Exhibit 99.1 News Release Contact: James Gherardi Corporate Communications 312-394-7417 Ryan Brown Investor Relations 779-231-0017 EXELON REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS AND INITIATES 2026 FINANCIAL OUTLOOK Earnings Release Highlights • Executed Adjusted (non-GAAP) operating earnings per share above expectations, with GAAP net income of $0.58 per share and Adjusted (non-GAAP) operating earnings of $0.59 per share for the fourth quarter of 2025, resulting in full-year GAAP net income of $2.73 per share and Adjusted (non-GAAP) operating earnings of $2.77 per share • Introducing full year 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share, representing over 6% growth from 2025 guidance • Projecting $41.3 billion of capital expenditures over the next four years to support customer needs and grid reliability, resulting in expected rate base growth of 7.9% and operating EPS compounded annual growth near the top end of 5-7% from 2025-2029 • Updating 4-year financing plan to include $3.4 billion of equity to fund capital expenditures, in line with a balanced funding strategy of funding incremental capital with approximately 40% equity, implying $850 million in annualized equity needs per year, with 82% of 2026 needs priced under forwards • All utilities achieved first quartile performance in System Average Interruption Duration Index (SAIDI), with ComEd landing in top decile for both SAIDI and System Average Interruption Frequency Index • Customer affordability is paramount to Exelon’s strategy, with $60 million provided in direct assistance through the company’s Customer Relief Fund CHICAGO (Feb. 12, 2026) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2025. “As we close out our 25 th anniversary year, I am pleased to report that Exelon delivered strong operational and financial performance in 2025,” said Exelon President and Chief Executive Officer Calvin Butler. “We remain committed to balancing the investments needed to meet tomorrow’s energy demands while keeping our customers at the center of every decision. Through our customer programs and disciplined focus on cost and operational excellence, we continued to maintain customer bills below the national average. We look forward to building on this momentum in 2026 – delivering and advocating for safe, reliable and affordable energy solutions while strengthening the communities we proudly serve.” 1 “Exelon's financial performance in 2025 exceeded expectations, with full-year adjusted operating earnings of $2.77 per share, sustaining a 100% track record of annual outperformance as a standalone utility,” said Exelon Chief Financial Officer Jeanne Jones. “With a $41.3 billion four-year capital plan and 7.9% rate base growth, we are well-positioned to deliver annualized earnings growth near the top end of 5% to 7% through 2029. As we continue to make the critical investments needed to modernize our energy infrastructure, we remain focused on supporting our customers by providing reliable and resilient service, maintaining a sharp focus on cost management, and advocating for policies that advance customer equity and energy supply solutions.” Fourth Quarter 2025 Exelon's GAAP net income for the fourth quarter of 2025 decreased to $0.58 per share from $0.64 per share in the fourth quarter of 2024. Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 decreased to $0.59 per share from $0.64 per share in the fourth quarter of 2024. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 5. GAAP net income and Adjusted (non-GAAP) operating earnings in the fourth quarter of 2025 primarily reflect: • Higher utility earnings primarily due to distribution and transmission rates at ComEd and PHI, distribution rates at PECO and BGE, higher AFUDC at ComEd, favorable weather at PECO, and impacts of the multi-year plan reconciliation at BGE. This was partially offset by higher income taxes, contracting costs, depreciation expense, and an absence of the storm cost deferral at PECO, higher contracting costs at PHI, higher interest expense at PECO and BGE, and timing of distribution earnings at ComEd. • Higher costs at the Exelon holding company primarily due to higher interest expense, charitable contributions, and the Customer Relief Fund contribution. This was partially offset by lower income taxes. Full Year 2025 Exelon's GAAP net income for 2025 increased to $2.73 per share from $2.45 per share in 2024. Adjusted (non-GAAP) operating earnings for 2025 increased to $2.77 per share from $2.50 per share in 2024. GAAP net income and Adjusted (non-GAAP) operating earnings for the full year 2025 primarily reflect: • Higher utility earnings primarily due to distribution rates at PECO and BGE, distribution and transmission rates at ComEd and PHI, favorable weather at PECO, a higher return on regulatory assets primarily due to an increase in asset balances and higher AFUDC at ComEd, lower income taxes at PECO, and lower storm costs and impacts of the multi-year plan reconciliation at BGE. This was partially offset by higher interest expense at PECO, BGE, and PHI; higher depreciation expense at PECO and PHI; higher contracting costs at PECO and PHI; lower transmission peak load at ComEd; absence of the Pepco multi-year plan reconciliations; and lower AFUDC at PHI. • Higher costs at the Exelon holding company primarily due to the Customer Relief Fund contribution, higher interest expense, charitable contributions, and higher income taxes. 