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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 September 30, 2025

☐ 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 and Telephone Number

States of Incorporation

Identification Nos.

333-21011

FIRSTENERGY CORP.

Ohio

34-1843785

341 White Pond Drive

Akron

44320

Telephone

(800)

736-3402

1-3141

JERSEY CENTRAL POWER & LIGHT COMPANY

New Jersey

21-0485010

300 Madison Avenue

Morristown

07962

Telephone

(800)

736-3402

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Registrant

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

FirstEnergy Corp.

Common Stock, $0.10 par value

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

FirstEnergy Corp.

Yes

☑

☐

Jersey Central Power & Light Company

Yes

☑

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

FirstEnergy Corp.

Yes

☑

☐

Jersey Central Power & Light Company

Yes

☑

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer			☑ FirstEnergy Corp.

Accelerated Filer			☐ N/A

Non-accelerated Filer			☑ Jersey Central Power & Light Company

Smaller Reporting Company			☐ N/A

Emerging Growth Company			☐ N/A

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

FirstEnergy Corp.

Yes

☐

☑

Jersey Central Power & Light Company

Yes

☐

☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Outstanding

Registrants

Class

As of September 30, 2025

FirstEnergy Corp.

Common Stock, $0.10 par value

577,665,555

Jersey Central Power & Light Company

Common Stock, $10 par value

13,628,447, all held by FirstEnergy Corp.

This combined Form 10-Q is separately filed by FirstEnergy Corp. and Jersey Central Power & Light Company. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Jersey Central Power & Light Company makes no representation as to information relating to FirstEnergy Corp.

Jersey Central Power & Light Company meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H(2) to Form 10-Q.

FirstEnergy Website and Other Social Media Sites and Applications

Each of 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.

These SEC filings are posted on FirstEnergy’s website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Additionally, FirstEnergy routinely posts additional important information, including press releases, investor presentations, investor factbooks, regulatory activity updates, and notices of upcoming events under the “Investors” section of FirstEnergy’s website and recognizes FirstEnergy’s website as a channel of distribution to reach public investors and as a means of disclosing (including initially or exclusively) material non-public information for complying with disclosure obligations under Regulation FD. Investors may be notified of postings to the website by signing up for email alerts and Rich Site Summary feeds on the “Investors” page of FirstEnergy’s website. FirstEnergy also uses X (the social networking site formerly known as Twitter®), LinkedIn®, YouTube® and Facebook® as additional channels of distribution to reach public investors and as a supplemental means of disclosing material non-public information for complying with its disclosure obligations under Regulation FD. Information contained on FirstEnergy’s website, X (the social networking site formerly known as Twitter®) handle, LinkedIn® profile, YouTube® channel or Facebook® page, and any corresponding applications of those sites, shall not be deemed incorporated into, or to be part of, this report.

TABLE OF CONTENTS


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Glossary of Terms			ii

Forward-Looking Statements			vi

Part I. Financial Information

Item 1. Financial Statements

FirstEnergy Corp.
Consolidated Statements of Income			1
Consolidated Statements of Comprehensive Income			2
Consolidated Balance Sheets			3
Consolidated Statements of Equity			4
Consolidated Statements of Cash Flows			6

Jersey Central Power & Light Company
Statement s of Income and Comprehensive Income			7
Balance Sheets			8
Statements of Equity			9
Statements of Cash Flows			10

Combined Notes To Financial Statements of the Registrants			11

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			53
FirstEnergy Corp. Management's Discussion and Analysis of Financial Condition and Results of Operations			53

Jersey Central Power & Light Company Management’s Narrative Discussion and Analysis of Results of Operations			94

Item 3. Quantitative and Qualitative Disclosures About Market Risk			103

Item 4. Controls and Procedures			103

Part II. Other Information

Item 1. Legal Proceedings			103

Item 1A. Risk Factors			103

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			103

Item 3. Defaults Upon Senior Securities			103

Item 4. Mine Safety Disclosures			103

Item 5. Other Information			103

Item 6. Exhibits			104

GLOSSARY OF TERMS

The following abbreviations and acronyms are used in this report to identify FirstEnergy Corp. and its current and former subsidiaries, including JCP&L:


AE Supply			Allegheny Energy Supply Company, LLC, a wholly owned unregulated generation subsidiary of FE
AGC			Allegheny Generating Company, a wholly owned generation subsidiary of MP
ATSI			American Transmission Systems, Incorporated, a wholly owned transmission subsidiary of FET
CEI			The Cleveland Electric Illuminating Company, a wholly owned Ohio electric power company subsidiary of FE
Electric Companies			OE, CEI, TE, FE PA, JCP&L, MP and PE
FE			FirstEnergy Corp., a public electric power holding company
FE PA			FirstEnergy Pennsylvania Electric Company, a wholly owned Pennsylvania electric power company subsidiary of FirstEnergy Pennsylvania Holding Company LLC, a wholly owned subsidiary of FE
FESC			FirstEnergy Service Company, which provides legal, financial and other corporate support services
FET			FirstEnergy Transmission, LLC a consolidated VIE of FE, and the parent company of ATSI, MAIT and TrAIL, and having a joint venture in PATH and Valley Link
FEV			FirstEnergy Ventures Corp., which invests in certain unregulated enterprises and business ventures
FirstEnergy			FirstEnergy Corp., together with its consolidated subsidiaries
Global Holding			Global Mining Holding Company, LLC, a joint venture between FEV, WMB Marketing Ventures, LLC and Pinesdale LLC
JCP&L			Jersey Central Power & Light Company, a wholly owned New Jersey electric power company subsidiary of FE
KATCo			Keystone Appalachian Transmission Company, a wholly owned transmission subsidiary of FE
MAIT			Mid-Atlantic Interstate Transmission, LLC, a wholly owned transmission subsidiary of FET
ME			Metropolitan Edison Company, a former wholly owned Pennsylvania electric power company subsidiary of FE, which merged with and into FE PA on January 1, 2024
MP			Monongahela Power Company, a wholly owned West Virginia electric power company subsidiary of FE
OE			Ohio Edison Company, a wholly owned Ohio electric power company subsidiary of FE
Ohio Companies			CEI, OE and TE
PATH			Potomac-Appalachian Transmission Highline, LLC, a joint venture between FE and a subsidiary of AEP
PATH-Allegheny			PATH Allegheny Transmission Company, LLC
PATH-WV			PATH West Virginia Transmission Company, LLC
PE			The Potomac Edison Company, a wholly owned Maryland and West Virginia electric power company subsidiary of FE
Penn			Pennsylvania Power Company, a former wholly owned Pennsylvania electric power company subsidiary of OE, which merged with and into FE PA on January 1, 2024
Pennsylvania Companies			ME, PN, Penn and WP, each of which merged with and into FE PA on January 1, 2024
PN			Pennsylvania Electric Company, a former wholly owned Pennsylvania electric power company subsidiary of FE, which merged with and into FE PA on January 1, 2024
Registrants			FE and JCP&L
Signal Peak			Signal Peak Energy, LLC, an indirect subsidiary of Global Holding that owns mining operations near Roundup, Montana
TE			The Toledo Edison Company, a wholly owned Ohio electric power company subsidiary of FE
TrAIL			Trans-Allegheny Interstate Line Company, a wholly owned transmission subsidiary of FET
Transmission Companies			ATSI, MAIT, TrAIL and KATCo
Valley Link			Valley Link Transmission Company, LLC, a holding company formed by FET, Dominion High Voltage MidAtlantic, Inc., and Transource Energy, LLC, on November 24, 2024
Valley Link Subsidiaries			The five subsidiaries of Valley Link - (i) Valley Link Transmission Maryland, LLC; (ii) Valley Link Transmission, Ohio, LLC; (iii) Valley Link Transmission Virginia, LLC; (iv) Valley Link Transmission Virginia Development, Inc.; and (v) Valley Link Transmission West Virginia, LLC - that will develop, construct, own, operate and maintain the transmission projects awarded by PJM
WP			West Penn Power Company, a former wholly owned Pennsylvania electric power company subsidiary of FE, which merged with and into FE PA on January 1, 2024


The following abbreviations and acronyms may be used to identify frequently used terms in this report:

