American Electric Power Company, Inc. · NASDAQ:AEP
American Electric Power — Non-Deal Roadshow (September 2025)
24 slides from American Electric Power's roadshow presentation, Sep 29, 2025
Slide 1: Investor Meetings
Investor Meetings September 2025 AEP CONFIDENTIAL
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward- Looking Statements This presentation contains forward-looking statements. Words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “will,” “should,” “could,” “would,” “project,” “continue” and similar expressions, including statements reflecting future re
Slide 3: AEP – Attractive Footprint Across High-Growth Regions
AEP – Attractive Footprint Across High-Growth Regions ~10%-12% Total Shareholder Return ~60 GW of Peak Demand by End of the Decade; • Targeted long-term operating EPS growth of Among the Fastest Growing in the Industry 6%-8% • 24 GW2 of incremental load growth through 2029 • Dividend payout ratio of
Slide 4: Key Messages
Key Messages Financial Strength • Guiding to upper half of the 2025 operating earnings guidance range of $5.75-$5.95 per share • Long-term growth rate of 6%-8% and FFO/Debt targeted range of 14%-15% Regulatory and Legislative Progress • Improved customer service and strong stakeholder engagement hav
Slide 5: Recent Legislative and Regulatory Progress
Recent Legislative and Regulatory Progress Reduce Regulatory Lag Infrastructure ✓ May 2025: Ohio HB 15 establishes a new regulatory framework with ✓ April 2025: Approved AEP Texas ERCOT Permian Basin 765 kV multi-year, forward-looking test period with true-up provisions for rate transmission project
Slide 6: Attractive Growth with Financial Protection
Attractive Growth with Financial Protection Revenue Correlates with Load Growth Peak Demand Summary 2025-2029 37.6 GW Demand $2.9 Billion 24 GW1 of Incremental Load through 2029 Revenue Backed by Signed Customer Financial Agreements (ESAs and LOAs) $2.7 33.5 Billion GW Revenue Demand Q2 2024 Q2 2025
Slide 7: 2025-2029 Capital Forecast of $54B
2025-2029 Capital Forecast of $54B Regulated Environmental Generation $0.3B • 0% Other Generation $1.4B • 3% Corporate $3.8B • 7% 100% of capital allocated to Nuclear regulated businesses Generation $0.5B • 1% On a system average, we expect rates to increase by less than 3% annually over the Regulat
Slide 8: Rate Base of More than $100B by 2029
Rate Base of More than $100B by 2029 Based on the 2025-2029 Capital Forecast of $54B $103B Rate base (in billions) $97B $60 $92B $55 $85B $54 $78B $51 $50 $48 $70B $44 $45 $65B $41 $40 $37 $35 $35 $30 $30 $28 $27 $25 $25 $22 $20 $20 $19 $18 $18 $17 $16 $15 $15 $13 $12 $10 $5 $0 2023A 2024A 2025E 202
Slide 9: Transmission Delivering Significant Value
Transmission Delivering Significant Value $4.09 $50B $3.79 $3.57 $3.40 $3.20 $40B $2.99 $25B $30B Transmission Rate Base $20B $22B $19B and Earnings Per Share $17B $20B $15B $10B $18B $19B $15B $16B $17B $13B $0B 2024A 2025E 2026E 2027E 2028E 2029E Rate base of AEP Transmission Holdco Rate base of t
Slide 10: 2025-2029 Financing Plan De-risked
2025-2029 Financing Plan De-risked ($ in billions) 21.2 (0.5) (13.4) Securitization Amortization $(54.4) 2.3 0.5 2.8 Dividends2 $41.5 Dividend Future Debt and Other Completed Reinvestment Issuances Net Investing3 Successfully All Anticipated of Debt Plan of Closed Equity Funding Maturities1 Up to $1
Slide 11: Appendix 1: 2025-2029 Capital Forecast Details
APPENDIX 1 2025-2029 Capital Forecast Details
Slide 12: 2025-2029 Capital Forecast: Transmission
2025-2029 Capital Forecast: Transmission DRIVERS 2025-2029 Asset renewal investments based on condition, CAPEX ASSET performance and risk to reduce customer outages REPLACEMENT Strengthening the electric and interruption times transmission grid and New customer connections and system upgrades meetin
