Slide 1: Focused on Our Future: 4Q 2025 Strategic & Financial Highlights
Focused on Our Future 4Q 2025 Strategic & Financial Highlights Published February 17, 2026
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 3 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 ex
Slide 4: Key Takeaways for Today's Call
Key Takeaways for Today’s Call Strategic & Financial Highlights - February 17, 20264 ■ 2025 Significant Milestones ➢ Strong 2025 financial performance across all key metrics ➢ Received constructive outcome in our 2024 OH base rate case ➢ Received upgrade from S&P on FirstEnergy Corp’s senior unsecur
Slide 5: Performance Overview 2024 vs. 2025
GAAP EPS Core EPS $1.70 $2.37 $1.77 $2.55 Performance Overview 5 2024 vs. 2025 Financial Results (1) Basic Earnings Per Share Attributable to FE Corp. (2) See slides 24-27 for reconciliations between GAAP and Core EPS (Non-GAAP). Please see slide 3 for more information. Delivered strong results in 2
Slide 6: 2026-2030 Financial Plan Overview
Strategic & Financial Highlights - February 17, 20266 2026-2030 Financial Plan Overview (1) With respect to Core EPS guidance, the Company is unable to reconcile this forward-looking non-GAAP information without unreasonable efforts. Please see slide 3 for more information. See slides 24-27 for 2024
Slide 7: WV Generation Opportunity
WV Generation Opportunity Strategic & Financial Highlights - February 17, 20267 ▪ Filed Certificate of Public Convenience and Necessity (CPCN) to self-build and operate 1,200 MW combined cycle gas turbine (CCGT) generating facility ▪ Located in Maidsville, WV ▪ Total investment of $2.5B vs. WV 2026F
Slide 8: Transmission investment opportunity
Strategic & Financial Highlights - February 17, 20268 ▪ FE Transmission operations include ~24,000 line miles, ideally located in the middle of PJM, and among the largest in PJM – Interconnected with a broad number of utilities – Several strategic high-voltage corridors that are vital to the regiona
Slide 9: Commitment to Affordability
Commitment to Affordability Strategic & Financial Highlights - February 17, 20269 ■ FE average bill comprised of Gx (60%) and T&D (32%) – Tx (8%) and Dx (24%), with state pass-through programs (8%) ■ FE bill(1) ~20% below in-state peers / 2.5% share of wallet – Expect bills to remain below in-state
Slide 10: Well-Positioned for Growth in 2026 and Beyond
Well-Positioned for Growth in 2026 and Beyond ■ Confident in our plan and the management team’s ability to deliver on our commitments ■ Our strong execution throughout 2025 demonstrated our ability to deliver results and we are focused on continuing that momentum as we move forward ■ We enter 2026 w
Slide 11: Strong 2025 Financial Performance
Strong 2025 Financial Performance Strategic & Financial Highlights - February 17, 2026 We remain focused on strong financial discipline and meeting or exceeding our commitments to investors Key Metric 2025 vs. Plan vs. 2024 Core EPS $2.55 Base O&M(1,2) $1,387M Investment Plan $5.6B Cash from Operati
Slide 12: 2026 Regulatory Calendar
2026 Regulatory Calendar Strategic & Financial Highlights - February 17, 202612 WV Generation Filing made on February 13, 2026; requesting accelerated approval, which is expected in 2H 2026 Requested cash recovery of financing costs based on precedent Filed with DOE for low-interest loan under the E
Slide 13: 2026-2030 Investment Plan
2026-2030 Investment Plan Strategic & Financial Highlights - February 17, 202613 (Incl. $6.6B in Formula Rate Tx) 47% State Regulated 53% FERC Regulated Distribution, $10.3B, 28% Corp, $0.6B, 2% Integrated, $12.6B, 35% Stand-Alone Transmission, $12.7B, 35% $36B 2026-2030 Investment Plan (Includes $6
Slide 14: 2026-2030 Core EPS
2026-2030 Core EPS(1) Strategic & Financial Highlights - February 17, 202614 (1) With respect to Core EPS guidance, the Company is unable to reconcile this forward-looking non-GAAP information without unreasonable efforts. Please see slide 3 for more information. See slides 24-27 for reconciliations
Slide 15: 2026-2030 Financing Plan
2026-2030 Financing Plan Strategic & Financial Highlights - February 17, 202615 2026-2030 Financing Plan supports $36B investment plan and BBB/Baa2 credit profile ~65% of Investment Plan funded by Cash from Operations ~$3B annually of incremental debt to fund investment plan Avg. annual common equit
