Exelon Q3 2026 GAAP earnings fall to $0.70 a share

Exelon narrowed its 2026 adjusted operating earnings outlook to $2.85-$2.91 per share and declared a $0.42 quarterly dividend.

Rhea-AI Filing Summary

Exelon (EXC) reported third-quarter 2026 GAAP net income of $0.70 per share, down from $0.86 a year earlier, while adjusted (non-GAAP) operating earnings were $0.87 per share, compared with $0.86. Consolidated operating revenue was $7.319 billion, versus $6.705 billion, and GAAP net income was $729 million, compared with $875 million. Net cash provided by operating activities for the first nine months was $5.404 billion, versus $5.010 billion.

Exelon narrowed its 2026 adjusted operating earnings guidance to $2.85-$2.91 per share. Its board declared a regular quarterly dividend of $0.42 per share, payable December 15, 2026, to shareholders of record December 4, 2026. The Maryland Public Service Commission approved a $51 million increase in Pepco’s annual electric distribution base rates, effective August 10, 2026.

The presentation noted that Moody’s downgraded PECO’s senior secured rating from Aa3 to A1 on July 15, 2026, and S&P downgraded BGE’s senior unsecured rating from A to A- on April 30, 2026.

2 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 3 points

How the balance works

Positive

• Moderate pointQuarterly revenue reached $7.319 billion, from $6.705 billion a year earlier.
• Moderate pointNet cash provided by operating activities reached $5.404 billion, versus $5.010 billion for the prior-year period.

Negative

• Moderate pointQuarterly GAAP net income fell to $729 million from $875 million.
• Moderate pointMoody’s downgraded PECO’s senior secured rating from Aa3 to A1 on July 15, 2026.
• Moderate pointS&P downgraded BGE’s senior unsecured rating from A to A- on April 30, 2026.

Filing Explained

Exelon plans about $3.4 billion of equity funding through 2029, which would reduce existing holders’ ownership if issued.

Exelon reports that it completed its planned 2026 debt financings, while its plan still calls for equity issuance through 2029; if issued, those shares would increase the total share count and reduce existing holders’ ownership percentages.

The presentation describes about $3.4 billion of equity through 2029, implying about $850 million of issuance annually, and says about 37% of equity needs have been priced through ATM forward contracts.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Consolidated operating revenue: $7.319 billion GAAP earnings per share: $0.70 per share Adjusted operating earnings per share: $0.87 per share +5 more

8 metrics

Consolidated operating revenue $7.319 billion Three months ended September 30, 2026; $6.705 billion in the prior-year period.

GAAP earnings per share $0.70 per share Third quarter 2026; $0.86 per share in third quarter 2025.

Adjusted operating earnings per share $0.87 per share Third quarter 2026; $0.86 per share in third quarter 2025.

GAAP net income $729 million Third quarter 2026; $875 million in third quarter 2025.

Net cash provided by operating activities $5.404 billion Nine months ended September 30, 2026; $5.010 billion in 2025.

2026 adjusted operating earnings guidance $2.85-$2.91 per share Full-year 2026 guidance range.

Quarterly dividend $0.42 per share Declared October 30, 2026; payable December 15, 2026, to shareholders of record December 4, 2026.

Pepco Maryland annual electric distribution base rate increase $51 million Rates effective August 10, 2026.

Key Terms

Adjusted (non-GAAP) operating earnings, AFUDC, rate base, revenue decoupling

4 terms

Adjusted (non-GAAP) operating earnings financial

"Adjusted (non-GAAP) operating earnings for the third quarter of 2026"

Adjusted (non‑GAAP) operating earnings are a company’s reported profit from its core business after management removes certain items they consider unusual, one‑time, or unrelated to ongoing operations. Investors use this figure like a cleaned‑up scorecard to judge underlying performance and compare trends over time, but because companies choose what to exclude it can vary and should be viewed alongside standard GAAP results.

AFUDC financial

"higher AFUDC at ComEd"

Allowance for Funds Used During Construction (AFUDC) is an accounting method that adds the cost of financing — typically interest and sometimes a return — to the value of a long-term project while it’s being built, rather than charging that cost immediately as an expense. Think of it like capitalizing the loan interest on a house while it’s under construction so the cost becomes part of the asset; this raises reported asset value and delays expense recognition, which can make current earnings look stronger and affect future regulated rates and investor returns.

rate base financial

"higher distribution and transmission rate base"

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.

revenue decoupling financial

"Due to revenue decoupling"

Revenue decoupling describes a situation where a company’s sales or top-line income moves in a different direction or at a different rate than other key indicators like user growth, units sold, or market activity. For investors it signals a change in the business relationship between customers and income—like raising prices, one-time gains, or accounting shifts—and can indicate stronger pricing power or potential sustainability problems; it’s like a car’s speed rising while the number of passengers falls, prompting questions about why.

Earnings Snapshot

GAAP earnings per share: $0.70 per share · Guidance included

Third quarter 2026

GAAP earnings per share $0.70 per share Down from $0.86 per share in third quarter 2025

Adjusted operating earnings per share $0.87 per share Up from $0.86 per share in third quarter 2025

GAAP net income $729 million Down from $875 million in third quarter 2025

Consolidated operating revenue $7.319 billion Compared with $6.705 billion in third quarter 2025

Guidance

Exelon narrowed full-year 2026 adjusted operating earnings guidance to $2.85-$2.91 per share and affirmed growth near the top end of 5% to 7% from 2025 to 2029.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were EXC’s third-quarter 2026 earnings per share?

Exelon reported GAAP net income of $0.70 per share, down from $0.86, and adjusted (non-GAAP) operating earnings of $0.87 per share, up from $0.86.

How much revenue did EXC report in the third quarter of 2026?

Exelon reported consolidated operating revenue of $7.319 billion for the three months ended September 30, 2026, compared with $6.705 billion for the same period in 2025.

What long-term earnings growth did Exelon affirm?

Exelon affirmed adjusted operating earnings growth near the top end of 5% to 7% from 2025 to 2029.

What terms were approved in Pepco’s Maryland rate case?

The Maryland Public Service Commission approved a $51 million increase in Pepco’s annual electric distribution base rates, reflecting a 9.40% return on equity. The order was issued August 28, 2026, and rates were effective August 10, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/30/2026 - 11:00 AM EDT Accepted by SEC EDGAR 10/30/2026 - 06:57 AM EDT Learn about SEC filing dates

Pennsylvania10 South Dearborn StreetP.O. Box 805379ChicagoIllinois60680-5379(800)483-3220Illinois10 South Dearborn StreetChicagoIllinois60603-2300(312)394-4321PennsylvaniaP.O. Box 86992301 Market StreetPhiladelphiaPennsylvania19101-8699(215)841-4000Cumulative Preferred Security, Series DMaryland2 Center Plaza110 West Fayette StreetBaltimoreMaryland21201-3708(410)234-5000Delaware701 Ninth Street, N.W.WashingtonDistrict of Columbia20068-0001(202)872-2000District of ColumbiaVirginia701 Ninth Street, N.W.WashingtonDistrict of Columbia20068-0001(202)872-2000DelawareVirginia500 North Wakefield DriveNewarkDelaware19702-5440(202)872-2000New Jersey500 North Wakefield DriveNewarkDelaware19702-5440(202)872-2000☐☐☐☐☐☐☐☐00011093570000022606000007810000000094660001135971000007973200000278790000008192FalseFalseFalseFalseFalseFalseFalseFalse0001109357exc:PecoEnergyCoMember2026-10-302026-10-300001109357exc:AtlanticCityElectricCompanyMember2026-10-302026-10-300001109357exc:CommonwealthEdisonCoMember2026-10-302026-10-300001109357exc:PepcoHoldingsLLCMember2026-10-302026-10-300001109357exc:PotomacElectricPowerCompanyMember2026-10-302026-10-300001109357exc:DelmarvaPowerandLightCompanyMember2026-10-302026-10-3000011093572026-10-302026-10-300001109357exc:BaltimoreGasAndElectricCompanyMember2026-10-302026-10-300001109357exc:PotomacElectricPowerCompanyMemberstpr:DC2026-10-302026-10-300001109357exc:PotomacElectricPowerCompanyMemberstpr:VA2026-10-302026-10-300001109357exc:DelmarvaPowerandLightCompanyMemberstpr:DE2026-10-302026-10-300001109357exc:DelmarvaPowerandLightCompanyMemberstpr:VA2026-10-302026-10-30

			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
			October 30, 2026
			Date of Report (Date of earliest event reported)

Commission File Number						Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number						IRS Employer Identification Number
001-16169						EXELON CORPORATION						23-2990190
						(a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (800) 483-3220
001-01839						COMMONWEALTH EDISON COMPANY						36-0938600
						(an Illinois corporation) 10 South Dearborn Street Chicago, Illinois 60603-2300 (312) 394-4321
000-16844						PECO ENERGY COMPANY						23-0970240
						(a Pennsylvania corporation) 2301 Market Street P.O. Box 8699 Philadelphia, Pennsylvania 19101-8699 (215) 841-4000
001-01910						BALTIMORE GAS AND ELECTRIC COMPANY						52-0280210
						(a Maryland corporation) 2 Center Plaza 110 West Fayette Street Baltimore, Maryland 21201-3708 (410) 234-5000
001-31403						PEPCO HOLDINGS LLC						52-2297449
						(a Delaware limited liability company) 701 Ninth Street, N.W. Washington, District of Columbia 20068-0001 (202) 872-2000
001-01072						POTOMAC ELECTRIC POWER COMPANY						53-0127880
						(a District of Columbia and Virginia corporation) 701 Ninth Street, N.W. Washington, District of Columbia 20068-0001 (202) 872-2000
001-01405						DELMARVA POWER & LIGHT COMPANY						51-0084283
						(a Delaware and Virginia corporation) 500 North Wakefield Drive Newark, Delaware 19702-5440 (202) 872-2000
001-03559						ATLANTIC CITY ELECTRIC COMPANY						21-0398280
						(a New Jersey corporation) 500 North Wakefield Drive Newark, Delaware 19702-5440 (202) 872-2000

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 Symbol(s)

Name of each exchange on which registered

EXELON CORPORATION:

Common Stock, without par value

EXC

The Nasdaq Stock Market LLC

Indicate by check mark whether any of the registrants are emerging growth companies 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 any of the registrants have 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. ☐

Item 2.02. Results of Operations and Financial Condition.

Item 7.01. Regulation FD Disclosure.

On October 30, 2026, Exelon Corporation (Exelon) announced via press release its results for the third quarter ended September 30, 2026. A copy of the press release and related attachments are attached hereto as Exhibit 99.1. Also attached as Exhibit 99.2 to this Current Report on Form 8-K are the presentation slides to be used at the third quarter 2026 earnings conference call. This Form 8-K and the attached exhibits are provided under Items 2.02, 7.01 and 9.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission (SEC).

Exelon has scheduled the conference call for 9:00 AM CT (10:00 AM ET) on October 30, 2026. Participants who would like to join the call to ask a question may register at the link found on the Investor Relations page of Exelon's website: investors.exeloncorp.com. Media representatives are invited to participate on a listen-only basis. The call will be archived and available for replay.

Item 9.01. Financial Statements and Exhibits

(d)    Exhibits.

Exhibit No.						Description
99.1						Press release and earnings release attachments
99.2						Earnings conference call presentation slides
101						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* * * * *

This combined Current Report on Form 8-K is being furnished separately by Exelon, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants). Information contained herein relating to any individual Registrant has been furnished by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant.

This Current Report 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 each of the 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 Current Report. 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 Current Report.

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.

EXELON CORPORATION

/s/ ROBERT A. KLECZYNSKI

Robert A. Kleczynski

Executive Vice President, Chief Financial Officer

COMMONWEALTH EDISON COMPANY

/s/ JOSHUA S. LEVIN

Joshua S. Levin

Senior Vice President, Chief Financial Officer and Treasurer

PECO ENERGY COMPANY

/s/ MARISSA E. HUMPHREY

Marissa E. Humphrey

Senior Vice President, Chief Financial Officer and Treasurer

BALTIMORE GAS AND ELECTRIC COMPANY

/s/ MICHAEL J. CLOYD

Michael J. Cloyd

Senior Vice President, Chief Financial Officer and Treasurer

PEPCO HOLDINGS LLC

/s/ ELIZABETH MORGAN DOWNS O'DONNELL

Elizabeth Morgan Downs O'Donnell

Senior Vice President, Chief Financial Officer and Treasurer

POTOMAC ELECTRIC POWER COMPANY

/s/ ELIZABETH MORGAN DOWNS O'DONNELL

Elizabeth Morgan Downs O'Donnell

Senior Vice President, Chief Financial Officer and Treasurer

DELMARVA POWER & LIGHT COMPANY

/s/ ELIZABETH MORGAN DOWNS O'DONNELL

Elizabeth Morgan Downs O'Donnell

Senior Vice President, Chief Financial Officer and Treasurer

ATLANTIC CITY ELECTRIC COMPANY

/s/ ELIZABETH MORGAN DOWNS O'DONNELL

Elizabeth Morgan Downs O'Donnell

Senior Vice President, Chief Financial Officer and Treasurer

October 30, 2026

EXHIBIT INDEX

Exhibit No.						Description
99.1						Press release and earnings release attachments
99.2						Earnings conference call presentation slides
101						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Exhibit 99.1

News Release

Contact: Christopher Ford
Corporate Communications
312-394-7417
Ryan Brown
Investor Relations
779-231-0017

EXELON REPORTS THIRD QUARTER 2026 RESULTS

Earnings Release Highlights

•GAAP net income of $0.70 per share and Adjusted (non-GAAP) operating earnings of $0.87 per share for the third quarter of 2026, above expectations

•Narrowing full year 2026 Adjusted (non-GAAP) operating earnings guidance range to $2.85-$2.91 per share and affirming operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029

•Exelon’s utilities now rank 1st, 2nd, 5th, and 6th in best reliability in the nation

•Continued regulatory progress, with final orders issued in the Pepco Maryland base rate case and Maryland Lessons Learned

•Completed 2026 planned debt financings, supporting continued investment across the utilities

CHICAGO (Oct 30, 2026) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the third quarter of 2026.

