Exelon Reports Third Quarter 2025 Results

CHICAGO--( BUSINESS WIRE)--Exelon Corporation (Nasdaq: EXC) today reported its financial results for the third quarter of 2025.

"At a time when many are facing cost pressures, we remain focused on supporting our customers and investing effectively and efficiently in the communities we serve," said Exelon President and Chief Executive Officer Calvin Butler.

“I am pleased to report that Exelon has achieved another quarter of strong operational and financial performance,” said Exelon President and Chief Executive Officer Calvin Butler. “At a time when many are facing cost pressures, we remain focused on supporting our customers and investing effectively and efficiently in the communities we serve. As we reaffirm our full-year earnings guidance and long-term growth outlook, we continue to prioritize operational excellence, disciplined financial execution, and infrastructure modernization to meet our customers' needs for reliable, affordable energy. I am proud of the work our teams accomplish every day to create value where it matters most.”

“Exelon delivered another quarter of strong financial performance, completing its planned financings of capital investments and delivering third quarter adjusted operating earnings of $0.86 per share. We remain on track to meet our full year earnings guidance of $2.64 to $2.74 per share,” said Exelon Chief Financial Officer Jeanne Jones. “Our disciplined financial management and operational excellence continues to drive strong performance across our local energy companies, enabling us to invest $38 billion in critical infrastructure investments over the next four years for the benefit of our customers.”

Third Quarter 2025

Exelon's GAAP net income for the third quarter of 2025 increased to $0.86 per share from $0.70 per share in the third quarter of 2024. Adjusted (non-GAAP) operating earnings for the third quarter of 2025 increased to $0.86 per share from $0.71 per share in the third quarter of 2024. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4.

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

Operating Company Results 1

ComEd

ComEd's third quarter of 2025 GAAP net income increased to $373 million from $360 million in the third quarter of 2024. ComEd's Adjusted (non-GAAP) operating earnings for the third quarter of 2025 increased to $373 million from $360 million in the third quarter of 2024, primarily due to higher distribution and transmission rate base driven by incremental investments to serve customers, higher return on regulatory assets primarily due to an increase in asset balances, and higher 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 third quarter of 2025 GAAP net income increased to $250 million from $117 million in the third quarter of 2024. PECO's Adjusted (non-GAAP) operating earnings for the third quarter of 2025 increased to $250 million from $118 million in the third quarter of 2024, primarily due to electric and gas distribution rates associated with updated recovery of investments to serve customers, lower storm costs due to deferral of extraordinary February and June storm costs in the third quarter of 2025, and lower income taxes due to tax repairs deduction some of which is timing, partially offset by an increase in depreciation expense.

___________

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

BGE

BGE’s third quarter of 2025 GAAP net income increased to $82 million from $45 million in the third quarter of 2024. BGE's Adjusted (non-GAAP) operating earnings for the third quarter of 2025 increased to $82 million from $45 million in the third quarter of 2024, primarily due to distribution rates associated with updated recovery of investments to serve customers and lower storm costs and 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 third quarter of 2025 GAAP net income increased to $291 million from $278 million in the third quarter of 2024. PHI’s Adjusted (non-GAAP) operating earnings for the third quarter of 2025 increased to $290 million from $278 million in the third quarter of 2024, primarily due to distribution and transmission rates driven by updated recovery of investments to serve customers, partially offset by higher interest expense. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns.

Recent Developments and Third Quarter Highlights

Adjusted (non-GAAP) Operating Earnings Reconciliation

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

(in millions, except per share amounts)

Exelon

Earnings per

Diluted

Exelon

ComEd

PECO

BGE

PHI

2025 GAAP net income

0.86

875

373

250

291

Asset Retirement Obligation (net of taxes of $0)

—

)

—

)

2025 Adjusted (non-GAAP) operating earnings

0.86

874

373

250

290

Adjusted (non-GAAP) operating earnings for the third 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

0.70

707

360

117

278

Change in environmental liabilities (net of taxes of $0)

—

Change in FERC Audit Liability (net of taxes of $0)

—

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

—

2024 Adjusted (non-GAAP) operating earnings

0.71

708

360

118

278

___________

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 third 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 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 10.7 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.

Non-GAAP Financial Measures

In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission (SEC) on Form 8-K on Nov. 4, 2025.

Cautionary Statements Regarding Forward-Looking Information

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

New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.

