What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-18 compared with 2025-02-27 · 77 added, 84 removed, 158 unchanged (50% of the section changed)

2 unchanged sentences

FirstEnergy’s electric operating companies comprise one of the nation’s largest investor-owned electric systems, serving over six million customers in the Midwest and Mid-Atlantic regions.

FirstEnergy’s transmission operations include more than 24,000 miles of transmission lines and two regional transmission operation centers.

As of December 31, 2024, MP and AGC control 3,604 MWs of total capacity.

FirstEnergy’s transmission operations include more than 24,000 miles of transmission lines and two regional transmission operation centers, and MP and AGC control 3,610 MWs of total generation capacity.

Regulated Electric Company Operating Subsidiaries

The Electric Companies’ combined service areas encompass approximately 65,000 square miles in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York, providing distribution services for over six million customers in an area with a population of approximately 14 million and include more than 9,900 miles of transmission lines.

Total rate base was approximately $20.6 billion as of December 31, 2024.

The Electric Companies’ combined service areas encompass approximately 65,000 square miles in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York, providing distribution services for over six million customers in an area with a population of approximately 14 million and a total rate base of approximately $21.3 billion as of December 31, 2025.

OE owns property and does business as an electric public utility in Ohio, providing distribution services to approximately 1.1 million customers in central and northeastern Ohio, with a rate base of $2.0 billion as of December 31, 2025.

4 unchanged sentences

TE has 281 employees and serves an area that has a population of approximately 0.7 million.

FE PA owns property and does business as an electric public utility in Pennsylvania and New York, providing distribution services to approximately 2.1 million customers in Pennsylvania and four thousand customers in Waverly, New York, with a rate base of $6.6 billion as of December 31, 2024.

FE PA owns property and does business as an electric public utility in Pennsylvania and New York, providing distribution services to approximately 2.1 million customers in Pennsylvania and approximately 4,000 customers in Waverly, New York, with a rate base of $6.9 billion as of December 31, 2025.

FE PA has 1,916 employees and serves an area that has a population of approximately 4.5 million.

3 unchanged sentences

JCP&L has 1,165 employees and serves an area that has a population of approximately 2.8 million.

PE owns property and does business as an electric public utility in Maryland, Virginia, and West Virginia, providing distribution services to approximately 0.5 million customers in Maryland and West Virginia and provides transmission services in Maryland, West Virginia and Virginia.

PE owns property and does business as an electric public utility in Maryland, Virginia, and West Virginia, providing distribution services to approximately 0.4 million customers in Maryland and West Virginia, as well as transmission services in Maryland, West Virginia and Virginia.

PE had a combined rate base of approximately $1.0 billion as of December 31, 2025.

3 unchanged sentences

MP is contractually obligated to provide power to PE to meet its load obligations in West Virginia.

MP owns or contractually controls 3,604 MWs of net maximum generation capacity that is supplied to its electric utility business, including 24 MWs of Solar generation and 487 MWs of pumped-storage hydroelectric generation from its 16.25% undivided interest in the Bath County facility in Virginia through its wholly-owned subsidiary AGC.

MP owns or contractually controls 3,610 MWs of generation capacity that is supplied to its electric utility business, including 30 MWs of Solar generation and 487 MWs of pumped-storage hydroelectric generation from its 16.25% undivided interest in the Bath County facility in Virginia through its wholly owned subsidiary AGC.

Regulated Transmission Company Operating Subsidiaries

FET, a holding company and parent of ATSI, MAIT, TrAIL, and PATH, is a VIE of FE, which holds 50.1% of its issued and outstanding membership interests.

FET, a holding company and parent of ATSI, MAIT, and TrAIL, is a VIE of FE, which holds 50.1% of its issued and outstanding membership interests.

Brookfield owns the remaining 49.9% of the issued and outstanding membership interests of FET.

Through its subsidiaries, FET owns and operates high-voltage transmission facilities in the PJM Region and has a rate base of $8.5 billion.

