Form 8-K

8-K — EXELON CORP

Accession: 0001109357-26-000061

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001109357

SIC: 4931 (ELECTRIC & OTHER SERVICES COMBINED)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — exc-20260506.htm (Primary)

EX-99.1 (exc-20260506ex991.htm)

EX-99.2 (exc-20260506ex992.htm)

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8-K

8-K (Primary)

Filename: exc-20260506.htm · Sequence: 1

exc-20260506

Pennsylvania10 South Dearborn StreetP.O. Box 805379ChicagoIllinois60680-5379(800)483-3220Illinois10 South Dearborn StreetChicagoIllinois60603-2300(312)394-4321PennsylvaniaP.O. Box 86992301 Market StreetPhiladelphiaPennsylvania19101-8699(215)841-4000Cumulative Preferred Security, Series DMaryland2 Center Plaza110 West Fayette StreetBaltimoreMaryland21201-3708(410)234-5000Delaware701 Ninth Street, N.W.WashingtonDistrict of Columbia20068-0001(202)872-2000District of ColumbiaVirginia701 Ninth Street, N.W.WashingtonDistrict of Columbia20068-0001(202)872-2000DelawareVirginia500 North Wakefield DriveNewarkDelaware19702-5440(202)872-2000New Jersey500 North Wakefield DriveNewarkDelaware19702-5440(202)872-2000☐☐☐☐☐☐☐☐00011093570000022606000007810000000094660001135971000007973200000278790000008192FalseFalseFalseFalseFalseFalseFalseFalse00011093572026-05-062026-05-060001109357exc:PepcoHoldingsLLCMember2026-05-062026-05-060001109357exc:CommonwealthEdisonCoMember2026-05-062026-05-060001109357exc:AtlanticCityElectricCompanyMember2026-05-062026-05-060001109357exc:PotomacElectricPowerCompanyMember2026-05-062026-05-060001109357exc:PecoEnergyCoMember2026-05-062026-05-060001109357exc:DelmarvaPowerandLightCompanyMember2026-05-062026-05-060001109357exc:BaltimoreGasAndElectricCompanyMember2026-05-062026-05-060001109357stpr:DCexc:PotomacElectricPowerCompanyMember2026-05-062026-05-060001109357stpr:VAexc:PotomacElectricPowerCompanyMember2026-05-062026-05-060001109357stpr:DEexc:DelmarvaPowerandLightCompanyMember2026-05-062026-05-060001109357stpr:VAexc:DelmarvaPowerandLightCompanyMember2026-05-062026-05-06

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

May 6, 2026

Date of Report (Date of earliest event reported)

Commission

File Number Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number IRS Employer Identification Number

001-16169 EXELON CORPORATION 23-2990190

(a Pennsylvania corporation)

10 South Dearborn Street

P.O. Box 805379

Chicago, Illinois 60680-5379

(800) 483-3220

001-01839 COMMONWEALTH EDISON COMPANY 36-0938600

(an Illinois corporation)

10 South Dearborn Street

Chicago, Illinois 60603-2300

(312) 394-4321

000-16844 PECO ENERGY COMPANY 23-0970240

(a Pennsylvania corporation)

2301 Market Street

P.O. Box 8699

Philadelphia, Pennsylvania 19101-8699

(215) 841-4000

001-01910 BALTIMORE GAS AND ELECTRIC COMPANY 52-0280210

(a Maryland corporation)

2 Center Plaza

110 West Fayette Street

Baltimore, Maryland 21201-3708

(410) 234-5000

001-31403 PEPCO HOLDINGS LLC 52-2297449

(a Delaware limited liability company)

701 Ninth Street, N.W.

Washington, District of Columbia 20068-0001

(202) 872-2000

001-01072 POTOMAC ELECTRIC POWER COMPANY 53-0127880

(a District of Columbia and Virginia corporation)

701 Ninth Street, N.W.

Washington, District of Columbia 20068-0001

(202) 872-2000

001-01405 DELMARVA POWER & LIGHT COMPANY 51-0084283

(a Delaware and Virginia corporation)

500 North Wakefield Drive

Newark, Delaware 19702-5440

(202) 872-2000

001-03559 ATLANTIC CITY ELECTRIC COMPANY 21-0398280

(a New Jersey corporation)

500 North Wakefield Drive

Newark, Delaware 19702-5440

(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. ☐

Item 2.02. Results of Operations and Financial Condition.

Item 7.01. Regulation FD Disclosure.

On May 6, 2026, Exelon Corporation (Exelon) announced via press release its results for the first quarter ended March 31, 2026. A copy of the press release and related attachments are attached hereto as Exhibit 99.1. Also attached as Exhibit 99.2 to this Current Report on Form 8-K are the presentation slides to be used at the first quarter 2026 earnings conference call. This Form 8-K and the attached exhibits are provided under Items 2.02, 7.01 and 9.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission (SEC).

Exelon has scheduled the conference call for 9:00 AM CT (10:00 AM ET) on May 6, 2026. Participants who would like to join the call to ask a question may register at the link found on the Investor Relations page of Exelon's website: 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, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants). Information contained herein relating to any individual Registrant has been furnished by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant.

This Current Report contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.

Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant's credit ratings or other failure to satisfy the credit standards in the Registrants' agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.

New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to each of the Registrants in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this Current Report. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Current Report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EXELON CORPORATION

/s/ JEANNE M. JONES

Jeanne M. Jones

Executive Vice President, Chief Finance Officer, Audit and Risk

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

May 6, 2026

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)

EX-99.1

EX-99.1

Filename: exc-20260506ex991.htm · Sequence: 2

Document

Exhibit 99.1

News Release

Contact:    Khanya Brann

Corporate Communications

301-535-3292

Ryan Brown

Investor Relations

779-231-0017

EXELON REPORTS FIRST QUARTER 2026 RESULTS

Earnings Release Highlights

•GAAP net income of $0.90 per share and Adjusted (non-GAAP) operating earnings of $0.91 per share for the first quarter of 2026

•Affirming full year 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share and operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029

•Projecting $41.7 billion of capital expenditures over the next four years, resulting in expected rate base growth of 7.9%

•All utilities sustained top quartile in reliability performance, with ComEd in top decile

•Through March 31, completed approximately 43% of planned debt financings, including all of its Holding Company issuances, and priced approximately 37% of its $3.4 billion of equity needs through 2029

CHICAGO (May 6, 2026) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2026.

“Exelon is on track for another year of consistent operational and financial performance. Our scale, platform, and disciplined execution allow us to adapt as conditions evolve to continue delivering on our commitments over the long term,” said Exelon President and Chief Executive Officer Calvin Butler. “Through The Exelon Promise, we are committed to balancing affordability while advancing safety, reliability, and investments that strengthen the grid and support the communities we serve – today and in the future.”

“We delivered first quarter 2026 adjusted operating earnings of $0.91 per share while maintaining strong operational performance, continuing our track record of execution as a standalone utility,” said Exelon Chief Financial Officer Jeanne Jones. “With a revised $41.7 billion four-year capital plan, 7.9% rate base growth, and a disciplined focus on cost management, we remain well-positioned to deliver annualized earnings growth near the top end of 5% to 7% through 2029. Our results and outlook underscore the durability of our business and our ability to adapt and execute while continuing to invest in a way that balances the needs of our customers with the grid of the future.”

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First Quarter 2026

Exelon's GAAP net income for the first quarter of 2026 remained relatively consistent with the prior period at $0.90 per share. Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $0.91 per share from $0.92 per share in the first quarter of 2025. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4.

The GAAP net income and Adjusted (non-GAAP) operating earnings in the first quarter of 2026 primarily reflect:

•Higher costs at the Exelon holding company primarily due to higher income taxes and higher interest expense.

•Higher utility earnings primarily due to approved distribution and transmission rates at ComEd and PHI, approved distribution rates at BGE, absence of customer surcharge credits at PECO, higher allowance for funds used during construction (AFUDC) at ComEd, and favorable weather and lower income taxes at PECO. This was partially offset by timing of distribution earnings at ComEd, higher depreciation expense at PECO and PHI, higher interest expense at PECO, higher credit loss expense at BGE, and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. Note that rate increases are associated with updated recovery rates for costs and investments to serve customers, driving top quartile reliability and avoiding outage costs.

Operating Company Results1

ComEd

ComEd's first quarter of 2026 GAAP net income increased to $310 million from $302 million in the first quarter of 2025. ComEd's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $310 million from $325 million in the first quarter of 2025, primarily due to timing of distribution earnings, partially offset by an increase in AFUDC and higher distribution and transmission rate base driven by incremental investments to serve customers, driving top quartile reliability and avoiding outage costs. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

PECO

PECO’s first quarter of 2026 GAAP net income increased to $278 million from $266 million in the first quarter of 2025. PECO's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 increased to $278 million from $265 million in the first quarter of 2025, primarily due to absence of customer surcharge credits, favorable weather, and lower income taxes due to tax repairs, some of which is timing, partially offset by an increase in depreciation and interest expense.

___________

1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois (and transmission in a small portion of northwestern Indiana); PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.

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BGE

BGE’s first quarter of 2026 GAAP net income increased to $298 million from $260 million in the first quarter of 2025. BGE's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 increased to $298 million from $260 million in the first quarter of 2025, primarily due to approved distribution rates associated with updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs, partially offset by an increase in credit loss expense. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

PHI

PHI’s first quarter of 2026 GAAP net income decreased to $169 million from $194 million in the first quarter of 2025. PHI’s Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $180 million from $194 million in the first quarter of 2025, primarily due to unfavorable impacts of the Pepco Maryland multi-year plan reconciliation and an increase in depreciation expense, partially offset by approved distribution and transmission rates driven by updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs. 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 First Quarter Highlights

•Dividend: On April 28, 2026, Exelon's Board of Directors declared a regular quarterly dividend of $0.42 per share on Exelon's common stock. The dividend is payable on June 15, 2026, to Exelon shareholders of record as of the close of business on June 4, 2026.

•Rate Case Developments:

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

•Financing Activities:

◦On February 20, 2026, Exelon issued $775 million of its Senior Notes, 4.95% Series due March 15, 2036. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes.

◦On March 19, 2026, Pepco issued $170 million of its First Mortgage Bonds, consisting of $110 million aggregate principal amount of its First Mortgage Bonds, 5.00% Series due March 19, 2036, and $60 million aggregate principal amount of its First Mortgage Bonds, 5.30% Series due March 19, 2041. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes.

◦On March 19, 2026, DPL issued $75 million of its First Mortgage Bonds, 5.74% Series due March 19, 2056. DPL used the proceeds to repay existing indebtedness and for general corporate purposes.

◦On March 19, 2026, ACE issued $100 million of its First Mortgage Bonds, 4.95% Series due March 19, 2036. ACE used the proceeds to repay existing indebtedness and for general corporate purposes.

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Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) operating earnings for the first quarter of 2026 do not include the following items (after tax) that were included in reported GAAP net income:

(in millions, except per share amounts) Exelon

Earnings per

Diluted

Share Exelon ComEd PECO BGE PHI

2026 GAAP net income

$ 0.90  $ 919  $ 310  $ 278  $ 298  $ 169

Regulatory matters (net of taxes of $4)

0.01  11  —  —  —  11

2026 Adjusted (non-GAAP) operating earnings

$ 0.91  $ 930  $ 310  $ 278  $ 298  $ 180

Adjusted (non-GAAP) operating earnings for the first quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income:

(in millions, except per share amounts) Exelon

Earnings per

Diluted

Share Exelon ComEd PECO BGE PHI

2025 GAAP net income

$ 0.90  $ 908  $ 302  $ 266  $ 260  $ 194

Change in FERC Audit Liability (net of taxes of $1)

—  2  2  —  —  —

Cost management charge (net of taxes of $0)

—  (1) —  —  —  —

Regulatory matters (net of taxes of $7)

0.02  22  21  —  —  —

2025 Adjusted (non-GAAP) operating earnings

$ 0.92  $ 932  $ 325  $ 265  $ 260  $ 194

__________

Note:

Amounts may not sum due to rounding.

Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.

Webcast Information

Exelon will discuss first quarter 2026 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com/.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, 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

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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 May 6, 2026.

Cautionary Statements Regarding Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.

New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon, ComEd, PECO, BGE, Pepco Holdings LLC (PHI), Pepco, DPL, and ACE (Registrants) in the Registrants' most recent

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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.

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Table of Contents

Earnings Release Attachments

Table of Contents

Consolidating Statement of Operations

1

Consolidated Balance Sheets

2

Consolidated Statements of Cash Flows

4

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

5

Statistics

ComEd

6

PECO

7

BGE

8

Pepco

9

DPL

10

ACE

11

Table of Contents

Consolidating Statements of Operations

(unaudited)

(in millions)

ComEd PECO BGE PHI Other (a) Exelon

Three Months Ended March 31, 2026

Operating revenues $ 1,913  $ 1,492  $ 1,828  $ 2,030  $ (21) $ 7,242

Operating expenses

Purchased power and fuel 451  612  808  905  —  2,776

Operating and maintenance 438  337  327  424  (60) 1,466

Depreciation and amortization 404  121  167  246  14  952

Taxes other than income taxes 105  69  104  151  14  443

Total operating expenses 1,398  1,139  1,406  1,726  (32) 5,637

Gain on sale of assets —  —  —  —  —  —

Operating income 515  353  422  304  11  1,605

Other income and (deductions)

Interest expense, net (135) (71) (62) (106) (181) (555)

Other, net 31  11  17  18  (8) 69

Total other income and (deductions) (104) (60) (45) (88) (189) (486)

Income (loss) before income taxes 411  293  377  216  (178) 1,119

Income taxes 101  15  79  47  (42) 200

Net income (loss) attributable to common shareholders $ 310  $ 278  $ 298  $ 169  $ (136) $ 919

Three Months Ended March 31, 2025

Operating revenues $ 2,065  $ 1,333  $ 1,554  $ 1,778  $ (16) $ 6,714

Operating expenses

Purchased power and fuel 689  502  609  722  —  2,522

Operating and maintenance 423  327  305  349  (57) 1,347

Depreciation and amortization 380  109  164  234  16  903

Taxes other than income taxes 99  60  96  140  10  405

Total operating expenses 1,591  998  1,174  1,445  (31) 5,177

Loss on sale of assets —  —  —  (1) —  (1)

Operating income 474  335  380  332  15  1,536

Other income and (deductions)

Interest expense, net (128) (63) (58) (100) (161) (510)

Other, net 21  8  9  19  (5) 52

Total other income and (deductions) (107) (55) (49) (81) (166) (458)

Income (loss) before income taxes 367  280  331  251  (151) 1,078

Income taxes 65  14  71  57  (37) 170

Net income (loss) attributable to common shareholders $ 302  $ 266  $ 260  $ 194  $ (114) $ 908

Change in net income (loss) from 2025 to 2026 $ 8  $ 12  $ 38  $ (25) $ (22) $ 11

__________

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

1

Table of Contents

Exelon

Consolidated Balance Sheets

(unaudited)

(in millions)

March 31, 2026 December 31, 2025

Assets

Current assets

Cash and cash equivalents $ 713  $ 626

Restricted cash and cash equivalents 560  525

Accounts receivable

Customer accounts receivable 3,636 3,732

Customer allowance for credit losses (522) (435)

Customer accounts receivable, net 3,114  3,297

Other accounts receivable 1,680 1,879

Other allowance for credit losses (102) (94)

Other accounts receivable, net 1,578  1,785

Inventories, net

Fossil fuel 35  88

Materials and supplies 811  780

Regulatory assets 1,373  1,359

Prepaid renewable energy credits 314  563

Other 504  523

Total current assets 9,002  9,546

Property, plant, and equipment, net 85,564  84,318

Deferred debits and other assets

Regulatory assets 9,322  9,214

Goodwill 6,630  6,630

Receivable related to Regulatory Agreement Units 4,830  4,755

Investments 317  312

Other 1,880  1,795

Total deferred debits and other assets 22,979  22,706

Total assets $ 117,545  $ 116,570

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Table of Contents

March 31, 2026 December 31, 2025

Liabilities and shareholders’ equity

Current liabilities

Short-term borrowings $ 665  $ 612

Long-term debt due within one year 2,326  1,665

Accounts payable 3,119  3,721

Accrued expenses 1,203  1,582

Payables to affiliates 5  5

Customer deposits 565  533

Regulatory liabilities 910  1,128

Mark-to-market derivative liabilities 21  30

Unamortized energy contract liabilities 5  5

Renewable energy credit obligations 222  473

Other 547  577

Total current liabilities 9,588  10,331

Long-term debt 47,859  47,413

Long-term debt to financing trusts 390  390

Deferred credits and other liabilities

Deferred income taxes and unamortized investment tax credits 14,201  13,715

Regulatory liabilities 11,186  11,016

Pension obligations 1,426  1,749

Non-pension postretirement benefit obligations 558  546

Asset retirement obligations 321  321

Mark-to-market derivative liabilities 112  106

Unamortized energy contract liabilities 16  16

Other 2,573  2,169

Total deferred credits and other liabilities 30,393  29,638

Total liabilities 88,230  87,772

Commitments and contingencies

Shareholders’ equity

Common stock 22,129  22,106

Treasury stock, at cost (123) (123)

Retained earnings 8,065  7,577

Accumulated other comprehensive loss, net (756) (762)

Total shareholders’ equity 29,315  28,798

Total liabilities and shareholders’ equity $ 117,545  $ 116,570

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Table of Contents

Exelon

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

Three Months Ended March 31,

2026 2025

Cash flows from operating activities

Net income $ 919  $ 908

Adjustments to reconcile net income to net cash flows provided by operating activities:

Depreciation, amortization, and accretion 953  905

Loss on sales of assets —  1

Deferred income taxes and amortization of investment tax credits 345  121

Net fair value changes related to derivatives —  1

Other non-cash operating activities 222  344

Changes in assets and liabilities:

Accounts receivable 395  (402)

Inventories 20  17

Accounts payable and accrued expenses (632) (397)

Collateral received, net 45  44

Income taxes (144) 59

Regulatory assets and liabilities, net (329) 86

Pension and non-pension postretirement benefit contributions (346) (292)

Other assets and liabilities 276  (195)

Net cash flows provided by operating activities 1,724  1,200

Cash flows from investing activities

Capital expenditures (2,358) (1,946)

Other investing activities 2  4

Net cash flows used in investing activities (2,356) (1,942)

Cash flows from financing activities

Changes in short-term borrowings (447) (775)

Proceeds from short-term borrowings with maturities greater than 90 days 500  —

Issuance of long-term debt 1,120  2,425

Issuance of common stock —  173

Dividends paid on common stock (430) (403)

Proceeds from employee stock plans 12  —

Other financing activities (27) (35)

Net cash flows provided by financing activities 728  1,385

Increase in cash, restricted cash, and cash equivalents 96  643

Cash, restricted cash, and cash equivalents at beginning of period 1,201  939

Cash, restricted cash, and cash equivalents at end of period $ 1,297  $ 1,582

4

Table of Contents

Exelon

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

Three Months Ended March 31, 2026 and 2025

(unaudited)

(in millions, except per share data)

Exelon

Earnings

per Diluted

Share ComEd PECO BGE PHI Other (a) Exelon

2025 GAAP net income (loss)

$ 0.90  $ 302  $ 266  $ 260  $ 194  $ (114) $ 908

Change in FERC audit liability (net of taxes of $1)

—  2  —  —  —  —  2

Cost management charge (net of taxes of $0) (1)

—  —  —  —  —  (1) (1)

Regulatory matters (net of taxes of $7) (2)

0.02  21  —  —  —  1  22

2025 Adjusted (non-GAAP) operating earnings (loss)

$ 0.92  $ 325  $ 265  $ 260  $ 194  $ (112) $ 932

Year over year effects on Adjusted (non-GAAP) operating earnings:

Weather $ 0.01  $ —  (b) $ 12  $ —  (b) $ 3  (b) $ —  $ 15

Load —  —  (b) (2) —  (b) —  (b) —  (2)

Distribution and transmission rates (3) 0.06  15  (c) 5  (c) 25  (c) 14  (c) —  59

Other energy delivery (4) 0.05  17  (c) 13  (c) 14  (c) 10  (c) —  54

Operating and maintenance expense (5) (0.06) (32) (8) 4  (21) —  (57)

Depreciation and amortization expense (6) (0.04) (17) (9) (7) (12) 2  (43)

Interest expense and other (7) (0.03) 2  2  2  (8) (26) (28)

Total year over year effects on Adjusted (non-GAAP) operating earnings $ (0.01) $ (15) $ 13  $ 38  $ (14) $ (24) $ (2)

2026 GAAP net income (loss)

$ 0.90  $ 310  $ 278  $ 298  $ 169  $ (136) $ 919

Regulatory matters (net of taxes of $4) (2)

0.01  —  —  —  11  —  11

2026 Adjusted (non-GAAP) operating earnings (loss)

$ 0.91  $ 310  $ 278  $ 298  $ 180  $ (136) $ 930

Note:

Amounts may not sum due to rounding.

Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.

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

(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.

(c)ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For transmission formula rates and various 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)Represents the disallowance of certain capitalized costs.

(3)For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates.

(4)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, offset by decreased electric distribution revenues due to timing of distribution earnings. For PECO, reflects the absence of electric surcharge credits to customers recognized in 2025. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.

(5)Represents Operating and maintenance expense. For ComEd, reflects increased storm costs and increased contracting costs. For PHI, reflects increased contracting costs and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation.

(6)Across all utilities, reflects ongoing capital expenditures and regulatory asset amortization.

(7)For ComEd, reflects an increase in AFUDC, partially offset by an increase in interest expense. For PECO, primarily reflects a decrease in income tax expense due to tax repairs, some of which is timing, partially offset by an increase in interest expense. For PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an increase in interest expense and an increase in income tax expense due to timing.

5

Table of Contents

ComEd Statistics

Three Months Ended March 31, 2026 and 2025

Electric Deliveries (in GWhs) Revenue (in millions)

2026 2025 % Change Weather - Normal % Change 2026 2025 % Change

Electric Deliveries and Revenues(a)

Residential 6,560  6,674  (1.7) % (0.6) % $ 1,024  $ 993  3.1  %

Small commercial & industrial 7,318  7,359  (0.6) % —  % 484  600  (19.3) %

Large commercial & industrial 6,962  7,003  (0.6) % (1.2) % 120  296  (59.5) %

Public authorities & electric railroads 244  278  (12.2) % (9.1) % 12  17  (29.4) %

Other(b)

—  —  n/a n/a 249  236  5.5  %

Total electric revenues(c)

21,084  21,314  (1.1) % (0.7) % 1,889  2,142  (11.8) %

Other Revenues(d)

24  (77) (131.2) %

Total electric revenues $ 1,913  $ 2,065  (7.4) %

Purchased Power $ 451  $ 689  (34.5) %

% Change

Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal

Heating Degree-Days 2,868  2,985  3,053  (3.9) % (6.1) %

Cooling Degree-Days 1  —  —  —  % —  %

Number of Electric Customers 2026 2025

Residential 3,779,277  3,735,234

Small commercial & industrial 398,024  396,639

Large commercial & industrial 1,992  2,473

Public authorities & electric railroads 5,801  5,787

Total 4,185,094  4,140,133

__________

(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 $11 million and $8 million for the three months ended March 31, 2026 and 2025, respectively.