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

Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, SEC 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 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 September 30, 2025

Operating revenues

2,275

1,180

1,209

2,051

(10

)

6,705

Operating expenses

Purchased power and fuel

806

446

568

872

—

2,692

Operating and maintenance

409

241

239

335

(52

)

1,172

Depreciation and amortization

395

115

155

234

912

Taxes other than income taxes

107

150

429

Total operating expenses

1,717

871

1,055

1,591

(29

)

5,205

Gain on sale of assets

—

Operating income

558

309

154

460

1,500

Other income and (deductions)

Interest expense, net

(135

)

(65

)

(64

)

(102

)

(172

)

(538

)

Other, net

)

Total other income and (deductions)

(102

)

(54

)

(49

)

(84

)

(181

)

(470

)

Income (loss) before income taxes

456

255

105

376

(162

)

1,030

Income taxes

(41

)

155

Net income (loss) attributable to common shareholders

373

250

291

(121

)

875

Three Months Ended September 30, 2024

Operating revenues

2,229

1,030

1,044

1,862

(11

)

6,154

Operating expenses

Purchased power and fuel

835

386

420

742

—

2,383

Operating and maintenance

410

313

281

322

(51

)

1,275

Depreciation and amortization

387

108

162

235

908

Taxes other than income taxes

140

395

Total operating expenses

1,731

868

949

1,439

(26

)

4,961

Gain on sale of assets

—

Operating income

498

162

423

1,196

Other income and (deductions)

Interest expense, net

(128

)

(58

)

(57

)

(95

)

(158

)

(496

)

Other, net

(11

)

Total other income and (deductions)

(102

)

(49

)

(46

)

(73

)

(169

)

(439

)

Income (loss) before income taxes

396

113

350

(151

)

757

Income taxes

)

(58

)

Net income (loss) attributable to common shareholders

360

117

278

(93

)

707

Change in net income (loss) from 2024 to 2025

133

(28

)

168

Consolidating Statements of Operations

(unaudited)

(in millions)

ComEd

PECO

BGE

PHI

Other (a)

Exelon

Nine Months Ended September 30, 2025

Operating revenues

6,176

3,513

3,791

5,408

(42

)

18,846

Operating expenses

Purchased power and fuel

2,044

1,288

1,584

2,195

—

7,111

Operating and maintenance

1,254

872

807

1,024

(117

)

3,840

Depreciation and amortization

1,162

336

473

701

2,717

Taxes other than income taxes

303

183

273

426

1,216

Total operating expenses

4,763

2,679

3,137

4,346

(41

)

14,884

Gain on sale of assets

—

Operating income (loss)

1,413

834

654

1,063

)

3,963

Other income and (deductions)

Interest expense, net

(395

)

(188

)

(183

)

(305

)

(507

)

(1,578

)

Other, net

(19

)

185

Total other income and (deductions)

(309

)

(159

)

(148

)

(251

)

(526

)

(1,393

)

Income (loss) before income taxes

1,104

675

506

812

(527

)

2,570

Income taxes

201

108

184

(120

)

396

Net income (loss) attributable to common shareholders

903

652

398

628

(407

)

2,174

Nine Months Ended September 30, 2024

Operating revenues

6,403

2,975

3,268

4,938

(27

)

17,557

Operating expenses

Purchased power and fuel

2,504

1,113

1,228

1,939

—

6,784

Operating and maintenance

1,277

876

795

927

(119

)

3,756

Depreciation and amortization

1,124

318

474

716

2,681

Taxes other than income taxes

287

164

254

395

1,127

Total operating expenses

5,192

2,471

2,751

3,977

(43

)

14,348

Gain on sale of assets

—

Operating income

1,216

508

517

961

3,221

Other income and (deductions)

Interest expense, net

(374

)

(170

)

(159

)

(279

)

(464

)

(1,446

)

Other, net

)

196

Total other income and (deductions)

(308

)

(143

)

(132

)

(200

)

(467

)

(1,250

)

Income (loss) before income taxes

908

365

385

761

(448

)

1,971

Income taxes

158

(126

)

158

Net income (loss) attributable to common shareholders

823

356

353

603

(322

)

1,813

Change in net income (loss) from 2024 to 2025

296

(85

)

361

__________

(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)

