Exelon : Q2 2026 Earnings Release and Tables

About this update from Exelon Corporation

‌Contact: Khanya Brann Corporate Communications 301-535-3292 Ryan Brown Investor Relations 779-231-0017 EXELON REPORTS SECOND QUARTER 2026 RESULTS Exhibit 99.1 News Release Earnings Release Highlights GAAP net income of $0.39 per share and Adjusted (non-GAAP) operating earnings of $0.43 per share for the second quarter of 2026, in line with expectations Affirming full year 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share and operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029 All utilities projecting top quartile reliability performance, with ComEd and PHI in the top decile BGE filed an electric distribution rate case with the Maryland Public Service Commission (MDPSC) in July, requesting the funding of investments and operating costs necessary to maintain a safe and reliable electric system, cost of capital, and storm event recovery ACE filed a transmission-connected battery storage proposal with the New Jersey Board of Public Utilities Executed ~86% of 2026 planned debt financings, supporting continued investment across the utilities CHICAGO (July 30, 2026) - Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2026. "At Exelon, we are focused on delivering where it matters most for our customers and communities by providing safe, reliable and affordable energy," said Exelon President and Chief Executive Officer Calvin Butler. "Our second-quarter results reflect disciplined execution and strong operational performance, keeping us on track to deliver on our financial commitments. As energy demand continues to grow, we remain focused on advancing solutions through The Exelon Promise that strengthen reliability, protect customers, keep bills as low as possible, and create long-term value for the communities we serve. From grid modernization to practical solutions such as storage and virtual power plants, we are helping meet growing energy demand and enabling a more affordable and reliable grid." "Exelon delivered second quarter 2026 adjusted operating earnings of $0.43 per share, in line with the expectations we discussed on our first quarter call," said Exelon Chief Financial Officer Jeanne Jones. "Through the first half of the year, we remain on track to deliver full-year operating earnings of $2.81 to $2.91 per share and annualized earnings growth near the top end of 5% to 7% from 2025 through 2029. With substantial progress on our financing plan, we are well positioned to fund customer-focused investments across our utilities and advance additional solutions, such as storage, that support affordability, reliability and resource adequacy." Second Quarter 2026 Exelon's GAAP net income for the second quarter of 2026 remained relatively consistent with the prior period at $0.39 per share. Adjusted (non-GAAP) operating earnings for the second quarter of 2026 increased to $0.43 per share from $0.39 per share in the second quarter of 2025. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4. The GAAP net income and Adjusted (non-GAAP) operating earnings in the second quarter of 2026 primarily reflect: Higher utility earnings primarily due to distribution and transmission rates at ComEd and PHI, distribution rates at BGE, absence of customer surcharge credits at PECO, higher allowance for funds used during construction (AFUDC) at ComEd, and favorable weather at PECO. This was partially offset by higher depreciation at PECO and PHI, higher credit loss expense at BGE, and higher interest expense and income taxes at PECO. Note that rate increases are associated with updated recovery rates for costs and investments to serve customers. Lower costs at the Exelon holding company due to the lack of Customer Relief Fund contribution and lower income taxes were offset by higher interest expense. Operating Company Results 1 ComEd ComEd's second quarter of 2026 GAAP net income increased to $249 million from $228 million in the second quarter of 2025. ComEd's Adjusted (non-GAAP) operating earnings for the second quarter of 2026 increased to $249 million from $228 million in the second quarter of 2025, primarily due to an increase in higher distribution and transmission rate base driven by incremental investments to serve customers, driving top quartile reliability and avoiding outage costs, and higher AFUDC. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns. PECO PECO's second quarter of 2026 GAAP net income decreased to $119 million from $136 million in the second quarter of 2025. PECO's Adjusted (non-GAAP) operating earnings for the second quarter of 2026 decreased to $130 million from $136 million in the second quarter of 2025, primarily due to an increase in depreciation and interest expense, and higher income taxes due to tax repairs, a portion of which is timing, partially offset by absence of surcharge credits to customers and favorable weather. 