8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM	8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
July 31, 2025
Date of Report (Date of earliest event reported)			Commission<br>File Number	Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number	IRS Employer Identification Number
---	---	---
001-16169	EXELON CORPORATION	23-2990190
	(a Pennsylvania corporation)<br><br>10 South Dearborn Street<br><br>P.O. Box 805379<br><br>Chicago, Illinois 60680-5379<br><br>(800) 483-3220
001-01839	COMMONWEALTH EDISON COMPANY	36-0938600
	(an Illinois corporation)<br><br>10 South Dearborn Street<br><br>Chicago, Illinois 60603-2300<br><br>(312) 394-4321
000-16844	PECO ENERGY COMPANY	23-0970240
	(a Pennsylvania corporation)<br><br>2301 Market Street<br><br>P.O. Box 8699<br><br>Philadelphia, Pennsylvania 19101-8699<br><br>(215) 841-4000
001-01910	BALTIMORE GAS AND ELECTRIC COMPANY	52-0280210
	(a Maryland corporation)<br><br>2 Center Plaza<br><br>110 West Fayette Street<br><br>Baltimore, Maryland 21201-3708<br><br>(410) 234-5000
001-31403	PEPCO HOLDINGS LLC	52-2297449
	(a Delaware limited liability company)<br><br>701 Ninth Street, N.W.<br><br>Washington, District of Columbia 20068-0001<br><br>(202) 872-2000
001-01072	POTOMAC ELECTRIC POWER COMPANY	53-0127880
	(a District of Columbia and Virginia corporation)<br><br>701 Ninth Street, N.W.<br><br>Washington, District of Columbia 20068-0001<br><br>(202) 872-2000
001-01405	DELMARVA POWER & LIGHT COMPANY	51-0084283
	(a Delaware and Virginia corporation)<br><br>500 North Wakefield Drive<br><br>Newark, Delaware 19702-5440<br><br>(202) 872-2000
001-03559	ATLANTIC CITY ELECTRIC COMPANY	21-0398280
	(a New Jersey corporation)<br><br>500 North Wakefield Drive<br><br>Newark, Delaware 19702-5440<br><br>(202) 872-2000
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:
Common Stock, without par value	EXC	The Nasdaq Stock Market LLC
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. ☐
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Item 2.02. Results of Operations and Financial Condition.

Item 7.01. Regulation FD Disclosure.

On July 31, 2025, Exelon Corporation (Exelon) announced via press release its results for the second quarter ended June 30, 2025. 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 second quarter 2025 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.

Exelon has scheduled the conference call for 9:00 AM CT (10:00 AM ET) on July 31, 2025. 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: https://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
99.1	Press release and earnings release attachments
99.2	Earnings conference call presentation slides
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 (ComEd), 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; adverse impact of the activities associated with the past deferred prosecution agreement (DPA) and now-resolved SEC investigation on Exelon's and ComEd's reputation and relationships with legislators, regulators, and customers; 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 capacity to meet actual or forecasted demand or disruptions at power 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/ JEANNE M. JONES
Jeanne M. Jones
Executive Vice President and 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

July 31, 2025

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release and earnings release attachments
99.2	Earnings conference call presentation slides
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)

Document

Exhibit 99.1

News Release

Contact:	James Gherardi<br>Corporate Communications<br>312-394-7417<br><br>Andrew Plenge<br>Investor Relations<br>779-231-0017

EXELON REPORTS SECOND QUARTER 2025 RESULTS

Earnings Release Highlights

•GAAP net income of $0.39 per share and Adjusted (non-GAAP) operating earnings of $0.39 per share for the second quarter of 2025

•Affirming full year 2025 Adjusted (non-GAAP) operating earnings guidance range of $2.64-$2.74 per share

•Reaffirming operating EPS compounded annual growth of 5-7% from 2024 to 2028

•All utilities sustained top quartile or better performance in reliability and BGE, PECO, and PHI sustained top quartile or better performance in gas odor response

•Executed ~80% of planned debt financings and continued strong progress on equity financing, having now priced 100% of $700 million annualized equity financing need for 2025 and ~22% for 2026

CHICAGO (Jul 31, 2025) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2025.

"Exelon’s second-quarter performance reflects our disciplined execution across all fronts," said Exelon President and Chief Executive Officer Calvin Butler. "We remain focused on delivering long-term value through operational excellence, customer affordability solutions and a balanced investment strategy that supports grid modernization and energy security. As we reaffirm our financial guidance, we are confident in our ability to meet the evolving needs of our customers and communities while advancing a cleaner, more resilient energy future."

“I’m pleased to announce we delivered second quarter 2025 adjusted operating earnings of $0.39 per share, overcoming an active start to the summer storm season, including one of the largest in recent history at PECO with peak outages over 325,000 customers," said Exelon Chief Financial Officer Jeanne Jones. "We remain on track to deliver within our full-year earnings guidance range of $2.64 - $2.74 per share, and our performance underscores our ability to deliver strong financial and operational results while keeping our customers front and center.”

Second Quarter 2025

Exelon's GAAP net income for the second quarter of 2025 decreased to $0.39 per share from $0.45 per share in the second quarter of 2024. Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $0.39 per share from $0.47 per share in the second quarter of 2024. 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 second quarter of 2025 primarily reflect:

•Lower utility earnings primarily due to timing of distribution earnings at ComEd, increased storm costs at PECO, lower impacts of the Maryland multi-year plan reconciliations at PHI, lower transmission peak load at ComEd, and higher credit loss and interest expense at PHI. This was partially offset by distribution rate increases at PECO and BGE, distribution and transmission rate increases at ComEd and PHI, and a higher return on regulatory assets at ComEd.

•Higher costs at Exelon holding company due to the Customer Relief Fund contribution and higher interest expense. The Customer Relief Fund is a one-time charitable contribution to trusted local nonprofits to assist low and middle-income customers with higher energy costs.

Operating Company Results1

ComEd

ComEd's second quarter of 2025 GAAP net income decreased to $228 million from $270 million in the second quarter of 2024. ComEd's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $228 million from $285 million in the second quarter of 2024, primarily due to the timing of distribution earnings and lower transmission peak load, partially offset by higher distribution and transmission rate base driven by incremental investments to serve customers and higher return on regulatory assets primarily due to an increase in asset balances. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

PECO

PECO’s second quarter of 2025 GAAP net income increased to $136 million from $90 million in the second quarter of 2024. PECO's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 increased to $136 million from $93 million in the second quarter of 2024, primarily due to higher electric and gas distribution rates associated with updated recovery of investments to serve customers, partially offset by an increase in storm costs.

___________

1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; 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.

BGE

BGE’s second quarter of 2025 GAAP net income increased to $55 million from $45 million in the second quarter of 2024. BGE's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 increased to $55 million from $45 million in the second quarter of 2024, primarily due to distribution rates associated with updated recovery of investments to serve customers, partially offset by the derecognition of regulatory assets and liabilities as a result of the Next Generation Energy Act. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

PHI

PHI’s second quarter of 2025 GAAP net income decreased to $143 million from $158 million in the second quarter of 2024. PHI’s Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $144 million from $162 million in the second quarter of 2024, primarily due to lower impacts of the Maryland multi-year plans reconciliations, increases in credit loss and interest expense, and storm costs at Pepco, partially offset by favorable distribution and transmission rates driven by updated recovery of investments to serve customers. 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 Second Quarter Highlights

•Dividend: On July 29, 2025, Exelon's Board of Directors declared a regular quarterly dividend of $0.40 per share on Exelon's common stock. The dividend is payable on September 15, 2025, to Exelon's shareholders of record as of the close of business on August 11, 2025.

•Rate Case Developments:

◦There were no rate case developments in the second quarter.

•Financing Activities:

◦On May 16, 2025, BGE issued $650 million of its 5.45% Notes due June 1, 2035. BGE used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.

◦On May 19, 2025, ComEd issued $725 million of its First Mortgage 5.95% Series Bonds due June 1, 2055. ComEd used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.

◦On July 1, 2025, DPL completed the reoffering of its $78.4 million of its 2020 Series A Bonds. In connection with the reoffering of the Bonds, the interest rate was modified to 3.60% per annum, and the maturity date was modified to January 1, 2031. DPL did not directly receive any proceeds from the reoffering.

Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) operating earnings for the second 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<br>Earnings per<br>Diluted<br>Share		Exelon		ComEd		PECO		BGE		PHI
2025 GAAP net income	$	0.39	$	391	$	228	$	136	$	55	$	143
Income Tax-Related Adjustments (entire amount represents tax expense)	—		1		—		—		—		1
2025 Adjusted (non-GAAP) operating earnings	$	0.39	$	392	$	228	$	136	$	55	$	144

Adjusted (non-GAAP) operating earnings for the second quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income:

(in millions, except per share amounts)	Exelon<br>Earnings per<br>Diluted<br>Share		Exelon		ComEd		PECO		BGE		PHI
2024 GAAP net income	$	0.45	$	448	$	270	$	90	$	44	$	158
Change in environmental liabilities (net of taxes of $0)	—		(1)		—		—		—		(1)
Change in FERC Audit Liability (net of taxes of $5)	0.01		15		14		—		—		—
Cost management charge (net of taxes of $3, $1, $0, and $2, respectively)	0.01		9		—		3		1		5
2024 Adjusted (non-GAAP) operating earnings	$	0.47	$	472	$	285	$	93	$	45	$	162

__________

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 2025 and 2024 ranged from 24.0% to 29.0%.

Webcast Information

Exelon will discuss second quarter 2025 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 www.exeloncorp.com/investor-relations.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving more than 10.7 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 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.

Non-GAAP Financial Measures

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: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on July 31, 2025.

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; adverse impact of the activities associated with the past deferred prosecution agreement (DPA) and now-resolved SEC investigation on Exelon’s and ComEd’s reputation and relationships with legislators, regulators, and customers; 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 capacity to meet actual or forecasted demand or disruptions at power 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 Exelon Corporation, 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) 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.

