non-service cost |  |  |
| &nbsp;&nbsp;Interest cost | **608** | 586 |
| &nbsp;&nbsp;Amortization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior service cost | **179** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | **64** | 74 |
| **Net periodic benefit cost** | $**1291** | $1055 |

---

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 months ended March 31, 2026, and 2025, was $1.2 million and $1.0 million, respectively. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at March 31, 2026, and December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Current | $**5753** | $5753 |
| Non-current | $**42867** | $43080 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Current | $**4896** | $4896 |
| Non-current | $**33294** | $33457 |

---

**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 on certain SERP participants to provide a source of funding, which is held in a trust formed by Cleco Power. 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

------

CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

components of net periodic benefit cost related to SERP 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 months ended March 31, 2026, and 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| **Components of periodic benefit costs** |  |  |
| Service cost | $**12** | $14 |
| Non-service cost |  |  |
| &nbsp;&nbsp;Interest cost | **847** | 864 |
| &nbsp;&nbsp;Amortizations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior period service credit | **(48)** | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain | **(35)** | (35) |
| Net periodic benefit cost | $**776** | $789 |

---

The expense related to SERP reflected on Cleco Power's Condensed Consolidated Statements of Income for both the three months ended March 31, 2026, and 2025, was $0.1 million.

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 March 31, 2026, and December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Current | $**4981** | $4981 |
| Non-current | $**58330** | $58648 |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Current | $**862** | $862 |
| Non-current | $**10110** | $10146 |

---

**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 months ended March 31, 2026, and 2025 was as follows:

---

| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| 401(k) Plan expense | $**2973** | $2909 |

---

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 months ended March 31, 2026, and 2025 was as follows:

---

| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| 401(k) Plan expense | $**693** | $706 |

---

**Note 9 — Income Taxes**<br>

**Effective Tax Rates**

The following tables summarize the effective income tax rates for Cleco and Cleco Power for the three months ended March 31, 2026, and 2025:

---

| | | |
|:---|:---|:---|
| Cleco |  |  |
|  | FOR THE THREE MONTHS<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
|  | **2026** | 2025 |
| Effective tax rate | **21.0%** | 18.3% |

---

---

| | | |
|:---|:---|:---|
| Cleco Power |  |  |
|  | FOR THE THREE MONTHS<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
|  | **2026** | 2025 |
| Effective tax rate | **21.4%** | 19.5% |

---

For Cleco and Cleco Power, the effective income tax rates for the three months ended March 31, 2026, and 2025, were different than the federal statutory rate primarily due to the amortization of excess accumulated deferred income tax, the adjustment to record tax expense at the projected annual effective tax rate, flow through of state tax benefits, and state tax expense.

**Income Tax Audits**

Cleco Group participates in the IRS's Compliance Assurance Process program in which tax positions are examined and agreed upon prior to filing the federal tax return. The Compliance Assurance Process program allows the IRS to establish a low risk of non-compliance, and at its discretion, may reduce the level of its review based on complexity and the number of issues found. Cleco Group's application has been accepted into the Compliance Assurance Process program for the 2022-2024 tax years, and the statute of limitations remains open for those tax years.

The state income tax years 2022, 2023, and 2024 remain subject to examination by the Louisiana Department of Revenue.

Cleco records income tax penalties in Other Expense on its Condensed Consolidated Statement of Income. For the three months ended March 31, 2026, and 2025, no penalties were recognized.

**Note 10 — 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.

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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, and an investment subsidiary.

The financial results in the following tables are presented on an accrual basis. EBITDA is a key non-GAAP financial measure used by the CEO to assess the operating performance of Cleco's segment. Management evaluates the performance of Cleco's segment and allocates resources to it based on segment profit and the requirements to implement strategic initiatives and projects to meet current business objectives. 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 MAR. 31, 2026 (THOUSANDS)** | **CLECO POWER** |
| Revenue |  |
| &nbsp;&nbsp;Base revenue | $**185337** |
| &nbsp;&nbsp;Fuel cost recovery revenue<sup>(1)</sup> | **117703** |
| &nbsp;&nbsp;&nbsp;Other operations | **31078** |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **246** |
| Operating revenue, net | $**334364** |
| Less: |  |
| &nbsp;&nbsp;Recoverable fuel and purchased power<sup>(1)</sup> | $**117878** |
| &nbsp;&nbsp;Non-recoverable fuel and purchased power | **6463** |
| &nbsp;&nbsp;Other operations and maintenance<sup>(2)</sup> | **70818** |
| &nbsp;&nbsp;Taxes other than income taxes | **16140** |
| &nbsp;&nbsp;Other segment items<sup>(3)</sup> | **(3104)** |
| **EBITDA** | $**126169** |
| <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 $24.7 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 $24.7 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 MAR. 31, 2026 (THOUSANDS)** | **CLECO POWER** | **OTHER** | | **ELIMINATIONS** | **TOTAL** |
| Revenue |  |  |  |  |  |
| &nbsp;&nbsp;Base revenue | $**185337** | $**(186)** |  | $**—** | $**185151** |
| &nbsp;&nbsp;Fuel cost recovery revenue | **117703** | **—** |  | **—** | **117703** |
| &nbsp;&nbsp;&nbsp;Other operations | **31078** | **1** |  | **1** | **31080** |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **246** | **19562** |  | **(19808)** | **—** |
| Operating revenue, net | $**334364** | $**19377** |  | $**(19807)** | $**333934** |
| Depreciation and amortization | $**49859** | $**2350** | <sup>(1)</sup> | $**—** | $**52209** |
| Interest income | $**2732** | $**2878** |  | $**(38)** | $**5572** |
| Interest charges | $**29675** | $**10832** |  | $**(39)** | $**40468** |
| Federal and state income tax expense (benefit) | $**10554** | $**(2556)** |  | $**—** | $**7998** |
| Net income (loss) | $**38813** | $**(8711)** |  | $**—** | $**30102** |
| Additions to property, plant, and equipment | $**73127** | $**407** |  | $**—** | $**73534** |
| Equity investment in investee<sup>(2)</sup> | $**1916** | $**(918952)** |  | $**918952** | $**1916** |
| Goodwill<sup>(2)</sup> | $**1490797** | $**—** |  | $**—** | $**1490797** |
| Total segment assets<sup>(2)</sup> | $**7480209** | $**(387946)** |  | $**842782** | $**7935045** |
| <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.<br><sup>(2)</sup> Balances at March 31, 2026. | <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.<br><sup>(2)</sup> Balances at March 31, 2026. | <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.<br><sup>(2)</sup> Balances at March 31, 2026. | <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.<br><sup>(2)</sup> Balances at March 31, 2026. | <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.<br><sup>(2)</sup> Balances at March 31, 2026. | <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.<br><sup>(2)</sup> Balances at March 31, 2026. |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

---

| | |
|:---|:---|
| FOR THE THREE MONTHS ENDED MAR. 31, 2025 (THOUSANDS) | CLECO POWER |
| Revenue |  |
| &nbsp;&nbsp;Base revenue | $182585 |
| &nbsp;&nbsp;Fuel cost recovery revenue<sup>(1)</sup> | 87543 |
| &nbsp;&nbsp;&nbsp;Other operations | 23456 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | 245 |
| Operating revenue, net | $293829 |
| Less: |  |
| &nbsp;&nbsp;Recoverable fuel and purchased power<sup>(1)</sup> | 87561 |
| &nbsp;&nbsp;Non-recoverable fuel and purchased power | 3148 |
| &nbsp;&nbsp;Other operations and maintenance<sup>(2)</sup> | 57908 |
| &nbsp;&nbsp;Taxes other than income taxes | 15618 |
| &nbsp;&nbsp;Other segment items<sup>(3)</sup> | (181) |
| EBITDA | $129775 |
| <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 $22.8 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 $22.8 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 MAR. 31, 2025 (THOUSANDS) | CLECO POWER | OTHER |  | ELIMINATIONS | TOTAL |
| Revenue |  |  |  |  |  |
| &nbsp;&nbsp;Base revenue | $182585 | $(186) |  | $— | $182399 |
| &nbsp;&nbsp;Fuel cost recovery revenue | 87543 |  |  |  | 87543 |
| &nbsp;&nbsp;&nbsp;Other operations | 23456 | 1855 |  | (9) | 25302 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | 245 | 20831 |  | (21076) |  |
| Operating revenue, net | $293829 | $22500 |  | $(21085) | $295244 |
| Depreciation and amortization | $47783 | $2313 | <sup>(1)</sup> | $— | $50096 |
| Interest income | $4592 | $2705 |  | $(164) | $7133 |
| Interest charges | $25684 | $10901 |  | $(164) | $36421 |
| Federal and state income tax expense (benefit) | $11883 | $(2826) |  | $— | $9057 |
| Net income (loss) | $49017 | $(8706) |  | $1 | $40312 |
| Additions to property, plant, and equipment | $67832 | $457 |  | $— | $68289 |
| Equity investment in investees<sup>(2)</sup> | $1916 | $(918952) |  | $918952 | $1916 |
| Goodwill<sup>(2)</sup> | $1490797 | $— |  | $— | $1490797 |
| Total segment assets<sup>(2)</sup> | $7416469 | $(397107) |  | $855802 | $7875164 |
| <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.<br><sup>(2)</sup> Balances at December 31, 2025. | <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.<br><sup>(2)</sup> Balances at December 31, 2025. | <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.<br><sup>(2)</sup> Balances at December 31, 2025. | <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.<br><sup>(2)</sup> Balances at December 31, 2025. | <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.<br><sup>(2)</sup> Balances at December 31, 2025. | <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.<br><sup>(2)</sup> Balances at December 31, 2025. |

---

---

| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| Net income | $**30102** | $40312 |
| Add: Depreciation and amortization | **52209** | 50096 |
| Less: Interest income | **5572** | 7133 |
| Add: Interest charges | **40468** | 36421 |
| Add: Federal and state income tax expense | **7998** | 9057 |
| Add: Other corporate costs and noncash items<sup>(1)</sup> | **964** | 1022 |
| Total segment EBITDA | $**126169** | $129775 |
| <sup>(1)</sup> Adjustments made for Other and Elimination totals not allocated to total segment EBITDA. | <sup>(1)</sup> Adjustments made for Other and Elimination totals not allocated to total segment EBITDA. | <sup>(1)</sup> Adjustments made for Other and Elimination totals not allocated to total segment EBITDA. |

---

**Note 11 — 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.

**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, 2025, Cleco Power filed its monitoring report for the 12-month period ended June 30, 2025, indicating

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

no refund to Cleco Power's retail customers. The LPSC Staff has issued a draft report indicating no refund and no material findings. Due to the nature of the regulatory process, management is unable to determine the timing of the LPSC Staff's final report.

