Focused on Our Future 2Q 2025 Strategic & Financial Highlights Published July 30, 2025 Forward-Looking Statements Forward-Looking Statements: This presentation includes forward-looking statements based on information currently available to management and unless the context requires otherwise, references to "we," "us," "our" and "FirstEnergy" refers to FirstEnergy Corp. and its subsidiaries. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance o ...

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]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ | Commission | Registrants; | | | | I.R.S. Employer | | --- | --- | --- | --- | --- | --- | | File Numbers | Address ...

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]