Exelon · Earnings release

News Release

Contact:

James Gherardi

Corporate Communications

Andrew Plenge

Investor Relations

EXELON REPORTS FIRST QUARTER 2025 RESULTS

Earnings Release Highlights

•GAAP net income of $0.90 per share and Adjusted (non-GAAP) operating earnings of $0.92 per share for the first quarter of 2025

•G1Affirming full year 2025 Adjusted (non-GAAP) operating earnings guidance range of $2.64-$2.74 per share

•Reaffirming operating EPS compounded annual growth of 5-7% from 2024 to 2028

•All utilities sustained top quartile or better performance in reliability and top decile performance in safety

•Through March 31, 2025, Exelon completed approximately 50% of planned debt financings, including all Exelon Corporate issuances, and priced approximately 60% of $700 million annualized equity financing need for 2025

CHICAGO (May 1, 2025) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2025.

"The first quarter has put us firmly on the path to deliver within our full-year earnings guidance, through our unwavering commitment to safety, reliability and efficient execution of investments for our customers," said Exelon President and Chief Executive Officer Calvin Butler. “As Exelon celebrates our 25th year, our 20,000 employees continue to work hard to deliver value to our customers and positively impact the communities we serve.”

“I’m pleased to announce first quarter 2025 adjusted operating earnings of $0.92 per share, keeping us on track to deliver within our full-year earnings guidance range of $2.64 - $2.74 per share,” said Exelon Chief Financial Officer Jeanne Jones. “In the first quarter of 2025, we also made substantial progress on our financing plan, executing half of our debt financing needs and over 60 percent of our annualized 2025 equity needs. Our balanced funding strategy enables us to invest in our local communities driving top quartile reliability while maintaining a sharp focus on cost efficiency."

1

Exelon's GAAP net income for the first quarter of 2025 increased to $0.90 per share from $0.66 per share in the first quarter of 2024. Adjusted (non-GAAP) operating earnings for the first quarter of 2025 increased to $0.92 per share from $0.68 per share in the first quarter of 2024. 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 first quarter of 2025 primarily reflect:

•Higher utility earnings primarily due to distribution and transmission rate increases at ComEd and PHI, distribution rate increases at PECO and BGE, timing of distribution earnings at ComEd, less unfavorable weather and tax timing at PECO, and a higher return on regulatory assets primarily due to an increase in asset balances at ComEd. This was partially offset by lower transmission peak load at ComEd, and higher interest expense at PECO, BGE, and PHI. Utility rate increases are associated with updated recovery of incremental costs and investments to serve customers.

Operating Company Results1

ComEd

ComEd's first quarter of 2025 GAAP net income increased to $302 million from $193 million in the first quarter of 2024. ComEd's Adjusted (non-GAAP) operating earnings for the first quarter of 2025 increased to $325 million from $219 million in the first quarter of 2024, primarily due to timing of distribution earnings, higher distribution and transmission rate base driven by incremental investments to serve customers, and higher return on regulatory assets primarily due to an increase in asset balances, partially offset by lower transmission peak load. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

PECO

PECO’s first quarter of 2025 GAAP net income increased to $266 million from $149 million in the first quarter of 2024. PECO's Adjusted (non-GAAP) operating earnings for the first quarter of 2025 increased to $265 million from $149 million in the first quarter of 2024, primarily due to higher electric and gas distribution rates associated with updated recovery of investments to serve customers, normal weather compared to unfavorable weather in the prior period, and the timing of tax repairs deductions, partially offset by an increase in interest and credit loss expense.

BGE

BGE’s first quarter of 2025 GAAP net income decreased to $260 million from $264 million in the first quarter of 2024. BGE's Adjusted (non-GAAP) operating earnings for the first quarter of 2025 decreased to $260 million from $264 million in the first quarter of 2024, primarily due to an increase in interest expense offset by distribution rates. 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; 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 first quarter of 2025 GAAP net income increased to $194 million from $168 million in the first quarter of 2024. PHI’s Adjusted (non-GAAP) operating earnings for the first quarter of 2025 increased to $194 million from $168 million in the first quarter of 2024, primarily due to favorable distribution and transmission rates at Pepco and DPL driven by updated recovery of investments to serve customers, and favorable weather at DPL, partially offset by an increase in interest. 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 First Quarter Highlights

•Dividend: On April 29, 2025, Exelon's Board of Directors declared a regular quarterly dividend of $0.40 per share on Exelon's common stock. The dividend is payable on June 13, 2025, to Exelon's shareholders of record as of the close of business on May 12, 2025.

