Slide 1: Focused on Our Future: 1Q 2026 Strategic & Financial Highlights
Focused on Our Future 1Q 2026 Strategic & Financial Highlights Published April 28, 2026
Slide 2: 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 subsidiaries. Such statements are s
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 ■ Strong 1st Quarter 2026 results and on track for a successful year ■ Reaffirming 2026 Core EPS(1) Guidance of $2.62-$2.82/sh ■ Reaffirming Long-Term Core EPS(1) CAGR near the top end of 6-8% (2026-2030) ■ Customer-focused strategy that aligns with key stakeholders an
Slide 5: 1st Quarter 2026 Earnings Summary
1st Quarter 2026 Earnings Summary Strong 1st Quarter performance, reflecting customer-focused investment plan and financial discipline 7.5% Core EPS growth ($0.01) $0.72 $0.70 $0.67 $0.01 $0.02 $0.05 $0.03 ($0.02) $0.62 Rates & Investments Rates & Investments Rates & Investments +$0.01 +$0.02 +$0.02
Slide 6: 2026 Financial Updates
2026 Financial Updates 2026 Financing Updates 1Q26 Key Financial Metrics • In March, Moody’s raised FE Corp.’s outlook to positive and affirmed Baa3 senior unsecured rating TTM FE Earned ROE: • Completed debut debt offering at FE PA of $850M 9.8% • Strong investor interest, with deal more than 5x ov
Slide 7: Regulatory Updates
Regulatory Updates West Virginia • Hearings scheduled for mid-July; expect regulatory approval in 2H 2026 CPCN Filing • Advancing key contracts for major equipment, EPC, and gas supply (1.2 GW Gas CCGT, 70 MW Solar) • Long-term financial plan to be updated following approval • Submitted pre-filing n
Slide 8: Solid Execution and Strong Start to 2026
Solid Execution and Strong Start to 2026 REAFFIRMING 2026 GUIDANCE Customer-focused investment plan $6.0B Investment Plan Strong financial $2.62-$2.82/sh discipline Core EPS(1) Guidance REAFFIRMING 2026-2030 PLAN Consistent regulatory 6-8% strategy Near the Top End of Core EPS(1) CAGR (2026-2030) We
Slide 9: Shareholder Value Proposition
Shareholder Value Proposition • $36B Customer-focused Investment Plan (2026-2030), driving 10% 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; Committ
Slide 10: Quarterly Support & GAAP to Non-GAAP Reconciliations
Quarterly Support & GAAP to Non-GAAP Reconciliations Quarterly Support GAAP to Non-GAAP Reconciliations (Slide) (Slide) 11. Significant Upside Opportunities 17. GAAP to Non-GAAP Earnings Reconciliations 12. 1Q26 Wires Sales Summary 18. Special Items Descriptions 13. Data Center Overview 19. 1st Quar
Slide 11: Significant Upside Opportunities
Significant Upside Opportunities ■ Substantial runway of investments in our system are needed to proactively address aging infrastructure well beyond our 5-year plan Transmission ■ Additional growth opportunities through future PJM Open Windows Ideally located within PJM ■ In February, filed a CPCN
Slide 12: Wires Sales Summary
Wires Sales Summary Actual Sales and Weather-Adjusted Sales (MWh in Actual Sales (MWh in Weather-Adjusted Sales thousands) thousands) 1Q25 1Q26 % Chg TTM 1Q25 TTM 1Q26 % Chg 1Q25 1Q26 % Chg TTM 1Q25 TTM 1Q26 % Chg Residential 15,491 15,596 0.7% 56,035 56,501 0.8% Residential 15,384 15,364 -0.1% 55,3
Slide 13: Data Center Overview
Data Center Overview Data Center Demand – By State (MW) 2026F 2031F 2035F Contracted 900 2,010 2,010 Potential OH Pipeline - 1,965 5,000 FE: Cumulative Data Center Demand Additions Total 900 3,975 7,005 (Not in Pipeline) Contracted 275 495 495 19,120 95 PA Pipeline - 1,350 2,700 Total 275 1,845 3,19
Slide 14: 2026 Regulatory Calendar
2026 Regulatory Calendar Select Proceedings Jurisdiction Regulatory Matter Key Dates ▪ Three-Year Rate Plan (TYRP) ▪ Submitted pre-filing notice on 4/22/26 and expect to file in May 2026, with new rates effective 7/1/27 Ohio ▪ Base Rate Case ▪ Order issued 11/19/25; PUCO issued entry on rehearing 2/
Slide 15: TTM Earned ROE Summary
TTM Earned ROE Summary TTM 3/31/26 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% 9.8% TTM Consolidated ROE MD (Dx) 9.5% in line with targeted ROE 2023A 2024A 2025A 3/31/26 MD (Tx) 10.45% of 9.5%-10% Equity Layer 52% 5
Slide 16: Credit Ratings
Credit Ratings As of April 28, 2026 Issuer Senior Secured Senior Unsecured Outlook Most Recent Ratings Changes As of 3/30/2026 S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch FirstEnergy Corp.* BBB+ Baa3 BBB BBB Baa3 BBB S P S ▪ On March 30, 2026, Moody’s changed Distribution
Slide 17: GAAP to Non-GAAP Earnings Reconciliations
GAAP to Non-GAAP Earnings Reconciliations 1Q26 and 1Q25 1Q26 Dx Int Tx Corp FE Cons Earnings (Loss) Attributable to FE Corp. (GAAP, $M) $246 $153 $91 ($85) $405 Earnings (Loss) Per Share $0.43 $0.26 $0.16 ($0.15) $0.70 Net Pension/OPEB credits (0.01) (0.01) - - (0.02) Investigation and other related
Slide 18: Special Items Descriptions
Special Items Descriptions 1Q26 and 1Q25 ■ Net Pension/OPEB credits: Reflects net periodic pension and OPEB benefit costs and credits, excluding amounts recovered through formula rates. ■ Investigation and other related costs: Primarily reflects legal and advisory expenses related to the government
Slide 19: 1st Quarter 2026 Earnings Results
1st Quarter 2026 Earnings Results (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 $ 1,950 $ 1,542 $ 509 $ 10 $ 4,011 $ — $ — $ — $ — $ — (2) Other 40 161 7 (17) 191 — — — — — (3) Total Revenues 1,990 1,703 516 (7)
Slide 20: 1st Quarter 2025 Earnings Results
1st Quarter 2025 Earnings Results (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 $ 1,896 $ 1,333 $ 486 $ 4 $ 3,719 $ — $ — $ — $ (5) (d) $ (5) (2) Other 40 16 5 (15) 46 — — — — — (3) Total Revenues 1,936 1,349 49