September 30, 2025

December 31, 2024

Assets

Current assets

Cash and cash equivalents

1,533

357

Restricted cash and cash equivalents

516

541

Accounts receivable

Customer accounts receivable

3,356

3,144

Customer allowance for credit losses

(451)

(406)

Customer accounts receivable, net

2,905

2,738

Other accounts receivable

1,192

1,123

Other allowance for credit losses

(98)

(107)

Other accounts receivable, net

1,094

1,016

Inventories, net

Fossil fuel

100

Materials and supplies

788

781

Regulatory assets

1,489

1,940

Prepaid renewable energy credits

445

494

Other

359

445

Total current assets

9,229

8,384

Property, plant, and equipment, net

82,100

78,182

Deferred debits and other assets

Regulatory assets

8,881

8,710

Goodwill

6,630

Receivable related to Regulatory Agreement Units

4,658

4,026

Investments

307

290

Other

1,734

1,562

Total deferred debits and other assets

22,210

21,218

Total assets

113,539

107,784

September 30, 2025

December 31, 2024

Liabilities and shareholders’ equity

Current liabilities

Short-term borrowings

1,080

1,859

Long-term debt due within one year

2,168

1,453

Accounts payable

3,240

2,994

Accrued expenses

1,414

1,468

Payables to affiliates

Customer deposits

507

446

Regulatory liabilities

507

411

Mark-to-market derivative liabilities

Unamortized energy contract liabilities

Renewable energy credit obligations

352

429

Other

519

512

Total current liabilities

9,825

9,611

Long-term debt

46,283

42,947

Long-term debt to financing trusts

390

Deferred credits and other liabilities

Deferred income taxes and unamortized investment tax credits

13,519

12,793

Regulatory liabilities

10,904

10,198

Pension obligations

1,480

1,745

Non-pension postretirement benefit obligations

493

472

Asset retirement obligations

303

301

Mark-to-market derivative liabilities

109

103

Unamortized energy contract liabilities

Other

2,102

2,282

Total deferred credits and other liabilities

28,928

27,915

Total liabilities

85,426

80,863

Commitments and contingencies

Shareholders’ equity

Common stock

21,564

21,338

Treasury stock, at cost

(123

)

(123

)

Retained earnings

7,387

6,426

Accumulated other comprehensive loss, net

(715

)

(720

)

Total shareholders’ equity

28,113

26,921

Total liabilities and shareholders’ equity

113,539

107,784

Exelon

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

Nine Months Ended September 30,

2025

2024

Cash flows from operating activities

Net income

2,174

1,813

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

Depreciation, amortization, and accretion

2,719

2,683

Gain on sales of assets

)

(12

)

Deferred income taxes and amortization of investment tax credits

293

102

Net fair value changes related to derivatives

Other non-cash operating activities

1,088

441

Changes in assets and liabilities:

Accounts receivable

(422

)

(489

)

Inventories

(41

)

(57

)

Accounts payable and accrued expenses

165

(309

)

Collateral (paid) received, net

(25

)

Income taxes

(18

)

Regulatory assets and liabilities, net

(390

)

194

Pension and non-pension postretirement benefit contributions

(313

)

(140

)

Other assets and liabilities

(259

)

(87

)

Net cash flows provided by operating activities

5,010

4,143

Cash flows from investing activities

Capital expenditures

(6,095

)

(5,161

)

Proceeds from sales of assets

Other investing activities

)

Net cash flows used in investing activities

(6,100

)

(5,114

)

Cash flows from financing activities

Changes in short-term borrowings

(779

)

(1,093

)

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

—

150

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

—

(549

)

Issuance of long-term debt

4,925

4,975

Retirement of long-term debt

(807

)

(1,336

)

Issuance of common stock

173

148

Dividends paid on common stock

(1,212

)

(1,142

)

Proceeds from employee stock plans

Other financing activities

(75

)

(83

)

Net cash flows provided by financing activities

2,249

1,103

Increase in cash, restricted cash, and cash equivalents

1,159

132

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

939

1,101

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

2,098

1,233

Exelon

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

Three Months Ended September 30, 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)

0.70

360

117

278

(93

)

707

Change in environmental liabilities (net of taxes of $0)

—

Change in FERC Audit Liability (net of taxes of $0)

—

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

—

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

0.71

360

118

278

(93

)

708

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

Weather

—

(b)

—

(b)

—

Load

(0.01

)

