Exelon Corporation · NASDAQ:EXC
Exelon — Q3 2026 Earnings Presentation
37 slides from Exelon's earnings presentation, Oct 30, 2026
Slide 1: Earnings Conference Call Third Quarter 2026
October 30, 2026 Earnings Conference Call Third Quarter 2026
Slide 2: Cautionary Statements Regarding Forward-Looking Information
2 Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “
Slide 3: Non-GAAP Financial Measures
3 Non-GAAP Financial Measures Exelon reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Exelon supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures, including
Slide 4: Key Messages
4 Key Messages Financial and Operational Excellence Regulatory & Other Developments Long-Term Outlook ▪ Adjusted Operating Earnings* of $0.87 per share in Q3 2026 vs. $0.86 per share in Q3 2025 ▪ GAAP Earnings of $0.70 per share in Q3 2026 vs. $0.86 per share in Q3 2025 ▪ Narrowing 2026 EPS* to $2.8
Slide 5: Q3 2026 QTD Adjusted Operating Earnings Waterfall
5 Q3 2026 QTD Adjusted Operating Earnings* Waterfall Note: Amounts may not sum due to rounding (1) Approved Distribution and Transmission revenues are driven by customer investments driving top quartile or better reliability and avoided outage costs. (2) Primarily due to the absence of extraordinary
Slide 6: Distribution Rate Case and Other Regulatory Updates
Distribution Rate Case and Other Regulatory Updates 6 Rate case filed Rebuttal testimony Initial briefs Final commission order Intervenor direct testimony Evidentiary hearings Reply briefs Settlement agreement CF IT RT EH IB RB FO SA Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Revenue Re
Slide 7: Advancing Affordable, Reliable Energy Solutions
Advancing Affordable, Reliable Energy Solutions Disciplined investment supports customers today while creating significant growth opportunities Transmission Enabling reliability, resilience, and economic growth Storage Fast-to-deploy resources supporting reliability, affordability, and resilience CU
Slide 8: Strong Balance Sheet Provides Strategic and Financial Flexibility
Strong Balance Sheet Provides Strategic and Financial Flexibility Entity Moody’s S&P ExCorp Baa2 / Stable BBB+ / Stable ComEd A1 / Stable A / Stable PECO A1 / Stable(4) A / Stable BGE A3 / Stable A- / Stable(4) ACE A2 / Stable A / Stable DPL A2 / Positive A / Stable Pepco A2 / Stable A / Stable 8 (1
Slide 9: 2026 Business Priorities and Commitments
Capitalize on Growth Opportunities Focus on Customer Affordability and Value 9 2026 Business Priorities and Commitments ❖ Prioritize employee safety and engagement ❖ Deploy ~$10B of capex for the benefit of customers ❖ Maintain industry-leading operational excellence ❖ Focus on cost management and i
Slide 10: Sustainable Value as the Premier T&D Energy Company
Customer rates 19% below largest U.S. cities(1) Connected ~$150M in LIHEAP assistance and $60M in direct assistance to customers in need Fostered nearly $60B of economic activity in our communities Protecting customers through FERC-endorsed Transmission Security Agreements while improving queue qual
Slide 11: Additional Disclosures
11 Additional Disclosures
Slide 12: Positioned for Resilient and Reliable Growth
12 Positioned for Resilient and Reliable Growth (1) Source: Edison Electric Institute Typical Bills and Average Rates report for Summer 2025; reflects residential average rates for the 12-month period ending 6/30/2025. (2) Based on implied dividend yield as of Q4 2025 Earnings Call on February 12, 2
Slide 13: Managing Our Operations and Costs
Managing Our Operations and Costs • Saved over $1B in avoided outage costs in 2025 • ~2 million fewer annual interruptions than 2021 • O&M* growth below inflation, saving customers ~$580M in 2026(3) Supporting Customers through Assistance • $60M in direct assistance through Customer Relief Fund • Co
