Firstenergy Corp. · NYSE:FE
Firstenergy — Investor Presentation (February 2026)
51 slides from Firstenergy's investor presentation, Feb 17, 2026
Slide 1: Focused on Our Future: Annual Investor FactBook
Focused on Our Future Annual Investor FactBook Published February 17, 2026
Slide 2: Table of Contents
Table of Contents Investor FactBook - Published Feb. 17, 20262 6 Stand-Alone Transmission Segment 36 - 43 4 Distribution Segment 25 - 29 5 Integrated Segment 30 - 35 7 Additional Information & IR Contacts 44 - 51 2 Financial Plan Overview 7 - 21 1 FirstEnergy Overview 3 - 6 Unless otherwise noted, a
Slide 3: FirstEnergy Overview
FirstEnergy Overview Investor FactBook - Published Feb. 17, 20263 As we execute safely, efficiently and with integrity, our customers, employees and investors thrive Regulated Fossil Generation plants Regulated Renewable Generation plants Constructive Regulatory Strategy with 75% of Investments in F
Slide 4: Shareholder Value Proposition
Shareholder Value Proposition Investor FactBook - Published Feb. 17, 20264 (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 51 for more information. Our diversified service territory, lo
Slide 5: Key 2026 Regulatory Strategies
Key 2026 Regulatory Strategies Investor FactBook - Published Feb. 17, 20265 Ohio Three-Year Rate Plan WV New Generation Base Rate Case Cadence ■ Expect to file in early 2Q26 for the July 2027 - June 2030 period ■ Attractive regulatory framework includes: – Reduced regulatory lag with 3- year forward
Slide 6: Continued Focus on Customer Affordability
Continued Focus on Customer Affordability Investor FactBook - Published Feb. 17, 20266 Average residential rates as of 1/1/2026, based on 1,000 kWh per month $58 $72 $84 $101 $54 $95 $50 $91 $25 $21 $12 $24 $19 $49 $4 $22 $95 $100 $107 $103 $135 $137 $113 $112 $178 $193 $203 $228 $208 $281 $167 $225
Slide 7: Financial Plan Overview
Financial Plan Overview Investor FactBook - Published Feb. 17, 20267 (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 51 for more information. See slides 47-48 for 2024-2025 GAAP to Non-
Slide 8: $36B Investment Plan, 75% Formula Rate Recovery
$36B Investment Plan, 75% Formula Rate Recovery Investor FactBook - Published Feb. 17, 2026 (Incl. $6.6B in Formula Rate Tx) Distribution, $10.3B, 28% Corp, $0.6B, 2% Integrated, $12.6B, 35% Stand-Alone Transmission, $12.7B, 35% Formula 75% Base 25% Corp/Other 2% Fossil Gx 1% Infrastructure Renewal
Slide 9: Investment Plan by Segment and Year (2026-2030)
Increasing investments over the planning horizon to enhance reliability and resiliency of the electric grid Formula Rate % $36B Investment Plan By Segment & Year (2026-2030) Investor FactBook - Published Feb. 17, 20269 100% of Capital Plan focused on improving customer reliability, resiliency of sys
Slide 10: FE-Owned Rate Base Summary
FE-Owned Rate Base Summary Investor FactBook - Published Feb. 17, 202610 Notes: Rate Base amounts exclude CWIP balances of ~$2B to ~$4B per year that earn AFUDC. Includes capital-like investments that earn a return. Rate Base amounts based on ratemaking view in each jurisdiction. Year-End for PA, NJ
Slide 11: 2026-2030 Core EPS
2026-2030 Core EPS(1) Investor FactBook - Published Feb. 17, 202611 (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 51 for more information. See slides 47-48 for 2024-2025 GAAP to Non-G
