Exelon Corporation · NASDAQ:EXC
Exelon — Q1 2026 Earnings Presentation
48 slides from Exelon's earnings presentation, May 6, 2026
Slide 1: Earnings Conference Call First Quarter 2026
May 6, 2026 Earnings Conference Call First Quarter 2026
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 federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “pr
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). Exelon supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures, including:
Slide 4: Key Messages
Key Messages ▪ Adjusted Operating Earnings* of $0.91 per share in Q1 2026 vs. $0.92 per share in Q1 2025 Financial and ▪ GAAP Earnings of $0.90 per share in Q1 2026 vs. $0.90 per share in Q1 2025 Operational ▪ Affirming 2026 EPS* of $2.81 - $2.91 per share(1) Excellence ▪ All utilities sustained top
Slide 5: Affirming Long-Term Guidance and Financial Objectives
Affirming Long-Term Guidance and Financial Objectives Q4 2025 Earnings Q1 2026 Earnings Adjusted Operating EPS* Growth (2025 – 2029)(1) Near Top End of 5-7% Near Top End of 5-7% CapEx Plan (2026E – 2029E) $41.3 B $41.7 B(2) Rate Base Growth (2025 – 2029E) 7.9% 7.9% Transmission CapEx Upside Beyond P
Slide 6: Q1 2026 QTD Adjusted Operating Earnings Waterfall
Q1 2026 QTD Adjusted Operating Earnings* Waterfall $0.01 Approved Distribution and Transmission Rates(1) $0.03 Approved Distribution Rates(1) $0.01 AFUDC ($0.01) Credit Loss Expense ($0.01) Income Taxes ($0.04) Timing of Distribution Earnings $0.01 Other ($0.01) Interest Expense $0.92 $0.91 ($0.02)
Slide 7: Distribution Rate Case and Other Regulatory Updates
Distribution Rate Case and Other Regulatory Updates Open Base Rate Cases Revenue Req. Requested ROE / Expected Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Increase Equity Ratio Order Date Pepco MD CF IT RT EH IB RB FO Electric $119.9M 10.50% / 51.53% Aug 2026 DPL DE IT CF $47.6M 10.50% /
Slide 8: Strong Balance Sheet Provides Strategic and Financial Flexibility
Strong Balance Sheet Provides Strategic and Financial Flexibility Moody’s S&P Stable Platform with a Credit Supportive Value Proposition CFO (pre-WC) / Debt*(1) FFO / Debt*(1) ~14% ~14% ▪ Exelon’s scale, jurisdictional diversification, operational excellence, and effective ~13.5% 13%(2) ~13.0% recov
Slide 9: 2026 Business Priorities and Commitments
2026 Business Priorities and Commitments Execute Plan Consistent and Reliable ❖ Prioritize employee safety and engagement ❖ Deploy ~$10B of capex for the benefit of customers Execution ❖ Maintain industry-leading operational excellence ❖ Focus on cost management and innovation Focus on Customer ❖ Ca
Slide 10: Sustainable Value as the Premier T&D Energy Company
Sustainable Value as the Premier T&D Energy Company Consistent Growth, Long-Term Value Customer rates 19% Top quartile SAIFI & SAIDI Consistent track record of Operational Excellence Customer-Focused Financial Execution Talented, Committed Employees 100+ workforce below largest U.S. cities(1) perfor
Slide 11: Additional Disclosures
Additional Disclosures 11
Slide 12: Operating Earnings Growth Outlook
Operating Earnings* Growth Outlook 2026 2027 2028 2029 Total YoY Growth Growth Above Midpoint Growth Near Top End of 5-7% Range(3) Relative to Range (1) of 5-7% Range(2) Growth Drivers 2026-2029(4) Distribution Transmission ▪ Growth in line with rate base ▪ Annual transmission updates occurring ▪ Ca
Slide 13: Investment Plan Supports Growing Customer Needs
Investment Plan Supports Growing Customer Needs 4-year capital investment(1) profile drives benefits for our customers... Plan-over-Plan Drivers $41.7B Capital Investments align with jurisdictional priorities and $38.0B $3.6B $34.5B approved rate cases. $31.3B $29.0B ▪ Plan-over-plan increases suppo
