Exelon Reports Fourth Quarter and Full Year 2025 Results and Initiates 2026 Financial Outlook

CHICAGO--( BUSINESS WIRE)--Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2025.

“As we close out our 25 th anniversary year, I am pleased to report that Exelon delivered strong operational and financial performance in 2025,” said Exelon President and Chief Executive Officer Calvin Butler. “We remain committed to balancing the investments needed to meet tomorrow’s energy demands while keeping our customers at the center of every decision. Through our customer programs and disciplined focus on cost and operational excellence, we continued to maintain customer bills below the national average. We look forward to building on this momentum in 2026 – delivering and advocating for safe, reliable and affordable energy solutions while strengthening the communities we proudly serve.”

“Exelon's financial performance in 2025 exceeded expectations, with full-year adjusted operating earnings of $2.77 per share, sustaining a 100% track record of annual outperformance as a standalone utility,” said Exelon Chief Financial Officer Jeanne Jones. “With a $41.3 billion four-year capital plan and 7.9% rate base growth, we are well-positioned to deliver annualized earnings growth near the top end of 5% to 7% through 2029. As we continue to make the critical investments needed to modernize our energy infrastructure, we remain focused on supporting our customers by providing reliable and resilient service, maintaining a sharp focus on cost management, and advocating for policies that advance customer equity and energy supply solutions.”

Fourth Quarter 2025

Exelon's GAAP net income for the fourth quarter of 2025 decreased to $0.58 per share from $0.64 per share in the fourth quarter of 2024. Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 decreased to $0.59 per share from $0.64 per share in the fourth quarter of 2024. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 5.

GAAP net income and Adjusted (non-GAAP) operating earnings in the fourth quarter of 2025 primarily reflect:

Full Year 2025

Exelon's GAAP net income for 2025 increased to $2.73 per share from $2.45 per share in 2024. Adjusted (non-GAAP) operating earnings for 2025 increased to $2.77 per share from $2.50 per share in 2024.

GAAP net income and Adjusted (non-GAAP) operating earnings for the full year 2025 primarily reflect:

Operating Company Results 1

ComEd

ComEd's fourth quarter of 2025 GAAP net income increased to $244 million from $243 million in the fourth quarter of 2024. ComEd's Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 increased to $252 million from $243 million in the fourth quarter of 2024, primarily due to an increase in distribution and transmission rate base driven by incremental investments to serve customers and an increase in allowance for funds used during construction (AFUDC), partially offset by the timing of distribution earnings. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

PECO

PECO’s fourth quarter of 2025 GAAP net income decreased to $162 million from $195 million in the fourth quarter of 2024. PECO's Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 decreased to $162 million from $196 million in the fourth quarter of 2024, primarily due to an increase in income taxes due to tax repairs, an absence of the storm cost deferral, an increase in contracting costs, and an increase in depreciation and interest expense, partially offset by electric and gas distribution rates associated with updated recovery of investments to serve customers and favorable weather.

BGE

BGE’s fourth quarter of 2025 GAAP net income increased to $180 million from $175 million in the fourth quarter of 2024. BGE's Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 increased to $181 million from $175 million in the fourth quarter of 2024, primarily due to distribution rates associated with updated recovery of investments to serve customers and impacts of the multi-year plan reconciliation, partially offset by an increase in interest 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 fourth quarter of 2025 GAAP net income increased to $171 million from $138 million in the fourth quarter of 2024. PHI’s Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 increased to $171 million from $132 million in the fourth quarter of 2024, primarily due to distribution and transmission rates driven by updated recovery of investments to serve customers. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns.

___________

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

Initiates Annual Guidance for 2026

Exelon introduced a guidance range for 2026 Adjusted (non-GAAP) operating earnings of $2.81-$2.91 per share. There are no adjustments between 2026 projected GAAP earnings and Adjusted (non-GAAP) operating earnings currently.

Recent Developments and Fourth Quarter Highlights

Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) operating earnings for the fourth 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

Exelon

ComEd

PECO

BGE

PHI

2025 GAAP net income

0.58

593

244

162

180

171

Regulatory matters (net of taxes of $3)

0.01

—

2025 Adjusted (non-GAAP) operating earnings

0.59

602

252

162

181

171

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

(in millions, except per share amounts)

Exelon

Earnings per

Diluted

Exelon

ComEd

PECO

BGE

PHI

2024 GAAP net income

0.64

647

243

195

175

138

Asset retirement obligation (net of taxes of $3)

0.01

—

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

—

Environmental costs (net of taxes of $5)

(0.01

)

(12

)

—

(12

)

Income tax-related adjustments (entire amount represents tax expense)

—

)

—

)

2024 Adjusted (non-GAAP) operating earnings

0.64

642

243

196

175

132

Adjusted (non-GAAP) operating earnings for the full year 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

Exelon

ComEd

PECO

BGE

PHI

2025 GAAP net income

2.73

2,768

1,147

814

578

799

Asset retirement obligations (net of taxes of $0)

—

)

—

)

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

—

Cost management charge (net of taxes of $0)

—

)

—

Regulatory matters (net of taxes of $10)

0.03

—

Income tax-related adjustments (entire amount represents tax expense)