—

(b)

)

—

(b)

)

(b)

—

(11

)

Distribution and transmission rates (2)

0.14

(c)

—

138

Other energy delivery (3)

0.02

(c)

)

(c)

—

Operating and maintenance expense (4)

0.08

)

—

Pension and non-pension postretirement benefits

—

)

—

)

Depreciation and amortization expense (5)

(0.01

)

Interest expense and other (6)

(0.05

)

(11

)

(22

)

(31

)

(54

)

Total year over year effects on Adjusted (non-GAAP) Operating Earnings

0.15

132

(28

)

166

2025 GAAP net income (loss)

0.86

373

250

291

(121

)

875

Asset retirement obligation (net of taxes of $0)

—

)

—

)

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

0.86

373

250

290

(121

)

874

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, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).

(1)

Primarily represents severance and reorganization costs related to cost management.

(2)

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

(3)

For ComEd, reflects higher fully recoverable costs and a higher return on regulatory assets, partially offset by decreased electric distribution revenues due to the timing of distribution earnings.

(4)

Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, primarily reflects decreased storm costs due to deferral of extraordinary February and June storm costs. For BGE, reflects decreased storm costs and credit loss expense.

(5)

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

(6)

For ComEd, reflects an increase in interest expense offset by higher AFUDC. For PECO, primarily reflects lower income tax expense due to tax repairs deduction, some of which is timing. For PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects higher income tax expense due to timing and an increase in interest expense.

Exelon

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

Nine Months Ended September 30, 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)

1.81

823

356

353

603

(322

)

1,813

Change in environmental liabilities (net of taxes of $0)

—

)

—

)

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

0.04

—

Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (1)

0.01

—

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

1.86

863

360

354

607

(319

)

1,865

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

Weather

0.03

—

(b)

—

(b)

—

Load

(0.01

)

—

(b)

(11

)

—

(b)

—

(b)

—

(11

)

Distribution and transmission rates (2)

0.43

(c)

246

(c)

109

(c)

—

438

Other energy delivery (3)

0.15

(c)

—

149

Operating and maintenance expense (4)

(0.09

)

—

(74

)

(21

)

(87

)

Pension and non-pension postretirement benefits

—

)

—

)

Depreciation and amortization expense (5)

(0.03

)

(27

)

(14

)

(27

)

Interest expense and other (6)

(0.16

)

(18

)

(23

)

(71

)

(68

)

(157

)

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

0.31

292

(87

)

333

2025 GAAP net income (loss)

2.15

903

652

398

628

(407

)

2,174

Asset Retirement Obligation (net of taxes of $0)

—

)

—

)

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

—

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

—

)

—

)

Income tax-related adjustments (entire amount represents tax expense) (7)

—

Regulatory matters (net of taxes of $7) (8)

0.02

—

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

2.17

926

652

398

628

(406

)

2,198

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 other regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings).

(1)

Primarily represents severance and reorganization costs related to cost management.

(2)

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

(3)

For ComEd, reflects increased electric distribution, energy efficiency, and transmission revenues due to higher fully recoverable costs, a higher return on regulatory assets, and increased electric distribution revenues due to timing of distribution earnings, partially offset by lower transmission peak load. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.

(4)

Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO and BGE, reflects decreased storm costs, partially offset by increased contracting costs. For PHI, reflects increased contracting costs and credit loss expense and lower impacts of the Maryland multi-year plan reconciliations. For Corporate, reflects the Customer Relief Fund contribution, partially offset by a decrease in Operating and maintenance expense with an offsetting decrease in other income for an absence of costs billed to Constellation for services provided by Exelon through the TSA.

(5)

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

(6)

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

(7)

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

(8)

Represents the probable disallowance of certain capitalized costs.

