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Con Edison (NYSE: ED) lifts Q1 2026 GAAP EPS, reaffirms full-year adjusted outlook

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8-K

Rhea-AI Filing Summary

Consolidated Edison, Inc. reported stronger GAAP results for the first quarter of 2026, with net income for common stock of $924 million, or $2.55 per share, up from $791 million, or $2.26 per share, a year earlier. The increase was mainly driven by a gain on the sale of its equity interest in Mountain Valley Pipeline (MVP).

On a non-GAAP basis, adjusted earnings were $790 million, or $2.18 per share, slightly below $792 million, or $2.26 per share, in the 2025 first quarter, reflecting higher operations and maintenance costs, higher interest expense, and dilution from common share issuance, partly offset by higher electric and gas rate base at CECONY and O&R. The company reaffirmed its 2026 adjusted EPS guidance of $6.00 to $6.20 per share.

During the quarter Con Edison settled a forward sale agreement for 7 million common shares, providing approximately $776 million of equity proceeds to support sizable capital investments. It also completed the sale of its MVP interest for total consideration of $357.5 million, while continuing to emphasize long-term growth through electrification, an 8.8% five-year regulated investment base CAGR, and a 4.4% annualized dividend increase marking its 52nd consecutive year of dividend growth.

Positive

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Insights

GAAP earnings rise on MVP gain; core results stable, outlook reaffirmed.

Con Edison posted first quarter 2026 GAAP EPS of $2.55 versus $2.26, helped by a $189 million pre-tax gain from selling its Mountain Valley Pipeline stake. Adjusted EPS was $2.18, slightly below $2.26 a year earlier as higher O&M, interest costs, and share dilution offset rate base growth.

Management reaffirmed 2026 adjusted EPS guidance of $6.00–$6.20 per share, signaling continuity in its outlook for regulated earnings. The company is executing a sizeable capital plan supported by an 8.8% five-year regulated investment base CAGR and financing that includes up to $1.1 billion of 2026 equity issuance and up to $3.2 billion of 2026 long-term debt.

The completed MVP sale for $357.5 million and settlement of a $776 million equity forward strengthen the balance sheet ahead of rising investment needs. Credit ratings remain investment grade with targeted funds-from-operations metrics aligned to agency thresholds, so actual impact on valuation will depend on execution of rate plans, cost control and reliability-focused capital projects disclosed for the 2026–2030 period.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 GAAP net income $924 million Net income for common stock, three months ended March 31, 2026
Q1 2026 GAAP EPS $2.55 per share Earnings per share (basic), three months ended March 31, 2026
Q1 2026 adjusted EPS $2.18 per share Non-GAAP adjusted earnings per share, three months ended March 31, 2026
Q1 2026 adjusted earnings $790 million Non-GAAP adjusted net income for common stock, quarter ended March 31, 2026
MVP sale consideration $357.5 million Total aggregate consideration for sale of MVP equity interest in Q1 2026
MVP sale EPS impact $0.37 per share After-tax gain per share on sale of MVP equity interest, excluded from adjusted EPS
2026 adjusted EPS guidance $6.00–$6.20 per share Reaffirmed non-GAAP earnings guidance for full year 2026
Equity forward settlement $776 million Proceeds from settlement of forward sale of 7,000,000 common shares in Q1 2026
adjusted earnings per share financial
"Adjusted earnings (non-GAAP) were $790 million or $2.18 a share in the 2026 period"
Adjusted Earnings Per Share shows how much profit a company makes for each share of stock, but it removes unusual or one-time items like big expenses or gains. This helps investors see the company's true ongoing performance, making it easier to compare how well different companies are doing over time.
hypothetical liquidation at book value (HLBV) accounting financial
"Adjusted earnings and adjusted earnings per share in the 2025 period exclude the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments"
rate base financial
"Higher electric rate base $15 | $0.04"
Rate base is the dollar value of the physical assets and capital a regulated utility uses to deliver its service — things like power plants, pipes, or equipment. Regulators use that value as the starting point to set prices the utility can charge by allowing a specific percentage return on that base, so a larger or higher-valued rate base usually means higher permitted revenues and therefore directly affects investor earnings and the company's ability to raise capital.
Energy Affordability Program (EAP) financial
"Customers enrolled in CECONY's and O&R's Energy Affordability Programs (EAP) receive bill discounts"
Corporate Alternative Minimum Tax (CAMT) financial
"Notice 2026-7, which provides additional interim guidance regarding the application of the CAMT"
funds from operations financial
"Funds from operations to Debt"
Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.
Revenue $5,095 million
GAAP net income $924 million +$133 million YoY
GAAP EPS $2.55 +$0.29 YoY
Adjusted net income $790 million -$2 million YoY
Adjusted EPS $2.18 -$0.08 YoY
Guidance

For 2026, Con Edison reaffirmed non-GAAP adjusted earnings per share guidance in the range of $6.00 to $6.20, excluding the MVP sale gain, MVP basis accretion, transaction costs related to the MVP and Honeoye strategic review, and HLBV tax equity accounting effects.

Understanding 8-K Material Events →
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2026
 Consolidated Edison, Inc.
(Exact name of registrant as specified in its charter)
New York 1-14514 13-3965100
(State or Other Jurisdiction
of Incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
4 Irving Place, New York, New York 10003
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 460-4600
 Consolidated Edison Company of New York, Inc.
(Exact name of registrant as specified in its charter)
New York 1-01217 13-5009340
(State or Other Jurisdiction
of Incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
4 Irving Place, New York,New York 10003
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 460-4600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))







Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class Trading SymbolName of each exchange on which registered
Consolidated Edison, Inc., EDNew York Stock Exchange
Common Shares ($.10 par value)


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02Results of Operations and Financial Condition.
On May 7, 2026, Consolidated Edison, Inc. is issuing a press release and an earnings release presentation regarding, among other things, its results of operations for the three months ended March 31, 2026. The press release and the earnings release presentation are “furnished” as exhibits to this report pursuant to Item 2.02 of Form 8-K.


Item 9.01Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1
  Press release, dated May 7, 2026, furnished pursuant to Item 2.02 of Form 8-K.
Exhibit 99.2
Earnings release presentation, dated May 7, 2026, furnished pursuant to Item 2.02 of Form 8-K.
Exhibit 104Cover Page Interactive Data File - The cover page iXBRL tags are embedded within the inline XBRL document.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CONSOLIDATED EDISON, INC.
CONSOLIDATED EDISON COMPANY OF NEW YORK, INC.
By /s/ Joseph Miller
 Joseph Miller
 
Vice President, Controller and Chief Accounting Officer
Date: May 7, 2026

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Exhibit 99.1

image2a.jpg
Media Relations
Consolidated Edison, Inc.
212 460 4111 (24 hours)4 Irving Place
New York, NY 10003
www.conEdison.com
FOR IMMEDIATE RELEASE                                                 Contact: Allan Drury
May 7, 2026                                      212-460-4111

CON EDISON REPORTS 2026 FIRST QUARTER EARNINGS

NEW YORK - Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2026 first quarter net income for common stock of $924 million or $2.55 a share compared with $791 million or $2.26 a share in the 2025 first quarter. Adjusted earnings (non-GAAP) were $790 million or $2.18 a share in the 2026 period compared with $792 million or $2.26 a share in the 2025 period. Adjusted earnings and adjusted earnings per share in the 2026 period exclude transaction costs associated with the strategic alternatives review of Con Edison's equity investments in Mountain Valley Pipeline, LLC (MVP) and Honeoye Storage Corporation (Honeoye) and the gain on the sale of Con Edison's equity interest in MVP. Adjusted earnings and adjusted earnings per share in the 2026 and 2025 periods exclude accretion of the basis difference of Con Edison's equity interest in MVP. Adjusted earnings and adjusted earnings per share in the 2025 period exclude the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments.

“Our first-quarter results reflect the strength and durability of our regulated businesses, with reaffirmed adjusted earnings per share guidance driven by continued operational excellence and industry-leading reliability,” said Tim Cawley, Chairman and CEO of Con Edison. “We deliver essential energy services to the nation’s largest and most economically significant market, and the performance of our system underscores the value of disciplined investment.

“Electrification of heating and transportation is accelerating at an unprecedented pace, driven by years of state and local policy that have been reinforced by strong customer preference and sustained economic growth in our region,” Cawley added. “We are investing proactively to meet this growth - building new substations, maintaining robust design standards in our networks and fortifying our system against extreme weather - while managing costs and supporting affordability. Our dedicated team, technical expertise, operational efficiency, and investment strategy continue to drive long-term value for our investors, customers and communities.”

