Exelon Corp 8-K, filed Oct 30, 2026
Exelon Corp (EXC)
8-K
2026-10-30
For: 2026-10-30
View Original
Added on
October 30, 2026
About this 8-K
Exelon Corp filed this 8-K on October 30, 2026.
Exelon reported third-quarter 2026 GAAP net income of $0.70 per share and Adjusted (non-GAAP) operating earnings of $0.87 per share, narrowed 2026 guidance to $2.85-$2.91 per share, and declared a $0.42 per share dividend. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION | |||||||||||
| Washington, D.C. 20549 | |||||||||||
| FORM | |||||||||||
| CURRENT REPORT | |||||||||||
| Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||||||
| Date of Report (Date of earliest event reported) | |||||||||||
| Commission File Number | Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number | IRS Employer Identification Number | ||||||||||||
(a | ||||||||||||||
(an | ||||||||||||||
(a | ||||||||||||||
(a | ||||||||||||||
(a | ||||||||||||||
(a | ||||||||||||||
(a | ||||||||||||||
(a | ||||||||||||||
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| EXELON CORPORATION: | ||||||||||||||
Indicate by check mark whether any of the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company | ||
| If an emerging growth company, indicate by check mark if any of the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | ||
Item 2.02. Results of Operations and Financial Condition.
Item 7.01. Regulation FD Disclosure.
On October 30, 2026, Exelon Corporation (Exelon) announced via press release its results for the third quarter ended September 30, 2026. A copy of the press release and related attachments are attached hereto as Exhibit 99.1. Also attached as Exhibit 99.2 to this Current Report on Form 8-K are the presentation slides to be used at the third quarter 2026 earnings conference call. This Form 8-K and the attached exhibits are provided under Items 2.02, 7.01 and 9.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission (SEC).
Exelon has scheduled the conference call for 9:00 AM CT (10:00 AM ET) on October 30, 2026. Participants who would like to join the call to ask a question may register at the link found on the Investor Relations page of Exelon's website: investors.exeloncorp.com. Media representatives are invited to participate on a listen-only basis. The call will be archived and available for replay.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
* * * * *
This combined Current Report on Form 8-K is being furnished separately by Exelon, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants). Information contained herein relating to any individual Registrant has been furnished by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant.
This Current Report contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant's credit ratings or other failure to satisfy the credit standards in the Registrants' agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.
New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to each of the Registrants in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this Current Report. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Current Report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EXELON CORPORATION | |||||
| /s/ ROBERT A. KLECZYNSKI | |||||
| Robert A. Kleczynski | |||||
| Executive Vice President, Chief Financial Officer | |||||
| COMMONWEALTH EDISON COMPANY | |||||
| /s/ JOSHUA S. LEVIN | |||||
| Joshua S. Levin | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
| PECO ENERGY COMPANY | |||||
| /s/ MARISSA E. HUMPHREY | |||||
| Marissa E. Humphrey | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
| BALTIMORE GAS AND ELECTRIC COMPANY | |||||
| /s/ MICHAEL J. CLOYD | |||||
| Michael J. Cloyd | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
| PEPCO HOLDINGS LLC | |||||
| /s/ ELIZABETH MORGAN DOWNS O'DONNELL | |||||
| Elizabeth Morgan Downs O'Donnell | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
| POTOMAC ELECTRIC POWER COMPANY | |||||
| /s/ ELIZABETH MORGAN DOWNS O'DONNELL | |||||
| Elizabeth Morgan Downs O'Donnell | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
| DELMARVA POWER & LIGHT COMPANY | |||||
| /s/ ELIZABETH MORGAN DOWNS O'DONNELL | |||||
| Elizabeth Morgan Downs O'Donnell | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
| ATLANTIC CITY ELECTRIC COMPANY | |||||
| /s/ ELIZABETH MORGAN DOWNS O'DONNELL | |||||
| Elizabeth Morgan Downs O'Donnell | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
October 30, 2026
EXHIBIT INDEX
| Exhibit No. | Description | |||||||
| 101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
Exhibit 99.1
News Release
| Contact: | Christopher Ford Corporate Communications 312-394-7417 Ryan Brown Investor Relations 779-231-0017 | |||||||
EXELON REPORTS THIRD QUARTER 2026 RESULTS
Earnings Release Highlights
•GAAP net income of $0.70 per share and Adjusted (non-GAAP) operating earnings of $0.87 per share for the third quarter of 2026, above expectations
•Narrowing full year 2026 Adjusted (non-GAAP) operating earnings guidance range to $2.85-$2.91 per share and affirming operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029
•Exelon’s utilities now rank 1st, 2nd, 5th, and 6th in best reliability in the nation
•Continued regulatory progress, with final orders issued in the Pepco Maryland base rate case and Maryland Lessons Learned
•Completed 2026 planned debt financings, supporting continued investment across the utilities
CHICAGO (Oct 30, 2026) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the third quarter of 2026.
“Exelon's third-quarter results reflect disciplined investment and consistent performance across our utilities – a strategy that helped prevent outages during a summer of severe weather and kept customer rates below the national average," said Exelon President and Chief Executive Officer Calvin Butler." Meanwhile, The Exelon Promise continues to guide our efforts to keep bills as low as possible, including our efforts to address the energy supply crisis at the heart of rising energy costs through long-term solutions like battery storage and utility-generated power. Exelon continues to deliver on our commitment to long-term growth and strengthening the communities we serve.”
“Exelon delivered $0.87 adjusted operating earnings per share in the third quarter,” said Exelon Chief Financial Officer Rob Kleczynski. “Our investments in the grid continue to deliver for customers, with Exelon’s utilities now ranking 1st, 2nd, 5th and 6th in the nation for reliability. With our performance for the year, we are narrowing our full-year 2026 guidance range to $2.85 to $2.91 per share, and affirming annualized earnings growth near the top end of 5% to 7% from 2025 through 2029. Looking ahead, we continue to advance transmission and storage solutions that support growth and affordability for our customers, while maintaining the financial discipline that underpins our plan.”
1
Third Quarter 2026
Exelon's GAAP net income for the third quarter of 2026 decreased to $0.70 per share from $0.86 per share in the third quarter of 2025. Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $0.87 per share from $0.86 per share in the third quarter of 2025. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4.
The GAAP net income and Adjusted (non-GAAP) operating earnings in the third quarter of 2026 primarily reflect:
•Higher utility earnings primarily due to distribution and transmission rates at ComEd, BGE, and PHI associated with updated recovery rates for costs and investments to serve customers; absence of customer surcharge credits and favorable weather at PECO; higher AFUDC at ComEd; and lower contracting costs at BGE. This was partially offset by higher storm costs, interest, and depreciation expense at PECO and PHI; and higher income taxes and contracting costs at PECO.
Operating Company Results1
ComEd
ComEd's third quarter of 2026 GAAP net income increased to $406 million from $373 million in the third quarter of 2025. ComEd's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $412 million from $373 million in the third quarter of 2025, primarily due to an increase in higher distribution and transmission rate base driven by incremental investments to serve customers, driving top quartile reliability and avoiding outage costs, and higher AFUDC. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PECO
PECO’s third quarter of 2026 GAAP net income decreased to $165 million from $250 million in the third quarter of 2025. PECO's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 decreased to $167 million from $250 million in the third quarter of 2025, primarily due to higher storm costs resulting from the absence of extraordinary February and June storm cost deferrals recognized in 2025 and an increase in storm costs, higher income taxes due to tax repairs, a portion of which is timing, and an increase in contracting costs, depreciation, and interest expense, partially offset by absence of surcharge credits to customers and favorable weather.
BGE
BGE’s third quarter of 2026 GAAP net income increased to $90 million from $82 million in the third quarter of 2025. BGE's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $119 million from $82 million in the third quarter of 2025, primarily due to approved distribution rates associated with updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs and a decrease in contracting costs. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
___________
1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois (and transmission in a small portion of northwestern Indiana); PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.
2
PHI
PHI’s third quarter of 2026 GAAP net income decreased to $187 million from $291 million in the third quarter of 2025. PHI’s Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $320 million from $290 million in the third quarter of 2025, primarily due to approved distribution rates driven by updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs, partially offset by an increase in storm costs, depreciation, and interest expense. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns.
Recent Developments and Third Quarter Highlights
•Dividend: On October 30, 2026, Exelon's Board of Directors declared a regular quarterly dividend of $0.42 per share on Exelon's common stock. The dividend is payable on December 15, 2026, to Exelon shareholders of record as of the close of business on December 4, 2026.
•Rate Case Developments:
◦Pepco Maryland Electric Distribution Rate Case: On August 28, 2026, the Maryland Public Service Commission approved an increase in Pepco's annual electric distribution base rates of $51 million, reflecting an ROE of 9.40%, with rates effective August 10, 2026.
•Financing Activities:
◦On August 10, 2026, PECO issued $750 million of its First Mortgage Bonds, 5.00% Series due September 1, 2031. PECO used the proceeds to repay existing indebtedness and for general corporate purposes.
◦On September 16, 2026, DPL issued $75 million of its First Mortgage Bonds, 5.00% Series due September 16, 2036. DPL used the proceeds to repay existing indebtedness and for general corporate purposes.
3
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the third quarter of 2026 do not include the following items (after tax) that were included in reported GAAP net income:
| (in millions, except per share amounts) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | |||||||||||||||||||||||
2026 GAAP net income | $ | 0.70 | $ | 729 | $ | 406 | $ | 165 | $ | 90 | $ | 187 | |||||||||||||||||
Change in environmental costs (net of taxes of $1, and $1, respectively) | — | (3) | — | — | — | (3) | |||||||||||||||||||||||
Cost management program (net of taxes of $6, $2, $1, $1, and $1, respectively ) | 0.01 | 15 | 6 | 2 | 3 | 3 | |||||||||||||||||||||||
Project impairments (net of taxes of $11 and $10, respectively) | 0.03 | 26 | — | — | 27 | — | |||||||||||||||||||||||
Regulatory matters (net of taxes of $50 and $47, respectively) | 0.13 | 130 | — | — | — | 133 | |||||||||||||||||||||||
2026 Adjusted (non-GAAP) operating earnings | $ | 0.87 | $ | 897 | $ | 412 | $ | 167 | $ | 119 | $ | 320 | |||||||||||||||||
Adjusted (non-GAAP) operating earnings for the third quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income:
| (in millions, except per share amounts) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | ||||||||||||||
2025 GAAP net income | $ | 0.86 | $ | 875 | $ | 373 | $ | 250 | $ | 82 | $ | 291 | ||||||||
Asset retirement obligation (net of taxes of $0) | — | (1) | — | — | — | (1) | ||||||||||||||
2025 Adjusted (non-GAAP) operating earnings | $ | 0.86 | $ | 874 | $ | 373 | $ | 250 | $ | 82 | $ | 290 | ||||||||
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss third quarter 2026 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at investors.exeloncorp.com/.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, economic development and volunteerism. Follow @Exelon on X and LinkedIn.
Non-GAAP Financial Measures
4
In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is 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. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on October 30, 2026.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.
New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking
5
statements. For more information, see those factors discussed with respect to Exelon, ComEd, PECO, BGE, Pepco Holdings LLC (PHI), Pepco, DPL, and ACE (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release.
