Slide 1: Earnings Conference Call First Quarter 2024
May 2, 2024 Earnings Conference Call First 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 Financial and • GAAP Earnings of $0.66 per share in Q1 2024 versus $0.67 per share in Q1 2023 Operational • Adjusted Operating Earnings* of $0.68 per share in Q1 2024 versus $0.70 per share in Q1 2023 Excellence • Continue to execute at high operational levels, with top decile reliabili
Slide 5: Operating Highlights
Operating Highlights Q1 2024 Operations Metric • Reliability remains consistently strong with all utilities BGE ComEd PECO PHI achieving top quartile performance Safety SIIR (Serious Injury Incidence ― ComEd and PHI achieved top decile SAIFI and SAIDI Rate)(1) performance 2.5 Beta SAIFI • Industry-l
Slide 6: Q1 2024 QTD Adjusted Operating Earnings Waterfall
Q1 2024 QTD Adjusted Operating Earnings* Waterfall $0.08 Distribution Rates ($0.02) Distribution Rates(1) ($0.01) Storm Costs ($0.02) Interest Expense ($0.01) CMC Carrying Costs(2) ($0.01) Other $0.70 $0.68 ($0.03) ($0.02) ($0.02) $0.06 $0.20 $0.26 $0.02 Distribution Rates $0.02 Weather ($0.01) Inte
Slide 7: ComEd MYRP Process Update
ComEd MYRP Process Update Filed Appeal with Rehearing Rehearing 1 Rebuttal Evidentiary Expected 2023 DSPR Filed Initial Briefs 3rd District Court Filed Order Received Testimony Hearings DSPR Order Apr 26, 2024 Sept 5, 2024 Jan 10, 2024 Feb 16, 2024 Apr 18, 2024 Jun 20, 2024 Aug 14 -16, 2024 Dec 2024
Slide 8: Exelon Distribution Rate Case Updates
Exelon Distribution Rate Case Updates Revenue Approved/Requested Expected/Received Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Requirement ROE / Equity Ratio Order Date Increase DPL DE Electric FO $27.8M 9.60% / 50.50% Apr 2024 ComEd $810M FR 8.905% / 50.0% Apr 2024 Rehearing 4-Year MYP ComE
Slide 9: Maintaining a Strong Balance Sheet is a Top Financial Priority
Maintaining a Strong Balance Sheet is a Top Financial Priority • Continue to maintain consistent cushion over our downgrade thresholds, managing risks while funding growth in a balanced, ratable fashion S&P FFO / Debt %* and Moody’s CFO (Pre-WC) / Debt %* – Illustrates low-risk attributes of platfor
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 Financial Operational Sustainable Discipline Excellence ❖ Deploy $7.4B of capex for the benefit of the custom
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: 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 14: 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 15: Exelon Debt Maturity Profile
Debt Balances (as of 3/31/24)(1,2) Exelon Debt Maturity Profile(1,2) BGE Short-Term Debt $0.4B Long-Term Debt $4.6B Total Debt $5.0B As of 3/31/2024 ComEd $0.7B(3) $11.7B $12.4B ($M) PECO - $5.3B $5.3B PHI - $9.2B $9.2B Corp $1.1B(4) $12.4B $13.5B Exelon $2.2B $43.2B $45.4B 2,323 2,400 1,650 600 1,6
Slide 16: 2024 Financing Plan
2024 Financing Plan(1) OpCo Instrument Issuance ($M) Maturity ($M) Issued ($M)(3) Remaining ($M) FMB $775 ($250) - $775 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 17: Exelon Adjusted Operating Earnings Sensitivities
Exelon Adjusted Operating Earnings* Sensitivities Interest Rate Sensitivity to +50bp 2024E 2025E (1) Cost of Debt $(0.00) $(0.01) 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 18: Rate Case Details
Rate Case Details 18
Slide 19: Exelon Distribution Rate Case Updates
Exelon Distribution Rate Case Updates Revenue Approved/Requested Expected/Received Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Requirement ROE / Equity Ratio Order Date Increase DPL DE (1,2) 9.60% / FO $27.8M Apr 2024 Electric 50.50% (1,3) ComEd $810M FR 8.905% / 50.0% Apr 2024 Rehearing 4-Y
Slide 20: Delmarva DE (Electric) Distribution Rate Case Filing
Delmarva DE (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 22-0897 • Dec 15, 2022, Delmarva Power filed an application with the Delaware Public Service Commission (DPSC) seeking an increase in electric distribution rates Test Period July 1 – June 30 • Rate increas
Slide 21: ComEd Distribution Multi-Year Rate Plan Rehearing Order
ComEd Distribution Multi-Year Rate Plan Rehearing Order Multi-Year Plan Rehearing Case Filing Details Notes Formal Case No. 23-0055 • At its January 10, 2024 Special Open Meeting, the Commission granted rehearing on the establishment of the forecasted rate base and O&M for each test year of the Mult
Slide 22: ComEd Distribution Multi-Year Adjusted Rate Plan Filing
ComEd Distribution Multi-Year Adjusted Rate Plan Filing Multi-Year Adjusted Rate Plan Filing Details Notes (1,4) 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 Dec 14, 2023, as amended on January 10,
Slide 23: 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 24: Pepco MD Distribution Rate Case Filing
Pepco MD Distribution Rate Case Filing Multi-Year Plan Case Filing Details Notes Formal Case No. 9702 • May 16, 2023, Pepco submitted its “Climate Ready Pathway MD” three-year multi-year plan (MYP) application with proposed 9-month Test Period April 1 – March 31 extension to the Maryland Public Serv
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 (PAPUC) seeking an increase in electric distribution base rates Test Period January 1, 2025 – D
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 (PAPUC) seeking an increase in gas distribution base rates Test Period January 1, 2025 – December 31
Slide 27: 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) ComEd (Electric) $810.0M 8.905% 50.0% May 1, 2024 (2) PECO (Electric) $132.0M N/A N/A Jan 1, 2022 (3
Slide 28: 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 PECO (Gas) $54.8M N/A N/A Jan 1, 2023 (1,2) BGE (Gas) $228.8M 9.45% 52.00% Jan 1, 2024 DPL DE (Gas) $7.6M 9.60% 49
Slide 29: 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 $83M 11.50% 55.00% Jun 1, 2023 PECO $47M 10.35% 54.12% Jun 1, 2023 BGE $4M 10.50% 53.4
Slide 30: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 30
Slide 31: 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. 31
Slide 32: 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 33: Q1 QTD GAAP EPS Reconciliation
Q1 QTD GAAP EPS Reconciliation Three Months Ended March 31, 2024 ComEd PECO BGE PHI Other Exelon 2024 GAAP Earnings (Loss) from Continuing Operations Per Share $0.19 $0.15 $0.26 $0.17 ($0.11) $0.66 Change in FERC Audit Liability 0.03 - - - - 0.03 2024 Adjusted (non-GAAP) Operating Earnings (Loss) Pe
Slide 34: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Exelon Operating TTM ROE Reconciliation ($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 $1,869
Slide 35: Thank you
Thank you Please direct all questions to the Exelon Investor Relations team: InvestorRelations@ExelonCorp.com 312-394-2345
Slide 36: C\ exelon’
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