Slide 14: Premium Customer Experience at Competitive Rates
Premium Customer Experience at Competitive Rates Above Average Value at Below Average Rates Disciplined, Below-Inflation O&M* $ in millions ~33% Adjusted O&M ($M)*(4) ~2.0% Customer rates Improvement in reliability through grid investment(1) 19% below $4,600 2.3% $4,650 $4,675 largest U.S. cities(2)
Slide 15: Positioned for Resilient and Reliable Growth
Positioned for Resilient and Reliable Growth Consistent Growth, Long-Term Value Attractive Risk Adjusted Return Size and scale Disciplined and defensive foundation, with credible Pure T&D-only utility spanning seven regulatory jurisdictions. Significant cost and opportunities for sustainable growth
Slide 16: Industry Trends Drive Growing Transmission Needs
Industry Trends Drive Growing Transmission Needs of identified transmission opportunity beyond the plan, with competitive projects offering $12-17B further upside, reinforcing Exelon’s enduring role in ensuring a resilient and reliable grid for the nation’s economy, while supporting customer afforda
Slide 17: Exelon is Well-Positioned for Transmission Solutions
Exelon is Well-Positioned for Transmission Solutions Continued investment and an expansive footprint… …support Exelon’s competitive edge for transmission opportunities Transmission CapEx ($M)(1) ➢ 1 of 4 U.S. 765kV transmission operators with decades of experience 16,300 ➢ 11,197 Transmission Lines
Slide 18: Exelon is a Key Partner in Driving Economic Development
Exelon is a Key Partner in Driving Economic Development Validated by PJM, Proven by Execution 18 GW Commitments with Customer Protections Data Center Load in Northern IL(1) +24% Projected Data Center Growth in Exelon’s Footprint(2) 700 ~26% CAGR(1) 600 44 ~43 500 High Probablity Pipeline 42 ~9% CAGR
Slide 19: The Power of Impact: Growth and Progress in Our Communities
The Power of Impact: Growth and Progress in Our Communities June 27, 2025 September 24, 2025 January 6, 2026 IL: Elk Grove Substation MD: BGE, Ford, & Sunrun IL: ComEd Announces Expansion Vehicle-to-Grid Pilot New TSAs of 6.5+ GW July 15, 2025 September 30, 2025 January 16, 2026 IL: Itasca Substatio
Slide 20: Driving Affordability and Value for our Communities
Driving Affordability and Value for our Communities O&M* Growth Well Below Inflation Advancing Customer and Community Equity 5.2 Managing Our Operations and Costs O&M* Grown at Inflation (CPI)(1) 5.0 • Saved over $1B in avoided outage costs in 2025 O&M* Grown at Smoothed Inflation (CPI)(1) 4.8 EXC A
Slide 21: Energy Security and Associated Policy is a Top Priority
Energy Security and Associated Policy is a Top Priority Regional Transmission Federal Agencies States Operator Shape large load policies to protect Facilitate supply in line with the pace of demand Adopt policies that promote economic customers, promote economic growth, and and solve near-term affor
Slide 22: Select 2026 Maryland Legislation in Focus
Select 2026 Maryland Legislation in Focus: Utility RELIEF Act (HB 1532 / SB 841)(1,2) Regulatory Reforms Transmission and Incentivizing Clean Large Load Oversight Energy Generation Prohibits the approval of forecast test years Mandates RTO participation Establishes annual competitive low-bid until t
Slide 23: Utility Capex and Rate Base vs. Q4 2024 Disclosures
Utility Capex and Rate Base vs. Q4 2024 Disclosures Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) 9,725 9,725 9,475 10,575 10,500 10,675 9,075 9,900 950 950 925 9,250 875 850 850 7,550 975 1,000 975 1,000 2,550 3,475 3,400 3,125 3,325 4,375 4,350 4,250 2,275 1,450 5,100 5,550 5
