Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 26, 2025

Commission

Registrant; State of Incorporation;

I.R.S. Employer

File Number

Address; and Telephone Number

Identification No.

333-21011

FIRSTENERGY CORP

34-1843785

(An

Ohio

Corporation)

76 South Main Street

Akron

44308

Telephone

(800)

736-3402

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.10 par value per share

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On February 26, 2025, FirstEnergy Corp. (“FirstEnergy” or the “Company”) issued a press release (the “Release”) announcing its financial results for the three months and full year ended December 31, 2024, providing earnings guidance for full year ended December 31, 2025, and introducing a compound annual growth rate through the Company’s five-year planning period. A copy of the Release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The Company has presented certain financial information in accordance with U.S. generally accepted accounting principles (“GAAP”) and also on a non-GAAP basis. Management uses these non-GAAP financial measures to evaluate the Company’s and its segments’ performance and manage its operations and frequently references these non-GAAP financial measures in its decision-making, using them to facilitate historical and ongoing performance comparisons. Management believes that the non-GAAP financial measures included in Exhibit 99.1, as well as Exhibits 99.2 and 99.3, referenced below, provide consistent and comparable measures of performance of its businesses on an ongoing basis. Management also believes that such measures are useful to other interested parties to understand performance trends and evaluate the Company against its peer group by presenting period-over-period operating results without the effect of certain adjustments that may not be consistent or comparable across periods or across the Company’s peer group. The Company has provided, where possible without unreasonable effort, quantitative reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the tables on page 5 of the Release.

The information set forth in and incorporated into this Item 2.02 of this Current Report on Form 8-K is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure

In connection with the Release, the Company also made available FirstEnergy’s 4Q 2024 Strategic and Financial Highlights (the “Highlights”) and latest annual investor FactBook (the “FactBook”), which are attached as Exhibit 99.2 and Exhibit 99.3, respectively, to this Current Report on Form 8-K and incorporated herein by reference. The Highlights and FactBook are available on the Company’s website, located at investors.firstenergycorp.com. Website addresses are included as inactive textual references only. Information on the Company’s website is not, and will not be deemed to be, a part of this Current Report on Form 8-K or incorporated into any other filings the Company may make with the Securities and Exchange Commission. Important information may be disseminated initially or exclusively via the Company’s Investor Relations website; investors should consult the site to access this information.

The information set forth in and incorporated into this Item 7.01 of this Current Report on Form 8-K is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing. The furnishing of this Item 7.01 of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits


Exhibit No.						Description
99.1						Press Release issued by FirstEnergy Corp., dated February 26, 2025
99.2						4Q 2024 Strategic and Financial Highlights, dated February 26, 2025
99.3						Annual FactBook, dated February 26, 2025
104						Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

Forward-Looking Statements: This Form 8-K includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 and settlements with the U.S. Attorney’s Office for the Southern District of Ohio and the Securities and Exchange Commission (“SEC”); the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio’s 133rd General Assembly (“HB 6”) and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters, which may result in increased storm restoration expenses and negatively affect future operating results; the potential liabilities and increased costs arising from regulatory actions or outcomes in response to severe weather conditions and other natural disasters; legislative and regulatory developments, and executive orders, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security, climate change. and diversity, equity and inclusion; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to meet our goals relating to climate-related and environmental, social and governance matters, opportunities improvements, and efficiencies, including our greenhouse gas (“GHG”) reduction goals; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, strengthening our balance sheet and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the legacy coal combustion residual rules that were finalized during 2024; changes to environmental laws and regulations, including, but not limited to, rules finalized by the Environmental Protection Agency and the SEC, including those currently stayed, related to climate change; and potential changes to such laws and regulations as a result of the new U.S. presidential administration; changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, emerging technology, particularly with respect to electrification and new data centers, energy storage and distributed sources of generation; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions, and the loss of our status as a well-known seasoned issuer; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, generation resource planning, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings and potential changes to such laws and regulations as a result of the new U.S. presidential administration; and the risks and other factors discussed from time to time in our SEC filings. Dividends declared from time to time on our common stock during any period may in the aggregate vary from prior periods due to circumstances considered by the FE Board at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.’s Form 10-K, Form 10-Q and in FirstEnergy's other filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

February 26, 2025


			FIRSTENERGY CORP.
			Registrant


By:			/s/ Jason J. Lisowski
			Jason J. Lisowski Vice President, Controller and Chief Accounting Officer

Exhibit 99.1


FirstEnergy Corp.						For Release: February 26, 2025
76 South Main Street
Akron, Ohio 44308
www.firstenergycorp.com


News Media Contact:						Investor Contact:
Tricia Ingraham						Karen Sagot
(330) 384-5247						(330) 761-4286

FirstEnergy Announces Fourth Quarter and Full Year 2024 Financial Results

Reports full year 2024 GAAP earnings of $1.70 per share and Operating (non-GAAP) earnings of $2.63 per share, within guidance range

Customer-focused capital investments of $4.5 billion in 2024 to improve grid reliability and resiliency and support the energy transition represent a 20% increase over 2023

Expands Energize365 capital investment program through 2029 with planned capital investments of $28 billion, an 8% increase from previous five-year plan, resulting in anticipated 9% rate base growth

Introduces 2025 Core (non-GAAP) earnings guidance and a targeted 6-8% compound annual Core earnings growth rate through the five-year planning period

AKRON, Ohio – FirstEnergy Corp. (NYSE: FE) today reported full year 2024 GAAP earnings from continuing operations of $978 million, or $1.70 per basic and diluted share, on revenue of $13.5 billion. This compares to 2023 GAAP earnings from continuing operations of $1,123 million, or $1.96 per basic and diluted share, on revenue of $12.9 billion. GAAP results for both periods reflect the impact of special items listed below. Operating (non-GAAP) earnings* were $2.63 per share in 2024, within the company’s guidance range. In 2023, Operating (non-GAAP) earnings were $2.56 per share.

“In 2024, we implemented tremendous structural change to position FirstEnergy for long-term success as a premier electric company,” said Brian X. Tierney, FirstEnergy Board Chair, President and Chief Executive Officer. “We redesigned our operating model to better support the impactful work we do at the local level and assembled a strong and experienced leadership team charged with delivering superior service to our 6 million customers. We also

put the power of our stronger financial position behind a comprehensive capital plan that can capture the immense opportunities to address customers’ needs, now and in the future.

“In addition, we completed rate reviews and formula rate filings for 83% of our rate base since 2023 and resolved several legacy issues,” Tierney continued. “Together, these milestones represent a multi-year transformation that strengthened FirstEnergy’s foundation, improved our financial profile and significantly derisked our business.

“During this time, the underlying fundamentals of our core business have improved significantly. We believe, however, that investors have not fully appreciated our success because of the volatility in our unregulated legacy investment in Signal Peak, which has experienced sharp declines, and the mark-to-market impacts from the company’s pension plan,” he said.

“To provide investors with more information about the performance of our regulated operations, this year we will begin measuring our annual growth rate based on Core earnings,” Tierney said. “This non-GAAP metric includes our four business segments: Distribution, Integrated, Stand-Alone Transmission and Corporate, but excludes special items and the income from our non-core, legacy investment in the Signal Peak coal mine and net periodic pension income.”

Core (non-GAAP) earnings* were $2.37 per share in 2024, an 8% increase from $2.20 per share in 2023. In 2022, Core (non-GAAP) earnings were $1.78 per share. A reconciliation of GAAP to non-GAAP earnings is noted in the table below and is also available in the company’s Strategic and Financial Highlights document, available online at www.firstenergycorp.com/ir.

FirstEnergy is introducing a 2025 Core earnings guidance range of $1.4 billion to $1.5 billion, or $2.40 to $2.60 per share, representing 5.5% growth (at the midpoint) compared to 2024 Core earnings, and is introducing a targeted 6-8% compounded annual growth rate for Core earnings through the five-year planning period.

FirstEnergy’s growth is supported by Energize365, a systemwide capital investment program introduced one year ago that is focused on enhancing system reliability and resilience,

preparing for demand growth and improving the customer experience while maintaining a strong affordability position. In 2024, FirstEnergy invested $4.5 billion in its system through Energize365, surpassing its 2023 investment level by 20%. The company expects to invest $5.0 billion on behalf of its customers in 2025 through the Energize365 program.

Today, FirstEnergy is extending Energize365 through 2029 with a base investment plan of $28 billion, an increase of 8% compared to the 2024-2028 program. This base plan is not expected to require the issuance of incremental equity beyond the company’s employee benefits programs. The company is committed to its investment-grade credit ratings and will consider a broad range of financing options should the base plan grow.

Fourth Quarter Results

Fourth quarter 2024 GAAP earnings from continuing operations were $261 million, or $0.45 per basic and diluted share, on revenue of $3.2 billion. This compares to fourth quarter 2023 GAAP earnings from continuing operations of $175 million, or $0.30 per basic and diluted share, on revenue of $3.2 billion. Results for both periods include the special items listed below. Operating (non-GAAP) earnings* were $0.67 per share in the fourth quarter of 2024, within the company’s guidance range. Operating (non-GAAP) earnings in the fourth quarter of 2023 were $0.62 per share.

Core (non-GAAP) earnings were $0.61 per share in the fourth quarter of 2024, compared to $0.52 per share in the fourth quarter of 2023.

Fourth quarter 2024 earnings benefited from rate base growth in the company’s distribution and transmission formula rate programs, higher revenue resulting from base rate case orders and lower operating expenses. These were partially offset by a higher effective tax rate and lower Ohio distribution revenues resulting from the ESP V order.

Total distribution deliveries were essentially unchanged compared to the fourth quarter of 2023. The impact of weather was relatively flat compared to the fourth quarter of 2023 but heating degree days were 10% below normal, which negatively impacted results in the fourth quarter of 2024.

Fourth quarter 2024 earnings in the Distribution segment increased compared to the fourth quarter of 2023. Lower operating expenses were partially offset by lower revenues resulting from the impact of Ohio ESP V, which was effective June 1, 2024.

In the Integrated segment, fourth quarter earnings increased compared to the fourth quarter of 2023, primarily reflecting the implementation of new distribution base rates, distribution and formula-rate transmission investment programs, and lower operating expenses and financing costs.

In the Stand-Alone Transmission segment, fourth quarter 2024 earnings increased by 12% resulting from rate base growth of 10%, but this was more than offset by the dilution from the incremental 30% interest sale of FirstEnergy Transmission (FET) to Brookfield, which closed in March of 2024.

Fourth quarter 2024 results decreased in Corporate/Other as lower income tax benefits were partially offset by lower interest costs associated with holding company debt redemptions.

Full Year Results

Full-year 2024 earnings reflect continued growth from the company’s regulated investment strategy including the impact of new base rates and formula investment programs. Results also benefited from increased customer demand, primarily due to higher weather-related deliveries. These factors more than offset the impact of higher storm restoration and planned operating expenses, the dilutive effect of the FET equity interest sale and lower revenues in Ohio resulting from the ESP V order.

Heating degree days in 2024 were 15% below normal and slightly below 2023, while cooling degree days were 15% above normal and 37% above 2023. This contributed to a 2.8% increase in total distribution deliveries in 2024 as compared to 2023. On a weather-adjusted basis, load was flat compared to 2023, comprising slight decreases in residential and commercial sales, and stronger industrial demand.


	Consolidated GAAP Earnings Per Share from Continuing Operations (EPS) to Operating and Core (Non-GAAP) EPS Reconciliation

		Three Months Ended Dec 31,		Year Ended Dec 31,
		2024	2023	2024	2023	2022
Earnings Attributable to FirstEnergy Corp. from Continuing Operations (GAAP) - $M		$261	$175	$978	$1,123	$406
Basic – Continuing Operations EPS (GAAP)		$0.45	$0.30	$1.70	$1.96	$0.71
Excluding Special Items:
	Asset retirement obligation regulatory change	(0.01)	—	0.27	—	—
	Debt-related costs	—	—	0.12	0.05	0.25
	Enhanced employee retirement and other related costs	—	0.03	0.01	0.13	—
	Exit of generation	—	—	—	0.02	0.02
	FE Forward cost to achieve	—	0.01	0.10	0.09	0.03
	Investigation and other related costs	0.04	0.03	0.13	0.10	0.08
	Pension/OPEB mark-to-market and other charges	0.07	0.12	0.07	0.05	(0.13)
	Regulatory charges	0.06	0.02	0.09	0.05	0.21
	State tax legislative changes	—	—	—	—	0.01
	Strategic transaction charges	0.06	0.11	0.14	0.11	1.23
	Total Special Items	0.22	0.32	0.93	0.60	1.70
Operating EPS (Non-GAAP)		$0.67	$0.62	$2.63	$2.56	$2.41
	Signal Peak	(0.01)	(0.06)	(0.13)	(0.24)	(0.23)
	Net Pension/OPEB credits	(0.05)	(0.04)	(0.13)	(0.12)	(0.40)
Core EPS (Non-GAAP)		$0.61	$0.52	$2.37	$2.20	$1.78

Per share amounts for the special items, Signal Peak and Net Pension/OPEB credits adjustments 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 was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rate ranges from 21% to 29%. Basic EPS from Continuing Operations (GAAP), Operating EPS (non-GAAP) and Core EPS (non-GAAP) are based on 576 million shares for the fourth quarter of 2024, 575 million shares for the full year 2024, 574 million shares for the fourth quarter of 2023, 573 million shares for the full year 2023 and 571 million for the full year 2022.

Non-GAAP Financial Measures

*We refer to certain financial measures, including Core earnings (non-GAAP) per share (“Core EPS”) and Operating earnings (non-GAAP) per share (“Operating EPS”), as “non-GAAP financial measures,” which are not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and exclude the impact of “special items” from earnings attributable to FirstEnergy Corp. from continuing operations for Operating EPS, as reflected in the table above. Core EPS further excludes from Operating EPS the earnings contribution of Signal Peak and net periodic pension and other postemployment benefits (“OPEB”) credits, other than the mark-to-market adjustment and other related charges, which are already excluded as special items. Operating EPS and Core EPS also exclude the impact of Discontinued Operations. Operating EPS and Core EPS are based on the weighted average number of common shares outstanding in the respective period.

Management uses these non-GAAP financial measures to evaluate the company’s and its segments’ performance and manage its operations and frequently references these non-GAAP financial measures in its decision-making, using them to facilitate historical and ongoing performance comparisons. Management believes that the non-GAAP financial measures of Operating earnings (loss), Operating EPS, including by segment, and Core EPS, provide consistent and comparable measures of performance of its businesses on an ongoing basis. Management also believes that such measures are useful to shareholders and other interested parties to understand performance

trends and evaluate the company against its peer group by presenting period-over-period operating results without the effect of certain special items, the earnings contribution of Signal Peak and Net Pension/OPEB credits, that may not be consistent or comparable across periods or across the company’s peer group. These non-GAAP financial measures are intended to complement, and are not considered as alternatives to, the most directly comparable GAAP financial measures, which for Operating EPS and Core EPS is EPS attributable to FirstEnergy Corp. from Continuing Operations (GAAP), as reconciled in the above table. Also, such non-GAAP financial measures may not be comparable to similarly titled measures used by other entities.

Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in evaluating the company’s ongoing core activities and results of operations or otherwise warrant separate classification. Special Items for the period can be found in more detail in the Company’s Strategic and Financial Highlights, available at www.firstenergycorp.com/ir.

Forward-Looking Non-GAAP Measures

A quantitative reconciliation of forward-looking non-GAAP measures, including 2025 Core earnings and compound annual Core earnings growth projections, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Specifically, management cannot, without unreasonable effort, predict the impact of these special items in the context of Core earnings guidance and compound annual Core EPS growth rate projections because these items, which could be significant, are difficult to predict and may be highly variable. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. Forward-looking statements, including these special items, are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth under “Forward-Looking Statements,” below.

Investor Materials and Teleconference

FirstEnergy’s Strategic and Financial Highlights presentation is posted on the company’s Investor Information website – www.firstenergycorp.com/ir. It can be accessed through the Fourth Quarter 2024 Financial Results link. Important information may be disseminated initially or exclusively via the company’s Investor Information website; investors should consult the site to access this information.

The company invites investors, customers and other interested parties to listen to a live webcast of its teleconference for financial analysts and view presentation slides at 8:00 a.m. EST tomorrow. FirstEnergy management will present an overview of the company’s financial results followed by a question-and-answer session. The teleconference and presentation can be accessed on the Investor Information website by selecting the Fourth Quarter 2024 Earnings Webcast link. The webcast and presentation will be archived on the website.

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation's largest investor-owned electric systems, serving more than six million customers in Ohio, Pennsylvania, New Jersey, West

Virginia, Maryland and New York. The company’s transmission subsidiaries operate more than 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on X @FirstEnergyCorp.

Forward-Looking Statements: This news release includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 and settlements with the U.S. Attorney’s Office for the Southern District of Ohio and the Securities and Exchange Commission (“SEC”); the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio’s 133rd General Assembly (“HB 6”) and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters, which may result in increased storm restoration expenses and negatively affect future operating results; the potential liabilities and increased costs arising from regulatory actions or outcomes in response to severe weather conditions and other natural disasters; legislative and regulatory developments, and executive orders, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security, climate change. and diversity, equity and inclusion; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to meet our goals relating to climate-related and environmental, social and governance matters, opportunities improvements, and efficiencies, including our greenhouse gas (“GHG”) reduction goals; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, strengthening our balance sheet and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the legacy coal combustion residual rules that were finalized during 2024; changes to environmental laws and regulations, including, but not limited to, rules finalized by the Environmental Protection Agency and the SEC, including those currently stayed, related to climate change; and potential changes to such laws and regulations as a result of the new U.S. presidential administration; changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, emerging technology, particularly with respect to electrification and new data centers, energy storage and distributed sources of generation; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions, and the loss of our status as a well-known seasoned issuer; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, generation resource planning, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings and potential changes to such laws and regulations as a result of the new U.S. presidential administration; and the risks and other factors discussed from time to time in our SEC filings. Dividends declared from time to time on our common stock during any period may in the aggregate vary from prior periods due to circumstances considered by the FE Board at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency.

Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.’s Form 10-K, Form 10-Q and in FirstEnergy's other filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.

(022625)

Focused on Our Future 4Q 2024 Strategic & Financial Highlights Published February 26, 2025

Forward-Looking Statements This presentation includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 and settlements with the U.S. Attorney’s Office for the Southern District of Ohio and the Securities and Exchange Commission (“SEC”); the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio’s 133rd General Assembly (“HB 6”) and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters, which may result in increased storm restoration expenses and negatively affect future operating results; the potential liabilities and increased costs arising from regulatory actions or outcomes in response to severe weather conditions and other natural disasters; legislative and regulatory developments, and executive orders, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security, climate change. and diversity, equity and inclusion; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to meet our goals relating to climate-related and environmental, social and governance matters, opportunities improvements, and efficiencies, including our greenhouse gas (“GHG”) reduction goals; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, strengthening our balance sheet and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the legacy coal combustion residual rules that were finalized during 2024; changes to environmental laws and regulations, including, but not limited to, rules finalized by the Environmental Protection Agency and the SEC, including those currently stayed, related to climate change; and potential changes to such laws and regulations as a result of the new U.S. presidential administration; changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, emerging technology, particularly with respect to electrification and new data centers, energy storage and distributed sources of generation; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions, and the loss of our status as a well-known seasoned issuer; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, generation resource planning, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings and potential changes to such laws and regulations as a result of the new U.S. presidential administration; and the risks and other factors discussed from time to time in our SEC filings. Dividends declared from time to time on our common stock during any period may in the aggregate vary from prior periods due to circumstances considered by the FE Board at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.’s Form 10-K, Form 10-Q and in FirstEnergy's other filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise. Strategic & Financial Highlights - Published Feb. 26, 20252

Non-GAAP Financial Matters Strategic & Financial Highlights - Published Feb. 26, 20253 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. Generally Accepted Accounting Principles (“GAAP”) and exclude the impact of “special items,” from earnings attributable to FirstEnergy Corp. from continuing operations for Operating EPS. Core EPS further excludes from Operating EPS the earnings contribution of Signal Peak and net periodic pension and other post- employment benefits (“OPEB”) credits, other than the mark-to-market adjustment and other related charges, which are already excluded as special items. Core EPS and Operating EPS also exclude the impact of Discontinued Operations. Management uses these non-GAAP financial measures to evaluate the company’s and its segments’ performance and manage its operations and references these non-GAAP financial measures in its decision-making, using them to facilitate historical and ongoing performance comparisons. Management believes that the non-GAAP financial measures of Core EPS and Operating EPS, including by segment, provide consistent and comparable measures of performance of its businesses on an ongoing basis. Management also believes that such measures are useful to shareholders and other interested parties to understand performance trends and evaluate the company against its peer group by presenting period-over-period operating results, excluding the impacts described above, that may not be consistent or comparable across periods or across the company’s peer group. These non-GAAP financial measures are intended to complement, and are not considered as alternatives to, the most directly comparable GAAP financial measures, which for Operating EPS and Core EPS is EPS attributable to FirstEnergy Corp. from Continuing Operations (GAAP), as reconciled. Also, such non-GAAP financial measures may not be comparable to similarly titled measures used by other entities. Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in evaluating the company’s ongoing core activities and results of operations or otherwise warrant separate classification. Operating EPS and Core EPS are calculated based on the weighted average number of common shares outstanding in the respective period. A reconciliation of forward-looking non-GAAP measures, including 2025 Core EPS and Core EPS compound annual growth rate projections, to the most directly comparable GAAP measures is not provided because comparable GAAP measures are not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Specifically, management cannot, without unreasonable effort, predict the impact of these special items in the context of Core EPS guidance, or Core EPS growth rate projections forecasts because these items, which could be significant, are difficult to predict and may be highly variable. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These special items are uncertain, depend on various factors and may have a material impact on our future GAAP results.

Focus of Today’s Call Strategic & Financial Highlights - Published Feb. 26, 2025 Brian X. Tierney – President, Chief Executive Officer, and Board Chair K. Jon Taylor – Senior Vice President, Chief Financial Officer ■ Review of 2024 financial performance, key milestones, and regulatory activity ■ Introducing new Core EPS measure to highlight quality growth from our regulated businesses ■ Outlook for 2025 and beyond ■ Review of our shareholder value proposition ■ Additional detail on 2024 financial performance and regulatory activity ■ Update on 2025-2029 Financial plan ■ Overview of 2025 Earnings Guidance 4

2024 Highlights Financial Overview 2023 vs 2024 Results Delivered 2024 Operating EPS of $2.63, $0.07 above FY 2023 results and within the revised guidance range of $2.61-$2.71, despite lower Q4 customer demand (1) Basic Earnings Per Share from Continuing Operations (2) See slides 24-30 for reconciliations between GAAP and Non-GAAP earnings. Please see slide 3 for more information. Strategic & Financial Highlights - Published Feb. 26, 2025 2023 2024 In December, declared dividend of $0.425/sh, for total declared dividends of $1.70/sh in 2024 vs. $1.60/sh in 2023, a 6% increase Executed 2024 Investment plan of $4.5B, ~20% increase vs. 2023 ($3.7B) and ~5% increase vs. original 2024 Plan ($4.3B) (1) 5 2024 Baseline O&M(2) of $1.28B, flat to 2023, despite significantly higher non-deferred storm costs Proud of the progress we made in 2024 to derisk our business and build a leadership team and culture focused on continuous improvement $1.96 $2.56 $1.70 $2.63 GAAP EPS Operating EPS (2) $3.7 $4.5 Capital Investments ($B)

2024 Milestones Strategic & Financial Highlights - Published Feb. 26, 20256 Regulatory Success 83% of Rate Base reviewed with constructive outcomes through base rate cases or formula rates since 4Q23 Investment Plan approvals: PA LTIIP III, OH Grid Mod II, NJ EE&C, representing $2.8B of investments included in plan Financial Foundation Closed 30% FET Sale as final phase of $7B in equity proceeds Investment-grade at FE Corp. and all subsidiaries at all three rating agencies Strengthened balance sheet drives robust $28B Energize365 investment plan Refreshed Organization Implemented new operating model with decision-making closer to the customer Enhanced leadership team to build a high-performance culture; placed 24 individuals at the VP level & above (including new hires and internal promotions) Financial & Risk Profile De-risked pension through a 2nd lift-out transaction completed in January ‘25 Continued dividend growth: 2024 declarations of $1.70/share, +6% vs. 2023 Positive regulatory jurisdictions with improved earned return on equity

Strategic & Financial Highlights - Published Feb. 26, 20257 2025 Regulatory Overview See 2025 Regulatory Calendar on slide 19 and Regulatory Corner section of our IR website for additional details Ohio Base Rate Case Independent audit report and Staff report filed on February 21 Plan to update pending base rate case filing in 1Q25 to align with our ESP VI Base rate case includes modest request to support recovery of investments, while keeping customer rates affordable Ohio Electric Security Plan (ESP) PUCO approved withdrawal of ESP V in December ‘24 and reverted to ESP IV on February 1 Filed ESP VI on January 31 addressing riders for the full term of the ESP supporting significant capital investments tied to reliability performance NJ & WV Updates Working towards settlement of EnergizeNJ infrastructure investment program Plan to file WV IRP in December to address future regulated generation options to best serve customers energy needs

Highlighting FirstEnergy’s Core Earnings Growth Strategic & Financial Highlights - Published Feb. 26, 20258 $1.78 $0.63 $2.41 $2.20 $0.36 $2.56 $2.37 $0.26 $2.63 Core EPS +24% -43% ▪ Beginning in 2025 we will provide Core earnings (1) guidance – Core EPS consists of Operating earnings for our Distribution, Integrated and Stand-Alone Transmission business segments and Corporate operations, excluding Signal Peak and net Pension/OPEB credits – Signal Peak subject to volatility in New Castle coal prices and other environmental and operational risks – Net Pension/OPEB credits subject to mark-to-market accounting ▪ This approach highlights the strong growth of our core business, resulting in: – More predictable results for investors – More insight into our high-quality earnings, driven by regulated investments +8% -28% (1) See slides 24-26 for GAAP to Non-GAAP reconciliations. Please see slide 3 for more information. 2022 2023 20242022 2023 20242022 2023 2024 Pension + Signal Peak Operating EPS

Strategic & Financial Highlights - Published Feb. 26, 20259 2025-2029 Financial Guidance Overview 2025-2029 GUIDANCE 2025 GUIDANCE 9% Rate Base Growth (2025-2029 CAGR) 6-8% Core EPS Growth(1) (2025-2029 CAGR) 60-70% Targeted Dividend Payout Ratio of Core EPS $28B Base Investment Plan 75% Formula Investments(2) No Equity No equity needs in base plan (beyond Employee Benefit programs of up to ~$100M annually) $5.0B Investment Plan $2.40-$2.60/sh Core EPS Guidance $1.78/sh Dividend Declarations (Subject to Board Approval) ~14% FFO/Debt Target 5.5% growth vs. 2024 (Midpoint vs. 2024A of $2.37) 5% growth vs. 2024 (Plan to declare four dividends of $0.445/sh in 2025 vs. $0.425/sh in 2024 totaling $1.70/sh) 11% growth vs. 2024 (2024A of $4.5B) Significant improvement in credit metrics post-FET transaction ~14%+ FFO/Debt Committed to achieving and maintaining BBB credit profile (1) With the introduction of Core (non-GAAP) earnings guidance for 2025, we will no longer be providing Operating (non-GAAP) earnings guidance going forward. (2) Formula Rate investments includes transmission forward-looking formula rate recovery and distribution formula-like capital rider recovery. Attractive total shareholder return of 10-12% with potential for upside through P/E expansion (6-8% Core EPS growth and 4%+ dividend yield)

Full Year 2024 Earnings Overview Strategic & Financial Highlights - Published Feb. 26, 202510 $(0.36) $0.04 $0.29 $(0.12) $(0.04) $2.56 $2.20 2023 Operating EPS Pension + Signal Peak 2023 Core EPS Distribution Integrated Stand-Alone Transmission Corp / Other $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $0.26 $2.37 $2.63 2024 Core EPS Pension + Signal Peak 2024 Operating EPS Dx $1.20 Int $0.67 Tx $0.70 Corp($0.01) Dx $1.23 Int $0.95 Tx $0.58 Corp($0.13) Rates & Investments +$0.07 Dilution from FET 30% Sale -$0.16 Financing Costs -$0.02 All Other -$0.01 Financing Costs +$0.08 All Other -$0.12 (Income taxes -$0.13, Other expense +$0.01) Dx $1.16 Int $0.62 Tx $0.70 Corp ($0.28) Dx $1.20 Int $0.91 Tx $0.58 Corp ($0.32) Pension / OPEB: $0.13 Signal Peak: $0.13 Pension / OPEB $0.12 Signal Peak $0.24 EPS Summary 2023 2024 Chg GAAP EPS $1.96 $1.70 ($0.26) Special items $0.60 $0.93 $0.33 Operating EPS(1) $2.56 $2.63 $0.07 Pension + Signal Peak ($0.36) ($0.26) $0.10 Core EPS(1) $2.20 $2.37 $0.17 Drivers Summary – Core Earnings ▪ Distribution +$0.04: higher customer demand, partially offset by the impact of Ohio ESP V ▪ Integrated +$0.29: new base rates, rate base growth, and higher customer demand, partially offset by lower tax benefits ▪ Stand-Alone Transmission ($0.12): rate base growth of 9% more than offset by impact of dilution from FET 30% sale (closed 3/25/24) ▪ Corporate ($0.04): lower tax benefits, partially offset by lower interest expense Rates & Investments +$0.04 Ohio ESP -$0.04 Customer Demand +$0.08 O&M -$0.02 (Storm Costs -$0.02) Other OpEx -$0.02 Rates & Investments +$0.28 Customer Demand +$0.07 O&M +$0.02 (Storm Costs -$0.02, Non-Storms +$0.04) Other OpEx -$0.04 Financing Costs +$0.01 All Other -$0.05 (Income taxes -$0.04, Other expense -$0.01) (1) See slides 24-25 for GAAP to Non-GAAP reconciliations

2024 Financing Updates Strategic & Financial Highlights - Published Feb. 26, 202511 Principal Notes ATSI $150 5.63% due 2034 MAIT $250 5.94% due 2034 FET $400 4.55% due 2030* FET $400 5.0% due 2035* KATCo $200 5.17% due 2035 JCP&L $700 5.1% due 2035* FE Corp ($463) 7.375% due 2031 JCP&L ($500) 4.7% due 2024 MP ($400) 4.1% due 2024 CEI ($300) 5.5% due 2024 FE PA (ME) ($250) 4.0% due 2025 FE PA (PN) ($200) 4.15% due 2025 FET ($600) 4.35% due 2025 Total $2.1B issued, ($2.7B) redeemed *Securities with registration rights 2024 Debt Financings 2024 Debt Financings Issued $2.1B in long-term debt at weighted average rate of 5.1% In December, issued $700M of long-term debt with registration rights at JCP&L Pension Lift-Outs Since Dec. 2023, two transactions reduced pension liability by $1.4B, or 17% On Jan. 8, 2025, executed second transaction for ~$650M of plan obligations 2024 FFO/Debt (Moody’s) Adjusted FFO/Debt of 14%, adjusted for HB6- related payments and historic August storms Actual FFO/Debt of 12.5%

2025-2029 Investment Plan & Rate Base Growth Strategic & Financial Highlights - Published Feb. 26, 202512 $11.0 $11.5 $12.3 $13.0 $13.8 $14.7 $9.6 $10.5 $11.5 $12.8 $14.1 $15.7$5.3 $5.7 $6.3 $6.8 $7.6 $8.4 $25.9B $27.7B $30.1B $32.6B $35.5B $38.8B 2024A 2025F 2026F 2027F 2028F 2029F Notes: Includes capital-like investments that earn a return. Rate Base amounts are shown on a year-end, FE-Owned basis. Stand-Alone Transmission adjusted from prior disclosures to exclude Brookfield’s 49.9% equity interest in FET, LLC. 11% (24% for Tx) 10% 6% Segment CAGRs (2025-2029) 9% FE-Owned Rate Base CAGR (2025-2029) Formula Rate % $1.3 $1.4 $1.4 $1.5 $1.5 $1.6 $1.7 $1.9 $1.9 $2.1 $2.4 $2.5 $1.4 $1.7 $1.8 $1.9 $2.0 $2.2 $4.5B $5.0B $5.2B $5.6B $6.0B $6.4B 2024A ~70% 2025F ~75% 2026F ~75% 2027F ~75% 2028F ~75% 2029F ~75% $28B, 5-yr Investment Plan (28% Increase in 2029 vs. 2025) $9.5B $7.4B 2025-2029 Spend by Segment $10.8B

Improving Earned ROEs Strategic & Financial Highlights - Published Feb. 26, 202513 8.8% 9.4% 2023A 2024A ■ FE Consolidated ROE represents a weighted average across all businesses and excludes FE/FET HoldCo activity ■ Improved ROEs in 2024 through new distribution base rates in NJ, WV, and MD; new distribution rates in PA effective 1/1/25 ■ Beginning in 2025, adjustments from reported earnings to a regulatory view are primarily limited to: – AFUDC Equity: full equity/AFUDC return on Construction Work in Progress balances – Retirement Benefits: recovery of retirement benefits as approved in prior rate cases – Other: items such as non-operating income and interest synchronization Targeting FE Consolidated ROE of 9.5%-10% Segment Legend Stand-Alone Tx Integrated Distribution Equity Layer 52% 53% YE Rate Base $26.5B $25.9B 4.7% 9.0% 9.3% 8.4% 8.3% 10.4% 10.45% OH PA NJ WV MD FET KATCo As filed on 7/31/24 in pending BRC before revenue adjustment FE Consolidated ROEs 2024 Earned ROE Details(1) Expect base rates continue to support fair recovery and return on investments through regular cadence of base rate case filings Rate Base with completed base rate cases since late ‘23, including FERC Tx formula rates 83% (1) See Investor FactBook for additional details by business unit on year-end Rate Base, Allowed ROEs, and Capital Structure (2) FET ROE is a weighted average allowed ROE of ATSI, MAIT, and TrAILCo (2) Note: 50.1% FE ownership of FET at 12/31/24 and 80.1% at 12/31/23 Note: ROEs calculated based on year-end Rate Base as noted above. Certain jurisdictions, including Transmission and WV/MD, use a 13-month average rate base for regulatory purposes.