**Other Deferred Costs**

Cleco Power defers other costs that it believes are prudently incurred and probable of recovery from its retail customers. These costs are recorded in Other deferred charges on Cleco's and Cleco Power's Condensed Consolidated Balance Sheets. At March 31, 2026, and December 31, 2025, Cleco Power had $5.1 million and $0.9 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 12 — Variable Interest Entities**<br>

**Securitization Entities**

Cleco Securitization I and Cleco Securitization II are special-purpose, wholly owned subsidiaries of Cleco Power that were formed for the purpose of issuing storm recovery bonds and energy transition bonds, respectively, for the securitization financing of intangible property at Cleco Power. Cleco Securitization I's and Cleco Securitization II's assets cannot be used to settle Cleco Power's obligations, and the holders of their respective bonds have no recourse against Cleco Power.

Cleco Securitization I's and Cleco Securitization II's equity at risk is less than 1% of their total assets; therefore, they are considered variable interest entities. Cleco Power, through its equity ownership interest and role as servicer of each securitization entity's respective bonds, has the power to direct the most significant financial and operating activities, including billings, collections, and remittances of retail customer cash receipts to enable each securitization entity to pay the principal and interest payments on bond payments. Cleco Power also has the obligation to absorb losses up to its equity investments and rights to receive returns from each securitization entity. Therefore, management has determined that Cleco Power is the primary beneficiary of each securitization entity, and as a result, Cleco Securitization I and Cleco Securitization II are included in the consolidated financial statements of Cleco Power. No gain or loss was recognized upon initial consolidation of the securitization entities.

*Cleco Securitization I*

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

---

| | | |
|:---|:---|:---|
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Restricted cash | $**6873** | $15791 |
| Accounts receivable - affiliate | **2693** | 2996 |
| Intangible asset - Storm Recovery Property | **366799** | 370329 |
| Total assets | $**376365** | $389116 |
| Long-term debt due within one year | $**16014** | $15699 |
| Accounts payable - affiliate | **60** | 115 |
| Interest accrued | **1422** | 5795 |
| Long-term debt, net | **356736** | 365349 |
| Total liabilities | **374232** | 386958 |
| Member's equity | **2133** | 2158 |
| Total liabilities and member's equity | $376365 | $389116 |

---

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<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| Operating revenue | $**7977** | $7937 |
| Operating expenses | **(3646)** | (3477) |
| Interest income | **151** | 184 |
| Interest charges, net | **(4457)** | (4619) |
| Income before taxes  | $**25** | $25 |

---

*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 MAR. 31, 2026** | AT DEC. 31, 2025 |
| Restricted cash  | $**12736** | $7345 |
| Accounts receivable - affiliate | **2115** | 2131 |
| Intangible asset - Energy Transition Property | **289742** | 290901 |
| Total assets | $**304593** | $300377 |
| Long-term debt due within one year | $**9513** | $9513 |
| Accounts payable  | **47** | 12 |
| Accounts payable - affiliate | **186** | 32 |
| Interest accrued | **5162** | 1291 |
| Long-term debt, net | **287357** | 287232 |
| Total liabilities | **302265** | 298080 |
| Member's equity | **2328** | 2297 |
| Total liabilities and member's equity | $304593 | $300377 |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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

---

| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
|<br>(THOUSANDS) | **2026** | **2025** |
| Operating revenue | $**5303** | $— |
| Operating expenses | **(1349)** | (18) |
| Interest income | **72** |  |
| Interest charges, net | **(3995)** | (847) |
| Income (loss) before taxes  | $**31** | $(865) |

---

**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 March 31, 2026, 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 MAR. 31, 2026** | AT DEC. 31, 2025 |
| Purchase price | $**12873** | $12873 |
| Cash contributions | **6399** | 6399 |
| Distributions | **(18098)** | (18098) |
| Equity income from investee | **742** | 742 |
| 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 MAR. 31, 2026** | AT DEC. 31, 2025 |
| 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<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| Operating revenue | $**63** | $103 |
| Operating expenses | **(63)** | (103) |
| Income before taxes | $**—** | $— |

---

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

**Note 13 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees**<br>

**Litigation**

***Gulf Coast Spinning***

In September 2015, Gulf Coast Spinning Company, LLC initiated a lawsuit against Cleco, claiming that Cleco failed to meet obligations under an alleged verbal agreement related to startup funding for the construction of a cotton spinning facility near Bunkie, Louisiana. The matter proceeded to trial on March 30, 2026, and on April 10, 2026, a jury returned a verdict in favor of Cleco. Although the verdict remains subject to appeal, Cleco was found not liable and is not required to pay any damages in connection with the resolution of this matter.

***Dispute with Saulsbury Industries, Inc.***

In October 2018, Cleco Power filed suit against Saulsbury Industries, Inc. (Saulsbury), the former general contractor for the St. Mary Clean Energy Center project. Cleco Power seeks damages for Saulsbury's failure to complete the project on time and for additional costs incurred to hire a replacement general contractor. The action was filed in the Ninth Judicial District Court for Rapides Parish. In October 2019, Saulsbury filed a counterclaim alleging that Cleco Power owed the remaining balance under the contract, as well as additional costs from an accelerated recovery attempt and costs incurred during an extended delay period. Both parties are involved in ongoing discovery, and a trial date is expected to be set in 2027. Cleco Power believes that it has substantial meritorious claims and defenses to the counterclaims asserted by Saulsbury.

***LPSC Audits and Reviews***

Cleco Power is subject to routine audits and reviews by the LPSC. Management is unable to reasonably estimate the possible range of disallowance, if any, related to these filings. Historically, disallowances resulting from such audits have not been material. However, if a disallowance of an audited cost is ordered resulting in a refund, it could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants.

*Fuel Audits*

Cleco Power's fuel costs for electric generation and purchased power are typically recovered through the LPSC-established FAC, which allows Cleco Power to pass on most of these expenses to its customers. The recovery of FAC costs is subject to periodic audits by the LPSC, conducted at least every other year.

On April 8, 2026, Cleco Power received a notice of audit related to its FAC filings for the period 2023 through 2025. Total fuel costs for this period were $890.6 million. Cleco Power's FAC filings for January 2026 and thereafter remain subject to audit.

*Environmental Audit*

In 2009, the LPSC approved Cleco Power to recover certain costs of environmental compliance through an EAC. The costs eligible for recovery are those for prudently incurred air emissions credits associated with complying with federal, state, and local air emission regulations that apply to the generation of electricity reduced by the sale of such

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

allowances. Also eligible for recovery are variable emission mitigation costs, which are the costs of reagents, such as ammonia and limestone, that are a part of the fuel mix used to reduce air emissions, among other things. Cleco Power has EAC filings for January 2023 and thereafter that remain subject to audit.

*Energy Efficiency Audit*

In November 2014, Cleco Power began participating in energy efficiency programs that were established by the LPSC. Through its approved rate tariff, Cleco Power recovered $10.2 million in each of the program years 2025, 2024, and 2023. These amounts are subject to LPSC audit.

In May 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 permits the recovery of certain costs associated with implementing energy efficiency programs through an Energy Efficiency Rate Rider. The recovery of these costs will be subject to audit by the LPSC, conducted at the conclusion of every two program years. LEEP launched on January 1, 2026, and new energy efficiency rates will be effective June 1, 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 March 31, 2026, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters for Cleco and Cleco Power are $4.4 million and $4.3 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.

As part of the Amended Lignite Mining Agreement, Cleco Power and SWEPCO, joint owners of the retired and partially demolished Dolet Hills Power Station, have agreed to pay the principal obligations of the lignite miner, DHLC, when due if DHLC does not have sufficient funds or credit to pay. Any amounts projected to be paid would be based on the forecasted obligations to be incurred by DHLC, primarily for reclamation obligations. As of March 31, 2026, 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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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.

**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 14 — 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 MAR. 31, 2026** | **AT MAR. 31, 2026** | AT DEC. 31, 2025 | AT DEC. 31, 2025 |
| (THOUSANDS) | **AFFILIATE RECEIVABLE** | **AFFILIATE PAYABLE** | AFFILIATE RECEIVABLE | AFFILIATE PAYABLE |
| Cleco Group | $**704** | $**43340** | $768 | $36166 |

---

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 MAR. 31, 2026** | **AT MAR. 31, 2026** | AT DEC. 31, 2025 | AT DEC. 31, 2025 |
| (THOUSANDS) | **AFFILIATE RECEIVABLE** | **AFFILIATE PAYABLE** | AFFILIATE RECEIVABLE | AFFILIATE PAYABLE |
| Cleco Holdings | $**2** | $**203** | $9 | $137 |
| Support Group | **—** | **9764** |  | 12152 |
| Total | $**2** | $**9967** | $9 | $12289 |

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**Note 15 — Intangible Assets** <br>

**Securitized Intangible Assets**

On June 22, 2022, Cleco Securitization I acquired the Storm Recovery Property from Cleco Power for a purchase price of $415.9 million. On March 12, 2025, Cleco Securitization II acquired the Energy Transition Property from Cleco Power for a purchase price of $301.9 million. The Storm Recovery Property and the Energy Transition Property are both classified as securitized intangible assets on Cleco's and Cleco Power's 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 of the securitized intangible assets recognized in Cleco's and Cleco Power's Condensed Consolidated Statements of Income for the three months ended March 31, 2026, and 2025:

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| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| Amortization expense |  |  |
| &nbsp;&nbsp;Storm Recovery Property | $**3530** | $3338 |
| &nbsp;&nbsp;Energy Transition Property | **1160** |  |
| Total  | $**4690** | $3338 |

---

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 MAR. 31, 2026** | AT DEC. 31, 2025 |
| Storm Recovery Property | $**415593** | $415593 |
| Energy Transition Property | **299338** | 299338 |
| Total securitized intangible assets carrying value | **714931** | 714931 |
| Accumulated amortization | **(58390)** | (53701) |
| Net securitized intangible assets subject to amortization | $**656541** | $661230 |

---

**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 March 31, 2026, 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.