—

2025 Adjusted (non-GAAP) operating earnings

2.77

2,801

1,178

814

578

799

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

(in millions, except per share amounts)

Exelon

Earnings per

Diluted

Exelon

ComEd

PECO

BGE

PHI

2024 GAAP net income

2.45

2,460

1,066

551

527

741

Asset retirement obligations (net of taxes of $3)

0.01

—

Change in FERC audit liability (net of taxes of $13)

0.04

—

Cost management charge (net of taxes of $4, $0, $2, $0, $2, respectively)

0.01

—

Environmental costs (net of taxes of $5)

(0.01

)

(13

)

—

(13

)

Income tax-related adjustments (entire amount represents tax expense)

—

)

—

)

2024 Adjusted (non-GAAP) operating earnings

2.50

2,507

1,106

556

529

739

__________

Note:

Amounts may not sum due to rounding.

Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%.

Webcast Information

Exelon will discuss fourth quarter 2025 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com/.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving more than 10.9 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 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 Feb. 12, 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 Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.

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

Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release.

Earnings Release Attachments

Table of Contents

Consolidating Statement of Operations

Consolidated Balance Sheets

Consolidated Statements of Cash Flows

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

Statistics

ComEd

PECO

BGE

Pepco

DPL

ACE.

Consolidating Statements of Operations

(unaudited)

(in millions)

ComEd

PECO

BGE

PHI

Other (a)

Exelon

Three Months Ended December 31, 2025

Operating revenues

1,091

1,172

1,432

1,727

(10

)

5,412

Operating expenses

Purchased power and fuel

(262

)

445

638

735

—

1,556

Operating and maintenance

456

323

260

302

)

1,337

Depreciation and amortization

397

119

159

235

923

Taxes other than income taxes

106

143

413

Total operating expenses

697

943

1,154

1,415

4,229

Gain on sale of assets

—

Operating income (loss)

394

229

278

313

(29

)

1,185

Other income and (deductions)

Interest expense, net

(135

)

(72

)

(64

)

(105

)

(174

)

(550

)

Other, net

)

Total other income and (deductions)

(90

)

(61

)

(47

)

(87

)

(180

)

(465

)

Income (loss) before income taxes

304

168

231

226

(209

)

720

Income taxes

(45

)

127

Net income (loss) attributable to common shareholders

244

162

180

171

(164

)

593

Three Months Ended December 31, 2024

Operating revenues

1,816

998

1,157

1,509

)

5,471

Operating expenses

Purchased power and fuel

538

363

423

574

1,899

Operating and maintenance

426

245

240

322

(49

)

1,184

Depreciation and amortization

390

110

164

232

913

Taxes other than income taxes

133

377

Total operating expenses

1,443

772

918

1,261

(21

)

4,373

Loss on sale of assets

—

)

—

)

Operating income

373

226

239

247

1,097

Other income and (deductions)

Interest expense, net

(126

)

(62

)

(56

)

(97

)

(126

)

(467

)

Other, net

—

Total other income and (deductions)

(99

)

(52

)

(46

)

(78

)

(126

)

(401

)

Income (loss) before income taxes

274

174

193

169

(114

)

696

Income taxes

(21

)

(10

)

Net income (loss) attributable to common shareholders

243

195

175

138

(104

)

647

Change in net income (loss) from 2024 to 2025

(33

)

(60

)

(54

)

Consolidating Statements of Operations

(unaudited)

(in millions)

ComEd

PECO

BGE

PHI

Other (a)

Exelon

Twelve Months Ended December 31, 2025

Operating revenues

7,267

4,684

5,222

7,135

(50

)

24,258

Operating expenses

Purchased power and fuel

1,782

1,733

2,221

2,931

—

8,667

Operating and maintenance

1,710

1,195

1,066

1,327

(121

)

5,177

Depreciation and amortization

1,560

454

632

935

3,640

Taxes other than income taxes

409

240

370

568

1,629

Total operating expenses

5,461

3,622

4,289

5,761

(20

)

19,113

Gain on sale of assets

—

Operating income (loss)

1,806

1,062

933

1,377

(30

)

5,148

Other income and (deductions)

Interest expense, net

(530

)

(260

)

(247

)

(411

)

(679

)

(2,127

)

Other, net

132

(26

)

270

Total other income and (deductions)

(398

)

(219

)

(196

)

(339

)

(705

)

(1,857

)

Income (loss) before income taxes

1,408

843

737

1,038

(735

)

3,291

Income taxes

261

159

239

(165

)

523

Net income (loss) attributable to common shareholders

1,147

814

578

799

(570

)

2,768

Twelve Months Ended December 31, 2024

Operating revenues

8,219

3,973

4,426

6,448

(38

)

23,028

Operating expenses

Purchased power and fuel

3,042

1,477

1,651

2,513

—

8,683

Operating and maintenance

1,703

1,120

1,036

1,250

(169

)

4,940

Depreciation and amortization

1,514

428

638

947

3,594

Taxes other than income taxes

376

218

345

528

1,504

Total operating expenses

6,635

3,243

3,670

5,238

(65

)

18,721

Gain (loss) on sale of assets

—

)

Operating income

1,589

734

756

1,209

4,319

Other income and (deductions)