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

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Table of Contents

PECO Statistics

Three Months Ended March 31, 2026 and 2025

Electric and Natural Gas Deliveries Revenue (in millions)

2026 2025 % Change Weather-

Normal

% Change 2026 2025 % Change

Electric (in GWhs)

Electric Deliveries and Revenues(a)

Residential 3,952  3,859  2.4  % 0.1  % $ 725  $ 631  14.9  %

Small commercial & industrial 2,010  1,946  3.3  % 1.0  % 172  162  6.2  %

Large commercial & industrial 3,132  3,425  (8.6) % (10.0) % 87  84  3.6  %

Public authorities & electric railroads 176  189  (6.9) % (7.0) % 8  8  —  %

Other(b)

—  —  n/a n/a 77  76  1.3  %

Total electric revenues(c)

9,270  9,419  (1.6) % (3.5) % 1,069  961  11.2  %

Other Revenues(d)

13  (5) (360.0) %

Total electric revenues 1,082  956  13.2  %

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues(e)

Residential 22,436  21,834  2.8  % (0.9) % 286  267  7.1  %

Small commercial & industrial 11,351  10,405  9.1  % 6.2  % 96  86  11.6  %

Large commercial & industrial (10) 12  (183.3) % (20.0) % —  —  n/a

Transportation 7,142  7,242  (1.4) % (2.2) % 20  13  53.8  %

Other(f)

—  —  n/a n/a 7  10  (30.0) %

Total natural gas revenues(g)

40,919  39,493  3.6  % 0.7  % 409  376  8.8  %

Other Revenues(d)

1  1  —  %

Total natural gas revenues 410  377  8.8  %

Total electric and natural gas revenues $ 1,492  $ 1,333  11.9  %

Purchased Power and Fuel $ 612  $ 502  21.9  %

% Change

Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal

Heating Degree-Days 2,399  2,351  2,359  2.0  % 1.7  %

Cooling Degree-Days 10  1  1  900.0  % 900.0  %

Number of Electric Customers 2026 2025 Number of Natural Gas Customers 2026 2025

Residential 1,544,881  1,540,453  Residential 511,085  509,773

Small commercial & industrial 154,634  155,131  Small commercial & industrial 44,642  44,869

Large commercial & industrial 3,149  3,151  Large commercial & industrial 7  7

Public authorities & electric railroads 10,108  10,703  Transportation 606  623

Total 1,712,772  1,709,438  Total 556,340  555,272

__________

(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.

(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)Includes operating revenues from affiliates totaling $4 million and $2 million for the three months ended March 31, 2026 and 2025, respectively.

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

(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.

(f)Includes revenues primarily from off-system sales.

(g)Includes operating revenues from affiliates totaling less than $1 million and $1 million for the three months ended March 31, 2026 and 2025, respectively.

7

Table of Contents

BGE Statistics

Three Months Ended March 31, 2026 and 2025

Electric and Natural Gas Deliveries Revenue (in millions)

2026 2025 % Change Weather-

Normal

% Change 2026 2025 % Change

Electric (in GWhs)

Electric Deliveries and Revenues(a)

Residential 3,788  3,669  3.2  % (3.6) % $ 818  $ 648  26.2  %

Small commercial & industrial 729  730  (0.1) % (4.2) % 130  109  19.3  %

Large commercial & industrial 3,212  3,145  2.1  % (1.0) % 180  144  25.0  %

Public authorities & electric railroads 48  48  —  % (2.1) % 8  8  —  %

Other(b)

—  —  n/a n/a 117  113  3.5  %

Total electric revenues(c)

7,777  7,592  2.4  % (2.6) % 1,253  1,022  22.6  %

Other Revenues(d)

(8) (10) (20.0) %

Total electric revenues 1,245  1,012  23.0  %

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues(e)

Residential 21,298  20,871  2.0  % (0.7) % 401  378  6.1  %

Small commercial & industrial 4,790  4,568  4.9  % 3.4  % 63  63  —  %

Large commercial & industrial 14,450  14,378  0.5  % (2.0) % 93  96  (3.1) %

Other(f)

3,515  3,845  (8.6) % n/a 31  24  29.2  %

Total natural gas revenues(g)

44,053  43,662  0.9  % (0.7) % 588  561  4.8  %

Other Revenues(d)

(5) (19) (73.7) %

Total natural gas revenues 583  542  7.6  %

Total electric and natural gas revenues $ 1,828  $ 1,554  17.6  %

Purchased Power and Fuel $ 808  $ 609  32.7  %

% Change

Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal

Heating Degree-Days 2,444  2,303  2,332  6.1  % 4.8  %

Cooling Degree-Days 14  —  3  —  % 366.7  %

Number of Electric Customers 2026 2025 Number of Natural Gas Customers 2026 2025

Residential 1,226,941  1,220,769  Residential 663,324  661,195

Small commercial & industrial 115,253  115,359  Small commercial & industrial 37,735  37,945

Large commercial & industrial 13,372  13,302  Large commercial & industrial 6,421  6,380

Public authorities & electric railroads 251  258

Total 1,355,817  1,349,688  Total 707,480  705,520

__________

(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 $2 million and $1 million for the three months ended March 31, 2026 and 2025, respectively.

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

(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.

(f)Includes revenues primarily from off-system sales.

(g)Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2026 and 2025, respectively.

8

Table of Contents

Pepco Statistics

Three Months Ended March 31, 2026 and 2025

Electric Deliveries (in GWhs) Revenue (in millions)

2026 2025 % Change Weather-

Normal

% Change 2026 2025 % Change

Electric Deliveries and Revenues(a)

Residential 2,359  2,336  1.0  % (4.5) % $ 507  $ 424  19.6  %

Small commercial & industrial 294  300  (2.0) % (4.6) % 54  51  5.9  %

Large commercial & industrial 3,301  3,338  (1.1) % (2.8) % 321  289  11.1  %

Public authorities & electric railroads 174  160  8.8  % 7.8  % 10  8  25.0  %

Other(b)

—  —  n/a n/a 93  86  8.1  %

Total electric revenues(c)

6,128  6,134  (0.1) % (3.3) % 985  858  14.8  %

Other Revenues(d)

4  1  300.0  %

Total electric revenues $ 989  $ 859  15.1  %

Purchased Power $ 411  $ 318  29.2  %

% Change

Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal

Heating Degree-Days 2,187  1,987  2,036  10.1  % 7.4  %

Cooling Degree-Days 16  25  5  (36.0) % 220.0  %

Number of Electric Customers 2026 2025

Residential 887,650  882,043

Small commercial & industrial 54,225  54,071

Large commercial & industrial 23,163  23,079

Public authorities & electric railroads 209  205

Total 965,247  959,398

__________

(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 $2 million for both the three months ended March 31, 2026 and 2025, respectively.

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

9

Table of Contents

DPL Statistics

Three Months Ended March 31, 2026 and 2025

Electric and Natural Gas Deliveries Revenue (in millions)

2026 2025 % Change Weather -

Normal

% Change 2026 2025 % Change

Electric (in GWhs)

Electric Deliveries and Revenues(a)

Residential 1,709  1,645  3.9  % 1.3  % $ 331  $ 298  11.1  %

Small commercial & industrial 608  586  3.8  % 2.4  % 69  64  7.8  %

Large commercial & industrial 929  939  (1.1) % (1.6) % 30  28  7.1  %

Public authorities & electric railroads 9  9  —  % (1.8) % 4  4  —  %

Other(b)

—  —  n/a n/a 77  71  8.5  %

Total electric revenues(c)

3,255  3,179  2.4  % 0.6  % 511  465  9.9  %

Other Revenues(d)

(5) (5) —  %

Total electric revenues 506  460  10.0  %

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues(e)

Residential 4,678  4,590  1.9  % (2.3) % 74  56  32.1  %

Small commercial & industrial 2,128  1,970  8.0  % 3.0  % 29  21  38.1  %

Large commercial & industrial 429  428  0.2  % 0.2  % 4  3  33.3  %

Transportation 2,027  2,106  (3.8) % (6.1) % 5  5  —  %

Other(f)

—  —  n/a n/a 4  3  33.3  %

Total natural gas revenues 9,262  9,094  1.8  % (1.9) % 116  88  31.8  %

Other Revenues(d)

—  —  n/a

Total natural gas revenues 116  88  31.8  %

Total electric and natural gas revenues $ 622  $ 548  13.5  %

Purchased Power and Fuel $ 289  $ 247  17.0  %

Electric Service Territory % Change

Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal

Heating Degree-Days 2,443  2,354  2,323  3.8  % 5.2  %

Cooling Degree-Days 9  10  2  (10.0) % 350.0  %

Natural Gas Service Territory % Change

Heating Degree-Days 2026 2025 Normal From 2025 From Normal

Heating Degree-Days 2,531  2,399  2,449  5.5  % 3.3  %

Number of Electric Customers 2026 2025 Number of Natural Gas Customers 2026 2025

Residential 496,074  491,907  Residential 132,419  131,716

Small commercial & industrial 65,604  64,999  Small commercial & industrial 10,285  10,254

Large commercial & industrial 1,288  1,251  Large commercial & industrial 14  15

Public authorities & electric railroads 628  617  Transportation 159  161

Total 563,594  558,774  Total 142,877  142,146

__________

(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 for both the three months ended March 31, 2026 and 2025, respectively.

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

(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.

(f)Includes revenues primarily from off-system sales.

10

Table of Contents

ACE Statistics

Three Months Ended March 31, 2026 and 2025

Electric Deliveries (in GWhs) Revenue (in millions)

2026 2025 % Change Weather -

Normal

% Change 2026 2025 % Change

Electric Deliveries and Revenues(a)

Residential 955  902  5.9  % 3.7% $ 258  $ 196  31.6  %

Small commercial & industrial 405  390  3.8  % 3.0% 68  54  25.9  %

Large commercial & industrial 688  713  (3.5) % (3.5) % 44  50  (12.0) %

Public authorities & electric railroads 12  13  (7.7) % (8.3) % 5  5  —  %

Other(b)

—  —  n/a n/a 64  68  (5.9) %

Total electric revenues(c)

2,060  2,018  2.1  % 0.9  % 439  373  17.7  %

Other Revenues(d)

(18) —  n/a

Total electric revenues $ 421  $ 373  12.9  %

Purchased Power $ 205  $ 157  30.6  %

% Change

Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal

Heating Degree-Days 2,543  2,408  2,386  5.6  % 6.6  %

Cooling Degree-Days 3  —  1  —  % 200.0  %

Number of Electric Customers 2026 2025

Residential 510,569  508,354

Small commercial & industrial 63,174  62,861

Large commercial & industrial 2,660  2,824

Public authorities & electric railroads 756  723

Total 577,159  574,762

__________

(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.

(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2026 and 2025, respectively.

(d)Includes alternative revenue programs.

11

EX-99.2

EX-99.2

Filename: exc-20260506ex992.htm · Sequence: 3

exc-20260506ex992

May 6, 2026 Earnings Conference Call First Quarter 2026

2 Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” "should," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low- emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets. New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed in the 2025 Form 10-K filed by the Registrants, including in Part I, ITEM 1A. Risk Factors, and in other reports filed by the Registrants from time to time with the SEC. Investors are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this 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 presentation.