“As our customers adopt cleaner energy technologies, we remain focused in 2026 on delivering value for customers and shareholders through disciplined execution of our three-year investment plan at Con Edison of New York,” said Kirk Andrews, Senior Vice President and CFO. “We are making infrastructure investments across both utilities to ensure our system remains resilient and reliable as demand grows, while we continue to manage costs and deliver projects on budget.

“Based on our results for the quarter and outlook for the remainder of the year we are reaffirming our Adjusted EPS guidance range for 2026,” Andrews added. “During the first quarter, we settled a forward sale agreement for 7 million shares of common stock, generating proceeds to support investment in our energy systems. We also completed the sale of our interest in Mountain Valley Pipeline, LLC for total consideration of $357.5 million.”

For the year of 2026, Con Edison reaffirmed its adjusted earnings per share (non-GAAP) to be in the range of $6.00 to $6.20 per share. Adjusted earnings per share excludes the gain on the sale of Con Edison's equity interest in MVP ($(0.37) a share after-tax), accretion of the basis difference of Con Edison's equity interest in MVP ($(0.01) a share after-tax), transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye and HLBV accounting for tax equity investments, the amount of which will not be determinable until year-end. Accordingly, the company is unable to provide equivalent measures determined in accordance with generally accepted accounting principles in the United States of America (GAAP).

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CON EDISON REPORTS 2026 FIRST QUARTER EARNINGSpage 2
See Attachment A to this press release for a reconciliation of Con Edison’s reported earnings per share to adjusted earnings per share and reported net income for common stock to adjusted earnings for the three months ended March 31, 2026 and 2025. See Attachment B for the estimated effect of major factors resulting in variations in earnings per share and net income for common stock for the three months ended March 31, 2026 compared to the 2025 period.

The company's 2026 First Quarter Form 10-Q is being filed with the Securities and Exchange Commission. A first quarter 2026 earnings release presentation will be available at www.conedison.com. (Select "For Investors" and then select "Press Releases.")

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CON EDISON REPORTS 2026 FIRST QUARTER EARNINGSpage 3
This press release contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as “forecasts,” “expects,” “estimates,” “anticipates,” “intends,” “believes,” “plans,” “will,” “target,” “guidance,” “potential,” “goal,” “consider” and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time.

Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports Con Edison has filed with the Securities and Exchange Commission, including that Con Edison's subsidiaries are extensively regulated and may be subject to substantial penalties; its utility subsidiaries' rate plans may not provide a reasonable return; it may be adversely affected by changes to the utility subsidiaries' rate plans; the failure of, or damage to, its subsidiaries' facilities could adversely affect it; a cyber attack could adversely affect it; artificial intelligence is an emerging area of technology that has the potential to impact various aspects of its and its subsidiaries’ business operations and customer interactions; the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change; its ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect it; it requires access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect it; it faces risks related to health epidemics and other outbreaks; its strategies may not be effective to address changes in the external business environment; it faces risks related to supply chain disruptions, inflation and the imposition of tariffs (or subsequent changes to tariffs once announced or implemented); and it also faces other risks that are beyond its control. This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

This press release also contains financial measures, adjusted earnings and adjusted earnings per share, that are not determined in accordance with GAAP. These non-GAAP financial measures should not be considered as an alternative to net income for common stock or net income per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted earnings and adjusted earnings per share exclude from net income for common stock and net income per share, respectively, certain items that Con Edison does not consider indicative of its ongoing financial performance such as the effects of HLBV accounting for tax equity investments and accretion of the basis difference of Con Edison's equity interest in MVP, transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye and the gain on the sale of Con Edison's equity interest in MVP. Management uses these non-GAAP financial measures to facilitate the analysis of Con Edison's financial performance as compared to its internal budgets and previous financial results and to communicate to investors and others Con Edison's expectations regarding its future earnings and dividends on its common stock. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of Con Edison's financial performance.
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CON EDISON REPORTS 2026 FIRST QUARTER EARNINGSpage 4
Consolidated Edison, Inc. is a holding company that provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc. (CECONY), a regulated utility providing electric service in New York City and New York’s Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R), a regulated utility serving customers in a 1,300-square-mile area in southeastern New York State and northern New Jersey; and Con Edison Transmission, Inc., a regulated company primarily under the oversight of the Federal Energy Regulatory Commission, that develops and invests in electric transmission projects and owns interests in both electric and gas assets.

# # #



Attachment A
For the Three Months Ended
March 31,
Earnings
per Share		Net Income for Common Stock
(Millions of Dollars)
2026202520262025
Reported earnings per share (basic) and net income for common stock (GAAP basis)
$2.55$2.26$924$791
Accretion of the basis difference of Con Edison's equity investment in MVP (pre-tax)(0.01)(0.01)(3)(3)
Income taxes (a)——11
Accretion of the basis difference of Con Edison's equity investment in MVP (net of tax)(0.01)(0.01)(2)(2)
Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (pre-tax)0.01—3—
Income taxes (b)——(1)—
Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (net of tax)0.01—2—
Gain on the sale of Con Edison's equity interest in MVP (pre-tax)(0.52)—(189)—
Income taxes (c)0.15—55—
Gain on the sale of Con Edison's equity interest in MVP (net of tax)(0.37)—(134)—
HLBV effects (pre-tax)—0.01—4
Income taxes (d)———(1)
HLBV effects (net of tax)—0.01—3
Adjusted earnings per share and adjusted earnings (non-GAAP basis)$2.18$2.26$790$792
(a)The amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the three months ended March 31, 2026 and 21% for the three months ended March 31, 2025.
(b)The amount of income taxes was calculated using a combined federal and state income tax rate of 26% for the three months ended March 31, 2026.
(c)The amount of income taxes was calculated using a combined federal and state income tax rate of 29% for the three months ended March 31, 2026.
(d)The amount of income taxes was calculated using a combined federal and state income tax rate of 23% for the three months ended March 31, 2025.





Attachment B
Variation for the Three Months Ended March 31, 2026 vs. 2025
Net Income for Common Stock (Net of Tax) (Millions of Dollars)Earnings
per Share
CECONY (a)
Higher electric rate base$15$0.04
Higher gas rate base140.04
Higher income from allowance for funds used during construction20.01
Higher electric, gas and steam operations and maintenance expense(28)(0.08)
Higher interest expense on long-term debt(9)(0.03)
Higher corporate expenses(5)(0.01)
Dilutive effect of issuance of common shares—(0.08)
Other(1)—
Total CECONY(12)(0.11)
O&R (a)
Electric base rate increase50.01
Gas base rate increase30.01
Higher interest expense on long-term debt(3)(0.01)
Other2—
Total O&R70.01
Con Edison Transmission
Gain on the sale of Con Edison's equity interest in MVP1340.37
Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye(2)(0.01)
Other10.01
Total Con Edison Transmission1330.37
Other, including parent company expenses (b)
HLBV effects30.01
Other 20.01
Total Other, including parent company expenses 50.02
Total Reported (GAAP basis)$133$0.29
Gain on the sale of Con Edison's interest in MVP(134)(0.37)
HLBV effects(3)(0.01)
Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye
20.01
Total Adjusted (Non-GAAP basis)$(2)$(0.08)
(a)Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The Utilities' gas and CECONY’s steam sales are subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison’s results of operations.

(b)Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025.

1st Quarter 2026 Earnings Release Presentation May 7, 2026

 

Available Information On May 7, 2026, Consolidated Edison, Inc. issued a press release reporting its first quarter 2026 earnings and filed with the Securities and Exchange Commission the company’s first quarter 2026 Form 10-Q. This presentation should be read together with, and is qualified in its entirety by reference to, the earnings press release and the Form 10-Q. Copies of the earnings press release and the Form 10-Q are available at: www.conedison.com/en/. (Select “For Investors” and then select “Press Releases” and “SEC Filings,” respectively.) Forward-Looking Statements This presentation contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as “forecasts,” “expects,” “estimates,” “anticipates,” “intends,” “believes,” “plans,” “will,” “target,” “guidance,” “potential,” “goal,” “consider” and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time. Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports Con Edison has filed with the Securities and Exchange Commission, including that Con Edison's subsidiaries are extensively regulated and may be subject to substantial penalties; its utility subsidiaries' rate plans may not provide a reasonable return; it may be adversely affected by changes to the utility subsidiaries' rate plans; the failure of, or damage to, its subsidiaries' facilities could adversely affect it; a cyber attack could adversely affect it; artificial intelligence is an emerging area of technology that has the potential to impact various aspects of business operations and customer interactions of Con Edison and its subsidiaries; the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change; its ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect it; it requires access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect it; it faces risks related to health epidemics and other outbreaks; its strategies may not be effective to address changes in the external business environment; it faces risks related to supply chain disruptions, inflation and the imposition of tariffs (or subsequent changes to tariffs once announced or implemented); and it also faces other risks that are beyond its control. This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures This presentation also contains financial measures, adjusted earnings and adjusted earnings per share, that are not determined in accordance with generally accepted accounting principles (GAAP). These non-GAAP financial measures should not be considered as an alternative to net income for common stock or net income per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted earnings and adjusted earnings per share exclude from net income for common stock and net income per share, respectively, certain items that Con Edison does not consider indicative of its ongoing financial performance such as the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments and accretion of the basis difference of Con Edison's equity investment in Mountain Valley Pipeline, LLC (MVP), transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye Storage Corporation (Honeoye) and the gain on the sale of Con Edison's equity interest in MVP. Management uses these non-GAAP financial measures to facilitate the analysis of Con Edison's financial performance as compared to its internal budgets and previous financial results and to communicate to investors and others Con Edison's expectations regarding its future earnings and dividends on its common stock. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of Con Edison's financial performance. See slides 26, 27, 30, 31 and 34 for a reconciliation of non-GAAP financial measures to their GAAP equivalent. For more information, contact: Jan Childress, Director, Investor Relations Caroline Elsasser, Section Manager, Investor Relations Allison Duignan, Sr. Analyst, Investor Relations Tel: 212-460-6611 Tel: 212-460-4431 Tel: 212-460-6912 Email: childressj@coned.com Email: elsasserc@coned.com Email: duignana@coned.com Investor Relations conEdison.com 2