ComEd Statistics

Three Months Ended September 30, 2025 and 2024

Electric Deliveries (in GWhs)

Revenue (in millions)

2025

2024

% Change

Weather - Normal %

Change

2025

2024

% Change

Electric Deliveries and Revenues (a)

Residential

8,659

8,409

3.0

(0.4

1,365

1,117

22.2

Small commercial & industrial

8,004

7,869

1.7

0.9

645

603

7.0

Large commercial & industrial

7,701

6,903

11.6

6.5

217

286

(24.1

Public authorities & electric railroads

224

210

6.7

6.5

27.3

Other (b)

—

n/a

229

280

(18.2

Total electric revenues (c)

24,588

23,391

5.1

2.2

2,470

2,297

7.5

Other Revenues (d)

(195

)

(68

)

186.8

Total electric revenues

2,275

2,229

2.1

Purchased Power

806

835

(3.5

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

146.7

(53.2

Cooling Degree-Days

828

818

722

1.2

14.7

Nine Months Ended September 30, 2025 and 2024

Electric Deliveries (in GWhs)

Revenue (in millions)

2025

2024

% Change

Weather -

Normal %

Change

2025

2024

% Change

Electric Deliveries and Revenues (a)

Residential

21,886

21,617

1.2

(0.1

$ 3,452

$ 3,017

14.4

Small commercial & industrial

22,284

21,586

3.2

0.6

1,799

1,755

2.5

Large commercial & industrial

21,435

20,577

4.2

3.7

689

875

(21.3

Public authorities & electric railroads

668

589

13.4

12.7

—

Other (b)

—

n/a

688

803

(14.3

Total electric revenues (c)

66,273

64,369

3.0

1.5

6,671

6,493

2.7

Other Revenues (d)

(495

)

(90

)

450.0

Total electric revenues

$ 6,176

$ 6,403

(3.5

Purchased Power

$ 2,044

$ 2,504

(18.4

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

3,698

3,028

3,829

22.1

(3.4

Cooling Degree-Days

1,158

1,176

988

(1.5

17.2

Number of Electric Customers

2025

2024

Residential

3,767,493

3,703,677

Small commercial & industrial

398,022

393,796

Large commercial & industrial

1,931

2,044

Public authorities & electric railroads

5,798

5,762

Total

4,173,244

4,105,279

(a)

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

(b)

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

(c)

Includes operating revenues from affiliates totaling $2 million for both the three months ended September 30, 2025 and 2024, respectively, and $19 million and $6 million for the nine months ended September 30, 2025 and 2024, respectively.

(d)

Includes alternative revenue programs and late payment charges.

PECO Statistics

Three Months Ended September 30, 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

4,063

4,146

(2.0

(2.1

735

641

14.7

Small commercial & industrial

2,057

2,129

(3.4

(2.0

167

153

9.2

Large commercial & industrial

3,731

3,768

(1.0

(2.3

101

38.4

Public authorities & electric railroads

159

156

1.9

1.7

14.3

Other (b)

—

n/a

5.4

Total electric revenues (c)

10,010

10,199

(1.9

(2.1

1,089

948

14.9

Other Revenues (d)

(33.3

Total Electric Revenues

1,097

960

14.3

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues (e)

Residential

2,064

2,359

(12.5

(12.1

13.6

Small commercial & industrial

2,243

1,933

16.0

17.5

35.3

Large commercial & industrial

—

(100.0

(9.8

—

n/a

Transportation

5,081

5,232

(2.9

(2.6

—

Other (f)

—

n/a

(50.0

Total natural gas revenues (g)

9,388

9,525

(1.4

(1.2

17.1

Other Revenues (d)

—

n/a

Total Natural Gas Revenues

18.6

Total Electric and Natural Gas Revenues

1,180

1,030

14.6

Purchased Power and Fuel

446

386

15.5

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

—

(100.0

Cooling Degree-Days

1,095

1,062

1,035

3.1

5.8

Nine Months Ended September 30, 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

10,952

10,897

0.5

(1.5

1,921

1,683

14.1

Small commercial & industrial

5,835

5,876

(0.7

(2.0

484

407

18.9

Large commercial & industrial

10,470

10,531

(0.6

(1.4

260

191

36.1

Public authorities & electric railroads

511

470

8.7

8.6

23.8

Other (b)

—

n/a

231

221

4.5

Total electric revenues (c)

27,768

27,774

—

(1.4

2,922

2,523

15.8

Other Revenues (d)

(21.4

Total electric revenues

2,933

2,537

15.6

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues (e)

Residential

28,469

25,779

10.4

(0.5

396

300

32.0

Small commercial & industrial

16,046

14,742

8.8

1.8

140

106

32.1

Large commercial & industrial

(17.6

(3.8

—

n/a

Transportation

17,759

17,248

3.0

0.4

40.0

Other (f)

—

n/a

18.2

Total natural gas revenues (g)