3 Non-GAAP Financial Measures Exelon reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Exelon supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures, including: • Adjusted operating earnings (operating EPS) excludes certain costs, expenses, gains, and losses and other specified items that are considered by management to be not directly related to the ongoing operations of the business as described in Reconciliation of Non-GAAP Measures. • Adjusted operating and maintenance (O&M) expense excludes regulatory operating and maintenance costs for the utility businesses and certain excluded items. • Operating ROE is calculated using operating net income divided by average equity for the period. The operating income reflects all lines of business for the utility business (gas distribution, electric transmission, and electric distribution). • Adjusted cash from operations primarily includes cash flows from operating activities adjusted for common dividends and change in cash on hand. • S&P FFO/Debt and Moody’s CFO (Pre-WC)/Debt are calculated using the respective S&P and Moody’s methodologies described in Reconciliation of Non-GAAP Measures. Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable GAAP measure may not be currently available, therefore, management is unable to reconcile these measures. This information is intended to enhance an investor’s overall understanding of period over period financial results and provide an indication of Exelon’s baseline operating performance by excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this information is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. These non-GAAP financial measures are not a presentation defined under GAAP and may not be comparable to other companies’ presentations. Exelon has provided these non- GAAP financial measures as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These non-GAAP measures should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP measures provided in the materials presented. Non-GAAP financial measures are identified by the phrase “non-GAAP” or an asterisk (*). Reconciliations of these non-GAAP measures to the most comparable GAAP measures are provided in this presentation in Reconciliation of Non-GAAP Measures.

4 Key Messages Financial and Operational Excellence Regulatory & Other Developments Long-Term Outlook ▪ Adjusted Operating Earnings* of $0.91 per share in Q1 2026 vs. $0.92 per share in Q1 2025 ▪ GAAP Earnings of $0.90 per share in Q1 2026 vs. $0.90 per share in Q1 2025 ▪ Affirming 2026 EPS* of $2.81 - $2.91 per share(1) ▪ All utilities sustained top quartile in reliability performance, with ComEd in top decile ▪ Pepco MD and DPL DE rate cases remain on track; BGE expected to file in the first half of 2026 ▪ Maryland passes Utility RELIEF Act ▪ Transmission Security Agreements (TSAs) memorialized in approved Illinois large load tariffs and approved by FERC(2) ▪ Affirming Adjusted Operating Earnings* CAGR near top end of 5-7% from 2025-2029(3) ▪ Revised capital plan reflects 7.9% rate base growth resulting from $41.7B of investment; $12-17B of transmission opportunity beyond the plan ▪ Executed ~43% of 2026 debt issuances and ~37% of $3.4B in equity needs through 2029 (1) 2026 earnings guidance based on expected average outstanding shares of 1,031M. (2) Committed data center pipeline of ~18 GW (excludes 1 GW of other large load projects) with ~45% secured with TSAs as of Q4 2025 call (February 12, 2026); see Additional Disclosures slide 18 for additional detail. (3) Based off the midpoint of Exelon’s 2025 Adjusted Operating EPS* guidance range of $2.64 - $2.74 as disclosed on Q4 2024 Earnings Call in February 2025.

5 Affirming Long-Term Guidance and Financial Objectives CapEx Plan (2026E – 2029E) Q4 2025 Earnings Q1 2026 Earnings $41.3 B $41.7 B(2) Rate Base Growth (2025 – 2029E) 7.9% 7.9% Target Average Credit Metrics* (2026E – 2029E) ~14.0% ~14.0% Total Equity Needs (2026 – 2029) $3.4 B ~20% priced $3.4 B ~37% priced O&M* Growth Rate (2016 – 2029E) 2.0-2.5% ~2.0% Transmission CapEx Upside Beyond Plan $12-17B $12-17B Adjusted Operating EPS* Growth (2025 – 2029)(1) Near Top End of 5-7% Near Top End of 5-7% (1) 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. (2) Reflects a $1.1B reduction in distribution investment and a $1.5B increase in transmission investment.

6 Q1 2026 QTD Adjusted Operating Earnings* Waterfall Note: Amounts may not sum due to rounding (1) Incremental Distribution and Transmission revenues are driven by customer investments driving top quartile reliability and avoided outage costs. (2) Lower income taxes driven primarily by timing of tax repairs deduction. ($0.11) ($0.13) $0.26 $0.26 $0.19 $0.32 Q1 2025 ComEd PECO BGE PHI Corp $0.29 $0.27 $0.18 $0.30 Q1 2026 $0.92 $0.91 ($0.02) $0.01 $0.03 ($0.01) ($0.02) BGE PECO PHI ComEd Corp ($0.01) Income Taxes ($0.01) Interest Expense $0.01 Approved Distribution and Transmission Rates(1) $0.01 AFUDC ($0.04) Timing of Distribution Earnings $0.02 Absence of Customer Surcharge Credits $0.01 Weather $0.01 Income Taxes(2) ($0.01) Depreciation ($0.01) Interest Expense ($0.01) Other $0.03 Approved Distribution Rates(1) ($0.01) Credit Loss Expense $0.01 Other $0.01 Approved Distribution and Transmission Rates(1) ($0.01) Pepco MD MYP Reconciliation ($0.01) Depreciation

Pepco MD Reconciliation (Case No. 9655) – $13.4M approved for under recovered costs in Rate Year 3 Maryland Lessons Learned (Case No. 9618) – Briefs filed on 12/13/24 – Revised Briefs filed on 9/5/25 – Awaiting PSC next steps ComEd Grid Plan (ICC Docket No. 26-0047) – Proposed $15.3B of investment from 2028-2031 to meet load growth demand and priorities stated in CEJA and CRGA – Staff/Intervenor Direct Testimony due 5/14/26 – Order expected by 12/15/2026 ComEd Reconciliation (ICC Docket No. 26-0215) – MRPP Annual Performance Evaluation proceeding – $234M adjustment, including the 2025 Performance Adjustment – Testimony filed 5/1/2026 – Staff and Intervenor Direct Testimony due June 2026 Distribution Rate Case and Other Regulatory Updates 7 Other Regulatory Activity Rate case filed Rebuttal testimony Initial briefs Final commission order Intervenor direct testimony Evidentiary hearings Reply briefs Settlement agreement CF IT RT EH IB RB FO SA Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Revenue Req. Increase Requested ROE / Equity Ratio Expected Order Date $119.9M 10.50% / 51.53% Aug 2026 $47.6M 10.50% / 50.50% Q3 2027 Pepco MD Electric DPL DE Electric CF Open Base Rate Cases IT RT EH FO CF Note: See slides 36-41 for further detail on pertinent rate case data and information. IT IB RB

Strong Balance Sheet Provides Strategic and Financial Flexibility Entity Moody’s S&P ExCorp Baa2 / Stable BBB+ / Stable ComEd A1 / Stable A / Stable PECO Aa3 / Negative(4) A / Stable BGE A3 / Stable A- / Stable(4) ACE A2 / Stable A / Stable DPL A2 / Positive A / Stable Pepco A2 / Stable A / Stable 8 (1) Represents average credit metrics for 2022-2025 (Exelon’s 2022 – 2025 actuals per S&P and Moody’s published reports) and internal credit metric estimates for 2026E-2029E based on S&P and Moody’s methodologies, which incorporate the tax repairs deduction in the implementation of the Corporate Alternative Minimum Tax (CAMT). (2) Represents Moody’s downgrade threshold for Exelon Corporate’s Baa2 senior unsecured rating and S&P’s downgrade threshold for Exelon Corporate’s BBB+ senior unsecured rating (currently one notch higher than Moody’s). (3) Current senior unsecured ratings for Exelon and BGE and current senior secured ratings for ComEd, PECO, ACE, DPL, and Pepco. (4) On April 24, 2026, Moody’s placed PECO’s ratings under review for downgrade. On April 30, 2026, S&P downgraded BGE’s senior unsecured credit rating from A to A-. (5) Exelon Corporate completed the sale of $1B of 3.25% Convertible Senior Notes on December 4, 2025 and $775M of 4.95% Unsecured Senior Notes on February 20, 2026. ACE, DPL, and Pepco closed on FMBs in the private placement market on March 19, 2026 and funded $100M, $75M, and $170M, respectively. Additionally, using a delayed draw feature, Pepco will fund $130M in June and DPL will fund $75M in September. 2022-2025 2026E-2029E ~13.5% ~14% Credit Ratings / Outlook(3) 12%(2) 13%(2) Moody’s CFO (pre-WC) / Debt*(1) 2022-2025 2026E-2029E ~13.0% ~14% S&P FFO / Debt*(1) Stable Platform with a Credit Supportive Value Proposition ▪ Exelon’s scale, jurisdictional diversification, operational excellence, and effective recovery mechanisms contribute to a unique credit-supportive value proposition ▪ Credit metric outlook supports ~200 bps above Moody’s and ~100 bps above S&P’s downgrade thresholds(2) Balanced Approach to Funding Capital ▪ Executed ~43% of 2026 debt financing needs, including all expected at HoldCo and Pepco Holdings, substantially mitigating remaining exposure to interest rate volatility for this year(5) ▪ Pre-issuance hedging strategy further reduces future interest rate volatility ▪ ~$41.7B four-year capital expenditure plan being funded in a balanced manner ‒ ~40% of incremental capital funded with equity, resulting in $3.4B of equity through 2029 (implying ~$850M issuance annually); average annual equity issuances represent less than 2% of market capitalization ‒ Priced ~37% of equity needs through 2029 via ATM forward contracts

Capitalize on Growth Opportunities Focus on Customer Affordability and Value 9 2026 Business Priorities and Commitments ❖ Prioritize employee safety and engagement ❖ Deploy ~$10B of capex for the benefit of customers ❖ Maintain industry-leading operational excellence ❖ Focus on cost management and innovation ❖ Capture growth opportunities and new customer solutions ❖ Advocate for equitable and balanced energy future ❖ Earn consolidated operating ROE* of 9-10% ❖ Achieve constructive rate case outcomes for customers and shareholders ❖ Deliver Operating EPS* guidance of $2.81 - $2.91 per share ❖ Maintain strong balance sheet and execute on 2026 financing plan Execute Plan Consistent and Reliable Execution

Customer rates 19% below largest U.S. cities(1) Connected ~$150M in LIHEAP assistance and $60M in direct assistance to customers in need Fostered nearly $60B of economic activity in our communities Committed data center projects of ~18 GW(2) with upside and customer protections through Transmission Security Agreements C u s to m e r- F o c u s e d Consistent track record of financial execution at a customer-supportive pace 7.9% rate base growth from 2025-2029 with established rate mechanisms in place Strong investment grade credit ratings with 100 to 200 bps of financial flexibility Diverse and defined capital plan with no one project greater than ~3% of 4-year outlook 10 Sustainable Value as the Premier T&D Energy Company (1) Source: Edison Electric Institute Typical Bills and Average Rates report for Summer 2025; reflects residential average rates for the 12-month period ending June 30, 2025. (2) As of Q4 2025 call (February 12, 2026); excludes 1 GW of other large load projects; see Additional Disclosures slide 18 for additional detail. (3) Based on preliminary analysis of 2025 spend and is subject to finalization upon publication of Exelon’s 2025 Sustainability Report. (4) Near top end of EPS* growth range; based off the midpoint of Exelon’s 2025 Adjusted Operating Earnings* guidance range of $2.64 - $2.74 as disclosed at Q4 2024 Earnings Call in February 2025. (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 adjusted 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 SAIFI & SAIDI performance for 10 consecutive years Cost and executional advantage due to size and scale with WSJ recognition as a Best Managed Company In 2025, over 50% supplier spend was local, supporting our communities in our key operating geographies(3) Fortune’s Most Innovative Companies in 2025 100+ workforce development programs Recognition as one of the World’s Best Companies of 2025 by TIME Industry leader in advancing safety EEI Corporate Citizenship Award earning a distinction for Workforce Development 20,000 employees and 50,000 jobs sustained throughout our jurisdictions F in a n c ia l E x e c u ti o n O p e ra ti o n a l E x c e ll e n c e T a le n te d , C o m m it te d E m p lo y e e s Consistent Growth, Long-Term Value