Slide 24: ComEd Capital Expenditure Forecast
ComEd Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Rate Base Q1 2026 Capital Expenditures ($M) 2025: 35% of Total Exelon Rate Base 4,000 4,075 3,925 3,500 3,650 3,625 7% 3,225 3,375 1,475 1,625 1,450 3,200 1,100 1,400 1,175 925 950 975 21% $22.4B 2,400 2,525 2,425 2,475 2,450 2,450
Slide 25: PECO Capital Expenditure Forecast
PECO Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) Rate Base 2025: 22% of Total Exelon Rate Base 2,775 1,950 2,000 1,950 1,875 2,500 375 375 2,300 25% 375 350 2,175 375 375 2,000 400 325 400 925 200 250 350 350 825 200 450 800 $13.9B 10% 1,300 1,325
Slide 26: BGE Capital Expenditure Forecast
BGE Capital Expenditure Forecast Rate Base Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) 2025: 18% of Total Exelon Rate Base 2,000 2,050 2,175 1,900 2,100 1,850 500 525 1,850 525 425 1,750 525 525 1,650 31% 525 400 425 950 950 1,075 51% $11.3B 700 800 600 1,225 875 725 625 725
Slide 27: Pepco Holdings Consolidated Capital Expenditure Forecast
Pepco Holdings Consolidated Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) Rate Base 2025: 26% of Total Exelon Rate Base 2,325 2,225 2,175 2,175 50 2,150 2,125 50 2,150 2,050 100 2,050 50 4% 75 50 50 50 50 550 675 1,150 900 1,025 900 725 1,025 27% 92
Slide 28: ACE Capital Expenditure Forecast
ACE Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) Rate Base 2025: 6% of Total Exelon Rate Base 35% 525 575 500 500 450 500 400 450 475 $3.9B 225 275 350 275 225 225 125 175 250 65% 275 250 300 275 275 225 225 225 250 2025E 2026E 2027E 2028E 2025 202
Slide 29: DPL Capital Expenditure Forecast
DPL Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) Rate Base 2025: 7% of Total Exelon Rate Base 16% 775 725 50 700 50 675 50 625 600 600 50 575 575 50 50 50 75 100 375 425 $4.6B 350 275 250 225 55% 175 275 125 29% 325 300 300 325 325 325 275 300 275
Slide 30: Pepco Capital Expenditure Forecast
Pepco Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) Rate Base 2025: 13% of Total Exelon Rate Base 1,050 1,025 1,050 1,000 975 975 1,000 950 975 23% 275 300 375 425 425 325 400 400 400 $8.4B 775 750 625 600 650 575 575 575 575 77% 2025E 2026E 2027E 2
Slide 31: 2026 Financing Plan
2026 Financing Plan(1) Entity Instrument Issuance ($M) Maturity ($M) Issued ($M)(2) Remaining ($M) FMB $1,425 ($500) - $1,425 FMB $250 - $300 - FMB $100 - $100 - FMB $150 - $150 - FMB $750 - - $750 Senior Notes $950 ($350) - $950 Senior Notes / Other(3) $1,775 ($750) $1,775(3) - Equity(4) $850 - $85
Slide 32: 2026-2029 Financing Plan
2026-2029 Financing Plan $ in billions 3.4 16.5 41.7 (6.6) 6.6 21.8 Adjusted Cash Debt Maturity Debt Refinance Debt Issuance(1) Equity Issuance(2) Utility Investment from Operations* 2026-2029 2026-2029 Capital expenditures are being funded in a balanced manner over the next several years Note: Fina
Slide 33: Exelon Debt Maturity Profile
Exelon Debt Maturity Profile(1,2) Debt Balances (as of 3/31/26)(1,2) ($B) Short-Term Debt Long-Term Debt Total Debt BGE $0.0 $6.0 $6.0 As of 03/31/2026 ComEd $0.0 $13.0 $13.0 ($M) PECO $0.0 $6.6 $6.6 PHI $0.1 $9.9 $10.0 Corp $0.5(3) $15.1 $15.6 Exelon $0.7 $50.6 $51.2 1,400 2,323 2,400 1,650 303 1,5
Slide 34: Exelon Adjusted Operating Earnings Sensitivities
Exelon Adjusted Operating Earnings* Sensitivities Interest Rate Sensitivity to +50bp 2026E 2027E (1) Cost of Debt $(0.00) $(0.01) Exelon Consolidated Effective Tax Rate 19.5% 20.0% Exelon Consolidated Cash Tax Rate(2) 2.9% 4.2% (1) Reflects full year impact to a +50bp increase on Corporate debt net
