Slide 1: Focused on Our Future: 2Q 2025 Strategic & Financial Highlights
Focused on Our Future 2Q 2025 Strategic & Financial Highlights Published July 30, 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 Strategic & Financial Highlights - Published July 30, 20253 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
Slide 4: Key Takeaways for Today's Call
Key Takeaways for Today’s Call Strategic & Financial Highlights - Published July 30, 20254 ■ Strong first half 2025 financial performance across all key metrics ➢ Core EPS | Investment Plan | Baseline O&M | Cash from Operations ■ Reaffirming 2025 Core EPS guidance and 6-8% Core EPS CAGR from 2025-20
Slide 5: Financial Overview
$0.08 $0.51 $1.0 $0.46 $0.52 $1.4 GAAP EPS Core EPS Investments ($B) Financial Overview Strategic & Financial Highlights - Published July 30, 20255 Highlights Financial Results 2Q25 Core EPS of $0.52/sh vs. 2Q24 of $0.51/sh, on track to deliver results in upper half of the range (1) Basic Earnings P
Slide 6: Significant Investments Across PA with Potential Upside
Significant Investments Across PA with Potential Upside Strategic & Financial Highlights - Published July 30, 20256 ▪ FE PA is the largest electric utility in the Commonwealth(1) ▪ Including our transmission operations in PA, we are investing $15B from 2025-2029, including nearly $10B in capital inv
Slide 7: Ideally Situated for Data Center Growth
Ideally Situated for Data Center Growth Strategic & Financial Highlights - Published July 30, 20257 2,695 3,235 2,955 11,130 2025F 2026F 2027F 2028F 2029F Beyond 2029F Pipeline Contracted 5,650 14,365 MW Contracted represents a contract to construct facilities as outlined in the construction agreeme
Slide 8: Ideally Situated for Transmission Growth Opportunities
Strategic & Financial Highlights - Published July 30, 20258 ▪ Our Transmission operations include ~24,000 line miles and is among the largest in PJM o Our $28B Base Investment Plan (2025-2029) includes $14B+ of Transmission investments and drives ~15% Rate Base growth ▪ Our system is ideally located
Slide 9: Regulatory and Legislative Updates
Regulatory and Legislative Updates Strategic & Financial Highlights - Published July 30, 20259 WV IRP Preparing to file our 10-year Integrated Resource Plan by October 1st Expect filing to include an updated state load forecast and our recommendations to address generation requirements WV’s fully in
Slide 10: Strong Outlook for Growth
Strong Outlook for Growth ■ Reaffirming 2025 Core EPS guidance range of $2.40-$2.60/sh – On track to deliver results in upper half of the range ■ Reaffirming 6-8% Core EPS CAGR (2025-2029) – Reaffirming 2025-2029 base investment plan of $28B and 9% Rate Base growth, with no incremental equity needs
Slide 11: 2Q 2025 Earnings Summary
2Q 2025 Earnings Summary Strategic & Financial Highlights - Published July 30, 2025 $0.43 $0.08 $0.51 $0.06 $0.00 -$0.01 -$0.04 2Q24 GAAP EPS Special Items 2Q24 Core EPS Distribution Integrated Stand-Alone Transmission Corp / Other $0.52 -$0.06 $0.46 2Q25 Core EPS Special Items 2Q25 GAAP EPS Dx $0.1
Slide 12: YTD 2025 Earnings Summary
YTD 2025 Earnings Summary Strategic & Financial Highlights - Published July 30, 2025 $0.48 $0.52 $1.00 $0.16 $0.10 -$0.05 -$0.02 YTD24 GAAP EPS Special Items YTD24 Core EPS Distribution Integrated Stand-Alone Transmission Corp / Other $1.19 -$0.10 $1.09 YTD25 Core EPS Special Items YTD25 GAAP EPS Dx
Slide 13: Executing on Our 2025 Plan
Executing on Our 2025 Plan ■ Through 2Q25, completed 6 of 8 planned subsidiary debt transactions, totaling $1.6B at an average interest rate of 5% ■ In June 2025, FE opportunistically executed $2.5B convertible debt offering at a ~3.75% weighted average coupon – Transaction reduces FE’s 2026 financi
Slide 14: Delivering Strong 2025 Financial Performance on Key Metrics
Delivering Strong 2025 Financial Performance on Key Metrics Strategic & Financial Highlights - Published July 30, 2025 We are delivering on our commitments and remain focused on strong financial discipline Key Metric 2Q25 vs. Plan vs. 2Q24 YTD25 vs. Plan vs. YTD24 Core EPS $0.52 $1.19 Investment Pla