11 Additional Disclosures

Financing ▪ $3.4B equity need (implies $850M annually), $3.4B of new Corporate debt 2026-2029(5), and other financing costs Operating Earnings* Growth Outlook 2026 2027 2028 2029 Total YoY Growth Relative to Range (1) Growth Above Midpoint of 5-7% Range(2) (1) Growth outlook and associated drivers as of Q1 2026 earnings call; growth relative to range is directional and allows for flexibility of rate case timing. (2) Based off the midpoint of Exelon’s 2025 Adjusted Operating Earnings* guidance range of $2.64 - $2.74 as disclosed at Q4 2024 Earnings Call in February 2025. (3) Based off the midpoint of Exelon’s 2026 Adjusted Operating Earnings* guidance range of $2.81 - $2.91 as disclosed at Q4 2025 Earnings Call in February 2026. (4) Brandon Shores projects assumed to primarily earn AFUDC through the 2026-2029 guidance period. FERC has approved BGE to utilize CWIP treatment for the Tri-County Line project with cost recovery through the transmission formula rate. (5) Includes the Exelon Corporate sale of $1B of 3.25% Convertible Senior Notes completed on December 4, 2025. Expect annualized adjusted operating earnings* growth near top end of 5-7% through 2029 12 Growth Drivers 2026-2029(4) Distribution Transmission ▪ Growth in line with rate base ▪ Capital reflects 4-year MYP though 2027, including current estimates of new business connections to be recovered via reconciliation ▪ Annual transmission updates occurring mid-year, with generally longer construction periods versus distribution ▪ Future electric and gas rate filings anticipated in planning period ▪ Assumes weather normal revenue and Distribution System Improvement Charge (DSIC) ▪ Annual transmission updates occurring mid-year, with generally longer construction periods versus distribution ▪ Includes investment associated with Brandon Shores and Tri-County Line projects, which are expected to be fully placed in-service by 2028 and 2030, respectively(4) ▪ 3-year electric and gas MYP through 2026; 2027+ investment plan and associated cost recovery will accommodate recently passed Utility RELIEF Act and recommendations from MD MYP Lessons Learned ▪ Pepco MD order expected August 2026, DPL MD MYP rates remain in effect, and future investment plans and associated cost recovery will accommodate recently passed Utility RELIEF Act and recommendations from MD MYP Lessons Learned ▪ DC MYP2 through 2026 and continued recovery of spend in 2027-2028 via alternative ratemaking mechanisms ▪ Intermittent historical test-year rate cases at ACE and DPL, complemented by capital (ACE, DPL DE) and energy efficiency (ACE) trackers. Growth Near Top End of 5-7% Range(3)

13 Investment Plan Supports Growing Customer Needs $29.0B $31.3B $34.5B $38.0B $21.8B $16.3B 2022 - 2025E 2023 - 2026E 2024 - 2027E 2025 - 2028E $3.6B 2026 - 2029E $41.7B … and translates to higher rate base growth 4-year capital investment(1) profile drives benefits for our customers... Note: Capital investment and rate base amounts may not sum due to rounding. (1) 4-year capital outlook for 2026-2029E as of Q1 2026 Earnings Call on May 6, 2026. (2) “Other” only applies to rate base and includes ComEd’s long-term regulatory assets (Energy Efficiency & Distributed Generation Rebate program) recovered under separate tariffs, which earn a full authorized Rate of Return. See Note 2 – Regulatory Matters in 2025 10-K for additional detail. Exelon’s $41.7B capital plan from 2026 to 2029 results in expected rate base growth of 7.9%, and a diverse and defined spending profile with no one project greater than 3% of the capital plan $64.6B $68.1B $73.3B $79.8B $52.6B $22.9B $11.9B 2025 2026E 2027E 2028E 2029E $87.4B 7.9% Gas Delivery/Other(2) Electric Transmission Electric Distribution Capital Investments align with jurisdictional priorities and approved rate cases. ▪ Plan-over-plan increases support connecting new businesses and capacity expansion to support increased load – Includes completion of Brandon Shores, additional year of Tri- County project spend, and early MISO Tranche 2.1 spend ▪ Incremental system performance investment to ensure continued reliability – Includes gas reliability projects, substation and equipment replacements, pole and line replacements Rate Base Growth ▪ Higher plan-over-plan due to Brandon Shores and other incremental capital investment Plan-over-Plan Drivers ~16% transmission rate base growth, with continued upside 100% of incremental capital driven by transmission

14 (1) Reflects the improvement in SAIFI and SAIDI performance metrics as a percentage of the weighted average change in Exelon’s utilities from 2016-2025. (2) Source: Edison Electric Institute Typical Bills and Average Rates report for Summer 2025; reflects residential average rates for the 12-month period ending 6/30/2025. (3) Source: Average customer electric bills are determined using Edison Electric Institute Typical Bills and Average Rates report for Summer 2025; reflects residential average rates for the 12-month period ending 6/30/2025; Median income by territory metro areas (MSAs or CBSAs) from U.S. Census Bureau 2024 ACS 1-Year Estimates. (4) Reflects adjusted O&M expense* for Exelon’s utilities which includes allocated costs from shared service co; numbers rounded to the nearest $25M. Does not reflect changes in estimates for forecasting purposes that could impact O&M. Exelon continues to meet the growing needs, expectations, and uses of the grid with rigorous focus on cost discipline and investment prioritization that keeps average customer rates well below benchmarks Above Average Value at Below Average Rates SAIFI & SAIDI Average electric bill as a % of median income 20% below national average(3) ~33% Improvement in reliability through grid investment(1) Customer rates 19% below largest U.S. cities(2) Maintaining nearly flat O&M* through disciplined approach to cost management as One Exelon, with portfolio and productivity initiatives creating over $300 million in sustainable savings through 2026 and an additional $350 million in savings in 2027 through targeted savings initiatives and organizational model review $ in millions $3,725 $4,600 $4,650 $4,675 2016 2024 2025 2026E 2029E 2.3% Adjusted O&M ($M)*(4) ~2.0% Disciplined, Below-Inflation O&M* 0.8% 2016 2025 Premium Customer Experience at Competitive Rates

15 Positioned for Resilient and Reliable Growth (1) Source: Edison Electric Institute Typical Bills and Average Rates report for Summer 2025; reflects residential average rates for the 12-month period ending 6/30/2025. (2) Based on implied dividend yield as of as of Q4 2025 Earnings Call on February 12, 2026. Size and scale Pure T&D-only utility spanning seven regulatory jurisdictions. Significant cost and executional advantage due to size and scale Operational excellence Exelon utilities rank 1st, 2nd, 4th, and 7th among the nation's most reliable utilities in 2024, with customers experiencing 2 million fewer annual interruptions than 2021 Focus on affordability Premium customer experience at competitive rates. Customer rates 19%(1) below largest U.S. cities, ~33% improvement in reliability since 2016, with over $1 billion avoided outage costs and $60M in direct customer assistance in 2025 Track record of execution Consistently executing adjusted operating EPS* at ~7.4% CAGR since 2021 and capital plan supporting customer investments within 2% since 2023 Diversified investment mix No jurisdiction more than 30% of business and no one capital project greater than ~3% of 4-year outlook Strong balance sheet Target average credit metrics* of ~14% through 2029; 100-200 bps of financial flexibility and strong investment grade credit ratings Consistent Growth, Long-Term Value Attractive Risk Adjusted Return EPS* Growth 2025 – 2029 adjusted operating EPS* CAGR with expectation to be near the top end of range 5-7% ~60% 9-11% Dividend Payout Ratio Growing dividend at 5%, approximating 60% payout, through 2029 Total Shareholder Return(2) Attractive risk adjusted return built on a track record of execution and operational excellence Disciplined and defensive foundation, with credible opportunities for sustainable growth

Industry Trends Drive Growing Transmission Needs 16 Existing Infrastructure ▪ Reliability, Resiliency & Congestion Relief ▪ Generator Deactivation ▪ Aging & System Hardening ▪ Operational Flexibility & Efficiency New Business ▪ $1B+ associated with committed high-density load projects RTO-Adjacent Opportunities ▪ $1B+ for MISO Tranche 2.1 (in-service 2034) ▪ Interregional transfer capabilities New Generation ▪ State Driven Public Policy Goals(2) ▪ Other New Generation Interconnections Competitive Transmission ▪ $1.2B(3) of Exelon investment approved in PJM RTEP Window #1 ▪ Leverage platform to pursue competitive windows within and outside of PJM Transmission investment needs continue to grow ▪ Increased reliability and resiliency needs amid more volatile weather patterns ▪ Accelerating load growth fueled by high-density customers ▪ Expanding and evolving generation supply stack ▪ Increased congestion drives customer affordability constraints of identified transmission opportunity beyond the plan, with competitive projects offering further upside, reinforcing Exelon’s enduring role in ensuring a resilient and reliable grid for the nation’s economy, while supporting customer affordability(1) $12-17B 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 and a top 3 emerging data center market ▪ States with ambitious energy goals and priority ▪ Decades-long 765kV transmission operator experience (1) As of Q1 2026 earnings call. Transmission opportunity largely expected in 2030 and beyond, though some categories such as new business and competitive transmission may require additional spend before 2030. (2) As an example, the Illinois Clean and Reliable Grid Affordability Act (CRGA) – SB 25 allows the Commission discretion to ask utilities and other parties to identify transmission projects necessary to facilitate the goals of the Renewable Energy Access Plan (REAP). (3) PJM has approved $700M of Exelon projects and $1.7B of jointly developed transmission solutions (25% Exelon ownership), totaling $1.2B of EXC investment. Majority is incremental, 30% reflected in plan.

