Consolidated Edison, Inc. · NYSE:ED
Consolidated Edison — Q2 2026 Earnings Presentation
56 slides from Consolidated Edison's earnings presentation, Aug 6, 2026
Slide 1: 2nd Quarter 2026 Earnings Release Presentation
2nd Quarter 2026 Earnings Release Presentation August 6, 2026
Slide 2: Investor Relations: Available Information and Forward-Looking Statements
Investor Relations Available Information On August 6, 2026, Consolidated Edison, Inc. issued a press release reporting its second quarter 2026 earnings and filed with the Securities and Exchange Commission the company’s 2Q 2026 Form 10-Q. This presentation should be read together with, and is qualif
Slide 3: Our Investment Thesis
Our Investment Thesis Con Edison is a proven, resilient investment grounded in safe, reliable regulated infrastructure aligned with New York's energy policy • Constructive and transparent regulatory environment ◦ Three years of rate certainty for CECONY electric and gas and two years for O&R electri
Slide 4: 2Q 2026 Financial Highlights
2Q 2026 Financial Highlights $0.83 earnings per share (GAAP) / $0.83 adjusted earnings per share (non-GAAP)(a) $6.00 to $6.20 earnings per share (non-GAAP)(a) Reaffirmed 2026 adjusted EPS guidance range RECO electric rate increase approved by the New Jersey Board of Public Utilities - 9.60% return o
Slide 5: Best-in-Class Electric Reliability in the United States
Best-in-Class Electric Reliability in the United States We deliver nation-leading electric service reliability Source: Energy Information Administration (EIA) Note: Data reflects the System Average Interruption Frequency Index (SAIFI), in thousands of customers per year, and the System Average Inter
Slide 6: Electrification Fuels Growth
Electrification Fuels Growth Electrification is driving durable, visible load growth that requires early, disciplined infrastructure investment to preserve reliability in a uniquely complex, high-density urban grid • Broad electric growth across our service territory ◦ As new buildings come online w
Slide 7: Powering the Economic Core of the Nation
Powering the Economic Core of the Nation Reliability in this region is not optional for CECONY, serving 9 million people and 350,000 businesses in New York City and Westchester County — it is foundational to national and global economic confidence • The communities we serve ◦ Largest central busines
Slide 8: Customer Affordability Remains a Top Priority
Customer Affordability Remains a Top Priority CECONY electric customer bills are lower than our proxy peer average on both a total bill and share of wallet basis Information derived from data published by the U.S. Energy Information Administration (as of January 2026), St. Louis FRED, and CECONY’s i
Slide 9: Con Edison Electric Bills Over Time Compared to Peers
Con Edison Electric Bills Over Time Compared to Peers CECONY has generally improved affordability over time with the majority of CECONY customers receiving bills below peer average Ranking average electric bills by utility ($/month, 3-yr average) CECONY vs. Peer Average: • $228 less annually (16% lo
Slide 10: Supporting Our Most Vulnerable Customers
Supporting Our Most Vulnerable Customers In 2025, over half a million income eligible customers in New York and New Jersey received discounts through Con Edison’s monthly bill discount programs and together the utilities applied $268 million in discounts to customer bills(a) • Customers enrolled in
Slide 11: Helping Customers Manage Energy Bills
Helping Customers Manage Energy Bills Financial Assistance Programs for Vulnerable Operational Cost Energy Savings Programs Customers Management • Monthly bill discounts reduce monthly energy costs for low- and • Energy Efficiency for Renters and • Smart Meters moderate-income customers Homeowners –
