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October 29, 2025 AEP Third Quarter 2025 Earnings Presentation AEP CONFIDENTIAL
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Cautionary Note Regarding Forward - Looking Statements This presentation contains forward-looking statements. Words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “will,” “should,” “could,” “would,” “project,” “continue” and similar expressions, including statements reflecting future results or guidance and statements of outlook are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Although AEP and each of its Registrant Subsidiaries believe that their expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes and results to differ materially from those projected. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: changes in economic conditions, electric market demand and demographic patterns in AEP service territories, the economic impact of increased global conflicts and trade tensions, and the adoption or expansion of economic sanctions, tariffs, trade restrictions or changes in trade policy, inflationary or deflationary interest rate trends, new legislation adopted in the states in which we operate that alters the regulatory framework or that prevents the timely recovery of costs and investments, volatility and disruptions in financial markets precipitated by any cause, including fiscal and monetary policy or instability in the banking industry; particularly developments affecting the availability or cost of capital to finance new capital projects and refinance existing debt, the availability and cost of funds to finance working capital and capital needs, particularly (i) if expected sources of capital, such as proceeds from the sale of tax credits and anticipated securitizations do not materialize or do not materialize at the level anticipated, and (ii) during periods when the time lag between incurring costs and recovery is long and the costs are material, changing demand for electricity including large load contractual commitments for interconnection, the risks and uncertainties associated with wildfires, including damages caused by wildfires, the extent of each Registrant’s liability in connection with wildfires, investigations and outcomes associated with legal proceedings, demand or similar actions, inability to recover wildfire costs through insurance or through rates and the impact on financial condition and the reputation of each Registrant, the impact of extreme weather conditions, natural disasters and catastrophic events such as storms, wildfires and drought conditions that pose significant risks including potential litigation and the inability to recover significant damages and restoration costs incurred, limitations or restrictions on the amounts and types of insurance available to cover losses that might arise in connection with natural disasters, wildfires or operations, the cost of fuel and its transportation, the creditworthiness and performance of parties who supply and transport fuel and the cost of storing and disposing of used fuel, including coal ash and spent nuclear fuel, the availability of fuel and necessary generation capacity and performance of generation plants, the ability to recover fuel and other energy costs through regulated or competitive electric rates, the ability to build or acquire generation (including from renewable sources), transmission lines and facilities (including the ability to obtain any necessary regulatory approvals and permits) to meet the demand for electricity at acceptable prices and terms, including favorable tax treatment, cost caps imposed by regulators and other operational commitments to regulatory commissions and customers for generation projects, to recover all related costs and to earn a reasonable return, the disruption of AEP’s business operations due to impacts of economic or market conditions, costs of compliance with potential government regulations, electricity usage, supply chain issues, customers, service providers, vendors and suppliers caused by pandemics, natural disasters or other events, construction and development risks associated with the completion of the 2026-2030 capital investment plan, including shortages or delays in labor, materials, equipment or parts, prolonged or recurring U.S. federal government shutdowns could adversely affect our operations, regulatory approvals, and financial performance and could cause volatility in the capital markets which may interrupt our access to capital, new legislation, litigation or government regulation, including changes to tax laws and regulations, oversight of nuclear generation, energy commodity trading and new or modified requirements related to emissions of sulfur, nitrogen, mercury, carbon, soot or particulate matter and other substances that could impact the continued operation, cost recovery and/or profitability of generation plants and related assets, the impact of tax legislation or associated Department of Treasury guidance, including potential changes to existing tax incentives, on capital plans, results of operations, financial condition, cash flows or credit ratings, the risks before, during and after generation of electricity associated with the fuels used or the byproducts and wastes of such fuels, including coal ash and spent nuclear fuel, timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance, resolution of litigation or regulatory proceedings or investigation, the ability to efficiently manage and recover operation, maintenance and development project costs, prices and demand for power generated and sold at wholesale, changes in technology, particularly with respect to energy storage and new, developing, alternative or distributed sources of generation, the ability to recover through rates any remaining unrecovered investment in generation units that may be retired before the end of their previously projected useful lives, volatility and changes in markets for coal and other energy-related commodities, particularly changes in the price of natural gas, the impact of changing expectations and demands of customers, regulators, investors and stakeholders, including development, adoption and use of artificial intelligence by us, our customers, and our third party vendors and evolving expectations related to environmental, social and governance concerns, changes in utility regulation and the allocation of costs within regional transmission organizations, including ERCOT, PJM and SPP, changes in the creditworthiness of the counterparties with contractual arrangements, including