Financial Data and Key Metrics Changes - GAAP earnings for Q2 2025 were $0.46 per share, compared to $0.08 in Q2 2024 [6] - Core earnings were $0.52 per share for the quarter, up from $0.51 in the same quarter last year, indicating a strong performance [7][22] - Year-to-date core earnings reached $1.19 per share, reflecting a 19% increase compared to 2024 [23] - Consolidated return on equity was 9.7%, aligning with the targeted range of 9.5% to 10% [23] Business Line Data and Key Metrics Changes - The distribution and integrated businesses showed meaningful increases due to the execution of regulated strategies and higher customer demand [23] - Operating expenses were approximately 4% below plan, contributing to favorable financial performance [51] - Capital investments for 2025 are on track with over $1.4 billion deployed in Q2 and more than $2.5 billion in the first half of the year, which is 29% ahead of the same period in 2024 [25] Market Data and Key Metrics Changes - The data center pipeline has increased over 80% to 11.1 gigawatts since February, with contracted data center load rising approximately 25% to 2.7 gigawatts [12] - Requests for large load studies greater than 500 megawatts have surged, with over 95 gigawatts requested since the beginning of 2024 [13] Company Strategy and Development Direction - The company is focused on a $28 billion capital investment plan through 2029 to enhance system resiliency and reliability [9][20] - Significant investments in Pennsylvania are planned, with $15 billion expected through 2029, including $4.3 billion in distribution and $5.5 billion in transmission capital investments [11] - The company aims to be recognized as a premier electric utility, targeting a compound annual growth rate of 6% to 8% through 2029 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving core earnings in the upper half of the guidance range of $2.4 to $2.6 per share for 2025 [19] - The leadership team is focused on optimizing performance and financial strength, with a commitment to delivering stable growth [19][29] - Management highlighted the need for new dispatchable generation in West Virginia and is prepared to invest accordingly [40] Other Important Information - The company successfully sold its minority ownership in the Signal Peak coal mine for $47.5 million, eliminating any remaining financial or operational liabilities [29] - The company is committed to maintaining a strong balance sheet and investment-grade metrics, targeting a funds from operations to debt ratio of 14% plus through 2029 [28] Q&A Session Summary Question: Clarification on transmission CapEx upside - The company indicated that the 20% increase in CapEx is gross and includes approximately $2.3 billion to $4 billion identified for shareholders [34][35] Question: Balance sheet capacity and equity considerations - Management stated they are keeping all options open regarding balance sheet capacity and would consider equity if necessary, but are not currently concerned [36][37] Question: Data center pipeline and negotiations - The pace of negotiations is driven by customer demand, with legitimate developers willing to sign contracts [43] Question: Incremental generation needs in West Virginia - The company anticipates needing to add about 1,000 megawatts of dispatchable gas combined cycle generation over the next ten years [45] Question: Ohio regulatory strategy post-rate case - Future regulatory strategy will depend on the outcomes of the current rate case, with plans to file under the new framework as soon as practicable [91][92]

Financial Data and Key Metrics Changes - GAAP earnings for Q2 2025 were $0.46 per share, an increase from $0.08 in Q2 2024 [5] - Core earnings were $0.52 per share for the quarter, compared to $0.51 in the same quarter last year [6] - Year-to-date core earnings of $1.19 per share reflect a 19% increase compared to 2024 [22] - Consolidated return on equity was 9.7%, aligning with the targeted range of 9.5% to 10% [22] Business Line Data and Key Metrics Changes - The second quarter core earnings benefited from new base rates in Pennsylvania and increased investments in the transmission system [6][22] - Operating expenses were nearly 4% lower than planned, contributing to financial discipline [23] - Capital investments for 2025 are on track with over $1.4 billion deployed in Q2 and more than $2.5 billion in the first half of the year, which is 29% ahead of the same period in 2024 [23] Market Data and Key Metrics Changes - The data center pipeline has increased over 80% to 11.1 gigawatts since February, with contracted data center load rising approximately 25% to 2.7 gigawatts [10] - Requests for large load studies greater than 500 megawatts have surged, with over 95 gigawatts requested since the beginning of 2024 [11] Company Strategy and Development Direction - The company is focused on a $28 billion capital investment plan through 2029 to enhance system resiliency and reliability [7][19] - Significant investments in Pennsylvania are expected to total $15 billion through 2029, with a focus on distribution and transmission capital investments [9] - The company aims to be recognized as a premier electric utility, targeting a compound annual growth rate of 6% to 8% through 2029 [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving core earnings in the upper half of the guidance range of $2.4 to $2.6 per share for 2025 [18] - The leadership team is committed to optimizing performance and financial strength, with a focus on accountability and customer service [18] - Management highlighted the need for new dispatchable generation in West Virginia and the potential for incremental investments [40] Other Important Information - The company successfully sold its minority ownership in the Signal Peak coal mine for $47.5 million, eliminating any remaining financial or operational liabilities [28] - The company is preparing for regulatory changes in Ohio, including a transition to a new regulatory framework that supports capital investments [14][72] Q&A Session Summary Question: Clarification on transmission CapEx upside - Management indicated that the 20% increase in CapEx is gross and that identified CapEx for shareholders could be between $2.3 billion to $4 billion [35][36] Question: Balance sheet capacity and equity considerations - Management is open to all options regarding balance sheet capacity and will make decisions based on the reality at the time [37] Question: Data center pipeline and negotiations - The pace of negotiations is driven by customer demand, with legitimate developers willing to sign contracts [44] Question: Incremental generation needs in West Virginia - Management anticipates the need for new dispatchable generation, with potential for adding 1,000 megawatts over the next ten years [46] Question: Drivers of upside in financial performance - Most of the favorability to plan is attributed to discipline around operating expenses, which are 4% below plan [52] Question: Future CapEx updates - A longer-term CapEx plan will likely be provided in the fourth quarter call [88] Question: Ohio regulatory strategy post-rate case - Future filings will depend on the outcomes of the current rate case, with expectations for a decision in the fourth quarter [93]

Core Insights - FirstEnergy (FE) reported second-quarter 2025 operating earnings of 52 cents per share, exceeding the Zacks Consensus Estimate of 50 cents by 4% and showing an increase from 51 cents per share in the same quarter last year [1][7] Financial Performance - The year-over-year increase in core earnings was attributed to new base rates in Pennsylvania and growth in transmission rate base under formula rate programs, although milder temperatures reduced customer demand by nearly 3% [2] - Total revenues for FE were $3.38 billion, which was 3% higher than the $3.28 billion recorded in the year-ago quarter but missed the Zacks Consensus Estimate of $3.41 billion by 1% [3][7] - Operating expenses decreased to $2.73 billion, down 4.5% from $2.86 billion in the prior-year quarter, leading to an operating income of $646 million, up 52.7% from $423 million [5] Segment Performance - Distribution segment revenues totaled $1.68 billion, up 1.6% from the prior-year quarter [4] - Integrated segment revenues amounted to $1.26 billion compared to $1.18 billion in the year-ago quarter [4] - Stand-Alone Transmission segment revenues were $456 million, slightly down from $468 million in the prior-year quarter [4] Future Guidance - FirstEnergy expects 2025 core earnings per share (EPS) in the range of $2.40-$2.60, with the Zacks Consensus Estimate at $2.53 per share [6] - The company anticipates a long-term EPS growth rate of 6-8% and has a capital investment plan of $28 billion for the 2025-2029 period, with $5 billion expected for 2025 [6]

Financial Performance - 2Q25 Core EPS was $052/share, compared to $051/share in 2Q24[15] - YTD25 Core EPS grew by 19% to $119/share, compared to $100/share in YTD24[15] - YTD25 Investments reached $25 billion, a 29% increase compared to $19 billion in YTD24[15] Investment and Growth - The company reaffirmed its 2025 Core EPS guidance and a 6-8% Core EPS CAGR from 2025-2029[9, 11] - The company reaffirmed its 2025-2029 Base Investment Plan of $28 billion, expecting a 9% Rate Base growth[11] - Transmission investments are expected to increase up to 20% in the next 5-year plan[28] Pennsylvania Investments - Pennsylvania accounts for approximately 35% of the company's Rate Base[18] - The company is investing $15 billion in Pennsylvania from 2025-2029, including nearly $10 billion in capital investments and ~$5 billion in operating expenses[22] Data Center Demand - Long-term pipeline demand for data centers (beyond 2029F) increased by over 80% since February 2025, reaching 11,130 MW[26] - Contracted demand for data centers in 2029F increased by approximately 25% since February 2025, reaching 2,695 MW[26]