Slide 12: Capital Investments to Maintain Reliability, Meet Growing Demand and Enhance Resiliency
Capital Investments to Maintain Reliability, Meet Growing Demand and Enhance Resiliency $8,599 $8,588 $75 $17 ($ in millions) $7,152 $6,759 $6,595 $213 $167 $62 $4,996 $4,728 $50 $4,465 $4,509 $29 $65 $49 $3,964 $81 $8,524 $8,571 $399 $31 $298 $6,939 $6,533 $6,592 $4,699 $4,946 $4,379 $4,001 $3,635
Slide 13: Average Rate Base Balances
Average Rate Base Balances(a)(f) $62,085 $67,154 $3,481 Long-term growth is spurred by accelerating $57,363 $3,262 $63,673 $58,823 customer adoption of cleaner energy alternatives $52,433 $3,094 $54,269 $48,957 $2,946 $46,352 ($ in millions) $43,516 $2,591 $49,487 $2,415 $46,366 $40,241 $2,209 $43,9
Slide 14: Average Investment Earnings Base
Average Investment Earnings Base(a)(b)(c)(d)(e)(f) Reflects Investment Opportunities for CECONY, O&R, and CET .8% C AGR 8 5-year $71,760 ($ in millions) $66,129 $60,707 $54,975 $67,154 $50,717 $62,085 $47,102 $57,363 $52,433 $46,352 $48,957 Surcharge recovery programs (not in base rates) 2025 Actual
Slide 15: Financing Plan for 2026-2030
Financing Plan for 2026-2030(a) ($ in millions) Equity 2026 2027 2028 - 2030 Common Equity Issuance(b)(c) up to $1,100 up to $1,200 up to $3,300 Debt 2026 2027 2028 - 2030 Long-term Debt up to $3,200 up to $3,000 up to $9,900 • During the first quarter, Con Edison issued 7,000,000 shares of common s
Slide 16: Dividend King
Dividend King A focus on long-term shareholder value has resulted in a 4.4% annualized dividend increase in 2026, contributing to 52 consecutive years of dividend growth with a CAGR of 5.56% 16
Slide 17: Regulatory Updates
Regulatory Updates 17
Slide 18: Constructive Relationship with our Regulator in New York State
Constructive Relationship with our Regulator in New York State • Revenue predictability ◦ Revenue decoupling mechanism in place for CECONY and O&R New York electric and gas ◦ Weather normalization clause in place for CECONY gas and steam and O&R New York gas • Formulaic approach to return on equity
Slide 19: Rate Case Filing Status
Rate Case Filing Status Rate Base(a) Current Plan Start Regulator Current Plan End Date Status ($ millions) Date New York State Public Electric Service Commission $31,652 Jan 2026 Dec 2028 (NYSPSC) Joint Proposal approved CECONY January 2026 Gas NYSPSC 10,565 Jan 2026 Dec 2028 Filed rate case in Ste
Slide 20: CECONY Steam Rate Filing Comparison and Illustrative Timeline
CECONY Steam Rate Filing Comparison and Illustrative Timeline Steam ($ in millions) Case number 25-S-0741 Rate Year 1: November 2026 - October 2027 November 2025 Filing March 2026 Staff Testimony New infrastructure investment $32 $21 ROE / Financing 11 2 Sales 21 8 Operating expenses 27 34 Regulator
Slide 21: Summary of RECO Electric Rate Order
Summary of RECO Electric Rate Order In June 2026, the NJBPU approved an electric rate increase, effective July 1, 2026. Return on Equity and Equity Ratio Return on equity……………..9.60% Equity ratio……………………48.51% Rate Change • $15.25 million revenue increase • 4.6% total electric bill increase Other Ma
Slide 22: NYSPSC & NYISO Proceedings and Developments
NYSPSC & NYISO Proceedings and Developments • On April 24, 2026, CECONY and O&R, along with other New York Utilities submitted comments in response to questions posed by the Utility Ownership of NYSPSC related to Utility-owned Renewable Generation, proposing a separate procurement process in which u
Slide 23: NYSPSC & NYISO Proceedings and Developments (continued)
NYSPSC & NYISO Proceedings and Developments (continued) • In May 2026, NYSDPS Staff issued a White Paper outlining two proposals to implement Clean Energy Zones (“CEZs”), areas where Clean Energy Zones proactive coordination among New York State, developers, utilities, and communities could facilita