Through its subsidiaries, FET owns and operates high-voltage transmission facilities in the PJM Region and has a FirstEnergy-owned rate base of $4.9 billion.

FET's subsidiaries are subject to regulation by FERC and applicable state regulatory authorities.

1 unchanged sentence

Each of these companies, however, relies on employees of their affiliates, including FESC, for the performance of necessary services.

On January 1, 2024, PN and ME contributed their respective Class B equity interests of MAIT to FE, which were ultimately contributed to FET in exchange for a special purpose membership interest in FET.

On January 1, 2024, PN and ME contributed their respective Class B equity interests of MAIT to FE, which were ultimately contributed to FET in exchange for a special purpose membership

interest in FET.

So long as FE holds the FET special purpose membership interests, it will receive 100% of any Class B distributions made by MAIT.

On July 26, 2024, FE, VEPCO and Transource Energy, LLC, a subsidiary of AEP, entered into a joint proposal agreement in connection with PJM’s 2024 Regional Transmission Expansion Plan Open Window 1 process.

Pursuant to such joint proposal agreement, FET, VEPCO and Transource Energy, LLC jointly proposed certain regional electric transmission projects for PJM's consideration during the Open Window process.

On November 25, 2024, FET, Dominion High Voltage MidAtlantic, Inc., as affiliate of VEPCO, and Transource Energy, LLC, formed Valley Link, which is the holding company responsible for managing and executing any projects awarded by PJM, and entered into a limited liability agreement.

On February 26, 2025, PJM selected certain of the joint proposed projects, which included approximately $3 billion in investments for Valley Link to both build new and upgrade existing transmission infrastructure.

ATSI owns high-voltage transmission facilities in PJM, which consist of 7,964 circuit miles of transmission lines with nominal voltages of 345 kV, 138 kV and 69 kV in Ohio and Pennsylvania and has a rate base of $4.3 billion as of December 31, 2024.

MAIT owns high-voltage transmission facilities in PJM, which consist of 4,287 circuit miles of transmission lines with nominal voltages of 500 kV, 345 kV, 230 kV, 138 kV, 115 kV, 69 kV and 46 kV in Pennsylvania, and has a rate base of $2.8 billion as of December 31, 2024.

TrAIL owns high-voltage transmission facilities in PJM, which consists of 269 circuit miles of transmission lines with nominal voltages of 500 kV, 345 kV, 230 kV, 138 kV, including a 500 kV transmission line extending approximately 150 miles from southwestern Pennsylvania through West Virginia to a point of interconnection with VEPCO in northern Virginia, and has a rate base of $1.4 billion as of December 31, 2024.

PATH was a proposed transmission line from West Virginia through Virginia into Maryland which PJM cancelled in 2012.

In March 2024, PATH completed the process of terminating all of its FERC-jurisdictional rates and facilities, with the result that PATH no longer is a “public utility” and no longer is subject to FERC jurisdiction.

FET and its non-affiliated joint venture partner are completing the process of terminating the PATH corporate entities.

On February 21, 2025, FET, DominionHV and Transource entered into the Valley Link Operating Agreement, which established the general framework for Valley Link and the Valley Link Subsidiaries to accept, design, develop, construct, own, operate and finance those transmission projects awarded by PJM to Valley Link.

This general framework includes parameters regarding the relationship among the three members, confers governance rights to its members so long as certain ownership percentages are maintained, as described below, and defines the list of projects that Valley Link will have the right to develop.

Valley Link is the owner of the Valley Link Subsidiaries, which are organized in various states.

On February 26, 2025, in response to the PJM 2024 RTEP Long-Term Proposal Window #1, PJM awarded two electric transmission projects to Valley Link estimated to be approximately $3 billion, with FET’s share estimated to be approximately $1 billion.

On February 13, 2026, FET and Transource entered into the Grid Growth Operating Agreement, which established the general framework for FET and Transource to accept, design, develop, construct, own, operate and finance those transmission projects awarded by PJM to certain of the subsidiaries of Grid Growth, on February 12, 2026.

