Slide 1: Focused on Our Future: 3Q 2025 Strategic & Financial Highlights
Focused on Our Future 3Q 2025 Strategic & Financial Highlights Published October 22, 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 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 excl
Slide 4: Key Takeaways for Today's Call
Key Takeaways for Today’s Call ■ Strong YTD financial performance across all key metrics ➢ Core EPS | Investment Plan | Baseline O&M | Cash from Operations ■ Increasing FY 2025 Core EPS Guidance and Investment Plan ➢ Raising 2025 Core EPS guidance midpoint and narrowing range to $2.50-$2.56/sh from
Slide 5: Financial Overview
Financial Overview Financial Results Highlights 2024 2025 3rd Quarter $1.6 3Q25 Core EPS of $0.83/sh vs. 3Q24 of $0.76/sh, 9% growth $1.2 reflects customer-focused formula-rate investments and new PA rates $0.73 $0.76 $0.76 $0.83 YTD25 Core EPS of $2.02/sh vs. YTD24 of $1.76/sh, 15% growth (1) (2) r
Slide 6: Ideally Situated for Data Center Growth
Ideally Situated for Data Center Growth FE’s total peak demand PJM’s total peak demand FE: Cumulative Data Center Demand expected to increase expected to increase nearly 50% by 2035 ~30% by 2035 Contracted Pipeline 15,450 48.5 209.9 9,575 15.0 47.5 6,400 11,675 5,935 33.5 162.4 162.4 3,165 3,235 3,6
Slide 7: West Virginia Integrated Resource Plan
West Virginia Integrated Resource Plan ■ Filed WV IRP on October 1st , 2025 Preferred Plan ■ Projected to be short capacity needs beginning in 2027 Accessible Flexible Affordable Resilient ■ Plan to build 1,200 MWs of CCGT and 70 MWs of Solar ■ Expect to file with WVPSC for approval in 2026 2027 202
Slide 8: Incremental Investment Opportunities
Incremental Investment Opportunities Transmission WV Generation ▪ Focused on ensuring our critical infrastructure is resilient and reliable, especially ▪ Focused on delivering reliable and as demand is projected to increase cost-effective energy to our WV ▪ Continued participation in PJM Open Window
Slide 9: Commitment to Affordability
Commitment to Affordability Average Customer Bills (1) Average Bill (1) by Component FE WV Average Bill (1) Average Non-FE Bills (For FE’s deregulated states: OH, PA, NJ, MD) (Fully Integrated) $183 FE Below 5% 10% 25% 22% 31% $166 Peer Avg 278 225 +16% $138 $137 215 $112 187 175 $97 193 208 177 156
Slide 10: Strong Outlook for Growth
Strong Outlook for Growth ■ Raising 2025 Core EPS guidance midpoint and narrowing range to Balanced Jurisdictions $2.50-$2.56/sh from $2.40-$2.60/sh 2025F FE-Owned Rate Base ($B, year-end) Integrated ■ Increasing 2025 Investment Plan by 10% to $5.5B from $5.0B ■ Reaffirming 6-8% Core EPS CAGR (2025-
Slide 11: 3Q 2025 Earnings Summary
FE Earnings Drivers Summary 3Q 2025 Earnings Summary New PA Rates(1), higher base revenues partially offset by higher approved expenses Formula Investments, in Integrated and Stand-Alone Transmission segments Higher O&M, primarily from increased maintenance work accelerated from future years Strong
Slide 12: YTD 2025 Earnings Summary
FE Earnings Drivers Summary New Base Rates(1) and Formula Investments, from execution of our regulated strategies YTD 2025 Earnings Summary Higher customer demand Lower O&M/Other OpEx, from continuous improvement initiatives net of increased maintenance work accelerated from future years Strong YTD
Slide 13: Executing on Our 2025 Plan
Executing on Our 2025 Plan ■ Strong customer-focused capital deployment with YTD25 Investments of $4B, ~30% above YTD24 Investment – YTD25 Total Transmission investments of $1.9B, 35% above YTD24 Plan ■ Increasing 2025 Investment plan from $5.0B to $5.5B, with over half of increase in Transmission O
Slide 14: Delivering Strong 2025 Financial Performance on Key Metrics
Delivering Strong 2025 Financial Performance on Key Metrics vs. vs. Key Metric YTD25 Plan YTD24 Core EPS $2.02 + + Investment Plan $4.0B + + Baseline O&M(1) $1,026M + Cash from Operations $2.6B + + In line + Favorable - Unfavorable We are delivering on our commitments and remain focused on stron
Slide 15: Shareholder Value Proposition
