American Electric Power : Q4 2025 Supplemental Slides

AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES PRESENTATION MATERIALS FOR PRESS RELEASE & EARNINGS CALL as of: December 31, 2025 AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES PRESENTATION MATERIALS FOR PRESS RELEASE & EARNINGS CALL as of: December 31, 2025 Contents Consolidated Income Statements - Segments

Year-to-Date 2025 - GAAP Earnings page 3

Year-to-Date 2025 - Operating Earnings page 4

Year-to-Date 2025 - Difference from GAAP page 5

Quarter-to-Date 2025 - GAAP Earnings page 6

Quarter-to-Date 2025 - Operating Earnings page 7

Quarter-to-Date 2025 - Difference from GAAP page 8

Consolidated Income Statements - Operating Earnings

Year-to-Date 2025 - Vertically Integrated Utilities page 9 Year-to-Date 2025 - Transmission & Distribution Utilities page 10

Quarter-to-Date 2025 - Vertically Integrated Utilities page 11 Quarter-to-Date 2025 - Transmission & Distribution Utilities page 12

(in millions)

GAAP Earnings

TOTAL REVENUE

REVENUE

Eliminations

Corp & Other

Generation & Marketing

AEP

Transmission Holdco

Trans & Dist Utilities

Vertical Int Utilities

$ 12,819 $

6,147 $

2,377 $

2,762 $

144 $

(2,373)

Total AEP

$ 21,876

EXPENSES

Purchased Electricity, Fuel and Other Consumables Used for Electric
Generation		4,056		943		-		2,325		-		(293)	7,031
Maintenance and Other Operation		3,884		2,318		194		83		74		(2,104)	4,449
Asset Impairments and Other Related Charges		35		31		-		-		-		-	66
Depreciation and Amortization		2,076		821		487		16		(20)		-	3,380
Taxes Other Than Income Taxes		532		744		328		2		1		24	1,631
TOTAL EXPENSES		10,583		4,857		1,009		2,426		55		(2,373)	16,557
OPERATING INCOME		2,236		1,290		1,368		336		89		-	5,319
Other Income		23		3		7		32		78		(95)	48
Non-Service Pension (Costs)/Benefits		70		41		1		22		4		-	138
AFUDC		74		77		94		-		-		-	245
Interest Expense		(856)		(424)		(241)		(8)		(592)		95	(2,026)
INCOME BEFORE INCOME TAXES & EQUITY EARNINGS		1,547		987		1,229		382		(421)		-	3,724
Income Taxes		(60)		173		42		95		(121)		-	129
Equity Earnings		1		2		87		-		11		-	101
NET INCOME		1,608		816		1,274		287		(289)		-	3,696
Net Income - Noncontrolling Interests		3		-		113		-		-		-	116
EARNINGS ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS		$ 1,605		$ 816		$ 1,161		$ 287		$ (289)		$ - $	3,580

(in millions, except EPS)

Operating Earnings (non-GAAP)

REVENUE

TOTAL REVENUE

Eliminations

Corp & Other

Generation & Marketing

AEP

Transmission Holdco

Trans & Dist Utilities

Vertical Int Utilities

$ 12,789 $

6,147 $

2,175 $

2,765 $

144 $

(2,188)

Total AEP

$ 21,832

EXPENSES

Purchased Electricity, Fuel and Other Consumables Used for Electric
Generation	4,079	918		-		2,325		-		(293)		7,029
Maintenance and Other Operation	3,834		2,318		194		66		79		(1,919)	4,572
Asset Impairments and Other Related Charges	-		-		-		-		-		-	-
Depreciation and Amortization	2,076		821		487		16		(20)		-	3,380
Taxes Other Than Income Taxes	532		744		328		2		1		24	1,631
TOTAL EXPENSES	10,521		4,801		1,009		2,409		60		(2,188)	16,612
OPERATING INCOME	2,268		1,346		1,166		356		84		-	5,220
Other Income	23		3		7		32		78		(95)	48
Non-Service Pension (Costs)/Benefits	70		41		1		22		4		-	138
AFUDC	74		77		94		-		-		-	245
Interest Expense	(856)		(424)		(241)		(8)		(592)		95	(2,026)
INCOME BEFORE INCOME TAXES & EQUITY EARNINGS	1,579		1,043		1,027		402		(426)		-	3,625
Income Taxes	64		185		248		99		(122)		-	474
Equity Earnings	1		2		87		-		11		-	101
INCOME BEFORE DISCONTINUED OPERATIONS AND CUMULATIVE EFFECT	1,516		860		866		303		(293)		-	3,252
DISCONTINUED OPERATIONS (Net of Tax)	-		-		-		-		-		-	-
EXTRAORDINARY LOSS (Net of Tax)	-		-		-		-		-		-	-
CUMULATIVE EFFECT OF ACCOUNTING CHANGES (Net of Tax)	-		-		-		-		-		-	-
NET INCOME	1,516		860		866		303		(293)		-	3,252
Net Income - Noncontrolling Interests	3		-		59		-		-		-	62
Preferred Stock Dividend Requirements of Subsidiaries	-		-		-		-		-		-	-
OPERATING EARNINGS	$ 1,513		$ 860		$ 807		$ 303		$ (293)		$ - $	3,190
OPERATING EARNINGS PER SHARE Based on Average Shares of: 534.5 million	2.83		1.61		1.51		0.57		(0.55)			5.97