“Exelon's third-quarter results reflect disciplined investment and consistent performance across our utilities – a strategy that helped prevent outages during a summer of severe weather and kept customer rates below the national average," said Exelon President and Chief Executive Officer Calvin Butler." Meanwhile, The Exelon Promise continues to guide our efforts to keep bills as low as possible, including our efforts to address the energy supply crisis at the heart of rising energy costs through long-term solutions like battery storage and utility-generated power. Exelon continues to deliver on our commitment to long-term growth and strengthening the communities we serve.”

“Exelon delivered $0.87 adjusted operating earnings per share in the third quarter,” said Exelon Chief Financial Officer Rob Kleczynski. “Our investments in the grid continue to deliver for customers, with Exelon’s utilities now ranking 1st, 2nd, 5th and 6th in the nation for reliability. With our performance for the year, we are narrowing our full-year 2026 guidance range to $2.85 to $2.91 per share, and affirming annualized earnings growth near the top end of 5% to 7% from 2025 through 2029. Looking ahead, we continue to advance transmission and storage solutions that support growth and affordability for our customers, while maintaining the financial discipline that underpins our plan.”

1

Third Quarter 2026

Exelon's GAAP net income for the third quarter of 2026 decreased to $0.70 per share from $0.86 per share in the third quarter of 2025. Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $0.87 per share from $0.86 per share in the third 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 third quarter of 2026 primarily reflect:

•Higher utility earnings primarily due to distribution and transmission rates at ComEd, BGE, and PHI associated with updated recovery rates for costs and investments to serve customers; absence of customer surcharge credits and favorable weather at PECO; higher AFUDC at ComEd; and lower contracting costs at BGE. This was partially offset by higher storm costs, interest, and depreciation expense at PECO and PHI; and higher income taxes and contracting costs at PECO.

Operating Company Results1

ComEd

ComEd's third quarter of 2026 GAAP net income increased to $406 million from $373 million in the third quarter of 2025. ComEd's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $412 million from $373 million in the third 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 third quarter of 2026 GAAP net income decreased to $165 million from $250 million in the third quarter of 2025. PECO's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 decreased to $167 million from $250 million in the third quarter of 2025, primarily due to higher storm costs resulting from the absence of extraordinary February and June storm cost deferrals recognized in 2025 and an increase in storm costs, higher income taxes due to tax repairs, a portion of which is timing, and an increase in contracting costs, depreciation, and interest expense, partially offset by absence of surcharge credits to customers and favorable weather.

BGE

BGE’s third quarter of 2026 GAAP net income increased to $90 million from $82 million in the third quarter of 2025. BGE's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $119 million from $82 million in the third 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 and a decrease in contracting costs. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

___________

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.

2

PHI

PHI’s third quarter of 2026 GAAP net income decreased to $187 million from $291 million in the third quarter of 2025. PHI’s Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $320 million from $290 million in the third quarter of 2025, primarily due to approved distribution rates driven by updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs, partially offset by an increase in storm costs, depreciation, and interest expense. 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 Third Quarter Highlights

•Dividend: On October 30, 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 December 15, 2026, to Exelon shareholders of record as of the close of business on December 4, 2026.

•Rate Case Developments:

◦Pepco Maryland Electric Distribution Rate Case: On August 28, 2026, the Maryland Public Service Commission approved an increase in Pepco's annual electric distribution base rates of $51 million, reflecting an ROE of 9.40%, with rates effective August 10, 2026.

•Financing Activities:

◦On August 10, 2026, PECO issued $750 million of its First Mortgage Bonds, 5.00% Series due September 1, 2031. PECO used the proceeds to repay existing indebtedness and for general corporate purposes.

◦On September 16, 2026, DPL issued $75 million of its First Mortgage Bonds, 5.00% Series due September 16, 2036. DPL used the proceeds to repay existing indebtedness and for general corporate purposes.

3

Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) operating earnings for the third quarter of 2026 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
2026 GAAP net income			$	0.70		$	729		$	406		$	165		$	90		$	187
Change in environmental costs (net of taxes of $1, and $1, respectively)			—			(3)			—			—			—			(3)
Cost management program (net of taxes of $6, $2, $1, $1, and $1, respectively )			0.01			15			6			2			3			3
Project impairments (net of taxes of $11 and $10, respectively)			0.03			26			—			—			27			—
Regulatory matters (net of taxes of $50 and $47, respectively)			0.13			130			—			—			—			133
2026 Adjusted (non-GAAP) operating earnings			$	0.87		$	897		$	412		$	167		$	119		$	320

Adjusted (non-GAAP) operating earnings for the third 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			$	0.86		$	875		$	373		$	250		$	82		$	291
Asset retirement obligation (net of taxes of $0)			—			(1)			—			—			—			(1)
2025 Adjusted (non-GAAP) operating earnings			$	0.86		$	874		$	373		$	250		$	82		$	290

__________

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 third 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, economic development and volunteerism. Follow @Exelon on X and LinkedIn.

Non-GAAP Financial Measures

4

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 October 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

5

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, 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.

6

Table of Contents

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

Table of Contents

Consolidating Statements of Operations

(unaudited)

(in millions)

			ComEd						PECO						BGE						PHI						Other (a)						Exelon
Three Months Ended September 30, 2026
Operating revenues			$	2,470					$	1,240					$	1,363					$	2,260					$	(14)					$	7,319
Operating expenses
Purchased power and fuel			783						494						650						990						—						2,917
Operating and maintenance			464						313						292						549						(54)						1,564
Depreciation and amortization			438						126						161						250						16						991
Taxes other than income taxes			133						73						100						150						12						468
Total operating expenses			1,818						1,006						1,203						1,939						(26)						5,940
Operating income			652						234						160						321						12						1,379
Other income and (deductions)
Interest expense, net			(149)						(76)						(73)						(111)						(184)						(593)
Other, net			43						15						26						23						(10)						97
Total other income and (deductions)			(106)						(61)						(47)						(88)						(194)						(496)
Income (loss) before income taxes			546						173						113						233						(182)						883
Income taxes			140						8						23						46						(63)						154
Net income (loss) attributable to common shareholders			$	406					$	165					$	90					$	187					$	(119)					$	729
Three Months Ended September 30, 2025
Operating revenues			$	2,275					$	1,180					$	1,209					$	2,051					$	(10)					$	6,705
Operating expenses
Purchased power and fuel			806						446						568						872						—						2,692
Operating and maintenance			409						241						239						335						(52)						1,172
Depreciation and amortization			395						115						155						234						13						912
Taxes other than income taxes			107						69						93						150						10						429
Total operating expenses			1,717						871						1,055						1,591						(29)						5,205
Operating income			558						309						154						460						19						1,500
Other income and (deductions)
Interest expense, net			(135)						(65)						(64)						(102)						(172)						(538)
Other, net			33						11						15						18						(9)						68
Total other income and (deductions)			(102)						(54)						(49)						(84)						(181)						(470)
Income (loss) before income taxes			456						255						105						376						(162)						1,030
Income taxes			83						5						23						85						(41)						155
Net income (loss) attributable to common shareholders			$	373					$	250					$	82					$	291					$	(121)					$	875
Change in net income (loss) from 2025 to 2026			$	33					$	(85)					$	8					$	(104)					$	2					$	(146)

1

Table of Contents

Consolidating Statements of Operations

(unaudited)

(in millions)

			ComEd						PECO						BGE						PHI						Other (a)						Exelon
Nine Months Ended September 30, 2026
Operating revenues			$	6,368					$	3,794					$	4,409					$	6,002					$	(45)					$	20,528
Operating expenses
Purchased power and fuel			1,814						1,495						2,002						2,593						—						7,904
Operating and maintenance			1,350						949						910						1,369						(162)						4,416
Depreciation and amortization			1,258						373						496						741						42						2,910
Taxes other than income taxes			345						204						301						445						40						1,335
Total operating expenses			4,767						3,021						3,709						5,148						(80)						16,565
Operating income			1,601						773						700						854						35						3,963
Other income and (deductions)
Interest expense, net			(428)						(219)						(202)						(326)						(546)						(1,721)
Other, net			116						39						64						62						(25)						256
Total other income and (deductions)			(312)						(180)						(138)						(264)						(571)						(1,465)
Income (loss) before income taxes			1,289						593						562						590						(536)						2,498
Income taxes			324						31						119						125						(145)						454
Net income (loss) attributable to common shareholders			$	965					$	562					$	443					$	465					$	(391)					$	2,044
Nine Months Ended September 30, 2025
Operating revenues			$	6,176					$	3,513					$	3,791					$	5,408					$	(42)					$	18,846
Operating expenses
Purchased power and fuel			2,044						1,288						1,584						2,195						—						7,111
Operating and maintenance			1,254						872						807						1,024						(117)						3,840
Depreciation and amortization			1,162						336						473						701						45						2,717
Taxes other than income taxes			303						183						273						426						31						1,216
Total operating expenses			4,763						2,679						3,137						4,346						(41)						14,884
Gain on sale of assets			—						—						—						1						—						1
Operating income (loss)			1,413						834						654						1,063						(1)						3,963
Other income and (deductions)
Interest expense, net			(395)						(188)						(183)						(305)						(507)						(1,578)
Other, net			86						29						35						54						(19)						185
Total other income and (deductions)			(309)						(159)						(148)						(251)						(526)						(1,393)
Income (loss) before income taxes			1,104						675						506						812						(527)						2,570
Income taxes			201						23						108						184						(120)						396
Net income (loss) attributable to common shareholders			$	903					$	652					$	398					$	628					$	(407)					$	2,174
Change in net income (loss) from 2025 to 2026			$	62					$	(90)					$	45					$	(163)					$	16					$	(130)

__________

(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.

1

Table of Contents

Exelon

Consolidated Balance Sheets

(unaudited)

(in millions)

						September 30, 2026						December 31, 2025
Assets
Current assets
Cash and cash equivalents						$	1,469					$	626
Restricted cash and cash equivalents						602						525
Accounts receivable
Customer accounts receivable						3,669						3,732
Customer allowance for credit losses						(507)						(435)
Customer accounts receivable, net						3,162						3,297
Other accounts receivable						1,574						1,879
Other allowance for credit losses						(96)						(94)
Other accounts receivable, net						1,478						1,785
Inventories, net
Fossil fuel						99						88
Materials and supplies						863						780
Regulatory assets						1,278						1,359
Prepaid renewable energy credits						466						563
Other						523						523
Total current assets						9,940						9,546
Property, plant, and equipment, net						88,557						84,318
Deferred debits and other assets
Regulatory assets						9,560						9,214
Goodwill						6,630						6,630
Receivable related to Regulatory Agreement Units						5,196						4,755
Investments						336						312
Other						2,018						1,795
Total deferred debits and other assets						23,740						22,706
Total assets						$	122,237					$	116,570

2

Table of Contents

						September 30, 2026						December 31, 2025
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings						$	934					$	612
Long-term debt due within one year						1,078						1,665
Accounts payable						3,711						3,721
Accrued expenses						1,692						1,582
Payables to affiliates						5						5
Customer deposits						609						533
Regulatory liabilities						551						1,128
Mark-to-market derivative liabilities						21						30
Unamortized energy contract liabilities						4						5
Renewable energy credit obligations						364						473
Other						675						577
Total current liabilities						9,644						10,331
Long-term debt						50,791						47,413
Long-term debt to financing trusts						390						390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits						14,596						13,715
Regulatory liabilities						11,684						11,016
Pension obligations						1,428						1,749
Non-pension postretirement benefit obligations						572						546
Asset retirement obligations						318						321
Mark-to-market derivative liabilities						96						106
Unamortized energy contract liabilities						13						16
Other						2,573						2,169
Total deferred credits and other liabilities						31,280						29,638
Total liabilities						92,105						87,772
Commitments and contingencies
Shareholders’ equity
Common stock						22,663						22,106
Treasury stock, at cost						(123)						(123)
Retained earnings						8,325						7,577
Accumulated other comprehensive loss, net						(733)						(762)
Total shareholders’ equity						30,132						28,798
Total liabilities and shareholders’ equity						$	122,237					$	116,570

