Firstenergy Corp. · NYSE:FE
Firstenergy — Q2 2025 Earnings Presentation
29 slides from Firstenergy's earnings presentation, Jul 31, 2025
Slide 1: Focused on Our Future: 2Q 2025 Strategic & Financial Highlights
Focused on Our Future 2Q 2025 Strategic & Financial Highlights Published July 30, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements: This presentation includes forward-looking statements based on information currently available to management and unless the context requires otherwise, references to “we,” “us,” “our” and “FirstEnergy” refers to FirstEnergy Corp. and its subsidi
Slide 3: Non-GAAP Financial Matters
Non-GAAP Financial Matters This presentation contains references to certain financial measures including Baseline O&M and Core Earnings per share (“Core EPS”) as “non-GAAP financial measures,” which are not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and excl
Slide 4: Key Takeaways for Today's Call
Key Takeaways for Today’s Call ■ Strong first half 2025 financial performance across all key metrics ➢ Core EPS | Investment Plan | Baseline O&M | Cash from Operations ■ Reaffirming 2025 Core EPS guidance and 6-8% Core EPS CAGR from 2025-2029 ➢ Reaffirming 2025 Core EPS guidance range of $2.40-$2.60
Slide 5: Financial Overview
Financial Overview Financial Results 2024 2025 2nd Quarter Highlights $1.4 $1.0 2Q25 Core EPS of $0.52/sh vs. 2Q24 of $0.51/sh, on track to $0.46 $0.51 $0.52 $0.08 deliver results in upper half of the range (1) (2) GAAP EPS Core EPS Investments ($B) YTD25 Core EPS of $1.19/sh vs. YTD24 of $1.00/sh,
Slide 6: Significant Investments Across PA with Potential Upside
Significant Investments Across PA with Potential Upside Dx Tx Int FE’s $28B Base Investment Plan (2025-2029) Constructive Regulatory PA ~35% of FE Rate Base Environment (including FEPA, MAIT, KATCo, and PA share of ATSI) $11B Strong State Leadership Integrated Economic Development $28B / Data Center
Slide 7: Ideally Situated for Data Center Growth
Ideally Situated for Data Center Growth ■ Long-term pipeline demand (beyond 2029F) increased by 80%+ since February 2025 (11,130 MW vs. 6,115 MW) ■ Contracted demand in 2029F increased by ~25% since February 2025 (2,695 MW vs. 2,190 MW) ■ In 2025, received over 40 new large load studies, primarily i
Slide 8: Ideally Situated for Transmission Growth Opportunities
Ideally Situated for Transmission Growth Opportunities Transmission Rate Base Growth ▪ Our Transmission operations include ~24,000 line miles and is Stand-Alone Transmission Integrated among the largest in PJM CAGR $14.3 B o Our $28B Base Investment Plan (2025-2029) includes $14B+ of $10.8 B $12.6 B
Slide 9: Regulatory and Legislative Updates
Regulatory and Legislative Updates Expect a base rate case decision from the PUCO by year-end OH Ohio’s new regulatory framework includes multi-year rate cases and Update forward test years; this supports capital investments to benefit customers and greater transparency and predictability Preparing
Slide 10: Strong Outlook for Growth
Strong Outlook for Growth Balanced Jurisdictions 2025F FE-Owned Rate Base ($B, year-end) ■ Reaffirming 2025 Core EPS guidance range of $2.40-$2.60/sh – On track to deliver results in upper half of the range Integrated ■ Reaffirming 6-8% Core EPS CAGR (2025-2029) $5.3, $5.2, 19% – Reaffirming 2025-20
Slide 11: 2Q 2025 Earnings Summary
FE Earnings Drivers Summary New Rates & Investments, primarily from PA rate case 2Q 2025 Earnings Summary Lower Customer Demand, partially from lower weather-related sales Revenue True-ups, due to updated transmission formula rate filings Strong 2nd Quarter performance, favorable vs. plan $0.00 -$0.
