American Electric Power Company, Inc.: Meeting with Management

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American Electric Power Company, Inc.: Meeting with Management

Equity Research

North America Power & Utilities

24 June 2026

American Electric Power Company, Inc.

Meeting with Management

Expect a quiet Q2 update with Q3 set for growth extension.

Financing plan de-risked; more confident on load outlook

and interconnect vs. Q1; well-positioned on Indiana AEP EQUAL WEIGHT North America Power &

Utilitiesaffordability; Bloom optionality remains as deadline looms. POSITIVE

Price Target USD 136.00

Price (23-Jun-26) USD 133.74

Yesterday, we met with American Electric Power CEO Bill Ferhman, CFO Trevor Mihalik, Potential Upside/Downside +1.7%

retiring VP of Investor Relations Darcy Reese, and new VP of Investor Relations Andy Source: Bloomberg, Barclays Research

Gurgol. Below are our key takeaways from the meeting.

North America Power & UtilitiesManagement highlighted a robust growth outlook and conservative capital plan:

Michael LoneganManagement has a high degree of confidence in delivering greater than 9% EPS CAGR over the

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next five years for 2026-2030, with annual growth in the "double digits" in 2028-2030. AEP has michael.lonegan1@barclays.com

roughly a 63 GW opportunity set tied to already-executed LOAs and ESAs, which the company BCI, US

views as a key differentiator. This opportunity set is further supported by a strong

Nicholas Campanellainterconnection queue of 190 GW of active projects. On the first quarter 2026 call, AEP raised

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its capex plan from $72 billion to $78 billion, which management still views as conservative. The nicholas.campanella@barclays.com

company also outlined line of sight into $10 billion of incremental opportunities, including the BCI, US