EXELON CORP 10-Q

ITEM 1. FINANCIAL STATEMENTS 9 Table of Contents Exelon Corporation and Subsidiary Companies Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended March 31, (In millions, except per share data) 2026 2025 Operating revenues Electric operating revenues $ 6,157 $ 5,816 Natural gas operating revenues 1,117 1,024 Revenues from alternative revenue programs ( 32 ) ( 126 ) Total operating revenues 7,242 6,714 Operating expenses Purchased power 2,382 2,184 Purchased fuel 394 338 Operating and maintenance 1,466 1,347 Depreciation and amortization 952 903 Taxes other than income taxes 443 405 Total operating expenses 5,637 5,177 Loss on sale of assets — ( 1 ) Operating income 1,605 1,536 Other income and (deductions) Interest expense, net ( 548 ) ( 504 ) Interest expense to affiliates ( 7 ) ( 6 ) Other, net 69 52 Total other income and (deductions) ( 486 ) ( 458 ) Income before income taxes 1,119 1,078 Income taxes 200 170 Net income attributable to common shareholders $ 919 $ 908 Comprehensive income, net of income taxes Net income $ 919 $ 908 Other comprehensive income, net of income taxes Pension and non-pension postretirement benefit plans: Actuarial losses reclassified to periodic benefit cost 7 5 Pension and non-pension postretirement benefit plans valuation adjustments 4 5 Unrealized (loss) on cash flow hedges ( 5 ) ( 8 ) Other comprehensive income 6 2 Comprehensive income attributable to common shareholders $ 925 $ 910 Average shares of common stock outstanding: Basic 1,024 1,008 Assumed exercise and/or distributions of stock-based awards (a) 2 1 Diluted 1,026 1,009 Earnings per average common share Basic $ 0.90 $ 0.90 Diluted $ 0.90 $ 0.90 __________ (a) The dilutive effects of stock-based compensation awards are calculated using the treasury stock method for all periods presented. See the Combined Notes to Consolidated Financial Statements 10 Table of Contents Exelon Corporation and Subsidiary Companies Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Cash flows from operating activities Net income $ 919 $ 908 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 953 905 Loss on sales of assets — 1 Deferred income taxes and amortization of investment tax credits 345 121 Net fair value changes related to derivatives — 1 Other non-cash operating activities 222 344 Changes in assets and liabilities: Accounts receivable 395 ( 402 ) Inventories 20 17 Accounts payable and accrued expenses ( 632 ) ( 397 ) Collateral received, net 45 44 Income taxes ( 144 ) 59 Regulatory assets and liabilities, net ( 329 ) 86 Pension and non-pension postretirement benefit contributions ( 346 ) ( 292 ) Other assets and liabilities 276 ( 195 ) Net cash flows provided by operating activities 1,724 1,200 Cash flows from investing activities Capital expenditures ( 2,358 ) ( 1,946 ) Other investing activities 2 4 Net cash flows used in investing activities ( 2,356 ) ( 1,942 ) Cash flows from financing activities Changes in short-term borrowings ( 447 ) ( 775 ) Proceeds from short-term borrowings with maturities greater than 90 days 500 — Issuance of long-term debt 1,120 2,425 Issuance of common stock — 173 Dividends paid on common stock ( 430 ) ( 403 ) Proceeds from employee stock plans 12 — Other financing activities ( 27 ) ( 35 ) Net cash flows provided by financing activities 728 1,385 Increase in cash, restricted cash, and cash equivalents 96 643 Cash, restricted cash, and cash equivalents at beginning of period 1,201 939 Cash, restricted cash, and cash equivalents at end of period $ 1,297 $ 1,582 Supplemental cash flow information Decrease in capital expenditures not paid ( 373 ) ( 216 ) See the Combined Notes to Consolidated Financial Statements 11 Table of Contents Exelon Corporation and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 ASSETS Current assets Cash and cash equivalents $ 713 $ 626 Restricted cash and cash equivalents 560 525 Accounts receivable Customer accounts receivable 3,636 3,732 Customer allowance for credit losses ( 522 ) ( 435 ) Customer accounts receivable, net 3,114 3,297 Other accounts receivable 1,680 1,879 Other allowance for credit losses ( 102 ) ( 94 ) Other accounts receivable, net 1,578 1,785 Inventories, net Fossil fuel 35 88 Materials and supplies 811 780 Regulatory assets 1,373 1,359 Prepaid renewable energy credits 314 563 Other 504 523 Total current assets 9,002 9,546 Property, plant, and equipment (net of accumulated depreciation and amortization of $ 20,694 and $ 20,080 as of March 31, 2026 and December 31, 2025, respectively) 85,564 84,318 Deferred debits and other assets Regulatory assets 9,322 9,214 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 4,830 4,755 Investments 317 312 Other 1,880 1,795 Total deferred debits and other assets 22,979 22,706 Total assets $ 117,545 $ 116,570 See the Combined Notes to Consolidated Financial Statements 12 Table of Contents Exelon Corporation and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Short-term borrowings $ 665 $ 612 Long-term debt due within one year 2,326 1,665 Accounts payable 3,119 3,721 Accrued expenses 1,203 1,582 Payables to affiliates 5 5 Customer deposits 565 533 Regulatory liabilities 910 1,128 Mark-to-market derivative liabilities 21 30 Unamortized energy contract liabilities 5 5 Renewable energy credit obligations 222 473 Other 547 577 Total current liabilities 9,588 10,331 Long-term debt 47,859 47,413 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 14,201 13,715 Regulatory liabilities 11,186 11,016 Pension obligations 1,426 1,749 Non-pension postretirement benefit obligations 558 546 Asset retirement obligations 321 321 Mark-to-market derivative liabilities 112 106 Unamortized energy contract liabilities 16 16 Other 2,573 2,169 Total deferred credits and other liabilities 30,393 29,638 Total liabilities 88,230 87,772 Commitments and contingencies Shareholders’ equity Common stock ( No par value, 2,000 shares authorized, 1,023 shares outstanding as of March 31, 2026 and December 31, 2025) 22,129 22,106 Treasury stock, at cost ( 2 shares as of March 31, 2026 and December 31, 2025) ( 123 ) ( 123 ) Retained earnings 8,065 7,577 Accumulated other comprehensive loss, net ( 756 ) ( 762 ) Total shareholders’ equity 29,315 28,798 Total liabilities and shareholders’ equity $ 117,545 $ 116,570 See the Combined Notes to Consolidated Financial Statements 13 Table of Contents Exelon Corporation and Subsidiary Companies Consolidated Statements of Changes in Shareholders' Equity (Unaudited) Three Months Ended March 31, 2026 (In millions, shares in thousands) Issued Shares Common Stock Treasury Stock Retained Earnings Accumulated Other Comprehensive Loss, net Total Shareholders' Equity Balance at December 31, 2025 1,024,401 $ 22,106 $ ( 123 ) $ 7,577 $ ( 762 ) $ 28,798 Net income — — — 919 — 919 Long-term incentive plan activity 338 10 — — — 10 Employee stock purchase plan activity 302 13 — — — 13 Common stock dividends ($ 0.42 /common share) — — — ( 431 ) — ( 431 ) Other comprehensive income, net of income taxes — — — — 6 6 Balance at March 31, 2026 1,025,041 $ 22,129 $ ( 123 ) $ 8,065 $ ( 756 ) $ 29,315 Three Months Ended March 31, 2025 (In millions, shares in thousands) Issued Shares Common Stock Treasury Stock Retained Earnings Accumulated Other Comprehensive Loss, net Total Shareholders' Equity Balance at December 31, 2024 1,007,046 $ 21,338 $ ( 123 ) $ 6,426 $ ( 720 ) $ 26,921 Net income — — — 908 — 908 Long-term incentive plan activity 299 4 — — — 4 Employee stock purchase plan activity ( 8 ) 2 — — — 2 Issuance of Common Stock 4,031 173 — — — 173 Common stock dividends ($ 0.40 /common share) — — — ( 403 ) — ( 403 ) Other comprehensive income, net of income taxes — — — — 2 2 Balance at March 31, 2025 1,011,368 $ 21,517 $ ( 123 ) $ 6,931 $ ( 718 ) $ 27,607 See the Combined Notes to Consolidated Financial Statements 14 Table of Contents Commonwealth Edison Company and Subsidiary Companies Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Operating revenues Electric operating revenues $ 1,894 $ 2,142 Revenues from alternative revenue programs 8 ( 85 ) Operating revenues from affiliates 11 8 Total operating revenues 1,913 2,065 Operating expenses Purchased power 451 689 Operating and maintenance 335 323 Operating and maintenance from affiliates 103 100 Depreciation and amortization 404 380 Taxes other than income taxes 105 99 Total operating expenses 1,398 1,591 Operating income 515 474 Other income and (deductions) Interest expense, net ( 132 ) ( 125 ) Interest expense to affiliates, net ( 3 ) ( 3 ) Other, net 31 21 Total other income and (deductions) ( 104 ) ( 107 ) Income before income taxes 411 367 Income taxes 101 65 Net income $ 310 $ 302 Comprehensive income $ 310 $ 302 See the Combined Notes to Consolidated Financial Statements 15 Table of Contents Commonwealth Edison Company and Subsidiary Companies Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Cash flows from operating activities Net income $ 310 $ 302 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization 404 380 Deferred income taxes and amortization of investment tax credits 71 ( 8 ) Other non-cash operating activities 21 141 Changes in assets and liabilities: Accounts receivable 559 ( 111 ) Receivables from and payables to