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Exelon — May 1, 2025 release

Fiscal 2025 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001109357-25-000110
Open on SEC.gov ↗
Showing in the filing
Operating EPS compounded annual growth
“5-7%”
Period
The long term
Measure
GAAP-tied
Source
Prose
All guidance in this release · 4
Adjusted (non-GAAP) operating earnings for FY2025
“$2.64-$2.74 per share”
Operating EPS compounded annual growth for the long term
“5-7%”
Annualized equity financing need for FY2025
“$700 million”
Quarterly dividend
“$0.40 per share”
Exhibit 99.1 · full document
Exhibit 99.1 News Release Contact:    James Gherardi Corporate Communications 312-394-7417 Andrew Plenge Investor Relations 312-394-2345 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 • Affirming 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 First Quarter 2025 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 Results 1 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 2025 GAAP net income $ 0.90   $ 908   $ 302   $ 266   $ 260   $ 194   Regulatory matters (net of taxes of $7) 0.02  22  21  —  —  —  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 $ 0.92   $ 932   $ 325   $ 265   $ 260   $ 194   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 2024 GAAP net income $ 0.66   $ 658   $ 193   $ 149   $ 264   $ 168   Change in FERC Audit Liability (net of taxes of $9) 0.03  27  26  —  —  —  2024 Adjusted (non-GAAP) operating earnings $ 0.68   $ 685   $ 219   $ 149   $ 264   $ 168   __________ 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 4 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, 5 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. 6 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 10 DPL 11 ACE 12 Table of Contents Consolidating Statements of Operations (unaudited) (in millions)   ComEd PECO BGE PHI Other (a) Exelon Three Months Ended March 31, 2025 Operating revenues $ 2,065  $ 1,333  $ 1,554  $ 1,778  $ (16) $ 6,714  Operating expenses Purchased power and fuel 689  502  609  722  —  2,522  Operating and maintenance 423  327  305  349  (57) 1,347  Depreciation and amortization 380  109  164  234  16  903  Taxes other than income taxes 99  60  96  140  10  405  Total operating expenses 1,591  998  1,174  1,445  (31) 5,177  Loss on sale of assets —  —  —  (1) —  (1) Operating income 474  335  380  332  15  1,536  Other income and (deductions) Interest expense, net (128) (63) (58) (100) (161) (510) Other, net 21  8  9  19  (5) 52  Total other income and (deductions) (107) (55) (49) (81) (166) (458) Income (loss) before income taxes 367  280  331  251  (151) 1,078  Income taxes 65  14  71  57  (37) 170  Net income (loss) attributable to common shareholders $ 302  $ 266  $ 260  $ 194  $ (114) $ 908  Three Months Ended March 31, 2024 Operating revenues $ 2,095  $ 1,054  $ 1,297  $ 1,606  $ (9) $ 6,043  Operating expenses Purchased power and fuel 907  403  464  636  —  2,410  Operating and maintenance 418  293  264  325  (29) 1,271  Depreciation and amortization 362  104  150  246  17  879  Taxes other than income taxes 94  51  89  128  9  371  Total operating expenses 1,781  851  967  1,335  (3) 4,931  Gain on sale of assets —  2  —  —  0 2  Operating income (loss) 314  205  330  271  (6) 1,114  Other income and (deductions) Interest expense, net (122) (55) (50) (90) (151) (468) Other, net 20  9  8  27  11  75  Total other income and (deductions) (102) (46) (42) (63) (140) (393) Income (loss) before income taxes 212  159  288  208  (146) 721  Income taxes 19  10  24  40  (30) 63  Net income (loss) attributable to common shareholders $ 193  $ 149  $ 264  $ 168  $ (116) $ 658  Change in net income (loss) from 2024 to 2025 $ 109  $ 117  $ (4) $ 26  $ 2  $ 250  __________ (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) March 31, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 1,004  $ 357  Restricted cash and cash equivalents 578  541  Accounts receivable Customer accounts receivable 3,488 3,144 Customer allowance for credit losses (486) (406) Customer accounts receivable, net 3,002  2,738  Other accounts receivable 1,127 1,123 Other allowance for credit losses (113) (107) Other accounts receivable, net 1,014  1,016  Inventories, net Fossil fuel 29  72  Materials and supplies 804  781  Regulatory assets 1,605  1,940  Prepaid renewable energy credits 240  494  Other 523  445  Total current assets 8,799  8,384  Property, plant, and equipment, net 79,177  78,182  Deferred debits and other assets Regulatory assets 8,859  8,710  Goodwill 6,630  6,630  Receivable related to Regulatory Agreement Units 4,110  4,026  Investments 289  290  Other 1,620  1,562  Total deferred debits and other assets 21,508  21,218  Total assets $ 109,484  $ 107,784  3 Table of Contents March 31, 2025 December 31, 2024 Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 1,084  $ 1,859  Long-term debt due within one year 1,454  1,453  Accounts payable 2,693  2,994  Accrued expenses 1,186  1,468  Payables to affiliates 5  5  Customer deposits 465  446  Regulatory liabilities 464  411  Mark-to-market derivative liabilities 25  29  Unamortized energy contract liabilities 5  5  Renewable energy credit obligations 215  429  Other 507  512  Total current liabilities 8,103  9,611  Long-term debt 45,342  42,947  Long-term debt to financing trusts 390  390  Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 13,081  12,793  Regulatory liabilities 10,289  10,198  Pension obligations 1,475  1,745  Non-pension postretirement benefit obligations 480  472  Asset retirement obligations 305  301  Mark-to-market derivative liabilities 130  103  Unamortized energy contract liabilities 20  21  Other 2,262  2,282  Total deferred credits and other liabilities 28,042  27,915  Total liabilities 81,877  80,863  Commitments and contingencies Shareholders’ equity Common stock 21,517  21,338  Treasury stock, at cost (123) (123) Retained earnings 6,931  6,426  Accumulated other comprehensive loss, net (718) (720) Total shareholders’ equity 27,607  26,921  Total liabilities and shareholders’ equity $ 109,484  $ 107,784  4 Table of Contents Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Three Months Ended March 31,   2025 2024 Cash flows from operating activities Net income $ 908  $ 658  Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 905  880  Loss (gain) on sales of assets 1  (2) Deferred income taxes and amortization of investment tax credits 121  46  Net fair value changes related to derivatives 1  1  Other non-cash operating activities 344  39  Changes in assets and liabilities: Accounts receivable (402) (309) Inventories 17  12  Accounts payable and accrued expenses (397) (238) Collateral received, net 44  7  Income taxes 59  21  Regulatory assets and liabilities, net 86  252  Pension and non-pension postretirement benefit contributions (292) (111) Other assets and liabilities (195) (264) Net cash flows provided by operating activities 1,200  992  Cash flows from investing activities Capital expenditures (1,946) (1,767) Proceeds from sales of assets —  2  Other investing activities 4  (2) Net cash flows used in investing activities (1,942) (1,767) Cash flows from financing activities Changes in short-term borrowings (775) (317) Proceeds from short-term borrowings with maturities greater than 90 days —  150  Repayments on short-term borrowings with maturities greater than 90 days —  (150) Issuance of long-term debt 2,425  2,625  Retirement of long-term debt —  (901) Issuance of common stock 173  —  Dividends paid on common stock (403) (381) Proceeds