EX-99.2 3 ex9922q23_strategicandfi.htm EX-99.2
2Q 2023 Strategic & Financial Highlights Brian X. Tierney, President & CEO K. Jon Taylor, SVP & CFO

Forward-Looking Statements 2 Forward-Looking Statements: This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 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 with the U.S. Attorney’s Office for the Southern District of Ohio; 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, including risks associated with obtaining dismissal of the derivative shareholder lawsuits; changes in national and regional economic conditions, including recession, inflationary pressure, supply chain disruptions, higher energy costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; weather conditions, such as temperature variations and severe weather conditions, or other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions; legislative and regulatory developments, including, but not limited to, matters related to rates, compliance and enforcement activity, cybersecurity, and climate change; the risks associated with 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 accomplish or realize anticipated benefits from our FE Forward initiative and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing our transmission and distribution investment plans, executing on our rate filing strategy, controlling costs, greenhouse gas reduction goals, improving our credit metrics, growing earnings, strengthening our balance sheet, and satisfying the conditions necessary to close the sale of additional membership interests of FirstEnergy Transmission, LLC; 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; changes to environmental laws and regulations, including but not limited to those related to climate change; changes in customers’ demand for power, including but not limited to, economic conditions, the impact of climate change or energy efficiency and peak demand reduction mandates; 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; 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, 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 the risks and other factors discussed from time to time in our Securities and Exchange Commission (“SEC”) filings. Dividends declared from time to time on FirstEnergy Corp.’s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by FirstEnergy Corp.’s Board of Directors 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 filings with the SEC, including, but not limited to, the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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. Forward-looking and other statements regarding our climate strategy, including our greenhouse gas emission reduction goals, are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current and forward-looking statements regarding climate matters, including greenhouse gas emissions, may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future. Strategic & Financial Highlights - Published August 1, 2023

Non-GAAP Financial Matters 3 This presentation contains references to non-GAAP financial measures including, among others, Operating earnings (loss), Operating earnings (loss) per share (“EPS”), and Operating EPS by segment, and presents the impact of special items on the following measures, Total revenues, Total operating expenses, Total other expense, and Earnings (loss) attributable to FirstEnergy Corp. Generally, a non- GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Certain financial measures, including Operating earnings (loss), Operating EPS, and Operating EPS by segment are not calculated in accordance with GAAP to the extent they exclude the impact of “special items.” 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. Management cannot estimate on a forward-looking basis the impact of these items in the context of Operating earnings guidance and long-term annual Operating EPS growth rate projections because these items, which could be significant, are difficult to predict and may be highly variable. Consequently, the Company is unable to reconcile Operating earnings guidance and long-term annual Operating EPS growth projections to a GAAP measure without unreasonable effort. Basic (GAAP) EPS and Operating EPS and Basic (GAAP) EPS and Operating EPS for each segment are calculated by dividing Operating earnings (loss), which excludes special items as discussed above, for the periods presented by 571 million shares for the second quarter, first six months, and full year 2022, 573 million shares for the second quarter, first six months, and third quarter of 2023, and 574 million shares for full year 2023. Intercompany interest expense/income between RT and Corp/Other associated with the proceeds from the FET 19.9% minority interest transaction received on May 31, 2022, has been eliminated for segment reporting purposes as a special item in the second quarter and first six months of 2022, which is consistent with the methodology used in 4Q 2022 and Full Year 2022 reporting. Management uses non-GAAP financial measures such as Operating earnings (loss), and Operating EPS to evaluate the Company’s 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. Additionally, management uses Operating EPS by segment to further evaluate the Company’s performance by segment and references this non-GAAP financial measure in its decision-making. Management believes that the non-GAAP financial measures of Operating earnings (loss), Operating EPS, and Operating EPS 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 without the effect of certain charges or benefits that may not be consistent or comparable across periods or across the Company’s peer group. All of these non-GAAP financial measures are intended to complement, and are not considered as alternatives to, the most directly comparable GAAP financial measures. Also, the non-GAAP financial measures may not be comparable to similarly titled measures used by other entities. Pursuant to the requirements of Regulation G, FE has provided, where possible without unreasonable effort, quantitative reconciliations within this presentation of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Strategic & Financial Highlights - Published August 1, 2023

Focus of Today’s Call ■ Strengthened balance sheet and strong platform for a bright future ■ Focused on positive engagement with key stakeholders to best serve customers ■ Reaffirming targeted long-term annual Operating EPS growth rate of 6-8%(1) 4 Strategic & Financial Highlights - Published August 1, 2023 ■ Strong financial results despite continued mild temperatures ■ Reaffirming 2023 Operating Earnings Guidance of $2.44-$2.64/sh(1) ■ Active regulatory calendar remains on track Brian X. Tierney – President and Chief Executive Officer K. Jon Taylor – Senior Vice President, Chief Financial Officer (1) The amount and timing of items impacting comparability makes a detailed reconciliation of forward-looking non-GAAP financial measures impracticable. Please see slide 3 for more information.

Strategic & Financial Highlights - Published August 1, 20235 $0.41 $0.47 $0.33 $0.53 GAAP EPS Operating EPS Second Quarter $0.92 $1.06 $0.83 $1.12 GAAP EPS Operating EPS YTD June 2023 2022 Financial Overview Reaffirming 2023 and long-term goals Long-Term Guidance2023 vs 2022 Results Providing 3Q23 Operating Earnings Guidance of $0.80-$0.90/sh Reaffirming 2023 Operating Earnings Guidance of $2.44-$2.64/sh ~7% 2024 & 2025 Annual Rate Base Growth Targeted 6-8% Annual Operating EPS Growth ~$18B Investment Plan 2021-2025 60-70% Targeted Dividend Payout Ratio 14-15% FFO/Debt Target No Equity Needs: Except SIP/DRIP ≤~$100M/yr 2023 Operating Earnings Guidance Expect to resume dividend growth in 4Q23, subject to Board approval

Our Bright Future 6 Strategic & Financial Highlights - Published August 1, 2023 Positive Engagement with Key Stakeholders Employees and Union Leadership State Commissions and Governors Customers Investors Rating Agencies Management and Key New Hires Workforce Regulatory Environment Electric Grid Balance Sheet Skilled, engaged, and dedicated Constructive and customer-focused Investments for reliability, resiliency, and supportive of energy transition Strengthened to support organic growth Indicators for Success

Delivering Financial Results 2Q 2023 Earnings Summary Strategic & Financial Highlights - Published August 1, 20237 2Q23 GAAP Earnings $0.41 per share (vs. $0.33 per share in 2Q22) – 2Q 2023 results include ($0.06) of special items, including Debt-related costs ($0.05), Enhanced employee retirement and other related costs ($0.04), Investigation and other related costs (0.03), and Mark-to-market adjustments-Pension/OPEB actuarial assumptions +$0.06 2Q23 Operating Earnings $0.47 per share (vs. $0.53 per share in 2Q22) – 2Q 2023 results in the upper end of 2Q guidance range of $0.40-$0.50/sh – Includes ($0.06) per share of lower earnings associated with weather-related distribution sales (-$0.05 vs normal) Quarter-over-Quarter Operating EPS Summary Note: Reconciliations between GAAP and Operating (non-GAAP) earnings and detailed information is available in the Earnings Supplement section of the Strategic & Financial Highlights Weather: -$0.06 Weather-adj. demand: -$0.01 Continued formula investments Lower labor & benefits, vegetation mgmt, bad debt, and corporate expenses RD: -$0.07 Corp: -$0.01 Lower EPS contribution ($0.05 2Q23 vs. $0.09 2Q22) RD: $0.28 RT: $0.23 Corp: ($0.04) RD: $0.36 RT: $0.21 Corp: ($0.04) Financing Plan: RD: -$0.03 RT: -$0.02 Corp: +$0.02 Other Expenses Corp: +$0.01 Our focus on efficient operations and financial discipline allowed us to deliver operating results in upper range of 2Q guidance

