Exelon Corporation · NASDAQ:EXC
Exelon — Investor Presentation (2026)
70 slides from Exelon's investor presentation, 2026
Slide 1: Winter 2026 Investor Meetings
Winter 2026 Investor Meetings
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: Who is Exelon?
Who is Exelon? 6 T&D-only utilities 4.1 million 1.3 million 1.7 million 0.6 million Operate within seven regulatory jurisdictions Electric customers Electric customers Electric customers Electric customers 4 major metro areas served 2024 Rate Base: $21.3B 0.7 million 0.6 million 0.1 million Chicago,
Slide 5: Premier Utility by Scope and Scale
Premier Utility by Scope and Scale One of the Largest Utilities by Customer Count(1) 12.7 10.7 10.3 10.2 8.9 7.4 6.3 6.1 6.0 5.6 5.3 5.2 4.3 4.3 4.0 3.2 Peer A EXC Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I Peer J Peer K Peer L Peer M Peer N Peer O One of the Largest Transmission & Dist
Slide 6: Sustainable Value as the Premier T&D Energy Company
Sustainable Value as the Premier T&D Energy Company Consistent Growth, Long-Term Value Operational Excellence Customer-Focused Financial Execution Talented, Committed Employees 100+ workforce Customer rates 21% Exelon utilities rank 1st, Proven track record, development programs below largest U.S. c
Slide 7: Diverse, Fully Regulated Energy Company
Diverse, Fully Regulated Energy Company Serving Large Urban Areas Across Fully Regulated Transmission and Distribution Seven Regulatory Jurisdictions FERC Transmission IL 20% Electric 28% Distribution Gas Delivery 12% 66% ~$64.1B(1) ~$64.1B(1) 3% Other(2) DE 3% 21% MD 4% NJ 20% 6% Electric DC Transm
Slide 8: Best-in-Class Operations
Best-in-Class Operations Industry-Leading T&D Operator Delivering a World-Class Customer Experience Top Quartile(1) Top Quartile(1) 0.94 0.92 0.91 0.91 8.05 8.00 7.98 7.96 7.78 7.75 0.73 7.61 7.58 0.64 0.64 Better 0.56 0.51 0.47 7.52 7.49 Better Peer F Peer G Peer F Peer G Peer I Peer I Exelon Peer
Slide 9: Advancing Customer Energy Choice and Value
Advancing Customer Energy Choice and Value Energy Efficiency Consistently Delivering Strong • Offer nationally recognized energy efficiency portfolios, including Customer Satisfaction Scores(3) incentives and behavioral programs across all our jurisdictions, saving 26.2M MWh in 2024 Top Quartile(3)
Slide 10: Alternative Regulatory Mechanisms Across Variety of Jurisdictions
Alternative Regulatory Mechanisms Across Variety of Jurisdictions Estimated Rate Base Growth through 2028 of $19.9B(1) 2024 Rate Base Composition BGE PECO 18% 17% 15% 20% 2% 6% 31% 27% PHI 36% 29% ComEd Multi-Year Plan Fully Projected Future Test Year Transmission Formula Traditional Base Rates Trac
Slide 11: Exelon is an Industry Leader in Sustainability
Exelon is an Industry Leader in Sustainability Environmental Social Governance NET-ZERO CLIMATE GOAL INCLUSIVE, INNOVATIVE, AND STRONG CORPORATE GOVERNANCE • No owned generation supply REWARDING WORKPLACE (2) ACROSS THE ORGANIZATION • Targeting a reduction of our operations-driven • Executive Commit
Slide 12: Exelon's Path to Clean GHG Emission Reduction Strategy
Exelon’s Path to Clean GHG Emission Reduction Strategy 2020 2030 2050 Path to Clean Operations-Driven Emission Short-Term Reduction Goal Progress(1,2,3) Company Operations Fleet Vehicles Buildings(4) Projected Emissions Take actions to reduce operations-driven emissions by 50 percent by 2030 and SF6
Slide 13: Financial Outlook
Financial Outlook 13
Slide 14: Updated Investment Plan Supports Growing Needs of Customers
Updated Investment Plan Supports Growing Needs of Customers 4-year capital investment(1) profile drives benefits for our customers... Plan-over-Plan Drivers $38.0B Capital Investment $34.5B $3.8B $31.3B ▪ Increased investment plan-over-plan to support connecting new $29.0B $26.7B $12.6B businesses a
