Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

AES Ohio established a Master Trust to hold assets that could be used for the benefit of employees participating in employee benefit plans. These assets are not used for general operating purposes. These assets are primarily

comprised of open-ended mutual funds, which are valued using the net asset value per unit. These assets are recorded at fair value within Other non-current assets on the Condensed Consolidated Balance Sheets and are classified as equity investments. Net unrealized losses related to equity investments still held as of March 31, 2026 and 2025 are as follows:


	Three months ended
	March 31,
$ in millions		2026		2025
Net unrealized losses (a)		$	(0.2)	$	(0.1)

(a) These amounts are included in Other income / (expense), net in our Condensed Consolidated Statements of Operations.

Fair Value Measurement Inputs and Valuation Techniques

The following table presents the carrying amount, fair value, and fair value hierarchy of fixed-rate and variable-rate indebtedness that are not measured at fair value in the Condensed Consolidated Balance Sheets as of the periods indicated, but for which fair value is disclosed:


	March 31, 2026										December 31, 2025
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
$ in millions			Level 1		Level 2		Level 3		Total				Level 1		Level 2		Level 3		Total
Liabilities
Fixed-rate	$	1,798.8	$	—	$	1,838.0	$	17.8	$	1,855.8	$	1,798.3	$	—	$	1,684.3	$	16.4	$	1,700.7
Variable-rate	$	30.0	$	—	$	31.8	$	—	$	31.8	$	—	$	—	$	—	$	—	$	—

Fair Value of Assets and Liabilities Measured on Recurring Basis

The fair value of assets and liabilities as of March 31, 2026 and December 31, 2025 measured on a recurring basis and the respective category within the fair value hierarchy for DPL is as follows:


	Fair value as of March 31, 2026								Fair value as of December 31, 2025
$ in millions	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Master Trust assets
Money market funds	$	0.3	$	—	$	—	$	0.3	$	0.8	$	—	$	—	$	0.8
Mutual funds	7.3		—		—		7.3		7.5		—		—		7.5










Total assets	$	7.6	$	—	$	—	$	7.6	$	8.3	$	—	$	—	$	8.3