This general framework includes parameters regarding the relationship among the two members, confers governance rights to its members so long as certain ownership percentages are maintained and defines the list of projects that Grid Growth will have the right to develop.

Grid Growth is the sole owner of Grid Growth Ohio and owns an 80% interest in Grid Growth EHV, with Transource owning the remaining interests.

On February 12, 2026, in response to the PJM 2025 RTEP Long-Term Proposal Window #1, PJM awarded a project to Grid Growth estimated to be approximately $1 billion, with FET’s share estimated to be approximately $448 million.

ATSI owns high-voltage transmission facilities in PJM, which consist of 7,965 circuit miles of transmission lines with nominal voltages of 345 kV, 138 kV and 69 kV in Ohio and Pennsylvania and has a FirstEnergy-owned rate base of $2.3 billion as of December 31, 2025.

MAIT owns high-voltage transmission facilities in PJM, which consist of 4,281 circuit miles of transmission lines with nominal voltages of 500 kV, 345 kV, 230 kV, 138 kV, 115 kV, 69 kV and 46 kV in Pennsylvania, and has a FirstEnergy-owned rate base of $1.9 billion as of December 31, 2025.

KATCo owns high-voltage transmission facilities formerly owned by WP in PJM, which consist of 1,694 circuit miles of transmission lines with nominal voltages of 500 kV, 345 kV, 230 kV, 138 kV, and 115 kV in Pennsylvania, and has a rate base of $0.5 billion as of December 31, 2025.

On January 1, 2024, WP transferred certain of its Pennsylvania-based transmission assets to KATCo.

See Note 1, "Organization and Basis of Presentation," for more information.

Service Company

FESC has 4,618 employees and provides corporate support and other services, including executive administration, accounting and finance, risk management, human resources, corporate affairs, communications, information technology, legal services and other similar services at cost, in accordance with its cost allocation manual, to affiliated FirstEnergy companies under FESC agreements.

Segments Overview

During the first quarter of 2024, FirstEnergy’s segment reporting structure was modified to increase transparency for leadership and investors, simplify the presentation to corresponding legal entities, and align FirstEnergy’s earnings, cash flows and balance sheets at the business unit level.

Segments Overview - FirstEnergy

FirstEnergy’s reportable segments are as follows, and FirstEnergy continues to evaluate segment performance based on earnings attributable to FE from continuing operations:

4 unchanged sentences

Distribution, Integrated and Stand-Alone Transmission.

The Distribution segment, which consists of the Ohio Companies and FE PA, representing $11 billion in rate base as of December 31, 2024, distributes electricity through FirstEnergy’s electric operating companies in Ohio and Pennsylvania.

The Distribution segment serves approximately 4.3 million customers in Ohio and Pennsylvania across its distribution footprint and purchases power for its provider of last resort, SOS, standard service offer and default service requirements.

FirstEnergy's Distribution segment, which consists of the Ohio Companies and FE PA, representing $11.1 billion in rate base as of December 31, 2025, distributes electricity through FirstEnergy’s electric operating companies in Ohio and Pennsylvania.

The Distribution segment serves approximately 4.3 million customers in Ohio and Pennsylvania across its distribution footprint and purchases power for its default service or standard service offer requirements.

The segment’s results reflect the costs of securing and delivering electric generation to customers, including the deferral and amortization of certain costs.

The Integrated segment includes the distribution and transmission operations under JCP&L, MP and PE, as well as MP’s regulated generation operations, representing $9.6 billion in rate base as of December 31, 2024.

FirstEnergy's Integrated segment includes the distribution and transmission operations of JCP&L, MP and PE, as well as MP’s regulated generation operations, representing $10.2 billion in rate base as of December 31, 2025.