Slide 24: Strong Economic Performance
Strong Economic Performance 24
Slide 25: Dividend and Earnings Announcements
Dividend and Earnings Announcements • On July 16, 2026, the company declared a quarterly dividend of 88.75 cents a share on its common stock. • On August 6, 2026, the company issued a press release in which it forecasts adjusted earnings per share (non-GAAP) for the year 2026 to be in the range of $
Slide 26: 2Q 2026 EPS (GAAP) to Adjusted EPS (non-GAAP) Reconciliation
2Q 2026 EPS (GAAP) to Adjusted EPS (non-GAAP) Reconciliation Net Income for Common Stock Earnings per Share ($ in Millions) 2026 2025 2026 2025 Reported EPS and Net Income for Common Stock – GAAP basis $0.83 $0.68 $308 $246 Loss and other impacts related to the sale of the Clean Energy Businesses in
Slide 27: Walk from 2Q 2025 EPS to 2Q 2026 EPS and Adjusted EPS
Walk from 2Q 2025 EPS to 2Q 2026 EPS and 2Q 2025 Adjusted EPS (non-GAAP) to 2Q 2026 Adjusted EPS (non-GAAP) Variance in Reported EPS (GAAP) Variance in Adjusted EPS (non-GAAP) $0.18 $0.83 $0.18 $0.83 $(0.01) $(0.02) $(0.02) $— $— $— $0.68 $0.67 (a) (a) 2Q 2025 CECONY O&R CET Other 2Q 2026 2Q 2025 CE
Slide 28: 2Q 2026 vs. 2Q 2025 EPS and Adjusted EPS Variances – Three Months
2Q 2026 vs. 2Q 2025 EPS and Adjusted EPS (non-GAAP) Variances – Three Months Ended Variation EPS (GAAP Adjusted EPS Basis) (non-GAAP Basis) a. Under the revenue decoupling mechanisms in the Utilities’ New Higher electric rate base and timing of billing of rate increase $0.07 $0.07 York electric and
Slide 29: 2Q 2026 vs. 2Q 2025 EPS and Adjusted EPS Variances – Three Months
2Q 2026 vs. 2Q 2025 EPS and Adjusted EPS (non-GAAP) Variances – Three Months Ended Variation Adjusted EPS EPS (GAAP (non-GAAP Basis) Basis) Accretion of the basis difference of Con Edison's equity interest in MVP $(0.01) $— CET a. Other includes the parent company, Con Edison's tax Total CET $(0.01)
Slide 30: 2Q 2026 EPS to Adjusted EPS Reconciliation by Company
2Q 2026 vs. 2Q 2025 EPS to Adjusted EPS (non-GAAP) Reconciliation by Company Three Months Ended June 30, 2026 CECONY O&R CET Other(a) Total Reported EPS – GAAP basis $0.80 $0.02 $0.02 $(0.01) $0.83 Adjusted EPS – non-GAAP basis $0.80 $0.02 $0.02 $(0.01) $0.83 a. Other includes the parent company, Co
Slide 31: 2Q 2025 EPS to Adjusted EPS Reconciliation by Company (continued)
2Q 2026 vs. 2Q 2025 EPS to Adjusted EPS (non-GAAP) Reconciliation by Company (continued) Three Months Ended June 30, 2025 CECONY O&R CET Other(b) Total Reported EPS – GAAP basis $0.62 $0.02 $0.03 $0.01 $0.68 — — (0.01) — (0.01) Accretion of the basis difference of Con Edison's equity interest in MVP
Slide 32: 2Q 2026 Developments
2Q 2026 Developments(a) Con Edison In May 2026, Con Edison entered into an equity distribution agreement (EDA), pursuant to which Con Edison may sell, from time to time, up to an aggregate sales price of $2.0 billion of its common stock through an at-the-market (ATM) equity offering program (ATM Pro
Slide 33: 2Q 2026 Developments (continued)
2Q 2026 Developments (continued)(a) CECONY & O&R In May 2026, as part of New York State’s Fiscal Year 2026-2027 Enacted Budget, the state enacted Chapter 58 of the Laws of 2026, which, among other things, amends and adds provisions to the Public Service Law governing utility rate cases and addressin
Slide 34: 2Q 2026 Developments (continued)
2Q 2026 Developments (continued)(a) CECONY & O&R In June 2026, as part of New Jersey State’s Fiscal Year 2027 Budget, the state allocated $10.68 million to provide bill credits to eligible residential customers of RECO. (page 21) Also in June 2026, the NJBPU issued orders that established a resident
Slide 35: 2Q 2026 Developments (continued)