Slide 15: Industry Trends Drive Growing Transmission Needs
Industry Trends Drive Growing Transmission Needs… of identified transmission opportunity beyond the plan, with competitive projects offering $10-15B further upside, reinforcing Exelon’s enduring role in ensuring a resilient grid for the nation’s economy(1) ▪ Reliability & Resiliency ▪ Congestion Rel
Slide 16: Exelon is Well-Positioned for Transmission Solutions
Exelon is Well-Positioned for Transmission Solutions Continued investment and an expansive footprint… …support Exelon’s competitive edge for transmission opportunities Transmission CapEx ($M)(1) ➢ 1 of 4 U.S. 765kV transmission operators with decades of experience 12,550 ➢ 11,189 Transmission Lines
Slide 17: Significant Opportunity to Leverage Leading Transmission Network
Significant Opportunity to Leverage Leading Transmission Network to Meet the Nation’s Energy Needs Among the Largest Investors in Transmission ($B)(1) 4.1 3.4 3.1 3.0 2.9 2.6 2.5 2.0 1.5 1.4 1.0 0.9 0.9 0.6 Peer A Peer B EXC Peer C Peer D Peer E Peer F Peer G Peer H Peer I Peer J Peer K Peer L Peer
Slide 18: Exelon is a Key Partner in Driving Economic Development
Exelon is a Key Partner in Driving Economic Development A proven leader in the data center market... …with an 18+ GW(2) and growing data center pipeline Data Center Load in Northern IL(1) Projected Data Center Load Growth in Exelon’s Footprint 700 ~27% CAGR(1) 600 50 Phase 3 47+ 500 45 Phase 2 MW 40
Slide 19: Delivering a Premium Customer Experience at Competitive Rates
Delivering a Premium Customer Experience at Competitive Rates O&M Growth Well Below Inflation Above Average Value at Below Average Rates $ in millions ~35% Adjusted O&M ($M)*(1) 2.0-2.5% Customer rates 2.4% Improvement in reliability $4,600 $4,625 through grid investment(3) 21% below $3,725 largest
Slide 20: 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 2024-2028(1)(5) Expect ~60% dividend payout ratio, growing dividend at low end of targeted 5-7% adjusted operating 5-7% EPS* CAGR through 2028 $2.64 – $2
Slide 21: Strong Balance Sheet Provides Strategic and Financial Flexibility
Strong Balance Sheet Provides Strategic and Financial Flexibility ▪ Continued financial flexibility over our downgrade thresholds, managing risks while Credit Metric Outlook %*(2,3) funding growth in a balanced, ratable fashion 14% – Exelon’s scale, jurisdictional diversification, operational excell
Slide 22: Appendix
Appendix 22
Slide 23: 2025 Business Priorities and Commitments
2025 Business Priorities and Commitments ❖ Foster a culture of excellence by prioritizing employee safety and engagement ❖ Deploy $9.1B of capex for the benefit of our customers ❖ Maintain industry-leading operational excellence ❖ Focus on customer affordability, including through cost management an
Slide 24: 2025 Adjusted Operating Earnings Guidance
2025 Adjusted Operating Earnings* Guidance Adjusted Operating Earnings* Guidance(1) Key Year-over-Year Drivers $2.64 - $2.74(3) $2.40 - $2.50(2) Incremental revenues from investment in utility infrastructure for the benefit of customers Incremental financing costs at HoldCo 2024 Original 2025 Guidan
Slide 25: Operating Earnings Growth Outlook
Operating Earnings* Growth Outlook 2025 2026 2027 2028 Total YoY Growth Growth Above Growth at Low End Growth Above Midpoint Growth Below Midpoint Relative to Range 5-7% Range(1) of 5-7% Range(2) of 5-7% Range of 5-7% Range Growth Drivers 2025-2028(3) Distribution Transmission ▪ Growth in line with
Slide 26: The Power of Impact: Growth and Progress in Our Communities