from employee stock plans —  11  Other financing activities (35) (55) Net cash flows provided by financing activities 1,385  982  Increase in cash, restricted cash, and cash equivalents 643  207  Cash, restricted cash, and cash equivalents at beginning of period 939  1,101  Cash, restricted cash, and cash equivalents at end of period $ 1,582  $ 1,308  5 Table of Contents Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended March 31, 2025 and 2024 (unaudited) (in millions, except per share data) Exelon Earnings  per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 2024 GAAP net income (loss) $ 0.66   $ 193   $ 149   $ 264   $ 168   $ (116) $ 658   Change in FERC audit liability (net of taxes of $9) 0.03  26  —  —  —  1  27  2024 Adjusted (non-GAAP) operating earnings (loss) $ 0.68   $ 219   $ 149   $ 264   $ 168   $ (115) $ 685   Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ 0.04  $ —  (b) $ 33  $ —  (b) $ 4  (b) $ —  $ 37  Load 0.01  —  (b) 8  —  (b) 2  (b) —  10  Distribution and transmission rates (1) 0.15  8  (c) 83  (c) 21  (c) 36  (c) —  148  Other energy delivery (2) 0.14  97  (c) 21  (c) —  (c) 21  (c) —  139  Operating and maintenance expense (3) (0.03) 18  (25) (13) (18) 12  (26) Pension and non-pension postretirement benefits —  (1) (1) —  1  —  (1) Depreciation and amortization expense (4) (0.01) (13) (4) (3) 9  (1) (12) Interest expense and other (5) (0.05) (3) 1  (9) (29) (8) (48) Total year over year effects on Adjusted (non-GAAP) operating earnings $ 0.24   $ 106   $ 116   $ (4) $ 26   $ 3   $ 247   2025 GAAP net income (loss) $ 0.90   $ 302   $ 266   $ 260   $ 194   $ (114) $ 908   Regulatory matters (net of taxes of $7) (6) 0.02  21  —  —  —  1  22  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) $ 0.92   $ 325   $ 265   $ 260   $ 194   $ (112) $ 932   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 Three Months Ended March 31, 2025 and 2024   Electric Deliveries (in GWhs) Revenue (in millions)   2025 2024 % Change Weather - Normal % Change 2025 2024 % Change Electric Deliveries and Revenues (a) Residential 6,674  6,214  7.4  % 1.6  % $ 993  $ 918  8.2  % Small commercial & industrial 7,359  7,244  1.6  % (0.3) % 600  594  1.0  % Large commercial & industrial 7,003  6,934  1.0  % 2.3  % 296  320  (7.5) % Public authorities & electric railroads 278  220  26.4  % 22.8  % 17  17  —  % Other (b) —  —  n/a n/a 236  227  4.0  % Total electric revenues (c) 21,314  20,612  3.4  % 1.4  % 2,142  2,076  3.2  % Other Revenues (d) (77) 19  (505.3) % Total electric revenues $ 2,065  $ 2,095  (1.4) % Purchased Power $ 689  $ 907  (24.0) %       % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,985  2,568  3,053  16.2  % (2.2) % Number of Electric Customers 2025 2024 Residential 3,735,234  3,754,505  Small commercial & industrial 396,639  397,715  Large commercial & industrial 2,473  2,023  Public authorities & electric railroads 5,787  5,821  Total 4,140,133  4,160,064  __________ (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 Three Months Ended March 31, 2025 and 2024 Electric and Natural Gas Deliveries Revenue (in millions) 2025 2024 % Change Weather- Normal % Change 2025 2024 % Change Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 3,859  3,455  11.7  % 3.3  % $ 631  $ 520  21.3  % Small commercial & industrial 1,946  1,891  2.9  % (1.0) % 162  126  28.6  % Large commercial & industrial 3,425  3,355  2.1  % (0.4) % 84  57  47.4  % Public authorities & electric railroads 189  179  5.6  % 5.6  % 8  7  14.3  % Other (b) —  —  n/a n/a 76  74  2.7  % Total electric revenues (c) 9,419  8,880  6.1  % 1.1  % 961  784  22.6  % Other Revenues (d) (5) (2) 150.0  % Total electric revenues 956  782  22.3  % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 21,834  18,895  15.6  % (0.3) % 267  