FirstEnergy Corp. (FE): First Take: EPS lower vs. GS but in line with consensus; data center momentum in focus

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FirstEnergy Corp. (FE): First Take: EPS lower vs. GS but in line with consensus; data center momentum in focus

Equity Research

28 July 2026 | 5:49PM EDT

FirstEnergy Corp. (FE): First Take: EPS lower vs. GS but in line with

consensus; data center momentum in focus

FirstEnergy Corp. (FE, Buy) reported 2Q26 core EPS of $0.50, below our estimate Carly Davenport

+1(212)357-1914 |

of $0.55 but in line with FactSet consensus of $0.50. FE reaffirmed 2026 guidance of carly.davenport@gs.com

Goldman Sachs & Co. LLC

$2.62-$2.82 and its long-term EPS CAGR of 6%-8% with expectations to grow near

Beatriz Abreu, CFA

the top end of the guidance range through 2030. FE increased its contracted data +1(212)357-0455 |

center demand through 2035 from ~4.3 GW to ~6.4 GW, bringing its total demand beatriz.abreu@gs.comGoldman Sachs & Co. LLC

pipeline from ~19.1 GW to ~24.8 GW, with the most notable increases in WV and PA. Jaya Patel

FE also delivered YoY transmission rate base growth of 14%, up from 13% last +1(212)357-9901Goldman Sachs & Co.| jaya.patel@gs.comLLC

quarter and highlighted upside opportunities from the 2026 PJM open window Ananya Jaison

awards and data center demand. On the regulatory front, FE indicated it will file a +1(332)245-7625 | ananya.jaison@gs.com

base rate case in NJ in 3Q26 and expects an order on the Ohio TYRP in 2Q27. While Goldman Sachs India SPL

the quarter was lighter than our estimate, we do not see full-year EPS execution in

question, and see clarity on upside levers in the coming months around transmission

and generation as key positive catalysts.

We expect the focus of the conference call to be around 1) the increase in

contracted data center demand, 2) incremental transmission capex opportunities,

and 3) regulatory activity in OH, WV, NJ, and MD.

Analysis