The Integrated segment distributes electricity to approximately 2 million customers in New Jersey, West Virginia and Maryland across its distribution footprint;

provides transmission infrastructure in New Jersey, West Virginia, Maryland and Virginia to transmit electricity and

operates 3,604 MWs of regulated net maximum generation capacity located primarily in West Virginia and Virginia.

The segment will also include MP and PE’s 50 MWs of solar generation at five sites in West Virginia once complete.

The first two solar generation sites were completed and placed in service in January and September 2024, representing 24 MWs of net maximum generating capacity.

The remaining three sites, once completed, are expected to provide 26 MWs of additional net maximum generation capacity.

The Stand-Alone Transmission segment, which consists of FE's ownership in FET and KATCo, representing $5.3 billion in rate base as of December 31, 2024, includes transmission infrastructure owned and operated by the Transmission Companies and used to transmit electricity.

provides transmission infrastructure in New Jersey, West Virginia, Maryland and Virginia to transmit electricity and operates 3,610 MWs of regulated generation capacity located primarily in West Virginia and Virginia, which includes three solar generation sites, representing 30 MWs of generation capacity.

The segment’s results reflect the costs of securing and delivering electric generation to customers, including the deferral and amortization of certain costs.

Additionally, on October 1, 2025, MP and PE filed their integrated resource plan with the WVPSC proposing, among other things, the addition of 70 MWs of solar generation by 2028, and 1,200 MWs of natural gas combined cycle generation by 2031, which are expected to require an estimated capital investment of approximately $2.5 billion, as detailed in the filing.

See Note 13., "Regulatory Matters," of the Combined Notes to Financial Statements of the Registrants for additional details.

FirstEnergy's Stand-Alone Transmission segment, which consists of FE's ownership in FET and KATCo, representing $5.4 billion in FirstEnergy-owned rate base as of December 31, 2025, includes transmission infrastructure owned and operated by the Transmission Companies and used to transmit electricity.

The segment’s revenues are primarily derived from forward-looking formula rates, pursuant to which the revenue requirement is updated annually based on a projected rate base and projected costs, which is subject to an annual true-up based on actual rate base and costs.

The segment’s results also reflect the net transmission expenses related to the delivery of electricity on FirstEnergy’s transmission facilities.

KATCo, which was a subsidiary of FET, became a wholly owned subsidiary of FE prior to the closing of the FET P&SA I and remains in the Stand-Alone Transmission segment.

On January 1, 2024, WP transferred certain of its Pennsylvania-based transmission assets to KATCo and prior year results in the Stand-Alone Transmission segment reflect the earnings and results of those WP transmission assets.

Corporate/Other reflects corporate support and other costs not charged or attributable to the Electric Companies or Transmission Companies, including FE’s retained pension and OPEB assets and liabilities of former subsidiaries, interest expense on FE’s holding company debt and other investments or businesses that do not constitute an operating segment, including FEV’s investment of 33-1/3% equity ownership in Global Holding.

Also included in Corporate/Other for segment reporting is 67 MWs of net maximum generation capacity, representing AE Supply’s OVEC capacity entitlement.

FirstEnergy's Corporate/Other reflects corporate support and other costs not charged or attributable to the Electric Companies or Transmission Companies, including FE’s retained pension and OPEB assets and liabilities of former subsidiaries, interest expense on FE’s holding company debt and other investments or businesses that do not constitute an operating segment, including FEV’s investment of 33-1/3% equity ownership in Global Holding.

On July 16, 2025, FEV sold its entire 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations, at book value to WMB Marketing Ventures, LLC and Pinesdale LLC for $47.5 million.

Also included in Corporate/Other for segment reporting is 67 MWs of generation capacity, representing AE Supply’s OVEC capacity entitlement.

As of December 31, 2025, Corporate/Other had approximately $6.8 billion of external FE holding company debt.

Segments Overview - JCP&L

JCP&L's reportable operating segments are comprised of the Distribution and Transmission segments.

JCP&L's Distribution segment, representing $3.7 billion in rate base as of December 31, 2025, distributes electricity to approximately 1.2 million customers in New Jersey across its distribution footprint.

