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 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: Focus of Today's Call
Focus of Today’s Call Brian X. Tierney – President, Chief Executive Officer, and Board Chair ■ Overview of 1Q25 financial results and key highlights ■ Review of recent regulatory and legislative activity ■ Growth opportunities in our footprint ■ FirstEnergy’s strong outlook for regulated growth K. J
Slide 5: Executive Overview
Executive Overview 1Q24 vs. 1Q25 Results 2024 2025 1st Quarter 2025 Highlights $0.62 $0.67 $0.44 $0.49 Delivered 1Q25 Core EPS of $0.67, in line with plan and significantly higher than 1Q24 (1) (2) GAAP EPS Core EPS Executed $1.0B+ of 2025 Investment Plan ($5B), in line with Key Drivers plan and 15%
Slide 6: Regulatory and Legislative Updates
Regulatory and Legislative Updates In March, our Ohio companies and various intervenors filed responses to the Staff Report and Audit Ohio Base Report filed in late February as well as supplemental testimony Rate Case Settlement discussions began in April Hearings to begin May 5 Expect the Legislatu
Slide 7: Growth Opportunities in Our Footprint
Growth Opportunities in Our Footprint ■ 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 conside
Slide 8: Strong Outlook for Regulated Growth
Strong Outlook for Regulated Growth ■ Reaffirming 2025 Core EPS guidance range of $2.40-$2.60 Balanced Jurisdictions 2025F FE-Owned Rate Base ($B, year-end) – Targeting upper half of the range Integrated ■ Reaffirming 6-8% Core EPS CAGR (2025-2029) $5.3, – Combined with current dividend yield repres
Slide 9: 1Q 2025 Earnings Summary
Earnings Drivers Summary Distribution: New rates in PA and normal weather vs. 1Q24 1Q 2025 Earnings Summary Integrated: New rates in WV & NJ, transmission rate base growth, and normal weather vs. 1Q24 Stand-Alone Transmission: ~10% rate base growth more than offset by FET dilution Corporate: Lower i
Slide 10: Executing on Our 2025 Financial Plan
Executing on Our 2025 Financial Plan Core EPS ■ Reaffirming 2025 Core EPS Guidance of $2.40-$2.60; targeting upper half of the range Guidance Investment ■ 2025 plan of $5B remains on track with capital deployment of $1.0B+ in 1Q25, +15% vs. 1Q24 Plan ■ Majority of increase related to formula rate pr
Slide 11: Delivering Strong 2025 Financial Performance on Key Metrics
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 + + In line + Favorable We’re off to a very good start and are focused on delivering on or exceeding our
Slide 12: 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 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. Regulatory Calendar 20. 1st Quarter GAAP to Non-GAAP Earnings Reconciliations 15. TTM Earned ROE Summary 21. Special Items Descriptions 16. TTM Actual Sales by Class 22. 1Q 202
Slide 14: Regulatory Calendar
Regulatory Calendar Select Proceedings Jurisdiction Regulatory Matter Key Dates ▪ Base Rate Case ▪ 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 di
Slide 15: TTM Earned ROEs Summary
TTM Earned ROEs Summary TTM 3/31/25 TTM Earned ROE Details(1) (2) FE Consolidated ROEs KATCo 10.45% FET(2) 10.4% 8.8% 9.4% 9.8% TTM Consolidated ROE MD 8.0% in line with targeted 2023A 2024A TTM 1Q25 WV 9.5% ROE of 9.5%-10% Equity Layer 52% 53% 53% Period-End Rate Base $26.3B $25.6B $26.0B NJ 9.4% 5
Slide 16: Actual Sales by Class
Actual Sales by Class Percent change vs. prior year period (1) 2Q24 3Q24 4Q24 1Q25 TTM 15.7% 10.0% 8.1% 7.9% 7.0% 5.2% 4.2% 3.8% 3.5% 3.1% 2.5% 1.4% 2.0% 2.1% 0.9% 0.3% -0.4% -0.3% -2.1% -2.6% Residential Commercial Industrial Total (MWh in 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 1Q24 1Q25 TTM 1Q24 TTM 1Q25 t
Slide 17: Weather-Adjusted Sales by Class
Weather-Adjusted Sales by Class Percent change vs. prior year period (1) 2Q24 3Q24 4Q24 1Q25 TTM 3.4% 3.5% 2.6% 2.1% 1.4% 0.0% 0.2% 0.3% -0.7% -0.4% -0.2% -0.3% -0.1% -1.4% -1.2% -1.6% -1.3% -2.1% -1.6% -2.6% Residential Commercial Industrial Total (MWh in thousands) 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 1Q
Slide 18: Weather Impacts
Weather Impacts 500 400 300 200 100 0 150 400 650 900 1,150 1,400 HDD CDD HDD Norm CDD Norm KWh Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 OH PA NJ WV MD Total 1Q EPS Impact Days % Days % Days % Days % Days % Days % Weather vs Normal: vs.
Slide 19: Credit Ratings
Credit Ratings As of April 23, 2025 Most Recent Ratings Changes ▪ 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. FE Corp. and all subsidiaries ar
Slide 20: GAAP to Non-GAAP Earnings Reconciliations
GAAP to Non-GAAP Earnings Reconciliations 1Q 2025 and 1Q 2024 1Q 2025 1Q 2024 (In $M, except per share amounts) Dx Int Tx Corp FE Cons Dx Int Tx Corp FE Cons Earnings (Loss) Attributable to FE Corp. (GAAP) $218 $136 $81 ($75) $360 $165 $82 $84 ($78) $253 Earnings (Loss) Per Share $0.38 $0.23 $0.14 (
Slide 21: Special Items Descriptions
Special Items Descriptions 1Q 2025 and 1Q 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 Pe
Slide 22: 1Q 2025 Earnings Results
1Q 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 $ 1,896 $ 1,333 $ 486 $ 4 $ 3,719 $ — $ — $ — $ (5) (d) $ (5) (2) Other 40 16 5 (15) 46 — — — — — (3) Total Revenues 1,936 1,349 491 (11) 3,
Slide 23: 1Q 2024 Earnings Results
1Q 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 $ 1,725 $ 1,082 $ 434 $ 3 $ 3,244 $ — $ — $ — $ — $ — (2) Other 42 13 4 (16) 43 — — — — — (3) Total Revenues 1,767 1,095 438 (13) 3,287 — —
Slide 24: GAAP to Non-GAAP Baseline O&M Reconciliations
GAAP to Non-GAAP Baseline O&M Reconciliations 1Q 2025 and 1Q 2024 FirstEnergy Consolidated (In $M) 1Q 2025 1Q 2024 Other Operating Expenses (GAAP) (1) $1,034 $1,006 Excluding Special Items (pre-tax): Net Pension/OPEB credits ($14) ($16) Investigation and other related costs ($17) ($22) FE Forward co