Slide 13: 2025-2029 Capital Forecast: Distribution
2025-2029 Capital Forecast: Distribution 2025-2029 DRIVERS CAPEX RELIABILITY, Asset renewal and reliability investments including RESILIENCY & pole, conductor, cutout, station transformer and AUTOMATION breaker replacements and automated technology Modernizing the electric distribution system to GRO
Slide 14: 2025-2029 Capital Forecast: New Generation
2025-2029 Capital Forecast: New Generation 2025-2029 CAPEX RFPs IN PROGRESS1 APCo I&M KPCo PSO SWEPCO RFPs Issued May 2025 September 2024 November 2023 Wind Solar 800 MW 1,500 MW of SPP 4,000 MW Storage accredited capacity Diversifying electric Natural Gas - generation to support $ resource adequacy
Slide 15: 2025-2029 Capital Forecast by Subsidiary
2025-2029 Capital Forecast by Subsidiary $ in millions, excludes AFUDC 2025E 2026E 2027E 2028E 2029E Total AEP Generating Company $9 $9 $7 $3 - $ 28 AEP Ohio $ 931 $ 1,004 $ 991 $ 928 $ 998 $ 4,852 AEP Texas Company $ 1,846 $ 2,044 $ 1,790 $ 1,824 $ 1,806 $ 9,310 AEP Transmission Holdco $ 1,509 $ 1,
Slide 16: Appendix 2: Operating Earnings and Credit Summary
APPENDIX 2 Operating Earnings and Credit Summary
Slide 17: Operating Earnings Segment Detail
Operating Earnings Segment Detail Key Drivers Q2 2025 vs. Q2 2024 0.05 (0.01) $1.43 Per Share 0.03 0.01 O&M $(0.01) 0.10 Distributed $(0.01) Income Taxes $0.02 Resources Invest Growth $0.07 Other $(0.02) Rate Changes $0.07 $1.25 Weather $(0.01) Other $(0.04) Retail Wholesale $0.02 $0.05 Per Share No
Slide 18: Weather Normalized Billed Load Trends
Weather Normalized Billed Load Trends Commercial & Industrial Customers: Residential Customers: Total: ✓ Revenue protected by minimum demand requirements ✓ Steady customer growth across our operating footprint in signed customer financial agreements AEP Normalized Total GWh Sales ✓ Sales impacted by
Slide 19: Regulated Earned Returns
Regulated Earned Returns Regulated Earned ROE was 9.3% as of twelve months ended 6/30/2025, demonstrating continuous improvement Twelve Months Ended 6/30/2025 ROE by Company AEP Regulated ROE Trend (non-GAAP operating earnings, not weather normalized) 14% 12% 9.4% 11.3% 10.9% 10.8% 9.3% 10% 8.6% 9.0
Slide 20: Current Rate Case Activity
Current Rate Case Activity Achieve positive regulatory outcomes to advance affordability, system reliability, resiliency and security AEP Ohio APCo – West Virginia1 KPCo SWEPCO – Arkansas Docket # 25-392-EL-AIR Docket # 24-0854-E-42T Docket # 2025-00257 Docket # 25-003-U Filing Date 5/30/2025 Filing
Slide 21: Continuous Focus on O&M Efficiency
Continuous Focus on O&M Efficiency Inflation ~4.4% Avg. 2025E inflation Inflation ~1.5% Avg. 2022A – 2025E gap of ~$0.9B $6B 2018A – 2021A O&M discipline over time Wires and Other Generation Inflation amid rising costs and growing $5B rate base helps keep Total Non-fuel O&M customer rates affordable
Slide 22: Liquidity and Credit Metrics
Liquidity and Credit Metrics LIQUIDITY SUMMARY 6/30/2025 CREDIT METRICS TRAILING 12 MONTHS 6/30/2025 Moody’s S&P Fitch ($ in millions) Amount Maturity Rating / Outlook Baa2 / Stable BBB / Stable BBB / Stable Revolving Credit Facility $ 5,000 March 2029 Credit Metric as FFO/Debt: 13.2% FFO/Debt: 14.8
Slide 23: Credit Ratings
Credit Ratings Moody’s S&P Fitch Senior Senior Senior Company Unsecured Outlook Unsecured Outlook Unsecured Outlook American Electric Power Company, Inc. Baa2 S BBB S BBB S AEP, Inc. Short Term Rating2 P2 S A-2 S NR NR AEP Texas Inc. Baa3 S BBB+ S BBB+ S AEP Transmission Company, LLC A2 S BBB+ S A S
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