Delivering Financial Results YTD June 2023 Earnings Summary Strategic & Financial Highlights - Published August 1, 20238 YTD GAAP Earnings $0.92 per share (vs. $0.83 per share in YTD 22) – YTD 2023 results include ($0.14) of special items, including FE Forward cost to achieve ($0.06), Debt-related costs ($0.05), Enhanced Employee Retirement and other related costs ($0.04), Investigation and other related costs ($0.04), Regulatory charges ($0.01), and Mark-to-market adjustments- Pension/OPEB actuarial assumptions +$0.06 YTD Operating Earnings $1.06 per share (vs. $1.12 per share in YTD 22) – Operating results reflect continued focus on efficient operations and financial discipline – Includes ($0.18) per share of lower earnings associated with weather-related distribution sales (-$0.16 vs normal) Year-over-Year Operating EPS Summary Note: Reconciliations between GAAP and Operating (non-GAAP) earnings and detailed information is available in the Earnings Supplement section of the Strategic & Financial Highlights RD: $0.84 RT: $0.43 Corp: ($0.15) RD: $0.71 RT: $0.44 Corp: ($0.09) Weather: -$0.18 Weather-adj. demand: +$0.02 Rate Adj.:+$0.03 Continued formula investments Lower labor & benefits, vegetation mgmt, bad debt, and corporate expenses RD: -$0.13 Corp: -$0.03 Higher EPS contribution ($0.13 YTD23 vs. $0.11 YTD22) Financing Plan RD: -$0.04 RT: -$0.05 Corp: +$0.05 Other Expenses RD: +$0.03

Strategic & Financial Highlights - Published August 1, 20239 Reaffirming 2023 Operating Earnings Guidance: $2.44 - $2.64/sh 2023F Original EPS Midpoint (574M shares) $0.03 $0.88 $1.63 $2.54 (midpoint) 2023F Reaffirmed EPS Midpoint (574M shares) $2.54 (midpoint) $0.03 $0.88 $1.63 ■ Operating expenses – Increased productivity – Voluntary early retirement and involuntary separation programs – Corporate facilities & sponsorships – Lower bad debt expense ■ Cost-effective bridge financing – $1.5B convertible debt issuance (4% coupon) deployed to be EPS accretive and support the balance sheet ■ Effective Tax Rate – Anticipate ETR closer to 17%, resulting from expected use of state NOL carryforwards Expectations for 2H23: No change to segment ranges RD $1.57-$1.69 RT $0.87-$0.89 Corp $0.00-$0.06 FE $2.44-$2.64 Key Segment Drivers RD RT Corp Customer Demand (Weather -$0.16, Weather-adj usage +$0.02) Operating expenses (incl. O&M) Bridge Financing (Pension/OPEB +, Interest expense -) Signal Peak Effective Tax Rate Amount Rate Pension funding $750M 8.0% Revolver borrowings $500M ~7% FE Corp. long-term debt $230M 7.375% Total net proceeds $1,480M Focused on meeting our financial commitments despite unprecedented weather impacts

Strategic & Financial Highlights - Published August 1, 202310 Executing on Our Regulatory Strategy NJ (Filed 3/16) NJ: Plan to file IIP in summer 2023 WV (Filed 5/31) OH: Filed ESP V on 4/5 (ESP IV expires 5/31/2024) MD (Filed 3/22) PA: Filed application to consolidate PA operating companies on 3/6 J F M A M J J A S O N D Base Rate Case Filings Additional Filings Base Rate Case Filings J F M A M J J A 2023 MD: Filed second phase of EDIS with base rate case on 3/22 PA / VA / FERC: FET 30% Interest Sale (Filed for approval: FERC/PA on 5/5, VA on 5/12) PA (1Q24) 2024 OH (May) PA: Plan to file LTIIP in summer 2024 See 2023 Regulatory Calendar on slide 26 for additional regulatory details See the Regulatory Corner section of our IR website

Earnings Supplement to the Financial Community Strategic & Financial Highlights - Published August 1, 2023 12. 2Q Earnings Summary and Reconciliation 13. 2Q Earnings Drivers by Segment 14. YTD Earnings Summary and Reconciliation 15. YTD Earnings Drivers by Segment 16. Special Items Descriptions 17. 2Q 2023 Earnings Results 18. 2Q 2022 Earnings Results 19. Quarter-over-Quarter Earnings Comparison 20. YTD 2023 Earnings Results 21. YTD 2022 Earnings Results 22. Year-over-Year Earnings Comparison TABLE OF CONTENTS (Slide) Irene M. Prezelj Vice President, IR & Communications prezelji@firstenergycorp.com 330.384.3859 Gina E. Caskey Director, IR & Corporate Responsibility caskeyg@firstenergycorp.com 330.761.4185 Jake M. Mackin Manager, IR mackinj@firstenergycorp.com 330.384.4829 11

EPS Variance Analysis Regulated Regulated Corporate / FirstEnergy Corp. (in millions, except per share amounts) Distribution Transmission Other Consolidated 2Q 2022 Earnings (Loss) Attributable to FirstEnergy Corp. (GAAP) $202 $123 $(138) $187 2Q 2022 Basic Earnings (Loss) Per Share (avg. shares outstanding 571M) $0.35 $0.22 $(0.24) $0.33 Special Items - 2022 Debt-related costs — — 0.17 0.17 FE Forward costs to achieve 0.01 — — 0.01 Elimination of intersegment interest on FET proceeds — (0.01) 0.01 — Investigation and other related costs — — 0.02 0.02 Total Special Items - 2Q 2022 0.01 (0.01) 0.20 0.20 2Q 2022 Operating Earnings (Loss) Per Share - Non-GAAP $0.36 $0.21 $(0.04) $0.53 Rates & Investments 0.02 0.04 — 0.06 Customer Demand (0.07) — — (0.07) O&M 0.07 — 0.02 0.09 Pension/OPEB (0.07) — (0.01) (0.08) Financing Plan (including dilution from FET 19.9% interest sale) (0.03) (0.02) 0.02 (0.03) Signal Peak — — (0.04) (0.04) Other — — 0.01 0.01 2Q 2023 Operating Earnings (Loss) Per Share - Non-GAAP $0.28 $0.23 $(0.04) $0.47 Special Items - 2023 Debt-related costs — — (0.05) (0.05) Enhanced employee retirement and other related costs (0.04) — — (0.04) Investigation and other related costs — — (0.03) (0.03) Mark-to-market adjustments - Pension/OPEB actuarial assumptions 0.07 — (0.01) 0.06 Total Special Items - 2Q 2023 0.03 — (0.09) (0.06) 2Q 2023 Basic Earnings (Loss) Per Share (avg. shares outstanding 573M) $0.31 $0.23 $(0.13) $0.41 2Q 2023 Earnings (Loss) Attributable to FirstEnergy Corp. (GAAP) $177 $134 $(76) $235 Per share amounts for the special items and earnings drivers above and throughout this report 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 rates range from 21% to 29% in the second quarter of 2023 and 2022. Quarterly Summary Quarterly Reconciliation 2Q 2023 2Q 2022 Change GAAP Earnings Per Basic Share $0.41 $0.33 $0.08 Special Items $0.06 $0.20 $(0.14) Operating (Non-GAAP) Earnings Per Share $0.47 $0.53 $(0.06) Note: Refer to slide 3 for information on Non-GAAP Financial Matters. Strategic & Financial Highlights - Published August 1, 202312