 

3 Our Investment Thesis Con Edison is a durable, steady, and reliable investment that can endure our changing and challenging times 3 • Constructive and stable regulatory environment ◦ Three years of rate certainty for CECONY electric and gas and two years for O&R electric and gas ◦ Transparent regulatory environment in New York with revenue predictability • Reliable and stable earnings growth with solid financial management ◦ No long-term holding company debt ◦ Disciplined capital allocation and commitment to affordability • Positioned for long-term growth through electrification ◦ 8.8% regulated investment base five-year CAGR ◦ Byproduct of customer demand and alignment with local policy • Durable business with a 200-year track record ◦ Longest operating investor-owned energy utility in the U.S. ◦ Nation leading reliability ◦ 4.4% increase in annualized dividend leading to 52nd straight year of dividend increases Pillars of Our Investment Thesis: • Durability & Revenue Predictability • Growth Through Electrification • Serving a Territory of National Importance Requiring Continuous Investment

 

1Q 2026 Financial Highlights $2.55 earnings per share (GAAP) / $2.18 adjusted earnings per share (non-GAAP)(a) $6.00 to $6.20 earnings per share (non-GAAP)(a) Reaffirmed 2026 adjusted EPS guidance range Completed sale of Con Edison’s equity interest in MVP in March 2026 Executed on a $776 million equity forward issuance in February 2026 4 (a) Adjusted EPS is a non-GAAP financial measure. See slide 35 for a reconciliation to the most comparable GAAP information.

 

Best-in-Class Electric Reliability in the United States 5 We deliver more reliable and resilient service to our customers than any other large utility 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 Interruption Duration Index (SAIDI), in minutes, both metrics including major event days, based on the annual average over the past 10-years (2015-2024). The “peers” are Con Edison's proxy peers set forth in its proxy statement filed in April 2026.

 

6 Electrification is driving durable, visible load growth that requires early, disciplined infrastructure investment to preserve reliability in a uniquely complex, high-density urban grid 6 • Broad electric growth across our service territory ◦ As new buildings come online within CECONY’s service territory, we are seeing a 20% to 25% increase in their electric demand requests ◦ In 2025, 20 MW of fast-charging capacity were installed in CECONY's territory, representing a growth of 18% from 2024 installations ◦ CECONY's and O&R's Medium and Heavy-Duty Make-Ready programs are supporting the electrification of more than 500 trucks and buses • Wide-ranging commercial customer demand for electricity ◦ Etihad Park Major League Soccer stadium and Metropolitan Park entertainment complex in Queens ◦ John F. Kennedy (JFK) International Airport construction and modernization ◦ Hunts Point Food Distribution Center redevelopment and electrification • Substation build-out to support growth while maintaining industry-leading reliability standards in a dense urban network ◦ Between 2026 and 2034, CECONY projects 9 and O&R projects 13 new substations ◦ Robust design standards and associated investment, making us the most reliable large utility in the U.S. The new JPMorganChase global headquarters at 270 Park Avenue in Manhattan is 100% electric for lighting, cooling, and heating Growth Through Electrification

 

7 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 7 • The communities we serve ◦ Largest central business district in the U.S. ◦ World-leading hospitals ◦ Nearly 200,000 small businesses ◦ Largest public school system in the U.S. • Support critical national infrastructure including ◦ The New York Stock Exchange and NASDAQ ◦ Metropolitan Transportation Authority - North America's largest transportation network ◦ The Port Authority of New York and New Jersey which builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country ▪ LaGuardia and JFK Airports ▪ The first port of call for the vast majority of transatlantic container vessels serving the East Coast and among the top three busiest in the country Sources: CECONY - Our Economic Impact Study; Port Authority Press Release Dec. 18, 2025; About the MTA

 

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 8 Information derived from data published by the U.S. Energy Information Administration (as of January 2026), St. Louis FRED, and CECONY’s internal analysis. Three year (2022 – 2024) average customer electric bills are annualized full-service residential bills. Share of wallet calculated as annual bill over median income. The “peers” are Con Edison’s proxy peers set forth in its proxy statement filed in April 2026, excluding CenterPoint Energy because directly comparable data was not available, and including O&R.

 

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 Source: Energy Information Administration Note: CECONY’s and the peers’ numbers are the three-year rolling average monthly bill for residential customers, with available EIA data. The “peers” are Con Edison’s proxy peers set forth in its proxy statement filed in April 2026, excluding CenterPoint Energy because directly comparable data was not available, and including O&R. 9 Ranking average electric bills by utility ($/month, 3-yr average) CECONY vs. Peer Average: • $228 less annually (16% lower) CECONY vs. Peer Median: • $276 less annually (20% lower)

 

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) 10 • Customers enrolled in CECONY's and O&R's Energy Affordability Programs (EAP) receive bill discounts aimed at reducing energy burden to 6% of wallet • In 2025, the utilities’ programs provided $268 million in monthly discounts to help make bills more affordable for our most vulnerable customers • As of January 2026, over 438,000 customers, or ~14% of residential customers, across CECONY's and O&R's service territories are enrolled in the EAP, New York’s monthly bill discount program • In January 2026, CECONY and O&R launched their Enhanced EAPs, expanding eligibility for monthly bill discounts to income-qualified low- and moderate-income residential customers who were not previously eligible for the EAP. To date, more than 11,000 CECONY and O&R customers have been approved to receive discounts through the Enhanced EAP.(b) (a) Monthly bill discount programs include those for CECONY, O&R and RECO Matter Master: 14-02621/14-M-0565 (b) As of April 6, 2026

 

Helping Customers Manage Energy Bills 11 Financial Assistance Programs for Vulnerable Customers • Monthly bill discounts reduce monthly energy costs for low- and moderate-income customers – Energy Affordability Program (EAP) aims to manage typical customer’s energy bills to 6% of wallet in NY. The Enhanced EAP expands eligibility to more low- and moderate-income customers. – Statewide Solar for All and Renewable Energy Access and Community Help programs provide additional discounts to low-income EAP customers living in disadvantaged communities in NY – Energy Affordability Guarantee Pilot provides bill relief for low-income customers who install electric heat pumps at home in NY – The Universal Service Fund (USF) provides New Jersey customers credits to reduce monthly energy bills • Annual and one-time grants help low-income customers struggling to pay heating costs or past-due balances – Federal Home Energy Assistance Program – CECONY's and O&R’s Grant Programs EnergyShare and Neighbor Fund – Other grants available from local social service agencies and nonprofit partners • The Fresh Start program helps New Jersey customers eligible for USF who have fallen behind on bills to pay down outstanding balances through monthly arrears forgiveness For more information visit: Financial Assistance Programs: EAP, HEAP & More | Con Edison; New York Programs | Orange & Rockland Energy Savings Programs • Energy Efficiency for Renters and Homeowners – Customers can save with professionally installed insulation and air sealing – Customers can claim a rebate for their smart thermostat – Eligible customers can receive incentives to replace gas appliances with electric For more information visit: Energy Efficient Savings for Renters and Homeowners | Con Edison; Rebates, Incentives, and Tax Credits | Orange & Rockland • SmartCharge New York Program – Electric vehicle (EV) drivers can earn cash incentives for charging their EV during overnight off-peak times, year round For more information visit: SmartCharge New York Program (for EV Drivers and Light-Duty Fleets)  | Con Edison; SmartCharge New York | Orange & Rockland Operational Cost Management • Smart Meters – Our largest utility investment to date, smart meters are projected to result in $3.2 billion in net savings over the life of the equipment • Resilience Investments – Our plans build on the more than $1 billion in post-Sandy storm-hardening investments we made, which have helped avoid nearly 1.2 million outages • Strategic Sourcing – Our Supply Chain team has negotiated rebates into select contracts resulting in realized benefits of $10.8 million in 2025