Eliminations

Corp & Other

Generation & Marketing

AEP

Transmission Holdco

Trans & Dist Utilities

Vertical Int Utilities

(in millions)

Differences between GAAP and Operating Earnings (non-GAAP)

REVENUE

TOTAL REVENUE $

30 $

- $ 202 $

(3) $

- $ (185)

Total AEP

$ 44

EXPENSES
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation			(23)			25			-			-			-				-			2
Maintenance and Other Operation			50			-			-			17				(5)			(185)			(123)
Asset Impairments and Other Related Charges			35			31			-			-			-				-			66
Depreciation and Amortization			-			-			-			-			-				-			-
Taxes Other Than Income Taxes			-			-			-			-			-				-			-
TOTAL EXPENSES			62			56			-			17				(5)			(185)			(55)
OPERATING INCOME			(32)			(56)			202			(20)				5			-			99
Other Income			-			-			-			-			-				-			-
Non-Service Pension (Costs)/Benefits			-			-			-			-			-				-			-
AFUDC			-			-			-			-			-				-			-
Interest Expense			-			-			-			-			-				-			-
INCOME BEFORE INCOME TAXES & EQUITY EARNINGS			(32)			(56)			202			(20)				5			-			99
Income Taxes			(124)			(12)			(206)			(4)				1			-			(345)
Equity Earnings			-			-			-			-			-				-			-
NET INCOME			92			(44)			408			(16)				4			-			444
Net Income - Noncontrolling Interests			-			-			54			-			-				-			54
Earnings Variance		$	92		$	(44)		$	354		$	(16)		$		4		$	-		$	390
Adjustments, after-tax
Mark-to-Market Impact of Commodity Hedging Activities		(7)			-			-			(2)			-				-			(9)
Sale of AEP OnSite Partners		-			-			-			(14)					4		-			(10)
Impact of Ohio Legislation		-			(19)			-			-			-				-			(19)
FERC NOLC Order		126			-			354			-			-				-			480
Impairment of Software Development Costs		(27)			(25)			-			-			-				-			(52)
X		-			-			-			-			-				-			-
X		-			-			-			-			-				-			-
X		-			-			-			-			-				-			-
X		-			-			-			-			-				-			-
		92			(44)			354			(16)					4		-			390

(in millions)

GAAP Earnings

TOTAL REVENUE

REVENUE

Eliminations

Corp & Other

Generation & Marketing

AEP

Transmission Holdco

Trans & Dist Utilities

Vertical Int Utilities

$ 3,080 $

1,481 $

505 $

737 $

34 $

(523)

Total AEP

$ 5,314

EXPENSES

Purchased Electricity, Fuel and Other Consumables Used for Electric

Generation 892		212		-		624		-			(72)	1,656
Maintenance and Other Operation 1,020		577		56		18				31	(456)	1,246
Asset Impairments and Other Related Charges 35		31		-		-		-			-	66
Depreciation and Amortization	482		207		126		4		(5)		-	814
Taxes Other Than Income Taxes	134		189		88		1		-		6	418
TOTAL EXPENSES	2,563		1,216		270		647		26		(522)	4,200
OPERATING INCOME	517		265		235		90		8		(1)	1,114
Other Income	6		1		2		10		20		(26)	13
Non-Service Pension (Costs)/Benefits	17		10		-		5		1		1	34
AFUDC	23		21		28		-		-		-	72
Interest Expense	(235)		(106)		(63)		(2)		(153)		26	(533)
INCOME BEFORE INCOME TAXES & EQUITY EARNINGS	328		191		202		103		(124)		-	700
Income Taxes	57		31		52		25		(50)		-	115
Equity Earnings	-		-		21		-		-		-	21
NET INCOME	271		160		171		78		(74)		-	606
Net Income - Noncontrolling Interests	1		-		23		-		-		-	24
EARNINGS ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$ 270		$ 160		$ 148		$ 78		$ (74)		$ - $	582

