Slide 1: Focused on Our Future
Focused on Our Future 2Q 2026 Strategic & Financial Highlights Published July 28, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements based on information currently available to management unless the context requires otherwise, references to “we,” “us,” “our” and “FirstEnergy” refers to FirstEnergy Corp. and its subsidiaries. Such statements are subje
Slide 3: Non-GAAP Financial Matters
Non-GAAP Financial Matters This presentation contains references to certain financial measures, including 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 exclude the impact
Slide 4: Key Takeaways for Today’s Call
Key Takeaways for Today’s Call ■ Significant increase in data center demand ➢ Total (pipeline + contracted) data center demand of 24.8 GW, ~30% increase since 1Q26 ➢ Contracted data center demand of 6.4 GW, ~50% increase since 1Q26; expect 1.5 GW to be contracted in the next two weeks ■ Substantial
Slide 5: Data Center Overview
Data Center Overview Data Center Demand – By State Potential FE: Cumulative Data Center Demand (MW) 2026F 2031F 2035F Additions Contracted 825 2,270 2,270 (Not in Pipeline) Contracted Demand Total Demand OH Pipeline - 2,665 6,290 101 GW 6.4 GW 24.8 GW Total Contracted 825 275 4,935 770 8,560 990 +50
Slide 6: Strategic Updates
Strategic Updates WV Data Center Opportunities ■ Our WV data center demand (contracted + pipeline) increased to 4.3 GW in July ■ Uniquely positioned to provide new generation, creating opportunities for additional investment ■ Evaluating the right structure, focused on these key principles Bring new
Slide 7: 2nd Quarter 2026 Earnings Summary
2nd Quarter 2026 Earnings Summary 2Q 2026 Core EPS of $0.50, in line with plan Growth from investments offset by planned operating expenses $0.06 $0.52 $0.00 $0.50 $0.00 $0.50 $0.46 -$0.06 $0.04 $0.00 Rates & Investments Rates & Investments Rates & Investments +$0.01 +$0.01 +$0.04 Customer Demand* (
Slide 8: YTD 2026 Earnings Summary
YTD 2026 Earnings Summary YTD 2026 Core EPS of $1.22, above YTD 2025 and in line with plan Growth from investments partially offset by planned operating expenses On track to deliver Core EPS of $2.62-$2.82 per share $0.10 $1.19 $0.00 $1.22 $1.20 -$0.03 $0.05 ($0.02) $0.01 $1.09 Rates & Investments R
Slide 9: 2026 Financial Updates
2026 Financial Updates Key Financial Metrics Key Highlights TTM FE Earned ROE: In line with targeted YTD26 results in line with plan and reinforce 9.5% returns our confidence in the path ahead YTD26 Investments: On track for $6B Investments driving improved reliability, $2.9B investment plan in 2026
Slide 10: Regulatory Updates: West Virginia
Regulatory Updates WEST VIRGINIA Base Rate Case • Expect an order for Inflation and Investment Adjustment mechanism by end of July 2026 • Proposed revenue increase of $76M in two phases, annual increase of $38M on August 1, 2026, and $38M on June 1, 2027 CPCN Filing Maidsville Energy Center (1.2 GW
Slide 11: Regulatory and Transmission Updates
Regulatory and Transmission Updates OHIO TRANSMISSION • Filed Three-Year Rate Plan, accepted on July 1 • Total capital investments of ~$2.5B 2026 PJM Open Window • Staff report due November 30, 2026, with hearings • Scheduled to award projects in 1Q27 to begin March 1, 2027 • Leverage strengths – sc
Slide 12: 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 13: Quarterly Support & GAAP to Non-GAAP Reconciliations
Quarterly Support & GAAP to Non-GAAP Reconciliations Quarterly Support GAAP to Non-GAAP Reconciliations (Slide) (Slide) 14. WV Data Center Strategy 19. 2Q26 & 2Q25 GAAP to Non-GAAP Earnings Reconciliations 15. Wires Sales Summary 20. YTD26 & YTD25 GAAP to Non-GAAP Earnings Reconciliations 16. 2026 R