affiliates, net ( 11 ) ( 21 ) Inventories ( 7 ) 3 Accounts payable and accrued expenses ( 108 ) ( 189 ) Collateral received, net 52 5 Income taxes 29 72 Regulatory assets and liabilities, net ( 350 ) 76 Pension and non-pension postretirement benefit contributions ( 220 ) ( 189 ) Other assets and liabilities ( 6 ) ( 102 ) Net cash flows provided by operating activities 744 359 Cash flows from investing activities Capital expenditures ( 885 ) ( 590 ) Other investing activities — 1 Net cash flows used in investing activities ( 885 ) ( 589 ) Cash flows from financing activities Changes in short-term borrowings 46 311 Dividends paid on common stock ( 218 ) ( 203 ) Contributions from parent 256 87 Net cash flows provided by financing activities 84 195 Decrease in cash, restricted cash, and cash equivalents ( 57 ) ( 35 ) Cash, restricted cash, and cash equivalents at beginning of period 663 632 Cash, restricted cash, and cash equivalents at end of period $ 606 $ 597 Supplemental cash flow information Decrease in capital expenditures not paid $ ( 133 ) $ ( 25 ) See the Combined Notes to Consolidated Financial Statements 16 Table of Contents Commonwealth Edison Company and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 ASSETS Current assets Cash and cash equivalents $ 95 $ 159 Restricted cash and cash equivalents 487 454 Accounts receivable Customer accounts receivable 865 1,058 Customer allowance for credit losses ( 130 ) ( 115 ) Customer accounts receivable, net 735 943 Other accounts receivable 780 1,155 Other allowance for credit losses ( 27 ) ( 23 ) Other accounts receivable, net 753 1,132 Receivables from affiliates 7 5 Inventories, net 274 268 Regulatory assets 687 595 Other 189 217 Total current assets 3,227 3,773 Property, plant, and equipment (net of accumulated depreciation and amortization of $ 8,514 and $ 8,219 as of March 31, 2026 and December 31, 2025, respectively) 32,738 32,255 Deferred debits and other assets Regulatory assets 2,750 2,687 Goodwill 2,625 2,625 Receivable related to Regulatory Agreement Units 4,297 4,313 Investments 6 6 Prepaid pension asset 1,480 1,284 Other 1,355 1,342 Total deferred debits and other assets 12,513 12,257 Total assets $ 48,478 $ 48,285 See the Combined Notes to Consolidated Financial Statements 17 Table of Contents Commonwealth Edison Company and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Short-term borrowings $ 46 $ — Long-term debt due within one year 500 500 Accounts payable 927 1,033 Accrued expenses 369 474 Payables to affiliates 72 81 Customer deposits 214 192 Regulatory liabilities 603 846 Mark-to-market derivative liabilities 22 25 Other 295 288 Total current liabilities 3,048 3,439 Long-term debt 12,255 12,253 Long-term debt to financing trust 206 206 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 5,918 5,828 Regulatory liabilities 9,268 9,163 Asset retirement obligations 195 193 Non-pension postretirement benefit obligations 154 151 Mark-to-market derivative liabilities 111 106 Other 1,370 1,341 Total deferred credits and other liabilities 17,016 16,782 Total liabilities 32,525 32,680 Commitments and contingencies Shareholders’ equity Common stock 1,588 1,588 Other paid-in capital 11,275 11,019 Retained earnings 3,090 2,998 Total shareholders’ equity 15,953 15,605 Total liabilities and shareholders’ equity $ 48,478 $ 48,285 See the Combined Notes to Consolidated Financial Statements 18 Table of Contents Commonwealth Edison Company and Subsidiary Companies Consolidated Statements of Changes in Shareholders' Equity (Unaudited) Three Months Ended March 31, 2026 (In millions) Common Stock Other Paid-In Capital Retained Earnings Total Shareholders’ Equity Balance at December 31, 2025 $ 1,588 $ 11,019 $ 2,998 $ 15,605 Net income — — 310 310 Common stock dividends — — ( 218 ) ( 218 ) Contributions from parent — 256 — 256 Balance at March 31, 2026 $ 1,588 $ 11,275 $ 3,090 $ 15,953 Three Months Ended March 31, 2025 (In millions) Common Stock Other Paid-In Capital Retained Earnings Total Shareholders’ Equity Balance at December 31, 2024 $ 1,588 $ 10,628 $ 2,664 $ 14,880 Net income — — 302 302 Common stock dividends — — ( 203 ) ( 203 ) Contributions from parent — 87 — 87 Balance at March 31, 2025 $ 1,588 $ 10,715 $ 2,763 $ 15,066 See the Combined Notes to Consolidated Financial Statements 19 Table of Contents PECO Energy Company and Subsidiary Companies Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Operating revenues Electric operating revenues $ 1,073 $ 963 Natural gas operating revenues 410 376 Revenues from alternative revenue programs 5 ( 9 ) Operating revenues from affiliates 4 3 Total operating revenues 1,492 1,333 Operating expenses Purchased power 451 361 Purchased fuel 161 141 Operating and maintenance 271 266 Operating and maintenance from affiliates 66 61 Depreciation and amortization 121 109 Taxes other than income taxes 69 60 Total operating expenses 1,139 998 Operating income 353 335 Other income and (deductions) Interest expense, net ( 69 ) ( 59 ) Interest expense to affiliates, net ( 2 ) ( 4 ) Other, net 11 8 Total other income and (deductions) ( 60 ) ( 55 ) Income before income taxes 293 280 Income taxes 15 14 Net income $ 278 $ 266 Comprehensive income $ 278 $ 266 See the Combined Notes to Consolidated Financial Statements 20 Table of Contents PECO Energy Company and Subsidiary Companies Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Cash flows from operating activities Net income $ 278 $ 266 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization 121 109 Deferred income taxes and amortization of investment tax credits 278 ( 18 ) Other non-cash operating activities 34 54 Changes in assets and liabilities: Accounts receivable ( 87 ) ( 148 ) Receivables from and payables to affiliates, net 4 ( 4 ) Inventories 23 15 Accounts payable and accrued expenses ( 122 ) ( 25 ) Collateral (paid) received, net — 12 Income taxes ( 262 ) 32 Regulatory assets and liabilities, net ( 55 ) 27 Pension and non-pension postretirement benefit contributions ( 12 ) ( 9 ) Other assets and liabilities ( 120 ) ( 117 ) Net cash flows provided by operating activities 80 194 Cash flows from investing activities Capital expenditures ( 469 ) ( 424 ) Changes in Exelon intercompany money pool ( 5 ) — Other investing activities ( 1 ) 2 Net cash flows used in investing activities ( 475 ) ( 422 ) Cash flows from financing activities Changes in short-term borrowings — ( 192 ) Dividends paid on common stock ( 137 ) ( 137 ) Contributions from parent 567 563 Net cash flows provided by financing activities 430 234 Increase in cash, restricted cash, and cash equivalents 35 6 Cash, restricted cash, and cash equivalents at beginning of period 116 48 Cash, restricted cash, and cash equivalents at end of period $ 151 $ 54 Supplemental cash flow information Decrease in capital expenditures not paid $ ( 33 ) $ ( 20 ) See the Combined Notes to Consolidated Financial Statements 21 Table of Contents PECO Energy Company and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 ASSETS Current assets Cash and cash equivalents $ 151 $ 116 Accounts receivable Customer accounts receivable 861 811 Customer allowance for credit losses ( 160 ) ( 137 ) Customer accounts receivable, net 701 674 Other accounts receivable 178 144 Other allowance for credit losses ( 22 ) ( 18 ) Other accounts receivable, net 156 126 Receivables from affiliates 2 — Fossil fuel 16 43 Materials and supplies 87 83 Prepaid utility taxes 127 2 Prepaid renewable energy credits 80 55 Regulatory assets 128 72 Other 29 32 Total current assets 1,477 1,203 Property, plant, and equipment (net of accumulated depreciation and amortization of $ 4,211 and $ 4,131 as of March 31, 2026 and December 31, 2025, respectively) 16,245 15,922 Deferred debits and other assets Regulatory assets 1,351 1,275 Receivable related to Regulatory Agreement Units 533 442 Investments 45 45 Prepaid pension asset 450 441 Other 92 34 Total deferred debits and other assets 2,471 2,237 Total assets $ 20,193 $ 19,362 See the Combined Notes to Consolidated Financial Statements 22 Table of Contents PECO Energy Company and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities Accounts payable $ 758 $ 811 Accrued expenses 132 483 Payables to affiliates 41 35 Customer deposits 97 93 Renewable energy credit obligations 81 56 Regulatory liabilities 138 140 Other 42 40 Total current liabilities 1,289 1,658 Long-term debt 6,397 6,396 Long-term debt to financing trusts 184 184 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 2,944 2,594 Regulatory liabilities 539 449 Asset retirement obligations 26 26 Non-pension postretirement benefit obligations 288 286 Other 158 109 Total deferred credits and other liabilities 3,955 3,464 Total liabilities 11,825 11,702 Commitments and contingencies Shareholder’s equity Common stock 5,789 5,222 Retained earnings 2,579 2,438 Total shareholder’s equity 8,368 7,660 Total liabilities and shareholder's equity $ 20,193 $ 19,362 See the Combined Notes to Consolidated Financial Statements 23 Table of Contents PECO Energy Company and Subsidiary Companies Consolidated Statements of Changes in Shareholders' Equity (Unaudited) Three Months Ended March 31, 2026 (In millions) Common Stock Retained Earnings Total