Slide 35: Rate Case Details
Rate Case Details 35
Slide 36: Exelon Distribution Rate Case Updates
Exelon Distribution Rate Case Updates Open Base Rate Cases Revenue Req. Requested ROE / Expected Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Increase Equity Ratio Order Date Pepco MD CF IT RT EH IB RB FO Electric $119.9M(1) 10.50% / 51.53% Aug 2026 DPL DE IT CF $47.6M(1,2) 10.50% / 50.50
Slide 37: Pepco MD Distribution Rate Case Filing
Pepco MD Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 9820 ▪ October 14, 2025, Pepco filed with the Maryland Public Service Commission (MD PSC) seeking an increase in base distribution rates Test Period 12 months actuals ▪ Pepco’s Traditional Test Year (TTY)(2) rate increase
Slide 38: DPL DE Distribution Rate Case Filing
DPL DE (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 25-1555 ▪ December 9, 2025, Delmarva Power filed an application with the Delaware Public Service Commission (DE PSC) seeking an increase in electric distribution Test Period 6 months actuals + 6 months forecast b
Slide 39: Approved Electric Distribution Rate Case Financials
Approved Electric Distribution Rate Case Financials Revenue Requirement Common Rate Approved Electric Distribution Rate Case Financials Allowed ROE Increase/(Decrease) Equity Ratio Effective Date (1,2) ComEd (Electric) $1,045.0M 8.905% 50.0% Jan 1, 2024 (3) PECO (Electric) $290.0M N/A N/A Jan 1, 202
Slide 40: Approved Gas Distribution Rate Case Financials
Approved Gas Distribution Rate Case Financials Revenue Requirement Common Rate Approved Gas Distribution Rate Case Financials Allowed ROE Increase/(Decrease) Equity Ratio Effective Date (1) PECO (Gas) $78.0M N/A N/A Jan 1, 2025 (2,3) BGE (Gas) $228.8M 9.45% 52.00% Jan 1, 2024 (4) DPL DE (Gas) $21.5M
Slide 41: Approved Electric Transmission Formula Rate Financials
Approved Electric Transmission Formula Rate Financials Revenue Requirement Common Rate Approved Electric Transmission Formula Rate Financials Allowed ROE(1) Increase/(Decrease) Equity Ratio Effective Date(2) ComEd $127M 11.50% 54.56% Jun 1, 2025 PECO $22M 10.35% 54.27% Jun 1, 2025 BGE $35M 10.50% 53
Slide 42: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 42
Slide 43: Projected Non-GAAP Operating Earnings Adjustments
Projected Non-GAAP Operating Earnings Adjustments • Exelon’s projected 2026 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: – Costs related to Pepco’s regulatory matters. 43
Slide 44: Credit Metric GAAP to Non-GAAP Reconciliations
Credit Metric GAAP to Non-GAAP Reconciliations(1) (2) (3) 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(2) Moody’s CFO (Pre-WC) Calculation(3) GAAP Operating Income Cash Flow From Operations + Depreciation & Amortization +
Slide 45: Q1 QTD GAAP EPS Reconciliation
Q1 QTD GAAP EPS Reconciliation Three Months Ended March 31, 2026 ComEd PECO BGE PHI Other Exelon 2026 GAAP earnings (loss) per share $0.30 $0.27 $0.29 $0.16 ($0.13) $0.90 Regulatory matters - - - 0.01 - 0.01 2026 Adjusted (non-GAAP) operating earnings (loss) per share $0.30 $0.27 $0.29 $0.18 ($0.13)
Slide 46: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Exelon Adjusted O&M Expense Reconciliation ($M)(1) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E GAAP O&M $4,300 $4,025 $4,150 $4,000 $4,375 $4,200 $4,475 $4,475 $5,100 $5,300 $5,425 Regulatory Required O&M ($175) ($300) ($200) ($175) ($175) ($175) ($250) (
Slide 47: Thank you
Thank you Please direct all questions to the Exelon Investor Relations team: InvestorRelations@ExelonCorp.com 779-231-0017
Slide 48: C\ exelon’
C\ exelon’