Earnings Drivers: 2Q 2023 vs. 2Q 2022 Regulated Distribution (RD) ▪ Rates & Investments +$0.02: Higher revenues from formula rate investment programs in Pennsylvania, West Virginia, and Maryland, as well as lower Ohio rate credits ▪ Customer demand ($0.07): Primarily due to lower weather-related demand ($0.06) and lower weather-adjusted load ($0.01) ▪ O&M +$0.07: Primarily due to lower bad debt expense, vegetation management spend, planned generation outage spend, and labor and benefit costs ▪ Pension/OPEB ($0.07): Primarily due to lower investment balances and higher interest costs ▪ Financing Plan ($0.03): Primarily due to higher long-term debt from new issuances since June 2022 ▪ Special Items: In 2Q23 and 2Q22, special items totaled ($0.03) and $0.01 per share, respectively Regulated Transmission (RT) ▪ Rates & Investments +$0.04: Primarily due to continued formula rate base growth from the Energizing the Future investment program ▪ Financing Plan ($0.02): Due to the impact of the FET 19.9% interest sale, which closed on 5/31/2022 ▪ Special Items: In 2Q23 and 2Q22, special items totaled $0.00 and ($0.01) per share, respectively Corporate / Other (Corp) ▪ O&M +$0.02: Primarily due to lower sponsorships, advertising, and other corporate expenses ▪ Pension/OPEB ($0.01): Primarily due to lower investment balances and higher interest costs ▪ Financing Plan +$0.02: Primarily due to lower interest expense from FE Corp. holding company long-term debt redemptions in 2022 and 2023, partially offset by the FE Corp. convertible debt issuance in May 2023 ▪ Signal Peak ($0.04): Lower earnings from 33% investment in Signal Peak ▪ Other +$0.01: Primarily due to investment returns from corporate-owned life insurance policies, partially offset by lower discrete income tax benefits ▪ Special Items: In 2Q23 and 2Q22, special items totaled $0.09 and $0.20 per share, respectively (2.4)% (3.1)% 1.3% (1.1)% Residential Commercial* Industrial Total Q-o-Q Weather-Adjusted Distribution Deliveries Q-o-Q Actual Distribution Deliveries (10.8)% (6.4)% 1.3% (4.9)% Residential Commercial* Industrial Total *Commercial includes street lighting. Strategic & Financial Highlights - Published August 1, 202313

EPS Variance Analysis Regulated Regulated Corporate / FirstEnergy Corp. (in millions, except per share amounts) Distribution Transmission Other Consolidated 2022 Earnings (Loss) Attributable to FirstEnergy Corp. (GAAP) $467 $248 $(240) $475 2022 Basic Earnings (Loss) Per Share (avg. shares outstanding 571M) $0.82 $0.44 $(0.43) $0.83 Special Items - 2022 Debt-related costs — — 0.23 0.23 FE Forward costs to achieve 0.01 — — 0.01 Elimination of intersegment interest on FET proceeds — (0.01) 0.01 — Investigation and other related costs — — 0.03 0.03 Regulatory charges 0.01 — — 0.01 Strategic transaction charges — — 0.01 0.01 Total Special Items - 2022 0.02 (0.01) 0.28 0.29 2022 Operating Earnings (Loss) Per Share - Non-GAAP $0.84 0.43 $(0.15) $1.12 Rates & Investments 0.03 0.06 — 0.09 Customer demand (0.13) — — (0.13) O&M 0.11 — 0.02 0.13 Pension/OPEB (0.13) — (0.03) (0.16) Financing Plan (including dilution from FET 19.9% interest sale) (0.04) (0.05) 0.05 (0.04) Signal Peak — — 0.02 0.02 Other 0.03 — — 0.03 2023 Operating Earnings (Loss) Per Share - Non-GAAP $0.71 0.44 $(0.09) $1.06 Special Items - 2023 Debt-related costs — — (0.05) (0.05) Enhanced Employee Retirement and other related costs (0.04) — — (0.04) FE Forward cost to achieve (0.02) — (0.04) (0.06) Investigation and other related costs — — (0.04) (0.04) Mark-to-market adjustments - Pension/OPEB actuarial assumptions 0.07 — (0.01) 0.06 Regulatory charges — (0.01) — (0.01) Total Special Items - 2023 0.01 (0.01) (0.14) (0.14) 2023 Basic Earnings (Loss) Per Share (avg. shares outstanding 573M) $0.72 $0.43 $(0.23) $0.92 2023 Earnings (Loss) Attributable to FirstEnergy Corp. (GAAP) $413 $248 $(134) $527 Per share amounts for the special items and earnings drivers above and throughout this report 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 rates range from 21% to 29% in 2023 and 2022. YTD June Summary YTD June Reconciliation 2023 2022 Change GAAP Earnings Per Basic Share $0.92 $0.83 $0.09 Special Items $0.14 $0.29 $(0.15) Operating (Non-GAAP) Earnings Per Share $1.06 $1.12 $(0.06) Note: Refer to slide 3 for information on Non-GAAP Financial Matters. Strategic & Financial Highlights - Published August 1, 202314

Earnings Drivers:YTD June 2023 vs. YTD June 2022 Regulated Distribution (RD) ▪ Rates & Investments +$0.03: Higher revenues from formula rate investment programs in Ohio, Pennsylvania, West Virginia, and Maryland, as well as lower Ohio rate credits ▪ Customer demand ($0.13): Primarily due to lower weather-related demand ($0.18), partially offset by higher weather-adjusted load (+$0.02) and certain rate adjustments associated with demand (+$0.03) ▪ O&M +$0.11: Primarily due to lower vegetation management spend, bad debt expense, labor and employee benefits, and planned generation outage spend ▪ Pension/OPEB ($0.13): Primarily due to lower investment balances and higher interest costs ▪ Financing Plan ($0.04): Higher long-term debt from new issuances since June 2022 as well as higher short-term borrowings ▪ Other +$0.03: Higher other investment and miscellaneous income ▪ Special Items: In YTD23 and YTD22, special items totaled ($0.01) and $0.02 per share, respectively Regulated Transmission (RT) ▪ Rates & Investments +$0.06: Primarily due to continued formula rate base growth from the Energizing the Future investment program ▪ Financing Plan ($0.05): Due to the impact of the FET 19.9% interest sale, which closed on 5/31/2022 ▪ Special Items: In YTD23 and YTD22, special items totaled $0.01 and ($0.01) per share, respectively Corporate / Other (Corp) ▪ O&M +$0.02: Primarily due to lower sponsorships, advertising, and other corporate expenses ▪ Pension/OPEB ($0.03): Primarily due to lower investment balances and higher interest costs ▪ Financing Plan +$0.05: Primarily due to lower interest expense from FE Corp. holding company long-term debt redemptions in 2022 and 2023, partially offset by the FE Corp. convertible debt issuance in May 2023 ▪ Signal Peak +$0.02: Higher earnings from 33% investment in Signal Peak ▪ Special Items: In YTD23 and YTD22, special items totaled $0.14 and $0.28 per share, respectively 2.0% (0.7)% 0.4% 0.7% Residential Commercial* Industrial Total Y-o-Y Weather-Adjusted Distribution Deliveries Y-o-Y Actual Distribution Deliveries (9.4)% (6.7)% 0.4% (5.1)% Residential Commercial* Industrial Total *Commercial includes street lighting. Strategic & Financial Highlights - Published August 1, 202315

Special Items Descriptions ▪ Debt-related costs: Primarily reflects costs associated with the redemption and early retirement of debt. ▪ Elimination of intersegment interest on FET proceeds: Intercompany interest expense/income between RT and Corp/Other associated with the proceeds from the FET 19.9% minority interest transaction received on May 31, 2022, has been eliminated for segment reporting purposes as a special item in the second quarter and first six months of 2022. This is consistent with the methodology used in 4Q 2022 and Full Year 2022 reporting. ▪ 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 resulting from the exit of competitive operations. ▪ FE Forward cost to achieve: Primarily reflects the termination charge 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 the litigation settlements and reserves, and legal and advisory expenses related to the government investigations. ▪ Mark-to-market adjustments - Pension/OPEB actuarial assumptions: 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. The voluntary $750M contribution to the qualified pension plan triggered a remeasurement during 2Q23. ▪ 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 associated with the FET interest sales. 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. Strategic & Financial Highlights - Published August 1, 202316