For both the three months ended March 31, 2026, and 2025, Cleco had $0.2 million of amortization expense related to the power supply agreement recorded in Electric operations on its Condensed Consolidated Statements of Income.

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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| | | |
|:---|:---|:---|
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 |
| Power supply agreements | $**14238** | $14238 |
| Accumulated amortization | **(7417)** | (7230) |
| Net other intangible assets subject to amortization | $**6821** | $7008 |

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**Note 16 — 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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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 MAR. 31, 2026** |
| (THOUSANDS) | **POSTRETIREMENT BENEFIT NET LOSS** |
| Balances, beginning of period | $**(9482)** |
| Amounts reclassified from AOCI |  |
| Amortization of postretirement benefit net gain | **(251)** |
| **Balance, Mar. 31, 2026** | $**(9733)** |

---

---

| | |
|:---|:---|
| | FOR THE THREE MONTHS ENDED MAR. 31, 2025 |
| (THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS |
| Balances, beginning of period | $(2684) |
| Amounts reclassified from AOCI |  |
| Amortization of postretirement benefit net gain | (382) |
| Balance, Mar. 31, 2025 | $(3066) |

---

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| | | | |
|:---|:---|:---|:---|
| Cleco Power |  |  |  |
|  | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** |
| (THOUSANDS) | **POSTRETIREMENT<br>BENEFIT<br>NET LOSS** | **NET LOSS<br>ON CASH FLOW<br>HEDGES** | **TOTAL AOCI** |
| Balances, Dec. 31, 2025 | $**(8494)** | $**(4386)** | $**(12880)** |
| Amounts reclassified from AOCI |  |  |  |
| Amortization of postretirement benefit net loss | **261** | **—** | **261** |
| Reclassification of net loss to interest charges | **—** | **64** | **64** |
| **Balances, Mar. 31, 2026** | $**(8233)** | $**(4322)** | $**(12555)** |

---

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| | | | |
|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 | FOR THE THREE MONTHS ENDED MAR. 31, 2025 |
| (THOUSANDS) | POSTRETIREMENT<br>BENEFIT<br>NET LOSS | NET LOSS<br>ON CASH FLOW<br>HEDGES | TOTAL AOCI |
| Balances, beginning of period | $(5457) | $(4642) | $(10099) |
| Amounts reclassified from AOCI |  |  |  |
| Amortization of postretirement benefit net loss | 155 |  | 155 |
| Reclassification of net loss to interest charges |  | 64 | 64 |
| Balances, Mar. 31, 2025 | $(5302) | $(4578) | $(9880) |

---

**Note 17 — Subsequent Event — Proposed Cleco Group Sale Transaction**<br>

On April 24, 2026, Cleco Partners entered into an equity purchase agreement, pursuant to which Stonepeak and Bernhard Capital Partners have agreed, subject to customary closing conditions, to acquire all of the outstanding equity interests of Cleco Group.

The Proposed Cleco Group Sale Transaction is subject to customary closing conditions, including receipt of required regulatory approvals, including approvals from the LPSC and FERC, and the expiration or termination of applicable waiting periods under the HSR Act. In addition, pending consummation of the Proposed Cleco Group Sale Transaction, the equity purchase agreement generally requires Cleco Partners to cause Cleco to operate in the ordinary course of business consistent with past practice and restricts Cleco from taking certain actions with respect to its business without the consent of the purchasers. Cleco plans to file an application with the LPSC seeking approval of the sale in June 2026.

**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, 2025, 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 months ended March 31, 2026, and 2025.

**OVERVIEW**

Cleco is a regional energy company that conducts substantially all of its business operations through its principal operating business segment, Cleco Power. Cleco Power is a regulated electric utility company that owns eight generating units with a total rated capacity of 2,676 MW and serves

approximately 298,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana.

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

*Recent Events*

On April 24, 2026, Cleco Partners entered into an equity purchase agreement, pursuant to which Stonepeak and Bernhard Capital Partners have agreed, subject to customary closing conditions, to acquire all of the outstanding equity interests of Cleco Group.

The Proposed Cleco Group Sale Transaction is subject to customary closing conditions, including receipt of required

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

regulatory approvals, including approvals from the LPSC and FERC, and the expiration or termination of applicable waiting periods under the HSR Act. In addition, pending consummation of the Proposed Cleco Group Sale Transaction, the equity purchase agreement generally requires Cleco Partners to cause Cleco to operate in the ordinary course of business consistent with past practice and restricts Cleco from taking certain actions with respect to its business without the consent of the purchasers. Cleco plans to file an application with the LPSC seeking approval of the sale in June 2026.

*Regulatory Structure and Rate Case Outlook*

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

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

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

*Corporate Sustainability*

Cleco is evaluating renewable and electrification initiatives as part of its long-term resource and infrastructure planning. Currently, management is unable to predict what impact the implementation of these sustainability initiatives will have on the Registrants. For more information on these sustainability goals, see Part I, Item 1, "Business — Human Capital," "— Communities," and "— Oversight and Governance" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2025. For more information about Cleco's environmental initiatives, see "— Decarbonization Initiatives" and "— Renewable and Electrification Initiatives."

*People*

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

*Planet*

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

*Principles*

Cleco maintains a governance framework supported by policies and practices that promote accountability. A Corporate Sustainability Steering Committee and a Chief

Administrative and Sustainability Officer oversee the implementation of sustainability initiatives.

*Grid Reliability* 

Cleco Power is actively advancing grid reliability and operational resilience to support safe and consistent service amid evolving grid demands and environmental conditions. Cleco Power closely monitors system performance and manages grid conditions through targeted infrastructure investments and coordination with MISO. These efforts are intended to support overall grid stability during periods of elevated demand, extreme weather, or transmission constraints. Cleco Power employs operational load management tools when necessary to preserve grid integrity, including in circumstances where MISO may issue system reliability directives. Cleco Power continues to enhance system readiness through grid modernization investments, evaluation of generation availability, and ongoing assessment of changing load patterns, including increased electrification and peak usage growth. Through these initiatives, Cleco Power remains focused on reducing the likelihood, duration, and impact of service interruptions while supporting a resilient and reliable electric system for customers.

*Generation Planning*

Cleco Power's participation in MISO's ERAS could significantly impact its long-term generation planning and its ability to meet future reliability and capacity needs. ERAS is a newly launched MISO initiative designed to accelerate the interconnection timeline for new generation resources, with the potential to enable interconnection agreements within approximately 90 days, which is substantially faster than traditional MISO study cycles. While ERAS offers an expedited path for select projects, the majority of new generation resources will continue to follow MISO's Definitive Planning Phase (DPP), which is the standard interconnection process consisting of multiple phases of system impact and facilities studies that typically span more than a year. This process includes detailed evaluations of network upgrades and reliability impacts and requires milestone commitments and financial deposits at various stages. In certain circumstances, projects advancing through MISO's standard interconnection process may be modified, delayed, or withdrawn due to evolving system conditions, study results, or cost outcomes, and 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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

Cleco's long-term generation planning and capital investment strategy.

*Decarbonization Initiatives*

Management is considering the most economically viable decarbonization strategies and remains committed to addressing Cleco Power's carbon output of its solid fuel generating units. For more information on environmental matters that could affect Cleco Power's decarbonization initiatives, see "— 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 is progressing the solar and related interconnection project and currently expects the commercial operation date to begin in the third quarter of 2026, subject to satisfaction of applicable conditions and project milestones.

Cleco Power is evaluating potential future resources to diversify its generation portfolio as part of its IRP process and is engaging with customers to assess demand for potential renewable energy offerings. These evaluations reflect evolving customer interest, including potential large-load customers. Cleco Power continues to consider market conditions and applicable regulatory requirements as it further refines its resource planning strategy. As of March 31, 2026, the IRP process had not resulted in the identification of an optimal resource portfolio or the advancement of any additional generation resources.

Cleco Power is also pursuing electrification initiatives for its customers such as gas compression, e-trucking, green tariffs, infrastructure for light duty electric vehicles and forklifts, and electric vehicle charging sites, among others. These initiatives are in various stages of evaluation and development and may be subject to future regulatory approval.

*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 provides savings through a reduction in outage restoration time and improved operational efficiencies. The project also improves 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 $111.4 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 March 31, 2026, Cleco Power had spent $89.9 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 of project investments to be completed over 5 years. On November 3, 2025, Cleco Power filed an uncontested stipulated settlement with the LPSC, reducing the proposed investment to approximately $200.0 million. The settlement was approved by the LPSC in November 2025. Effective January 1, 2026, Cleco Power began collecting revenues under the LPSC-approved Grid Resiliency Rate Rider. The rider provides for contemporaneous recovery of prudently incurred costs associated with Phase I of Cleco Power's grid resiliency plan, subject to a semi-annual true up and prudency review by the LPSC. Management expects that costs incurred under Phase I, as well as costs incurred under future phases of the grid resiliency plan, will continue to be recovered through this mechanism.

*Large Load Growth Initiatives*

Cleco Power is evaluating opportunities to support long-term load growth associated with increasing demand from large-load customers, including data centers, driven predominately by the expansion of artificial intelligence and related digital infrastructure. In support of this demand, Cleco Power is pursuing potential long-term arrangements to supply power to large-load facilities within its service territory. In connection with certain large-load growth and interconnection projects, Cleco Power has received customer advances and cost reimbursements and executed arrangements for project progression, subject to applicable regulatory requirements. As part of these efforts, Cleco Power may incur planning, engineering, procurement, and other initial capital costs to prepare to serve large-load customers in advance of receiving final approval from the LPSC. Cleco Power has structured these arrangements to limit financial and operational exposure prior to approval by the LPSC and has implemented significant contractual and credit protections intended to mitigate risk, including customer funding mechanisms that provide for the upfront payment of required construction-related contributions prior to facilities being placed in service. Because large-load projects are typically associated with a single customer or a limited number of customers, Cleco Power could experience increased customer concentration over time as these facilities become operational.