Shareholder's Equity Balance at December 31, 2025 $ 5,222 $ 2,438 $ 7,660 Net income — 278 278 Common stock dividends — ( 137 ) ( 137 ) Contributions from parent 567 — 567 Balance at March 31, 2026 $ 5,789 $ 2,579 $ 8,368 Three Months Ended March 31, 2025 (In millions) Common Stock Retained Earnings Total Shareholder's Equity Balance at December 31, 2024 $ 4,645 $ 2,170 $ 6,815 Net income — 266 266 Common stock dividends — ( 137 ) ( 137 ) Contributions from parent 563 — 563 Balance at March 31, 2025 $ 5,208 $ 2,299 $ 7,507 See the Combined Notes to Consolidated Financial Statements 24 Table of Contents Baltimore Gas and Electric Company Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Operating revenues Electric operating revenues $ 1,257 $ 1,021 Natural gas operating revenues 590 560 Revenues from alternative revenue programs ( 22 ) ( 29 ) Operating revenues from affiliates 3 2 Total operating revenues 1,828 1,554 Operating expenses Purchased power 630 450 Purchased fuel 178 159 Operating and maintenance 260 242 Operating and maintenance from affiliates 67 63 Depreciation and amortization 167 164 Taxes other than income taxes 104 96 Total operating expenses 1,406 1,174 Operating income 422 380 Other income and (deductions) Interest expense, net ( 62 ) ( 58 ) Other, net 17 9 Total other income and (deductions) ( 45 ) ( 49 ) Income before income taxes 377 331 Income taxes 79 71 Net income $ 298 $ 260 Comprehensive income $ 298 $ 260 See the Combined Notes to Consolidated Financial Statements 25 Table of Contents Baltimore Gas and Electric Company Statements of Cash Flows (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Cash flows from operating activities Net income $ 298 $ 260 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization 167 164 Deferred income taxes and amortization of investment tax credits 191 35 Other non-cash operating activities 44 55 Changes in assets and liabilities: Accounts receivable ( 134 ) ( 153 ) Receivables from and payables to affiliates, net ( 7 ) ( 10 ) Inventories 16 20 Accounts payable and accrued expenses ( 63 ) ( 15 ) Collateral received, net 4 1 Income taxes ( 111 ) 36 Regulatory assets and liabilities, net 71 14 Pension and non-pension postretirement benefit contributions ( 40 ) ( 34 ) Other assets and liabilities 71 49 Net cash flows provided by operating activities 507 422 Cash flows from investing activities Capital expenditures ( 437 ) ( 406 ) Other investing activities 4 3 Net cash flows used in investing activities ( 433 ) ( 403 ) Cash flows from financing activities Changes in short-term borrowings — 62 Dividends paid on common stock ( 114 ) ( 98 ) Net cash flows used in financing activities ( 114 ) ( 36 ) Decrease in cash, restricted cash, and cash equivalents ( 40 ) ( 17 ) Cash, restricted cash, and cash equivalents at beginning of period 220 34 Cash, restricted cash, and cash equivalents at end of period $ 180 $ 17 Supplemental cash flow information Decrease in capital expenditures not paid $ ( 95 ) $ ( 48 ) See the Combined Notes to Consolidated Financial Statements 26 Table of Contents Baltimore Gas and Electric Company Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 ASSETS Current assets Cash and cash equivalents $ 173 $ 217 Restricted cash and cash equivalents 7 3 Accounts receivable Customer accounts receivable 1,012 887 Customer allowance for credit losses ( 101 ) ( 68 ) Customer accounts receivable, net 911 819 Other accounts receivable 116 100 Other allowance for credit losses ( 4 ) ( 4 ) Other accounts receivable, net 112 96 Receivables from affiliates 1 1 Inventories, net Fossil fuel 15 36 Materials and supplies 78 74 Prepaid utility taxes 64 126 Regulatory assets 90 175 Prepaid renewable energy credits 50 189 Other 18 14 Total current assets 1,519 1,750 Property, plant, and equipment (net of accumulated depreciation and amortization of $ 5,351 and $ 5,234 as of March 31, 2026 and December 31, 2025, respectively) 14,593 14,385 Deferred debits and other assets Regulatory assets 787 804 Investments 11 10 Prepaid pension asset 221 194 Other 40 41 Total deferred debits and other assets 1,059 1,049 Total assets $ 17,171 $ 17,184 See the Combined Notes to Consolidated Financial Statements 27 Table of Contents Baltimore Gas and Electric Company Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities Long-term debt due within one year $ 350 $ 350 Accounts payable 470 640 Accrued expenses 252 352 Payables to affiliates 32 39 Customer deposits 126 125 Regulatory liabilities 45 31 Renewable energy credit obligations 54 194 Other 57 39 Total current liabilities 1,386 1,770 Long-term debt 5,692 5,691 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 2,464 2,242 Regulatory liabilities 565 595 Asset retirement obligations 36 36 Non-pension postretirement benefit obligations 138 144 Other 104 104 Total deferred credits and other liabilities 3,307 3,121 Total liabilities 10,385 10,582 Commitments and contingencies Shareholder's equity Common stock 4,014 4,014 Retained earnings 2,772 2,588 Total shareholder's equity 6,786 6,602 Total liabilities and shareholder's equity $ 17,171 $ 17,184 See the Combined Notes to Consolidated Financial Statements 28 Table of Contents Baltimore Gas and Electric Company Statements of Changes in Shareholder's Equity (Unaudited) Three Months Ended March 31, 2026 (In millions) Common Stock Retained Earnings Total Shareholder's Equity Balance at December 31, 2025 $ 4,014 $ 2,588 $ 6,602 Net income — 298 298 Common stock dividends — ( 114 ) ( 114 ) Balance at March 31, 2026 $ 4,014 $ 2,772 $ 6,786 Three Months Ended March 31, 2025 (In millions) Common Stock Retained Earnings Total Shareholder's Equity Balance at December 31, 2024 $ 3,483 $ 2,403 $ 5,886 Net income — 260 260 Common stock dividends — ( 98 ) ( 98 ) Balance at March 31, 2025 $ 3,483 $ 2,565 $ 6,048 See the Combined Notes to Consolidated Financial Statements 29 Table of Contents Pepco Holdings LLC and Subsidiary Companies Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Operating revenues Electric operating revenues $ 1,934 $ 1,691 Natural gas operating revenues 116 88 Revenues from alternative revenue programs ( 23 ) ( 3 ) Operating revenues from affiliates 3 2 Total operating revenues 2,030 1,778 Operating expenses Purchased power 850 684 Purchased fuel 55 38 Operating and maintenance 365 296 Operating and maintenance from affiliates 59 53 Depreciation and amortization 246 234 Taxes other than income taxes 151 140 Total operating expenses 1,726 1,445 Loss on sale of assets — ( 1 ) Operating income 304 332 Other income and (deductions) Interest expense, net ( 105 ) ( 99 ) Interest expense to affiliates, net ( 1 ) ( 1 ) Other, net 18 19 Total other income and (deductions) ( 88 ) ( 81 ) Income before income taxes 216 251 Income taxes 47 57 Net income $ 169 $ 194 Comprehensive income $ 169 $ 194 See the Combined Notes to Consolidated Financial Statements 30 Table of Contents Pepco Holdings LLC and Subsidiary Companies Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Cash flows from operating activities Net income $ 169 $ 194 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 246 234 Loss on sales of assets — 1 Deferred income taxes and amortization of investment tax credits 92 32 Other non-cash operating activities 86 69 Changes in assets and liabilities: Accounts receivable 62 6 Receivables from and payables to affiliates, net ( 28 ) ( 9 ) Inventories ( 9 ) ( 24 ) Accounts payable and accrued expenses ( 54 ) ( 84 ) Collateral (paid) received, net ( 10 ) 27 Income taxes ( 45 ) 25 Regulatory assets and liabilities, net 9 ( 14 ) Pension and non-pension postretirement benefit contributions ( 52 ) ( 42 ) Other assets and liabilities 10 ( 13 ) Net cash flows provided by operating activities 476 402 Cash flows from investing activities Capital expenditures ( 558 ) ( 513 ) Net cash flows used in investing activities ( 558 ) ( 513 ) Cash flows from financing activities Changes in short-term borrowings ( 493 ) ( 530 ) Issuance of long-term debt 345 425 Changes in Exelon intercompany money pool 40 11 Distributions to member ( 139 ) ( 132 ) Contributions from member 275 352 Other financing activities ( 7 ) ( 8 ) Net cash flows provided by financing activities 21 118 (Decrease) increase in cash, restricted cash, and cash equivalents ( 61 ) 7 Cash, restricted cash, and cash equivalents at beginning of period 141 163 Cash, restricted cash, and cash equivalents at end of period $ 80 $ 170 Supplemental cash flow information Decrease in capital expenditures not paid $ ( 117 ) $ ( 109 ) See the Combined Notes to Consolidated Financial Statements 31 Table of Contents Pepco Holdings LLC and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 ASSETS Current assets Cash and cash equivalents $ 49 $ 103 Restricted cash and cash equivalents 31 38 Accounts receivable Customer accounts receivable 897 975 Customer allowance for credit losses ( 131 ) ( 115 ) Customer accounts receivable, net 766 860 Other accounts receivable 319 292 Other allowance for credit losses ( 49 ) ( 49 ) Other accounts receivable, net 270 243 Receivables from affiliates 15 14 Inventories, net Fossil fuel 4 9 Materials and supplies 371 357 Prepaid utility taxes 43 77 Regulatory assets 302 352 Prepaid