FirstEnergy Corp. Q4 FY2025 earnings call

2025 was transformative. Delivered strong financial results. Advanced regulatory strategies in Ohio. Announced a $36,000,000,000 five-year capital investment program. Core earnings at top end of revised guidance range. Deployed increased customer-focused capital investments. Distribution reliability improved. Declared increased dividends. Focused on affordability, with bills below in-state peer average. Plan to file base rate cases in Maryland, West Virginia, and Ohio. $36B capital plan with 30% increase from prior plan, including $19B in transmission investments.

No specific product segment financial performance details provided in a way to extract absolute terms and revenue contribution % as per request. However, core earnings were $2.55 per share in 2025, an increase of 7.6% compared to 2024. $5,600,000,000 was deployed in customer-focused capital investments in 2025, a 25% increase vs 2024. Distribution reliability metrics improved 10% across the system. Dividends totaled $1.78 per share, a 5% increase from 2024.

Core earnings per share compounded annual growth rate near top end of 6% to 8% from 2026 to 2030. Plan to file traditional base rate cases in Maryland and West Virginia. Expect requested rate increases at or below annual inflation. $36B capital investment plan with rate base growth of 10% through 2030. Target consolidated ROE of 9.5% to 10% through planning period. Load forecast includes 2% customer demand growth, largely driven by 5% increase from industrials.

No specific risk and operational failure discussion extracted in a clear bullet-pointable way as per request. But general risks associated with forward-looking statements and potential differences from actual results due to various factors discussed in earnings release, etc.

Q: Nick Campanella asked about West Virginia incremental financing and Pennsylvania CapEx impact on earned returns.

A: K. Jon Taylor responded on West Virginia financing and Pennsylvania CapEx focus.

Q: Shar Pourreza asked about rate base growth and West Virginia incremental opportunities.

A: K. Jon Taylor answered on rate base growth and West Virginia incremental plans.

Q: David Arcaro asked about New Jersey rate case and ROE outlook.

A: K. Jon Taylor responded on New Jersey affordability and ROE target.

Q: Ryan Levine asked about CapEx execution and Maryland affordability act.

A: K. Jon Taylor answered on CapEx execution and Maryland affordability efforts.

Q: Steve Fleishman asked about West Virginia approval and equity plan timing.

A: K. Jon Taylor responded on West Virginia approval and equity plan ratability.

Q: Carly S. Davenport asked about transmission CapEx and affordability bill inflation.

A: K. Jon Taylor answered on transmission CapEx approval and affordability bill inflation target.

Q: Jeremy Bryan Tonet asked about transmission CapEx approval and PJM auction impact.

A: K. Jon Taylor responded on transmission CapEx approval and PJM auction focus on affordability.

Q: Paul Patterson asked about transmission CapEx demand and generation proposal reception.

A: K. Jon Taylor answered on transmission CapEx demand and generation proposal positive reception in West Virginia.

Q: Anthony Christopher Crowdell asked about rate base growth vs earnings growth and New Jersey rate case filing.

A: K. Jon Taylor responded on rate base growth vs earnings growth factors and New Jersey rate case filing timing.

Q: Andrew Marc Weisel asked about data centers activity and Ohio 2026 priorities.

A: K. Jon Taylor answered on data centers activity locations and Ohio 2026 base rate case focus