Exelon Corporation · NASDAQ:EXC
Exelon — Q2 2025 Earnings Presentation
33 slides from Exelon's earnings presentation, Jul 31, 2025
Slide 1: Earnings Conference Call Second Quarter 2025
July 31, 2025 Earnings Conference Call Second 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 Financial and ▪ GAAP Earnings of $0.39 per share in Q2 2025 vs. $0.45 per share in Q2 2024 Operational ▪ Adjusted Operating Earnings* of $0.39 per share in Q2 2025 vs. $0.47 per share in Q2 2024 Excellence ▪ All utilities sustained top quartile or better performance in reliability ▪ Bas
Slide 5: Q2 2025 QTD Adjusted Operating Earnings Waterfall
Q2 2025 QTD Adjusted Operating Earnings* Waterfall $0.01 Distribution and Transmission Rates $0.01 Return on Regulatory Assets ($0.07) Timing of Distribution Earnings ($0.01) Transmission Peak Load $0.02 Distribution Rates ($0.04) Customer Relief Fund $0.01 Other ($0.01) Other ($0.01) Interest Expen
Slide 6: Distribution Rate Case and Other Regulatory Updates
Distribution Rate Case and Other Regulatory Updates Open Base Rate Cases Revenue Requested ROE / Expected Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Requirement Equity Ratio Order Date Increase DPL DE Gas IT RT EH FO $39.9M 10.65% / 50.50% Q1 2026 ACE IT RT EH FO $108.9M 10.70% / 50.24% De
Slide 7: 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 8: 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 9: 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% Top quartile reliability, Proven track record, development programs below largest U.S. ci
Slide 10: Additional Disclosures
Additional Disclosures 10
Slide 11: Optimally Positioned for Growing Transmission Needs
Optimally Positioned for 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 R
Slide 12: 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 a pipeline for continued growth Historical Data Center Load in Northern IL(1) Projected Data Center Load Growth in 600 Exelon’s Footprint(3) Existing Data Center Projects ~27% CAGR(2) 500 16+ 4
Slide 13: Powering Growth: Exelon's Role in Economic Development
Powering Growth: Exelon’s Role in Economic Development November 7, 2022 July 25, 2024 May 13, 2025 IL: Digital Realty New IL: PsiQuantum Utility- IL: CyrusOne Wood Dale Substation Scale Quantum Computer Topping Out Ceremony November 23, 2023 September 13, 2024 June 9, 2025 IL: Meta DeKalb Data IL: C
Slide 14: Energy Security and Associated Policy is a Top Priority
Energy Security and Associated Policy is a Top Priority Regional Transmission Federal Agencies States Operator Oversee and guide RTOs, enhance markets, and Provide long-term stability with new PJM Adopt policy that promotes energy security, support transmission development leadership executing a lon
Slide 15: 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 16: Q2 2025 YTD Adjusted Operating Earnings Waterfall
Q2 2025 YTD Adjusted Operating Earnings* Waterfall $0.02 Distribution and Transmission Rates $0.03 Timing of Distribution Earnings $0.04 Distribution Rates ($0.01) Interest Expense ($0.04) Customer Relief Fund $0.01 Return on Regulatory Assets ($0.03) Other ($0.01) Interest Expense ($0.02) Transmiss
Slide 17: 2025 Financing Plan
2025 Financing Plan(1) Entity Instrument Issuance ($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) $2,000(3) - Eq
Slide 18: Exelon Debt Maturity Profile
Exelon Debt Maturity Profile(1,2) Debt Balances (as of 6/30/25)(1,2) ($B) Short-Term Debt Long-Term Debt Total Debt BGE $0.0 $6.0 $6.0 As of 6/30/2025 ComEd $0.0 $13.0 $13.0 ($M) PECO $0.2 $5.9 $6.1 PHI $0.2 $9.5 $9.8 Corp $0.7(3) $13.3 $14.0 Exelon $1.1 $47.7 $48.8 2,323 2,400 1,650 725 600 997 1,6
Slide 19: 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 16.1% 20.1% Exelon Consolidated Cash Tax Rate(2) 9.3% 13.4% (1) Reflects full year impact to a +50bp increase on Corporate debt net
Slide 20: Rate Case Details
Rate Case Details 20
Slide 21: 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 Gas IT RT EH FO $39.9M(1,2) 10.65% / 50.50% Q1 2026 ACE RT EH IT FO $108.9M(1,3) 10.70% / 50.24% Dec 2025 E
Slide 22: 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 (DE PSC) seeking an increase in gas distribution base rates Test Period 12 months actual ▪ Request driven
Slide 23: ACE Distribution Rate Case Filing
ACE Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. ER24110854 ▪ November 21, 2024, Atlantic City Electric filed with the New Jersey Board of Public Utilities (NJ BPU) to adjust base rates Test Period 12 months actual ▪ Rate increases allow for system upgrades and energy grid
Slide 24: 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 25: 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) $7.6M
Slide 26: 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 27: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 27
Slide 28: 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 adjustm
Slide 29: 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 30: Q2 QTD GAAP EPS Reconciliation
Q2 QTD GAAP EPS Reconciliation Three Months Ended June 30, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $0.23 $0.13 $0.05 $0.14 ($0.17) $0.39 2025 Adjusted (non-GAAP) operating earnings (loss) per share $0.23 $0.13 $0.05 $0.14 ($0.17) $0.39 Three Months Ended June 30, 202
Slide 31: Q2 YTD GAAP EPS Reconciliation
Q2 YTD GAAP EPS Reconciliation Six Months Ended June 30, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $0.52 $0.40 $0.31 $0.33 ($0.28) $1.29 Regulatory matters 0.02 - - - - 0.02 2025 Adjusted (non-GAAP) operating earnings (loss) per share $0.55 $0.40 $0.31 $0.33 ($0.28) $1
Slide 32: Thank you
Thank you Please direct all questions to the Exelon Investor Relations team: InvestorRelations@ExelonCorp.com 779-231-0017
Slide 33: C\ exelon’
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