Slide 14: West Virginia Data Center Strategy
West Virginia Data Center Strategy Substantial Data Center interest ■ Strong state leadership committed to digital infrastructure and economic near northern Virgina Hub growth – Vertically-integrated construct solves for generation and transmission needs – Proximity to northern VA data center alley
Slide 15: Wires Sales Summary
Wires Sales Summary Actual Sales and Weather-Adjusted Sales (MWh in Actual Sales (MWh in Weather-Adjusted Sales thousands) thousands) 2Q25 2Q26 % Chg TTM 2Q25 TTM 2Q26 % Chg 2Q25 2Q26 % Chg TTM 2Q25 TTM 2Q26 % Chg Residential 11,957 11,734 -1.9% 55,456 56,235 1.4% Residential 11,750 11,750 0.0% 55,1
Slide 16: 2026 Regulatory Calendar
2026 Regulatory Calendar Select Proceedings Jurisdiction Regulatory Matter Key Dates ▪ Three-Year Rate Plan (TYRP) ▪ Application filed 5/22/26 and deemed complete 7/1/26; PUCO Staff Report due by 11/30/26; PUCO Staff testimony due 2/22/27; Evidentiary hearings commence 3/1/27 Ohio ▪ Base Rate Case ▪
Slide 17: TTM Earned ROE Summary
TTM Earned ROE Summary TTM 6/30/26 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% 9.5% TTM Consolidated ROE MD (Dx) 9.5% in line with targeted ROE 2023A 2024A 2025A 6/30/26 MD (Tx) 10.45% of 9.5%-10% Equity Layer 52% 5
Slide 18: Credit Ratings
Credit Ratings As of July 28, 2026 Issuer Senior Secured Senior Unsecured Outlook Most Recent Ratings Changes As of 3/30/2026 S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch FirstEnergy Corp.* BBB+ Baa3 BBB BBB Baa3 BBB S P S ▪ On March 30, 2026, Moody’s changed Distribution
Slide 19: GAAP to Non-GAAP Earnings Reconciliations
GAAP to Non-GAAP Earnings Reconciliations 2Q26 and 2Q25 2Q26 Dx Int Tx Corp FE Cons Earnings (Loss) Attributable to FE Corp. (GAAP, $M) $143 $123 $97 ($75) 288 Earnings (Loss) Per Share $0.25 $0.21 $0.17 ($0.13) $0.50 Net Pension/OPEB credits (0.02) (0.01) - - (0.03) ARO regulatory change (0.01) - -
Slide 20: GAAP to Non-GAAP Earnings Reconciliations
GAAP to Non-GAAP Earnings Reconciliations YTD 2026 and YTD 2025 YTD 2026 Dx Int Tx Corp FE Cons Earnings (Loss) Attributable to FE Corp. (GAAP, $M) $389 $276 $188 ($160) $693 Earnings (Loss) Per Share $0.67 $0.48 $0.32 ($0.27) $1.20 Net Pension/OPEB credits (0.02) (0.03) - - (0.05) ARO regulatory ch
Slide 21: Special Items Descriptions
Special Items Descriptions YTD 2026 and YTD 2025 ■ Net Pension/OPEB credits: Reflects net periodic pension and OPEB benefit costs and credits, excluding amounts recovered through formula rates. ■ ARO regulatory change: Related to changes in asset retirement obligations, primarily associated with cha
Slide 22: 2nd Quarter 2026 Earnings Results
2nd Quarter 2026 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 sales $ 1,679 $ 1,387 $ 537 $ 4 $ 3,607 $ — $ — $ — $ — $ — (2) Other 35 47 7 (18) 71 — — — — — (3) Total Revenues 1,714 1,434 544
Slide 23: 2nd Quarter 2025 Earnings Results
2nd Quarter 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 sales $ 1,635 $ 1,255 $ 451 $ 4 $ 3,345 $ — $ — $ — $ (4) (g) $ (4) (2) Other 40 6 5 (16) 35 — — — — — (3) Total Revenues 1,675 1,2
Slide 24: YTD 2026 Earnings Results
YTD 2026 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 $ 3,629 $ 2,929 $ 1,046 $ 14 $ 7,618 $ — $ — $ — $ — $ — (2) Other 75 208 14 (35) 262 — — — — — (3) Total Revenues 3,704 3,137 1,060 (21) 7
Slide 25: YTD 2025 Earnings Results
YTD 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 $ 3,531 $ 2,588 $ 937 $ 8 $ 7,064 $ — $ — $ — $ (9) (g) $ (9) (2) Other 80 22 10 (31) 81 — — — — — (3) Total Revenues 3,611 2,610 947 (23)