2Q 2026 Developments (continued)(a) CECONY & O&R In July 2026, the NYSPSC ordered New York utilities, including CECONY and O&R, to show cause why the NYSPSC should not commence a prudence review and an administrative penalty proceeding related to electric vehicle make-ready program data collection a
Slide 36: 2026 EPS (GAAP) to Adjusted EPS (non-GAAP) Reconciliation
2026 EPS (GAAP) to Adjusted EPS (non-GAAP) Reconciliation Net Income for Common Stock Earnings per Share ($ in Millions) 2026 2025 2026 2025 Reported EPS and Net Income for Common Stock and EPS – GAAP basis $3.37 $2.93 $1,232 $1,038 Loss and other impacts related to the sale of the Clean Energy Busi
Slide 37: Walk from YTD 2025 EPS to YTD 2026 EPS and Adjusted EPS
Walk from YTD 2025 EPS to YTD 2026 EPS and 2025 Adjusted EPS (non- GAAP) to 2026 Adjusted EPS (non-GAAP) Variance in Reported EPS (GAAP) Variance in Adjusted EPS (non-GAAP) $0.36 $3.37 $(0.01) $2.93 $0.08 $0.01 $0.01 $0.01 $3.00 $2.91 $0.08 $(0.01) (a) (a) YTD 2025 CECONY O&R CET Other YTD 2026 YTD
Slide 38: YTD 2026 vs. YTD 2025 EPS and Adjusted EPS Variances – Six Months
YTD 2026 vs. YTD 2025 EPS and Adjusted EPS (non- GAAP) Variances – Six Months Ended Variation EPS (GAAP Adjusted EPS (non- Basis) GAAP Basis) a. Under the revenue decoupling Higher electric rate base $0.09 $0.09 mechanisms in the Utilities’ New York electric and gas rate plans, Higher gas rate base
Slide 39: YTD 2026 vs. YTD 2025 EPS and Adjusted EPS Variances – Six Months
YTD 2026 vs. YTD 2025 EPS and Adjusted EPS (non- GAAP) Variances – Six Months Ended Variation EPS (GAAP Adjusted EPS (non- Basis) GAAP Basis) Gain on the sale of Con Edison's equity interest in MVP $0.37 $— Transaction costs associated with the strategic alternatives review of Con Edison's equity in
Slide 40: YTD 2026 EPS to Adjusted EPS Reconciliation by Company
YTD 2026 vs. YTD 2025 EPS to Adjusted EPS (non-GAAP) Reconciliation by Company Six months ended June 30, 2026 CECONY O&R CET Other(d) Total Reported EPS – GAAP basis $2.81 $0.16 $0.42 ($0.02) $3.37 Gain on the sale of Con Edison's equity interest in MVP (pre-tax) — — (0.52) — (0.52) Income taxes (a)
Slide 41: YTD 2025 EPS to Adjusted EPS Reconciliation by Company (continued)
YTD 2026 vs. YTD 2025 EPS to Adjusted EPS (non-GAAP) Reconciliation by Company (continued) Six months ended June 30, 2025 CECONY O&R CET Other(b) Total Reported EPS – GAAP basis $2.73 $0.15 $0.06 $(0.01) $2.93 Accretion of the basis difference of Con Edison's equity interest in MVP — — (0.02) — (0.0
Slide 42: Three-Year Reconciliation of Reported EPS to Adjusted EPS
Three-Year Reconciliation of Reported EPS (GAAP) to Adjusted EPS (non-GAAP) 12 Months Ending December 31, 2024 2025 2026(a) Reported EPS – GAAP basis $5.26 $5.66 $3.37 Gain on the sale of Con Edison's equity interest in MVP (pre-tax) — — (0.52) Income taxes (b) — — 0.15 Gain on the sale of Con Ediso
Slide 43: CECONY and O&R Operations and Maintenance Expenses
CECONY and O&R Operations and Maintenance Expenses Departmental Other Expenses(a) $2,329 ($ in millions) ($ in millions) $2,211 $2,110 $2,029 $1,585 $1,630 $1,522 $1,563 $1,775 $1,808 $530 $702 $493 $745 $1,287 Other $575 $990 Regulatory $420 $436 $466 $1,153 Fees and $555 $694 Assessments $548 $476
Slide 44: Composition of Average Rate Base
Composition of Average Rate Base(a)(b) (as of June 30, 2026) CECONY ($ in millions) Electric New York $32,082 Gas New York 10,769 Steam New York 1,971 Total CECONY $44,822 O&R ($ in millions) O&R Electric New York $1,375 O&R Gas New York 749 RECO New Jersey 397 Total O&R $2,521 CECONY CECONY Gas CEC
Slide 45: Regulated Utilities' Rates of Return and Equity Ratios