Slide 12: Dividend Overview
Dividend Overview Investor FactBook - Published Feb. 17, 202612 $1.60/sh $1.70/sh $1.78/sh $1.86/sh $2.20/sh $2.37/sh $2.55/sh $2.72/sh 2023A 2024A 2025A 2026F Annual Dividend Core EPS Annual Dividends Per Share (Declared) ■ Provided growth of 4.7% in 2025 – Declared Dividends of $1.78/sh vs $1.70/s
Slide 13: Load Forecast
Load Forecast Only includes active and contracted data center load Investor FactBook - Published Feb. 17, 2026 13 Industrial 37% Commercial 26% Residential 37% Balanced Customer Mix (2026F) 55.5 56.3 57.2 58.0 58.7 59.5 39.6 38.9 38.5 38.3 38.3 38.4 52.3 55.9 61.4 64.7 66.3 66.7 147.5 151.1 157.1 16
Slide 14: Data Center Overview
Data Center Overview Investor FactBook - Published Feb. 17, 202614 2 0 2 6 F 2 0 3 1 F 2 0 3 5 F 2,130 4,085 4,085 6,540 12,900 Contracted Pipeline 16,985 10,625 FE: Cumulative Data Center Demand We are uniquely positioned to take advantage of data center growth, both in our service territory and ac
Slide 15: Controlling Baseline O&M
Controlling Baseline O&M(1) Investor FactBook - Published Feb. 17, 202615 (1) See slide 49 for 2024-2025 GAAP to Non-GAAP Baseline O&M Reconciliation. (2) 2025A Baseline O&M excludes $40M of accelerated O&M from 2026 into 2025 for trend analysis and comparability. Including accelerated O&M, total wo
Slide 16: Earned ROE Summary
Earned ROE Summary Investor FactBook - Published Feb. 17, 202616 8.8% 9.4% 9.8% 2023A 2024A 2025A Improved Consolidated ROE reflects execution of regulated strategies, financial discipline, and impact of normal weather in 2025Equity Layer 52% 53% 53% Period-End Rate Base $26.3B $25.6B $27.8B FE Cons
Slide 17: 2026-2030 Financing Plan
2026-2030 Financing Plan Investor FactBook - Published Feb. 17, 202617 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 equity issuanc
Slide 18: Consolidated Long-Term Debt Maturities
Consolidated Long-Term Debt Maturities As of December 31, 2025 18 Investor FactBook - Published Feb. 17, 2026 3 0 0 1 ,2 0 0 1 ,1 0 0 4 0 0 2 7 5 6 0 0 1 2 5 6 5 0 3 0 0 5 2 5 1 0 0 1 5 0 1 0 0 3 7 5 5 0 5 0 2 5 0 4 5 0 1 0 0 5 5 5 2 5 0 5 0 0 5 7 5 4 0 0 7 0 0 7 0 0 3 0 0 6 0 0 2 0 0 1 4 5 1 5 5 4
Slide 19: Investment-Grade Credit Profile with Continued Positive Momentum
Investment-Grade Credit Profile with Continued Positive Momentum Investor FactBook - Published Feb. 17, 202619 Targeting ~14% FFO/Debt – Committed to achieving and maintaining BBB/Baa2 credit profile ▪ On December 23, 2025, S&P upgraded FirstEnergy Corp’s LT issuer rating to BBB+ from BBB. – S&P als
Slide 20: Pension/OPEB Summary
Pension/OPEB Summary ■ FE is the sponsor of the benefit plans for employees at FE’s subsidiaries ■ FE uses the Mark-to-Market (MTM) method for Pension/OPEB costs – Preferred method of accounting under GAAP; recognizes gains and losses in the year incurred, instead of being amortized over time – Each
Slide 21: 2026F Guidance Earnings Sensitivities
Sensitivity (+/-) Full-Year EPS Impact (+/-) Sales Residential 1% ~$0.03 Commercial 1% ~$0.01 Industrial 1% < $0.01 Weather HDD 75 HDD vs. normal (Dec-Mar) ~$0.01 CDD 25 CDD vs. normal (June-Sept) ~$0.01 ROE Distribution: OH PA 1% (100 bps) ~$0.04 ~$0.07 Integrated: NJ (Dx / Tx) WV/MD (Dx&Gx / Tx) 1
Slide 22: Near-Term Incremental Investment Opportunities
