Exelon Corporation · NASDAQ:EXC
Exelon — Q1 2022 Earnings Presentation
28 slides from Exelon's earnings presentation, May 9, 2022
Slide 1: First Quarter 2022 Earnings Conference Call
©) exelon” May 9, 2022 Earnings Confe First Quarter /2
Slide 2: Cautionary Statements Regarding Forward-Looking Information
Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “w
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures Exelon reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Historical results were revised from amounts previously reported to reflect anly Exelon continuing operations, Exelon supplements the reporting of
Slide 4: First Quarter Results
First Quarter Results Financial Highlights First Quarter 2022 EPS Results * GAAP earnings of $0.49 per share in Q12022 vs. $0.53 per share in Q12021 $0.64 + Adjusted operating earnings* of $0.64 per share in Q1 2022 vs. $0.55 per share in Q12021 * Successfully completed $2B corporate debt offering K
Slide 5: Operating Highlights
Operating Highlights Operations Metric Ostia Recordabe Rat | Reliability remains a top priority: — ComEd delivered top decile SAIFI performance, while PHI remained top quartile Electric | SEES ComEd and PHI scored in the top decile in CAIDI, while Operations (Outage Frequency)” PECO sustained top qu
Slide 6: Q1 2022 QTD Adjusted Operating Earnings Waterfall
Q1 2022 QTD Adjusted Operating Earnings* Waterfall Reaffirming 2022 Adjusted Operating Earnings* of $2.18 - $2. $0.01 Distribution and Transmission Rates $007 BSC Allocations Adjustment for ———E ($0.01) Depreciation and Amortization Discontinued Operations! $0.01 Distribution Rates?) ($0.02) Other (
Slide 7: Exelon's Trailing Twelve Month Earned ROEs
Exelon’s Trailing Twelve Month Earned ROEs* 932021 = Q42021 = Q12022 Q12019 © Q22019»—-Q32019 = Q4.2019 Qi exelon 7
Slide 8: Exelon Distribution Rate Case Updates
Exelon Distribution Rate Case Updates quested RO! Equity Ratio © 96% ( FO} 125M wae Mar 2, 2022 or 10.30% / g1asM petal 12023 fs 10.95% / G $e21M payin 942022 0 7.85% / a s1988M Leste! Dec 2022 G rate case filed TD) Rebuttal testimony Initial briefs Final commission order GG intervenor direct testim
Slide 9: Path to Clean: Electric Vehicles
Path to Clean: Electric Vehicles Key Developments Infrastructure Investment and Jobs Act (IIJA) allocates $7.5 billion to support the build out of a national electric vehicle (EV) network + Climate and Equitable Jobs Act (CEJA) establishes target to adopt 1 million EVs in Illinois by 2030 and provid
Slide 10: Featured Capital Investments
Featured Capital Investments Pepco’s Capital Grid Project: Harvard Substation Rebuild + Forecasted project cost: - $220 million + Inservice date: = Project scheduled to be completed in Q2 2023 + Project scope: - Replace existing Harvard 34/13kV 46.5 MVA Substation with new 230/13kV 210 MVA Gas Insul
Slide 11: Maintaining a Strong Balance Sheet is a Top Financial Priority
Maintaining a Strong Balance Sheet is a Top Financial Priority S&P FFO / Debt %* Moody’s CFO (Pre-WC) / Debt %* 15% 15% us 13.14% 4% 1344% ie 13% 12% —-- 2% ——— — - m% 0% naeeeees 0% naeeeees 2022-2024E Average"! Exelon 2022-2024E Average! Exelon Downgrade Downgrade Threshold!) Threshold!) Credit Ra
Slide 12: Delivering Sustainable Value as the Premier T&D Utility
Delivering Sustainable Value as the Premier T&D Utility SUSTAINABLE VALUE ¥ Strong Growth Outlook: ~$298 of T&D capital from 2022-2025 to meet customer needs, resulting in expected rate base growth of 8.1% and fully regulated operating EPS* growth of 6-8% from 2021-2025!) ¥ Shareholder Returns: Targ
Slide 13: Additional Disclosures
Additional Di ures
Slide 14: Exelon Long-Term Debt Maturity Profile
Exelon Long-Term Debt Maturity Profile") 3/2022 litt | 44 2085 2 2081 2082