193  38.3  % Small commercial & industrial 10,405  9,488  9.7  % (2.2) % 86  64  34.4  % Large commercial & industrial 12  16  (25.0) % —  % —  —  n/a Transportation 7,242  6,899  5.0  % 1.0  % 13  8  62.5  % Other (f) —  —  n/a n/a 10  7  42.9  % Total natural gas revenues (g) 39,493  35,298  11.9  % (0.6) % 376  272  38.2  % Other Revenues (d) 1  —  n/a Total natural gas revenues 377  272  38.6  % Total electric and natural gas revenues $ 1,333  $ 1,054  26.5  % Purchased Power and Fuel $ 502  $ 403  24.6  % % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,351  2,089  2,388  12.5  % (1.5) % Cooling Degree-Days 1  —  1  n/a —  % Number of Electric Customers 2025 2024 Number of Natural Gas Customers 2025 2024 Residential 1,540,453  1,540,491  Residential 509,773  508,429  Small commercial & industrial 155,131  156,475  Small commercial & industrial 44,869  45,038  Large commercial & industrial 3,151  3,160  Large commercial & industrial 7  7  Public authorities & electric railroads 10,703  10,713  Transportation 623  646  Total 1,709,438  1,710,839  Total 555,272  554,120  __________ (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 Three Months Ended March 31, 2025 and 2024 Electric and Natural Gas Deliveries Revenue (in millions) 2025 2024 % Change Weather- Normal % Change 2025 2024 % Change Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 3,669  3,329  10.2  % (1.1) % $ 648  $ 534  21.3  % Small commercial & industrial 730  698  4.6  % (1.5) % 109  90  21.1  % Large commercial & industrial 3,145  3,114  1.0  % (1.5) % 144  132  9.1  % Public authorities & electric railroads 48  52  (7.7) % (6.8) % 8  7  14.3  % Other (b) —  —  n/a n/a 113  93  21.5  % Total electric revenues (c) 7,592  7,193  5.5  % (1.4) % 1,022  856  19.4  % Other Revenues (d) (10) 25  (140.0) % Total electric revenues 1,012  881  14.9  % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 20,871  17,981  16.1  % (4.4) % 378  271  39.5  % Small commercial & industrial 4,568  3,993  14.4  % (0.2) % 63  47  34.0  % Large commercial & industrial 14,378  13,516  6.4  % (1.3) % 96  72  33.3  % Other (f) 3,845  752  411.3  % n/a 24  5  380.0  % Total natural gas revenues (g) 43,662  36,242  20.5  % (2.8) % 561  395  42.0  % Other Revenues (d) (19) 21  (190.5) % Total natural gas revenues 542  416  30.3  % Total electric and natural gas revenues $ 1,554  $ 1,297  19.8  % Purchased Power and Fuel $ 609  $ 464  31.3  %       % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,303  2,020  2,329  14.0  % (1.1) % Number of Electric Customers 2025 2024 Number of Natural Gas Customers 2025 2024 Residential 1,220,769  1,213,063  Residential 661,195  658,818  Small commercial & industrial 115,359  115,406  Small commercial & industrial 37,945  37,982  Large commercial & industrial 13,302  13,110  Large commercial & industrial 6,380  6,336  Public authorities & electric railroads 258  261  Total 1,349,688  1,341,840  Total 705,520  703,136  __________ (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 Three Months Ended March 31, 2025 and 2024 Electric Deliveries (in GWhs) Revenue (in millions) 2025 2024 % Change Weather- Normal % Change 2025 2024 % Change Electric Deliveries and Revenues (a) Residential 2,336  2,097  11.4  % 4.9  % $ 424  $ 345  22.9  % Small commercial & industrial 300  285  5.3  % 2.7  % 51  46  10.9  % Large commercial & industrial 3,338  3,293  1.4  % (0.2) % 289  262  10.3  % Public authorities & electric railroads 160  162  (1.2) % (2.4) % 8  11  (27.3) % Other (b) —  —  n/a n/a 86  64  34.4  % Total electric revenues (c) 6,134  5,837  5.1  % 1.8  % 858  728  17.9  % Other Revenues (d) 1  31  (96.8) % Total electric revenues $ 859  $ 759  13.2  % Purchased Power $ 318  $ 281  13.2  %       % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 1,987  1,788  2,051  11.1  % (3.1) % Cooling Degree-Days 25  5  3  400.0  % 733.3  % Number of Electric Customers 2025 2024 Residential 882,043  869,606  Small commercial & industrial 54,071  54,177  Large commercial & industrial 23,079  22,992  Public authorities & electric railroads 205  207  Total 959,398  946,982  __________ (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. 