Exelon is Well-Positioned for Transmission Solutions 17 Size and scale, prime geographic footprint, and a robust capital plan focused on grid modernization and resilience (1) Estimated transmission capital as of historical rollforwards. Rate base estimates as disclosed at Q1 2026 Earnings Call in May 2026. (2) Reflects transmission miles as of December 31, 2025, as reported in the 2025 10-K. (3) Jointly developed with NextEra Energy Transmission, of which Exelon’s portion of the $1.7B is 25%. (4) Joint Bidding Agreement with Invenergy. …support Exelon’s competitive edge for transmission opportunities ➢ 1 of 4 U.S. 765kV transmission operators with decades of experience ➢ 11,197 Transmission Lines including 3,300 circuit miles of extra high voltage lines (>300kV)(2) ➢ Brandon Shores: transmission system upgrades of ~$1.5B to mitigate reliability impacts from deactivation of generating facility ➢ Tri-County Line: competitively awarded $1B+, 59-mile upgrade ➢ Indian River: completed ~2 years ahead of Reliability-Must-Run schedule, saving customers ~$100M ➢ MISO LRTP Tranche 2.1: working with MISO on a $1B+ project to support MISO’s long-term energy supply plan ➢ PJM 2025 RTEP Window #1: Board approved $700M of Exelon submitted projects ➢ PJM 2025 RTEP Window #1: Board approved $1.7B in partnered projects(3) ➢ MISO LRTP Tranche 2.1: submitted two partnered bids(4) to pursue two RFPs in Illinois ($1.9B) 10.5 11.5 12.3 12.7 13.3 15.1 18.8 22.9 20% 2022A 21% 2023A 20% 2024A 20% 2025A 20% 2026E 21% 2027E 24% 2028E 26% 2029E +11.8% +16.0% Transmission CapEx ($M)(1) Transmission Rate Base ($B)(1) 6,675 21% 2023 - 2026E 28% 2024 - 2027E 33% 2025 - 2028E 39% 2026 - 2029E 9,675 12,550 16,300 %T of CapEx/Rate Base Long-Term Transmission Planning Projects (>$1B) Other Transmission Continued investment and an expansive footprint… Exelon Transmission Company Projects Exelon-Owned Projects

Data Center Load in Northern IL(1) Projected Data Center Growth in Exelon’s Footprint(2) 18 Exelon is a Key Partner in Driving Economic Development (1) Represents historical on-peak hourly demand for in-service data centers in the ComEd service territory. (2) Excludes 1 GW of other large load projects; Committed project pipeline includes projects in an official phase of engineering with deposits paid, and, in many cases, signed customer TSAs as of Q4 2025 call (February 12, 2026). Phase 1 represents projects where initial design is nearly complete; phase 2 projects are undergoing more definitive engineering and cost estimates and 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. Validated by PJM, Proven by Execution 18 GW Commitments with Customer Protections 1 6 16 18 11 10 3 4 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 Q4 ’22 Q4 ’23 Q4 ’24 Q4 ’25 ~6 9+ Future Potential Additions ~43 High Probablity Pipeline Future ComEd Study Future Mid-Atlantic Study Future Mid-Atlantic Study Future ComEd Study Active Mid-Atlantic Study Active ComEd Study Large Load Adjustments (LLA) submitted in 2025 were fully approved by PJM G W ComEd and PECO recognized as top utilities in economic development in the U.S. by Site Selection Magazine Prioritizing large loads while protecting existing customers through the formalization and signing of landmark TSAs in large load tariff proposals and Cluster Study process Expected to conclude in 2026 Expected to conclude in 2027 ~45% with Transmission Security Agreements (TSAs) 0 100 200 300 400 500 600 700 ‘15 ‘22 ‘23 ‘24 ‘25 +24% ~26% CAGR(1) M W ~9% CAGR Actual Demand 2025 PJM Accepted LLA

19 Rapid, large scale load growth creates significant economic development opportunity in our communities and accelerates interest in creative solutions to the energy transition The Power of Impact: Growth and Progress in Our Communities June 27, 2025 IL: Elk Grove Substation Expansion September 24, 2025 MD: BGE, Ford, & Sunrun Vehicle-to-Grid Pilot July 15, 2025 IL: Itasca Substation Upgrades September 30, 2025 IL: PsiQuantum Utility- Scale Quantum Computer January 6, 2026 IL: ComEd Announces New TSAs of 6.5+ GW July 31, 2025 IL: Prologis Community Solar Launch January 16, 2026 IL: Tract plans for 1GW Data Center November 12, 2025 MD: BGE Battery Storage Proposal January 21, 2026 MD: Pepco White Flint Substation Supports Reliability September 9, 2025 IL: Elk Grove Stream Data Center Campus December 11, 2025 IL: ComEd 765kV Expansion April 3, 2026 MD: BGE & Pepco Support Grid Modernization

Managing Our Operations and Costs • Saved over $1B in avoided outage costs in 2025 • ~2 million fewer annual interruptions than 2021 • O&M* growth below inflation, saving customers ~$580M in 2026(3) Supporting Customers through Assistance • $60M in direct assistance through Customer Relief Fund • Connected customers to ~$480M in assistance in 2025 • 28M MWh of Energy Efficiency program savings in 2025 • 150,000+ Distributed Energy Resource connections since 2021, accelerating the annual pace by 50% Making an Economic Impact in Our Communities • Employed more than 20,000 people and sustained 50,000 jobs • Fostered nearly $60B of economic activity in our communities Advocating for Customer Equity and Supply Solutions • Industry-first Transmission Security Agreements filed with FERC to protect customers and ensure fairness in cost • Advocacy for market reforms including capacity price collar extension • Support utility-generated solutions to bring certainty, control, and customer benefits to electricity supply 20 Driving Affordability and Value for our Communities (1) Source: Consumer Price Index Historical Tables for U.S. City Average from U.S Census Bureau. (2) Source: Average customer electric bills are determined using 2016-2015 Edison Electric Institute Typical Bills and Average Rates Summer reports and historical bill data where appropriate; Median income by territory metro areas (MSAs or CBSAs) from U.S. Census Bureau 2015-2024 ACS 1-Year Estimates. (3) Assuming an annualized 3.5% rate of inflation based on consumer price index as reported by the Bureau of Labor Statistics and IHS across 2016-2025, adjusted O&M expense* would have increased by ~$1.5B over the same time period. O&M* Growth Well Below Inflation Advancing Customer and Community Equity 75% of Increase Driven by Energy Supply 1.0% 0.7% 2.2% 2021 1.0% 0.8% 2.4% 2022 1.0% 0.8% 2.6% 2023 1.1% 0.8% 2.5% 2024 1.1% 1.0% 2.6% 2025 1.7% 1.7% 1.8% 1.9% 2.1% EXC T&D Avg. Avg. Supply Cost National Avg. 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3.8 4.0 4.2 4.4 4.6 4.8 5.0 5.2 O&M* Grown at Inflation (CPI)(1) O&M* Grown at Smoothed Inflation (CPI)(1) EXC Actual O&M* Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 SAIFI & SAIDI Quartile Average Electric Bill as a % of Median Income(2)

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 21 StatesFederal Agencies Regional Transmission Operator (1) Anticipated conclusion of legislative session or, for Maryland, conclusion of last legislative session. (2) Awaiting Governor Moore’s signature; see slide 22 for additional detail. (3) PA Power Act – HB 1272 (4/21/25), SB 897 (6/30/25). (4) Data Center Act - HB 1834 requiring new clean generation and requiring direct T&D cost allocation for data centers passed House 3/24/26. (5) A4528/S3870 signed into law (4/8/26); A796/S731 passed Assembly, awaiting Senate. (6) SB 205 passed Committee; HB 233 awaiting vote by full chamber. ▪ MD (4/13/2026)(1): Passed Utility RELIEF Act(2) focused on regulatory reform, transmission and large load oversight, and incentivization of clean energy generation ▪ IL (5/31/26)(1): Introduced proposals on transmission siting reforms and data center policies on bring your own generation and environmental reporting regulations ▪ PA (11/30/26)(1): Bills(3) introduced allowing for utility- owned generation in conjunction with procurement via long-term contracts; House bill(4) passed on Data Center tariff and interconnection requirements ▪ NJ (12/31/26)(1): Legislation and bill(5) lifting de facto nuclear moratorium and requiring electric utilities to establish special tariffs for large load/data center customers with a maximum monthly demand of 100+ MW ▪ DE (6/30/26)(1): Bills(6) requiring large load customers (30+ GW) to obtain certificate to operate from DE PSC and utilities to establish a separate large load rate; support utility-owned battery storage Adopt policies that promote economic development and energy security, including utility- owned generation, to support a reliable and resilient grid Shorter-Term Solutions ▪ Continue to shape reforms supporting resource adequacy and large load additions, including a sufficiently sized PJM backstop procurement for new generation that efficiently allocates costs to large loads and adds generation to locations on the grid where supply is most needed ▪ Support FERC approval of long-term transmission planning procedures ▪ Support extending and refining prioritized queue process for select shovel-ready generation resources (e.g., state prioritized resources) Mid-Term Solutions ▪ Move to seasonal capacity market to refine price signals, expand capacity contracting to secure new supply additions, and more closely align procurement and delivery time horizons Longer-Term Solutions ▪ State-directed planning and procurement of generation resources to better align economic and energy policy goals, with capacity market providing residual support Facilitate supply in line with the pace of demand and solve near-term affordability challenges Shape large load policies to protect customers, promote economic growth, and support reliability Accountability Gaps in Generation Planning ▪ Continue working with federal and state regulators to jumpstart supply response in PJM ▪ Advance utility-generated power to address wholesale supply costs, which have increased over 70% year over year in 2025, and mitigate reliability risks Transmission Policy ▪ Enable more proactive and flexible transmission planning to support timely interconnection of load and generation ▪ Retain incentives policy that benefits customers and supports needed transmission development Large Load Protections ▪ Continue to develop policies, including execution of Transmission Security Agreements, that protect customers and demonstrate responsible bottom-up policy development to facilitate AI

Select 2026 Maryland Legislation in Focus: Utility RELIEF Act (HB 1532 / SB 841)(1,2) Regulatory Reforms Prohibits the approval of forecast test years until the completion of a PSC study, expected no later than April 1, 2027 Allows the PSC to require a reconciliation to refund customers for underspend for MYRPs Prohibits the recovery of supervisor compensation exceeding 110% of the maximum annual salary payable to the PSC Chair Scales back EmPOWER Maryland GHG emission goals for 2027-2035 program cycles; removes gas companies from program in 2027 Accelerates and funds discounted rate mechanisms for limited-income households Transmission and Large Load Oversight Mandates RTO participation Expands CPCN requirements to include underground transmission and requires the consideration of advanced transmission technologies (ATT) and grid enhancing technologies (GETs) Lowers the threshold for large load tariffs to customers with 25 MW / 60% load factor (exempts certain industrial facilities) Creates large-load registry and public mapping for better planning and visibility of future demand growth Incentivizing Clean Energy Generation Establishes annual competitive low-bid auctions in 2027 and 2028 to award grants to eligible bidders to fund renewable energy generation and storage projects that are needed to satisfy the State’s Renewable Energy Portfolio Standards Authorizes up to 20 MW of community solar to be located on adjacent parcels of land, subject to specified requirements Allows the PSC to exceed the existing procurement of 1.6 GW of transmission- connected storage if proposals are determined to be cost-effective and support state goals 22 Note: Bill descriptions are only summaries and subject in all respects to the complete text of each bill. (1) Awaiting Governor Moore’s signature. (2) On April 16 2026, Exelon filed an 8-K addressing the impacts arising from the passage of the Maryland Utility RELIEF Act.

