Slide 1: Earnings Conference Call Fourth Quarter 2025
February 12, 2026 Earnings Conference Call Fourth Quarter 2025
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 ▪ $2.77 Adjusted Operating EPS* in 2025(1), exceeding guidance and sustaining a 100% track record Financial and of annual outperformance as a standalone utility Operational ▪ 7.4% growth in Adjusted Operating EPS* and 7.9% in rate base since 2021 Excellence ▪ Exelon utilities rank 1st,
Slide 5: Executing on 2025 Commitments
Executing on 2025 Commitments Commitments Made Commitments Met Maintain industry-leading operational ▪ Achieved top quartile performance; ComEd in top decile excellence ▪ Gas Odor Response in top decile for all gas utilities ▪ Executed on ~$300M sustainable O&M savings since 2024 Focus on customer a
Slide 6: 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 7: 2025 Financial Results
2025 Financial Results Fourth Quarter 2025 EPS Full Year 2025 EPS Results Results $2.73 $2.77 Adjusted operating earnings* drivers $0.57 $0.57 versus $2.69 per share midpoint of $0.58 $0.59 full year guidance(1): $0.18 $0.18 $0.80 $0.80 Favorable weather and storm conditions $0.16 $0.16 $0.79 Resolu
Slide 8: Adjusted Operating Earnings* Guidance
Adjusted Operating Earnings* Guidance Adjusted Operating Earnings* Guidance(1) Key Year-over-Year Drivers $2.81 - $2.91(3) $2.64 - $2.74(2) Incremental revenues from customer- focused investments in utility infrastructure Incremental financing costs at HoldCo 2025 Original 2026 Original Guidance Gui
Slide 9: Distribution Rate Case and Other Regulatory Updates
Distribution Rate Case and Other Regulatory Updates Completed Since Q3 2025 Call Revenue Req. Approved ROE / Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Order Date Increase Equity Ratio ACE Electric IT RT EH FO $54.0M 9.60% / 50.24% Nov 2025 DPL DE IT RT EH FO $21.5M 9.60% / 50.51% Dec
Slide 10: 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 $41.3B Capital Investments align with approved rate cases and $38.0B $3.9B $34.5B jurisdictional priorities. $31.3B $29.0B ▪ Plan-over-plan increases suppo
Slide 11: 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 12: 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) 2.0-2.5% Customer rates Improvement in reliability through grid investment(1) 19% below 2.3% $4,650 $4,675 $4,600 largest U.S. cities(
Slide 13: 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 Actu
Slide 14: Long-Term Earnings Growth Supports Sustainable Dividend Growth
Long-Term Earnings* Growth Supports Sustainable Dividend Growth Targeting 5-7% Adjusted Operating Earnings* Projected Dividend Payout(4) CAGR from 2025-2029(1)(5) Expect ~60% dividend payout ratio, growing dividend at 5% 5-7% $2.81 – $2.91(3) $2.64 – $2.74(2) 5% $1.60 $1.68 2025E 2026E 2025A 2026E E
Slide 15: 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% ~13.0% 13%(2) recov
Slide 16: 2026 Business Priorities and Commitments
2026 Business Priorities and Commitments Execute Plan Consistent and Reliable ❖ Prioritize employee safety and engagement ❖ Deploy ~$10B of capex for the benefit of customers Execution ❖ Maintain industry-leading operational excellence ❖ Focus on cost management and innovation Focus on Customer ❖ Ca
Slide 17: Sustainable Value as the Premier T&D Energy Company
Sustainable Value as the Premier T&D Energy Company Consistent Growth, Long-Term Value Customer rates 19% Top quartile SAIFI & SAIDI Operational Excellence Customer-Focused Financial Execution Talented, Committed Employees 100+ workforce Consistent track record of below largest U.S. cities(1) perfor
Slide 18: Additional Disclosures
Additional Disclosures 18
Slide 19: Exelon is Well-Positioned for Transmission Solutions
Exelon is Well-Positioned for Transmission Solutions Continued investment and an expansive footprint… …support Exelon’s competitive edge for transmission opportunities Transmission CapEx ($M)(1) ➢ 1 of 4 U.S. 765kV transmission operators with decades of experience 14,850 ➢ 11,197 Transmission Lines
Slide 20: 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 2 ~9% CAGR
Slide 21: The Power of Impact: Growth and Progress in Our Communities