1 Exelon's four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois (and transmission in a small portion of northwestern Indiana); PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. BGE BGE's second quarter of 2026 GAAP net income remained relatively consistent with the prior period at $55 million in the second quarter of 2025. BGE's Adjusted (non-GAAP) operating earnings for the second quarter of 2026 increased to $70 million from $55 million in the second quarter of 2025, primarily due to approved distribution rates associated with updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs, partially offset by an increase in credit loss expense. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns. PHI PHI's second quarter of 2026 GAAP net income decreased to $109 million from $143 million in the second quarter of 2025. PHI's Adjusted (non-GAAP) operating earnings for the second quarter of 2026 decreased to $126 million from $144 million in the second quarter of 2025, primarily due to an increase in depreciation, partially offset by approved distribution and transmission rates driven by updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns. Recent Developments and Second Quarter Highlights Dividend: On July 28, 2026, Exelon's Board of Directors declared a regular quarterly dividend of $0.42 per share on Exelon's common stock. The dividend is payable on September 15, 2026, to Exelon shareholders of record as of the close of business on September 4, 2026. Rate Case Developments: BGE Maryland Electric Distribution Rate Case: On July 2, 2026, BGE filed an application with the MDPSC to increase its annual electric distribution rates by $156 million, reflecting an ROE of 10.40%. BGE currently expects a decision in the first quarter of 2027, but cannot predict if the MDPSC will approve the application as filed. Financing Activities: On May 14, 2026, ComEd issued $1,425 million of its First Mortgage Bonds, consisting of $600 million aggregate principal amount of its First Mortgage Bonds, 4.55% Series due June 1, 2031, and $825 million aggregate principal amount of its First Mortgage Bonds, 5.85% Series due June 1, 2056. ComEd used the proceeds to repay existing indebtedness and for general corporate purposes. On May 22, 2026, BGE issued $925 million of its notes, consisting of $500 million aggregate principal amount of its 5.15% Series notes due June 1, 2033, and $425 million aggregate principal amount of its 6.05% Series notes due June 1, 2056. BGE used the proceeds to repay existing indebtedness and for general corporate purposes. On June 17, 2026, Pepco issued $130 million of its First Mortgage Bonds, 5.74% Series due June 17, 2056. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes. Adjusted (non-GAAP) Operating Earnings Reconciliation Adjusted (non-GAAP) operating earnings for the second quarter of 2026 do not include the following items (after tax) that were included in reported GAAP net income: Exelon Earnings per Diluted (in millions, except per share amounts) Share Exelon ComEd PECO BGE PHI 2026 GAAP net income $ 0.39 $ 396 $ 249 $ 119 $ 55 $ 109 Cost management charge (net of taxes of $16, $4, $6, and $7, respectively ) 0.04 42 - 11 15 17 2026 Adjusted (non-GAAP) operating earnings $ 0.43 $ 438 $ 249 $ 130 $ 70 $ 126 Adjusted (non-GAAP) operating earnings for the second quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2025 GAAP net income $ 0.39 $ 391 $ 228 $ 136 $ 55 $ 143 Income tax-related adjustments (entire amount represents tax expense) - 1 - - - 1 2025 Adjusted (non-GAAP) operating earnings $ 0.39 $ 392 $ 228 $ 136 $ 55 $ 144 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. Webcast Information Exelon will discuss second quarter 2026 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at investors.exeloncorp.com/. About Exelon Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation's largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities - Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor's overall understanding of period over period operating results and provide an indication of Exelon's baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies' presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon's website: investors.exeloncorp.com , and have been furnished to the Securities and Exchange Commission on Form 8-K on July 30, 2026. Cautionary Statements Regarding Forward-Looking Information This press release 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," "projects," "intends," "plans," "believes," "seeks," "estimates," "predicts," "should," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant's credit ratings or other failure to satisfy the credit standards in the Registrants' agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets. New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon, ComEd, PECO, BGE, Pepco Holdings LLC (PHI), Pepco, DPL, and ACE (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. Exelon uses its corporate website, https://www.exeloncorp.com , investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release. ‌Earnings Release Attachments Table of Contents‌‌ Consolidating Statement of Operations 1 Consolidated Balance Sheets 2 Consolidated Statements of Cash Flows 4 Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings 