FirstEnergy Corp. · NYSE:FE
FirstEnergy — Non-Deal Roadshow (March 2025)
22 slides from FirstEnergy's roadshow presentation, Mar 10, 2025
Slide 1: Focused on Our Future: March 2025 Investor Meetings
Focused on Our Future March 2025 Investor Meetings Published March 10, 2025
Slide 2: FirstEnergy Overview
FirstEnergy Overview Balanced Jurisdictions 2025F FE-Owned Rate Base ($B, year-end) $52B Total Assets Integrated 6M+ Total Customers $5.3, $5.2, 19% 19% 24K Transmission Miles NJ WV/MD $27.7B $6.9, PA $5.7, 65K Square Miles of Service Territory 25% OH $4.6, 20% Stand-Alone 17% Transmission* 12K Empl
Slide 3: Key Messages
Key Messages Strengthened and derisked FirstEnergy through constructive regulatory outcomes, a stronger 2024 Milestones balance sheet, and refreshed organization/operating model 2025 Regulatory Continued focus on Ohio Base Rate Case and ESP proceedings, EnergizeNJ infrastructure Overview investment
Slide 4: 2024 Milestones
2024 Milestones 83% of Rate Base reviewed with constructive outcomes through base rate cases or formula rates since 4Q23 Regulatory Success Investment Plan approvals: PA LTIIP III, OH Grid Mod II, NJ EE&C, representing $2.8B of investments included in plan Closed 30% FET Sale as final phase of $7B i
Slide 5: 2025 Regulatory Overview
2025 Regulatory Overview Independent audit report and Staff report filed on February 21 Ohio Base Plan to update pending base rate case filing in 1Q25 to align with our ESP VI Rate Case Base rate case includes modest request to support recovery of investments, while keeping customer rates affordable
Slide 6: Highlighting FirstEnergy's Core Earnings Growth
Highlighting FirstEnergy’s Core Earnings(1) Growth ▪ FirstEnergy’s transition to Core Earnings highlights the strong growth of our core business – Core EPS consists of Operating earnings for our Distribution, Integrated and Stand-Alone Transmission business segments and Corporate operations, excludi
Slide 7: Financial Guidance Overview
Financial Guidance Overview 2025-2029 GUIDANCE 2025 GUIDANCE 6-8% 9% $2.40-$2.60/sh 5.5% growth vs. 2024 (Midpoint vs. 2024A of $2.37) Core EPS Guidance Core EPS Growth Rate Base Growth (2025-2029 CAGR) (2025-2029 CAGR) $5.0B Investment Plan 11% growth vs. 2024 (2024A of $4.5B) 60-70% $28B Targeted
Slide 8: 2025-2029 Investment Plan & Rate Base Growth
2025-2029 Investment Plan & Rate Base Growth $28B, 5-yr Investment Plan 9% FE-Owned Rate Base CAGR (28% Increase in 2029 vs. 2025) (2025-2029) Segment CAGRs 2025-2029 Spend $38.8B (2025-2029) $6.4B $6.0B by Segment $35.5B $5.2B $5.6B $30.1B $32.6B $8.4 10% $5.0B $2.2 $9.5B $27.7B $6.8 $7.6 $4.5B $2.