(in millions, except EPS)

Operating Earnings (non-GAAP)

Eliminations

Corp & Other

Generation & Marketing

AEP

Transmission Holdco

Trans & Dist Utilities

Vertical Int Utilities

Total AEP

TOTAL REVENUE

REVENUE

$ 3,075 $

1,481 $

505 $

748 $

34 $

(523) $

5,320

EXPENSES

Purchased Electricity, Fuel and Other Consumables Used for Electric

Generation 892		212		-		624		-			(72)	1,656
Maintenance and Other Operation 1,020		577		56		18				31	(456)	1,246
Asset Impairments and Other Related Charges -		-		-		-		-			-	-
Depreciation and Amortization	482		207		126		4		(5)		-	814
Taxes Other Than Income Taxes	134		189		88		1		-		6	418
TOTAL EXPENSES	2,528		1,185		270		647		26		(522)	4,134
OPERATING INCOME	547		296		235		101		8		(1)	1,186
Other Income	6		1		2		10		20		(26)	13
Non-Service Pension (Costs)/Benefits	17		10		-		5		1		1	34
AFUDC	23		21		28		-		-		-	72
Interest Expense	(235)		(106)		(63)		(2)		(153)		26	(533)
INCOME BEFORE INCOME TAXES & EQUITY EARNINGS	358		222		202		114		(124)		-	772
Income Taxes	64		37		52		28		(50)		-	131
Equity Earnings	-		-		21		-		-		-	21
NET INCOME	294		185		171		86		(74)		-	662
Net Income - Noncontrolling Interests	1		-		23		-		-		-	24
OPERATING EARNINGS	$ 293		$ 185		$ 148		$ 86		$ (74)		$ - $	638
OPERATING EARNINGS PER SHARE Based on Average Shares of: 535.6 million	0.55		0.34		0.28		0.16		(0.14)			1.19

Eliminations

Corp & Other

Generation & Marketing

AEP

Transmission Holdco

Trans & Dist Utilities

Vertical Int Utilities

(in millions)

Differences between GAAP and Operating Earnings (non-GAAP)

REVENUE

TOTAL REVENUE $ 5 $

- $ - $

(11) $ - $

Total AEP

- $ (6)

EXPENSES

Purchased Electricity, Fuel and Other Consumables Used for Electric
Generation		-			-			-		-		-		-		-
Maintenance and Other Operation		-			-			-		-		-		-		-
Asset Impairments and Other Related Charges Depreciation and Amortization		-	35		-	31		- -		- -		- -		- -		-	66
Taxes Other Than Income Taxes		-			-			-		-		-		-		-
TOTAL EXPENSES			35			31		-		-		-		-			66
OPERATING INCOME		(30)			(31)			- (11)				-			- (72)
Other Income		-			-			- -				-			- -
Non-Service Pension (Costs)/Benefits		-			-			- -				-			- -
AFUDC		-			-			- -				-			- -
Interest Expense		-			-			- -				-			- -
INCOME BEFORE INCOME TAXES & EQUITY EARNINGS		(30)			(31)			- (11)				-			- (72)
Income Taxes		(7)			(6)			- (3)				-			- (16)
Equity Earnings		-			-			- -				-			- -
NET INCOME		(23)			(25)			- (8)				-			- (56)
Net Income - Noncontrolling Interests		$ -			$ -			$ - $ -				$ - $			- $ -
Earnings Variance		$ (23)			$ (25)			$ - $ (8)				$ - $			- $ (56)
Adjustments, after-tax Mark-to-Market Impact of Commodity Hedging Activities		4			-			- (8)				-			- (4)
Sale of AEP OnSite Partners		-			-			- -				-			- -
Impact of Ohio Legislation		-			-			- -				-			- -
FERC NOLC Order		-			-			- -				-			- -
Impairment of Software Development Costs X		(27)			(25)			- -				-			- (52)
X		-			-			- -				-			- -
		(23)			(25)			- (8)				-			- (56)