 

Capital Investments to Maintain Reliability, Meet Growing Demand and Enhance Resiliency $3,964 $4,465 $4,509 $4,728 $4,996 $6,595 $6,759 $7,152 $8,599 $8,588 $3,635 $4,001 $4,379 $4,699 $4,946 $6,533 $6,592 $6,939 $8,524 $8,571 $298 $399 $81 $31 $65 $49 $29 $50 $62 $167 $213 $75 $17 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E Actual Forecast (d) CECONY & O&R - actual Con Edison Transmission - actual Clean Energy Businesses - actual CECONY & O&R - forecast Con Edison Transmission - forecast a. Forecast for 2026, 2027 and 2028 reflects CECONY’s new Electric and Gas rate plans (Case 25-E-0072 & 25-G-0073) approved in January 2026. b. Forecast for 2026 and 2027 reflects O&R’s Electric and Gas rate plans (Case 24-E-0060 & 24-G-0061) approved in March 2025. c. Forecast for 2027 and 2028 reflects CECONY’s November 2025 steam rate filing that is subject to approval by the NYSPSC. d. 2025 Form 10-K, page 30. ($ in millions) 12 (a)(b)(c) (a)(c)(a)(b)

 

$35,038 $37,309 $40,241 $43,516 $46,352 $48,957 $52,433 $57,363 $62,085 $67,154 $33,239 $35,380 $38,192 $41,307 $43,937 $46,366 $49,487 $54,269 $58,823 $63,673 $1,799 $1,929 $2,049 $2,209 $2,415 $2,591 $2,946 $3,094 $3,262 $3,481 Average Rate Base Balances(a)(f) O&R CECONY 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E CECONY Electric $23,614 $24,753 $26,680 $29,279 $31,456 $32,935 $35,149 $39,174 $42,700 $46,543 Gas 8,008 8,924 9,692 10,115 10,559 11,485 12,050 12,615 13,461 14,363 Steam 1,617 1,703 1,820 1,913 1,922 1,946 2,288 2,480 2,662 2,767 O&R Electric 965 1,032 1,083 1,191 1,337 1,393 1,646 1,737 1,833 1,950 Gas 527 578 626 654 695 791 863 880 924 992 RECO Electric 307 319 340 364 383 407 437 477 505 539 ForecastActual a. Excludes the Utilities' average interest bearing Construction Work in Progress (CWIP) of approximately $2.6 billion at year-end 2025, with annual average balances expected to range between approximately $2.1 billion and $3.9 billion from 2026 - 2030. b. Forecast for 2026, 2027 and 2028 reflects CECONY’s new Electric and Gas rate plans (Case 25-E-0072 & 25-G-0073) approved in January 2026. c. Forecast for 2026 and 2027 reflects O&R’s Electric and Gas rate plans (Case 24-E-0060 & 24-G-0061) approved in March 2025. d. Forecast for 2027 and 2028 reflects CECONY’s November 2025 steam rate filing that is subject to approval by the NYSPSC. e. Amounts reflect the company's five-year forecast as of January 2026. f. Amounts for energy efficiency and heat pump programs are excluded in the forecast for years 2026 – 2030. In May 2025, the NYSPSC issued two orders for Low- to Moderate-Income and Non-Low- to Moderate-Income that directed CECONY and O&R to recover 2026-2029 energy efficiency and heat pump programs (formerly known as New Efficiency New York) through surcharge rather than base rates. See page 34 to the 2025 Form 10-K. (c)(e) (c)(e) (e) (b)(e) (b)(e) (d)(e) ($ in millions) 13 Long-term growth is spurred by accelerating customer adoption of cleaner energy alternatives

 

Average Investment Earnings Base(a)(b)(c)(d)(e)(f) 14 Reflects Investment Opportunities for CECONY, O&R, and CET $46,352 $48,957 $52,433 $57,363 $62,085 $67,154 2025 Actual 2026E 2027E 2028E 2029E 2030E ($ in millions) Surcharge recovery programs (not in base rates) are primarily comprised of Transportation Electrification (Electric Vehicles Make Ready Program), Utility Thermal Energy Networks, Utility Storage Dispatch Rights, and Energy Efficiency and Heat Pump programs (formerly known as New Efficiency New York). a. Excludes the Utilities' average interest bearing CWIP. b. Forecast for 2026, 2027 and 2028 reflects CECONY’s Electric and Gas rate plans (Case 25-E-0072 & 25-G-0073) approved in January 2026. c. Forecast for 2026 and 2027 reflects O&R’s Electric and Gas rate plans (Case 24-E-0060 & 24-G-0061) approved in March 2025. d. Forecast for 2027 and 2028 reflects CECONY’s November 2025 steam rate filing that is subject to approval by the NYSPSC. e. CET amounts reflect ownership share of FERC regulated earnings base of its investments. f. Amounts for energy efficiency and heat pump programs are included in the average rate base for CECONY and O&R from 2021 - 2025. In May 2025, the NYSPSC issued two orders for Low- to Moderate-Income and Non- Low- to Moderate-Income that directed CECONY and O&R to recover 2026-2030 energy efficiency and heat pump program activity through surcharge rather than base rates. See page 34 to the 2025 Form 10-K. 5-year CAGR 8.8% $47,102 $50,717 $54,975 $60,707 $66,129 $71,760 CET $471 $544 $742 $1,077 $1,318 $1,366 Surcharge Recovery 279 1,216 1,800 2,267 2,726 3,240 Average Utility Rate Base 46,352 48,957 52,433 57,363 62,085 67,154

 

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 a. Con Edison’s estimates of its capital requirements and related financing plans reflect information available and assumptions at the time the statements are made and include, among other things, the assumptions that the Utilities’ forecasted capital investments and financing plans through 2030 are approved by the NYSPSC. Actual developments and the timing and amount of funding may differ materially. b. Excludes common equity issued under Con Edison's dividend reinvestment, employee stock purchase and long-term incentive plans. c. The issuance amount includes 7,000,000 shares of common stock issued for approximately $776 million upon physical settlement of a February 2026 forward sale agreement, and excludes shares issued under Con Edison’s dividend reinvestment, employee stock purchase, and long-term incentive plans. d. Includes $500 million borrowed under a 364-day senior unsecured term loan credit agreement in November 2025. The term loan was repaid in full in March 2026. Debt Maturities 2026 2027 2028 2029 2030 CECONY $750(d) $700 $800 $— $600 O&R — 80 — 44 35 Total $750 $780 $800 $44 $635 15

 

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

 

Regulatory Updates 17

 

18 Constructive Relationship with our Regulator in New York State 18 • 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 ◦ 2/3 Discounted Cash Flow Model ◦ 1/3 Capital Asset Pricing Model • Reduced regulatory lag ◦ Fully-forecasted rate year reflecting a historical test year ◦ Timely recovery of fuel and commodity costs ◦ True-ups (reconciliations) for major costs including: ▪ Pensions ▪ Environmental costs ▪ Property taxes ▪ Variable-rate debt ▪ Uncollectible write-offs of customer accounts receivable balances and late payment fees

 

19 19 Rate Case Filing Status (a) Average rate base for 12 months ended December 31, 2025 Additional rate plan information: Rate Plan Information | Consolidated Edison, Inc. Regulator Rate Base(a) ($ millions) Current Plan Start Date Current Plan End Date Status C EC O N Y Electric New York State Public Service Commission (NYSPSC) $31,456 Jan 2026 Dec 2028 Joint Proposal approved January 2026 Gas NYSPSC 10,559 Jan 2026 Dec 2028 Steam NYSPSC 1,922 Nov 2023 Oct 2026 Filed rate case in November 2025 O & R O&R - NY Electric NYSPSC 1,337 Jan 2025 Dec 2027 Joint Proposal approved March 2025 O&R - NY Gas NYSPSC 695 Jan 2025 Dec 2027 Rockland Electric New Jersey Board of Public Utilities (NJBPU) 383 Jan 2022 Pending Filed update to June and August 2025 requests in October 2025

 

20 20 CECONY Steam Rate Filing Comparison and Illustrative Timeline Typical timeline for rate setting process:

 

