American Electric Power Company (AEP) investor relations material

Strategic positioning and growth outlook

• Serving 5.6 million customers in high-growth regions with 33 GW of generating capacity and the largest U.S. transmission network.

• $78B five-year capital plan with over $10B in additional capital opportunities identified.

• Expecting 11% rate base CAGR and 7%-9% annual operating earnings growth, with a CAGR above 9% through 2030.

• Key growth states include Indiana, Ohio, Oklahoma, and Texas, driven by data center and industrial demand.

• Incremental contracted load forecasted to reach 69 GW by 2030, up from 63 GW earlier in 2026.

Financial performance and guidance

• Raised 2026 operating EPS guidance to $6.25-$6.55 per share, reflecting strong year-to-date results.

• Forecasting 10%-13% total annual shareholder return and 3% dividend yield from 2026-2030.

• 2026 capital investment set at $13B, with a $78B capital plan through 2030.

• Targeting FFO/debt ratio of 14%-15% and maintaining a de-risked financing plan with $3B equity forwards executed.

• Over 50% of 2026 operating earnings expected from high-growth transmission business.

Customer and regulatory initiatives

• Enhanced affordability with $16B in cost offsets for residential customers via take-or-pay ESAs.

• Secured ~$5B in DOE loans and $400M in grants, delivering $1.4B in customer savings.

• Implemented rate reductions in Ohio and Indiana, supported by large load growth.

• Approved large load tariffs in six of eight states, with remaining approvals targeted by end of 2026.

• Advanced rate cases and securitization initiatives across key jurisdictions, improving regulatory outcomes.