6 Statistics ComEd 7 PECO 8 BGE 9 Pepco 12 DPL 13 ACE 15 ‌Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Three Months Ended June 30, 2026 Operating revenues $ 1,985 $ 1,062 $ 1,218 $ 1,712 $ (10) $ 5,967 Operating expenses Purchased power and fuel 579 389 545 698 - 2,211 Operating and maintenance 449 300 293 395 (51) 1,386 Depreciation and amortization 416 125 166 245 16 968 Taxes other than income taxes 107 62 96 145 13 423 Total operating expenses 1,551 876 1,100 1,483 (22) 4,988 Gain on sale of assets - - - - - - Operating income 434 186 118 229 12 979 Other income and (deductions) Interest expense, net (143) (72) (68) (108) (183) (574) Other, net 41 13 22 20 (6) 90 Total other income and (deductions) (102) (59) (46) (88) (189) (484) Income (loss) before income taxes 332 127 72 141 (177) 495 Income taxes 83 8 17 32 (41) 99 Net income (loss) attributable to common shareholders $ 249 $ 119 $ 55 $ 109 $ (136) $ 396 Three Months Ended June 30, 2025 Operating revenues $ 1,836 $ 1,000 $ 1,029 $ 1,579 $ (17) $ 5,427 Operating expenses Purchased power and fuel 550 339 406 601 - 1,896 Operating and maintenance 422 305 264 340 (10) 1,321 Depreciation and amortization 387 112 154 233 16 902 Taxes other than income taxes 97 54 85 136 11 383 Total operating expenses 1,456 810 909 1,310 17 4,502 Gain on sale of assets - - - 2 - 2 Operating income (loss) 380 190 120 271 (34) 927 Other income and (deductions) Interest expense, net (131) (60) (61) (103) (176) (531) Other, net 31 10 11 17 (4) 65 Total other income and (deductions) (100) (50) (50) (86) (180) (466) Income (loss) before income taxes 280 140 70 185 (214) 461 Income taxes 52 4 15 42 (43) 70 Net income (loss) attributable to common shareholders $ 228 $ 136 $ 55 $ 143 $ (171) $ 391 Change in net income (loss) from 2025 to 2026 $ 21 $ (17) $ - $ (34) $ 35 $ 5 ‌Consolidating Statements of Operations‌ (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Six Months Ended June 30, 2026 Operating revenues $ 3,898 $ 2,554 $ 3,046 $ 3,742 $ (31) $ 13,209 Operating expenses Purchased power and fuel 1,031 1,001 1,353 1,602 - 4,987 Operating and maintenance 886 636 619 820 (109) 2,852 Depreciation and amortization 820 247 334 491 28 1,920 Taxes other than income taxes 212 131 200 296 27 866 Total operating expenses 2,949 2,015 2,506 3,209 (54) 10,625 Gain on sale of assets - - - - - - Operating income 949 539 540 533 23 2,584 Other income and (deductions) Interest expense, net (279) (144) (129) (215) (361) (1,128) Other, net 73 25 38 39 (16) 159 Total other income and (deductions) (206) (119) (91) (176) (377) (969) Income (loss) before income taxes 743 420 449 357 (354) 1,615 Income taxes 184 23 96 79 (82) 300 Net income (loss) attributable to common shareholders $ 559 $ 397 $ 353 $ 278 $ (272) $ 1,315 Six Months Ended June 30, 2025 Operating revenues $ 3,901 $ 2,333 $ 2,583 $ 3,357 $ (33) $ 12,141 Operating expenses Purchased power and fuel 1,239 841 1,016 1,322 - 4,418 Operating and maintenance 845 631 568 689 (65) 2,668 Depreciation and amortization 767 221 318 467 32 1,805 Taxes other than income taxes 196 115 181 276 20 788 Total operating expenses 3,047 1,808 2,083 2,754 (13) 9,679 Gain on sale of assets - - - 1 - 1 Operating income (loss) 854 525 500 604 (20) 2,463 Other income and (deductions) Interest expense, net (260) (124) (120) (203) (333) (1,040) Other, net 53 18 20 35 (9) 117 Total other income and (deductions) (207) (106) (100) (168) (342) (923) Income (loss) before income taxes 647 419 400 436 (362) 1,540 Income taxes 117 17 85 99 (78) 240 Net income (loss) attributable to common shareholders $ 530 $ 402 $ 315 $ 337 $ (284) $ 1,300 Change in net income (loss) from 2025 to 2026 $ 29 $ (5) $ 38 $ (59) $ 12 $ 15 (a) Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities. ‌Exelon Consolidated Balance Sheets‌ (unaudited) (in millions) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 1,813 $ 626 Restricted cash and cash equivalents 608 525 Accounts receivable Customer accounts receivable 3,567 3,732 Customer allowance for credit losses (508) (435) Customer accounts receivable, net 3,059 3,297 Other accounts receivable 1,294 1,879 Other allowance for credit losses (94) (94) Other accounts receivable, net 1,200 1,785 Inventories, net Fossil fuel 62 88 Materials and supplies 832 780 Regulatory assets 1,352 1,359 Prepaid renewable energy credits 381 563 Other 490 523 Total current assets 9,797 9,546 Property, plant, and equipment, net 87,123 84,318 Deferred debits and other assets Regulatory assets 9,412 9,214 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 5,280 4,755 Investments 327 312 Other 1,936 1,795 Total deferred debits and other assets 23,585 22,706 Total assets $ 120,505 $ 116,570 June 30, 2026 December 31, 2025 Liabilities and shareholders' equity Current liabilities Short-term borrowings $ 1,243 $ 612 Long-term debt due within one year 727 1,665 Accounts payable 3,475 3,721 Accrued expenses 1,447 1,582 Payables to affiliates 5 5 Customer deposits 589 533 Regulatory liabilities 573 1,128 Mark-to-market derivative liabilities 23 30 Unamortized energy