renewable energy credits 59 201 Other 46 34 Total current assets 1,956 2,288 Property, plant, and equipment (net of accumulated depreciation and amortization of $ 4,529 and $ 4,350 as of March 31, 2026 and December 31, 2025, respectively) 21,605 21,377 Deferred debits and other assets Regulatory assets 1,560 1,556 Goodwill 4,005 4,005 Investments 159 158 Prepaid pension asset 227 199 Other 145 132 Total deferred debits and other assets 6,096 6,050 Total assets $ 29,657 $ 29,715 See the Combined Notes to Consolidated Financial Statements 32 Table of Contents Pepco Holdings LLC and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 LIABILITIES AND MEMBER'S EQUITY Current liabilities Short-term borrowings $ 119 $ 612 Long-term debt due within one year 75 64 Accounts payable 707 816 Accrued expenses 277 359 Payables to affiliates 44 71 Borrowings from Exelon intercompany money pool 120 80 Customer deposits 128 123 Regulatory liabilities 115 103 Unamortized energy contract liabilities 5 5 Renewable energy credit obligations 87 223 Other 102 121 Total current liabilities 1,779 2,577 Long-term debt 9,853 9,526 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 3,500 3,391 Regulatory liabilities 726 722 Asset retirement obligations 60 62 Non-pension postretirement benefit obligations 20 24 Unamortized energy contract liabilities 15 16 Other 420 418 Total deferred credits and other liabilities 4,741 4,633 Total liabilities 16,373 16,736 Commitments and contingencies Member's equity Membership interest 13,405 13,130 Undistributed losses ( 121 ) ( 151 ) Total member's equity 13,284 12,979 Total liabilities and member's equity $ 29,657 $ 29,715 See the Combined Notes to Consolidated Financial Statements 33 Table of Contents Pepco Holdings LLC and Subsidiary Companies Consolidated Statements of Changes in Member's Equity (Unaudited) Three Months Ended March 31, 2026 (In millions) Membership Interest Undistributed (Losses)/Gains Total Member's Equity Balance at December 31, 2025 $ 13,130 $ ( 151 ) $ 12,979 Net income — 169 169 Distributions to member — ( 139 ) ( 139 ) Contributions from member 275 — 275 Balance at March 31, 2026 $ 13,405 $ ( 121 ) $ 13,284 Three Months Ended March 31, 2025 (In millions) Membership Interest Undistributed (Losses)/Gains Total Member's Equity Balance at December 31, 2024 $ 12,562 $ ( 240 ) $ 12,322 Net income — 194 194 Distributions to member — ( 132 ) ( 132 ) Contributions from member 352 — 352 Balance at March 31, 2025 $ 12,914 $ ( 178 ) $ 12,736 See the Combined Notes to Consolidated Financial Statements 34 Table of Contents Potomac Electric Power Company Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Operating revenues Electric operating revenues $ 986 $ 855 Revenues from alternative revenue programs 1 2 Operating revenues from affiliates 2 2 Total operating revenues 989 859 Operating expenses Purchased power 411 318 Operating and maintenance 151 96 Operating and maintenance from affiliates 67 63 Depreciation and amortization 114 105 Taxes other than income taxes 118 113 Total operating expenses 861 695 Loss on sale of assets — ( 1 ) Operating income 128 163 Other income and (deductions) Interest expense, net ( 55 ) ( 52 ) Other, net 11 11 Total other income and (deductions) ( 44 ) ( 41 ) Income before income taxes 84 122 Income taxes 16 25 Net income $ 68 $ 97 Comprehensive income $ 68 $ 97 See the Combined Notes to Consolidated Financial Statements 35 Table of Contents Potomac Electric Power Company Statements Of Cash Flows (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Cash flows from operating activities Net income $ 68 $ 97 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 114 105 Loss on sales of assets — 1 Deferred income taxes and amortization of investment tax credits 44 10 Other non-cash operating activities 27 12 Changes in assets and liabilities: Accounts receivable 24 ( 14 ) Receivables from and payables to affiliates, net ( 6 ) ( 2 ) Inventories ( 14 ) ( 20 ) Accounts payable and accrued expenses 4 ( 28 ) Collateral (paid) received, net ( 12 ) 10 Income taxes ( 28 ) 15 Regulatory assets and liabilities, net 35 13 Pension and non-pension postretirement benefit contributions ( 4 ) ( 4 ) Other assets and liabilities 6 ( 3 ) Net cash flows provided by operating activities 258 192 Cash flows from investing activities Capital expenditures ( 285 ) ( 240 ) Net cash flows used in investing activities ( 285 ) ( 240 ) Cash flows from financing activities Changes in short-term borrowings ( 230 ) ( 200 ) Issuance of long-term debt 170 200 Dividends paid on common stock ( 64 ) ( 66 ) Contributions from parent 139 157 Other financing activities ( 3 ) ( 5 ) Net cash flows provided by financing activities 12 86 (Decrease) increase in cash, restricted cash, and cash equivalents ( 15 ) 38 Cash, restricted cash, and cash equivalents at beginning of period 55 51 Cash, restricted cash, and cash equivalents at end of period $ 40 $ 89 Supplemental cash flow information Decrease in capital expenditures not paid $ ( 83 ) $ ( 49 ) See the Combined Notes to Consolidated Financial Statements 36 Table of Contents Potomac Electric Power Company Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 ASSETS Current assets Cash and cash equivalents $ 20 $ 22 Restricted cash and cash equivalents 20 33 Accounts receivable Customer accounts receivable 454 484 Customer allowance for credit losses ( 76 ) ( 69 ) Customer accounts receivable, net 378 415 Other accounts receivable 173 154 Other allowance for credit losses ( 26 ) ( 26 ) Other accounts receivable, net 147 128 Receivables from affiliates 1 — Inventories, net 188 174 Regulatory assets 145 182 Prepaid renewable energy credits 49 171 Other 40 59 Total current assets 988 1,184 Property, plant, and equipment (net of accumulated depreciation and amortization of $ 4,861 and $ 4,784 as of March 31, 2026 and December 31, 2025, respectively) 10,850 10,747 Deferred debits and other assets Regulatory assets 400 405 Investments 142 141 Prepaid pension asset 189 194 Other 63 57 Total deferred debits and other assets 794 797 Total assets $ 12,632 $ 12,728 See the Combined Notes to Consolidated Financial Statements 37 Table of Contents Potomac Electric Power Company Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities Short-term borrowings $ 73 $ 303 Long-term debt due within one year 7 6 Accounts payable 352 418 Accrued expenses 149 173 Payables to affiliates 32 37 Customer deposits 64 61 Regulatory liabilities 13 13 Renewable energy credit obligations 50 174 Other 62 84 Total current liabilities 802 1,269 Long-term debt 4,795 4,626 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 1,658 1,604 Regulatory liabilities 271 268 Asset retirement obligations 42 45 Other 219 214 Total deferred credits and other liabilities 2,190 2,131 Total liabilities 7,787 8,026 Commitments and contingencies Shareholder's equity Common stock 3,667 3,528 Retained earnings 1,178 1,174 Total shareholder's equity 4,845 4,702 Total liabilities and shareholder's equity $ 12,632 $ 12,728 See the Combined Notes to Consolidated Financial Statements 38 Table of Contents Potomac Electric Power Company Statements Of Changes In Shareholder's Equity (Unaudited) Three Months Ended March 31, 2026 (In millions) Common Stock Retained Earnings Total Shareholder's Equity Balance at December 31, 2025 $ 3,528 $ 1,174 $ 4,702 Net income — 68 68 Common stock dividends — ( 64 ) ( 64 ) Contributions from parent 139 — 139 Balance at March 31, 2026 $ 3,667 $ 1,178 $ 4,845 Three Months Ended March 31, 2025 (In millions) Common Stock Retained Earnings Total Shareholder's Equity Balance at December 31, 2024 $ 3,335 $ 1,100 $ 4,435 Net income — 97 97 Common stock dividends — ( 66 ) ( 66 ) Contributions from parent 157 — 157 Balance at March 31, 2025 $ 3,492 $ 1,131 $ 4,623 See the Combined Notes to Consolidated Financial Statements 39 Table of Contents Delmarva Power & Light Company Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Operating revenues Electric operating revenues $ 510 $ 463 Natural gas operating revenues 116 88 Revenues from alternative revenue programs ( 6 ) ( 5 ) Operating revenues from affiliates 2 2 Total operating revenues 622 548 Operating expenses Purchased power 234 209 Purchased fuel 55 38 Operating and maintenance 71 60 Operating and maintenance from affiliates 47 46 Depreciation and amortization 66 63 Taxes other than income taxes 26 21 Total operating expenses 499 437 Operating income 123 111 Other income and (deductions) Interest expense, net ( 27 ) ( 25 ) Other, net 4 4 Total other income and (deductions) ( 23 ) ( 21 ) Income before income taxes 100 90 Income taxes 23 21 Net income $ 77 $ 69 Comprehensive income $ 77 $ 69 See the Combined Notes to Consolidated Financial Statements 40 Table of Contents Delmarva Power & Light Company Statements Of Cash Flows (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Cash flows from operating activities Net income $ 77 $ 69 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization 66 63 Deferred income taxes and amortization of investment tax credits 26 9 Other non-cash operating activities 19 21 Changes in assets and liabilities: Accounts receivable 24 ( 1 ) Receivables from and payables to affiliates, net — ( 4 ) Inventories 6 ( 4 ) Accounts payable and accrued expenses ( 29 ) ( 9 ) Collateral received, net 7 9 Income taxes ( 3 ) 13 Regulatory assets and liabilities, net 3 2 Pension and non-pension postretirement benefit contributions ( 1 ) — Other assets and liabilities 10 7 Net cash flows provided by operating activities 205 175 Cash flows from investing activities Capital expenditures ( 147 ) ( 156 ) Changes in PHI intercompany money pool — ( 12 ) Net cash flows used in investing activities ( 147 ) ( 168 ) Cash flows from financing activities Changes in short-term borrowings ( 115 ) ( 144 ) Issuance of long-term debt 75 125 Dividends paid on common stock ( 50 ) ( 46 ) Contributions from parent 45 99 Other financing activities ( 3 ) ( 3 ) Net cash flows (used in) provided by financing activities ( 48 ) 31 Increase in cash, restricted cash, and cash equivalents 10 38 Cash, restricted cash, and cash equivalents at beginning of period 12 23 Cash, restricted cash, and cash equivalents at end of period $ 22 $ 61 Supplemental cash flow information Decrease in capital expenditures not paid $ ( 25 ) $ ( 47 ) See the Combined Notes to Consolidated Financial Statements 41 Table of Contents Delmarva Power & Light Company Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 ASSETS Current assets Cash and cash equivalents $ 12 $ 9 Restricted cash and cash equivalents 10 3 Accounts receivable Customer accounts receivable 228 253 Customer allowance for credit losses ( 24 ) ( 19 ) Customer accounts receivable, net 204 234 Other accounts receivable 73 75 Other allowance for credit losses ( 11 ) ( 10 ) Other accounts receivable, net 62 65 Receivables from affiliates 2 2 Inventories, net Fossil fuel 5 9 Materials and supplies 105 107 Prepaid utility taxes 16 29 Regulatory assets 78 72 Prepaid renewable energy credits 10 30 Other 20 13 Total current assets 524 573 Property, plant, and equipment (net of accumulated depreciation and amortization of $ 2,289 and $ 2,241 as of March 31, 2026 and December 31, 2025, respectively) 5,921 5,855 Deferred debits and other assets Regulatory assets 208 214 Other 145 147 Total deferred debits and other assets 353 361 Total assets $ 6,798 $ 6,789 See the Combined Notes to Consolidated Financial Statements 42 Table of Contents Delmarva Power & Light Company Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities Short-term borrowings $ 46 $ 161 Long-term debt due within one year 63 53 Accounts payable 163 218 Accrued expenses 66 70 Payables to affiliates 25 25 Customer deposits 37 36 Regulatory liabilities 49 42 Renewable energy credit obligations 37 49 Other 29 22 Total current liabilities 515 676 Long-term debt 2,358 2,291 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 1,028 996 Regulatory liabilities 318 316 Asset retirement obligations 13 12 Other 123 127 Total deferred credits and other liabilities 1,482 1,451 Total liabilities 4,355 4,418 Commitments and contingencies Shareholder's equity Common stock 1,767 1,722 Retained earnings 676 649 Total shareholder's equity 2,443 2,371 Total liabilities and shareholder's equity $ 6,798 $ 6,789 See the Combined Notes to Consolidated Financial Statements 43 Table of Contents Delmarva Power & Light Company Statements Of Changes In Shareholder's Equity (Unaudited) Three Months Ended March 31, 2026 (In millions) Common Stock Retained Earnings Total Shareholder's Equity Balance at December 31, 2025 $ 1,722 $ 649 $ 2,371 Net income — 77 77 Common stock dividends — ( 50 ) ( 50 ) Contributions from parent 45 — 45 Balance at March 31, 2026 $ 1,767 $ 676 $ 2,443 Three Months Ended March 31, 2025 (In millions) Common Stock Retained Earnings Total Shareholder's Equity Balance at December 31, 2024 $ 1,615 $ 627 $ 2,242 Net income — 69 69 Common stock dividends — ( 46 ) ( 46 ) Contributions from parent 99 — 99 Balance at March 31, 2025 $ 1,714 $ 650 $ 2,364 See the Combined Notes to Consolidated Financial Statements 44 Table of Contents Atlantic City Electric Company and Subsidiary Company Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Operating revenues Electric operating revenues $ 438 $ 372 Revenues from alternative revenue programs ( 18 ) — Operating revenues from affiliates 1 1 Total operating revenues 421 373 Operating expenses Purchased power 205 157 Operating and maintenance 50 51 Operating and maintenance from affiliates 43 39 Depreciation and amortization 65 64 Taxes other than income taxes 2 2 Total operating expenses 365 313 Operating income 56 60 Other income and (deductions) Interest expense, net ( 22 ) ( 21 ) Other, net 2 3 Total other income and (deductions) ( 20 ) ( 18 ) Income before income taxes 36 42 Income taxes 9 11 Net income $ 27 $ 31 Comprehensive income $ 27 $ 31 See the Combined Notes to Consolidated Financial Statements 45 Table of Contents Atlantic City Electric Company and Subsidiary Company Statements Of Cash Flows (Unaudited) Three Months Ended March 31, (In millions) 2026 2025 Cash flows from operating activities Net income $ 27 $ 31 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization 65 64 Deferred income taxes and amortization of investment tax credits 30 8 Other non-cash operating activities 34 25 Changes in assets and liabilities: Accounts receivable 15 21 Receivables from and payables to affiliates, net ( 4 ) ( 2 ) Inventories ( 2 ) — Accounts payable and accrued expenses ( 1 ) ( 8 ) Collateral (paid) received, net ( 5 ) 6 Income taxes ( 21 ) 3 Regulatory assets and liabilities, net ( 32 ) ( 28 ) Pension and non-pension postretirement benefit contributions ( 13 ) ( 3 ) Other assets and liabilities 1 ( 5 ) Net cash flows provided by operating activities 94 112 Cash flows from investing activities Capital expenditures ( 122 ) ( 105 ) Net cash flows used in investing activities ( 122 ) ( 105 ) Cash flows from financing activities Changes in short-term borrowings ( 148 ) ( 186 ) Issuance of long-term debt 100 100 Changes in PHI intercompany money pool — 12 Dividends paid on common stock ( 25 ) ( 20 ) Contributions from parent 91 94 Other financing activities ( 1 ) ( 2 ) Net cash flows provided by (used in) financing activities 17 ( 2 ) (Decrease) increase in cash and cash equivalents ( 11 ) 5 Cash and cash equivalents at beginning of period 24 14 Cash and cash equivalents at end of period $ 13 $ 19 Supplemental cash flow information Decrease in capital expenditures not paid $ ( 8 ) $ ( 12 ) See the Combined Notes to Consolidated Financial Statements 46 Table of Contents Atlantic City Electric Company and Subsidiary Company Consolidated Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 ASSETS Current assets Cash and cash equivalents $ 12 $ 22 Restricted cash and cash equivalents 1 2 Accounts receivable Customer accounts receivable 216 239 Customer allowance for credit losses ( 31 ) ( 27 ) Customer accounts receivable, net 185 212 Other accounts receivable 80 64 Other allowance for credit losses ( 12 ) ( 13 ) Other accounts receivable, net 68 51 Receivables from affiliates 12 12 Inventories, net 78 76 Regulatory assets 74 93 Other 8 8 Total current assets 438 476 Property, plant, and equipment (net of accumulated depreciation and amortization of $ 2,003 and $ 1,956 as of March 31, 2026 and December 31, 2025, respectively) 4,615 4,556 Deferred debits and other assets Regulatory assets 582 559 Other 50 41 Total deferred debits and other assets 632 600 Total assets $ 5,685 $ 5,632 See the Combined Notes to Consolidated Financial Statements 47 Table of Contents Atlantic City Electric Company and Subsidiary Company Consolidated Balance Sheets (Unaudited) (In millions) March 31, 2026 December 31, 2025 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities Short-term borrowings $ — $ 148 Long-term debt due within one year 5 5 Accounts payable 180 168 Accrued expenses 43 64 Payables to affiliates 20 24 Customer deposits 26 26 Regulatory liabilities 52 48 Other 9 13 Total current liabilities 335 496 Long-term debt 2,128 2,028 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 900 869 Regulatory liabilities 135 137 Other 66 74 Total deferred credits and other liabilities 1,101 1,080 Total liabilities 3,564 3,604 Commitments and contingencies Shareholder's equity Common stock 2,104 2,013 Retained earnings 17 15 Total shareholder's equity 2,121 2,028 Total liabilities and shareholder's equity $ 5,685 $ 5,632 See the Combined Notes to Consolidated Financial Statements 48 Table of Contents Atlantic City Electric Company and Subsidiary Company Consolidated Statements Of Changes In Shareholder's Equity (Unaudited) Three Months Ended March 31, 2026 (In millions) Common Stock Retained (Deficit) Earnings Total Shareholder's Equity Balance at December 31, 2025 $ 2,013 $ 15 $ 2,028 Net income — 27 27 Common stock dividends — ( 25 ) ( 25 ) Contributions from parent 91 — 91 Balance at March 31, 2026 $ 2,104 $ 17 $ 2,121 Three Months Ended March 31, 2025 (In millions) Common Stock Retained (Deficit) Earnings Total Shareholder's Equity Balance at December 31, 2024 $ 1,915 $ 10 $ 1,925 Net income — 31 31 Common stock dividends — ( 20 ) ( 20 ) Contributions from parent 94 — 94 Balance at March 31, 2025 $ 2,009 $ 21 $ 2,030 See the Combined Notes to Consolidated Financial Statements 49 Table of Contents Combined Notes to