The Power of Impact: Growth and Progress in Our Communities June 9, 2025 September 9, 2025 December 11, 2025 PA: Northpoint Bucks IL: Elk Grove Stream Data IL: ComEd 765kV County Data Center Center Campus Expansion June 27, 2025 September 24, 2025 January 6, 2026 IL: Elk Grove Substation MD: BGE, Fo
Slide 22: Energy Security and Associated Policy is a Top Priority
Energy Security and Associated Policy is a Top Priority Regional Transmission Federal Agencies States Operator Adopt policies that promote economic development Shape large load policies to protect customers, Facilitate supply in line with the pace of demand and energy security, including utility-own
Slide 23: 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 24: Exelon Load Overview
Exelon Load Overview Load Growth Outlook (GWh)(1) Revenue Decoupling Mitigates Load Load Net of EE & Solar Impacts EE & Solar Impacts Load Before EE & Solar Impacts Fluctuations CAGR Gross 3.3% Non-Decoupled(3) Load(2) 0.8% PECO Decoupled Net 3.1% DPL DE (0.3%) DPL MD Load ACE Pepco ~76% of Exelon’s
Slide 25: Utility Capex and Rate Base vs. Previous Disclosures
Utility Capex and Rate Base vs. Previous Disclosures Q4 2024 Capital Expenditures ($M) Q4 2025 Capital Expenditures ($M) 9,725 9,725 9,475 10,600 10,350 10,350 9,075 9,950 950 950 925 9,250 975 950 950 7,550 975 975 975 1,000 2,550 3,475 3,400 3,125 3,350 3,925 3,850 3,725 2,275 1,450 5,100 5,550 5,
Slide 26: ComEd Capital Expenditure Forecast
ComEd Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Rate Base Q4 2025 Capital Expenditures ($M) 2025: 35% of Total Exelon Rate Base 3,825 3,850 3,775 3,500 3,650 3,225 3,625 1,275 7% 3,375 1,400 1,300 3,200 1,100 925 1,400 1,175 950 975 21% $22.4B 2,400 2,525 2,425 2,475 2,300 2,450
Slide 27: PECO Capital Expenditure Forecast
PECO Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q4 2025 Capital Expenditures ($M) Rate Base 2025: 22% of Total Exelon Rate Base 2,350 2,350 2,375 1,950 2,000 1,950 2,225 1,875 400 375 375 375 2,000 25% 375 350 400 375 350 525 525 525 250 325 350 450 200 200 $13.9B 10% 1,300 1,325
Slide 28: BGE Capital Expenditure Forecast
BGE Capital Expenditure Forecast Rate Base Q4 2024 Capital Expenditures ($M) Q4 2025 Capital Expenditures ($M) 2025: 18% of Total Exelon Rate Base 2,000 2,050 2,300 1,900 2,175 1,850 525 525 1,950 500 1,850 525 1,850 525 525 31% 500 525 525 950 950 1,225 51% $11.3B 700 800 1,075 600 875 725 625 550
Slide 29: Pepco Holdings Consolidated Capital Expenditure Forecast
Pepco Holdings Consolidated Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q4 2025 Capital Expenditures ($M) Rate Base 2025: 26% of Total Exelon Rate Base 2,325 2,225 2,175 2,175 50 2,150 2,125 50 2,150 2,050 100 2,050 50 4% 75 50 50 50 50 550 675 1,150 900 1,025 900 725 1,025 27% 92
Slide 30: ACE Capital Expenditure Forecast
ACE Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q4 2025 Capital Expenditures ($M) Rate Base 2025: 6% of Total Exelon Rate Base 35% 525 575 500 500 450 500 400 450 475 $3.9B 225 275 350 275 225 225 125 175 250 65% 275 250 300 275 275 225 225 225 250 2025E 2026E 2027E 2028E 2025 202
Slide 31: DPL Capital Expenditure Forecast
DPL Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q4 2025 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 $4.6B 350 275 250 225 55% 175 275 125 29% 325 300 300 325 325 325 275 300 275
Slide 32: Pepco Capital Expenditure Forecast
Pepco Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q4 2025 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 $8.4B 775 750 625 600 650 575 575 575 575 77% 2025E 2026E 2027E 2
Slide 33: 2026 Financing Plan
2026 Financing Plan(1) Entity Instrument Issuance ($M) Maturity ($M) Issued ($M) Remaining ($M) FMB $1,425 ($500) - $1,425 FMB $250 - - $250 FMB $100 - - $100 FMB $150 - - $150 FMB $750 - - $750 Senior Notes $950 ($350) - $950 Senior Notes / Other(2) $1,775 ($750) $1,000(2) $775 Equity(3) $850 - $70
Slide 34: 2026-2029 Financing Plan
2026-2029 Financing Plan $ in billions ~$3.4 ~$16 ~$41 ~($7) ~$7 ~$22 Adjusted Cash Debt Maturity Debt Refinance Debt Issuance(2) Equity Issuance(3) Utility Investment from Operations*(1) 2026-2029 2026-2029 Capital expenditure is being funded in a balanced manner over the next several years Note: F
Slide 35: Exelon Debt Maturity Profile
