Financial Data and Key Metrics Changes - The company reported third-quarter GAAP earnings of $0.76 per share, an increase from $0.73 in the same quarter last year [4] - Core earnings for the quarter were $0.83 per share, compared to $0.76 in Q3 2024, and year-to-date core earnings reached $2.02 per share, up 15% from $1.76 in 2024 [4][18] - The company invested $4 billion in capital for regulated utilities in the first nine months of 2025, a 30% increase compared to the previous year [4][22] - The updated guidance for 2025 is raised to a midpoint of $2.53 per share, with a range of $2.50-$2.56 [5][16] Business Line Data and Key Metrics Changes - Distribution business earnings improved by 20% year-to-date due to a $225 million annual rate adjustment in Pennsylvania and higher customer demand [19] - Integrated segment earnings increased by $0.05 per share, or 7%, driven by formula rate investments in transmission systems [19] - Standalone transmission business earnings rose approximately 7%, supported by a strong capital investment program [19] Market Data and Key Metrics Changes - The contracted customer demand from data centers increased by over 30% since the last earnings call, with expectations for FirstEnergy's system peak load to rise by 15 GW by 2035 [7] - The overall sales were 1% higher than last year, remaining flat on a weather-adjusted basis [21] Company Strategy and Development Direction - The company is increasing its 2025 capital investment program by 10% to $5.5 billion, focusing on system reliability and resiliency [5][12] - A long-term integrated resource plan in West Virginia aims to add 70 MW of utility-scale solar and 1.2 GW of natural gas generation by 2031 [9][10] - The company is committed to maintaining affordability for customers, with average bills 19% below in-state peers [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a core earnings compound annual growth rate of 6%-8% through 2029, supported by increased capital investments [16][18] - The company is actively engaging with regulators to address rising consumer energy costs and advocating for changes in capacity auctions [62][80] Other Important Information - The company successfully completed its 2025 financing plan with nearly $6 billion in debt financing, demonstrating a strong credit profile [24] - The company expects an order in the Ohio base rate case in November, followed by a multi-year rate plan filing [25] Q&A Session Summary Question: Discussion on West Virginia generation and capital recovery - Management explained that for build-own-transfer scenarios, capital recovery would occur during construction, with significant earnings coming once the asset is operational [32] Question: Thoughts on increased CapEx opportunities - Management indicated that increased CapEx would support the 6%-8% earnings per share growth outlook, with confidence in achieving the upper end of that range [38][83] Question: Data center pipeline activity - Management confirmed that there is currently about $1 billion of CapEx associated with transmission interconnection requests from large load customers [41] Question: Affordability pressures in New Jersey - Management acknowledged that generation costs are driving bill increases and emphasized efforts to mitigate these impacts for customers [62] Question: Transmission upside and open window outcomes - Management stated that the 30% increase in transmission CapEx is based on incremental work rather than inflation, with a modest amount from pending PJM open window projects included in the plan [66][68]

Financial Data and Key Metrics Changes - Third-quarter GAAP earnings were reported at $0.76 per share, an increase from $0.73 in the same quarter last year [4] - Core earnings for the quarter were $0.83 per share, compared to $0.76 in Q3 2024, with year-to-date core earnings at $2.02 per share, up 15% from $1.76 in 2024 [4][17] - The company invested $4 billion in capital for regulated utilities in the first nine months of 2025, a 30% increase compared to the previous year [4][22] - The 2025 capital investment program was increased by 10% to $5.5 billion [5] Business Line Data and Key Metrics Changes - Distribution business saw a 20% improvement in year-to-date earnings due to a $225 million annual rate adjustment in Pennsylvania and higher customer demand [19] - Integrated segment earnings improved by $0.05 per share, or 7%, primarily from formula rate investments in transmission systems [19] - Standalone transmission business earnings increased approximately 7%, driven by a strong capital investment program [19] Market Data and Key Metrics Changes - Load growth