•Rate Case Developments:

◦There were no rate case developments in the first quarter.

•Financing Activities:

◦On February 19, 2025, Exelon Corporate issued $1,000 million of its Junior Subordinated 6.50% notes due March 15, 2055. Exelon used the proceeds to repay outstanding commercial paper obligations, and for general corporate purposes.

◦On February 21, 2025, Exelon Corporate issued $1,000 million of notes, consisting of $500 million of its 5.125% notes due March 15, 2031, and $500 million of its 5.875% notes due March 15, 2055. Exelon used the proceeds to repay outstanding commercial paper obligations, and for general corporate purposes.

◦On March 26, 2025, Pepco issued $200 million of its First Mortgage 5.48% Series Bonds, due March 26, 2040. Pepco used the proceeds to repay outstanding commercial paper, and for general corporate purposes.

◦On March 26, 2025, DPL issued $125 million of its First Mortgage 5.28% Series Bonds, due March 26, 2035. DPL used the proceeds to repay outstanding commercial paper, and for general corporate purposes.

◦On March 26, 2025, ACE issued $100 million aggregate principal amount of its First Mortgage Bonds, 5.28% Series due March 26, 2035. ACE used the proceeds to repay outstanding commercial paper, and for general corporate purposes.

3

Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) operating earnings for the first 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

$

$

$

$

$

$

Regulatory matters (net of taxes of $7)

—

—

—

Change in FERC audit liability (net of taxes of $1)

—

2

2

—

—

—

Cost management charge (net of taxes of $0)

—

(1)

—

—

—

—

2025 Adjusted (non-GAAP) operating earnings

$

$

$

$

$

$

Adjusted (non-GAAP) operating earnings for the first quarter of 2024 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

$

$

$

$

$

$

Change in FERC Audit Liability (net of taxes of $9)

—

—

—

2024 Adjusted (non-GAAP) operating earnings

$

$

$

$

$

$

__________

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 2025 and 2024 ranged from 24.0% to 29.0%.

Webcast Information

Exelon will discuss first quarter 2025 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 www.exeloncorp.com/investor-relations.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving more than 10.7 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 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.

Non-GAAP Financial Measures

In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing

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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: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 1, 2025.

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; adverse impact of the activities associated with the past deferred prosecution agreement (DPA) and now-resolved SEC investigation on Exelon’s and ComEd’s reputation and relationships with legislators, regulators, and customers; 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 capacity to meet actual or forecasted demand or disruptions at power generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.

New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon Corporation,

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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) 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.

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Table of Contents

Earnings Release Attachments

Table of Contents

Consolidating Statement of Operations

2

Consolidated Balance Sheets

3

Consolidated Statements of Cash Flows

5

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

6

Statistics

ComEd

7

PECO

8

BGE

9

Pepco

DPL

ACE

Table of Contents

Consolidating Statements of Operations

(unaudited)

(in millions)

ComEd

PECO

BGE

PHI

Other (a)

Exelon

Operating revenues

$

$

$

$

$

$

Operating expenses

Purchased power and fuel

—

Operating and maintenance

Depreciation and amortization

Taxes other than income taxes

Total operating expenses

Loss on sale of assets

—

—

—

(1)

—

(1)

Operating income

Other income and (deductions)

Interest expense, net

Other, net

8

9

(5)

Total other income and (deductions)

Income (loss) before income taxes

Income taxes

Net income (loss) attributable to common shareholders

$

$

$

$

$

$

Operating revenues

$

$

$

$

$

(9)

$

Operating expenses

Purchased power and fuel

—

Operating and maintenance

Depreciation and amortization

Taxes other than income taxes

9

Total operating expenses

(3)

Gain on sale of assets

—

2

—

—

0

2

Operating income (loss)

(6)

Other income and (deductions)

Interest expense, net

Other, net

9

8

Total other income and (deductions)