Consolidated Financial Statements (Dollars in millions, except per share data, unless otherwise noted) Note 1 — Significant Accounting Policies 1. Significant Accounting Policies (All Registrants) Description of Business (All Registrants) Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through ComEd, PECO, BGE, Pepco, DPL, and ACE. Name of Registrant Business Service Territories Commonwealth Edison Company Purchase and regulated retail sale of electricity Northern Illinois, including the City of Chicago (and, through its subsidiary ComEd of Indiana, transmission in a small portion of northwestern Indiana) Transmission and distribution of electricity to retail customers PECO Energy Company Purchase and regulated retail sale of electricity and natural gas Southeastern Pennsylvania, including the City of Philadelphia (electricity) Transmission and distribution of electricity and distribution of natural gas to retail customers Pennsylvania counties surrounding the City of Philadelphia (natural gas) Baltimore Gas and Electric Company Purchase and regulated retail sale of electricity and natural gas Central Maryland, including the City of Baltimore (electricity and natural gas) Transmission and distribution of electricity and distribution of natural gas to retail customers Pepco Holdings LLC Utility services holding company engaged, through its reportable segments Pepco, DPL, and ACE Service Territories of Pepco, DPL, and ACE Potomac Electric Power Company Purchase and regulated retail sale of electricity District of Columbia, and major portions of Montgomery and Prince George’s Counties, Maryland Transmission and distribution of electricity to retail customers Delmarva Power & Light Company Purchase and regulated retail sale of electricity and natural gas Portions of Delaware and Maryland (electricity) Transmission and distribution of electricity and distribution of natural gas to retail customers Portions of New Castle County, Delaware (natural gas) Atlantic City Electric Company Purchase and regulated retail sale of electricity Portions of Southern New Jersey Transmission and distribution of electricity to retail customers Prior Period Adjustments (ACE) In the first quarter of 2026, management identified an error in the historical rate classification for a limited number of ACE customers that resulted in the overstatement of Regulatory assets and Revenues from alternative revenue programs. Management has concluded that the error was not material to previously issued or to the current period financial statements. The impact of the error correction recognized in the first quarter of 2026 was a $ 14 million decrease to ACE’s Revenues from alternative revenue programs, a $ 4 million decrease to Income taxes, and a corresponding decrease of $ 14 million in Regulatory assets. The overall impact on ACE’s Operating income was a decrease of $ 14 million, and the impact on ACE’s Net income was $ 10 million. The error did not impact any net cash flow subtotal for the three months ended March 31, 2026. Basis of Presentation (All Registrants) This is a combined quarterly report of all Registrants. The Notes to the Consolidated Financial Statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. When appropriate, the Registrants are named specifically for their related activities and disclosures. Each of the Registrants' Consolidated Financial Statements includes the accounts of its subsidiaries. All intercompany transactions have been eliminated. Through its business services subsidiary, BSC, Exelon provides its subsidiaries with a variety of support services at cost, including legal, human resources, financial, information technology, and supply management services. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services at cost, including legal, finance, engineering, customer operations, transmission and distribution planning, asset management, system operations, and power procurement, to PHI operating Registrants. The costs of BSC and 50 Table of Contents Combined Notes to Consolidated Financial Statements (Dollars in millions, except per share data, unless otherwise noted) Note 1 — Significant Accounting Policies PHISCO are directly charged or allocated to the applicable subsidiaries. The results of Exelon’s corporate operations are presented as “Other” within the consolidated financial statements and include intercompany eliminations unless otherwise disclosed. The accompanying consolidated financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 are unaudited but, in the opinion of each Registrant's management, the Registrants include all adjustments that are considered necessary for a fair statement of the Registrants’ respective financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The December 31, 2025 Consolidated Balance Sheets were derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Additionally, financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2026. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. New Accounting Standards (All Registrants) New Accounting Standards Issued and Not Yet Adopted as of March 31, 2026: The following new authoritative accounting guidance issued by the FASB has not yet been adopted and reflected by the Registrants in their consolidated financial statements as of March 31, 2026. Unless otherwise indicated, the Registrants are currently assessing the impacts such guidance may have (which could be material) in their Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Cash Flows and disclosures, as well as the potential to early adopt where applicable. The Registrants have assessed other FASB issuances of new standards which are not listed below given the current expectation that such standards will not significantly impact the Registrants' financial reporting. Disaggregation of Income Statement Expenses (Issued November 2024) . Provides additional disclosure requirements related to relevant expense captions of income statement expense line items. The revised guidance requires a new tabular disclosure of disaggregated income statement expenses including a break out of (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, (5) depreciation, depletion, and amortization recognized as part of oil and gas producing activities included in each relevant expense line item on the income statement. The tabular disaggregation should include certain amounts already required to be disclosed under GAAP elsewhere. Any remaining amounts not separately disaggregated quantitatively should include a qualitative description. Additionally, on an annual basis, the standard requires disclosure of management’s definition of selling expenses and the amount of expense. The standard is effective January 1, 2027, with early adoption permitted. 2. Regulatory Matters (All Registrants) As discussed in Note 2 — Regulatory Matters of the 2025 Form 10-K, the Registrants are involved in rate and regulatory proceedings at FERC and their state commissions. The following discusses developments in 2026 and updates to the 2025 Form 10-K. 51 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 2 — Regulatory Matters Distribution Base Rate Case Proceedings The following tables show the completed and pending distribution base rate case proceedings in 2026. Completed Distribution Base Rate Case Proceedings Registrant/Jurisdiction Filing Date Service Requested Revenue Requirement Increase Approved Revenue Requirement Increase Approved ROE Approval Date Rate Effective Date ComEd - Illinois January 17, 2023 Electric $ 1,487 $ 1,045 8.905 % December 19, 2024 January 1, 2024 April 26, 2024 (amended on September 11, 2024) Electric $ 624 $ 623 9.89 % October 31, 2024 January 1, 2025 PECO - Pennsylvania March 28, 2024 Electric $ 464 $ 354 N/A December 12, 2024 January 1, 2025 Natural Gas $ 111 $ 78 BGE - Maryland February 17, 2023 Electric $ 313 $ 179 9.50 % December 14, 2023 January 1, 2024 Natural Gas $ 289 $ 229 9.45 % Pepco - District of Columbia April 13, 2023 (amended February 27, 2024) Electric $ 186 $ 123 9.50 % November 26, 2024 January 1, 2025 Pepco - Maryland May 16, 2023 (amended February 23, 2024) Electric $ 111 $ 45 9.50 % June 10, 2024 April 1, 2024 DPL - Maryland May 19, 2022 Electric $ 38 $ 29 9.60 % December 14, 2022 January 1, 2023 DPL - Delaware December 15, 2022 (amended September 29, 2023) Electric $ 39 $ 28 9.60 % April 18, 2024 July 15, 2023 September 20, 2024 (amended September 5, 2025) Natural Gas $ 37 $ 22 9.60 % December 17, 2025 January 1, 2026 ACE - New Jersey November 21, 2024 Electric $ 109 $ 54 9.60 % November 21, 2025 December 1, 2025 Pending Distribution Base Rate Case Proceedings Registrant/Jurisdiction Filing Date Service Requested Revenue Requirement Increase Requested ROE Expected Approval Timing Pepco - Maryland (a) October 14, 2025 (amended April 16, 2026) Electric $ 120 10.50 % Third quarter of 2026 DPL - Delaware (b) December 9, 2025 Electric $ 45 10.50 % Third quarter of 2027 __________ (a) On April 14, 2026, Pepco notified the MDPSC of pursuing a traditional base rate case. (b) DPL can implement interim rates on July 9, 2026, subject to refund. 