Table of Contents

Earnings Release Attachments

Table of Contents

Consolidating Statement of Operations	2
Consolidated Balance Sheets	3
Consolidated Statements of Cash Flows	5
Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings	7
Statistics
ComEd	8
PECO	9
BGE	11
Pepco	13
DPL	14
ACE	16

Table of Contents

Consolidating Statements of Operations

(unaudited)

(in millions)

	ComEd		PECO		BGE		PHI		Other (a)		Exelon
Three Months Ended June 30, 2025
Operating revenues	$	1,836	$	1,000	$	1,029	$	1,579	$	(17)	$	5,427
Operating expenses
Purchased power and fuel	550		339		406		601		—		1,896
Operating and maintenance	422		305		264		340		(10)		1,321
Depreciation and amortization	387		112		154		233		16		902
Taxes other than income taxes	97		54		85		136		11		383
Total operating expenses	1,456		810		909		1,310		17		4,502
Gain on sale of assets	—		—		—		2		—		2
Operating income (loss)	380		190		120		271		(34)		927
Other income and (deductions)
Interest expense, net	(131)		(60)		(61)		(103)		(176)		(531)
Other, net	31		10		11		17		(4)		65
Total other income and (deductions)	(100)		(50)		(50)		(86)		(180)		(466)
Income (loss) before income taxes	280		140		70		185		(214)		461
Income taxes	52		4		15		42		(43)		70
Net income (loss) attributable to common shareholders	$	228	$	136	$	55	$	143	$	(171)	$	391
Three Months Ended June 30, 2024
Operating revenues	$	2,079	$	891	$	928	$	1,471	$	(8)	$	5,361
Operating expenses
Purchased power and fuel	763		323		343		562		1		1,992
Operating and maintenance	449		270		250		281		(41)		1,209
Depreciation and amortization	374		107		162		235		16		894
Taxes other than income taxes	94		52		80		126		8		360
Total operating expenses	1,680		752		835		1,204		(16)		4,455
Gain on sale of assets	5		2		—		—		—		7
Operating income	404		141		93		267		8		913
Other income and (deductions)
Interest expense, net	(123)		(57)		(53)		(92)		(158)		(483)
Other, net	20		9		8		29		(2)		64
Total other income and (deductions)	(103)		(48)		(45)		(63)		(160)		(419)
Income (loss) before income taxes	301		93		48		204		(152)		494
Income taxes	31		3		4		46		(38)		46
Net income (loss) attributable to common shareholders	$	270	$	90	$	44	$	158	$	(114)	$	448
Change in net income (loss) from 2024 to 2025	$	(42)	$	46	$	11	$	(15)	$	(57)	$	(57)

Table of Contents

Consolidating Statements of Operations

(unaudited)

(in millions)

	ComEd		PECO		BGE		PHI		Other (a)		Exelon
Six Months Ended June 30, 2025
Operating revenues	$	3,901	$	2,333	$	2,583	$	3,357	$	(33)	$	12,141
Operating expenses
Purchased power and fuel	1,239		841		1,016		1,322		—		4,418
Operating and maintenance	845		631		568		689		(65)		2,668
Depreciation and amortization	767		221		318		467		32		1,805
Taxes other than income taxes	196		115		181		276		20		788
Total operating expenses	3,047		1,808		2,083		2,754		(13)		9,679
Gain on sale of assets	—		—		—		1		—		1
Operating income (loss)	854		525		500		604		(20)		2,463
Other income and (deductions)
Interest expense, net	(260)		(124)		(120)		(203)		(333)		(1,040)
Other, net	53		18		20		35		(9)		117
Total other income and (deductions)	(207)		(106)		(100)		(168)		(342)		(923)
Income (loss) before income taxes	647		419		400		436		(362)		1,540
Income taxes	117		17		85		99		(78)		240
Net income (loss) attributable to common shareholders	$	530	$	402	$	315	$	337	$	(284)	$	1,300
Six Months Ended June 30, 2024
Operating revenues	$	4,174	$	1,945	$	2,225	$	3,077	$	(18)	$	11,403
Operating expenses
Purchased power and fuel	1,670		727		807		1,197		—		4,401
Operating and maintenance	867		563		514		607		(70)		2,481
Depreciation and amortization	737		210		312		481		33		1,773
Taxes other than income taxes	188		103		169		254		17		731
Total operating expenses	3,462		1,603		1,802		2,539		(20)		9,386
Gain on sale of assets	5		4		—		—		—		9
Operating income	717		346		423		538		2		2,026
Other income and (deductions)
Interest expense, net	(246)		(112)		(103)		(183)		(306)		(950)
Other, net	41		18		16		57		7		139
Total other income and (deductions)	(205)		(94)		(87)		(126)		(299)		(811)
Income (loss) before income taxes	512		252		336		412		(297)		1,215
Income taxes	49		13		28		86		(67)		109
Net income (loss) attributable to common shareholders	$	463	$	239	$	308	$	326	$	(230)	$	1,106
Change in net income (loss) from 2024 to 2025	$	67	$	163	$	7	$	11	$	(54)	$	194

__________

(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.

Table of Contents

Exelon

Consolidated Balance Sheets

(unaudited)

(in millions)

	June 30, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	724	$	357
Restricted cash and cash equivalents	478		541
Accounts receivable
Customer accounts receivable	3,529		3,144
Customer allowance for credit losses	(465)		(406)
Customer accounts receivable, net	3,064		2,738
Other accounts receivable	1,156		1,123
Other allowance for credit losses	(107)		(107)
Other accounts receivable, net	1,049		1,016
Inventories, net
Fossil fuel	59		72
Materials and supplies	809		781
Regulatory assets	1,668		1,940
Prepaid renewable energy credits	349		494
Other	476		445
Total current assets	8,676		8,384
Property, plant, and equipment, net	80,609		78,182
Deferred debits and other assets
Regulatory assets	8,835		8,710
Goodwill	6,630		6,630
Receivable related to Regulatory Agreement Units	4,411		4,026
Investments	297		290
Other	1,689		1,562
Total deferred debits and other assets	21,862		21,218
Total assets	$	111,147	$	107,784

Table of Contents

	June 30, 2025		December 31, 2024
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	1,109	$	1,859
Long-term debt due within one year	1,818		1,453
Accounts payable	3,043		2,994
Accrued expenses	1,318		1,468
Payables to affiliates	5		5
Customer deposits	486		446
Regulatory liabilities	485		411
Mark-to-market derivative liabilities	24		29
Unamortized energy contract liabilities	5		5
Renewable energy credit obligations	327		429
Other	536		512
Total current liabilities	9,156		9,611
Long-term debt	45,527		42,947
Long-term debt to financing trusts	390		390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	13,221		12,793
Regulatory liabilities	10,644		10,198
Pension obligations	1,478		1,745
Non-pension postretirement benefit obligations	486		472
Asset retirement obligations	308		301
Mark-to-market derivative liabilities	119		103
Unamortized energy contract liabilities	18		21
Other	2,180		2,282
Total deferred credits and other liabilities	28,454		27,915
Total liabilities	83,527		80,863
Commitments and contingencies
Shareholders’ equity
Common stock	21,544		21,338
Treasury stock, at cost	(123)		(123)
Retained earnings	6,917		6,426
Accumulated other comprehensive loss, net	(718)		(720)
Total shareholders’ equity	27,620		26,921
Total liabilities and shareholders’ equity	$	111,147	$	107,784

Table of Contents

Exelon

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

	Six Months Ended June 30,
	2025		2024
Cash flows from operating activities
Net income	$	1,300	$	1,106
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion	1,806		1,774
Gain on sales of assets	—		(9)
Deferred income taxes and amortization of investment tax credits	165		72
Net fair value changes related to derivatives	3		—
Other non-cash operating activities	734		246
Changes in assets and liabilities:
Accounts receivable	(460)		(443)
Inventories	(20)		(25)
Accounts payable and accrued expenses	(38)		(120)
Collateral received, net	14		13
Income taxes	(3)		(39)
Regulatory assets and liabilities, net	(294)		265
Pension and non-pension postretirement benefit contributions	(302)		(125)
Other assets and liabilities	(194)		(261)
Net cash flows provided by operating activities	2,711		2,454
Cash flows from investing activities
Capital expenditures	(3,959)		(3,466)
Proceeds from sales of assets	2		—
Other investing activities	(5)		(1)
Net cash flows used in investing activities	(3,962)		(3,467)
Cash flows from financing activities
Changes in short-term borrowings	(750)		(670)
Proceeds from short-term borrowings with maturities greater than 90 days	—		150
Repayments on short-term borrowings with maturities greater than 90 days	—		(549)
Issuance of long-term debt	3,800		4,225
Retirement of long-term debt	(807)		(903)
Issuance of common stock	173		—
Dividends paid on common stock	(808)		(761)
Proceeds from employee stock plans	11		22
Other financing activities	(56)		(67)
Net cash flows provided by financing activities	1,563		1,447
Increase in cash, restricted cash, and cash equivalents	312		434
Cash, restricted cash, and cash equivalents at beginning of period	939		1,101
Cash, restricted cash, and cash equivalents at end of period	$	1,251	$	1,535

Table of Contents

Exelon

Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

Three Months Ended June 30, 2025 and 2024

(unaudited)

(in millions, except per share data)

	Exelon<br>Earnings per<br>Diluted<br>Share		ComEd			PECO			BGE			PHI			Other (a)		Exelon
2024 GAAP net income (loss)	$	0.45	$	270		$	90		$	44		$	158		$	(114)	$	448
Change in environmental liabilities (net of taxes of $0)	—		—			—			—			(1)			—		(1)
Change in FERC Audit Liability (net of taxes of $5)	0.01		14			—			—			—			1		15
Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (1)	0.01		—			3			1			5			—		9
2024 Adjusted (non-GAAP) operating earnings (loss)	$	0.47	$	285		$	93		$	45		$	162		$	(113)	$	472
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather	$	(0.01)	$	—	(b)	$	(6)		$	—	(b)	$	(1)	(b)	$	—	$	(7)
Load	(0.01)		—		(b)	(11)			—		(b)	1		(b)	—		(10)
Distribution and transmission rates (2)	0.14		9		(c)	82		(c)	15		(c)	33		(c)	—		139
Other energy delivery (3)	—		(33)		(c)	7		(c)	3		(c)	18		(c)	—		(5)
Operating and maintenance expense (4)	(0.13)		(20)			(26)			(11)			(46)			(33)		(136)
Pension and non-pension postretirement benefits	—		(1)			(1)			—			—			—		(2)
Depreciation and amortization expense (5)	—		(9)			(4)			8			1			1		(3)
Interest expense and other (6)	(0.06)		(3)			2			(5)			(24)			(26)		(56)
Total year over year effects on Adjusted (non-GAAP) Operating Earnings	$	(0.08)	$	(57)		$	43		$	10		$	(18)		$	(58)	$	(80)
2025 GAAP net income (loss)	$	0.39	$	228		$	136		$	55		$	143		$	(171)	$	391
Income tax-related adjustments (entire amount represents tax expense) (7)	—		—			—			—			1			—		1
2025 Adjusted (non-GAAP) operating earnings (loss)	$	0.39	$	228		$	136		$	55		$	144		$	(171)	$	392

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 2025 and 2024 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)ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, 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)Primarily represents severance and reorganization costs related to cost management.