Interest expense, net

(501

)

(232

)

(216

)

(376

)

(589

)

(1,914

)

Other, net

)

262

Total other income and (deductions)

(407

)

(195

)

(180

)

(279

)

(591

)

(1,652

)

Income (loss) before income taxes

1,182

539

576

930

(560

)

2,667

Income taxes

116

(12

)

189

(135

)

207

Net income (loss) attributable to common shareholders

1,066

551

527

741

(425

)

2,460

Change in net income (loss) 2024 to 2025

263

(145

)

308

__________

(a)

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

Exelon

Consolidated Balance Sheets

(unaudited)

(in millions)

December 31, 2025

December 31, 2024

Assets

Current assets

Cash and cash equivalents

626

357

Restricted cash and cash equivalents

525

541

Accounts receivable

Customer accounts receivable

3,732

3,144

Customer allowance for credit losses

(435

)

(406

)

Customer accounts receivable, net

3,297

2,738

Other accounts receivable

1,879

1,123

Other allowance for credit losses

(94

)

(107

)

Other accounts receivable, net

1,785

1,016

Inventories, net

Fossil fuel

Materials and supplies

780

781

Regulatory assets

1,359

1,940

Prepaid renewable energy credits

563

494

Other

523

445

Total current assets

9,546

8,384

Property, plant, and equipment, net

84,318

78,182

Deferred debits and other assets

Regulatory assets

9,214

8,710

Goodwill

6,630

Receivable related to Regulatory Agreement Units

4,755

4,026

Investments

312

290

Other

1,795

1,562

Total deferred debits and other assets

22,706

21,218

Total assets

116,570

107,784

Liabilities and Shareholders' Equity

Current liabilities

Short-term borrowings

612

1,859

Long-term debt due within one year

1,665

1,453

Accounts payable

3,721

2,994

Accrued expenses

1,582

1,468

Payables to affiliates

Customer deposits

533

446

Regulatory liabilities

1,128

411

Mark-to-market derivative liabilities

Unamortized energy contract liabilities

Renewable energy credit obligations

473

429

Other

577

512

Total current liabilities

10,331

9,611

Long-term debt

47,413

42,947

Long-term debt to financing trusts

390

Deferred credits and other liabilities

Deferred income taxes and unamortized investment tax credits

13,715

12,793

Regulatory liabilities

11,016

10,198

Pension obligations

1,749

1,745

Non-pension postretirement benefit obligations

546

472

Asset retirement obligations

321

301

Mark-to-market derivative liabilities

106

103

Unamortized energy contract liabilities

Other

2,169

2,282

Total deferred credits and other liabilities

29,638

27,915

Total liabilities

87,772

80,863

Commitments and contingencies

Shareholders’ equity

Common stock

22,106

21,338

Treasury stock, at cost

(123

)

(123

)

Retained earnings

7,577

6,426

Accumulated other comprehensive loss, net

(762

)

(720

)

Total shareholders’ equity

28,798

26,921

Total liabilities and shareholders' equity

116,570

107,784

Exelon

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

Twelve Months Ended December 31,

2025

2024

Cash flows from operating activities

Net income

2,768

2,460

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

Depreciation, amortization, and accretion

3,643

3,596

Gain on sales of assets

)

(12

)

Deferred income taxes and amortization of investment tax credits

391

128

Other non-cash operating activities

1,331

592

Changes in assets and liabilities:

Accounts receivable

(1,691

)

(644

)

Inventories

(22

)

(56

)

Accounts payable and accrued expenses

260

(37

)

Collateral (paid) received, net

(10

)

Income taxes

121

)

Regulatory assets and liabilities, net

156

(50

)

Pension and non-pension postretirement benefit contributions

(342

)

(180

)

Other assets and liabilities

(348

)

(257

)

Net cash flows provided by operating activities

6,254

5,569

Cash flows from investing activities

Capital expenditures

(8,529

)

(7,097

)

Proceeds from sales of assets

Other investing activities

—

Net cash flows used in investing activities

(8,525

)

(7,042

)

Cash flows from financing activities

Changes in short-term borrowings

(747

)

(265

)

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

—

150

Repayments on short-term borrowings with maturities greater than 90 days

(500

)

(549

)

Issuance of long-term debt

6,075

4,974

Retirement of long-term debt

(1,311

)

(1,557

)

Issuance of common stock

691

148

Dividends paid on common stock

(1,617

)

(1,524

)

Proceeds from employee stock plans

Other financing activities

(94

)

(109

)

Net cash flows provided by financing activities

2,533

1,311

Increase (decrease) in cash, restricted cash, and cash equivalents

262

(162

)

Cash, restricted cash, and cash equivalents at beginning of period

939

1,101

Cash, restricted cash, and cash equivalents at end of period

1,201

939

Exelon

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

Three Months Ended December 31, 2025 and 2024

(unaudited)

(in millions, except per share data)

Exelon

Earnings per

Diluted

ComEd

PECO

BGE

PHI

Other (a)

Exelon

2024 GAAP net income (loss)

0.64

243

195

175

138

(104

)

647

Asset retirement obligation (net of taxes of $3)

0.01

—

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

—

Environmental costs (net of taxes of $5)

