Firstenergy Corp. · NYSE:FE
Firstenergy — Q3 2026 Earnings Presentation
25 slides from Firstenergy's earnings presentation, Oct 27, 2026
Slide 1: Focused on Our Future: 3Q 2026 Strategic & Financial Highlights
Focused on Our Future 3Q 2026 Strategic & Financial Highlights Published October 27, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements based on information currently available to management unless the context requires otherwise, references to “we,” “us,” “our” and “FirstEnergy” refers to FirstEnergy Corp. and its subsidiaries. Such statements are subje
Slide 3: Non-GAAP Financial Matters
Non-GAAP Financial Matters This presentation contains references to certain financial measures, including 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 exclude the impact
Slide 4: Key Takeaways for Today's Call
Key Takeaways for Today’s Call ■ YTD Core EPS of $2.20 – 9% above 2025 ➢ Advancing key regulatory strategies ■ Reaffirming 2026 Core EPS(1) Guidance range of $2.62-$2.82, at or slightly above midpoint ■ Reaffirming Long-Term Core EPS(1) CAGR near the top end of 6-8% (2026-2030) ➢ Actively pursuing n
Slide 5: WV Generation Investment Opportunities
WV Generation Investment Opportunities WV Maidsville ■ Expect approval of CPCN in 4Q26 to build CCGT ■ Advancing negotiations with a data center customer to generating facility serve as the long-term off-taker of the plant’s output – Agreement expected to include significant benefits for existing ■
Slide 6: Incremental Transmission Investment Opportunities
Incremental Transmission Investment Opportunities Transmission ■ Transmission remains core to our investment strategy ■ Uniquely located in the heart of PJM ■ Our transmission network is positioned to serve as a critical backbone for future load growth, reliability, and regional economic development
Slide 7: 3rd Quarter 2026 Earnings Summary
3rd Quarter 2026 Earnings Summary FE Core EPS Revenue* O&M/Other OpEx Financing & Other Drivers +$0.07 +$0.04 +$0.04 * Includes Rates & Investments + Customer Demand $0.98 $0.96 $0.04 -$0.06 $0.10 -$0.02 $0.07 $0.83 $0.07 $0.76 Rates & Investments Rates & Investments Rates & Investments +$0.01 +$0.0
Slide 8: YTD 2026 Earnings Summary
YTD 2026 Earnings Summary FE Core EPS Revenue* O&M/Other OpEx Drivers +$0.17 +$0.01 * Includes Rates & Investments + Customer Demand 9% Core EPS growth $2.20 $2.16 $0.17 $2.02 $0.04 $0.05 -$0.01 $0.10 -$0.04 $1.85 Rates & Investments Rates & Investments Rates & Investments +$0.03 +$0.04 +$0.07 Custo
Slide 9: 2026 Key Financial Updates
2026 Key Financial Updates Key Financial Metrics Key Highlights TTM FE Earned ROE: Strong YTD26 results reinforce our confidence In line with targeted returns 9.5% in the path ahead YTD 2026 Investments: Strong capital deployment Higher investments in 2026 driven by reliability, $4.9B resulted in 23
Slide 10: Regulatory Updates
Regulatory Updates NEW JERSEY MARYLAND WEST VIRGINIA Base Rate Case Base Rate Case Inflation and Investment Adj. • Filed on August 6, 2026 • Filed on September 4, 2026 • Received approval on July 31, – 12-month test year ending 6/30/26 – 12-month test year ending 3/31/26 2026 • ~$1B increase in Rate
Slide 11: Long-Term Financial Plan Updates
Long-Term Financial Plan Updates February 2026 4Q 2026 February 2027 2026-2030 2026-2030 2027-2031 Timeframe Base Plan with Maidsville Base Plan Investment Plan $36B ▪ Expect to update plan shortly ▪ Expect to roll forward plan with after receiving Maidsville order comprehensive update ▪ Incremental
Slide 12: Shareholder Value Proposition
Shareholder Value Proposition • $36B Customer-focused Investment Plan (2026-2030), driving 10.4% Rate Base CAGR – 75% of projected investments in formula-rate recovery, reducing regulatory lag • Expect to deliver near the top end of 6-8% Core EPS(1) CAGR through 2030 • Targeting ~14% FFO/Debt; Commi
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. Data Center Overview 19. 3Q26 & 3Q25 GAAP to Non-GAAP Earnings Reconciliations 15. Wires Sales Summary 20. YTD26 & YTD25 GAAP to Non-GAAP Earnings Reconciliations 16. 2026 Regu