Slide 14: Exelon is Well-Positioned for Transmission Solutions
Exelon is Well-Positioned for Transmission Solutions 14 (1) Estimated transmission capital as of historical roll forwards. Rate base estimates as disclosed at Q1 2026 Earnings Call in May 2026. (2) As of Q1 2026 earnings call. Transmission opportunity largely expected in 2030 and beyond, though new
Slide 15: Exelon is a Key Partner in Driving Economic Development
FERC has endorsed Exelon’s TSA framework as a model for protecting customers, improving queue certainty, and enabling efficient large-load growth 15 Exelon is a Key Partner in Driving Economic Development (1) 2015-2025 levels represent full year data center load. 2026 represents YTD through Septembe
Slide 16: Rapid, large scale load growth creates economic development opportunity
16 Rapid, large scale load growth creates significant economic development opportunity in our communities and accelerates interest in creative solutions to the energy transition The Power of Impact: Growth and Progress in Our Communities August 24, 2026 IL: ComEd CPCN approval for KARE Transmission
Slide 17: Energy Security and Associated Policy is a Top Priority
Energy Security and Associated Policy is a Top Priority Delivering resources to meet energy and economic goals requires all stakeholders working together to advance resilient, durable, and cost-effective solutions, and Exelon is engaged at all levels to sustain progress 17 StatesFederal Agencies Reg
Slide 18: Operating Earnings Growth Outlook and Financing
Financing ▪ $3.4B equity need (implies $850M annually), $3.4B of new Corporate debt 2026-2029(5), and other financing costs Operating Earnings* Growth Outlook 2026 2027 2028 2029 Total YoY Growth Relative to Range (1) Growth Above Midpoint of 5-7% Range(2) (1) Growth outlook and associated drivers a
Slide 19: Q3 2026 YTD Adjusted Operating Earnings Waterfall
19 Q3 2026 YTD Adjusted Operating Earnings* Waterfall Note: Amounts may not sum due to rounding (1) Approved Distribution and Transmission revenues are driven by customer investments driving top quartile reliability and avoided outage costs. (2) Primarily due to the absence of extraordinary storm co
Slide 20: 2026 Financing Plan
2026 Financing Plan(1) Capital plan financed with a balanced approach to maintain strong investment grade ratings Entity Instrument Issuance ($M) Maturity ($M) Issued ($M)(2) Remaining ($M) FMB $1,425 ($500) $1,425 - FMB $250 - $300 - FMB $100 - $100 - FMB $150 - $150 - FMB $750 - $750 - Senior Note
Slide 21: Exelon Debt Maturity Profile
Exelon Debt Maturity Profile(1,2) 650 1,000 1,650 1,250 500 1,016 850 650 833 775 675 815 275 600 1,400 650 741 691 1,275 2,150 1,550 673 2,150 669 1,050 1,825 1,500 1,455 360 997 303 600 2,528 625 2,823 1,645 1,575 1,715 1,225 1,200 1,650 2,400 1,650 1,400 2027 2028 2029 2030 2031 2032 2033 2034 20
Slide 22: Exelon Adjusted Operating Earnings Sensitivities
(1) Reflects full year impact to a +50bp increase on Corporate debt net of pre-issuance hedges as of September 30, 2026. Through September 30, 2026, Corporate entered into $0.3B of pre-issuance hedges through interest rate swaps. (2) Includes the tax repairs deduction associated with the implementat
Slide 23: Rate Case Details
23 Rate Case Details
Slide 24: Exelon Distribution Rate Case Updates
24 Exelon Distribution Rate Case Updates Note: Unless otherwise noted, based on schedules of Delaware Public Service Commission (DE PSC) and Maryland Public Service Commission (MD PSC) that are subject to change. (1) Revenue requirement includes changes in depreciation and amortization expense and o