Slide 12: YTD 2025 Earnings Summary
FE Earnings Drivers Summary New Rates & Investments, primarily from PA, NJ, WV rate cases YTD 2025 Earnings Summary Higher Customer Demand, primarily from higher weather-related sales in 1Q25 Higher Other OpEx, resulting from approved PA, NJ, rate cases Strong YTD performance, remain focused on deli
Slide 13: Executing on Our 2025 Plan
Executing on Our 2025 Plan O&M ■ Through strong financial discipline and continuous improvement, YTD25 O&M is favorable to our plan Discipline ■ TTM consolidated ROE of 9.7%, in line with targeted ROE of 9.5-10%, and reflects execution of ROE regulated strategies and financial discipline (See slide
Slide 14: Delivering Strong 2025 Financial Performance on Key Metrics
Delivering Strong 2025 Financial Performance on Key Metrics vs. vs. vs. vs. Key Metric 2Q25 YTD25 Plan 2Q24 Plan YTD24 Core EPS $0.52 + $1.19 + + Investment Plan $1.4B + + $2.5B + + Baseline O&M $345M + $683M + + Cash from Operations $1.1B + $1.7B + + In line + Favorable - Unfavorable We are
Slide 15: Shareholder Value Proposition
Shareholder Value Proposition 2025-2029 Base Financial Plan Targeting ~14%+ FFO/Debt Strong • • 6-8% Core EPS(1) CAGR Growth Financial • Committed to achieving and maintaining BBB credit profile • $28B Base Investment Plan Outlook S • EM Discipline Focus on Continuous Improvement and • 9% Rate Base
Slide 16: Quarterly Support & GAAP to Non-GAAP Reconciliations
Quarterly Support & GAAP to Non-GAAP Reconciliations Quarterly Support GAAP to Non-GAAP Reconciliations (Slide) (Slide) 17. Regulatory Calendar 23. 2nd Quarter GAAP to Non-GAAP Earnings Reconciliations 18. TTM Earned ROE Summary 24. YTD GAAP to Non-GAAP Earnings Reconciliations 19. Ohio Regulatory F
Slide 17: Regulatory Calendar
Regulatory Calendar Select Proceedings Jurisdiction Regulatory Matter Key Dates ▪ Base Rate Case ▪ Filed base rate request on 5/31/24 and 2-month update on 7/31/24; Staff and Audit reports filed 2/21/25; Updated request to $183M on 3/24/25 which included withdrawal of ESP V-related proposals; Hearin
Slide 18: TTM Earned ROEs Summary
TTM Earned ROEs Summary TTM 6/30/25 TTM Earned ROE Details(1) (2) FE Consolidated ROEs KATCo 10.45% FET(2) 10.4% 9.4% 9.7% 8.8% TTM Consolidated ROE MD 7.8% in line with targeted 2023A 2024A TTM 2Q25 WV 8.9% ROE of 9.5%-10% Equity Layer 52% 53% 53% Period-End Rate Base $26.3B $25.6B $26.6B NJ 8.9% 5
Slide 19: Ohio Regulatory Framework
Ohio Regulatory Framework Transition to HB15 Legislation Ratemaking Provision Pre-HB15 HB15 Distribution Riders Yes, authorized in ESPs No 3-year forward-looking forecast Year 1 includes return on/of rate base One year and Test Year Partial historic / Partial forecast all expenses Years 2-3 include
Slide 20: Wires Sales Summary
Wires Sales Summary Actual Sales and Weather-Adjusted Sales (MWh in Actual Sales (MWh in Weather-Adjusted Sales thousands) thousands) 2Q24 2Q25 % Chg TTM 2Q24 TTM 2Q25 % Chg 2Q24 2Q25 % Chg TTM 2Q24 TTM 2Q25 % Chg Residential 12,536 11,957 -4.6% 54,064 55,456 2.6% Residential 11,907 11,750 -1.3% 55,
Slide 21: Credit Ratings
Credit Ratings As of July 30, 2025 Issuer Senior Secured Senior Unsecured Outlook As of 10/02/24 S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch Most Recent Ratings Changes * FirstEnergy Corp. BBB Baa3 BBB BBB- Baa3 BBB P S S Distribution Segment ▪ On October 2, 2024, Fitch u
Slide 22: GAAP to Non-GAAP Earnings Reconciliations
GAAP to Non-GAAP Earnings Reconciliations 2Q 2025 and 2Q 2024 2Q 2025 Dx Int Tx Corp FE Cons Earnings (Loss) Attributable to FE Corp. (GAAP, $M) $161 $116 $75 ($84) $268 Earnings (Loss) Per Share $0.28 $0.20 $0.13 ($0.15) $0.46 Net Pension/OPEB credits (0.01) - - - (0.01) Debt-related costs - - - 0.