Core Insights - FirstEnergy reported revenue of $3.38 billion for the quarter ended June 2025, reflecting a 3.1% increase year-over-year, but fell short of the Zacks Consensus Estimate of $3.41 billion, resulting in a surprise of -1% [1] - The company's EPS was $0.52, down from $0.56 in the same quarter last year, but exceeded the consensus estimate of $0.50, leading to an EPS surprise of +4% [1] Financial Performance Metrics - Total Electric Distribution Deliveries were 34,510 MWh, below the two-analyst average estimate of 36,000.49 MWh [4] - Distribution revenues were reported at $1.68 billion, matching the two-analyst average estimate [4] - Stand-Alone Transmission revenues were $456 million, slightly below the average estimate of $467.85 million [4] - Consolidated external revenues were $3.38 billion, compared to the estimated $3.47 billion by two analysts [4] - Revenues from Total Corporate/Other & Reconciling Adjustments were -$12 million, better than the estimated -$13.29 million, but represented a -14.3% change compared to the year-ago quarter [4] - Integrated revenues were $1.26 billion, surpassing the average estimate of $1.21 billion [4] Stock Performance - FirstEnergy's shares returned +3.5% over the past month, slightly outperforming the Zacks S&P 500 composite's +3.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - FirstEnergy reported quarterly earnings of $0.52 per share, exceeding the Zacks Consensus Estimate of $0.50 per share, but down from $0.56 per share a year ago, indicating a mixed performance in earnings [1][2] Financial Performance - The company posted revenues of $3.38 billion for the quarter ended June 2025, missing the Zacks Consensus Estimate by 1%, compared to $3.28 billion in the same quarter last year [2] - Over the last four quarters, FirstEnergy has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Stock Performance - FirstEnergy shares have increased by approximately 5.1% since the beginning of the year, while the S&P 500 has gained 8.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.76 on revenues of $3.88 billion, and for the current fiscal year, it is $2.53 on revenues of $14.3 billion [7] - The trend of earnings estimate revisions is mixed ahead of the earnings release, which could influence future stock movements [6][5] Industry Context - The Utility - Electric Power industry is currently in the top 30% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact FirstEnergy's stock performance [5]

Financial Performance - FirstEnergy's revenues for Q2 2025 were $3,380 million, a 3% increase from $3,280 million in Q2 2024[249] - Earnings attributable to FirstEnergy in Q2 2025 were $268 million, or $0.46 per share, compared to $45 million, or $0.08 per share, in Q2 2024, representing a 496% increase[249] - For the first six months of 2025, revenues increased by 9% to $7,145 million from $6,567 million in the same period of 2024[253] - Earnings attributable to FirstEnergy for the first half of 2025 were $628 million, or $1.09 per share, up 111% from $298 million, or $0.52 per share, in the first half of 2024[253] - FirstEnergy's total revenues for Q2 2025 were $3,380 million, compared to $3,345 million in Q2 2024, reflecting an increase in electric revenues[274] - Earnings attributable to FirstEnergy for Q2 2025 were $268 million, compared to $161 million in Q2 2024, indicating a year-over-year increase[274] - Total revenues for the first six months of 2025 were $7,145 million, compared to $6,567 million for the same period in 2024, reflecting an increase of $578 million[299] - Earnings attributable to FE for the first six months of 2025 were $628 million, compared to $298 million for the same period in 2024, representing an increase of $330 million[301] Revenue and Expense Trends - Total operating expenses for Q2 2025 were $2,734 million, compared to $2,734 million in Q2 2024, with significant costs in purchased power and other operating expenses[274] - Total operating expenses decreased by $82 million in the second quarter of 2025, largely due to the absence of significant charges from the previous year[280] - Total operating expenses for the integrated segment increased by $294 million, primarily due to higher depreciation and property tax expenses[314] - Total operating expenses for the Stand-Alone Transmission segment increased by $33 million, mainly due to higher depreciation and property tax expenses[320] Distribution and Delivery Metrics - Electric distribution MWh deliveries decreased by 2.7% to 34,510 thousand MWh in Q2 2025 compared to 35,481 thousand MWh in Q2 2024[252] - Residential