Data Center Growth Strategic & Financial Highlights - Published Feb. 26, 202514 2,190 2,495 2,985 6,115 2024A 2025F 2026F 2027F 2028F 2029F Beyond 2029F Active Customers Contracted Pipeline 5,575 9,010 MW 3GWs of load in the pipeline through 2029 represents potential incremental transmission investment of ~$350M(1) not in base plan $900M of Transmission investments in 2025-2029 base plan associated with growing data center demand 400 400 Beyond 2029, projecting 9GWs of total data center demand, which would require additional investment of ~$300M-$400M(2)400 2029F pipeline demand has nearly doubled since Nov. 2024 EEI disclosure (2,985 MW vs. 1,500 MW) Nearly 100 large load studies in 2024 greater then 500MWs, representing over 70+ GWs (May represent duplicative large load studies where customers are evaluating multiple sites) ~6GWs of projected data center demand through 2029, with 2.6GWs active or contracted Base load forecast includes load only from Active and Contracted MWs. Contracted represents a contract to construct facilities as outlined in the construction agreement supported by load studies. Pipeline represents large load connections requested with a reasonable assumption of construction, based on certain supporting factors such as, but not limited to load study, control of property, having development plans, and public disclosure of a project (1) Represents lowest cost option, which may vary by project and geographic location (2) Estimate, subject to change.

2025 Guidance Update Strategic & Financial Highlights - Published Feb. 26, 202515 ▪ Impact of higher financing costs – 10-yr treasury increased by ~100bps since October 1, 2024 – Increased borrowings ▪ Regulatory outcomes not anticipated in plan – Removal of Ohio DCR cap increases under ESP IV – Reduction in ATSI ROE by 50bps ▪ Higher than planned O&M – Supports future regulatory activity – Current plan no longer assumes offsets to the incremental O&M approved in PA base rate case ▪ Continued and accelerated EPS volatility from Pension and Signal Peak vs. plan – Impact of YE MTM on net pension/OPEB credits – Volatility in commodity prices and risks associated with Signal Peak Guidance Updates since 3Q24 Removing Non-Core components from Core EPS Transitioning to Core EPS Guidance highlights strong growth of our core business

Strategic & Financial Highlights - Published Feb. 26, 202516 (1) See slide 24 for 2024 GAAP to Non-GAAP reconciliation. With respect to 2025 Core EPS guidance, the Company is unable to reconcile this forward-looking non-GAAP information without unreasonable efforts. Please see slide 3 for more information. 2025 Core EPS(1) Guidance: $2.40 - $2.60 2025F Segment Core EPS Ranges Distribution $1.29 - $1.37 Integrated $0.91 - $0.97 Stand-Alone Transmission $0.57 - $0.59 Corp/Other ($0.37) - ($0.33) FE $2.40 - $2.60 $0.13 $0.03 $- $(0.03) $2.37 2024 Core EPS Distribution Integrated Stand-Alone Transmission Corp / Other 2025 Core EPS Dx $1.20 Int $0.91 Tx $0.58 Corp($0.32) Dx $1.20 Int $0.91 Tx $0.58 Corp ($0.32) Segment Midpoints Dx $1.33 Int $0.94 Tx $0.58 Corp ($0.35) $2.50 Rates & Investments Customer Demand O&M Other OpEx Income Taxes & Other Rates & Investments Customer Demand Other OpEx Financing Costs Income Taxes & Other Rates & Investments Dilution (FET 30% Sale) Financing Costs Financing Costs Income Taxes & Other + - + + + + + - - - - - - - - O&M/Other OpEx increases in 2025 primarily due to increased maintenance requirements and deferred cost recovery as approved and recovered in 2024 PA base rate case

Shareholder Value Proposition Strategic & Financial Highlights - Published Feb. 26, 202517 (1) Core EPS consists of our three business segments and Corporate operations, excluding Signal Peak and net Pension/OPEB credits. With respect to Core EPS guidance, the Company is unable to reconcile this forward- looking non-GAAP information without unreasonable efforts. 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 total return opportunity of 10-12% with potential for upside through P/E expansion (6-8% Core EPS growth and 4% dividend yield) • Improved earnings quality, with focus on Core EPS (excl. Signal Peak & Pension) • Committed to dividend growth, in line with 60%-70% payout ratio of Core EPS 2025-2029 Base Financial Plan • 6-8% Core EPS(1) CAGR • $28B Base Investment Plan • 9% Rate Base CAGR (FE-Owned) • Load forecast assumes ~2%+ CAGR; only includes active and contracted data centers • No incremental equity needs in the base plan (beyond Employee Benefit programs of up to ~$100M annually) • Constructive regulatory frameworks with ~75% of planned investment in formula rate programs • Diversified and low-risk T&D assets with strong affordability position • Supportive WV regulatory construct for generation Financial Discipline Compelling Total Shareholder Return Attractive Risk Profile Strong Growth Outlook Sustainable Growth Our diversified service territory, coupled with an improved balance sheet and a strong affordability position, provides the opportunity to significantly enhance the customer experience and provide solid risk-adjusted returns to our investors IN V E STORS•CUSTO M E R S • C O M M U NITIES • EMPLO Y E E S •

Quarterly Support & GAAP to Non-GAAP Reconciliations Strategic & Financial Highlights - Published Feb. 26, 2025 19. Regulatory Calendar 20. TTM Actual Sales by Class 21. TTM Weather-Adjusted Sales 22. TTM Weather Impacts 23. Credit Ratings Summary Quarterly Support (Slide) 18 See YE24 Investor FactBook for additional information including FirstEnergy overview, 2025-2029 Financial plan, and additional business segment details 24. 2024 GAAP to Non-GAAP Earnings Reconciliations 25. 2023 GAAP to Non-GAAP Earnings Reconciliations 26. 2022 GAAP to Non-GAAP Earnings Reconciliations 27. Special Items Descriptions 28. Full Year 2024 Earnings Results 29. Full Year 2023 Earnings Results 30. 2023-2024 GAAP to Non-GAAP Baseline O&M Reconciliations GAAP to Non-GAAP Reconciliations (Slide)

Jurisdiction Regulatory Matter Key Dates Ohio ▪ Grid Mod II ▪ Base Rate Case ▪ Electric Security Plan (ESP V) ▪ Electric Security Plan (ESP VI) ▪ HB6 Related Investigations ✓ Settlement agreement filed 4/12/24; approved on 12/18/24 ▪ Filed base rate request for approximately $94M on 5/31/24, updated request to $190M on 7/31/24, notified PUCO of withdrawal of ESP V-related proposals on 1/27/25, Staff report anticipated Feb. 2025 ▪ Withdrawal filed on 10/29/24; approved on 12/18/24; resume operations under ESP IV on 2/1/25 ▪ Filed 1/31/25 ▪ Review of Political and Charitable Spending (audit report filed 9/30/24); Corporate Separation Audit (non-HB 6 issues, hearings held 10/9/24-10/10/24); Rider DCR/DMR Audit/Corporate Separation (hearings to begin 5/13/25) Pennsylvania ▪ Base Rate Case ▪ Long-Term Infrastructure Improvement Plan (LTIIP III) ▪ Approval of FET 30% Interest Sale ▪ Legal Entity Consolidation ✓ Filed base rate request for $502M on 4/2/24; settlement agreement filed on 9/13/24; approved on 11/21/24 with rates effective 1/1/25 ✓ Filed 7/22/24, requesting 5-yr program, totaling investments of $1.6B; approved on 12/19/24 ✓ Received PAPUC approval of settlement agreement on 3/14/24; completed sale on 3/25/24 ✓ Completed on 1/1/24 New Jersey ▪ Distribution Base Rate Case Filing ▪ Energy Efficiency Triennial Plan Filing ▪ Infrastructure Investment Program (EnergizeNJ) ✓ Received BPU approval of settlement agreement on 2/14/24; implementation of base rate case effective 2/15/24 with rates effective for customers on 6/1/24 ✓ Filed 12/1/23; Settlement filed 10/18/24; approved on 10/30/24 ▪ Submitted amended filing on 2/27/24; Settlement negotiations in progress West Virginia ▪ Base Rate Case (Dx+Tx+Gx) ▪ Solar Generation Projects Proceeding ▪ Depreciation Rate Filing ▪ Annual ENEC Filing (2023) ✓ Received PSC approval of settlement agreement on 3/26/24; rates effective 3/27/24 ✓ Received PSC approval of first 30MW on 8/23/23, surcharge effective 1/1/24; 85% subscription needed for additional 20 MW ✓ Received PSC approval of settlement with rates effective 4/1/24 ✓ Received PSC approval of settlement with rates effective 3/27/24 to increase ENEC rates, with deferred amounts to be recovered in 2025-2026 Maryland ▪ Energy Efficiency Plan (EmPOWER) ▪ Electric School Bus Pilot ▪ EV Phase II ✓ New legislation effective 7/1/24 reduces the carrying cost on the unamortized balances of EmPOWER costs from the pre-tax ROR to the average cost of outstanding debt ▪ Filed 1/17/24; hearing occurred on 10/4/24 ▪ Refiled 12/20/24, $10.3M for 5-yr program, hearing scheduled for 4/9/25 FERC ▪ Approval of FET 30% Interest Sale ▪ PA Legal Entity Consolidation ▪ FERC Rulemaking and Proceedings Re: Tx Planning ▪ OCC v ATSI (50bps PJM membership adder) ✓ Received FERC approval on 8/14/23; completed sale on 3/25/24 ✓ Completed 1/1/24 ▪ FERC Orders 1920, 1920-A: PJM compliance filing anticipated Dec. 2025, FirstEnergy’s focus will be on issues set for rehearing in Order 1920-A, and on the PJM compliance filing ▪ Rehearing deadline 3/3/25; ATSI is considering seeking rehearing of the court's determination to override FERC's decision to leave the ATSI transmission rates settlement intact. Regulatory Calendar Select Proceedings Strategic & Financial Highlights - Published Feb. 26, 2025 19

Actual Sales by Class Percent change vs. prior year Commercial includes street lighting Numbers may not add due to rounding *Values reflect a reclassification of certain Commercial and Industrial customers Strategic & Financial Highlights - Published Feb. 26, 202520 (MWh in 1Q23 1Q24 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 TTM 4Q23 TTM 4Q24 thousands) Residential 13,941 14,087 10,835 12,536 14,954 15,415 12,486 12,593 52,217 54,631 Commercial 9,470 9,357 8,947 9,668 10,470 10,681 9,292 9,314 38,179 39,021 Industrial 12,673 13,182 13,099 13,277 13,346 13,630 13,134 12,861 52,252 52,950 Total 36,084 36,626 32,881 35,482 38,770 39,726 34,912 34,768 142,648 146,602 1.0% 15.7% 3.1% 0.9% 4.6% -1.2% 8.1% 2.0% 0.2% 2.2% 4.0% 1.4% 2.1% -2.1% 1.3%1.5% 7.9% 2.5% -0.4% 2.8% 1Q24 2Q24 3Q24 4Q24 TTM Residential Commercial Industrial Total

Weather-Adjusted Sales by Class Percent change vs. prior year Strategic & Financial Highlights - Published Feb. 26, 2025 Commercial includes street lighting Numbers may not add due to rounding *Values reflect a reclassification of certain Commercial and Industrial customers 21 (MWh in 1Q23 1Q24 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 TTM 4Q23 TTM 4Q24 thousands) Residential 15,982 15,493 11,511 11,907 15,293 15,078 13,122 12,969 55,909 55,447 Commercial 10,241 9,896 9,147 9,467 10,559 10,563 9,521 9,372 39,468 39,298 Industrial 12,673 13,182 13,099 13,277 13,346 13,630 13,134 12,861 52,252 52,951 Total 38,896 38,572 33,758 34,651 39,198 39,271 35,778 35,202 147,629 147,696 -3.1% 3.4% -1.4% -1.2% -0.8% -3.4% 3.5% 0.0% -1.6% -0.4% 4.0% 1.4% 2.1% -2.1% 1.3% -0.8% 2.6% 0.2% -1.6% 0.0% 1Q24 2Q24 3Q24 4Q24 TTM Residential Commercial Industrial Total

Weather Impacts KWh Strategic & Financial Highlights - Published Feb. 26, 2025 0 100 200 300 400 500 22 1,400 1,150 900 650 400 150 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 HDD CDD HDD Norm CDD Norm OH PA NJ WV MD Total Days % Days % Days % Days % Days % Days % 4Q24 vs Normal CDD (2) -9% (1) -7% 11 37% (4) -19% (8) -33% 0 2% HDD (196) -10% (199) -11% (149) -10% (166) -9% (169) -10% (183) -10% vs 4Q23 CDD (7) -30% (8) -36% (2) -5% 10 250% (15) -47% (5) -20% HDD 8 0% 34 2% 20 1% (84) -5% (18) -1% 7 0% EPS Impact - Weather 4Q YTD vs Normal: vs Normal: -$0.02 -$0.05 vs 2023: vs 2023: $0.01 $0.18

▪ 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. ▪ On July 22, 2024, S&P upgraded FET, LLC by 2 notches and ATSI, MAIT, and TrAILCo by 1 notch while maintaining their positive outlooks. ▪ On May 6, 2024, Fitch upgraded all subsidiaries and put FE Corp. and several subsidiaries on positive outlook. ▪ On April 23, 2024, S&P upgraded FE Corp.’s ratings and maintained positive outlook ‒ S&P also upgraded ratings of OE, TE, FEPA, AGC, FET, ATSI, MAIT, and TrAILCo ▪ On March 28, 2024, Moody’s upgraded FE Corp.’s ratings to Baa3 from Ba1 Credit Ratings As of February 26, 2025 Strategic & Financial Highlights - Published Feb. 26, 2025 Most Recent Ratings Changes * Holding company S = Stable P = Positive Ratings are not recommendations to buy, sell, or hold securities. Ratings are subject to change or withdrawal at any time by the credit rating agencies. N = Negative FE Corp. and all subsidiaries are investment grade at all three rating agencies 23

2024 GAAP to Non-GAAP Earnings Reconciliations Strategic & Financial Highlights - Published Feb. 26, 202524 Per share amounts for the special items, Signal Peak and Net Pension/OPEB credits adjustments 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 was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rate ranges from 21% to 29%. Basic EPS from Continuing Operations (GAAP), Operating EPS (Non-GAAP), and Core EPS (Non-GAAP) are based on 576 million shares for the Fourth Quarter of 2024 and 575 million shares for the Full Year 2024. Net Pension/OPEB credits represents net periodic pension and OPEB benefit costs (GAAP), adjusted to remove the impact of mark-to-market adjustments, which are already accounted for within special items, and portion recovered through formula rates. Please see slide 3 for more information. 4Q 2024 Full Year 2024 (In $M, except per share amounts) Dx Int Tx Corp FE Cons Dx Int Tx Corp FE Cons 2024 Earnings (Loss) Attributable to FE Corp. (GAAP) $198 $148 $57 ($142) $261 $624 $535 $294 ($475) $978 2024 Earnings (Loss) Per Share $0.34 $0.26 $0.10 ($0.25) $0.45 $1.08 $0.93 $0.51 ($0.82) $1.70 Excluding Special Items: ARO regulatory change - - - (0.01) (0.01) 0.06 0.02 - 0.19 0.27 Debt-related costs - - - - - - - - 0.12 0.12 Enhanced employee retirement and other related costs - - - - - 0.01 - - - 0.01 FE Forward cost to achieve - - - - - 0.06 0.03 0.01 - 0.10 Investigation and other related costs - - - 0.04 0.04 - - - 0.13 0.13 Pension/OPEB mark-to-market and other charges (0.05) (0.03) - 0.15 0.07 (0.05) (0.03) - 0.15 0.07 Regulatory charges 0.03 - 0.03 - 0.06 0.07 (0.01) 0.03 - 0.09 Strategic transaction charges - - - 0.06 0.06 - 0.01 0.03 0.10 0.14 Total Special Items ($0.02) ($0.03) $0.03 $0.24 $0.22 $0.15 $0.02 $0.07 $0.69 $0.93 2024 Operating Earnings (Loss) Per Share – Non-GAAP $0.32 $0.23 $0.13 ($0.01) $0.67 $1.23 $0.95 $0.58 ($0.13) $2.63 Remove Net Pension/OPEB credits (0.01) (0.01) - (0.03) (0.05) (0.03) (0.04) - (0.06) (0.13) Remove Signal Peak earnings impact - - - (0.01) (0.01) - - - (0.13) (0.13) Sub-Total ($0.01) ($0.01) - ($0.04) ($0.06) ($0.03) ($0.04) - ($0.19) ($0.26) 2024 Core Earnings (Loss) Per Share – Non-GAAP $0.31 $0.22 $0.13 ($0.05) $0.61 $1.20 $0.91 $0.58 ($0.32) $2.37