On April 20, 2026, Cleco Power executed an electric service agreement with a data center developer in connection with a project under development that is intended to serve a future large-load customer and entered into related power supply and commercial agreements to support the anticipated load, which includes a capacity purchase power agreement with a third party, subject to applicable regulatory and other approvals. These arrangements include additional credit support, including a parent guarantee from a creditworthy affiliate of the ultimate customer upon regulatory approval and

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

a substantial letter of credit designed to ensure recovery of applicable costs and to limit exposure to Cleco Power's other customers. Cleco Power continues to evaluate other potential large-load growth opportunities within its service territory.

*Other*

Cleco Power is working to secure load growth opportunities that include renewing existing franchises, pursuing new

franchises, and adding new retail load opportunities with large industrial, commercial, and residential customers. The retail opportunities include sectors such as agriculture, oil and gas, chemicals, metals, national accounts, government, military, wood, paper, health care, information technology, transportation, clean and green fuels, and other manufacturing.

**RESULTS OF OPERATIONS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comparison of the Three Months Ended March 31, 2026, and 2025** | **Comparison of the Three Months Ended March 31, 2026, and 2025** | **Comparison of the Three Months Ended March 31, 2026, and 2025** | **Comparison of the Three Months Ended March 31, 2026, and 2025** | **Comparison of the Three Months Ended March 31, 2026, and 2025** | |
|  |  | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, |
|  | CLECO POWER | CLECO POWER | CLECO POWER | OTHER<br>SEGMENTS | CLECO |
| (THOUSANDS) | **2026** | 2025 | VARIANCE\* | VARIANCE<sup>\*</sup> | VARIANCE<sup>\*</sup> |
| Operating revenue |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Base | $**185337** | $182585 | $2752 | $— | $2752 |
| &nbsp;&nbsp;Fuel cost and purchased power recovery  | **117703** | 87543 | 30160 |  | 30160 |
| &nbsp;&nbsp;&nbsp;Other operations | **31078** | 23456 | 7622 | (1844) | 5778 |
| &nbsp;&nbsp;&nbsp;Affiliate revenue | **246** | 245 | 1 | (1) |  |
| Operating revenue, net | **334364** | 293829 | 40535 | (1845) | 38690 |
| Operating expenses |  |  |  |  |  |
| &nbsp;&nbsp;Recoverable fuel and purchased power  | **117878** | 87561 | (30317) |  | (30317) |
| &nbsp;&nbsp;Non-recoverable fuel and purchased power  | **6463** | 3148 | (3315) |  | (3315) |
| &nbsp;&nbsp;Other operations and maintenance | **70818** | 57908 | (12910) | 2120 | (10790) |
| &nbsp;&nbsp;Depreciation and amortization | **49859** | 47783 | (2076) | (37) | (2113) |
| &nbsp;&nbsp;Taxes other than income taxes | **16140** | 15618 | (522) | (155) | (677) |
| Total operating expenses | **261158** | 212018 | (49140) | 1928 | (47212) |
| Operating income | **73206** | 81811 | (8605) | 83 | (8522) |
| Interest income | **2732** | 4592 | (1860) | 299 | (1561) |
| Allowance for equity funds used during construction | **1619** | 531 | 1088 |  | 1088 |
| Other income (expense), net | **1485** | (350) | 1835 | (62) | 1773 |
| Interest charges | **29675** | 25684 | (3991) | (56) | (4047) |
| Federal and state income tax expense | **10554** | 11883 | 1329 | (270) | 1059 |
| Net income | $**38813** | $49017 | $(10204) | $(6) | $(10210) |
| <sup>\*</sup> Favorable/(Unfavorable) | <sup>\*</sup> Favorable/(Unfavorable) | <sup>\*</sup> Favorable/(Unfavorable) | <sup>\*</sup> Favorable/(Unfavorable) | <sup>\*</sup> Favorable/(Unfavorable) | <sup>\*</sup> Favorable/(Unfavorable) |

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***Summary of Consolidated Results***

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

*Base*

Base revenue increased $2.8 million primarily due to $10.8 million of higher retail rates largely resulting from an increase in the IICR, which is adjusted annually. This increase is partially offset by $4.9 million from lower usage due to milder winter weather and $2.6 million for the absence of the allowed carrying charge on the related Dolet Hills regulatory asset.

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, 2025.

The following tables show the components of Cleco Power's base revenue:

---

| | | | |
|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 | FAVORABLE/<br>(UNFAVORABLE) |
| Electric sales |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential | $**82319** | $85391 | (3.6)% |
| &nbsp;&nbsp;&nbsp;Commercial | **63687** | 61905 | 2.9% |
| &nbsp;&nbsp;&nbsp;Industrial | **34604** | 30069 | 15.1% |
| &nbsp;&nbsp;&nbsp;Other retail | **3574** | 3517 | 1.6% |
| Total retail | **184184** | 180882 | 1.8% |
| Sales for resale | **1153** | 1703 | (32.3)% |
| Total base revenue | $**185337** | $182585 | 1.5% |

---

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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| | | | |
|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, |
| (MILLION kWh) | **2026** | 2025 | FAVORABLE/<br>(UNFAVORABLE) |
| Electric sales |  |  |  |
| &nbsp;&nbsp;Residential | **804** | 879 | (8.5)% |
| &nbsp;&nbsp;&nbsp;Commercial | **606** | 607 | (0.2)% |
| &nbsp;&nbsp;&nbsp;Industrial | **613** | 538 | 13.9% |
| &nbsp;&nbsp;&nbsp;Other retail | **28** | 30 | (6.7)% |
| Total retail | **2051** | 2054 | (0.1)% |
| Sales for resale | **5** | 71 | (93.0)% |
| Total retail and wholesale customer sales | **2056** | 2125 | (3.2)% |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, |
| | | | | % CHANGE | % CHANGE |
| | **2026** | 2025 |<br>NORMAL | PRIOR YEAR | NORMAL |
| Heating degree-days | **681** | 865 | 843 | (21.3)% | (19.2)% |
| Cooling degree-days | **212** | 158 | 100 | 34.2% | 112.0% |

---

*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 99.8% of Cleco Power's total fuel cost during the first quarter of 2026 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 March 31, 2026, were impacted primarily by higher natural gas costs as compared to the three months ended March 31, 2025.

*Other Operations Revenue*

Other operations revenue increased $5.8 million primarily due to $7.6 million of higher securitization revenue resulting from the completion of the securitization financing of the Energy Transition Property in March 2025 and higher transmission

revenue at Cleco Power. This increase was partially offset by $1.8 million for the absence of the other service agreement revenue from the Cleco Cajun Divestiture.

*Other Operations and Maintenance*

Other operations and maintenance expense increased $10.8 million primarily due to higher maintenance expenses largely from scheduled plant outages and distribution right-of-way maintenance.

*Interest Charges*

Interest charges increased $4.0 million primarily due to higher debt balances associated with the energy transition bonds issued by Cleco Securitization II 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 9 — 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 months ended March 31, 2026, and 2025:

---

| | | |
|:---|:---|:---|
| | FOR THE THREE MONTHS<br>ENDED MAR. 31, | FOR THE THREE MONTHS<br>ENDED MAR. 31, |
| (THOUSANDS) | **2026** | 2025 |
| Net income | $**38813** | $49017 |
| Add: Depreciation and amortization | **49859** | 47783 |
| Less: Interest income | **2732** | 4592 |
| Add: Interest charges | **29675** | 25684 |
| Add: Federal and state income tax expense | **10554** | 11883 |
| EBITDA | $**126169** | $129775 |

---

**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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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 March 31, 2026:

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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.

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, 2025. For more information about credit support see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 13 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees."

*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."

*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 5 — 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*

At March 31, 2026, and December 31, 2025, Cleco Power had a working capital surplus of $160.7 million and $164.4 million, respectively, resulting in a decrease of $3.7 million in working capital.

At March 31, 2026, and December 31, 2025, Cleco had a working capital surplus of $182.1 million and a working capital deficit of $74.2 million, respectively, resulting in an increase of $256.3 million in working capital.

The following table contains the working capital variances for the period ended March 31, 2026, and December 31, 2025, and 2024.

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | CLECO POWER | CLECO POWER | CLECO POWER | OTHER<br>SEGMENTS | CLECO |
| (THOUSANDS) | **AT MAR. 31, 2026** | AT DEC. 31, 2025 | VARIANCE<sup>(1)</sup> | VARIANCE<sup>(1)</sup> | VARIANCE<sup>(1)</sup> |
| **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**208196** | $162660 | $45536 | $1125 | $46661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | **25567** | 33865 | (8298) |  | (8298) |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | **49058** | 53053 | (3995) |  | (3995) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - affiliate | **2** | 9 | (7) | (57) | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable - Cleco Cajun Divestiture | **—** |  |  | 2738 | 2738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | **47290** | 67449 | (20159) | 17 | (20142) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | **42882** | 47453 | (4571) |  | (4571) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory, at average cost | **86572** | 84951 | 1621 |  | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies, at average cost | **194904** | 183085 | 11819 |  | 11819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management assets<sup>(2)</sup> | **4247** | 2452 | 1795 |  | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deferred fuel<sup>(2)</sup> | **30381** | 25711 | 4670 |  | 4670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value of company/trust-owned life insurance policies | **6862** | 7813 | (951) | (1308) | (2259) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments | **56563** | 60702 | (4139) | (1009) | (5148) |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | **30805** | 37923 | (7118) |  | (7118) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **723** | 353 | 370 | (827) | (457) |
| &nbsp;&nbsp;&nbsp;Total current assets | **784052** | 767479 | 16573 | 679 | 17252 |
| &nbsp;&nbsp;Current liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | **—** |  |  | (10000) | (10000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year | **255326** | 254943 | (383) | 249922 | 249539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable<sup>(2)</sup> | **129747** | 133283 | 3536 | 3957 | 7493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - affiliate | **9967** | 13038 | 3071 | (10245) | (7174) |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | **59138** | 58787 | (351) |  | (351) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for customer refund | **20797** | 20900 | 103 |  | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | **50927** | 28454 | (22473) | 6910 | (15563) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | **33236** | 13891 | (19345) | (5208) | (24553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy risk management liabilities<sup>(2)</sup> | **8829** | 10890 | 2061 |  | 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **10445** | 10199 | (246) |  | (246) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation | **—** |  |  | 17580 | 17580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **20096** | 22530 | 2434 |  | 2434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy transition reserves | **6080** | 10730 | 4650 |  | 4650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **18757** | 25414 | 6657 | 6401 | 13058 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | **623345** | 603059 | (20286) | 259317 | 239031 |
| **Working capital surplus (deficit)** | $**160707** | $164420 | $(3713) | $259996 | $256283 |
| <sup>(1)</sup> Favorable/(Unfavorable) <br><sup>(2)</sup> Energy risk management assets, Accumulated deferred fuel, Accounts payable, and Energy risk management liabilities do not include FTRs. FTR activity is not included in working capital.  | <sup>(1)</sup> Favorable/(Unfavorable) <br><sup>(2)</sup> Energy risk management assets, Accumulated deferred fuel, Accounts payable, and Energy risk management liabilities do not include FTRs. FTR activity is not included in working capital.  | <sup>(1)</sup> Favorable/(Unfavorable) <br><sup>(2)</sup> Energy risk management assets, Accumulated deferred fuel, Accounts payable, and Energy risk management liabilities do not include FTRs. FTR activity is not included in working capital.  | <sup>(1)</sup> Favorable/(Unfavorable) <br><sup>(2)</sup> Energy risk management assets, Accumulated deferred fuel, Accounts payable, and Energy risk management liabilities do not include FTRs. FTR activity is not included in working capital.  | <sup>(1)</sup> Favorable/(Unfavorable) <br><sup>(2)</sup> Energy risk management assets, Accumulated deferred fuel, Accounts payable, and Energy risk management liabilities do not include FTRs. FTR activity is not included in working capital.  | <sup>(1)</sup> Favorable/(Unfavorable) <br><sup>(2)</sup> Energy risk management assets, Accumulated deferred fuel, Accounts payable, and Energy risk management liabilities do not include FTRs. FTR activity is not included in working capital.  |