2026 Convertible Notes			FE's 4.00% convertible senior notes, due 2026
2029 Convertible Notes			FE’s 3.625% convertible senior notes, due 2029
2031 Convertible Notes			FE’s 3.875% convertible senior notes, due 2031
ACE			Affordable Clean Energy
AEP			American Electric Power Company, Inc.
AFS			Available-for-sale
AFUDC			Allowance for Funds Used During Construction
AMI			Advanced Metering Infrastructure
AMT			Alternative Minimum Tax
AOCI			Accumulated Other Comprehensive Income (Loss)
ARO			Asset Retirement Obligation
ASU			Accounting Standards Update
BGS			Basic Generation Service
Brookfield			North American Transmission Company II L.P., a controlled investment vehicle entity of Brookfield Infrastructure Partners
CAA			Clean Air Act
CCR			Coal Combustion Residual
CERCLA			Comprehensive Environmental Response, Compensation, and Liability Act of 1980
CFR			Code of Federal Regulations
CO2			Carbon Dioxide
CODM			Chief Operating Decision Maker
CPP			EPA's Clean Power Plan
CSAPR			Cross-State Air Pollution Rule
CWIP			Construction Work in Progress
D.C. Circuit			U.S. Court of Appeals for the District of Columbia Circuit
DCR			Delivery Capital Recovery
DMR			Distribution Modernization Rider
DOE			U.S. Department of Energy
DPA			Deferred Prosecution Agreement entered into on July 21, 2021, between FE and the U.S. Attorney’s Office for the S.D. Ohio
DSIC			Distribution System Improvement Charge
EDC			Electric Distribution Company
EEI			The Edison Electric Institute
EGS			Electric Generation Supplier
EGU			Electric Generation Unit
EH			Energy Harbor Corp.
ELG			Effluent Limitation Guidelines
EmPOWER Maryland			EmPOWER Maryland Energy Efficiency Act
ENEC			Expanded Net Energy Cost
Energize365			FirstEnergy's Transmission and Distribution Infrastructure Investment Program.
EnergizeNJ			JCP&L's second Infrastructure Investment Program
EPA			U.S. Environmental Protection Agency
EPS			Earnings per Share
ESP			Electric Security Plan
Exchange Act			Securities and Exchange Act of 1934, as amended

iii


FASB			Financial Accounting Standards Board
FE Board			FE Board of Directors
FERC			Federal Energy Regulatory Commission
FET Equity Interest Sale			Sale of an additional 30% membership interest of FET, such that Brookfield will own 49.9% of FET
FIP			Federal Implementation Plan
Fitch			Fitch Ratings Service
FMB			First Mortgage Bond
FTR			Financial Transmission Right
GAAP			Generally Accepted Accounting Principles in the United States
GHG			Greenhouse Gas
HB 15			House Bill 15, as passed by Ohio's 136th General Assembly
HB 6			House Bill 6, as passed by Ohio's 133rd General Assembly
IRA			Inflation Reduction Act of 2022
IRS			Internal Revenue Service
kV			Kilovolt
LOC			Letter of Credit
LTIIP			Long-Term Infrastructure Improvement Plan
MDPSC			Maryland Public Service Commission
MGP			Manufactured Gas Plants
Moody’s			Moody’s Investors Service, Inc.
MW			Megawatt
MWh			Megawatt-hour
NCI			Noncontrolling Interest
NERC			North American Electric Reliability Corporation
NJBPU			New Jersey Board of Public Utilities
NOL			Net Operating Loss
NOx			Nitrogen Oxide
NYPSC			New York State Public Service Commission
OAG			Ohio Attorney General
OBBBA			One Big Beautiful Bill Act of 2025, as signed into law on July 4, 2025
OCC			Ohio Consumers' Counsel
ODSA			Ohio Development Service Agency
Ohio Stipulation			Stipulation and Recommendation, dated November 1, 2021, entered into by and among the Ohio Companies, the OCC, PUCO staff, and several other signatories
OPEB			Other Postemployment Benefits
OPIC			Other paid-in capital
OVEC			Ohio Valley Electric Corporation
PA Consolidation			Consolidation of the Pennsylvania Companies on January 1st, 2024
PJM			PJM Interconnection, LLC, an RTO serving the PJM Region
PJM Region			The territory that PJM coordinates the movement of electricity through, including all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia.
PJM Tariff			PJM Open Access Transmission Tariff
PPA			Purchase Power Agreement
PPUC			Pennsylvania Public Utility Commission
PUCO			Public Utilities Commission of Ohio
Regulation FD			Regulation Fair Disclosure promulgated by the SEC
RFC			ReliabilityFirst Corporation
ROE			Return on Equity
RTEP			Regional Transmission Expansion Plan
RTO			Regional Transmission Organization


S&P			Standard & Poor’s Ratings Service
S.D. Ohio			Federal District Court, Southern District of Ohio
SEC			U.S. Securities and Exchange Commission
Securities Act			Securities Act of 1933, as amended
SEET			Significantly Excessive Earnings Test
SIP			State Implementation Plan(s) under the CAA
Sixth Circuit			U.S. Court of Appeals for the Sixth Circuit
SO2			Sulfur Dioxide
SOFR			Secured Overnight Financing Rate
SOS			Standard Offer Service
SPE			Special Purpose Entity
TCJA			Tax Cuts and Jobs Act adopted December 22, 2017
U.S.			United States
Valley Link LLCA			Amended and Restated Operating Agreement of Valley Link
VEPCO			Virginia Electric and Power Company, a subsidiary of Dominion Energy, Inc.
VIE			Variable Interest Entity
VSCC			Virginia State Corporation Commission
WVPSC			Public Service Commission of West Virginia

Forward-Looking Statements: This Form 10-Q includes forward-looking statements based on information currently available to the Registrants’ management and unless the context requires otherwise, references to “we,” “us,” “our” and “FirstEnergy” refer to the Registrants. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following (see Glossary of Terms for definitions of capitalized terms):

•The potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the DPA, and settlements with the OAG's office and the SEC;

•The risks and uncertainties associated with government investigations and audits regarding HB 6 and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates;

•The risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters;

•Changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and the vendors with which we do business;

•Variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters, which may result in increased storm restoration expenses or material liability and negatively affect future operating results;

•The potential liabilities and increased costs arising from regulatory actions or outcomes in response to severe weather conditions and other natural disasters;

•Legislative and regulatory developments, and executive orders, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security, climate change, and equity and inclusion;

•The ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions, and the loss of FE’s status as a well-known seasoned issuer;

•The risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information. The ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, strengthening our balance sheet and growing earnings;

•Changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations and may also cause it to make contributions to its pension sooner or in amounts that are larger than currently anticipated;

•Changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, our generation resource planning in West Virginia, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities;

•Human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees, and labor disruptions by our unionized workforce;

•Mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the legacy CCR rules that were finalized during 2024, and the EPA’s reconsideration of such rule;

•Changes to environmental laws and regulations, including, but not limited to, federal and state rules related to climate change, and potential changes to such laws and regulations;

•Changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, and emerging technology, particularly with respect to electrification, energy storage and distributed sources of generation;

•Future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity;

•The potential of non-compliance with debt covenants in our credit facilities;

•The ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates;

•Changes to significant accounting policies;

•Any changes in tax laws or regulations, including, but not limited to, the IRA, the OBBBA, or adverse tax audit results or rulings and potential changes to such laws and regulations;

•The ability to meet our publicly-disclosed goals relating to climate-related matters, opportunities, improvements, and efficiencies, including FirstEnergy’s GHG reduction goals; and

•The risks and other factors discussed from time to time in our SEC filings.

Dividends declared from time to time on FE’s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by the FE Board at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.

Forward-looking and other statements in this Quarterly Report on Form 10-Q regarding FirstEnergy’s Climate Strategy, including FirstEnergy’s GHG emission reduction goals, are not an indication that these statements are necessarily material to investors or required to be disclosed in FE’s filings with the SEC. In addition, historical, current and forward-looking statements regarding climate matters, including GHG emissions, may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future.

vii

PART I. FINANCIAL INFORMATION

ITEM I. Financial Statements

FIRSTENERGY CORP.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In millions, except per share amounts)	2025		2024		2025		2024

REVENUES:
Distribution services and retail generation	$	3,373	$	3,069	$	9,152	$	8,381
Transmission	592		556		1,740		1,650
Other	183		104		401		265
Total revenues(1)	4,148		3,729		11,293		10,296

OPERATING EXPENSES:
Fuel	163		139		480		372
Purchased power	1,341		1,086		3,382		2,999
Other operating expenses	976		1,099		3,005		3,275
Provision for depreciation	417		400		1,243		1,178
Amortization (deferral) of regulatory assets, net	89		(33)		(20)		(205)
General taxes	332		311		973		915
Total operating expenses	3,318		3,002		9,063		8,534

OPERATING INCOME	830		727		2,230		1,762

OTHER INCOME (EXPENSE):
Debt redemption costs (Note 6)	—		—		(24)		(85)
Equity method investment earnings, net (Note 1)	—		21		—		64
Miscellaneous income, net	41		53		118		156

Interest expense	(312)		(276)		(899)		(866)
Capitalized financing costs	51		35		131		94
Total other expense	(220)		(167)		(674)		(637)

INCOME BEFORE INCOME TAXES	610		560		1,556		1,125

INCOME TAXES	78		94		292		294





NET INCOME	$	532	$	466	$	1,264	$	831

Income attributable to noncontrolling interest	91		47		195		114

EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP.	$	441	$	419	$	1,069	$	717











EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP. (Note 3):


Basic	$	0.76	$	0.73	$	1.85	$	1.25



Diluted	$	0.76	$	0.73	$	1.85	$	1.24

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic	577		576		577		575
Diluted	578		577		578		576

(1) Includes excise and gross receipts tax collections of $126 million and $116 million during the three months ended September 30, 2025 and 2024, respectively, and $349 million and $329 million during the nine months ended September 30, 2025 and 2024, respectively.

See Combined Notes to Financial Statements of the Registrants.