3

Table of Contents

Exelon

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

						Nine Months Ended September 30,
						2026						2025
Cash flows from operating activities
Net income						$	2,044					$	2,174
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion						2,912						2,719
Gain on sales of assets						—						(1)
Asset disallowances, impairments and write-offs						232						—
Deferred income taxes and amortization of investment tax credits						564						293
Net fair value changes related to derivatives						—						3
Other non-cash operating activities						594						1,088
Changes in assets and liabilities:
Accounts receivable						379						(422)
Inventories						(96)						(41)
Accounts payable and accrued expenses						(1)						165
Collateral received (paid), net						39						(25)
Income taxes						(136)						19
Regulatory assets and liabilities, net						(1,063)						(390)
Pension and non-pension postretirement benefit contributions						(370)						(313)
Other assets and liabilities						306						(259)
Net cash flows provided by operating activities						5,404						5,010
Cash flows from investing activities
Capital expenditures						(6,799)						(6,095)
Proceeds from sales of assets						—						2
Other investing activities						12						(7)
Net cash flows used in investing activities						(6,787)						(6,100)
Cash flows from financing activities
Changes in short-term borrowings						(178)						(779)
Proceeds from short-term borrowings with maturities greater than 90 days						500						—
Issuance of long-term debt						4,425						4,925
Retirement of long-term debt						(1,600)						(807)
Issuance of common stock						483						173
Dividends paid on common stock						(1,294)						(1,212)
Proceeds from employee stock plans						37						24
Other financing activities						(71)						(75)
Net cash flows provided by financing activities						2,302						2,249
Increase in cash, restricted cash, and cash equivalents						919						1,159
Cash, restricted cash, and cash equivalents at beginning of period						1,201						939
Cash, restricted cash, and cash equivalents at end of period						$	2,120					$	2,098

4

Table of Contents

Exelon

Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

Three Months Ended September 30, 2026 and 2025

(unaudited)

(in millions, except per share data)

			Exelon Earnings per Diluted Share						ComEd						PECO						BGE						PHI						Other (a)						Exelon
2025 GAAP net income (loss)			$	0.86					$	373					$	250					$	82					$	291					$	(121)					$	875
Asset retirement obligation (net of taxes of $0)			—						—						—						—						(1)						—						(1)
2025 Adjusted (non-GAAP) operating earnings (loss)			$	0.86					$	373					$	250					$	82					$	290					$	(121)					$	874
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather			$	0.02					$	—		(b)			$	14					$	—		(b)			$	3		(b)			$	—					$	17
Load			(0.01)						—			(b)			(11)						—			(b)			—			(b)			—						(11)
Distribution and transmission rates (1)			0.06						22			(c)			1			(c)			15			(c)			29			(c)			—						67
Other energy delivery (2)			0.11						103			(c)			5			(c)			3			(c)			4			(c)			—						115
Operating and maintenance expense (3)			(0.07)						(34)						(53)						19						(1)						—						(69)
Depreciation and amortization expense (4)			(0.05)						(31)						(8)						1						(8)						(1)						(47)
Interest expense and other (5)			(0.05)						(21)						(31)						(1)						3						1						(49)
Total year over year effects on Adjusted (non-GAAP) Operating Earnings			$	0.01					$	39					$	(83)					$	37					$	30					$	—					$	23
2026 GAAP net income (loss)			$	0.70					$	406					$	165					$	90					$	187					$	(119)					$	729
Change in environmental costs (net of taxes of $1 and $1, respectively)			—						—						—						—						(3)						—						(3)
Cost management program (net of taxes of $2, $1, $1, $1, $0, and $6, respectively) (6)			0.01						6						2						3						3						1						15
Project impairments (net of taxes of $10, $1, and $11, respectively) (7)			0.03						—						—						27						—						(1)						26
Regulatory matters (net of taxes of $47, $3, and $50, respectively) (8)			0.13						—						—						—						133						(3)						130
2026 Adjusted (non-GAAP) operating earnings (loss)			$	0.87					$	412					$	167					$	119					$	320					$	(121)					$	897

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%.

(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.

(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.

(c)For transmission formula rates and various riders across the utilities, as well as ComEd’s distribution rates, 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).

(1)For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution and transmission revenue due to approved rates. For PHI, reflects increased distribution revenue due to approved rates.

(2)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs.

(3)Represents Operating and maintenance expense. For PECO, primarily reflects higher storm costs due to absence of extraordinary February and June storm cost deferrals recognized in 2025 and increased storm and contracting costs. For BGE, primarily reflects decreased contracting costs. For PHI, primarily reflects increased storm costs.

(4)Across all utilities, reflects ongoing capital expenditures depreciation and regulatory asset amortization.

(5)For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, reflects an increase in income tax expense due to tax repairs, a portion of which is timing, and interest expense. For Corporate, reflects a decrease in income tax expense due to timing, partially offset by an increase in interest expense.

(6)Represents third-party consulting and severance costs related to a cost management program.

(7)Represents costs related to capital project impairments.

(8)Represents the disallowance of certain capitalized costs.

5

Table of Contents

Exelon

Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

Nine Months Ended September 30, 2026 and 2025

(unaudited)

(in millions, except per share data)

			Exelon Earnings per Diluted Share						ComEd						PECO						BGE						PHI						Other (a)						Exelon
2025 GAAP net income (loss)			$	2.15					$	903					$	652					$	398					$	628					$	(407)					$	2,174
Asset retirement obligation (net of taxes of $0)			—						—						—						—						(1)						—						(1)
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)			$	2.17					$	926					$	652					$	398					$	628					$	(406)					$	2,198
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather			$	0.03					$	—		(b)			$	30					$	—		(b)			$	6		(b)			$	—					$	36
Load			(0.02)						—			(b)			(17)						—			(b)			(1)			(b)			—						(18)
Distribution and transmission rates (4)			0.17						54			(c)			5			(c)			55			(c)			56			(c)			—						170
Other energy delivery (5)			0.22						170			(c)			29			(c)			17			(c)			13			(c)			—						229
Operating and maintenance expense (6)			(0.09)						(85)						(45)						34						(30)						38						(88)
Depreciation and amortization expense (7)			(0.13)						(68)						(28)						(10)						(30)						3						(133)
Interest expense and other (8)			(0.13)						(26)						(52)						(7)						(16)						(28)						(129)
Total year over year effects on Adjusted (non-GAAP) operating earnings			$	0.03					$	45					$	(78)					$	89					$	(2)					$	13					$	67
2026 GAAP net income (loss)			$	1.98					$	965					$	562					$	443					$	465					$	(391)					$	2,044
Change in environmental costs (net of taxes of $1 and $1, respectively)			—						—						—						—						(3)						—						(3)
Cost management program (net of taxes of $2, $4, $7, $8, $0 and $21, respectively) (1)			0.06						6						13						17						20						1						57
Project impairments (net of taxes of $10, $1, and $11, respectively) (9)			0.03						—						—						27						—						(1)						26
Regulatory matters (net of taxes of $51, $3, and $54, respectively) (3)			0.14						—						—						—						144						(3)						141
2026 Adjusted (non-GAAP) operating earnings (loss)			$	2.20					$	971					$	574					$	487					$	626					$	(393)					$	2,265

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%.

(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.

(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.

(c)For transmission formula rates and various riders across the utilities, as well as ComEd’s distribution rates, 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).

(1)In 2025, primarily represents severance costs related to a cost management program. In 2026, represents third-party consulting and severance costs related to a cost management program.

(2)Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.

(3)Represents the disallowance of certain capitalized costs.

(4)For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution and transmission revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates.

(5)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.

(6)Represents Operating and maintenance expense. For PECO, primarily reflects higher storm costs due to absence of extraordinary February and June storm cost deferrals recognized in 2025 and increased contracting costs, partially offset by decreased storm costs. For BGE, primarily reflects decreased contracting costs. For PHI, reflects increased storm costs and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. For Corporate, reflects the absence of the Customer Relief Fund contribution recognized in 2025.

(7)Across all utilities, reflects ongoing capital expenditures depreciation and regulatory asset amortization.

(8)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 PHI, reflects an increase in interest expense. For Corporate, reflects an increase in interest expense, partially offset by a decrease in income tax expense due to timing.

(9)Represents costs related to capital project impairments.

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ComEd Statistics

Three Months Ended September 30, 2026 and 2025

			Electric Deliveries (in GWhs)																								Revenue (in millions)
			2026						2025						% Change						Weather - Normal % Change						2026						2025						% Change
Electric Deliveries and Revenues(a)
Residential			8,903						8,659						2.8		%				2.3		%				$	1,377					$	1,365					0.9		%
Small commercial & industrial			8,129						8,004						1.6		%				1.1		%				621						645						(3.7)		%
Large commercial & industrial			7,389						7,701						(4.1)		%				0.4		%				184						217						(15.2)		%
Public authorities & electric railroads			210						224						(6.3)		%				(4.5)		%				12						14						(14.3)		%
Other(b)			—						—						n/a						n/a						280						229						22.3		%
Total electric revenues(c)			24,631						24,588						0.2		%				1.3		%				2,474						2,470						0.2		%
Other Revenues(d)																											(4)						(195)						(97.9)		%
Total electric revenues																											$	2,470					$	2,275					8.6		%
Purchased Power																											$	783					$	806					(2.9)		%

																					% Change
Heating and Cooling Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			27						37						79						(27.0)		%				(65.8)		%
Cooling Degree-Days			853						828						722						3.0		%				18.1		%

Nine Months Ended September 30, 2026 and 2025

			Electric Deliveries (in GWhs)																								Revenue (in millions)
			2026						2025						% Change						Weather - Normal % Change						2026						2025						% Change
Electric Deliveries and Revenues(a)
Residential			21,473						21,886						(1.9)		%				1.0		%				$	3,501					$	3,452					1.4		%
Small commercial & industrial			22,262						22,284						(0.1)		%				0.4		%				1,632						1,799						(9.3)		%
Large commercial & industrial			21,988						21,435						2.6		%				1.7		%				436						689						(36.7)		%
Public authorities & electric railroads			650						668						(2.7)		%				(1.4)		%				35						43						(18.6)		%
Other(b)			—						—						n/a						n/a						785						688						14.1		%
Total electric revenues(c)			66,373						66,273						0.2		%				1.0		%				6,389						6,671						(4.2)		%
Other Revenues(d)																											(21)						(495)						(95.8)		%
Total electric revenues																											$	6,368					$	6,176					3.1		%
Purchased Power																											$	1,814					$	2,044					(11.3)		%

																					% Change
Heating and Cooling Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			3,455						3,698						3,829						(6.6)		%				(9.8)		%
Cooling Degree-Days			1,113						1,158						988						(3.9)		%				12.7		%

Number of Electric Customers			2026						2025
Residential			3,783,141						3,767,493
Small commercial & industrial			396,161						398,022
Large commercial & industrial			1,988						1,931
Public authorities & electric railroads			5,771						5,798
Total			4,187,061						4,173,244

__________

(a)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.

(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)Includes operating revenues from affiliates totaling $2 million for both the three months ended September 30, 2026 and 2025, respectively, and $15 million and $19 million for the nine months ended September 30, 2026 and 2025, respectively.

(d)Includes alternative revenue programs and late payment charges.

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PECO Statistics

Three Months Ended September 30, 2026 and 2025

			Electric and Natural Gas Deliveries																								Revenue (in millions)
			2026						2025						% Change						Weather- Normal % Change						2026						2025						% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential			4,100						4,063						0.9		%				(4.3)		%				$	796					$	735					8.3		%
Small commercial & industrial			2,059						2,057						0.1		%				(4.0)		%				173						167						3.6		%
Large commercial & industrial			3,807						3,731						2.0		%				1.9		%				82						101						(18.8)		%
Public authorities & electric railroads			169						159						6.3		%				6.3		%				8						8						—		%
Other(b)			—						—						n/a						n/a						89						78						14.1		%
Total electric revenues(c)			10,135						10,010						1.2		%				(1.8)		%				1,148						1,089						5.4		%
Other Revenues(d)																											7						8						(12.5)		%
Total electric revenues																											1,155						1,097						5.3		%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential			2,221						2,064						7.6		%				5.1		%				54						50						8.0		%
Small commercial & industrial			1,932						2,243						(13.9)		%				(15.1)		%				20						23						(13.0)		%
Large commercial & industrial			—						—						n/a						(2.6)		%				—						1						(100.0)		%
Transportation			5,267						5,081						3.7		%				(33.8)		%				9						7						28.6		%
Other(f)			—						—						n/a						n/a						2						1						100.0		%
Total natural gas revenues(g)			9,420						9,388						0.3		%				(0.2)		%				85						82						3.7		%
Other Revenues(d)																											—						1						(100.0)		%
Total natural gas revenues																											85						83						2.4		%
Total electric and natural gas revenues																											$	1,240					$	1,180					5.1		%
Purchased Power and Fuel																											$	494					$	446					10.8		%

																					% Change
Heating and Cooling Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			12						—						19						n/a						(36.8)		%
Cooling Degree-Days			1,175						1,095						1,038						7.3		%				13.2		%

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Nine Months Ended September 30, 2026 and 2025