(0.01

)

—

(12

)

—

(12

)

Income tax-related adjustments (entire amount represents tax (expense) (2)

—

)

—

)

2024 Adjusted (non-GAAP) operating earnings (loss)

0.64

243

196

175

132

(104

)

642

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

Weather

0.02

—

(b)

—

(b)

—

Load

(0.01

)

—

(b)

)

—

(b)

—

)

Distribution and transmission rates (3)

0.11

(c)

—

111

Other energy delivery (4)

0.03

(c)

)

(c)

—

Operating and maintenance expense (5)

(0.09

)

(12

)

(58

)

(43

)

(96

)

Pension and non-pension postretirement benefits

—

)

—

)

Depreciation and amortization expense (6)

(0.01

)

(15

)

Interest expense and other (7)

(0.09

)

(38

)

(17

)

(26

)

(91

)

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

(0.05

)

(34

)

(60

)

(40

)

2025 GAAP net income (loss)

0.58

244

162

180

171

(164

)

593

Regulatory matters (net of taxes of $3) (8)

0.01

—

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

0.59

252

162

181

171

(164

)

602

Note:

Amounts may not sum due to rounding.

(a)

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

(b)

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

(c)

ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms across the utilities, including transmission formula rates and riders, 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)

Reflects the adjustment to state deferred income taxes due to change in DPL's Delaware net operating loss valuation allowance.

(3)

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

(4)

For ComEd, reflects an increase in electric distribution, energy efficiency, and transmission revenues due to increased fully recoverable costs and an increase in return on regulatory assets, partially offset by a decrease in electric distribution revenues due to timing of distribution earnings.

(5)

Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects the recognition of deferred storm regulatory asset in the fourth quarter of 2024 and contracting costs. For BGE, primarily reflects impacts from the multi-year plan reconciliation. For PHI, reflects the recognition of ACE's work stoppage regulatory asset. For Corporate, reflects charitable contributions and the Customer Relief Fund contribution.

(6)

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

(7)

For ComEd, reflects an increase in AFUDC, partially offset by an increase in interest expense. For PECO, primarily reflects an increase in income tax expense due to tax repairs, some of which is timing, and an increase in interest expense. For BGE and PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an absence of a gain on open market repurchase of a portion of Exelon's Senior unsecured notes and an increase in interest expense, with a decrease in income tax expense due to timing.

(8)

Represents the disallowance of certain capitalized costs.

Exelon

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

Twelve Months Ended December 31, 2025 and 2024

(unaudited)

(in millions, except per share data)

Exelon

Earnings

per Diluted

ComEd

PECO

BGE

PHI

Other (a)

Exelon

2024 GAAP net income (loss)

2.45

1,066

551

527

741

(425

)

2,460

Asset retirement obligations (net of taxes of $3)

0.01

—

Change in FERC audit liability (net of taxes of $13)

0.04

—

Cost management charge (net of taxes of $2, $0, $2, $0, $4, respectively) (1)

0.01

—

Environmental costs (net of taxes of $5)

(0.01

)

—

(13

)

—

(13

)

Income tax-related adjustments (entire amount represents tax expense) (2)

—

)

—

)

2024 Adjusted (non-GAAP) operating earnings (loss)

2.50

1,106

556

529

739

(423

)

2,507

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

Weather

0.05

—

(b)

—

(b)

—

Load

(0.02

)

—

(b)

(19

)

—

(b)

—

(17

)

Distribution and transmission rates (3)

0.55

(c)

309

(c)

130

(c)

—

554

Other energy delivery (4)

0.17

(c)

—

173

Operating and maintenance expense (5)

(0.18

)

(12

)

(59

)

(58

)

(62

)

(185

)

Pension and non-pension postretirement benefits

—

)

—

)

Depreciation and amortization expense (6)

(0.04

)

(32

)

(20

)

(42

)

Interest expense and other (7)

(0.24

)

(24

)

(10

)

(27

)

(85

)

(92

)

(238

)

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

0.27

258

(145

)

294

2025 GAAP net income (loss)

2.73

1,147

814

578

799

(570

)

2,768

Asset retirement obligations (net of taxes of $0)

—

)

—

)

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

—

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

—

)

Regulatory matters (net of taxes $10) (8)

0.03

—

Income tax-related adjustments (entire amount represents tax expense) (2)

—

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

2.77

1,178

814

578

799

(568

)

2,801

Amounts may not sum due to rounding.

(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)

(1)

Primarily represents severance and reorganization costs related to cost management.

(2)

In 2024, reflects the adjustment to state deferred income taxes due to change in DPL's Delaware net operating loss valuation allowance. In 2025, reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.

(3)

(4)

For ComEd, reflects an increase in electric distribution, energy efficiency, and transmission revenues due to increased fully recoverable costs and an increase in return on regulatory assets, partially offset by a decrease in transmission peak load. For PHI, reflects increased distribution and transmission revenues due to increased fully recoverable costs.