(2)For ComEd, reflects higher distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to higher electric and gas rates. For BGE, reflects increased distribution and transmission revenue due to higher rates. For PHI, reflects higher distribution and transmission revenue primarily due to higher rates.

(3)For ComEd, reflects decreased electric distribution revenues due to the timing of distribution earnings and lower transmission peak load, partially offset by a higher return on regulatory assets. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.

(4)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects increased contracting costs. For PECO, primarily reflects increased storm costs for which PECO anticipates filing a petition with the PA PUC in the third quarter of 2025 to defer the extraordinary June storm costs. For PHI, reflects lower impacts of the Maryland multi-year plans reconciliations and increased credit loss expense. For Corporate, primarily reflects the Customer Relief Fund contribution.

(5)Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization.

(6)For PHI and Corporate, primarily reflects an increase in interest expense.

(7)Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.

Table of Contents

Exelon

Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

Six Months Ended June 30, 2025 and 2024

(unaudited)

(in millions, except per share data)

	Exelon<br>Earnings <br>per Diluted<br>Share		ComEd			PECO			BGE			PHI			Other (a)		Exelon
2024 GAAP net income (loss)	$	1.10	$	463		$	239		$	308		$	326		$	(230)	$	1,106
Change in environmental liabilities (net of taxes of $0)	—		—			—			—			(1)			—		(1)
Change in FERC audit liability (net of taxes of $13)	0.04		40			—			—			—			2		42
Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (1)	0.01		—			3			1			5			—		9
2024 Adjusted (non-GAAP) operating earnings (loss)	$	1.16	$	503		$	242		$	309		$	330		$	(228)	$	1,156
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather	$	0.03	$	—	(b)	$	27		$	—	(b)	$	4	(b)	$	—	$	31
Load	—		—		(b)	(2)			—		(b)	3		(b)	—		1
Distribution and transmission rates (2)	0.29		17		(c)	164		(c)	37		(c)	71		(c)	—		289
Other energy delivery (3)	0.13		65		(c)	27		(c)	3		(c)	35		(c)	—		130
Operating and maintenance expense (4)	(0.16)		(1)			(55)			(24)			(64)			(21)		(165)
Pension and non-pension postretirement benefits	(0.01)		(2)			(2)			(1)			1			(2)		(6)
Depreciation and amortization expense (5)	(0.01)		(22)			(7)			5			10			—		(14)
Interest expense and other (6)	(0.10)		(7)			7			(14)			(52)			(32)		(98)
Total year over year effects on Adjusted (non-GAAP) operating earnings	$	0.15	$	50		$	159		$	6		$	8		$	(55)	$	168
2025 GAAP net income (loss)	$	1.29	$	530		$	402		$	315		$	337		$	(284)	$	1,300
Change in FERC audit liability (net of taxes of $1)	—		2			—			—			—			—		2
Cost management charge (net of taxes of $0) (1)	—		—			(1)			—			—			—		(1)
Income tax-related adjustments (entire amount represents tax expense) (7)	—		—			—			—			1			—		1
Regulatory matters (net of taxes of $7) (8)	0.02		21			—			—			—			1		22
2025 Adjusted (non-GAAP) operating earnings (loss)	$	1.31	$	553		$	401		$	315		$	338		$	(283)	$	1,324

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 2025 and 2024 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)ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, 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)Primarily represents severance and reorganization costs related to cost management.

(2)For ComEd, reflects higher distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to higher electric and gas rates. For BGE, reflects increased distribution and transmission revenue due to higher rates. For PHI, reflects increased distribution and transmission revenue primarily due to higher rates.

(3)For ComEd, reflects increased electric distribution revenues due to timing of distribution earnings, increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, and a higher return on regulatory assets, partially offset by lower transmission peak load. For PECO, reflects increased energy efficiency revenues due to regulatory required programs, offset in Operating and maintenance expense. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.

(4)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects program costs related to regulatory required programs, offset in Other energy delivery, as well as increased storm costs for which PECO anticipates filing a petition with the PA PUC in the third quarter of 2025 to defer the extraordinary June storm costs. For BGE, reflects increased contracting costs. For PHI, reflects lower impacts of the Maryland multi-year plans reconciliations and increased credit loss expense. For Corporate, reflects the Customer Relief Fund contribution, partially offset by a decrease in Operating and maintenance expense with an offsetting decrease in other income for an absence of costs billed to Constellation for services provided by Exelon through the TSA.

(5)Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization.

(6)For PECO, primarily reflects lower income tax expense due to timing of tax repairs deduction partially offset by an increase in interest expense. For BGE and PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an absence of billings to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense and an increase in interest expense.

(7)Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.

(8)Represents the probable disallowance of certain capitalized costs.

Table of Contents

ComEd Statistics

Three Months Ended June 30, 2025 and 2024

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2025	2024	% Change		Weather - Normal % Change		2025		2024		% Change
Electric Deliveries and Revenues(a)
Residential	6,553	6,996	(6.3)	%	(1.4)	%	$	1,094	$	982	11.4	%
Small commercial & industrial	6,920	6,473	6.9	%	1.1	%	553		560		(1.3)	%
Large commercial & industrial	6,731	6,740	(0.1)	%	2.2	%	177		269		(34.2)	%
Public authorities & electric railroads	166	159	4.4	%	6.4	%	12		14		(14.3)	%
Other(b)	—	—	n/a		n/a		224		298		(24.8)	%
Total electric revenues(c)	20,370	20,368	—	%	0.7	%	2,060		2,123		(3.0)	%
Other Revenues(d)							(224)		(44)		409.1	%
Total electric revenues							$	1,836	$	2,079	(11.7)	%
Purchased Power							$	550	$	763	(27.9)	%						% Change
---	---	---	---	---	---	---	---
Heating and Cooling Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	676	445	697	51.9	%	(3.0)	%
Cooling Degree-Days	330	358	266	(7.8)	%	24.1	%

Six Months Ended June 30, 2025 and 2024

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2025	2024	% Change		Weather - Normal % Change		2025		2024		% Change
Electric Deliveries and Revenues(a)
Residential	13,227	13,210	0.1	%	0.1	%	$	2,087	$	1,900	9.8	%
Small commercial & industrial	14,279	13,717	4.1	%	0.4	%	1,153		1,154		(0.1)	%
Large commercial & industrial	13,734	13,674	0.4	%	2.3	%	472		589		(19.9)	%
Public authorities & electric railroads	444	379	17.2	%	16.1	%	29		32		(9.4)	%
Other(b)	—	—	n/a		n/a		461		523		(11.9)	%
Total electric revenues(c)	41,684	40,980	1.7	%	1.1	%	4,202		4,198		0.1	%
Other Revenues(d)							(301)		(24)		1,154.2	%
Total electric revenues							$	3,901	$	4,174	(6.5)	%
Purchased Power							$	1,239	$	1,670	(25.8)	%
				% Change
---	---	---	---	---	---	---	---
Heating and Cooling Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	3,661	3,013	3,750	21.5	%	(2.4)	%
Cooling Degree-Days	330	358	266	(7.8)	%	24.1	%
Number of Electric Customers	2025	2024
---	---	---
Residential	3,758,791	3,722,798
Small commercial & industrial	397,795	395,951
Large commercial & industrial	1,922	2,060
Public authorities & electric railroads	5,789	5,798
Total	4,164,297	4,126,607

__________

(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 $10 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $17 million and $4 million for the six months ended June 30, 2025 and 2024, respectively.

(d)Includes alternative revenue programs and late payment charges.

Table of Contents

PECO Statistics

Three Months Ended June 30, 2025 and 2024

	Electric and Natural Gas Deliveries						Revenue (in millions)
	2025	2024	% Change		Weather-<br>Normal<br>% Change		2025		2024		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	3,030	3,296	(8.1)	%	(6.3)	%	$	555	$	522	6.3	%
Small commercial & industrial	1,832	1,856	(1.3)	%	(3.0)	%	155		128		21.1	%
Large commercial & industrial	3,314	3,408	(2.8)	%	(1.5)	%	75		61		23.0	%
Public authorities & electric railroads	163	135	20.7	%	20.8	%	10		7		42.9	%
Other(b)	—	—	n/a		n/a		77		75		2.7	%
Total electric revenues(c)	8,339	8,695	(4.1)	%	(3.3)	%	872		793		10.0	%
Other Revenues(d)							8		4		100.0	%
Total Electric Revenues							880		797		10.4	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	4,571	4,525	1.0	%	4.3	%	79		63		25.4	%
Small commercial & industrial	3,398	3,321	2.3	%	5.7	%	31		25		24.0	%
Large commercial & industrial	2	—	n/a		(2.3)	%	—		—		n/a
Transportation	5,436	5,117	6.2	%	2.4	%	8		5		60.0	%
Other(f)	—	—	n/a		n/a		2		—		n/a
Total natural gas revenues(g)	13,407	12,963	3.4	%	3.9	%	120		93		29.0	%
Other Revenues(d)							—		1		(100.0)	%
Total Natural Gas Revenues							120		94		27.7	%
Total Electric and Natural Gas Revenues							$	1,000	$	891	12.2	%
Purchased Power and Fuel							$	339	$	323	5.0	%
				% Change
---	---	---	---	---	---	---	---
Heating and Cooling Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	333	351	419	(5.1)	%	(20.5)	%
Cooling Degree-Days	425	537	386	(20.9)	%	10.1	%