electric distribution deliveries in Q2 2025 were 11,957 thousand MWh, a 4.6% decrease from 12,536 thousand MWh in Q2 2024[252] - The distribution segment's earnings attributable to FirstEnergy increased by $93 million in the second quarter of 2025 compared to the same period in 2024, driven by higher revenues from the Pennsylvania base rate case[277] - Total revenues for the distribution segment increased by $27 million in the second quarter of 2025, primarily due to a $41 million increase in distribution services revenues[278] Regulatory and Legislative Developments - The Ohio Companies requested a net increase in base distribution revenues of approximately $94 million, representing a 1.5% average residential monthly bill increase, with a return on equity of 10.8%[270] - The PUCO approved the Ohio Companies' revised ESP IV tariffs effective February 1, 2025, allowing them to resume operations under ESP IV with modifications[268] - The Ohio Governor signed legislation eliminating ESPs and requiring triennial base rate cases, effective August 14, 2025[271] - The Ohio Companies filed an application for ESP VI, which would begin concurrently with new base distribution rates and continue through May 31, 2028[269] Capital Investments and Projects - JCP&L's EnergizeNJ program has total costs of $339 million, including $203 million in capital investments and $132 million in matching capital investments, set to run from July 1, 2025, to December 31, 2028[266] - JCP&L's proposal for offshore wind transmission infrastructure includes approximately $723 million in investments, projecting an investment ROE of 10.2%[405] - JCP&L received a conditional commitment from the DOE for a loan guarantee of up to approximately $716 million for its project[409] - The EnergizeNJ program proposed by JCP&L has an estimated cost of approximately $935 million over five years, with $906 million allocated for capital investments[410] Shareholder Returns and Dividends - The company announced a $0.02 per share increase in its quarterly common stock dividend to $0.445 per share, marking an 11% increase in annual dividend declarations since 2023[265] - The company expects modest dividend growth to enhance shareholder returns while allowing for continued substantial regulated investments[265] Financial Position and Liquidity - As of June 30, 2025, FirstEnergy's net regulatory assets and liabilities showed a net liability of $248 million, a decrease of $130 million from December 31, 2024[325] - FirstEnergy had $1.719 billion in net cash provided from operating activities for the first six months of 2025, an increase of $647 million compared to $1.072 billion in the same period of 2024[360] - Cash used for investing activities increased to $2.414 billion in the first six months of 2025, up $538 million from $1.876 billion in the same period of 2024, primarily due to capital investments[362] - As of June 30, 2025, FirstEnergy had $569 million in cash and cash equivalents, compared to $111 million as of December 31, 2024[359] Debt and Financing Activities - The company issued $2.5 billion in unsecured convertible notes and $1.325 billion in senior unsecured notes during the first half of 2025, resulting in a total issuance of $4.125 billion[365] - FirstEnergy repurchased approximately $1.206 billion of its 2026 Convertible Notes, utilizing proceeds from the recent convertible notes issuance[373] - FirstEnergy's total outstanding short-term borrowings were $400 million as of June 30, 2025, down from $550 million as of December 31, 2024[349] Tax and Regulatory Compliance - The effective tax rate for the distribution segment was 21.1% in the second quarter of 2025, down from 23.6% in 2024, reflecting an increase in tax benefits[282] - The effective tax rate for the integrated segment decreased to 22.9% in 2025 from 27.2% in 2024, primarily due to the absence of a tax charge recognized in the first quarter of 2024[315] Operational Challenges and Market Conditions - FirstEnergy is monitoring economic conditions and potential supply chain disruptions due to tariffs and inflationary pressures, which could adversely affect operations and financial condition[395] - The company continues to monitor supply chain conditions and does not expect material impacts on its capital investment plan despite ongoing uncertainties[342]

Exhibit 99.2 lergy Focused on Our Future 2Q 2025 Strategic & Financial Highlights Non-GAAP Financial Matters this gresentation contains references to certain financial measures including Baseline O&M and Core Earnings per share ("Core EPS") as "non-GAAP financial measures." which accordance with U.S. Generally Accepted Accounting Principles ("GAAP") and exclude the impact of "special items," from EPS attributable to FirstEnergy Corp. for Core EPS. Maragement uses these nor-G-A-P financial measures to evalua ...