participants in the energy trading market, actions of rating agencies, including changes in the ratings of debt, the impact of volatility in the capital markets on the value of the investments held by the pension, OPEB and nuclear decommissioning trust fund and a captive insurance entity and the impact of such volatility on future funding requirements, accounting standards periodically issued by accounting standard-setting bodies, other risks and unforeseen events, including wars and military conflicts, the effects of terrorism (including increased security costs), embargoes, cybersecurity threats, labor strikes impacting material supply chains, global information technology disruptions and other catastrophic events, the ability to attract and retain requisite work force and key personnel. Forward-looking statements in this document are presented as of the date of this document. Except to the extent required by applicable law, management undertakes no obligation to update or revise any forward-looking statement. Darcy Reese, Vice President Investor Relations 614-716-2614 dlreese@aep.com Annie Pribisko, Director Investor Relations 614-716-2646 acpribisko@aep.com 2 • Q3 2025 Earnings Presentation
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Non-GAAP Financial Measures AEP reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). AEP supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures, including operating earnings (non-GAAP), operating EPS (non-GAAP) and FFO to Total Debt (non-GAAP). Operating earnings exclude certain gains and losses and other specified items, including mark-to-market adjustments from commodity hedging activities and other items as set forth in the reconciliation in the Appendix. FFO to Total Debt is adjusted for capital and operating leases, pension, capitalized interest, adjustments related to hybrid debt, deferred fuel, minority interest and changes in working capital. Operating earnings could differ from GAAP earnings for matters such as impairments, divestitures, or changes in accounting principles. AEP management is not able to forecast if any of these items will occur or any amounts that may be reported for future periods. Therefore, AEP is not able to provide a corresponding GAAP equivalent for earnings guidance. Reflecting special items recorded through the third quarter of 2025, the estimated earnings per share on a GAAP basis would be $6.58 to $6.78 per share. This information is intended to enhance an investor’s overall understanding of period over period financial results and provide an indication of AEP’s baseline operating performance by excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this informationis among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting of future periods. These non-GAAP financial measures are not a presentation defined under GAAP and may not be comparable to other companies’ presentations. AEP has provided these non-GAAP financial measures as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These non-GAAP measures should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP measures provided in the materials presented. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are provided in the appendices and supplemental schedules to this presentation. Throughout this presentation, we use the terms operating earnings, operating EPS and FFO to Total Debt. Appendix 2 and the supplemental schedules accessible on our website contain reconciliations of these terms to the most comparable GAAP measure. 3 • Q3 2025 Earnings Presentation
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AEP: Accelerating Growth and Driving Value 4 • Q3 2025 Earnings Presentation High-quality, pure-play electric utility strategically positioned in growth regions, rooted in innovation and ready to meet unprecedented customer demand. VISION Improve customers’ lives with reliable, affordable power FOOTPRINT 5.6M customers throughout high-growth regions 30 GW of diverse owned and contracted generating capacity 40K transmission miles and 252K distribution miles Own and operate the largest transmission network in the U.S. FINANCIAL STRENGTH $72B 5-year capital plan ~10% rate base compounded annual growth rate (CAGR) expected through 2030 ~65 GW peak demand projected by 2030 7%-9% earnings growth rate with a 9% CAGR expected through 2030 EXECUTING OUR STRATEGY TO DRIVE VALUE Growth: We are strategically investing in high-growth opportunities that drive financial performance Customers: By leveraging our size and scale, we are acquiring critically needed infrastructure, including 8.7 GW of gas-fired turbine capacity already secured from major manufacturers, to meet rising customer demand Partnerships: We are deepening relationships with regulators, policymakers, customers and suppliers to advance system affordability, reliability and resiliency across our service territories AEP SERVICE TERRITORY WITH KEY GROWTH STATES: INDIANA, OHIO, OKLAHOMA AND TEXAS
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Bill Fehrman Chair, President and CEO INTRODUCTION AND STRATEGIC OVERVIEW
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Financial Guidance Overview 1 Management’s load growth expectations are based on underlying economic and demographic trends. Commercial load, driven by growth in energy intensive subsectors such as AI driven data center demand, is anticipated to be the largest component of retail load growth. Forecasted data center demand growth is supported by letters of agreement or electric service agreements with existing and future customers, which are subject to certain terms and conditions. 2 Includes AEP Transmission Holdco and transmission investments in AEP operating companies. Calculated using 2026E transmission earnings of $3.34 as a percentage of the 2026 guidance midpoint of $6.30. 7%-9% Operating EPS Growth Rate With an Expected 9% CAGR through 2030 $72B Capital Plan 2026-2030 14%-15% Targeted FFO/Debt Range 2026-2030 ~3% Dividend Yield 2026-2030 ~10% Rate Base Growth CAGR through 2030 ~65 GW System Peak Forecast by 2030 Includes 281 GW of Incremental Contracted Load Additions 2025-2030 ~10%-13% Total Expected Shareholder Return (TSR) 2026-2030 Outlook $6.15-$6.45 2026 Operating EPS Guidance Based off the 2025 Guidance Range Midpoint >$12B 2026 Capital Investment >50% 2026 Operating Earnings from High- Growth Transmission Business2 Incremental 4 GW 2026 Contracted Load Additions 2026 Guidance 6 • Q3 2025 Earnings Presentation Driving significant infrastructure investment, expected to deliver an attractive ~10%-13% TSR.