Table of Contents

Six Months Ended June 30, 2025 and 2024

	Electric and Natural Gas Deliveries						Revenue (in millions)
	2025	2024	% Change		Weather-<br>Normal<br>% Change		2025		2024		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	6,889	6,751	2.0	%	(1.1)	%	$	1,186	$	1,042	13.8	%
Small commercial & industrial	3,778	3,747	0.8	%	(1.9)	%	317		254		24.8	%
Large commercial & industrial	6,739	6,763	(0.4)	%	(1.0)	%	159		118		34.7	%
Public authorities & electric railroads	352	314	12.1	%	12.1	%	18		14		28.6	%
Other(b)	—	—	n/a		n/a		153		147		4.1	%
Total electric revenues(c)	17,758	17,575	1.0	%	(1.0)	%	1,833		1,575		16.4	%
Other Revenues(d)							3		2		50.0	%
Total electric revenues							1,836		1,577		16.4	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	26,405	23,420	12.7	%	0.5	%	346		256		35.2	%
Small commercial & industrial	13,803	12,809	7.8	%	(0.3)	%	117		89		31.5	%
Large commercial & industrial	14	16	(12.5)	%	(1.0)	%	—		—		n/a
Transportation	12,678	12,016	5.5	%	1.6	%	21		13		61.5	%
Other(f)	—	—	n/a		n/a		12		9		33.3	%
Total natural gas revenues(g)	52,900	48,261	9.6	%	0.5	%	496		367		35.1	%
Other Revenues(d)							1		1		—	%
Total natural gas revenues							497		368		35.1	%
Total electric and natural gas revenues							$	2,333	$	1,945	19.9	%
Purchased Power and Fuel							$	841	$	727	15.7	%
				% Change
---	---	---	---	---	---	---	---
Heating and Cooling Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	2,684	2,440	2,807	10.0	%	(4.4)	%
Cooling Degree-Days	426	537	387	(20.7)	%	10.1	%
Number of Electric Customers	2025	2024	Number of Natural Gas Customers	2025	2024
---	---	---	---	---	---
Residential	1,538,280	1,533,909	Residential	509,671	506,193
Small commercial & industrial	154,977	156,036	Small commercial & industrial	44,646	44,697
Large commercial & industrial	3,155	3,162	Large commercial & industrial	7	7
Public authorities & electric railroads	10,343	10,712	Transportation	623	644
Total	1,706,755	1,703,819	Total	554,947	551,541

__________

(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 $3 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $5 million and $3 million for the six months ended June 30, 2025 and 2024, 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 less than $1 million for both the three months ended June 30, 2025 and 2024, respectively, and $1 million for both the six months ended June 30, 2025 and 2024, respectively.

Table of Contents

BGE Statistics

Three Months Ended June 30, 2025 and 2024

	Electric and Natural Gas Deliveries						Revenue (in millions)
	2025	2024	% Change		Weather-<br>Normal<br>% Change		2025		2024		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	2,701	2,836	(4.8)	%	(3.4)	%	$	497	$	464	7.1	%
Small commercial & industrial	624	648	(3.7)	%	(1.3)	%	90		88		2.3	%
Large commercial & industrial	3,229	3,272	(1.3)	%	(0.6)	%	140		139		0.7	%
Public authorities & electric railroads	49	52	(5.8)	%	(5.9)	%	8		8		—	%
Other(b)	—	—	n/a		n/a		118		101		16.8	%
Total electric revenues(c)	6,603	6,808	(3.0)	%	(1.9)	%	853		800		6.6	%
Other Revenues(d)							(4)		(18)		(77.8)	%
Total electric revenues							849		782		8.6	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	4,368	4,299	1.6	%	3.9	%	108		89		21.3	%
Small commercial & industrial	1,349	1,219	10.7	%	10.7	%	23		17		35.3	%
Large commercial & industrial	7,943	8,316	(4.5)	%	(3.6)	%	46		40		15.0	%
Other(f)	506	145	249.0	%	n/a		7		4		75.0	%
Total natural gas revenues(g)	14,166	13,979	1.3	%	0.2	%	184		150		22.7	%
Other Revenues(d)							(4)		(4)		—	%
Total natural gas revenues							180		146		23.3	%
Total electric and natural gas revenues							$	1,029	$	928	10.9	%
Purchased Power and Fuel							$	406	$	343	18.4	%						% Change
---	---	---	---	---	---	---	---
Heating and Cooling Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	356	362	483	(1.7)	%	(26.3)	%
Cooling Degree-Days	291	339	246	(14.2)	%	18.3	%

Table of Contents

Six Months Ended June 30, 2025 and 2024

	Electric and Natural Gas Deliveries						Revenue (in millions)
	2025	2024	% Change		Weather-<br>Normal<br>% Change		2025		2024		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	6,370	6,165	3.3	%	(2.3)	%	$	1,145	$	999	14.6	%
Small commercial & industrial	1,354	1,346	0.6	%	(1.7)	%	199		178		11.8	%
Large commercial & industrial	6,373	6,386	(0.2)	%	(0.4)	%	284		271		4.8	%
Public authorities & electric railroads	97	104	(6.7)	%	(6.3)	%	17		15		13.3	%
Other(b)	—	—	n/a		n/a		230		194		18.6	%
Total electric revenues(c)	14,194	14,001	1.4	%	(1.5)	%	1,875		1,657		13.2	%
Other Revenues(d)							(14)		7		(300.0)	%
Total electric revenues							1,861		1,664		11.8	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	25,239	22,280	13.3	%	(2.8)	%	486		360		35.0	%
Small commercial & industrial	5,917	5,212	13.5	%	2.2	%	86		65		32.3	%
Large commercial & industrial	22,321	21,832	2.2	%	(2.1)	%	142		112		26.8	%
Other(f)	4,351	897	385.1	%	n/a		31		8		287.5	%
Total natural gas revenues(g)	57,828	50,221	15.1	%	(2.0)	%	745		545		36.7	%
Other Revenues(d)							(23)		16		(243.8)	%
Total natural gas revenues							722		561		28.7	%
Total electric and natural gas revenues							$	2,583	$	2,225	16.1	%
Purchased Power and Fuel							$	1,016	$	807	25.9	%
				% Change
---	---	---	---	---	---	---	---
Heating and Cooling Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	2,659	2,381	2,812	11.7	%	(5.4)	%
Cooling Degree-Days	291	339	246	(14.2)	%	18.3	%
Number of Electric Customers	2025	2024	Number of Natural Gas Customers	2025	2024
---	---	---	---	---	---
Residential	1,219,904	1,212,331	Residential	660,049	656,690
Small commercial & industrial	115,316	115,384	Small commercial & industrial	37,806	37,859
Large commercial & industrial	13,345	13,156	Large commercial & industrial	6,387	6,340
Public authorities & electric railroads	257	260
Total	1,348,822	1,341,131	Total	704,242	700,889

__________

(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 June 30, 2025 and 2024, respectively, and $3 million for both the six months ended June 30, 2025 and 2024, 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 June 30, 2025 and 2024, respectively, and $1 million and $2 million for the six months ended June 30, 2025 and 2024, respectively.

Table of Contents

Pepco Statistics

Three Months Ended June 30, 2025 and 2024

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2025	2024	% Change		Weather-<br>Normal<br>% Change		2025		2024		% Change
Electric Deliveries and Revenues(a)
Residential	1,737	1,770	(1.9)	%	5.4	%	$	348	$	315	10.5	%
Small commercial & industrial	269	265	1.5	%	6.0	%	48		43		11.6	%
Large commercial & industrial	3,488	3,409	2.3	%	5.5	%	292		251		16.3	%
Public authorities & electric railroads	172	128	34.4	%	34.5	%	12		7		71.4	%
Other(b)	—	—	n/a		n/a		91		75		21.3	%
Total electric revenues(c)	5,666	5,572	1.7	%	6.2	%	791		691		14.5	%
Other Revenues(d)							(15)		9		(266.7)	%
Total electric revenues							$	776	$	700	10.9	%
Purchased Power							$	256	$	234	9.4	%						% Change
---	---	---	---	---	---	---	---
Heating and Cooling Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	218	218	292	—	%	(25.3)	%
Cooling Degree-Days	525	646	517	(18.7)	%	1.5	%

Six Months Ended June 30, 2025 and 2024

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2025	2024	% Change		Weather-<br>Normal<br>% Change		2025		2024		% Change
Electric Deliveries and Revenues(a)
Residential	4,073	3,868	5.3	%	5.1	%	$	772	$	659	17.1	%
Small commercial & industrial	569	550	3.5	%	4.3	%	99		89		11.2	%
Large commercial & industrial	6,827	6,701	1.9	%	2.7	%	581		513		13.3	%
Public authorities & electric railroads	332	290	14.5	%	13.8	%	20		18		11.1	%
Other(b)	—	—	n/a		n/a		176		138		27.5	%
Total electric revenues(c)	11,801	11,409	3.4	%	3.9	%	1,648		1,417		16.3	%
Other Revenues(d)							(13)		42		(131.0)	%
Total electric revenues							$	1,635	$	1,459	12.1	%
Purchased Power							$	574	$	514	11.7	%						% Change
---	---	---	---	---	---	---	---
Heating and Cooling Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	2,205	2,006	2,342	9.9	%	(5.8)	%
Cooling Degree-Days	550	651	521	(15.5)	%	5.6	%		Number of Electric Customers	2025	2024
---	---	---
Residential	883,151	871,009
Small commercial & industrial	53,952	54,080
Large commercial & industrial	23,175	23,057
Public authorities & electric railroads	205	207
Total	960,483	948,353

__________

(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 $1 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $4 million and $3 million six months ended June 30, 2025 and 2024 respectively.

(d)Includes alternative revenue programs and late payment charge revenues.