6
Earnings Release Attachments
Table of Contents
Consolidating Statements of Operations
(unaudited)
(in millions)
| ComEd | PECO | BGE | PHI | Other (a) | Exelon | ||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 2,470 | $ | 1,240 | $ | 1,363 | $ | 2,260 | $ | (14) | $ | 7,319 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 783 | 494 | 650 | 990 | — | 2,917 | |||||||||||||||||||||||||||||
| Operating and maintenance | 464 | 313 | 292 | 549 | (54) | 1,564 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 438 | 126 | 161 | 250 | 16 | 991 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 133 | 73 | 100 | 150 | 12 | 468 | |||||||||||||||||||||||||||||
| Total operating expenses | 1,818 | 1,006 | 1,203 | 1,939 | (26) | 5,940 | |||||||||||||||||||||||||||||
| Operating income | 652 | 234 | 160 | 321 | 12 | 1,379 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (149) | (76) | (73) | (111) | (184) | (593) | |||||||||||||||||||||||||||||
| Other, net | 43 | 15 | 26 | 23 | (10) | 97 | |||||||||||||||||||||||||||||
| Total other income and (deductions) | (106) | (61) | (47) | (88) | (194) | (496) | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | 546 | 173 | 113 | 233 | (182) | 883 | |||||||||||||||||||||||||||||
| Income taxes | 140 | 8 | 23 | 46 | (63) | 154 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 406 | $ | 165 | $ | 90 | $ | 187 | $ | (119) | $ | 729 | |||||||||||||||||||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 2,275 | $ | 1,180 | $ | 1,209 | $ | 2,051 | $ | (10) | $ | 6,705 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 806 | 446 | 568 | 872 | — | 2,692 | |||||||||||||||||||||||||||||
| Operating and maintenance | 409 | 241 | 239 | 335 | (52) | 1,172 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 395 | 115 | 155 | 234 | 13 | 912 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 107 | 69 | 93 | 150 | 10 | 429 | |||||||||||||||||||||||||||||
| Total operating expenses | 1,717 | 871 | 1,055 | 1,591 | (29) | 5,205 | |||||||||||||||||||||||||||||
| Operating income | 558 | 309 | 154 | 460 | 19 | 1,500 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (135) | (65) | (64) | (102) | (172) | (538) | |||||||||||||||||||||||||||||
| Other, net | 33 | 11 | 15 | 18 | (9) | 68 | |||||||||||||||||||||||||||||
| Total other income and (deductions) | (102) | (54) | (49) | (84) | (181) | (470) | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | 456 | 255 | 105 | 376 | (162) | 1,030 | |||||||||||||||||||||||||||||
| Income taxes | 83 | 5 | 23 | 85 | (41) | 155 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 373 | $ | 250 | $ | 82 | $ | 291 | $ | (121) | $ | 875 | |||||||||||||||||||||||
| Change in net income (loss) from 2025 to 2026 | $ | 33 | $ | (85) | $ | 8 | $ | (104) | $ | 2 | $ | (146) | |||||||||||||||||||||||
1
Consolidating Statements of Operations
(unaudited)
(in millions)
| ComEd | PECO | BGE | PHI | Other (a) | Exelon | ||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 6,368 | $ | 3,794 | $ | 4,409 | $ | 6,002 | $ | (45) | $ | 20,528 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 1,814 | 1,495 | 2,002 | 2,593 | — | 7,904 | |||||||||||||||||||||||||||||
| Operating and maintenance | 1,350 | 949 | 910 | 1,369 | (162) | 4,416 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 1,258 | 373 | 496 | 741 | 42 | 2,910 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 345 | 204 | 301 | 445 | 40 | 1,335 | |||||||||||||||||||||||||||||
| Total operating expenses | 4,767 | 3,021 | 3,709 | 5,148 | (80) | 16,565 | |||||||||||||||||||||||||||||
| Operating income | 1,601 | 773 | 700 | 854 | 35 | 3,963 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (428) | (219) | (202) | (326) | (546) | (1,721) | |||||||||||||||||||||||||||||
| Other, net | 116 | 39 | 64 | 62 | (25) | 256 | |||||||||||||||||||||||||||||
| Total other income and (deductions) | (312) | (180) | (138) | (264) | (571) | (1,465) | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | 1,289 | 593 | 562 | 590 | (536) | 2,498 | |||||||||||||||||||||||||||||
| Income taxes | 324 | 31 | 119 | 125 | (145) | 454 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 965 | $ | 562 | $ | 443 | $ | 465 | $ | (391) | $ | 2,044 | |||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 6,176 | $ | 3,513 | $ | 3,791 | $ | 5,408 | $ | (42) | $ | 18,846 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 2,044 | 1,288 | 1,584 | 2,195 | — | 7,111 | |||||||||||||||||||||||||||||
| Operating and maintenance | 1,254 | 872 | 807 | 1,024 | (117) | 3,840 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 1,162 | 336 | 473 | 701 | 45 | 2,717 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 303 | 183 | 273 | 426 | 31 | 1,216 | |||||||||||||||||||||||||||||
| Total operating expenses | 4,763 | 2,679 | 3,137 | 4,346 | (41) | 14,884 | |||||||||||||||||||||||||||||
| Gain on sale of assets | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||
| Operating income (loss) | 1,413 | 834 | 654 | 1,063 | (1) | 3,963 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (395) | (188) | (183) | (305) | (507) | (1,578) | |||||||||||||||||||||||||||||
| Other, net | 86 | 29 | 35 | 54 | (19) | 185 | |||||||||||||||||||||||||||||
| Total other income and (deductions) | (309) | (159) | (148) | (251) | (526) | (1,393) | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | 1,104 | 675 | 506 | 812 | (527) | 2,570 | |||||||||||||||||||||||||||||
| Income taxes | 201 | 23 | 108 | 184 | (120) | 396 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 903 | $ | 652 | $ | 398 | $ | 628 | $ | (407) | $ | 2,174 | |||||||||||||||||||||||
| Change in net income (loss) from 2025 to 2026 | $ | 62 | $ | (90) | $ | 45 | $ | (163) | $ | 16 | $ | (130) | |||||||||||||||||||||||
__________
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
1
Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
| September 30, 2026 | December 31, 2025 | ||||||||||||||||
| Assets | |||||||||||||||||
| Current assets | |||||||||||||||||
| Cash and cash equivalents | $ | 1,469 | $ | 626 | |||||||||||||
| Restricted cash and cash equivalents | 602 | 525 | |||||||||||||||
| Accounts receivable | |||||||||||||||||
| Customer accounts receivable | 3,669 | 3,732 | |||||||||||||||
| Customer allowance for credit losses | (507) | (435) | |||||||||||||||
| Customer accounts receivable, net | 3,162 | 3,297 | |||||||||||||||
| Other accounts receivable | 1,574 | 1,879 | |||||||||||||||
| Other allowance for credit losses | (96) | (94) | |||||||||||||||
| Other accounts receivable, net | 1,478 | 1,785 | |||||||||||||||
| Inventories, net | |||||||||||||||||
| Fossil fuel | 99 | 88 | |||||||||||||||
| Materials and supplies | 863 | 780 | |||||||||||||||
| Regulatory assets | 1,278 | 1,359 | |||||||||||||||
| Prepaid renewable energy credits | 466 | 563 | |||||||||||||||
| Other | 523 | 523 | |||||||||||||||
| Total current assets | 9,940 | 9,546 | |||||||||||||||
| Property, plant, and equipment, net | 88,557 | 84,318 | |||||||||||||||
| Deferred debits and other assets | |||||||||||||||||
| Regulatory assets | 9,560 | 9,214 | |||||||||||||||
| Goodwill | 6,630 | 6,630 | |||||||||||||||
| Receivable related to Regulatory Agreement Units | 5,196 | 4,755 | |||||||||||||||
| Investments | 336 | 312 | |||||||||||||||
| Other | 2,018 | 1,795 | |||||||||||||||
| Total deferred debits and other assets | 23,740 | 22,706 | |||||||||||||||
| Total assets | $ | 122,237 | $ | 116,570 | |||||||||||||
2
| September 30, 2026 | December 31, 2025 | ||||||||||||||||
| Liabilities and shareholders’ equity | |||||||||||||||||
| Current liabilities | |||||||||||||||||
| Short-term borrowings | $ | 934 | $ | 612 | |||||||||||||
| Long-term debt due within one year | 1,078 | 1,665 | |||||||||||||||
| Accounts payable | 3,711 | 3,721 | |||||||||||||||
| Accrued expenses | 1,692 | 1,582 | |||||||||||||||
| Payables to affiliates | 5 | 5 | |||||||||||||||
| Customer deposits | 609 | 533 | |||||||||||||||
| Regulatory liabilities | 551 | 1,128 | |||||||||||||||
| Mark-to-market derivative liabilities | 21 | 30 | |||||||||||||||
| Unamortized energy contract liabilities | 4 | 5 | |||||||||||||||
| Renewable energy credit obligations | 364 | 473 | |||||||||||||||
| Other | 675 | 577 | |||||||||||||||
| Total current liabilities | 9,644 | 10,331 | |||||||||||||||
| Long-term debt | 50,791 | 47,413 | |||||||||||||||
| Long-term debt to financing trusts | 390 | 390 | |||||||||||||||
| Deferred credits and other liabilities | |||||||||||||||||
| Deferred income taxes and unamortized investment tax credits | 14,596 | 13,715 | |||||||||||||||
| Regulatory liabilities | 11,684 | 11,016 | |||||||||||||||
| Pension obligations | 1,428 | 1,749 | |||||||||||||||
| Non-pension postretirement benefit obligations | 572 | 546 | |||||||||||||||
| Asset retirement obligations | 318 | 321 | |||||||||||||||
| Mark-to-market derivative liabilities | 96 | 106 | |||||||||||||||
| Unamortized energy contract liabilities | 13 | 16 | |||||||||||||||
| Other | 2,573 | 2,169 | |||||||||||||||
| Total deferred credits and other liabilities | 31,280 | 29,638 | |||||||||||||||
| Total liabilities | 92,105 | 87,772 | |||||||||||||||
| Commitments and contingencies | |||||||||||||||||
| Shareholders’ equity | |||||||||||||||||
| Common stock | 22,663 | 22,106 | |||||||||||||||
| Treasury stock, at cost | (123) | (123) | |||||||||||||||
| Retained earnings | 8,325 | 7,577 | |||||||||||||||
| Accumulated other comprehensive loss, net | (733) | (762) | |||||||||||||||
| Total shareholders’ equity | 30,132 | 28,798 | |||||||||||||||
| Total liabilities and shareholders’ equity | $ | 122,237 | $ | 116,570 | |||||||||||||
3
Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
| Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Cash flows from operating activities | ||||||||||||||
| Net income | $ | 2,044 | $ | 2,174 | ||||||||||
| Adjustments to reconcile net income to net cash flows provided by operating activities: | ||||||||||||||
| Depreciation, amortization, and accretion | 2,912 | 2,719 | ||||||||||||
| Gain on sales of assets | — | (1) | ||||||||||||
| Asset disallowances, impairments and write-offs | 232 | — | ||||||||||||
| Deferred income taxes and amortization of investment tax credits | 564 | 293 | ||||||||||||
| Net fair value changes related to derivatives | — | 3 | ||||||||||||
| Other non-cash operating activities | 594 | 1,088 | ||||||||||||
| Changes in assets and liabilities: | ||||||||||||||
| Accounts receivable | 379 | (422) | ||||||||||||
| Inventories | (96) | (41) | ||||||||||||
| Accounts payable and accrued expenses | (1) | 165 | ||||||||||||
| Collateral received (paid), net | 39 | (25) | ||||||||||||
| Income taxes | (136) | 19 | ||||||||||||
| Regulatory assets and liabilities, net | (1,063) | (390) | ||||||||||||
| Pension and non-pension postretirement benefit contributions | (370) | (313) | ||||||||||||
| Other assets and liabilities | 306 | (259) | ||||||||||||
| Net cash flows provided by operating activities | 5,404 | 5,010 | ||||||||||||
| Cash flows from investing activities | ||||||||||||||
| Capital expenditures | (6,799) | (6,095) | ||||||||||||
| Proceeds from sales of assets | — | 2 | ||||||||||||
| Other investing activities | 12 | (7) | ||||||||||||
| Net cash flows used in investing activities | (6,787) | (6,100) | ||||||||||||
| Cash flows from financing activities | ||||||||||||||
| Changes in short-term borrowings | (178) | (779) | ||||||||||||
| Proceeds from short-term borrowings with maturities greater than 90 days | 500 | — | ||||||||||||
| Issuance of long-term debt | 4,425 | 4,925 | ||||||||||||
| Retirement of long-term debt | (1,600) | (807) | ||||||||||||
| Issuance of common stock | 483 | 173 | ||||||||||||
| Dividends paid on common stock | (1,294) | (1,212) | ||||||||||||
| Proceeds from employee stock plans | 37 | 24 | ||||||||||||
| Other financing activities | (71) | (75) | ||||||||||||
| Net cash flows provided by financing activities | 2,302 | 2,249 | ||||||||||||
| Increase in cash, restricted cash, and cash equivalents | 919 | 1,159 | ||||||||||||
| Cash, restricted cash, and cash equivalents at beginning of period | 1,201 | 939 | ||||||||||||
| Cash, restricted cash, and cash equivalents at end of period | $ | 2,120 | $ | 2,098 | ||||||||||
4
Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended September 30, 2026 and 2025
(unaudited)
(in millions, except per share data)
| Exelon Earnings per Diluted Share | ComEd | PECO | BGE | PHI | Other (a) | Exelon | |||||||||||||||||||||||||||||||||||
2025 GAAP net income (loss) | $ | 0.86 | $ | 373 | $ | 250 | $ | 82 | $ | 291 | $ | (121) | $ | 875 | |||||||||||||||||||||||||||
Asset retirement obligation (net of taxes of $0) | — | — | — | — | (1) | — | (1) | ||||||||||||||||||||||||||||||||||
2025 Adjusted (non-GAAP) operating earnings (loss) | $ | 0.86 | $ | 373 | $ | 250 | $ | 82 | $ | 290 | $ | (121) | $ | 874 | |||||||||||||||||||||||||||
| Year over year effects on Adjusted (non-GAAP) operating earnings: | |||||||||||||||||||||||||||||||||||||||||
| Weather | $ | 0.02 | $ | — | (b) | $ | 14 | $ | — | (b) | $ | 3 | (b) | $ | — | $ | 17 | ||||||||||||||||||||||||
| Load | (0.01) | — | (b) | (11) | — | (b) | — | (b) | — | (11) | |||||||||||||||||||||||||||||||
| Distribution and transmission rates (1) | 0.06 | 22 | (c) | 1 | (c) | 15 | (c) | 29 | (c) | — | 67 | ||||||||||||||||||||||||||||||
| Other energy delivery (2) | 0.11 | 103 | (c) | 5 | (c) | 3 | (c) | 4 | (c) | — | 115 | ||||||||||||||||||||||||||||||
| Operating and maintenance expense (3) | (0.07) | (34) | (53) | 19 | (1) | — | (69) | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization expense (4) | (0.05) | (31) | (8) | 1 | (8) | (1) | (47) | ||||||||||||||||||||||||||||||||||
| Interest expense and other (5) | (0.05) | (21) | (31) | (1) | 3 | 1 | (49) | ||||||||||||||||||||||||||||||||||
| Total year over year effects on Adjusted (non-GAAP) Operating Earnings | $ | 0.01 | $ | 39 | $ | (83) | $ | 37 | $ | 30 | $ | — | $ | 23 | |||||||||||||||||||||||||||
2026 GAAP net income (loss) | $ | 0.70 | $ | 406 | $ | 165 | $ | 90 | $ | 187 | $ | (119) | $ | 729 | |||||||||||||||||||||||||||
Change in environmental costs (net of taxes of $1 and $1, respectively) | — | — | — | — | (3) | — | (3) | ||||||||||||||||||||||||||||||||||
Cost management program (net of taxes of $2, $1, $1, $1, $0, and $6, respectively) (6) | 0.01 | 6 | 2 | 3 | 3 | 1 | 15 | ||||||||||||||||||||||||||||||||||
Project impairments (net of taxes of $10, $1, and $11, respectively) (7) | 0.03 | — | — | 27 | — | (1) | 26 | ||||||||||||||||||||||||||||||||||
Regulatory matters (net of taxes of $47, $3, and $50, respectively) (8) | 0.13 | — | — | — | 133 | (3) | 130 | ||||||||||||||||||||||||||||||||||
2026 Adjusted (non-GAAP) operating earnings (loss) | $ | 0.87 | $ | 412 | $ | 167 | $ | 119 | $ | 320 | $ | (121) | $ | 897 | |||||||||||||||||||||||||||
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)For transmission formula rates and various riders across the utilities, as well as ComEd’s distribution rates, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings).