2nd Quarter 2023 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) RD RT Corp FE RD RT Corp FE RD RT Corp FE (1) Electric sales $ 2,482 $ 518 $ (43) $ 2,957 $ — $ — $ — $ — $ 2,482 $ 518 $ (43) $ 2,957 (2) Other 60 2 (13) 49 — — — — 60 2 (13) 49 (3) Total Revenues 2,542 520 (56) 3,006 — — — — 2,542 520 (56) 3,006 (4) Fuel 140 — — 140 — — — — 140 — — 140 (5) Purchased power 889 — 5 894 — — — — 889 — 5 894 (6) Other operating expenses 823 122 (60) 885 (28) (b)(c)(f) — (18) (c)(d) (46) 795 122 (78) 839 (7) Provision for depreciation 255 88 18 361 (2) (c) — — (2) 253 88 18 359 (8) Deferral of regulatory assets, net (34) 1 — (33) — — — — (34) 1 — (33) (9) General taxes 201 67 10 278 — — — — 201 67 10 278 (10) Total Operating Expenses 2,274 278 (27) 2,525 (30) — (18) (48) 2,244 278 (45) 2,477 (11) Debt redemption costs — — (36) (36) — — 36 (a) 36 — — — — (12) Equity method investment earnings — — 35 35 — — — — — — 35 35 (13) Miscellaneous income, net 36 — 7 43 6 (b) — — 6 42 — 7 49 (14) Pension and OPEB mark-to-market adjustment 57 7 (5) 59 (57) (e) — 5 (e) (52) — 7 — 7 (15) Interest expense (151) (61) (64) (276) — — — — (151) (61) (64) (276) (16) Capitalized financing costs 11 11 — 22 — — — — 11 11 — 22 (17) Total Other Expense (47) (43) (63) (153) (51) — 41 (10) (98) (43) (22) (163) (18) Income taxes (benefits) 44 46 (16) 74 (6) (b)(c)(e)(f) — 12 (a)(c-e) 6 38 46 (4) 80 (19) Income attributable to noncontrolling interest — 19 — 19 — — — — — 19 — 19 (20) Earnings (Loss) Attributable to FirstEnergy Corp. $ 177 $ 134 $ (76) $ 235 $ (15) $ — $ 47 $ 32 $ 162 $ 134 $ (29) $ 267 (21) Average Shares Outstanding 573 573 573 (22) Earnings (Loss) per Share $ 0.31 $ 0.23 $ (0.13) $ 0.41 $ (0.03) $ — $ 0.09 $ 0.06 $ 0.28 $ 0.23 $ (0.04) $ 0.47 Special Items (after-tax impact): (a) Debt-Related costs $ — $ — $ 29 $ 29 (b) Enhanced employee retirement and other related costs 20 — — 20 (c) FE Forward cost to achieve 6 — 1 7 (d) Investigation and other related costs — — 13 13 (e) Mark-to-market adjustments - Pension/OPEB actuarial assumptions (42) — 4 (38) (f) Regulatory charges 1 — — 1 Impact to Earnings $ (15) $ — $ 47 $ 32 Strategic & Financial Highlights - Published August 1, 202317

2nd Quarter 2022 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) RD RT Corp FE RD RT Corp FE RD RT Corp FE (1) Electric sales $ 2,374 $ 440 $ (37) $ 2,777 $ — $ 1 (f) $ — $ 1 $ 2,374 $ 441 $ (37) $ 2,778 (2) Other 52 1 (12) 41 — — — — 52 1 (12) 41 (3) Total Revenues 2,426 441 (49) 2,818 — 1 — 1 2,426 442 (49) 2,819 (4) Fuel 190 — — 190 — — — — 190 — — 190 (5) Purchased power 797 — 5 802 — — — — 797 — 5 802 (6) Other operating expenses 850 91 (45) 896 (5) (d) — (17) (c-e) (22) 845 91 (62) 874 (7) Provision for depreciation 242 87 19 348 — — — — 242 87 19 348 (8) Deferral of regulatory assets, net (127) (2) — (129) (1) (f) — — (1) (128) (2) — (130) (9) General taxes 192 61 11 264 — — — — 192 61 11 264 (10) Total Operating Expenses 2,144 237 (10) 2,371 (6) — (17) (23) 2,138 237 (27) 2,348 (11) Debt redemption costs — — (118) (118) — — 118 (a) 118 — — — — (12) Equity method investment earnings — — 65 65 — — — — — — 65 65 (13) Miscellaneous income, net 94 7 (6) 95 — — — — 94 7 (6) 95 (14) Interest expense (128) (55) (82) (265) — (3) (b) 8 (a)(b) 5 (128) (58) (74) (260) (15) Capitalized financing costs 6 11 — 17 — — — — 6 11 — 17 (16) Total Other Expense (28) (37) (141) (206) — (3) 126 123 (28) (40) (15) (83) (17) Income taxes (benefits) 52 39 (42) 49 3 (d)(f) (1) (b)(f) 30 (a-e) 32 55 38 (12) 81 (18) Income attributable to noncontrolling interest — 5 — 5 — — — — — 5 — 5 (19) Earnings (Loss) Attributable to FirstEnergy Corp. $ 202 $ 123 $ (138) $ 187 $ 3 $ (1) $ 113 $ 115 $ 205 $ 122 $ (25) $ 302 (20) Average Shares Outstanding 571 571 571 (21) Earnings (Loss) per Share $ 0.35 $ 0.22 $ (0.24) $ 0.33 $ 0.01 $ (0.01) $ 0.20 $ 0.20 $ 0.36 $ 0.21 $ (0.04) $ 0.53 Special Items (after-tax impact): (a) Debt-Related costs $ — $ — $ 97 $ 97 (b) Elimination of intersegment interest on FET proceeds — (2) 2 — (c) Exit of generation — — 3 3 (d) FE Forward cost to achieve 3 — 1 4 (e) Investigation and other related costs — — 10 10 (f) Regulatory charges — 1 — 1 Impact to Earnings $ 3 $ (1) $ 113 $ 115 Strategic & Financial Highlights - Published August 1, 202318

2nd Quarter 2023 vs 2nd Quarter 2022 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) RD RT Corp FE RD RT Corp FE RD RT Corp FE (1) Electric sales $ 108 $ 78 $ (6) $ 180 $ — $ (1) $ — $ (1) $ 108 $ 77 $ (6) $ 179 (2) Other 8 1 (1) 8 — — — — 8 1 (1) 8 (3) Total Revenues 116 79 (7) 188 — (1) — (1) 116 78 (7) 187 (4) Fuel (50) — — (50) — — — — (50) — — (50) (5) Purchased power 92 — — 92 — — — — 92 — — 92 (6) Other operating expenses (27) 31 (15) (11) (23) — (1) (24) (50) 31 (16) (35) (7) Provision for depreciation 13 1 (1) 13 (2) — — (2) 11 1 (1) 11 (8) Deferral of regulatory assets, net 93 3 — 96 1 — — 1 94 3 — 97 (9) General taxes 9 6 (1) 14 — — — — 9 6 (1) 14 (10) Total Operating Expenses 130 41 (17) 154 (24) — (1) (25) 106 41 (18) 129 (11) Debt redemption costs — — 82 82 — — (82) (82) — — — — (12) Equity method investment earnings — — (30) (30) — — — — — — (30) (30) (13) Miscellaneous income, net (58) (7) 13 (52) 6 — — 6 (52) (7) 13 (46) (14) Pension and OPEB mark-to-market adjustment 57 7 (5) 59 (57) — 5 (52) — 7 — 7 (15) Interest expense (23) (6) 18 (11) — 3 (8) (5) (23) (3) 10 (16) (16) Capitalized financing costs 5 — — 5 — — — — 5 — — 5 (17) Total Other Expense (19) (6) 78 53 (51) 3 (85) (133) (70) (3) (7) (80) (18) Income taxes (benefits) (8) 7 26 25 (9) 1 (18) (26) (17) 8 8 (1) (19) Income attributable to noncontrolling interest — 14 — 14 — — — — — 14 — 14 (20) Earnings (Loss) Attributable to FirstEnergy Corp. $ (25) $ 11 $ 62 $ 48 $ (18) $ 1 $ (66) $ (83) $ (43) $ 12 $ (4) $ (35) (21) Average Shares Outstanding 2 2 2 (22) Earnings (Loss) per Share $ (0.04) $ 0.01 $ 0.11 $ 0.08 $ (0.04) $ 0.01 $ (0.11) $ (0.14) $ (0.08) $ 0.02 $ — $ (0.06) Strategic & Financial Highlights - Published August 1, 202319

