Slide 1: Focused on Our Future
Focused on Our Future 4Q 2025 Strategic & Financial Highlights Published February 17, 2026
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 ■ 2025 Significant Milestones ➢ Strong 2025 financial performance across all key metrics ➢ Received constructive outcome in our 2024 OH base rate case ➢ Received upgrade from S&P on FirstEnergy Corp’s senior unsecured credit rating to BBB from BBB- ■ 2026-2030 Investme
Slide 5: Performance Overview
Performance Overview 2025 Performance Highlights 2024 vs. 2025 Financial Results Reported 2025 GAAP EPS of $1.77/sh, largely impacted by charges 2024 2025 from the OH base rate case and resolution of all OH legacy issues $2.37 $2.55 $1.70 $1.77 Delivered 2025 Core EPS of $2.55/sh, 7.6% growth vs. 20
Slide 6: 2026-2030 Financial Plan Overview
2026-2030 Financial Plan Overview 2026-2030 PLAN 2026 GUIDANCE $36B 10% $2.62-$2.82/sh ~7% growth vs. 2025 (~9% growth vs. Original 2025 Investment Plan FE-Owned Rate Base Growth Core EPS(1) Guidance guidance midpoint of $2.50/sh) $19B Total Tx Investments 16% FE-Owned Tx Rate Base Growth 75% Formul
Slide 7: WV Generation Opportunity
WV Generation Opportunity ▪ Filed Certificate of Public Convenience and Necessity (CPCN) to self-build and operate 1,200 MW combined cycle gas turbine (CCGT) generating facility ▪ Located in Maidsville, WV ▪ Total investment of $2.5B vs. WV 2026F Rate Base of $4.2B ▪ Requesting accelerated approval,
Slide 8: Transmission Opportunity
Transmission Assets Uniquely Situated within PJM Transmission Opportunity ▪ FE Transmission operations include ~24,000 line miles, ideally located in the middle of PJM, and among the largest in PJM – Interconnected with a broad number of utilities – Several strategic high-voltage corridors that are
Slide 9: Commitment to Affordability
Commitment to Affordability Average Bill(1) by Component ■ FE average bill comprised of Gx (60%) and T&D (32%) $232 – Tx (8%) and Dx (24%), with state pass-through programs (8%) ■ FE bill(1) ~20% below in-state peers / 2.5% share of wallet $189 $166 – Expect bills to remain below in-state peers thro
Slide 10: Well-Positioned for Growth in 2026 and Beyond
Well-Positioned for Growth in 2026 and Beyond ■ Confident in our plan and the management team’s ability to deliver on our commitments ■ Our strong execution throughout 2025 demonstrated our ability to deliver results and we are focused on continuing that momentum as we move forward ■ We enter 2026 w
Slide 11: Strong 2025 Financial Performance
Key Highlights Strong 2025 Financial Performance ❑ Core EPS 7.6% above 2024, 2% above plan • New rates and formula rate investments • Stronger residential customer demand • Strong financial discipline with operating expenses vs. vs. • TTM Consolidated ROE of 9.8% Key Metric 2025 Plan 2024 ❑ Base O&M
Slide 12: 2026 Regulatory Calendar
2026 Regulatory Calendar Last Base Rate Case WV PE-MD WV & MD WV: plan to file in 2Q 2026 Test Year 2022 2022 Base Rate Approved ROE Approved Equity Layer 9.8% 50% 9.5% 53% MD: plan to file in 2H 2026 Case Approved Rate Base 2026F Rate Base $3.2B $4.2B $0.7B $0.9B OH Three- In Ohio, plan to file Thr
Slide 13: 2026-2030 Investment Plan
2026-2030 Investment Plan 2026-2030 Investment Plan ■ Increasing 5-year investment plan 2025-2029 53% 47% FERC Regulated State Regulated by $8B, or ~30% Investment Plan +$3.2B (34%) +$2.9B (40%) Stand-Alone Distribution, Transmission, +$1.7B (+16%) Stand-Alone Distribution, (Incl. $6.6B $10.3B, 28%
Slide 14: 2026-2030 Core EPS
2026-2030 Core EPS(1) Sustainable, long-term earnings growth driven by rate base growth and financial discipline Key Planning Assumptions ■ Investment plan of $36B including ~75% in formula rate programs, resulting in ~10% Rate Base CAGR ■ Customer demand growth $2.72 – Weather-adjusted sales CAGR o
Slide 15: 2026-2030 Financing Plan
2026-2030 Financing Plan Avg. annual common ~65% of Investment ~$3B annually of 2026 Subsidiary LT Debt Financing Plan equity issuances at Targeting ~14% Plan funded by Cash incremental debt to $M Issuances Redemptions Notes 1%(3) of current FFO/Debt from Operations fund investment plan FE PA 850 (3