The segment’s results reflect the costs of securing and delivering electric generation to customers, including the deferral and amortization of certain costs.

JCP&L's Transmission segment, representing $1.4 billion in rate base as of December 31, 2025, includes transmission infrastructure owned and operated by JCP&L that is used to transmit electricity.

The segment’s revenues are primarily derived from forward-looking formula rates, pursuant to which the revenue requirement is updated annually based on a projected rate base and projected costs, which are subject to an annual true-up based on actual rate base and costs.

The segment’s results also reflect the net transmission expenses related to the delivery of electricity on JCP&L’s transmission facilities.

Regulatory Accounting

9 unchanged sentences

The following table summarizes the allowed ROE and the aggregate actual ROE of the Electric Companies and Transmission Companies as determined for regulatory purposes as of and for the year ended December 31, 2025:

Segment Entity/State Allowed ROE Actual ROE

Segment Entity/State Allowed ROE FirstEnergy

Stand-Alone Transmission FET 9.88% (1) - 12.7%

KATCo 9.6% 10.45%

Integrated Maryland 9.5% - Distribution

5 unchanged sentences

Pennsylvania Settled (3)

(1) Reflects a 0.5% reduction to ATSI's 10.38% approved ROE due to the January 2025 Sixth Circuit ruling eliminating the 50 basis point adder associated with RTO membership (see Transmission ROE Incentive:

(2) FET ROE is a weighted average allowed ROE of ATSI, MAIT and TrAIL

(3) As filed on July 31, 2024, in pending base rate case before revenue adjustment

(4) Commission-approved settlement agreement did not disclose ROE

(1) Reflects a 0.5% reduction to the 10.38% approved ROE due to the January 2025 Sixth Circuit ruling eliminating the 50 basis point adder associated with RTO membership (see "Outlook - FERC Regulatory Matters - Transmission ROE Incentive" in Item 7., "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information and discussion.

(2) On November 19, 2025, the PUCO issued an order in the Ohio Companies’ base rate case that authorized an ROE of 9.63%.

New rates reflecting this order were not yet in effect as of December 31, 2025.

(3) Commission-approved settlement agreements did not disclose allowed ROE rates, however, 10.05% represents current PAPUC benchmark ROE used for DSIC purposes.

See "Outlook - State Regulation" in Item 7., "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information and discussion.

3 unchanged sentences

Capital Requirements

FirstEnergy’s business is capital intensive, requiring significant resources to fund operating expenses, construction and other investment expenditures, scheduled debt maturities and interest payments, dividend payments and potential contributions to its pension plan.

The Registrants' businesses are capital intensive, requiring significant resources to fund operating expenses, construction and other investment expenditures, scheduled debt maturities and interest payments, dividend payments and potential contributions to its pension plan.

See "Capital Resources and Liquidity" in Item 7., "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information and discussion.

Economic conditions have stabilized across numerous material categories, but not all lead times have returned to pre-pandemic levels.

Several key suppliers have seen improvements with capacity, but FirstEnergy continues to monitor the situation as demand increases across the industry, including due to data center usage.

Inflationary pressures have moderated, which has improved the cost of materials, but certain categories have remained elevated.

While supply lead times have not fully returned to levels prior to the COVID-19 pandemic, FirstEnergy continues to monitor the situation in light of demand increases across the industry, including due to data center usage, and the imposition of tariffs and retaliatory tariffs that have been, and may be, imposed by the U.S.

government in response.

FirstEnergy continues to implement mitigation strategies to address supply constraints and does not expect any corresponding service disruptions or any material impact on its capital investment plan.

However, the situation remains fluid and a prolonged continuation or further increase in demand, or the continuation of uncertain or adverse macroeconomic conditions, including inflationary pressures and new or increased existing tariffs, could lead to an increase in supply chain disruptions that could, in turn, have an adverse effect on FirstEnergy’s results of operations, cash flow and financial condition.