FIRSTENERGY CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024

NET INCOME	$	532	$	466	1,264		831

OTHER COMPREHENSIVE INCOME:

Amortized losses on derivative hedges	—		—		—		4


Other comprehensive income	—		—		—		4
Income taxes on other comprehensive income	—		—		—		1
Other comprehensive income, net of tax	—		—		—		3

COMPREHENSIVE INCOME	$	532	$	466	$	1,264	$	834

Income attributable to noncontrolling interest	91		47		195		114

COMPREHENSIVE INCOME ATTRIBUTABLE TO FIRSTENERGY CORP.	$	441	$	419	$	1,069	$	720

See Combined Notes to Financial Statements of the Registrants.

FIRSTENERGY CORP.

CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions, except share amounts)	September 30, 2025		December 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	1,404	$	111
Restricted cash	27		43
Receivables-
Customers	1,574		1,585
Less — Allowance for uncollectible customer receivables	55		55
	1,519		1,530

Other, net of allowance for uncollectible accounts of $10 in 2025 and $6 in 2024	346		303

Materials and supplies, at average cost	578		549



Prepaid taxes and other	337		240

	4,211		2,776
PROPERTY, PLANT AND EQUIPMENT:
In service	54,973		52,896
Less — Accumulated provision for depreciation	15,011		14,548
	39,962		38,348
Construction work in progress	3,742		2,754
	43,704		41,102



INVESTMENTS AND OTHER NONCURRENT ASSETS:
Goodwill	5,618		5,618
Investments (Note 6)	634		652
Regulatory assets	793		617
Other	924		1,279

	7,969		8,166
TOTAL ASSETS	$	55,884	$	52,044

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Currently payable long-term debt	$	1,669	$	977
Short-term borrowings	291		550
Accounts payable	1,640		1,575

Accrued interest	298		269
Accrued taxes	731		727
Accrued compensation and benefits	249		205

Customer deposits	246		233
Dividends payable	257		245
Other	253		216

	5,634		4,997
NONCURRENT LIABILITIES:
Long-term debt and other long-term obligations	25,510		22,496
Accumulated deferred income taxes	6,019		5,613
Retirement benefits	1,701		1,698
Regulatory liabilities	971		995



Other	1,865		2,525

	36,066		33,327
TOTAL LIABILITIES	41,700		38,324

EQUITY:
Common stockholders’ equity-
Common stock, $0.10 par value, authorized 700,000,000 shares - 577,665,555 and 576,612,245 shares outstanding as of September 30, 2025, and December 31, 2024, respectively.	58		58

Other paid-in capital	12,414		12,368
Accumulated other comprehensive loss	(14)		(14)
Retained earnings	340		43
Total common stockholders’ equity	12,798		12,455
Noncontrolling interest	1,386		1,265

TOTAL EQUITY	14,184		13,720

COMMITMENTS, GUARANTEES AND CONTINGENCIES (NOTE 10)

TOTAL LIABILITIES AND EQUITY	$	55,884	$	52,044

See Combined Notes to Financial Statements of the Registrants.

FIRSTENERGY CORP.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)


	Nine Months Ended September 30, 2025
	Common stock			OPIC		AOCI		Retained Earnings		Total Common Stockholders’ Equity		NCI		Total Equity
(In millions)	Shares	Amount
Balance, January 1, 2025	577	$	58	$	12,368	$	(14)	$	43	$	12,455	$	1,265	$	13,720
Net income	—	—		—		—		360		360		54		414

Stock Investment Plan and share-based benefit plans	—	—		9		—		—		9		—		9
Cash dividends declared on common stock ($0.445 per share in March)	—	—		—		—		(257)		(257)		—		(257)
Noncontrolling interest cash distributions declared	—	—		—		—		—		—		(24)		(24)

Balance, March 31, 2025	577	$	58	$	12,377	$	(14)	$	146	$	12,567	$	1,295	$	13,862
Net income	—	—		—		—		268		268		50		318

Stock Investment Plan and share-based benefit plans	—	—		16				—		16		—		16
Noncontrolling interest cash distributions declared	—	—		—		—		—		—		(25)		(25)

Balance, June 30, 2025	577	$	58	$	12,393	$	(14)	$	414	$	12,851	$	1,320	$	14,171
Net income	—	—		—		—		441		441		91		532

Stock Investment Plan and share-based benefit plans	1	—		19		—		—		19		—		19
Cash dividends declared on common stock ($0.445 per share in July and September)	—	—				—		(515)		(515)				(515)
Noncontrolling interest cash distributions declared	—	—		—		—		—		—		(25)		(25)
Other	—	—		2		—		—		2		—		2
Balance, September 30, 2025	578	$	58	$	12,414	$	(14)	$	340	$	12,798	$	1,386	$	14,184

See Combined Notes to Financial Statements of the Registrants.

FIRSTENERGY CORP.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)


	Nine Months Ended September 30, 2024
	Common stock			OPIC		AOCI		Retained Earnings (Accumulated deficit)		Total Common Stockholders’ Equity		NCI		Total Equity
(In millions)	Shares	Amount
Balance, January 1, 2024	574	$	57	$	10,494	$	(17)	$	(97)	$	10,437	$	479	$	10,916
Net income	—	—		—		—		253		253		14		267

Stock Investment Plan and share-based benefit plans	2	—		9		—		—		9		—		9
Cash dividends declared on common stock ($0.425 per share in March)	—	—		(88)		—		(156)		(244)		—		(244)
FET Equity Interest Sale	—	—		1,942		—		—		1,942		731		2,673
Noncontrolling interest cash distributions declared	—	—		—		—		—		—		(8)		(8)
Balance, March 31, 2024	576	$	57	$	12,357	$	(17)	$	—	$	12,397	$	1,216	$	13,613
Net income	—	—		—				45		45		53		98
Other comprehensive income, net of tax	—	—		—		3		—		3		—		3
Stock Investment Plan and share-based benefit plans	—	1		20		—		—		21		—		21
Noncontrolling interest cash distributions declared	—	—		—		—		—		—		(7)		(7)
Other	—	—		8		—		—		8		(8)		—
Balance, June 30, 2024	576	$	58	$	12,385	$	(14)	$	45	12,474		1,254		13,728
Net income	—	—		—		—		419		419		47		466

Stock Investment Plan and share-based benefit plans	—	—		24		—		—		24		—		24
Cash dividends declared on common stock ($0.425 per share in July and September)	—	—		(53)		—		(437)		(490)		—		(490)
Noncontrolling interest cash distributions declared	—	—		—		—		—		—		(36)		(36)
Balance, September 30, 2024	576	$	58	$	12,356	$	(14)	$	27	$	12,427	$	1,265	$	13,692

See Combined Notes to Financial Statements of the Registrants.

FIRSTENERGY CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	For the Nine Months Ended September 30,
(In millions)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,264	$	831
Adjustments to reconcile net income to net cash from operating activities-
Depreciation, amortization and impairments	1,270		1,197
Charges associated with changes in ARO	(3)		207

Deferred income taxes and investment tax credits, net	222		224
Employee benefit costs, net	12		(7)


Transmission revenue collections, net	141		40

Changes in current assets and liabilities-
Receivables	(32)		(197)
Materials and supplies	(29)		(24)
Prepaid taxes and other current assets	(92)		(77)
Accounts payable	79		87
Accrued taxes	(135)		(250)
Accrued interest	29		(21)
Accrued compensation and benefits	—		(174)
Other current liabilities	(36)		(68)

Collateral, net	3		97
Employee benefit plan funding and related payments	(38)		(44)
Other	(91)		26
Net cash provided from operating activities	2,564		1,847



CASH FLOWS FROM INVESTING ACTIVITIES:
Capital investments	(3,539)		(2,736)

Sales of investment securities held in trusts	89		104
Purchases of investment securities held in trusts	(99)		(114)

Asset removal costs	(290)		(212)
Other	34		(3)
Net cash used for investing activities	(3,805)		(2,961)

CASH FLOWS FROM FINANCING ACTIVITIES:
New financing-
Long-term debt	5,925		1,200
Short-term borrowings, net	—		—


Redemptions and repayments-
Long-term debt	(2,179)		(1,710)
Short-term borrowings, net	(259)		(700)

Proceeds from FET Equity Interest Sale	—		3,500
Noncontrolling interest cash distributions	(74)		(51)


Common stock dividend payments	(759)		(725)
Debt issuance and redemption costs, and other	(136)		(114)
Net cash provided from financing activities	2,518		1,400

Net change in cash, cash equivalents, and restricted cash	1,277		286
Cash, cash equivalents, and restricted cash at beginning of period	154		179
Cash, cash equivalents, and restricted cash at end of period	$	1,431	$	465

SUPPLEMENTAL CASH FLOW INFORMATION:
Significant non-cash transactions:
Accrued capital investments	$	316	$	296
McElroy Run Transfer	$	99	$	—

See Combined Notes to Financial Statements of the Registrants.

