Firstenergy Corp.

Solid Q2 execution; guidance reaffirmed (but “timing” muted core EPS growth) - Q2 GAAP EPS: $0.50 vs $0.46 YoY - Q2 core EPS: $0.50 vs $0.52 YoY (i.e., slight YoY step-down) - Core EPS 1H: $1.22 vs $1.19 YoY - Outlook/guidance reaffirmed: 2026 core earnings guidance $2.62–$2.82 per share - Management emphasized the earnings growth timing for the year (i.e., not a straight-line acceleration)

Capex pace is strong and supports long-term growth (investment discipline is a key “good”) - 2026 capex plan reaffirmed: $6B - Deployed through first half: $2.9B (+19% vs 1H 2025) - Returns: trailing ROE ~9.5%, in line with targeted returns - 5-year capex plan reaffirmed: $36B - Long-term growth target: core earnings growth near the top end of 6%–8% through 2030 with meaningful upside (to be detailed in later plan updates)

Data center demand is accelerating fast—major opportunity, and it’s driving contracting + optionality - Forecasted total data center demand: increased ~30% since Q1 to ~25 GW - New contracted demand: additional 2.1 GW contracted in Q2, total contracted = 6.4 GW - Near-term contracting: expected +1.5 GW to enter contracts “in the next couple of weeks” - Scale vs system peak: contracted/pipeline ~70% of July system peak load (34.8 GW) - Management sees this as a multi-year driver, with urgency due to PJM planning/timing and interconnection/transmission constraints