INTERNAL Summary of RECO Electric Rate Filing Return on equity……………..10.30% Equity ratio……………………50.04% RECO’s Proposed Rate Changes RECO Proposed Return on Equity and Equity Ratio Key Drivers of Proposed 2026 Electric Rate Increase ($ millions) In October 2025, RECO further updated its June and August 2025 requests with the New Jersey Board of Public Utilities for an electric rate increase effective January 1, 2026. Additional rate plan information: Rate Plan Information | Consolidated Edison, Inc. 21 • Requesting approval of a $31.8 million revenue increase • 11.2% total electric bill increase Operations & Maintenance expenses $11 Rate Base growth 10 Depreciation expense 5 Other 3 Return on equity 2 Sales 1 Total Rate Increase $32

 

NYSPSC & NYISO Proceedings and Developments 22 a. NYSPSC docket number 15-E-0302 b. NYSPSC docket number 14-M-0565 Utility Ownership of Renewables(a) • In October 2025, CECONY and O&R, along with other New York utilities, submitted comments to implement a large-scale renewable program as part of NYSPSC's clean energy standard proceeding. These utilities proposed a regulated large-scale renewables ownership model whereby the New York utilities would jointly procure and own renewable generation in New York State based on an initial level of 1 GW of annual new capacity. The New York utilities would recover their cost of service, as they do with existing capital investments, and any renewables' costs that are not offset by their associated power revenues would be allocated to supply customers statewide. • On January 27, 2026 the NYSPSC issued an additional set of questions for public comment, and CECONY and O&R, along with other New York utilities, submitted comments on April 24, 2026, proposing a separate procurement process in which utilities would jointly solicit bids for renewable projects. NYSDPS Staff is expected to issue a white paper, which would be subject to stakeholder comment, and followed by an NYSPSC order. Energy Affordability Program (EAP)(b) • On February 13, 2026, the NYSPSC approved CECONY's and O&R's cost recovery plans for the Energy Affordability Guarantee Pilot, giving utilities the authority to recover the costs to launch the pilot. The pilot provides bill relief for low-income customers who install electric heat pumps at home in NY.

 

NYSPSC & NYISO Proceedings and Developments (continued) 23 • In December 2025, CECONY issued its preliminary 2025 Local Transmission Plan (LTP), which projected reliability needs in New York driven by increasing load demand, cumulative generator retirements without incremental new generation resources, and reliability design criteria updates. Following CECONY’s preliminary 2025 LTP, the NYSPSC issued an order directing CECONY to develop a reliability contingency plan by June 2026 to address projected reliability needs in New York City.(a) • In January 2026, pursuant to the NYSPSC order, CECONY filed its updated projection of reliability needs in New York City of 125 MW beginning in 2032 and increasing to 750 MW by 2036. Additionally, CECONY issued a Request for Information (RFI) to engage with stakeholders for the submission of feasible, effective, timely and cost-effective options to meet these needs. The RFI will be used to inform CECONY's New York City reliability contingency plan. • In April 2026, the NYISO issued its 2026 Quarter 1 Short-Term Assessment of Reliability that, among other things, continued to identify reliability needs in New York City beginning in the summer of 2026 and continuing through 2030. The need is primarily driven by the deactivation notices of certain generation, in combination with forecasted increases in peak demand under expected weather conditions, aging generation and the uncertainty as to whether certain planned projects will be completed and energized within the scheduled time period. The NYISO evaluated both market-based and regulated solutions and determined that certain existing generation resources should remain in service until May 1, 2029 to maintain system reliability. Longer-term reliability is dependent on the timely completion of planned transmission and generation projects and the addition of new resources. CECONY will continue to monitor reliability assessments, regulatory developments and the progress of planned transmission and generation projects. a. NYSPSC docket number 25-E-0764 Electric Reliability Needs

 

Strong Economic Performance 24

 

Dividend and Earnings Announcements • On April 16, 2026, the company declared a quarterly dividend of 88.75 cents a share on its common stock. • On May 7, 2026, the company issued a press release reaffirming its forecasted adjusted earnings per share (non-GAAP) for the year 2026 to be in the range to $6.00 to $6.20 a share.(a) Reported EPS (GAAP) Adjusted EPS (Non-GAAP)(b) $2.55 $2.26 $2.18 $2.26 2026 2025 2026 2025 1Q 2026 vs. 1Q 2025 a. Con Edison’s forecast of adjusted earnings per share for the year 2026 excludes the gain on the sale of Con Edison's equity interest in MVP ($(0.37) a share after-tax), accretion of the basis difference of Con Edison's equity investment in MVP ($(0.01) a share after-tax), transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye and HLBV accounting for tax equity investments, the amount of which will not be determinable until year-end. Accordingly, the company is unable to provide equivalent measures determined in accordance with GAAP. b. Adjusted earnings and adjusted earnings per share in 2026 exclude the transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye and the gain on the sale of Con Edison's interest in MVP. Adjusted earnings and adjusted earnings per share in 2026 and 2025 exclude accretion of the basis difference of Con Edison's equity investment in MVP. Adjusted earnings and adjusted earnings per share in 2025 exclude the effects of HLBV accounting for tax equity investments. 25

 

1Q 2026 EPS (GAAP) to Adjusted EPS (non-GAAP) Reconciliation Earnings per Share Net Income for Common Stock ($ in Millions) 2026 2025 2026 2025 Reported EPS and Net Income for Common Stock – GAAP basis $2.55 $2.26 $924 $791 Accretion of the basis difference of Con Edison's equity investment in MVP (pre-tax) (0.01) (0.01) (3) (3) Income taxes (a) — — 1 1 Accretion of the basis difference of Con Edison's equity investment in MVP (net of tax) (0.01) (0.01) (2) (2) Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (pre-tax) 0.01 — 3 — Income taxes (b) — — (1) — Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (net of tax) 0.01 — 2 — Gain on the sale of Con Edison's equity interest in MVP (pre-tax) (0.52) — (189) — Income taxes (c) 0.15 — 55 — Gain on the sale of Con Edison's equity interest in MVP (net of tax) (0.37) — (134) — HLBV effects (pre-tax) — 0.01 — 4 Income taxes (d) — — — (1) HLBV effects (net of tax) — 0.01 — 3 Adjusted EPS and Adjusted Earnings – non-GAAP basis $2.18 $2.26 $790 $792 a. The amount of income taxes was calculated using a combined federal and state income tax rate of 25% and 21% for the three months ended March 31, 2026 and 2025, respectively. b. The amount of income taxes was calculated using a combined federal and state income tax rate of 26% for the three months ended March 31, 2026. c. The amount of income taxes was calculated using a combined federal and state income tax rate of 29% for the three months ended March 31, 2026. d. The amount of income taxes was calculated using a combined federal and state income tax rate of 23% for the three months ended March 31, 2025. 26

 

Variance in Reported EPS (GAAP) Variance in Adjusted EPS (non-GAAP) 1Q 2025 Reported EPS CECONY O&R CET Other 1Q 2026 Reported EPS $2.26 $(0.11) $0.01 $0.37 $2.55 1Q 2025 Adjusted EPS CECONY O&R CET Other 1Q 2026 Adjusted EPS $2.26 $(0.11) $0.01 $0.01 $2.18 (a) (a) $0.01 $0.02 a. Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, with the sale and transfer completed in January 2025. Walk from 1Q 2025 EPS to 1Q 2026 EPS and 1Q 2025 Adjusted EPS (non-GAAP) to 1Q 2026 Adjusted EPS (non-GAAP) 27

 

EPS (GAAP Basis) Adjusted EPS (non-GAAP Basis) Higher electric rate base $0.04 $0.04 CECONY(a) Higher gas rate base 0.04 0.04 Higher income from allowance for funds used during construction 0.01 0.01 Higher electric, gas and steam operations and maintenance expense (0.08) (0.08) Higher interest expense on long-term debt (0.03) (0.03) Higher corporate expenses (0.01) (0.01) Dilutive effect of issuance of common shares (0.08) (0.08) Total CECONY $(0.11) $(0.11) Electric base rate increase $0.01 $0.01 O&R(a)Gas base rate increase 0.01 0.01 Higher interest expense on long-term debt (0.01) (0.01) Total O&R $0.01 $0.01 1Q 2026 vs. 1Q 2025 EPS and Adjusted EPS (non-GAAP) Variances – Three Months Ended Variation a. Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The Utilities' gas and CECONY’s steam sales are subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison’s results of operations. 28

 

EPS (GAAP Basis) Adjusted EPS (non-GAAP Basis) Gain on the sale of Con Edison's equity interest in MVP $0.37 $— CETTransaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (0.01) — Other 0.01 0.01 Total CET $0.37 $0.01 HLBV effects 0.01 — Other, including parent company expenses(a)Other 0.01 0.01 Total Other $0.02 $0.01 Total Variance $0.29 $(0.08) 1Q 2026 vs. 1Q 2025 EPS and Adjusted EPS (non-GAAP) Variances – Three Months Ended Variation 29 a. Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, with the sale and transfer completed in January 2025.