			Electric and Natural Gas Deliveries																								Revenue (in millions)
			2026						2025						% Change						Weather- Normal % Change						2026						2025						% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential			11,094						10,952						1.3		%				(2.0)		%				$	2,122					$	1,921					10.5		%
Small commercial & industrial			5,811						5,835						(0.4)		%				(2.2)		%				502						484						3.7		%
Large commercial & industrial			10,365						10,470						(1.0)		%				(1.8)		%				254						260						(2.3)		%
Public authorities & electric railroads			502						511						(1.8)		%				(1.8)		%				25						26						(3.8)		%
Other(b)			—						—						n/a						n/a						244						231						5.6		%
Total electric revenues(c)			27,772						27,768						—		%				(2.0)		%				3,147						2,922						7.7		%
Other Revenues(d)																											31						11						181.8		%
Total electric revenues																											3,178						2,933						8.4		%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential			29,182						28,469						2.5		%				—		%				422						396						6.6		%
Small commercial & industrial			16,355						16,046						1.9		%				—		%				145						140						3.6		%
Large commercial & industrial			(9)						14						(164.3)		%				(8.1)		%				—						1						(100.0)		%
Transportation			18,987						17,759						6.9		%				(2.9)		%				35						28						25.0		%
Other(f)			—						—						n/a						n/a						12						13						(7.7)		%
Total natural gas revenues(g)			64,515						62,288						3.6		%				2.1		%				614						578						6.2		%
Other Revenues(d)																											2						2						—		%
Total natural gas revenues																											616						580						6.2		%
Total electric and natural gas revenues																											$	3,794					$	3,513					8.0		%
Purchased Power and Fuel																											$	1,495					$	1,288					16.1		%

																					% Change
Heating and Cooling Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			2,732						2,684						2,793						1.8		%				(2.2)		%
Cooling Degree-Days			1,711						1,521						1,426						12.5		%				20.0		%

Number of Electric Customers			2026						2025						Number of Natural Gas Customers			2026						2025
Residential			1,537,965						1,539,345						Residential			511,031						510,166
Small commercial & industrial			154,259						154,955						Small commercial & industrial			44,382						44,603
Large commercial & industrial			3,133						3,159						Large commercial & industrial			7						7
Public authorities & electric railroads			10,141						10,343						Transportation			600						619
Total			1,705,498						1,707,802						Total			556,020						555,395

__________

(a)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.

(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)Includes operating revenues from affiliates totaling $4 million and $2 million for the three months ended September 30, 2026 and 2025, respectively, and $11 million and $7 million for the nine months ended September 30, 2026 and 2025, respectively.

(d)Includes alternative revenue programs and late payment charges.

(e)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.

(f)Includes revenues primarily from off-system sales.

(g)Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $2 million for both the nine months ended September 30, 2026 and 2025.

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BGE Statistics

Three Months Ended September 30, 2026 and 2025

			Electric and Natural Gas Deliveries																								Revenue (in millions)
			2026						2025						% Change						Weather- Normal % Change						2026						2025						% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential			3,646						3,501						4.1		%				(0.1)		%				$	795					$	684					16.2		%
Small commercial & industrial			732						722						1.4		%				(1.8)		%				130						113						15.0		%
Large commercial & industrial			3,693						3,608						2.4		%				0.1		%				200						172						16.3		%
Public authorities & electric railroads			47						49						(4.1)		%				(4.3)		%				8						8						—		%
Other(b)			—						—						n/a						n/a						115						122						(5.7)		%
Total electric revenues(c)			8,118						7,880						3.0		%				(0.2)		%				1,248						1,099						13.6		%
Other Revenues(d)																											(1)						(8)						(87.5)		%
Total electric revenues																											1,247						1,091						14.3		%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential			2,296						2,188						4.9		%				3.5		%				67						68						(1.5)		%
Small commercial & industrial			844						810						4.2		%				3.2		%				14						14						—		%
Large commercial & industrial			6,935						7,183						(3.5)		%				(6.1)		%				41						37						10.8		%
Other(f)			671						691						(2.9)		%				n/a						6						6						—		%
Total natural gas revenues(g)			10,746						10,872						(1.2)		%				(3.3)		%				128						125						2.4		%
Other Revenues(d)																											(12)						(7)						71.4		%
Total natural gas revenues																											116						118						(1.7)		%
Total electric and natural gas revenues																											$	1,363					$	1,209					12.7		%
Purchased Power and Fuel																											$	650					$	568					14.4		%

																					% Change
Heating and Cooling Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			44						52						66						(15.4)		%				(33.3)		%
Cooling Degree-Days			699						605						628						15.5		%				11.3		%

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Nine Months Ended September 30, 2026 and 2025

			Electric and Natural Gas Deliveries																								Revenue (in millions)
			2026						2025						% Change						Weather- Normal % Change						2026						2025						% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential			10,160						9,872						2.9		%				(1.1)		%				$	2,254					$	1,829					23.2		%
Small commercial & industrial			2,076						2,075						—		%				(2.4)		%				368						311						18.3		%
Large commercial & industrial			10,082						9,981						1.0		%				(0.2)		%				541						456						18.6		%
Public authorities & electric railroads			143						146						(2.1)		%				(2.6)		%				25						25						—		%
Other(b)			—						—						n/a						n/a						353						352						0.3		%
Total electric revenues(c)			22,461						22,074						1.8		%				(0.9)		%				3,541						2,973						19.1		%
Other Revenues(d)																											2						(22)						(109.1)		%
Total electric revenues																											3,543						2,951						20.1		%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential			27,576						27,426						0.5		%				(6.3)		%				561						555						1.1		%
Small commercial & industrial			6,844						6,728						1.7		%				(1.8)		%				95						100						(5.0)		%
Large commercial & industrial			29,598						29,504						0.3		%				(2.1)		%				182						178						2.2		%
Other(f)			5,009						5,042						(0.7)		%				n/a						42						37						13.5		%
Total natural gas revenues(g)			69,027						68,700						0.5		%				(3.9)		%				880						870						1.1		%
Other Revenues(d)																											(14)						(30)						(53.3)		%
Total natural gas revenues																											866						840						3.1		%
Total electric and natural gas revenues																											$	4,409					$	3,791					16.3		%
Purchased Power and Fuel																											$	2,002					$	1,584					26.4		%

																					% Change
Heating and Cooling Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			2,908						2,710						2,876						7.3		%				1.1		%
Cooling Degree-Days			1,002						896						896						11.8		%				11.8		%

Number of Electric Customers			2026						2025						Number of Natural Gas Customers			2026						2025
Residential			1,230,325						1,220,937						Residential			663,403						660,241
Small commercial & industrial			115,037						115,246						Small commercial & industrial			37,620						37,731
Large commercial & industrial			13,467						13,432						Large commercial & industrial			6,419						6,404
Public authorities & electric railroads			250						254
Total			1,359,079						1,349,869						Total			707,442						704,376

__________

(a)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.

(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $5 million and $4 million for the nine months ended September 30, 2026 and 2025, respectively.

(d)Includes alternative revenue programs and late payment charges.

(e)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.

(f)Includes revenues primarily from off-system sales.

(g)Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $2 million for both the nine months ended September 30, 2026 and 2025, respectively.

11

Table of Contents

Pepco Statistics

Three Months Ended September 30, 2026 and 2025

			Electric Deliveries (in GWhs)																								Revenue (in millions)
			2026						2025						% Change						Weather- Normal % Change						2026						2025						% Change
Electric Deliveries and Revenues(a)
Residential			2,436						2,323						4.9		%				(1.6)		%				$	583					$	501					16.4		%
Small commercial & industrial			295						284						3.9		%				1.0		%				60						56						7.1		%
Large commercial & industrial			3,822						3,798						0.6		%				(1.9)		%				370						331						11.8		%
Public authorities & electric railroads			193						168						14.9		%				14.9		%				11						8						37.5		%
Other(b)			—						—						n/a						n/a						99						98						1.0		%
Total electric revenues(c)			6,746						6,573						2.6		%				(1.3)		%				1,123						994						13.0		%
Other Revenues(d)																											4						(2)						(300.0)		%
Total electric revenues																											$	1,127					$	992					13.6		%
Purchased Power																											$	450					$	367					22.6		%

																					% Change
Heating and Cooling Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			17						—						8						—		%				112.5		%
Cooling Degree-Days			1,245						1,080						1,197						15.3		%				4.0		%

Nine Months Ended September 30, 2026 and 2025

			Electric Deliveries (in GWhs)																								Revenue (in millions)
			2026						2025						% Change						Weather- Normal % Change						2026						2025						% Change
Electric Deliveries and Revenues(a)
Residential			6,539						6,396						2.2		%				(3.2)		%				$	1,485					$	1,273					16.7		%
Small commercial & industrial			845						853						(0.9)		%				(3.1)		%				163						155						5.2		%
Large commercial & industrial			10,541						10,625						(0.8)		%				(2.4)		%				1,012						911						11.1		%
Public authorities & electric railroads			547						500						9.4		%				9.0		%				32						29						10.3		%
Other(b)			—						—						n/a						n/a						286						274						4.4		%
Total electric revenues(c)			18,472						18,374						0.5		%				(2.4)		%				2,978						2,642						12.7		%
Other Revenues(d)																											(3)						(16)						(81.3)		%
Total electric revenues																											$	2,975					$	2,626					13.3		%
Purchased Power																											$	1,178					$	942					25.1		%

																					% Change
Heating and Cooling Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			2,467						2,205						2,327						11.9		%				6.0		%
Cooling Degree-Days			1,835						1,630						1,726						12.6		%				6.3		%

Number of Electric Customers			2026						2025
Residential			889,048						885,063
Small commercial & industrial			54,090						53,939
Large commercial & industrial			23,212						23,203
Public authorities & electric railroads			211						205
Total			966,561						962,410

__________

(a)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.

(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)Includes operating revenues from affiliates totaling $3 million and $2 million the three months ended September 30, 2026 and 2025, respectively, and $7 million and $4 million for both the nine months ended September 30, 2026 and 2025, respectively.

(d)Includes alternative revenue programs and late payment charge revenues.

12

Table of Contents

DPL Statistics

Three Months Ended September 30, 2026 and 2025

			Electric and Natural Gas Deliveries																								Revenue (in millions)
			2026						2025						% Change						Weather - Normal % Change						2026						2025						% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential			1,575						1,510						4.3		%				(0.9)		%				$	319					$	283					12.7		%
Small commercial & industrial			668						651						2.6		%				1.1		%				81						72						12.5		%
Large commercial & industrial			1,108						1,162						(4.6)		%				(6.7)		%				34						32						6.3		%
Public authorities & electric railroads			8						10						(20.0)		%				(18.5)		%				4						4						—		%
Other(b)			—						—						n/a						n/a						80						77						3.9		%
Total electric revenues(c)			3,359						3,333						0.8		%				(2.6)		%				518						468						10.7		%
Other Revenues(d)																											(2)						(4)						(50.0)		%
Total electric revenues																											516						464						11.2		%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential			405						409						(1.0)		%				(9.3)		%				15						13						15.4		%
Small commercial & industrial			368						375						(1.9)		%				(6.9)		%				8						7						14.3		%
Large commercial & industrial			411						404						1.7		%				1.8		%				1						1						—		%
Transportation			1,146						1,239						(7.5)		%				(8.3)		%				5						4						25.0		%
Other(f)			—						—						n/a						n/a						11						2						450.0		%
Total natural gas revenues			2,330						2,427						(4.0)		%				(6.6)		%				40						27						48.1		%
Other Revenues(d)																											—						—						n/a
Total natural gas revenues																											40						27						48.1		%
Total electric and natural gas revenues																											$	556					$	491					13.2		%
Purchased Power and Fuel																											$	264					$	219					20.5		%

Electric Service Territory																					% Change
Heating and Cooling Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			24						4						24						500.0		%				—		%
Cooling Degree-Days			995						862						933						15.4		%				6.6		%

Natural Gas Service Territory																					% Change
Heating Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			28						3						32						833.3		%				(12.5)		%

13

Table of Contents

Nine Months Ended September 30, 2026 and 2025

			Electric and Natural Gas Deliveries																								Revenue (in millions)
			2026						2025						% Change						Weather - Normal % Change						2026						2025						% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential			4,414						4,245						4.0		%				1.2		%				$	879					$	792					11.0		%
Small commercial & industrial			1,846						1,824						1.2		%				0.3		%				218						200						9.0		%
Large commercial & industrial			3,056						3,133						(2.5)		%				(3.3)		%				98						92						6.5		%
Public authorities & electric railroads			4						31						(87.1)		%				(87.9)		%				12						13						(7.7)		%
Other(b)			—						—						n/a						n/a						233						224						4.0		%
Total electric revenues(c)			9,320						9,233						0.9		%				(0.8)		%				1,440						1,321						9.0		%
Other Revenues(d)																											(5)						(9)						(44.4)		%
Total electric revenues																											1,435						1,312						9.4		%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential			5,812						5,802						0.2		%				(3.8)		%				106						86						23.3		%
Small commercial & industrial			2,979						2,881						3.4		%				(0.9)		%				46						35						31.4		%
Large commercial & industrial			1,239						1,237						0.2		%				0.2		%				7						6						16.7		%
Transportation			4,443						4,626						(4.0)		%				(5.3)		%				15						13						15.4		%
Other(f)			—						—						n/a						n/a						23						8						187.5		%
Total natural gas revenues			14,473						14,546						(0.5)		%				(3.4)		%				197						148						33.1		%
Other Revenues(d)																											—						—						n/a
Total natural gas revenues																											197						148						33.1		%
Total electric and natural gas revenues																											$	1,632					$	1,460					11.8		%
Purchased Power and Fuel																											$	747					$	637					17.3		%

Electric Service Territory																					% Change
Heating and Cooling Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			2,848						2,726						2,774						4.5		%				2.7		%
Cooling Degree-Days			1,413						1,278						1,297						10.6		%				8.9		%

Natural Gas Service Territory																					% Change
Heating Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			2,934						2,774						2,957						5.8		%				(0.8)		%

Number of Electric Customers			2026						2025						Number of Natural Gas Customers			2026						2025
Residential			497,718						494,232						Residential			132,182						131,494
Small commercial & industrial			65,857						65,322						Small commercial & industrial			10,188						10,134
Large commercial & industrial			1,287						1,257						Large commercial & industrial			14						14
Public authorities & electric railroads			631						632						Transportation			156						160
Total			565,493						561,443						Total			142,540						141,802

__________

(a)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.