Slide 16: Shareholder Value Proposition
Shareholder Value Proposition • $36B Customer-focused Investment Plan (2026-2030), driving 10% Rate Base CAGR – 75% of projected investments in formula-rate recovery, reducing regulatory lag • Expect to deliver near the top end of 6-8% Core EPS(1) CAGR through 2030 • Targeting ~14% FFO/Debt; Committ
Slide 17: Quarterly Support & GAAP to Non-GAAP Reconciliations
Quarterly Support & GAAP to Non-GAAP Reconciliations Quarterly Support GAAP to Non-GAAP Reconciliations (Slide) (Slide) 18. 2025 Earnings Summary 24. GAAP to Non-GAAP Earnings Reconciliations 19. TTM Earned ROE Summary 25. Special Items Descriptions 20. Wires Sales Summary 26. 2025 Earnings Results
Slide 18: 2025 Earnings Summary
FE Earnings Drivers Summary vs. Prior Year New Base Rates and Formula Investments, from execution of our regulated strategies 2025 Earnings Summary Higher customer demand, from favorable weather Flat O&M/Other OpEx, from continuous improvement initiatives, lower operating expenses from Ohio regulato
Slide 19: TTM Earned ROE Summary
TTM Earned ROE Summary TTM 12/31/25 Allowed ROE by Jurisdiction(1) (2) OH 9.63% (3) PA 10.05% FE Consolidated ROEs NJ (Dx) 9.6% NJ (Tx) 10.2% WV 9.8% 8.8% 9.4% 9.8% TTM Consolidated ROE MD (Dx) 9.5% in line with targeted 2023A 2024A 2025A MD (Tx) 10.45% ROE of 9.5%-10% Equity Layer 52% 53% 53% ATSI
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) 4Q24 4Q25 % Chg FY 2024 FY 2025 % Chg 4Q24 4Q25 % Chg FY 2024 FY 2025 % Chg Residential 12,593 13,501 7.2% 54,631 56,397 3.2% Residential 12,969 13,091 0.9% 55,447 55
Slide 21: Data Center Overview
Data Center Overview Data Center Demand – By State (MW) 2026F 2031F 2035F Potential incremental Transmission investment opportunity of Contracted 825 1,840 1,840 ~$250M/GW(1) for ~13GWs of data center demand in the pipeline Potential OH Pipeline - 2,930 5,165 Total 825 4,770 7,005 Additions Contract
Slide 22: 2025 Regulatory Calendar
2025 Regulatory Calendar Select Proceedings Jurisdiction Regulatory Matter Key Dates ▪ Base Rate Case ▪ Order issued 11/19/25; Applications for rehearing filed 12/19/25; PUCO Entry 1/7/26 granting additional 90 days to Ohio consider rehearing; Motion filed 1/9/26 seeking approval of new rates implem
Slide 23: Credit Ratings
Credit Ratings As of February 17, 2026 Issuer Senior Secured Senior Unsecured Outlook As of 12/23/25 S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch Most Recent Ratings Changes * BBB+ Baa3 BBB BBB Baa3 BBB S S S FirstEnergy Corp. Distribution Segment ▪ On December 23, 2025, S
Slide 24: GAAP to Non-GAAP Earnings Reconciliations
GAAP to Non-GAAP Earnings Reconciliations 2025 and 2024 2025 Dx Int Tx Corp FE Cons Earnings (Loss) Attributable to FE Corp. (GAAP, $M) $363 $588 $357 ($288) $1,020 Earnings (Loss) Per Share $0.63 $1.02 $0.62 ($0.50) $1.77 Net Pension/OPEB credits (0.18) (0.16) - (0.01) (0.35) ARO regulatory change
Slide 25: Special Items Descriptions
Special Items Descriptions 2025 and 2024 ■ Net Pension/OPEB charges (credits): Reflects net periodic pension and OPEB benefit costs and credits, including the pension/OPEB mark-to-market adjustments, and excluding amounts recovered through formula rates. ■ Signal Peak earnings impact: Reflects the a
Slide 26: Full Year 2025 Earnings Results
Full Year 2025 Earnings Results (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 $ 7,387 $ 5,620 $ 1,886 $ 18 $14,911 $ 11 (f) $ (1) (a) $ — $ (21) (h) $ (11) (2) Other 160 63 19 (63) 179 — — — — — (3) Total Revenu
Slide 27: Full Year 2024 Earnings Results
Full Year 2024 Earnings Results (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 $ 6,703 $ 4,815 $ 1,768 $ 9 $13,295 $ — $ (2) (a) $ 41 (a)(h) $ (11) (i) $ 28 (2) Other 160 61 19 (63) 177 — — — — — (3) Total Revenu
Slide 28: GAAP to Non-GAAP Baseline O&M Reconciliations
GAAP to Non-GAAP Baseline O&M Reconciliations 2025 and 2024 FirstEnergy Consolidated ($M) 2025 2024 Other Operating Expenses (GAAP) (1) $4,122 $4,044 Excluding Special Items (pre-tax): Net Pension/OPEB Credits (52) (66) ARO Regulatory Charges 50 (200) Enhanced Employee Retirement and Other Related C