American Electric Power Company, Inc. · NASDAQ:AEP
American Electric Power — Non-Deal Roadshow (January 2026)
25 slides from American Electric Power's roadshow presentation, January 2026
Slide 1: Investor Meetings
Investor Meetings January 2026 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: Non-GAAP Financial Measures
Non-GAAP Financial Measures AEP reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). AEP supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures, including operati
Slide 4: Accelerating Growth and Driving Value
Accelerating Growth and Driving Value High-quality, pure-play electric utility strategically positioned in growth regions, rooted in innovation and ready to meet unprecedented customer demand. AEP SERVICE TERRITORY WITH KEY GROWTH STATES: VISION Improve customers’ lives with reliable, affordable pow
Slide 5: Well Positioned to Deliver Results
Well Positioned to Deliver Results Executing on our strategy to achieve an attractive ~10%-13% expected TSR. Growth: 2026-2030 Outlook ✓ Unmatched transmission scale and expertise attracting large load customers into our diversified footprint ~10%-13% Total ✓ Demonstrated strong load growth to 65 GW
Slide 6: Unmatched Transmission Scale and Expertise
Unmatched Transmission Scale and Expertise AEP owns and operates the largest transmission network in the United States. AEP’s Current Transmission Network AEP’s Transmission Expertise and Infrastructure • AEP pioneered the modern 765 kV transmission system in North America, the highest voltage used
Slide 7: 2026-2030 Load Growth
2026-2030 Load Growth Projected 2030 system peak demand of ~65 GW includes 28 GW of incremental contracted load from 2025-2030 backed by ESAs and LOAs and further supported by the 190 GW active projects in the interconnection queue. System Peak Forecast Cumulative Contracted 21% Data Centers1 (Incre
Slide 8: 2026-2030 Investment Growth
2026-2030 Investment Growth $72B capital plan supports ~10% rate base CAGR through 2030 with nearly 90% of the investment expected to be recovered through reduced lag mechanisms. Capital Forecast of $72B Regulated Investments Rate Base of ~$128B in 2030 ($ in billions) 5% Other $128 $4B $118 $3B Cor
Slide 9: 2026-2030 Capital Forecast by Subsidiary
2026-2030 Capital Forecast by Subsidiary Capital plan peaks in 2028 fueled by transmission buildout and generation project advancements. 4% 9% ($ in millions, excludes AFUDC) 2026E 2027E 2028E 2029E 2030E Total 28% AEP Texas 11% AEP Ohio AEP Texas Company $2,351 $2,599 $3,738 $3,781 $4,333 $16,802 D
Slide 10: 2026-2030 Long-Term Operating Earnings Growth Rate of 7%-9%
2026-2030 Long-Term Operating Earnings Growth Rate of 7%-9% Delivering 7%-9% long-term operating earnings growth rate with an expected 9% CAGR through 2030; growth is projected in the lower half of the range for 2026 and 2027 and at or above the high end of the range in 2028, 2029 and 2030. Accelera
Slide 11: Legislative and Regulatory Progress
Legislative and Regulatory Progress Focused operational excellence leads to improved legislative and regulatory outcomes. Reduc Reduced Regulatory Lag Infrastructure ✓ May 2025: Ohio HB 15 establishes a new regulatory framework with multi-year, ✓ April 2025: Approved AEP Texas ERCOT Permian Basin 76
Slide 12: Affordability Levers Help Protect Customer Bills Amid Generational Growth
Affordability Levers Help Protect Customer Bills Amid Generational Growth Residential rate impacts are mitigated through affordability levers including load growth, rate design and O&M efficiency. Generational Affordability Residential Growth Levers Rate Impact 40% Increase 33% Increase ✓ Incrementa
Slide 13: 2026-2030 Financing Plan
2026-2030 Financing Plan Cash from operations improvement is expected to be driven by investment execution and positive legislative/ regulatory development; over 80% of growth equity is projected to be issued during the back half of the plan. ($ in millions) 2026E 2027E 2028E-2030E Total Cash from O