Slide 9: Data Center Growth
Data Center Growth 3GWs of load in the pipeline through 2029 represents $900M of Transmission investments in 2025-2029 base potential incremental transmission investment of plan associated with growing data center demand ~$350M(1) not in base plan 9,010 5,575 Beyond 2029, projecting 2029F pipeline d
Slide 10: Our Value Proposition
Our Value Proposition 2025-2029 Base Financial Plan • Targeting ~14%+ FFO/Debt • 6-8% Core EPS(1) CAGR Strong • Committed to achieving and • $28B Base Investment Plan Growth Financial maintaining BBB credit profile • 9% Rate Base CAGR (FE-Owned) Outlook S • EM Discipline • Focus on Continuous Improv
Slide 11: Appendix
Appendix 11 March 2025 Investor Meetings
Slide 12: Improving Earned ROEs
Rate Base with completed base Improving Earned ROEs 83% rate cases since late ‘23, including FERC Tx formula rates FE Consolidated ROEs 2024 Earned ROE Details(1) KATCo 10.45% 8.8% 9.4% FET(2) 10.4% Targeting FE Consolidated 2023A 2024A ROE of 9.5%-10% MD 8.3% Equity Layer 52% 53% YE Rate Base $26.5
Slide 13: Investment-Grade Credit Profile with Continued Positive Momentum
Investment-Grade Credit Profile with Continued Positive Momentum Senior Unsecured Outlook S&P Moody's Fitch S&P Moody's Fitch * FirstEnergy Corp. BBB- Baa3 BBB P S S Distribution Segment FE FFO/Debt: Moody’s View(1) Cleveland Electric Illuminating BBB Baa3 A- P S P Ohio Edison BBB+ A3 A- P S P 15% T
Slide 14: Controlling Baseline O&M
Controlling Baseline O&M(1) We remain focused on controlling Baseline O&M through continuous improvement and strong financial discipline to build in flexibility $1,492M $1,365M $1,280M $1,283M Baseline O&M is flat to 2024 and 2023, absent additional maintenance required $1,293M O&M as approved in PA
Slide 15: Reconciliations
Reconciliations 15 March 2025 Investor Meetings
Slide 16: 2024 GAAP to Non-GAAP Earnings Reconciliation
2024 GAAP to Non-GAAP Earnings Reconciliation Full Year 2024 (In $M, except per share amounts) Dx Int Tx Corp FE Cons 2024 Earnings (Loss) Attributable to FE Corp. (GAAP) $624 $535 $294 ($475) $978 2024 Earnings (Loss) Per Share $1.08 $0.93 $0.51 ($0.82) $1.70 Excluding Special Items: ARO regulatory
Slide 17: 2023 GAAP to Non-GAAP Earnings Reconciliation
2023 GAAP to Non-GAAP Earnings Reconciliation Full Year 2023 (In $M, except per share amounts) Dx Int Tx Corp FE Cons 2023 Earnings (Loss) Attributable to FE Corp. from Continuing Operations (GAAP) $587 $300 $399 ($163) $1,123 2023 Earnings (Loss) Per Share from Continuing Operations $1.02 $0.52 $0.
Slide 18: 2022 GAAP to Non-GAAP Earnings Reconciliation
2022 GAAP to Non-GAAP Earnings Reconciliation (In $M, except per share amounts) FE Cons 2022 Earnings Attributable to FE Corp. from Continuing Operations (GAAP) $406 2022 Earnings Per Share from Continuing Operations $0.71 Excluding Special Items: Debt-related costs 0.25 Exit of generation 0.02 FE F
Slide 19: 2022-2024 Special Item Descriptions
2022-2024 Special Item Descriptions ▪ ARO regulatory change: Primarily related to increases in asset retirement obligations, primarily associated with the planned transfer of the McElroy’s Run coal ash disposal site to a third party and an estimate for new remediation obligations for various legacy
Slide 20: 2023-2024 GAAP to Non-GAAP Baseline O&M Reconciliations
2023-2024 GAAP to Non-GAAP Baseline O&M Reconciliations FirstEnergy Consolidated (In $M) 2023 2024 Other Operating Expenses (GAAP) (1) $3,594 $4,159 Excluding Special Items (pre-tax): ARO Regulatory Change - ($200) Enhanced Employee Retirement and Other Related Costs ($77) ($8) Investigation and Oth
Slide 21: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These sta
Slide 22: Non-GAAP Financial Matters
Non-GAAP Financial Matters This presentation contains references to certain financial measures including Baseline O&M, Core earnings per share (“Core EPS”) and Operating earnings per share (“Operating EPS”), as “non-GAAP financial measures,” which are not calculated in accordance with U.S. Generally