2 Operating Company Results 1 ComEd ComEd's fourth quarter of 2025 GAAP net income increased to $244 million from $243 million in the fourth quarter of 2024. ComEd's Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 increased to $252 million from $243 million in the fourth quarter of 2024, primarily due to an increase in distribution and transmission rate base driven by incremental investments to serve customers and an increase in allowance for funds used during construction (AFUDC), partially offset by the timing of distribution earnings. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns. PECO PECO’s fourth quarter of 2025 GAAP net income decreased to $162 million from $195 million in the fourth quarter of 2024. PECO's Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 decreased to $162 million from $196 million in the fourth quarter of 2024, primarily due to an increase in income taxes due to tax repairs, an absence of the storm cost deferral, an increase in contracting costs, and an increase in depreciation and interest expense, partially offset by electric and gas distribution rates associated with updated recovery of investments to serve customers and favorable weather. BGE BGE’s fourth quarter of 2025 GAAP net income increased to $180 million from $175 million in the fourth quarter of 2024. BGE's Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 increased to $181 million from $175 million in the fourth quarter of 2024, primarily due to distribution rates associated with updated recovery of investments to serve customers and impacts of the multi-year plan reconciliation, partially offset by an increase in interest expense. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns. PHI PHI’s fourth quarter of 2025 GAAP net income increased to $171 million from $138 million in the fourth quarter of 2024. PHI’s Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 increased to $171 million from $132 million in the fourth quarter of 2024, primarily due to distribution and transmission rates driven by updated recovery of investments to serve customers. 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. ___________ 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. 3 Initiates Annual Guidance for 2026 Exelon introduced a guidance range for 2026 Adjusted (non-GAAP) operating earnings of $2.81-$2.91 per share. There are no adjustments between 2026 projected GAAP earnings and Adjusted (non-GAAP) operating earnings currently. Recent Developments and Fourth Quarter Highlights • Dividend: On February 12, 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 March 13, 2026, to Exelon shareholders of record as of the close of business on March 2, 2026. • Rate Case Developments: ◦ ComEd Multi-Year Rate Plan Reconciliation: On December 18, 2025, the Illinois Commerce Commission (ICC) issued a final order on the ComEd 2024 Multi-Year Rate Plan Reconciliation. The ICC approved a total requested revenue requirement increase of $243 million, with rates effective on January 1, 2026. ◦ BGE Multi-Year Plan Reconciliation: The Maryland Public Service Commission (MDPSC) approved BGE to recover $77 million of under-collections related to its 2023 reconciliation request, with rates effective February 1, 2026. The MDPSC also provided for $28 million of additional regulatory assets. ◦ DPL Delaware Electric Distribution Base Rate Case: On December 9, 2025, DPL Delaware filed an application the Delaware Public Service Commission (DEPSC) to increase its annual electric distribution rates by $45 million, reflecting an ROE of 10.50%. DPL currently expects a decision in the third quarter of 2027 but cannot predict if the DEPSC will approve the application as filed. DPL can implement interim rates on July 9, 2026, subject to refund. ◦ DPL Delaware Natural Gas Distribution Base Rate Case: On December 17, 2025, the Delaware Public Service Commission approved an increase in DPL's annual natural gas base rates of $22 million, reflecting an ROE of 9.60%. Interim rates went into effect on April 20, 2025, subject to refund. Rates associated with the approved order were effective on January 1, 2026. ◦ ACE Electric Base Rate Case: On November 21, 2025, the New Jersey Board of Public Utilities approved an increase in ACE's annual electric distribution base rates of $54 million (before New Jersey sales and uses tax), reflecting an ROE of 9.60%, with rates effective on December 1, 2025. • Financing Activities: ◦ On December 4, 2025, Exelon issued $1 billion of its 3.25% Convertible Senior Notes. Exelon used the proceeds to repay or refinance debt and for general corporate purposes. ◦ On November 19, 2025, ACE issued First Mortgage Bonds of $75 million and $75 million at 5.54% and 5.81% due on September 19, 2040 and September 19, 2055, respectively. The proceeds were used to repay existing indebtedness and for general corporate purposes. 4 Adjusted (non-GAAP) Operating Earnings Reconciliation Adjusted (non-GAAP) operating earnings for the fourth 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 $ 0.58 $ 593 $ 244 $ 162 $ 180 $ 171 Regulatory matters (net of taxes of $3) 0.01 8 8 — — — 2025 Adjusted (non-GAAP) operating earnings $ 0.59 $ 602 $ 252 $ 162 $ 181 $ 171 Adjusted (non-GAAP) operating earnings for the fourth 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 $ 0.64 $ 647 $ 243 $ 195 $ 175 $ 138 Asset retirement obligation (net of taxes of $3) 0.01 8 — — — 8 Cost management charge (net of taxes of $1, $0, $1, respectively) — 2 — 1 — 1 Environmental costs (net of taxes of $5) (0.01) (12) — — — (12) Income tax-related adjustments (entire amount represents tax expense) — (3) — — — (3) 2024 Adjusted (non-GAAP) operating earnings $ 0.64 $ 642 $ 243 $ 196 $ 175 $ 132 Adjusted (non-GAAP) operating earnings for the full year 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 $ 2.73 $ 2,768 $ 1,147 $ 814 $ 578 $ 799 Asset retirement obligations (net of taxes of $0) — (1) — — — (1) Change in FERC audit liability (net of taxes of $1) — 2 2 — — — Cost management charge (net of taxes of $0) — (1) — — — — Regulatory matters (net of taxes of $10) 0.03 30 29 — — — Income tax-related adjustments (entire amount represents tax expense) — 1 — — — 1 2025 Adjusted (non-GAAP) operating earnings $ 2.77 $ 2,801 $ 1,178 $ 814 $ 578 $ 799 5 Adjusted (non-GAAP) operating earnings for the full year 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 $ 2.45 $ 2,460 $ 1,066 $ 551 $ 527 $ 741 Asset retirement obligations (net of taxes of $3) 0.01 8 — — — 8 Change in FERC audit liability (net of taxes of $13) 0.04 42 40 — — — Cost management charge (net of taxes of $4, $0, $2, $0, $2, respectively) 0.01 13 — 5 1 6 Environmental costs (net of taxes of $5) (0.01) (13) — — — (13) Income tax-related adjustments (entire amount represents tax expense) — (3) — — — (3) 2024 Adjusted (non-GAAP) operating earnings $ 2.50 $ 2,507 $ 1,106 $ 556 $ 529 $ 739 __________ 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 fourth 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 https://investors.exeloncorp.com/. About Exelon Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving more than 10.9 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the 6 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 Feb. 12, 2026. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets. New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon Corporation, 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. 7 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. 8 Table of Contents Earnings Release Attachments Table of Contents Consolidating Statement of Operations 1 Consolidated Balance Sheets 3 Consolidated Statements of Cash Flows 5 Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings 6 Statistics ComEd 8 PECO 9 BGE 11 Pepco 13 DPL 14 ACE 16 Table of Contents Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Three Months Ended December 31, 2025 Operating revenues $ 1,091 $ 1,172 $ 1,432 $ 1,727 $ (10) $ 5,412 Operating expenses Purchased power and fuel (262) 445 638 735 — 1,556 Operating and maintenance 456 323 260 302 (4) 1,337 Depreciation and amortization 397 119 159 235 13 923 Taxes other than income taxes 106 56 97 143 11 413 Total operating expenses 697 943 1,154 1,415 20 4,229 Gain on sale of assets — — — 1 1 2 Operating income (loss) 394 229 278 313 (29) 1,185 Other income and (deductions) Interest expense, net (135) (72) (64) (105) (174) (550) Other, net 45 11 17 18 (6) 85 Total other income and (deductions) (90) (61) (47) (87) (180) (465) Income (loss) before income taxes 304 168 231 226 (209) 720 Income taxes 60 6 51 55 (45) 127 Net income (loss) attributable to common shareholders $ 244 $ 162 $ 180 $ 171 $ (164) $ 593 Three Months Ended December 31, 2024 Operating revenues $ 1,816 $ 998 $ 1,157 $ 1,509 $ (9) $ 5,471 Operating expenses Purchased power and fuel 538 363 423 574 1 1,899 Operating and maintenance 426 245 240 322 (49) 1,184 Depreciation and amortization 390 110 164 232 17 913 Taxes other than income taxes 89 54 91 133 10 377 Total operating expenses 1,443 772 918 1,261 (21) 4,373 Loss on sale of assets — — — (1) — (1) Operating income 373 226 239 247 12 1,097 Other income and (deductions) Interest expense, net (126) (62) (56) (97) (126) (467) Other, net 27 10 10 19 — 66 Total other income and (deductions) (99) (52) (46) (78) (126) (401) Income (loss) before income taxes 274 174 193 169 (114) 696 Income taxes 31 (21) 18 31 (10) 49 Net income (loss) attributable to common shareholders $ 243 $ 195 $ 175 $ 138 $ (104) $ 647 Change in net income (loss) from 2024 to 2025 $ 1 $ (33) $ 5 $ 33 $ (60) $ (54) 1 Table of Contents Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Twelve Months Ended December 31, 2025 Operating revenues $ 7,267 $ 4,684 $ 5,222 $ 7,135 $ (50) $ 24,258 Operating expenses Purchased power and fuel 1,782 1,733 2,221 2,931 — 8,667 Operating and maintenance 1,710 1,195 1,066 1,327 (121) 5,177 Depreciation and amortization 1,560 454 632 935 59 3,640 Taxes other than income taxes 409 240 370 568 42 1,629 Total operating expenses 5,461 3,622 4,289 5,761 (20) 19,113 Gain on sale of assets — — — 3 — 3 Operating income (loss) 1,806 1,062 933 1,377 (30) 5,148 Other income and (deductions) Interest expense, net (530) (260) (247) (411) (679) (2,127) Other, net 132 41 51 72 (26) 270 Total other income and (deductions) (398) (219) (196) (339) (705) (1,857) Income (loss) before income taxes 1,408 843 737 1,038 (735) 3,291 Income taxes 261 29 159 239 (165) 523 Net income (loss) attributable to common shareholders $ 1,147 $ 814 $ 578 $ 799 $ (570) $ 2,768 Twelve Months Ended December 31, 2024 Operating revenues $ 8,219 $ 3,973 $ 4,426 $ 6,448 $ (38) $ 23,028 Operating expenses Purchased power and fuel 3,042 1,477 1,651 2,513 — 8,683 Operating and maintenance 1,703 1,120 1,036 1,250 (169) 4,940 Depreciation and amortization 1,514 428 638 947 67 3,594 Taxes other than income taxes 376 218 345 528 37 1,504 Total operating expenses 6,635 3,243 3,670 5,238 (65) 18,721 Gain (loss) on sale of assets 5 4 — (1) 4 12 Operating income 1,589 734 756 1,209 31 4,319 Other income and (deductions) Interest expense, net (501) (232) (216) (376) (589) (1,914) Other, net 94 37 36 97 (2) 262 Total other income and (deductions) (407) (195) (180) (279) (591) (1,652) Income (loss) before income taxes 1,182 539 576 930 (560) 2,667 Income taxes 116 (12) 49 189 (135) 207 Net income (loss) attributable to common shareholders $ 1,066 $ 551 $ 527 $ 741 $ (425) $ 2,460 Change in net income (loss) 2024 to 2025 $ 81 $ 263 $ 51 $ 58 $ (145) $ 308 __________ (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) December 31, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 626 $ 357 Restricted cash and cash equivalents 525 541 Accounts receivable Customer accounts receivable 3,732 3,144 Customer allowance for credit losses (435) (406) Customer accounts receivable, net 3,297 2,738 Other accounts receivable 1,879 1,123 Other allowance for credit losses (94) (107) Other accounts receivable, net 1,785 1,016 Inventories, net Fossil fuel 88 72 Materials and supplies 780 781 Regulatory assets 1,359 1,940 Prepaid renewable energy credits 563 494 Other 523 445 Total current assets 9,546 8,384 Property, plant, and equipment, net 84,318 78,182 Deferred debits and other assets Regulatory assets 9,214 8,710 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 4,755 4,026 Investments 312 290 Other 1,795 1,562 Total deferred debits and other assets 22,706 21,218 Total assets $ 116,570 $ 107,784 3 Table of Contents December 31, 2025 December 31, 2024 Liabilities and Shareholders' Equity Current liabilities Short-term borrowings $ 612 $ 1,859 Long-term debt due within one year 1,665 1,453 Accounts payable 3,721 2,994 Accrued expenses 1,582 1,468 Payables to affiliates 5 5 Customer deposits 533 446 Regulatory liabilities 1,128 411 Mark-to-market derivative liabilities 30 29 Unamortized energy contract liabilities 5 5 Renewable energy credit obligations 473 429 Other 577 512 Total current liabilities 10,331 9,611 Long-term debt 47,413 42,947 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 13,715 12,793 Regulatory liabilities 11,016 10,198 Pension obligations 1,749 1,745 Non-pension postretirement benefit obligations 546 472 Asset retirement obligations 321 301 Mark-to-market derivative liabilities 106 103 Unamortized energy contract liabilities 16 21 Other 2,169 2,282 Total deferred credits and other liabilities 29,638 27,915 Total liabilities 87,772 80,863 Commitments and contingencies Shareholders’ equity Common stock 22,106 21,338 Treasury stock, at cost (123) (123) Retained earnings 7,577 6,426 Accumulated other comprehensive loss, net (762) (720) Total shareholders’ equity 28,798 26,921 Total liabilities and shareholders' equity $ 116,570 $ 107,784 4 Table of Contents Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Twelve Months Ended December 31, 2025 2024 Cash flows from operating activities Net income $ 2,768 $ 2,460 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 3,643 3,596 Gain on sales of assets (3) (12) Deferred income taxes and amortization of investment tax credits 391 128 Other non-cash operating activities 1,331 592 Changes in assets and liabilities: Accounts receivable (1,691) (644) Inventories (22) (56) Accounts payable and accrued expenses 260 (37) Collateral (paid) received, net (10) 33 Income taxes 121 (4) Regulatory assets and liabilities, net 156 (50) Pension and non-pension postretirement benefit contributions (342) (180) Other assets and liabilities (348) (257) Net cash flows provided by operating activities 6,254 5,569 Cash flows from investing activities Capital expenditures (8,529) (7,097) Proceeds from sales of assets 4 38 Other investing activities — 17 Net cash flows used in investing activities (8,525) (7,042) Cash flows from financing activities Changes in short-term borrowings (747) (265) Proceeds from short-term borrowings with maturities greater than 90 days — 150 Repayments on short-term borrowings with maturities greater than 90 days (500) (549) Issuance of long-term debt 6,075 4,974 Retirement of long-term debt (1,311) (1,557) Issuance of common stock 691 148 Dividends paid on common stock (1,617) (1,524) Proceeds from employee stock plans 36 43 Other financing activities (94) (109) Net cash flows provided by financing activities 2,533 1,311 Increase (decrease) in cash, restricted cash, and cash equivalents 262 (162) Cash, restricted cash, and cash equivalents at beginning of period 939 1,101 Cash, restricted cash, and cash equivalents at end of period $ 1,201 $ 939 5 Table of Contents Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended December 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) $ 0.64 $ 243 $ 195 $ 175 $ 138 $ (104) $ 647 Asset retirement obligation (net of taxes of $3) 0.01 — — — 8 — 8 Cost management charge (net of taxes of $0, $1, $1, respectively) (1) — — 1 — 1 — 2 Environmental costs (net of taxes of $5) (0.01) — — — (12) — (12) Income tax-related adjustments (entire amount represents tax (expense) (2) — — — — (3) — (3) 2024 Adjusted (non-GAAP) operating earnings (loss) $ 0.64 $ 243 $ 196 $ 175 $ 132 $ (104) $ 642 Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ 0.02 $ — (b) $ 17 $ — (b) $ 4 (b) $ — $ 21 Load (0.01) — (b) (8) — (b) 2 (b) — (6) Distribution and transmission rates (3) 0.11 12 (c) 64 (c) 12 (c) 23 (c) — 111 Other energy delivery (4) 0.03 20 (c) (3) (c) 5 (c) 12 (c) — 34 Operating and maintenance expense (5) (0.09) (12) (58) (1) 18 (43) (96) Pension and non-pension postretirement benefits — (1) (1) — (1) 5 2 Depreciation and amortization expense (6) (0.01) (5) (7) (5) (2) 4 (15) Interest expense and other (7) (0.09) (5) (38) (5) (17) (26) (91) Total year over year effects on Adjusted (non-GAAP) operating earnings $ (0.05) $ 9 $ (34) $ 6 $ 39 $ (60) $ (40) 2025 GAAP net income (loss) $ 0.58 $ 244 $ 162 $ 180 $ 171 $ (164) $ 593 Regulatory matters (net of taxes of $3) (8) 0.01 8 — — — — 8 2025 Adjusted (non-GAAP) operating earnings (loss) $ 0.59 $ 252 $ 162 $ 181 $ 171 $ (164) $ 602 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 regulatory recovery mechanisms across the utilities, including transmission formula rates and riders, 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) Primarily represents severance and reorganization costs related to cost