Exelon Corporation · NASDAQ:EXC
Exelon — Q1 2025 Earnings Presentation
31 slides from Exelon's earnings presentation, May 1, 2025
Slide 1: Earnings Conference Call First Quarter 2025
May 1, 2025 Earnings Conference Call First 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 $0.90 per share in Q1 2025 versus $0.66 per share in Q1 2024 Operational ▪ Adjusted Operating Earnings* of $0.92 per share in Q1 2025 vs. $0.68 per share in Q1 2024 Excellence ▪ All utilities sustained top quartile or better performance in reliability an
Slide 5: Q1 2025 QTD Adjusted Operating Earnings Waterfall
Q1 2025 QTD Adjusted Operating Earnings* Waterfall $0.01 Distribution and Transmission Rates BGE PECO PHI ComEd Corp $0.09 Timing of Distribution Earnings $0.02 Distribution Rates $0.01 Return on Regulatory Assets ($0.01) Interest Expense ($0.01) Transmission Peak Load ($0.01) Other $0.92 $0.00 $0.0
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 $41.6M 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, reinforcing Exelon’s enduring role $10-15B in ensuring a resilient grid for the nation’s economy(1) ▪ Reliability & Resiliency ▪ Congestion Relief Existing ▪ Generator Deactivation Infrastruct
Slide 12: Exelon is a Key Partner in Driving Economic Development
Exelon is a Key Partner in Driving Economic Development A proven leader in the data center market... …with a pipeline for continued growth Historical Data Center Load in Northern IL(1) Projected Data Center Load Growth in Exelon’s Footprint(2) Publicly Announced Data Center Projects 600 ~24% CAGR 50
Slide 13: Energy Security and Associated Policy is a Top Priority
Energy Security and Associated Policy is a Top Priority Regional Transmission Federal Agencies States Operator Oversee and guide RTOs, enhance markets, Develop and implement structures that Adopt policy that promotes energy security, and support transmission development promote cost-effective procur
Slide 14: Maryland Legislation in Focus
Maryland Legislation in Focus: Next Generation Act (SB 937), Energy Resource Adequacy and Planning Act (SB 909), Renewable Energy Certainty Act (SB 931) Forward-Looking Securing Maryland’s Prioritizing Customer Ratemaking Energy Future Affordability Recognizes MYPs in law and authorizes PSC to Estab
Slide 15: Operating Earnings Growth Outlook
Operating Earnings* Growth Outlook 2025 2026 2027 2028 Total YoY Growth Growth Above Growth at Low End Growth Above Midpoint Growth Below Midpoint Relative to Range 5-7% Range(1) of 5-7% Range(2) of 5-7% Range of 5-7% Range Growth Drivers 2025-2028(3) Distribution Transmission ▪ Growth in line with
Slide 16: 2025 Financing Plan
2025 Financing Plan(1) Entity Instrument Issuance ($M) Maturity ($M) Issued ($M)(2) Remaining ($M) FMB $725 - - $725 FMB $275 - $275 - FMB $250 ($150) $250 - FMB / Tax-Exempts $203 ($78) $125 $78 FMB $1,050 ($350) - $1,050 Senior Notes $650 - - $650 Senior Notes / Other(3) $2,000 ($807) $2,000(3) -
Slide 17: Exelon Debt Maturity Profile
Exelon Debt Maturity Profile(1,2) Debt Balances (as of 3/31/25)(1,2) ($B) Short-Term Debt Long-Term Debt Total Debt BGE $0.2 $5.4 $5.6 As of 3/31/2025 ComEd $0.3 $12.2 $12.6 ($M) PECO $0.0 $5.9 $5.9 PHI $0.0 $9.5 $9.5 Corp $0.5(3) $14.1 $14.6 Exelon $1.1 $47.2 $48.3 2,323 2,400 1,650 600 997 1,645 1
Slide 18: 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 16.8% 20.1% Exelon Consolidated Cash Tax Rate(2) 8.8% 13.4% (1) Reflects full year impact to a +50bp increase on Corporate debt net
Slide 19: Rate Case Details
Rate Case Details 19
Slide 20: 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 $41.6M(1,2) 10.65% / 50.50% Q1 2026 ACE IT RT EH FO $108.9M(1,3,4) 10.70% / 50.24% Dec 2025
Slide 21: 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 9 months estimated + 3 months act
Slide 22: 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 23: 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 24: 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 25: 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 $20M 11.50% 54.82% Jun 1, 2024 PECO $3M 10.35% 53.56% Jun 1, 2024 BGE $53M 10.50% 53.8
Slide 26: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 26
Slide 27: 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 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; and – Costs related to a cost
Slide 29: Q1 QTD GAAP EPS Reconciliation
Q1 QTD GAAP EPS Reconciliation Three Months Ended March 31, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $0.30 $0.26 $0.26 $0.19 ($0.11) $0.90 Regulatory matters 0.02 - - - - 0.02 2025 Adjusted (non-GAAP) operating earnings (loss) per share $0.32 $0.26 $0.26 $0.19 ($0.11)
Slide 30: Thank you
Thank you Please direct all questions to the Exelon Investor Relations team: InvestorRelations@ExelonCorp.com 312-394-2345
Slide 31: C\ exelon’
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