 

1Q 2026 vs. 1Q 2025 EPS to Adjusted EPS (non-GAAP) Reconciliation by Company CECONY O&R CET Other(d) Total Reported EPS – GAAP basis $2.02 $0.14 $0.40 $(0.01) $2.55 Accretion of the basis difference of Con Edison's equity investment in MVP (pre-tax) — — (0.01) — (0.01) Income taxes (a) — — — — — Accretion of the basis difference of Con Edison's equity investment in MVP (net of tax) — — (0.01) — (0.01) Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (pre-tax) — — 0.01 — 0.01 Income taxes (b) — — — — — Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (net of tax) — — 0.01 — 0.01 Gain on the sale of Con Edison's equity interest in MVP (pre-tax) — — (0.52) — (0.52) Income taxes (c) — — 0.15 — 0.15 Gain on the sale of Con Edison's equity interest in MVP (net of tax) — — (0.37) — (0.37) Adjusted EPS – non-GAAP basis $2.02 $0.14 $0.03 $(0.01) $2.18 Three Months Ended March 31, 2026 a. The amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the three months ended March 31, 2026. b. The amount of income taxes was calculated using a combined federal and state income tax rate of 26% for the three months ended March 31, 2026. c. The amount of income taxes was calculated using a combined federal and state income tax rate of 29% for the three months ended March 31, 2026. d. Other includes the parent company, Con Edison's tax adjustments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, with the sale and transfer completed in January 2025. 30

 

1Q 2026 vs. 1Q 2025 EPS to Adjusted EPS (non-GAAP) Reconciliation by Company (continued) CECONY O&R CET Other(c) Total Reported EPS – GAAP basis $2.13 $0.13 $0.03 $(0.03) $2.26 HLBV effects (pre-tax) — — — 0.01 0.01 Income taxes (a) — — — — — HLBV effects (net of tax) — — — 0.01 0.01 Accretion of the basis difference of Con Edison's equity investment in MVP (pre- tax) — — (0.01) — (0.01) Income taxes (b) — — — — — Accretion of the basis difference of Con Edison's equity investment in MVP (net of tax) — — (0.01) — (0.01) Adjusted EPS – non-GAAP basis $2.13 $0.13 $0.02 ($0.02) $2.26 Three Months Ended March 31, 2025 a. The amount of income taxes was calculated using a combined federal and state income tax rate of 23% for the three months ended March 31, 2025. b. The amount of income taxes was calculated using a combined federal and state income tax rate of 21% for the three months ended March 31, 2025. c. Other includes the parent company, Con Edison's tax adjustments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, with the sale and transfer completed in January 2025. 31

 

1Q 2026 Developments(a) CECONY & O&R In April 2026, the NYISO issued its 2026 Quarter 1 Short-Term Assessment of Reliability that, among other things, continued to identify reliability needs in New York City beginning in the summer of 2026 and continuing through 2030. The need is primarily driven by the deactivation notices of certain generation, in combination with forecasted increases in peak demand under expected weather conditions, aging generation and the uncertainty as to whether certain planned projects will be completed and energized within the scheduled time period. The NYISO evaluated both market-based and regulated solutions and determined that certain existing generation resources should remain in service until May 1, 2029 to maintain system reliability. Longer-term reliability is dependent on the timely completion of planned transmission and generation projects and the addition of new resources. CECONY will continue to monitor reliability assessments, regulatory developments and the progress of planned transmission and generation projects. (page 43) In November 2025, CECONY filed a request with the NYSPSC for a steam rate increase of $66 million, effective November 1, 2026. The filing reflects a return on common equity of 9.9 percent and a common equity ratio of 48 percent. The filing includes supplemental information regarding steam rate plans for November 2027 through October 2028, and November 2028 through October 2029, which the company is not requesting but would consider through settlement discussions. For purposes of illustration, rate increases of $50 million and $50 million effective November 2027 and 2028, respectively, were calculated based on an assumed return on common equity of 9.9 percent and a common equity ratio of 48 percent. In March 2026, the New York State Department of Public Service (NYSDPS) submitted testimony in the pending steam rate case proceeding supporting a steam rate increase of $18 million, reflecting, among other things, a 9.3 percent return on common equity and a common equity ratio of 47.5 percent. (pages 20-21) At March 31, 2026, CECONY’s and O&R’s customer accounts receivables balances of $3,120 million and $162 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,352 million and $28 million, respectively. At December 31, 2025, CECONY’s and O&R’s customer accounts receivables balances of $2,970 million and $120 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,427 million and $27 million, respectively. In comparison, CECONY’s and O&R’s customer accounts receivable balances at February 28, 2020 were $1,322 million and $89 million, respectively, including aged accounts receivables (balances outstanding in excess of 60 days) of $408 million and $15 million, respectively. (page 42) On February 18, 2026, the IRS and the Department of Treasury issued Notice 2026-7, which provides additional interim guidance regarding the application of the CAMT and allows the Companies to deduct certain repair expenditures as a reduction to the Companies’ modified GAAP net income. This interim guidance is retroactive to the beginning of the IRA provisions in calculating the Companies’ CAMT liability. In the three months ended March 31, 2026, Con Edison reduced its CAMT credit carryforward by $205 million ($213 million of which is for CECONY) and increased its general business tax credit carryforward by approximately $154 million as a result of adopting the interim guidance for the 2024 and 2025 tax years. This guidance will also reduce the Companies’ CAMT liability going forward. (page 30) In March 2026, the FERC issued an order regarding CECONY’s and other parties’ longstanding dispute with PJM Interconnection LLC (PJM) regarding PJM’s cost-allocation methodology that assigned disproportionate costs from regional transmission expansion plan projects to CECONY and other New York-connected entities. The FERC directed PJM to change one element of the cost allocation methodology that would result in refunds to CECONY that would ultimately be credited to CECONY’s electric customers and initiated a proceeding to review the applicability of the methodology generally. The order is subject to rehearing and potential appeal. (page 43) a. Page references to 1Q 2026 Form 10-Q unless noted otherwise. 32

 

Con Edison Transmission During the first quarter of 2026, Con Edison Transmission completed the sale of its approximately 6.6 percent interest in MVP to the two founding members of MVP for total aggregate consideration of $357.5 million, before certain closing adjustments and expenses. Prior to the sale, Con Edison recorded its pro rata share of earnings from its equity interest in MVP, adjusted for accretion of the basis difference and income taxes, on its consolidated income statement of $7 million ($5 million after-tax) for the three months ended March 31, 2026. (pages 19, 63) In April 2026, CECONY and Con Edison Transmission entered into an agreement to sell their interests in Honeoye for $5 million in aggregate, of which approximately $1.5 million was attributed to CECONY, before certain closing adjustments and expenses. The closing is expected to occur following approval by the NYSPSC. (page 63) 33 (1) TOTS is a group of three electric power bulk transmission projects ($217 million total cost) constructed on the New York bulk transmission system to increase transfer capability between upstate and downstate New York. (2) The NYES project was constructed to relieve transmission congestion between upstate and downstate (estimated cost of approximately $800 million). (3) Includes a cost containment reduction. (4) Propel NY Energy, a project that is under development jointly with the NYPA, is a 90-mile electric transmission project that is expected to increase high voltage transmission connections between Long Island and the rest of New York State. New York Transco’s share of the estimated cost of the Propel NY Energy project is $2,200 million, excluding interconnection costs and the cost of projects expected to be built by local transmission owners, including CECONY. The siting, construction and operation of the project will require approvals and permits from the appropriate governmental agencies and authorities, including the NYSPSC. Ownership Interest In-Service Date/Anticipated Base Return on Common Equity (ROE) Common Equity Ratio Transmission Owner Transmission Solutions (TOTS)(1) 45.7% 2016 9.99% plus 0.50% = 10.49% 54% New York Energy Solution (NYES)(2) 45.7% 2023/2025 9.99% plus 0.50% to 1.00% = 10.49% to 10.89%(3) 54% Propel NY Energy(4) 41.7% of New York Transco's share 2030 10.3% plus 1% = 11.3% 53% 1Q 2026 Developments (continued)(a) a. Page references to 1Q 2026 Form 10-Q unless noted otherwise.