contract liabilities 4 5 Renewable energy credit obligations 332 473 Other 590 577 Total current liabilities 9,008 10,331 Long-term debt 50,313 47,413 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 14,348 13,715 Regulatory liabilities 11,727 11,016 Pension obligations 1,429 1,749 Non-pension postretirement benefit obligations 564 546 Asset retirement obligations 322 321 Mark-to-market derivative liabilities 105 106 Unamortized energy contract liabilities 14 16 Other 2,587 2,169 Total deferred credits and other liabilities 31,096 29,638 Total liabilities 90,807 87,772 Commitments and contingencies Shareholders' equity Common stock 22,540 22,106 Treasury stock, at cost (123) (123) Retained earnings 8,031 7,577 Accumulated other comprehensive loss, net (750) (762) Total shareholders' equity 29,698 28,798 Total liabilities and shareholders' equity $ 120,505 $ 116,570 ‌Exelon‌‌ Consolidated Statements of Cash Flows (unaudited) (in millions) Six Months Ended June 30, 2026 2025 Cash flows from operating activities Net income $ 1,315 $ 1,300 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 1,921 1,806 Deferred income taxes and amortization of investment tax credits 432 165 Net fair value changes related to derivatives - 3 Other non-cash operating activities 464 734 Changes in assets and liabilities: Accounts receivable 787 (460) Inventories (29) (20) Accounts payable and accrued expenses (210) (38) Collateral received, net 72 14 Income taxes (140) (3) Regulatory assets and liabilities, net (874) (294) Pension and non-pension postretirement benefit contributions (356) (302) Other assets and liabilities 287 (194) Net cash flows provided by operating activities 3,669 2,711 Cash flows from investing activities Capital expenditures (4,558) (3,959) Proceeds from sales of assets - 2 Other investing activities (2) (5) Net cash flows used in investing activities (4,560) (3,962) Cash flows from financing activities Changes in short-term borrowings 131 (750) Proceeds from short-term borrowings with maturities greater than 90 days 500 - Issuance of long-term debt 3,600 3,800 Retirement of long-term debt (1,600) (807) Issuance of common stock 382 173 Dividends paid on common stock (860) (808) Proceeds from employee stock plans 24 11 Other financing activities (57) (56) Net cash flows provided by financing activities 2,120 1,563 Increase in cash, restricted cash, and cash equivalents 1,229 312 Cash, restricted cash, and cash equivalents at beginning of period 1,201 939 Cash, restricted cash, and cash equivalents at end of period $ 2,430 $ 1,251 ‌Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended June 30, 2026 and 2025 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Other Share ComEd PECO BGE PHI (a) Exelon 2025 GAAP net income (loss) $ 0.39 $ 228 $ 136 $ 55 $ 143 $ (171) $ 391 Income tax-related adjustments (entire amount represents tax expense) (1) - - - - 1 - 1 2025 Adjusted (non-GAAP) operating earnings (loss) $ 0.39 $ 228 $ 136 $ 55 $ 144 $ (171) $ 392 Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ - $ - (b) $ 4 $ - (b) $ - (b) $ - $ 4 Load (0.01) - (b) (5) - (b) (1) (b) - (6) Distribution and transmission rates (2) 0.04 17 (c) (2) (c) 12 (c) 14 (c) - 41 Other energy delivery (3) 0.06 51 (c) 11 (c) 1 (c) 1 (c) - 64 Operating and maintenance expense (4) 0.03 (19) 14 13 (11) 38 35 Depreciation and amortization expense (5) (0.05) (21) (10) (6) (12) 1 (48) Interest expense and other (6) (0.04) (7) (18) (5) (9) (4) (43) Total year over year effects on Adjusted (non-GAAP) Operating Earnings $ 0.04 $ 21 $ (6) $ 15 $ (18) $ 35 $ 46 2026 GAAP net income (loss) $ 0.39 $ 249 $ 119 $ 55 $ 109 $ (136) $ 396 Cost management program (net of taxes of $4, $6, $7, and $16, respectively) (7) 0.04 - 11 15 17 - 42 2026 Adjusted (non-GAAP) operating earnings (loss) $ 0.43 $ 249 $ 130 $ 70 $ 126 $ (136) $ 438 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities. For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For transmission formula rates and various riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings). Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment. For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates. For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. For PECO, reflects the absence of electric surcharge credits to customers recognized in 2025. Represents Operating and maintenance expense. For Corporate, reflects the absence of the Customer Relief Fund contribution recorded in the prior period. Across all utilities, reflects ongoing capital expenditures and regulatory asset amortization. For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, reflects an increase in interest expense and income tax expense due to tax repairs, a portion of which is timing. For Corporate, reflects an increase in interest expense offset by a decrease in income tax expense due to timing. Primarily represents severance costs related to cost management program. ‌Exelon‌ Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Six Months Ended June 30, 2026 and 2025 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Other