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Summary of Consolidated Results

The $256.3 million increase in Cleco's working capital is primarily due to:

• a $249.5 million decrease in long-term debt due within one year primarily due to its reclassification to long-term debt as a result of the Cleco Holdings' term loan entered into on April 24, 2026. For more information on Cleco's debt, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 7 — Debt,"

• a $46.7 million increase in cash and cash equivalents,

• a $17.6 million decrease in deferred compensation primarily due to the reclassification of long-term deferred compensation,

• a $13.1 million decrease in other current liabilities primarily due to the timing of payments of long-term incentive plan compensation in March 2026 and an adjustment to the Dolet Hills ARO liability,

• an $11.8 million increase in material and supplies inventory primarily due to higher purchases of transmission and distribution inventory in order to support future needs at Cleco Power,

• a $7.5 million decrease in accounts payable primarily due to the timing of payments for short-term incentive plan compensation and lower accruals for MISO settlements and plant outages, partially offset by higher accruals for inventory and maintenance and data center development,

• a $4.7 million increase in accumulated deferred fuel primarily due to additional deferrals through a fuel surcharge for incremental costs related to a severe winter storm that occurred in January 2026, the settlement of option premiums, and higher fuel costs, partially offset by the timing of collections at Cleco Power, and

• a $4.7 million decrease in energy transition reserves primarily due to the reclassification of the long-term energy transition reserves.

These increases in working capital were partially offset by:

• a $24.6 million increase in interest accrued primarily due to the timing of interest payments on long-term debt,

• a $20.1 million decrease in other account receivable primarily due to lower accruals for customer reimbursements, pole attachments, and customer advances

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

for construction and the timing of collections from joint owners at Cleco Power, partially offset by higher MISO accruals,

• a $15.6 million increase in taxes payable primarily due to higher provision for federal and state income taxes and accruals for property taxes,

• a $10.0 million increase in short-term debt primarily due to draws on Cleco Holdings' revolving credit facility,

• an $8.3 million decrease in restricted cash and cash equivalents,

• a $7.2 million increase in accounts payable - affiliate primarily due to a federal tax refund received at Cleco Holdings,

• a $7.1 million decrease in regulatory assets primarily due to the amortization of the Dolet Hills carrying charge, the reclassification of the ARO regulatory asset for the Dolet Hills decommissioning to long-term, and the amortization of Northlake transmission costs,

• a $5.1 million decrease in prepayments primarily due to the timing of insurance premiums paid, and

• a $4.6 million decrease in unbilled revenue primarily due to lower usage as a result of milder weather.

Debt

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 7 — Debt."

Liquidity

The following tables present the total liquidity for Cleco and Cleco Power for March 31, 2026, and December 31, 2025:

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| | | |
|:---|:---|:---|
| Cleco |  |  |
| (THOUSANDS) | **AT MAR 31, 2026** | AT DEC. 31, 2025 |
| Cash and cash equivalents | $**217717** | $171056 |
| Cleco Power revolving credit facility  | **300000** | 300000 |
| &nbsp;&nbsp;Less: Outstanding revolving draws | **—** |  |
| Cleco Holdings revolving credit facility | **175000** | 175000 |
| &nbsp;&nbsp;Less: Outstanding revolving draws | **(10000)** |  |
| Total liquidity | $**682717** | $646056 |

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| | | |
|:---|:---|:---|
| Cleco Power |  |  |
| (THOUSANDS) | **AT MAR 31, 2026** | AT DEC. 31, 2025 |
| Cash and cash equivalents | $**208196** | $162660 |
| Revolving credit facility | **300000** | 300000 |
| &nbsp;&nbsp;Less: Outstanding revolving draws | **—** |  |
| Total liquidity | $**508196** | $462660 |

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Credit Facilities

At March 31, 2026, Cleco had two separate revolving credit facilities, one for Cleco Holdings in the amount of $175.0 million with $10.0 million of outstanding borrowings and one for Cleco Power in the amount of $300.0 million with no 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 March 31, 2026, Cleco Holdings was in compliance with the covenants of its revolving credit facility. At March 31, 2026, 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 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 March 31, 2026, Cleco Power was in compliance with the covenants of its revolving credit facility. At March 31, 2026, 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.

Concentrations of Credit Risk

At March 31, 2026, and 2025, Cleco and Cleco Power were exposed to concentrations of credit risk through their short-term investments classified as cash equivalents. In order to mitigate potential credit risk, Cleco and Cleco Power have established guidelines for short-term investments. For more information on the concentration of credit risk through short-term investments classified as cash equivalents, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 5 — Fair Value Accounting Instruments — Concentrations of Credit Risk."

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 March 31, 2026, 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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

2016 Merger Commitments, Cleco Power is subject to certain provisions limiting the amount of distributions that may be paid to Cleco Holdings, depending on Cleco Power's common equity ratio and its corporate credit ratings. Cleco Power may not make any distribution unless, after giving effect to such distribution, Cleco Power's common equity ratio would not be less than 48% and Cleco Power's corporate credit rating is investment grade with two of the three credit rating agencies. At March 31, 2026, 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, 2025.

*Cleco - Cash Flows* 

Cash Flows Comparison for the Three Months Ended March 31, 2026, and 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, |
| | | CLECO POWER | CLECO POWER | | | CLECO |
| (THOUSANDS) | **2026** | 2025 | VARIANCE | **2026** | 2025 | VARIANCE |
| **Operating activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net income, adjusted for non-cash items<sup>(1)</sup> | $**92395** | $113149 | $(20754) | $**92031** | $111850 | $(19819) |
| &nbsp;&nbsp;Changes in assets and liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel inventory and materials and supplies | **(13440)** | (3124) | (10316) | **(13440)** | (3124) | (10316) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **558** | 11524 | (10966) | **280** | 10502 | (10222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit obligations | **(4721)** | (17448) | 12727 | **(5968)** | (18126) | 12158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other deferred accounts | **(15203)** | (3997) | (11206) | **(15555)** | (6544) | (9011) |
| &nbsp;&nbsp;Other operating items with variances outside the threshold<sup>(2)</sup> | **9779** | (22952) | 32731 | **3620** | (39304) | 42924 |
| Net cash provided by operating activities | $**69368** | $77152 | $(7784) | $**60968** | $55254 | $5714 |
| **Investing activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Customer advances for construction, net of refunds | $**53622** | $(2171) | $55793 | $**53622** | $(2171) | $55793 |
| &nbsp;&nbsp;Other investing items with variances outside the threshold<sup>(2)</sup> | **(71086)** | (68350) | (2736) | **(71493)** | (68807) | (2686) |
| Net cash used in investing activities | $**(17464)** | $(70521) | $53057 | $**(17871)** | $(70978) | $53107 |
| **Financing activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Draws on revolving credit facilities | $**—** | $20000 | $(20000) | $**10000** | $40000 | $(30000) |
| &nbsp;&nbsp;Payments on revolving credit facilities | **—** | (130000) | 130000 | **—** | (130000) | 130000 |
| &nbsp;&nbsp;Issuances of long-term debt | **—** | 305000 | (305000) | **—** | 305000 | (305000) |
| &nbsp;&nbsp;Repayment of long-term debt | **(8438)** | (133135) | 124697 | **(8438)** | (133135) | 124697 |
| &nbsp;&nbsp;Other financing items with variances outside the threshold<sup>(2)</sup> | **(122)** | (4952) | 4830 | **(190)** | (4952) | 4762 |
| Net cash (used in) provided by financing activities | $**(8560)** | $56913 | $(65473) | $**1372** | $76913 | $(75541) |
| <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, and deferred income taxes.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. | <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, and deferred income taxes.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. | <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, and deferred income taxes.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. | <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, and deferred income taxes.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. | <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, and deferred income taxes.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. | <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, and deferred income taxes.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. | <sup>(1)</sup> Non-cash items primarily include depreciation and amortization, AFUDC, and deferred income taxes.<br><sup>(2)</sup> For purposes of this analysis, management considered variances to be immaterial if they remained within plus or minus $10.0 million. |

---

Summary of Consolidated Results

*Net Operating Cash Flows* 

Net cash provided by operating activities increased primarily due to cash flows from net income, adjusted for non-cash items. This increase was primarily attributable to changes in net income and deferred income taxes. For more information on net income, see "— Results of Operations — Comparison of the Three Months Ended March 31, 2026, and 2025 — Summary of Consolidated Results." For more information on deferred income taxes, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 9 — Income Taxes."