(1)For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution and transmission revenue due to approved rates. For PHI, reflects increased distribution revenue due to approved rates.
(2)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs.
(3)Represents Operating and maintenance expense. For PECO, primarily reflects higher storm costs due to absence of extraordinary February and June storm cost deferrals recognized in 2025 and increased storm and contracting costs. For BGE, primarily reflects decreased contracting costs. For PHI, primarily reflects increased storm costs.
(4)Across all utilities, reflects ongoing capital expenditures depreciation and regulatory asset amortization.
(5)For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, reflects an increase in income tax expense due to tax repairs, a portion of which is timing, and interest expense. For Corporate, reflects a decrease in income tax expense due to timing, partially offset by an increase in interest expense.
(6)Represents third-party consulting and severance costs related to a cost management program.
(7)Represents costs related to capital project impairments.
(8)Represents the disallowance of certain capitalized costs.
5
Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Nine Months Ended September 30, 2026 and 2025
(unaudited)
(in millions, except per share data)
| Exelon Earnings per Diluted Share | ComEd | PECO | BGE | PHI | Other (a) | Exelon | |||||||||||||||||||||||||||||||||||
2025 GAAP net income (loss) | $ | 2.15 | $ | 903 | $ | 652 | $ | 398 | $ | 628 | $ | (407) | $ | 2,174 | |||||||||||||||||||||||||||
Asset retirement obligation (net of taxes of $0) | — | — | — | — | (1) | — | (1) | ||||||||||||||||||||||||||||||||||
Change in FERC audit liability (net of taxes of $1) | — | 2 | — | — | — | — | 2 | ||||||||||||||||||||||||||||||||||
Cost management program (net of taxes of $0) (1) | — | — | (1) | — | — | — | (1) | ||||||||||||||||||||||||||||||||||
| Income tax-related adjustments (entire amount represents tax expense) (2) | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||||||||||||||
Regulatory matters (net of taxes of $7) (3) | 0.02 | 21 | — | — | — | 1 | 22 | ||||||||||||||||||||||||||||||||||
2025 Adjusted (non-GAAP) operating earnings (loss) | $ | 2.17 | $ | 926 | $ | 652 | $ | 398 | $ | 628 | $ | (406) | $ | 2,198 | |||||||||||||||||||||||||||
| Year over year effects on Adjusted (non-GAAP) operating earnings: | |||||||||||||||||||||||||||||||||||||||||
| Weather | $ | 0.03 | $ | — | (b) | $ | 30 | $ | — | (b) | $ | 6 | (b) | $ | — | $ | 36 | ||||||||||||||||||||||||
| Load | (0.02) | — | (b) | (17) | — | (b) | (1) | (b) | — | (18) | |||||||||||||||||||||||||||||||
| Distribution and transmission rates (4) | 0.17 | 54 | (c) | 5 | (c) | 55 | (c) | 56 | (c) | — | 170 | ||||||||||||||||||||||||||||||
| Other energy delivery (5) | 0.22 | 170 | (c) | 29 | (c) | 17 | (c) | 13 | (c) | — | 229 | ||||||||||||||||||||||||||||||
| Operating and maintenance expense (6) | (0.09) | (85) | (45) | 34 | (30) | 38 | (88) | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization expense (7) | (0.13) | (68) | (28) | (10) | (30) | 3 | (133) | ||||||||||||||||||||||||||||||||||
| Interest expense and other (8) | (0.13) | (26) | (52) | (7) | (16) | (28) | (129) | ||||||||||||||||||||||||||||||||||
| Total year over year effects on Adjusted (non-GAAP) operating earnings | $ | 0.03 | $ | 45 | $ | (78) | $ | 89 | $ | (2) | $ | 13 | $ | 67 | |||||||||||||||||||||||||||
2026 GAAP net income (loss) | $ | 1.98 | $ | 965 | $ | 562 | $ | 443 | $ | 465 | $ | (391) | $ | 2,044 | |||||||||||||||||||||||||||
Change in environmental costs (net of taxes of $1 and $1, respectively) | — | — | — | — | (3) | — | (3) | ||||||||||||||||||||||||||||||||||
Cost management program (net of taxes of $2, $4, $7, $8, $0 and $21, respectively) (1) | 0.06 | 6 | 13 | 17 | 20 | 1 | 57 | ||||||||||||||||||||||||||||||||||
Project impairments (net of taxes of $10, $1, and $11, respectively) (9) | 0.03 | — | — | 27 | — | (1) | 26 | ||||||||||||||||||||||||||||||||||
Regulatory matters (net of taxes of $51, $3, and $54, respectively) (3) | 0.14 | — | — | — | 144 | (3) | 141 | ||||||||||||||||||||||||||||||||||
2026 Adjusted (non-GAAP) operating earnings (loss) | $ | 2.20 | $ | 971 | $ | 574 | $ | 487 | $ | 626 | $ | (393) | $ | 2,265 | |||||||||||||||||||||||||||
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)For transmission formula rates and various riders across the utilities, as well as ComEd’s distribution rates, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings).
(1)In 2025, primarily represents severance costs related to a cost management program. In 2026, represents third-party consulting and severance costs related to a cost management program.
(2)Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.
(3)Represents the disallowance of certain capitalized costs.
(4)For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution and transmission revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates.
(5)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, offset by decreased electric distribution revenues due to timing of distribution earnings. For PECO, reflects the absence of electric surcharge credits to customers recognized in 2025.
(6)Represents Operating and maintenance expense. For PECO, primarily reflects higher storm costs due to absence of extraordinary February and June storm cost deferrals recognized in 2025 and increased contracting costs, partially offset by decreased storm costs. For BGE, primarily reflects decreased contracting costs. For PHI, reflects increased storm costs and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. For Corporate, reflects the absence of the Customer Relief Fund contribution recognized in 2025.
(7)Across all utilities, reflects ongoing capital expenditures depreciation and regulatory asset amortization.
(8)For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, reflects an increase in interest expense and income tax expense due to tax repairs, a portion of which is timing. For PHI, reflects an increase in interest expense. For Corporate, reflects an increase in interest expense, partially offset by a decrease in income tax expense due to timing.
(9)Represents costs related to capital project impairments.
6
ComEd Statistics
Three Months Ended September 30, 2026 and 2025
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | Weather - Normal % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 8,903 | 8,659 | 2.8 | % | 2.3 | % | $ | 1,377 | $ | 1,365 | 0.9 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 8,129 | 8,004 | 1.6 | % | 1.1 | % | 621 | 645 | (3.7) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 7,389 | 7,701 | (4.1) | % | 0.4 | % | 184 | 217 | (15.2) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 210 | 224 | (6.3) | % | (4.5) | % | 12 | 14 | (14.3) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 280 | 229 | 22.3 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 24,631 | 24,588 | 0.2 | % | 1.3 | % | 2,474 | 2,470 | 0.2 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (4) | (195) | (97.9) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | $ | 2,470 | $ | 2,275 | 8.6 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 783 | $ | 806 | (2.9) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 27 | 37 | 79 | (27.0) | % | (65.8) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 853 | 828 | 722 | 3.0 | % | 18.1 | % | ||||||||||||||||||||||
Nine Months Ended September 30, 2026 and 2025
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | Weather - Normal % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 21,473 | 21,886 | (1.9) | % | 1.0 | % | $ | 3,501 | $ | 3,452 | 1.4 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 22,262 | 22,284 | (0.1) | % | 0.4 | % | 1,632 | 1,799 | (9.3) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 21,988 | 21,435 | 2.6 | % | 1.7 | % | 436 | 689 | (36.7) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 650 | 668 | (2.7) | % | (1.4) | % | 35 | 43 | (18.6) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 785 | 688 | 14.1 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 66,373 | 66,273 | 0.2 | % | 1.0 | % | 6,389 | 6,671 | (4.2) | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (21) | (495) | (95.8) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | $ | 6,368 | $ | 6,176 | 3.1 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 1,814 | $ | 2,044 | (11.3) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 3,455 | 3,698 | 3,829 | (6.6) | % | (9.8) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,113 | 1,158 | 988 | (3.9) | % | 12.7 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2026 | 2025 | |||||||||
| Residential | 3,783,141 | 3,767,493 | |||||||||
| Small commercial & industrial | 396,161 | 398,022 | |||||||||
| Large commercial & industrial | 1,988 | 1,931 | |||||||||
| Public authorities & electric railroads | 5,771 | 5,798 | |||||||||
| Total | 4,187,061 | 4,173,244 | |||||||||
__________
(a)Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 million for both the three months ended September 30, 2026 and 2025, respectively, and $15 million and $19 million for the nine months ended September 30, 2026 and 2025, respectively.
(d)Includes alternative revenue programs and late payment charges.
7
PECO Statistics
Three Months Ended September 30, 2026 and 2025
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | Weather- Normal % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 4,100 | 4,063 | 0.9 | % | (4.3) | % | $ | 796 | $ | 735 | 8.3 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 2,059 | 2,057 | 0.1 | % | (4.0) | % | 173 | 167 | 3.6 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,807 | 3,731 | 2.0 | % | 1.9 | % | 82 | 101 | (18.8) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 169 | 159 | 6.3 | % | 6.3 | % | 8 | 8 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 89 | 78 | 14.1 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 10,135 | 10,010 | 1.2 | % | (1.8) | % | 1,148 | 1,089 | 5.4 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 7 | 8 | (12.5) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | 1,155 | 1,097 | 5.3 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 2,221 | 2,064 | 7.6 | % | 5.1 | % | 54 | 50 | 8.0 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 1,932 | 2,243 | (13.9) | % | (15.1) | % | 20 | 23 | (13.0) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | — | — | n/a | (2.6) | % | — | 1 | (100.0) | % | ||||||||||||||||||||||||||||||||
| Transportation | 5,267 | 5,081 | 3.7 | % | (33.8) | % | 9 | 7 | 28.6 | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | 2 | 1 | 100.0 | % | |||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 9,420 | 9,388 | 0.3 | % | (0.2) | % | 85 | 82 | 3.7 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | — | 1 | (100.0) | % | |||||||||||||||||||||||||||||||||||||
| Total natural gas revenues | 85 | 83 | 2.4 | % | |||||||||||||||||||||||||||||||||||||
| Total electric and natural gas revenues | $ | 1,240 | $ | 1,180 | 5.1 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 494 | $ | 446 | 10.8 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 12 | — | 19 | n/a | (36.8) | % | |||||||||||||||||||||||
| Cooling Degree-Days | 1,175 | 1,095 | 1,038 | 7.3 | % | 13.2 | % | ||||||||||||||||||||||
8
Nine Months Ended September 30, 2026 and 2025
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | Weather- Normal % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 11,094 | 10,952 | 1.3 | % | (2.0) | % | $ | 2,122 | $ | 1,921 | 10.5 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 5,811 | 5,835 | (0.4) | % | (2.2) | % | 502 | 484 | 3.7 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 10,365 | 10,470 | (1.0) | % | (1.8) | % | 254 | 260 | (2.3) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 502 | 511 | (1.8) | % | (1.8) | % | 25 | 26 | (3.8) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 244 | 231 | 5.6 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 27,772 | 27,768 | — | % | (2.0) | % | 3,147 | 2,922 | 7.7 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 31 | 11 | 181.8 | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | 3,178 | 2,933 | 8.4 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 29,182 | 28,469 | 2.5 | % | — | % | 422 | 396 | 6.6 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 16,355 | 16,046 | 1.9 | % | — | % | 145 | 140 | 3.6 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | (9) | 14 | (164.3) | % | (8.1) | % | — | 1 | (100.0) | % | |||||||||||||||||||||||||||||||
| Transportation | 18,987 | 17,759 | 6.9 | % | (2.9) | % | 35 | 28 | 25.0 | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | 12 | 13 | (7.7) | % | |||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 64,515 | 62,288 | 3.6 | % | 2.1 | % | 614 | 578 | 6.2 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 2 | 2 | — | % | |||||||||||||||||||||||||||||||||||||
| Total natural gas revenues | 616 | 580 | 6.2 | % | |||||||||||||||||||||||||||||||||||||
| Total electric and natural gas revenues | $ | 3,794 | $ | 3,513 | 8.0 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 1,495 | $ | 1,288 | 16.1 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,732 | 2,684 | 2,793 | 1.8 | % | (2.2) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,711 | 1,521 | 1,426 | 12.5 | % | 20.0 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2026 | 2025 | Number of Natural Gas Customers | 2026 | 2025 | |||||||||||||||||||||
| Residential | 1,537,965 | 1,539,345 | Residential | 511,031 | 510,166 | |||||||||||||||||||||
| Small commercial & industrial | 154,259 | 154,955 | Small commercial & industrial | 44,382 | 44,603 | |||||||||||||||||||||
| Large commercial & industrial | 3,133 | 3,159 | Large commercial & industrial | 7 | 7 | |||||||||||||||||||||
| Public authorities & electric railroads | 10,141 | 10,343 | Transportation | 600 | 619 | |||||||||||||||||||||
| Total | 1,705,498 | 1,707,802 | Total | 556,020 | 555,395 | |||||||||||||||||||||
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $4 million and $2 million for the three months ended September 30, 2026 and 2025, respectively, and $11 million and $7 million for the nine months ended September 30, 2026 and 2025, respectively.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
(g)Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $2 million for both the nine months ended September 30, 2026 and 2025.