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Key Messages 7 • Q3 2025 Earnings Presentation 1 Refer to Appendix for the GAAP to operating earnings reconciliation. 2 Results were primarily impacted by the prior year’s sale of the Onsite Partners Distributed Resources business within Generation & Marketing. 2024 2025 $4.38 $4.78 3Q 2025 OPERATING EPS1,2 Third Quarter Results ✓ Reporting Q3 2025 EPS GAAP of $1.82 and Operating of $1.80; year-to-date 2025 EPS GAAP of $5.61 and Operating of $4.78 ✓ Guiding to the upper half of the 2025 operating earnings range of $5.75-$5.95 per share ✓ Approximately 2 GW of data center load came online in Q3 2025 contributing to commercial and industrial load growth of nearly 8% on a rolling 12-months basis as of 9/30/2025, compared to same periods prior year ✓ Delivering positive legislative and regulatory developments across our large and diversified footprint Strategy and Outlook ✓ Introducing a new long-term operating earnings growth rate of 7%-9% with an expected 9% CAGR through 2030; growth is projected in the lower half of the range for the first two years and at or above the high end of the range in 2028, 2029 and 2030 ✓ Unveiling 2026 operating earnings guidance range of $6.15-$6.45 per share ✓ Announcing strong load growth to 65 GW of system peak demand projected by 2030, including 28 GW of incremental contracted load from 2025-2030 backed by signed customer Electric Service Agreements (ESAs) or Letters of Agreement (LOAs) ✓ Advancing $72B, 5-year capital plan with a focus on large loads driving growth and mitigating customer bill impact by limiting residential rate increases to ~3.5% annually across the system ✓ Forecasting strong balance sheet with targeted FFO/Debt in the range of 14%-15% for S&P and Moody’s metrics; over 80% of growth equity is projected in the back half of the plan Establishing a new long-term operating earnings growth rate of 7%-9% with an expected 9% CAGR through 2030, driven by ~65 GW of system peak demand projected by 2030 and a $72B, 5-year capital plan. 2024 2025 $1.85 $1.80 YTD 2025 OPERATING EPS1
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Unmatched Transmission Scale and Expertise • AEP pioneered the modern 765 kV transmission system in North America, the highest voltage used in the U.S., bringing over 60 years of expertise in design, construction and operation. Many of today’s industry standards and practices for 765 kV transmission were developed by AEP • A single 765 kV line delivers the same power as six 345 kV lines, enabling significantly fewer lines and less land use, making 765 kV a compelling foundation for transmission expansion nationwide • AEP owns and operates more than 2,100 miles of 765 kV transmission lines and 30 substations across six states, representing 90% of the 765 kV infrastructure in the U.S. • AEP’s in-house engineering teams design and maintain 765 kV systems with comprehensive standards ready for project deployment, including specifications for manufacturing, design, equipment performance, and operations and maintenance • Recently awarded projects in the ERCOT Permian Basin and through the PJM Regional Transmission Expansion Plan position AEP for future growth opportunities8 • Q3 2025 Earnings Presentation AEP owns and operates the largest transmission network in the United States. AEP’s Current Transmission Network West East AEP’s 765 kV Expertise and Infrastructure 765 kV East 2,124 Miles 500 kV East 113 Miles 345 kV West 2,451 Miles East 3,583 Miles 138 kV West 8,028 Miles East 9,392 Miles
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Reduc ✓ May 2025: Ohio HB 15 establishes a new regulatory framework with multi- year, forward-looking test period with true-up provisions for rate cases ✓ May 2025: Oklahoma SB 998 authorizes the deferral of plant costs placed in service between rate cases ✓ June 2025: Texas HB 5247 allows for a single annual UTM filing to recover depreciation and carrying costs associated with capital investments ✓ April 2025: Approved AEP Texas ERCOT Permian Basin 765 kV transmission project ✓ April 2025: Approved AEP Texas System Resiliency Plan ✓ June 2025: Approved PSO’s acquisition of Green Country natural gas generation facility in Jenks, Oklahoma ✓ June 2025: Approved SWEPCO Texas System Resiliency Plan ✓ July 2025: Approved AEP Ohio’s Phase 3 gridSMART rider supporting continued investments in distribution automation ✓ July 2025: Approved KPCo’s recovery of advanced metering infrastructure ✓ August 2025: Reached unanimous settlement on I&M’s acquisition of the natural gas generation facility in Oregon, Ohio ✓ September/October 2025: Generation resources filings were submitted at I&M and PSO in September followed by the submission of West Virginia Integrated Resource Plan in October Recent Legislative and Regulatory Progress ✓ April 2025: Approved SWEPCO Texas’ 2022 and 2023 fuel and purchase power costs ✓ May 2025: Approved AEP Ohio’s customer contracts that utilize fuel cell technology ✓ June 2025: Issued FERC orders agreeing with AEP’s proposed treatment of NOLCs within its transmission formula rates ✓ June 2025: Closed on the $2.8B minority interest transmission transaction which contributed to S&P’s outlook upgrade to stable ✓ September 2025: Closed on the $2B junior subordinated debentures at below 6% rate with 50% equity credit ✓ June 2025: Completed KPCo securitization bond issuance ✓ July 2025: Approved AEP Ohio’s data center tariff ✓ August 2025: West Virginia commission issued an interim order indicating full approval of APCo’s securitization proposal Reduced Regulatory Lag Cost Recovery Finance Strategy Infrastructure Affordability 9 • Q3 2025 Earnings Presentation Focused operational excellence leads to improved legislative and regulatory outcomes.
