Slide 1: Earnings Conference Call Third Quarter 2024
October 30, 2024 Earnings Conference Call Third Quarter 2024
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 • GAAP Earnings of $0.70 per share in Q3 2024 versus $0.70 per share in Q3 2023 Financial and • Adjusted Operating Earnings* of $0.71 per share in Q3 2024 versus $0.67 per share in Q3 2023 Operational • Reaffirm 2024 Adjusted Operating Earnings* from $2.40 - $2.50 per share(1) Excellenc
Slide 5: Operating Highlights
Operating Highlights Q3 2024 • Reliability remains consistently strong with all utilities Operations Metric BGE ComEd PECO PHI achieving top quartile performance SIIR (Serious Injury Incidence ― ComEd and Pepco Holdings continue to be top decile in Safety Rate)(1) SAIFI and SAIDI performance • Top q
Slide 6: Q3 2024 QTD Adjusted Operating Earnings Waterfall
Q3 2024 QTD Adjusted Operating Earnings* Waterfall $0.04 Distribution Rates ($0.02) Distribution Rates(1) ($0.01) Credit Loss Expense $0.04 Timing of Distribution Earnings ($0.01) Depreciation and Amortization $0.01 Return on Regulatory Assets ($0.01) Interest Expense $0.01 Other ($0.01) CMC Carryin
Slide 7: Exelon Distribution Rate Case Updates
Exelon Distribution Rate Case Updates Revenue Approved/Requested Expected Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Requirement ROE / Equity Ratio Order Date Increase ComEd $667.0M Rate Plan EH IB RB FO 8.905% / 50.0% Dec 2024 4-Year MYP Pepco DC $186.5M (1) FO 10.50% / 50.50% Nov/Dec 2024
Slide 8: Featured Capital Investment: DPL's 138kV Transmission Upgrade
Featured Capital Investment DPL’s 138kV Transmission Upgrade – Vienna to Nelson 14-mile, 230kV transmission upgrade solution designed to address capacity constraints in DPL's service area stemming from the retirement of the Indian River 4 coal generating unit operating under a Reliability Must Run a
Slide 9: Maintaining a Strong Balance Sheet is a Top Financial Priority
Maintaining a Strong Balance Sheet is a Top Financial Priority S&P FFO / Debt %* and Moody’s CFO (Pre-WC) / Debt %* • Continued cushion over our downgrade thresholds, managing risks while funding growth in a balanced, ratable fashion – Illustrates Exelon’s low-risk attributes, including scale, juris
Slide 10: 2024 Business Priorities and Commitments
2024 Business Priorities and Commitments ❖ Maintain industry-leading operational excellence Industry-Leading Platform ❖ Achieve constructive rate case outcomes for customers and shareholders Operational Financial Sustainable ❖ Deploy $7.4B of capex for the benefit of the customer Discipline Value Ex
Slide 11: Additional Disclosures
Additional Disclosures 11
Slide 12: Delivering Sustainable Value as the Premier T&D Utility
Delivering Sustainable Value as the Premier T&D Utility SUSTAINABLE VALUE INDUSTRY-LEADING PLATFORM ✓ Size and Scale: Largest T&D utility in the country serving 10+ million customers ✓ Strong Growth Outlook: ~$34.5B of T&D capital from 2024-2027 to meet customer needs, resulting in expected rate bas
Slide 13: Customer Needs and Industry Trends Continue to Support Investment Growth
Customer Needs and Industry Trends Continue to Support Investment Growth Transmission Continues to Represent an Increasing Area of 4-year capital investment(1) profile drives benefits for our Investment Need Across Our Jurisdictions customers... $34.5B $31.3B $26.0B $26.7B $29.0B $3.9B ~20.5 GW $9.7