(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)Includes operating revenues from affiliates totaling $3 million and $2 million for the three months ended September 30, 2026 and 2025, respectively, and $7 million and $6 million the nine months ended September 30, 2026 and 2025, respectively.

(d)Includes alternative revenue programs and late payment charges.

(e)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.

(f)Includes revenues primarily from off-system sales.

14

Table of Contents

ACE Statistics

Three Months Ended September 30, 2026 and 2025

			Electric Deliveries (in GWhs)																								Revenue (in millions)
			2026						2025						% Change						Weather - Normal % Change						2026						2025						% Change
Electric Deliveries and Revenues(a)
Residential			1,416						1,335						6.1		%				(2.4)		%				$	381					$	363					5.0		%
Small commercial & industrial			529						483						9.5		%				7.6		%				89						82						8.5		%
Large commercial & industrial			822						790						4.1		%				2.3		%				41						43						(4.7)		%
Public authorities & electric railroads			10						9						11.1		%				6.2		%				5						4						25.0		%
Other(b)			—						—						n/a						n/a						64						62						3.2		%
Total electric revenues(c)			2,777						2,617						6.1		%				0.8		%				580						554						4.7		%
Other Revenues(d)																											(1)						16						(106.3)		%
Total electric revenues																											$	579					$	570					1.6		%
Purchased Power																											$	276					$	286					(3.5)		%

																					% Change
Heating and Cooling Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			31						11						31						181.8		%				—		%
Cooling Degree-Days			930						755						875						23.2		%				6.3		%

Nine Months Ended September 30, 2026 and 2025

			Electric Deliveries (in GWhs)																								Revenue (in millions)
			2026						2025						% Change						Weather - Normal % Change						2026						2025						% Change
Electric Deliveries and Revenues(a)
Residential			3,258						3,180						2.5		%				(1.7)		%				$	880					$	782					12.5		%
Small commercial & industrial			1,317						1,253						5.1		%				3.9		%				222						193						15.0		%
Large commercial & industrial			2,231						2,237						(0.3)		%				(1.0)		%				129						141						(8.5)		%
Public authorities & electric railroads			32						32						—		%				(1.3)		%				15						14						7.1		%
Other(b)			—						—						n/a						n/a						186						196						(5.1)		%
Total electric revenues(c)			6,838						6,702						2.0		%				(0.4)		%				1,432						1,326						8.0		%
Other Revenues(d)																											(30)						2						n/a
Total electric revenues																											$	1,402					$	1,328					5.6		%
Purchased Power																											$	668					$	616					8.4		%

																					% Change
Heating and Cooling Degree-Days			2026						2025						Normal						From 2025						From Normal
Heating Degree-Days			3,069						2,851						2,926						7.6		%				4.9		%
Cooling Degree-Days			1,324						1,093						1,188						21.1		%				11.4		%

Number of Electric Customers						2026						2025
Residential						512,248						509,739
Small commercial & industrial						63,063						62,923
Large commercial & industrial						2,663						2,730
Public authorities & electric railroads						782						745
Total						578,756						576,137

__________

(a)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.

(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $4 million and $3 million for the nine months ended September 30, 2026 and 2025, respectively.

(d)Includes alternative revenue programs.

15

October 30, 2026 Earnings Conference Call Third Quarter 2026

2 Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “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 in the 2025 Form 10-K filed by the Registrants, including in Part I, ITEM 1A. Risk Factors, and this Report including in Part II, ITEM 1A. Risk Factors, 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, which apply only as of the date of this presentation. 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 presentation.

3 Non-GAAP Financial Measures Exelon reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Exelon supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures, including: • Adjusted operating earnings (operating EPS) excludes certain costs, expenses, gains, and losses and other specified items that are considered by management to be not directly related to the ongoing operations of the business as described in Reconciliation of Non-GAAP Measures. • Adjusted operating and maintenance (O&M) expense excludes regulatory operating and maintenance costs for the utility businesses and certain excluded items. • Operating ROE is calculated using operating net income divided by average equity for the period. The operating income reflects all lines of business for the utility business (gas distribution, electric transmission, and electric distribution). • S&P FFO/Debt and Moody’s CFO (Pre-WC)/Debt are calculated using the respective S&P and Moody’s methodologies described in Reconciliation of Non-GAAP Measures. Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable GAAP measure may not be currently available, therefore, management is unable to reconcile these measures. This information is intended to enhance an investor’s overall understanding of period over period financial results and provide an indication of Exelon’s baseline operating performance by excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this information 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. These non-GAAP financial measures are not a presentation defined under GAAP and may not be comparable to other companies’ presentations. Exelon has provided these non- GAAP financial measures as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These non-GAAP measures should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP measures provided in the materials presented. Non-GAAP financial measures are identified by the phrase “non-GAAP” or an asterisk (*). Reconciliations of these non-GAAP measures to the most comparable GAAP measures are provided in this presentation in Reconciliation of Non-GAAP Measures.

4 Key Messages Financial and Operational Excellence Regulatory & Other Developments Long-Term Outlook ▪ Adjusted Operating Earnings* of $0.87 per share in Q3 2026 vs. $0.86 per share in Q3 2025 ▪ GAAP Earnings of $0.70 per share in Q3 2026 vs. $0.86 per share in Q3 2025 ▪ Narrowing 2026 EPS* to $2.85 - $2.91 per share(1) ▪ Exelon utilities now rank 1st, 2nd, 5th, and 6th in reliability performance across the country ▪ Continued regulatory progress in Maryland, with final orders at Pepco and the MYP Lessons Learned; BGE rate case continues to advance ▪ DPL DE rate case and ComEd Grid Plan progressing on track ▪ ACE’s battery storage project remains on track, supporting reliability and customer affordability ▪ Affirming Adjusted Operating Earnings* CAGR near top end of 5-7% from 2025-2029(2) ▪ 7.9% rate base growth resulting from $41.7B of investment; $12-17B of transmission and $3-7B of storage opportunity beyond the plan ▪ Completed 100% of 2026 debt issuances and ~37% of $3.4B in equity needs through 2029; continued execution of pre-issuance hedging strategy (1) 2026 earnings guidance based on expected average outstanding shares of 1,031M. (2) Based off the midpoint of Exelon’s 2025 Adjusted Operating EPS* guidance range of $2.64 - $2.74 as disclosed on Q4 2024 Earnings Call in February 2025.

5 Q3 2026 QTD Adjusted Operating Earnings* Waterfall Note: Amounts may not sum due to rounding (1) Approved Distribution and Transmission revenues are driven by customer investments driving top quartile or better reliability and avoided outage costs. (2) Primarily due to the absence of extraordinary storm cost deferrals recognized in 2025. (3) Higher income taxes driven primarily by timing of tax repairs deduction. (4) 2026 earnings guidance based on expected average outstanding shares of 1,031M. $0.37 $0.29 $0.25 $0.08 ($0.12) Q3 2025 $0.03 ComEd ($0.09) PECO $0.04 BGE $0.02 PHI Corp $0.12 $0.16 $0.31 $0.40 Q3 2026 $0.86 $0.87 ($0.12) BGE PECO PHI ComEd Corp $0.01 Income Taxes ($0.01) Interest Expense $0.02 Approved Distribution and Transmission Rates(1) $0.01 AFUDC $0.01 Absence of Customer Surcharge Credits $0.01 Weather ($0.06) Storm Costs(2) ($0.02) Income Taxes(3) ($0.01) Contracting Costs ($0.01) Depreciation ($0.01) Interest Expense $0.02 Approved Distribution and Transmission Rates(1) $0.01 Contracting Costs $0.01 Other $0.03 Approved Distribution Rates(1) ($0.01) Storm Costs ($0.01) Depreciation ($0.01) Interest Expense $0.02 Other Narrowing 2026 Adjusted Operating Earnings* to $2.85 - $2.91 per share(4)

Distribution Rate Case and Other Regulatory Updates 6 Rate case filed Rebuttal testimony Initial briefs Final commission order Intervenor direct testimony Evidentiary hearings Reply briefs Settlement agreement CF IT RT EH IB RB FO SA Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Revenue Req. Increase Requested ROE / Equity Ratio Expected Order Date $52.6M 10.50% / 50.50% Q3 2027 $151.2M 10.40% / 52.00% Jan 2027 DPL DE Electric Open Base Rate Cases CF BGE Electric Maryland Lessons Learned (Case No. 9618) – Final order posted on 9/30/2026 – Reaffirms proactive planning and ratemaking remain worth pursuing and identifies Public Conference 83 as the path forward to complete the RELIEF Act Study ComEd Grid Plan (ICC Docket No. 26-0047) – Proposed $15.3B of investment from 2028-2031 to meet load growth demand and priorities stated in CEJA and CRGA – ALJ Proposed Order posted on 10/14/2026 – Order expected by 12/15/2026 ComEd Reconciliation (ICC Docket No. 26-0215) – MRPP Annual Performance Evaluation proceeding ​ – Agreed upon draft order posted on 10/1/2026, reflecting an adjustment amount of $205M which includes the 2025 Performance Adjustment – Order expected by 12/20/2026​ Other Regulatory Activity CF Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Revenue Req. Increase Approved ROE / Equity Ratio Order Date $50.9M 9.40% / 50.50% Aug 2026 Pepco MD Electric CF Completed Since Q2 2026 Call IT RT EH FOIB RB Note: See Additional Disclosures slides 24-27 for further detail on pertinent rate case data and information. IT RT EH

Advancing Affordable, Reliable Energy Solutions Disciplined investment supports customers today while creating significant growth opportunities Transmission Enabling reliability, resilience, and economic growth Storage Fast-to-deploy resources supporting reliability, affordability, and resilience CURRENT PLAN PROJECT PIPELINE $16.3B 2026 – 2029 Forecast ~$1B 500 MW Not included in plan Diversified Plan Driven by Multiple Trends • Reliability • Resilience • Economic development • Congestion relief • Grid modernization • New technologies • Interconnection • Competitive transmission New Jersey • 500 MW | ACE-owned • 2030 COD • Recovery filing: NJ BPU • Developed by Invenergy • Final order expected Q1 2027 FUTURE OPPORTUNITY FUTURE OPPORTUNITY ~$12–17B Visible opportunity beyond the plan ~$3-7B 1.5-3.5 GW Visible opportunity beyond the plan CUSTOMER AND GRID BENEFITS Modernize and harden existing infrastructure Support new business and high-density load New generation interconnection CUSTOMER AND GRID BENEFITS Increase grid reliability and flexibility Reduce customer costs and market volatility Enable efficient clean-energy integration Deliver efficient, competitive transmission solutions 7 Investments support reliability and affordability today while creating a visible ~$15-24B opportunity beyond the plan Support resource adequacy and peak demand needs

Strong Balance Sheet Provides Strategic and Financial Flexibility Entity Moody’s S&P ExCorp Baa2 / Stable BBB+ / Stable ComEd A1 / Stable A / Stable PECO A1 / Stable(4) A / Stable BGE A3 / Stable A- / Stable(4) ACE A2 / Stable A / Stable DPL A2 / Positive A / Stable Pepco A2 / Stable A / Stable 8 (1) Represents average credit metrics for 2022-2025 (Exelon’s 2022-2025 actuals per S&P and Moody’s published reports) and internal average credit metric estimates for 2026E-2029E based on S&P and Moody’s methodologies, which incorporate the tax repairs deduction in the implementation of the Corporate Alternative Minimum Tax (CAMT). (2) Represents Moody’s downgrade threshold for Exelon Corporate’s Baa2 senior unsecured rating and S&P’s downgrade threshold for Exelon Corporate’s BBB+ senior unsecured rating (currently one notch higher than Moody’s). (3) Current senior unsecured ratings for Exelon and BGE and current senior secured ratings for ComEd, PECO, ACE, DPL, and Pepco. (4) On July 15, 2026, Moody’s downgraded PECO’s senior secured credit rating from Aa3 to A1. On April 30, 2026, S&P downgraded BGE’s senior unsecured credit rating from A to A-. (5) See Additional Disclosures slide 20 for additional detail. 2022-2025 2026E-2029E ~13.5% ~14% Credit Ratings / Outlook(3) 12%(2) 13%(2) Moody’s CFO (pre-WC) / Debt*(1) 2022-2025 2026E-2029E ~13.0% ~14% S&P FFO / Debt*(1) Stable Platform with a Credit Supportive Value Proposition ▪ Exelon’s scale, jurisdictional diversification, operational excellence, and effective recovery mechanisms contribute to a unique credit-supportive value proposition ▪ Credit metric outlook supports ~200 bps above Moody’s and ~100 bps above S&P’s downgrade thresholds(2) Balanced Approach to Funding Capital ▪ Executed 100% of 2026 debt financing needs, mitigating exposure to interest rate volatility for this year(5) ▪ Pre-issuance hedging strategy further reduces future interest rate volatility ▪ ~$41.7B four-year capital expenditure plan being funded in a balanced manner ‒ ~40% of incremental capital funded with equity, resulting in $3.4B of equity through 2029 (implying ~$850M issuance annually); average annual equity issuances represent less than 2% of market capitalization ‒ Priced ~37% of equity needs through 2029 via ATM forward contracts