In February 2025, the new U.S.

presidential administration announced the imposition of widespread and substantial tariffs on imports, with plans for additional tariffs to potentially be adopted in the future.

Although certain of these tariffs were subsequently temporarily stayed, the situation is dynamic and subject to rapid change.

The imposition of these or any other new or increased tariffs or resultant trade wars could have an adverse effect on FirstEnergy's results of operations, cash flow and financial condition.

However, the situation remains fluid, and a prolonged continuation or further increase in demand, or the continuation of uncertain or adverse macroeconomic conditions, including inflationary pressures and new or increased existing tariffs, could lead to an increase in supply chain disruptions that could, in turn, have an adverse effect on the Registrants’ results of operations, cash flow and financial condition.

Default Service

3 unchanged sentences

Default service for the Ohio Companies, FE PA and PE's Maryland jurisdiction are provided through a competitive procurement process approved by the PUCO (under the current ESP), PPUC (under the Default Service Plan) and MDPSC (under the SOS), respectively.

If any supplier fails to deliver power to any one of those Electric Companies’ service areas, the Utility serving that area may need to procure the required power in the market in their role as the default load serving entity.

If any supplier fails to deliver

power to any one of those Electric Companies’ service areas, the Utility serving that area may need to procure the required power in the market in their role as the default load serving entity.

West Virginia electric generation continues to be regulated by the WVPSC.

MP has coal contracts with various terms to purchase approximately 3 million tons of coal for the year 2025, which, along with its 2024 year-end inventory levels, accounts for approximately 80% of its forecasted 2025 coal requirements.

MP has coal contracts with various terms to purchase approximately seven tons of coal for the year 2026, which, along with its 2025 year-end inventory levels, accounts for all of its forecasted 2026 coal requirements.

MP has the ability to acquire additional tonnage through options available in its current contracts, as well as purchases through the spot market.

9 unchanged sentences

CEI 4,031 3,971 3,868

10,404 10,058 10,255

FE PA 10,505 10,404 10,058

JCP&L 6,076 6,184 5,731

3 unchanged sentences

TE 2,004 2,074 2,220

(1) On January 1, 2024, FirstEnergy consolidated the Pennsylvania Companies into FE PA, making it a new, single operating entity.

Regional Reliability

All of FirstEnergy's facilities are located within the PJM Region and operate under the reliability oversight of a regional entity known as RFC.

All of the Registrants' facilities are located within the PJM Region and operate under the reliability oversight of a regional entity known as RFC.

This regional entity operates under the oversight of NERC in accordance with a delegation agreement approved by FERC.

Within FirstEnergy’s Electric Companies' distribution business, there generally is no competition for electric distribution service in the Electric Companies’ respective service territories in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey and New York.

Within FirstEnergy’s Electric Companies' distribution business, including JCP&L, there generally is no competition for electric distribution service in the Electric Companies’ respective service territories in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey and New York.

Additionally, pursuant to FERC’s Order No.

1000 and subject to state and local siting and permitting approvals, non-incumbent developers can compete for certain PJM transmission projects in the service territories of certain of FirstEnergy’s Electric Companies' providing transmission services and the Transmission Companies.

This has resulted in additional competition to build transmission facilities in the respective service territories while also allowing the opportunity to seek to build facilities in non-incumbent service territories.

The sale of electric power is generally a seasonal business, and weather patterns can have, and have in the past had, a material impact on FirstEnergy’s Electric Companies' operating results.

Demand for electricity in our service territories historically peaks during the summer and winter months.

Accordingly, FirstEnergy’s annual results of operations and liquidity position may depend disproportionately on its operating performance during the summer and winter.

The sale of electric power is generally a seasonal business, and weather patterns can have, and have in the past had, a material impact on FirstEnergy’s Electric Companies' operating results, including JCP&L.

Demand for electricity in their service territories historically peaks during the summer and winter months.

Accordingly, the Registrants' annual results of operations and liquidity position may depend disproportionately on its operating performance during the summer and winter.