62,288

57,786

7.8

0.3

578

437

32.3

Other Revenues (d)

100.0

Total natural gas revenues

580

438

32.4

Total electric and natural gas revenues

3,513

2,975

18.1

Purchased Power and Fuel

1,288

1,113

15.7

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

2,684

2,441

2,827

10.0

(5.1

Cooling Degree-Days

1,521

1,599

1,422

(4.9

7.0

Number of Electric Customers

2025

2024

Number of Natural Gas Customers

2025

2024

Residential

1,539,345

1,529,205

Residential

510,166

506,476

Small commercial & industrial

154,955

155,126

Small commercial & industrial

44,603

44,682

Large commercial & industrial

3,159

3,156

Large commercial & industrial

Public authorities & electric railroads

10,343

10,716

Transportation

619

643

Total

1,707,802

1,698,203

Total

555,395

551,808

__________

(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 $2 million and $3 million for the three months ended September 30, 2025 and 2024, respectively, and $7 million and $5 million for the nine months ended September 30, 2025 and 2024, respectively.

(d)

Includes alternative revenue programs and late payment charges.

(e)

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

(f)

Includes revenues primarily from off-system sales.

(g)

Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2025 and 2024, respectively, and $2 million for both the nine months ended September 30, 2025 and 2024, respectively.

BGE Statistics

Three Months Ended September 30, 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

3,501

3,589

(2.5

2.0

684

558

22.6

Small commercial & industrial

722

733

(1.5

2.3

113

17.7

Large commercial & industrial

3,608

3,675

(1.8

0.8

172

154

11.7

Public authorities & electric railroads

6.5

4.6

—

Other (b)

—

n/a

122

110

10.9

Total electric revenues (c)

7,880

8,043

(2.0

1.5

1,099

926

18.7

Other Revenues (d)

)

700.0

Total electric revenues

1,091

925

17.9

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues (e)

Residential

2,188

2,210

(1.0

(0.6

17.2

Small commercial & industrial

810

781

3.7

3.8

27.3

Large commercial & industrial

7,183

7,058

1.8

4.7

15.6

Other (f)

691

426

62.2

n/a

100.0

Total natural gas revenues (g)

10,872

10,475

3.8

3.4

125

104

20.2

Other Revenues (d)

)

(146.7

Total natural gas revenues

118

119

(0.8

Total electric and natural gas revenues

1,209

1,044

15.8

Purchased Power and Fuel

568

420

35.2

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

8.3

(22.4

Cooling Degree-Days

605

701

625

(13.7

(3.2

Nine Months Ended September 30, 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

9,872

9,755

1.2

(0.8

1,829

1,556

17.5

Small commercial & industrial

2,075

2,078

(0.1

(0.4

311

274

13.5

Large commercial & industrial

9,981

10,061

(0.8

0.1

456

425

7.3

Public authorities & electric railroads

146

150

(2.7

(3.0

4.2

Other (b)

—

n/a

352

303

16.2

Total electric revenues (c)

22,074

22,044

0.1

(0.4

2,973

2,582

15.1

Other Revenues (d)

(22

)

(466.7

Total electric revenues

2,951

2,588

14.0

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues (e)

Residential

27,426

24,489

12.0

(2.7

555

418

32.8

Small commercial & industrial

6,728

5,994

12.2

2.4

100

31.6

Large commercial & industrial

29,504

28,890

2.1

(0.5

178

143

24.5

Other (f)

5,042

1,323

281.1

n/a

208.3

Total natural gas revenues (g)

68,700

60,696

13.2

(1.2

870

649

34.1

Other Revenues (d)

(30

)

(196.8

Total natural gas revenues

840

680

23.5

Total electric and natural gas revenues

3,791

3,268

16.0

Purchased Power and Fuel

1,584

1,228

29.0

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

2,710

2,429

2,879

11.6

(5.9

Cooling Degree-Days

896

1,039

871

(13.8

2.9

Number of Electric Customers

2025

2024

Number of Natural Gas Customers

2025

2024

Residential

1,220,937

1,215,873

Residential

660,241

658,485

Small commercial & industrial

115,246

115,032

Small commercial & industrial

37,731

37,752

Large commercial & industrial

13,432

13,206

Large commercial & industrial

6,404

6,353

Public authorities & electric railroads

254

260

Total

1,349,869

1,344,371

Total

704,376

702,590

__________

(a)

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

(b)

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

(c)

Includes operating revenues from affiliates totaling $1 million and $2 million for the three months ended September 30, 2025 and 2024, respectively, and $4 million and $5 million for the nine months ended September 30, 2025 and 2024, respectively.