Table of Contents

DPL Statistics

Three Months Ended June 30, 2025 and 2024

	Electric and Natural Gas Deliveries						Revenue (in millions)
	2025	2024	% Change		Weather - <br>Normal <br>% Change		2025		2024		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	1,090	1,122	(2.9)	%	(2.4)	%	$	210	$	202	4.0	%
Small commercial & industrial	587	564	4.1	%	4.9	%	64		60		6.7	%
Large commercial & industrial	1,033	1,027	0.6	%	0.5	%	31		31		—	%
Public authorities & electric railroads	11	10	10.0	%	9.3	%	5		4		25.0	%
Other(b)	—	—	n/a		n/a		77		64		20.3	%
Total electric revenues(c)	2,721	2,723	(0.1)	%	0.3	%	387		361		7.2	%
Other Revenues(d)							1		1		—	%
Total electric revenues							388		362		7.2	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	803	852	(5.8)	%	(0.7)	%	17		15		13.3	%
Small commercial & industrial	535	531	0.8	%	4.4	%	8		7		14.3	%
Large commercial & industrial	405	402	0.7	%	0.7	%	1		1		—	%
Transportation	1,282	1,340	(4.3)	%	(3.4)	%	4		4		—	%
Other(f)	—	—	n/a		n/a		3		1		200.0	%
Total natural gas revenues	3,025	3,125	(3.2)	%	(0.7)	%	33		28		17.9	%
Other Revenues(d)							—		—		n/a
Total natural gas revenues							33		28		17.9	%
Total electric and natural gas revenues							$	421	$	390	7.9	%
Purchased Power and Fuel							$	172	$	156	10.3	%		Electric Service Territory				% Change
---	---	---	---	---	---	---	---
Heating and Cooling Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	368	391	440	(5.9)	%	(16.4)	%
Cooling Degree-Days	406	398	350	2.0	%	16.0	%		Natural Gas Service Territory				% Change
---	---	---	---	---	---	---	---
Heating Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	373	404	482	(7.7)	%	(22.6)	%

Table of Contents

Six Months Ended June 30, 2025 and 2024

	Electric and Natural Gas Deliveries						Revenue (in millions)
	2025	2024	% Change		Weather - <br>Normal <br>% Change		2025		2024		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	2,735	2,610	4.8	%	—	%	$	508	$	458	10.9	%
Small commercial & industrial	1,173	1,121	4.6	%	3.9	%	128		122		4.9	%
Large commercial & industrial	1,971	2,000	(1.5)	%	(2.1)	%	60		60		—	%
Public authorities & electric railroads	21	20	5.0	%	5.1	%	9		8		12.5	%
Other(b)	—	—	n/a		n/a		148		126		17.5	%
Total electric revenues(c)	5,900	5,751	2.6	%	—	%	853		774		10.2	%
Other Revenues(d)							(4)		6		(166.7)	%
Total electric revenues							849		780		8.8	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	5,393	4,764	13.2	%	7.0	%	73		61		19.7	%
Small commercial & industrial	2,502	2,244	11.5	%	4.9	%	28		24		16.7	%
Large commercial & industrial	837	834	0.4	%	0.3	%	4		3		33.3	%
Transportation	3,387	3,301	2.6	%	0.4	%	9		9		—	%
Other(f)	—	—	n/a		n/a		6		3		100.0	%
Total natural gas revenues	12,119	11,143	8.8	%	4.2	%	120		100		20.0	%
Other Revenues(d)							—		—		n/a
Total natural gas revenues							120		100		20.0	%
Total electric and natural gas revenues							$	969	$	880	10.1	%
Purchased Power and Fuel							$	419	$	370	13.2	%
Electric Service Territory				% Change
---	---	---	---	---	---	---	---
Heating and Cooling Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	2,722	2,503	2,776	8.7	%	(1.9)	%
Cooling Degree-Days	416	398	351	4.5	%	18.5	%		Natural Gas Service Territory				% Change
---	---	---	---	---	---	---	---
Heating Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	2,771	2,608	2,936	6.3	%	(5.6)	%
Number of Electric Customers	2025	2024	Number of Natural Gas Customers	2025	2024
---	---	---	---	---	---
Residential	492,999	488,089	Residential	131,332	130,678
Small commercial & industrial	65,177	64,549	Small commercial & industrial	10,146	10,100
Large commercial & industrial	1,253	1,256	Large commercial & industrial	14	14
Public authorities & electric railroads	628	595	Transportation	161	163
Total	560,057	554,489	Total	141,653	140,955

__________

(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 $2 million and $1 million for the three months ended June 30, 2025 and 2024, respectively and $4 million and $3 million for the six months ended June 30, 2025 and 2024, 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.

Table of Contents

ACE Statistics

Three Months Ended June 30, 2025 and 2024

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2025	2024	% Change		Weather - <br>Normal <br>% Change		2025		2024		% Change
Electric Deliveries and Revenues(a)
Residential	942	1,049	(10.2)	%	(5.5)	%	$	222	$	229	(3.1)	%
Small commercial & industrial	381	365	4.4	%	8.5	%	56		55		1.8	%
Large commercial & industrial	734	723	1.5	%	5.6	%	47		47		—	%
Public authorities & electric railroads	10	9	11.1	%	10.7	%	5		5		—	%
Other(b)	—	—	n/a		n/a		67		68		(1.5)	%
Total electric revenues(c)	2,067	2,146	(3.7)	%	0.9	%	397		404		(1.7)	%
Other Revenues(d)							(13)		(21)		(38.1)	%
Total electric revenues							$	384	$	383	0.3	%
Purchased Power							$	173	$	172	0.6	%						% Change
---	---	---	---	---	---	---	---
Heating and Cooling Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	432	465	524	(7.1)	%	(17.6)	%
Cooling Degree-Days	338	415	308	(18.6)	%	9.7	%

Six Months Ended June 30, 2025 and 2024

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2025	2024	% Change		Weather - <br>Normal <br>% Change		2025		2024		% Change
Electric Deliveries and Revenues(a)
Residential	1,844	1,889	(2.4)	%	(1.2)	%	$	418	$	404	3.5	%
Small commercial & industrial	771	726	6.2	%	7.7	%	111		105		5.7	%
Large commercial & industrial	1,447	1,464	(1.2)	%	0.4	%	97		96		1.0	%
Public authorities & electric railroads	23	23	—	%	1.5	%	10		10		—	%
Other(b)	—	—	n/a		n/a		134		134		—	%
Total electric revenues(c)	4,085	4,102	(0.4)	%	1.0	%	770		749		2.8	%
Other Revenues(d)							(13)		(9)		44.4	%
Total electric revenues							$	757	$	740	2.3	%
Purchased Power							$	329	$	312	5.4	%
				% Change
---	---	---	---	---	---	---	---
Heating and Cooling Degree-Days	2025	2024	Normal	From 2024		From Normal
Heating Degree-Days	2,840	2,666	2,923	6.5	%	(2.8)	%
Cooling Degree-Days	338	415	309	(18.6)	%	9.4	%
Number of Electric Customers	2025	2024
---	---	---
Residential	508,775	506,358
Small commercial & industrial	62,817	62,717
Large commercial & industrial	2,803	2,878
Public authorities & electric railroads	729	701
Total	575,124	572,654

__________

(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 less than $1 million and $1 million for the three months ended June 30, 2025 and 2024, respectively and $1 million for both the six months ended June 30, 2025 and 2024, respectively.

(d)Includes alternative revenue programs.

16

exc-20250731ex992

July 31, 2025 Earnings Conference Call Second Quarter 2025

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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. Any reference to “E” after a year or time period indicates the information for that year or time period is an estimate. 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; adverse impact of the activities associated with the past Deferred Prosecution Agreement and now-resolved U.S. Securities and Exchange Commission (SEC) investigation on Exelon’s and ComEd’s reputation and relationships with legislators, regulators, and customers; 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 capacity to meet actual or forecasted demand or disruptions at power 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 Exelon Corporation, 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) in the Registrants’ most recent Annual Report on Form 10-K, including in Part I, ITEM A, 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 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.

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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 exclude certain items that are considered by management to be not directly related to the ongoing operations of the business as described in the Appendix. • 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). 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 without unreasonable efforts, as management is unable to project special items (such as effects of hedges, unrealized gains and losses, and legal settlements) for future periods. 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 the appendices and attachments to this presentation.

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4 Key Messages Financial and Operational Excellence Regulatory & Other Developments Long-Term Outlook ▪ GAAP Earnings of $0.39 per share in Q2 2025 vs. $0.45 per share in Q2 2024 ▪ Adjusted Operating Earnings* of $0.39 per share in Q2 2025 vs. $0.47 per share in Q2 2024 ▪ All utilities sustained top quartile or better performance in reliability ▪ Base rate cases remain on track, with orders expected in next 6-9 months ▪ Continued upside to Q4 large load pipeline of 17+ GW(1), and new tariff proposals focus on efficiently processing new customers while protecting existing customers ▪ Energy security remains a top priority, advocating for states to consider all options to bring control and certainty to the energy supply needed to meet their policy goals ▪ Affirming 2025 EPS* of $2.64 - $2.74 per share(2) ▪ 7.4% rate base growth resulting from $38.0B of capital investment, and $10-15B of potential transmission opportunity beyond the plan ▪ All $700M of 2025’s annualized equity need priced for issuance this year and $157M (~22%) of 2026’s annualized equity need priced for issuance next year, supporting balanced funding strategy for capital investment plan through 2028 ▪ Reaffirming 2024-2028 EPS* CAGR of 5-7%(3) with expectation to be at midpoint or better (1) Represents customer-driven requested capacity from projects in an official phase of engineering with deposits paid but not yet in-service as of Q4 2024; demand expected to ramp over a period of up to 10 years and may differ from initial estimates. 16 GW of additional load in Q2 2025 now undergoing analysis and design at request of customers. See Appendix slide 12 for additional detail. (2) 2025 Adjusted Operating Earnings* guidance based on expected average outstanding shares of 1,014M. (3) Based off the midpoint of Exelon’s 2024 Adjusted Operating EPS* guidance range of $2.40 - $2.50 as disclosed at Q4 2023 Earnings Call in February 2024.