JERSEY CENTRAL POWER & LIGHT COMPANY

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024

REVENUES	$	864	$	765	$	2,022	$	1,788

OPERATING EXPENSES:
Purchased power	451		384		1,052		898
Other operating expenses(1)	158		179		436		524
Provision for depreciation	66		62		196		185
Amortization (deferral) of regulatory assets, net	11		(25)		(25)		(98)
General taxes	6		5		18		16
Total operating expenses	692		605		1,677		1,525

OPERATING INCOME	172		160		345		263

OTHER INCOME (EXPENSE):

Miscellaneous income, net	13		11		36		23

Interest expense - other	(34)		(22)		(93)		(74)
Interest expense - affiliates	(3)		(5)		(6)		(15)
Capitalized financing costs	12		6		31		19
Total other expense	(12)		(10)		(32)		(47)

INCOME BEFORE INCOME TAXES	160		150		313		216

INCOME TAXES	41		41		79		58

NET INCOME	$	119	$	109	$	234	$	158

COMPREHENSIVE INCOME	$	119	$	109	$	234	$	158

(1) Includes affiliated operating expenses of $27 million and $39 million for the three months ended September 30, 2025 and 2024, respectively, and $86 million and $96 million for the nine months ended September 30, 2025 and 2024, respectively.

See Combined Notes to Financial Statements of the Registrants.

JERSEY CENTRAL POWER & LIGHT COMPANY

BALANCE SHEETS

(Unaudited)


(In millions, except share amounts)	September 30, 2025		December 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	708	$	—

Receivables -
Customers	323		284
Less — Allowance for uncollectible customer receivables	6		6
	317		278
Affiliated companies	1		44
Other	75		28
Notes receivable from associated companies	26		—
Prepaid taxes and other	60		29

	1,187		379
PROPERTY, PLANT AND EQUIPMENT:
In service	9,002		8,697
Less — Accumulated provision for depreciation	2,380		2,409
	6,622		6,288
Construction work in progress	838		620
	7,460		6,908










INVESTMENTS AND OTHER NONCURRENT ASSETS:
Goodwill	1,811		1,811
Investments	292		282
Regulatory assets	410		265
Prepaid OPEB costs	227		215
Other	103		67
	2,843		2,640
TOTAL ASSETS	$	11,490	$	9,927

LIABILITIES AND COMMON STOCKHOLDER’S EQUITY
CURRENT LIABILITIES:
Currently payable long-term debt	$	652	$	1
Short-term borrowings -
Affiliated companies	—		22
Other	11		—
Accounts payable -
Affiliated companies	40		1
Other	159		176
Accrued compensation and benefits	33		33
Customer deposits	34		34
Accrued taxes	23		21
Accrued interest	30		23

Other	32		34
	1,014		345
NONCURRENT LIABILITIES:
Long-term debt and other long-term obligations	3,025		2,339
Accumulated deferred income taxes, net	1,292		1,196
Nuclear fuel disposal costs	243		235
Retirement benefits	66		71

Other	754		764
	5,380		4,605
TOTAL LIABILITIES	6,394		4,950

COMMON STOCKHOLDER'S EQUITY:
Common stock, $10 par value, authorized 16,000,000 shares - 13,628,447 shares outstanding as of September 30, 2025 and December 31, 2024, respectively.	136		136
Other paid-in capital	3,528		3,523
Accumulated other comprehensive loss	(4)		(4)
Retained earnings	1,436		1,322
TOTAL COMMON STOCKHOLDER’S EQUITY	5,096		4,977












COMMITMENTS, GUARANTEES AND CONTINGENCIES (NOTE 10)

TOTAL LIABILITIES AND COMMON STOCKHOLDER’S EQUITY	$	11,490	$	9,927

See Combined Notes to Financial Statements of the Registrants.

JERSEY CENTRAL POWER & LIGHT COMPANY

STATEMENTS OF COMMON STOCKHOLDER’S EQUITY

(Unaudited)


	Nine Months Ended September 30, 2025
	Common Stock
(In millions, except share amounts)	Number of Shares	Carrying Value		Other Paid-In Capital		AOCI		Retained Earnings		Total Common Stockholder's Equity
Balance, January 1, 2025	13,628,447	$	136	$	3,523	$	(4)	$	1,322	$	4,977
Net income	—	—		—		—		49		49
Stock-based compensation(1)	—	—		2		—		—		2
Common stock dividends declared	—	—		—		—		(30)		(30)
Balance, March 31, 2025	13,628,447	$	136	$	3,525	$	(4)	$	1,341	$	4,998
Net income	—	—		—		—		66		66
Stock-based compensation(1)	—	—		1		—		—		1

Balance, June 30, 2025	13,628,447	$	136	$	3,526	$	(4)	$	1,407	$	5,065
Net income	—	—		—		—		119		119
Stock-based compensation(1)	—	—		2		—		—		2
Common stock dividends declared	—	—		—		—		(90)		(90)
Balance, September 30, 2025	13,628,447	$	136	$	3,528	$	(4)	$	1,436	$	5,096


	Nine Months Ended September 30, 2024
	Common Stock
(In millions, except share amounts)	Number of Shares	Carrying Value		Other Paid-In Capital		AOCI		Retained Earnings		Total Common Stockholder's Equity
Balance, January 1, 2024	13,628,447	$	136	$	2,777	$	(5)	$	1,224	$	4,132
Net loss	—	—		—		—		(8)		(8)
Stock-based compensation(1)	—	—		2		—		—		2
Equity contribution from parent	—	—		140		—		—		140
Balance, March 31, 2024	13,628,447	$	136	$	2,919	$	(5)	$	1,216	$	4,266
Net income	—	—		—		—		57		57
Stock-based compensation(1)	—	—		1		—		—		1
Equity contribution from parent	—	—		600		—		—		600

Balance, June 30, 2024	13,628,447	$	136	$	3,520	$	(5)	$	1,273	$	4,924
Net income	—	—				—		109		109
Stock-based compensation(1)	—	—		2		—		—		2
Balance, September 30, 2024	13,628,447	$	136	$	3,522	$	(5)	$	1,382	$	5,035

(1) In the form of FE common equity granted to certain JCP&L employees.

See Combined Notes to Financial Statements of the Registrants.

JERSEY CENTRAL POWER & LIGHT COMPANY

STATEMENTS OF CASH FLOWS

(Unaudited)


	For the Nine Months Ended September 30,
(In millions)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	234	$	158
Adjustments to reconcile net income to net cash from operating activities-
Depreciation, amortization and impairments	171		144
Transmission revenue collections, net	19		12
Deferred income taxes and investment tax credits, net	85		148
Spent nuclear fuel disposal trust income	10		9

New Jersey temporary rate credits, net	(50)		—
Employee benefit costs, net	(17)		(19)

Changes in current assets and liabilities-
Receivables	(43)		(22)
Prepaid taxes and other current assets	(28)		(14)
Accounts payable	17		28
Accrued taxes	2		1
Accrued interest	7		(9)
Accrued compensation and benefits	(3)		(11)

Other current liabilities	(8)		(12)
Collateral, net	5		28
Employee benefit plan funding and related payments	—		(7)
Other	(20)		(7)
Net cash provided from operating activities	381		427

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital investments	(782)		(599)
Loans with affiliated companies, net	(26)		—
Sales of investment securities held in trusts	89		104
Purchases of investment securities held in trusts	(99)		(114)
Asset removal costs	(58)		(39)
Other	(1)		—
Net cash used for investing activities	(877)		(648)

CASH FLOWS FROM FINANCING ACTIVITIES:
New financing-
Long-term debt	1,350		—

Short-term borrowings - affiliated companies, net	—		108
Short-term borrowings - other, net	11		—
Redemptions and repayments-
Long-term debt	—		(500)

Short-term borrowings - affiliated companies, net	(22)		—
Short-term borrowings - other, net	—		(125)
Equity contribution from parent	—		740
Common stock dividend payments	(120)		—
Debt issuance costs and other	(15)		(2)
Net cash provided from financing activities	1,204		221

Net change in cash, cash equivalents, and restricted cash	708		—
Cash, cash equivalents, and restricted cash at beginning of period	—		—
Cash, cash equivalents, and restricted cash at end of period	$	708	$	—

SUPPLEMENTAL CASH FLOW INFORMATION:




Significant non-cash transactions
Accrued capital investments	$	87	$	66

See Combined Notes to Financial Statements of the Registrants.

COMBINED NOTES TO FINANCIAL STATEMENTS OF THE REGISTRANTS

(Unaudited)


Note		Registrant	Page Number

1	Organization and Basis of Presentation	FirstEnergy, JCP&L	12

2	Revenue	FirstEnergy, JCP&L	17

3	Earnings Per Share	FirstEnergy	19

4	Pension and Other Post-Employment Benefits	FirstEnergy, JCP&L	20

5	Income Taxes	FirstEnergy, JCP&L	21

6	Fair Value Measurements	FirstEnergy, JCP&L	23

7	Variable Interest Entities	FirstEnergy, JCP&L	28

8	Asset Retirement Obligations	FirstEnergy, JCP&L	30

9	Regulatory Matters	FirstEnergy, JCP&L	31

10	Commitments, Guarantees and Contingencies	FirstEnergy, JCP&L	39

11	Segment Information	FirstEnergy, JCP&L	46

12	Transactions with Affiliates	JCP&L	52

1. ORGANIZATION AND BASIS OF PRESENTATION

Defined terms and abbreviations used herein have the meanings set forth in the accompanying Glossary of Terms. Unless otherwise indicated, the disclosures in these notes apply to each of the Registrants. For clarification purposes, disclosures made herein on behalf of FirstEnergy should be read to be made on behalf of JCP&L unless expressly stated otherwise.