Slide 14: Path to 5-7% Annualized Earnings Growth
Path to 5-7% Annualized Earnings* Growth 2024 2025 2026 2027 YoY YoY YoY YoY OpCo Drivers(1) Drivers(1) Drivers(1) Drivers(1) EPS EPS EPS EPS BGE(2) Gas and electric MYP 2 year 1 Gas and electric MYP 2 year 2 Gas and electric MYP 2 year 3 Gas and electric MYP 3 year 1 rates and annual transmission r
Slide 15: Q3 2024 YTD Adjusted Operating Earnings Waterfall
Q3 2024 YTD Adjusted Operating Earnings* Waterfall ($0.04) Distribution Rates(1) $0.16 Distribution Rates $0.03 Timing of Distribution Earnings ($0.02) Depreciation and Amortization $0.02 Return on Regulatory Assets ($0.02) Interest Expense ($0.05) Interest Expense $0.01 Transmission Peak Load ($0.0
Slide 16: Exelon's Annual Earned Operating ROEs
Exelon’s Annual Earned Operating ROEs* 9.6% 10.0% 9.5% 9.4% 9.2% 9.4% 9.3% 8.7% 2016 2017 2018 2019 2020 2021 2022 2023 2024 operating ROE* on track to be within our 9-10% targeted range Note: Represents the twelve-month periods December 31, 2016-2023 for Exelon’s utilities (excludes Corp). Earned o
Slide 17: Exelon Debt Maturity Profile
Exelon Debt Maturity Profile(1,2) Debt Balances (as of 9/30/24)(1,2) Short-Term Debt Long-Term Debt Total Debt BGE - $5.4B $5.4B As of 9/30/2024 ComEd $0.1B $12.2B $12.3B ($M) PECO - $5.9B $5.9B PHI $0.2B $9.1B $9.4B Corp $0.7B(3) $12.4B $13.1B Exelon $1.0B $45.0B $46.1B 2,323 2,400 1,650 600 1,650
Slide 18: 2024 Financing Plan
2024 Financing Plan(1) OpCo Instrument Issuance ($M) Maturity ($M) Issued ($M)(3) Remaining ($M) FMB $775 ($250) $800 - FMB $675 ($400) $675 - FMB $250 ($150) $250 - FMB $175 ($33) $175 - FMB $575 - $575 - Senior Notes $800 - $800 - Senior Notes $1,700 ($500)(2) $1,700 - Equity $150 - $150 - Capital
Slide 19: Exelon Adjusted Operating Earnings Sensitivities
Exelon Adjusted Operating Earnings* Sensitivities Interest Rate Sensitivity to +50bp 2024E 2025E (1) Cost of Debt $(0.00) $(0.00) Exelon Consolidated Effective Tax Rate(2) 8.9% 16.6% Exelon Consolidated Cash Tax Rate(3) 11.1% 10.0% (1) Reflects full year impact to a +50bp increase on Corporate debt
Slide 20: Rate Case Details
Rate Case Details 20
Slide 21: ComEd MYRP Process Update
ComEd MYRP Process Update Filed Appeal with Rehearing Rehearing 1 Rebuttal Evidentiary ALJs Proposed Statutory Deadline 2023 DSPR Filed Oral Arguments 3rd District Court Filed Order Received Testimony Hearings Order DSPR Order Apr 26, 2024 Nov 17, 2024 Jan 10, 2024 Feb 16, 2024 Apr 18, 2024 Jun 20,
Slide 22: Exelon Distribution Rate Case Updates
Exelon Distribution Rate Case Updates Revenue Approved/Requested Expected/Received Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Requirement ROE / Equity Ratio Order Date Increase (1,2) ComEd $667.0M (2) EH IB RB FO 8.905% / 50.0% Dec 2024 Rate Plan 4-Year MYP (1,4) $186.5M 10.50%/ (4) Pepco D
Slide 23: ComEd Distribution Multi-Year Adjusted Rate Plan Filing
ComEd Distribution Multi-Year Adjusted Rate Plan Filing Multi-Year Adjusted Rate Plan Filing Details Notes (1,3) Docket No. 24-0181 • Bill impacts and revenue requirements for 2024 are compared to what is currently in rates in 2024 per the final order approved December 14, 2023, as amended on Test P
Slide 24: Pepco DC Distribution Rate Case Filing