Share ComEd PECO BGE PHI (a) Exelon 2025 GAAP net income (loss) $ 1.29 $ 530 $ 402 $ 315 $ 337 $ (284) $ 1,300 Change in FERC audit liability (net of taxes of $1) - 2 - - - - 2 Cost management program (net of taxes of $0) (1) - - (1) - - - (1) Income tax-related adjustments (entire amount represents tax expense) (2) - - - - 1 - 1 Regulatory matters (net of taxes of $7) (3) 0.02 21 - - - 1 22 2025 Adjusted (non-GAAP) operating earnings (loss) Year over year effects on Adjusted (non-GAAP) operating earnings: $ 1.31 $ 553 $ 401 $ 315 $ 338 $ (283) $ 1,324 Weather $ 0.02 $ - (b) $ 16 $ - (b) $ 3 (b) $ - $ 19 Load (0.01) - (b) (6) - (b) - (b) - (6) Distribution and transmission rates (4) 0.10 32 (c) 4 (c) 40 (c) 27 (c) - 103 Other energy delivery (5) 0.11 68 (c) 23 (c) 14 (c) 7 (c) - 112 Operating and maintenance expense (6) (0.02) (50) 7 16 (28) 39 (16) Depreciation and amortization expense (7) (0.09) (38) (20) (14) (23) 4 (91) Interest expense and other (8) (0.07) (6) (17) (3) (18) (32) (76) Total year over year effects on Adjusted (non-GAAP) operating earnings $ 0.02 $ 6 $ 7 $ 53 $ (32) $ 11 $ 44 2026 GAAP net income (loss) $ 1.28 $ 559 $ 397 $ 353 $ 278 $ (272) $ 1,315 Cost management program (net of taxes of $4, $6, $7, and $16, respectively) (1) 0.04 - 11 15 17 - 42 Regulatory matters (net of taxes of $4) (3) 0.01 - - - 11 - 11 2026 Adjusted (non-GAAP) operating earnings (loss) $ 1.33 $ 559 $ 408 $ 368 $ 306 $ (272) $ 1,368 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities. For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For transmission formula rates and various riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings). Primarily represents severance costs related to cost management program. Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment. Represents the disallowance of certain capitalized costs. For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates. For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, offset by decreased electric distribution revenues due to timing of distribution earnings. For PECO, reflects the absence of electric surcharge credits to customers recognized in 2025. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs. Represents Operating and maintenance expense. For PHI, reflects unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. For Corporate, reflects the absence of the Customer Relief Fund contribution recorded in the prior period. Across all utilities, reflects ongoing capital expenditures and regulatory asset amortization. For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, PHI, and Corporate, reflects an increase in interest expense. ‌ComEd Statistics‌‌ Three Months Ended June 30, 2026 and 2025 Electric Deliveries (in GWhs) Revenue (in millions) Weather -Normal % 2026 2025 % Change Change 2026 2025 % Change Electric Deliveries and Revenues (a) Residential 6,010 6,553 (8.3)% 1.0 % $ 1,101 $ 1,094 0.6 % Small commercial & industrial 6,815 6,920 (1.5)% - % 527 553 (4.7)% Large commercial & industrial 7,637 6,731 13.5 % 6.1 % 131 177 (26.0)% Public authorities & electric railroads 196 166 18.1 % 15.6 % 12 12 - % Other (b) - - n/a n/a 255 224 13.8 % Total electric revenues (c) 20,658 20,370 1.4 % 2.5 % 2,026 2,060 (1.7)% Other Revenues (d) (41) (224) (81.7)% Total electric revenues $ 1,985 $ 1,836 8.1 % Purchased Power $ 579 $ 550 5.3 % % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 560 676 697 (17.2)% (19.7)% Cooling Degree-Days 259 330 266 (21.5)% (2.6)% Six Months Ended June 30, 2026 and 2025 Electric Deliveries (in GWhs) Revenue (in millions) Weather -Normal % 2026 2025 % Change Change 2026 2025 % Change Electric Deliveries and Revenues (a) Residential 12,570 13,227 (5.0)% 0.2 % $ 2,126 $ 2,087 1.9 % Small commercial & industrial 14,133 14,279 (1.0)% - % 1,011 1,153 (12.3)% Large commercial & industrial 14,599 13,734 6.3 % 2.4 % 251 472 (46.8)% Public authorities & electric railroads 440 444 (0.9)% 0.2 % 23 29 (20.7)% Other (b) - - n/a n/a 504 461 9.3 % Total electric revenues (c) 41,742 41,684 0.1 % 0.9 % 3,915 4,202 (6.8)% Other Revenues (d) (17) (301) (94.4)% Total electric revenues $ 3,898 $ 3,901 (0.1)% Purchased Power $ 1,031 $ 1,239 (16.8)% % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 3,428 3,661 3,750 (6.4)% (8.6)% Cooling Degree-Days 260 330 266 (21.2)% (2.3)% Number of Electric Customers 2026 2025 Residential 3,779,015 3,758,791 Small commercial & industrial 397,129 397,795 Large commercial & industrial 1,970 1,922 Public authorities & electric railroads 5,795 5,789 Total 4,183,909 4,164,297 Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. Includes operating revenues from affiliates totaling $2 million and $10 million for the three months ended June 30, 2026 and 2025, respectively, and $13 million and $17 million for the six months ended June 30, 2026 and 2025, respectively. Includes alternative revenue programs and late payment charges. ‌PECO Statistics‌ Three Months Ended June 30, 2026 and 2025 Electric and Natural Gas Deliveries Revenue (in millions) Weather-Normal 2026 2025 % Change % Change 2026 2025 % Change Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 3,042 3,030 0.4 % (1.8)% $ 601 $ 555 8.3 % Small commercial & industrial 1,742 1,832 (4.9)% (3.6)% 157 155 1.3 % Large commercial & industrial 3,426 3,314 3.4 % 2.4 % 85 75 13.3 % Public authorities & electric railroads 157 163 (3.7)% (3.6)% 9 10 (10.0)% Other (b) - - n/a n/a 77 77 - % Total electric revenues (c) 8,367 8,339 0.3 % (0.5)% 929 872 6.5 % Other Revenues (d) 12 8 50.0 % Total Electric Revenues 941 880 6.9 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 4,525 4,571 (1.0)% 1.9 % 84 79 6.3 % Small commercial & industrial 3,072 3,398 (9.6)% (9.0)% 29 31 (6.5)% Large commercial & industrial 1 2 (50.0)% 2.3 % - - n/a Transportation 6,578 5,436 21.0 % 25.6 % 6 8 (25.0)% Other (f) - - n/a n/a 1 2 (50.0)% Total natural gas revenues (g) 14,176 13,407 5.7 % 8.1 % 120 120 - % Other Revenues (d) 1 - n/a Total Natural Gas Revenues 121 120 0.8 % Total Electric and Natural Gas Revenues $ 1,062 $ 1,000 6.2 % Purchased Power and Fuel $ 389 $ 339 14.7 % % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 321 333 415 (3.6)% (22.7)% Cooling Degree-Days 526 425 387 23.8 % 35.9 % ‌Six Months Ended June 30, 2026‌ Electric and Natural Gas Deliveries Revenue (in millions) Weather-Normal 2026 2025 % Change % Change 2026 2025 % Change Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 6,994 6,889 1.5 % (0.7)% $ 1,326 $ 1,186 11.8 % Small commercial & industrial 3,752 3,778 (0.7)% (1.2)% 329 317 3.8 % Large commercial & industrial 6,558 6,739 (2.7)% (3.9)% 172 159 8.2 % Public authorities & electric railroads 333 352 (5.4)% (5.4)% 17 18 (5.6)% Other (b) - - n/a n/a 154 153 0.7 % Total electric revenues (c) 17,637 17,758 (0.7)% (2.1)% 1,998 1,833 9.0 % Other Revenues (d) 25 3 733.3 % Total electric revenues 2,023 1,836 10.2 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 26,961 26,405 2.1 % (-0.4)% 369 346 6.6 % Small commercial & industrial 14,423 13,803 4.5 % 2.3 % 125 117 6.8 % Large commercial & industrial (9) 14 (164.3)% (10.5)% - - n/a Transportation 13,720 12,678 8.2 % 9.2 % 26 21 23.8 % Other (f) - - n/a n/a 9 12 (25.0)% Total natural gas revenues (g) 55,095 52,900 4.1 % 2.5 % 529 496 6.7 % Other Revenues (d) 2 1 100.0 % Total natural gas revenues 531 497 6.8 % Total electric and natural gas revenues $ 2,554 $ 2,333 9.5 % Purchased Power and Fuel $ 1,001 $ 841 19.0 % % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 2,720 2,684 2,774 1.3 % (1.9)% Cooling Degree-Days 536 426 388 25.8 % 38.1 % Number of Electric Customers 2026 2025 Number of Natural Gas Customers 2026 2025 Residential 1,540,384 1,538,280 Residential 511,121 509,671 Small commercial & industrial 154,463 154,977 Small commercial & industrial 44,494 44,646 Large commercial & industrial 3,141 3,155 Large commercial & industrial 7 7 Public authorities & electric railroads 10,133 10,343 Transportation 605 623 Total 1,708,121 1,706,755 Total 556,227 554,947 Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission. Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. Includes operating revenues from affiliates totaling $2 million and $3 million for the three months ended June 30, 2026 and 2025, respectively, and $6 million and $5 million for the six months ended June 30, 2026 and 2025, respectively. Includes alternative revenue programs and late payment charges. Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. Includes revenues primarily from off-system sales. Includes operating revenues from affiliates totaling $1 million and less than $1 million for the three months ended June 30, 2026 and 2025, respectively, and $1 million for both six months ended June 30, 2026 and 2025. BGE Statistics Three Months Ended June 30, 2026 and 2025 Electric and Natural Gas Deliveries Revenue (in millions) Weather-Normal 2026 2025 % Change % Change 2026 2025 % Change Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 2,725 2,701 0.9 % 0.6 % $ 641 $ 497 29.0 % Small commercial & industrial 615 624 (1.4)% - % 108 90 20.0 % Large commercial & industrial 3,178 3,229 (1.6)% (0.6)% 161 140 15.0 % Public authorities & electric railroads 48 49 (2.0)% (1.6)% 8 8 - % Other (b) - - n/a n/a 121 118 2.5 % Total electric revenues (c) 6,566 6,603 (0.6)% (0.1)% 1,039 853 21.8 % Other Revenues (d) 11 (4) (375.0)% Total electric revenues 1,050 849 23.7 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 3,981 4,368 (8.9)% (18.6)% 93 108 (13.9)% Small commercial & industrial 1,211 1,349 (10.2)% (15.9)% 17 23 (26.1)% Large commercial & industrial 8,213 7,943 3.4 % (0.7)% 48 46 4.3 % Other (f) 823 506 62.6 % n/a 7 7 - % Total natural gas revenues (g) 14,228 14,166 0.4 % (8.4)% 165 184 (10.3)% Other Revenues (d) 3 (4) (175.0)% Total natural gas revenues 168 180 (6.7)% Total electric and natural gas revenues $ 1,218 $ 1,029 18.4 % Purchased Power and Fuel $ 545 $ 406 34.2 % % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 420 356 479 18.0 % (12.3)% Cooling Degree-Days 289 291 266 (0.7)% 8.6 % Six Months Ended June 30, 2026 and 2025 Electric and Natural Gas Deliveries Revenue (in millions) Weather-Normal 2026 2025 % Change % Change 2026 2025 % Change Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 6,513 6,370 2.2 % (1.9)% $ 1,459 $ 1,145 27.4 % Small commercial & industrial 1,344 1,354 (0.7)% (2.4)% 238 199 19.6 % Large commercial & industrial 6,390 6,373 0.3 % (0.7)% 342 284 20.4 % Public authorities & electric railroads 96 97 (1.0)% (1.7)% 17 17 - % Other (b) - - n/a n/a 237 230 3.0 % Total electric revenues (c) 14,343 14,194 1.0 % (1.4)% 2,293 1,875 22.3 % Other Revenues (d) 2 (14) (114.3)% Total electric revenues 2,295 1,861 23.3 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 25,279 25,239 0.2 % (7.1)% 494 486 1.6 % Small commercial & industrial 6,001 5,917 1.4 % (2.4)% 80 86 (7.0)% Large commercial & industrial 22,663 22,321 1.5 % (0.8)% 141 142 (0.7)% Other (f) 4,338 4,351 (0.3)% n/a 38 31 22.6 % Total natural gas revenues (g) 58,281 57,828 0.8 % (4.0)% 753 745 1.1 % Other Revenues (d) (2) (23) (91.3)% Total natural gas revenues 751 722 4.0 % Total electric and natural gas revenues $ 3,046 $ 2,583 17.9 % Purchased Power and Fuel $ 1,353 $ 1,016 33.2 % % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 2,864 2,659 2,810 7.7 % 1.9 % Cooling Degree-Days 303 291 269 4.1 % 12.6 % Number of Electric Customers 2026 2025 Number of Natural Gas Customers 2026 2025 Residential 1,230,523 1,219,904 Residential 664,257 660,049 Small commercial & industrial 114,986 115,316 Small commercial & industrial 37,638 37,806 Large commercial & industrial 13,430 13,345 Large commercial & industrial 6,406 6,387 Public authorities & electric railroads 250 257 Total 1,359,189 1,348,822 Total 708,301 704,242 Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission. Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended June 30, 2026 and 2025, respectively, and $4 million and $3 million for the six months ended June 30, 2026 and 2025, respectively. Includes alternative revenue programs and late payment charges. Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. Includes revenues primarily from off-system sales. Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2026 and 2025, respectively, and $1 million for both the six months ended June 30, 2026 and 2025, respectively. ‌Pepco Statistics‌ Three Months Ended June 30, 2026 and 2025 Electric Deliveries (in GWhs) Revenue (in millions) Weather-Normal 2026 2025 % Change % Change 2026 2025 % Change Electric Deliveries and Revenues (a) Residential 1,744 1,737 0.4 % (3.5)% $ 396 $ 348 13.8 % Small commercial & industrial 256 269 (4.8)% (5.7)% 49 48 2.1 % Large commercial & industrial 3,418 3,488 (2.0)% (2.6)% 321 292 9.9 % Public authorities & electric railroads 180 172 4.7 % 4.3 % 11 12 (8.3)% Other (b) - - n/a n/a 94 91 3.3 % Total electric revenues (c) 5,598 5,666 (1.2)% (2.8)% 871 791 10.1 % Other Revenues (d) (12) (15) (20.0)% Total electric revenues $ 859 $ 776 10.7 % Purchased Power $ 316 $ 256 23.4 % % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 263 218 284 20.6 % (7.4)% Cooling Degree-Days 575 525 525 9.5 % 9.5 % Six Months Ended June 30, 2026 and 2025 Electric Deliveries (in GWhs) Revenue (in millions) Weather-Normal 2026 2025 % Change % Change 2026 2025 % Change Electric Deliveries and Revenues (a) Residential 4,103 4,073 0.7 % (4.1)% $ 902 $ 772 16.8 % Small commercial & industrial 551 569 (3.2)% (5.1)% 103 99 4.0 % Large commercial & industrial 6,719 6,827 (1.6)% (2.7)% 642 581 10.5 % Public authorities & electric railroads 354 332 6.6 % 6.0 % 21 20 5.0 % Other (b) - - n/a n/a 188 176 6.8 % Total electric revenues (c) 11,727 11,801 (0.6)% (3.1)% 1,856 1,648 12.6 % Other Revenues (d) (7) (13) (46.2)% Total electric revenues $ 1,849 $ 1,635 13.1 % Purchased Power $ 727 $ 574 26.7 % % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 2,450 2,205 2,320 11.1 % 5.6 % Cooling Degree-Days 591 550 530 7.5 % 11.5 % Number of Electric Customers 2026 2025 Residential 887,885 883,151 Small commercial & industrial 54,091 53,952 Large commercial & industrial 23,208 23,175 Public authorities & electric railroads 209 205 Total 965,393 960,483 Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2026 and 2025, respectively, and $4 million for both the six months ended June 30, 2026 and 2025, respectively. Includes alternative revenue programs and late payment charge revenues. ‌DPL Statistics‌ Three Months Ended June 30, 2026 and 2025 Electric and Natural Gas Deliveries Revenue (in millions) Weather -Normal 2026 2025 % Change % Change 2026 2025 % Change Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 1,130 1,090 3.7 % 3.9 % $ 230 $ 210 9.5 % Small commercial & industrial 570 587 (2.9)% (2.5)% 66 64 3.1 % Large commercial & industrial 1,019 1,033 (1.4)% (0.9)% 33 31 6.5 % Public authorities & electric railroads (14) 11 (227.3)% (219.7)% 4 5 (20.0)% Other (b) - - n/a n/a 78 77 1.3 % Total electric revenues (c) 2,705 2,721 (0.6)% (0.3)% 411 387 6.2 % Other Revenues (d) 3 1 200.0 % Total electric revenues 414 388 6.7 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 729 803 (9.2)% (8.8)% 18 17 5.9 % Small commercial & industrial 482 535 (9.9)% (10.0)% 9 8 12.5 % Large commercial & industrial 400 405 (1.2)% (1.3)% 