(5)

Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects increased contracting costs. For BGE, reflects impacts of the multi-year plan reconciliation and decreased storm costs. For PHI, reflects the absence of the Maryland multi-year plan reconciliations and increased contracting costs, partially offset by the recognition of ACE's work stoppage regulatory asset. For Corporate, reflects charitable contributions and the Customer Relief Fund contribution, partially offset by a decrease in Operating and maintenance expense with an offsetting decrease in other income due to the expiration of the TSA with Constellation.

(6)

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

(7)

For ComEd, reflects an increase in interest expense offset by an increase in AFUDC. For PECO, primarily reflects a decrease in income tax expense due to tax repairs, offset by an increase in interest expense. For BGE, primarily reflects an increase in interest expense. For PHI, reflects an increase in interest expense and a decrease in AFUDC. For Corporate, reflects an absence of a gain on open market repurchase of a portion of Exelon's Senior unsecured notes, an increase in interest expense, an increase in income tax expense, and a decrease in other income with an offsetting decrease in Operating and maintenance expense due to the expiration of the TSA with Constellation.

(8)

Represents the disallowance of certain capitalized costs.

ComEd Statistics

Three Months Ended December 31, 2025 and 2024

Electric Deliveries (in GWhs)

Revenue (in millions)

2025

2024

% Change

Weather - Normal % Change

2025

2024

% Change

Electric Deliveries and Revenues (a)

Residential

6,130

5,656

8.4

5.1

750

793

(5.4

Small commercial & industrial

7,049

6,780

4.0

3.1

272

504

(46.0

Large commercial & industrial (b)

6,898

7,293

(5.4

(5.3

(96

)

270

(135.6

Public authorities & electric railroads

236

233

1.3

7.2

(62.5

Other (c)

—

n/a

220

277

(20.6

Total electric revenues (d)

20,313

19,962

1.8

0.7

1,152

1,860

(38.1

Other Revenues (e)

(61

)

(44

)

38.6

Total Electric Revenues

1,091

1,816

(39.9

Purchased Power

(262

)

538

(148.7

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

2,104

1,767

2,139

19.1

(1.6

Cooling Degree-Days

46.2

307.1

Twelve Months Ended December 31, 2025 and 2024

Electric Deliveries (in GWhs)

Revenue (in millions)

2025

2024

% Change

Weather - Normal % Change

2025

2024

% Change

Electric Deliveries and Revenues (a)

Residential

28,016

27,274

2.7

1.1

4,203

3,809

10.3

Small commercial & industrial

29,333

28,367

3.4

1.1

2,072

2,259

(8.3

Large commercial & industrial

28,332

27,870

1.7

1.4

593

1,145

(48.2

Public authorities & electric railroads

904

822

10.0

11.1

(21.7

Other (c)

—

n/a

907

1,080

(16.0

Total electric revenues (d)

86,585

84,333

2.7

1.3

7,822

8,353

(6.4

Other Revenues (e)

(555

)

(134

)

314.2

Total Electric Revenues

7,267

8,219

(11.6

Purchased Power

1,782

3,042

(41.4

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

5,802

4,795

5,968

21.0

(2.8

Cooling Degree-Days

1,215

1,002

—

21.3

Number of Electric Customers

2025

2024

Residential

3,776,590

3,727,097

Small commercial & industrial

398,746

396,797

Large commercial & industrial

1,988

2,283

Public authorities & electric railroads

5,814

5,775

Total

4,183,138

4,131,952

__________

(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)

Decrease is due to the timing of billings in 2024.

(c)

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

(d)

Includes operating revenues from affiliates totaling $2 million for both the three months ended December 31, 2025 and 2024, respectively, and $21 million and $8 million for the twelve months ended December 31, 2025 and 2024, respectively.

(e)

Includes alternative revenue programs and late payment charges.

PECO Statistics

Three Months Ended December 31, 2025 and 2024

Electric and Natural Gas Deliveries

Revenue (in millions)

2025

2024

% Change

Weather-

Normal

% Change

2025

2024

% Change

Electric (in GWhs)

Electric Deliveries and Revenues (a)

Residential

3,126

3,066

2.0

(1.7

574

486

18.1

Small commercial & industrial

1,702

1,807

(5.8

(6.5

143

140

2.1

Large commercial & industrial

3,213

3,358

(4.3

(4.5

12.9

Public authorities & electric railroads

167

143

16.8

18.8

—

Other (b)

—

n/a

8.0

Total electric revenues (c)(d)

8,208

8,374

(2.0

(4.7

885

779

13.6

Other Revenues (e)

11.1

Total Electric Revenues

895

788

13.6

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues (f)

Residential

14,720

12,549

17.3

6.3

197

145

35.9

Small commercial & industrial

7,663

7,164

7.0

(2.0

29.4

Large commercial & industrial

—

n/a

2.4

)

—

n/a

Transportation

6,445

6,109

5.5

1.5

12.5

Other (g)

—

n/a

20.0

Total natural gas revenues (h)

28,829

25,822

11.6

2.9

277

209

32.5

Other Revenues (e)

—

(100.0

Total Natural Gas Revenues

277

210

31.9

Total Electric and Natural Gas Revenues

1,172

998

17.4

Purchased Power and Fuel

445

363

22.6

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

1,590

1,345

1,521

18.2

4.5

Cooling Degree-Days

(50.9

(21.2

Twelve Months Ended December 31, 2025 and 2024

Electric and Natural Gas Deliveries

Revenue (in millions)