FirstEnergy

FE was incorporated under Ohio law in 1996. FE’s principal business is the holding, directly or indirectly, of all of the outstanding equity of its principal subsidiaries: OE, CEI, TE, FE PA, JCP&L, FESC, MP, AGC, PE and KATCo. Additionally, FET is a VIE of FE, and is the parent company of ATSI, MAIT, PATH and TrAIL. FirstEnergy continues to evaluate the legal, financial, operational and branding benefits of consolidating the Ohio Companies into a single Ohio power company.

FE and its subsidiaries are principally involved in the transmission, distribution and generation of electricity. FirstEnergy’s electric operating companies comprise one of the nation’s largest investor-owned electric systems, serving over 6 million customers in the Midwest and Mid-Atlantic regions. FirstEnergy’s transmission operations include more than 24,000 miles of lines and two regional transmission operation centers. As of September 30, 2025, AGC and MP control 3,610 MWs of net maximum generation capacity.

In addition, FE holds all of the outstanding equity of other direct subsidiaries including FEV, which previously held a 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations. 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.

FESC provides legal, financial and other corporate support services at cost, in accordance with its cost allocation manual, to affiliated FirstEnergy companies. FE does not bill directly or allocate any of its costs to any subsidiary company. Costs are charged to FE's subsidiaries for services received from FESC either through direct billing or through an allocation process. Allocated costs are for services that are provided on behalf of more than one company and are allocated using formulas developed by FESC and are generally settled under commercial terms within thirty days.

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., an 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. On May 13, 2025, FERC issued an initial order that, among other things, accepted the requested abandonment rate incentive, CWIP rate incentive, RTO participation adder incentive, and precommercial regulatory asset rate incentive, and allowed the formula rate to go into effect on May 14, 2025, as requested, subject to refund, pending further settlement and hearing proceedings. An initial settlement conference was held on June 26, 2025, and a procedural schedule for the initial phase of the settlement process was agreed upon. The capital structure incentive and the other open rate design matters are being addressed in confidential settlement negotiations.

JCP&L

JCP&L owns property and does business as an electric public utility in New Jersey, providing distribution services to approximately 1.2 million customers, as well as transmission services in northern, western, and east central New Jersey. JCP&L serves an area that has a population of approximately 2.8 million. JCP&L plans, operates, and maintains its transmission system in accordance with NERC reliability standards, and other applicable regulatory requirements. In addition, JCP&L complies with the regulations, orders, policies and practices prescribed by FERC and the NJBPU.

Basis of Presentation

The Registrants follow GAAP and comply with the related regulations, orders, policies and practices prescribed by the SEC, FERC, and, as applicable, the PUCO, the PPUC, the MDPSC, the NYPSC, the WVPSC, the VSCC and the NJBPU. The accompanying interim financial statements as of September 30, 2025, and the three and nine months ended September 30, 2025 and 2024, respectively, are unaudited, but reflect all adjustments, consisting of normal recurring adjustments, that, in the opinion of management, are necessary for a fair statement of the financial statements. The balance sheets, as of December 31, 2024, were derived from audited financial statements. The preparation of financial statements in conformity with GAAP requires management to make periodic estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. The reported results of operations are not necessarily indicative of results of operations for any future period.

These interim financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and disclosures normally included in financial statements and notes prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These interim financial statements should be read in conjunction with FirstEnergy’s audited financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025, and JCP&L’s Form S-4 filed with the SEC on April 1, 2025.

The Registrants consolidate all majority-owned subsidiaries over which they exercise control and, when applicable, entities for which they have a controlling financial interest. Intercompany transactions and balances are eliminated in consolidation as appropriate and permitted pursuant to GAAP. The Registrants consolidate a variable interest entity when it is determined that it is the primary beneficiary. Investments in affiliates over which the Registrants have the ability to exercise significant influence, but do not have a controlling financial interest, follow the equity method of accounting. Under the equity method, the interest in the entity is reported as an investment on the Balance Sheets and the percentage of ownership share of the entity’s earnings is reported in the Statements of Income.

During the second quarter of 2025, the Registrants identified certain corporate support operating expenses recognized in 2024 that should have been capitalized as CWIP or property, plant and equipment. As a result, in the second quarter of 2025, FirstEnergy recognized a $21 million ($4 million at JCP&L) net increase to income before income taxes. This adjustment was immaterial to the Registrants’ 2025 and prior period financial statements.

Certain prior year amounts have been reclassified to conform to the current year presentation.

Economic Conditions

While supply lead times have not fully returned to pre-pandemic levels, 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 by the U.S. government and retaliatory tariffs that have been, and may be, imposed 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 the Registrants’ results of operations, cash flow and financial condition.

The U.S. presidential administration has imposed widespread and substantial tariffs on imports, with additional tariffs to potentially be adopted in the future. The imposition of these or any other new or increased tariffs or resultant trade wars, and uncertainties associated with the same, could have an adverse effect on the Registrants’ results of operations, cash flow and financial condition.

Capitalized Financing Costs

FirstEnergy - For the three months ended September 30, 2025 and 2024, capitalized financing costs on FirstEnergy’s Consolidated Statements of Income include $30 million and $16 million, respectively, of allowance for equity funds used during construction and $21 million and $19 million, respectively, of capitalized interest.

For the nine months ended September 30, 2025 and 2024, capitalized financing costs on FirstEnergy’s Consolidated Statements of Income include $76 million and $42 million, respectively, of allowance for equity funds used during construction and $55 million and $52 million, respectively, of capitalized interest.

JCP&L - For the three months ended September 30, 2025 and 2024, capitalized financing costs on JCP&L’s Statements of Income and Comprehensive Income include $8 million and $1 million, respectively, of allowance for equity funds used during construction and $4 million and $5 million, respectively, of capitalized interest.

For the nine months ended September 30, 2025 and 2024, capitalized financing costs on JCP&L’s Statements of Income and Comprehensive Income include $21 million and $3 million, respectively, of allowance for equity funds used during construction and $10 million and $16 million, respectively, of capitalized interest.

Reorganization

On March 24, 2025, FirstEnergy internally announced organizational changes to FirstEnergy employees. These organizational changes are intended to align FirstEnergy’s organization with its new business model, which is designed to make FE more efficient and sustainable while placing responsibility and accountability closer to customers, employees and regulators. The changes are also consistent with FirstEnergy’s focus on operations and maintenance expense discipline. These organizational changes resulted in approximately two hundred employees being reassigned and FirstEnergy reducing its workforce by less than three percent. As a result, FirstEnergy recognized a pre-tax charge of approximately $26 million ($5 million at JCP&L) during the first quarter of 2025, which is included within “Other operating expenses” on each of the Registrant’s Statements of Income and Comprehensive Income.

FET Noncontrolling Interest

FirstEnergy presents Brookfield’s 49.9% total ownership portion of FET’s net income and net assets as NCI. NCI is included as a component of equity on FirstEnergy’s Consolidated Balance Sheets.

Equity Method Investments

Investments over which the Registrants have the ability to exercise significant influence, but do not have a controlling financial interest, follow the equity method of accounting. Under the equity method, the interest in the entity is reported in “Investments” on the Balance Sheets. The percentage of ownership share of the entity’s earnings is reported in the FirstEnergy Statement of Income and reflected in “Other income (expense)”.

Equity method investments, which are included within "Investments" on the FirstEnergy Consolidated Balance Sheets, were approximately $38 million and $84 million as of September 30, 2025, and December 31, 2024, respectively. JCP&L did not have any equity method investments as of September 30, 2025, or December 31, 2024.

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, which is classified within cash flows from investing activities - other of FirstEnergy’s Consolidated Statements of Cash Flows.

In previous periods, FEV was not the primary beneficiary of the joint venture, as it did not have control over the significant activities affecting the joint venture’s economic performance. FEV's ownership interest was subject to the equity method of accounting. For the three and nine months ended September 30, 2024, pre-tax income related to FEV’s ownership in Global Holding was $21 million and $63 million, respectively. FEV’s pre-tax equity earnings and investment in Global Holding are included in Corporate/Other for segment reporting. As of December 31, 2024, the carrying value of the equity method investment was $45 million. During the nine months ended September 30, 2024, FEV received cash dividends from Global Holding of $60 million which were classified within “Cash from Operating Activities” on FirstEnergy’s Consolidated Statements of Cash Flows. FEV did not receive any cash dividends from Global Holding in 2025.

Valley Link - On November 25, 2024, FET, Dominion High Voltage MidAtlantic, Inc., an 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 21, 2025, FET, Dominion HV and Transource entered into the Valley Link LLCA, which amended and restated a provisional operating agreement among the members entered into in November 2024. The Valley Link LLCA establishes the general framework for managing Valley Link, which was formed by FET, Dominion HV, and Transource to accept, design, develop, construct, own, operate and finance the transmission projects awarded by PJM to Valley Link on February 26, 2025, in response to the PJM 2024 Regional Transmission Expansion Plan Long-Term Proposal Window #1. This general framework includes the relationship among the 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. The Valley Link Subsidiaries comprise the entities that are expected to develop, construct, own, operate and maintain the transmission projects awarded by PJM. As of February 21, 2025, the relative ownership interests of the members are FET (34%), Dominion HV (30%), and Transource (36%), and Valley Link will not be consolidated with FET for financial or tax reporting purposes and expects to be accounted for under equity method accounting. As of September 30, 2025, and December 31, 2024, there were no investment balances recorded on FirstEnergy’s Consolidated Balance Sheets.