2023 GAAP to Non-GAAP Earnings Reconciliations Strategic & Financial Highlights - Published Feb. 26, 202525 4Q 2023 Full Year 2023 (In $M, except per share amounts) Dx Int Tx Corp FE Cons Dx Int Tx Corp FE Cons 2023 Earnings (Loss) Attributable to FE Corp. from Continuing Operations (GAAP) $80 $9 $99 ($13) $175 $587 $300 $399 ($163) $1,123 2023 Earnings (Loss) Per Share from Continuing Operations $0.14 $0.02 $0.17 ($0.03) $0.30 $1.02 $0.52 $0.70 ($0.28) $1.96 Excluding Special Items: Debt-related costs - - - - - - - - 0.05 0.05 Enhanced employee retirement and other related costs 0.02 0.01 - - 0.03 0.07 0.06 - - 0.13 Exit of generation - - - - - - - - 0.02 0.02 FE Forward cost to achieve 0.01 - - - 0.01 0.04 0.01 - 0.04 0.09 Investigation and other related costs - - - 0.03 0.03 - - - 0.10 0.10 Pension/OPEB mark-to-market and other charges 0.09 0.08 - (0.05) 0.12 0.04 0.06 - (0.05) 0.05 Regulatory charges - 0.02 - - 0.02 0.03 0.02 - - 0.05 Strategic transaction charges - - - 0.11 0.11 - - - 0.11 0.11 Total Special Items $0.12 $0.11 - $0.09 $0.32 $0.18 $0.15 - $0.27 $0.60 2023 Operating Earnings (Loss) Per Share – Non-GAAP $0.26 $0.13 $0.17 $0.06 $0.62 $1.20 $0.67 $0.70 ($0.01) $2.56 Per share amounts for the special items, Signal Peak and Net Pension/OPEB credits adjustments 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 was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rate ranges from 21% to 29%. Basic EPS from Continuing Operations (GAAP), Operating EPS (Non-GAAP), and Core EPS (Non-GAAP) are based on 574 million shares for the Fourth Quarter of 2023 and 573 million shares for the Full Year 2023. Net Pension/OPEB credits represents net periodic pension and OPEB benefit costs (GAAP), adjusted to remove the impact of mark-to-market adjustments, which are already accounted for within special items, and portion recovered through formula rates. Please see slide 3 for more information. Remove Net Pension/OPEB credits (0.01) (0.01) - (0.02) (0.04) (0.04) (0.05) - (0.03) (0.12) Remove Signal Peak earnings impact - - - (0.06) (0.06) - - - (0.24) (0.24) Sub-Total ($0.01) ($0.01) - ($0.08) ($0.10 ($0.04) ($0.05) - ($0.27) ($0.36) 2023 Core Earnings (Loss) Per Share – Non-GAAP $0.25 $0.12 $0.17 ($0.02) $0.52 $1.16 $0.62 $0.70 ($0.28) $2.20

2022 GAAP to Non-GAAP Earnings Reconciliation Strategic & Financial Highlights - Published Feb. 26, 202526 Per share amounts for the special items, Signal Peak and Net Pension/OPEB credits adjustments 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 was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rate ranges from 21% to 29%. Basic EPS from Continuing Operations (GAAP), Operating EPS (Non-GAAP), and Core EPS (Non-GAAP) are based on 571 million shares for the Full Year 2022. Net Pension/OPEB credits represents net periodic pension and OPEB benefit costs (GAAP), adjusted to remove the impact of mark-to-market adjustments, which are already accounted for within special items, and portion recovered through formula rates. Please see slide 3 for more information. (In $M, except per share amounts) FE Cons 2022 Earnings Attributable to FE Corp. from Continuing Operations (GAAP) $406 2022 Earnings Per Share from Continuing Operations $0.71 Excluding Special Items: Debt-related costs 0.25 Exit of generation 0.02 FE Forward cost to achieve 0.03 Investigation and other related costs 0.08 Pension/OPEB mark-to-market and other charges (0.13) Regulatory charges 0.21 State tax legislative changes 0.01 Strategic transaction charges 1.23 Total Special Items $1.70 2022 Operating Earnings Per Share – Non-GAAP $2.41 Remove Net Pension/OPEB credits (0.40) Remove Signal Peak earnings impact (0.23) Sub-Total ($0.63) 2022 Core Earnings Per Share – Non-GAAP $1.78

Special Items Descriptions Strategic & Financial Highlights - Published Feb. 26, 202527 ▪ ARO regulatory change: Primarily related to increases in asset retirement obligations, primarily associated with the planned transfer of the McElroy’s Run coal ash disposal site to a third party and an estimate for new remediation obligations for various legacy coal combustion residual sites triggered by a new EPA regulation. ▪ Debt-related costs: Primarily reflects costs associated with the redemption and early retirement of debt. ▪ Enhanced employee retirement and other related costs: Primarily reflects transition and benefit costs associated with the Company's voluntary retirement program and involuntary separations. ▪ Exit of generation: Primarily reflects charges or credits resulting from the exit of competitive operations. ▪ FE Forward cost to achieve: Primarily reflects the impairment charge related to exiting the Akron general office, the termination charges associated with exiting certain sporting sponsorship agreements and certain advisory and other costs incurred to transform the Company for the future. ▪ Investigation and other related costs: Primarily reflects litigation settlements and reserves, including those related to the SEC and OOCIC/OHAG investigations, and other legal and advisory expenses related to the government investigations, net of the received derivative settlement insurance proceeds. ▪ Pension/OPEB mark-to-market and other charges: Reflects the change in fair value of plan assets and net actuarial gains and losses associated with the Company's pension and other post-employment benefit plans and other settlement charges. ▪ Regulatory charges: Primarily reflects the impact of regulatory agreements, proceedings, audits, concessions or orders requiring certain commitments, refunds, and/or disallowing the recoverability of costs, net of related credits. ▪ State tax legislative changes: Primarily reflects charges resulting from state tax legislative changes. ▪ Strategic transaction charges: Primarily reflects the net tax charges and related updates associated with the FET interest sales, consolidation of the Pennsylvania Companies, charges associated with FirstEnergy’s actions to exit its ownership in Signal Peak, and other charges related to the exit of a legacy purchase power contract. Note: Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in evaluating, the Company’s ongoing core activities and results of operations or otherwise warrant separate classification. Special items are not necessarily non-recurring.

Full Year 2024 Earnings Results Strategic & Financial Highlights - Published Feb. 26, 202528 (in millions, except for per share amounts) GAAP Special Items FE Dx Int Tx Corp FE Dx Int Tx Corp FE Operating - Pension - Signal Peak = Core Utility(1) Electric sales $6,703 $4,815 $1,768 $ 9 $13,295 $ — $ (2) (f) $ 41 (f)(g) $ (11) (h) $ 28 (2) Other 160 61 19 (63) 177 — — — — — (3) Total Revenues 6,863 4,876 1,787 (54) 13,472 — (2) 41 (11) 28 (4) Fuel — 464 — — 464 — — — — — (5) Purchased power 2,219 1,670 — 23 3,912 — — — (25) (h) (25) (6) Other operating expenses 2,408 1,324 359 68 4,159 (121) (a)(c)(d)(g) (94) (a)(c)(d)(g) (12) (d) (206) (a)(d)(e) (433) (7) Provision for depreciation 648 521 336 76 1,581 (4) (a)(d) (2) (d) — (3) (a) (9) (8) Deferral of regulatory assets, net (171) (66) 6 — (231) — 61 (g) — — 61 (9) General taxes 752 140 279 41 1,212 (1) (d) (1) (d) — — (2) (10) Total Operating Expenses 5,856 4,053 980 208 11,097 (126) (36) (12) (234) (408) (11) Operating Income (Loss) 1,007 823 807 (262) 2,375 126 34 53 223 436 (12) Debt redemption costs — — — (85) (85) — — — 85 (b) 85 (13) Miscellaneous income (expense), net 124 54 18 51 247 6 (g) — 4 (g) 32 (f)(h) 42 (14) Pension and OPEB mark-to-market adjustment 36 26 6 (90) (22) (36) (f) (24) (f) — 90 (f) 30 (15) Interest expense (432) (262) (275) (175) (1,144) — — — 3 (b) 3 (16) Capitalized financing costs 24 47 60 2 133 — — — — — (17) Total Other Income (Expense) (248) (135) (191) (297) (871) (30) (24) 4 210 160 (18) Income taxes (benefits) 135 153 173 (84) 377 15 (a)(c)(d)(f)(g) (4) (a)(c)(d)(f)(g)(h) (12) (d)(f)(g)(h) 34 (a)(b)(d)(e)(f)(h) 33 (19) Income attributable to noncontrolling interest — — 149 — 149 — — 27 (d)(f)(g)(h) — 27 (20) Earnings (Loss) Attributable to FE from Continuing Operations $624 $535 $294 $(475) $978 $ 81 $ 14 $ 42 $ 399 $ 536 $ 1,514 $ (74) $ (75) $ 1,365 (21) Average Shares Outstanding 575 575 575 (22) Earnings (Loss) per Share $1.08 $0.93 $0.51 $(0.82) $1.70 $ 0.15 $ 0.02 $ 0.07 $ 0.69 $ 0.93 $ 2.63 $ (0.13) $ (0.13) $ 2.37 Special Items (after-tax impact): (a) (a) ARO regulatory change $ 35 $ 12 $ — $ 112 $ 159 (b) (b) Debt-related costs — — — 69 69 (c) (c) Enhanced employee retirement and other related costs 3 3 — — 6 (d) (d) FE Forward cost to achieve 32 17 6 2 57 (e) (e) Investigation and other related costs — — — 75 75 (f) (f) Pension/OPEB mark-to-market and other charges (27) (19) (1) 86 39 (g) (g) Regulatory charges 38 (7) 18 — 49 (h) (h) Strategic transaction charges — 8 19 55 82 Impact to Earnings $ 81 $ 14 $ 42 $ 399 $ 536

Full Year 2023 Earnings Results Strategic & Financial Highlights - Published Feb. 26, 202529 (in millions, except for per share amounts) GAAP Special Items FE Dx Int Tx Corp FE Dx Int Tx Corp FE Operating - Net Pension /OPEB - Signal Peak = Core (1) Electric sales $ 6,690 $ 4,261 $ 1,731 $ 11 $ 12,693 $ — $ 4 (f)(g) $ 1 (g) $ (1) (c) $ 4 (2) Other 164 59 17 (63) 177 — — — — — (3) Total Revenues 6,854 4,320 1,748 (52) 12,870 — 4 1 (1) 4 (4) Fuel — 538 — — 538 — — — — — (5) Purchased power 2,578 1,509 — 21 4,108 — — — — — (6) Other operating expenses 2,129 1,156 338 (29) 3,594 (71) (b)(d)(g) (53) (b)(d)(g) (1) (g) (122) (c)(d)(e) (247) (7) Provision for depreciation 620 462 304 75 1,461 (3) (d) (2) (d) — — (5) (8) Deferral of regulatory assets, net (259) (10) 8 — (261) — — — — — (9) General taxes 734 129 257 44 1,164 (1) (d) — — — (1) (10) Total Operating Expenses 5,802 3,784 907 111 10,604 (75) (55) (1) (122) (253) (11) Operating Income (Loss) 1,052 536 841 (163) 2,266 75 59 2 121 257 (12) Debt redemption costs — — — (36) (36) — — — 36 (a) 36 (13) Miscellaneous income (expense), net 84 73 17 165 339 25 (b)(g) 9 (b) — — 34 (14) Pension and OPEB mark-to-market adjustment (33) (50) (32) 37 (78) 33 (f) 46 (f) — (37) (f) 42 (15) Interest expense (390) (257) (245) (232) (1,124) 4 (a)(g) 1 (a) 1 (a) — 6 (16) Capitalized financing costs 21 35 38 3 97 — — — — — (17) Total Other Income (Expense) (318) (199) (222) (63) (802) 62 56 1 (1) 118 (18) Income taxes (benefits) 147 37 146 (63) 267 33 (a)(b)(d)(f)-(i) 31 (a)(b)(d)(f)(g) 1 (a)(g) (35) (a)(c)-(f)(i) 30 (19) Income attributable to noncontrolling interest — — 74 — 74 — — — — — (20) Earnings (Loss) Attributable to FE from Continuing Operations $ 587 $ 300 $ 399 $ (163) $ 1,123 $ 104 $ 84 $ 2 $ 155 $ 345 $ 1,468 $ (68) $ (137) $ 1,263 (21) Average Shares Outstanding 573 573 573 (22) Earnings (Loss) per Share $ 1.02 $ 0.52 $ 0.70 $ (0.28) $ 1.96 $ 0.18 $ 0.15 $ — $ 0.27 $ 0.60 $ 2.56 $ (0.12) $ (0.24) $ 2.20 Special Items (after-tax impact): (a) (a) Debt-related costs $ 1 $ — $ — $ 29 $ 30 (b) (b) Enhanced employee retirement and other related costs 44 31 — — 75 (c) (c) Exit of generation — — — 9 9 (d) (d) FE Forward cost to achieve 18 6 — 26 50 (e) (e) Investigation and other related costs — — — 61 61 (f) (f) Pension/OPEB mark-to-market and other charges 23 32 — (29) 26 (g) (g) Regulatory charges 15 15 2 — 32 (h) (h) State tax legislative change 1 — — — 1 (i) (i) Strategic transaction charges 2 — — 59 61 Impact to Earnings $ 104 $ 84 $ 2 $ 155 $ 345

2023-2024 GAAP to Non-GAAP Baseline O&M Reconciliations Strategic & Financial Highlights - Published Feb. 26, 202530 (1) As reported in the Consolidated Statement of Income (2) 2024 amount primarily due to $62M impairment charge related to the Akron general office in 3Q24 (3) Primarily represents PJM Network Transmission Expense and ancillary charges such as Transmission Enhancement (4) Primarily represents the rider/program recoverable and deferred O&M within the Distribution, Integrated, and Stand-Alone Transmission segments FirstEnergy Consolidated (In $M) 2023 2024 Other Operating Expenses (GAAP) (1) $3,594 $4,159 Excluding Special Items (pre-tax): ARO Regulatory Change - ($200) Enhanced Employee Retirement and Other Related Costs ($77) ($8) Investigation and Other Related Costs ($77) ($64) FE Forward Cost-to-Achieve (2) ($58) ($76) Regulatory Charges ($22) ($85) Exit of Generation ($13) - Total Special Items ($247) ($433) PJM Pass-Through Transmission Costs (3) ($1,068) ($1,265) Rider/Program Recoverable (4) ($991) ($1,174) Other ($8) ($4) Baseline O&M (non-GAAP) $1,280 $1,283

Focused on Our Future Annual Investor FactBook Published February 26, 2025

Table of Contents Investor FactBook - Published Feb. 26, 20252 5 Stand-Alone Transmission Segment 37 - 44 3 Distribution Segment 26 - 30 4 Integrated Segment 31 - 36 6 Additional Information & IR Contacts 45 - 54 2 Financial Guidance 10 - 25 1 FirstEnergy Overview 3 - 9 Unless otherwise noted, all numbers are as of December 31, 2024. These materials represent the 2025-2029 planning period and are subject to change based on regulatory filings and approvals and other changes, including those referenced under Forward-Looking Statements on slide 53. Capital investment dollars are shown on a Consolidated basis. Investment Plan includes capital-like investments that earn a return. Formula Rate investments includes transmission forward-looking formula rate recovery and distribution formula-like capital rider recovery. Rate Base amounts are shown on a year-end, FE-Owned basis.

$4.6, 17% $6.9, 25% $5.3, 19% $5.2, 19% $5.7, 20%OH PA NJ WV/MD FirstEnergy Overview Investor FactBook - Published Feb. 26, 20253 $52B Total Assets 6M+ Total Customers 24K Transmission Miles Square Miles of Service Territory 12K Employees We invest in and operate our electric system to improve reliability and the customer experience, and to enable the energy transition. We invest in our people to be safe, well-trained and productive. By doing so, we improve the wellbeing of our customers, our communities and our employees. When we execute safely, efficiently and with integrity, our customers, employees and investors will thrive. Balanced Jurisdictions 2025F FE-Owned Rate Base ($B, year-end) Regulated Fossil Generation plants Regulated Renewable Generation plants *Adjusted from prior disclosure to exclude Brookfield’s ownership of FET, LLC. Total Rate Base of $9.8B including Brookfield’s 49.9% equity interest. Stand-Alone Transmission* Integrated Distribution 65K $27.7B

Highlighting FirstEnergy’s Core Earnings Growth Investor FactBook - Published Feb. 26, 20254 ▪ Beginning in 2025 we will provide Core earnings(1) guidance – Core EPS consists of Operating earnings for our Distribution, Integrated and Stand-Alone Transmission business segments and Corporate operations, excluding Signal Peak and net Pension/OPEB credits – Signal Peak subject to volatility in New Castle coal prices and other environmental and operational risks – Net Pension/OPEB credits subject to mark-to-market accounting ▪ This approach highlights the strong growth of our core business, resulting in: – More predictable results for investors – More insight into our high-quality earnings, driven by regulated investments (1) See slides 48-51 for 2022-2024 GAAP to Non-GAAP reconciliations. With respect to 2025 Core EPS guidance, the Company is unable to reconcile this forward-looking non-GAAP information without unreasonable efforts. Please see slide 54 for more information. $1.78 $0.63 $2.41 $2.20 $0.36 $2.56 $2.37 $0.26 $2.63 Core EPS +24% -43% +8% -28% 2022 2023 20242022 2023 20242022 2023 2024 Pension + Signal Peak Operating EPS

Our Value Proposition Investor FactBook - Published Feb. 26, 20255 (1) Core EPS consists of our three business segments and Corporate operations, excluding Signal Peak and Net Pension/OPEB credits. With respect to Core EPS guidance, the Company is unable to reconcile this forward-looking non-GAAP information without unreasonable efforts. Please see slide 54 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 total return opportunity of 10-12% with potential for upside through P/E expansion (6-8% Core EPS growth and 4% dividend yield) • Improved earnings quality, with focus on Core EPS (excl. Signal Peak & Pension) • Committed to dividend growth, in line with 60%-70% payout ratio of Core EPS 2025-2029 Base Financial Plan • 6-8% Core EPS(1) CAGR • $28B Base Investment Plan • 9% Rate Base CAGR (FE-Owned) • Load forecast assumes ~2%+ CAGR; only includes active and contracted data centers • No incremental equity needs in the base plan (beyond Employee Benefit programs of up to ~$100M annually) • Constructive regulatory frameworks with ~75% of planned investment in formula rate programs • Diversified and low-risk T&D assets with strong affordability position • Supportive WV regulatory construct for generation Financial Discipline Compelling Total Shareholder Return Attractive Risk Profile Strong Growth Outlook Sustainable Growth Our diversified service territory, coupled with an improved balance sheet and a strong affordability position, provides the opportunity to significantly enhance the customer experience and provide solid risk-adjusted returns to our investors IN V E STORS•CUSTO M E R S • C O M M U NITIES • EMPLO Y E E S •