YTD June 2023 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) RD RT Corp FE RD RT Corp FE RD RT Corp FE (1) Electric sales $ 5,254 $ 978 $ (86) $ 6,146 $ — $ 7 (g) $ — $ 7 $ 5,254 $ 985 $ (86) $ 6,153 (2) Other 114 3 (26) 91 — — — — 114 3 (26) 91 (3) Total Revenues 5,368 981 (112) 6,237 — 7 — 7 5,368 988 (112) 6,244 (4) Fuel 273 — — 273 — — — — 273 — — 273 (5) Purchased power 2,009 — 9 2,018 — — — — 2,009 — 9 2,018 (6) Other operating expenses 1,609 211 (89) 1,731 (34) (b)(d)(g) (2) (g) (65) (c-e) (101) 1,575 209 (154) 1,630 (7) Provision for depreciation 506 179 37 722 (3) (d) — — (3) 503 179 37 719 (8) Deferral of regulatory assets, net (113) — — (113) — — — — (113) — — (113) (9) General taxes 420 132 22 574 — — — — 420 132 22 574 (10) Total Operating Expenses 4,704 522 (21) 5,205 (37) (2) (65) (104) 4,667 520 (86) 5,101 (11) Debt redemption costs — — (36) (36) — — 36 (a) 36 — — — — (12) Equity method investment earnings — — 91 91 — — — — — — 91 91 (13) Miscellaneous income (expense), net 70 2 6 78 6 (b) — — 6 76 2 6 84 (14) Pension and OPEB mark-to-market adjustment 57 7 (5) 59 (57) (f) — 5 (f) (52) — 7 — 7 (15) Interest expense (297) (120) (122) (539) — — — — (297) (120) (122) (539) (16) Capitalized financing costs 19 23 1 43 — — — — 19 23 1 43 (17) Total Other Expense (151) (88) (65) (304) (51) — 41 (10) (202) (88) (24) (314) (18) Income taxes (benefits) 100 86 (22) 164 (4) (b)(d)(f)(g) 2 (g) 21 (a)(b-f)(h) 19 96 88 (1) 183 (19) Income attributable to noncontrolling interest — 37 — 37 — — — — — 37 — 37 (20) Earnings (Loss) Attributable to FirstEnergy Corp. $ 413 $ 248 $ (134) $ 527 $ (10) $ 7 $ 85 $ 82 $ 403 $ 255 $ (49) $ 609 (21) Average Shares Outstanding 573 573 573 (22) Earnings (Loss) per Share $ 0.72 $ 0.43 $ (0.23) $ 0.92 $ (0.01) $ 0.01 $ 0.14 $ 0.14 $ 0.71 $ 0.44 $ (0.09) $ 1.06 Special Items (after-tax impact): (a) Debt-Related costs $ — $ — $ 29 $ 29 (b) Enhanced employee retirement and other related costs 21 — — 21 (c) Exit of generation — — 1 1 (d) FE Forward cost to achieve 10 — 24 34 (e) Investigation and other related costs — — 26 26 (f) Mark-to-market adjustments - Pension/OPEB actuarial assumptions (42) — 4 (38) (g) Regulatory charges 1 7 — 8 (h) State tax legislative changes — — 1 1 Impact to Earnings $ (10) $ 7 $ 85 $ 82 Strategic & Financial Highlights - Published August 1, 202320

YTD June 2022 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) RD RT Corp FE RD RT Corp FE RD RT Corp FE (1) Electric sales $ 4,906 $ 891 $ (76) $ 5,721 $ — $ 3 (f) $ — $ 3 $ 4,906 $ 894 $ (76) $ 5,724 (2) Other 109 3 (26) 86 — — — — 109 3 (26) 86 (3) Total Revenues 5,015 894 (102) 5,807 — 3 — 3 5,015 897 (102) 5,810 (4) Fuel 330 — — 330 — — — — 330 — — 330 (5) Purchased power 1,667 — 10 1,677 — — — — 1,667 — 10 1,677 (6) Other operating expenses 1,648 181 (113) 1,716 (6) (d)(f) — (26) (c-e) (32) 1,642 181 (139) 1,684 (7) Provision for depreciation 477 173 38 688 — — — — 477 173 38 688 (8) Amortization (deferral) of regulatory assets, net (165) (1) — (166) (8) (f) — — (8) (173) (1) — (174) (9) General taxes 407 127 22 556 — — — — 407 127 22 556 (10) Total Operating Expenses 4,364 480 (43) 4,801 (14) — (26) (40) 4,350 480 (69) 4,761 (11) Debt redemption costs — — (156) (156) — — 156 (a) 156 — — — — (12) Equity method investment earnings — — 77 77 — — — — — — 77 77 (13) Miscellaneous income, net 179 13 (3) 189 — — — — 179 13 (3) 189 (14) Interest expense (257) (114) (169) (540) — (3) (b) 10 (a)(b) 7 (257) (117) (159) (533) (15) Capitalized financing costs 15 20 1 36 — — — — 15 20 1 36 (16) Total Other Expense (63) (81) (250) (394) — (3) 166 163 (63) (84) (84) (231) (17) Income taxes (benefits) 121 80 (69) 132 4 (d)(f) — (b)(f) 35 (a-e)(g) 39 125 80 (34) 171 (18) Income attributable to noncontrolling interest — 5 — 5 — — — — — 5 — 5 (19) Earnings (Loss) Attributable to FirstEnergy Corp. $ 467 $ 248 $ (240) $ 475 $ 10 $ — $ 157 $ 167 $ 477 $ 248 $ (83) $ 642 (20) Average Shares Outstanding 571 571 571 (21) Earnings (Loss) per Share $ 0.82 $ 0.44 $ (0.43) $ 0.83 $ 0.02 $ (0.01) $ 0.28 $ 0.29 $ 0.84 $ 0.43 $ (0.15) $ 1.12 Special Items (after-tax impact): (a) Debt-Related costs $ — $ — $ 129 $ 129 (b) Elimination of intersegment interest on FET proceeds — (2) 2 — (c) Exit of generation — — 3 3 (d) FE Forward cost to achieve 4 — 1 5 (e) Investigation and other related costs — — 16 16 (f) Regulatory charges 6 2 — 8 (g) Strategic transaction charges — — 6 6 Impact to Earnings $ 10 $ — $ 157 $ 167 Strategic & Financial Highlights - Published August 1, 202321

YTD June 2023 vs YTD June 2022 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) RD RT Corp FE RD RT Corp FE RD RT Corp FE (1) Electric sales $ 348 $ 87 $ (10) $ 425 $ — $ 4 $ — $ 4 $ 348 $ 91 $ (10) $ 429 (2) Other 5 — — 5 — — — — 5 — — 5 (3) Total Revenues 353 87 (10) 430 — 4 — 4 353 91 (10) 434 (4) Fuel (57) — — (57) — — — — (57) — — (57) (5) Purchased power 342 — (1) 341 — — — — 342 — (1) 341 (6) Other operating expenses (39) 30 24 15 (28) (2) (39) (69) (67) 28 (15) (54) (7) Provision for depreciation 29 6 (1) 34 (3) — — (3) 26 6 (1) 31 (8) Amortization (deferral) of regulatory assets, net 52 1 — 53 8 — — 8 60 1 — 61 (9) General taxes 13 5 — 18 — — — — 13 5 — 18 (10) Total Operating Expenses 340 42 22 404 (23) (2) (39) (64) 317 40 (17) 340 (11) Debt redemption costs — — 120 120 — — (120) (120) — — — — (12) Equity method investment earnings — — 14 14 — — — — — — 14 14 (13) Miscellaneous income, net (109) (11) 9 (111) 6 — — 6 (103) (11) 9 (105) (13) Pension and OPEB mark-to-market adjustment 57 7 (5) 59 (57) — 5 (52) — 7 — 7 (14) Interest expense (40) (6) 47 1 — 3 (10) (7) (40) (3) 37 (6) (15) Capitalized financing costs 4 3 — 7 — — — — 4 3 — 7 (16) Total Other Expense (88) (7) 185 90 (51) 3 (125) (173) (139) (4) 60 (83) (17) Income taxes (benefits) (21) 6 47 32 (8) 2 (14) (20) (29) 8 33 12 (18) Income attributable to noncontrolling interest — 32 — 32 — — — — — 32 — 32 (19) Earnings (Loss) Attributable to FirstEnergy Corp. $ (54) $ — $ 106 $ 52 $ (20) $ 7 $ (72) $ (85) $ (74) $ 7 $ 34 $ (33) (20) Average Shares Outstanding 2 2 2 (21) Earnings (Loss) per Share $ (0.10) $ (0.01) $ 0.20 $ 0.09 $ (0.03) $ 0.02 $ (0.14) $ (0.15) $ (0.13) $ 0.01 $ 0.06 $ (0.06) Strategic & Financial Highlights - Published August 1, 202322