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

*Net Investing Cash Flows* 

Net cash used in investing activities decreased primarily due to higher contributions in aid of construction, driven by both

the timing of receipts and increased customer-funded construction activity during the period.

*Net Financing Cash Flows* 

For more information on financing activities, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 7 — Debt."

**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, 2025.

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**Off-Balance Sheet Commitments and Guarantees** 

For information about off-balance sheet commitments and guarantees, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 13 — 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 13 — 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, 2025.

***Retail and Wholesale Rates***

For information on Cleco Power's base rates, fuel rates, and environmental rates, see Part I, Item 1, "Business — Regulatory Matters, Industry Developments, and Franchises — Rates" in the Registrants' Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

For information on Cleco Power's FRP, see Item 1, "Notes to the Unaudited Condensed Consolidated Financial Statements — Note 11 — 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 13 — 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 13 — 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, 2025.

***Transmission Rates***

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, 2025.

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, 2025.

***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, 2025.

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 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 most recent audit began in October 2025 and concluded in February 2026, resulting in no penalties. The next audit is scheduled to begin in 2028.

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, 2025.

*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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

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.

***IRP***

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

On September 5, 2025, Cleco Power filed an interim IRP with the LPSC. On October 22, 2025, Cleco Power submitted a request to the LPSC to initiate its next four-year IRP cycle. Cleco Power received approval from the LPSC to combine the interim IRP and the next four-year IRP into a single filing, with the IRP report scheduled to be filed in October 2026.

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

In October 2015, the LPSC proposed an SQP containing 21 requirements for Cleco Power. The SQP has provisions relating to employee headcount, employee benefits, customer service, reliability, vegetation management, and reporting. In April 2016, the SQP was approved by the LPSC. The SQP expired in December 2020; however, Cleco continued to maintain its compliance with the SQP. On October 15, 2024, Cleco Power submitted a proposed amended and extended SQP to the LPSC. On March 30, 2026, Cleco filed the SQP under the 2024 expired plan, as the new plan has not been finalized or approved by the LPSC.

***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, 2025.

***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, 2025.

**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.

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-Related Risks."

**Counterparty Credit Risk** 

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

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

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

**Liquidity Risk**

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

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

current operating performance, liquidity, and credit ratings of Cleco Holdings and Cleco Power, management believes that Cleco will have access to the capital markets at prevailing market rates for companies with comparable credit ratings.

**Interest Rate Risk**

Cleco monitors its mix of fixed- and variable-rate debt obligations in light of changing market conditions and from time to time may alter that mix, for example, refinancing balances outstanding under its variable-rate bank facilities with fixed-rate debt or vice versa. Calculations of the changes in fair market value and interest expense of the debt securities are made over a one-year period. For information regarding Cleco Holdings' and Cleco Power's revolving credit facilities, see Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition — Liquidity and Capital Resources — Cash Generation and Cash Requirements — Credit Facilities."

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 March 31, 2026, Cleco Holdings had $10.0 million of short-term debt outstanding under its revolving credit facility at an all-in rate of 5.3966%. Each 1% increase in short-term variable interest rate at Cleco Holdings would result in an increase in annualized pretax interest expense of approximately $0.1 million. Cleco Power had no amounts outstanding, and accordingly, a 1% increase in short-term variable interest rates would have had no impact on pretax earnings on an annualized basis.

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

**Commodity Price Risk**

Cleco Power's financial performance can be adversely impacted by the volatility in future fuel and power prices, which may impact customer costs passed through Cleco Power's FAC; therefore, Cleco Power has implemented a natural gas hedging program to partially mitigate the volatility of customer costs. The program includes transacting in financially settled

swaps and options contracts and physical fixed price supply agreements. Cleco Power executes this program within a risk management framework inclusive of risk management policies, procedures, and guidelines, set forth by its Board of Managers and management. Cleco Power may be exposed to transmission congestion price risk as a result of physical transmission constraints present between MISO LMP nodes when serving customer load. Cleco Power is awarded and/or purchases FTRs in auctions facilitated by MISO. FTRs are accounted for as derivatives not designated as hedging instruments for accounting purposes.

During the three months ended March 31, 2026, Cleco Power had natural gas derivative contracts consisting of fixed price physical forwards and financially settled swap and/or options contract transactions. Cleco Power monitors the Value at Risk (VaR) of its natural gas derivative contracts requiring derivative accounting treatment. VaR is defined as the maximum expected loss over a given holding period at a given confidence level based on observable market prices and volatilities. Cleco Power uses a parametric risk modeling approach to estimate VaR using a combination of implied and historical volatilities within a five-day holding period at a 95% confidence interval. Given Cleco Power's reliance on historical data, VaR is effective in estimating risk exposures in markets in which there are no sudden fundamental changes or abnormal shifts in market conditions. An inherent limitation of VaR is that past changes in market risk factors, even when weighted toward more recent observations, may not produce accurate predictions of future market risk. VaR should be evaluated in light of this and the methodology's other limitations.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** | **FOR THE THREE MONTHS ENDED MAR. 31, 2026** |
|<br>(THOUSANDS) |<br>**AT MAR. 31, 2026** | **HIGH** | **LOW** | **AVERAGE** |
| Cleco Power | $**9515** | $**12607** | $**4060** | $**6939** |

---

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 5 — Fair Value Accounting Instruments" and "Note 6 — Derivative Instruments."

**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 March 31, 2026. 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 March 31, 2026, that have materially affected, or are reasonably likely to materially affect, the Registrants' internal control over financial reporting.

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST 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 13 — 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 13 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation."

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

Other than the additions and revisions discussed therein, there have been no 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, 2025. 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.

**Agreement to Sell Cleco Group**

***The Proposed Cleco Group Sale Transaction may not be completed because required governmental and regulatory approvals may not be obtained, may be delayed, or may be subject to additional conditions.***

Consummation of the Proposed Cleco Group Sale Transaction is subject to the satisfaction or waiver of specified closing conditions, including, among others, the receipt of required governmental and regulatory approvals, including approvals from the LPSC and FERC, the expiration or termination of applicable waiting periods under the HSR Act, and other customary closing conditions. The required approvals may not be obtained at all, may not be obtained on the terms or within the timeframes currently contemplated by the parties, or may impose terms, conditions, obligations or commitments that could delay or prevent completion of the Proposed Cleco Group Sale Transaction. The failure to obtain such approvals, or delays in obtaining them, could cause the parties to abandon the Proposed Cleco Group Sale Transaction. In such circumstances, Cleco could incur significant professional fees and other transaction-related costs without realizing the anticipated benefits of the transaction, experience prolonged management distraction and strategic uncertainty, and face potential adverse market or credit perceptions, any of which could materially and adversely affect Cleco's results of operations, financial condition, and cash flows. Additionally, Cleco may be subject to conditions following the closing of the Proposed Cleco Group Sale Transaction, which may materially impact its business.

***The pendency of the Proposed Cleco Group Sale Transaction may subject Cleco to business uncertainties and contractual restrictions that could adversely affect its operations and financial results.***

Uncertainty regarding the outcome of the Proposed Cleco Group Sale Transaction may disrupt Cleco's operations and business plans. Matters relating to the Proposed Cleco Group Sale Transaction may place a significant burden on management, employees, and internal resources that could

otherwise be devoted to other business opportunities. In addition, the equity purchase agreement may restrict Cleco and its subsidiaries, without the consent of Stonepeak and Bernhard Capital Partners, from taking certain actions outside the ordinary course of business prior to the completion of the Proposed Cleco Group Sale Transaction or termination of the agreement. These restrictions could affect Cleco's ability to pursue business opportunities or make strategic changes and could adversely affect its results of operations, financial condition and cash flows.

***Uncertainty resulting from the Proposed Cleco Group Sale Transaction could adversely affect employee retention and relationships with other stakeholders.***

Uncertainty about the effects of the Proposed Cleco Group Sale Transaction on employees, customers, regulators, vendors, and other business partners may adversely affect Cleco. Employee retention and recruitment may be particularly challenging while the Proposed Cleco Group Sale Transaction remains pending, as employees may experience uncertainty regarding their future roles. In addition, customers, vendors, or other counterparties may seek to change existing business relationships as a result of the Proposed Cleco Group Sale Transaction. The loss of key personnel or deterioration of stakeholder relationships could materially and adversely affect Cleco's results of operations, financial condition and cash flows.

***Litigation or regulatory proceedings relating to the Proposed Cleco Group Sale Transaction could delay or prevent completion of the Proposed Cleco Group Sale Transaction.***

Cleco could become subject to litigation or regulatory proceedings arising out of or relating to the Proposed Cleco Group Sale Transaction or the equity purchase agreement. Such proceedings could result in additional costs, could delay the completion of the Proposed Cleco Group Sale Transaction, or could result in the Proposed Cleco Group Sale Transaction not being completed on the terms contemplated or at all.

**Strategic Review and Goodwill Impairment Considerations**

***Cleco's shareholder group has entered into an agreement to sell the equity interests of Cleco Group. Future developments in this process could result in an impairment of the Cleco Power reporting unit.***

Cleco's shareholder group has entered into an agreement to sell the equity interests of Cleco Group, the parent entity of Cleco Holdings and Cleco Power. The transaction may not be consummated on the terms or timeline currently contemplated,

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

or at all. In addition, the evaluation of goodwill requires significant judgment and is sensitive to changes in market participant assumptions, including estimates of future cash flows, regulatory outcomes, market conditions, and other factors affecting Cleco's operations. Future adverse changes in these assumptions or in business, regulatory, or economic conditions could result in a determination that the fair value of the Cleco Power reporting unit is less than its carrying value. If such circumstances occur, Cleco could be required to record a goodwill impairment charge in future periods, which could be material.

**Data Center and Large-Load Customer Development**

***Cleco's growth strategy involves entering into various agreements with large-load customers, such as data center developers, which introduces material risks that could impair profitability, capital structure, and long-term objectives.***

While agreements with large-load customers are structured to mitigate risk through developer funding of infrastructure, Cleco

faces regulatory uncertainty regarding whether the LPSC will consistently approve these cost-allocation methodologies.