Our Strategy to Transform FirstEnergy into a Premier Electric Company Investor FactBook - Published Feb. 26, 20256 • Focused on safety, reliability, and customer experience • Continuous improvement mindset • Leveraging technology and data to drive a best-in-class customer experience • Executing investment plan to enhance customer experience and support the energy transition • Track record of strong and consistent financial performance • Solid data and risk-based decision- making process • Strengthened balance sheet with investment-grade credit ratings • A diverse, skilled and engaged workforce • Decisions and actions guided by core values and behaviors • Culture that promotes ethics, integrity, accountability and innovation • Responsible business practices to protect and enhance the environment • Building strong communities through investment and engagement • Trustworthy partner seeking cost-effective solutions for customers CUSTO M E R S IN V E STORSCOMM U N IT IE S E M P LO YEES Operational Excellence Strong Financials Community Partner Healthy Culture, High-Performing Talent PREMIER Electric Company

Key Accomplishments Supporting a Strong Foundation Investor FactBook - Published Feb. 26, 20257 ▪ Transitioned to new business unit organizational structure and simplified segment reporting • Continued adding and promoting key leaders to shift decision-making and accountability closer to the customer ▪ Strengthened Balance Sheet through total equity proceeds of ~$7B since late ’21 (equivalent to common equity at $87/sh or 36x LTM P/E) • FET 30% Sale: $3.5B (Brookfield, March ‘24) • FET 19.9% Sale: $2.4B (Brookfield, May ‘22) • Common Equity: $1B (Blackstone, Dec. ‘21) ▪ De-risked pension via ~$1.4B of lift-out transactions (~$650M Jan. ’25, ~$720M Dec. ‘23) ▪ Formed a joint venture to pursue regional transmission projects across PJM ▪ Resolved several legacy issues • Successfully completed 3-yr obligations under DPA with US Dept. of Justice • Settlement agreements with SEC and OOCIC/OHAG ▪ Achieved ’24 Operating EPS results in line with annual guidance ▪ Achieved 8% Core EPS growth in ’24 ($2.37/sh in ‘24 vs. $2.20/sh in ’23) ▪ Executed ‘24 Investment Plan of $4.5B vs. $3.7B in ’23; YoY increase of ~20% ▪ Achieved ‘24 Baseline O&M of $1.28B held flat to ‘23 ▪ Delivered Dividend Growth of 6%, with four quarterly declarations of $0.425/sh in ’24 (Declared dividends of $1.70/sh vs. $1.60/sh in ’23) ▪ Achieved Investment-Grade credit ratings at FE Corp. (and all subs) at all three agencies • Received upgrades in ‘24 to FE Corp. senior unsecured ratings at Moody’s (Baa3), S&P (BBB-, positive), and Fitch (BBB) ▪ Reduced FE Corp. HoldCo LT Debt as % of Total Balance Sheet Debt to 25% vs. 26% at YE23 and 33% at YE21 ▪ Executed ‘24 Debt Financing Plan; issued $2.1B of subsidiary debt at avg. coupon of 5.1% ▪ Received approvals since 4Q23 of Base Rate Cases totaling nearly $450M in annual revenue increases, and representing $14B in rate base • Revenue increase by state: PA $225M, WV $105M, NJ $85M, MD $29M ▪ Received approvals of Dx Investment Programs totaling ~$2.8B • PA LTIIP III: $1.6B (‘25-’29) • OH Grid Mod II: $421M (‘25-’28) • NJ EE&C: $784M (‘25-’27) ▪ Filed an updated EnergizeNJ Investment Infrastructure Program in Feb. ‘24 ▪ Filed OH ESP VI in Jan. ’25 seeking to align the start date with OH Base Rate Case filed in May ’24 ▪ Completed PA Legal Entity Consolidation in Jan. ’24 Strategic Regulatory Financial

2025 Key Regulatory Proceedings by Jurisdiction Investor FactBook - Published Feb. 26, 20258 (1) Includes DCR/DMR, Political and Charitable Spending, and Corporate Separation audits. Ohio, 17% Pennsylvania, 25% New Jersey, 19% West Virginia, 15% Maryland, 4% FERC, 20% We plan to enhance the customer experience and pursue necessary filings over time to ensure fair recovery and return on investments while focusing on customer affordability Rate Base in pending Ohio base rate case in 202517% (Stand-alone Transmission) Rate Base with completed base rate cases since late ‘23, including FERC Tx formula rates 83% State, % of 2025F Rate Base Electric Security Plan VI Active Base Rate Case Active HB6-Related Proceedings(1) Active Energy Efficiency Plan – Phase V Planned Default Security Plan VII Planned Infrastructure Investment Program (IIP) Active Annual Expanded Net Energy Cost (ENEC) Rate (2025) Planned 2025 Integrated Resource Plan (IRP) Planned MD Electric School Bus Pilot Active MD EV Phase II Active FERC Rulemaking and Proceedings Regarding Tx Planning Active

Commitment to Affordability Investor FactBook - Published Feb. 26, 20259 ■ Energy Efficiency Programs (and proposals) include: ■ PA Phase IV EE: 2021-2026 ■ NJ EE&C: 2nd triennium (Jan ‘25-Jun ’27) ■ MD EmPOWER: 2024-2026 ■ OH: Proposal to continue EE programs approved in ESP V as part of ESP VI filing (subject to approval) ■ Recent customer assistance initiatives include: ■ NJ & WV: As approved in recent base rate case settlements, launched an Energy Assistance Outreach Team to enhance ongoing efforts to increase awareness, education and participation in energy assistance programs available to eligible, low-income customers ■ PA: The recent base rate case settlement: 1) increases annual funding for Hardship Fund grants by $2M for a 3-yr period (2025-2028) and increases the maximum grant; and 2) provides for process improvements to increase enrollment and retention in FirstEnergy's income-eligible Pennsylvania Customer Assistance Program. ■ OH: As part of ESP VI filing, proposed stewardship commitments including support for low-income customers ■ Focus on controlling Baseline O&M through continuous improvement and strong financial discipline Supporting Affordability for our Customers FE Rates 27% < peer avgFE Rates 22% < peer avgFE Rates 26% < peer avg FE Rates 1% < peer avg FE Rates 7% < peer avg Rates as of 1/1/2025 for residential customers using 1,000 kWh per month. Average Customer Bills by State We remain focused on enhancing the customer experience while maintaining our strong affordability position with rates at or below our in-state peers $174 $254 $234 $218 JCPL ACE PSEG RECO NEW JERSEY (State avg $220) $184 $205 $188 $160 $173 $203 $221 ME PN PP WP PPL PECO DQE PENNSYLVANIA (State avg $191) $149 $186 $223 $204 PE BGE DELMARVA PEPCO MARYLAND (State avg $191) $137 $137 $175 $175 MP PE AEP (AP) AEP (WP) WEST VIRGINIA (State avg $156) $165 $166 $166 $185 $154 $165 OE CEI TE AEP AES Duke OHIO (State avg $167)

Financial Guidance Overview Investor FactBook - Published Feb. 26, 202510 2025-2029 GUIDANCE 2025 GUIDANCE 9% Rate Base Growth (2025-2029 CAGR) 6-8% Core EPS Growth (2025-2029 CAGR) 60-70% Targeted Dividend Payout Ratio of Core EPS $28B Base Investment Plan 75% Formula investments No Equity No equity needs in base plan (beyond Employee Benefit programs of up to ~$100M annually) $5.0B Investment Plan $2.40-$2.60/sh Core EPS Guidance $1.78/sh Dividend Declarations (Subject to Board Approval) ~14% FFO/Debt Target 5.5% growth vs. 2024 (Midpoint vs. 2024A of $2.37) 5% growth vs. 2024 (Plan to declare four dividends of $0.445/sh in 2025 vs. $0.425/sh in 2024 totaling $1.70/sh) 11% growth vs. 2024 (2024A of $4.5B) Significant improvement in credit metrics post-FET transaction ~14%+ FFO/Debt Committed to achieving and maintaining BBB credit profile

Fossil Generation Infrastructure Renewal Grid Modernization Clean Energy Transmission $28B 2025-2029 $28B Base Investment Plan Summary (2025-2029) 11 Reliability, Resiliency, and Energy Transition (75%): • Transmission: ‒ Operational Flexibility Projects (build capacity for new demand/data centers and support evolving grid) ‒ Enhance System Performance (new designs/technologies to reduce load-at-risk) ‒ Upgrade System Conditions (enhance reliability) ‒ Regulatory Required Projects • Clean Energy: WV Solar Generation, Energy Efficiency, EV infrastructure, Energy Storage • Grid Modernization: Programs to drive system resiliency through automation technology and communication (OH Grid Mod II, PA LTIIP, Energize NJ (IIP)) Infrastructure Renewal (24%): Base distribution projects to address aging infrastructure (system break/fix, substation equipment replacement) Fossil Generation (1%): Projects to maintain operations of fossil plants and remain compliant with environmental regulations through the end of their useful life ~25% Base Rate Recovery ~75% Formula Rate Investor FactBook - Published Feb. 26, 2025 Distribution, $7.4B, 26% Corp, $0.4B, 1% Integrated, $10.9B, 39% Stand-Alone Transmission, $9.5B, 34% ~55% State Regulated ~45% FERC Regulated $28B Investment Plan by Type Investment Plan by Segment Our Scale and Diversity provides low-risk flexibility to shift investments as needed

Formula Rate % $28B Base Investment Plan by Segment & Year (2025-2029) Investor FactBook - Published Feb. 26, 202512 $1.3 $1.4 $1.4 $1.5 $1.5 $1.6 $1.7 $1.9 $1.9 $2.1 $2.4 $2.5 $1.4 $1.7 $1.8 $1.9 $2.0 $2.2$4.5B $5.0B $5.2B $5.6B $6.0B $6.4B 2024A ~70% 2025F ~75% 2026F ~75% 2027F ~75% 2028F ~75% 2029F ~75% Corp/Other Stand-Alone Transmission Integrated Distribution Our scale and diversity across five states and FERC provides for flexibility in plan as needed $28B base investment plan to strengthen the grid for the future 75% formula rate investments through planning period (~45% Transmission investments)

$11.0 $11.5 $12.3 $13.0 $13.8 $14.7 $9.6 $10.5 $11.5 $12.8 $14.1 $15.7$5.3 $5.7 $6.3 $6.8 $7.6 $8.4 $25.9B $27.7B $30.1B $32.6B $35.5B $38.8B 2024A 2025F 2026F 2027F 2028F 2029F Distribution Integrated Stand-Alone Transmission FE-Owned Rate Base Summary End of Year Investor FactBook - Published Feb. 26, 202513 Notes: Rate Base amounts exclude CWIP balances of ~$2B to ~$3B per year that earn AFUDC. Maryland rate base includes CWIP. Maryland also includes Tx assets of PE-VA. Includes capital-like investments that earn a return. Adjusted from prior disclosures to exclude Brookfield’s 49.9% equity interest in FET, LLC. 2025F Total Rate Base of $31.8B (including Brookfield). INTEGRATED 11% (24% for Transmission) STAND-ALONE TRANSMISSION 10% DISTRIBUTION 6% Segment Rate Base CAGRs (2025-2029)

6-8% Core EPS(1) CAGR Guidance ■ Rate Base CAGR of 9%, including ~75% of investments in formula rate programs ■ Base rates to support recovery and return on investments through regular cadence of base rate case filings ■ Modest customer demand growth – Weather-adj sales: avg. increase of ~2%+ primarily from 5% Industrial growth, which includes only active and contracted data centers (see slides 17-18 for details) – Assumes normal weather conditions in the future ■ Controlling Baseline O&M through continuous improvement, strong financial discipline to build in flexibility Investor FactBook - Published Feb. 26, 202514 $1.78 $2.20 $2.37 $2.50 2022A 2023A 2024A 2025F 2029F Key Planning Assumptions (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 54 for more information. See slides 48-51 for 2022-2024 GAAP to Non-GAAP reconciliations. Sustainable, long-term earnings growth driven by rate base growth and financial discipline +24% +8% At midpt, +5.5%

Dividend Overview Investor FactBook - Published Feb. 26, 202515 Dividend payments are subject to declaration by the Board of Directors $1.60/sh $1.70/sh $1.78/sh $2.20/sh $2.37/sh $2.50/sh 2023A 2024A 2025F 2029F Annual Dividend Core EPS Annual Dividends Per Share (Declared) Targeted Dividend Payout Ratio: 60-70% ■ Resumed dividend growth in 2023 and provided growth of 6% in 2024 – Declared Dividends of $1.70/sh vs $1.60/sh in ‘23 – Payout ratio of 72% in 2024 ■ Expect continued growth in 2025 – Plan assumes ~5% growth, with declaration of four quarterly dividends of $0.445/sh, totaling $1.78/sh – Subject to Board approval ■ Current Dividend Yield: 4%+ Dividend Policy – Targeted payout: 60-70% of Core Earnings

2025 Core EPS(1) Guidance: $2.40 - $2.60 Investor FactBook - Published Feb. 26, 202516 2025F Segment Core EPS Ranges Distribution $1.29 - $1.37 Integrated $0.91 - $0.97 Stand-Alone Transmission $0.57 - $0.59 Corp/Other ($0.37) - ($0.33) FE $2.40 - $2.60 (1) See slide 48 for 2024 GAAP to Non-GAAP reconciliation. With respect to 2025 Core EPS guidance, the Company is unable to reconcile this forward-looking non-GAAP information without unreasonable efforts. Please see slide 54 for more information. $0.13 $0.03 $- $(0.03) $2.37 2024 Core EPS Distribution Integrated Stand-Alone Transmission Corp / Other 2025 Core EPS Dx $1.20 Int $0.91 Tx $0.58 Corp($0.32) Dx $1.20 Int $0.91 Tx $0.58 Corp ($0.32) Segment Midpoints Dx $1.33 Int $0.94 Tx $0.58 Corp ($0.35) $2.50 Rates & Investments Customer Demand O&M Other OpEx Income Taxes & Other Rates & Investments Customer Demand Other OpEx Financing Costs Income Taxes & Other Rates & Investments Dilution (FET 30% Sale) Financing Costs Financing Costs Income Taxes & Other O&M/Other OpEx increases in 2025 primarily due to increased maintenance requirements and deferred cost recovery as approved and recovered in 2024 PA base rate case + - + + + + + - - - - - - - -

Base Load Forecast Only includes active and contracted data center load Investor FactBook - Published Feb. 26, 2025 17 Note: Commercial includes street lighting and reflects a reclassification (in 3Q 2024) of certain customers from Industrial to Commercial. Industrial 36% Commercial 26% Residential 38% Balanced Customer Mix (2025F) 55.4 56.1 56.7 57.7 59.0 60.1 39.3 39.1 38.7 38.3 38.1 38.1 53.0 54.3 59.9 63.9 64.6 66.4 147.7 149.5 155.3 159.9 161.7 164.6 2024A 2025F 2026F 2027F 2028F 2029F ■ Strong Industrial sales growth driven by expected customer expansions and data centers – Includes 2.6 GW of data centers active / contracted thru ’29; excludes incremental ~3 GW of pipeline demand in ’29 – Expect continued growth as data center convert from large load studies → pipeline → contracted – Industrial CAGR of 5% (2025-2029) and ~9% (2025-2027) ■ Commercial sales expected to decline primarily based on impacts of energy efficiency ■ Residential sales growth incorporates expectations for electrification / EVs 2025-2029 CAGRs Industrial +5.1% Commercial -0.6% Residential +1.7% Weather-Adj (M MWHs) 2025-2027 CAGR Industrial +8.5%

Data Center Growth Investor FactBook - Published Feb. 26, 202518 2,190 2,495 2,985 6,115 2024A 2025F 2026F 2027F 2028F 2029F Beyond 2029F Active Customers Contracted Pipeline 5,575 9,010 MW 3GWs of load in the pipeline through 2029 represents potential incremental transmission investment of ~$350M(1) not in base plan $900M of Transmission investments in 2025-2029 base plan associated with growing data center demand 400 400 Beyond 2029, projecting 9GWs of total data center demand, which would require additional investment of ~$300M-$400M(2)400 2029F pipeline demand has nearly doubled since Nov. 2024 EEI disclosure (2,985 MW vs. 1,500 MW) Nearly 100 large load studies in 2024 greater then 500MWs, representing over 70+ GWs (May represent duplicative large load studies where customers are evaluating multiple sites) ~6GWs of projected data center demand through 2029, with 2.6GWs active or contracted Base load forecast includes load only from Active and Contracted MWs. Contracted represents a contract to construct facilities as outlined in the construction agreement supported by load studies. Pipeline represents large load connections requested with a reasonable assumption of construction, based on certain supporting factors such as, but not limited to load study, control of property, having development plans, and public disclosure of a project. (1) Represents lowest cost option, which may vary by project and geographic location (2) Estimate, subject to change.