On February 26, 2025, PJM awarded two electric transmission projects to Valley Link, including the construction of: (i) approximately 260 miles of 765-kV transmission line and two substations between Putnam County, West Virginia and Frederick County, Maryland; (ii) approximately 155 miles of 765-kV transmission line and a substation between Campbell County, Virginia and Fauquier County, Virginia; and (iii) a new substation in Caroline County, Virginia. The total cost of these projects is estimated to be approximately $3 billion with FET’s estimated share will be approximately $1 billion.

PATH-WV - PATH, a proposed transmission line from West Virginia through Virginia into Maryland, which PJM cancelled in 2012, is a series limited liability company that is comprised of multiple series, each of which has separate rights, powers and duties regarding specified property and the series profits and losses associated with such property. A subsidiary of FE owns 100% of the Allegheny Series (PATH-Allegheny) and 50% of the West Virginia Series (PATH-WV), which is a joint venture with a subsidiary of AEP. FirstEnergy is not the primary beneficiary of PATH-WV, as it does not have control over the significant activities affecting the economics of PATH-WV. FirstEnergy's ownership interest in PATH-WV is subject to the equity method of accounting. As of September 30, 2025, and December 31, 2024, the carrying value of the equity method investment was $17 million, which is expected to be recovered through a distribution.

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

Goodwill

The Registrants evaluate goodwill for impairment annually on July 31 and more frequently if indicators of impairment arise. For 2025, the Registrants performed a qualitative assessment of their reporting units' goodwill, assessing economic, industry and market considerations in addition to the reporting units' overall financial performance. Key factors used in the assessment included: growth rates, interest rates, expected capital investments, utility sector market performance, regulatory and legal developments, and other market considerations. It was determined that the fair values of these reporting units were, more likely than not, greater than their carrying values and a quantitative analysis was not necessary.

FirstEnergy's reporting units are consistent with its reportable segments and consist of Distribution, Integrated and Stand-Alone Transmission. The following table presents goodwill by reporting unit as of September 30, 2025:


(In millions)	Distribution Segment		Integrated Segment		Stand-Alone Transmission Segment		FirstEnergy Consolidated
Goodwill	$	3,222	$	1,953	$	443	$	5,618

JCP&L’s reporting units are consistent with its reportable segments and consist of Distribution and Transmission. The following table presents goodwill by reporting unit as of September 30, 2025:


(In millions)	Distribution Segment		Transmission Segment		JCP&L Consolidated
Goodwill	$	1,213	$	598	$	1,811

New Accounting Pronouncements

Recently Issued Pronouncements - The following new authoritative accounting guidance issued by the FASB has not yet been adopted. Unless otherwise indicated, the Registrants’ management is currently assessing the impact such guidance may have on their financial statements and disclosures, as well as the potential to early adopt where applicable. Management has assessed other FASB issuances of new standards not described below based upon the current expectation that such new standards will not significantly impact the Registrants’ financial statements.

ASU 2023-09, "Income taxes (Topic 280): Improvements to Income Tax Disclosures" (Issued in December 2023): ASU 2023-09 enhances disclosures primarily related to existing rate reconciliation and income taxes paid information to help investors better assess how a company’s operations and related tax risks and tax planning and operational opportunities affect the tax rate and prospects for future cash flows. Disclosure requirements include a tabular reconciliation using both percentages and amounts, separated out into specific categories with certain reconciling items at or above 5% of the statutory tax as well as by nature and/or jurisdiction. In addition, entities will be required to disclose income taxes paid (net of refunds received), broken out between federal, state/local and foreign, and amounts paid to an individual jurisdiction when 5% or more of the total income taxes are paid to such jurisdiction. For the Registrants’, the guidance will be effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments within ASU 2023-09 are to be applied on a prospective basis, with retrospective application permitted.

ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)" (Issued in November 2024 and subsequently updated within ASU 2025-01): ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for the Registrants for the first annual reporting period beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance is permitted to be applied prospectively, and comparative disclosures are not required for reporting periods beginning before the effective date. Entities can elect to apply the new standard retrospectively to any or all prior periods presented in the financial statements.

ASU 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (Issued in September 2025): ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. In evaluating whether it is probable the project will be completed; an entity is required to consider whether there is significant uncertainty associated with the development activities of the software. ASU 2025-06 is effective for the Registrants beginning with the annual reporting period after December 15, 2027, and interim reporting periods

within those annual reporting periods. The guidance is permitted to be applied using a prospective, retrospective or modified transition approach. Early adoption is permitted.

2. REVENUE

The disclosures in this note apply to both Registrants, unless indicated otherwise.

The following represents a disaggregation of FirstEnergy’s revenue from contracts with customers for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Distribution
Retail generation and distribution services:
Residential	$	1,333	$	1,222	$	3,685	$	3,460
Commercial	450		395		1,274		1,153
Industrial	170		138		484		437
Other	18		18		55		56
Wholesale	6		2		10		4
Other revenue from contracts with customers	23		23		60		63
Total revenues from contracts with customers	2,000		1,798		5,568		5,173

Other revenue unrelated to contracts with customers	20		19		63		59
Total Distribution	$	2,020	$	1,817	$	5,631	$	5,232

Integrated
Retail generation and distribution services:
Residential	$	880	$	802	$	2,186	$	1,954
Commercial	356		335		981		863
Industrial	158		151		461		436
Other	8		8		26		22
Wholesale	129		50		254		118
Transmission	109		86		320		283
Other revenue from contracts with customers	2		5		7		18
Total revenues from contracts with customers	1,642		1,437		4,235		3,694
Other revenue unrelated to contracts with customers	11		15		28		31
Total Integrated	$	1,653	$	1,452	$	4,263	$	3,725

Stand-Alone Transmission
ATSI	$	273	$	262	$	791	$	766
TrAIL	66		68		197		206
MAIT	121		116		365		330
KATCo	23		24		67		67
Other	—		—		—		(2)
Total revenues from contracts with customers	483		470		1,420		1,367
Other revenue unrelated to contracts with customers	5		5		15		14
Total Stand-Alone Transmission	$	488	$	475	$	1,435	$	1,381

Corporate/Other, Eliminations and Reconciling Adjustments (1)
Wholesale	$	4	$	2	$	12	$	6

Eliminations and reconciling adjustments	(17)		(17)		(48)		(48)
Total Corporate/Other, Eliminations and Reconciling Adjustments	$	(13)	$	(15)	$	(36)	$	(42)

FirstEnergy Total Revenues	$	4,148	$	3,729	$	11,293	$	10,296

(1) Includes eliminations and reconciling adjustments of inter-segment revenues.

The following table represents a disaggregation of JCP&L’s revenue from contracts with customers for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Distribution
Retail generation and distribution services:
Residential	$	606	$	533	$	1,318	$	1,168
Commercial	204		183		554		473
Industrial	19		18		57		52
Other	6		6		17		15
Wholesale	2		2		3		4
Other revenue from contracts with customers	3		4		10		14
Total revenues from contracts with customers	840		746		1,959		1,726

Other revenue unrelated to contracts with customers	1		1		3		2
Total Distribution Segment Revenue	$	841	$	747	$	1,962	$	1,728

Transmission
Total Transmission Segment Revenue	$	67	$	57	$	191	$	175

Reconciling Adjustments(1)
Retail generation and distribution services	$	(44)	$	(39)	$	(131)	$	(115)

JCP&L Total Revenues	$	864	$	765	$	2,022	$	1,788

(1) Includes eliminations and reconciling adjustments of inter-segment revenues.

Customer Receivables

Receivables from contracts with customers include distribution services and retail generation sales to residential, commercial and industrial customers. Billed and unbilled customer receivables as of September 30, 2025, and December 31, 2024, are included below:


Customer Receivables - FirstEnergy	September 30, 2025		December 31, 2024
	(In millions)
Billed	$	950	$	867
Unbilled	624		718
	1,574		1,585
Less: Uncollectible Reserve	55		55
Total FirstEnergy Customer Receivables	$	1,519	$	1,530


Customer Receivables - JCP&L	September 30, 2025		December 31, 2024
	(In millions)
Billed	$	197	$	166
Unbilled	126		118
	323		284
Less: Uncollectible Reserve	6		6
Total JCP&L Customer Receivables	$	317	$	278

The allowance for uncollectible customer receivables is based on historical loss information comprised of a rolling 36-month average net write-off percentage of revenues, in conjunction with a qualitative assessment of elements that impact the

collectability of receivables to determine if allowances for uncollectible customer receivables should be further adjusted in accordance with the accounting guidance for credit losses.

The Registrants review allowance for uncollectible customer receivables utilizing a quantitative and qualitative assessment. Management contemplates available current information such as changes in economic factors, regulatory matters, industry trends, customer credit factors, amount of receivable balances that are past-due, payment options and programs available to customers, and the methods that the Electric Companies are able to utilize to ensure payment. The Registrants’ uncollectible risk on PJM receivables, resulting from transmission and wholesale sales, is minimal due to the nature of PJM’s settlement process and as a result there is no current allowance for doubtful accounts.