Slide 15: EPS Sensitivities
EPS* Sensitivities Interest Rate Sensitivity to +50bp. 2022E ComEd Distribution ROE” $0.04 $0.04 Cost of Debt” ${0.01) $(0.01) Exelon Consolidated Effective Tax Rate 136% 15.1% Exelon Consolidated Cash Tax Rate 03% 41% Note: reflects sensitivities and tax rates as presented at Analyst Day in January
Slide 16: Rate Case Details
Rate Case Detai
Slide 17: Delmarva MD Distribution Rate Case Filing
Delmarva MD Distribution Rate Case Filing Rate Case Filing Details Formal Case No. 9670 + September 1, 2021, Delmarva Power filed an application with the Maryland Public Service Commission (MOPSC) seeking an increase in electric distribution base rates, Test Period ‘12 Months Actual * January 24, 20
Slide 18: Delmarva DE (Gas) Distribution Rate Case Filing
Delmarva DE (Gas) Distribution Rate Case Filing Docket No. 22-0002 + January 14, 2022, Delmarva Power filed an application with the Delaware Public Service Commission (DPSC) seeking an increase in gas distribution base rates Test Period 12 Months Actual + Size of ask is driven by continued investmen
Slide 19: PECO (Gas) Distribution Rate Case Filing
PECO (Gas) Distribution Rate Case Filing Docket No. R-2022-30313 + March 31, 2022, PECO filed a general base rate filing with Tener 20 eenbe a po la a mgs Test Period 12 Months Budget + This rate increase will support significant investments in Proposed Common Eaulyihatia nae infrastructure to furth
Slide 20: ComEd Distribution Rate Case Filing
ComEd Distribution Rate Case Filing Docket No. 22-0302 Test Year January 1, 2021 ~ December 31, 2021 Test Period 2021 Actual Costs + 2022 Projected Plant Additions Proposed Common Equity Ratio 49.45% Proposed Rate of Return Proposed Rate Base (Adjusted) $13,883M Requested Revenue Requirement Increas
Slide 21: Reconciliation of Non-GAAP Measures
Reconciliatio Measures
Slide 22: Projected GAAP to Operating Adjustments
Projected GAAP to Operating Adjustments + Exelon’s projected 2022 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: Costs related to the separation; Adjustment to deferred income taxes in connection with the separation, including an income tax expense primarily d
Slide 23: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations” S&P FFO/Debt” = ___FFO (a) Moody's CFO (Pre-WC)/Debt” = CFO (Pre-WC) (c) Adjusted Debt (b) Adjusted Debt (d) S&P FFO Calculation® Moody's CFO (Pre-WC) Calculation?! GAAP Operating Income Cash Flow From Operations + Depreciation & Amortization +/- Working Capital Adj
Slide 24: Q1 GAAP EPS Reconciliation
Q1 GAAP EPS Reconciliation 2022 GAAP Earnings (Loss) from Continuing Operations Per Share $0.19 $0.21 $0.20 $0.13 ($0.25) $0.49 Separation costs 0.01 : : : : 0.02 Income tax-related adjustments : : = 2 013 014 2022 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share $0.20 $0.21 $0.20 $0.14 ($0.1
Slide 25: Q1 GAAP EPS Reconciliation (continued)
Q1 GAAP EPS Reconciliation (continued) Three Months Ended March 31, 2021 ComEd PECC Bi HI Other Exelon 2021 GAAP Earnings (Loss) from Continuing Operations Per Share $0.20 $0.17 $0.21 $0.13 ($0.18) $0.53 Acquisition related costs 0.01 0.01 ERP System Implementation 0.01 Separation costs 0.01 2021 Ad
Slide 26: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Exelon Operating TTM ROE Reconciliation ($M)! @12021 © Q22021 © Q32021 © Q42021 Qi 2022 Net Income (GAAP) $1841 $2,214 $2,243 $2,225 $2,242 Operating Exclusions $249 $36 saz $82 $88 Adjusted Operating Earnings $2090 $2250 $2,284 = $2,307 $2331 Average Equity $23598 $
Slide 27: Thank you
©) exelon’ Thank you Please direct all questions to the Exelon Investor Relations team: DX] InvestorRelations@ExelonCorp.com 2 312-394-2345
Slide 28: () exelon’
() exelon’