from data centers is expected to increase FirstEnergy's system peak load by 15 gigawatts, nearly 50% from 33.5 gigawatts this year to 48.5 gigawatts by 2035 [6][7] - Across PJM, peak load projections are forecasted to increase by nearly 48 gigawatts by 2035, representing 30% of the current peak load [7] Company Strategy and Development Direction - The company is focused on customer-focused investments to enhance system reliability and resiliency [4][5] - An integrated resource plan was submitted in West Virginia, outlining recommendations for maintaining affordable and reliable power over the next decade [8] - The company plans to add 70 megawatts of utility-scale solar and 1.2 gigawatts of natural gas generation by 2031, aligning with state energy initiatives [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a core earnings compound annual growth rate of 6% to 8% through 2029 [16] - The company is advocating for changes in state policies to address rising consumer energy costs and is actively engaging with regulators [78] - Management highlighted the importance of maintaining affordability for customers, noting that average electric bills have increased by 11% in deregulated states [14][15] Other Important Information - The company expects to file a multi-year rate plan in Ohio following the base rate case order expected in November [24][25] - Cash from operations was reported at $2.6 billion, an increase of over $700 million compared to 2024 [24] Q&A Session Summary Question: Discussion on West Virginia generation and capital recovery - Management explained that for build-own-transfer scenarios, capital recovery would occur during construction, with significant earnings coming once the asset is operational [32] Question: Rate case strategy for 2026 - Management indicated that they would follow a similar cadence as previous years for rate cases, emphasizing the need for timely recovery of capital investments [34] Question: Impact of increased CapEx on earnings growth outlook - Management believes the increased CapEx will support the 6% to 8% earnings growth range, providing confidence in achieving upper-end targets [38] Question: Data center pipeline and transmission CapEx - Management noted that there is approximately $1 billion of CapEx associated with transmission interconnection requests from large load customers [41] Question: Confidence in load forecasts - Management expressed confidence in load forecasts based on contracted projects and various criteria to ensure customer commitments [56] Question: Affordability pressures in New Jersey - Management acknowledged the understanding of generation costs driving bill increases and emphasized efforts to mitigate these impacts [62]

Financial Data and Key Metrics Changes - The company reported third quarter GAAP earnings of $0.76 per share, an increase from $0.73 in the same quarter last year [5] - Core earnings for the quarter were $0.83 per share, up from $0.76 in 2024, with year-to-date core earnings at $2.2 per share, a 15% increase from $1.76 in 2024 [6][22] - The company invested $4 billion in capital for regulated utilities, a 30% increase compared to the previous year, and announced a 10% increase in the 2025 capital investment program to $5.5 billion [6][7] Business Line Data and Key Metrics Changes - In the distribution business, earnings improved by $0.20 year-to-date due to a $225 million annual rate adjustment in Pennsylvania, higher customer demand, and lower operating expenses [22] - The integrated segment saw a 7% increase in earnings year-to-date, driven by formula rate investments in transmission systems across New Jersey, West Virginia, and Maryland [22] - Standalone transmission business earnings increased approximately 7%, supported by a strong capital investment program [22] Market Data and Key Metrics Changes - Customer demand from data centers increased by over 30%, with contracted customer demand expected to raise FirstEnergy's system peak load by 15 gigawatts, nearly 50% from the current 33.5 gigawatts to 48.5 gigawatts by 2035 [9] - The company’s total customer bills increased by 11% in deregulated states over the past year, primarily driven by the generation component [16][17] Company Strategy and Development Direction - The company is focused on enhancing system reliability and resiliency through increased capital investments, with a reaffirmed core earnings growth rate of 6% to 8% [7][20] - The integrated resource plan in West Virginia includes adding 70 megawatts of utility-scale solar and 1.2 gigawatts of dispatchable gas generation, aligning with state initiatives to boost energy capacity [11][12] - The company plans to file for new gas generation approval in 2026, representing a 35% increase in its regulated generation portfolio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to maintain a strong financial performance and achieve its growth targets despite rising customer bills and regulatory challenges [20][28] - The company is actively engaging with regulators to address rising consumer energy costs and is advocating for changes in capacity auction processes [82][83] Other Important Information - The company expects to see significant increases in industrial load, particularly from data centers, beginning in Q4 and into the next year [24][80] - The consolidated return on equity was reported at 10.1%, slightly above the targeted range of 9.5% to 10% [26] Q&A Session Summary Question: Discussion on West Virginia generation and capital recovery - Management explained that for the build-own-transfer model, capital recovery would occur during construction, with significant earnings expected once the assets are operational [35] Question: Rate case strategy for 2026 - Management indicated that they would follow a similar cadence as previous years, focusing on timely recovery through base rate increases [36] Question: Impact of increased CapEx on earnings growth outlook - Management believes the increased CapEx will support maintaining the 6% to 8% earnings growth range [41] Question: Data center pipeline and transmission CapEx - Management noted that there is approximately $1 billion of CapEx associated with transmission interconnection requests from data centers [44] Question: Confidence in load forecasts - Management expressed confidence in load forecasts based on contracted projects and various criteria to ensure customer commitments [58] Question: Affordability pressures in New Jersey - Management acknowledged the understanding that generation costs are driving bill increases and emphasized efforts to mitigate these impacts [66]

Financial Data and Key Metrics Changes - Third-quarter GAAP earnings were reported at $0.76 per share, an increase from $0.73 in the same quarter last year [4] - Core earnings for the quarter were $0.83 per share, compared to $0.76 in Q3 2024, with year-to-date core earnings at $2.02 per share, up 15% from $1.76 in 2024 [4][18] - The company invested $4 billion in capital for regulated utilities in the first nine months of 2025, a 30% increase compared to the previous year [4][21] - The 2025 capital investment program was increased by 10% to $5.5 billion [5] Business Line Data and Key Metrics Changes - Distribution business saw a 20% improvement in year-to-date earnings due to a $225 million annual rate adjustment in Pennsylvania and higher customer demand [19] - Integrated segment earnings improved by $0.05 per share, or 7%, primarily from formula rate investments in transmission systems [19] - Standalone transmission business earnings increased approximately 7%, driven by a strong capital investment program [19] Market Data and Key Metrics Changes - Load growth from data centers is expected to increase FirstEnergy's system peak load by 15 gigawatts, nearly 50% from 33.5 gigawatts this year to 48.5 gigawatts by 2035 [6] - Across PJM, peak load projections are forecasted to increase by nearly 48 gigawatts by 2035, representing 30% of the current peak load of 162 gigawatts [6] Company Strategy and Development Direction - The company is focused on customer-focused investments to enhance system reliability and resiliency [5][12] - An integrated resource plan was submitted in West Virginia, outlining recommendations for maintaining affordable and reliable power over the next decade [8] - The company plans to roll out a higher capital expenditure plan for the 2026 through 2030 planning period early next year [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about opportunities ahead, reaffirming a core earnings compound annual growth rate of 6% to 8% [5][16] - The company is advocating for changes in state leadership to address rising customer bills, particularly in deregulated states [14][62] - Management highlighted the importance of maintaining affordability for customers while pursuing significant capital investments [13][16] Other Important Information - The company expects a consolidated return on equity of 10.1%, slightly above the targeted range of 9.5% to 10% [22] - Cash from operations was reported at $2.6 billion, an increase of over $700 million compared to 2024 [23] - The company is preparing to file a multi-year rate plan in Ohio following the expected order in the base rate case [24] Q&A Session Summary Question: Discussion on West Virginia generation and capital recovery - Management explained that for a build-own-transfer scenario, capital recovery would occur during construction, with significant earnings coming once the asset is operational [28][29] Question: Rate case strategy for 2026 - Management indicated that they would follow a similar cadence as previous years, focusing on timely recovery through base rate increases [30][31] Question: Impact of increased CapEx on earnings growth outlook - Management believes the increased CapEx opportunities will solidify their ability to remain within the 6% to 8% earnings per share growth range [33] Question: Data center pipeline and transmission CapEx - Management noted that there is approximately $1 billion of CapEx associated with transmission interconnection requests due to strong data center activity [34][35] Question: Affordability pressures in New Jersey - Management acknowledged that generation costs are driving bill increases and emphasized their efforts to mitigate these impacts [51][52]

Core Insights - A major grid upgrade in northeast Ohio is nearing completion, expected to enhance electric service for nearly 10,000 residents and businesses [1][2] Group 1: Project Details - The project involves the rebuilding of an 11.5-mile high-voltage transmission line aimed at reducing outages and improving restoration times during service disruptions [2][4] - The upgraded line features stronger poles and thicker wires, with nearly 140 new steel structures installed, designed to withstand severe weather and vehicle accidents [3][4] Group 2: Investment and Future Plans - This project is part of FirstEnergy's Energize365 initiative, which includes a $28 billion investment program to modernize the electric grid from 2025 to 2029 [5] - The specific project cost is nearly $19 million, contributing to the overall goal of creating a smarter and more secure grid [5] Group 3: Company Commitment - FirstEnergy emphasizes its dedication to integrity, safety, reliability, and operational excellence, serving over six million customers across multiple states [6]

Financial Performance - The company's 3Q25 Core EPS was $083/share, a 9% increase compared to $076/share in 3Q24, driven by customer-focused formula-rate investments and new PA rates[16] - Year-to-date 2025 Core EPS reached $202/share, reflecting a 15% growth from $176/share in the same period of 2024, attributed to strong execution and financial discipline[16] - The company is raising its 2025 Core EPS guidance midpoint and narrowing the range to $250-$256/share, compared to the previous range of $240-$260/share and the 2024 result of $237/share[11, 16] - Year-to-date 2025 investments totaled $40 billion, approximately 30% higher than the same period in 2024, and the company is increasing its 2025 forecast to $55 billion from $50 billion, compared to $45 billion in 2024[11, 16] - A dividend of $0445/share was declared in September, consistent with guidance and representing approximately 5% growth compared to 2024[16] Strategic Initiatives and Growth Opportunities - The company's long-term pipeline demand from data centers has nearly doubled since February 2025, reaching 117 GW, while contracted demand has increased by over 30% to 38 GW[25] - The company filed its West Virginia Integrated Resource Plan (IRP) on October 1, 2025, which includes plans to build 1200 MW of CCGT and 70 MW of solar generation[12, 29] - The company expects to increase total transmission investments by 30% in its next 5-year plan, resulting in a total transmission rate base growth of up to 18% through 2030, with the rate base expected to more than double by 2030[31] Financial Outlook and Shareholder Value - The company is reaffirming its 6-8% Core EPS CAGR from 2025-2029, which, combined with the current dividend yield, represents a total shareholder return proposition of 10-12%[9, 40] - The company is reaffirming its 2025-2029 base investment plan of approximately $28 billion, with a significant increase in 2026-2030 expected to be announced on the 4Q25 earnings call[40]

FirstEnergy (FE) came out with quarterly earnings of $0.83 per share, beating the Zacks Consensus Estimate of $0.76 per share. This compares to earnings of $0.85 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +9.21%. A quarter ago, it was expected that this utility company would post earnings of $0.5 per share when it actually produced earnings of $0.52, delivering a surprise of +4%.Over the last four quarters, the company ha ...