Income (loss) before income taxes

Income taxes

Net income (loss) attributable to common shareholders

$

$

$

$

$

$

$

$

$

(4)

$

$

2

$

__________

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

2

Table of Contents

Exelon

Consolidated Balance Sheets

(unaudited)

(in millions)

Assets

Current assets

Cash and cash equivalents

$

$

Restricted cash and cash equivalents

Accounts receivable

Customer accounts receivable

Customer allowance for credit losses

Customer accounts receivable, net

Other accounts receivable

Other allowance for credit losses

Other accounts receivable, net

Inventories, net

Fossil fuel

Materials and supplies

Regulatory assets

Prepaid renewable energy credits

Other

Total current assets

Property, plant, and equipment, net

Deferred debits and other assets

Regulatory assets

Goodwill

Receivable related to Regulatory Agreement Units

Investments

Other

Total deferred debits and other assets

Total assets

$

$

3

Table of Contents

Liabilities and shareholders’ equity

Current liabilities

Short-term borrowings

$

$

Long-term debt due within one year

Accounts payable

Accrued expenses

Payables to affiliates

5

5

Customer deposits

Regulatory liabilities

Mark-to-market derivative liabilities

Unamortized energy contract liabilities

5

5

Renewable energy credit obligations

Other

Total current liabilities

Long-term debt

Long-term debt to financing trusts

Deferred credits and other liabilities

Deferred income taxes and unamortized investment tax credits

Regulatory liabilities

Pension obligations

Non-pension postretirement benefit obligations

Asset retirement obligations

Mark-to-market derivative liabilities

Unamortized energy contract liabilities

Other

Total deferred credits and other liabilities

Total liabilities

Commitments and contingencies

Shareholders’ equity

Common stock

Treasury stock, at cost

Retained earnings

Accumulated other comprehensive loss, net

Total shareholders’ equity

Total liabilities and shareholders’ equity

$

$

4

Table of Contents

Exelon

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

Three Months Ended March 31,

Cash flows from operating activities

Net income

$

$

Adjustments to reconcile net income to net cash flows provided by operating activities:

Depreciation, amortization, and accretion

Loss (gain) on sales of assets

1

(2)

Deferred income taxes and amortization of investment tax credits

Net fair value changes related to derivatives

1

1

Other non-cash operating activities

Changes in assets and liabilities:

Accounts receivable

Inventories

Accounts payable and accrued expenses

Collateral received, net

7

Income taxes

Regulatory assets and liabilities, net

Pension and non-pension postretirement benefit contributions

Other assets and liabilities

Net cash flows provided by operating activities

Cash flows from investing activities

Capital expenditures

Proceeds from sales of assets

—

2

Other investing activities

4

(2)

Net cash flows used in investing activities

Cash flows from financing activities

Changes in short-term borrowings

Proceeds from short-term borrowings with maturities greater than 90 days

—

Repayments on short-term borrowings with maturities greater than 90 days

—

Issuance of long-term debt

Retirement of long-term debt

—

Issuance of common stock

—

Dividends paid on common stock

Proceeds from employee stock plans

—

Other financing activities

Net cash flows provided by financing activities

Increase in cash, restricted cash, and cash equivalents

Cash, restricted cash, and cash equivalents at beginning of period

Cash, restricted cash, and cash equivalents at end of period

$

$

5

Table of Contents

Exelon

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

(unaudited)

(in millions, except per share data)

Exelon

Earnings

per Diluted

Share

ComEd

PECO

BGE

PHI

Other (a)

Exelon

2024 GAAP net income (loss)

$

$

$

$

$

$

$

Change in FERC audit liability (net of taxes of $9)

—

—

—

1

2024 Adjusted (non-GAAP) operating earnings (loss)

$

$

$

$

$

$

$

Year over year effects on Adjusted (non-GAAP) operating earnings:

Weather

$

$

—

(b)

$

$

—

(b)

$

4

(b)

$

—

$

Load

—

(b)

8

—

(b)

2

(b)

—

Distribution and transmission rates (1)

8

(c)

(c)

(c)

(c)

—

Other energy delivery (2)

(c)

(c)

—

(c)

(c)

—

Operating and maintenance expense (3)