Capitalize on Growth Opportunities Focus on Customer Affordability and Value 9 2026 Business Priorities and Commitments ❖ Prioritize employee safety and engagement ❖ Deploy ~$10B of capex for the benefit of customers ❖ Maintain industry-leading operational excellence ❖ Focus on cost management and innovation ❖ Capture growth opportunities and new customer solutions ❖ Advocate for equitable and balanced energy future ❖ Earn consolidated operating ROE* of 9-10% ❖ Achieve constructive rate case outcomes for customers and shareholders ❖ Deliver Operating EPS* guidance of $2.85 - $2.91 per share ❖ Maintain strong balance sheet and execute on 2026 financing plan Execute Plan Consistent and Reliable Execution

Customer rates 19% below largest U.S. cities(1) Connected ~$150M in LIHEAP assistance and $60M in direct assistance to customers in need Fostered nearly $60B of economic activity in our communities Protecting customers through FERC-endorsed Transmission Security Agreements while improving queue quality and certainty C u s to m e r- F o c u s e d Consistent track record of financial execution at a customer-supportive pace 7.9% rate base growth from 2025-2029 with established rate mechanisms in place Strong investment grade credit ratings with 100 to 200 bps of financial flexibility Diverse and defined capital plan with no one project greater than ~3% of 4-year outlook 10 Sustainable Value as the Premier T&D Energy Company (1) Source: Edison Electric Institute Typical Bills and Average Rates report for Summer 2025; reflects residential average rates for the 12-month period ending June 30, 2025. (2) Based on Exelon’s 2025 Sustainability Report. (3) Near top end of EPS* growth range; based off the midpoint of Exelon’s 2025 Adjusted Operating Earnings* guidance range of $2.64 - $2.74 as disclosed at Q4 2024 Earnings Call in February 2025. (4) Aggregate amount of dividends to be paid quarterly and are subject to approval by Board of Directors. Investing in infrastructure for our communities generates 5-7% annualized adjusted operating earnings* growth(3), which combined with ~60% dividend payout ratio(4) results in an attractive risk-adjusted total annual return of 9-11% Top quartile SAIFI & SAIDI performance for 10 consecutive years Cost and executional advantage due to size and scale with WSJ recognition as a Best Managed Company In 2025, over 50% supplier spend was local, supporting our communities in our key operating geographies(2) Fortune’s Most Innovative Companies in 2025 100+ workforce development programs Recognition as one of the World’s Most Admired Companies in 2026 by Fortune Magazine Industry leader in advancing safety EEI Corporate Citizenship Award earning a distinction for Workforce Development 20,000 employees and 50,000 jobs sustained throughout our jurisdictions F in a n c ia l E x e c u ti o n O p e ra ti o n a l E x c e ll e n c e T a le n te d , C o m m it te d E m p lo y e e s Consistent Growth, Long-Term Value

11 Additional Disclosures

12 Positioned for Resilient and Reliable Growth (1) Source: Edison Electric Institute Typical Bills and Average Rates report for Summer 2025; reflects residential average rates for the 12-month period ending 6/30/2025. (2) Based on implied dividend yield as of Q4 2025 Earnings Call on February 12, 2026. Size and scale Pure T&D-only utility spanning seven regulatory jurisdictions. Significant cost and executional advantage due to size and scale Operational excellence Exelon utilities rank 1st, 2nd, 5th, and 6th among the nation's most reliable utilities in 2025, with customers experiencing 2 million fewer annual interruptions than 2021 Focus on affordability Premium customer experience at competitive rates. Customer rates 19%(1) below largest U.S. cities, ~33% improvement in reliability since 2016, with over $1 billion avoided outage costs and $60M in direct customer assistance in 2025 Track record of execution Consistently executing adjusted operating EPS* at ~7.4% CAGR since 2021 and capital plan supporting customer investments within 2% since 2023 Diversified investment mix No jurisdiction more than 30% of business and no one capital project greater than ~3% of 4-year outlook Strong balance sheet Target average credit metrics* of ~14% through 2029; 100-200 bps of financial flexibility and strong investment grade credit ratings Consistent Growth, Long-Term Value Attractive Risk Adjusted Return EPS* Growth 2025 – 2029 adjusted operating EPS* CAGR with expectation to be near the top end of range 5-7% ~60% 9-11% Dividend Payout Ratio Growing dividend at 5%, approximating 60% payout, through 2029 Total Shareholder Return(2) Attractive risk adjusted return built on a track record of execution and operational excellence Disciplined and defensive foundation, with credible opportunities for sustainable growth

Managing Our Operations and Costs • Saved over $1B in avoided outage costs in 2025 • ~2 million fewer annual interruptions than 2021 • O&M* growth below inflation, saving customers ~$580M in 2026(3) Supporting Customers through Assistance • $60M in direct assistance through Customer Relief Fund • Connected customers to ~$480M in assistance in 2025 • Nearly 29M MWh of Energy Efficiency program savings in 2025 • 150,000+ Distributed Energy Resource connections since 2021, accelerating the annual pace by 50% Making an Economic Impact in Our Communities • Employed more than 20,000 people and sustained 50,000 jobs • Fostered nearly $60B of economic activity in our communities Advocating for Customer Equity and Supply Solutions • FERC-endorsed TSA framework protects customers and ensures fairness in cost • Advocacy for market reforms including capacity price collar extension • Support utility-generated solutions to bring certainty, control, and customer benefits to electricity supply 13 Driving Affordability and Value for our Communities (1) Source: Consumer Price Index Historical Tables for U.S. City Average from U.S Census Bureau. (2) Source: Average customer electric bills are determined using 2016-2025 Edison Electric Institute Typical Bills and Average Rates Summer reports and historical bill data where appropriate; Median income by territory metro areas (MSAs or CBSAs) from U.S. Census Bureau 2015-2024 ACS 1-Year Estimates. (3) Assuming an annualized 3.5% rate of inflation based on consumer price index as reported by the Bureau of Labor Statistics and IHS across 2016-2025, adjusted O&M expense* would have increased by ~$1.5B over the same time period. O&M* Growth Well Below Inflation Advancing Customer and Community Equity 75% of Increase Driven by Energy Supply 1.0% 0.7% 2.2% 2021 1.0% 0.8% 2.4% 2022 1.0% 0.8% 2.6% 2023 1.1% 0.8% 2.5% 2024 1.1% 1.0% 2.6% 2025 1.7% 1.7% 1.8% 1.9% 2.1% EXC T&D Avg. Avg. Supply Cost National Avg. 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3.8 4.0 4.2 4.4 4.6 4.8 5.0 5.2 O&M* Grown at Inflation (CPI)(1) O&M* Grown at Smoothed Inflation (CPI)(1) EXC Actual O&M* Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 SAIFI & SAIDI Quartile Average Electric Bill as a % of Median Income(2)

Exelon is Well-Positioned for Transmission Solutions 14 (1) Estimated transmission capital as of historical roll forwards. Rate base estimates as disclosed at Q1 2026 Earnings Call in May 2026. (2) As of Q1 2026 earnings call. Transmission opportunity largely expected in 2030 and beyond, though new business and competitive transmission may require additional spend before 2030. (3) As an example, the Illinois Clean and Reliable Grid Affordability Act (CRGA) – SB 25 allows the Commission discretion to ask utilities and other parties to identify transmission projects necessary to facilitate the goals of the Renewable Energy Access Plan (REAP). (4) Recently awarded projects, reflecting Exelon’s 25% ownership in KJT. Approximately 50% is reflected in current plan (2026E – 2029E). (5) Jointly developed with NextEra Energy Transmission; Exelon owns 25%. 10.5 11.5 12.3 12.7 13.3 15.1 18.8 22.9 20% 2022A 21% 2023A 20% 2024A 20% 2025A 20% 2026E 21% 2027E 24% 2028E 26% 2029E +11.8% +16.0% Transmission CapEx ($M)(1) Transmission Rate Base ($B)(1) 6,675 21% 2023 - 2026E 28% 2024 - 2027E 33% 2025 - 2028E 39% 2026 - 2029E 9,675 12,550 16,300 %T of CapEx/Rate Base Long-Term Transmission Planning Projects (>$1B) Other Transmission Growing Transmission Investment $12–17B of Identified Opportunity Beyond the Plan(2) Existing Infrastructure $7B+ Modernize and harden 11,000+ circuit miles to improve reliability, resilience, congestion relief, and system flexibility New Business $1B+ Support continued economic growth by connecting committed high-density load projects Public Policy Objectives $2B+ Enable federal and state policy objectives (3) and new generation interconnection as generation mix evolves Competitive Transmission $2B+ Deploy decades of transmission expertise and proven execution capabilities to capture competitive opportunities. 1 of 4 U.S. 765kv transmission operators Awarded Projects: ~$5B(4) ($ | in service) Brandon Shores $1.5B I 2028 Tri-County $1.4B I 2030 MISO LRTP Tranche 2.1 $1B+ I 2034 PJM 2025 RTEP #1 $0.7B I 2030 Kammer–Juniata (KJT)(5) $1.7B I 2031 Proposed Projects (expected decision) PJM 2026 RTEP #1 - Exelon-Owned - Partnered Solutions Q1 ’27

FERC has endorsed Exelon’s TSA framework as a model for protecting customers, improving queue certainty, and enabling efficient large-load growth 15 Exelon is a Key Partner in Driving Economic Development (1) 2015-2025 levels represent full year data center load. 2026 represents YTD through September; 28% CAGR ('22-'26) is based on YTD Sep ‘22 vs YTD Sep ‘26. Validated by PJM, Proven by Execution Exelon’s Projected Data Center Growth ComEd ~9 GW Advanced phases of design or backed by FERC-approved TSAs (~45% with TSAs, backed by ~$1.2B in collateral) MidAtlantic ~2 GW ~11 GW High Probability Load ComEd ~14 GW Within current or future cluster studies (2026 and 2027 conclusion)MidAtlantic ~9 GW Future Pipeline ~23 GW Large Load Adjustments (LLA) submitted in 2025 and 2026 were fully approved by PJM. Exelon’s 2027 submission reflects enhanced commitment criteria and aligns with ~11 GW of high probability load ComEd and PECO recognized as top utilities in economic development in the U.S. by Site Selection Magazine in 2025 Protecting customers through the formalization of landmark Transmission Security Agreements (TSAs) and Cluster Study process Data Center Load in Northern IL(1) 0 200 400 600 800 1,000 ‘15 ‘22 ‘23 ‘24 ‘25 ’26 YTD ~28% CAGR(1) M W ~9% CAGR Actual Demand

16 Rapid, large scale load growth creates significant economic development opportunity in our communities and accelerates interest in creative solutions to the energy transition The Power of Impact: Growth and Progress in Our Communities August 24, 2026 IL: ComEd CPCN approval for KARE Transmission Project August 25, 2026 MD: MD Utilities Pursue Storage RFPs September 16, 2026 IL: ComEd Secures Over $1B in Financial Commitments October 12, 2026 IL: ComEd & Richardson Plan State’s Largest Commercial BESS November 12, 2025 MD: BGE Battery Storage Proposal December 11, 2025 IL: ComEd 765kV Expansion January 16, 2026 IL: Tract plans for 1GW Data Center April 3, 2026 MD: BGE & Pepco Support Grid Modernization June 30, 2026 IL: ComEd approval to launch first VPP Program July 23, 2026 NJ: Proposed battery storage project up to 500MW August 4, 2026 EXC: More than $1B in Customer Protections Through TSAs August 7, 2026 MD: BGE CPCN approval for Brandon Shores Transmission Project