Quarterly Support Strategic & Financial Highlights - Published August 1, 2023 Strategic & Regulatory 26. 2023 Regulatory Calendar 27. RD Segment- State ROEs 28. JCP&L Base Rate Case 29. Maryland Base Rate Case 30. Ohio ESP V Filing 31. WV Base Rate Case TABLE OF CONTENTS (Slide) 23 Quarterly Support 32. TTM Actual Sales by Class 33. TTM Weather-Adjusted Sales 34. TTM Weather Impacts 35. Credit Ratings Summary 36. Credit Profile See YE22 Investor FactBook for details on the 2021-2025 Financial Plan Financial Guidance section includes information on earnings guidance, investment plans, rate base growth, load forecast, and credit profile Other sections include: • FirstEnergy Overview • Corporate Responsibility/EESG • Regulated Transmission • Regulated Distribution Financial 24. FE Corp. Convertible Debt Issuance 25. Pension/OPEB Update

FE Corp. Convertible Debt Issuance Strategic Rationale ■ Transaction serves as a cost-effective bridge loan until receiving full $3.5B(1) of proceeds from FET 30% interest sale and further solidifies credit profile improvement ■ Deployment of proceeds is both credit and EPS accretive and supports current year and long-term financial plan Overview ■ Issued as an unsecured bond with a fixed coupon and includes an option for conversion to common equity at a ~20% premium to closing stock price of $39.01 on 5/1/2023 ■ At maturity, the principal is paid back in cash; FE has the option to pay the conversion premium in cash or newly issued common shares Key Terms Issuer FE Corp. Pricing Date 5/1/2023 Principal $1,500M Coupon 4.00% Tenor (Maturity Date) 3 year (5/1/2026) Initial Conversion Price $46.81 Conversion Premium (vs. 5/1 closing price of $39.01) 20% Accounting Treatment Balance Sheet: Reported as long-term debt Income Statement: Coupon reported as interest expense Impact on Basic Shares: No impact, unless new shares are issued in settlement Impact on Diluted Shares: If conversion in-the- money, increase to diluted share count based on cost of premium (assumed to be funded with new shares) (1) Expect to receive proceeds in 2 tranches with $1.75B+ upon transaction close in 1H 2024 and the remaining proceeds upon repayment of vendor takeback note. Use of Proceeds Considerations Pension funding $750M Satisfies expected minimum required contributions through 2027 Revolver borrowings $500M Avoids high-cost short-term borrowings (current rates ~7%) FE Corp. long-term debt $230M Repurchased $200M in principal of high-coupon debt (2031s, 7.375%) Total net proceeds $1,480M Illustrative Example Share Price at Maturity FE 3-year Stock Performance Principal Paid + Settlement Option (Cash) Cash (or new shares) $46.81 (or lower) Up to +20% $1,500M n/a $48.76 +25% $1,500M $62M (or 1.3M new shares) $54.61 +40% $1,500M $250M (or 4.6M new shares) Strategic & Financial Highlights - Published August 1, 202324

■ Remeasurement of pension plan as of 4/30/23 trigged by pension contribution – Recognized a non-cash, pre-tax pension mark-to-market adjustment gain of ~$59M in 2Q23 ■ Qualified pension funded status increased by ~$800M, or 89% at 4/30/23 – $750M contribution satisfies expected minimum required contributions through 2027 (based on various assumptions, including an annual expected rate of return on assets of 8.0% in 2023) ■ 2023R reflects April 2023 remeasurement which results in higher net credit vs. prior forecast on Income Statement 25 Qualified Pension Funded Status ($M): 12/31/22 to 4/30/23 Walk Strategic & Financial Highlights - Published August 1, 2023 Pension/OPEB Update As of 4/30/23 Remeasurement Pre-Tax $M, except EPS 2022A 2023F 2023R Service Cost (post-capitalization) $92 $65 $67 Interest Cost 284 460 449 EROA (696) (545) (601) Amort. of Prior Cost (Credit) (9) (5) (6) Net Periodic Benefit Costs (Credits) - Non-GAAP ($329) ($25) ($91) Illustrative EPS Impact (Credit) - Non-GAAP ~($0.41) ($0.03) ($0.11) Mark-to-Market (Gain) / Loss (72) (59) Special Termination Benefits - 29 Net Periodic Benefit Costs (Credits) - GAAP ($401) ($121) Notes: • Service cost capitalization rate of 51% in 2022 and 53% in 2023 periods • 2023R discount rate of 4.80% (weighted-avg discount rate used to calculate interest cost); 2023F 5.10% • 2023R reflects April 2023 MTM Adjustment and Special Termination Benefits. We cannot reasonably estimate the YE 2023 MTM adjustment at this time. Qualified Pension Funded Status of 91% @ 6/30/23

Jurisdiction Regulatory Matter Key Dates Ohio • OH Grid Mod II • Electric Security Plan (ESP V) • HB6 Related Investigations • Application filed 7/15/22; Testimony due Sept. and Oct. 2023; Hearing to begin 10/24/23 • Filed on 4/5/23; Intervenor testimony due 10/13/23; PUCO Staff testimony due 10/27/23; Hearing to begin 11/7/23 • On 3/8/23, PUCO granted another 6-month stay in HB6 related proceedings Pennsylvania • Legal Entity Consolidation • Approval of FET 30% Interest Sale • Filed on 3/6/23; Received direct testimony on 6/15/23; Served rebuttal on 7/14/23 • Filed on 5/5/23; Pre-hearing conference schedule for 8/7/23 New Jersey • Management Audit • Distribution Base Rate Case Filing • Medium/Heavy Duty EV Filing • Infrastructure Investment Program • Energy Efficiency Triennial Plan Filing • Final report released on 4/12/23; Comments filed on 7/31/23 • Filed on 3/16/23; Hearings scheduled for week of 1/8/24 • Program Straw Proposal issued; Anticipate filing requirement 2H23 • Plan to file in summer 2023 • Plan to file in 2H23 West Virginia • Annual ENEC Filing (2023) • Solar Generation Projects Proceeding • Depreciation Rate Filing • Base Rate Case (Dx+Tx+Gx) Filing • Settlement approved 12/30/22; Received order on 4/24/23 to continue Pleasants evaluation; Ownership transfer to 3rd party approved by FERC on 7/24/23; MP & PE no longer reviewing possible purchase • Order issued 4/21/22; Filed on 4/24/23 proposal for surcharge for first 30MWs • Filed on 1/13/23; Hearings scheduled to begin 8/23/23; Depreciation rates effective upon conclusion of base rate case • Filed on 5/31/23; 10-month procedural schedule; Hearings scheduled to begin 1/24/24 Maryland • Commission Investigation into Ohio-Related Activities • Distribution Base Rate Case Filing • Buy out contract with AES's Warrior Run • Commission issued order on 5/5/23 indicating no basis exists for continued investigation; Rehearing request denied 6/23/23; OPC appealed to Circuit Court on 7/13/23 • Filed on 3/22/23; 7-month procedural schedule; Filed rebuttal testimony on 6/30/23; Hearings were completed 07/28/23 • Received approval from the Commission on 6/21/23 Virginia • Approval of FET 30% Interest Sale • Filed on 5/12/23; Received approval on 6/20/23 FERC • WPP, MP, and PE Tx Formula Rate Settlement Discussions • PA Legal Entity Consolidation • Approval of FET 30% Interest Sale • Received FERC approval of uncontested settlement on 5/4/23 • Filed on 3/6/23 • Filed on 5/5/23 2023 Regulatory Calendar Select Proceedings Strategic & Financial Highlights - Published August 1, 202326

