Slide 1: Earnings Conference Call Third Quarter 2025
November 4, 2025 Earnings Conference Call Third 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 ▪ GAAP Earnings of $0.86 per share in Q3 2025 vs. $0.70 per share in Q3 2024 Financial and ▪ Adjusted Operating Earnings* of $0.86 per share in Q3 2025 vs. $0.71 per share in Q3 2024 Operational Excellence ▪ Reaffirm 2025 EPS* of $2.64 - $2.74 per share(1) ▪ Exelon utilities now rank 1s
Slide 5: 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 6: Distribution Rate Case and Other Regulatory Updates
Distribution Rate Case and Other Regulatory Updates Open Base Rate Cases Revenue Requested ROE / Expected Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Requirement Equity Ratio Order Date Increase DPL DE Gas IT RT EH FO $37.4M 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% Exelon utilities rank 1st, Proven track record, development programs below largest U.S. c
Slide 10: Additional Disclosures
Additional Disclosures 10
Slide 11: Industry Trends Drive Growing Transmission Needs
Industry Trends Drive Growing Transmission Needs… of identified transmission opportunity beyond the plan, with competitive projects offering $10-15B further upside, reinforcing Exelon’s enduring role in ensuring a resilient grid for the nation’s economy(1) ▪ Reliability & Resiliency ▪ Congestion Rel
Slide 12: Exelon is Well-Positioned for Transmission Solutions
Exelon is Well-Positioned for Transmission Solutions Continued investment and an expansive footprint… …support Exelon’s competitive edge for transmission opportunities Transmission CapEx ($M)(1) ➢ 1 of 4 U.S. 765kV transmission operators with decades of experience 12,550 ➢ 11,189 Transmission Lines
Slide 13: 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 14: The Power of Impact: Growth and Progress in Our Communities
The Power of Impact: Growth and Progress in Our Communities June 13, 2024 June 9, 2025 September 9, 2025 IL: Compass Datacenters PA: Northpoint Bucks IL: Elk Grove Stream Data County Data Center Center Campus September 13, 2024 June 27, 2025 September 24, 2025 IL: CyrusOne Aurora Data IL: Elk Grove
Slide 15: 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 16: 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 17: 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 ($0.02) Interest Expe
Slide 18: 2025 Financing Plan
2025 Financing Plan(1) Entity Instrument Issuance ($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) $2,000(3) - Eq
Slide 19: Exelon Debt Maturity Profile
Exelon Debt Maturity Profile(1,2) Debt Balances (as of 9/30/25)(1,2) ($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 20: 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 21: Rate Case Details
Rate Case Details 21
Slide 22: Exelon Distribution Rate Case Updates
Exelon Distribution Rate Case Updates Revenue Requested ROE / Expected Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Requirement Equity Ratio Order Date Increase DPL DE Gas IT RT EH FO $37.4M(2,3) 10.65% / 50.50% Q1 2026 ACE Electric IT RT EH FO $108.9M(2,4) 10.70% / 50.24% Dec 2025 Pepco MD
Slide 23: 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 24: 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 (NJBPU) to adjust base rates Test Period 12 months actual ▪ Rate increases allow for system upgrades and energy grid
Slide 25: 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 26: 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 27: 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 28: 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 29: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 29
Slide 30: 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 31: 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 32: 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 Septem
Slide 33: 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 34: Thank you
Thank you Please direct all questions to the Exelon Investor Relations team: InvestorRelations@ExelonCorp.com 779-231-0017
Slide 35: C\ exelon’
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