Energy Security and Associated Policy is a Top Priority Delivering resources to meet energy and economic goals requires all stakeholders working together to advance resilient, durable, and cost-effective solutions, and Exelon is engaged at all levels to sustain progress 17 StatesFederal Agencies Regional Transmission Operator (1) Anticipated conclusion of legislative session; for MD & DE, anticipated start of next legislative session. (2) PA Power Act – HB 1272 (4/21/25), SB 897 (6/30/25). (3) Data Center Act - HB 1834 requiring new clean generation and requiring direct T&D cost allocation for data centers passed House 3/24/26. (4) A5188/S4411, A2757/S1673, and A796/S731 signed into legislation 7/7/2026. ▪ MD (1/13/2027)(1): Utility RELIEF Act focused on regulatory reform, transmission and large load oversight, and incentivization of clean energy generation ▪ IL (Veto Session 12/3/26)(1): Proposals on transmission siting reforms and data center policies on bring your own generation and environmental reporting regulations ▪ PA (11/30/26)(1): Bills(2) introduced allowing for utility-owned generation in conjunction with procurement via long-term contracts; No significant energy bills expected to pass before end of session ▪ NJ (1/11/28)(1): Bills(4) signed to promote greater transparency on supplemental transmission projects; require RTO membership; establish tariffs for large load data centers ▪ DE (1/12/27)(1): Bills strengthening PSC oversight and utility customer protections; requiring utilities to establish a separate large load rate (30+ MW); large energy use facilities to produce renewable energy to power their operations Adopt policies that promote economic development and energy security, including utility-owned generation and battery storage, to support a reliable and resilient grid Shorter-Term Solutions ▪ Continue shaping reforms and delivery time horizons supporting resource adequacy and large load additions, including the mutual goals of ensuring sufficient new generation is procured, protecting existing customers by isolating costs of procurement to large loads, and adding generation to the grid where it is most needed ▪ Support FERC approval of long-term transmission planning procedures ▪ Support FERC approval of modified RBP and IRAS filings Mid-Term Solutions ▪ Expand capacity contracting to secure new supply additions and more closely align procurement Longer-Term Solutions ▪ State-directed planning and procurement of generation resources to better align economic and energy policy goals, with capacity market providing residual support Facilitate supply in line with the pace of demand and solve near-term affordability challenges Shape large load policies to protect customers, promote economic growth, and support reliability Accountability Gaps in Generation Planning ▪ Continue working with federal and state regulators to jumpstart supply response in PJM ▪ Advance utility-generated power to address wholesale supply costs and mitigate reliability risks Transmission Policy ▪ Enable more proactive and flexible transmission planning to support timely interconnection of load and generation ▪ Retain incentives policy that benefits customers and supports needed transmission development Large Load Protections ▪ Continue to develop policies, including execution of Transmission Security Agreements, that protect customers and demonstrate responsible data center development

Financing ▪ $3.4B equity need (implies $850M annually), $3.4B of new Corporate debt 2026-2029(5), and other financing costs Operating Earnings* Growth Outlook 2026 2027 2028 2029 Total YoY Growth Relative to Range (1) Growth Above Midpoint of 5-7% Range(2) (1) Growth outlook and associated drivers as of Q1 2026 earnings call; growth relative to range is directional and allows for flexibility of rate case timing. (2) Based off the midpoint of Exelon’s 2025 Adjusted Operating Earnings* guidance range of $2.64 - $2.74 as disclosed at Q4 2024 Earnings Call in February 2025. (3) Based off the midpoint of Exelon’s 2026 Adjusted Operating Earnings* guidance range of $2.81 - $2.91 as disclosed at Q4 2025 Earnings Call in February 2026. (4) Brandon Shores projects assumed to primarily earn AFUDC through the 2026-2029 guidance period. FERC has approved BGE to utilize CWIP treatment for the Tri-County Line project with cost recovery through the transmission formula rate. (5) Includes the Exelon Corporate sale of $1B of 3.25% Convertible Senior Notes completed on December 4, 2025. Expect annualized adjusted operating earnings* growth near top end of 5-7% through 2029 18 Growth Drivers 2026-2029(4) Distribution Transmission ▪ Growth in line with rate base ▪ Capital reflects 4-year MYP though 2027, including current estimates of new business connections to be recovered via reconciliation ▪ Annual transmission updates occurring mid-year, with generally longer construction periods versus distribution ▪ Future electric and gas rate filings anticipated in planning period ▪ Assumes weather normal revenue and Distribution System Improvement Charge (DSIC) ▪ Annual transmission updates occurring mid-year, with generally longer construction periods versus distribution ▪ Includes investment associated with Brandon Shores and Tri-County Line projects, which are expected to be fully placed in-service by 2028 and 2030, respectively(4) ▪ 3-year electric and gas MYP through 2026; 2027+ investment plan and associated cost recovery will accommodate recently passed Utility RELIEF Act (including the RELIEF Act Study on forward test years) and recommendations from MD MYP Lessons Learned ▪ Pepco MD rates in effect August 2026 based on historic test year, DPL MD MYP rates remain in effect, and future investment plans and associated cost recovery will accommodate recently passed Utility RELIEF Act (including the RELIEF Act Study on forward test years) and recommendations from MD MYP Lessons Learned ▪ DC MYP2 through 2026 and continued recovery of spend in 2027-2028 via alternative ratemaking mechanisms ▪ Intermittent historical test-year rate cases at ACE and DPL, complemented by capital (ACE, DPL DE) and energy efficiency (ACE) trackers Growth Near Top End of 5-7% Range(3)

19 Q3 2026 YTD Adjusted Operating Earnings* Waterfall Note: Amounts may not sum due to rounding (1) Approved Distribution and Transmission revenues are driven by customer investments driving top quartile reliability and avoided outage costs. (2) Primarily due to the absence of extraordinary storm cost deferrals recognized in 2025. (3) Higher income taxes driven primarily by timing of tax repairs deduction. ($0.40) $0.39 $0.64 $0.62 $0.92 Q3 2025 ComEd PECO $0.08 BGE ($0.01) PHI $0.02 Corp $0.47 $0.56 $0.61 $0.94 ($0.38) Q3 2026 $2.17 $2.20 $0.02 ($0.08) BGE PECO PHI ComEd Corp $0.04 Absence of Customer Relief Fund $0.01 Income Taxes ($0.03) Interest Expense $0.05 Approved Distribution and Transmission Rates(1) $0.03 AFUDC ($0.05) Timing of Distribution Earnings ($0.01) Other $0.03 Absence of Customer Surcharge Credits $0.03 Weather ($0.03) Storm Costs(2) ($0.03) Depreciation ($0.03) Interest Expense ($0.02) Contracting Costs ($0.02) Income Taxes(3) ($0.01) Other $0.06 Approved Distribution and Transmission Rates(1) $0.02 Contracting Costs ($0.02) Credit Loss Expense $0.02 Other $0.05 Approved Distribution and Transmission Rates(1) ($0.03) Depreciation and Amortization ($0.02) Interest Expense ($0.01) Storm Costs ($0.01) Pepco MD MYP Reconciliation $0.01 Other

2026 Financing Plan(1) Capital plan financed with a balanced approach to maintain strong investment grade ratings Entity Instrument Issuance ($M) Maturity ($M) Issued ($M)(2) Remaining ($M) FMB $1,425 ($500) $1,425 - FMB $250 - $300 - FMB $100 - $100 - FMB $150 - $150 - FMB $750 - $750 - Senior Notes $950 ($350) $925 - Senior Notes / Other(3) $1,775 ($750) $1,775(3) - Equity(4) $850 - $850(4) - 20 Note: As of September 30, 2026. FMB represents First Mortgage Bonds. (1) Financing plans are subject to change, depending on capital expenditures, regulatory outcomes, internal cash generation, market conditions, changes in tax policies, and other factors. (2) ACE, DPL, and Pepco closed on FMBs in the private placement market (March 19, 2026) and funded $100M, $75M, and $170M, respectively. Additionally, using a delayed draw feature, Pepco funded $130M in June and DPL funded $75M in September. (3) Other could include fixed income securities that receive equity credit, subject to market conditions. Exelon Corporate completed the sale of $1B of 3.25% Convertible Senior Notes (December 4, 2025) and $775M of 4.95% Unsecured Senior Notes (February 20, 2026). (4) Exelon expects to issue ~$3.4B of equity by 2029, implying ~$850M per year. $850M has been priced under forward contracts to be settled by December 15, 2026.

Exelon Debt Maturity Profile(1,2) 650 1,000 1,650 1,250 500 1,016 850 650 833 775 675 815 275 600 1,400 650 741 691 1,275 2,150 1,550 673 2,150 669 1,050 1,825 1,500 1,455 360 997 303 600 2,528 625 2,823 1,645 1,575 1,715 1,225 1,200 1,650 2,400 1,650 1,400 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 100 2039 2040 60 2026 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 20562041 (1) Maturity profile excludes non-recourse debt, capital leases, fair value adjustments, unamortized debt issuance costs, and unamortized discount/premium. (2) Long-term debt balances reflect 2026 Q3 10-Q GAAP financials, which include items listed in footnote 1. (3) Includes $500M of 364-day term loan maturing March 2027. Exelon’s weighted average long-term debt maturity is approximately 15 years ($M) As of 09/30/2026 EXC Regulated ExCorp 21 Debt Balances (as of 9/30/26)(1,2) ($B) Short-Term Debt Long-Term Debt Total Debt BGE $0.0 $6.6 $6.6 ComEd $0.0 $13.9 $13.9 PECO $0.0 $7.3 $7.3 PHI $0.0 $10.1 $10.1 Corp $0.9(3) $14.3 $15.2 Exelon $0.9 $52.3 $53.2

(1) Reflects full year impact to a +50bp increase on Corporate debt net of pre-issuance hedges as of September 30, 2026. Through September 30, 2026, Corporate entered into $0.3B of pre-issuance hedges through interest rate swaps. (2) Includes the tax repairs deduction associated with the implementation of the Corporate Alternative Minimum Tax (CAMT). 22 Exelon Adjusted Operating Earnings* Sensitivities Interest Rate Sensitivity to +50bp 2026E 2027E Cost of Debt (1) $(0.00) $(0.01) Exelon Consolidated Effective Tax Rate 19.5% 20.0% Exelon Consolidated Cash Tax Rate(2) 2.9% 4.2%

23 Rate Case Details

24 Exelon Distribution Rate Case Updates Note: Unless otherwise noted, based on schedules of Delaware Public Service Commission (DE PSC) and Maryland Public Service Commission (MD PSC) that are subject to change. (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. (2) Revenue requirement excludes the requested transfer of $23.2 million Distribution System Improvement Charge (DSIC). As permitted by Delaware law, DPL implemented interim rates at 50% of the 9+3 gross request ($68.6M, including DSIC) effective 7/9/26 and will implement interim rates at 75% of the 9+3 gross request on 12/9/26, subject to refund. Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. Rate case filed Rebuttal testimony Initial briefs Final commission order Intervenor direct testimony Evidentiary hearings Reply briefs Settlement agreement CF IT RT EH IB RB FO SA Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Revenue Req. Increase Requested ROE / Equity Ratio Expected Order Date $52.6M(1,2) 10.50% / 50.50% Q3 2027 $151.2M(1) 10.40% / 52.00% Jan 2027 DPL DE Electric Open Base Rate Cases CF BGE Electric CF Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Revenue Req. Increase Approved ROE / Equity Ratio Order Date $50.9M(1) 9.40% / 50.50% Aug 2026 Pepco MD Electric CF Completed Since Q2 2026 Call IT RT EH FOIB RB IT RT EH

25 Pepco MD Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 9820 ▪ October 14, 2025, Pepco filed with the Maryland Public Service Commission (MD PSC) seeking an increase in base distribution rates ▪ Pepco’s Traditional Test Year (TTY) rate filing supports: ▪ Customer Benefits: Expanding bill mitigation options and energy assistance to address affordability amid rising costs and implementing investments and programs designed to help customers effectively manage energy costs, including our Assistance Finder Tool ▪ Reliability: Upgrading infrastructure, like the White Flint Substation, to meet growing demand and ensure customers continue receiving dependable service ▪ Clean Energy Goals: Supporting Maryland’s transition to clean energy, fostering job creation, and driving economic development ▪ The filing seeks recovery of critical investments and incremental financing costs due to rising interest rates including important investments which directly support system reliability, capacity, and long-term growth for our customers and contribute to Pepco having the lowest outage duration in the state ▪ August 28, 2026, the MD PSC issued a Final Order in Pepco’s base rate case with a revenue requirement distribution increase effective August 10, 2026 Test Period 12 months actual Test Year October 31, 2024 – September 30, 2025 Approved Common Equity Ratio 50.50% Approved Rate of Return ROE: 9.40%: ROR: 7.22% Approved Rate Base (Adjusted) $2,995M Approved Revenue Requirement Increase $50.9M(1) Residential Total Bill % Increase 2.25% Detailed Rate Case Schedule Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 3/11/2026 Initial briefs 1/30/2026 7/1/2026 4/27/2026 - 5/1/2026 Reply briefs Commission Order Filed rate case 10/14/2025 Intervenor testimony Evidentiary hearings 6/17/2026 8/28/2026 Rebuttal testimony (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. Final Order