management. (2) Reflects the adjustment to state deferred income taxes due to change in DPL's Delaware net operating loss valuation allowance. (3) For ComEd, reflects increased distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to electric and gas rates. For BGE, reflects increased distribution revenue due to rates. For PHI, reflects increased distribution and transmission revenue primarily due to rates. (4) For ComEd, reflects an increase in electric distribution, energy efficiency, and transmission revenues due to increased fully recoverable costs and an increase in return on regulatory assets, partially offset by a decrease in electric distribution revenues due to timing of distribution earnings. (5) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects the recognition of deferred storm regulatory asset in the fourth quarter of 2024 and contracting costs. For BGE, primarily reflects impacts from the multi-year plan reconciliation. For PHI, reflects the recognition of ACE's work stoppage regulatory asset. For Corporate, reflects charitable contributions and the Customer Relief Fund contribution. (6) Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization. (7) For ComEd, reflects an increase in AFUDC, partially offset by an increase in interest expense. For PECO, primarily reflects an increase in income tax expense due to tax repairs, some of which is timing, and an increase in interest expense. For BGE and PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an absence of a gain on open market repurchase of a portion of Exelon's Senior unsecured notes and an increase in interest expense, with a decrease in income tax expense due to timing. (8) Represents the disallowance of certain capitalized costs. 6 Table of Contents Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Twelve Months Ended December 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) $ 2.45 $ 1,066 $ 551 $ 527 $ 741 $ (425) $ 2,460 Asset retirement obligations (net of taxes of $3) 0.01 — — — 8 — 8 Change in FERC audit liability (net of taxes of $13) 0.04 40 — — — 2 42 Cost management charge (net of taxes of $2, $0, $2, $0, $4, respectively) (1) 0.01 — 5 1 6 1 13 Environmental costs (net of taxes of $5) (0.01) — — — (13) — (13) Income tax-related adjustments (entire amount represents tax expense) (2) — — — — (3) — (3) 2024 Adjusted (non-GAAP) operating earnings (loss) $ 2.50 $ 1,106 $ 556 $ 529 $ 739 $ (423) $ 2,507 Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ 0.05 $ — (b) $ 44 $ — (b) $ 8 (b) $ — $ 52 Load (0.02) — (b) (19) — (b) 2 (b) — (17) Distribution and transmission rates (3) 0.55 50 (c) 309 (c) 65 (c) 130 (c) — 554 Other energy delivery (4) 0.17 93 (c) 16 (c) 10 (c) 54 (c) — 173 Operating and maintenance expense (5) (0.18) (12) (59) 6 (58) (62) (185) Pension and non-pension postretirement benefits — (3) (3) — — 3 (3) Depreciation and amortization expense (6) (0.04) (32) (20) (5) 9 6 (42) Interest expense and other (7) (0.24) (24) (10) (27) (85) (92) (238) Total year over year effects on Adjusted (non-GAAP) operating earnings $ 0.27 $ 72 $ 258 $ 49 $ 60 $ (145) $ 294 2025 GAAP net income (loss) $ 2.73 $ 1,147 $ 814 $ 578 $ 799 $ (570) $ 2,768 Asset retirement obligations (net of taxes of $0) — — — — (1) — (1) Change in FERC audit liability (net of taxes of $1) — 2 — — — — 2 Cost management charge (net of taxes of $0) (1) — — — — — — (1) Regulatory matters (net of taxes $10) (8) 0.03 29 — — — 1 30 Income tax-related adjustments (entire amount represents tax expense) (2) — — — — 1 — 1 2025 Adjusted (non-GAAP) operating earnings (loss) $ 2.77 $ 1,178 $ 814 $ 578 $ 799 $ (568) $ 2,801 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 regulatory recovery mechanisms across the utilities, including transmission formula rates and riders, 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) Primarily represents severance and reorganization costs related to cost management. (2) In 2024, reflects the adjustment to state deferred income taxes due to change in DPL's Delaware net operating loss valuation allowance. In 2025, reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment. (3) For ComEd, reflects increased distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to electric and gas rates. For BGE, reflects increased distribution revenue due to rates. For PHI, reflects increased distribution and transmission revenue due to rates. (4) For ComEd, reflects an increase in electric distribution, energy efficiency, and transmission revenues due to increased fully recoverable costs and an increase in return on regulatory assets, partially offset by a decrease in transmission peak load. For PHI, reflects increased distribution and transmission revenues due to increased fully recoverable costs. (5) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects increased contracting costs. For BGE, reflects impacts of the multi-year plan reconciliation and decreased storm costs. For PHI, reflects the absence of the Maryland multi-year plan reconciliations and increased contracting costs, partially offset by the recognition of ACE's work stoppage regulatory asset. For Corporate, reflects charitable contributions and the Customer Relief Fund contribution, partially offset by a decrease in Operating and maintenance expense with an offsetting decrease in other income due to the expiration of the TSA with Constellation. (6) Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization. (7) For ComEd, reflects an increase in interest expense offset by an increase in AFUDC. For PECO, primarily reflects a decrease in income tax expense due to tax repairs, offset by an increase in interest expense. For BGE, primarily reflects an increase in interest expense. For PHI, reflects an increase in interest expense and a decrease in AFUDC. For Corporate, reflects an absence of a gain on open market repurchase of a portion of Exelon's Senior unsecured notes, an increase in interest expense, an increase in income tax expense, and a decrease in other income with an offsetting decrease in Operating and maintenance expense due to the expiration of the TSA with Constellation. (8) Represents the disallowance of certain capitalized costs. 