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Affordability Levers Help Protect Customer Bills Amid Generational Growth 10 • Q3 2025 Earnings Presentation Affordability Levers ✓ Incremental Load Growth ✓ Data Center and Large Load Tariffs ✓ Continuous Focus on O&M Efficiency ✓ Securitization ✓ U.S. Department of Energy Loan Guarantees ✓ Efficient Financing (Strong Investment Grade Credit Rating) On a system average, we expect residential customer rates to increase approximately 3.5% annually over the forecasted period, below the 5-year historical average inflation rate of over 4%; costs are expected to be borne by other classes who are driving the increased investment Residential Customer Rate Impact Residential rate impacts are mitigated through affordability levers including load growth, rate design and O&M efficiency. Previous Plan Announced at 2024 EEI Current Plan 20 GW 28 GW Previous Plan Announced at 2024 EEI Current Plan $54B $72B Committed Load Growth Capital Expansion 33% Increase40% Increase Generational Growth
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Q3-25 RESULTS AND FINANCIAL GROWTH OUTLOOK Trevor Mihalik EVP and CFO
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Q3-25 Operating Earnings Key Drivers 12 • Q3 2025 Earnings Presentation 2024 Actual VERTICALLY INTEGRATED UTILITIES TRANSMISSION AND DISTRIBUTION UTILITIES AEP TRANSMISSION HOLDCO GENERATION & MARKETING CORPORATE AND OTHER 2025 Actual 2025 Actual EPS $1.07 $0.48 $0.37 $0.09 $(0.21) $1.80 (0.01) 0.02 (0.03) (0.10) 0.07 $1.80 Per Share $1.85 Per Share Invest Growth $0.01 Other $(0.04) Distributed Resources $(0.08) Retail $(0.03) Wholesale $0.01 O&M $0.04 Other $0.03 Rate Changes $0.05 Weather $(0.01) Normalized Sales $0.02 Transmission Revenue $0.02 Reliability Spend $(0.01) O&M $(0.02) Other $(0.03) 0 Rate Changes $0.13 Weather $(0.03) Normalized Sales $0.10 Transmission Revenue $0.02 Reliability Spend $(0.06) O&M $(0.06) Depreciation $(0.04) Income Taxes $(0.08) Other $0.01 Q3-25 results were primarily impacted by the prior year’s sale of the Onsite Partners Distributed Resources business within Generation & Marketing.
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YTD 2025 Operating Earnings Key Drivers 13 • Q3 2025 Earnings Presentation 2024 Actual VERTICALLY INTEGRATED UTILITIES TRANSMISSION AND DISTRIBUTION UTILITIES AEP TRANSMISSION HOLDCO GENERATION & MARKETING CORPORATE AND OTHER 2025 Actual 2025 Actual EPS $2.28 $1.26 $1.23 $0.41 $(0.40) $4.78 0.17 0.11 0.04 (0.02) 0.10 $4.78 Per Share $4.38 Per Share Invest Growth $0.10 Other $(0.06) Distributed Resources $(0.12) Retail $0.03 Wholesale $0.09 Income Taxes $(0.02) O&M $0.02 Income Taxes $0.03 Other $0.05 Rate Changes $0.19 Weather $0.03 Transmission Revenue $0.03 Reliability Spend $(0.05) O&M $(0.04) Net Interest ($0.04) Income Taxes $0.02 Other $(0.03) Rate Changes $0.40 Weather $0.02 Normalized Sales $0.14 Reliability Spend $(0.12) O&M $(0.06) Depreciation $(0.11) Income Taxes $(0.07) Other $(0.03) YTD 2025 earnings grew 9% over YTD 2024 providing a solid foundation for full-year performance.
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2026-2030 New Long-Term Operating Earnings Growth Rate of 7%-9% 14 • Q3 2025 Earnings Presentation 2025 Guidance 2026 Guidance 2027 Outlook 2028 Outlook 2029 Outlook 2030 Outlook ~8% growth off 2025 guidance midpoint Guiding to the upper half of the operating earnings range Delivering new 7%-9% long-term operating earnings growth rate with an expected 9% CAGR through 2030; growth is projected in the lower half of the range for the first two years and at or above the high end of the range in 2028, 2029 and 2030. $6.15-$6.45 Operating EPS$5.75-$5.95 Operating EPS
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45% 42% 13% 15 • Q3 2025 Earnings Presentation 2026-2030 Load Growth 1 Includes crypto customers. 2 1 2 4 5 65 10 15 20 22 2025E 2026E 2027E 2028E 2029E 2030E 2 GW 6 GW 12 GW 19 GW 25 GW 28 GW Data Center1 Industrial Cumulative Contracted Load Additions 79% 21% 28 GW 28 GW 45% 30% 12% 13% 28 GW Texas Ohio Indiana Oklahoma ERCOT PJM SPP Data Centers1 Industrials System Peak Forecast (Incremental 28 GW) Current 2030E ~37 GW ~65 GW Summer peak load Expand to ~65 GW reflecting contracted load additions through year-end 2030 Projected 2030 system peak demand of ~65 GW includes 28 GW of incremental contracted load from 2025-2030 backed by ESAs and LOAs and further supported by the 190 GW active projects in the interconnection queue.
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2026-2030 Investment Growth 16 • Q3 2025 Earnings Presentation 24% Distribution 26% Transmission 15% Transmission Holdco 11% Renewables 14% New Generation 4% Other Gen 6% Corp Distribution $17B Transmission $19B Transmission Holdco $11B Regulated Renewables $8B Regulated New Generation $10B Other Generation $3B Corporate1 $4B $72B 2026-2030 Capital Forecast $15 $16 $18 $20 $22 $24 $23 $25 $28 $32 $36 $40 $42 $43 $48 $55 $60 $64 2025E 2026E 2027E 2028E 2029E 2030E $80 $84 $94 $107 $118 $128 VIU T&D Transmission Holdco/JVs Capital Forecast of $72B Regulated Investments Rate Base of ~$128B in 2030 ($ in billions) $72B capital plan supports ~10% rate base CAGR through 2030 with nearly 90% of the investment expected to be recovered through reduced lag mechanisms. 1 Includes AEP and operating companies.