2025

2024

% Change

Weather-

Normal

% Change

2025

2024

% Change

Electric (in GWhs)

Electric Deliveries and Revenues (a)

Residential

14,078

13,963

0.8

(1.5

2,494

2,169

15.0

Small commercial & industrial

7,537

7,683

(1.9

(3.0

627

547

14.6

Large commercial & industrial

13,683

13,889

(1.5

(2.2

339

261

29.9

Public authorities & electric railroads

678

613

10.6

11.0

17.2

Other (b)

—

n/a

312

296

5.4

Total electric revenues (c)

35,976

36,148

(0.5

(1.9

3,806

3,302

15.3

Other Revenues (e)

(8.7

Total Electric Revenues

3,827

3,325

15.1

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues (f)

Residential

43,189

38,328

12.7

1.6

593

445

33.3

Small commercial & industrial

23,709

21,906

8.2

0.6

206

157

31.2

Large commercial & industrial

(11.8

(2.2

—

n/a

Transportation

24,204

23,357

3.6

0.7

32.1

Other (g)

—

n/a

18.8

Total natural gas revenues (h)

91,117

83,608

9.0

1.1

855

646

32.4

Other Revenues (e)

—

Total Natural Gas Revenues

857

648

32.3

Total Electric and Natural Gas Revenues

4,684

3,973

17.9

Purchased Power and Fuel

1,733

1,477

17.3

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

4,274

3,786

4,348

12.9

(1.7

Cooling Degree-Days

1,547

1,652

1,455

(6.4

6.3

Number of Electric Customers

2025

2024

Number of Natural Gas Customers

2025

2024

Residential

1,541,970

1,533,443

Residential

510,959

508,224

Small commercial & industrial

154,841

155,164

Small commercial & industrial

44,698

44,846

Large commercial & industrial

3,158

3,150

Large commercial & industrial

Public authorities & electric railroads

10,248

10,708

Transportation

617

644

Total

1,710,217

1,702,465

Total

556,281

553,721

__________

(a)

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

(b)

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

(c)

Includes operating revenues from affiliates totaling $3 million and $2 million for the three months ended December 31, 2025 and 2024, respectively, and $9 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively.

(d)

Decrease due to the timing of delivered volumes.

(e)

Includes alternative revenue programs and late payment charges.

(f)

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.

(g)

Includes revenues primarily from off-system sales.

(h)

Includes operating revenues from affiliates totaling $1 million for both the three months ended December 31, 2025 and 2024, respectively, and $3 million for both the twelve months ended December 31, 2025 and 2024, respectively.

BGE Statistics

Three Months Ended December 31, 2025 and 2024

Electric and Natural Gas Deliveries

Revenue (in millions)

2025

2024

% Change

Weather-

Normal

% Change

2025

2024

% Change

Electric (in GWhs)

Electric Deliveries and Revenues (a)

Residential

3,022

2,927

3.2

(1.3

674

482

39.8

Small commercial & industrial

648

638

1.6

(0.3

102

20.0

Large commercial & industrial

3,078

3,109

(1.0

(0.9

148

132

12.1

Public authorities & electric railroads

2.1

1.4

—

Other (b)

—

n/a

124

112

10.7

Total electric revenues (c)

6,797

6,722

1.1

(1.0

1,056

819

28.9

Other Revenues (d)

)

(103.6

Total Electric Revenues

1,055

847

24.6

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues (e)

Residential

14,208

12,156

16.9

1.2

268

207

29.5

Small commercial & industrial

3,132

2,689

16.5

6.4

20.6

Large commercial & industrial

11,839

10,727

10.4

4.7

14.8

Other (f)

1,600

945

69.3

n/a

100.0

Total natural gas revenues (g)

30,779

26,517

16.1

3.2

393

309

27.2

Other Revenues (d)

(17

)

(1,800.0

Total Natural Gas Revenues

376

310

21.3

Total Electric and Natural Gas Revenues

1,431

1,157

23.7

Purchased Power and Fuel

638

423

50.8

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

1,729

1,544

1,617

12.0

6.9

Cooling Degree-Days

(40.7

(48.4

Twelve Months Ended December 31, 2025 and 2024

Electric and Natural Gas Deliveries

Revenue (in millions)

2025

2024

% Change

Weather-

Normal

% Change

2025

2024

% Change

Electric (in GWhs)

Electric Deliveries and Revenues (a)

Residential

12,894

12,682

1.7

(0.9

2,503

2,038

22.8

Small commercial & industrial

2,723

2,716

0.3

(0.3

414

360

15.0

Large commercial & industrial

13,060

13,170

(0.8

(0.1

603

557

8.3

Public authorities & electric railroads

195

198

(1.5

6.5

Other (b)

—

n/a

476

414

15.0

Total electric revenues (c)

28,872

28,766

0.4

(0.5

4,029

3,400

18.5

Other Revenues (d)

(22

)

(161.1

Total Electric Revenues

4,007

3,436

16.6

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues (e)