Slide 14: Appendix: Forecast Highlights Supporting Transformative Growth
APPENDIX Forecast Highlights Supporting Transformative Growth
Slide 15: 2026 Operating Earnings Guidance Key Drivers
2026 Operating Earnings Guidance Key Drivers 0.05 (0.04) (0.10) 0.12 $6.30/sh 2026 EPS Midpoint 0.42 Investment/Rate $0.06 Retail $(0.09) Base Growth O&M $(0.02) Wholesale $0.07 Rate Changes $0.23 Financing $(0.01) Other $(0.02) Net Interest $(0.02) $5.85/sh Transmission $0.20 Income Taxes $(0.03) R
Slide 16: 2026 Assumptions and Key Sensitivities
2026 Assumptions and Key Sensitivities Assumptions Sensitivity Analysis Sensitivity EPS A $6.9M change in pretax earnings equals Earnings to EPS $0.01 per share Retail Sales VIU T&D Averages Shares 546.1M Residential 1.0% +/- $0.038 $0.012 Outstanding Commercial and Industrial 1.0% +/- $ 0.032 $ 0.0
Slide 17: Regulated Earned Returns
Regulated Earned Returns Forecasted Regulated ROE is expected to improve to approximately 9.5% by 2030 supported by investment execution and legislative and regulatory advancements. Twelve Months Ended 9/30/2025 ROE by Company; Regulated AEP Regulated ROE Trend Operations was 9.1% (non-GAAP operatin
Slide 18: Current Rate Case Activity
Current Rate Case Activity Achieve positive regulatory outcomes to advance affordability, system reliability, resiliency and security. AEP Ohio APCo – West Virginia2 KPCo Docket # 25-392-EL-AIR Docket # 24-0854-E-42T Docket # 2025-00257 Filing Date 5/30/2025 Filing Date 11/1/2024 Filing Date 8/29/20
Slide 19: Current Rate Case Activity
Current Rate Case Activity Achieve positive regulatory outcomes to advance affordability, system reliability, resiliency and security. PSO SWEPCO – Arkansas SWEPCO – Texas Docket # PUD 2025-000075 Docket # 25-003-U Docket # 58819 Filing Date 1/2/2026 Filing Date 3/28/2025 Filing Date 10/14/2025 Requ
Slide 20: Focused O&M Efficiency Helps with Customer Affordability
Focused O&M Efficiency Helps with Customer Affordability Inflation ~4.2% Avg. 2022A – 2026E 2026E Efficiency Over Inflation of ~$0.7B $6B Wires and Other Generation Inflation Maintaining disciplined O&M $5B spending below average inflation levels despite rising Total Non-fuel O&M $4B costs and expan
Slide 21: 2026-2030 High-Growth Transmission
2026-2030 High-Growth Transmission More than $50B expected in transmission rate base through 2030 delivers significant shareholder value. Transmission Rate Base ($ in billions) $51 $47 $42 $38 $34 $27 $32 $25 $22 $20 $18 $17 $22 $24 $18 $20 $15 $16 2025E 2026E 2027E 2028E 2029E 2030E Rate base of tr
Slide 22: Demand Driving Generation Diversity
Demand Driving Generation Diversity Significant generation is required to meet new demand. AR – FEB WV – OCT VA VCEA – MAY MI – 4Q Completed Completed IRP Filings 2025 | 2026 IN – MAR VA VCEA – MAY Completed Completed 2026-20351 Projected Resource Needs RFPs In Progress4 Nameplate MW2 Solar Wind Sto
Slide 23: 2026 Debt Issuances and Maturities
2026 Debt Issuances and Maturities $1,750 2026 Maturities 2026 Expected Issuances $1,400 $1,050 (millions) $700 $350 $- 1 AEG AEP Ohio AEP Texas APCo/WPCo I&M KPCo PSO SWEPCO Transco 1Issuances exclude securitization proceeds in Virginia and West Virginia. 23 • January 2026 Investor Meetings Chart e
Slide 24: Credit Ratings and Downgrade Thresholds
Credit Ratings and Downgrade Thresholds Moody's S&P Fitch Company Senior Senior Senior Unsecured Outlook Unsecured Outlook Unsecured Outlook American Electric Power Company Baa2 S BBB S BBB S AEP, Inc. Short Term Rating2 P2 S A-2 S NR NR AEP Ohio Baa1 S BBB+ S A- S AEP Texas Baa3 S BBB+ S BBB+ S AEP
Slide 25: RIK
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American Electric Power Company — Non-Deal Roadshow (January 2026) on 6ix