Pension and non-pension postretirement benefits

—

(1)

(1)

—

1

—

(1)

Depreciation and amortization expense (4)

(4)

(3)

9

(1)

Interest expense and other (5)

(3)

1

(9)

(8)

Total year over year effects on Adjusted (non-GAAP) operating earnings

$

$

$

$

(4)

$

$

3

$

2025 GAAP net income (loss)

$

$

$

$

$

$

$

Regulatory matters (net of taxes of $7) (6)

—

—

—

1

Change in FERC audit liability (net of taxes of $1)

—

2

—

—

—

—

2

Cost management charge (net of taxes of $0) (7)

—

—

—

—

—

(1)

(1)

2025 Adjusted (non-GAAP) operating earnings (loss)

$

$

$

$

$

$

$

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 2025 and 2024 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)ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings).

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

(2)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and higher return on regulatory assets, partially offset by lower transmission peak load. For PECO, reflects increased energy efficiency revenues due to regulatory required programs, offset in Operating and maintenance expense. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.

(3)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects a decrease in contracting costs. For PECO, primarily reflects increased credit loss expense and program costs related to regulatory required programs, offset in Other energy delivery. For BGE, reflects increased contracting costs. For PHI, reflects an increase in contracting costs and credit loss expense. For Corporate, primarily reflects a decrease in Operating and maintenance expense with an offsetting decrease in other income for an absence of costs billed to Constellation for services provided by Exelon through the TSA.

(4)Reflects ongoing capital expenditures across all utilities.

(5)For PECO, primarily reflects lower income tax expense due to timing of tax repairs deduction partially offset by an increase in interest expense. For BGE, primarily reflects an increase in interest expense. For PHI, primarily reflects an increase in interest expense and an increase in taxes other than income. For Corporate, primarily reflects an absence of billings to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense.

(6)Represents the probable disallowance of certain capitalized costs.

(7)Primarily represents severance and reorganization costs related to cost management.

6

Table of Contents

ComEd Statistics

Electric Deliveries (in GWhs)

Revenue (in millions)

% Change

Weather - Normal % Change

% Change

Electric Deliveries and Revenues(a)

Residential

%

%

$

$

%

Small commercial & industrial

%

%

%

Large commercial & industrial

%

%

%

Public authorities & electric railroads

%

%

—

%

Other(b)

—

—

n/a

n/a

%

Total electric revenues(c)

%

%

%

Other Revenues(d)

%

Total electric revenues

$

$

%

Purchased Power

$

$

%

% Change

Heating and Cooling Degree-Days

Normal

From Normal

Heating Degree-Days

%

%

Number of Electric Customers

Residential

Small commercial & industrial

Large commercial & industrial

Public authorities & electric railroads

Total

__________

(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 $8 million and $2 million for the three months ended March 31, 2025 and 2024, respectively.

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

7

Table of Contents

PECO Statistics

Electric and Natural Gas Deliveries

Revenue (in millions)

% Change

Weather-

Normal

% Change

% Change

Electric (in GWhs)

Electric Deliveries and Revenues(a)

Residential

%

%

$

$

%

Small commercial & industrial

%

%

%

Large commercial & industrial

%

%

%

Public authorities & electric railroads

%

%

8

7

%

Other(b)

—

—

n/a

n/a

%

Total electric revenues(c)

%

%

%

Other Revenues(d)

(5)

(2)

%

Total electric revenues

%

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues(e)

Residential

%

%

%

Small commercial & industrial

%

%

%

Large commercial & industrial

%

—

%

—

—

n/a

Transportation

%

%

8

%

Other(f)

—

—

n/a

n/a

7

%

Total natural gas revenues(g)

%

%

%

Other Revenues(d)

1

—

n/a

Total natural gas revenues

%

Total electric and natural gas revenues

$

$

%

Purchased Power and Fuel

$

$

%

% Change

Heating and Cooling Degree-Days

Normal

From Normal

Heating Degree-Days

%

%

Cooling Degree-Days

1

—

1

n/a

—

%

Number of Electric Customers

Number of Natural Gas Customers

Residential

Residential

Small commercial & industrial

Small commercial & industrial

Large commercial & industrial

Large commercial & industrial

7

7

Public authorities & electric railroads

Transportation

Total

Total

__________

(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 $2 million for both the three months ended March 31, 2025 and 2024, 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 and less than $1 million for the three months ended March 31, 2025 and 2024, respectively.