Residential

41,633

36,645

13.6

(1.5

823

625

31.7

Small commercial & industrial

9,860

8,682

13.6

3.6

140

110

27.3

Large commercial & industrial

41,343

39,618

4.4

0.8

248

204

21.6

Other (f)

6,643

2,268

192.9

n/a

183.3

Total natural gas revenues (g)

99,479

87,213

14.1

0.1

1,262

957

31.9

Other Revenues (d)

(47

)

(242.4

Total Natural Gas Revenues

1,215

990

22.7

Total Electric and Natural Gas Revenues

5,222

4,426

18.0

Purchased Power and Fuel

2,221

1,651

34.5

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

4,439

3,973

4,496

11.7

(1.3

Cooling Degree-Days

912

1,066

902

(14.4

1.1

Number of Electric Customers

2025

2024

Number of Natural Gas Customers

2025

2024

Residential

1,222,397

1,216,614

Residential

660,986

658,776

Small commercial & industrial

115,197

115,010

Small commercial & industrial

37,759

37,874

Large commercial & industrial

13,445

13,266

Large commercial & industrial

6,417

6,369

Public authorities & electric railroads

252

260

Total

705,162

703,019

Total

1,351,291

1,345,150

__________

(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 for both the three months ended December 31, 2025 and 2024, respectively, and $6 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively.

(d)

Includes alternative revenue programs and late payment charges.

(e)

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

(f)

Includes revenues primarily from off-system sales.

(g)

Includes operating revenues from affiliates totaling $1 million for both the three months ended December 31, 2025 and 2024, respectively, and $2 million and $3 million for the twelve months ended December 31, 2025 and 2024.

Pepco Statistics

Three Months Ended December 31, 2025 and 2024

Electric Deliveries (in GWhs)

Revenue (in millions)

2025

2024

% Change

Weather-

Normal

% Change

2025

2024

% Change

Electric Deliveries and Revenues (a)

Residential

1,873

1,808

3.6

(4.7

396

328

20.7

Small commercial & industrial

264

263

0.4

(2.3

13.6

Large commercial & industrial

3,355

3,369

(0.4

(1.6

301

259

16.2

Public authorities & electric railroads

176

168

4.8

3.7

10.0

Other (b)

—

n/a

103

(5.8

Total electric revenues (c)

5,668

5,608

1.1

(2.5

855

744

14.9

Other Revenues (d)

(27

)

(24

)

12.5

Total Electric Revenues

828

720

15.0

Purchased Power

320

247

29.6

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

1,457

1,144

1,305

27.4

11.6

Cooling Degree-Days

(70.5

(59.6

Twelve Months Ended December 31, 2025 and 2024

Electric Deliveries (in GWhs)

Revenue (in millions)

2025

2024

% Change

Weather-

Normal

% Change

2025

2024

% Change

Electric Deliveries and Revenues (a)

Residential

8,269

8,108

2.0

1.5

1,669

1,413

18.1

Small commercial & industrial

1,117

1,119

(0.2

0.5

205

184

11.4

Large commercial & industrial

13,979

13,904

0.5

1.4

1,212

1,053

15.1

Public authorities & electric railroads

676

622

8.7

8.1

5.4

Other (b)

—

n/a

372

327

13.8

Total electric revenues (c)

24,041

23,753

1.2

1.6

3,497

3,014

16.0

Other Revenues (d)

(43

)

(272.0

Total Electric Revenues

3,454

3,039

13.7

Purchased Power

1,262

1,055

19.6

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

3,662

3,150

3,655

16.3

0.2

Cooling Degree-Days

1,653

1,957

1,783

(15.5

(7.3

Number of Electric Customers

2025

2024

Residential

886,386

877,916

Small commercial & industrial

54,038

54,036

Large commercial & industrial

23,194

23,068

Public authorities & electric railroads

207

Total

963,825

955,227

__________

(a)

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

(b)

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

(c)

Includes operating revenues from affiliates totaling $1 million and $2 million for the three months ended December 31, 2025 and 2024, respectively, and $6 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively.

(d)

Includes alternative revenue programs and late payment charge revenues.

DPL Statistics

Three Months Ended December 31, 2025 and 2024

Electric and Natural Gas Deliveries

Revenue (in millions)

2025

2024

% Change

Weather -

Normal

% Change

2025

2024

% Change

Electric (in GWhs)

Electric Deliveries and Revenues (a)

Residential

1,297

1,183

9.6

1.4

256

218

17.4

Small commercial & industrial

569

566

0.5

(0.2

3.2

Large commercial & industrial

996

1,007

(1.1

(1.9

(6.3

Public authorities & electric railroads

(15.4

(15.6

(40.0

Other (b)

—

n/a

8.3

Total electric revenues (c)

2,873

2,769

3.8

(0.2

431

389

10.8

Other Revenues (d)

)

150.0

Total Electric Revenues

426

387

10.1

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues (e)

Residential

3,252

2,649

22.8

8.8

50.0

Small commercial & industrial

1,460

1,212

20.5

5.1

42.9

Large commercial & industrial

441

433

1.8

1.9

100.0

Transportation

1,728

1,715

0.8

(4.7

—

Other (g)

—

n/a

200.0

Total natural gas revenues

6,881

6,009

14.5

3.8

47.4

Other Revenues (f)