7 Table of Contents ComEd Statistics Three Months Ended December 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 6,130 5,656 8.4 % 5.1 % $ 750 $ 793 (5.4) % Small commercial & industrial 7,049 6,780 4.0 % 3.1 % 272 504 (46.0) % Large commercial & industrial (b) 6,898 7,293 (5.4) % (5.3) % (96) 270 (135.6) % Public authorities & electric railroads 236 233 1.3 % 7.2 % 6 16 (62.5) % Other (c) — — n/a n/a 220 277 (20.6) % Total electric revenues (d) 20,313 19,962 1.8 % 0.7 % 1,152 1,860 (38.1) % Other Revenues (e) (61) (44) 38.6 % Total Electric Revenues $ 1,091 $ 1,816 (39.9) % Purchased Power $ (262) $ 538 (148.7) % % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,104 1,767 2,139 19.1 % (1.6) % Cooling Degree-Days 57 39 14 46.2 % 307.1 % Twelve Months Ended December 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 28,016 27,274 2.7 % 1.1 % $ 4,203 $ 3,809 10.3 % Small commercial & industrial 29,333 28,367 3.4 % 1.1 % 2,072 2,259 (8.3) % Large commercial & industrial 28,332 27,870 1.7 % 1.4 % 593 1,145 (48.2) % Public authorities & electric railroads 904 822 10.0 % 11.1 % 47 60 (21.7) % Other (c) — — n/a n/a 907 1,080 (16.0) % Total electric revenues (d) 86,585 84,333 2.7 % 1.3 % 7,822 8,353 (6.4) % Other Revenues (e) (555) (134) 314.2 % Total Electric Revenues $ 7,267 $ 8,219 (11.6) % Purchased Power $ 1,782 $ 3,042 (41.4) % % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 5,802 4,795 5,968 21.0 % (2.8) % Cooling Degree-Days 1,215 1,215 1,002 — % 21.3 % Number of Electric Customers 2025 2024 Residential 3,776,590 3,727,097 Small commercial & industrial 398,746 396,797 Large commercial & industrial 1,988 2,283 Public authorities & electric railroads 5,814 5,775 Total 4,183,138 4,131,952 __________ (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) Decrease is due to the timing of billings in 2024. (c) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (d) Includes operating revenues from affiliates totaling $2 million for both the three months ended December 31, 2025 and 2024, respectively, and $21 million and $8 million for the twelve months ended December 31, 2025 and 2024, respectively. (e) Includes alternative revenue programs and late payment charges. 8 Table of Contents PECO Statistics Three Months Ended December 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 3,126 3,066 2.0 % (1.7) % $ 574 $ 486 18.1 % Small commercial & industrial 1,702 1,807 (5.8) % (6.5) % 143 140 2.1 % Large commercial & industrial 3,213 3,358 (4.3) % (4.5) % 79 70 12.9 % Public authorities & electric railroads 167 143 16.8 % 18.8 % 8 8 — % Other (b) — — n/a n/a 81 75 8.0 % Total electric revenues (c)(d) 8,208 8,374 (2.0) % (4.7) % 885 779 13.6 % Other Revenues (e) 10 9 11.1 % Total Electric Revenues 895 788 13.6 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (f) Residential 14,720 12,549 17.3 % 6.3 % 197 145 35.9 % Small commercial & industrial 7,663 7,164 7.0 % (2.0) % 66 51 29.4 % Large commercial & industrial 1 — n/a 2.4 % (1) — n/a Transportation 6,445 6,109 5.5 % 1.5 % 9 8 12.5 % Other (g) — — n/a n/a 6 5 20.0 % Total natural gas revenues (h) 28,829 25,822 11.6 % 2.9 % 277 209 32.5 % Other Revenues (e) — 1 (100.0) % Total Natural Gas Revenues 277 210 31.9 % Total Electric and Natural Gas Revenues $ 1,172 $ 998 17.4 % Purchased Power and Fuel $ 445 $ 363 22.6 % % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 1,590 1,345 1,521 18.2 % 4.5 % Cooling Degree-Days 26 53 33 (50.9) % (21.2) % 9 Table of Contents Twelve Months Ended December 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 14,078 13,963 0.8 % (1.5) % $ 2,494 $ 2,169 15.0 % Small commercial & industrial 7,537 7,683 (1.9) % (3.0) % 627 547 14.6 % Large commercial & industrial 13,683 13,889 (1.5) % (2.2) % 339 261 29.9 % Public authorities & electric railroads 678 613 10.6 % 11.0 % 34 29 17.2 % Other (b) — — n/a n/a 312 296 5.4 % Total electric revenues (c) 35,976 36,148 (0.5) % (1.9) % 3,806 3,302 15.3 % Other Revenues (e) 21 23 (8.7) % Total Electric Revenues 3,827 3,325 15.1 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (f) Residential 43,189 38,328 12.7 % 1.6 % 593 445 33.3 % Small commercial & industrial 23,709 21,906 8.2 % 0.6 % 206 157 31.2 % Large commercial & industrial 15 17 (11.8) % (2.2) % — — n/a Transportation 24,204 23,357 3.6 % 0.7 % 37 28 32.1 % Other (g) — — n/a n/a 19 16 18.8 % Total natural gas revenues (h) 91,117 83,608 9.0 % 1.1 % 855 646 32.4 % Other Revenues (e) 2 2 — % Total Natural Gas Revenues 857 648 32.3 % Total Electric and Natural Gas Revenues $ 4,684 $ 3,973 17.9 % Purchased Power and Fuel $ 1,733 $ 1,477 17.3 % % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 4,274 3,786 4,348 12.9 % (1.7) % Cooling Degree-Days 1,547 1,652 1,455 (6.4) % 6.3 % Number of Electric Customers 2025 2024 Number of Natural Gas Customers 2025 2024 Residential 1,541,970 1,533,443 Residential 510,959 508,224 Small commercial & industrial 154,841 155,164 Small commercial & industrial 44,698 44,846 Large commercial & industrial 3,158 3,150 Large commercial & industrial 7 7 Public authorities & electric railroads 10,248 10,708 Transportation 617 644 Total 1,710,217 1,702,465 Total 556,281 553,721 __________ (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 $3 million and $2 million for the three months ended December 31, 2025 and 2024, respectively, and $9 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively. (d) Decrease due to the timing of delivered volumes. (e) Includes alternative revenue programs and late payment charges. (f) 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. (g) Includes revenues primarily from off-system sales. (h) Includes operating revenues from affiliates totaling $1 million for both the three months ended December 31, 2025 and 2024, respectively, and $3 million for both the twelve months ended December 31, 2025 and 2024, respectively. 