Near-Term Incremental Investment Opportunities Investor FactBook - Published Feb. 17, 202622 Transmission Investments WV Generation Getty Images FE Ideally Located for Incremental Investment Opportunities
Slide 23: FE Transmission System Ideally Situated
$5.4 $6.0 $6.8 $7.8 $8.6 $9.7 $2.2 $2.9 $3.4 $4.3 $5.2 $6.1 $7.6 $8.9 $10.2 $12.1 $13.8 $15.8 2025A 2026F 2027F 2028F 2029F 2030F Stand-Alone Tx Integrated Tx FE Transmission System Ideally Situated Investor FactBook - Published Feb. 17, 202623 Integrated Tx 21% Stand-Alone Tx 13% CAGRs (2026-2030)
Slide 24: MP and PE-WV CPCN and Siting Certificate Filing
MP and PE-WV CPCN and Siting Certificate Filing Filed 2/13/26 (Docket Number: 26-0108-E-CN) Investor FactBook - Published Feb. 17, 202624 (1) Class Level 4 Cost Estimate (2) Utility-scale solar to be located at the Davis, Wylie Ridge, and Valley Point locations (3) Based on 50% debt funding Key Stat
Slide 25: Distribution Segment Overview
Investor FactBook - Published Feb. 17, 202625 Modernizing and upgrading our system through increased investments to enhance the customer experience Providing safe, reliable and affordable energy every day Delivering Customer-Focused Growth and Enhancing Reliability 4M+ Customers 2 States $12.2B Rate
Slide 26: Distribution Investment Plan (2026-2030)
$621 $645 $725 $685 $710 $815 $999 $1,110 $1,505 $1,660 $1,220 $1,220 $1,620 $1,755 $2,230 $2,345 $1,930 $2,035 2025A 2026F 2027F 2028F 2029F 2030F Total PA OH Distribution Investment Plan (2026-2030) Investor FactBook - Published Feb. 17, 202626 $M OHIO $3.6B(1) PENNSLYVANIA $6.7B Total Investments
Slide 27: Distribution Rate Base
Distribution Rate Base Investor FactBook - Published Feb. 17, 202627 $4.2 $4.5 $4.9 $5.2 $5.6 $6.0 $6.9 $7.7 $8.8 $10.1 $10.8 $11.7 2025A 2026F 2027F 2028F 2029F 2030F PA OH $16.4B $17.7B $11.1B $15.3B $13.7B $12.2B Note: Rate Base amounts exclude CWIP balances of ~$0.6B to ~$0.9B per year that earn
Slide 28: Ohio Overview
Ohio Overview Torrence Hinton President of Ohio 100% of Investments expected to be recovered through formula rates under the Three-Year Rate Plan 2.2M CUSTOMERS Affordability Average Customer Bills, as of 1/1/2026 Governor Party Term Ends Michael DeWine R Jan. ‘27 PUCO Party Term Ends Jenifer French
Slide 29: Pennsylvania Overview
Pennsylvania Overview Recent/Planned Regulatory Proceedings • 2024 Base Rate Case: Successful implementation of $225M net revenue adjustment • Enhanced investment in field resources, vegetation management, and inspection and maintenance of overhead lines and transformers • Improved reliability exper
Slide 30: Integrated Segment Overview
Investor FactBook - Published Feb. 17, 202630 Modernizing and upgrading our system to support the energy transition Increasing investments to support infrastructure renewal and enhance system performance Providing safe, reliable and affordable energy every day Delivering Customer-Focused Growth and
Slide 31: Integrated Investment Plan (2026-2030)
Investment Plan Average (’26-’30) Integrated Investment Plan (2026-2030) Investor FactBook - Published Feb. 17, 202631 $M $700 $685 $705 $770 $720 $755 $505 $470 $510 $565 $570 $570 $546 $640 $590 $605 $665 $735 $330 $450 $580 $815 $590 $650 $1,246 $1,325 $1,295 $1,375 $1,385 $1,490 $835 $920 $1,090
Slide 32: Integrated Rate Base