—

n/a

Total Natural Gas Revenues

47.4

Total Electric and Natural Gas Revenues

510

444

14.9

Purchased Power and Fuel

223

187

19.3

Electric Service Territory

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

1,708

1,451

1,520

17.7

12.4

Cooling Degree-Days

(56.5

(72.2

Natural Gas Service Territory

% Change

Heating Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

1,727

1,480

1,635

16.7

5.6

Twelve Months Ended December 31, 2025 and 2024

Electric and Natural Gas Deliveries

Revenue (in millions)

2025

2024

% Change

Weather -

Normal

% Change

2025

2024

% Change

Electric (in GWhs)

Electric Deliveries and Revenues (a)

Residential

5,542

5,371

3.2

(1.0

1,049

943

11.2

Small commercial & industrial

2,392

2,359

1.4

0.9

264

253

4.3

Large commercial & industrial

4,129

4,122

0.2

(0.3

122

123

(0.8

Public authorities & electric railroads

(2.3

(2.6

(5.9

Other (b)

—

n/a

303

270

12.2

Total rate-regulated electric revenues (c)

12,105

11,895

1.8

(0.4

1,754

1,606

9.2

Other Revenues (d)

(14

)

(1,500.0

Total Electric Revenues

1,740

1,607

8.3

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues (e)

Residential

9,052

7,810

15.9

7.5

139

108

28.7

Small commercial & industrial

4,339

3,801

14.2

5.5

27.9

Large commercial & industrial

1,680

1,674

0.4

40.0

Transportation

6,355

6,206

2.4

(0.3

11.8

Other (f)

—

n/a

57.1

Total rate-regulated natural gas revenues

21,426

19,491

9.9

4.1

231

180

28.3

Other Revenues (d)

—

n/a

Total Natural Gas Revenues

231

180

28.3

Total Electric and Natural Gas Revenues

1,971

1,787

10.3

Purchased Power and Fuel

861

760

13.3

Electric Service Territory

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

4,434

3,968

4,320

11.7

2.6

Cooling Degree-Days

1,288

1,279

1,314

0.7

(2.0

Natural Gas Service Territory

% Change

Heating Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

4,500

4,100

4,605

9.8

(2.3

Number of Electric Customers

2025

2024

Number of Natural Gas Customers

2025

2024

Residential

495,254

490,626

Residential

132,148

131,392

Small commercial & industrial

65,500

64,813

Small commercial & industrial

10,255

10,218

Large commercial & industrial

1,273

1,255

Large commercial & industrial

Public authorities & electric railroads

634

606

Transportation

160

162

Total

562,661

557,300

Total

142,577

141,786

__________

(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 December 31, 2025 and 2024, and $9 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively.

(d)

Includes alternative revenue programs and late payment charges.

(e)

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

(f)

Includes revenues primarily from off-system sales.

ACE Statistics

Three Months Ended December 31, 2025 and 2024

Electric Deliveries (in GWhs)

Revenue (in millions)

2025

2024

% Change

Weather -

Normal

% Change

2025

2024

% Change

Electric Deliveries and Revenues (a)

Residential

875

790

10.8

5.8

233

174

33.9

Small commercial & industrial

393

405

(3.0

(4.0

5.3

Large commercial & industrial

695

819

(15.1

(15.3

(18.8

Public authorities & electric railroads

(20.0

(16.9

(20.0

Other (b)

—

n/a

(26.0

Total electric revenues (c)

1,975

2,029

(2.7

(4.9

390

357

9.2

Other Revenues (d)

—

)

(100.0

Total Electric Revenues

390

348

12.1

Purchased Power

192

140

37.1

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

1,716

1,483

1,534

15.7

11.9

Cooling Degree-Days

(50.0

(68.8

Twelve Months Ended December 31, 2025 and 2024

Electric Deliveries (in GWhs)

Revenue (in millions)

2025

2024

% Change

Weather -

Normal

% Change

2025

2024

% Change

Electric Deliveries and Revenues (a)

Residential

4,055

4,022

0.8

1.9

1,015

900

12.8

Small commercial & industrial

1,646

1,651

(0.3

0.5

253

244

3.7

Large commercial & industrial

2,932

3,167

(7.4

(6.5

180

196

(8.2

Public authorities & electric railroads

(6.4

(5.8

(10.0

Other (b)

—

n/a

250

280

(10.7

Total electric revenues (c)

8,677

8,887

(2.4

(1.4

1,716

1,640

4.6

Other Revenues (d)

(12

)

(116.7

Total Electric Revenues

1,718

1,628

5.5

Purchased Power

808

698

15.8

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

4,567

4,168

4,489

9.6

1.7

Cooling Degree-Days

1,102

1,262

1,229

(12.7

(10.3

Number of Electric Customers

2025

2024

Residential

510,005

507,483

Small commercial & industrial

63,154

62,739

Large commercial & industrial

2,682

2,843

Public authorities & electric railroads

754

714

Total

576,595

573,779

__________

(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 and less than $1 million for both the three months ended December 31, 2025 and 2024, respectively, and $4 million and $2 million for the twelve months ended December 31, 2025 and 2024, respectively.

(d)

Includes alternative revenue programs.