$

4,204

$

454

$

282

$

3,042

$

762

$

215

$

2,017

$

2,330

$

(517) $

12,789

21

2

4

20

5

1

8

7

2

70

-

-

392

-

-

-

8

40

8

-

-

-

$

8

$

392

$

40

$

8

-

-

-

8

-

-

-

414

-

-

-

-

-

-

41

8

Wheeling Power Company

Appalachian Power Company

Vertical Int Utilities

I&M Power Company

AEP Generating

Kentucky Power

Kingsport Power

Public Service Co - Oklahoma

Southwestern Electric Power Co.

Eliminations

(in millions)

Operating Earnings (non-GAAP)

REVENUE

TOTAL REVENUE

EXPENSES

Purchased Electricity, Fuel and Other Consumables Used for Electric
Generation		1,414		161		162		871		271		160		752		727		(439)		4,079
Maintenance and Other Operation		1,198		148		46		1,027		218		20		608		643		(74)		3,834
Depreciation and Amortization		632		37		58		514		136		10		260		429		-		2,076
Taxes Other Than Income Taxes		172		17		2		92		26		15		79		129		-		532
TOTAL EXPENSES		3,416		363		268		2,504		651		205		1,699		1,928		(513)		10,521
OPERATING INCOME		788		91		14		538		111		10		318		402		(4)		2,268
Other Income		4		-		-		3		1		2		2		11		-		23

Non-Service Pension (Costs)/Benefits

AFUDC	17		-		-			18		5		-			11		23		-		74
Interest Expense	(283)		(41)			(6)		(151)		(74)			(4)		(140)		(157)		-		(856)
INCOME BEFORE INCOME TAXES & EQUITY EARNINGS	547		52			12		428		48			9		199		286		(2)		1,579
Income Taxes	110		13			4		36		8			1		(54)		(54)		-		64

Equity Earnings		-			-
NET INCOME		437			39
Net Income - Noncontrolling Interests		-			-
OPERATING EARNINGS (non-GAAP)	$	437		$	39

-		1		-		1
253		341		(2)		1,516
-		3		-		3
$ 253		$ 338		$ (2)		$ 1,513

Adjustments, after-tax

Mark-to-Market Impact of Commodity Hedging Activities Sale of AEP OnSite Partners Impact of Ohio Legislation	- - -	- - -	- (7) - - - -	- - -	- - -	- - -	- - -	- (7) - - - -
FERC NOLC Order	29	-	- 36	2	1	4	54	- 126
Impairment of Software Development Costs	(9)	-	- (7)	(1)	(1)	(5)	(4)	- (27)

X	-		-
X	-		-
X	-		-
GAAP / Reported Earnings	457		39

-		-		-		-
-		-		-		-
-		-		-		-
252		388		(2)		1,605

Eliminations

$

3,948

$

2,199

$

-

$

6,147

Trans & Dist Utilities

AEP Texas

Ohio Power

(in millions)

Operating Earnings (non-GAAP)

REVENUE

TOTAL REVENUE

EXPENSES

Purchased Electricity, Fuel and Other Consumables Used for Electric
Generation			918			-			-				918
Maintenance and Other Operation			1,520			794				4			2,318
Depreciation and Amortization			380			441			-				821
Taxes Other Than Income Taxes			574			170			-				744
TOTAL EXPENSES			3,392			1,405				4			4,801
OPERATING INCOME			556			794				(4)			1,346
Other Income			1			2			-				3
Non-Service Pension (Costs)/Benefits			17			22				2			41
AFUDC			24			53			-				77
Interest Expense			(158)			(268)				2			(424)
INCOME BEFORE INCOME TAXES & EQUITY EARNINGS			440			603			-				1,043
Income Taxes			81			104			-				185
Equity Earnings			2			-			-				2
NET INCOME			361			499			-				860
Net Income - Noncontrolling Interests			-			-			-				-
OPERATING EARNINGS (non-GAAP)		$	361		$	499		$		-		$	860
Adjustments, after-tax Mark-to-Market Impact of Commodity Hedging Activities	-			-			-				-
Sale of AEP OnSite Partners		-			-			- -
Impact of Ohio Legislation FERC NOLC Order Impairment of Software Development Costs X X		(19) -(14) - -			- -(11) - -			- (19) - - - (25) - - - -
GAAP / Reported Earnings		328			488			- 816

$

1,033

$

113

$

59

$

755

$

189

$

54

$

466

$

528

$

(122) $

3,075

11

2

86

8

-

-

-

-

-

-

-

-

4

Wheeling Power Company

Appalachian Power Company

Vertical Int Utilities

I&M Power Company

AEP Generating

Kentucky Power

Kingsport Power

Public Service Co - Oklahoma

Southwestern Electric Power Co.