Investor FactBook - Published Feb. 17, 202632 $B $3.7 $4.0 $4.4 $4.8 $5.1 $5.3 $4.3 $4.3 $4.6 $4.6 $4.6 $4.7 $1.4 $1.8 $2.1 $2.5 $2.9 $3.3 $0.8 $1.1 $1.3 $1.8 $2.3 $2.8 $5.1 $5.8 $6.5 $7.3 $8.0 $8.6 $5.1 $5.4 $5.9 $6.4 $6.9 $7.6 2025A 2026F 2027F 2028F 2029F 2030F 2025A 2026F 2027F 2028F 2029F 2030F
Slide 33: New Jersey Overview
New Jersey Overview Recent Regulatory Proceedings • NJ Investment Infrastructure Program (IIP) - EnergizeNJ • 3.5 year program (7/1/25-12/31/28) with estimated total costs of $339.1M, including $202.5M of IIP capital investments, $132M of matching capital investments and $4.6M of O&M expense • $202.
Slide 34: West Virginia & Maryland Overview
West Virginia & Maryland Overview Political Overview 40% 7% 53% Base Rates Dx/Gx Formula Tx Formula Investment Recovery Mechanisms Potomac Edison Mon Power INDUSTRIES SERVED: Chemical, Coal Mining, Non-Metallic Minerals, Plastics and Rubber Products, National Security, Crop Projection, Technical Ser
Slide 35: 2026 Existing WV Generation Overview (MP)
Investor FactBook - Published Feb. 17, 2026 Existing WV Generation Overview (MP) 35 Bath Co. (VA) Harrison Ft. Martin Rivesville Wylie Ridge Marlowe Davis Ft. Martin PJM Zone State Fuel Type Units Net Max Cap (MW) Year Plant Comm 2025 Output M MWH Bath Co. Dominion VA Hydro 6 487(1) 1985 0.7 Ft. Mar
Slide 36: Stand-Alone Transmission Segment Overview
Stand-Alone Transmission Segment Overview FET (ATSI, TrAILCo, MAIT), Joint Ventures, and KATCo 13% FE-Owned Rate Base Growth (2026-2030) Investor FactBook - Published Feb. 17, 202636 A premium business with a continued long-term pipeline of organic transmission investment opportunities and demonstra
Slide 37: Stand-Alone Transmission Investment Plan (2026-2030)
$777 $890 $920 $1,140 $1,130 $1,290 $799 $815 $945 $885 $1,070 $1,130 $56 $40 $50 $50 $55 $60 $133 $170 $195 $215 $280 $305 $125 $285 $610 $1,765 $1,930 $2,160 $2,415 $2,820 $3,395 2025A 2026F 2027F 2028F 2029F 2030F Total Joint Ventures KATCo TrAIL MAIT ATSI Stand-Alone Transmission Investment Plan
Slide 38: Stand-Alone Transmission Rate Base
Stand-Alone Transmission Rate Base Investor FactBook - Published Feb. 17, 2026 38 Note: Rate Base amounts are shown on an FE-Owned basis and represent a 13-month average. Prior disclosures used Year-End amounts. Rate Base amounts exclude CWIP balances of ~$1.1B to ~$1.3B per year that earn AFUDC. Jo
Slide 39: Stand-Alone Transmission Overview
Stand-Alone Transmission Overview Mark Mroczynski President of Transmission 100% FERC-regulated, forward-looking rates 9.88% -12.7% Allowed ROEs $6.0B FE-Owned Rate Base (2026F) Investor FactBook - Published Feb. 17, 202639 Political Overview FERC Party Term Ends Laura Swett (Chair) R Jun. ‘30 David
Slide 40: ATSI Overview
ATSI Overview Ownership: FE 50.1% / Brookfield 49.9% Investor FactBook - Published Feb. 17, 202640 69 kV 138 kV 345 kV Jurisdiction FERC Test year Forward-looking Term January-December Filing month October True-up mechanism Yes (1) ROE previously 10.38% and is subject to ongoing litigation re: Trans
Slide 41: MAIT Overview
MAIT Overview Ownership: FE 67% / Brookfield 33% Investor FactBook - Published Feb. 17, 202641 Jurisdiction FERC Test year Forward-looking Term January-December Filing month October True-up mechanism Yes 138 kV 230 kV 345 kV 500 kV46 kV 69 kV 115 kV FE Utility Service Territory 10.3% Allowed ROE $3.