Activity in the allowance for uncollectible accounts on customer receivables for the nine months ended September 30, 2025, and for the year ended December 31, 2024 are as follows:


	FirstEnergy		JCP&L

	(In millions)
Balance, January 1, 2024	$	64	$	9
Provision for expected credit losses(1)(2)	73		5
Charged to other accounts(3)	39		4
Write-offs	(121)		(12)
Balance, December 31, 2024	$	55	$	6
Provision for expected credit losses(1)(2)	64		6
Charged to other accounts(3)	28		2
Write-offs	(92)		(8)
Balance, September 30, 2025	$	55	$	6

(1) Approximately $25 million and $17 million of which was deferred for future recovery for FirstEnergy in the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively.

(2) Approximately $6 million and $5 million of which was deferred for future recovery for JCP&L in the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively.

(3) Represents recoveries and reinstatements of accounts written off for uncollectible accounts.

3. EARNINGS PER SHARE OF COMMON STOCK

The disclosures in this note apply to FirstEnergy only.

EPS is calculated by dividing earnings attributable to FE by the weighted average number of common shares outstanding.

Basic EPS is computed using the weighted average number of common shares outstanding during the relevant period as the denominator. The denominator for diluted EPS of common stock reflects the weighted average of common shares outstanding plus the potential additional common shares that could result if dilutive securities and other agreements to issue common stock were exercised.

Diluted EPS reflects the dilutive effect of potential common shares from share-based awards and convertible securities. The dilutive effect of outstanding share-based awards was computed using the treasury stock method, which assumes any proceeds that could be obtained upon the exercise of the award would be used to purchase common stock at the average market price for the period. The dilutive effect of the 2026 Convertible Notes, 2029 Convertible Notes and the 2031 Convertible Notes are computed using the if-converted method.

The following table reconciles basic and diluted EPS attributable to FE:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Reconciliation of Basic and Diluted EPS	2025		2024		2025		2024

(In millions, except per share amounts)

Earnings Attributable to FE	$	441	$	419	$	1,069	$	717



Share count information:
Weighted average number of basic shares outstanding	577		576		577		575
Assumed exercise of dilutive share-based awards	1		1		1		1
Weighted average number of diluted shares outstanding	578		577		578		576

EPS Attributable to FE:


Basic EPS	$	0.76	$	0.73	$	1.85	$	1.25



Diluted EPS	$	0.76	$	0.73	$	1.85	$	1.24

For the three and nine months ended September 30, 2025 and 2024, no shares from awards were excluded from the calculation of diluted shares outstanding, as their inclusion would have been antidilutive.

The dilutive effect of the convertible notes is limited to the conversion obligation in excess of the aggregate principal amount of the convertible notes being converted. For the three and nine months ended September 30, 2025 and 2024, there was no dilutive effect resulting from the outstanding convertible notes as the average market price of FE shares of common stock was below the respective conversion prices, which as of September 30, 2025, were $46.48 per share for the 2026 Convertible Notes and $47.78 per share for the 2029 and 2031 Convertible Notes. See Note 6, "Fair Value Measurements," of the Combined Notes to Financial Statements of the Registrants for additional information on the convertible notes.

4. PENSION AND OTHER POST-EMPLOYMENT BENEFITS

The disclosures in this note apply to both Registrants, unless indicated otherwise.

FirstEnergy provides qualified benefit plans, through the FirstEnergy Master Pension Plan and the FirstEnergy Welfare Plan that cover substantially all employees and non-qualified defined benefit plans that cover certain employees, including employees of JCP&L. FirstEnergy’s pension and OPEB plans are neither multiemployer nor multiple-employer plans.

The Registrants recognize a pension and OPEB mark-to-market adjustment for the change in fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is determined to qualify for remeasurement.

FirstEnergy does not currently expect to have a required contribution to the pension plan until 2027, which, based on various assumptions, including an expected rate of return on assets of 8.5% for 2025, is expected to be approximately $300 million. However, FirstEnergy may elect to contribute to the pension plan voluntarily. JCP&L is not expected to make a contribution.

In January 2025, FirstEnergy executed a lift-out transaction with MetLife, which transferred approximately $640 million of plan assets and $652 million of plan obligations, associated with approximately 2,000 former competitive generation employees, who will assume future and full responsibility to fund and administer their benefit payments. There was no change to the pension benefits for any participant as a result of the transfer, and the transaction was funded by pension plan assets. FirstEnergy believes that this lift-out transaction, in addition to the lift-out in 2023, further de-risked potential volatility with the pension plan assets and liabilities, and will continue to evaluate other lift-outs in the future based on market and other conditions. Due to the timing of the lift-out transaction and its proximity to the 2024 annual remeasurement, FirstEnergy elected a practical expedient and did not remeasure pension plan assets and obligations when the lift-out occurred in January 2025.

FirstEnergy cash flows from operating activities for the nine months ended September 30, 2025 and 2024, includes approximately $38 million and $44 million, respectively, of employee benefit plan funding and related payments. These payments are primarily related to short-term benefit payment liabilities owed to retirees under plan obligations in the respective periods.

Service costs, net of capitalization, are reported within “Other operating expenses” on the Registrants’ Statements of Income and Comprehensive Income. Non-service costs, other than the pension and OPEB mark-to-market adjustment, which is separately shown, are reported within “Miscellaneous income, net”, within “Other income (expense)” on the Registrants’ Statements of Income and Comprehensive Income.

The components of FirstEnergy’s net periodic benefit costs (credits) for pension and OPEB were as follows:


FirstEnergy Components of Net Periodic Benefit Costs (Credits)	Pension				OPEB
For the Three Months Ended September 30,	2025		2024		2025		2024
	(In millions)
Service costs	$	33	$	35	$	1	$	1
Interest costs	93		99		5		5
Expected return on plan assets	(115)		(132)		(9)		(9)
Amortization of prior service costs (credits)	1		—		(1)		—


Net periodic benefit costs (credits)	$	12	$	2	$	(4)	$	(3)
Net periodic benefit credits, net of amounts capitalized	$	(6)	$	(15)	$	(4)	$	(4)


Components of Net Periodic Benefit Costs (Credits)	Pension				OPEB
For the Nine Months Ended September 30,	2025		2024		2025		2024
	(In millions)
Service costs	$	98	$	105	$	2	$	2
Interest costs	280		298		15		15
Expected return on plan assets	(345)		(397)		(28)		(26)
Amortization of prior service costs (credit)	1		1		(1)		(1)



Net periodic benefit costs (credits)	$	34	$	7	$	(12)	$	(10)
Net periodic benefit credits, net of amounts capitalized	$	(19)	$	(45)	$	(13)	$	(11)

JCP&L

JCP&L recognizes its allocated portion of the expected cost of providing pension and OPEB to employees and their beneficiaries and covered dependents from the time employees are hired until they become eligible to receive those benefits. JCP&L also recognizes its allocated portion of obligations to former or inactive employees after employment, but before retirement, for disability-related benefits.

JCP&L cash flows from operating activities for the nine months ended September 30, 2024, includes approximately $7 million of employee benefit plan funding and related payments. These payments are primarily related to short-term benefit payment liabilities owed to retirees under plan obligations in the respective periods.

JCP&L’s net periodic benefit costs (credits) for pension and OPEB were as follows:


	Pension				OPEB
(In millions)	2025		2024		2025		2024
For the Three Months Ended September 30,
JCP&L's share of net periodic benefit credits (1)	$	(1)	$	(1)	$	(4)	$	(3)
Allocated net periodic benefit costs from affiliates (1) (2)	$	2	$	2	$	—	$	—

For the Nine Months Ended September 30,
JCP&L's share of net periodic benefit credits(1)	$	(3)	$	(4)	$	(11)	$	(10)
Allocated net periodic benefit costs from affiliates(1) (2)	$	7	$	6	$	—	$	—

(1) Includes amounts capitalized.

(2) In addition to the net periodic benefit costs for its current and former employees and retirees, JCP&L is also allocated pension and OPEB net periodic benefit costs and credits from its affiliates, primarily FESC.

5. INCOME TAXES

The disclosures in this note apply to both Registrants, unless indicated otherwise.

The Registrants’ interim effective income tax rates reflect the estimated annual effective income tax rates for 2025 and 2024. These tax rates are affected by estimated annual permanent items, such as AFUDC equity and other flow-through items, as well as certain discrete items.