Core Viewpoint - FirstEnergy exceeded Wall Street profit expectations for the third quarter, driven by increased electricity rates and strong demand from both commercial and residential sectors [1] Company Summary - FirstEnergy reported a profit that surpassed analysts' forecasts for the third quarter [1] - The company's performance was bolstered by higher electricity rates [1] - There was notable demand growth from both commercial and residential customers [1] Industry Summary - The utility sector is experiencing upward pressure on electricity rates, contributing to improved profitability for companies like FirstEnergy [1] - Increased demand in both commercial and residential markets indicates a positive trend in the utility industry [1]

[Executive Summary & Key Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Financial%20Highlights) [Third Quarter 2025 Financial Overview](index=1&type=section&id=1.1%20Third%20Quarter%202025%20Financial%20Overview) FirstEnergy reported strong third-quarter 2025 financial results, with increased GAAP and Core Earnings per share and higher revenue Third Quarter 2025 Key Financials | Metric | Q3 2025 | Q3 2024 | YoY Change | | :--- | :--- | :--- | :--- | | GAAP Earnings per share | $0.76 | $0.73 | +$0.03 | | Core Earnings (non-GAAP) per share | $0.83 | $0.76 | +9% | | Revenue | $4.1 billion | $3.7 billion | +$0.4 billion | [Year-to-Date 2025 Financial Overview](index=3&type=section&id=1.2%20Year-to-Date%202025%20Financial%20Overview) FirstEnergy achieved significant year-to-date 2025 GAAP and Core Earnings per share growth, with Core Earnings up 15% YoY Year-to-Date 2025 Key Financials (First Nine Months) | Metric | 9M 2025 | 9M 2024 | YoY Change | | :--- | :--- | :--- | :--- | | GAAP Earnings per share | $1.85 | $1.25 | +$0.60 | | Core Earnings (non-GAAP) per share | $2.02 | $1.76 | +15% | | Revenue | $11.3 billion | $10.3 billion | +$1.0 billion | [Strategic Capital Investments & Growth Outlook](index=1&type=section&id=1.3%20Strategic%20Capital%20Investments%20%26%20Growth%20Outlook) FirstEnergy narrowed 2025 Core EPS guidance, increased capital investments, and affirmed 6-8% annual Core EPS growth through 2029 Capital Investment and Earnings Growth Targets | Metric | Value | | :--- | :--- | | Full-year 2025 Core Earnings guidance | $2.50 to $2.56 per share (narrowed from $2.40-$2.60) | | 2025 Capital Investment Program | Increased by 10% to $5.5 billion (from $5.0 billion) | | Capital Investments Deployed (through Sept 2025) | Over $4 billion | | Compounded Annual Core Earnings Growth Rate (2025-2029) | 6-8% | | Energize365 Capital Investment Plan (2025-2029) | $28 billion | [CEO Commentary](index=2&type=section&id=1.4%20CEO%20Commentary) CEO highlighted strong results, increased capital, and the transformative impact of data centers on transmission investment - CEO Brian X. Tierney emphasized strong results and being ahead of plan on key financial metrics, enabling a **10% increase** in the 2025 capital program[4](index=4&type=chunk) - The proliferation of large data center load is transforming the electric industry, particularly in FirstEnergy's region, driving a strong need for additional transmission capital investments[5](index=5&type=chunk) Projected Transmission Investment Growth | Metric | Projection | | :--- | :--- | | Increase in total transmission investments (next 5-year capital plan) | 30% | | Compound transmission rate base growth | Up to 18% | - FirstEnergy is pursuing a project to add **1.2 gigawatts** of dispatchable combined-cycle generation in West Virginia, expected to be operational around 2031, increasing its current regulated generation portfolio by **35%**[6](index=6&type=chunk) [Detailed Financial Performance](index=3&type=section&id=Detailed%20Financial%20Performance) [Third Quarter Segment Results](index=3&type=section&id=2.1%20Third%20Quarter%20Segment%20Results) Q3 2025 Core Earnings benefited from new base rates and transmission growth, partially offset by higher planned operating expenses - Third quarter 2025 Core Earnings benefited from new base rates in Pennsylvania and growth in transmission rate base under formula rate programs[7](index=7&type=chunk) - These benefits were partially offset by higher planned operating expenses, including work accelerated into 2025[7](index=7&type=chunk) [Distribution Segment](index=3&type=section&id=2.1.1%20Distribution%20Segment) Distribution segment Core Earnings increased $0.03 per share YoY, driven by new Pennsylvania base rates and higher load Distribution Segment Q3 2025 Performance | Metric | Change | | :--- | :--- | | Core Earnings increase (YoY) | $0.03 per share | | Primary Drivers | New base rates in Pennsylvania (effective Jan 1, 2025), higher residential and commercial load | | Offset | Higher planned operating expenses | [Integrated Segment](index=3&type=section&id=2.1.2%20Integrated%20Segment) Integrated segment Core Earnings benefited from transmission rate base growth but were offset by higher tax rates and operating expenses Integrated Segment Q3 2025 Performance | Metric | Value/Impact | | :--- | :--- | | Transmission rate base growth | 16% | | Earnings benefit from rate base growth | $0.03 per share | | Offsets | Higher effective tax rate, lower distribution demand from commercial customers, higher planned operating expenses | [Stand-Alone Transmission Segment](index=3&type=section&id=2.1.3%20Stand-Alone%20Transmission%20Segment) Stand-Alone Transmission segment Core Earnings increased $0.08 per share YoY, driven by rate base growth and lower tax rates Stand-Alone Transmission Segment Q3 2025 Performance | Metric | Change | | :--- | :--- | | Core Earnings increase (YoY) | $0.08 per share | | Primary Drivers | 9% increase in rate base (from capital investments), lower effective tax rate | [Corporate/Other](index=3&type=section&id=2.1.4%20Corporate%2FOther) Corporate/Other segment results remained flat compared to the third quarter of the previous year - Corporate/Other segment results were flat compared to the third quarter of 2024[11](index=11&type=chunk) [Year-to-Date Core Earnings Drivers](index=4&type=section&id=2.2%20Year-to-Date%20Core%20Earnings%20Drivers) Year-to-Date Core Earnings growth driven by regulated investments and new base rates, offset by higher expenses and financing costs - Year-to-date Core Earnings growth reflects the continued success of the company's regulated investment strategy[14](index=14&type=chunk) - Growth was also driven by the impact of new base rates in Pennsylvania, West Virginia, and New Jersey, and higher weather-related distribution sales[14](index=14&type=chunk) - These positive factors were offset by higher planned operating expenses (including accelerated work), increased financing costs, and dilution from the FET equity interest transaction that closed in March 2024[14](index=14&type=chunk) [Non-GAAP Financial Measures & Reconciliation](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliation) [GAAP to Core EPS Reconciliation](index=4&type=section&id=3.1%20GAAP%20to%20Core%20EPS%20Reconciliation) FirstEnergy provides a detailed reconciliation of GAAP Earnings to Core EPS for Q3 and YTD 2025 and 2024, detailing special items Consolidated GAAP Earnings Per Share (EPS) to Core (Non-GAAP) EPS Reconciliation | | Three Months Ended Sept. 30, | | Nine Months Ended Sept. 30, | | | --- | --- | --- | --- | --- | | | 2025 | 2024 | 2025 | 2024 | | Earnings Attributable to FirstEnergy Corp. (GAAP) - $M | $441 | $419 | $1,069 | $717 | | Basic EPS (GAAP) | $0.76 | $0.73 | $1.85 | $1.25 | | Excluding Special Items: | | | | | | Net Pension/OPEB credits | (0.01) | (0.03) | (0.04) | (0.07) | | Signal Peak earnings impact | — | (0.06) | — | (0.13) | | ARO regulatory change | — | — | — | 0.28 | | Debt-related costs | — | — | 0.03 | 0.12 | | Enhanced employee retirement and other related costs | — | 0.01 | — | 0.01 | | FE Forward cost to achieve | — | 0.08 | — | 0.09 | | Investigation and other related costs | 0.05 | 0.03 | 0.09 | 0.10 | | Regulatory charges | 0.01 | — | 0.01 | 0.03 | | Reorganization costs | — | — | 0.06 | — | | Strategic transaction charges | 0.02 | — | 0.02 | 0.08 | | Total Special Items | 0.07 | 0.03 | 0.17 | 0.51 | | Core EPS (Non-GAAP) | $0.83 | $0.76 | $2.02 | $1.76 | [Definition and Use of Non-GAAP Measures](index=4&type=section&id=3.2%20Definition%20and%20Use%20of%20Non-GAAP%20Measures) Core EPS is a non-GAAP measure excluding special items, used by management to evaluate performance and provide consistent business insights - Core Earnings (non-GAAP) per share ("Core EPS") are non-GAAP financial measures that exclude the impact of "special items" from earnings attributable to FirstEnergy Corp[16](index=16&type=chunk) - Management uses these non-GAAP measures to evaluate company and segment performance, manage operations, and facilitate historical and ongoing performance comparisons[17](index=17&type=chunk) - Special items represent charges or benefits that management believes are not indicative of, or may obscure trends useful in evaluating, the company's ongoing core activities and results of operations[19](index=19&type=chunk) [Forward-Looking Non-GAAP Measures](index=5&type=section&id=3.3%20Forward-Looking%20Non-GAAP%20Measures) No quantitative reconciliation for forward-looking non-GAAP measures is provided due to unpredictable special items and to avoid misleading precision - A quantitative