10 Table of Contents BGE Statistics Three Months Ended December 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 3,022 2,927 3.2 % (1.3) % $ 674 $ 482 39.8 % Small commercial & industrial 648 638 1.6 % (0.3) % 102 85 20.0 % Large commercial & industrial 3,078 3,109 (1.0) % (0.9) % 148 132 12.1 % Public authorities & electric railroads 49 48 2.1 % 1.4 % 8 8 — % Other (b) — — n/a n/a 124 112 10.7 % Total electric revenues (c) 6,797 6,722 1.1 % (1.0) % 1,056 819 28.9 % Other Revenues (d) (1) 28 (103.6) % Total Electric Revenues 1,055 847 24.6 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 14,208 12,156 16.9 % 1.2 % 268 207 29.5 % Small commercial & industrial 3,132 2,689 16.5 % 6.4 % 41 34 20.6 % Large commercial & industrial 11,839 10,727 10.4 % 4.7 % 70 61 14.8 % Other (f) 1,600 945 69.3 % n/a 14 7 100.0 % Total natural gas revenues (g) 30,779 26,517 16.1 % 3.2 % 393 309 27.2 % Other Revenues (d) (17) 1 (1,800.0) % Total Natural Gas Revenues 376 310 21.3 % Total Electric and Natural Gas Revenues $ 1,431 $ 1,157 23.7 % Purchased Power and Fuel $ 638 $ 423 50.8 % % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 1,729 1,544 1,617 12.0 % 6.9 % Cooling Degree-Days 16 27 31 (40.7) % (48.4) % 11 Table of Contents Twelve Months Ended December 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 12,894 12,682 1.7 % (0.9) % $ 2,503 $ 2,038 22.8 % Small commercial & industrial 2,723 2,716 0.3 % (0.3) % 414 360 15.0 % Large commercial & industrial 13,060 13,170 (0.8) % (0.1) % 603 557 8.3 % Public authorities & electric railroads 195 198 (1.5) % (1.5) % 33 31 6.5 % Other (b) — — n/a n/a 476 414 15.0 % Total electric revenues (c) 28,872 28,766 0.4 % (0.5) % 4,029 3,400 18.5 % Other Revenues (d) (22) 36 (161.1) % Total Electric Revenues 4,007 3,436 16.6 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 41,633 36,645 13.6 % (1.5) % 823 625 31.7 % Small commercial & industrial 9,860 8,682 13.6 % 3.6 % 140 110 27.3 % Large commercial & industrial 41,343 39,618 4.4 % 0.8 % 248 204 21.6 % Other (f) 6,643 2,268 192.9 % n/a 51 18 183.3 % Total natural gas revenues (g) 99,479 87,213 14.1 % 0.1 % 1,262 957 31.9 % Other Revenues (d) (47) 33 (242.4) % Total Natural Gas Revenues 1,215 990 22.7 % Total Electric and Natural Gas Revenues $ 5,222 $ 4,426 18.0 % Purchased Power and Fuel $ 2,221 $ 1,651 34.5 % % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 4,439 3,973 4,496 11.7 % (1.3) % Cooling Degree-Days 912 1,066 902 (14.4) % 1.1 % Number of Electric Customers 2025 2024 Number of Natural Gas Customers 2025 2024 Residential 1,222,397 1,216,614 Residential 660,986 658,776 Small commercial & industrial 115,197 115,010 Small commercial & industrial 37,759 37,874 Large commercial & industrial 13,445 13,266 Large commercial & industrial 6,417 6,369 Public authorities & electric railroads 252 260 Total 705,162 703,019 Total 1,351,291 1,345,150 __________ (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 $2 million for both the three months ended December 31, 2025 and 2024, respectively, and $6 million and $7 million for the twelve months ended December 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 December 31, 2025 and 2024, respectively, and $2 million and $3 million for the twelve months ended December 31, 2025 and 2024. 12 Table of Contents Pepco Statistics Three Months Ended December 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 1,873 1,808 3.6 % (4.7) % $ 396 $ 328 20.7 % Small commercial & industrial 264 263 0.4 % (2.3) % 50 44 13.6 % Large commercial & industrial 3,355 3,369 (0.4) % (1.6) % 301 259 16.2 % Public authorities & electric railroads 176 168 4.8 % 3.7 % 11 10 10.0 % Other (b) — — n/a n/a 97 103 (5.8) % Total electric revenues (c) 5,668 5,608 1.1 % (2.5) % 855 744 14.9 % Other Revenues (d) (27) (24) 12.5 % Total Electric Revenues $ 828 $ 720 15.0 % Purchased Power $ 320 $ 247 29.6 % % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 1,457 1,144 1,305 27.4 % 11.6 % Cooling Degree-Days 23 78 57 (70.5) % (59.6) % Twelve Months Ended December 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 8,269 8,108 2.0 % 1.5 % $ 1,669 1,413 18.1 % Small commercial & industrial 1,117 1,119 (0.2) % 0.5 % 205 184 11.4 % Large commercial & industrial 13,979 13,904 0.5 % 1.4 % 1,212 1,053 15.1 % Public authorities & electric railroads 676 622 8.7 % 8.1 % 39 37 5.4 % Other (b) — — n/a n/a 372 327 13.8 % Total electric revenues (c) 24,041 23,753 1.2 % 1.6 % 3,497 3,014 16.0 % Other Revenues (d) (43) 25 (272.0) % Total Electric Revenues $ 3,454 $ 3,039 13.7 % Purchased Power $ 1,262 $ 1,055 19.6 % % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 3,662 3,150 3,655 16.3 % 0.2 % Cooling Degree-Days 1,653 1,957 1,783 (15.5) % (7.3) % Number of Electric Customers 2025 2024 Residential 886,386 877,916 Small commercial & industrial 54,038 54,036 Large commercial & industrial 23,194 23,068 Public authorities & electric railroads 207 207 Total 963,825 955,227 __________ (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 $1 million and $2 million for the three months ended December 31, 2025 and 2024, respectively, and $6 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively. (d) Includes alternative revenue programs and late payment charge revenues. 