(d)

Includes alternative revenue programs and late payment charges.

(e)

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

(f)

Includes revenues primarily from off-system sales.

(g)

Pepco Statistics

Three Months Ended September 30, 2025 and 2024

Electric Deliveries (in GWhs)

Revenue (in millions)

2025

2024

% Change

Weather-

Normal

% Change

2025

2024

% Change

Electric Deliveries and Revenues (a)

Residential

2,323

2,432

(4.5

0.4

501

426

17.6

Small commercial & industrial

284

306

(7.2

(3.7

7.7

Large commercial & industrial

3,798

3,834

(0.9

2.0

331

281

17.8

Public authorities & electric railroads

168

164

2.4

2.7

(11.1

Other (b)

—

n/a

15.3

Total electric revenues (c)

6,573

6,736

(2.4

1.2

994

853

16.5

Other Revenues (d)

)

(125.0

Total electric revenues

992

861

15.2

Purchased Power

367

294

24.8

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

—

n/a

(100.0

Cooling Degree-Days

1,080

1,229

1,206

(12.1

(10.4

Nine Months Ended September 30, 2025 and 2024

Electric Deliveries (in GWhs)

Revenue (in millions)

2025

2024

% Change

Weather-

Normal

% Change

2025

2024

% Change

Electric Deliveries and Revenues (a)

Residential

6,396

6,300

1.5

3.3

1,273

1,085

17.3

Small commercial & industrial

853

856

(0.4

1.4

155

141

9.9

Large commercial & industrial

10,625

10,535

0.9

2.4

911

794

14.7

Public authorities & electric railroads

500

454

10.1

9.8

11.5

Other (b)

—

n/a

274

224

22.3

Total electric revenues (c)

18,374

18,145

1.3

2.9

2,642

2,270

16.4

Other Revenues (d)

(16

)

(132.0

Total electric revenues

2,626

2,320

13.2

Purchased Power

942

808

16.6

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

2,205

2,006

2,350

9.9

(6.2

Cooling Degree-Days

1,630

1,879

1,727

(13.3

(5.6

Number of Electric Customers

2025

2024

Residential

885,063

875,456

Small commercial & industrial

53,939

54,058

Large commercial & industrial

23,203

23,054

Public authorities & electric railroads

205

207

Total

962,410

952,775

__________

(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 September 30, 2025 and 2024, respectively, and $4 million and $5 million nine months ended September 30, 2025 and 2024 respectively.

(d)

Includes alternative revenue programs and late payment charge revenues.

DPL Statistics

Three Months Ended September 30, 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

1,510

1,578

(4.3

(4.6

283

267

6.0

Small commercial & industrial

651

672

(3.1

4.3

Large commercial & industrial

1,162

1,115

4.2

4.4

3.2

Public authorities & electric railroads

—

(1.0

—

Other (b)

—

n/a

10.0

Total electric revenues (c)

3,333

3,375

(1.2

(1.3

468

441

6.1

Other Revenues (d)

)

100.0

Total electric revenues

464

439

5.7

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues (e)

Residential

409

397

3.0

5.7

18.2

Small commercial & industrial

375

343

9.3

10.9

16.7

Large commercial & industrial

404

408

(1.0

(1.1

—

Transportation

1,239

1,190

4.1

4.3

—

Other (f)

—

n/a

100.0

Total natural gas revenues

2,427

2,338

3.8

4.7

17.4

Other Revenues (d)

—

n/a

Total natural gas revenues

17.4

Total electric and natural gas revenues

491

462

6.3

Purchased Power and Fuel

219

203

7.9

Electric Service Territory

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

(71.4

(83.3

Cooling Degree-Days

862

858

927

0.5

(7.0

Natural Gas Service Territory

% Change

Heating Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

(76.9

(91.2

Nine Months Ended September 30, 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

4,245

4,188

1.4

(1.7

$ 792

$ 725

9.2

Small commercial & industrial

1,824

1,793

1.7

1.3

200

191

4.7

Large commercial & industrial

3,133

3,115

0.6

0.2

1.1

Public authorities & electric railroads

3.3

3.0

8.3

Other (b)