8

Table of Contents

BGE Statistics

Electric and Natural Gas Deliveries

Revenue (in millions)

% Change

Weather-

Normal

% Change

% Change

Electric (in GWhs)

Electric Deliveries and Revenues(a)

Residential

%

%

$

$

%

Small commercial & industrial

%

%

%

Large commercial & industrial

%

%

%

Public authorities & electric railroads

%

%

8

7

%

Other(b)

—

—

n/a

n/a

%

Total electric revenues(c)

%

%

%

Other Revenues(d)

%

Total electric revenues

%

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues(e)

Residential

%

%

%

Small commercial & industrial

%

%

%

Large commercial & industrial

%

%

%

Other(f)

%

n/a

5

%

Total natural gas revenues(g)

%

%

%

Other Revenues(d)

%

Total natural gas revenues

%

Total electric and natural gas revenues

$

$

%

Purchased Power and Fuel

$

$

%

% Change

Heating and Cooling Degree-Days

Normal

From Normal

Heating Degree-Days

%

%

Number of Electric Customers

Number of Natural Gas Customers

Residential

Residential

Small commercial & industrial

Small commercial & industrial

Large commercial & industrial

Large commercial & industrial

Public authorities & electric railroads

Total

Total

__________

(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 March 31, 2025 and 2024, 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 March 31, 2025 and 2024, respectively.

9

Table of Contents

Pepco Statistics

Electric Deliveries (in GWhs)

Revenue (in millions)

% Change

Weather-

Normal

% Change

% Change

Electric Deliveries and Revenues(a)

Residential

%

%

$

$

%

Small commercial & industrial

%

%

%

Large commercial & industrial

%

%

%

Public authorities & electric railroads

%

%

8

%

Other(b)

—

—

n/a

n/a

%

Total electric revenues(c)

%

%

%

Other Revenues(d)

1

%

Total electric revenues

$

$

%

Purchased Power

$

$

%

% Change

Heating and Cooling Degree-Days

Normal

From Normal

Heating Degree-Days

%

%

Cooling Degree-Days

5

3

%

%

Number of Electric Customers

Residential

Small commercial & industrial

Large commercial & industrial

Public authorities & electric railroads

Total

__________

(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 $2 million for both the three months ended March 31, 2025 and 2024, respectively.

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

Table of Contents

DPL Statistics

Electric and Natural Gas Deliveries

Revenue (in millions)

% Change

Weather -

Normal

% Change

% Change

Electric (in GWhs)

Electric Deliveries and Revenues(a)

Residential

%

%

$

$

%

Small commercial & industrial

%

%

%

Large commercial & industrial

%

%

%

Public authorities & electric railroads

9

9

—

%

%

4

4

—

%

Other(b)

—

—

n/a

n/a

%

Total electric revenues(c)

%

%

%

Other Revenues(d)

(5)

5

%

Total electric revenues

%

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues(e)

Residential

%

%

%

Small commercial & industrial

%

%

%

Large commercial & industrial

—

%

—

%

3

2

%

Transportation

%

%

5

5

—

%

Other(f)

—

—

n/a

n/a

3

2

%

Total natural gas revenues

%

%

%

Other Revenues(d)

—

—

n/a

Total natural gas revenues

%

Total electric and natural gas revenues

$

$

%

Purchased Power and Fuel

$

$

%

Electric Service Territory

% Change

Heating and Cooling Degree-Days

Normal

From Normal

Heating Degree-Days

%

%

Cooling Degree-Days

—

1

—

%

%

Natural Gas Service Territory

% Change

Heating Degree-Days

Normal

From Normal

Heating Degree-Days

%

%

Number of Electric Customers

Number of Natural Gas Customers

Residential

Residential

Small commercial & industrial

Small commercial & industrial

Large commercial & industrial

Large commercial & industrial

Public authorities & electric railroads

Transportation

Total

Total

__________

(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 $2 million for both the three months ended March 31, 2025 and 2024.

(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.