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

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

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

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

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

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

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

Core Points - FirstEnergy Corp. declared a quarterly dividend of $0.445 per share, payable on September 1, 2025, to shareholders of record by August 7, 2025 [1] - The company anticipates total dividends of $1.78 per share for 2025, representing an increase of over 11% from the $1.70 per share declared in 2024 [2] - FirstEnergy serves more than six million customers across several states and operates approximately 24,000 miles of transmission lines [3] Company Overview - FirstEnergy is committed to integrity, safety, reliability, and operational excellence [3] - The company is one of the largest investor-owned electric systems in the U.S., with a significant presence in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York [3] - The company operates electric distribution and transmission subsidiaries that connect the Midwest and Mid-Atlantic regions [3]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for FirstEnergy despite higher revenues, with a focus on how actual results will compare to estimates [1][2]. Earnings Expectations - FirstEnergy is expected to report quarterly earnings of $0.53 per share, reflecting a year-over-year decrease of 5.4%, while revenues are projected to be $3.43 billion, an increase of 4.7% from the previous year [3]. - The consensus EPS estimate has been revised 0.79% higher in the last 30 days, indicating a slight positive adjustment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that the Most Accurate Estimate for FirstEnergy is lower than the consensus estimate, resulting in an Earnings ESP of -10.80%, indicating bearish sentiment among analysts [12]. - The stock currently holds a Zacks Rank of 3 (Hold), complicating predictions of an earnings beat [12]. Historical Performance - In the last reported quarter, FirstEnergy exceeded the consensus EPS estimate of $0.60 by delivering earnings of $0.67, resulting in a surprise of +11.67% [13]. - Over the past four quarters, the company has only surpassed consensus EPS estimates once [14]. Industry Comparison - Portland General Electric, another player in the utility sector, is expected to report earnings of $0.65 per share, also reflecting a year-over-year decline of 5.8%, with revenues projected at $775.32 million, up 2.3% [18][19]. - Similar to FirstEnergy, Portland General Electric has a Zacks Rank of 3 and an Earnings ESP of -1.03%, making it difficult to predict an earnings beat [20].

Core Viewpoint - FirstEnergy Corporation (FE) is set to release its second-quarter 2025 results on July 30, with an earnings surprise of 11.7% in the previous quarter [1] Factors Impacting Q2 Performance - In June 2025, FirstEnergy's subsidiary completed its third utility-scale solar site in West Virginia, producing up to 5.75 megawatts (MW) of renewable power, which is expected to positively impact Q2 results [2] - The deployment of Advanced Light Detection and Ranging (LiDAR) technology across 7,100 miles of high-voltage power lines is anticipated to enhance service reliability and performance in the upcoming quarter [3] - In April 2025, enhancements to the energy delivery system in Pennsylvania, including the replacement of over 40 wood poles and other equipment, aimed to minimize service disruptions for nearly 1,000 customers [4] - The 'Energize365' program is expected to continue benefiting the company by enhancing customer experience while maintaining competitive rates [5] - Severe storms in April 2025 caused widespread damage and power outages, potentially leading to increased operating expenses for restoration, which may offset some positive impacts [6] Q2 Expectations - The Zacks Consensus Estimate for earnings is 53 cents per share, reflecting a year-over-year decrease of 5.4% [7] - Revenue is estimated at $3.43 billion, indicating a 4.7% year-over-year improvement [7] - Total electric distribution deliveries are expected to reach 36,000.5 megawatt-hours, up 1.5% from the previous year [7] Earnings Prediction - The company's Earnings ESP is -10.80%, indicating that an earnings beat is not predicted for this quarter [10] - FirstEnergy currently holds a Zacks Rank of 3, suggesting a neutral outlook [10] Summary of Q2 Results - Q2 results may reflect gains from new solar sites and advanced LiDAR deployment, while grid upgrades and the Energize365 program likely improved system reliability [9] - However, the costs associated with restoration from severe April storms may offset operational improvements [9]