1 1 - % Transportation 1,270 1,282 (0.9)% (1.3)% 4 4 - % Other (f) - - n/a n/a 8 3 166.7 % Total natural gas revenues 2,881 3,025 (4.8)% (5.1)% 40 33 21.2 % Other Revenues (d) - - n/a Total natural gas revenues 40 33 21.2 % Total electric and natural gas revenues $ 454 $ 421 7.8 % Purchased Power and Fuel $ 195 $ 172 13.4 % Electric Service Territory % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 381 368 427 3.5 % (10.8)% Cooling Degree-Days Natural Gas Service Territory 409 406 362 0.7 % 13.0 % % Change Heating Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 376 373 476 0.8 % (21.0)% Six Months Ended June 30, 2026 and 2025 Electric and Natural Gas Deliveries Revenue (in millions) Weather -Normal 2026 2025 % Change % Change 2026 2025 % Change Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 2,839 2,735 3.8 % 2.4 % $ 559 $ 508 10.0 % Small commercial & industrial 1,178 1,173 0.4 % - % 137 128 7.0 % Large commercial & industrial 1,948 1,971 (1.2)% (1.2)% 64 60 6.7 % Public authorities & electric railroads (5) 21 (123.8)% (122.4)% 9 9 - % Other (b) - - n/a n/a 153 148 3.4 % Total electric revenues (c) 5,960 5,900 1.0 % 0.2 % 922 853 8.1 % Other Revenues (d) (3) (4) (25.0)% Total electric revenues 919 849 8.2 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 5,407 5,393 0.3 % (3.4)% 92 73 26.0 % Small commercial & industrial 2,606 2,502 4.2 % - % 38 28 35.7 % Large commercial & industrial 833 837 (0.5)% (0.5)% 5 4 25.0 % Transportation 3,297 3,387 (2.7)% (4.3)% 10 9 11.1 % Other (f) - - n/a n/a 12 6 100.0 % Total natural gas revenues 12,143 12,119 0.2 % (2.7)% 157 120 30.8 % Other Revenues (d) - - n/a Total natural gas revenues 157 120 30.8 % Total electric and natural gas revenues $ 1,076 $ 969 11.0 % Purchased Power and Fuel $ 483 $ 419 15.3 % Electric Service Territory % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 2,824 2,722 2,750 3.7 % 2.7 % Cooling Degree-Days Natural Gas Service Territory 418 416 364 0.5 % 14.8 % % Change Heating Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 2,906 2,771 2,925 4.9 % (0.6)% Number of Electric Customers 2026 2025 Number of Natural Gas Customers 2026 2025 Residential 496,515 492,999 Residential 131,951 131,332 Small commercial & industrial 65,710 65,177 Small commercial & industrial 10,207 10,146 Large commercial & industrial 1,295 1,253 Large commercial & industrial 14 14 Public authorities & electric railroads 626 628 Transportation 160 161 Total 564,146 560,057 Total 142,332 141,653 Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. Includes operating revenues from affiliates totaling $2 million for both the three months ended June 30, 2026 and 2025, and $4 million for both the six months ended June 30, 2026 and 2025. Includes alternative revenue programs and late payment charges. Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. Includes revenues primarily from off-system sales. ‌ACE Statistics‌ Three Months Ended June 30, 2026 and 2025 Electric Deliveries (in GWhs) Revenue (in millions) Weather -Normal 2026 2025 % Change % Change 2026 2025 % Change Electric Deliveries and Revenues (a) Residential 887 942 (5.8)% (5.9)% $ 241 $ 222 8.6 % Small commercial & industrial 384 381 0.8 % 0.2 % 65 56 16.1 % Large commercial & industrial 721 734 (1.8)% (2.0)% 43 47 (8.5)% Public authorities & electric railroads 10 10 - % 1.0 % 5 5 - % Other (b) - - n/a n/a 58 67 (13.4)% Total electric revenues (c) 2,002 2,067 (3.1)% (3.3)% 412 397 3.8 % Other Revenues (d) (11) (13) (15.4)% Total electric revenues $ 401 $ 384 4.4 % Purchased Power $ 187 $ 173 8.1 % % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 496 432 509 14.8 % (2.6)% Cooling Degree-Days 391 338 312 15.7 % 25.3 % Six Months Ended June 30, 2026 and 2025 Electric Deliveries (in GWhs) Revenue (in millions) Weather -Normal 2026 2025 % Change % Change 2026 2025 % Change Electric Deliveries and Revenues (a) Residential 1,842 1,844 (0.1)% (1.2)% $ 499 $ 418 19.4 % Small commercial & industrial 788 771 2.2 % 1.6 % 133 111 19.8 % Large commercial & industrial 1,409 1,447 (2.6)% (2.8)% 87 97 (10.3)% Public authorities & electric railroads 22 23 (4.3)% (4.2)% 10 10 - % Other (b) - - n/a n/a 122 134 (9.0)% Total electric revenues (c) 4,061 4,085 (0.6)% (1.2)% 851 770 10.5 % Other Revenues (d) (29) (13) n/a Total electric revenues $ 822 $ 757 8.6 % Purchased Power $ 392 $ 329 19.1 % % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 3,039 2,840 2,895 7.0 % 5.0 % Cooling Degree-Days 394 338 313 16.6 % 25.9 % Number of Electric Customers 2026 2025 Residential 511,568 508,775 Small commercial & industrial 63,070 62,817 Large commercial & industrial 2,665 2,803 Public authorities & electric railroads 767 729 Total 578,070 575,124 Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. Includes operating revenues from affiliates totaling $1 million and less than $1 million for the three months ended June 30, 2026 and 2025, respectively, and $2 million and $1 million for the six months ended June 30, 2026 and 2025, respectively. Includes alternative revenue programs.

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