Controlling Baseline O&M(1) Investor FactBook - Published Feb. 26, 202519 (1) See slide 52 for 2023-2024 GAAP to Non-GAAP Baseline O&M Reconciliation. $1,492M $1,280M $1,283M $1,365M 2022A 2023A 2024A 2025F Controlling Baseline O&M is critical to reduce regulatory lag, enable our investment plan, and to keep customer bills affordable We remain focused on controlling Baseline O&M through continuous improvement and strong financial discipline to build in flexibility Baseline O&M is flat to 2024 and 2023, absent additional maintenance required O&M as approved in PA BRC $1,293M 2024 Baseline O&M held flat to 2023 and ~14% below 2022

Improving Earned ROEs Investor FactBook - Published Feb. 26, 202520 8.8% 9.4% 2023A 2024A Targeting FE Consolidated ROE of 9.5%-10% Segment Legend Stand-Alone Tx Integrated Distribution Equity Layer 52% 53% YE Rate Base $26.5B $25.9B 4.7% 9.0% 9.3% 8.4% 8.3% 10.4% 10.45% OH PA NJ WV MD FET KATCo As filed on 7/31/24 in pending BRC before revenue adjustment FE Consolidated ROEs 2024 Earned ROE Details(1) Expect base rates continue to support fair recovery and return on investments through regular cadence of base rate case filings Rate Base with completed base rate cases since late ‘23, including FERC Tx formula rates 83% (1) See Slides 26-44 for additional details by business unit on year-end Rate Base, Allowed ROEs, and Capital Structure (2) FET ROE is a weighted average allowed ROE of ATSI, MAIT, and TrAILCo (2) Note: 50.1% FE ownership of FET at 12/31/24 and 80.1% at 12/31/23 ■ FE Consolidated ROE represents a weighted average across all businesses and excludes FE/FET HoldCo activity ■ Improved ROEs in 2024 through new distribution base rates in NJ, WV, and MD; new distribution rates in PA effective 1/1/25 ■ Beginning in 2025, adjustments from reported earnings to a regulatory view are primarily limited to: – AFUDC Equity: full equity/AFUDC return on Construction Work in Progress balances – Retirement Benefits: recovery of retirement benefits as approved in prior rate cases – Other: items such as non-operating income and interest synchronization Note: ROEs calculated based on year-end Rate Base as noted above. Certain jurisdictions, including Transmission and WV/MD, use a 13-month average rate base for regulatory purposes.

■ No equity issuances (beyond Employee Benefit programs of up to ~$100M annually) ■ $3.6B of Long-term debt issuances planned at 5.5% interest rate; Net long-term debt increase of $2B 2025 Financing Plan Investor FactBook - Published Feb. 26, 202521 Distribution Segment Issuances Redemptions Notes OE $300M New issuance TE $100M New issuance Sub-Total $400M - $400M net change Integrated Segment Issuances Redemptions Notes PE $200M New issuance JCP&L $1,500M ($650M) 4.3% matures 1/15/26 Sub-Total $1,700M ($650M) $1,050M net change Stand-Alone Transmission Segment Issuances Redemptions Notes ATSI $225M New issuance TrAIL $600M ($625M) 3.76% $75M matures 5/30/25 3.85% $550M matures 6/1/25 MAIT $200M New issuance FET $450M New issuance Sub-Total $1,475M ($625M) $850M net change 2025 Financing Plan supports $5B base investment plan, investment-grade credit metrics, and continued dividend growth ■ Long-term debt financing plan is developed on an issuer-by-issuer basis to meet the following objectives: Corp/Other Segment Issuances Redemptions Notes FE Corp ($300M) 2.05% matures 3/1/25 Sub-Total - ($300M) ($300M) net change – Meet maturing long-term debt obligations – Finance each company’s investment plan – Maintain appropriate liquidity – Manage regulatory capital structures at/near targets to ensure appropriate regulatory recovery – Maintain target credit profiles Note: Stand-Alone Transmission segment debt is shown on a Consolidated basis (includes 100% FET ownership) Excludes securitization bonds

3 0 0 1 ,2 0 0 8 0 0 3 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 6 5 0 4 5 0 1 0 0 2 0 5 5 0 5 7 5 4 0 0 7 0 0 2 0 0 3 0 0 6 0 0 2 0 0 1 4 5 1 5 5 4 5 1 0 06 2 5 7 5 1 ,1 0 0 5 0 0 1 0 0 8 7 5 3 2 5 4 0 0 7 2 5 8 0 0 7 5 5 0 0 3 0 0 1 ,8 0 0 1 ,5 0 0 1 ,0 5 0 6 0 7 8 5 0 - 500 1,000 1,500 2,000 2,500 3,000 2 0 2 5 2 0 2 6 2 0 2 7 2 0 2 8 2 0 2 9 2 0 3 0 2 0 3 1 2 0 3 2 2 0 3 3 2 0 3 4 2 0 3 5 2 0 3 6 2 0 3 7 2 0 3 8 2 0 3 9 2 0 4 0 2 0 4 1 2 0 4 2 2 0 4 3 2 0 4 4 2 0 4 5 2 0 4 6 2 0 4 7 2 0 4 8 2 0 4 9 2 0 5 0 2 0 5 1 2 0 5 6 2 0 5 9 FE Corp. Stand-Alone Transmission Integrated Distribution Consolidated Long-Term Debt Maturities As of December 31, 2024 22 $M VALUE ($B) AVG RATE AVG LENGTH Distribution $6.1 4.85% 10 yrs Integrated $4.9 4.62% 10 yrs Stand-Alone Transmission $6.1 4.30% 9 yrs FE Corp $6.1 3.50% 8 yrs Consolidated Total $23.2 4.30% 9 yrs Investor FactBook - Published Feb. 26, 2025 Stand-Alone Transmission segment debt is shown on a Consolidated basis (includes 100% FET ownership). Excludes securitization bonds.

Investment-Grade Credit Profile with Continued Positive Momentum Investor FactBook - Published Feb. 26, 202523 (1) Based on Moody’s methodology Committed to balance sheet; achieving and maintaining BBB credit profile 9% 11% 13% 15% 2022 2023 2024 FE FFO/Debt: Moody’s View(1) FFO/Debt UG Threshold to Baa2 DG Threshold to Ba1 FE Corp. and all subs are investment-grade at all three agencies S&P Moody's Fitch S&P Moody's Fitch FirstEnergy Corp. * BBB- Baa3 BBB P S S Distribution Segment Cleveland Electric Illuminating BBB Baa3 A- P S P Ohio Edison BBB+ A3 A- P S P Toledo Edison P S P FirstEnergy Pennsylvania Electric Co. BBB+ A3 A- P S P Integrated Segment Jersey Central Power & Light BBB A3 A P S S Monongahela Power BBB Baa2 S S S Allegheny Generating Co. S S S Potomac Edison S S S Stand-Alone Transmission Segment FirstEnergy Transmission * BBB+ Baa2 BBB+ P S S American Transmission Systems Inc. A- A3 A+ P S S Mid-Atlantic Interstate Transmission A- A3 A+ P S S Trans-Allegheny Interstate Line Co. A- A3 A+ P S S Keystone Appalachian Transmission Co. S S *Holding company S = Stable P = Positive N = Negative Ratings are not recommendations to buy, sell, or hold securities. Ratings are subject to change or withdrawal at any time by the credit rating agencies. Senior Unsecured Outlook Adjusted for HB6-related payments and historic August storms

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 year at year-end, annual MTM adjustments are made to reflect changes in discount rates, actual return on plan assets, and any other differences in actuarial assumptions; these MTM adjustments are excluded from Non-GAAP results – In certain instances, other events (e.g., significant plan changes) may result in MTM adjustments to be recognized in an interim period ■ FE follows a total return investment approach while considering liabilities to optimize the long-term return on plan assets for a prudent level of risk – YE24 Target asset allocations: Equities 30%, Fixed Income 29%, Private equity/debt 20%, Real estate 10%, Cash & derivatives 6%, Alternatives 5% ■ Executed pension lift-outs, which reduces total pension liability by ~17% – On December 20, 2023, FE executed a lift-out transaction that transferred ~$720M of plan obligations to insurance providers – On January 8, 2025, FE executed a second lift-out transaction that transferred ~$650M of plan obligations to insurance providers ■ In the future, FE will continue to evaluate rate recovery mechanisms in various state jurisdictions and explore potential other lift-outs based on market and other conditions 24 Investor FactBook - Published Feb. 26, 2025 $B 2023A 2024A PBO $8.0 $7.5 Total Assets $6.9 $6.3 Underfunded Amount $1.1 $1.2 Funded Status 86% 84% Funded Status – Qualified Pension ROA 10.9% -0.4% Discount Rate (PBO) 5.1% 5.7% ($1,090) ($678) $603 ($1,165) Funded Status (86% @ YE23) Negative Drivers Positive Drivers Funded Status (84% @ YE24) ($518) Interest, Service Costs & Other ($98) Actuarial Changes ($62) ROA +$603 Discount Rate $M Jan ‘25 lift-out reduced PBO by ~$650M (2024 Pro-forma: $6.8B) Current projection assumes required contributions of ~$900M in ‘27-’29; ~$300M ‘27, ~$600M ‘28-’29 (updated annually as part of the YE MTM)

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% / 0.5% (100 bps / 50 bps) ~$0.03 / ~$0.01 ~$0.04 / ~$0.005 Stand-Alone Transmission: ATSI MAIT TrAILCo KATCo 0.5% (50 bps) ~$0.01 ~$0.01 ~$0.005 <$0.005 2025F Guidance Earnings Sensitivities Investor FactBook - Published Feb. 26, 202525

Investor FactBook - Published Feb. 26, 202526 Modernizing and upgrading our system for a clean energy future. Increasing 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 10.8% OH (requested) Settled PA(1) ROEs $11.5B Rate Base (2025F) 6% Rate Base Growth (2025-2029) $7.4B Investment Plan (2025-2029) ~55% Investments Recovered via Formula Rates (2025-2029) OH PA (1) Current PA PUC benchmark is 10.0% Keep and UpdateDistribution Segment Overview OH & PA Operations: Distribution Only

$564 $555 $585 $595 $670 $705 $721 $850 $805 $865 $870 $940 2024A 2025F 2026F 2027F 2028F 2029F PA OH Distribution Investment Investor FactBook - Published Feb. 26, 202527 $1.6B $1.3B $1.4B $1.4B $M $1.5B$1.5B ■ Investment Plan of $7.4B over 2025-2029 – Distribution only ■ Increasing investments by 17% across planning period, from $1.4B in 2025 to $1.6B in 2029 – Driven by grid improvements by renewing aging infrastructure, driving system resiliency, and supporting the energy transition – Key investment programs include PA LTIIP spend of $1.6B and OH Grid Mod II spend of $0.4B OHIO $3.1B Total Investments (2025-2029) PENNSLYVANIA $4.3B Total Investments (2025-2029)

Distribution Rate Base Investor FactBook - Published Feb. 26, 202528 $4.4 $4.6 $4.9 $5.1 $5.4 $5.8 $6.6 $6.9 $7.4 $7.8 $8.4 $8.9 2024A 2025F 2026F 2027F 2028F 2029F PA OH $13.8B $14.7B $11.0B $13.0B $12.3B $11.5B Note: Rate Base amounts exclude CWIP balances of ~$0.5B to ~$0.6B per year that earn AFUDC. $B OHIO 6% PENNSYLVANIA 6% State Rate Base CAGRs (2025-2029)

Torrence Hinton President of Ohio Rate Case Statistics (Update Filing 7/31/24) Dx Rate Base $4.4B Filed ROE 10.8% Filed Debt / Equity ~45%/55% Test Year 2024 Ohio Overview Investor FactBook - Published Feb. 26, 202529 Key Regulatory Updates • ESP: Withdrawal of ESP V approved 12/18/24 • Reverted to ESP IV effective 2/1/25 • Filed ESP VI on 1/31/25; seeking to align the start dates of ESP VI and the BRC to facilitate more efficient reviews and provide additional clarity for customers and the company • Base Rate Case: Filed 5/31/24 • No procedural schedule • In early 2025, expect to file update consistent with ESP VI filing • OH Grid Mod II: Approved 12/18/24 • Settlement agreement filed 4/12/24; $421M investments over 4 years FE Rates 1% < peer avg Data Center Activity (MW) Includes active, under agreement and data centers in the pipeline Recovery Mechanisms Key Formula Investment Programs • OH Grid Mod II ‒ 4yr/$421M plan includes 1.4M smart meters • OH DCR ‒ Allows for recovery of incremental distribution investments, subject to annual revenue caps ‒ Under ESP IV, annual revenue cap of $390M starting 2/1/25 Affordability Average Customer Bills, as of 1/1/2025 100% of Investments currently have the opportunity for rider recovery, subject to ESP IV rider terms and revenue caps Grid Modernization 10.5% ROE | 49% Equity Ratio Quarterly DCR 10.5% ROE | 49% Equity Ratio Quarterly Energy Efficiency(1) Semi-Annual Transmission Annual Generation / Purchased Power Annual Bad Debt Quarterly INDUSTRIES SERVED: Primary and Fabricated Metals, Chemical, Automotive, Petroleum, Data Centers, Plastics & Rubber Governor Party Term Ends Michael DeWine R Jan. ‘27 PUCO Party Term Ends Jenifer French (C) R Apr. ’29 John D. Williams I Apr. ’28 Lawrence K. Friedeman D Apr. ’25 Dennis P. Deters R Apr. ’26 Daniel R. Conway R Apr. ’27 Political Overview (1) Energy Efficiency rider currently only recovering costs of ESP IV demand response program [state avg $167]$165 $166 $166 $185 $154 $165 OE CEI TE AEP AES Duke 160 2,890 2024A 2025F 2026F 2027F 2028F 2029F 2.2M CUSTOMERS Customers’ 2023 electricity wallet as a % of total household spend was 1.3% 2024 Load Studies > 500MWs of ~33GWs

Investor FactBook - Published Feb. 26, 202530 Data Center Activity (MW) Includes active, under agreement and data centers in the pipeline Recovery Mechanisms Affordability Average Customer Bills, as of 1/1/2025 Political Overview Pennsylvania Overview John Hawkins President of Pennsylvania 63% 37% Base Rates Formula Penn Power West Penn Power Penelec Met-Ed Rate Districts Investment Recovery Mechanisms INDUSTRIES SERVED: Primary and Fabricated Metals, Shale Gas, Chemical, Coal Mining, Food and Electric Equip Manufacturing, Plastics & Rubber Accelerated Infrastructure Investments 10.0% benchmark ROE | Actual Cap Structure Quarterly Energy Efficiency Annual Generation/ Purchased Power Semi-Annual Storm Costs Rate case Key Regulatory Updates Base Rate Case: Settlement filed 9/13/24; Approved on 11/21/24 • $225M net revenue adjustment, based on YE 2025 projected rate base of $6.9B and related cost of service • Constructive outcome; net revenue adjustment including recovery of additional O&M and other operating expenses • Required stay-out of new rates until 1/1/27 LTIIP III: Filed 7/22/24; Approved 12/19/24 • $1.6B investment plan for 5 years (2025-2029) Key Formula Investment Programs • LTIIP II (2020-2024) / LTIIP III (2025-2029) ‒ Accelerated replacement of utility poles, underground and overhead lines and fuses ‒ Install new equipment ‒ Reconfiguration of circuits ‒ Automated equipment with ADMS implementation Governor Party Term Ends Josh Shapiro D Jan. ‘27 PA PUC Party Term Ends Steve DeFrank (C) D Apr. ‘25 Kimberly M Barrow (VC) D Apr. ’28 John F. Coleman, Jr. R Apr. ‘27 Ralph Yanora R Apr. ‘29 Katie Zerfuss D Apr. ‘26 [state avg $191] FE Settled Rates remain 7% < peer avg $184 $205 $188 $160 $173 $203 $221 ME PN PP WP PPL PECO DQE settled Allowed Equity Settled Allowed ROE $6.9B Rate Base (2025F) 160 260 2024A 2025F 2026F 2027F 2028F 2029F 2.1M CUSTOMERS Customers’ 2023 electricity wallet as a % of total household spend was 1.2% 2024 Load Studies > 500MWs of ~17GWs

Investor FactBook - Published Feb. 26, 202531 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 Enhancing Reliability ~2M Customers 3 States(1) 10.2-10.5% Tx 9.5-9.8% DX Allowed ROEs $10.5B Rate Base (2025F) 11% Rate Base Growth (2025-2029) $10.8B Investment Plan (2025-2029) ~65% Investments Recovered via Formula Rates (2025-2029) NJ MD WV Bath County Pumped Hydro Harrison Power Station (Coal) Fort Martin Power Station (Coal & Solar) Keep and UpdateIntegrated Segment Overview WV, MD, & NJ Operations: Distribution, Transmission & Regulated Generation Rivesville (Solar) (1) Segment also includes transmission assets in VA (owned by PE)

Investment Plan Average (’25-’29) Integrated Investment Investor FactBook - Published Feb. 26, 202532 ■ Investment Plan of $10.8B over 2025-2029 period includes ~45% Transmission investments ■ Increasing investments by 38% across planning period, from $1.8B in 2024 to $2.5B in 2029 – Distribution investments support infrastructure renewal, grid modernization and enable the energy transition while Transmission investments add operational flexibility, enhance system performance, and support data center growth – Key investment programs include NJ Energy Efficiency, AMI, and IIP as well as WV Solar and ELG $M $587 $640 $665 $720 $765 $775 $474 $460 $415 $495 $500 $500 $371 $430 $495 $435 $605 $665 $258 $305 $335 $500 $540 $590 $958 $1,070 $1,160 $1,155 $1,370 $1,440 $732 $765 $750 $995 $1,040 $1,090 2024A 2025F 2026F 2027F 2028F 2029F 2024A 2025F 2026F 2027F 2028F 2029F New Jersey West Virginia/Maryland Dx: ~60% | Tx: ~40% Dx: ~50% | Tx: ~50% $6.2B Total Investments (2025-2029) $4.6B Total Investments (2025-2029)