RD Segment – State ROEs TTM 6/30/23 27 Strategic & Financial Highlights - Published August 1, 2023 Rate base at 6/30/23 $4.2B $6.4B $3.1B $3.2B $0.7B Equity/Total Capitalization(1) 49% 49% 52% 49% 54% ROE EPS Sensitivity +/- 1% ~$0.04 ~$0.05 ~$0.03 ~$0.03 ~$0.01 Approved/Filed Test Year Feb. 2008 (TTM) Dec. 2017 (Projected) June 2023 (TTM) Dec. 2022 (TTM) Dec. 2022 (TTM) Key Regulatory Adjustments 7.3% 8.9% 4.5% 7.7% 4.0% 0% 5% 10% OH PA NJ WV MD (2) All States OH PA NJ WV MD • Actual revenue, not weather normalized • Income taxes calculated using statutory rates or consistent with practice used in base rate case filings • Excludes subsidiary company earnings (PP) • Rider DCR revenue equal to the allowed revenue cap • Includes pension/OPEB service costs only; excludes amortization of actuarial losses and other non-service credits • Pension based on 10-year historical cash contributions (consistent with certain other utilities in PA) • OPEB based on current year service costs • Includes total pension expense (credit) including use of delayed recognition method(3) for pension/OPEB actuarial losses (i.e., MTM adjustments) • Consolidated Tax Adjustment to rate base, based on Commission’s practice • Separation study uses various allocation methods to separate PE into WV, MD, and VA • Includes total pension expense (credit) including use of delayed recognition method(3) for pension/OPEB actuarial losses (i.e., MTM adjustments) • Excludes impact of AGC (Bath) and the securitized Ft. Martin scrubbers • Separation study uses various allocation methods to separate PE into WV, MD, and VA • Includes total pension expense (credit) including use of delayed recognition method(3) for pension/OPEB actuarial losses (i.e., MTM adjustments) (1) Calculated using allowed capital structure for OH, actual for PA, WV & MD, and actual for NJ (adjusted for Goodwill) – consistent methodology as the last base rate case and/or quarterly earnings reports, as applicable (2) ROE and rate base represent the filed position by the Company in its pending rate case. It does not include known and measurable adjustments as proposed in the rate case. WV includes generation and transmission (3) Consistent with amortization of actuarial gains and losses (2)(2) As updated in pending rate case As filed in pending rate case As updated in pending rate case

JCP&L Base Rate Case Filing Filed 3/16/23; Updated 6/2/23 (Docket Number: ER23030144) Key Statistics Proposed Current Distribution Rate Base $3.0B $2.6B Return on Equity 10.4% 9.6% Cap Structure (Debt / Equity) 48% / 52% 49% / 51% Test Year (12 months ended) June 2023 June 2020 Net Revenue Increase: $185M $144 $155 $206 $186 $187 JCP&L Current JCP&L Proposed ACE PSEG RECO Commitment to Affordability 25% < peer avg Key Components ■ Recovery of storm costs balance of $310M over ~5 years ($59M per year), representing an incremental $30M request ■ Expand vegetation management programs recovered in base rates from $31M to $43M ■ Recovery of AMI (through December 2023) and EV (through June 2023) programs costs ■ Proposal to implement a Pension/OPEB Normalization Mechanism (PON) to establish a regulatory asset/liability for differences between actual and test year pension/OPEB expenses (using the delayed recognition method) ■ Two new customer assistance initiatives (senior citizens discount program, energy assistance outreach team) ■ Confirm company’s plan to file for an Infrastructure Investment Program (IIP) in summer 2023 Filing Summary Proposed rate adjustment supports investments that strengthen the energy grid, enhance the customer experience and fund new low-income and senior citizen customer assistance programs, while keeping rates affordable for customers Avg. residential monthly usage (1,000 kwh) Rates Effective March 1, 2023 state avg $181 peer avg $193 Represents an 8% avg residential increase and a 7% overall average increase in JCP&L’s rates As published on the Regulatory Corner section of our IR website i i i t i ti t .1 . t it . . t t ( t / it ) / / t ( t ) t I : 93 Strategic & Financial Highlights - Published August 1, 202328

Represents a 10% residential increase and a 7% overall increase in PE’s rates MD Base Rate Case Filing Filed 3/22/23; Updated 5/16/23 (Case No. 9695) Key Statistics Proposed Current Distribution Rate Base $719M $462M Return on Equity 10.6% 9.65% Cap Structure (Debt / Equity) 46.5% / 53.5% 47% / 53% Test Year (12 months ended) Dec. 2022 June 2018 Net Revenue Increase: $46M(1) $98 $108 $157 $178 $156 PE Current PE Proposed BGE Delmarva PEPCO Commitment to Affordability 40% < peer avg Key Components ■ Proposal for second phase of Electric Distribution Investment Surcharge (EDIS) program for 2024-2027 and $98M in capital investment in three different programs: underground cable replacement, substation recloser replacements and resiliency program (distribution automation, circuit ties/ splits, line relocation, and upgraded circuit protection) ■ Storm deferral mechanism to establish a regulatory asset/liability for differences between actual and test year storm expense ■ Implement a Pension/OPEB Normalization Mechanism (PON) to establish a regulatory asset/liability for differences between actual and test year pension/OPEB expenses (using the delayed recognition method) ■ Cost recovery proposal related to COVID and EV balances ■ Two new customer assistance initiatives (low-income customer discount program, energy assistance outreach team) deferred to a Phase II to begin October 2023 ■ Rates effective October 2023 (7-month statutory timeline) Filing Summary Proposed rate adjustment supports investments to build on recent reliability investment through additional energy grid upgrades, ongoing tree trimming, inspections of lines, poles and substations and fund new low-income assistance programs, while keeping rates affordable for customers Avg. residential monthly usage (1,000 kwh) Rates Effective March 1, 2023 state avg $150 peer avg $164 29 Strategic & Financial Highlights - Published August 1, 2023 As published on the Regulatory Corner section of our IR website (1) Includes a $5M reduction in EDIS as Phase I is included in base rates

Ohio Electric Security Plan (ESP) V Regulatory Filing Filed 4/5/23 (Case Record: 23-0301-EL-SSO) Strategic & Financial Highlights - Published August 1, 202330 As published on the Regulatory Corner section of our IR website Background • Utilities are required to file applications to establish either an ESP or a Market Rate Offer to provide customers default generation service, also known as a Standard Service Offer • ESPs may include provisions regarding distribution infrastructure, grid modernization, economic development and job retention initiatives, and energy efficiency programs • FE’s Ohio utilities currently operate under ESP IV, which includes riders that provide the opportunity to recover the costs of capital investments through Rider DCR and Rider AMI (grid modernization investments) Filing Summary • Focus on reliability, affordability, and stewardship • Propose to maintain an 8-year term; request approval to be effective June 1, 2024 • Propose to maintain existing auction process with a few changes designed to enhance customer affordability and mitigate risk for SSO suppliers • Initial estimated bill impacts of 2.1% and average annual bill impact of 0.5% (for a residential customer using 1,000 kWh) Key Proposals Investments Operational Customer • Continue Rider DCR and propose an increase to aggregate annual revenues caps of $15M to $21M (from $15M currently) to align with historical levels and expected investment plans − Increase in caps tied to reliability performance • Continue Rider AMI for recovery of approved grid modernization programs (Grid Mod I) − Grid Mod II proposal, filed July 2022, will be reviewed separately from ESP V • Any investments rolled into base rates at the next Base Rate Case will be removed from the riders • Continue existing riders including those related to purchased power, transmission, and uncollectibles • New storm rider to recover balance over 5 years (current balance at filing ~$126M) and defer and recover/return storm O&M below/above current baseline going forward • New vegetation management rider to recover incremental O&M costs above baseline (currently $30M) and include an enhanced program to accelerate removal of off-Right Of Way trees and brush • New 4-year utility-offered energy efficiency programs (~$72M per year) with amortized cost recovery • Stewardship commitments not to be recovered from customers (~$52M over 8 years): − Low-income bill payment assistance and a low-income senior citizen discount − Cost sharing of DOE grants awarded to FirstEnergy Ohio companies − Support for EV customer experience (residential, commercial, and fleets)

