Business Description

1 The Companies 1 Utility Regulation 3 Capital Requirements 4 Supply Plan 4 System Demand 5 Regional Reliability 5 Competition 5 Seasonality 5 Human Capital 6 Information About Our Executive Officers 8 FirstEnergy Website and Other Social Media Sites and Applications 9 Item 1A. Risk Factors 10 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2. Properties 26 Item 3. Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 Part II 28 Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. [Reserved] 29 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 29 FirstEnergy Corp. Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Jersey Central Power & Light Company Management’s Narrative Discussion and Analysis of Results of Operations 80 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 85 Item 8. Financial Statements and Supplementary Data 85 Reports of Independent Registered Public Accounting Firm 86 FirstEnergy Corp. Consolidated Statements of Income 90 Consolidated Statements of Comprehensive Income 91 Consolidated Balance Sheets 92 Consolidated Statements of Stockholders' Equity 94 Consolidated Statements of Cash Flows 95 Jersey Central Power & Light Company Statement s of Income and Comprehensive Income 96 Balance Sheets 97 Statements of S tockholder's Equity 98 Statements of Cash Flows 99 Combined Notes To Financial Statements of the Registrants 100 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 171 Item 9A. Controls and Procedures 171 Item 9B. Other Information 171 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 171 i Part III 171 Item 10. Directors, Executive Officers and Corporate Governance 171 Item 11. Executive Compensation 172 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 172 Item 13. Certain Relationships and Related Transactions, and Director Independence 172 Item 14. Principal Accountant Fees and Services 173 Part IV 173 Item 15. Exhibit and Financial Statement Schedules 173 Item 16. Form 10-K Summary 179 ii GLOSSARY OF TERMS The following abbreviations and acronyms are used in this report to identify FirstEnergy Corp. and its current and former subsidiaries, including Jersey Central Power & Light Company: 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 Grid Growth Grid Growth Ventures, LLC, a holding company formed by FET and Transource on September 29, 2025 Grid Growth EHV Grid Growth EHV Holdings, LLC, a subsidiary of Grid Growth Grid Growth Subsidiaries The six subsidiaries of Grid Growth: (i) Grid Growth EHV Holdings, LLC; (ii) Grid Growth Ohio, LLC; (iii) Grid Growth West Virginia, LLC; (iv) Grid Growth Virginia, LLC; (v) Grid Growth Ohio EHV, LLC; and (vi) Grid Growth Virginia Development, Inc. - that will develop, construct, own, operate and maintain those transmission projects awarded by PJM 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…