Eliminations

(in millions)

Operating Earnings (non-GAAP)

REVENUE

TOTAL REVENUE

EXPENSES

Purchased Electricity, Fuel and Other Consumables Used for Electric Generation		326		42		26			190		62			39		157		151		(101)		892
Maintenance and Other Operation		305		35		13			266		60			5		164		186		(14)		1,020
Depreciation and Amortization		146		2		15			128		36			3		57		95		-		482
Taxes Other Than Income Taxes		48		6			1		21		6			3		20		29		-		134
TOTAL EXPENSES		825		85		55			605		164			50		398		461		(115)		2,528
OPERATING INCOME		208		28			4		150		25			4		68		67		(7)		547
Other Income		1		-		-			2		-		-			-		3		-		6
Non-Service Pension (Costs)/Benefits		5		-			1		5		1		-			2		2	1 17
AFUDC		4		-		-			5		3		-			3		8	- 23
Interest Expense		(75)		(11)			(2)		(39)		(21)			(1)		(41)		(47)	2 (235)
INCOME BEFORE INCOME TAXES & EQUITY EARNINGS		143		17			3		123		8			3		32		33	(4) 358
Income Taxes 30 6 Equity Earnings - - -							1	37 -		- -		- (4) - -					(6) -		- 64 - -

	3		36		39		(4)		294
-			-		1		-		1
$	3		$ 36		$ 38		$ (4)		$ 293

$ 113		$ 11		$	2		$ 86		$ 8
-		-		-			4		-

NET INCOME	113
Net Income - Noncontrolling Interests	-

OPERATING EARNINGS (non-GAAP)

Adjustments, after-tax

Mark-to-Market Impact of Commodity Hedging Activities

Sale of AEP OnSite Partners Impact of Ohio Legislation FERC NOLC Order	- - -	- - -	- - - - - -	- - -	- - -		- - -	- - -	- - - - - -
Impairment of Software Development Costs	(9)	-	- (7)	(1)		(1)	(5)	(4)	- (27)
X	-	-	- -	-	-		-	-	- -
X	-	-	- -	-	-		-	-	- -
X	-	-	- -	-	-		-	-	- -
GAAP / Reported Earnings 104 11 2 83 7						2		31		34		(4)		270

Eliminations

Trans & Dist Utilities

AEP Texas

Ohio Power

(in millions)

Operating Earnings (non-GAAP)

TOTAL REVENUE

REVENUE

$ 955 $

526 $

- $ 1,481

EXPENSES

Purchased Electricity, Fuel and Other Consumables Used for Electric
Generation		212		-		-			212
Maintenance and Other Operation		374		201			2		577
Depreciation and Amortization		95		112		-			207
Taxes Other Than Income Taxes		151		38		-			189
TOTAL EXPENSES		832		351			2		1,185
OPERATING INCOME		123		175			(2)		296
Other Income		-		1		-			1
Non-Service Pension (Costs)/Benefits		4		5			1		10
AFUDC		5		16		-			21
Interest Expense		(40)		(67)			1		(106)
INCOME BEFORE INCOME TAXES & EQUITY EARNINGS		92		130		-			222
Income Taxes		16		21		-			37
Equity Earnings		-		-		-		-
NET INCOME		76		109		-		185
Net Income - Noncontrolling Interests		-		-		-		-

OPERATING EARNINGS (non-GAAP)

$ 76 $

109 $

- $ 185

Adjustments, after-tax

Mark-to-Market Impact of Commodity Hedging Activities Sale of AEP OnSite Partners Impact of Ohio Legislation	- - -		- - -		- - - - - -
FERC NOLC Order	-		-		- -
Impairment of Software Development Costs	(14)		(11)		- (25)
X	-		-		- -
X	-		-		- -
X	-		-		- -
GAAP / Reported Earnings	62		98		- 160