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5 Q2 2025 QTD Adjusted Operating Earnings* Waterfall Note: Amounts may not sum due to rounding (1) PECO anticipates filing a petition with the PA PUC in the third quarter of 2025 to defer the extraordinary June storm costs. (2) 2025 earnings guidance based on expected average outstanding shares of 1,014M. $0.28 $0.16 $0.04 $0.09 $0.04 ($0.11) ($0.17) Q2 2024 ($0.05) ComEd PECO $0.01 BGE ($0.02) PHI ($0.06) Corp $0.05 $0.13 $0.14 $0.23 Q2 2025 $0.47 $0.39 BGE PECO PHI ComEd Corp ($0.04) Customer Relief Fund ($0.01) Interest Expense ($0.01) Other $0.01 Distribution and Transmission Rates $0.01 Return on Regulatory Assets ($0.07) Timing of Distribution Earnings ($0.01) Transmission Peak Load $0.01 Other $0.08 Distribution Rates ($0.03) Storm Costs(1) ($0.01) Other $0.02 Distribution Rates ($0.01) Other $0.03 Distribution and Transmission Rates ($0.02) Pepco MYP Reconciliations ($0.01) Credit Loss Expense ($0.01) Interest Expense ($0.01) Other Reaffirming 2025 Adjusted Operating Earnings* of $2.64 - $2.74 per share(2)

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6 Distribution Rate Case and Other Regulatory Updates 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 Note: See slide 21 for further detail on pertinent rate case data and information.​ DPL DE Gas Filed base distribution rate cases for 2025 account for ~5% of Exelon’s consolidated rate base ACE Electric Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Revenue Requirement Increase Requested ROE / Equity Ratio Expected Order Date $39.9M 10.65% / 50.50% Q1 2026 $108.9M 10.70% / 50.24% Dec 2025 IT RT EH FO Open Base Rate Cases Other Regulatory Activity • BGE Reconciliation (Case No. 9645) – $152M request for under recovered costs in 2023 – Reply briefs filed on 3/7/2025 – Awaiting PSC final order • Maryland Lessons Learned (Case No. 9618) – Briefs filed on 12/13/2024 – Awaiting PSC next steps • Pepco MD Reconciliation (Case No. 9655) – $31M request for under recovered costs in Rate Year 3 (12- months ending 3/31/24) – Reply briefs filed 4/22/2025 – Awaiting PSC final order • ComEd Reconciliation (Case No. 25-0383) – MRPP Annual Performance Evaluation proceeding – $268M adjustment, including the 2024 Performance Adjustment – ComEd direct testimony and supporting exhibits filed 4/29/2025 – Staff and intervenor direct testimony filed 7/15/2025, with ComEd rebuttal due 8/5/2025 FOIT RT EH

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Strong Balance Sheet Provides Strategic and Financial Flexibility Credit Metric Outlook %*(2,3) Credit Ratings / Outlooks(6) ExCorp ComEd PECO BGE ACE DPL Pepco Moody’s Baa2 (Stable) A1 (Stable) Aa3 (Negative) A3 (Stable) A2 (Stable) A2 (Positive) A2 (Stable) S&P BBB+ (Stable) A (Stable) A (Stable) A (Negative) A (Stable) A (Stable) A (Stable) (1) Represents Exelon’s average credit metrics since separation of ~13%; Exelon’s 2022, 2023, and 2024 actuals per S&P and Moody’s published data. (2) 2025–2028 average internal credit metric estimates based on S&P and Moody’s methodology. Chart provides an illustrative view of Exelon’s anticipated trajectory by 2028 and does not reflect year-over-year shaping influenced by one-time items, cash flow timing factors with high certainty of future recovery, among other considerations. (3) With the tax repairs deduction, Corporate Alternative Minimum Tax (CAMT) would be fully mitigated, resulting in a ~0.5% increase to the 2025 – 2028 average credit metric. (4) Represents Moody’s downgrade threshold for Exelon Corporate’s Baa2 senior unsecured rating. S&P’s downgrade threshold is 13% for Exelon Corporate’s BBB+ senior unsecured rating (currently one notch higher than Moody’s). (5) Exelon established a $2.5B ATM program on May 2, 2025, which is effective through May 2, 2028, and replaces the prior $1B ATM program that was set to expire on August 3, 2025. (6) Current senior unsecured ratings for Exelon and BGE and current senior secured ratings for ComEd, PECO, ACE, DPL, and Pepco. 12% 13% 14% 2022 – 2024 Average(1) 2025 2026 2027 2028 Meaningful financial flexibility over downgrade thresholds will strengthen over planning horizon, with further upside from targeted operating levers Downgrade Threshold(4) 7 ▪ Continued financial flexibility over our downgrade thresholds, managing risks while funding growth in a balanced, ratable fashion – Exelon’s scale, jurisdictional diversification, operational excellence, and effective recovery mechanisms contribute to a unique credit-supportive value proposition ▪ Executed ~80% of 2025’s debt financing needs, including all expected at HoldCo, mitigating remaining exposure to interest rate volatility for this year ▪ Pre-issuance hedging strategy further reduces future interest rate volatility ▪ $38B four-year capital expenditure plan being funded in a balanced manner – Financing plan implies $700M of equity to be issued annually through 2028 – Priced 100% of 2025’s annualized equity needs along with ~22% of 2026 needs through ATM(5)

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8 2025 Business Priorities and Commitments Focused on continued execution of operational, regulatory, and financial priorities to advance the interests of our customers and build on the strength of Exelon’s value proposition as the premier T&D energy company ❖ Foster a culture of excellence by prioritizing employee safety and engagement ❖ Deploy $9.1B of capex for the benefit of our customers ❖Maintain industry-leading operational excellence ❖ Focus on customer affordability, including through cost management and innovation ❖ Advocate for equitable and balanced energy transition ❖ Partner with our jurisdictions to capture growth opportunities and new customer solutions, including ensuring energy security needs are met in an equitable manner ❖ Earn consolidated operating ROE* of 9-10% ❖ Achieve constructive rate case outcomes for customers and shareholders ❖ Deliver against operating EPS* guidance of $2.64 - $2.74 per share(1) ❖Maintain strong balance sheet and execute on 2025 financing plan (1) 2025 adjusted operating earnings guidance based on expected average outstanding shares of 1,014M.

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Customer rates 21% below largest U.S. cities(1) Award-winning, innovative solutions for customer choice and affordability, recognized as ENERGY STAR® Partner of the Year Top-tier customer service for site selection across Exelon’s footprint Pipeline of 17+ GW(2) of large load, with significant further growth expected C u s to m e r- F o c u s e d Proven track record, committed to delivering on financial commitments 7.4% rate base growth with established rate mechanisms in place Strong investment grade credit ratings with plan approaching 200 bps of financial flexibility Diverse and defined capital plan with no one project greater than ~3% of 4-year outlook 9 Sustainable Value as the Premier T&D Energy Company (1) Source: Edison Electric Institute Typical Bills and Average Rates report for Summer 2024; reflects residential average rates for the 12-month period ending June 30, 2024. (2) Pipeline as of Q4 2024. See Appendix slide 12 for additional detail. (3) Preliminary estimate of 2024 supplier spend data, subject to final supplier spend data to be published in Exelon's 2025 Sustainability Report. (4) Based off the midpoint of Exelon’s 2024 Adjusted Operating EPS* guidance range of $2.40 - $2.50 as disclosed at Q4 2023 Earnings Call in February 2024. (5) 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 operating earnings growth(4), which combined with ~60% dividend payout ratio(5) results in an attractive risk-adjusted total annual return of ~9-11% Top quartile reliability, ComEd #1 Outstanding Performance in the Midwest by ReliabilityOne Cost and executional advantage due to size and scale with WSJ recognition as a Best Managed Company ~54% of Exelon’s total supplier spend is spent with local businesses and ~37% spent with diverse suppliers(3) 100+ workforce development programs #3 World’s Most Admired Power Company by Fortune Industry leader in advancing safety #1 in Energy on Fast Company’s Best Workplaces for Innovators 2024 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

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10 Additional Disclosures

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Optimally Positioned for Growing Transmission Needs 11 Existing Infrastructure ▪ Reliability & Resiliency ▪ Congestion Relief ▪ Generator Deactivation ▪ Aging & System Hardening ▪ Operational Flexibility & Efficiency New Business ▪ $1B+ associated with high-density load in our pipeline not yet in guidance RTO-Adjacent Opportunities ▪ $1B+ potential for MISO LRTP Tranche 2.1 ▪ Other RTO Seam Interconnections ▪ Interregional transfer capabilities New Generation ▪ State Driven Public Policy Goals ▪ Other New Generation Interconnections Transmission investment needs continue to grow . . . ▪ Increased reliability and resiliency amidst more volatile weather patterns ▪ Accelerating load growth fueled by high-density customers ▪ Evolving and expanding generation supply stack of identified transmission opportunity beyond the plan, with competitive projects offering further upside, reinforcing Exelon’s enduring role in ensuring a resilient grid for the nation’s economy(1) $10-15B . . . while Exelon’s network is positioned to meet those needs ▪ Over 11,000 circuit miles of transmission lines ▪ Serve 4 major cities, including a top 5 data center market ▪ States with ambitious energy transition and development goals (1) As of Q4 2024 earnings call. Transmission opportunity largely expected in 2029 and beyond, though some categories such as new business may require additional spend before 2029.