Slide 15: Shareholder Value Proposition
Shareholder Value Proposition Strategic & Financial Highlights - Published July 30, 202515 (1) Please see slide 3 for more information. • Targeting ~14%+ FFO/Debt • Committed to achieving and maintaining BBB credit profile • Focus on Continuous Improvement and managing O&M expenses • Attractive tota
Slide 16: Quarterly Support & GAAP to Non-GAAP Reconciliations
Quarterly Support & GAAP to Non-GAAP Reconciliations Strategic & Financial Highlights - Published July 30, 2025 17. Regulatory Calendar 18. TTM Earned ROE Summary 19. Ohio Regulatory Framework 20. Data Center Growth 21. Wires Sales Summary 22. Credit Ratings Summary Quarterly Support (Slide) 16 See
Slide 17: Regulatory Calendar
Jurisdiction Regulatory Matter Key Dates Ohio ▪ Base Rate Case ▪ HB6 Related Investigations ▪ Filed base rate request on 5/31/24 and 2-month update on 7/31/24; Staff and Audit reports filed 2/21/25; Updated request to $183M on 3/24/25 which included withdrawal of ESP V-related proposals; Hearings he
Slide 18: TTM Earned ROEs Summary
TTM Earned ROEs Summary TTM 6/30/25 Strategic & Financial Highlights - Published July 30, 202518 8.8% 9.4% 9.7% 2023A 2024A TTM 2Q25 TTM Consolidated ROE in line with targeted ROE of 9.5%-10% Segment Legend Stand-Alone Tx Integrated Distribution Equity Layer 52% 53% 53% Period-End Rate Base $26.3B $
Slide 19: Ohio Regulatory Framework
Ohio Regulatory Framework Transition to HB15 Legislation Strategic & Financial Highlights - Published July 30, 202519 Ratemaking Provision Pre-HB15 HB15 Distribution Riders Yes, authorized in ESPs No Base Rates Test Year One year Partial historic / Partial forecast 3-year forward-looking forecast Ye
Slide 20: Wires Sales Summary
Wires Sales Summary Actual Sales and Weather-Adjusted Sales (1) Commercial includes street lighting Strategic & Financial Highlights - Published July 30, 202520 (MWh in thousands) Actual Sales 2Q24 2Q25 % Chg TTM 2Q24 TTM 2Q25 % Chg Residential 12,536 11,957 -4.6% 54,064 55,456 2.6% Commercial(1) 9,
Slide 21: Credit Ratings
▪ 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. Credit Ratings As of July 30, 2025 Strategic & Financial Highlights - Published July 30, 2025 Mo
Slide 22: GAAP to Non-GAAP Earnings Reconciliations 2Q 2025 and 2Q 2024
GAAP to Non-GAAP Earnings Reconciliations 2Q 2025 and 2Q 2024 Strategic & Financial Highlights - Published July 30, 2025 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 i
Slide 23: GAAP to Non-GAAP Earnings Reconciliations YTD 2025 and YTD 2024
GAAP to Non-GAAP Earnings Reconciliations YTD 2025 and YTD 2024 Strategic & Financial Highlights - Published July 30, 2025 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
Slide 24: Special Items Descriptions
Special Items Descriptions YTD 2025 and YTD 2024 Strategic & Financial Highlights - Published July 30, 2025 ■ 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 equit
Slide 25: 2Q 2025 Earnings Results
2Q 2025 Earnings Results Strategic & Financial Highlights - Published July 30, 2025 2nd Quarter 2025 (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) $
Slide 26: 2Q 2024 Earnings Results
2Q 2024 Earnings Results Strategic & Financial Highlights - Published July 30, 2025 2nd Quarter 2024 (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 $ 1,610 $ 1,162 $ 463 $ 1 $ 3,236 $ — $ — $ — $ — $ — (2)
Slide 27: YTD 2025 Earnings Results
YTD 2025 Earnings Results Strategic & Financial Highlights - Published July 30, 2025 YTD June 2025 (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)
Slide 28: YTD 2024 Earnings Results
YTD 2024 Earnings Results Strategic & Financial Highlights - Published July 30, 2025 YTD June 2024 (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 $ 3,335 $ 2,244 $ 897 $ 4 $ 6,480 $ — $ — $ — $ — $ — (2) Other 80
Slide 29: GAAP to Non-GAAP Baseline O&M Reconciliations
GAAP to Non-GAAP Baseline O&M Reconciliations Strategic & Financial Highlights - Published July 30, 202529 (1) As reported in the Consolidated Statement of Income (2) See slides 22-28 for additional information on special items (3) Primarily represents PJM Network Transmission Expense and ancillary