Rate Base Average (2025-2029) Investor FactBook - Published Feb. 26, 202533 $B $3.3 $3.7 $4.0 $4.4 $4.8 $5.2 $4.1 $4.3 $4.3 $4.4 $4.4 $4.7 $1.4 $1.6 $1.8 $2.4 $2.7 $3.2 $0.8 $0.9 $1.3 $1.6 $2.3 $2.7 $4.7 $5.3 $5.8 $6.8 $7.5 $8.3 $4.9 $5.2 $5.6 $6.0 $6.7 $7.4 2024A 2025F 2026F 2027F 2028F 2029F 2024A 2025F 2026F 2027F 2028F 2029F New Jersey West Virginia/Maryland Integrated Rate Base 11% Rate Base growth at Integrated Segment (2025-2029 CAGR), which includes 24% Transmission CAGR Note: Rate Base amounts exclude CWIP balances of ~$1B to ~$1.2B per year that earn AFUDC. Maryland rate base includes CWIP. Dx: ~65% Tx: ~35% Dx & Gx: ~75% Tx: ~25%

Investor FactBook - Published Feb. 26, 202534 Data Center Activity (MW) Includes active, under agreement and data centers in the pipeline Recovery Mechanisms Affordability Average Customer Bills, as of 1/1/2025 Political Overview New Jersey Overview Doug Mokoid President of New Jersey 34.5kV 115 kV 230 kV 500 kV JCP&L INDUSTRIES SERVED: Chemical, Primary and Fabricated Metals, Food Manufacturing, Plastic & Rubber 31% 29% 40% Base Rates Dx Formula Tx Formula Investment Recovery Mechanisms Governor Party Term Ends Phillip D. Murphy D Jan. ‘26 NJ BPU Party Term Ends Christine Guhl-Sadovy (P) D Mar ’29 Marian Abdou R Oct ’24 Zenon Christodoulou D Mar ’25 Michael Bange R Mar ’27 Vacant Transmission Formula Rate Annual Energy Efficiency 9.6% ROE | 51.44% Equity Ratio Annual Generation/Purchased Power Quarterly Bad Debt Annual Key Regulatory Updates Base Rate Case: Settlement approved 2/14/24 • Net Annual Revenue increase $85M EE&C: Approved 10/30/24 • Program budget $817M over 2.5 years (January 2025- June 2027), recovered over 10 years • ROE 9.6%; Debt/Equity 48%/52% • Includes programs addressing energy efficiency, peak demand reduction, and building decarbonization EnergizeNJ: Settlement negotiations in progress Key Formula Investment Programs • Transmission investments • AMI: Deploying 1.2M smart meters • EE&C: Programs for energy efficiency, peak demand reduction & building decarbonization • EnergizeNJ: Enhance reliability & modernize Dx system FE Rates 26% < peer avg [state avg $220] $174 $254 $234 $218 JCPL ACE PSEG RECO ~52% Allowed Equity 9.6% 10.2% Dx Tx Allowed ROEs $3.7B $1.6B Dx Tx Rate Base (2025F) 20 140 2024A 2025F 2026F 2027F 2028F 2029F 1.2M CUSTOMERS Customers’ 2023 electricity wallet as a % of total household spend was 1.1% 2024 Load Studies > 500MWs of ~3GWs

47% 13% 40% Base Rates Dx/Gx Formula Tx Formula Investor FactBook - Published Feb. 26, 202535 Key Regulatory Updates WV Base Rate Case: Settlement approved 3/26/24, rates effective 3/27/24 • Net annual revenue increase of $105M WV ENEC: Received WVPSC approval of settlement with rates effective 3/27/24 to increase ENEC rates, with deferred amounts to be recovered in 2025-2026 WV 2025 IRP: See next slide MD Base Rate Case: Order issued 10/18/23, New rates effective 10/19/23 • Net annual revenue increase of $29M MD EmPOWER: Legislation effective 7/1/24 • Reduces the carrying cost on unamortized balances of EmPOWER costs from pre-tax rate of return to the avg. cost of outstanding debt WV West Virginia & Maryland Overview WEST VIRGINIA [state avg $156]FE Rates 22% < peer avg MARYLAND [state avg $191]FE Rates 27% < peer avg Investment Recovery Mechanisms Potomac Edison Mon Power Jim Myers President of WV & MD Data Center Activity (MW) Includes active, under agreement and data centers in the pipeline Affordability MD Average Customer Bills, as of 1/1/25 Key Formula Investment Programs • WV ‒ Utility-scale solar generation investments ‒ ELG environmental compliance investments • MD ‒ Transmission investments INDUSTRIES SERVED: Chemical, Coal Mining, Non-Metallic Minerals, Plastics and Rubber Products, National Security, Crop Projection, Technical Services WV ELG & Solar Investments 9.8% ROE | Actual Cap Structure Annual Generation/Purchased Power Annual Vegetation Biennial Storm Costs Rate case MD Transmission Formula Rate Annual Energy Efficiency Annual Generation/Purchased Power Triannual Recovery Mechanisms WV Governor Party Term Ends Patrick Morrisey R Jan. ’29 WV PSC Party Term Ends Charlotte R. Lane (C) R Jun. ’25 Renee A. Larrick R Jun. ’29 William B. Raney I Jun. ’27 MD Governor Party Term Ends Wes Moore D Jan. ’27 MD PSC Party Term Ends Frederick H. Hoover (C) D Jul. ’28 Kumar P. Barve D Jul. ’29 Michael T. Richard R Jul. ’25 Bonnie A. Suchman D Jul. ‘27 Vacant $137 $137 $175 $175 MP PE AEP (AP) AEP (WP) $149 $186 $223 $204 PE BGE DELMARVA PEPCO 9.8% 9.5%/10.45% WV MD: Dx / TX Allowed ROEs 50% 53%/50% WV MD: Dx / TX Allowed Equity $4.1B WV MD Rate Base (2025F) $1.1B 80 2,165 2024A 2025F 2026F 2027F 2028F 2029F 555K WV CUSTOMERS 295K MD CUSTOMERS Customers’ 2023 electricity wallet as a % of total household spend was 1.6% (WV) and 1.3% (MD) 2024 Load Studies > 500MWs of ~19GWs

Investor FactBook - Published Feb. 26, 2025 West Virginia Generation (MP) PJM Zone State Fuel Type Units Net Max Cap (MW) Year Plant Comm 2024 Output M MWH Bath Co. Dominion VA Hydro 6 487(2) 1985 1.0 Ft. Martin(1) APS WV Coal 2 1,098 1967 3.9 Harrison(1) APS WV Coal 3 1,984 1972 10.6 OVEC Rest of RTO Multiple Coal Multiple 11(3) Various <0.1 Solar(4) APS WV Solar 2 24(4) 2024 <0.1 Total 3,604 (1) Estimated end of useful life is 2035 for Ft. Martin and 2040 for Harrison (2) Represents MP’s indirect 16.25% interest in Bath County, a pumped-storage hydroelectric station. Bath County is also 23.75% owned by LS Power (non-FE affiliated) and operated by 60% owner Virginia Electric and Power Company (non-FE affiliated). (3) Represents MP’s 0.49% entitlement based on its participation in OVEC (4) Online output in 2024 includes Ft. Martin and Rivesville. In total, MP & PE plan to develop five solar sites that will total 50 MW. REGULATED GENERATION 36 Bath Co. (VA) Harrison Ft. Martin Rivesville Wylie Ridge Marlowe Davis Ft. Martin WV 2025 Integrated Resource Plan (IRP) ▪ Expect to file IRP no later than December 2025 to address the obligation to supply our WV generation customers with reliable and cost-effective capacity and energy ▪ Filing will address a 10-year outlook and will consider: • Options around future of Ft. Martin, which has an estimated end of life of 2035 • Future load forecasts • Environmental scenarios such as costs for complying with current regulations • Resource adequacy concerns ▪ WV strongly prefers asset-backed generation from its utilities; state requires approval from WVPSC 2024 Coal Generation as a % of Total FirstEnergy: Rate Base ~5%, Net Income ~5%, Revenues ~10%

Stand-Alone Transmission Segment Overview FET (ATSI, TrAILCo, MAIT) and KATCo 10% Rate Base Growth (2025-2029) Investor FactBook - Published Feb. 26, 202537 A premium business with a continued long-term pipeline of transmission investment opportunities Focused on investments that improve grid reliability and grid resiliency $9.5B Consolidated Investment Plan (2025-2029) 100% FERC-regulated, forward-looking rates FERC Party Term Ends Mark Christie (Chair) R Jun. ‘25 Willie L. Phillips D Jun. ‘26 David Rosner D Jun. ‘27 Lindsey S. See R Jun. ‘28 Judy W. Chang D Jun. ‘29 9.88%(1) -11.7% Allowed ROEs $5.7B Rate Base (2025F) 5 States Rate Base adjusted from prior disclosures to exclude Brookfield’s 49.9% equity interest in FET, LLC (1) ROE previously 10.38% and is subject to ongoing litigation re: Transmission ROE Incentive (OCC v. ATSI, et al.)

Stand-Alone Transmission Investment Investor FactBook - Published Feb. 26, 202538 Note: Consolidated plan including Brookfield’s ownership percentage $624 $760 $800 $870 $885 $950 $638 $725 $805 $815 $830 $895 $55 $35 $40 $50 $50 $55 $110 $130 $145 $150 $215 $280 2024A 2025F 2026F 2027F 2028F 2029F KATCo TrAILCo MAIT ATSI $2.0B $2.2B $1.4B $1.7B $1.8B $1.9B $M ▪ Investment Plan of $9.5B over 2025-2029 – Transmission only – recovered through 100% formula rates ▪ Increasing investments by 32% across planning period, from $1.7B in 2025 to $2.2B in 2029 ▪ Investments focused on enhancing system performance, reliability, and resiliency ATSI $4.3B MAIT $4.1B KATCo $0.9B Total Investments (2025-2029) TrAILCo $0.2B

$2.2 $2.3 $2.6 $2.7 $3.1 $3.3 $1.9 $2.2 $2.4 $2.7 $3.0 $3.4 $0.7 $0.7 $0.7 $0.7 $0.7 $0.7 $0.5 $0.5 $0.6 $0.7 $0.9 $1.0 2024A $9.0B 2025F $9.8B 2026F $10.9B 2027F $11.8B 2028F $13.2B 2029F $14.5B ATSI MAIT TrAIL KATCo $7.6B $8.4B Stand-Alone Transmission Rate Base Investor FactBook - Published Feb. 26, 2025 39 Note: Rate Base amounts exclude CWIP balances of ~$0.6B to ~$1B per year that earn AFUDC. Adjusted from prior disclosures to exclude Brookfield’s 49.9% equity interest in FET, LLC. $B $5.3B $6.8B $6.3B $5.7B Total Rate Base (incl. Brookfield) MAIT 12% KATCo 18% OpCo Rate Base CAGRs (2025-2029) ATSI 9%

Transmission Overview Investor FactBook - Published Feb. 26, 202540 Mark Mroczynski President of Transmission MAIT TrAILCo 100% FERC-regulated, forward-looking rates 9.88%(1) -12.7% Allowed ROEs $5.7B FE Rate Base (2025F) Stand-Alone Transmission Segment Overview • Segment currently includes FET and KATCo ‒ FET, LLC is 50.1% owned by FE and is the parent of ATSI, TrAILCo, and MAIT ‒ ATSI and TrAILCo Ownership: FE 50.1% / Brookfield 49.9% ‒ MAIT Ownership: FE 70% / Brookfield 30% (FE continues to own 100% of MAIT Class B shares) ‒ With FE’s ownership in MAIT through Class B shares, FE owns ~57% of FET Rate Rase ‒ KATCo is 100% owned by FE ‒ Pursuing joint venture, which is expected to be ~33% owned by FE ‒ Expect that JV will be accounted for as an equity method investment – reflected in "Investments” on FirstEnergy’s Balance Sheet and in “Other Income (Expense)” on FirstEnergy’s Statements of Income ‒ JV will not be included in FE’s Investment Plan and Rate Base Key Updates • Pursuing incremental Tx investments through 2024 PJM Open Window 1 via JV and FE Tx OpCos ‒ JV solutions include several new 765-, 500- and 345-kv transmission lines; the most comprehensive of these solutions totals $3.8B in investment (FE portion ~$700M, excluding Brookfield) ‒ FE also submitted nearly $1B individual projects to PJM and for needs that are outside of the JV ‒ Project approvals expected to be announced in late February 2025 • Data center and AI’s share of U.S. electricity consumption expected to triple by 2030 • Load study requests of 500MW+ in FE footprint have increased 5x compared to 2023 ‒ While we have transmission capacity to support data center investments, we are taking a thoughtful approach to ensure we appropriately manage risks and that existing customers have adequate protections ATSI KATCo Investments Overview • Focused on improving grid reliability and resiliency, which are key to enable greater operational flexibility, increased protection against physical asset risks, and better support for increased renewables and distributed energy resources • Enhancing the high-voltage transmission system to make it more resilient, reduce future maintenance costs and increase flexibility to help grid operators respond more swiftly to variable conditions Rate Base adjusted from prior disclosures to exclude Brookfield’s 49.9% equity interest in FET, LLC (1) ROE previously 10.38% and is subject to ongoing litigation re: Transmission ROE Incentive (OCC v. ATSI, et al.)

56% 34% 1% 9% Update System Condition Enhance System Performance Operational Flexibility Regulatory Required ATSI Overview Ownership: FE 50.1% / Brookfield 49.9% Investor FactBook - Published Feb. 26, 202541 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: Transmission ROE Incentive (OCC v. ATSI, et al.) 9.88%(1) Allowed ROE $4.6B ($2.3B) Total Rate Base (FE-owned) 40% / 60% Capital structure (Debt / Equity)NEW MAP UNDER DEVELOPMENT FE Utility Service Territory 2025-2029 INVESTMENT PLAN 2025 OVERVIEW Ownership: FE 50.1% / Brookfield 49.9%

MAIT Overview Ownership: FE 70% / Brookfield 30% Investor FactBook - Published Feb. 26, 202542 (1) MAIT’s equity ownership consists of Class A and Class B shares. As of 12/31/24, MAIT’s equity breakdown is 60% Class A and 40% Class B shares. Class A shares are fully owned by FET, LLC and subject to the ownership interest in FET, LLC by FE and Brookfield. Class B shares are 100% owned by FE and represent the former ME/PN ownership of MAIT. 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 NEW MAP UNDER DEVELOPMENT 10.3% Allowed ROE $3.3B ($2.2B) Total Rate Base (FE-owned) 40% / 60% Capital structure (Debt / Equity) 2025 OVERVIEW Ownership(1): FE 70% / Brookfield 30% 2025-2029 INVESTMENT PLAN 56% 30% 4% 11% Update System Condition Enhance System Performance Operational Flexibility Regulatory Required

TrAILCo Overview Ownership: FE 50.1% / Brookfield 49.9% Investor FactBook - Published Feb. 26, 202543 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-looking Term June-Following May Filing month May True-up mechanism Yes FE Utility Service Territory FirstEnergy VA Transmission Zone TrAIL 500 kV Line Substation FE TrAIL 50% Joint Ownership with Dominion Resources Dominion Resources Owned Ownership: FE 50.1% / Brookfield 49.9% 2025 OVERVIEW 2025-2029 INVESTMENT PLAN 31% 26% 15% 29% Update System Condition Enhance System Performance Operational Flexibility Regulatory Required

KATCo Overview 100% FE Ownership Investor FactBook - Published Feb. 26, 202544 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 (Settled) $0.5B Rate Base 51% / 49% Capital structure (Debt / Equity) 2025 OVERVIEW 100% FE Ownership 2025-2029 INVESTMENT PLAN 57% 35% 1% 7% Update System Condition Enhance System Performance Operational Flexibility Regulatory Required

Investor FactBook - Published Feb. 26, 202545 10.2-10.5% Tx 9.5-9.8% DX Keep and Update Additional Information & Investor Relations Contacts For our email distribution list, please contact: Delinda Herman, Executive Assistant to Vice President dherman@firstenergycorp.com 330.384.5584 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 Karen Sagot Vice President, Investor Relations ksagot@firstenergycorp.com 330.761.4286 Gina E. Caskey Director, IR & Corporate Responsibility caskeyg@firstenergycorp.com 330.761.4185 Jake M. Mackin Manager, Investor Relations mackinj@firstenergycorp.com 330.384.4829 Institutional Investor Contacts

Industry Awards & Recognition Investor FactBook - Published Feb. 26, 202546 Recognized in 2024 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 Ethisphere designated FirstEnergy as a Compliance Leader for its ethics and compliance program and practices. Recognized by Newsweek as One of America’s Greatest Workplaces Overall Recognized by U.S. Fish and Wildlife Service as Nationwide Candidate Conservation Agreement with Assurances for Monarch Butterfly Partner on Energy and Transportation Lands Rated a Trendsetter in 2024 CPA- Zicklin Index with a score of 92.9% Received Industry Recognition from Edison Electric Institute for Outage Restoration Efforts Merrill Creek Reservoir Earned Governor's Environmental Excellence Award from New Jersey Department of Environmental Protection Top 50 diversity employer by Minority Engineer magazine Rated a Model Code Company in 2024 CPA-Zicklin Index