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12 Focus on reliability, affordability, and speed to market has positioned our jurisdictions to compete well for the growing economic development opportunities that rely on the grid Exelon is a Key Partner in Driving Economic Development 0 100 200 300 400 500 600 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘24 ‘25 ~9% CAGR ~27% CAGR(2) Historical Data Center Load in Northern IL(1) M W Projected Data Center Load Growth in Exelon’s Footprint(3) G W (1) Represents historical on-peak hourly demand for in-service data centers in the ComEd service territory. (2) ~27% CAGR is based on YTD Jun'25 vs YTD Jun’22. (3) Phases 1-3 represent customer-driven requested capacity from projects in an official phase of engineering with deposits paid but not yet in-service as of Q4 2024. Phase 1 represents projects where initial design is complete and deposits are collected; phase 2 projects have completed more definitive engineering and cost estimates, conducting PJM study; phase 3 projects are in construction. Demand expected to ramp over a period of up to 10 years and may differ from initial estimates. (4) Includes 11 GW of phase 1 load being studied as a part of a cluster study at ComEd along with 5 GW of other phase 1 additions in 2025. Update to phase 1 pipeline pending finalization of cluster studies in Q4 2025. Window for next ComEd cluster study in ComEd territory closes end of August. Existing Data Center Projects A proven leader in the data center market... …with a pipeline for continued growth ~200 online data centers served in our service territories with Illinois leading the way as a top 5 data center market in the U.S. High-quality service and a leader in reliability at competitive rates ComEd and PECO regularly recognized as top 20 utilities in economic development in the U.S. by Site Selection Magazine Pepco named the 2024 DC Chamber of Commerce Business of the Year 1 6 11 16 0 Q4 ’22 Q4 ’23 Q3 ’24 Q4 ’24 Q2 ’25 2025 Additions(4) Phase 3 Phase 2 Phase 1 16+ • In June 2025, ComEd filed proposed tariff for large load (50 MW+) customers with the following key elements to efficiently connect new business while protecting customers from speculative spend: • Enhances deposit requirements with cash alternatives • Requires FERC-approved Transmission Service Agreements with minimum load requirements for first 10 years of operation • Formalizes cluster study process (YTD Jun)

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November 28, 2024 IL: Oppidan Carol Stream Data Center 13 Powering Growth: Exelon’s Role in Economic Development November 23, 2023 IL: Meta DeKalb Data Center Opening May 30, 2024 IL: Elk Grove Prime Topping Out Ceremony June 27, 2025 IL: Elk Grove Substation Expansion June 9, 2025 PA: Northpoint Bucks County Data Center July 15, 2025 IL: Itasca Substation Upgrades July 25, 2024 IL: PsiQuantum Utility- Scale Quantum Computer February 27, 2025 IL: Edged Data Center Campus September 13, 2024 IL: CyrusOne Aurora Data Center May 13, 2025 IL: CyrusOne Wood Dale Topping Out Ceremony June 13, 2024 IL: Compass Datacenters November 7, 2022 IL: Digital Realty New Substation 17+ GW large load pipeline has been a key contributor to transmission growth in the last three years, with expansion of our transmission capital spend from $6.4B to $12.6B in the four-year plan since 2022 and offering additional opportunity for investment in our communities

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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 14 StatesFederal Agencies Regional Transmission Operator (1) Anticipated conclusion of legislative session. (2) On May 20, 2025, Governor Moore signed the Next Generation Energy Act – SB 937 and the Renewable Energy Certainty Act – SB 931 into legislation. (3) PA Power Act – HB 1272 (April 21, 2025) & SB 897 (June 30, 2025). (4) On July 8, 2025, Governor Murphy signed A5466 into legislation; S4293 and A5267 respectively sit at Governor Murphy’s desk. (5) On July 26, 2025, Governor Meyer signed HB116 and SJR3 into legislation. Oversee and guide RTOs, enhance markets, and support transmission development ▪ Transmission Policy ▪ Transmission enables resource adequacy, necessitating effective, flexible, and proactive transmission planning ▪ FERC’s existing incentives policy benefits customers and helps ensure transmission is built ▪ Resource Adequacy Technical Conference – June 4-5, 2025 ▪ States and stakeholders are focused on the region’s ability to provide reliable and affordable electricity service ▪ Exelon supports improvements to address resource adequacy, including interconnection reforms along with other changes to facilitate proactive transmission development and use of advanced technologies as well as demand-side tools Provide long-term stability with new PJM leadership executing a long-term, independent vision that continues to build on structures promoting cost-effective procurement and transmission of adequate energy supplies ▪ Ensure state-supported procurement avenues remain viable and consistent with PJM rules ▪ Capacity Market Price Collar Settlement (PA) setting cap and floor for 26/27 and 27/28 capacity auctions (FERC accepted 4/21/25) ▪ Resulted in nearly $3 billion savings across PJM for the 26/27 auction ▪ Reliability Resource Initiative (RRI) attracted 26.6 GW increased capacity ▪ Capacity Market Reforms including RMR treatment through 2028 and updating the reference resource (FERC accepted 2/14/25) ▪ Capacity Interconnection Rights Transfer Reforms (pending) ▪ RTO-wide cost allocation for DOE 202(c) generation retention orders (pending) Adopt policy that promotes energy security, economic development, and reliable and resilient energy delivery ▪ MD (5/20/25): Signed two key bills(2) focused on battery storage, rules for large load customer connections, and recognizing use of MYPs ▪ IL (Veto Session Oct-25): Proposed energy omnibus bill that addresses battery storage, energy efficiency, resource planning, and transmission ▪ PA (11/30/26)(1): Draft bills(3) advance energy security, allowing for regulated generation in conjunction with procurement via long-term contracts ▪ NJ (1/13/26)(1): Three bills(4) passed directing BPU to study impacts of data center usage, requiring data center energy usage filings, and initiating a transmission scale energy storage incentive program ▪ DE (6/30/25): Two bills(5) passed that address customer affordability, further study on energy storage

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Financing ▪ $2.8B equity need (implies $700M annual), $3B of new Corporate debt 2025-2028, and other financing costs Operating Earnings* Growth Outlook 2025 2026 2027 2028 Total YoY Growth Relative to Range Growth Above 5-7% Range(1) Growth at Low End of 5-7% Range(2) Growth Above Midpoint of 5-7% Range Growth Below Midpoint of 5-7% Range (1) Based off the midpoint of Exelon’s 2024 Adjusted Operating EPS* guidance range of $2.40 - $2.50 as disclosed at Q4 2023 Earnings Call in February 2024. (2) Based off the midpoint of Exelon’s 2025 Adjusted Operating EPS* guidance range of $2.64 - $2.74 as disclosed at Q4 2024 Earnings Call in February 2025. (3) Growth outlook and associated drivers as of Q4 2024 earnings call. (4) Brandon Shores and Tri-County Line projects assumed to primarily earn AFUDC through the 2025-2028 guidance period. On July 30, 2025, BGE filed with FERC for CWIP incentive treatment for the Tri-County Line project. Rate case activity and investment plan drives path for 5-7% annualized adjusted operating earnings* growth, with close to 90% of Exelon’s rate base covered by established recovery mechanisms through 2026-2027 15 Growth Drivers 2025-2028(3) 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 ▪ New electric and gas rates in effect 1/1/2025 ▪ Subsequent rate filings every 2-3 years; 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, and 2027+ investment plan and associated cost recovery will accommodate recommendations from MD Lessons Learned process ▪ Pepco MD MYP through March 2025 and DPL MD MYP through December 2025, and investment plans and associated cost recovery will accommodate recommendations from MD Lessons Learned process ▪ 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.

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16 Q2 2025 YTD Adjusted Operating Earnings* Waterfall Note: Amounts may not sum due to rounding (1) Lower income taxes driven primarily by timing of tax repairs deduction. (2) PECO anticipates filing a petition with the PA PUC in the third quarter of 2025 to defer the extraordinary June storm costs. $0.16 ($0.23) ($0.28) $0.31 $0.24 $0.33 $0.50 Q2 2024 $0.05 ComEd PECO $0.00 BGE $0.00 PHI ($0.05) Corp $0.31 $0.40 $0.33 $0.55 Q2 2025 $1.16 $1.31 BGE PECO PHI ComEd Corp ($0.04) Customer Relief Fund ($0.01) Interest Expense $0.02 Distribution and Transmission Rates $0.03 Timing of Distribution Earnings $0.01 Return on Regulatory Assets ($0.02) Transmission Peak Load $0.01 Other $0.16 Distribution Rates $0.03 Weather $0.02 Income Taxes(1) ($0.03) Storm Costs(2) ($0.01) Interest Expense ($0.01) Other $0.04 Distribution Rates ($0.01) Interest Expense ($0.03) Other $0.07 Distribution and Transmission Rates ($0.02) Pepco MYP Reconciliations ($0.02) Interest Expense ($0.01) Credit Loss Expense ($0.02) Other

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2025 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 $725 - $725 - FMB $275 - $275 - FMB $250 ($150) $250 - FMB / Tax-Exempts $203 ($78) $203 - FMB $1,050 ($350) - $1,050 Senior Notes $650 - $650 - Senior Notes / Other(3) $2,000 ($807) $2,000(3) - Equity(4) $700 - $700(4) - 17 Note: As of June 30, 2025. 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 priced FMBs in the private placement market on February 27, 2025. On March 26, 2025, ACE, DPL, and Pepco funded $100M, $125M, and $200M, respectively. Using a delayed draw feature, Pepco and ACE will fund $75M and $150M in September 2025 and November 2025, respectively. (3) Other could include fixed income securities that receive equity credit, subject to market conditions. Of the $2B, $1B was issued in hybrid debt and $1B in Senior Notes. (4) Exelon expects to issue ~$2.8B of equity by 2028, implying ~$700M per year. $525M of the $700M was issued under a forward agreement to be settled by December 15, 2025.

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Exelon Debt Maturity Profile(1,2) Debt Balances (as of 6/30/25)(1,2) ($B) Short-Term Debt Long-Term Debt Total Debt BGE $0.0 $6.0 $6.0 ComEd $0.0 $13.0 $13.0 PECO $0.2 $5.9 $6.1 PHI $0.2 $9.5 $9.8 Corp $0.7(3) $13.3 $14.0 Exelon $1.1 $47.7 $48.8 500 750 650 1,000 650 1,250 500 1,016 850 650 833 1,430 675 815 200 600 1,400 650 741 691 1,275 2,150 1,550 673 2,150 669 1,050 1,825 1,500 850 360 997 303 600 1,178 625 2,323 1,645 1,050 1,225 1,200 1,650 2,400 1,650 725 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 100 20392025 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 20552040 (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 2025 Q2 10-Q GAAP financials, which include items listed in footnote 1. (3) Includes $500M of 364-day term loan maturing March 2026. Exelon’s weighted average long-term debt maturity is approximately 16 years ($M) As of 6/30/2025 EXC Regulated ExCorp 18

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19 Exelon Adjusted Operating Earnings* Sensitivities Interest Rate Sensitivity to +50bp 2025E 2026E Cost of Debt (1) $(0.00) $(0.01) Exelon Consolidated Effective Tax Rate 16.1% 20.1% Exelon Consolidated Cash Tax Rate(2) 9.3% 13.4% (1) Reflects full year impact to a +50bp increase on Corporate debt net of pre-issuance hedges as of June 30, 2025. Through June 30, 2025, Corporate entered into $0.6B of pre-issuance hedges through interest rate swaps. (2) Includes the impact of CAMT.