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2026-2030 High-Growth Transmission 17 • Q3 2025 Earnings Presentation $15 $16 $18 $20 $22 $24 $17 $18 $20 $22 $25 $27 2025E 2026E 2027E 2028E 2029E 2030E $32 $34 $38 $42 $47 $51 EPS Contributions ($/Share) 2025E AEP Transmission Holdco1 $1.50 Transmission Investments in AEP Operating Companies $1.66 2026E $1.55 $1.79 Rate base of transmission investments in AEP operating companies Rate base of AEP Transmission Holdco Transmission Rate Base ($ in billions) More than $50B expected in transmission rate base through 2030 delivers significant shareholder value. 1 Reflects the Ohio and I&M Transcos minority interest transaction closed in June 2025. Total $3.16 $3.34
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1 Other investing mainly relates to AFUDC and timing of nuclear fuel acquisitions. 2 Dividends per share remain constant until approved by Board of Directors. Dividends evaluated by Board of Directors each quarter and may be adjusted based on capital allocation priorities and other strategic considerations. Target payout ratio range is 50%-60% of operating earnings. 3 Could include equity-like instruments. Actual cash flows will vary by company and jurisdiction based on regulatory outcomes. 2026-2030 Financing Plan 18 • Q3 2025 Earnings Presentation ($ in millions) 2026E 2027E 2028E-2030E Total Cash from Operations $ 7,800 $ 8,500 $ 30,600 $ 46,900 Capital and JV Equity Contribution (12,200) (13,700) (46,100) (72,000) Other Investing Activities1 (400) (300) (1,400) (2,100) Common Dividends2 (2,100) (2,200) (6,700) (11,000) Required Capital $ (6,900) $ (7,700) $ (23,600) $ (38,200) Financing Required Capital $ (6,900) $ (7,700) $ (23,600) $ (38,200) Long-term Debt Maturities (2,300) (1,500) (7,200) (11,000) Securitization Amortizations (200) (300) (700) (1,200) Equity: 2025 Equity Forward Settlement 1,800 - - 1,800 Dividend Reinvestment Plan 180 180 540 900 Growth Equity (including ATM) 1,000 - 4,900 5,900 Debt Capital Market Activity3 $ (6,420) $ (9,320) $ (26,060) $ (41,800) Financial Metrics Debt to Capitalization (GAAP) Approximately 60%-63% FFO/Debt (S&P and Moody’s) 14%-15% Targeted Range Cash from operations improvement is expected to be driven by investment execution and positive legislative/ regulatory development; over 80% of growth equity is projected to be issued during the back half of the plan.
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19 • Q3 2025 Earnings Presentation Delivered strong year-to-date financial performance, giving us confidence to guide to the upper half of the 2025 operating earnings range of $5.75-$5.95 Closing Remarks Formalized $72B capital plan, driving a 10% five-year rate base CAGR, with nearly 90% of investment expected to be recovered through reduced lag mechanisms Announced new long-term growth rate of 7%-9%, with growth expected to be at or above the high end of the range in the final three years of our plan Demonstrated strong load growth which is substantial, conservative and serves as the foundation of our capital plan Reinforced affordability and balance sheet strength is central to our strategy as we execute our capital plan with discipline Achieved recent positive regulatory and legislative developments, providing benefits for our customers and shareholders $72B Capital Plan 2026-2030 ~10% Rate Base CAGR through 2030 7%-9% Operating EPS Growth Rate with an Expected 9% CAGR through 2030 14%-15% Targeted FFO/Debt Range 2026-2030 ~65 GW System Peak Demand by 2030 Guidance Overview 1 2 3 4 5 6
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Forecast Highlights Supporting Transformative Growth APPENDIX 1
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2025E VERTICALLY INTEGRATED UTILITIES TRANSMISSION AND DISTRIBUTION UTILITIES AEP TRANSMISSION HOLDCO GENERATION & MARKETING CORPORATE AND OTHER 2026E 2026E $3.33 $1.70 $1.55 $0.37 $(0.65) $6.30 $5.85/sh 2025 EPS Midpoint 0.42 0.12 0.05 (0.04) (0.10) $6.30/sh 2026 EPS Midpoint Rate Changes $0.23 Transmission Revenue $0.20 Normalized Sales $0.01 Reliability Spend $(0.03) O&M $(0.05) Depreciation $(0.09) Net Interest $(0.08) Other Taxes $(0.06) Other $(0.01) Investment/Rate Base Growth $0.06 Financing $(0.01) Retail $(0.09) Wholesale $0.07 Other $(0.02) O&M $(0.02) Net Interest $(0.02) Income Taxes $(0.03) Other $(0.03) 2026 Operating Earnings Guidance Key Drivers 21 • Q3 2025 Earnings Presentation Rate Changes $0.54 Transmission Revenue $0.05 Normalized Sales $0.48 Reliability Spend $(0.16) O&M $(0.12) Depreciation $(0.12) Net Interest $(0.22) Other $(0.03)
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Sensitivity EPS Retail Sales VIU T&D Residential 1.0% +/- $0.038 $0.012 Commercial and Industrial 1.0% +/- $ 0.032 $ 0.007 Data Center 1.0% +/- $ 0.008 $ 0.001 O&M Expense (excludes O&M with offsets) 1.0% +/- $ 0.05 Interest Expense (floating debt) 25 bps +/- $ 0.01 Interest Expense (new issuances) 25 bps +/- $ 0.01 Regulated ROE 10 bps +/- $ 0.07 2026 Assumptions and Key Sensitivities Sensitivity Analysis Earnings to EPS A $6.9M change in pretax earnings equals $0.01 per share Averages Shares Outstanding 546.1M Assumptions Residential 57,304 GWh Commercial and Industrial 110,659 GWh Data Centers 39,952 GWh 2026 Regulated Connected Load (Bill and Accrued) 22 • Q3 2025 Earnings Presentation
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Regulated Earned Returns 10.1% 9.0% 7.5% 5.4% 10.0% 8.4% 8.4% 10.5% 2% 4% 6% 8% 10% 12% 14% 1 Base rate cases pending/order recently received. Sphere size is based on each company’s relative equity balance. 23 • Q3 2025 Earnings Presentation Twelve Months Ended 9/30/2025 ROE by Company; Regulated Operations was 9.1% (non-GAAP operating earnings, not weather normalized) I&MAEP Ohio1Transmission Holdco AEP Texas PSO APCo1SWEPCO1 KPCo1 8.8% 2023 9.05% 2024 9.1% 3Q-25 9.2% 2026E 9.5% 2030E Forecasted Regulated ROE is expected to improve to approximately 9.5% by 2030 supported by investment execution and legislative and regulatory advancements. AEP Regulated ROE Trend Forecasted Regulated ROE for 2026-2030 Ranges from 9.2%-9.5%