Slide 16: Shareholder Value Proposition
Shareholder Value Proposition Strategic & Financial Highlights - February 17, 202616 (1) With respect to Core EPS guidance, the Company is unable to reconcile this forward-looking non-GAAP information without unreasonable efforts. Please see slide 3 for more information. Our diversified service terr
Slide 17: Quarterly Support & GAAP to Non-GAAP Reconciliations
Quarterly Support & GAAP to Non-GAAP Reconciliations Strategic & Financial Highlights - February 17, 2026 18. 2025 Earnings Summary 19. TTM Earned ROE Summary 20. Wires Sales Summary 21. Data Center Overview 22. 2025 Regulatory Calendar 23. Credit Ratings Summary Quarterly Support (Slide) 17 See YE2
Slide 18: 2025 Earnings Summary
18 2025 Earnings Summary $0.67 $1.70 $2.37 $0.23 ($0.04) $0.04 ($0.05) 2024 GAAP EPS Special Items 2024 Core EPS Distribution Integrated Stand-Alone Transmission Corp / Other $2.55 ($0.78) $1.77 2025 Core EPS Special Items 2025 GAAP EPS Dx $1.08 Int $0.93 Tx $0.51 Corp ($0.82) Formula Investments +$
Slide 19: TTM Earned ROE Summary
TTM Earned ROE Summary TTM 12/31/25 Strategic & Financial Highlights - February 17, 202619 10.45% 11.7% 10.3% 9.88% 10.45% 9.5% 9.8% 10.2% 9.6% 10.05% 9.63% KATCo TrAILCo MAIT ATSI MD (Tx) MD (Dx) WV NJ (Tx) NJ (Dx) PA OH Allowed ROE by Jurisdiction(1) (1) See Slides 25-43 of the Investor FactBook (
Slide 20: Wires Sales Summary
Wires Sales Summary Actual Sales and Weather-Adjusted Sales Strategic & Financial Highlights - February 17, 202620 (1) Commercial includes street lighting (MWh in thousands) Actual Sales 4Q24 4Q25 % Chg FY 2024 FY 2025 % Chg Residential 12,593 13,501 7.2% 54,631 56,397 3.2% Commercial(1) 9,314 9,709
Slide 21: Data Center Overview
Data Center Overview Strategic & Financial Highlights - February 17, 202621 (1) Based on current average of completed study estimates for projects in pipeline (2) Represents 2025 Detailed Load Studies (DLS) / Conceptual Load Studies (CLS) greater than 500 MWs, not contracted or included in FE pipeli
Slide 22: 2025 Regulatory Calendar Select Proceedings
2025 Regulatory Calendar Select Proceedings Strategic & Financial Highlights - February 17, 202622 Jurisdiction Regulatory Matter Key Dates Ohio ▪ Base Rate Case ▪ HB6 Related Investigations ▪ Order issued 11/19/25; Applications for rehearing filed 12/19/25; PUCO Entry 1/7/26 granting additional 90
Slide 23: Credit Ratings
Credit Ratings As of February 17, 2026 Strategic & Financial Highlights - February 17, 202623 ▪ On December 23, 2025, S&P upgraded FirstEnergy Corp’s LT issuer rating to BBB+ from BBB. – S&P also upgraded all subsidiaries one notch, excluding Toledo Edison (TE), Mon Power (MP) and Potomac Edison (PE
Slide 24: GAAP to Non-GAAP Earnings Reconciliations 2025 and 2024
GAAP to Non-GAAP Earnings Reconciliations 2025 and 2024 Strategic & Financial Highlights - February 17, 2026 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 deferred income tax ef
Slide 25: Special Items Descriptions 2025 and 2024
Special Items Descriptions 2025 and 2024 Strategic & Financial Highlights - February 17, 2026 ■ Net Pension/OPEB charges (credits): Reflects net periodic pension and OPEB benefit costs and credits, including the pension/OPEB mark-to-market adjustments, and excluding amounts recovered through formula
Slide 26: Full Year 2025 Earnings Results
Full Year 2025 Earnings Results Strategic & Financial Highlights - February 17, 202626 (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 $ 7,387 $ 5,620 $ 1,886 $ 18 $14,911 $ 11 (f) $ (1) (a) $ — $ (21) (h) $ (11)
Slide 27: Full Year 2024 Earnings Results
Full Year 2024 Earnings Results Strategic & Financial Highlights - February 17, 202627 (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 $ 6,703 $ 4,815 $ 1,768 $ 9 $13,295 $ — $ (2) (a) $ 41 (a)(h) $ (11) (i) $ 28
Slide 28: GAAP to Non-GAAP Baseline O&M Reconciliations
GAAP to Non-GAAP Baseline O&M Reconciliations 2025 and 2024 Strategic & Financial Highlights - February 17, 202628 (1) As reported in the Consolidated Statement of Income (2) See slides 24-25 for additional information on special items (3) Primarily represents PJM Network Transmission Expense and an