Though Cleco can take steps to provide contractual protection, Cleco may be exposed to counterparty risk.

In addition, the scale of these projects could introduce operational and capital risk and volatility. Cleco may be required to incur capital costs to plan, engineer, procure, or otherwise prepare its system to serve large-load customers prior to receiving final approval from the LPSC, and if such approval is not obtained, Cleco may be at risk for recovery of those costs. All large capital projects also present risk of execution and are subject to the LPSC's prudency review process.

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

During the three months ended March 31, 2026, 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.

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CLECO <u></u> <br> <u>CLECO POWER</u> <u>2026 1ST QUARTER FORM 10-Q</u>

---

| | |
|:---|:---|
| **ITEM 6.** EXHIBITS | **ITEM 6.** EXHIBITS |
| **CLECO** | **CLECO** |
| 10.1 | <u>[F](cnl-3312026xq1ex101.htm)[orm of Tenth Agreement to Extend the Board of Managers Services Agreement, effective May 1, 2026, by and among Cleco](cnl-3312026xq1ex101.htm)[Group LLC, Cleco C](cnl-3312026xq1ex101.htm)[orporate Holdings LLC, and Cleco](cnl-3312026xq1ex101.htm)[Power LLC and Manager](cnl-3312026xq1ex101.htm)</u> |
| 10.2 | <u>[Fourth Amendment to Cleco Corporation Deferred Compensation Plan, effective March 20, 2026](cnl-3312026xq1ex102.htm)</u> |
| 10.3 | <u>[Term Loan Agreement, dated as of April 24, 2026, by and among Cleco Corporate Holdings LLC, the lenders party thereto and Regions Bank, as administrative agent (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed April 29, 2026)](https://www.sec.gov/Archives/edgar/data/1089819/000108981926000006/exhibit101_042926.htm)</u> |
| 31.1 | <u>[CEO Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002](cnl-3312026xq1ex311.htm)</u> |
| 31.2 | <u>[CFO Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002](cnl-3312026xq1ex312.htm)</u> |
| 32.1 | <u>[CEO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002](cnl-3312026xq1ex321.htm)</u> |
| 32.2 | <u>[CFO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002](cnl-3312026xq1ex322.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>[Form of Tenth Agreement to Extend the Board of Managers Services Agreement, effective May 1, 2026, by and among Cleco Group LLC, Cleco Corporate Holdings LLC, and Cleco Power LLC and Manager](cnl-3312026xq1ex101.htm)</u> |
| 31.3 | <u>[CEO Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002](cnl-3312026xq1ex313.htm)</u> |
| 31.4 | <u>[CFO Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002](cnl-3312026xq1ex314.htm)</u> |
| 32.3 | <u>[CEO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002](cnl-3312026xq1ex323.htm)</u> |
| 32.4 | <u>[CFO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002](cnl-3312026xq1ex324.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>2026 1ST 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/ Samuel Kennedy&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> |
|  | Samuel Kennedy |
|  | Controller and Chief Accounting Officer |

---

Date: May 12, 2026

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/ Samuel Kennedy&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>  |
|  | Samuel Kennedy |
|  | Controller and Chief Accounting Officer |

---

Date: May 12, 2026

## Exhibit 10.1

Exhibit 10.1

**TENTH AGREEMENT TO EXTEND THE** 

**BOARD OF MANAGERS SERVICES AGREEMENT** 

This Tenth Agreement to Extend the Boards of Managers Services Agreement (the "<u>Tenth Extension Agreement</u>") is made by and between Cleco Group LLC, a Delaware limited liability company, Cleco Corporate Holdings LLC, a Louisiana limited liability, and Cleco Power LLC, a Louisiana limited liability company (each a "<u>Company</u>" and collectively, the "<u>Companies</u>"), and _____________________. ("<u>Manager</u>").

&nbsp;&nbsp;&nbsp;&nbsp;**WHEREAS,** the Board of Managers Services Agreement (the "<u>Agreement</u>") between the Companies and Manager dated April 11, 2016 expired on April 30, 2017;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;**WHEREAS**, the Companies and the Manager entered into an extension agreement dated May 1, 2017 which expired on April 30, 2018 (the "<u>First Extension Agreement</u>");

&nbsp;&nbsp;&nbsp;&nbsp;**WHEREAS**, the Companies and the Manager entered into an extension agreement dated May 1, 2018 which expired on April 30, 2019 (the "<u>Second Extension Agreement</u>");

&nbsp;&nbsp;&nbsp;&nbsp;**WHEREAS**, the Companies and the Manager entered into an extension agreement dated May 1, 2019 which expired on April 30, 2020; (the "<u>Third Extension Agreement</u>"); and

**WHEREAS**, the Companies and the Manager entered into an extension agreement dated May 1, 2020 which expired on April 30, 2021; (the "<u>Fourth Extension Agreement</u>"); and

**WHEREAS**, the Companies and the Manager entered into an extension agreement dated May 1, 2021 which expired on April 30, 2022; (the "<u>Fifth Extension Agreement</u>"); and

**WHEREAS**, the Companies and the Manager entered into an extension agreement dated May 1, 2022 which expired on April 30, 2023; (the "<u>Sixth Extension Agreement</u>"); and

**WHEREAS**, the Companies and the Manager entered into an extension agreement dated May 1, 2023 which expired on April 30, 2024; (the "<u>Seventh Extension Agreement</u>"); and

**WHEREAS**, the Companies and the Manager entered into an extension agreement dated May 1, 2024 which expired on April 30, 2025; (the "<u>Eighth Extension Agreement</u>"); and

**WHEREAS**, the Companies and the Manager entered into an extension agreement dated May 1, 2025 which expires on April 30, 2026; (the "<u>Ninth Extension Agreement</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;**WHEREAS**, the Companies and the Manager each desire to extend and continue said Agreement for the period of time and subject to the terms set forth in this Tenth Extension Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;

------

**NOW THEREFORE,** for good value, the parties hereto agree to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;This Tenth Extension Agreement shall become effective on May 1, 2026 and continue through April 30, 2027 subject to the early termination provisions found in Section 3 of the <u>Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>"Schedule 1 – Independent Director Compensation"</u> of the Agreement shall continue as follows:

---

| |
|:---|
| **Independent director compensation Annual Per Quarter** |
| Base compensation - each independent director $180,000 $45,000 |
| Additional compensation if a Committee Chair $20,000 $5,000 |
| Additional compensation if Board Chair $95,000 $23,750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;This Tenth Extension Agreement shall be on all other terms and conditions as stated in the Agreement. &nbsp;&nbsp;&nbsp;&nbsp;

By their signatures below, the undersigned representative of the Companies certifies that they are fully authorized to enter into the terms and conditions of this <u>Tenth Extension Agreement</u> and to execute and bind the Companies and their predecessors, successors, parents, subsidiaries, affiliates and assigns to this <u>Tenth Extension Agreement</u>.

[Signature page follow]

------

In witness whereof, the parties hereto enter into this Tenth Extension Agreement effective as of May 1, 2026.

**Cleco Group LLC**

**&nbsp;&nbsp;&nbsp;&nbsp;**

By: _________________________________

Name: _<u>William G. Fontenot</u>_____________

Title: _<u>President & CEO</u>________________&nbsp;&nbsp;&nbsp;&nbsp;

**Cleco Corporate Holdings LLC** 

By: _________________________________

Name: _<u>William G. Fontenot</u>_____________

Title: _<u>President & CEO</u>________________&nbsp;&nbsp;&nbsp;&nbsp;

**Cleco Power LLC** 

By: _________________________________

Name: _<u>William G. Fontenot</u>_____________

Title: _<u>CEO</u>________________<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

**MANAGER&nbsp;&nbsp;&nbsp;&nbsp;**

____________________________________

Manager name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 10.2

Exhibit 10.2

**FOURTH AMENDMENT TO CLECO CORPORATION**

**DEFERRED COMPENSATION PLAN**

This&nbsp;&nbsp;&nbsp;&nbsp;FOURTH&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT&nbsp;&nbsp;&nbsp;&nbsp;TO&nbsp;&nbsp;&nbsp;&nbsp;CLECO&nbsp;&nbsp;&nbsp;&nbsp;CORPORATION&nbsp;&nbsp;&nbsp;&nbsp;DEFERRED

COMPENSATION PLAN (this "<u>Amendment</u>") is effective as of March 20, 2026 (the "<u>Effective</u> <u>Date</u>"). Capitalized terms that are not defined in this Amendment have the meanings given to them in the Cleco Corporation Deferred Compensation Plan, as amended (the "<u>Plan</u>").

**RECITALS**

**WHEREAS**, Cleco Corporate Holdings LLC (f/k/a Cleco Corporation) (the "<u>Company</u>") adopted the Plan effective August 1, 2000;

**WHEREAS**, the Company subsequently amended the Plan pursuant to that certain Amendment, approved November 4, 2008; Amendment, dated October 28, 2011; and Corrective Section 409A Amendment, dated December 8, 2008;

**WHEREAS**, the Plan constitutes a nonqualified deferred compensation arrangement within the meaning of Section 409A of the Internal Revenue Code, as amended, and the applicable treasury regulations and other official guidance thereunder ("<u>Section 409A</u>");

**WHEREAS**, the Company desires to further amend the Plan as set forth in this Amendment to comply with the provisions of Section 409A; and

**WHEREAS**, Section 12.5 of the Plan provides that the Board of Directors of the Company possesses the authority to amend the terms of the Plan without the consent of a Participant if such amendment ensures that amounts credited to a Participant's Accounts are not subject to federal income taxation until withdrawn or distributed.