Slide 25: Pepco MD Distribution Rate Case Filing
25 Pepco MD Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 9820 ▪ October 14, 2025, Pepco filed with the Maryland Public Service Commission (MD PSC) seeking an increase in base distribution rates ▪ Pepco’s Traditional Test Year (TTY) rate filing supports: ▪ Customer Benefits
Slide 26: DPL DE (Electric) Distribution Rate Case Filing
26 DPL DE (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 25-1555 ▪ December 9, 2025, Delmarva Power filed an application with the Delaware Public Service Commission (DE PSC) seeking an increase in electric distribution base rates ▪ Rate increases allow for system up
Slide 27: BGE Distribution Rate Case Filing
(1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. 27 BGE Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 9888 ▪ July 2, 2026, BGE filed with the Maryland Public Service C
Slide 28: Approved Electric Distribution Rate Case Financials
28 Approved Electric Distribution Rate Case Financials Approved Electric Distribution Rate Case Financials Revenue Requirement Increase/(Decrease) Allowed ROE Common Equity Ratio Rate Effective Date ComEd (Electric) (1,2) $1,045.0M 8.905% 50.0% Jan 1, 2024 PECO (Electric) (3) $290.0M N/A N/A Jan 1,
Slide 29: Approved Gas Distribution Rate Case Financials
29 Approved Gas Distribution Rate Case Financials Approved Gas Distribution Rate Case Financials Revenue Requirement Increase/(Decrease) Allowed ROE Common Equity Ratio Rate Effective Date PECO (Gas) (1) $78.0M N/A N/A Jan 1, 2025 BGE (Gas) (2,3) $228.8M 9.45% 52.00% Jan 1, 2024 DPL DE (Gas) (4) $21
Slide 30: Approved Electric Transmission Formula Rate Financials
30 Approved Electric Transmission Formula Rate Financials Approved Electric Transmission Formula Rate Financials Revenue Requirement Increase/(Decrease) Allowed ROE(1) Common Equity Ratio Rate Effective Date(2) ComEd ($21M) 11.50% 54.31% Jun 1, 2026 PECO $40M 10.35% 54.60% Jun 1, 2026 BGE ($30M) 10.
Slide 31: Reconciliation of Non-GAAP Measures
31 Reconciliation of Non-GAAP Measures
Slide 32: Projected Non-GAAP Operating Earnings Adjustments
32 Projected Non-GAAP Operating Earnings Adjustments • Exelon’s projected 2026 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: – Related to a change in environmental costs; – Costs related to a cost management program; – Costs related to BGE’s project impairmen
Slide 33: Credit Metric GAAP to Non-GAAP Reconciliations
33 Credit Metric GAAP to Non-GAAP Reconciliations(1) GAAP Operating Income + Depreciation & Amortization = EBITDA - Cash Paid for Interest +/- Cash Taxes +/- Other S&P FFO Adjustments = FFO (a) Long-Term Debt + Short-Term Debt + Underfunded Pension (after-tax) + Underfunded OPEB (after-tax) + Operat
Slide 34: Q3 QTD GAAP EPS Reconciliation
34 Q3 QTD GAAP EPS Reconciliation Three Months Ended September 30, 2026 ComEd PECO BGE PHI Other Exelon 2026 GAAP earnings (loss) per share $0.39 $0.16 $0.09 $0.18 ($0.11) $0.70 Change in environmental costs - - - - - - Cost management program 0.01 - - - - 0.01 Project impairments - - 0.03 - - 0.03
Slide 35: Q3 YTD GAAP EPS Reconciliation
35 Q3 YTD GAAP EPS Reconciliation Nine Months Ended September 30, 2026 ComEd PECO BGE PHI Other Exelon 2026 GAAP earnings (loss) per share $0.94 $0.55 $0.43 $0.45 ($0.38) $1.98 Change in environmental costs - - - - - - Cost management program 0.01 0.01 0.02 0.02 - 0.06 Project impairments - - 0.03 -
Slide 36: Thank you
Thank you Please direct all questions to the Exelon Investor Relations team: [email protected] 779-231-0017
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