Slide 1: Focused on Our Future: 1Q 2025 Strategic & Financial Highlights
Focused on Our Future 1Q 2025 Strategic & Financial Highlights Published April 23, 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 Strategic & Financial Highlights - Published April 23, 20253 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.
Slide 4: Focus of Today's Call
Focus of Today’s Call Strategic & Financial Highlights - Published April 23, 2025 Brian X. Tierney – President, Chief Executive Officer, and Board Chair K. Jon Taylor – Senior Vice President, Chief Financial Officer ■ Overview of 1Q25 financial results and key highlights ■ Review of recent regulator
Slide 5: Executive Overview: 1st Quarter 2025 Highlights
Executive Overview Strategic & Financial Highlights - Published April 23, 20255 1st Quarter 2025 Highlights 1Q24 vs. 1Q25 Results Delivered 1Q25 Core EPS of $0.67, in line with plan and significantly higher than 1Q24 (1) Basic Earnings Per Share Attributable to FE Corp. (2) See slides 20-24 for reco
Slide 6: Regulatory and Legislative Updates
Regulatory and Legislative Updates Strategic & Financial Highlights - Published April 23, 20256 Ohio Base Rate Case In March, our Ohio companies and various intervenors filed responses to the Staff Report and Audit Report filed in late February as well as supplemental testimony Settlement discussion
Slide 7: West Virginia IRP and data center development
■ In WV, we are preparing our Integrated Resource Plan (IRP), which is due by the end of 2025 – Filing will address the obligation to supply our customers with reliable and cost-effective capacity and energy – Filing will address a 10-yr outlook and will consider options around future of Ft. Martin
Slide 8: Strong Outlook for Regulated Growth
Strong Outlook for Regulated Growth ■ Reaffirming 2025 Core EPS guidance range of $2.40-$2.60 – Targeting upper half of the range ■ Reaffirming 6-8% Core EPS CAGR (2025-2029) – Combined with current dividend yield represents a total shareholder return proposition of 10-12%, with potential for upside
Slide 9: 1Q 2025 Earnings Summary
1Q 2025 Earnings Summary Strategic & Financial Highlights - Published April 23, 20259 $0.05 $0.44 $0.49 $0.10 $0.10 -$0.04 $0.02 1Q24 GAAP EPS Special Items 1Q24 Core EPS Distribution Integrated Stand-Alone Transmission Corp / Other $0.67 -$0.05 $0.62 1Q25 Core EPS Special Items 1Q25 GAAP EPS Dx $0.
Slide 10: Executing on Our 2025 Financial Plan
Executing on Our 2025 Financial Plan ■ Our 2025 Financing Plan supports the $5B investment plan, investment-grade credit metrics, and continued dividend growth with no equity (beyond Employee Benefit programs of up to ~$100M annually) – During 2025, we expect to refinance / issue $3.6B of long-term
Slide 11: Delivering Strong 2025 Financial Performance on Key Metrics
Key Metric 1Q25 vs. Plan vs. 2024 Core EPS $0.67/sh Investment Plan $1.03B Baseline O&M $340M Cash from Operations $637M Delivering Strong 2025 Financial Performance on Key Metrics Strategic & Financial Highlights - Published April 23, 202511 We’re off to a very good start and are focused on deliver
Slide 12: Shareholder Value Proposition
Shareholder Value Proposition Strategic & Financial Highlights - Published April 23, 202512 (1) Please see slide 3 for more information. • Targeting ~14%+ FFO/Debt • Committed to achieving and maintaining BBB credit profile • Focus on Continuous Improvement and managing O&M expenses • Attractive tot
Slide 13: Quarterly Support & GAAP to Non-GAAP Reconciliations