52 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 2 — Regulatory Matters ComEd Distribution Base Rate Case Proceedings The ICC approved ComEd's four-year MRP for the period January 1, 2024 through December 31, 2027. The MRP was originally approved by the ICC on December 14, 2023 and was subsequently amended on January 10, 2024, April 18, 2024 and December 19, 2024. The December 19, 2024 order provided a total revenue requirement increase of $ 1.045 billion inclusive of rate increases of approximately $ 752 million in 2024, $ 80 million in 2025, $ 102 million in 2026, and $ 111 million in 2027. On May 1, 2026, ComEd filed its 2025 MRP Reconciliation reflecting a revenue increase of $ 234 million, which includes the tax benefit of NOLCs. While NOLCs were included in the MRP Reconciliation, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 6 — Income Taxes for additional information on NOLCs. On March 20, 2026, ComEd filed its annual revenue balancing reconciliation for 2025. This reconciliation, which is a component of revenue decoupling, reflected a revenue reduction of $ 128 million. The reconciliation is effective January 1, 2027, subject to regulatory approval. On December 18, 2025, the ICC approved ComEd's 2024 MRP Reconciliation reflecting a revenue increase of $ 243 million, including the tax benefit of NOLCs. While NOLCs are included in the MRP Reconciliation per the final order, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 6 — Income Taxes for additional information on NOLCs. On January 20, 2026, the Illinois Attorney General filed an Application for Rehearing of the December 18 order, which focuses solely on NOLCs. On February 5, 2026, the ICC denied the Illinois Attorney General's Application for Rehearing. PECO Distribution Base Rate Case Proceedings On December 12, 2024, the PAPUC issued their Opinions and Orders which approved the non-unanimous partial settlements with limited modifications for both the electric and natural gas base rate cases, and denied the Weather Normalization Adjustment requested in the natural gas base rate case. PECO’s approved annual electric revenue requirement increase of $ 354 million is partially offset by a one-time credit of $ 64 million in 2025. In addition, the PAPUC approved the recovery of storm damage costs incurred by PECO in January 2024, up to $ 23 million, subject to review for reasonableness and prudency in PECO’s next distribution rate case. BGE Distribution Base Rate Case Proceedings In February 2023, BGE filed its three-year cumulative multi-year plan for January 1, 2024 through December 31, 2026 to the MDPSC, which was approved in December 2023 and went into effect on January 1, 2024. The MDSPC awarded BGE electric revenue requirement increases of $ 41 million, $ 113 million, and $ 25 million with an approved ROE of 9.50 % in 2024, 2025, and 2026, respectively, and natural gas revenue requirement increases of $ 126 million, $ 62 million, and $ 41 million with an approved ROE of 9.45 % in 2024, 2025, and 2026, respectively. The requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland's climate and regulatory initiatives. The MDPSC also approved a portion of the requested 2021 and 2022 reconciliation amounts, which were recovered through separate electric and gas riders between March 2024 and February 2025. As such, the reconciliation amounts are not included in the approved revenue increases. The 2021 reconciliation amounts are $ 13 million and $ 7 million for electric and gas, respectively, and the 2022 reconciliation amounts are $ 39 million and $ 15 million for electric and gas, respectively. In April 2024, BGE filed with the MDPSC its request for recovery of the 2023 reconciliation amounts of $ 79 million and $ 73 million for electric and gas, respectively, with supporting testimony and schedules. In December 2025, the MDPSC authorized BGE to recover $ 31 million and $ 46 million for electric and gas, respectively, beginning in February 2026 and extending through December 2027, in the reconciliation rider. In addition to the amounts approved in the reconciliation rider, the MDPSC provided for additional regulatory assets related to minor storms of $ 24 million (to be recovered over 5 years) and the Baltimore City conduit of $ 4 million (to be reviewed along with a cost-benefit analysis in BGE’s next rate case). Pepco District of Columbia Distribution Base Rate Case Proceedings 53 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 2 — Regulatory Matters On April 13, 2023, Pepco filed an electric base rate case with the DCPSC (amended February 27, 2024) requesting a total revenue requirement increase of $ 186 million and an ROE of 10.50 %. The DCPSC issued an order approving the two-year cumulative multi-year plan on November 26, 2024, which included a total revenue requirement increase of $ 123 million with an ROE of 9.50 % effective January 1, 2025 through December 31, 2026. The DCPSC awarded Pepco electric incremental revenue requirement increases of $ 99 million and $ 24 million for 2025 and 2026, respectively. Subsequent to DCPSC approval of the order, interveners appealed the order on several grounds including that the DCPSC did not hold evidentiary hearings. On March 5, 2026, the District of Columbia Court of Appeals remanded the November 26, 2024, order back to the DCPSC to hold evidentiary hearings. On March 27, 2026, the DCPSC issued an order adopting a procedural schedule and requested supplemental briefing on what interim rates should be in effect during the remand period but did not order any refunds for previous amounts collected. Pepco is preparing for the proceeding and will continue to monitor developments. Pepco Maryland Distribution Base Rate Case Proceedings On May 16, 2023, Pepco filed an electric base rate case with the MDPSC (amended February 23, 2024) requesting a total revenue requirement increase of $ 111 million (before offsets) and an ROE of 10.50 %. The MDPSC issued an order on June 10, 2024 awarding Pepco a one-year multi-year plan for April 1, 2024 through March 31, 2025 which included an incremental revenue requirement increase of $ 45 million and an ROE of 9.50 %. The MDPSC did not adopt the requested revenue requirement increases of $ 80 million (before offsets), $ 51 million, and $ 14 million as filed for 2025, 2026, and the 2027 nine-month extension period, respectively. The MDPSC also approved the requested reconciliation amounts for the 12-month periods ending March 31, 2022, and March 31, 2023, which will be recovered through a rider between August 2024 through March 2026. As such, the reconciliation amounts are not included in the approved revenue requirement increases. The reconciliation amounts are $ 1 million and $ 7 million, for the 12-month periods ending March 31, 2022, and March 31, 2023, respectively. In July 2024, Pepco filed its request with the MDPSC, for recovery of the reconciliation amounts of $ 31 million for the 12-month period ended March 31, 2024, with supporting testimony and schedules. On March 31, 2026, the MDPSC issued an order authorizing Pepco to recover approximately $ 13 million through the reconciliation rider. This will be recovered through rates between May 2026 through April 2027. Additionally, the order disallowed the recovery of various assets. The order resulted in the write off of $ 11 million of Regulatory assets and $ 15 million of Property, plant and equipment with a total of $ 26 million recorded in Operations and maintenance expense. DPL Maryland Distribution Base Rate Case Proceedings On May 19, 2022, DPL filed an electric base rate case with the MDPSC requesting a total revenue requirement increase of $ 38 million based on an ROE of 10.25 %. On December 14, 2022, the MDPSC issued an order awarding DPL a total revenue requirement increase of $ 29 million with an ROE of 9.60 %. The order reflects a three-year cumulative multi-year plan for January 1, 2023 through December 31, 2025, with rates remaining in effect subsequent to the multi-year plan period. The MDPSC awarded DPL electric incremental revenue requirement increases of $ 17 million, $ 6 million, and $ 6 million for 2023, 2024, and 2025, respectively. DPL Delaware Distribution Base Rate Case Proceedings On December 15, 2022, DPL filed an electric base rate case with the DEPSC (amended September 29, 2023) requesting a total revenue requirement increase of $ 39 million and an ROE of 10.50 %. On April 18, 2024, the DEPSC issued an order awarding DPL a total revenue requirement increase of $ 28 million with an ROE of 9.60 %, effective July 15, 2023. As part of the approved order, the DEPSC approved the Significant Storm Expense Rate Rider (Rider SSER) which will allow DPL to recover expenses associated with qualified storms. A qualified storm will be an individual storm for which DPL incurs expenses between $ 5 million and $ 15 million. The Rider SSER allows DPL to recover significant storm damage expenses for the previous 12-month period over a future 24-month period. For individual storm events for which DPL incurs expenses of more than $ 15 million, the future recovery period will be evaluated on a case-by-case basis and the unamortized balance will earn a return at DPL's authorized long-term cost of debt. The Rider SSER will have an annual true-up filing, subject to DEPSC review and approval. ACE New