Exelon Debt Maturity Profile(1,2) Debt Balances (as of 12/31/25)(1,2) ($B) Short-Term Debt Long-Term Debt Total Debt BGE $0.0 $6.0 $6.0 As of 12/31/2025 ComEd $0.0 $13.0 $13.0 ($M) PECO $0.0 $6.6 $6.6 PHI $0.6 $9.6 $10.2 Corp $0.0 $14.3 $14.3 Exelon $0.6 $49.5 $50.1 1,400 2,323 2,400 1,650 303 1,575
Slide 36: Exelon's Annual Earned Operating ROEs*
Exelon’s Annual Earned Operating ROEs* 9.6% 10.0% 9.7% 9.5% 9.4% 9.2% 9.4% 9.3% 8.7% 9.1% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Delivered 2025 operating ROE* within our 9-10% targeted range, executing within target since 2021 Note: Represents the twelve-month periods December 31, 2016-20
Slide 37: Q4 2025 QTD Adjusted Operating Earnings* Waterfall
Q4 2025 QTD Adjusted Operating Earnings* Waterfall $0.01 Income Taxes $0.01 Distribution and Transmission Rates ($0.02) Interest Expense $0.01 AFUDC ($0.02) Charitable Contributions $0.01 Distribution Rates ($0.01) Customer Relief Fund ($0.01) Timing of Distribution Earnings $0.01 MYP Reconciliation
Slide 38: Q4 2025 YTD Adjusted Operating Earnings* Waterfall
Q4 2025 YTD Adjusted Operating Earnings* Waterfall $0.06 Distribution Rates ($0.05) Customer Relief Fund $0.01 Storm Costs ($0.04) Interest Expense $0.05 Distribution and Transmission Rates $0.01 MYP Reconciliation ($0.02) Charitable Contributions $0.02 Regulatory Assets ($0.02) Interest Expense ($0
Slide 39: 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 40: Rate Case Details
Rate Case Details 40
Slide 41: Exelon Distribution Rate Case Updates
Exelon Distribution Rate Case Updates Completed Since Q3 2025 Call Revenue Req. Approved ROE / Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Order Date Increase Equity Ratio ACE Electric IT RT EH FO $54.0M(1,2) 9.60% / 50.24% Nov 2025 DPL DE IT RT EH FO $21.5M(1,3) 9.60% / 50.51% Dec 2025
Slide 42: ACE Distribution Rate Case Filing
ACE Distribution Rate Case Filing Final Order Rate Case Filing Details Notes Docket No. ER24110854 ▪ November 21, 2024, Atlantic City Electric filed with the New Jersey Board of Public Utilities (NJBPU) to adjust base rates Test Period 12 months actual ▪ Rate increases allow for system upgrades and
Slide 43: DPL DE (Gas) Distribution Rate Case Filing
DPL DE (Gas) Distribution Rate Case Filing Final Order Rate Case Filing Details Notes Docket No. 24-1044 ▪ September 20, 2024, Delmarva Power filed an application with the Delaware Public Service Commission (DE PSC) seeking an increase in gas distribution base rates Test Period 12 months actual ▪ Re
Slide 44: 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 forecast ▪ Pepco’s Fully Forecasted Test Year (FFTY) (1) rate
Slide 45: DPL DE (Electric) 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 3 months actuals + 9 months forecast b
Slide 46: 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 47: 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 48: 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 49: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 49
Slide 50: Projected Non-GAAP Operating Earnings Adjustments
Projected Non-GAAP Operating Earnings Adjustments • There are no adjustments between 2026 projected GAAP earnings and adjusted (non-GAAP) operating earnings currently. 50
Slide 51: 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 52: Q4 QTD GAAP EPS Reconciliation
Q4 QTD GAAP EPS Reconciliation Three Months Ended December 31, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $0.24 $0.16 $0.18 $0.17 ($0.16) $0.58 Regulatory matters 0.01 - - - - 0.01 2025 Adjusted (non-GAAP) operating earnings (loss) per share $0.25 $0.16 $0.18 $0.17 ($0.
Slide 53: Q4 YTD GAAP EPS Reconciliation
Q4 YTD GAAP EPS Reconciliation Twelve Months Ended December 31, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $1.13 $0.80 $0.57 $0.79 ($0.56) $2.73 Regulatory matters 0.03 - - - - 0.03 2025 Adjusted (non-GAAP) operating earnings (loss) per share $1.16 $0.80 $0.57 $0.79 ($0
Slide 54: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Exelon Operating TTM ROE Reconciliation ($M)(1) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Income (GAAP) $1,103 $1,704 $1,836 $2,065 $1,737 $2,225 $2,501 $2,740 $2,899 $3,352 Operating Exclusions $461 ($24) $32 $30 $246 $82 $96 $60 $44 $30 Adjusted Operati
Slide 55: Thank you
Thank you Please direct all questions to the Exelon Investor Relations team: InvestorRelations@ExelonCorp.com 779-231-0017
Slide 56: C\ exelon’
C\ exelon’