Slide 42: TrAILCo Overview
TrAILCo Overview Ownership: FE 50.1% / Brookfield 49.9% Investor FactBook - Published Feb. 17, 202642 12.7% 11.7% Allowed ROE $1.4B ($0.7B) Total Rate Base (FE-Owned) 40% / 60% Capital structure (Debt / Equity) (TrAIL the Line & Black Oak SVC) (All other projects) Jurisdiction FERC Test year Forward
Slide 43: KATCo Overview
KATCo Overview 100% FE Ownership Investor FactBook - Published Feb. 17, 202643 Jurisdiction FERC Test year Forward-looking Term January-December Filing month October True-up mechanism Yes 345 kV 500 kV 138 kV115 kV 230 kV FE Utility Service Territory 10.45% Allowed ROE $0.6B FE-Owned Rate Base 51% /
Slide 44: Additional Information & Investor Relations Contacts
Investor FactBook - Published Feb. 17, 202644 Keep and Update Additional Information & Investor Relations Contacts Retail Shareholder Inquires Shareholder Services: Equiniti Trust Company, LLC (formerly known as American Stock Transfer & Trust Company, LLC) FirstEnergy@equiniti.com 1.800.736.3402 Ka
Slide 45: Industry Awards & Recognition
Industry Awards & Recognition Investor FactBook - Published Feb. 17, 202645 Recognized in 2025 by the ROW Stewardship Council as a fully accredited ROW Utility Steward Awarded Military Friendly Employer, Company, Spouse Employer, and Supply Chain by Military Friendly Survey Designated a Compliance L
Slide 46: Commonly Used Terms & Acronyms
Commonly Used Terms & Acronyms Investor FactBook - Published Feb. 17, 202646 AFUDC Allowance for Funds Used During Construction kV Kilovolt AMI Advanced Metering Infrastructure kWh Kilowatt-hour BGS Basic Generation Service LTIIP Long-Term Infrastructure Improvement Plan Brookfield North American Tr
Slide 47: GAAP to Non-GAAP Earnings Reconciliations 2025 and 2024
GAAP to Non-GAAP Earnings Reconciliations 2025 and 2024 Investor FactBook - Published Feb. 17, 202647 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 effect wa
Slide 48: 2024-2025 Special Item Descriptions
2024-2025 Special Item Descriptions Investor FactBook - Published Feb. 17, 202648 ■ 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 rates. ■ Si
Slide 49: GAAP to Non-GAAP Baseline O&M Reconciliations 2025 and 2024
GAAP to Non-GAAP Baseline O&M Reconciliations 2025 and 2024 Investor FactBook - Published Feb. 17, 202649 (1) As reported in the Consolidated Statement of Income (2) See slides 47-48 for additional information on special items (3) Primarily represents PJM Network Transmission Expense and ancillary c
Slide 50: Forward-Looking Statements
50 Forward-Looking Statements This FactBook 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 subsidiaries. Such statements are su
Slide 51: Non-GAAP Financial Matters
Non-GAAP Financial Matters 51 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. Genera