13 Table of Contents DPL Statistics Three Months Ended December 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 1,297 1,183 9.6 % 1.4 % $ 256 $ 218 17.4 % Small commercial & industrial 569 566 0.5 % (0.2) % 64 62 3.2 % Large commercial & industrial 996 1,007 (1.1) % (1.9) % 30 32 (6.3) % Public authorities & electric railroads 11 13 (15.4) % (15.6) % 3 5 (40.0) % Other (b) — — n/a n/a 78 72 8.3 % Total electric revenues (c) 2,873 2,769 3.8 % (0.2) % 431 389 10.8 % Other Revenues (d) (5) (2) 150.0 % Total Electric Revenues 426 387 10.1 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 3,252 2,649 22.8 % 8.8 % 54 36 50.0 % Small commercial & industrial 1,460 1,212 20.5 % 5.1 % 20 14 42.9 % Large commercial & industrial 441 433 1.8 % 1.9 % 2 1 100.0 % Transportation 1,728 1,715 0.8 % (4.7) % 5 5 — % Other (g) — — n/a n/a 3 1 200.0 % Total natural gas revenues 6,881 6,009 14.5 % 3.8 % 84 57 47.4 % Other Revenues (f) — — n/a Total Natural Gas Revenues 84 57 47.4 % Total Electric and Natural Gas Revenues $ 510 $ 444 14.9 % Purchased Power and Fuel $ 223 $ 187 19.3 % Electric Service Territory % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 1,708 1,451 1,520 17.7 % 12.4 % Cooling Degree-Days 10 23 36 (56.5) % (72.2) % Natural Gas Service Territory % Change Heating Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 1,727 1,480 1,635 16.7 % 5.6 % 14 Table of Contents Twelve Months Ended December 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 5,542 5,371 3.2 % (1.0) % $ 1,049 $ 943 11.2 % Small commercial & industrial 2,392 2,359 1.4 % 0.9 % 264 253 4.3 % Large commercial & industrial 4,129 4,122 0.2 % (0.3) % 122 123 (0.8) % Public authorities & electric railroads 42 43 (2.3) % (2.6) % 16 17 (5.9) % Other (b) — — n/a n/a 303 270 12.2 % Total rate-regulated electric revenues (c) 12,105 11,895 1.8 % (0.4) % 1,754 1,606 9.2 % Other Revenues (d) (14) 1 (1,500.0) % Total Electric Revenues 1,740 1,607 8.3 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 9,052 7,810 15.9 % 7.5 % 139 108 28.7 % Small commercial & industrial 4,339 3,801 14.2 % 5.5 % 55 43 27.9 % Large commercial & industrial 1,680 1,674 0.4 % 0.4 % 7 5 40.0 % Transportation 6,355 6,206 2.4 % (0.3) % 19 17 11.8 % Other (f) — — n/a n/a 11 7 57.1 % Total rate-regulated natural gas revenues 21,426 19,491 9.9 % 4.1 % 231 180 28.3 % Other Revenues (d) — — n/a Total Natural Gas Revenues 231 180 28.3 % Total Electric and Natural Gas Revenues $ 1,971 $ 1,787 10.3 % Purchased Power and Fuel $ 861 $ 760 13.3 % Electric Service Territory % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 4,434 3,968 4,320 11.7 % 2.6 % Cooling Degree-Days 1,288 1,279 1,314 0.7 % (2.0) % Natural Gas Service Territory % Change Heating Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 4,500 4,100 4,605 9.8 % (2.3) % Number of Electric Customers 2025 2024 Number of Natural Gas Customers 2025 2024 Residential 495,254 490,626 Residential 132,148 131,392 Small commercial & industrial 65,500 64,813 Small commercial & industrial 10,255 10,218 Large commercial & industrial 1,273 1,255 Large commercial & industrial 14 14 Public authorities & electric railroads 634 606 Transportation 160 162 Total 562,661 557,300 Total 142,577 141,786 __________ (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 December 31, 2025 and 2024, and $9 million and $7 million for the twelve months ended December 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 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. 15 Table of Contents ACE Statistics Three Months Ended December 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 875 790 10.8 % 5.8 % $ 233 $ 174 33.9 % Small commercial & industrial 393 405 (3.0) % (4.0) % 60 57 5.3 % Large commercial & industrial 695 819 (15.1) % (15.3) % 39 48 (18.8) % Public authorities & electric railroads 12 15 (20.0) % (16.9) % 4 5 (20.0) % Other (b) — — n/a n/a 54 73 (26.0) % Total electric revenues (c) 1,975 2,029 (2.7) % (4.9) % 390 357 9.2 % Other Revenues (d) — (9) (100.0) % Total Electric Revenues $ 390 $ 348 12.1 % Purchased Power $ 192 $ 140 37.1 % % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 1,716 1,483 1,534 15.7 % 11.9 % Cooling Degree-Days 10 20 32 (50.0) % (68.8) % Twelve Months Ended December 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 4,055 4,022 0.8 % 1.9 % $ 1,015 $ 900 12.8 % Small commercial & industrial 1,646 1,651 (0.3) % 0.5 % 253 244 3.7 % Large commercial & industrial 2,932 3,167 (7.4) % (6.5) % 180 196 (8.2) % Public authorities & electric railroads 44 47 (6.4) % (5.8) % 18 20 (10.0) % Other (b) — — n/a n/a 250 280 (10.7) % Total electric revenues (c) 8,677 8,887 (2.4) % (1.4) % 1,716 1,640 4.6 % Other Revenues (d) 2 (12) (116.7) % Total Electric Revenues $ 1,718 $ 1,628 5.5 % Purchased Power $ 808 $ 698 15.8 % % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 4,567 4,168 4,489 9.6 % 1.7 % Cooling Degree-Days 1,102 1,262 1,229 (12.7) % (10.3) % Number of Electric Customers 2025 2024 Residential 510,005 507,483 Small commercial & industrial 63,154 62,739 Large commercial & industrial 2,682 2,843 Public authorities & electric railroads 754 714 Total 576,595 573,779 __________ (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 and less than $1 million for both the three months ended December 31, 2025 and 2024, respectively, and $4 million and $2 million for the twelve months ended December 31, 2025 and 2024, respectively. (d) Includes alternative revenue programs. 16

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.