Shareholder Value Proposition 2025-2029 Base Financial Plan • Targeting ~14%+ FFO/Debt • 6-8% Core EPS(1) CAGR Strong • Committed to achieving and Growth Financial maintaining BBB credit profile • $28B Base Investment Plan • 9% Rate Base CAGR (FE-Owned) Outlook S • EM Discipline • Focus on Continuou
Slide 16: Quarterly Support & GAAP to Non-GAAP Reconciliations
Quarterly Support & GAAP to Non-GAAP Reconciliations Quarterly Support GAAP to Non-GAAP Reconciliations (Slide) (Slide) 17. Regulatory Calendar 21. 3rd Quarter GAAP to Non-GAAP Earnings Reconciliations 18. TTM Earned ROE Summary 22. YTD GAAP to Non-GAAP Earnings Reconciliations 19. Wires Sales Summa
Slide 17: 2025 Regulatory Calendar
2025 Regulatory Calendar Select Proceedings Jurisdiction Regulatory Matter Key Dates ▪ Base Rate Case ▪ 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; H
Slide 18: TTM Earned ROEs Summary
TTM Earned ROEs Summary TTM 9/30/25 TTM Earned ROE Details(1) (2) FE Consolidated ROEs KATCo 10.45% FET(2) 10.4% 10.1% 8.8% 9.4% TTM Consolidated ROE MD 8.2% in line with targeted 2023A 2024A TTM 3Q25 WV 8.4% ROE of 9.5%-10% Equity Layer 52% 53% 53% Period-End Rate Base $26.3B $25.6B $27.1B NJ 8.4%
Slide 19: Wires Sales Summary
Wires Sales Summary Actual Sales and Weather-Adjusted Sales (MWh in Actual Sales (MWh in Weather-Adjusted Sales thousands) thousands) 3Q24 3Q25 % Chg TTM 3Q24 TTM 3Q25 % Chg 3Q24 3Q25 % Chg TTM 3Q24 TTM 3Q25 % Chg Residential 15,415 15,448 0.2% 54,525 55,488 1.8% Residential 15,078 15,295 1.4% 55,60
Slide 20: Credit Ratings
Credit Ratings As of October 22, 2025 Issuer Senior Secured Senior Unsecured Outlook As of 9/23/25 S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch * BBB Baa3 BBB BBB- Baa3 BBB P S S FirstEnergy Corp. Most Recent Ratings Changes Distribution Segment FirstEnergy Pennsylvania El
Slide 21: GAAP to Non-GAAP Earnings Reconciliations
GAAP to Non-GAAP Earnings Reconciliations 3Q 2025 and 3Q 2024 3Q 2025 Dx Int Tx Corp FE Cons Earnings (Loss) Attributable to FE Corp. (GAAP, $M) $230 $183 $122 ($94) $441 Earnings (Loss) Per Share $0.40 $0.32 $0.21 ($0.17) $0.76 Net Pension/OPEB credits - (0.01) - - (0.01) Investigation and other re
Slide 22: GAAP to Non-GAAP Earnings Reconciliations
GAAP to Non-GAAP Earnings Reconciliations YTD 2025 and YTD 2024 YTD 2025 Dx Int Tx Corp FE Cons Earnings (Loss) Attributable to FE Corp. (GAAP, $M) $609 $435 $278 ($253) $1,069 Earnings (Loss) Per Share $1.05 $0.75 $0.48 ($0.43) $1.85 Net Pension/OPEB credits (0.01) (0.03) - - (0.04) Debt-related co
Slide 23: Special Items Descriptions
Special Items Descriptions YTD 2025 and YTD 2024 ■ 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 equity earnings related to FirstEnergy’s 33% interest in Signal
Slide 24: 3Q 2025 Earnings Results
3Q 2025 Earnings Results 3rd 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 $ 1,977 $ 1,640 $ 483 $ 4 $ 4,104 $ 11 (e) $ — $ — $ (5) (g) $ 6 (2) Other 43 13 5 (17) 44 — — — — — (3) Total Revenu
Slide 25: 3Q 2024 Earnings Results
3Q 2024 Earnings Results 3rd 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 $ 1,775 $ 1,432 $ 470 $ 2 $ 3,679 $ — $ — $ — $ — $ — (2) Other 42 20 5 (17) 50 — — — — — (3) Total Revenues 1,817 1,
Slide 26: YTD 2025 Earnings Results
YTD 2025 Earnings Results YTD September 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 $ 5,508 $ 4,228 $ 1,420 $ 12 $11,168 $ 11 (f) $ — $ — $ (14) (h) $ (3) (2) Other 123 35 15 (48) 125 — — — — — (3) Total
Slide 27: YTD 2024 Earnings Results
YTD 2024 Earnings Results YTD September 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 $ 5,110 $ 3,676 $ 1,367 $ 6 $10,159 $ — $ — $ — $ — $ — (2) Other 122 49 14 (48) 137 — — — — — (3) Total Revenues 5,232
Slide 28: GAAP to Non-GAAP Baseline O&M Reconciliations
GAAP to Non-GAAP Baseline O&M Reconciliations FirstEnergy Consolidated ($M) YTD 2025 YTD 2024 Other Operating Expenses (GAAP) (1) $3,005 $3,275 Excluding Special Items (pre-tax): Net Pension/OPEB Credits (40) (50) ARO Regulatory Charges 1 (208) Enhanced Employee Retirement and Other Related Costs -