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Current Rate Case Activity Achieve positive regulatory outcomes to advance affordability, system reliability, resiliency and security. 1 Filing also included a securitization option for customer rate mitigation which received interim approval under Docket 25-0310-E-PC. 2 The commission approved using the current Expanded Net Energy Charge to defer the base rate increase until securitization is completed. 3 Does not include $20M moving from base rates to rider recovery. APCo – West Virginia1 Docket # 25-392-EL-AIR Filing Date 5/30/2025 Requested Rate Base $5.1B Requested ROE 10.9% Cap Structure 49.1%D / 50.9%E Net Revenue Increase $97M Test Year 11/30/2025 Procedural Schedule Intervenor Testimony 11/17/2025 Hearing 1/21/2026 Expected Commission Order and Effective Date Q3 2026 Docket # 24-0854-E-42T Filing Date 11/1/2024 Requested Rate Base $5.3B Requested ROE 10.8% Cap Structure 52.3%D / 47.7%E Gross Revenue Increase $250M Test Year 12/31/2023 Commission Order Summary Commission Order 8/28/2025 Effective Date2 9/1/2025 ROE 9.25% Cap Structure 56%D / 44%E Gross Revenue Increase $76M AEP Ohio Docket # 2025-00257 Filing Date 8/29/2025 Requested Rate Base $1.9B Requested ROE 10.0% Cap Structure 53.9%D / 46.1%E Gross Revenue Increase $75M3 (Less $1M D&A) Net Revenue Increase $74M Test Year 5/31/2025 KPCo 24 • Q3 2025 Earnings Presentation
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Current Rate Case Activity Achieve positive regulatory outcomes to advance affordability, system reliability, resiliency and security. Docket # 25-003-U Filing Date 3/28/2025 Requested Rate Base $2.2B Requested ROE 10.9% Cap Structure 52.3%D / 47.7%E Gross Revenue Increase $114M (Less $18M D&A) Net Revenue Increase $96M Test Year 12/31/20241 Procedural Schedule Hearing 11/19/2025 1 Filing allows for adjustments to expected capital additions through 12/31/2025. 2 Does not include $69M moving from rider recovery to base rates. SWEPCO – Arkansas 25 • Q3 2025 Earnings Presentation Docket # 58819 Filing Date 10/14/2025 Requested Rate Base $2.4B Requested ROE 10.75% Cap Structure 48%D / 52%E Gross Revenue Increase $95M2 (Less $11M D&A) Net Revenue Increase $84M Test Year 3/31/2025 SWEPCO – Texas
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Focused O&M Efficiency Helps with Customer Affordability Maintaining disciplined O&M spending below average inflation levels despite rising costs and expanding rate base. $1.0B $1.0B $0.9B $1.0B $1.0B $3.1B $3.1B $3.4B $3.5B $3.8B $0B $1B $2B $3B $4B $5B $6B 2022A 2023A 2024A 2025A 2026E Wires and Other Generation 2026E inflation gap of ~$0.7B Inflation ~4.2% Avg. 2022A – 2026E Total Non-fuel O&M Inflation 2022A 2023A 2024A 2025E 2026E $3.0 $2.9 $2.8 $3.0 $3.3 Untracked O&M ($ in billions) $62B 2022A Rate Base $84B 2026E Rate Base 26 • Q3 2025 Earnings Presentation
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1 Includes Wheeling Power Company.. 2026-2030 Capital Forecast by Subsidiary Capital plans are continuously optimized which may result in redeployment between timing, functions and companies. 27 • Q3 2025 Earnings Presentation ($ in millions, excludes AFUDC) 2026E 2027E 2028E 2029E 2030E Total AEP Texas Company $2,351 $2,599 $3,738 $3,781 $4,333 $16,802 AEP Transmission Holdco 1,486 1,966 2,437 2,483 2,235 10,607 Appalachian Power Company1 1,608 1,282 3,027 1,722 1,840 9,479 Indiana Michigan Power Company 1,832 2,293 2,458 1,579 1,188 9,350 Public Service Company of Oklahoma 1,697 2,329 1,999 1,129 1,367 8,521 Southwestern Electric Power Company 1,211 1,272 1,443 1,732 2,019 7,677 AEP Ohio 1,203 1,192 1,136 1,193 1,011 5,735 Kentucky Power Company 314 341 404 517 408 1,984 Kingsport Power Company 23 25 25 25 22 120 AEP Generating Company 13 8 3 - - 24 Other 493 351 278 279 266 1,667 Total Capital Contributions $12,231 $13,658 $16,948 $14,440 $14,689 $71,966
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Demand Driving Generation Diversity 1 Resource additions are from Integrated Resource Plans (IRP) filings based on current regulations, alternative forms of generation may be added based on specific customer requests. 2 Investments in new generation resources will be subject to market availability of economic projects, regulatory preferences and approvals, and RTO capacity requirements. 3 Natural gas additions may include peaking units and fuel switching to provide reliable, affordable and flexible power. 4 RFPs represent up-to MW capacity values; related regulatory filings will take into consideration commission preferences including owned and contracted resources. 2025 | 2026 AR – FEB Completed IN – MAR Completed WV – OCT Completed VA VCEA – MAY Completed VA VCEA – MAY MI – 4Q 28 • Q3 2025 Earnings Presentation IRP Filings Company APCo RFPs Issued May-25 All Source (Renewables and Natural Gas) 800 MW Renewable Resources Reg. Filings and Approvals Projected In-service Dates I&M PSO Sep-24 Nov-23 4,000 MW 1,500 MW of SPP accredited capacity Q2-26 - Q4-26 Q2-25 - Q3-26 Q3-25 - Q2-26 2028 or 2029 2028 or 2029 2027 or 2028 2026-20351 Projected Resource Needs RFPs In Progress4 Nameplate MW2 Solar APCo 1,926 I&M 2,959 Wind Storage Nat. Gas3 Total KPCo PSO SWEPCO Total 605 252 3,071 5,854 3,100 50 6,690 12,799 - - - 450 450 893 753 200 1,975 3,821 600 598 - 3,113 4,311 6,378 5,056 502 15,299 27,235 Significant generation is required to meet new demand.