 

Three-Year Reconciliation of Reported EPS (GAAP) to Adjusted EPS (non-GAAP) 2024 2025 2026(a) Reported EPS – GAAP basis $5.26 $5.66 $2.55 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 Edison's equity interest in MVP (net of tax) — — (0.37) Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (pre-tax) 0.18 — — Income taxes (b) (0.03) — — Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (net of tax) 0.15 — — Accretion of basis difference of Con Edison's equity investment in Mountain Valley Pipeline (pre-tax) (0.03) (0.04) (0.01) Income taxes (b) 0.01 0.01 — Accretion of basis difference of Con Edison's equity investment in Mountain Valley Pipeline (net of tax) (0.02) (0.03) (0.01) Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (pre-tax) — 0.04 0.01 Income taxes (b) — (0.01) — Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (net of tax) — 0.03 0.01 Remeasurement of deferred state income taxes related to the previously recorded impairment of MVP (net of federal income taxes) — 0.02 — Impairment loss related to investment in Honeoye (pre-tax) — 0.04 — Income taxes (b) — (0.01) — Impairment loss related to investment in Honeoye (net of tax) — 0.03 — Gain on the sale of an interest in a solar electric production project (pre-tax) — (0.01) — Income taxes (b) — — — Gain on the sale of an interest in a solar electric production project (net of tax) — (0.01) — HLBV effects (pre-tax) 0.01 — — Income taxes (b) — — — HLBV effects (net of tax) 0.01 — — Adjusted EPS – non-GAAP basis $5.40 $5.70 $2.18 12 Months Ending December 31, 34 a. Represents 3-month trailing EPS ending March 31, 2026. b. The amount of income taxes was calculated using applicable combined federal and state income tax rates for the three months ended March 31, 2026 and the years ended December 31, 2024 - 2025.

 

$990 $1,585 $1,522 $1,630 $1,563 $1,244 $(31) $448 $372 $161 $38 $(9) $189 $171 $191 $212 $232 $235 $412 $436 $466 $555 $548 $488 $420 $530 $493 $702 $745 $530 2021 2022 2023 2024 2025 2026E CECONY and O&R Operations and Maintenance Expenses a. Other Expenses generally are either reconciled through amounts reflected in rates or represent surcharges that are recovered in revenues from customers. b. Represents service costs net of capitalization and rate reconciliation; excludes non-service components of Pension/OPEBs pursuant to Accounting Standards Update 2017-07. For the three months ended March 31, 2026, CECONY and O&R recorded net non-service cost components of $(122) million and $(6) million, respectively. See page 48 of the Form 10-Q. For the year ended December 31, 2026, CECONY and O&R forecast net non-service cost components of $(488) million and $(23) million, respectively. c. Certain prior period amounts have been reclassified within the companies' other operations and maintenance expenses to conform with current period presentation. Other Expenses(a) $1,775 $1,808 $2,029 $2,110 $2,211 $2,329 2021 2022 2023 2024 2025 2026E Departmental Pension/ OPEBs (b) Regulatory Fees and Assessments Healthcare/ Other Employee Benefits Other ($ in millions) ($ in millions) 35 (c) (c) (c)(c)(c) (c) $571 YTD $206 YTD $111 YTD $65 YTD $(17) YTD

 

Composition of Average Rate Base(a)(b) (as of March 31, 2026) a. Average rate base for 12 months ended March 31, 2026. b. Includes earnings base that is being recovered through the surcharge mechanism starting in 2026. CECONY ($ in millions) Electric New York $31,652 Gas New York 10,565 Steam New York 1,959 Total CECONY $44,176 O&R ($ in millions) O&R Electric New York $1,345 O&R Gas New York 726 RECO New Jersey 389 Total O&R $2,460 Total Rate Base $46,636 CECONY Electric CECONY Gas CECONY Steam O&R Electric and Gas RECO 36

 

Regulated Utilities' Rates of Return and Equity Ratios (12 Months ended March 31, 2026) ROE Regulated Basis Equity Ratio Authorized Actual Rate Effective Date Authorized Actual CECONY Electric 9.29% 9.10% January 1, 2026 Gas 9.29 9.52 January 1, 2026 Steam 9.25 7.14 November 1, 2023 Overall 9.29% 9.11% 48.00% 47.24% O&R Electric 9.75% 9.84% January 1, 2025 Gas 9.75 9.94 January 1, 2025 RECO 9.60 7.34 January 1, 2022 Overall 9.73% 9.49% 48.06% 47.11% a. Weighted by rate base. (a) (a) 37 Execution on rate plans supports safe, reliable service and strong financial results

 

Financing Plan Activity in 2026 . a. Excludes common equity issued under Con Edison's dividend reinvestment, employee stock purchase and long-term incentive plans. b. The issuance amount includes 7,000,000 shares of common stock issued for approximately $776 million upon physical settlement of a February 2026 forward sale agreement, and excludes shares issued under Con Edison’s dividend reinvestment, employee stock purchase, and long-term incentive plans. ($ in millions) Planned Actual Comment Common Equity Issuance Up to $1,100(a)(b) _________$776 • In March, CEI Issued 7,000,000 of common shares through physical settlement of the February 2026 equity forward sale agreement Debt Credit Facilities ___ ____$3,500 • In March, CEI, CECONY and O&R entered into a $3,500 million 5- year revolving credit facility to replace the $2,500 million 5-year revolving credit facility that was set to expire in March 2029 and CECONY's $500 million 364-day revolving credit facility that was set to expire in March 2026 38

 

$3,635 $4,001 $4,379 $4,699 $4,946 $6,533 $6,592 $6,939 $8,524 $8,571 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E Utilities' Capital Investments Gas Electric Annual CECONY Capital Investments Annual O&R Capital Investments Electric Gas Steam Depreciation Electric Gas Depreciation 2021 2,189 1,126 103 1,705 147 70 95 2022 2,522 1,128 108 1,778 167 76 98 2023 2,909 1,046 128 1,924 211 85 105 2024 3,088 1,154 132 2,037 214 111 117 2025 3,201 1,151 113 2,193 337 144 127 2026E 4,766 1,093 127 2,221 415 132 138 2027E 4,852 1,057 193 2,221 380 110 152 2028E 5,019 1,066 201 2,221 502 151 179 2029E 6,228 1,436 223 2,710 494 143 190 2030E 6,293 1,451 209 3,040 479 139 206 Steam Depreciation Actual Forecast a. Forecast for 2026, 2027 and 2028 reflects CECONY’s new Electric and Gas rate plans (Case 25-E-0072 & 25-G-0073) approved in January 2026. b. Forecast for 2026 and 2027 reflects O&R’s Electric and Gas rate plans (Case 24-E-0060 & 24-G-0061) approved in March 2025. c. Forecast for 2027 and 2028 reflects CECONY’s November 2025 steam rate filing that is subject to approval by the NYSPSC. d. 2025 Form 10-K, page 30. (a)(b)(c)(d) ($ in millions) 39 CECONY & O&R Electric - actual CECONY & O&R Gas - actual CECONY Steam - actual CECONY & O&R Electric - forecast CECONY & O&R Gas - forecast CECONY Steam - forecast

 

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 $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 set to expire in March 2026. The revolving credit facilities support Con Edison's, CECONY's and O&R's commercial programs. 40

 

Income Statement - 2026 First Quarter ($ in millions) QTD CECONY O&R CET(a) Other(b) Total Total operating revenues $4,654 $441 $1 $(1) $5,095 Depreciation and amortization 539 33 — — 572 Other operating expenses 3,009 332 3 2 3,346 Total operating expenses 3,548 365 3 2 3,918 Operating income (loss) 1,106 76 (2) (3) 1,177 Gain on sale of interest in MVP — — 189 — 189 Other income 144 10 15 — 169 Interest expense 286 18 — 4 308 Income before income tax expense (benefit) 964 68 202 (7) 1,227 Income tax expense (benefit) 231 16 59 (3) 303 Net income (loss) for common stock $733 $52 $143 $(4) $924 a. Net income for common stock for CET of $143 million includes pre- tax investment income of $196 million from MVP and $10.9 million from New York Transco LLC for the three months ended March 31, 2026. b. Other includes the parent company, Con Edison’s tax equity investments and consolidation adjustments. Con Edison’s consolidated financial statements and the notes thereto are in Part I, Item 1 of the 2026 Form 10-Q. 41

 

Condensed Statement of Cash Flows – 2026 First Quarter ($ in millions) CECONY O&R CET Other(a) Total Net cash flows from (used in) operating activities $128 $53 $(5) $(2) $174 Net cash flows from (used in) investing activities (1,169) (111) 342 2 (936) Net cash flows from (used in) financing activities (476) 87 (331) (1) (721) Net change for the period (1,517) 29 6 (1) (1,483) Balance at beginning of period 1,581 24 19 6 1,630 Balance at end of period (b) $64 $53 $25 $5 $147 a. Other includes the parent company, Con Edison’s tax equity investments and consolidation adjustments. b. See "Reconciliation of Cash, Temporary Cash Investments and Restricted Cash" in Note A of the 2026 Form 10-Q. Con Edison’s consolidated financial statements and the notes thereto are in Part I, Item 1 of the 2026 Form 10-Q. 42

 