Slide 14: Data Center Overview
Data Center Overview Data Center Demand – By State Potential FE: Cumulative Data Center Demand (MW) 2026F 2031F 2036F Additions Contracted 900 2,420 2,570 (Not in Pipeline) Contracted Demand Total Demand OH Pipeline - 1,515 6,790 7.9 GW 27 GW Total 900 3,935 9,360 117 GW Contracted 275 2,010 2,010 N
Slide 15: Wires Sales Summary
Wires Sales Summary Actual Sales and Weather-Adjusted Sales (MWh in Actual Sales (MWh in Weather-Adjusted Sales thousands) thousands) 3Q25 3Q26 % Chg TTM25 TTM26 % Chg 3Q25 3Q26 % Chg TTM25 TTM26 % Chg Residential 15,448 15,597 1.0% 55,488 56,385 1.6% Residential 15,295 15,206 -0.6% 55,397 55,367 -0
Slide 16: 2026 Regulatory Calendar
2026 Regulatory Calendar Select Proceedings Jurisdiction Regulatory Matter Key Dates ▪ Three-Year Rate Plan (TYRP) ▪ Application filed 5/22/26 and deemed complete 7/1/26; PUCO Staff Report due by 11/30/26; PUCO Staff testimony Ohio due 2/22/27; Evidentiary hearings commence 3/1/27 ▪ Data Center Tari
Slide 17: TTM Earned ROE Summary
TTM Earned ROE Summary TTM 9/30/26 Allowed ROE by Jurisdiction(1) (2) OH 9.63% (3) PA 10.05% FE Consolidated ROEs NJ (Dx) 9.6% NJ (Tx) 10.2% WV 9.8% 8.8% 9.4% 9.8% 9.5% TTM Consolidated ROE MD (Dx) 9.5% in line with targeted ROE 2023A 2024A 2025A 9/30/26 MD (Tx) 10.45% of 9.5%-10% Equity Layer 52% 5
Slide 18: Credit Ratings
Credit Ratings As of October 27, 2026 Most Recent Ratings Changes Issuer Senior Secured Senior Unsecured Outlook S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch ▪ On September 15, 2026, Fitch affirmed the ratings of FirstEnergy Corp. (FE) and FirstEnergy Corp.* BBB+ Baa3 BBB
Slide 19: GAAP to Non-GAAP Earnings Reconciliations (3Q26 and 3Q25)
GAAP to Non-GAAP Earnings Reconciliations 3Q26 and 3Q25 3Q26 Dx Int SAT Corp FE Cons Earnings (Loss) Attributable to FE Corp. (GAAP, $M) $284 $205 $85 ($17) $557 Earnings (Loss) Per Share $0.49 $0.35 $0.15 ($0.03) $0.96 Net Pension/OPEB credits (0.01) (0.01) - - (0.02) Investigation and other relate
Slide 20: GAAP to Non-GAAP Earnings Reconciliations (YTD)
GAAP to Non-GAAP Earnings Reconciliations YTD 2026 and YTD 2025 YTD 2026 Dx Int SAT Corp FE Cons Earnings (Loss) Attributable to FE Corp. (GAAP, $M) $673 $481 $273 ($177) $1,250 Earnings (Loss) Per Share $1.16 $0.83 $0.47 ($0.30) $2.16 Net Pension/OPEB credits (0.03) (0.04) - - (0.07) ARO regulatory
Slide 21: Special Items Descriptions
Special Items Descriptions YTD 2026 and YTD 2025 ■ Net Pension/OPEB credits: Reflects net periodic pension and OPEB benefit costs and credits, excluding amounts recovered through formula rates. ■ ARO regulatory change: Related to changes in asset retirement obligations, primarily associated with cha
Slide 22: 3rd Quarter 2026 Earnings Results
3rd Quarter 2026 Earnings Results (in millions, except for per share amounts) GAAP Special Items Core Dx Int SAT Corp FE Dx Int SAT Corp FE Dx Int SAT Corp FE (1) Electric sales $ 2,214 $ 1,784 $ 496 $ 8 $ 4,502 $ — $ — $ — $ — $ — (2) Other 39 26 5 (15) 55 — — — — — (3) Total Revenues 2,253 1,810 5
Slide 23: 3rd Quarter 2025 Earnings Results
3rd Quarter 2025 Earnings Results (in millions, except for per share amounts) GAAP Special Items Core Dx Int SAT Corp FE Dx Int SAT Corp FE Dx Int SAT Corp FE (1) Electric sales $ 1,977 $ 1,640 $ 483 $ 4 $ 4,104 $ 11 (e) $ — $ — $ (5) (g) $ 6 (2) Other 43 13 5 (17) 44 — — — — — (3) Total Revenues 2,
Slide 24: YTD 2026 Earnings Results
YTD 2026 Earnings Results (in millions, except for per share amounts) GAAP Special Items Core Dx Int SAT Corp FE Dx Int SAT Corp FE Dx Int SAT Corp FE (1) Electric $ 5,843 $ 4,713 $ 1,542 $ 22 $12,120 $ — $ — $ — $ — $ — (2) Other 114 234 19 (50) 317 — — — — — (3) Total Revenues 5,957 4,947 1,561 (2
Slide 25: YTD 2025 Earnings Results
YTD 2025 Earnings Results (in millions, except for per share amounts) GAAP Special Items Core Dx Int SAT Corp FE Dx Int SAT Corp FE Dx Int SAT Corp FE (1) Electric $ 5,508 $ 4,228 $ 1,420 $ 12 $11,168 $ 11 (f) $ — $ — $ (14) (h) $ (3) (2) Other 123 35 15 (48) 125 — — — — — (3) Total Revenues 5,631 4