WV Regulatory Filing Filed 5/31/23 (Case No: 23-0460-E-42T) 31 Strategic & Financial Highlights - Published August 1, 2023 Represents a 15% residential rate increase and a 13% overall increase in MP and PE’s rates Key Statistics Proposed Current Rate Base $3.2B(1) $2.5B(1) Return on Equity 10.85% Settled Cap Structure (Debt / Equity) 51% / 49% 54% / 46% Test Year 2022 2013 Revenue Increase: $207M $120 $138 $162 $162 MP & PE Current MP & PE Proposed AEP (AP) AEP (WP) Commitment to Affordability 26% < peer avg Key Components ■ Support investments to improve reliability in rural areas with an Infrastructure Investment Program surcharge ($90M over 3 years) ■ Pursue a $76M increase in depreciation expense to match recently filed depreciation case that reflects retirement dates of 2035 and 2040 for Ft. Martin and Harrison, respectively ■ Implement a Pension/OPEB Normalization Mechanism (PON) to establish a regulatory asset/liability for differences between actual 2018-2022 average expense and test year pension/OPEB expenses (using the delayed recognition method) ■ Seek cost recovery of regulatory assets for retired generation assets, storms, and COVID-19 ■ Support a new low-income initiative - an energy assistance outreach team that helps connect low-income customers with sources of support ■ Filed for rates to be effective March 2024 (10-month statutory timeline) Filing Summary Proposed rate adjustment supports distribution and generation investments, addresses depreciation rates for generation assets and provides for additional funding for a new low-income assistance program, while keeping rates affordable for customers Avg. residential monthly usage (1,000 kwh) Rates Effective June 1, 2023 state avg $141 peer avg $162 As published on the Regulatory Corner section of our IR website (1) Includes Distribution, Generation, and Transmission

(MWh in thousands) 3Q21 3Q22 4Q21 4Q22 1Q22 1Q23 2Q22 2Q23 TTM 2Q22 TTM 2Q23 Residential 15,652 15,500 12,735 13,135 15,213 13,941 12,146 10,836 55,746 53,412 Commercial 9,784 9,662 8,594 8,649 9,291 8,632 8,716 8,160 36,385 35,104 Industrial 14,018 14,274 13,368 13,601 13,583 13,511 13,711 13,885 54,680 55,271 Total 39,455 39,436 34,697 35,385 38,087 36,084 34,573 32,881 146,811 143,787 Actual Sales by Class Percent change vs. prior year -1.0% 3.1% -8.4% -10.8% -4.2% -1.3% 0.6% -7.1% -6.4% -3.5% 1.8% 1.7% -0.5% 1.3% 1.1% 0.0% 2.0% -5.3% -4.9% -2.1% 3Q22 4Q22 1Q23 2Q23 TTM Residential Commercial Industrial Total Commercial includes street lighting Numbers may not add due to rounding Strategic & Financial Highlights - Published August 1, 202332

-1.7% -0.4% 5.4% -2.4% 0.4% -1.6% -1.6% 1.5% -3.1% -1.2% 1.8% 1.7% -0.5% 1.3% 1.1% -0.4% 0.1% 2.3% -1.1% 0.3% Residential Commercial Industrial Total (MWh in thousands) 3Q21 3Q22 4Q21 4Q22 1Q22 1Q23 2Q22 2Q23 TTM 2Q22 TTM 2Q23 Residential 15,200 14,945 13,220 13,170 15,170 15,982 11,796 11,511 55,386 55,608 Commercial 9,672 9,514 8,753 8,617 9,265 9,403 8,627 8,362 36,318 35,896 Industrial 14,018 14,274 13,368 13,601 13,583 13,511 13,711 13,885 54,680 55,271 Total 38,890 38,733 35,341 35,388 38,018 38,896 34,134 33,758 146,384 146,775 3Q22 4Q22 1Q23 2Q23 TTM Actual Weather-Adjusted Sales by Class Percent change vs. prior year Strategic & Financial Highlights - Published August 1, 2023 Commercial includes street lighting Numbers may not add due to rounding 33

Weather Impacts Strategic & Financial Highlights - Published August 1, 2023 0 100 200 300 400 500 1,400 1,150 900 650 400 150 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 HDD CDD HDD Norm CDD Norm 34 OH PA NJ WV MD Total Days % Days % Days % Days % Days % Days % 2Q23 vs Normal HDD -15 -2% -30 -5% -136 -28% 9 2% -89 -19% -44 -8% CDD -103 -41% -115 -46% -82 -24% -168 -62% -125 -35% -111 -40% 2Q23 vs 2Q22 HDD 21 3% -37 -6% -96 -21% -2 0% -100 -21% -29 -5% CDD -190 -56% -115 -46% -121 -32% -199 -66% -106 -31% -149 -48% Total EPS Impact(1) 2Q YTD Weather vs. Normal: -$0.05 Weather vs. Normal: -$0.16 Weather vs. 2Q22: -$0.06 Weather vs. YTD22: -$0.18 (1) Includes -$0.01 of weather-related impact from Regulated Generation

• On February 10, 2023, S&P changed the outlook of FE and most subsidiaries to Positive • On September 13, 2022, Moody’s issued one-notch downgrades for CEI and TE and changed their outlook to Stable • On July 22, 2022, Fitch issued one-notch upgrades on FE, FET, and all subsidiaries. • All companies are now investment grade with a Stable outlook Credit Ratings As of 7/31/23 Strategic & Financial Highlights - Published August 1, 2023 Most Recent Ratings Actions 35 S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch FirstEnergy Corp.(*) BBB- Ba1 BBB- BB+ Ba1 BBB- P P S Allegheny Generating Co. BB+ Baa2 BBB P S S American Transmission Systems Inc. BBB A3 BBB BBB A3 BBB+ P S S Cleveland Electric Illuminating BBB Baa3 BBB A- Baa1 A- BBB Baa3 BBB+ P S S FirstEnergy Transmission(*) BBB- Baa2 BBB- BB+ Baa2 BBB- P S S Jersey Central Power & Light BBB A3 BBB BBB A3 BBB+ P S S Metropolitan Edison BBB A3 BBB BBB A3 BBB+ P S S Mid-Atlantic Interstate Transmission BBB A3 BBB BBB A3 BBB+ P S S Monongahela Power BBB Baa2 BBB A- A3 A- BBB Baa2 S S S Ohio Edison BBB A3 BBB A- A1 A- BBB A3 BBB+ P S S Pennsylvania Electric BBB Baa1 BBB BBB Baa1 BBB+ P S S Pennsylvania Power BBB A3 BBB A- A1 P S S Potomac Edison BBB Baa2 BBB A- A3 A- S S S Toledo Edison BBB Baa2 BBB A- A3 A- P S S Trans-Allegheny Interstate Line Co. BBB A3 BBB BBB A3 BBB+ P S S West Penn Power BBB A3 BBB A- A1 A- P S S (*) = holding company S = Stable Shaded cells reflect non-investment grade ratings 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. Issuer/Corporate Family Senior Secured Senior Unsecured Outlook/Watch

Credit Profile As of 7/31/23 Strategic & Financial Highlights - Published August 1, 2023 (1) S&P could raise the ratings on FE over the next 12-24 months if: Upon close of the FET minority stake sale the company uses proceeds in a credit supportive manner, such that FFO to debt is consistently above 12% or FE meets its obligations under its DPA. (2/10/23 Credit Opinion) (2) Moody’s rating upgrade could be considered if FirstEnergy's financial profile strengthens, including cash flow from operations before changes in working capital (CFO pre-WC) to debt above 11%, on a sustained basis and its improved business risk profile is maintained. In addition, the regulatory environments in all of its jurisdictions remain stable and the company demonstrates more of a track record of sound corporate governance and internal controls, a rating upgrade could be possible. (11/20/22 Credit Opinion) FE Corp: 2.5x interest coverage ratio FET, LLC: 75% debt-to-capitalization ratio Utilities & Transmission Companies: 65% debt-to-capitalization ratio FE Corp & FET, LLC $1,000M OH $800M PA $950M NJ $500M WV & MD $400M Tx Op Co's $850M Total: $4.5B • FFO/Debt target of ~14%-15% • Remain focused on lowering FE Corp. Holdco debt as a percentage of total Balance Sheet debt • Long-term aspiration to be a BBB company Ba1, Positive Outlook 11% CFO pre-WC/Debt upgrade threshold (2) BBB-, Stable Outlook 5.5x FFO Leverage upgrade threshold Focused on Investment-Grade ratings All Utilities and Transmission Companies are Investment-Grade at all 3 Rating Agencies Strong Liquidity • Available Liquidity: $4.0B, includes ~$105M of cash and cash equivalents • $4.5B Revolving credit facilities; committed through October 18, 2026 • On 4/27/23, executed amendments regarding the FET 30% interest sale, PA legal entity consolidation, and transition from LIBOR to SOFR 36 BB+, Positive Outlook 12% FFO/Debt upgrade threshold(1)