**NOW**, **THEREFORE**, the Company amends the Plan as follows, effective as of the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Amendments</u>. The Plan is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Section 2.7 is hereby deleted in its entirety and replaced with the following language:

"2.7 **Business Transaction** means the sale, lease or other disposition of all or substantially all of the assets of an Affiliate (in one or a series of transactions) to an entity, other than the Company or another Affiliate, or the sale or other disposition of all or substantially all of the issued and outstanding stock or other equity interests of an Affiliate to an entity, other than the Company or another Affiliate, <u>provided</u> that no in event shall a Business Transaction be deemed to have occurred unless such event purporting to constitute a Business Transaction is also a "change in ownership," a "change in effective control," or a "change in the ownership of a

------

substantial portion of the assets" of the Company within the meaning of Section 409A of the Internal Revenue Code, as amended, and the applicable treasury regulations and other official guidance thereunder ("<u>Section 409A</u>")."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Section 2.8 is hereby deleted in its entirety and replaced with the following language:

"2.8&nbsp;&nbsp;&nbsp;&nbsp;CHANGE IN CONTROL means and shall be deemed to occur upon the consummation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Any "person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended, including any rule, regulation or interpretation promulgated thereunder (the "<u>Exchange Act</u>")), other than the Company or an Affiliate or any "person" who on the effective date of this Plan is a director, officer, or is the "beneficial owner" (as determined in Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the combined voting power of outstanding securities of the Company or an employee stock ownership plan (within the meaning of Code Section 4975(e)(7)) sponsored by the Company or an Affiliate, is or becomes the "beneficial owner" (as determined in Rule 13d-3 promulgated under the Exchange Act) of 80% or more of the combined voting power of the outstanding securities of the Company;

&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;b.The Company is party to a merger or consolidation with another entity and, as a result of such transaction, 80% or more of the combined voting power of outstanding securities of the Company or its successor in the merger (or a direct or indirect parent company of the Company or its successor in the merger) is owned in the aggregate by persons who were not "beneficial owners" (as determined in Rule 13d-3 promulgated under the Exchange Act) of securities of the Company immediately before such transaction;

&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;c.The Company sells, leases, or otherwise disposes of, in one transaction or in a series of related transactions, all or substantially all of its assets;

&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;d.The owners of the Company approve a plan of dissolution or liquidation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. All or substantially all of the assets or the issued and outstanding membership interests of the Company is sold, leased or otherwise disposed of in one or a series of related transactions to a person, other than the Company or an Affiliate.

------

Notwithstanding the foregoing, in no event shall a Change in Control be deemed to have occurred unless such event purporting to constitute a Change in Control is also a "change in ownership," a "change in effective control," or a "change in the ownership of a substantial portion of the assets" of the Company within the meaning of Section 409A."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Section 9.5 is hereby deleted in its entirety and replaced with the following language:

"9.5 CHANGE IN CONTROL; BUSINESS TRANSACTION. Notwithstanding

any provision of this Plan to the contrary, upon the occurrence of a Change in Control or Business Transaction, the Committee shall provide each affected Participant with written notice of such occurrence.

&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;&nbsp;&nbsp;&nbsp;&nbsp;a.A Participant's Prior Plan Balance shall be distributed upon the occurrence of a Change in Control or Business Transaction at the election of each Participant in accordance with and subject to the limitations of the Prior Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.A Participant's Current Balance shall be distributed in the form of a single-sum, without diminution or reduction, if (i) as to a Change in Control, such Participant's Separation Date occurs within the 24-month period following a Change in Control, and (ii) in any event, such Participant has elected to receive a distribution on account of a Change in Control or Business Transaction on Schedule A hereto, which election shall be made at the time or times permitted under Article VII hereof."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Section 11.7 shall be added to the Plan to read in its entirety as follows:

"11.7 CLAIMS PROCEDURES. A formal claim is not necessary to be eligible for benefits under the Plan. However, a Participant may make a request for any Plan benefits to which he or she may be entitled pursuant to the terms of the Plan. Any inquiry, any transaction, or any claim for benefits under this Plan must be made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Filing a Claim for Benefits. Claims for benefits under the Plan are to be presented in writing by the claimant to the Committee.

&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;&nbsp;&nbsp;&nbsp;&nbsp;b. Notification to Claimant of Decision. If a claim is wholly or partially denied, a notice of the decision rendered in accordance with the rules set forth below will be furnished to the claimant no later than 90 days after receipt of the claim by the Committee. If special circumstances require an extension of time for processing the claim, the Committee will give a claimant a written notice of the extension prior to the end of the initial 90-day period. The extension notice

------

will indicate the special circumstances requiring an extension of time and the date by which the Committee expects to render the final decision, If the notice of the denial of a claim is not furnished in accordance with this procedure, the claim will be deemed denied and the claimant will be permitted to proceed to the review stage.

&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;&nbsp;&nbsp;&nbsp;&nbsp;c. Content of Notice. The Committee will provide to every claimant who is denied a claim for benefits written notice setting forth in a clear and simple manner:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The specific reason or reasons for the denial;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Specific references to pertinent Plan provisions on which denial is based;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)A description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why that material or information is necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Approximate information as to the steps to be taken if the participant or beneficiary wishes to submit his or her claim for review.

&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;&nbsp;&nbsp;&nbsp;&nbsp;d. Appeal Procedure. After the claimant has received written notification of the denial of the claim, the claimant or a duly authorized representative will have 60 days within which to appeal, in writing, a denied claim to the Committee. Requests for review received by the Committee more than 60 calendar days after the date of mailing of the claim denial will not be considered. No legal recourse will be available after this period. The Committee will afford the claimant a full and fair review of the denial of the claim. The claimant or a duly authorized representative will be permitted to submit issues and comments relevant to the claim and will be given an opportunity to review documents pertinent to the claim. The claimant should include in his written appeal the following information to support his claim for benefits:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A list of which issues, if any, in the claim denial he chooses to contest and that he wishes the Committee to review on appeal;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)His position with respect to each issue;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Any additional facts that he believes support his position with respect to each issue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Any legal or other arguments he believes support his position with respect to each issue.

------

&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;&nbsp;&nbsp;&nbsp;&nbsp;e. Decision on Appeal. The decision on review by the Committee will be rendered as promptly as is feasible, but not later than 60 days after the receipt of an appeal unless special circumstances (such as the need to hold a hearing, such need to be determined within the discretion of the Committee) require an extension of time for processing, in which case a decision will be rendered as promptly as is feasible, but not later than 120 days after receipt of an appeal. If an extension of time for review is required because of special circumstances, written notice of the extension will be furnished to the claimant before the commencement of the extension. The decision on review will be in writing and will include specific reasons for the decision, written in a clear and simple manner, as well as specific references to the pertinent Plan provisions on which the decision is based. If the decision on review is not furnished within the time period(s) set out above, the claim will be deemed denied on review.

&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;&nbsp;&nbsp;&nbsp;&nbsp;f. Claims and Appeals Involving Disability Determination. If the claim for benefits under the Plan is based on the claimant's disability, the Committee shall notify any person with a claim or request within a reasonable period of time, but not later than forty-five (45) days after receipt of the claim or request. This period, however, may be extended by the Committee for up to thirty (30) days if it determines that an extension is necessary due to matters beyond its control and provided that it notifies the claimant of the extension prior to the expiration of the forty-five (45) day period. Thereafter, the Committee may also extend for another thirty (30) days if it notifies the claimant of the extension prior to the first thirty (30) day extension and if it determines that the additional extension is necessary due to matters beyond its control. Such claim denial shall contain a discussion of the decision including an explanation of the basis for disagreeing with or not following the views presented of health care professionals treating the claimant and vocational professionals who evaluated the claimant, the views of medical or vocational experts whose advice was obtained on behalf of the Committee in connection with the denial, without regard to whether the advice was relied upon, and a disability determination regarding the claimant presented by the claimant to the Committee made by the Social Security Administration. If such claim or request is denied, the claimant or the claimant's authorized representative shall have one-hundred eighty (180) days after receipt of notification of denial of a claim to appeal the denial by making written request to the Committee. Not later than forty-five (45) days after receipt of the appeal, Committee shall render and furnish to the claimant a written or electronic notice of the final decision on review. This period, however, may be extended for up to forty-five

------

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) days if the Committee determines that an extension is necessary due to matters beyond its control and provided that it notifies the claimant of the extension before the expiration of the forty-five (45) day period. The Committee may also extend for another forty-five (45) days if it notifies the claimant of the extension prior to the first forty-five (45) day extension and if it determines that the additional extension is necessary due to matters beyond its control. Before providing a denial on appeal of a disability benefit claim, the Committee will provide the claimant free of charge any new or additional evidence considered, relied upon, or generated by it or other person making the benefit determination, as well as any new or additional rationale for the basis of the denial on review.

&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;&nbsp;&nbsp;&nbsp;&nbsp;g. Limitations. No legal action to recover benefits or with respect to any other matter related to this Plan may be commenced before the claimant has timely exhausted the claim and appeal procedures described above. In no event may any such action be brought more than six (6) months after the final decision on the claimant's appeal."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Effect of Amendment</u>. Except as set forth in <u>Section 1</u> of this Amendment, the provisions of the Plan shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Successors and Assigns</u>. This Amendment shall inure to the benefit of the Company and its successors and assigns and shall be binding upon the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Miscellaneous</u>. Any provision of this Amendment that is invalid or unenforceable in any jurisdiction shall be ineffective to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining provisions of this Amendment, and any invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

*[Signature page follows]*

------

IN WITNESS WHEREOF, this Amendment was approved by the Board of Directors of Cleco Corporate Holdings LLC on March 20, 2026, to be effective as provided herein.

**CLECO CORPORATE HOLDINGS LLC**

By: /<u>s/ Sybil Montegut&nbsp;&nbsp;&nbsp;&nbsp;</u>

Its: Chief Administrative & Sustainability Officer

Date: <u>03/26/2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

*[Signature Page to Fourth Amendment to Cleco Corporation Deferred Compensation Plan]*

## 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 March 31, 2026, 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: May 12, 2026

---

| |
|:---|
| /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 March 31, 2026, 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: May 12, 2026

---

| |
|:---|
| /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 March 31, 2026, 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: May 12, 2026

---

| |
|:---|
| /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 March 31, 2026, 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: May 12, 2026

---

| |
|:---|
| /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 March 31, 2026, 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: May 12, 2026

---

| |
|:---|
| /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 March 31, 2026, 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: May 12, 2026

---

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

---

## Exhibit 33.3

<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>March 31, 2026, 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: May 12, 2026

---

| |
|:---|
| /s/ William G. Fontenot |
| William G. Fontenot<br>Chief Executive Officer |

---

## Exhibit 34.4

<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>March 31, 2026, 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: May 12, 2026

---

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

---

<br>