reconciliation of forward-looking non-GAAP measures (e.g., 2025 Core EPS guidance, growth rate projections) to GAAP measures is not provided[20](index=20&type=chunk) - This is due to the inherent difficulty in forecasting and quantifying the impact of special items, which are significant, difficult to predict, and highly variable[20](index=20&type=chunk) - The company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors[20](index=20&type=chunk) [Additional Information](index=5&type=section&id=Additional%20Information) [Investor Materials and Teleconference](index=5&type=section&id=4.1%20Investor%20Materials%20and%20Teleconference) Investor materials and a live webcast of the financial analyst teleconference are available on FirstEnergy's Investor Information website - FirstEnergy's Strategic and Financial Highlights presentation is available on the company's Investor Information website (www.firstenergycorp.com/ir)[21](index=21&type=chunk) - A live webcast of the teleconference for financial analysts, including an overview of financial results and a Q&A session, will be held at 9:00 a.m. EDT[22](index=22&type=chunk) - The webcast and presentation will be archived on the Investor Information website[22](index=22&type=chunk) [Company Overview](index=6&type=section&id=4.2%20Company%20Overview) FirstEnergy is a major U.S. investor-owned electric system serving over 6 million customers across six states with extensive transmission lines - FirstEnergy's electric distribution companies form one of the nation's largest investor-owned electric systems[23](index=23&type=chunk) - The company serves more than **6 million customers** in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York[23](index=23&type=chunk) - FirstEnergy's transmission subsidiaries operate over **24,000 miles** of transmission lines connecting the Midwest and Mid-Atlantic regions[23](index=23&type=chunk) [Forward-Looking Statements](index=6&type=section&id=4.3%20Forward-Looking%20Statements) This section cautions against undue reliance on forward-looking statements, outlining risks that could cause actual results to differ materially - This news release includes forward-looking statements based on management's current information, beliefs, and expectations, subject to certain risks and uncertainties[24](index=24&type=chunk) - Readers are cautioned not to place undue reliance on these statements, as actual results may differ materially due to various factors[24](index=24&type=chunk) - Key risks include government investigations (e.g., HB 6), litigation, changes in economic conditions, weather variations, legislative and regulatory developments, ability to access capital markets, cyber-attacks, and challenges in achieving strategic and financial goals[24](index=24&type=chunk)[25](index=25&type=chunk)

Core Insights - FirstEnergy Corp. reported third quarter 2025 GAAP earnings of $441 million, or $0.76 per share, on revenue of $4.1 billion, reflecting an increase from $419 million, or $0.73 per share, on revenue of $3.7 billion in the same quarter of 2024 [1][7] - Core Earnings (non-GAAP) for the third quarter of 2025 were $0.83 per share, a 9% increase compared to $0.76 per share in the third quarter of 2024 [2][5] - The company narrowed its full-year 2025 Core Earnings guidance to a range of $2.50 to $2.56 per share, indicating a positive outlook based on year-to-date results [2][9] Financial Performance - Year-to-date GAAP earnings for the first nine months of 2025 were $1,069 million, or $1.85 per share, on revenue of $11.3 billion, compared to $717 million, or $1.25 per share, on revenue of $10.3 billion in the same period of 2024 [7][8] - Core Earnings for the first nine months of 2025 were $2.02 per share, a 15% increase from $1.76 per share in the same period of 2024 [8][9] Capital Investments - The company deployed over $4 billion in capital investments through September 2025 and increased its planned investment program for 2025 by 10% to $5.5 billion [2][3] - Future transmission investments are projected to increase by 30% due to industry transformation, with a compound transmission rate base growth expected to reach up to 18% [3][4] Strategic Initiatives - FirstEnergy's Energize365 capital investment plan includes $28 billion in investments from 2025 to 2029, supporting a compounded annual Core Earnings growth rate target of 6-8% from 2025 through 2029 [2][3] - In West Virginia, the company is pursuing a project to add 1.2 gigawatts of dispatchable combined-cycle generation, which aligns with the state's energy goals and represents a 35% increase in its current regulated generation portfolio [4]