26 DPL DE (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 25-1555 ▪ December 9, 2025, Delmarva Power filed an application with the Delaware Public Service Commission (DE PSC) seeking an increase in electric distribution base rates ▪ Rate increases allow for system upgrades and energy grid enhancements to maintain safety and reliability and improve services for customers. The filing seeks recovery for increased costs since last rate case, system reliability maintenance costs, and storm remediation and surge damage costs. The filing supports: ▪ Customer Affordability: Proposing new income-based rate and a bad debt rider ▪ Reliability: Including resiliency projects to help meet reliability expectations such as feeder and cable replacement programs ▪ Bill Stabilization Adjustment: Decoupling adjustment to stabilize revenue related to customer bills driven by fluctuations in usage primarily caused by factors like weather Test Period 12 months actuals Test Year July 1, 2025 – June 30, 2026 Proposed Common Equity Ratio 50.50% Proposed Rate of Return ROE: 10.50%: ROR: 7.58% Proposed Rate Base (Adjusted) $1,458M Requested Revenue Requirement Increase $52.6M(1) Residential Total Bill % Increase 4.93% Detailed Rate Case Schedule Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Filed rate case 12/9/2025 Reply briefs 12/10/26 Initial briefs Evidentiary hearings Rebuttal testimony Intervenor testimony 4/27/2027 - 4/30/2027 Commission order expected (1) Revenue requirement excludes the requested transfer of $23.2 million Distribution System Improvement Charge (DSIC). As permitted by Delaware law, DPL implemented interim rates at 50% of the gross request effective 7/9/26 and will implement interim rates at 75% of the gross request on 12/9/26, subject to refund. Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. 02/18/2027

(1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. 27 BGE Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 9888 ▪ July 2, 2026, BGE filed with the Maryland Public Service Commission (MD PSC) seeking an increase in electric base distribution rates ▪ BGE’s Historical Test Year (HTY) rate case supports funding investments and operating costs necessary to maintain a safe and reliable electric system, cost of capital, and storm event recovery. The filing seeks recovery for ratemaking adjustments for safety and reliability investments and operating income on a terminal basis. The filing includes tariff proposals for: ▪ Storm Restoration Expense Rider: Annual filing proposal for recovery or refund of imbalance between actual incremental storm restoration O&M and the normalized baseline incremental storm restoration O&M costs in rates for major and non-major storm events ▪ BGE FlexPay: Voluntary prepaid service proposal for customers allowing greater control of energy expenses by permitting advance payment for energy use Test Period 12 months actuals Test Year April 1, 2025 – March 31, 2026 Proposed Common Equity Ratio 52.00% Proposed Rate of Return ROE: 10.40%: ROR: 7.68% Proposed Rate Base (Adjusted) $5,965M Requested Revenue Requirement Increase $151.2M(1) Residential Total Bill % Increase ~4% Detailed Rate Case Schedule Jul Aug Sep Oct Nov Dec Jan Initial briefs Evidentiary hearings Rebuttal testimony Intervenor testimony 9/22/2026 Filed rate case 10/16/2026 Commission order expected 11/6/2026 - 11/13/2026 7/2/2026 12/3/2026 Reply briefs 12/16/2026 1/28/2027

28 Approved Electric Distribution Rate Case Financials Approved Electric Distribution Rate Case Financials Revenue Requirement Increase/(Decrease) Allowed ROE Common Equity Ratio Rate Effective Date ComEd (Electric) (1,2) $1,045.0M 8.905% 50.0% Jan 1, 2024 PECO (Electric) (3) $290.0M N/A N/A Jan 1, 2025 BGE (Electric) (4,5) $179.1M 9.50% 52.00% Jan 1, 2024 Pepco MD (Electric) (6) $50.9M 9.40% 50.50% Aug 10, 2026 Pepco D.C. (Electric) (7) $123.4M 9.50% 50.50% Jan 1, 2025 DPL MD (Electric) (8) $28.9M 9.60% 50.50% Jan 1, 2023 DPL DE (Electric) (9) $27.8M 9.60% 50.50% April 24, 2024 ACE (Electric) (10) $54.0M 9.60% 50.24% Dec 1, 2025 (1) Reflects a four-year cumulative multi-year rate plan for January 1, 2024 to December 31, 2027 providing a total revenue requirement increase of $1.045B, inclusive of rate increases of approximately $752M in 2024, $80M in 2025, $102M in 2026, and $111M in 2027. On January 10, 2024, ComEd filed an appeal with the Illinois Appellate Court of various aspects of the ICC’s final order on which rehearing was denied, including the 8.905% ROE, 50% equity ratio, and denial of any return on ComEd’s pension asset. On September 30, 2026, the Illinois Appellate Court affirmed the ICC’s decisions on the appealed issues. (2) Separately, on December 18, 2025, ComEd received a Final Order from the ICC approving $243M of the annual performance evaluation reconciliation under Docket No. 25-0383. (3) Base rate revenue increase of $354M, which is partially offset by a one-time credit of $64M in 2025, resulting in a net revenue increase of $290M in 2025. The one-time credit of $64M includes ~$48M for incremental COVID-19 related uncollectible expense and ~$16M for dark fiber revenues. The settlement does not stipulate any ROE, Equity Ratio, or Rate Base. (4) Reflects a 3-year cumulative multi-year plan for 2024-2026. The MD PSC awarded incremental revenue requirement increases of $167M, $175M, and $66M with in each rate effective year, respectively. The incremental revenue requirement increase in 2024 reflects $41M increase for electric and $126M increase for gas (includes acceleration of certain tax benefits for electric and gas); 2025 reflects $113M increase for electric and $62M increase for gas; 2026 reflects $25M increase for electric and $41M increase for gas. (5) On December 22, 2025, MD PSC authorized BGE to recover $31 million and $46 million for electric and gas for the Rate Year 3 reconciliation under Order No. 92106. In addition, the MD PSC authorized $24M in recovery costs through separate regulatory assets related to minor storms and $4M for the Baltimore City conduit (to be reviewed along with a cost-benefit analysis in BGE’s next rate case). (6) On August 28th, 2026, the MD PSC issued a final order approving a $50.9M increase to base distribution rates in Case 9820, Order Number 92607. Rates are effective as of August 10th, 2026 and are based on a historical test year filing. (7) Reflects a cumulative multi-year plan from 2025 to 2026. The DC PSC approved $123.4M of incremental revenue requirement increase with $99.7M and $23.7M of that increase going into effect with rates on January 1, 2025 and January 1, 2026, respectively. On March 5, 2026, the DC Court of Appeals remanded the November 26, 2024 order back to the DCPSC to hold evidentiary hearings. On 10/2, the DC PSC issued a notice rescheduling key dates, with the Pre-Hearing conference moved from 10/6 to 11/17, and the Evidentiary Hearings being rescheduled to 12/7-12/8. OPC's appeal challenging the Commission's interim rate decisions remains pending before the DC Court of Appeals under an expedited schedule. (8) Reflects 3-year cumulative multi-year plan. On October 7, 2022, DPL filed a partial settlement with the MD PSC, which included incremental revenue requirement increases of $16.9M, $6.0M and $6.0M with rates effective January 1, 2023, January 1, 2024, and January 1, 2025, respectively. The MD PSC approved the settlement without modification on December 14, 2022. Rates remain in effect subsequent to the multi-year plan period. (9) Revenue requirement excludes the transfer of $14.4M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates. Delmarva Power implemented fully proposed rates on July 15, 2023 and adjusted them to final approved rates on April 24, 2024. (10) Revenue requirement excludes the transfer of $11.1 million of Infrastructure Investment Program costs (IIP) and $3.6M of Sales and Use Tax into distribution rates.

29 Approved Gas Distribution Rate Case Financials Approved Gas Distribution Rate Case Financials Revenue Requirement Increase/(Decrease) Allowed ROE Common Equity Ratio Rate Effective Date PECO (Gas) (1) $78.0M N/A N/A Jan 1, 2025 BGE (Gas) (2,3) $228.8M 9.45% 52.00% Jan 1, 2024 DPL DE (Gas) (4) $21.5M 9.60% 50.51% Jan 1, 2026 (1) The settlement does not stipulate any ROE, Equity Ratio, or Rate Base. (2) Reflects a 3-year cumulative multi-year plan for 2024-2026. The MD PSC awarded incremental revenue requirement increases of $167M, $175M, and $66M with in each rate effective year, respectively. The incremental revenue requirement increase in 2024 reflects $41M increase for electric and $126M increase for gas (includes acceleration of certain tax benefits for electric and gas); 2025 reflects $113M increase for electric and $62M increase for gas; 2026 reflects $25M increase for electric and $41M increase for gas. (3) Separately, on December 22, 2025, MD PSC authorized BGE to recover $31 million and $46 million for electric and gas for the Rate Year 3 reconciliation. In addition, the MD PSC authorized $24M in recovery costs through separate regulatory assets related to minor storms and $4M for the Baltimore City conduit (to be reviewed along with a cost-benefit analysis in BGE’s next rate case). (4) Revenue requirement excludes the transfer of $8.0M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates.

30 Approved Electric Transmission Formula Rate Financials Approved Electric Transmission Formula Rate Financials Revenue Requirement Increase/(Decrease) Allowed ROE(1) Common Equity Ratio Rate Effective Date(2) ComEd ($21M) 11.50% 54.31% Jun 1, 2026 PECO $40M 10.35% 54.60% Jun 1, 2026 BGE ($30M) 10.50% 51.44% Jun 1, 2026 Pepco ($9M) 10.50% 50.30% Jun 1, 2026 DPL $4M 10.50% 50.52% Jun 1, 2026 ACE $17M 10.50% 50.10% Jun 1, 2026 (1) The rate of return on common equity for each Utility Registrant includes a 50-basis-point incentive adder for being a member of an RTO. On July 2, 2026, a complaint was filed at FERC against Maryland Transmission Operators, including BGE, Pepco, and DPL, for the removal of the 50-basis-point incentive adder. The final outcome and resolution of the complaint filing cannot be predicted and the results, while not reasonably estimable at this time, are not expected to be material to Exelon, BGE, PHI, Pepco, and DPL financial statements. (2) All rates are effective June 1, 2026 - May 31, 2027, subject to review by interested parties pursuant to protocols of each tariff.

31 Reconciliation of Non-GAAP Measures

32 Projected Non-GAAP Operating Earnings Adjustments • Exelon’s projected 2026 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: – Related to a change in environmental costs; – Costs related to a cost management program; – Costs related to BGE’s project impairments; and – Costs related to Pepco’s regulatory matters.

33 Credit Metric GAAP to Non-GAAP Reconciliations(1) GAAP Operating Income + Depreciation & Amortization = EBITDA - Cash Paid for Interest +/- Cash Taxes +/- Other S&P FFO Adjustments = FFO (a) Long-Term Debt + Short-Term Debt + Underfunded Pension (after-tax) + Underfunded OPEB (after-tax) + Operating Lease Imputed Debt - Cash on Balance Sheet +/- Other S&P Debt Adjustments = Adjusted Debt (b) S&P FFO Calculation(2) S&P Adjusted Debt Calculation(2) Moody’s CFO (Pre-WC)/Debt (3) = CFO (Pre-WC) (c) Adjusted Debt (d) Moody’s CFO (Pre-WC) Calculation(3) Cash Flow From Operations +/- Working Capital Adjustment + Energy Efficiency Spend +/- Carbon Mitigation Credits +/- Other Moody’s CFO Adjustments = CFO (Pre-Working Capital) (c) Long-Term Debt + Short-Term Debt + Underfunded Pension (pre-tax) + Operating Lease Imputed Debt +/- Other Moody’s Debt Adjustments = Adjusted Debt (d) S&P FFO/Debt (2) = FFO (a) Adjusted Debt (b) Moody’s Adjusted Debt Calculation(3) (1) Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable GAAP measure may not be currently available; therefore, management is unable to reconcile these measures.​ (2) Calculated using S&P Methodology​. (3) Calculated using Moody’s Methodology.​

34 Q3 QTD GAAP EPS Reconciliation Three Months Ended September 30, 2026 ComEd PECO BGE PHI Other Exelon 2026 GAAP earnings (loss) per share $0.39 $0.16 $0.09 $0.18 ($0.11) $0.70 Change in environmental costs - - - - - - Cost management program 0.01 - - - - 0.01 Project impairments - - 0.03 - - 0.03 Regulatory matters - - - 0.13 - 0.13 2026 Adjusted (non-GAAP) operating earnings (loss) per share $0.40 $0.16 $0.12 $0.31 ($0.12) $0.87 Note: All amounts shown are per Exelon share and represent contributions to Exelon's EPS. Amounts may not sum due to rounding. Three Months Ended September 30, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $0.37 $0.25 $0.08 $0.29 ($0.12) $0.86 2025 Adjusted (non-GAAP) operating earnings (loss) per share $0.37 $0.25 $0.08 $0.29 ($0.12) $0.86

35 Q3 YTD GAAP EPS Reconciliation Nine Months Ended September 30, 2026 ComEd PECO BGE PHI Other Exelon 2026 GAAP earnings (loss) per share $0.94 $0.55 $0.43 $0.45 ($0.38) $1.98 Change in environmental costs - - - - - - Cost management program 0.01 0.01 0.02 0.02 - 0.06 Project impairments - - 0.03 - - 0.03 Regulatory matters - - - 0.14 - 0.14 2026 Adjusted (non-GAAP) operating earnings (loss) per share $0.94 $0.56 $0.47 $0.61 ($0.38) $2.20 Note: All amounts shown are per Exelon share and represent contributions to Exelon's EPS. Amounts may not sum due to rounding. Nine Months Ended September 30, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $0.89 $0.64 $0.39 $0.62 ($0.40) $2.15 Regulatory matters 0.02 - - - - 0.02 2025 Adjusted (non-GAAP) operating earnings (loss) per share $0.92 $0.64 $0.39 $0.62 ($0.40) $2.17

Thank you Please direct all questions to the Exelon Investor Relations team:  InvestorRelations@ExelonCorp.com  779-231-0017

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