The Power of Impact: Growth and Progress in Our Communities May 13, 2025 July 31, 2025 October 11, 2025 IL: CyrusOne Wood Dale IL: Prologis Community IL: GrayslakeT5 Data Topping Out Ceremony Solar Launch Center Campus June 9, 2025 September 9, 2025 November 12, 2025 PA: Northpoint Bucks IL: Elk Gro
Slide 27: 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 customers, Facilitate supply in line with the pace of demand Adopt policies that promote energy security, promote economic growth, and support reliabili
Slide 28: Select 2026 Maryland Legislation in Focus
Select 2026 Maryland Legislation in Focus: Next Generation Act (SB 937) & Renewable Energy Certainty Act (SB 931) Forward-Looking Securing Maryland’s Prioritizing Customer Ratemaking Energy Future Affordability Recognizes the existence of MYPs and PSC solicitation, initiated by October 2025, of 3 Re
Slide 29: Select 2026 Illinois Legislation in Focus
Select 2026 Illinois Legislation in Focus: Illinois Clean and Reliable Grid Affordability Act (SB 25) Fortifies Resource Adequacy and State Policy Goals Enhances Customer Programs Creates new Energy Storage Procurement Plan requiring IPA to secure 3 GW of statewide battery storage by December 2030 w
Slide 30: 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 1.9% Non-Decoupled(3) Load(2) 0.8% PECO Decoupled Net 1.3% DPL DE (0.4%) DPL MD Load ACE Pepco ~78% of Exelon’s
Slide 31: 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% 9.1% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Delivered 2024 operating ROE* within our 9-10% targeted range Note: Represents the twelve-month periods December 31, 2016-2024 for Exelon’s utilities (excludes Corp). Ear
Slide 32: ComEd Overview
ComEd Overview Key State Policies & Goals Rate Recovery Overview Clean and Reliable Grid Affordability Act (CRGA) Distribution Energy Efficiency (EE) • Electric rates reflect a four-year cumulative multi- Expands EE programs and increases ComEd EE year plan (MYP) for 2024 to 2027 with an allowed bud
Slide 33: PECO Overview
PECO Overview Key State Policies & Goals Rate Recovery Overview Alternative Energy Portfolio Distribution Standards • Electric and gas rates based on fully projected future Requirement that a percentage of electricity test year, with new rates in effect in 2025 delivered each year comes from alterna
Slide 34: BGE Overview
BGE Overview Key State Policies & Goals Rate Recovery Overview Climate Solutions Now Act (CSNA) Distribution Targets 60% reduction in greenhouse gas emissions by • Electric and gas rates reflect a three-year cumulative 2031 and net-zero greenhouse gas emissions by 2045 multi-year plan (MYP) for 2024
Slide 35: Pepco Holdings Overview
Pepco Holdings Overview Territory Overview Key District/State Policies & Goals D.C. Climate Commitment Act ACE Promotes a wide range of policies that support the DC Climate Main City Electric Customers Action Plan, including carbon neutrality by 2045 Atlantic City, NJ 0.6 Million Delaware Climate Ch
Slide 36: Pepco Holdings Rate Recovery Overview
Pepco Holdings Rate Recovery Overview Pepco MD Pepco DC DPL MD DPL DE ACE Distribution Distribution Distribution Distribution Distribution • Electric rates reflect a one-year • Electric rates reflect a two-year • Electric rates reflect a three-year • Gas rates(2) based on partially • Electric rates
Slide 37: Utility Capex and Rate Base vs. Previous Disclosures
Utility Capex and Rate Base vs. Previous Disclosures Q4 2023 Capital Expenditures ($M) Q4 2024 Capital Expenditures ($M) 9,225 9,225 9,725 9,725 9,475 8,650 9,075 975 975 950 950 925 7,325 7,425 975 7,550 975 925 1,000 2,450 2,875 2,725 1,000 2,550 3,475 3,400 3,125 1,225 1,625 1,450 5,175 4,800 5,2