9
BGE Statistics
Three Months Ended September 30, 2026 and 2025
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | Weather- Normal % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 3,646 | 3,501 | 4.1 | % | (0.1) | % | $ | 795 | $ | 684 | 16.2 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 732 | 722 | 1.4 | % | (1.8) | % | 130 | 113 | 15.0 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,693 | 3,608 | 2.4 | % | 0.1 | % | 200 | 172 | 16.3 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 47 | 49 | (4.1) | % | (4.3) | % | 8 | 8 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 115 | 122 | (5.7) | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 8,118 | 7,880 | 3.0 | % | (0.2) | % | 1,248 | 1,099 | 13.6 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (1) | (8) | (87.5) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | 1,247 | 1,091 | 14.3 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 2,296 | 2,188 | 4.9 | % | 3.5 | % | 67 | 68 | (1.5) | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 844 | 810 | 4.2 | % | 3.2 | % | 14 | 14 | — | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 6,935 | 7,183 | (3.5) | % | (6.1) | % | 41 | 37 | 10.8 | % | |||||||||||||||||||||||||||||||
Other(f) | 671 | 691 | (2.9) | % | n/a | 6 | 6 | — | % | ||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 10,746 | 10,872 | (1.2) | % | (3.3) | % | 128 | 125 | 2.4 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (12) | (7) | 71.4 | % | |||||||||||||||||||||||||||||||||||||
| Total natural gas revenues | 116 | 118 | (1.7) | % | |||||||||||||||||||||||||||||||||||||
| Total electric and natural gas revenues | $ | 1,363 | $ | 1,209 | 12.7 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 650 | $ | 568 | 14.4 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 44 | 52 | 66 | (15.4) | % | (33.3) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 699 | 605 | 628 | 15.5 | % | 11.3 | % | ||||||||||||||||||||||
10
Nine Months Ended September 30, 2026 and 2025
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | Weather- Normal % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 10,160 | 9,872 | 2.9 | % | (1.1) | % | $ | 2,254 | $ | 1,829 | 23.2 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 2,076 | 2,075 | — | % | (2.4) | % | 368 | 311 | 18.3 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 10,082 | 9,981 | 1.0 | % | (0.2) | % | 541 | 456 | 18.6 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 143 | 146 | (2.1) | % | (2.6) | % | 25 | 25 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 353 | 352 | 0.3 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 22,461 | 22,074 | 1.8 | % | (0.9) | % | 3,541 | 2,973 | 19.1 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 2 | (22) | (109.1) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | 3,543 | 2,951 | 20.1 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 27,576 | 27,426 | 0.5 | % | (6.3) | % | 561 | 555 | 1.1 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 6,844 | 6,728 | 1.7 | % | (1.8) | % | 95 | 100 | (5.0) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 29,598 | 29,504 | 0.3 | % | (2.1) | % | 182 | 178 | 2.2 | % | |||||||||||||||||||||||||||||||
Other(f) | 5,009 | 5,042 | (0.7) | % | n/a | 42 | 37 | 13.5 | % | ||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 69,027 | 68,700 | 0.5 | % | (3.9) | % | 880 | 870 | 1.1 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (14) | (30) | (53.3) | % | |||||||||||||||||||||||||||||||||||||
| Total natural gas revenues | 866 | 840 | 3.1 | % | |||||||||||||||||||||||||||||||||||||
| Total electric and natural gas revenues | $ | 4,409 | $ | 3,791 | 16.3 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 2,002 | $ | 1,584 | 26.4 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,908 | 2,710 | 2,876 | 7.3 | % | 1.1 | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,002 | 896 | 896 | 11.8 | % | 11.8 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2026 | 2025 | Number of Natural Gas Customers | 2026 | 2025 | |||||||||||||||||||||
| Residential | 1,230,325 | 1,220,937 | Residential | 663,403 | 660,241 | |||||||||||||||||||||
| Small commercial & industrial | 115,037 | 115,246 | Small commercial & industrial | 37,620 | 37,731 | |||||||||||||||||||||
| Large commercial & industrial | 13,467 | 13,432 | Large commercial & industrial | 6,419 | 6,404 | |||||||||||||||||||||
| Public authorities & electric railroads | 250 | 254 | ||||||||||||||||||||||||
| Total | 1,359,079 | 1,349,869 | Total | 707,442 | 704,376 | |||||||||||||||||||||
__________
(a)Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $5 million and $4 million for the nine months ended September 30, 2026 and 2025, respectively.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
(g)Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $2 million for both the nine months ended September 30, 2026 and 2025, respectively.
11
Pepco Statistics
Three Months Ended September 30, 2026 and 2025
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | Weather- Normal % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 2,436 | 2,323 | 4.9 | % | (1.6) | % | $ | 583 | $ | 501 | 16.4 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 295 | 284 | 3.9 | % | 1.0 | % | 60 | 56 | 7.1 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,822 | 3,798 | 0.6 | % | (1.9) | % | 370 | 331 | 11.8 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 193 | 168 | 14.9 | % | 14.9 | % | 11 | 8 | 37.5 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 99 | 98 | 1.0 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 6,746 | 6,573 | 2.6 | % | (1.3) | % | 1,123 | 994 | 13.0 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 4 | (2) | (300.0) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | $ | 1,127 | $ | 992 | 13.6 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 450 | $ | 367 | 22.6 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 17 | — | 8 | — | % | 112.5 | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,245 | 1,080 | 1,197 | 15.3 | % | 4.0 | % | ||||||||||||||||||||||
Nine Months Ended September 30, 2026 and 2025
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | Weather- Normal % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 6,539 | 6,396 | 2.2 | % | (3.2) | % | $ | 1,485 | $ | 1,273 | 16.7 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 845 | 853 | (0.9) | % | (3.1) | % | 163 | 155 | 5.2 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 10,541 | 10,625 | (0.8) | % | (2.4) | % | 1,012 | 911 | 11.1 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 547 | 500 | 9.4 | % | 9.0 | % | 32 | 29 | 10.3 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 286 | 274 | 4.4 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 18,472 | 18,374 | 0.5 | % | (2.4) | % | 2,978 | 2,642 | 12.7 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (3) | (16) | (81.3) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | $ | 2,975 | $ | 2,626 | 13.3 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 1,178 | $ | 942 | 25.1 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,467 | 2,205 | 2,327 | 11.9 | % | 6.0 | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,835 | 1,630 | 1,726 | 12.6 | % | 6.3 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2026 | 2025 | |||||||||
| Residential | 889,048 | 885,063 | |||||||||
| Small commercial & industrial | 54,090 | 53,939 | |||||||||
| Large commercial & industrial | 23,212 | 23,203 | |||||||||
| Public authorities & electric railroads | 211 | 205 | |||||||||
| Total | 966,561 | 962,410 | |||||||||
__________
(a)Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $3 million and $2 million the three months ended September 30, 2026 and 2025, respectively, and $7 million and $4 million for both the nine months ended September 30, 2026 and 2025, respectively.
(d)Includes alternative revenue programs and late payment charge revenues.
12
DPL Statistics
Three Months Ended September 30, 2026 and 2025
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | Weather - Normal % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 1,575 | 1,510 | 4.3 | % | (0.9) | % | $ | 319 | $ | 283 | 12.7 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 668 | 651 | 2.6 | % | 1.1 | % | 81 | 72 | 12.5 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 1,108 | 1,162 | (4.6) | % | (6.7) | % | 34 | 32 | 6.3 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 8 | 10 | (20.0) | % | (18.5) | % | 4 | 4 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 80 | 77 | 3.9 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 3,359 | 3,333 | 0.8 | % | (2.6) | % | 518 | 468 | 10.7 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (2) | (4) | (50.0) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | 516 | 464 | 11.2 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 405 | 409 | (1.0) | % | (9.3) | % | 15 | 13 | 15.4 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 368 | 375 | (1.9) | % | (6.9) | % | 8 | 7 | 14.3 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 411 | 404 | 1.7 | % | 1.8 | % | 1 | 1 | — | % | |||||||||||||||||||||||||||||||
| Transportation | 1,146 | 1,239 | (7.5) | % | (8.3) | % | 5 | 4 | 25.0 | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | 11 | 2 | 450.0 | % | |||||||||||||||||||||||||||||||||
| Total natural gas revenues | 2,330 | 2,427 | (4.0) | % | (6.6) | % | 40 | 27 | 48.1 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | — | — | n/a | ||||||||||||||||||||||||||||||||||||||
| Total natural gas revenues | 40 | 27 | 48.1 | % | |||||||||||||||||||||||||||||||||||||
| Total electric and natural gas revenues | $ | 556 | $ | 491 | 13.2 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 264 | $ | 219 | 20.5 | % | |||||||||||||||||||||||||||||||||||
| Electric Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 24 | 4 | 24 | 500.0 | % | — | % | ||||||||||||||||||||||
| Cooling Degree-Days | 995 | 862 | 933 | 15.4 | % | 6.6 | % | ||||||||||||||||||||||
| Natural Gas Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 28 | 3 | 32 | 833.3 | % | (12.5) | % | ||||||||||||||||||||||
13
Nine Months Ended September 30, 2026 and 2025
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | Weather - Normal % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 4,414 | 4,245 | 4.0 | % | 1.2 | % | $ | 879 | $ | 792 | 11.0 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 1,846 | 1,824 | 1.2 | % | 0.3 | % | 218 | 200 | 9.0 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,056 | 3,133 | (2.5) | % | (3.3) | % | 98 | 92 | 6.5 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 4 | 31 | (87.1) | % | (87.9) | % | 12 | 13 | (7.7) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 233 | 224 | 4.0 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 9,320 | 9,233 | 0.9 | % | (0.8) | % | 1,440 | 1,321 | 9.0 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (5) | (9) | (44.4) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | 1,435 | 1,312 | 9.4 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 5,812 | 5,802 | 0.2 | % | (3.8) | % | 106 | 86 | 23.3 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 2,979 | 2,881 | 3.4 | % | (0.9) | % | 46 | 35 | 31.4 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 1,239 | 1,237 | 0.2 | % | 0.2 | % | 7 | 6 | 16.7 | % | |||||||||||||||||||||||||||||||
| Transportation | 4,443 | 4,626 | (4.0) | % | (5.3) | % | 15 | 13 | 15.4 | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | 23 | 8 | 187.5 | % | |||||||||||||||||||||||||||||||||
| Total natural gas revenues | 14,473 | 14,546 | (0.5) | % | (3.4) | % | 197 | 148 | 33.1 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | — | — | n/a | ||||||||||||||||||||||||||||||||||||||
| Total natural gas revenues | 197 | 148 | 33.1 | % | |||||||||||||||||||||||||||||||||||||
| Total electric and natural gas revenues | $ | 1,632 | $ | 1,460 | 11.8 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 747 | $ | 637 | 17.3 | % | |||||||||||||||||||||||||||||||||||
| Electric Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,848 | 2,726 | 2,774 | 4.5 | % | 2.7 | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,413 | 1,278 | 1,297 | 10.6 | % | 8.9 | % | ||||||||||||||||||||||
| Natural Gas Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,934 | 2,774 | 2,957 | 5.8 | % | (0.8) | % | ||||||||||||||||||||||
| Number of Electric Customers | 2026 | 2025 | Number of Natural Gas Customers | 2026 | 2025 | |||||||||||||||||||||
| Residential | 497,718 | 494,232 | Residential | 132,182 | 131,494 | |||||||||||||||||||||
| Small commercial & industrial | 65,857 | 65,322 | Small commercial & industrial | 10,188 | 10,134 | |||||||||||||||||||||
| Large commercial & industrial | 1,287 | 1,257 | Large commercial & industrial | 14 | 14 | |||||||||||||||||||||
| Public authorities & electric railroads | 631 | 632 | Transportation | 156 | 160 | |||||||||||||||||||||
| Total | 565,493 | 561,443 | Total | 142,540 | 141,802 | |||||||||||||||||||||
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $3 million and $2 million for the three months ended September 30, 2026 and 2025, respectively, and $7 million and $6 million the nine months ended September 30, 2026 and 2025, respectively.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
14
ACE Statistics
Three Months Ended September 30, 2026 and 2025
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | Weather - Normal % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 1,416 | 1,335 | 6.1 | % | (2.4) | % | $ | 381 | $ | 363 | 5.0 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 529 | 483 | 9.5 | % | 7.6 | % | 89 | 82 | 8.5 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 822 | 790 | 4.1 | % | 2.3 | % | 41 | 43 | (4.7) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 10 | 9 | 11.1 | % | 6.2 | % | 5 | 4 | 25.0 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 64 | 62 | 3.2 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 2,777 | 2,617 | 6.1 | % | 0.8 | % | 580 | 554 | 4.7 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (1) | 16 | (106.3) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | $ | 579 | $ | 570 | 1.6 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 276 | $ | 286 | (3.5) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 31 | 11 | 31 | 181.8 | % | — | % | ||||||||||||||||||||||
| Cooling Degree-Days | 930 | 755 | 875 | 23.2 | % | 6.3 | % | ||||||||||||||||||||||
Nine Months Ended September 30, 2026 and 2025
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | Weather - Normal % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 3,258 | 3,180 | 2.5 | % | (1.7) | % | $ | 880 | $ | 782 | 12.5 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 1,317 | 1,253 | 5.1 | % | 3.9 | % | 222 | 193 | 15.0 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 2,231 | 2,237 | (0.3) | % | (1.0) | % | 129 | 141 | (8.5) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 32 | 32 | — | % | (1.3) | % | 15 | 14 | 7.1 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 186 | 196 | (5.1) | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 6,838 | 6,702 | 2.0 | % | (0.4) | % | 1,432 | 1,326 | 8.0 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (30) | 2 | n/a | ||||||||||||||||||||||||||||||||||||||
| Total electric revenues | $ | 1,402 | $ | 1,328 | 5.6 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 668 | $ | 616 | 8.4 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2026 | 2025 | Normal | From 2025 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 3,069 | 2,851 | 2,926 | 7.6 | % | 4.9 | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,324 | 1,093 | 1,188 | 21.1 | % | 11.4 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2026 | 2025 | ||||||||||||
| Residential | 512,248 | 509,739 | ||||||||||||
| Small commercial & industrial | 63,063 | 62,923 | ||||||||||||
| Large commercial & industrial | 2,663 | 2,730 | ||||||||||||
| Public authorities & electric railroads | 782 | 745 | ||||||||||||
| Total | 578,756 | 576,137 | ||||||||||||
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $4 million and $3 million for the nine months ended September 30, 2026 and 2025, respectively.