Quarterly Support & GAAP to Non-GAAP Reconciliations Strategic & Financial Highlights - Published April 23, 2025 14. Regulatory Calendar 15. TTM Earned ROE Summary 16. TTM Actual Sales by Class 17. TTM Weather-Adjusted Sales 18. TTM Weather Impacts 19. Credit Ratings Summary Quarterly Support (Slide
Slide 14: Regulatory Calendar
Jurisdiction Regulatory Matter Key Dates Ohio ▪ Base Rate Case ▪ HB6 Related Investigations ▪ Filed base rate request for approximately $94M on 5/31/24; Staff and Audit reports filed 2/21/25; Updated request to $183M on 3/24/25 which included withdrawal of ESP V-related proposals; Settlement discuss
Slide 15: TTM Earned ROEs Summary
TTM Earned ROEs Summary TTM 3/31/25 Strategic & Financial Highlights - Published April 23, 202515 8.8% 9.4% 9.8% 2023A 2024A TTM 1Q25 TTM Consolidated ROE in line with targeted ROE of 9.5%-10% Segment Legend Stand-Alone Tx Integrated Distribution Equity Layer 52% 53% 53% Period-End Rate Base $26.3B
Slide 16: Actual Sales by Class
Actual Sales by Class Percent change vs. prior year period Commercial includes street lighting Numbers may not add due to rounding Strategic & Financial Highlights - Published April 23, 202516 15.7% 3.1% 0.9% 10.0% 7.0% 8.1% 2.0% 0.3% 5.2% 3.8% 1.4% 2.1% -2.1% -2.6% -0.3% 7.9% 2.5% -0.4% 4.2% 3.5% 2
Slide 17: Weather-Adjusted Sales by Class
Weather-Adjusted Sales by Class Percent change vs. prior year period Strategic & Financial Highlights - Published April 23, 202517 3.4% -1.4% -1.2% -0.7% -0.2% 3.5% 0.0% -1.6% -0.4% 0.3% 1.4% 2.1% -2.1% -2.6% -0.3% 2.6% 0.2% -1.6% -1.3% -0.1% 2Q24 3Q24 4Q24 1Q25 TTM Residential Commercial Industrial
Slide 18: Weather Impacts
Weather Impacts Strategic & Financial Highlights - Published April 23, 202518 KWh OH PA NJ WV MD Total Days % Days % Days % Days % Days % Days % 1Q25 vs. Normal HDD 81 3% (30) -1% (54) -2% 35 1% (9) 0% 10 0% vs. 1Q24 HDD 424 16% 356 15% 250 12% 294 13% 306 14% 349 15% 1Q EPS Impact Weather vs Normal
Slide 19: Credit Ratings
▪ On October 2, 2024, Fitch upgraded FE Corp.’s ratings to BBB from BBB-. ‒ Fitch also upgraded ratings of JCP&L, MP, AGC, FET, ATSI, MAIT, TrAILCo, and KATCo and put OE, CEI, and TE on positive outlook. Credit Ratings As of April 23, 2025 Strategic & Financial Highlights - Published April 23, 2025
Slide 20: GAAP to Non-GAAP Earnings Reconciliations
GAAP to Non-GAAP Earnings Reconciliations 1Q 2025 and 1Q 2024 Strategic & Financial Highlights - Published April 23, 202520 Per share amounts for the special items above are based on the after-tax effect of each item divided by the number of shares outstanding for the period. The current and deferre
Slide 21: Special Items Descriptions
Special Items Descriptions 1Q 2025 and 1Q 2024 Strategic & Financial Highlights - Published April 23, 202521 ▪ 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 equi
Slide 22: 1Q 2025 Earnings Results
1Q 2025 Earnings Results Strategic & Financial Highlights - Published April 23, 202522 (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 $ 1,896 $ 1,333 $ 486 $ 4 $ 3,719 $ — $ — $ — $ (5) (d) $ (5) (2) Other 40 16
Slide 23: 1Q 2024 Earnings Results
1Q 2024 Earnings Results Strategic & Financial Highlights - Published April 23, 202523 (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 $ 1,725 $ 1,082 $ 434 $ 3 $ 3,244 $ — $ — $ — $ — $ — (2) Other 42 13 4 (16) 4
Slide 24: GAAP to Non-GAAP Baseline O&M Reconciliations
GAAP to Non-GAAP Baseline O&M Reconciliations 1Q 2025 and 1Q 2024 Strategic & Financial Highlights - Published April 23, 202524 (1) As reported in the Consolidated Statement of Income (2) See slides 20-21 for additional information on special items (3) Primarily represents PJM Network Transmission E