23 Utility Capex and Rate Base vs. Q4 2024 Disclosures Q1 2026 Capital Expenditures ($M) Q1 2026 Rate Base ($B) 6,025 5,575 5,300 5,300 5,575 2,275 3,325 4,375 4,350 4,250 975 2025 1,000 2026E 875 2027E 850 2028E 850 2029E 9,250 9,900 10,575 10,500 10,675 42.4 44.7 47.3 49.7 52.6 12.7 13.3 15.1 18.8 22.9 11.4 11.9 9.5 2025 10.0 2026E 10.9 2027E 2028E 2029E 64.6 68.1 73.3 79.8 87.4 +7.9% Gas Delivery/Other(1) Electric Transmission Electric Distribution(2) Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates and does not include Construction Work In Progress (CWIP), which earns an AFUDC return. Q4 2024 disclosures dated February 12, 2025. Q1 2026 disclosure dated May 6, 2026. (1) “Other” only applies to rate base and includes ComEd’s long-term regulatory assets (Energy Efficiency & Distributed Generation Rebate program) recovered under separate tariffs, which earn a full authorized Rate of Return. See Note 2 – Regulatory Matters in 2025 10-K for additional detail. (2) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections. Planning to invest $41.7B of capital from 2026-2029 for the benefit of our customers, supporting projected rate base growth of 7.9% from 2025-2029 Q4 2024 Capital Expenditures ($M) Q4 2024 Rate Base ($B) 5,100 5,550 5,300 5,400 5,400 2,550 3,475 3,400 3,1251,000 1,450 2024 975 2025E 950 2026E 950 2027E 925 2028E 7,550 9,075 9,725 9,725 9,475 39.1 42.1 44.7 47.4 49.9 12.3 12.6 13.2 14.9 18.410.2 10.8 11.4 8.6 2024 9.4 2025E 2026E 2027E 2028E 59.9 64.1 68.0 73.0 79.8 +7.4%

ComEd Capital Expenditure Forecast Q1 2026 Capital Expenditures ($M) Project ~$15.5B of capital being invested from 2026-2029 2,300 2,400 2,525 2,425 2,475 925 1,100 1,475 1,625 1,450 2025 2026E 2027E 2028E 2029E 3,225 3,500 4,000 4,075 3,925 Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates and does not include Construction Work In Progress (CWIP), which earns an AFUDC return. Q4 2024 disclosures dated February 12, 2025. Q1 2026 disclosure dated May 6, 2026. (1) Other includes ComEd’s long-term regulatory assets (Energy Efficiency & Distributed Generation Rebate program) recovered under separate tariffs, which earn a full authorized Rate of Return. See Note 2 – Regulatory Matters in 2025 10-K for additional detail. (2) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections. Rate Base 2025: 35% of Total Exelon Rate Base 7% 21% 72% Other(1) Electric Transmission Electric Distribution(2) $22.4B 24 Q4 2024 Capital Expenditures ($M) 2,225 2,250 2,450 2,450 975 1,400 1,175 950 2025E 2026E 2027E 2028E 3,200 3,650 3,625 3,375

Project ~$9.8B of capital being invested from 2026-2029 25 PECO Capital Expenditure Forecast 1,450 1,325 1,125 1,275 1,475 200 450 800 825 925 350 400 400 375 375 2025 2026E 2027E 2028E 2029E 2,000 2,175 2,300 2,500 2,775 Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates and does not include Construction Work In Progress (CWIP), which earns an AFUDC return. Q4 2024 disclosures dated February 12, 2025. Q1 2026 disclosure dated May 6, 2026. (1) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections. Rate Base 2025: 22% of Total Exelon Rate Base 25% 10% 65% Gas Delivery Electric Transmission Electric Distribution(1) $13.9B Q1 2026 Capital Expenditures ($M) 1,300 1,325 1,300 1,250 200 250 325 350 375 375 375 350 2025E 2026E 2027E 2028E 1,875 1,950 2,000 1,950 Q4 2024 Capital Expenditures ($M)

Project ~$7.7B of capital being invested from 2026-2029 26 BGE Capital Expenditure Forecast 625 550 575 575 700 950 950 800 525 500 525 525 2025E 2026E 2027E 2028E 1,850 2,000 2,050 1,900 Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates and does not include Construction Work In Progress (CWIP), which earns an AFUDC return. Q4 2024 disclosures dated February 12, 2025. Q1 2026 disclosure dated May 6, 2026. (1) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections. Rate Base 2025: 18% of Total Exelon Rate Base 31% 18% 51% Gas Delivery Electric Transmission Electric Distribution(1) $11.3B Q1 2026 Capital Expenditures ($M)Q4 2024 Capital Expenditures ($M) 725 575 450 475 500 600 1,075 1,225 875 725 525 525 425 400 425 2025 2026E 2027E 2028E 2029E 1,850 2,175 2,100 1,750 1,650

27 Pepco Holdings Consolidated Capital Expenditure Forecast 1,550 1,250 1,200 1,100 1,125 550 725 900 1,025 1,150 100 2025 50 2026E 50 2027E 50 2028E 50 2029E 2,175 2,050 2,150 2,175 2,325 1,400 1,175 1,075 1,150 675 900 925 1,025 75 2025E 50 2026E 50 2027E 50 2028E 2,150 2,125 2,050 2,225 Project ~$8.7B of capital being invested from 2026-2029 Rate Base 2025: 26% of Total Exelon Rate Base 4% 27% 68% Gas Delivery Electric Transmission Electric Distribution(1) $17.0B Q1 2026 Capital Expenditures ($M)Q4 2024 Capital Expenditures ($M) Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates and does not include Construction Work In Progress (CWIP), which earns an AFUDC return. Q4 2024 disclosures dated February 12, 2025. Q1 2026 disclosure dated May 6, 2026. (1) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections.

Project ~$2.0B of capital being invested from 2026-2029 28 ACE Capital Expenditure Forecast 300 275 225 250 125 175 225 250 350 2025 275 2026E 2027E 2028E 2029E 400 450 500 475 575 275 250 225 225 225 275 225 275 2025E 2026E 2027E 2028E 500 525 450 500 Electric Transmission Electric Distribution(1) Rate Base 2025: 6% of Total Exelon Rate Base 35% 65% $3.9B Q1 2026 Capital Expenditures ($M)Q4 2024 Capital Expenditures ($M) Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates and does not include Construction Work In Progress (CWIP), which earns an AFUDC return. Q4 2024 disclosures dated February 12, 2025. Q1 2026 disclosure dated May 6, 2026. (1) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections.

Project ~$2.8B of capital being invested from 2026-2029 29 DPL Capital Expenditure Forecast 325 325 325 300 125 225 275 375 425100 50 50 50 50 2025 2026E 2027E 275 2028E 2029E 575 625 675 725 775 325 300 275 300 175 250 275 350 75 50 50 50 2025E 2026E 2027E 2028E 575 600 600 700 Gas Delivery Electric Transmission Electric Distribution(1) Rate Base 2025: 7% of Total Exelon Rate Base 16% 29% 55% $4.6B Q1 2026 Capital Expenditures ($M)Q4 2024 Capital Expenditures ($M) Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates and does not include Construction Work In Progress (CWIP), which earns an AFUDC return. Q4 2024 disclosures dated February 12, 2025. Q1 2026 disclosure dated May 6, 2026. (1) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections.

30 Pepco Capital Expenditure Forecast 750 650 575 575 575 300 325 400 400 400 2025 2026E 2027E 2028E 2029E 1,050 975 1,000 950 975 775 625 575 600 275 375 425 425 2025E 2026E 2027E 2028E 1,050 1,000 975 1,025 Electric Transmission Electric Distribution(1) Project ~$3.9B of capital being invested from 2026-2029 Rate Base 2025: 13% of Total Exelon Rate Base 23% 77% $8.4B Q1 2026 Capital Expenditures ($M)Q4 2024 Capital Expenditures ($M) Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates and does not include Construction Work In Progress (CWIP), which earns an AFUDC return. Q4 2024 disclosures dated February 12, 2025. Q1 2026 disclosure dated May 6, 2026. (1) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections.

2026 Financing Plan(1) Capital plan financed with a balanced approach to maintain strong investment grade ratings Entity Instrument Issuance ($M) Maturity ($M) Issued ($M)(2) Remaining ($M) FMB $1,425 ($500) - $1,425 FMB $250 - $300 - FMB $100 - $100 - FMB $150 - $150 - FMB $750 - - $750 Senior Notes $950 ($350) - $950 Senior Notes / Other(3) $1,775 ($750) $1,775(3) - Equity(4) $850 - $850(4) - 31 Note: As of March 31,2026. FMB represents First Mortgage Bonds. (1) Financing plans are subject to change, depending on capital expenditures, regulatory outcomes, internal cash generation, market conditions, changes in tax policies, and other factors. (2) ACE, DPL, and Pepco closed on FMBs in the private placement market on March 19, 2026 and funded $100M, $75M, and $170M, respectively. Additionally, using a delayed draw feature, Pepco will fund $130M in June and DPL will fund $75M in September. (3) Other could include fixed income securities that receive equity credit, subject to market conditions. Exelon Corporate completed the sale of $1B of 3.25% Convertible Senior Notes on December 4, 2025, and $775M of 4.95% Unsecured Senior Notes on February 20, 2026. (4) Exelon expects to issue ~$3.4B of equity by 2029, implying ~$850M per year. $850M has been issued under forward contracts to be settled by December 15, 2026.

32 2026-2029 Financing Plan 21.8 41.7 6.6 16.5 3.4 Adjusted Cash from Operations* 2026-2029 Debt Maturity Debt Refinance Debt Issuance(1) Equity Issuance(2) Utility Investment 2026-2029 (6.6) $ in billions Note: Financing plans are subject to change, depending on capital expenditures, regulatory outcomes, internal cash generation, market conditions, changes in tax policies, and other factors. (1) Includes both utility and corporate debt. Anticipate maintaining ~50% equity to capital ratio at the utilities. Of the ~$16.5B, Corporate debt issuances expected to be approximately ~$3.4B between 2026-2029 (inclusive of $1B convertible bond executed on December 4, 2025). Potential to include other fixed income securities that receive equity credit, subject to market conditions. (2) $3.4B of equity through 2029 (implying ~$850M issuance annually); average annual equity issuances represent less than 2% of market capitalization. Capital expenditures are being funded in a balanced manner over the next several years

Exelon Debt Maturity Profile(1,2) Debt Balances (as of 3/31/26)(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 $0.0 $6.6 $6.6 PHI $0.1 $9.9 $10.0 Corp $0.5(3) $15.1 $15.6 Exelon $0.7 $50.6 $51.2 750 650 1,000 1,650 1,250 500 1,016 850 650 833 775 675 815 275 600 1,400 650 741 691 1,275 2,150 1,550 673 2,150 669 1,050 1,825 1,500 850 360 997 303 600 1,178 625 2,323 1,645 1,575 1,640 1,225 1,200 1,650 2,400 1,650 1,400 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 100 2039 2040 20412026 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 60 75 2042 (1) Maturity profile excludes non-recourse debt, capital leases, fair value adjustments, unamortized debt issuance costs, and unamortized discount/premium. (2) Long-term debt balances reflect 2026 Q1 10-Q GAAP financials, which include items listed in footnote 1. (3) Includes $500M of 364-day term loan maturing March 2027. Exelon’s weighted average long-term debt maturity is approximately 16 years ($M) As of 03/31/2026 EXC Regulated ExCorp 33

34 Exelon Adjusted Operating Earnings* Sensitivities Interest Rate Sensitivity to +50bp 2026E 2027E Cost of Debt (1) $(0.00) $(0.01) Exelon Consolidated Effective Tax Rate 19.5% 20.0% Exelon Consolidated Cash Tax Rate(2) 2.9% 4.2% (1) Reflects full year impact to a +50bp increase on Corporate debt net of pre-issuance hedges as of March 31, 2026. Through March 31, 2026, Corporate entered into $0.2B of pre-issuance hedges through interest rate swaps. (2) Assumes the tax repairs deduction is included in the implementation of the Corporate Alternative Minimum Tax (CAMT).