(d)Includes alternative revenue programs.
15
October 30, 2026 Earnings Conference Call Third Quarter 2026
2 Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low- emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets. New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed in the 2025 Form 10-K filed by the Registrants, including in Part I, ITEM 1A. Risk Factors, and this Report including in Part II, ITEM 1A. Risk Factors, and in other reports filed by the Registrants from time to time with the SEC. Investors are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this presentation.
3 Non-GAAP Financial Measures Exelon reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Exelon supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures, including: • Adjusted operating earnings (operating EPS) excludes certain costs, expenses, gains, and losses and other specified items that are considered by management to be not directly related to the ongoing operations of the business as described in Reconciliation of Non-GAAP Measures. • Adjusted operating and maintenance (O&M) expense excludes regulatory operating and maintenance costs for the utility businesses and certain excluded items. • Operating ROE is calculated using operating net income divided by average equity for the period. The operating income reflects all lines of business for the utility business (gas distribution, electric transmission, and electric distribution). • S&P FFO/Debt and Moody’s CFO (Pre-WC)/Debt are calculated using the respective S&P and Moody’s methodologies described in Reconciliation of Non-GAAP Measures. Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable GAAP measure may not be currently available, therefore, management is unable to reconcile these measures. This information is intended to enhance an investor’s overall understanding of period over period financial results and provide an indication of Exelon’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 information is 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. Exelon 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. Non-GAAP financial measures are identified by the phrase “non-GAAP” or an asterisk (*). Reconciliations of these non-GAAP measures to the most comparable GAAP measures are provided in this presentation in Reconciliation of Non-GAAP Measures.
4 Key Messages Financial and Operational Excellence Regulatory & Other Developments Long-Term Outlook ▪ Adjusted Operating Earnings* of $0.87 per share in Q3 2026 vs. $0.86 per share in Q3 2025 ▪ GAAP Earnings of $0.70 per share in Q3 2026 vs. $0.86 per share in Q3 2025 ▪ Narrowing 2026 EPS* to $2.85 - $2.91 per share(1) ▪ Exelon utilities now rank 1st, 2nd, 5th, and 6th in reliability performance across the country ▪ Continued regulatory progress in Maryland, with final orders at Pepco and the MYP Lessons Learned; BGE rate case continues to advance ▪ DPL DE rate case and ComEd Grid Plan progressing on track ▪ ACE’s battery storage project remains on track, supporting reliability and customer affordability ▪ Affirming Adjusted Operating Earnings* CAGR near top end of 5-7% from 2025-2029(2) ▪ 7.9% rate base growth resulting from $41.7B of investment; $12-17B of transmission and $3-7B of storage opportunity beyond the plan ▪ Completed 100% of 2026 debt issuances and ~37% of $3.4B in equity needs through 2029; continued execution of pre-issuance hedging strategy (1) 2026 earnings guidance based on expected average outstanding shares of 1,031M. (2) Based off the midpoint of Exelon’s 2025 Adjusted Operating EPS* guidance range of $2.64 - $2.74 as disclosed on Q4 2024 Earnings Call in February 2025.
5 Q3 2026 QTD Adjusted Operating Earnings* Waterfall Note: Amounts may not sum due to rounding (1) Approved Distribution and Transmission revenues are driven by customer investments driving top quartile or better reliability and avoided outage costs. (2) Primarily due to the absence of extraordinary storm cost deferrals recognized in 2025. (3) Higher income taxes driven primarily by timing of tax repairs deduction. (4) 2026 earnings guidance based on expected average outstanding shares of 1,031M. $0.37 $0.29 $0.25 $0.08 ($0.12) Q3 2025 $0.03 ComEd ($0.09) PECO $0.04 BGE $0.02 PHI Corp $0.12 $0.16 $0.31 $0.40 Q3 2026 $0.86 $0.87 ($0.12) BGE PECO PHI ComEd Corp $0.01 Income Taxes ($0.01) Interest Expense $0.02 Approved Distribution and Transmission Rates(1) $0.01 AFUDC $0.01 Absence of Customer Surcharge Credits $0.01 Weather ($0.06) Storm Costs(2) ($0.02) Income Taxes(3) ($0.01) Contracting Costs ($0.01) Depreciation ($0.01) Interest Expense $0.02 Approved Distribution and Transmission Rates(1) $0.01 Contracting Costs $0.01 Other $0.03 Approved Distribution Rates(1) ($0.01) Storm Costs ($0.01) Depreciation ($0.01) Interest Expense $0.02 Other Narrowing 2026 Adjusted Operating Earnings* to $2.85 - $2.91 per share(4)
Distribution Rate Case and Other Regulatory Updates 6 Rate case filed Rebuttal testimony Initial briefs Final commission order Intervenor direct testimony Evidentiary hearings Reply briefs Settlement agreement CF IT RT EH IB RB FO SA Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Revenue Req. Increase Requested ROE / Equity Ratio Expected Order Date $52.6M 10.50% / 50.50% Q3 2027 $151.2M 10.40% / 52.00% Jan 2027 DPL DE Electric Open Base Rate Cases CF BGE Electric Maryland Lessons Learned (Case No. 9618) – Final order posted on 9/30/2026 – Reaffirms proactive planning and ratemaking remain worth pursuing and identifies Public Conference 83 as the path forward to complete the RELIEF Act Study ComEd Grid Plan (ICC Docket No. 26-0047) – Proposed $15.3B of investment from 2028-2031 to meet load growth demand and priorities stated in CEJA and CRGA – ALJ Proposed Order posted on 10/14/2026 – Order expected by 12/15/2026 ComEd Reconciliation (ICC Docket No. 26-0215) – MRPP Annual Performance Evaluation proceeding – Agreed upon draft order posted on 10/1/2026, reflecting an adjustment amount of $205M which includes the 2025 Performance Adjustment – Order expected by 12/20/2026 Other Regulatory Activity CF Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Revenue Req. Increase Approved ROE / Equity Ratio Order Date $50.9M 9.40% / 50.50% Aug 2026 Pepco MD Electric CF Completed Since Q2 2026 Call IT RT EH FOIB RB Note: See Additional Disclosures slides 24-27 for further detail on pertinent rate case data and information. IT RT EH
Advancing Affordable, Reliable Energy Solutions Disciplined investment supports customers today while creating significant growth opportunities Transmission Enabling reliability, resilience, and economic growth Storage Fast-to-deploy resources supporting reliability, affordability, and resilience CURRENT PLAN PROJECT PIPELINE $16.3B 2026 – 2029 Forecast ~$1B 500 MW Not included in plan Diversified Plan Driven by Multiple Trends • Reliability • Resilience • Economic development • Congestion relief • Grid modernization • New technologies • Interconnection • Competitive transmission New Jersey • 500 MW | ACE-owned • 2030 COD • Recovery filing: NJ BPU • Developed by Invenergy • Final order expected Q1 2027 FUTURE OPPORTUNITY FUTURE OPPORTUNITY ~$12–17B Visible opportunity beyond the plan ~$3-7B 1.5-3.5 GW Visible opportunity beyond the plan CUSTOMER AND GRID BENEFITS Modernize and harden existing infrastructure Support new business and high-density load New generation interconnection CUSTOMER AND GRID BENEFITS Increase grid reliability and flexibility Reduce customer costs and market volatility Enable efficient clean-energy integration Deliver efficient, competitive transmission solutions 7 Investments support reliability and affordability today while creating a visible ~$15-24B opportunity beyond the plan Support resource adequacy and peak demand needs
Strong Balance Sheet Provides Strategic and Financial Flexibility Entity Moody’s S&P ExCorp Baa2 / Stable BBB+ / Stable ComEd A1 / Stable A / Stable PECO A1 / Stable(4) A / Stable BGE A3 / Stable A- / Stable(4) ACE A2 / Stable A / Stable DPL A2 / Positive A / Stable Pepco A2 / Stable A / Stable 8 (1) Represents average credit metrics for 2022-2025 (Exelon’s 2022-2025 actuals per S&P and Moody’s published reports) and internal average credit metric estimates for 2026E-2029E based on S&P and Moody’s methodologies, which incorporate the tax repairs deduction in the implementation of the Corporate Alternative Minimum Tax (CAMT). (2) Represents Moody’s downgrade threshold for Exelon Corporate’s Baa2 senior unsecured rating and S&P’s downgrade threshold for Exelon Corporate’s BBB+ senior unsecured rating (currently one notch higher than Moody’s). (3) Current senior unsecured ratings for Exelon and BGE and current senior secured ratings for ComEd, PECO, ACE, DPL, and Pepco. (4) On July 15, 2026, Moody’s downgraded PECO’s senior secured credit rating from Aa3 to A1. On April 30, 2026, S&P downgraded BGE’s senior unsecured credit rating from A to A-. (5) See Additional Disclosures slide 20 for additional detail. 2022-2025 2026E-2029E ~13.5% ~14% Credit Ratings / Outlook(3) 12%(2) 13%(2) Moody’s CFO (pre-WC) / Debt*(1) 2022-2025 2026E-2029E ~13.0% ~14% S&P FFO / Debt*(1) Stable Platform with a Credit Supportive Value Proposition ▪ Exelon’s scale, jurisdictional diversification, operational excellence, and effective recovery mechanisms contribute to a unique credit-supportive value proposition ▪ Credit metric outlook supports ~200 bps above Moody’s and ~100 bps above S&P’s downgrade thresholds(2) Balanced Approach to Funding Capital ▪ Executed 100% of 2026 debt financing needs, mitigating exposure to interest rate volatility for this year(5) ▪ Pre-issuance hedging strategy further reduces future interest rate volatility ▪ ~$41.7B four-year capital expenditure plan being funded in a balanced manner ‒ ~40% of incremental capital funded with equity, resulting in $3.4B of equity through 2029 (implying ~$850M issuance annually); average annual equity issuances represent less than 2% of market capitalization ‒ Priced ~37% of equity needs through 2029 via ATM forward contracts
Capitalize on Growth Opportunities Focus on Customer Affordability and Value 9 2026 Business Priorities and Commitments ❖ Prioritize employee safety and engagement ❖ Deploy ~$10B of capex for the benefit of customers ❖ Maintain industry-leading operational excellence ❖ Focus on cost management and innovation ❖ Capture growth opportunities and new customer solutions ❖ Advocate for equitable and balanced energy future ❖ Earn consolidated operating ROE* of 9-10% ❖ Achieve constructive rate case outcomes for customers and shareholders ❖ Deliver Operating EPS* guidance of $2.85 - $2.91 per share ❖ Maintain strong balance sheet and execute on 2026 financing plan Execute Plan Consistent and Reliable Execution
Customer rates 19% below largest U.S. cities(1) Connected ~$150M in LIHEAP assistance and $60M in direct assistance to customers in need Fostered nearly $60B of economic activity in our communities Protecting customers through FERC-endorsed Transmission Security Agreements while improving queue quality and certainty C u s to m e r- F o c u s e d Consistent track record of financial execution at a customer-supportive pace 7.9% rate base growth from 2025-2029 with established rate mechanisms in place Strong investment grade credit ratings with 100 to 200 bps of financial flexibility Diverse and defined capital plan with no one project greater than ~3% of 4-year outlook 10 Sustainable Value as the Premier T&D Energy Company (1) Source: Edison Electric Institute Typical Bills and Average Rates report for Summer 2025; reflects residential average rates for the 12-month period ending June 30, 2025. (2) Based on Exelon’s 2025 Sustainability Report. (3) Near top end of EPS* growth range; based off the midpoint of Exelon’s 2025 Adjusted Operating Earnings* guidance range of $2.64 - $2.74 as disclosed at Q4 2024 Earnings Call in February 2025. (4) Aggregate amount of dividends to be paid quarterly and are subject to approval by Board of Directors. Investing in infrastructure for our communities generates 5-7% annualized adjusted operating earnings* growth(3), which combined with ~60% dividend payout ratio(4) results in an attractive risk-adjusted total annual return of 9-11% Top quartile SAIFI & SAIDI performance for 10 consecutive years Cost and executional advantage due to size and scale with WSJ recognition as a Best Managed Company In 2025, over 50% supplier spend was local, supporting our communities in our key operating geographies(2) Fortune’s Most Innovative Companies in 2025 100+ workforce development programs Recognition as one of the World’s Most Admired Companies in 2026 by Fortune Magazine Industry leader in advancing safety EEI Corporate Citizenship Award earning a distinction for Workforce Development 20,000 employees and 50,000 jobs sustained throughout our jurisdictions F in a n c ia l E x e c u ti o n O p e ra ti o n a l E x c e ll e n c e T a le n te d , C o m m it te d E m p lo y e e s Consistent Growth, Long-Term Value