Slide 38: ComEd Capital Expenditure Forecast
ComEd Capital Expenditure Forecast Q4 2023 Capital Expenditures ($M) Rate Base Q4 2024 Capital Expenditures ($M) 2024: 36% of Total Exelon Rate Base 3,650 3,625 3,375 3,200 3,150 3,150 7% 1,175 1,400 950 2,850 975 900 1,150 875 2,250 21% 2,150 450 550 $21.3B 2,450 2,450 2,250 2,225 2,250 1,975 2,000
Slide 39: PECO Capital Expenditure Forecast
PECO Capital Expenditure Forecast Q4 2023 Capital Expenditures ($M) Q4 2024 Capital Expenditures ($M) Rate Base 2024: 20% of Total Exelon Rate Base 1,950 2,000 1,950 1,925 1,900 1,875 1,825 375 1,700 1,700 375 350 25% 375 375 375 375 400 375 325 200 200 250 350 125 250 75 100 $12.2B 11% 1,225 1,300
Slide 40: BGE Capital Expenditure Forecast
BGE Capital Expenditure Forecast Rate Base Q4 2023 Capital Expenditures ($M) Q4 2024 Capital Expenditures ($M) 2024: 17% of Total Exelon Rate Base 2,050 2,075 2,000 2,050 1,950 1,900 1,850 525 550 500 525 1,600 525 1,600 525 525 32% 500 500 800 900 875 950 950 51% $10.5B 700 800 475 375 625 625 625
Slide 41: Pepco Holdings Consolidated Capital Expenditure Forecast
Pepco Holdings Consolidated Capital Expenditure Forecast Q4 2023 Capital Expenditures ($M) Q4 2024 Capital Expenditures ($M) Rate Base 2024: 27% of Total Exelon Rate Base 2,225 2,125 2,125 2,150 2,125 50 2,025 2,050 1,975 75 50 2,025 75 50 4% 75 50 100 125 650 700 675 550 625 525 900 1,025 925 29% $
Slide 42: ACE Capital Expenditure Forecast
ACE Capital Expenditure Forecast Q4 2023 Capital Expenditures ($M) Q4 2024 Capital Expenditures ($M) Rate Base 2024: 6% of Total Exelon Rate Base 37% 525 525 525 500 500 450 450 425 225 400 $3.8B 250 225 275 150 175 100 275 225 63% 275 275 300 275 300 275 250 225 225 2024E 2025E 2026E 2027E 2024 202
Slide 43: DPL Capital Expenditure Forecast
DPL Capital Expenditure Forecast Q4 2023 Capital Expenditures ($M) Q4 2024 Capital Expenditures ($M) Rate Base 2024: 7% of Total Exelon Rate Base 15% 700 625 50 600 625 625 600 600 575 50 575 100 75 125 50 50 75 75 225 250 250 350 $4.3B 200 175 175 275 54% 200 32% 325 300 325 325 325 325 300 300 275
Slide 44: Pepco Capital Expenditure Forecast
Pepco Capital Expenditure Forecast Q4 2023 Capital Expenditures ($M) Q4 2024 Capital Expenditures ($M) Rate Base 2024: 13% of Total Exelon Rate Base 1,025 1,050 1,025 975 1,000 1,000 975 950 925 24% 275 275 200 175 200 250 375 425 425 $7.8B 750 775 775 750 750 775 625 575 600 76% 2024E 2025E 2026E 2
Slide 45: 2025 Financing Plan
2025 Financing Plan(1) Entity Instrument Issuance ($M) Maturity ($M) Issued ($M)(2) Remaining ($M) FMB $725 - $725 - FMB $275 - $275 - FMB $250 ($150) $250 - FMB / Tax-Exempts $203 ($78) $203 - FMB $1,050 ($350) $1,050 - Senior Notes $650 - $650 - Senior Notes / Other(3) $2,000 ($807) $2,000(3) - Eq
Slide 46: 2025-2028 Financing Plan
2025-2028 Financing Plan $ in billions ~$2.8 ~$15 ~$38 ~($6) ~$6 ~$20 Adjusted Cash Debt Maturity Debt Refinance Debt Issuance(2) Equity Issuance(3) Utility Investment from Operations*(1) 2025-2028 2025-2028 Significant increase in capital expenditures is being funded in a balanced manner over the n
Slide 47: Rate Case Details
Rate Case Details 47
Slide 48: 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 49: 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 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 $35M 10.50% 53
Slide 56: Commission Overview
Commission Overview Illinois Pennsylvania Maryland District of Columbia Delaware New Jersey (1) Commissioners Doug Scott (D) (2029) Stephen DeFrank (D) (2030) Kumar Barve (D) (2029) Dallas Winslow (R) (2026) Christine Guhl-Sadovy (D) (2029) Name Michael Carrigan (D) (2030) Kim Barrow, Vice Chair (D)