Mild weather conditions may result in lower power sales, and consequently, lower revenue, earnings and cash flow.

4 unchanged sentences

During 2025, FirstEnergy continued to promote these values by:

• Sponsoring a council of select senior management and other leaders and influential employees across the company, who work together to promote our core values throughout the workforce;

• Sharing the results of our most recent employee engagement survey designed to capture our employees’ perspectives on their work experience and progress toward embracing a more welcoming culture;

• Supporting multiple employee business resource groups, known as "EBRGs," to further support our values through networking, mentoring, coaching, recruiting, development and community outreach.

There are currently 9 EBRGs across 21 chapters, which are open to all employees.

Safety is an unwavering core value of FirstEnergy.

• Refreshing our organizational values and defining the behaviors that bring them to life, which reinforces a culture of performance, inclusion, and engagement and aligns with our evolving business strategy;

• Sharing the results of our most recent employee engagement survey designed to capture our employees’ perspectives on their work experience and develop actionable plans, reinforcing transparency and ownership at every level, ensuring that feedback translates into meaningful change and strengthens our culture;

• Supporting multiple employee business resource groups to further support our values through networking, mentoring, coaching, recruiting, development and community outreach.

There are currently nine employee business resource groups across 21 chapters, which are open to all employees.

FirstEnergy employees have the power and responsibility to keep each other safe and eliminate life-changing events, which are injuries that have life-changing impacts or fatal results.

Safety metrics, such as injuries that result in days away or restricted time and life-changing events, are regularly monitored, internally reported, and included in FirstEnergy’s annual incentive compensation program to reinforce that a safe work environment is crucial to FirstEnergy’s success.

Safety metrics, such as injuries that result in days away or restricted time and life-changing events, are regularly monitored, internally reported, and included in FirstEnergy’s annual incentive compensation program applicable to all employees to reinforce that a safe work environment is crucial to FirstEnergy’s success.

FirstEnergy continues to focus on mitigating life-changing event exposure to strengthen FirstEnergy’s safety-first culture and drive safer decisions from an engaged workforce who puts safety first.

FirstEnergy continues to embed its "Leading with Safety" learnings where leaders and employees receive safety training and reinforcement of exposure control concepts that are designed to improve job site exposure identification, communication and mitigation to ultimately prevent life changing events.

FirstEnergy is focused on identifying high energy risks and ensuring direct controls are in place.

Leaders and employees receive safety training and reinforcement of energy-based safety concepts that are designed to improve job site hazard identification, communication and mitigation to ultimately prevent life changing events.

Employee Development

2 unchanged sentences

Understanding FirstEnergy’s rapidly changing industry and strategy is key to its employees’ ability to support FirstEnergy’s mission and meet its customers’ evolving needs.

Key FirstEnergy development programs include:

Key FirstEnergy development programs, which apply to eligible employees, include:

• Talent management , which includes a commitment to transparency in career management and development opportunities, consistent with FirstEnergy’s core values;

• A mentoring program that gives employees the opportunity to select a mentor from within the organization to promote enhanced learning, teamwork and collaboration;

• Leadership development opportunities that include training for new supervisors and managers, experienced leader programming and coaching, aspiring leader programs that build leadership capabilities for employees who are ready near-term leadership roles;

and external partnership with the Center for Creative Leadership ® and BeingFirst ® for senior and executive leadership development;

• Educational opportunities through FirstEnergy’s "Educate to Elevate" program, which provides access to post-secondary education and a path to both associate’s and bachelor’s degrees for employees;

• Educational opportunities through FirstEnergy’s "Educate to Elevate" program, providing access to post-secondary education and a path to both associate’s and bachelor’s degrees for employees;

and launching an educational series, to deepen business literacy, strengthen engagement, and empowers employees to better understand the business and connect their roles to organizational success;

• Workforce development programs that include an apprentice line worker program designed to attract technical entry-level talent to FirstEnergy.