11 Additional Disclosures
12 Positioned for Resilient and Reliable Growth (1) Source: Edison Electric Institute Typical Bills and Average Rates report for Summer 2025; reflects residential average rates for the 12-month period ending 6/30/2025. (2) Based on implied dividend yield as of Q4 2025 Earnings Call on February 12, 2026. Size and scale Pure T&D-only utility spanning seven regulatory jurisdictions. Significant cost and executional advantage due to size and scale Operational excellence Exelon utilities rank 1st, 2nd, 5th, and 6th among the nation's most reliable utilities in 2025, with customers experiencing 2 million fewer annual interruptions than 2021 Focus on affordability Premium customer experience at competitive rates. Customer rates 19%(1) below largest U.S. cities, ~33% improvement in reliability since 2016, with over $1 billion avoided outage costs and $60M in direct customer assistance in 2025 Track record of execution Consistently executing adjusted operating EPS* at ~7.4% CAGR since 2021 and capital plan supporting customer investments within 2% since 2023 Diversified investment mix No jurisdiction more than 30% of business and no one capital project greater than ~3% of 4-year outlook Strong balance sheet Target average credit metrics* of ~14% through 2029; 100-200 bps of financial flexibility and strong investment grade credit ratings Consistent Growth, Long-Term Value Attractive Risk Adjusted Return EPS* Growth 2025 – 2029 adjusted operating EPS* CAGR with expectation to be near the top end of range 5-7% ~60% 9-11% Dividend Payout Ratio Growing dividend at 5%, approximating 60% payout, through 2029 Total Shareholder Return(2) Attractive risk adjusted return built on a track record of execution and operational excellence Disciplined and defensive foundation, with credible opportunities for sustainable growth
Managing Our Operations and Costs • Saved over $1B in avoided outage costs in 2025 • ~2 million fewer annual interruptions than 2021 • O&M* growth below inflation, saving customers ~$580M in 2026(3) Supporting Customers through Assistance • $60M in direct assistance through Customer Relief Fund • Connected customers to ~$480M in assistance in 2025 • Nearly 29M MWh of Energy Efficiency program savings in 2025 • 150,000+ Distributed Energy Resource connections since 2021, accelerating the annual pace by 50% Making an Economic Impact in Our Communities • Employed more than 20,000 people and sustained 50,000 jobs • Fostered nearly $60B of economic activity in our communities Advocating for Customer Equity and Supply Solutions • FERC-endorsed TSA framework protects customers and ensures fairness in cost • Advocacy for market reforms including capacity price collar extension • Support utility-generated solutions to bring certainty, control, and customer benefits to electricity supply 13 Driving Affordability and Value for our Communities (1) Source: Consumer Price Index Historical Tables for U.S. City Average from U.S Census Bureau. (2) Source: Average customer electric bills are determined using 2016-2025 Edison Electric Institute Typical Bills and Average Rates Summer reports and historical bill data where appropriate; Median income by territory metro areas (MSAs or CBSAs) from U.S. Census Bureau 2015-2024 ACS 1-Year Estimates. (3) Assuming an annualized 3.5% rate of inflation based on consumer price index as reported by the Bureau of Labor Statistics and IHS across 2016-2025, adjusted O&M expense* would have increased by ~$1.5B over the same time period. O&M* Growth Well Below Inflation Advancing Customer and Community Equity 75% of Increase Driven by Energy Supply 1.0% 0.7% 2.2% 2021 1.0% 0.8% 2.4% 2022 1.0% 0.8% 2.6% 2023 1.1% 0.8% 2.5% 2024 1.1% 1.0% 2.6% 2025 1.7% 1.7% 1.8% 1.9% 2.1% EXC T&D Avg. Avg. Supply Cost National Avg. 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3.8 4.0 4.2 4.4 4.6 4.8 5.0 5.2 O&M* Grown at Inflation (CPI)(1) O&M* Grown at Smoothed Inflation (CPI)(1) EXC Actual O&M* Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 SAIFI & SAIDI Quartile Average Electric Bill as a % of Median Income(2)
Exelon is Well-Positioned for Transmission Solutions 14 (1) Estimated transmission capital as of historical roll forwards. Rate base estimates as disclosed at Q1 2026 Earnings Call in May 2026. (2) As of Q1 2026 earnings call. Transmission opportunity largely expected in 2030 and beyond, though new business and competitive transmission may require additional spend before 2030. (3) As an example, the Illinois Clean and Reliable Grid Affordability Act (CRGA) – SB 25 allows the Commission discretion to ask utilities and other parties to identify transmission projects necessary to facilitate the goals of the Renewable Energy Access Plan (REAP). (4) Recently awarded projects, reflecting Exelon’s 25% ownership in KJT. Approximately 50% is reflected in current plan (2026E – 2029E). (5) Jointly developed with NextEra Energy Transmission; Exelon owns 25%. 10.5 11.5 12.3 12.7 13.3 15.1 18.8 22.9 20% 2022A 21% 2023A 20% 2024A 20% 2025A 20% 2026E 21% 2027E 24% 2028E 26% 2029E +11.8% +16.0% Transmission CapEx ($M)(1) Transmission Rate Base ($B)(1) 6,675 21% 2023 - 2026E 28% 2024 - 2027E 33% 2025 - 2028E 39% 2026 - 2029E 9,675 12,550 16,300 %T of CapEx/Rate Base Long-Term Transmission Planning Projects (>$1B) Other Transmission Growing Transmission Investment $12–17B of Identified Opportunity Beyond the Plan(2) Existing Infrastructure $7B+ Modernize and harden 11,000+ circuit miles to improve reliability, resilience, congestion relief, and system flexibility New Business $1B+ Support continued economic growth by connecting committed high-density load projects Public Policy Objectives $2B+ Enable federal and state policy objectives (3) and new generation interconnection as generation mix evolves Competitive Transmission $2B+ Deploy decades of transmission expertise and proven execution capabilities to capture competitive opportunities. 1 of 4 U.S. 765kv transmission operators Awarded Projects: ~$5B(4) ($ | in service) Brandon Shores $1.5B I 2028 Tri-County $1.4B I 2030 MISO LRTP Tranche 2.1 $1B+ I 2034 PJM 2025 RTEP #1 $0.7B I 2030 Kammer–Juniata (KJT)(5) $1.7B I 2031 Proposed Projects (expected decision) PJM 2026 RTEP #1 - Exelon-Owned - Partnered Solutions Q1 ’27
FERC has endorsed Exelon’s TSA framework as a model for protecting customers, improving queue certainty, and enabling efficient large-load growth 15 Exelon is a Key Partner in Driving Economic Development (1) 2015-2025 levels represent full year data center load. 2026 represents YTD through September; 28% CAGR ('22-'26) is based on YTD Sep ‘22 vs YTD Sep ‘26. Validated by PJM, Proven by Execution Exelon’s Projected Data Center Growth ComEd ~9 GW Advanced phases of design or backed by FERC-approved TSAs (~45% with TSAs, backed by ~$1.2B in collateral) MidAtlantic ~2 GW ~11 GW High Probability Load ComEd ~14 GW Within current or future cluster studies (2026 and 2027 conclusion)MidAtlantic ~9 GW Future Pipeline ~23 GW Large Load Adjustments (LLA) submitted in 2025 and 2026 were fully approved by PJM. Exelon’s 2027 submission reflects enhanced commitment criteria and aligns with ~11 GW of high probability load ComEd and PECO recognized as top utilities in economic development in the U.S. by Site Selection Magazine in 2025 Protecting customers through the formalization of landmark Transmission Security Agreements (TSAs) and Cluster Study process Data Center Load in Northern IL(1) 0 200 400 600 800 1,000 ‘15 ‘22 ‘23 ‘24 ‘25 ’26 YTD ~28% CAGR(1) M W ~9% CAGR Actual Demand
16 Rapid, large scale load growth creates significant economic development opportunity in our communities and accelerates interest in creative solutions to the energy transition The Power of Impact: Growth and Progress in Our Communities August 24, 2026 IL: ComEd CPCN approval for KARE Transmission Project August 25, 2026 MD: MD Utilities Pursue Storage RFPs September 16, 2026 IL: ComEd Secures Over $1B in Financial Commitments October 12, 2026 IL: ComEd & Richardson Plan State’s Largest Commercial BESS November 12, 2025 MD: BGE Battery Storage Proposal December 11, 2025 IL: ComEd 765kV Expansion January 16, 2026 IL: Tract plans for 1GW Data Center April 3, 2026 MD: BGE & Pepco Support Grid Modernization June 30, 2026 IL: ComEd approval to launch first VPP Program July 23, 2026 NJ: Proposed battery storage project up to 500MW August 4, 2026 EXC: More than $1B in Customer Protections Through TSAs August 7, 2026 MD: BGE CPCN approval for Brandon Shores Transmission Project
Energy Security and Associated Policy is a Top Priority Delivering resources to meet energy and economic goals requires all stakeholders working together to advance resilient, durable, and cost-effective solutions, and Exelon is engaged at all levels to sustain progress 17 StatesFederal Agencies Regional Transmission Operator (1) Anticipated conclusion of legislative session; for MD & DE, anticipated start of next legislative session. (2) PA Power Act – HB 1272 (4/21/25), SB 897 (6/30/25). (3) Data Center Act - HB 1834 requiring new clean generation and requiring direct T&D cost allocation for data centers passed House 3/24/26. (4) A5188/S4411, A2757/S1673, and A796/S731 signed into legislation 7/7/2026. ▪ MD (1/13/2027)(1): Utility RELIEF Act focused on regulatory reform, transmission and large load oversight, and incentivization of clean energy generation ▪ IL (Veto Session 12/3/26)(1): Proposals on transmission siting reforms and data center policies on bring your own generation and environmental reporting regulations ▪ PA (11/30/26)(1): Bills(2) introduced allowing for utility-owned generation in conjunction with procurement via long-term contracts; No significant energy bills expected to pass before end of session ▪ NJ (1/11/28)(1): Bills(4) signed to promote greater transparency on supplemental transmission projects; require RTO membership; establish tariffs for large load data centers ▪ DE (1/12/27)(1): Bills strengthening PSC oversight and utility customer protections; requiring utilities to establish a separate large load rate (30+ MW); large energy use facilities to produce renewable energy to power their operations Adopt policies that promote economic development and energy security, including utility-owned generation and battery storage, to support a reliable and resilient grid Shorter-Term Solutions ▪ Continue shaping reforms and delivery time horizons supporting resource adequacy and large load additions, including the mutual goals of ensuring sufficient new generation is procured, protecting existing customers by isolating costs of procurement to large loads, and adding generation to the grid where it is most needed ▪ Support FERC approval of long-term transmission planning procedures ▪ Support FERC approval of modified RBP and IRAS filings Mid-Term Solutions ▪ Expand capacity contracting to secure new supply additions and more closely align procurement Longer-Term Solutions ▪ State-directed planning and procurement of generation resources to better align economic and energy policy goals, with capacity market providing residual support Facilitate supply in line with the pace of demand and solve near-term affordability challenges Shape large load policies to protect customers, promote economic growth, and support reliability Accountability Gaps in Generation Planning ▪ Continue working with federal and state regulators to jumpstart supply response in PJM ▪ Advance utility-generated power to address wholesale supply costs and mitigate reliability risks Transmission Policy ▪ Enable more proactive and flexible transmission planning to support timely interconnection of load and generation ▪ Retain incentives policy that benefits customers and supports needed transmission development Large Load Protections ▪ Continue to develop policies, including execution of Transmission Security Agreements, that protect customers and demonstrate responsible data center development