Commonly Used Terms & Acronyms Investor FactBook - Published Feb. 26, 202547 ADIT Accumulated Deferred Income Taxes FEU FirstEnergy Utilities RTO Regional Transmission Organization AFUDC Allowance for Funds Used During Construction Fitch Fitch Ratings Service S&P Standard & Poor’s Rating Service AMI Advanced Metering Infrastructure FFO Funds From Operations S&P 500 Standard & Poor’s 500 index BGS Basic Generation Service GEN Generation Service Rider SEET Significantly Excessive Earnings Test BOD Board of Directors Gx Generation Sf6 Sulfur Hexafluoride Brookfield North American Transmission Company II L.P. GAAP Generally Accepted Accounting Principles SFC South FirstEnergy Operating Companies CapEx Capital Expenditures GHG Greenhouse Gases SIP Stock Investment Plan CAGR Compound Annual Growth Rate HB 6 House Bill 6, as passed by Ohio’s 133rd General Assembly SOS Standard Offer Service CDD Cooling Degree Days HDD Heating Degree Days SRC Storm Recovery Charge CFO Cash From Operations kV Kilovolt SVC Static Var Compensator CFO pre-WC Cash From Operations pre-Working Capital kWh Kilowatt-hour TCJA Tax Cuts and Jobs Act CO2 Cardon Dioxide LDR Lost Distribution Revenues TTM Trailing Twelve Months CWIP Construction Work in Progress LTD Long-Term Debt Tx Transmission DCR Delivery Capital Recovery LTIIP Long-Term Infrastructure Improvement Plan WC Working Capital DMR Distribution Modernization Rider MD PSC Maryland Public Service Commission WV PSC West Virginia Public Service Commission DPA Deferred Prosecution Agreement MTM Mark-to-Market YE Year End DRIP Dividend Reinvestment Plan MW Megawatt DSE Demand Side Management and Energy Efficiency MWH Megawatt-hour FirstEnergy Companies DSIC Distribution System Improvement Charge Moody’s Moody’s Investors Service, Inc. AGC Allegheny Generating Company DSSR Default Service Support Rider NJ BPU New Jersey Board of Public Utilities ATSI American Transmission Systems, Incorporated Dx Distribution NGC Non-Utility Generation Charge CEI The Cleveland Electric Illuminating Company EDIS Electric Distribution Investment Surcharge NMB Non-Market Based FE PA ME, PN, PP, WPP merged with and into FE PA on 1/1/2024 EDIT Excessive Deferred Income Taxes OSHA Occupational Safety and Health Administration FET FirstEnergy Transmission, LLC EE Energy Efficiency OPEB Other Post-Employment Benefits JCP&L Jersey Central Power & Light Company EEI Edison Electric Institute OVEC Ohio Valley Electric Corporation KATCo Keystone Appalachian Transmission Company EE&C Energy Efficiency & Conservation PA Consolidation Consolidation of Pennsylvania Companies MAIT Mid-Atlantic Interstate Transmission, LLC ELG Effluent Limitation Guidelines PA PUC Pennsylvania Public Utility Commission ME Metropolitan Edison Company EmT Emerging Technologies PEER FirstEnergy’s Program for Enhanced Employee Retirement MP Monongahela Power Company ENEC Expanded Net Energy Costs PBO Projected Benefit Obligation OH Companies OE, CEI, TE EPS Earnings per Share PJM PJM Interconnection, LLC, an RTO OE Ohio Edison Company ESP Electric Security Plan PPA Purchase Power Agreement PE The Potomac Edison Company ETF Energizing the Future PTC Price-to-Compare PN Pennsylvania Electric Company ETR Effective Tax Rate PUCO Public Utilities Commission of Ohio PP Pennsylvania Power Company EV Electric Vehicle ROA Return on Assets TE The Toledo Edison Company FCF Free Cash Flow ROE Return on Equity TrAILCo Trans-Allegheny Interstate Line Company FERC Federal Energy Regulatory Commission RRC Regional Greenhouse Gas Initiative (RGGI) Recovery Charge WPP West Penn Power Company

2024 GAAP to Non-GAAP Earnings Reconciliation Investor FactBook - Published Feb. 26, 202548 Per share amounts for the special items, Signal Peak and Net Pension/OPEB credits adjustments 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 was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rate ranges from 21% to 29%. Basic EPS from Continuing Operations (GAAP), Operating EPS (Non-GAAP), and Core EPS (Non-GAAP) are based on 576 million shares for the Fourth Quarter of 2024 and 575 million shares for the Full Year 2024. Net Pension/OPEB credits represents net periodic pension and OPEB benefit costs (GAAP), adjusted to remove the impact of mark-to-market adjustments, which are already accounted for within special items, and portion recovered through formula rates. Please see slide 54 for more information. Full Year 2024 (In $M, except per share amounts) Dx Int Tx Corp FE Cons 2024 Earnings (Loss) Attributable to FE Corp. (GAAP) $624 $535 $294 ($475) $978 2024 Earnings (Loss) Per Share $1.08 $0.93 $0.51 ($0.82) $1.70 Excluding Special Items: ARO regulatory change 0.06 0.02 - 0.19 0.27 Debt-related costs - - - 0.12 0.12 Enhanced employee retirement and other related costs 0.01 - - - 0.01 FE Forward cost to achieve 0.06 0.03 0.01 - 0.10 Investigation and other related costs - - - 0.13 0.13 Pension/OPEB mark-to-market and other charges (0.05) (0.03) - 0.15 0.07 Regulatory charges 0.07 (0.01) 0.03 - 0.09 Strategic transaction charges - 0.01 0.03 0.10 0.14 Total Special Items $0.15 $0.02 $0.07 $0.69 $0.93 2024 Operating Earnings (Loss) Per Share – Non-GAAP $1.23 $0.95 $0.58 ($0.13) $2.63 Remove Net Pension/OPEB credits (0.03) (0.04) - (0.06) (0.13) Remove Signal Peak earnings impact - - - (0.13) (0.13) Sub-Total ($0.03) ($0.04) - ($0.19) ($0.26) 2024 Core Earnings (Loss) Per Share – Non-GAAP $1.20 $0.91 $0.58 ($0.32) $2.37 2024 Core EPS by Quarter Dx Int Tx Corp FE Cons 1Q $0.29 $0.14 $0.18 ($0.12) $0.49 2Q $0.22 $0.20 $0.14 ($0.05) $0.51 3Q $0.38 $0.35 $0.13 ($0.10) $0.76 4Q $0.31 $0.22 $0.13 ($0.05) $0.61 FY $1.20 $0.91 $0.58 ($0.32) $2.37

2023 GAAP to Non-GAAP Earnings Reconciliation Investor FactBook - Published Feb. 26, 202549 Full Year 2023 (In $M, except per share amounts) Dx Int Tx Corp FE Cons 2023 Earnings (Loss) Attributable to FE Corp. from Continuing Operations (GAAP) $587 $300 $399 ($163) $1,123 2023 Earnings (Loss) Per Share from Continuing Operations $1.02 $0.52 $0.70 ($0.28) $1.96 Excluding Special Items: Debt-related costs - - - 0.05 0.05 Enhanced employee retirement and other related costs 0.07 0.06 - - 0.13 Exit of generation - - - 0.02 0.02 FE Forward cost to achieve 0.04 0.01 - 0.04 0.09 Investigation and other related costs - - - 0.10 0.10 Pension/OPEB mark-to-market and other charges 0.04 0.06 - (0.05) 0.05 Regulatory charges 0.03 0.02 - - 0.05 Strategic transaction charges - - - 0.11 0.11 Total Special Items $0.18 $0.15 - $0.27 $0.60 2023 Operating Earnings (Loss) Per Share – Non-GAAP $1.20 $0.67 $0.70 ($0.01) $2.56 Per share amounts for the special items, Signal Peak and Net Pension/OPEB credits adjustments 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 was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rate ranges from 21% to 29%. Basic EPS from Continuing Operations (GAAP), Operating EPS (Non-GAAP), and Core EPS (Non-GAAP) are based on 574 million shares for the Fourth Quarter of 2023 and 573 million shares for the Full Year 2023. Net Pension/OPEB credits represents net periodic pension and OPEB benefit costs (GAAP), adjusted to remove the impact of mark-to-market adjustments, which are already accounted for within special items, and portion recovered through formula rates. Please see slide 54 for more information. Remove Net Pension/OPEB credits (0.04) (0.05) - (0.03) (0.12) Remove Signal Peak earnings impact - - - (0.24) (0.24) Sub-Total ($0.04) ($0.05) - ($0.27) ($0.36) 2023 Core Earnings (Loss) Per Share – Non-GAAP $1.16 $0.62 $0.70 ($0.28) $2.20

2022 GAAP to Non-GAAP Earnings Reconciliation Investor FactBook - Published Feb. 26, 202550 Per share amounts for the special items, Signal Peak and Net Pension/OPEB credits adjustments 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 was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rate ranges from 21% to 29%. Basic EPS from Continuing Operations (GAAP), Operating EPS (Non-GAAP), and Core EPS (Non-GAAP) are based on 571 million shares for the Full Year 2022. Net Pension/OPEB credits represents net periodic pension and OPEB benefit costs (GAAP), adjusted to remove the impact of mark-to-market adjustments, which are already accounted for within special items, and portion recovered through formula rates. Please see slide 54 for more information. (In $M, except per share amounts) FE Cons 2022 Earnings Attributable to FE Corp. from Continuing Operations (GAAP) $406 2022 Earnings Per Share from Continuing Operations $0.71 Excluding Special Items: Debt-related costs 0.25 Exit of generation 0.02 FE Forward cost to achieve 0.03 Investigation and other related costs 0.08 Pension/OPEB mark-to-market and other charges (0.13) Regulatory charges 0.21 State tax legislative changes 0.01 Strategic transaction charges 1.23 Total Special Items $1.70 2022 Operating Earnings Per Share – Non-GAAP $2.41 Remove Net Pension/OPEB credits (0.40) Remove Signal Peak earnings impact (0.23) Sub-Total ($0.63) 2022 Core Earnings Per Share – Non-GAAP $1.78

2022-2024 Special Item Descriptions ▪ ARO regulatory change: Primarily related to increases in asset retirement obligations, primarily associated with the planned transfer of the McElroy’s Run coal ash disposal site to a third party and an estimate for new remediation obligations for various legacy coal combustion residual sites triggered by a new EPA regulation. ▪ Debt-related costs: Primarily reflects costs associated with the redemption and early retirement of debt. ▪ Enhanced employee retirement and other related costs: Primarily reflects transition and benefit costs associated with the Company's voluntary retirement program and involuntary separations. ▪ Exit of generation: Primarily reflects charges or credits resulting from the exit of competitive operations. ▪ FE Forward cost to achieve: Primarily reflects the impairment charge related to exiting the Akron general office, the termination charges associated with exiting certain sporting sponsorship agreements and certain advisory and other costs incurred to transform the Company for the future. ▪ Investigation and other related costs: Primarily reflects litigation settlements and reserves, including those related to the SEC and OOCIC/OHAG investigations, and other legal and advisory expenses related to the government investigations, net of the received derivative settlement insurance proceeds. ▪ Pension/OPEB mark-to-market and other charges: Reflects the change in fair value of plan assets and net actuarial gains and losses associated with the Company's pension and other post-employment benefit plans and other settlement charges. ▪ Regulatory charges: Primarily reflects the impact of regulatory agreements, proceedings, audits, concessions or orders requiring certain commitments, refunds, and/or disallowing the recoverability of costs, net of related credits. ▪ State tax legislative changes: Primarily reflects charges resulting from state tax legislative changes. ▪ Strategic transaction charges: Primarily reflects the net tax charges and related updates associated with the FET interest sales, consolidation of the Pennsylvania Companies, charges associated with FirstEnergy’s actions to exit its ownership in Signal Peak, and other charges related to the exit of a legacy purchase power contract. Note: Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in evaluating, the Company’s ongoing core activities and results of operations or otherwise warrant separate classification. Special items are not necessarily non-recurring. Investor FactBook - Published Feb. 26, 202551

2023-2024 GAAP to Non-GAAP Baseline O&M Reconciliations Investor FactBook - Published Feb. 26, 202552 (1) As reported in the Consolidated Statement of Income (2) 2024 amount primarily due to $62M impairment charge related to the Akron general office in 3Q24 (3) Refer to slides 48-49 for more information on special items (4) Primarily represents PJM Network Transmission Expense and ancillary charges such as Transmission Enhancement (5) Primarily represents the rider/program recoverable and deferred O&M within the Distribution, Integrated, and Stand-Alone Transmission segments FirstEnergy Consolidated (In $M) 2023 2024 Other Operating Expenses (GAAP) (1) $3,594 $4,159 Excluding Special Items (pre-tax): ARO Regulatory Change - ($200) Enhanced Employee Retirement and Other Related Costs ($77) ($8) Investigation and Other Related Costs ($77) ($64) FE Forward Cost-to-Achieve (2) ($58) ($76) Regulatory Charges ($22) ($85) Exit of Generation ($13) - Total Special Items (3) ($247) ($433) PJM Pass-Through Transmission Costs (4) ($1,068) ($1,265) Rider/Program Recoverable (5) ($991) ($1,174) Other ($8) ($4) Baseline O&M (non-GAAP) $1,280 $1,283

Forward-Looking Statements 53 This FactBook includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 and settlements with the U.S. Attorney’s Office for the Southern District of Ohio and the Securities and Exchange Commission (“SEC”); the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio’s 133rd General Assembly (“HB 6”) and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters, which may result in increased storm restoration expenses and negatively affect future operating results; the potential liabilities and increased costs arising from regulatory actions or outcomes in response to severe weather conditions and other natural disasters; legislative and regulatory developments, and executive orders, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security, climate change. and diversity, equity and inclusion; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to meet our goals relating to climate-related and environmental, social and governance matters, opportunities improvements, and efficiencies, including our greenhouse gas (“GHG”) reduction goals; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, strengthening our balance sheet and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the legacy coal combustion residual rules that were finalized during 2024; changes to environmental laws and regulations, including, but not limited to, rules finalized by the Environmental Protection Agency and the SEC, including those currently stayed, related to climate change; and potential changes to such laws and regulations as a result of the new U.S. presidential administration; changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, emerging technology, particularly with respect to electrification and new data centers, energy storage and distributed sources of generation; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions, and the loss of our status as a well-known seasoned issuer; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, generation resource planning, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings and potential changes to such laws and regulations as a result of the new U.S. presidential administration; and the risks and other factors discussed from time to time in our SEC filings. Dividends declared from time to time on our common stock during any period may in the aggregate vary from prior periods due to circumstances considered by the FE Board at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.’s Form 10-K, Form 10-Q and in FirstEnergy's other filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise. Investor FactBook - Published Feb. 26, 2025

Non-GAAP Financial Matters 54 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. Generally Accepted Accounting Principles (“GAAP”) and exclude the impact of “special items,” from earnings attributable to FirstEnergy Corp. from continuing operations for Operating EPS. Core EPS further excludes from Operating EPS the earnings contribution of Signal Peak and net periodic pension and other post- employment benefits (“OPEB”) credits, other than the mark-to-market adjustment and other related charges, which are already excluded as special items. Core EPS and Operating EPS also exclude the impact of Discontinued Operations. Management uses these non-GAAP financial measures to evaluate the company’s and its segments’ performance and manage its operations and references these non-GAAP financial measures in its decision-making, using them to facilitate historical and ongoing performance comparisons. Management believes that the non-GAAP financial measures of Core EPS and Operating EPS, including by segment, provide consistent and comparable measures of performance of its businesses on an ongoing basis. Management also believes that such measures are useful to shareholders and other interested parties to understand performance trends and evaluate the company against its peer group by presenting period-over-period operating results, excluding the impacts described above, that may not be consistent or comparable across periods or across the company’s peer group. These non-GAAP financial measures are intended to complement, and are not considered as alternatives to, the most directly comparable GAAP financial measures, which for Operating EPS and Core EPS is EPS attributable to FirstEnergy Corp. from Continuing Operations (GAAP), as reconciled. Also, such non-GAAP financial measures may not be comparable to similarly titled measures used by other entities. Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in evaluating the company’s ongoing core activities and results of operations or otherwise warrant separate classification. Operating EPS and Core EPS are calculated based on the weighted average number of common shares outstanding in the respective period. A reconciliation of forward-looking non-GAAP measures, including 2025 Core EPS and Core EPS compound annual growth rate projections, to the most directly comparable GAAP measures is not provided because comparable GAAP measures are not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Specifically, management cannot, without unreasonable effort, predict the impact of these special items in the context of Core EPS guidance, or Core EPS growth rate projections forecasts because these items, which could be significant, are difficult to predict and may be highly variable. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These special items are uncertain, depend on various factors and may have a material impact on our future GAAP results. Investor FactBook - Published Feb. 26, 2025

Cover Page	Feb. 26, 2025
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 26, 2025
Entity File Number	333-21011
Entity Registrant Name	FIRSTENERGY CORP
Entity Tax Identification Number	34-1843785
Entity Incorporation, State or Country Code	OH
Entity Address, Address Line One	76 South Main Street
Entity Address, City or Town	Akron
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44308
City Area Code	(800)
Local Phone Number	736-3402
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.10 par value per share
Trading Symbol	FE
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001031296
Amendment Flag	false

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