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Generation Diversity 59th EEI Financial Conference Hollywood, Florida November 10-12, 2024 29 UPDATE Third Quarter Results APPENDIX 2
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Billed Sales Trends 30 • Q3 2025 Earnings Presentation Load figures are billed retail sales excluding firm wholesale load and are not weather normalized. Residential C&I Total Retail 1.9% 1.3% 1.5% Residential C&I Total Retail 2.7% 14.2% 10.6% Residential C&I Total Retail 2.3% 7.9% 6.0% Vertically Integrated Utilities Transmission and Distribution Total Rolling Twelve Months, as of September 30, 2025 (GWh) Realized significant commercial and industrial sales growth of nearly 8% compared to same periods prior year.
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Third Quarter Liquidity and Credit Metrics S&P Moody’s Fitch Rating / Outlook BBB / Stable Baa2 / Stable BBB / Stable Credit Metric FFO/Debt: 15.7% FFO/Debt: 13.2% FFO Leverage: 5.5x Targeted Range 14%-15% 5.0x-5.5x Downgrade Threshold 13% Sustained 5.8x Sustained Debt / Capitalization 60.0% ($ in millions) Amount Maturity Revolving Credit Facility $ 5,000 March 2029 Revolving Credit Facility 1,000 March 2027 Plus Cash and Cash Equivalents 1,068 Less Commercial Paper Outstanding (250) Net Available Liquidity $ 6,818 31 • Q3 2025 Earnings Presentation Rating agency views as calculated by AEP and may not include all adjustments that could be made by the rating agencies. Liquidity Summary 9/30/2025 Credit Metrics Trailing 12 Months 9/30/2025
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Third Quarter FFO to Total Debt 32 • Q3 2025 Earnings Presentation Moody’s FFO to Debt as of 9/30/2025 was 13.2%. 12 Months Ended 9/30/2025 Cash Flow from Operations (GAAP) $ 6,858 Changes in Working Capital (639) Operating Lease Depreciation 112 Capitalized Interest (147) Junior Subordinated Debentures Interest 50 Minority Interest (71) Deferred Fuel Recoveries (137) Funds Flow from Operations (FFO) (non-GAAP) $ 6,026 ($ in millions) As of 9/30/2025 Total Debt (incl. current maturities) (GAAP) $ 47,295 Junior Subordinated Debentures (50%) (1,875) Operating Leases 595 Finance Lease Obligations 156 Pension 205 Minority Interest (859) Adjusted Total Debt (non-GAAP) $ 45,517 ($ in millions) RECONCILIATION OF CASH FLOW FROM OPERATIONS TO FFO RECONCILIATION OF TOTAL DEBT TO ADJUSTED TOTAL DEBT Moody’s view as calculated by AEP and may not include all adjustments that could be made by the rating agency.
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Third Quarter Earnings Reconciliation 33 • Q3 2025 Earnings Presentation Weighted average number of share outstanding: 535M Q3 2025 and 532M Q3 2024. $ in millions Earnings Per Share Q3-24 Q3-25 Change Q3-24 Q3-25 Change Reported GAAP Earnings $960 $972 $12 $1.80 $1.82 $0.02 Non-Operating Items: Impact of Ohio Legislation 1 - (8) (8) - (0.02) (0.02) Mark-to-Market Impact of Commodity Hedging Activities 2 6 (1) (7) 0.01 - (0.01) SEC Contingency 3 19 - (19) 0.04 - (0.04) AEP Operating Earnings $985 $963 ($22) $1.85 $1.80 ($0.05) 1 Items recorded mainly or entirely in the T&D segment. 2 Items recorded across multiple segments. 3 Items recorded mainly or entirely in the Corporate and Other segment.