Condensed Balance Sheet - As of March 31, 2026 ($ in millions) Balance Sheet CECONY O&R CET Other Total ASSETS Current assets $5,994 $413 $58 $(179) $6,286 Investments 727 22 311 3 1,063 Net plant 52,517 3,584 3 — 56,104 Other noncurrent assets 10,338 533 1 416 11,288 Total assets $69,576 $4,552 $373 $240 $74,741 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities $4,705 $339 $2 $240 $5,286 Noncurrent liabilities 17,364 1,273 28 (360) 18,305 Long-term debt 24,063 1,491 — — 25,554 Equity 23,444 1,449 343 360 25,596 Total liabilities and equity $69,576 $4,552 $373 $240 $74,741 Con Edison’s consolidated financial statements and the notes thereto are in Part I, Item 1 of the 2026 Form 10-Q. 43

 

44 Organizational Structure a. As of March 31, 2026. b. Con Edison's issuer ratings and the senior unsecured ratings of CECONY and O&R and outlook shown in order of Moody’s / S&P Global Ratings (S&P) / Fitch. Ratings are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. c. CECONY delivers electricity to approximately 3.7 million customers, gas to approximately 1.1 million customers and steam to approximately 1,485 customers. d. O&R delivers electricity to approximately 0.3 million customers and gas to over 0.1 million customers. Regulated Energy Delivery Orange and Rockland Utilities, Inc. (O&R)(d) Ratings(b): Baa1 / A- / A- Outlook(b):Stable / Stable / Stable Consolidated Edison Company of New York, Inc. (CECONY)(c) Ratings(b): A3 / A- / A- Outlook(b): Negative / Stable / Stable FERC Regulated Transmission Market Cap(a): $41.7 billion Issuer Ratings(b): Baa1 / A- / BBB+ Outlook(b): Negative / Stable / Stable Con Edison Transmission, Inc. (Con Edison Transmission or CET) Rockland Electric Company (RECO) Percentages of Total Assets by Business 92.9% 6.1% 0.5% 0.5% CECONY O&R CET Other 2026 Total Assets: $75 billion(a) 44

 

Capital Structure – March 31, 2026(a) Consolidated Edison, Inc. Baa1 / A- / BBB+ CECONY A3 / A- / A- O&R Baa1 / A- / A- Parent and Other Debt $ 25,804 50% Equity 25,596 50 Total $ 51,400 100% Debt $ 24,313 51% Equity 23,444 49 Total $ 47,757 100% Debt $ 1,491 51% Equity 1,449 49 Total $ 2,940 100% Debt $ — —% Equity 703 100 Total $ 703 100% a. Amounts shown exclude notes payable and include the current portion of long-term debt. Con Edison's issuer ratings and the senior unsecured credit ratings of CECONY and O&R shown in order of Moody's / S&P / Fitch. Moody's has a negative outlook for Con Edison and CECONY, and a stable outlook for O&R. See slide 47 for additional details. S&P and Fitch have stable outlooks for each entity. Ratings are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. ($ in millions) 45

 

Rating Agency Credit Metrics This slide reflects the company's understanding of certain credit criteria of the rating agencies at this time, which are subject to change. Source: Moody’s Credit Opinion March 31, 2026 for Con Edison and CECONY and Moody’s Credit Opinion June 26, 2025 for O&R; S&P Rating Action June 9, 2025 for Con Edison and S&P Rating Report March 25, 2026 for CECONY and O&R; Fitch Rating Report September 3, 2025 for Con Edison, CECONY and O&R a. Represents Con Edison's issuer ratings and the senior unsecured ratings of CECONY and O&R. Ratings are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at anytime. b. As defined and calculated by each respective rating agency. The rating agencies use other metrics that are not described on this slide. c. Forecast represents: "during the 2026-2026 rate plan" regarding CEI and CECONY and "through the rate plan" regarding O&R for Moody’s; “will maintain” regarding CECONY and "will sustain" regarding O&R for S&P; “over 2024-2028” for Fitch regarding Con Edison, "over our forecast period" for CECONY and “over 2025-2029” regarding O&R. d. S&P rates CECONY and O&R on a group rating methodology with Con Edison. e. CFO pre-WC is defined by Moody's as cash flow from operations before changes in working capital. Rating Agency Rating / Outlook(a) Rating Agency Key Metric(b) Rating Agency Forecast(c) Rating Agency Downgrade Threshold Moody’s Investors Services Ÿ Con Edison: Baa1 / Negative Ÿ CECONY: A3 / Negative Ÿ O&R: Baa1 / Stable CFO pre-WC(e) / Debt Ÿ 15 - 16% Ÿ 15 - 16% Ÿ >16% Ÿ <17% Ÿ <17% Ÿ <15% S&P Global Ratings(d) Ÿ Con Edison: A- / Stable Ÿ CECONY: A- / Stable Ÿ O&R: A- / Stable Funds from operations to Debt Ÿ 16 - 18% Ÿ 16 - 18% Ÿ 16 - 18% Ÿ <16% Ÿ <16% Ÿ <16% Fitch Ratings Ÿ Con Edison: BBB+ / Stable Ÿ CECONY: A- / Stable Ÿ O&R: A- / Stable Funds from operations - Adjusted Leverage Ÿ ~4.9x Ÿ ~4.9x Ÿ ~4.4x Ÿ >5.0x Ÿ >5.0x Ÿ >5.0x In Q1 2026, Moody’s placed Con Edison and CECONY on negative outlook, while S&P Global and Fitch ratings for CEI and its subsidiaries remain unchanged. 46

 

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 • 2024 Disadvantaged Communities Report for the NYSPSC • Highlighting how the Company supports our communities through Community Partnerships • Our Standards of Business Conduct guide our Political Engagement • Con Edison’s Clean Energy Vision looking toward a clean energy future • Sustainability Report - Con Edison's Sustainability report • CECONY Economic Impact Reports • 2025 Con Edison Webinar: Delivering Reliable and Resilient Energy for the Future Our Sustainability reporting standards: • Global Reporting Initiative Content Index • Edison Electric Institute / American Gas Association templates – Industry reporting standards • Sustainability Accounting Standards Board (SASB) – Broad reporting standard • Task Force on Climate-Related Financial Disclosures (TCFD) – Broad reporting standard • Our environmental impacts including carbon emissions disclosures are filed with the Carbon Disclosure Project (CDP) Link to more resources: https://investor.conedison.com/sustainability-resources 47

 

INTERNAL 2025 Earnings Release Presentation February 19, 2026

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Consolidated Edison (ED) perform in Q1 2026 on a GAAP basis?

Consolidated Edison reported stronger GAAP results in Q1 2026, with net income for common stock of $924 million, or $2.55 per share, compared with $791 million, or $2.26 per share, in Q1 2025. The increase was largely driven by a gain on the sale of its MVP equity interest.

What were Consolidated Edison’s adjusted earnings and EPS for Q1 2026?

Adjusted earnings for Q1 2026 were $790 million, or $2.18 per share, slightly below $792 million, or $2.26 per share, in Q1 2025. Adjusted results exclude MVP-related basis accretion, the MVP sale gain, strategic review transaction costs, and HLBV tax equity accounting impacts, focusing on ongoing regulated performance.

What 2026 earnings guidance did Consolidated Edison (ED) reaffirm?

Consolidated Edison reaffirmed its 2026 adjusted earnings per share guidance in a range of $6.00 to $6.20 per share. This non-GAAP guidance excludes the after-tax MVP sale gain of $0.37 per share, MVP basis accretion of $0.01 per share, related transaction costs and HLBV tax equity accounting effects.

What major strategic transaction did Consolidated Edison complete involving Mountain Valley Pipeline?

During Q1 2026, Con Edison completed the sale of its approximately 6.6% equity interest in Mountain Valley Pipeline, LLC for total aggregate consideration of $357.5 million, before closing adjustments and expenses. The sale generated a pre-tax gain of $189 million, adding $0.37 per share to GAAP earnings after tax in the quarter.

How did share issuance affect Consolidated Edison’s Q1 2026 results?

In Q1 2026, Con Edison settled a forward sale agreement for 7 million common shares, generating approximately $776 million in equity proceeds. While this strengthened financing for planned capital investments, management quantified a dilutive effect of $(0.08) per share on both GAAP and adjusted EPS compared with Q1 2025.

What capital investment and rate base growth does Consolidated Edison forecast?

Con Edison projects an 8.8% five-year CAGR in its regulated investment base from 2025 to 2030, with average investment earnings base rising from $46.35 billion in 2025 to $67.15 billion in 2030. Planned utility capital investments reach up to $8.57 billion in 2030, focused on reliability, electrification and resiliency.

What is Consolidated Edison’s dividend track record and latest increase?

The company highlighted a 4.4% annualized dividend increase in 2026, contributing to 52 consecutive years of dividend growth. On April 16, 2026, Con Edison declared a quarterly dividend of 88.75 cents per common share, reinforcing its long-term income-focused shareholder return profile.

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