Financing ▪ $3.4B equity need (implies $850M annually), $3.4B of new Corporate debt 2026-2029(5), and other financing costs Operating Earnings* Growth Outlook 2026 2027 2028 2029 Total YoY Growth Relative to Range (1) Growth Above Midpoint of 5-7% Range(2) (1) Growth outlook and associated drivers as of Q1 2026 earnings call; growth relative to range is directional and allows for flexibility of rate case timing. (2) Based off the midpoint of Exelon’s 2025 Adjusted Operating Earnings* guidance range of $2.64 - $2.74 as disclosed at Q4 2024 Earnings Call in February 2025. (3) Based off the midpoint of Exelon’s 2026 Adjusted Operating Earnings* guidance range of $2.81 - $2.91 as disclosed at Q4 2025 Earnings Call in February 2026. (4) Brandon Shores projects assumed to primarily earn AFUDC through the 2026-2029 guidance period. FERC has approved BGE to utilize CWIP treatment for the Tri-County Line project with cost recovery through the transmission formula rate. (5) Includes the Exelon Corporate sale of $1B of 3.25% Convertible Senior Notes completed on December 4, 2025. Expect annualized adjusted operating earnings* growth near top end of 5-7% through 2029 18 Growth Drivers 2026-2029(4) Distribution Transmission ▪ Growth in line with rate base ▪ Capital reflects 4-year MYP though 2027, including current estimates of new business connections to be recovered via reconciliation ▪ Annual transmission updates occurring mid-year, with generally longer construction periods versus distribution ▪ Future electric and gas rate filings anticipated in planning period ▪ Assumes weather normal revenue and Distribution System Improvement Charge (DSIC) ▪ Annual transmission updates occurring mid-year, with generally longer construction periods versus distribution ▪ Includes investment associated with Brandon Shores and Tri-County Line projects, which are expected to be fully placed in-service by 2028 and 2030, respectively(4) ▪ 3-year electric and gas MYP through 2026; 2027+ investment plan and associated cost recovery will accommodate recently passed Utility RELIEF Act (including the RELIEF Act Study on forward test years) and recommendations from MD MYP Lessons Learned ▪ Pepco MD rates in effect August 2026 based on historic test year, DPL MD MYP rates remain in effect, and future investment plans and associated cost recovery will accommodate recently passed Utility RELIEF Act (including the RELIEF Act Study on forward test years) and recommendations from MD MYP Lessons Learned ▪ DC MYP2 through 2026 and continued recovery of spend in 2027-2028 via alternative ratemaking mechanisms ▪ Intermittent historical test-year rate cases at ACE and DPL, complemented by capital (ACE, DPL DE) and energy efficiency (ACE) trackers Growth Near Top End of 5-7% Range(3)
19 Q3 2026 YTD Adjusted Operating Earnings* Waterfall Note: Amounts may not sum due to rounding (1) Approved Distribution and Transmission revenues are driven by customer investments driving top quartile reliability and avoided outage costs. (2) Primarily due to the absence of extraordinary storm cost deferrals recognized in 2025. (3) Higher income taxes driven primarily by timing of tax repairs deduction. ($0.40) $0.39 $0.64 $0.62 $0.92 Q3 2025 ComEd PECO $0.08 BGE ($0.01) PHI $0.02 Corp $0.47 $0.56 $0.61 $0.94 ($0.38) Q3 2026 $2.17 $2.20 $0.02 ($0.08) BGE PECO PHI ComEd Corp $0.04 Absence of Customer Relief Fund $0.01 Income Taxes ($0.03) Interest Expense $0.05 Approved Distribution and Transmission Rates(1) $0.03 AFUDC ($0.05) Timing of Distribution Earnings ($0.01) Other $0.03 Absence of Customer Surcharge Credits $0.03 Weather ($0.03) Storm Costs(2) ($0.03) Depreciation ($0.03) Interest Expense ($0.02) Contracting Costs ($0.02) Income Taxes(3) ($0.01) Other $0.06 Approved Distribution and Transmission Rates(1) $0.02 Contracting Costs ($0.02) Credit Loss Expense $0.02 Other $0.05 Approved Distribution and Transmission Rates(1) ($0.03) Depreciation and Amortization ($0.02) Interest Expense ($0.01) Storm Costs ($0.01) Pepco MD MYP Reconciliation $0.01 Other
2026 Financing Plan(1) Capital plan financed with a balanced approach to maintain strong investment grade ratings Entity Instrument Issuance ($M) Maturity ($M) Issued ($M)(2) Remaining ($M) FMB $1,425 ($500) $1,425 - FMB $250 - $300 - FMB $100 - $100 - FMB $150 - $150 - FMB $750 - $750 - Senior Notes $950 ($350) $925 - Senior Notes / Other(3) $1,775 ($750) $1,775(3) - Equity(4) $850 - $850(4) - 20 Note: As of September 30, 2026. FMB represents First Mortgage Bonds. (1) Financing plans are subject to change, depending on capital expenditures, regulatory outcomes, internal cash generation, market conditions, changes in tax policies, and other factors. (2) ACE, DPL, and Pepco closed on FMBs in the private placement market (March 19, 2026) and funded $100M, $75M, and $170M, respectively. Additionally, using a delayed draw feature, Pepco funded $130M in June and DPL funded $75M in September. (3) Other could include fixed income securities that receive equity credit, subject to market conditions. Exelon Corporate completed the sale of $1B of 3.25% Convertible Senior Notes (December 4, 2025) and $775M of 4.95% Unsecured Senior Notes (February 20, 2026). (4) Exelon expects to issue ~$3.4B of equity by 2029, implying ~$850M per year. $850M has been priced under forward contracts to be settled by December 15, 2026.
Exelon Debt Maturity Profile(1,2) 650 1,000 1,650 1,250 500 1,016 850 650 833 775 675 815 275 600 1,400 650 741 691 1,275 2,150 1,550 673 2,150 669 1,050 1,825 1,500 1,455 360 997 303 600 2,528 625 2,823 1,645 1,575 1,715 1,225 1,200 1,650 2,400 1,650 1,400 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 100 2039 2040 60 2026 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 20562041 (1) Maturity profile excludes non-recourse debt, capital leases, fair value adjustments, unamortized debt issuance costs, and unamortized discount/premium. (2) Long-term debt balances reflect 2026 Q3 10-Q GAAP financials, which include items listed in footnote 1. (3) Includes $500M of 364-day term loan maturing March 2027. Exelon’s weighted average long-term debt maturity is approximately 15 years ($M) As of 09/30/2026 EXC Regulated ExCorp 21 Debt Balances (as of 9/30/26)(1,2) ($B) Short-Term Debt Long-Term Debt Total Debt BGE $0.0 $6.6 $6.6 ComEd $0.0 $13.9 $13.9 PECO $0.0 $7.3 $7.3 PHI $0.0 $10.1 $10.1 Corp $0.9(3) $14.3 $15.2 Exelon $0.9 $52.3 $53.2
(1) Reflects full year impact to a +50bp increase on Corporate debt net of pre-issuance hedges as of September 30, 2026. Through September 30, 2026, Corporate entered into $0.3B of pre-issuance hedges through interest rate swaps. (2) Includes the tax repairs deduction associated with the implementation of the Corporate Alternative Minimum Tax (CAMT). 22 Exelon Adjusted Operating Earnings* Sensitivities Interest Rate Sensitivity to +50bp 2026E 2027E Cost of Debt (1) $(0.00) $(0.01) Exelon Consolidated Effective Tax Rate 19.5% 20.0% Exelon Consolidated Cash Tax Rate(2) 2.9% 4.2%
23 Rate Case Details
24 Exelon Distribution Rate Case Updates Note: Unless otherwise noted, based on schedules of Delaware Public Service Commission (DE PSC) and Maryland Public Service Commission (MD PSC) that are subject to change. (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. (2) Revenue requirement excludes the requested transfer of $23.2 million Distribution System Improvement Charge (DSIC). As permitted by Delaware law, DPL implemented interim rates at 50% of the 9+3 gross request ($68.6M, including DSIC) effective 7/9/26 and will implement interim rates at 75% of the 9+3 gross request on 12/9/26, subject to refund. Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. Rate case filed Rebuttal testimony Initial briefs Final commission order Intervenor direct testimony Evidentiary hearings Reply briefs Settlement agreement CF IT RT EH IB RB FO SA Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Revenue Req. Increase Requested ROE / Equity Ratio Expected Order Date $52.6M(1,2) 10.50% / 50.50% Q3 2027 $151.2M(1) 10.40% / 52.00% Jan 2027 DPL DE Electric Open Base Rate Cases CF BGE Electric CF Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Revenue Req. Increase Approved ROE / Equity Ratio Order Date $50.9M(1) 9.40% / 50.50% Aug 2026 Pepco MD Electric CF Completed Since Q2 2026 Call IT RT EH FOIB RB IT RT EH
25 Pepco MD Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 9820 ▪ October 14, 2025, Pepco filed with the Maryland Public Service Commission (MD PSC) seeking an increase in base distribution rates ▪ Pepco’s Traditional Test Year (TTY) rate filing supports: ▪ Customer Benefits: Expanding bill mitigation options and energy assistance to address affordability amid rising costs and implementing investments and programs designed to help customers effectively manage energy costs, including our Assistance Finder Tool ▪ Reliability: Upgrading infrastructure, like the White Flint Substation, to meet growing demand and ensure customers continue receiving dependable service ▪ Clean Energy Goals: Supporting Maryland’s transition to clean energy, fostering job creation, and driving economic development ▪ The filing seeks recovery of critical investments and incremental financing costs due to rising interest rates including important investments which directly support system reliability, capacity, and long-term growth for our customers and contribute to Pepco having the lowest outage duration in the state ▪ August 28, 2026, the MD PSC issued a Final Order in Pepco’s base rate case with a revenue requirement distribution increase effective August 10, 2026 Test Period 12 months actual Test Year October 31, 2024 – September 30, 2025 Approved Common Equity Ratio 50.50% Approved Rate of Return ROE: 9.40%: ROR: 7.22% Approved Rate Base (Adjusted) $2,995M Approved Revenue Requirement Increase $50.9M(1) Residential Total Bill % Increase 2.25% Detailed Rate Case Schedule Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 3/11/2026 Initial briefs 1/30/2026 7/1/2026 4/27/2026 - 5/1/2026 Reply briefs Commission Order Filed rate case 10/14/2025 Intervenor testimony Evidentiary hearings 6/17/2026 8/28/2026 Rebuttal testimony (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. Final Order
26 DPL DE (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 25-1555 ▪ December 9, 2025, Delmarva Power filed an application with the Delaware Public Service Commission (DE PSC) seeking an increase in electric distribution base rates ▪ Rate increases allow for system upgrades and energy grid enhancements to maintain safety and reliability and improve services for customers. The filing seeks recovery for increased costs since last rate case, system reliability maintenance costs, and storm remediation and surge damage costs. The filing supports: ▪ Customer Affordability: Proposing new income-based rate and a bad debt rider ▪ Reliability: Including resiliency projects to help meet reliability expectations such as feeder and cable replacement programs ▪ Bill Stabilization Adjustment: Decoupling adjustment to stabilize revenue related to customer bills driven by fluctuations in usage primarily caused by factors like weather Test Period 12 months actuals Test Year July 1, 2025 – June 30, 2026 Proposed Common Equity Ratio 50.50% Proposed Rate of Return ROE: 10.50%: ROR: 7.58% Proposed Rate Base (Adjusted) $1,458M Requested Revenue Requirement Increase $52.6M(1) Residential Total Bill % Increase 4.93% Detailed Rate Case Schedule Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Filed rate case 12/9/2025 Reply briefs 12/10/26 Initial briefs Evidentiary hearings Rebuttal testimony Intervenor testimony 4/27/2027 - 4/30/2027 Commission order expected (1) Revenue requirement excludes the requested transfer of $23.2 million Distribution System Improvement Charge (DSIC). As permitted by Delaware law, DPL implemented interim rates at 50% of the gross request effective 7/9/26 and will implement interim rates at 75% of the gross request on 12/9/26, subject to refund. Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. 02/18/2027