Slide 57: Discrete Trackers and Other Recovery Mechanisms
Discrete Trackers and Other Recovery Mechanisms • Distribution System Improvement Charge (DSIC) tracker provides a mechanism to begin recovering gas and electric infrastructure investments for reliability every Delaware six months(1) • Significant Storm Expense Rider allows for the deferral of storm
Slide 58: Exelon Debt Maturity Profile
Exelon Debt Maturity Profile(1,2) Debt Balances (as of 9/30/25)(1,2) ($B) Short-Term Debt Long-Term Debt Total Debt BGE $0.0 $6.0 $6.0 As of 9/30/2025 ComEd $0.0 $13.0 $13.0 ($M) PECO $0.0 $6.9 $6.9 PHI $0.2 $9.6 $9.8 Corp $0.9(3) $13.3 $14.2 Exelon $1.1 $48.8 $49.9 1,325 2,323 2,400 1,650 1,575 600
Slide 59: Q3 2025 QTD Adjusted Operating Earnings Waterfall
Q3 2025 QTD Adjusted Operating Earnings* Waterfall $0.01 Distribution Rates $0.01 Storm Costs $0.01 Credit Loss Expense ($0.01) Interest Expense $0.01 Distribution and Transmission Rates ($0.02) Other $0.01 Other $0.01 Return on Regulatory Assets $0.01 AFUDC $0.86 $0.01 ($0.03) ($0.02) Timing of Dis
Slide 60: Q3 2025 YTD Adjusted Operating Earnings Waterfall
Q3 2025 YTD Adjusted Operating Earnings* Waterfall $0.03 Distribution and Transmission Rates $0.05 Distribution and Transmission Rates $0.02 Return on Regulatory Assets $0.01 Storm Costs ($0.04) Customer Relief Fund $0.01 Timing of Distribution Earnings ($0.01) Interest Expense ($0.02) Interest Expe
Slide 61: Exelon Adjusted Operating Earnings Sensitivities
Exelon Adjusted Operating Earnings* Sensitivities Interest Rate Sensitivity to +50bp 2025E 2026E (1) Cost of Debt $(0.00) $(0.01) Exelon Consolidated Effective Tax Rate 15.6% 20.1% Exelon Consolidated Cash Tax Rate(2) 9.1% 13.4% (1) Reflects full year impact to a +50bp increase on Corporate debt net
Slide 62: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 62
Slide 63: Projected Non-GAAP Operating Earnings Adjustments
Projected Non-GAAP Operating Earnings Adjustments • Exelon’s projected 2025 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: – Costs related to ComEd’s regulatory matters; – Costs related to a change in ComEd’s FERC audit liability; – Income tax-related adjustme
Slide 64: 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 65: Q3 QTD GAAP EPS Reconciliation
Q3 QTD GAAP EPS Reconciliation Three Months Ended September 30, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $0.37 $0.25 $0.08 $0.29 ($0.12) $0.86 2025 Adjusted (non-GAAP) operating earnings (loss) per share $0.37 $0.25 $0.08 $0.29 ($0.12) $0.86 Three Months Ended Septemb
Slide 66: Q3 YTD GAAP EPS Reconciliation
Q3 YTD GAAP EPS Reconciliation Nine Months Ended September 30, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $0.89 $0.64 $0.39 $0.62 ($0.40) $2.15 Regulatory matters 0.02 - - - - 0.02 2025 Adjusted (non-GAAP) operating earnings (loss) per share $0.92 $0.64 $0.39 $0.62 ($0.
Slide 67: FY 2024 GAAP EPS Reconciliation
FY 2024 GAAP EPS Reconciliation Twelve Months Ended December 31, 2024 ComEd PECO BGE PHI Other Exelon 2024 GAAP Earnings (Loss) from Continuing Operations Per Share $1.06 $0.55 $0.53 $0.74 ($0.42) $2.45 Change in FERC audit liability 0.04 - - - - 0.04 Cost management charge - - - 0.01 - 0.01 Asset r
Slide 68: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Exelon Operating TTM ROE Reconciliation ($M)(1) 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net Income (GAAP) $1,103 $1,704 $1,836 $2,065 $1,737 $2,225 $2,501 $2,740 $2,899 Operating Exclusions $461 ($24) $32 $30 $246 $82 $96 $60 $44 Adjusted Operating Earnings* $1,
Slide 69: Thank you
Thank you Please direct all questions to the Exelon Investor Relations team: InvestorRelations@ExelonCorp.com 779-231-0017
Slide 70: C\ exelon’
C\ exelon’