Core Insights - FirstEnergy Corp. reported second quarter 2025 GAAP earnings of $268 million, or $0.46 per share, on revenue of $3.4 billion, a significant increase from $45 million, or $0.08 per share, on revenue of $3.3 billion in the same quarter of 2024 [1][9] - Core Earnings (non-GAAP) for the second quarter of 2025 were $0.52 per share, slightly up from $0.51 per share in the second quarter of 2024, reflecting a year-over-year growth [2][10] - The company has deployed $2.5 billion in capital investments through the first half of 2025, aligning with its $5 billion investment plan for 2025 and a broader $28 billion Energize365 program for 2025-2029 [1][3] Financial Performance - Year-to-date GAAP earnings for June 2025 reached $1.09 per share, with Core Earnings at $1.19 per share, marking a 19% increase in Core Earnings year-over-year [1][10] - FirstEnergy affirmed its full-year 2025 Core Earnings guidance of $2.40 to $2.60 per share, targeting the upper half of this range [3][4] - The company expects a compounded annual growth rate of 6-8% in Core Earnings from 2025 through 2029, supported by its capital investment strategy [3][4] Segment Performance - In the Distribution segment, Core Earnings increased by $0.06 per share compared to the second quarter of 2024, primarily due to new base rates in Pennsylvania and lower operating expenses [5] - The Integrated segment's Core Earnings remained flat year-over-year, benefiting from a 14% growth in transmission rate base but offset by lower customer demand [6] - The Stand-Alone Transmission segment saw a decrease of $0.01 per share in Core Earnings compared to the previous year, despite an 8% increase in rate base due to capital investments [7] Special Items and Adjustments - The GAAP results for both the second quarter and first half of 2025 reflect the impact of special items, which include various adjustments that management believes are not indicative of ongoing core activities [12][16] - For the second quarter of 2025, total special items amounted to $0.06 per share, compared to $0.43 per share in the same quarter of 2024 [12]

Core Insights - A major upgrade is being implemented in East Akron to enhance electric service reliability for approximately 12,000 Ohio Edison customers, including Summa Akron City Hospital [1] - The upgrade involves expanding and modernizing a substation to reduce outages and improve restoration times [1][6] Infrastructure Improvements - The substation is expanding from about 142,000 square feet to approximately 176,000 square feet, equivalent to 37 NBA basketball courts [5] - The upgrade includes the installation of gas-insulated switchgear (GIS), which helps manage electricity safely and efficiently, extending equipment life and reducing outage risks [4] Temporary Solutions - A temporary setup known as a "shoo-fly" is being utilized to maintain power flow during construction, allowing for uninterrupted service to customers [2][6] Technological Advancements - New technology will enable the system to automatically detect issues and reroute electricity, minimizing the number of customers affected by outages and speeding up restoration [3] Strategic Investment - This project is part of FirstEnergy's Energize365 initiative, a $28 billion investment program aimed at modernizing the electric grid from 2025 to 2029 [7] - The goal of the initiative is to create a smarter and more secure grid that meets current and future customer needs [7]