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20 Rate Case Details

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21 Exelon Distribution Rate Case Updates Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Revenue Requirement Increase Approved/Requested ROE / Equity Ratio Expected/Received Order Date $39.9M(1,2) 10.65% / 50.50% Q1 2026 $108.9M(1,3) 10.70% / 50.24% Dec 2025 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 Note: Unless otherwise noted, based on schedules of Delaware Public Service Commission (DE PSC) and New Jersey Board of Public Utilities (NJ BPU) 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) Requested revenue requirement excludes the transfer of $6.4M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates. As permitted by Delaware law, DPL implemented interim rates effective 4/20, subject to refund. (3) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. Excludes the requested transfer of $11.1 million of Infrastructure Investment Program costs (IIP) and $8M of Sales and Use Tax into distribution rates. DPL DE Gas ACE Electric IT RT EH FO FOIT RT EH

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22 DPL DE (Gas) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 24-1044 ▪ September 20, 2024, Delmarva Power filed an application with the Delaware Public Service Commission (DE PSC) seeking an increase in gas distribution base rates ▪ Request driven by continued investments in gas distribution system to maintain reliability, customer service, and safety. The filing includes major projects such as: ▪ Pipeline Integrity Management: Inspects and maintains gas mains and valves, ensuring reliable energy and faster leak detection. ▪ Cast Iron Replacement: Upgrading old pipes with safer, more reliable polyethylene, finishing five years ahead of schedule. ▪ LNG Plant Upgrade: Enables efficient refilling during winter, ensuring a stable gas supply during peak demand which allows for improved bill predictability for customers. ▪ DPL is proposing a gas weather normalization adjustment, effective from October to May designed to adjust for differences between normalized, historical and actual weather ▪ The adjustment will provide customers with more bill predictability, while allowing DPL the opportunity to earn its authorized distribution revenues Test Period 12 months actual Test Year April 1, 2024 – March 31, 2025 Proposed Common Equity Ratio 50.51% Proposed Rate of Return ROE: 10.65%: ROR: 7.55% Proposed Rate Base (Adjusted) $729M Requested Revenue Requirement Increase $39.9M(1) Residential Total Bill % Increase 21.0% Detailed Rate Case Schedule Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 9/20/2024 7/25/2025Intervenor testimony 9/5/2025Rebuttal testimony Filed rate case 11/12/2025 - 11/13/2025Evidentiary hearings Reply briefs Commission order expected(2) Q1 2026 Initial briefs (1) Requested revenue requirement excludes the transfer of $6.4M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates. As permitted by Delaware law, DPL implemented interim rates effective 4/20, 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. (2) There is no statutory deadline by which the Commission needs to rule.

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23 ACE Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. ER24110854 ▪ November 21, 2024, Atlantic City Electric filed with the New Jersey Board of Public Utilities (NJ BPU) to adjust base rates ▪ Rate increases allow for system upgrades and energy grid enhancements to improve performance through major infrastructure projects and grid modernization work, making the energy grid more resilient against storms to further improve reliability for our customers. The filing seeks recovery for: ▪ Smart Energy Network (SEN) investments that supports New Jersey’s energy master plan and the Clean Energy Act ▪ Incremental costs related to the recent work stoppage that would be amortized over 5 years ▪ Deferred accounting treatment for costs related to wildfires and wildfire mitigation Test Period 12 months actual Test Year September 2024 Proposed Common Equity Ratio 50.24% Proposed Rate of Return ROE: 10.70%: ROR: 7.36% Proposed Rate Base (Adjusted) $2,472M Requested Revenue Requirement Increase $108.9M(1) Residential Total Bill % Increase 8.1% Detailed Rate Case Schedule Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Evidentiary hearings Initial briefs 11/21/2024 Reply briefs Dec 2025 Intervenor testimony Commission order expected(2) Rebuttal testimony 8/1/2025 9/25/2025 - 10/16/2025(3) Filed rate case 9/3/2025 (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. Excludes the requested transfer of $11.1 million of Infrastructure Investment Program costs (IIP) and $8M of Sales and Use Tax into distribution rates. (2) There is no statutory deadline by which the Board of Public Utilities needs to rule. (3) Evidentiary hearings scheduled for 9/25-9/26, 9/29, 10/3, 10/6-10/7, 10/10, and 10/16.

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24 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) $44.6M 9.50% 50.50% Apr 1, 2024 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) $45.0M 9.60% 50.20% Dec 1, 2023 (1) Reflects a four-year cumulative multi-year rate plan for January 1, 2024 to December 31, 2027. The MRP was originally approved by the ICC on December 14, 2023, and was subsequently amended on January 10, 2024, April 18, 2024, and December 19, 2024. The December 19, 2024, order provided 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. ComEd originally requested a $1.487B increase from 2024-2027. 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. (2) On April 10, 2025, the ICC initiated its annual performance evaluation proceeding, ICC Docket No. 25-083, to reconcile 2024 costs and determine ComEd’s performance on its metrics targets. ComEd is requesting recovery of approximately $268M in 2024 costs; the approved reconciliation balance will be collected in customer bills beginning in January 2026. (3) The PA PUC issued an order on December 12, 2024 approving the Joint Petition for Settlement with rates effective on January 1, 2025. 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 MDPSC 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; 2025 reflects $113M increase for electric and $62M increase for gas; 2026 reflects $25M increase for electric and $41M increase for gas. These include an acceleration of certain tax benefits in 2024 for both electric and gas. (5) On April 24, 2024, BGE filed with the MDPSC under case number 9645 its request for recovery of the 2023 reconciliation amounts of $79M and $73M for electric and gas, respectively. Of those amounts, $14M and $33M relate to under- recovered costs at electric and gas, respectively, for which associated revenues can only be recognized upon being billed to customers. (6) On July 29, 2024, Pepco MD filed with the MDPSC under case number 9655 its request for recovery of the Rate Year 3 reconciliation amount of $31M. Of that amount, $7M relates to under-recovered costs for which associated revenues can only be recognized upon being billed to customers. (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. (8) Reflects 3-year cumulative multi-year plan. On October 7, 2022, DPL filed a partial settlement with the MDPSC, 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 MDPSC approved the settlement without modification on December 14, 2022. (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) On November 17, 2023, the NJBPU approved the Company’s Settlement that reflects an overall increase of $45M to base distribution rates which is occurring in two phases. Phase I rates reflecting a $36M increase to base distribution rates became effective as of December 1, 2023. Phase II rates reflecting a $9M increase to base distribution rates became effective as of February 1, 2024.

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25 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) $7.6M 9.60% 49.94% Nov 1, 2022 (1) The PA PUC issued an order on December 12, 2024 approving the Joint Petition for Settlement with rates effective on January 1, 2025. The settlement does not stipulate any ROE, Equity Ratio, or Rate Base. (2) Reflects a three-year cumulative multi-year plan for 2024-2026. The MDPSC 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; 2025 reflects $113M increase for electric and $62M increase for gas; 2026 reflects $25M increase for electric and $41M increase for gas. These include an acceleration of certain tax benefits in 2024 for both electric and gas. (3) Separately, on April 24, 2024, BGE filed with the MDPSC under case number 9692 its request for recovery of the 2023 reconciliation amounts of $79M and $73M for electric and gas, respectively. Of those amounts, $14M and $33M relate to under-recovered costs at electric and gas, respectively, for which associated revenues can only be recognized upon being billed to customers. (4) Revenue requirement excludes the transfer of $5.8M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates. DPL implemented full proposed rates on August 14, 2022 and adjusted them to final approved rates on November 1, 2022.

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26 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 $127M 11.50% 54.56% Jun 1, 2025 PECO $22M 10.35% 54.27% Jun 1, 2025 BGE $35M 10.50% 53.08% Jun 1, 2025 Pepco $51M 10.50% 50.30% Jun 1, 2025 DPL $23M 10.50% 50.48% Jun 1, 2025 ACE ($57M) 10.50% 49.99% Jun 1, 2025 (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. (2) All rates are effective June 1, 2025 - May 31, 2026, subject to review by interested parties pursuant to protocols of each tariff.

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27 Reconciliation of Non-GAAP Measures

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28 Projected Non-GAAP Operating Earnings Adjustments • Exelon’s projected 2025 adjusted (non-GAAP) operating earnings* excludes the earnings effects of the following: – Costs related to ComEd’s regulatory matters; – Costs related to a change in ComEd’s FERC audit liability; – Income tax-related adjustments; and – Costs related to a cost management charge.

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29 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.​

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30 Q2 QTD GAAP EPS Reconciliation Three Months Ended June 30, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $0.23 $0.13 $0.05 $0.14 ($0.17) $0.39 2025 Adjusted (non-GAAP) operating earnings (loss) per share $0.23 $0.13 $0.05 $0.14 ($0.17) $0.39 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 June 30, 2024 ComEd PECO BGE PHI Other Exelon 2024 GAAP earnings (loss) per share $0.27 $0.09 $0.04 $0.16 ($0.11) $0.45 Change in FERC audit liability 0.01 - - - - 0.01 Cost management charge - - - - - 0.01 2024 Adjusted (non-GAAP) operating earnings (loss) per share $0.28 $0.09 $0.04 $0.16 ($0.11) $0.47

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31 Q2 YTD GAAP EPS Reconciliation Six Months Ended June 30, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $0.52 $0.40 $0.31 $0.33 ($0.28) $1.29 Regulatory matters 0.02 - - - - 0.02 2025 Adjusted (non-GAAP) operating earnings (loss) per share $0.55 $0.40 $0.31 $0.33 ($0.28) $1.31 Note: All amounts shown are per Exelon share and represent contributions to Exelon's EPS. Amounts may not sum due to rounding. Six Months Ended June 30, 2024 ComEd PECO BGE PHI Other Exelon 2024 GAAP earnings (loss) per share $0.46 $0.24 $0.31 $0.33 ($0.22) $1.10 Change in FERC audit liability 0.04 - - - - 0.04 Cost management charge - - - - - 0.01 2024 Adjusted (non-GAAP) operating earnings (loss) per share $0.50 $0.24 $0.31 $0.33 ($0.23) $1.16

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Thank you Please direct all questions to the Exelon Investor Relations team:  InvestorRelations@ExelonCorp.com  779-231-0017

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