Pepco DC Distribution Rate Case Filing Multi-Year Plan Case Filing Details Notes Formal Case No. 1176 • April 13, 2023, Pepco submitted its “Climate Ready Pathway DC” three-year multi-year plan (MYP) application to the Public Service Test Period January 1 – December 31 Commission of the District of
Slide 25: PECO (Electric) Distribution Rate Case Filing
PECO (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. R-2024-3046931 • March 28, 2024, PECO filed a general base rate case with the Pennsylvania Public Utility Commission (PA PUC) seeking an increase in electric distribution base rates Test Period January 1, 2025 –
Slide 26: PECO (Gas) Distribution Rate Case Filing
PECO (Gas) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. R-2024-3046932 • March 28, 2024, PECO filed a general base rate case with the Pennsylvania Public Utility Commission (PA PUC) seeking an increase in gas distribution base rates Test Period January 1, 2025 – December 3
Slide 27: DPL DE (Gas) Distribution Rate Case Filing
DPL DE (Gas) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 24-1044 • September 20, 2024, Delmarva Power filed an application with the Delaware Public Service Commission (DPSC) seeking an increase in gas distribution base rates Test Period 9 months estimated + 3 months actua
Slide 28: 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) $810.0M 8.905% 50.0% May 1, 2024 (3) PECO (Electric) $132.0M N/A N/A Jan 1, 2022
Slide 29: 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) $54.8M N/A N/A Jan 1, 2023 (2,3) BGE (Gas) $228.8M 9.45% 52.00% Jan 1, 2024 (4) DPL DE (Gas) $7.6M
Slide 30: 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 $20M 11.50% 54.82% Jun 1, 2024 PECO $3M 10.35% 53.56% Jun 1, 2024 BGE $53M 10.50% 53.8
Slide 31: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 31
Slide 32: Projected GAAP to Operating Adjustments
Projected GAAP to Operating Adjustments • Exelon’s projected 2024 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: – Costs related to a change in ComEd’s FERC audit liability; and – Costs related to a cost management charge. 32
Slide 33: GAAP to Non-GAAP Reconciliations
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 +/- Working Cap
Slide 34: Q3 QTD GAAP EPS Reconciliation
Q3 QTD GAAP EPS Reconciliation Three Months Ended September 30, 2024 ComEd PECO BGE PHI Other Exelon 2024 GAAP Earnings (Loss) from Continuing Operations Per Share $0.36 $0.12 $0.04 $0.28 ($0.09) $0.70 Change in FERC Audit Liability - - - - - - Cost Management Charge - - - - - - 2024 Adjusted (non-G
Slide 35: Q3 YTD GAAP EPS Reconciliation
Q3 YTD GAAP EPS Reconciliation Nine Months Ended September 30, 2024 ComEd PECO BGE PHI Other Exelon 2024 GAAP Earnings (Loss) from Continuing Operations Per Share $0.82 $0.36 $0.35 $0.60 ($0.32) $1.81 Change in FERC Audit Liability 0.04 - - - - 0.04 Cost Management Charge - - - - - 0.01 2024 Adjuste
Slide 36: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Exelon Operating TTM ROE Reconciliation ($M)(1) 2016 2017 2018 2019 2020 2021 2022 2023 Net Income (GAAP) $1,103 $1,704 $1,836 $2,065 $1,737 $2,225 $2,501 $2,740 Operating Exclusions $461 ($24) $32 $30 $246 $82 $96 $60 Adjusted Operating Earnings* $1,564 $1,680 $1,86
Slide 37: Thank you
Thank you Please direct all questions to the Exelon Investor Relations team: InvestorRelations@ExelonCorp.com 312-394-2345
Slide 38: Exelon
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