The following table reconciles the FirstEnergy effective income tax rate to the federal income tax statutory rate for the three and nine months ended September 30, 2025 and 2024:


FirstEnergy	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
	(In millions)
Income before income taxes	$	610		$	560		$	1,556		$	1,125
Federal income tax expense at the 21% statutory rate	$	128		$	118		$	327		$	236
Increases (reductions) in tax expense resulting from:
State and municipal income taxes, net of federal tax benefit	34			33			90			76
AFUDC equity and other flow-through	(15)			(6)			(34)			(19)
Deductions associated with certain equity method investments	—			(14)			—			(14)

Tax related to FE’s equity interest earnings from FET	4			4			12			13
Excess deferred tax amortization	(8)			(13)			(33)			(40)

Nondeductible SEC and OAG settlements	—			—			—			27
Remeasurement of excess deferred income taxes	(70)			(21)			(70)			(21)

Valuation allowances	—			(3)			—			33
Other, net	5			(4)			—			3
Total income taxes	$	78		$	94		$	292		$	294
Effective income tax rate	12.8		%	16.8		%	18.8		%	26.1		%

The following table reconciles the JCP&L effective income tax rate to the federal income tax statutory rate for the three and nine months ended September 30, 2025 and 2024:


JCP&L	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
	(In millions)
Income before income taxes	$	160		$	150		$	313		$	216
Federal income tax expense at the 21% statutory rate	$	34		$	32		$	66		$	45
Increases (reductions) in tax expense resulting from:
State income taxes, net of federal tax benefit	11			11			22			15
AFUDC equity and other flow-through	(2)			—			(5)			—
Excess deferred tax amortization	(1)			(1)			(3)			(4)

Other, net	(1)			(1)			(1)			2
Total income taxes	$	41		$	41		$	79		$	58
Effective income tax rate	25.6		%	27.3		%	25.2		%	26.9		%

As a result of several IRS private letter rulings issued during 2024 to another taxpayer, FERC recently issued orders to a non-affiliate that concluded that certain NOL carryforward deferred tax assets, as computed on a separate return basis, should be included in rate base for ratemaking purposes. FirstEnergy determined in the third quarter of 2025 that these rulings and orders also would apply to certain of its subsidiaries, resulting in a benefit from a reduction in regulatory liabilities, reflected in the table above as the remeasurement of excess deferred income taxes, and an increase in accumulated deferred income tax assets for ratemaking purposes, which will increase overall rate base. FirstEnergy is in the process of making the appropriate updates in its annual formula rates for the impacted subsidiaries.

On July 4, 2025, President Trump signed into law the OBBBA, which, among other things, makes permanent certain corporate tax incentives that were set to expire in the TCJA, and terminates tax credits for most wind and solar projects placed in service after 2027. Because many of the provisions of the TCJA will be continued under the OBBBA, and as FirstEnergy is not materially impacted by tax incentives associated with wind and solar projects, FirstEnergy does not expect to be materially impacted by the OBBBA.

On September 30, 2025, the IRS issued additional guidance on the corporate AMT. FirstEnergy is assessing this additional guidance and while it continues to believe, more likely than not, it will be subject to corporate AMT, the additional guidance provides certain adjustments to regulated utilities in calculating corporate AMT, which may reduce FirstEnergy’s AMT estimates. Additionally, the future issuance of the U.S. Treasury’s revised proposed AMT regulations and, ultimately, the final AMT

regulations, as well as additional future federal tax legislation or presidential executive orders, could significantly change FirstEnergy’s AMT estimates or its conclusions as to whether it is an AMT payer. JCP&L is party to an intercompany income tax allocation agreement with FirstEnergy and, accordingly, may be allocated a share of any corporate AMT paid by the FirstEnergy consolidated tax group. Any adverse developments concerning corporate AMT liability, including guidance from the U.S. Treasury and/or the IRS or unfavorable regulatory treatment by FERC and/or applicable state regulatory authorities, could negatively impact FirstEnergy’s cash flows, results of operations and financial condition.

On March 25, 2024, FirstEnergy closed on the FET Equity Interest Sale realizing an approximate $7 billion tax gain from the combined sale of 49.9% of the equity interests of FET for consideration received and recapture of negative tax basis in FET. As of December 31, 2023, FirstEnergy had approximately $8.1 billion of gross federal NOL carryforwards available to offset a majority of the tax gain and taxable income in 2024. Due to certain limitations on NOL utilization enacted in the TCJA, approximately $1.7 billion NOL is carrying forward into 2025 and possibly beyond. In the first quarter of 2024, FirstEnergy recognized a net tax charge of approximately $46 million, comprised of updates to estimated deferred tax liability for the deferred gain from the 19.9% FET equity interest sale in May 2022, deferred tax liability related to its ongoing investment in FET, and valuation allowance associated with the expected utilization of certain state NOL carryforwards impacted by the sale and the PA Consolidation, and recognized a reduction to OPIC of approximately $803 million for federal and state income tax associated with the tax gain from closing on the FET Equity Interest Sale.

6. FAIR VALUE MEASUREMENTS

The disclosures in this note apply to both Registrants, unless indicated otherwise.

RECURRING FAIR VALUE MEASUREMENTS

Authoritative accounting guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy gives the highest priority to Level 1 measurements and the lowest priority to Level 3 measurements. The three levels of the fair value hierarchy and a description of the valuation techniques are as follows:


Level 1	-	Quoted prices for identical instruments in active market.

Level 2	-	Quoted prices for similar instruments in active market.
	-	Quoted prices for identical or similar instruments in markets that are not active.
	-	Model-derived valuations for which all significant inputs are observable market data.

Models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures.


Level 3			-			Valuation inputs are unobservable and significant to the fair value measurement.

FirstEnergy produces a long-term power and capacity price forecast annually with periodic updates as market conditions change. When underlying prices are not observable, prices from the long-term price forecast are used to measure fair value.

FTRs are financial instruments that entitle the holder to a stream of revenues (or charges) based on the hourly day-ahead congestion price differences across transmission paths. FTRs are acquired by FirstEnergy in the annual, monthly and long-term PJM auctions and are initially recorded using the auction clearing price less cost. After initial recognition, FTRs’ carrying values are periodically adjusted to fair value using a mark-to-model methodology, which approximates market. The primary inputs into the model, which are generally less observable than objective sources, are the most recent PJM auction clearing prices and the FTRs’ remaining hours. The model calculates the fair value by multiplying the most recent auction clearing price by the remaining FTR hours less the prorated FTR cost. Significant increases or decreases in inputs in isolation may have resulted in a higher or lower fair value measurement.

The Registrants primarily apply the market approach for recurring fair value measurements using the best information available. Accordingly, the Registrants maximize the use of observable inputs and minimize the use of unobservable inputs. There were no changes in valuation methodologies used as of September 30, 2025, from those used as of December 31, 2024. The determination of the fair value measures takes into consideration various factors, including but not limited to, nonperformance risk, counterparty credit risk and the impact of credit enhancements (such as cash deposits, LOCs and priority interests). The impact of these forms of risk was not significant to the fair value measurements.

The following table sets forth the recurring assets and liabilities that are accounted for at fair value by level within the fair value hierarchy as of September 30, 2025, and December 31, 2024:


	September 30, 2025								December 31, 2024
FirstEnergy	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(In millions)
Derivative assets FTRs(1)	$	—	$	—	$	9	$	9	$	—	$	—	$	7	$	7

Equity securities	2		—		—		2		2		—		—		2


Debt securities(2)	—		283		—		283		—		276		—		276
Cash, cash equivalents and restricted cash(3)	1,431		—		—		1,431		154		—		—		154
Other(4)	—		48		—		48		—		45		—		45
Total assets	$	1,433	$	331	$	9	$	1,773	$	156	$	321	$	7	$	484

Liabilities

Derivative liabilities FTRs(1)	$	—	$	—	$	(6)	$	(6)	$	—	$	—	$	—	$	—


Total liabilities	$	—	$	—	$	(6)	$	(6)	$	—	$	—	$	—	$	—

Net assets	$	1,433	$	331	$	3	$	1,767	$	156	$	321	$	7	$	484

(1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings.

(2) Related to JCP&L’s investments held in the spent nuclear fuel disposal trusts, see below.

(2) Restricted cash of $27 million and $43 million as of September 30, 2025, and December 31, 2024, respectively, primarily relates to cash collected from MP, PE and the Ohio Companies’ customers that is specifically used to service debt of their respective securitization or funding companies.

(4) Primarily consists of short-term investments, of which $9 million and $6 million as of September 30, 2025, and December 31, 2024, respectively, are held by JCP&L.

INVESTMENTS

All temporary cash investments purchased with an initial maturity of three months or less are reported as “Cash equivalents” on the Consolidated Balance Sheets at cost, which approximates their fair market value. Investments other than cash and cash equivalents include AFS debt securities and other investments. The Registrants have no debt securities held for trading purposes.

Generally, unrealized gains and losses on equity securities are recognized in income whereas unrealized gains and losses on AFS debt securities are recognized in AOCI. However, JCP&L’s spent nuclear fuel disposal trusts are subject to regulatory accounting with all gains and losses on equity and AFS debt securities offset against regulatory assets.

Spent Nuclear Fuel Disposal Trusts

JCP&L holds debt securities within the spent nuclear fuel disposal trust, which are classified as AFS securities and recognized at fair market value. The trust is intended for funding spent nuclear fuel disposal fees to the DOE associated with the previously owned Oyster Creek and Three Mile Island Unit 1 nuclear power plants.

The following table summarizes the amortized cost basis, unrealized gains, unrealized losses and fair values of investments held in spent nuclear fuel disposal trusts as of September 30, 2025, and December 31, 2024:


	September 30, 2025(1)								December 31, 2024(2)
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cost Basis	Unrealized Gains	Unrealized Losses	Fair Value
	(In millions)

Debt securities	$	296	$	1	$	(14)	$	283

FIRSTENERGY CORP 10-Q