4 unchanged sentences

The annual incentive compensation program is designed to align compensation with the achievement of near-term corporate and business unit objectives, as well as outstanding individual performance.

Additionally, FirstEnergy’s long-term incentive compensation program is designed to reward eligible leaders for FirstEnergy’s achievement of longer-term goals intended to drive shareholder value and growth.

Additionally, FirstEnergy’s long-term incentive

compensation program is designed to reward eligible leaders for FirstEnergy’s achievement of longer-term goals intended to drive shareholder value and growth.

In addition to base pay and incentive compensation plans, FirstEnergy offers a comprehensive benefits program, including healthcare, dental, prescription, vision, a 401(k) savings plan and a defined benefit pension plan to eligible employees.

6 unchanged sentences

Total 11,186 4,887

As of December 31, 2024, the IBEW, the UWUA and the OPEIU unions collectively represented approximately 40% of FirstEnergy’s employees.

There are currently 15 collective bargaining agreements between FirstEnergy’s subsidiaries and its unions, which have multi-year contracts.

In 2024, FirstEnergy’s subsidiaries reached new collective bargaining agreements with IBEW Local 1289, IBEW Local 459 and OPEIU 792.

One collective bargaining agreement was set to expire in 2025, with a settlement reached in January 2025, representing approximately 3% of FirstEnergy’s employees.

Information About Our Executive Officers (as of February 27, 2025)

As of December 31, 2025, the International Brotherhood of Electrical Workers, the Utility Workers Union of America and the Office and Professional Employees International Union collectively represented approximately 44% of FirstEnergy’s employees.

There are currently 15 collective bargaining agreements between FE’s subsidiaries and its unions, which have multi-year contracts.

In 2025, FE’s subsidiaries reached a new collective bargaining agreement with the International Brotherhood of Electrical Workers Local 459.

Information About FirstEnergy's Executive Officers (as of February 18, 2026)

Name Age Positions Held During Past Five Years Dates

Tierney 57 Chair, President and Chief Executive Officer (A) 2024-Present

Tierney 58 Chairman, President and Chief Executive Officer (A) 2025-Present

President and Chief Executive Officer (A) 2023-2024

2 unchanged sentences

AEP, Executive Vice President - Strategy *-2021

AEP, Executive Vice President and Chief Financial Officer *-2020

Hyun Park 64 Senior Vice President and Chief Legal Officer (A) (B) 2021-Present

6 unchanged sentences

Senior Vice President and Chief Financial Officer (A) (B) *-2021

Vice President, Utility Operations (B) *-2020

President (D) *-2020

Thomas 54 Chief Operating Officer (A) (B) 2023-Present

14 unchanged sentences

FirstEnergy Website and Other Social Media Sites and Applications

FirstEnergy's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports, and all other documents filed with or furnished to the SEC pursuant to Section 13(a) of the Exchange Act are made available free of charge on FirstEnergy’s website at investors.firstenergycorp.com.

The Registrants' Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports, and all other documents filed with or furnished to the SEC pursuant to Section 13(a) of the Exchange Act are made available free of charge on FirstEnergy’s website at investors.firstenergycorp.com.

These documents are also available to the public from commercial document retrieval services and the website maintained by the SEC at www.sec.gov.

FirstEnergy has adopted, and posted on its website at www.firstenergycorp.com/responsibility, a Code of Conduct, The Power of Integrity, which applies to all employees, including FirstEnergy’s Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer.

The Code of Conduct is available, without charge, upon written request to the Corporate Secretary, FirstEnergy Corp., 76 South Main Street, Akron, Ohio 44308-1890.

The Code of Conduct is available, without charge, upon written request to the Corporate Secretary, FirstEnergy Corp., 341 White Pond Drive, Akron, Ohio 44320-1119.

Within the time period required by the SEC, FirstEnergy will post on its website any substantive amendment to the Code of Conduct and any waiver applicable to an FE director or FE executive officer.

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business