10 Table of Contents DPL Statistics Three Months Ended March 31, 2025 and 2024 Electric and Natural Gas Deliveries Revenue (in millions) 2025 2024 % Change Weather - Normal % Change 2025 2024 % Change Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 1,645  1,487  10.6  % 1.7  % $ 298  $ 256  16.4  % Small commercial & industrial 586  557  5.2  % 2.9  % 64  62  3.2  % Large commercial & industrial 939  973  (3.5) % (4.9) % 28  29  (3.4) % Public authorities & electric railroads 9  9  —  % 0.3  % 4  4  —  % Other (b) —  —  n/a n/a 71  63  12.7  % Total electric revenues (c) 3,179  3,026  5.1  % (0.2) % 465  414  12.3  % Other Revenues (d) (5) 5  (200.0) % Total electric revenues 460  419  9.8  % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 4,590  3,913  17.3  % 8.7  % 56  46  21.7  % Small commercial & industrial 1,970  1,717  14.7  % 5.1  % 21  17  23.5  % Large commercial & industrial 428  428  —  % —  % 3  2  50.0  % Transportation 2,106  1,960  7.4  % 2.9  % 5  5  —  % Other (f) —  —  n/a n/a 3  2  50.0  % Total natural gas revenues 9,094  8,018  13.4  % 6.1  % 88  72  22.2  % Other Revenues (d) —  —  n/a Total natural gas revenues 88  72  22.2  % Total electric and natural gas revenues $ 548  $ 491  11.6  % Purchased Power and Fuel $ 247  $ 215  14.9  % Electric Service Territory % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,354  2,112  2,336  11.5  % 0.8  % Cooling Degree-Days 10  —  1  —  % 900.0  % Natural Gas Service Territory % Change Heating Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,399  2,204  2,454  8.8  % (2.2) % Number of Electric Customers 2025 2024 Number of Natural Gas Customers 2025 2024 Residential 491,907  486,950  Residential 131,716  130,427  Small commercial & industrial 64,999  64,338  Small commercial & industrial 10,254  10,182  Large commercial & industrial 1,251  1,260  Large commercial & industrial 15  16  Public authorities & electric railroads 617  593  Transportation 161  163  Total 558,774  553,141  Total 142,146  140,788  __________ (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. 11 Table of Contents ACE Statistics Three Months Ended March 31, 2025 and 2024 Electric Deliveries (in GWhs) Revenue (in millions) 2025 2024 % Change Weather - Normal % Change 2025 2024 % Change Electric Deliveries and Revenues (a) Residential 902  841  7.3  % 3.5  % $ 196  $ 174  12.6  % Small commercial & industrial 390  361  8.0  % 6.8  % 54  50  8.0  % Large commercial & industrial 713  740  (3.6) % (4.5) % 50  49  2.0  % Public authorities & electric railroads 13  14  (7.1) % (4.9) % 5  5  —  % Other (b) —  —  n/a n/a 68  67  1.5  % Total electric revenues (c) 2,018  1,956  3.2  % 1.0  % 373  345  8.1  % Other Revenues (d) —  13  (100.0) % Total electric revenues $ 373  $ 358  4.2  % Purchased Power $ 157  $ 140  12.1  %         % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,408  2,201  2,399  9.4  % 0.4  % Cooling Degree-Days —  —  1  —  % (100.0) % Number of Electric Customers 2025 2024 Residential 508,354  505,793  Small commercial & industrial 62,861  62,704  Large commercial & industrial 2,824  2,893  Public authorities & electric railroads 723  728  Total 574,762  572,118  __________ (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 March 31, 2025 and 2024, respectively. (d) Includes alternative revenue programs. 12
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.