Regulated Utilities' Rates of Return and Equity Ratios (12 Months ended June 30, 2026) Execution on rate plans supports safe, reliable service and strong financial results ROE Regulated Basis Equity Ratio Authorized Actual Rate Effective Date Authorized Actual CECONY Electric 9.33% (b) 9.04% January
Slide 46: Financing Activity in 2026
Financing Activity in 2026 ($ in millions) Planned Actual Comment Common Equity Issuance Up to $1,100(a) _________$776 • In March, CEI Issued 7,000,000 of common shares through physical settlement of the February 2026 equity forward sale agreement _________$108 • In June, CEI issued 1,018,307 of com
Slide 47: Utilities' Capital Investments
Utilities' Capital Investments $8,524 $8,571 Steam $6,939 ($ in millions) $6,533 $6,592 Gas $4,699 $4,946 $4,379 $4,001 $3,635 Electric on Depreciati 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E Actual Forecast (a)(b)(c)(d) CECONY & O&R Electric - actual CECONY & O&R Gas - actual CECONY St
Slide 48: Commercial Paper Borrowings
Commercial Paper Borrowings ($ in millions) a. In March 2026, Con Edison, CECONY and O&R entered into a $3.5 billion revolving credit facility to replace a $2.5 billion revolving credit facility that was set to expire in March 2029 and CECONY's $500 million 364-day revolving credit facility that was
Slide 49: Income Statement - 2026 Second Quarter
Income Statement - 2026 Second Quarter ($ in millions) QTD CECONY O&R CET(a) Other(c) Total Total operating revenues $3,805 $263 $1 $— $4,069 Depreciation and amortization 544 34 — — 578 a. Net income for common stock for Other operating expenses 2,722 213 2 2 2,939 CET of $7 million includes pre-ta
Slide 50: Condensed Statement of Cash Flows – 2026 Year-to-Date
Condensed Statement of Cash Flows – 2026 Year-to-Date ($ in millions) CECONY O&R CET Other(a) Total Net cash flows from operating activities $1,766 $143 $4 $58 $1,971 Net cash flows from (used in) investing activities (2,449) (232) 328 (1) (2,354) Net cash flows from (used in) financing activities 5
Slide 51: Condensed Balance Sheet - As of June 30, 2026
Condensed Balance Sheet - As of June 30, 2026 ($ in millions) CECONY O&R CET Other Total Balance Sheet ASSETS Current assets $6,633 $331 $51 $(225) $6,790 Investments 749 22 326 4 1,101 Net plant 53,409 3,693 3 (1) 57,104 Other noncurrent assets 10,496 551 1 416 11,464 Total assets $71,287 $4,597 $3
Slide 52: Organizational Structure
Organizational Structure Market Cap(a): $40.8 billion Percentages of Total Assets by Business Issuer Ratings(b): Baa1 / A- / BBB+ 2026 Total Assets: $76 billion(a) Outlook(b): Negative / Stable / Stable 0.5% 0.5% 6.0% Regulated Energy Delivery FERC Regulated Transmission Orange and Rockland CECONY C
Slide 53: Capital Structure – June 30, 2026
Capital Structure – June 30, 2026(a) ($ in millions) Consolidated Edison, Inc. Baa1 / A- / BBB+ Debt $ 27,093 51% Equity 25,719 49 Total $ 52,812 100% CECONY O&R Parent and Other A3 / A- / A- Baa1 / A- / A- Debt $ 25,601 52% Debt $ 1,492 50% Debt $ — —% Equity 23,567 48 Equity 1,463 50 Equity 689 10
Slide 54: Rating Agency Credit Metrics
Rating Agency Credit Metrics In Q2 2026, ratings for CEI and its subsidiaries remain unchanged. Rating Agency Rating Agency Rating Agency Rating Agency Rating / Outlook(a) Key Metric(b) Forecast(c) Downgrade Threshold Moody’s Investors Services Con Edison: Baa1 / Negative CFO pre-WC(e) / Debt 15
Slide 55: Con Edison Sustainability Resources
Con Edison Sustainability Resources • 2026 Proxy Statement • CECONY Climate Change Vulnerability Study and Climate Change Resilience and Adaptation Plan • O&R Climate Change Vulnerability Study and Climate Change Resilience and Adaptation Plan • 2025 CECONY Disadvantaged Communities Report for the N
Slide 56: INTERNAL
2025 2nd Quarter Earnings2026 Release Earnings Presentation Release Presentation February August 6, 19, 20262026 INTERNAL