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YTD Earnings Reconciliation 34 • Q3 2025 Earnings Presentation Weighted average number of share outstanding: 534M YTD 2025 and 529M YTD 2024. $ in millions Earnings Per Share YTD-24 YTD-25 Change YTD-24 YTD-25 Change Reported GAAP Earnings $2,303 $2,998 $695 $4.35 $5.61 $1.26 Non-Operating Items: FERC NOLC Order1 - (480) (480) - (0.90) (0.90) Impact of Ohio Legislation2 - 19 19 - 0.04 0.04 Sale of Distributed Resources Business4 10 9 (1) 0.02 0.02 - Mark-to-Market Impact of Commodity Hedging Activities1 (52) 6 58 (0.09) 0.01 0.10 Impact of NOLC on Retail Rate Making3 (260) - 260 (0.50) - 0.50 Provision for Refund – Turk Plant3 126 - (126) 0.24 - (0.24) Federal EPA Coal Combustion Residuals Rule1 111 - (111) 0.21 - (0.21) Severance Charges1 94 - (94) 0.18 - (0.18) Remeasurement of Excess ADIT Regulatory Liability3 (44) - 44 (0.09) - 0.09 SEC Contingency4 19 - (19) 0.04 - (0.04) Dolet Hills Plant Disallowance3 11 - (11) 0.02 - (0.02) AEP Operating Earnings $2,318 $2,552 $234 $4.38 $4.78 $0.40 1 Items recorded across multiple segments. 2 Items recorded mainly or entirely in the T&D segment. 3 Items recorded mainly or entirely in the VIU segment. 4 Items recorded mainly or entirely in the Corp & Other segment.
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Vertically Integrated Utilities Third quarter Performance 35 • Q3 2025 Earnings Presentation Rate Performance, net of offsets ($ in millions) Q3-25 vs. Q3-24 APCo3 $1 I&M $19 KPCo $(2) PSO $52 SWEPCO $20 Total $90 Impact on Operating EPS Weather Impact ($ in millions) Q3-25 vs. Q3-24 Q3-25 vs. Normal APCo3 $(18) $(8) I&M $2 $4 KPCo - $5 PSO $(8) $(8) SWEPCO $2 $14 Total $(22) $7 Impact on Operating EPS Retail Load1 (weather normalized) Q3-25 vs. Q3-24 APCo3 1.4% I&M 10.3% KPCo (0.6)% PSO 0.3% SWEPCO 4.6% Total 3.3% Impact on Operating EPS2$0.13 RATE CHANGES WEATHER IMPACT NORMALIZED SALES 1 Includes load on a billed basis only, excludes firm wholesale load and accrued sales. 2 Includes EPS impact of accrued revenues. 3 APCo also includes WPCo and KGPCo. $0.01$0.03 $0.10
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Vertically Integrated Utilities YTD Performance 36 • Q3 2025 Earnings Presentation Rate Performance, net of offsets ($ in millions) YTD-25 vs. YTD-24 APCo3 $35 I&M $98 KPCo $(7) PSO $95 SWEPCO $48 Total $269 Impact on Operating EPS Weather Impact ($ in millions) YTD-25 vs. YTD-24 YTD-25 vs. Normal APCo3 $16 $3 I&M $9 $2 KPCo $7 $5 PSO $(20) $(15) SWEPCO $6 $33 Total $18 $28 Impact on Operating EPS Retail Load1 (weather normalized) YTD-25 vs. YTD-24 APCo3 (0.5)% I&M 4.3% KPCo (2.1)% PSO 1.7% SWEPCO 1.5% Total 1.2% Impact on Operating EPS2$0.40 $0.02 RATE CHANGES WEATHER IMPACT NORMALIZED SALES 1 Includes load on a billed basis only, excludes firm wholesale load and accrued sales. 2 Includes EPS impact of accrued revenues. 3 APCo also includes WPCo and KGPCo. $0.04 $0.14
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Transmission and Distribution Utilities Third quarter Performance 37 • Q3 2025 Earnings Presentation WEATHER IMPACT Rate Performance, net of offsets ($ in millions) Q3-25 vs. Q3-24 AEP Ohio $4 AEP Texas $31 Total $35 Impact on Operating EPS Weather Impact ($ in millions) Q3-25 vs. Q3-24 Q3-25 vs. Normal AEP Ohio $(8) $1 AEP Texas $(1) $2 Total $(9) $3 Impact on Operating EPS - Retail Load1 (weather normalized) Q3-25 vs. Q3-24 AEP Ohio 18.5% AEP Texas 9.3% Total 14.1% Impact on Operating EPS2$0.05 1 Includes load on a billed basis only, excludes firm wholesale load and accrued sales. 2 Includes EPS impact of accrued revenues. NORMALIZED SALES RATE CHANGES $0.01 $0.02
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Transmission and Distribution Utilities YTD Performance 38 • Q3 2025 Earnings Presentation WEATHER IMPACT Rate Performance, net of offsets ($ in millions) YTD-25 vs. YTD-24 AEP Ohio $61 AEP Texas $66 Total $127 Impact on Operating EPS Weather Impact ($ in millions) YTD-25 vs. YTD-24 YTD-25 vs. Normal AEP Ohio $13 $18 AEP Texas $12 $22 Total $25 $40 Impact on Operating EPS Retail Load1 (weather normalized) YTD-25 vs. YTD-24 AEP Ohio 11.9% AEP Texas 8.6% Total 10.3% Impact on Operating EPS2 -$0.19 $0.03 1 Includes load on a billed basis only, excludes firm wholesale load and accrued sales. 2 Includes EPS impact of accrued revenues. $0.06 NORMALIZED SALES RATE CHANGES