(1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. 27 BGE Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 9888 ▪ July 2, 2026, BGE filed with the Maryland Public Service Commission (MD PSC) seeking an increase in electric base distribution rates ▪ BGE’s Historical Test Year (HTY) rate case supports funding investments and operating costs necessary to maintain a safe and reliable electric system, cost of capital, and storm event recovery. The filing seeks recovery for ratemaking adjustments for safety and reliability investments and operating income on a terminal basis. The filing includes tariff proposals for: ▪ Storm Restoration Expense Rider: Annual filing proposal for recovery or refund of imbalance between actual incremental storm restoration O&M and the normalized baseline incremental storm restoration O&M costs in rates for major and non-major storm events ▪ BGE FlexPay: Voluntary prepaid service proposal for customers allowing greater control of energy expenses by permitting advance payment for energy use Test Period 12 months actuals Test Year April 1, 2025 – March 31, 2026 Proposed Common Equity Ratio 52.00% Proposed Rate of Return ROE: 10.40%: ROR: 7.68% Proposed Rate Base (Adjusted) $5,965M Requested Revenue Requirement Increase $151.2M(1) Residential Total Bill % Increase ~4% Detailed Rate Case Schedule Jul Aug Sep Oct Nov Dec Jan Initial briefs Evidentiary hearings Rebuttal testimony Intervenor testimony 9/22/2026 Filed rate case 10/16/2026 Commission order expected 11/6/2026 - 11/13/2026 7/2/2026 12/3/2026 Reply briefs 12/16/2026 1/28/2027
28 Approved Electric Distribution Rate Case Financials Approved Electric Distribution Rate Case Financials Revenue Requirement Increase/(Decrease) Allowed ROE Common Equity Ratio Rate Effective Date ComEd (Electric) (1,2) $1,045.0M 8.905% 50.0% Jan 1, 2024 PECO (Electric) (3) $290.0M N/A N/A Jan 1, 2025 BGE (Electric) (4,5) $179.1M 9.50% 52.00% Jan 1, 2024 Pepco MD (Electric) (6) $50.9M 9.40% 50.50% Aug 10, 2026 Pepco D.C. (Electric) (7) $123.4M 9.50% 50.50% Jan 1, 2025 DPL MD (Electric) (8) $28.9M 9.60% 50.50% Jan 1, 2023 DPL DE (Electric) (9) $27.8M 9.60% 50.50% April 24, 2024 ACE (Electric) (10) $54.0M 9.60% 50.24% Dec 1, 2025 (1) Reflects a four-year cumulative multi-year rate plan for January 1, 2024 to December 31, 2027 providing a total revenue requirement increase of $1.045B, inclusive of rate increases of approximately $752M in 2024, $80M in 2025, $102M in 2026, and $111M in 2027. On January 10, 2024, ComEd filed an appeal with the Illinois Appellate Court of various aspects of the ICC’s final order on which rehearing was denied, including the 8.905% ROE, 50% equity ratio, and denial of any return on ComEd’s pension asset. On September 30, 2026, the Illinois Appellate Court affirmed the ICC’s decisions on the appealed issues. (2) Separately, on December 18, 2025, ComEd received a Final Order from the ICC approving $243M of the annual performance evaluation reconciliation under Docket No. 25-0383. (3) Base rate revenue increase of $354M, which is partially offset by a one-time credit of $64M in 2025, resulting in a net revenue increase of $290M in 2025. The one-time credit of $64M includes ~$48M for incremental COVID-19 related uncollectible expense and ~$16M for dark fiber revenues. The settlement does not stipulate any ROE, Equity Ratio, or Rate Base. (4) Reflects a 3-year cumulative multi-year plan for 2024-2026. The MD PSC awarded incremental revenue requirement increases of $167M, $175M, and $66M with in each rate effective year, respectively. The incremental revenue requirement increase in 2024 reflects $41M increase for electric and $126M increase for gas (includes acceleration of certain tax benefits for electric and gas); 2025 reflects $113M increase for electric and $62M increase for gas; 2026 reflects $25M increase for electric and $41M increase for gas. (5) On December 22, 2025, MD PSC authorized BGE to recover $31 million and $46 million for electric and gas for the Rate Year 3 reconciliation under Order No. 92106. In addition, the MD PSC authorized $24M in recovery costs through separate regulatory assets related to minor storms and $4M for the Baltimore City conduit (to be reviewed along with a cost-benefit analysis in BGE’s next rate case). (6) On August 28th, 2026, the MD PSC issued a final order approving a $50.9M increase to base distribution rates in Case 9820, Order Number 92607. Rates are effective as of August 10th, 2026 and are based on a historical test year filing. (7) Reflects a cumulative multi-year plan from 2025 to 2026. The DC PSC approved $123.4M of incremental revenue requirement increase with $99.7M and $23.7M of that increase going into effect with rates on January 1, 2025 and January 1, 2026, respectively. On March 5, 2026, the DC Court of Appeals remanded the November 26, 2024 order back to the DCPSC to hold evidentiary hearings. On 10/2, the DC PSC issued a notice rescheduling key dates, with the Pre-Hearing conference moved from 10/6 to 11/17, and the Evidentiary Hearings being rescheduled to 12/7-12/8. OPC's appeal challenging the Commission's interim rate decisions remains pending before the DC Court of Appeals under an expedited schedule. (8) Reflects 3-year cumulative multi-year plan. On October 7, 2022, DPL filed a partial settlement with the MD PSC, which included incremental revenue requirement increases of $16.9M, $6.0M and $6.0M with rates effective January 1, 2023, January 1, 2024, and January 1, 2025, respectively. The MD PSC approved the settlement without modification on December 14, 2022. Rates remain in effect subsequent to the multi-year plan period. (9) Revenue requirement excludes the transfer of $14.4M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates. Delmarva Power implemented fully proposed rates on July 15, 2023 and adjusted them to final approved rates on April 24, 2024. (10) Revenue requirement excludes the transfer of $11.1 million of Infrastructure Investment Program costs (IIP) and $3.6M of Sales and Use Tax into distribution rates.
29 Approved Gas Distribution Rate Case Financials Approved Gas Distribution Rate Case Financials Revenue Requirement Increase/(Decrease) Allowed ROE Common Equity Ratio Rate Effective Date PECO (Gas) (1) $78.0M N/A N/A Jan 1, 2025 BGE (Gas) (2,3) $228.8M 9.45% 52.00% Jan 1, 2024 DPL DE (Gas) (4) $21.5M 9.60% 50.51% Jan 1, 2026 (1) The settlement does not stipulate any ROE, Equity Ratio, or Rate Base. (2) Reflects a 3-year cumulative multi-year plan for 2024-2026. The MD PSC awarded incremental revenue requirement increases of $167M, $175M, and $66M with in each rate effective year, respectively. The incremental revenue requirement increase in 2024 reflects $41M increase for electric and $126M increase for gas (includes acceleration of certain tax benefits for electric and gas); 2025 reflects $113M increase for electric and $62M increase for gas; 2026 reflects $25M increase for electric and $41M increase for gas. (3) Separately, on December 22, 2025, MD PSC authorized BGE to recover $31 million and $46 million for electric and gas for the Rate Year 3 reconciliation. In addition, the MD PSC authorized $24M in recovery costs through separate regulatory assets related to minor storms and $4M for the Baltimore City conduit (to be reviewed along with a cost-benefit analysis in BGE’s next rate case). (4) Revenue requirement excludes the transfer of $8.0M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates.
30 Approved Electric Transmission Formula Rate Financials Approved Electric Transmission Formula Rate Financials Revenue Requirement Increase/(Decrease) Allowed ROE(1) Common Equity Ratio Rate Effective Date(2) ComEd ($21M) 11.50% 54.31% Jun 1, 2026 PECO $40M 10.35% 54.60% Jun 1, 2026 BGE ($30M) 10.50% 51.44% Jun 1, 2026 Pepco ($9M) 10.50% 50.30% Jun 1, 2026 DPL $4M 10.50% 50.52% Jun 1, 2026 ACE $17M 10.50% 50.10% Jun 1, 2026 (1) The rate of return on common equity for each Utility Registrant includes a 50-basis-point incentive adder for being a member of an RTO. On July 2, 2026, a complaint was filed at FERC against Maryland Transmission Operators, including BGE, Pepco, and DPL, for the removal of the 50-basis-point incentive adder. The final outcome and resolution of the complaint filing cannot be predicted and the results, while not reasonably estimable at this time, are not expected to be material to Exelon, BGE, PHI, Pepco, and DPL financial statements. (2) All rates are effective June 1, 2026 - May 31, 2027, subject to review by interested parties pursuant to protocols of each tariff.
31 Reconciliation of Non-GAAP Measures
32 Projected Non-GAAP Operating Earnings Adjustments • Exelon’s projected 2026 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: – Related to a change in environmental costs; – Costs related to a cost management program; – Costs related to BGE’s project impairments; and – Costs related to Pepco’s regulatory matters.
33 Credit Metric GAAP to Non-GAAP Reconciliations(1) GAAP Operating Income + Depreciation & Amortization = EBITDA - Cash Paid for Interest +/- Cash Taxes +/- Other S&P FFO Adjustments = FFO (a) Long-Term Debt + Short-Term Debt + Underfunded Pension (after-tax) + Underfunded OPEB (after-tax) + Operating Lease Imputed Debt - Cash on Balance Sheet +/- Other S&P Debt Adjustments = Adjusted Debt (b) S&P FFO Calculation(2) S&P Adjusted Debt Calculation(2) Moody’s CFO (Pre-WC)/Debt (3) = CFO (Pre-WC) (c) Adjusted Debt (d) Moody’s CFO (Pre-WC) Calculation(3) Cash Flow From Operations +/- Working Capital Adjustment + Energy Efficiency Spend +/- Carbon Mitigation Credits +/- Other Moody’s CFO Adjustments = CFO (Pre-Working Capital) (c) Long-Term Debt + Short-Term Debt + Underfunded Pension (pre-tax) + Operating Lease Imputed Debt +/- Other Moody’s Debt Adjustments = Adjusted Debt (d) S&P FFO/Debt (2) = FFO (a) Adjusted Debt (b) Moody’s Adjusted Debt Calculation(3) (1) Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable GAAP measure may not be currently available; therefore, management is unable to reconcile these measures. (2) Calculated using S&P Methodology. (3) Calculated using Moody’s Methodology.
34 Q3 QTD GAAP EPS Reconciliation Three Months Ended September 30, 2026 ComEd PECO BGE PHI Other Exelon 2026 GAAP earnings (loss) per share $0.39 $0.16 $0.09 $0.18 ($0.11) $0.70 Change in environmental costs - - - - - - Cost management program 0.01 - - - - 0.01 Project impairments - - 0.03 - - 0.03 Regulatory matters - - - 0.13 - 0.13 2026 Adjusted (non-GAAP) operating earnings (loss) per share $0.40 $0.16 $0.12 $0.31 ($0.12) $0.87 Note: All amounts shown are per Exelon share and represent contributions to Exelon's EPS. Amounts may not sum due to rounding. Three Months Ended September 30, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $0.37 $0.25 $0.08 $0.29 ($0.12) $0.86 2025 Adjusted (non-GAAP) operating earnings (loss) per share $0.37 $0.25 $0.08 $0.29 ($0.12) $0.86
35 Q3 YTD GAAP EPS Reconciliation Nine Months Ended September 30, 2026 ComEd PECO BGE PHI Other Exelon 2026 GAAP earnings (loss) per share $0.94 $0.55 $0.43 $0.45 ($0.38) $1.98 Change in environmental costs - - - - - - Cost management program 0.01 0.01 0.02 0.02 - 0.06 Project impairments - - 0.03 - - 0.03 Regulatory matters - - - 0.14 - 0.14 2026 Adjusted (non-GAAP) operating earnings (loss) per share $0.94 $0.56 $0.47 $0.61 ($0.38) $2.20 Note: All amounts shown are per Exelon share and represent contributions to Exelon's EPS. Amounts may not sum due to rounding. Nine Months Ended September 30, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $0.89 $0.64 $0.39 $0.62 ($0.40) $2.15 Regulatory matters 0.02 - - - - 0.02 2025 Adjusted (non-GAAP) operating earnings (loss) per share $0.92 $0.64 $0.39 $0.62 ($0.40) $2.17
Thank you Please direct all questions to the Exelon Investor Relations team: InvestorRelations@ExelonCorp.com 779-231-0017