—

n/a

224

198

13.1

Total electric revenues (c)

9,233

9,126

1.2

(0.5

1,321

1,217

8.5

Other Revenues (d)

)

(325.0

Total electric revenues

1,312

1,221

7.5

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues (e)

Residential

5,802

5,162

12.4

6.9

19.4

Small commercial & industrial

2,881

2,590

11.2

5.7

20.7

Large commercial & industrial

1,237

1,239

(0.2

(0.1

50.0

Transportation

4,626

4,491

3.0

1.4

8.3

Other (f)

—

n/a

60.0

Total natural gas revenues

14,546

13,482

7.9

4.3

148

122

21.3

Other Revenues (d)

—

n/a

Total natural gas revenues

148

122

21.3

Total electric and natural gas revenues

$ 1,460

$ 1,343

8.7

Purchased Power and Fuel

$ 637

$ 573

11.2

Electric Service Territory

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

2,726

2,517

2,800

8.3

(2.6

Cooling Degree-Days

1,278

1,256

1,278

1.8

—

Natural Gas Service Territory

% Change

Heating Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

2,774

2,620

2,970

5.9

(6.6

Number of Electric Customers

2025

2024

Number of Natural Gas

Customers

2025

2024

Residential

494,232

489,634

Residential

131,494

130,885

Small commercial & industrial

65,322

64,626

Small commercial & industrial

10,134

10,110

Large commercial & industrial

1,257

1,267

Large commercial & industrial

Public authorities & electric railroads

632

598

Transportation

160

161

Total

561,443

556,125

Total

141,802

141,170

__________

(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 September 30, 2025 and 2024, respectively and $6 million and $5 million for the nine months ended September 30, 2025 and 2024, respectively.

(d)

Includes alternative revenue programs and late payment charges.

(e)

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

(f)

Includes revenues primarily from off-system sales.

ACE Statistics

Three Months Ended September 30, 2025 and 2024

Electric Deliveries (in GWhs)

Revenue (in millions)

2025

2024

% Change

Weather -

Normal

% Change

2025

2024

% Change

Electric Deliveries and Revenues (a)

Residential

1,335

1,343

(0.6

3.9

363

323

12.4

Small commercial & industrial

483

519

(6.9

(5.9

—

Large commercial & industrial

790

885

(10.7

(9.5

(18.9

Public authorities & electric railroads

(10.0

(6.0

(20.0

Other (b)

—

n/a

(12.7

Total electric revenues (c)

2,617

2,757

(5.1

(2.3

554

534

3.7

Other Revenues (d)

166.7

Total electric revenues

570

540

5.6

Purchased Power

286

245

16.7

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

(42.1

(64.5

Cooling Degree-Days

755

828

888

(8.8

(15.0

Nine Months Ended September 30, 2025 and 2024

Electric Deliveries (in GWhs)

Revenue (in millions)

2025

2024

% Change

Weather -

Normal

% Change

2025

2024

% Change

Electric Deliveries and Revenues (a)

Residential

3,180

3,232

(1.6

1.0

782

727

7.6

Small commercial & industrial

1,253

1,246

0.6

2.0

193

187

3.2

Large commercial & industrial

2,237

2,348

(4.7

(3.4

141

149

(5.4

Public authorities & electric railroads

—

(0.7

—

Other (b)

—

n/a

196

206

(4.9

Total electric revenues (c)

6,702

6,858

(2.3

(0.4

1,326

1,283

3.4

Other Revenues (d)

)

(166.7

Total electric revenues

1,328

1,280

3.8

Purchased Power

616

557

10.6

% Change

Heating and Cooling Degree-Days

2025

2024

Normal

From 2024

From Normal

Heating Degree-Days

2,851

2,685

2,955

6.2

(3.5

Cooling Degree-Days

1,093

1,242

1,197

(12.0

(8.7

Number of Electric Customers

2025

2024

Residential

509,739

507,060

Small commercial & industrial

62,923

62,761

Large commercial & industrial

2,730

2,848

Public authorities & electric railroads

745

707

Total

576,137

573,376

__________

(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 $1 million for the three months ended September 30, 2025 and 2024, respectively and $3 million and $2 million for the nine months ended September 30, 2025 and 2024, respectively.

(d)

Includes alternative revenue programs.