You can translate the password reset message via any translation plugin or using the following filter: pp_login_form_lost_password_message

Please add the following code in your current theme’s functions.php file to change the message using filter:

function powerpack_login_lost_password_msg( $msg ) {
	// change the message here.
	$msg = 'Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.';

	return $msg;
}
add_filter( 'pp_login_form_lost_password_message', 'powerpack_login_lost_password_msg' );