35 Rate Case Details

36 Exelon Distribution Rate Case Updates Note: Unless otherwise noted, based on schedules of Delaware Public Service Commission (DE PSC) and Maryland Public Service Commission (MD PSC) that are subject to change. (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. (2) Revenue requirement excludes the requested transfer of $23.2 million Distribution System Improvement Charge (DSIC). As permitted by Delaware law, DPL may implement interim rates effective 7/9/26, subject to refund. Rate case filed Rebuttal testimony Initial briefs Final commission order Intervenor direct testimony Evidentiary hearings Reply briefs Settlement agreement CF IT RT EH IB RB FO SA Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Revenue Req. Increase Requested ROE / Equity Ratio Expected Order Date $119.9M(1) 10.50% / 51.53% Aug 2026 $47.6M(1,2) 10.50% / 50.50% Q3 2027 CF Open Base Rate Cases IT RT EH CF IT Pepco MD Electric DPL DE Electric IB RB FO

37 Pepco MD Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 9820 ▪ October 14, 2025, Pepco filed with the Maryland Public Service Commission (MD PSC) seeking an increase in base distribution rates ▪ Pepco’s Traditional Test Year (TTY)(2) rate increase supports: ▪ Customer Benefits: Expanding bill mitigation options and energy assistance to address affordability amid rising costs and implementing investments and programs designed to help customers effectively manage energy costs, including our Assistance Finder Tool. ▪ Reliability: Upgrading infrastructure, like the White Flint Substation, to meet growing demand and ensure customers continue receiving dependable service. ▪ Clean Energy Goals: Supporting Maryland’s transition to clean energy, fostering job creation, and driving economic development. ▪ The filing seeks recovery of critical investments and incremental financing costs due to rising interest rates including important investments which directly support system reliability, capacity, and long-term growth for our customers and contribute to Pepco having the lowest outage duration in the state. Test Period 12 months actuals Test Year October 31, 2024 – September 30, 2025 Proposed Common Equity Ratio 51.53% Proposed Rate of Return ROE: 10.50%: ROR: 7.85% Proposed Rate Base (Adjusted) $3,208M Requested Revenue Requirement Increase $119.9M(1) Residential Total Bill % Increase 5.85% Detailed Rate Case Schedule Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 10/14/2025 4/27/2026 - 5/1/2026Evidentiary hearings 6/17/2026Initial briefs 3/11/2026 7/1/2026Reply briefs August 2026Commission order expected Intervenor testimony 1/30/2026 Filed rate case Rebuttal testimony (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. (2) On April 14, 2026, Pepco notified MD PSC of pursuing a traditional base rate case following the passing of the MD Utility RELIEF Act; the bill awaits Governor Moore’s signature.

38 DPL DE (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 25-1555 ▪ December 9, 2025, Delmarva Power filed an application with the Delaware Public Service Commission (DE PSC) seeking an increase in electric distribution base rates ▪ Rate increases allow for system upgrades and energy grid enhancements to maintain safety and reliability and improve services for customers. The filing seeks recovery for increased costs since last rate case, system reliability maintenance costs, and storm remediation and surge damage costs. The filing supports: ▪ Customer Affordability: Proposing new income-based rate and a bad debt rider ▪ Reliability: Including resiliency projects to help meet reliability expectations such as feeder and cable replacement programs ▪ Bill Stabilization Adjustment: Decoupling adjustment to stabilize revenue related to customer bills driven by fluctuations in usage primarily caused by factors like weather ▪ Separately, Delmarva Power filed the Affordability and Load Flexibility Portfolio, a $39M, 3-year demand-side management program designed to address energy security and the rising cost of energy for customers Test Period 6 months actuals + 6 months forecast Test Year July 1, 2025 – June 30, 2026 Proposed Common Equity Ratio 50.50% Proposed Rate of Return ROE: 10.50%: ROR:7.55% Proposed Rate Base (Adjusted) $1, 498M Requested Revenue Requirement Increase $47.6M(1) Residential Total Bill % Increase 4.36% Detailed Rate Case Schedule Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Filed rate case 12/9/2025 Reply briefs 10/30/2026 Initial briefs Evidentiary hearings Rebuttal testimony Intervenor testimony 1/19/2027 4/27/2027 - 4/30/2027 Commission order expected (1) Revenue requirement excludes the requested transfer of $23.2 million Distribution System Improvement Charge (DSIC). As permitted by Delaware law, DPL may implement interim rates effective 7/9/26, subject to refund. Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings.

39 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) $54.0M 9.60% 50.24% Dec 1, 2025 (1) Reflects a four-year cumulative multi-year rate plan for January 1, 2024 to December 31, 2027 providing a total revenue requirement increase of $1.045B, inclusive of rate increases of approximately $752M in 2024, $80M in 2025, $102M in 2026, and $111M in 2027. On January 10, 2024, ComEd filed an appeal with the Illinois Appellate Court of various aspects of the ICC’s final order on which rehearing was denied, including the 8.905% ROE, 50% equity ratio, and denial of any return on ComEd’s pension asset. (2) Separately, on December 18, 2025, ComEd received a Final Order from the ICC approving $243M of the annual performance evaluation reconciliation under Docket No. 25-0383. (3) Base rate revenue increase of $354M, which is partially offset by a one-time credit of $64M in 2025, resulting in a net revenue increase of $290M in 2025. The one-time credit of $64M includes ~$48M for incremental COVID-19 related uncollectible expense and ~$16M for dark fiber revenues. The settlement does not stipulate any ROE, Equity Ratio, or Rate Base. (4) Reflects a 3-year cumulative multi-year plan for 2024-2026. The MD PSC awarded incremental revenue requirement increases of $167M, $175M, and $66M with in each rate effective year, respectively. The incremental revenue requirement increase in 2024 reflects $41M increase for electric and $126M increase for gas (includes acceleration of certain tax benefits for electric and gas); 2025 reflects $113M increase for electric and $62M increase for gas; 2026 reflects $25M increase for electric and $41M increase for gas. (5) On December 22, 2025, MD PSC authorized BGE to recover $31 million and $46 million for electric and gas for the Rate Year 3 reconciliation under Order No. 92106. In addition, the MD PSC authorized $24M in recovery costs through separate regulatory assets related to minor storms and $4M for the Baltimore City conduit (to be reviewed along with a cost-benefit analysis in BGE’s next rate case). (6) On March 31, 2026, Pepco MD received a Final Order from the MD PSC approving $13.4M of the Rate Year 3 reconciliation under Order No. 92264. (7) Reflects a cumulative multi-year plan from 2025 to 2026. The DC PSC approved $123.4M of incremental revenue requirement increase with $99.7M and $23.7M of that increase going into effect with rates on January 1, 2025 and January 1, 2026, respectively. On March 5, 2026, the DC Court of Appeals remanded the November 26, 2024 order back to the DCPSC to hold evidentiary hearings. On March 27, 2026, the DCPSC issued an order adopting a procedural schedule and requested supplemental briefing on what interim rates should be in effect during the remand period but did not order any refunds for previous amounts collected. Pepco is preparing for the proceeding and will continue to monitor developments. (8) Reflects 3-year cumulative multi-year plan. On October 7, 2022, DPL filed a partial settlement with the MD PSC, which included incremental revenue requirement increases of $16.9M, $6.0M and $6.0M with rates effective January 1, 2023, January 1, 2024, and January 1, 2025, respectively. The MD PSC approved the settlement without modification on December 14, 2022. Rates remain in effect subsequent to the multi-year plan period. (9) Revenue requirement excludes the transfer of $14.4M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates. Delmarva Power implemented fully proposed rates on July 15, 2023 and adjusted them to final approved rates on April 24, 2024. (10) Revenue requirement excludes the transfer of $11.1 million of Infrastructure Investment Program costs (IIP) and $3.6M of Sales and Use Tax into distribution rates.

40 Approved Gas Distribution Rate Case Financials Approved Gas Distribution Rate Case Financials Revenue Requirement Increase/(Decrease) Allowed ROE Common Equity Ratio Rate Effective Date PECO (Gas) (1) $78.0M N/A N/A Jan 1, 2025 BGE (Gas) (2,3) $228.8M 9.45% 52.00% Jan 1, 2024 DPL DE (Gas) (4) $21.5M 9.60% 50.51% Jan 1, 2026 (1) The settlement does not stipulate any ROE, Equity Ratio, or Rate Base. (2) Reflects a 3-year cumulative multi-year plan for 2024-2026. The MD PSC awarded incremental revenue requirement increases of $167M, $175M, and $66M with in each rate effective year, respectively. The incremental revenue requirement increase in 2024 reflects $41M increase for electric and $126M increase for gas (includes acceleration of certain tax benefits for electric and gas); 2025 reflects $113M increase for electric and $62M increase for gas; 2026 reflects $25M increase for electric and $41M increase for gas. (3) Separately, on December 22, 2025, MD PSC authorized BGE to recover $31 million and $46 million for electric and gas for the Rate Year 3 reconciliation. In addition, the MD PSC authorized $24M in recovery costs through separate regulatory assets related to minor storms and $4M for the Baltimore City conduit (to be reviewed along with a cost-benefit analysis in BGE’s next rate case). (4) Revenue requirement excludes the transfer of $8.0M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates.

41 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.

42 Reconciliation of Non-GAAP Measures

43 Projected Non-GAAP Operating Earnings Adjustments • Exelon’s projected 2026 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: – Costs related to Pepco’s regulatory matters.

44 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.​

45 Q1 QTD GAAP EPS Reconciliation Three Months Ended March 31, 2026 ComEd PECO BGE PHI Other Exelon 2026 GAAP earnings (loss) per share $0.30 $0.27 $0.29 $0.16 ($0.13) $0.90 Regulatory matters - - - 0.01 - 0.01 2026 Adjusted (non-GAAP) operating earnings (loss) per share $0.30 $0.27 $0.29 $0.18 ($0.13) $0.91 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 March 31, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $0.30 $0.26 $0.26 $0.19 ($0.11) $0.90 Regulatory matters 0.02 - - - - 0.02 2025 Adjusted (non-GAAP) operating earnings (loss) per share $0.32 $0.26 $0.26 $0.19 ($0.11) $0.92

46 GAAP to Non-GAAP Reconciliations (1) Reflects utility O&M which includes allocated costs from the shared services company; numbers rounded to the nearest $25M and may not sum due to rounding. (2) See Note 3 – Regulatory Matters in 2023 and 2024 10-Ks and Note 2 – Regulatory Matters in 2025 10-K for additional information. Exelon Adjusted O&M Expense Reconciliation ($M)(1) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E GAAP O&M $4,300 $4,025 $4,150 $4,000 $4,375 $4,200 $4,475 $4,475 $5,100 $5,300 $5,425 Regulatory Required O&M ($175) ($300) ($200) ($175) ($175) ($175) ($250) ($225) ($475) ($600) ($750) Operating Exclusions ($400) - ($50) ($50) ($275) ($75) ($75) ($75) ($75) ($50) - Maryland Multi-Year Plan Reconciliations (2) - - - - - - - $100 $25 - - Adjusted O&M Expense (Non-GAAP) $3,725 $3,725 $3,900 $3,800 $3,950 $3,950 $4,150 $4,300 $4,600 $4,650 $4,675

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

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Delmarva Power and Light Company [Member] | DELAWARE

Document Information [Line Items]

Entity Incorporation, State or Country Code

DE

Atlantic City Electric Company [Member]

Document Information [Line Items]

Document Type

8-K

Entity File Number

001-03559

Entity Registrant Name

ATLANTIC CITY ELECTRIC COMPANY

Entity Tax Identification Number

21-0398280

Entity Incorporation, State or Country Code

NJ

Entity Address, Address Line One

500 North Wakefield Drive

Entity Address, City or Town

Newark

Entity Address, State or Province

DE

Entity Address, Postal Zip Code

19702-5440

City Area Code

(202)

Local Phone Number

872-2000

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Central Index Key

0000008192

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