Slide 23: GAAP to Non-GAAP Earnings Reconciliations
GAAP to Non-GAAP Earnings Reconciliations YTD 2025 and YTD 2024 YTD 2025 Dx Int Tx Corp FE Cons Earnings (Loss) Attributable to FE Corp. (GAAP, $M) $379 $252 $156 ($159) $628 Earnings (Loss) Per Share $0.66 $0.44 $0.27 ($0.28) $1.09 Net Pension/OPEB credits (0.01) (0.02) - - (0.03) Debt-related cost
Slide 24: Special Items Descriptions
Special Items Descriptions YTD 2025 and YTD 2024 ■ Net Pension/OPEB credits: Reflects net periodic pension and OPEB benefit costs, excluding amounts recovered through formula rates. ■ Signal Peak earnings impact: Reflects the after-tax equity earnings related to FirstEnergy’s 33% interest in Signal
Slide 25: 2Q 2025 Earnings Results
2Q 2025 Earnings Results 2nd Quarter 2025 (in millions, except for per share amounts) GAAP Special Items Core Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ 1,635 $ 1,255 $ 451 $ 4 $ 3,345 $ — $ — $ — $ (4) (g) $ (4) (2) Other 40 6 5 (16) 35 — — — — — (3) Total Revenues 1
Slide 26: 2Q 2024 Earnings Results
2Q 2024 Earnings Results 2nd Quarter 2024 (in millions, except for per share amounts) GAAP Special Items Core Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ 1,610 $ 1,162 $ 463 $ 1 $ 3,236 $ — $ — $ — $ — $ — (2) Other 38 16 5 (15) 44 — — — — — (3) Total Revenues 1,648 1,
Slide 27: YTD 2025 Earnings Results
YTD 2025 Earnings Results YTD June 2025 (in millions, except for per share amounts) GAAP Special Items Core Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric $ 3,531 $ 2,588 $ 937 $ 8 $ 7,064 $ — $ — $ — $ (9) (g) $ (9) (2) Other 80 22 10 (31) 81 — — — — — (3) Total Revenues 3,611 2
Slide 28: YTD 2024 Earnings Results
YTD 2024 Earnings Results YTD June 2024 (in millions, except for per share amounts) GAAP Special Items Core Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric $ 3,335 $ 2,244 $ 897 $ 4 $ 6,480 $ — $ — $ — $ — $ — (2) Other 80 29 9 (31) 87 — — — — — (3) Total Revenues 3,415 2,273 906
Slide 29: GAAP to Non-GAAP Baseline O&M Reconciliations
GAAP to Non-GAAP Baseline O&M Reconciliations FirstEnergy Consolidated ($M) 2Q 2025 2Q 2024 YTD 2025 YTD 2024 Other Operating Expenses (GAAP) (1) $995 $1,170 $2,029 $2,176 Excluding Special Items (pre-tax): Net Pension/OPEB credits (13) (18) (27) (34) ARO regulatory change 1 (208) 1 (208) Investigat