Jersey Distribution Base Rate Case Proceedings 54 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 2 — Regulatory Matters On November 21, 2024, ACE filed an electric base rate case with the NJBPU requesting a total revenue requirement increase of $ 109 million, before NJ sales and use tax, and an ROE of 10.70 %. On November 21, 2025, the NJBPU issued an order awarding ACE an electric revenue requirement increase, before NJ sales and use tax, of $ 54 million effective December 1, 2025, with an ROE of 9.60 %. In addition, the NJBPU approved the recovery through a regulatory asset of work stoppage costs that were incurred by ACE in 2023 of $ 38 million. Other State Regulatory Matters Illinois Regulatory Matters CEJA (Exelon and ComEd). On September 15, 2021, the Governor of Illinois signed into law CEJA. CEJA includes, among other features, (1) procurement of CMCs from qualifying nuclear-powered generating facilities, (2) a requirement to file a general rate case or a new four-year MRP no later than January 20, 2023 to establish rates effective after ComEd’s existing performance-based distribution formula rate sunsets, (3) requirements that ComEd and the ICC initiate and conduct various regulatory proceedings on subjects including ethics, spending, grid investments, and performance metrics. ComEd Electric Distribution Rates Beginning in 2024, ComEd recovers from retail customers, subject to certain exceptions, the costs it incurs to provide electric delivery services either through its electric distribution rate or other recovery mechanisms authorized by CEJA. On January 17, 2023, ComEd filed a petition with the ICC seeking approval of a MRP for 2024-2027. The MRP supports a multi-year grid plan (2024-2027 Grid Plan), also filed on January 17, covering planned investments on the electric distribution system within ComEd’s service area through 2027. Costs incurred during each year of the MRP are subject to ICC review and the plan’s revenue requirement for each year will be reconciled with the actual costs that the ICC determines are prudently and reasonably incurred for that year. The reconciliation is subject to adjustment for certain costs, including a limitation on recovery of costs that are more than 105 % of certain costs in the previously approved MRP revenue requirement, absent a modification of the rate plan itself. Thus, for example, the rate adjustments necessary to reconcile 2024 revenues to ComEd’s actual 2024 costs incurred would take effect in January 2026 after the ICC’s review during 2025. On December 14, 2023, the ICC issued a final order. The ICC rejected ComEd’s 2024-2027 Grid Plan as non-compliant with certain requirements of CEJA and required ComEd to file a revised 2024-2027 Grid Plan. On January 10, 2024, ComEd filed an appeal in the Illinois Appellate Court of portions of the ICC's December 2023 order, including but not limited to the allowed ROE, 50 % equity ratio, and denial of a return on ComEd’s pension asset. There is no deadline by when the appellate court must rule. On March 13, 2024, ComEd filed its Refiled 2024-2027 Grid Plan with supporting testimony and schedules with the ICC and subsequently on March 15, 2024, ComEd also filed a petition to adjust its MRP to authorize increased rates consistent with the Refiled 2024-2027 Grid Plan. On December 19, 2024, the ICC approved the Refiled 2024-2027 Grid Plan and adjusted the approved MRP with rates effective on January 1, 2025. The final approved MRP, as adjusted, which reflects the Refiled Grid Plan, resulted in a total cumulative revenue requirement increase of $ 1.045 billion over the 2024-2027 plan years and remains subject to annual reconciliations in accordance with CEJA. ComEd filed timely requests for rehearing and an appeal of the MRP order, again limited to the issues on which rehearing of the December 2023 order was denied, including the allowed ROE, 50 % equity ratio, and denial of a return on ComEd's pension asset. On January 16, 2026, ComEd filed a multi-year integrated grid plan (2028-2031 Grid Plan), seeking approval for planned investments on the electric distribution system within ComEd's service area in 2028-2031. The ICC must issue an order by December 15, 2026. Carbon Mitigation Credit CEJA establishes decarbonization requirements for Illinois as well as programs to support the retention and development of emissions-free sources of electricity. ComEd is required to purchase CMCs from participating nuclear power generating facilities between June 1, 2022 and May 31, 2027. The price to be paid for each CMC was established through a competitive bidding process that included consumer-protection measures that capped the maximum acceptable bid amount and a formula that reduces CMC prices by an energy price index, the base residual auction capacity price in the ComEd zone of PJM, and the monetized value of any federal tax credit or other subsidy if applicable. On October 31, 2025, the seller provided notification to ComEd and the IPA that it has reflected on its 2024 federal tax return $ 804 million of nuclear production tax credits associated with its 55 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 2 — Regulatory Matters participating nuclear power generating facilities. These amounts will be collected from the seller through an adjustment to the CMC price to be paid by ComEd and returned to customers in 2026. As of December 31, 2025, Exelon and ComEd's Consolidated Balance Sheets reflected these amounts as a receivable from the seller with an offsetting balance within the Carbon mitigation credit regulatory liability. These adjustments had no net impact on Exelon and ComEd’s Consolidated Statements of Operations and Comprehensive Income. The seller has not provided notification to ComEd or the IPA that any subsidies or tax credits, such as nuclear production tax credits, have been monetized for 2025. The consumer protection measures contained in CEJA will result in net payments to ComEd ratepayers if the energy index, the capacity price and applicable federal tax credits or subsidy exceed the CMC contract price. Beginning with the June 2022 monthly billing period, ComEd began issuing credits and/or charges to its retail customers under its CMC rider, the Rider Carbon-Free Resource Adjustment (Rider CFRA). A regulatory asset or liability is recorded for the difference between ComEd's costs associated with the procurement of CMCs from participating nuclear power generating facilities and revenues received from customers. The balance of the liability as of March 31, 2026 is $ 434 million. On February 2, 2024, ComEd filed a petition with the ICC to initiate the reconciliation proceeding for the costs incurred in connection with the procurement of CMC’s during the delivery year beginning June 1, 2022 and extending through May 31, 2023. While both Staff and the Administrative Law Judge's proposed order supported ComEd’s proposed reconciliation adjustment, on September 4, 2025, the ICC issued its final order rejecting the proposed reconciliation adjustment. Specifically, the order disallowed portions of the administrative costs as well as a portion of ComEd's interest costs on the balance of credit extended to customers under the applicable tariff that were not yet funded by payments from the generator. The CMC costs themselves were not disallowed. The order resulted in an immaterial impact to the financial statements and on October 3, 2025 ComEd filed its Application for Rehearing. On October 16, 2025, the ICC denied ComEd's Application. On October 17, 2025, ComEd filed its appeal with the Illinois Appellate Court for review of the ICC's order and its denial of rehearing. Energy Efficiency CEJA extends ComEd’s current cumulative annual energy efficiency MWh savings goals through 2040, adds expanded electrification measures to those goals, increases low-income commitments, and adds a new performance adjustment to the energy efficiency formula rate. ComEd expects its annual spend to increase through 2040 to achieve these energy efficiency MWh savings goals, which is deferred as a separate regulatory asset that is recovered through the energy efficiency formula rate over the weighted average useful life, as approved by the ICC, of the related energy efficiency measures. In 2026, Illinois enacted the CRGA, which makes certain changes to the energy efficiency framework established under CEJA. CRGA modifies the manner in which ComEd’s energy efficiency savings goals are calculated by establishing a flat incremental annual savings requirement that applies indefinitely. CRGA also increases energy efficiency budget and low‑income commitments from levels established under CEJA, expands the categories of savings that may be credited toward annual goals, and revises the return on equity applicable to the energy efficiency regulatory asset to align with the distribution return on equity. Beginning in 2027, ComEd expects that implementation of CRGA may result in higher annual energy efficiency spending. Incremental costs incurred in advance of recovery are expected to be deferred as a regulatory asset and recovered through ComEd’s energy efficiency formula rate over the weighted‑average useful life of the related measures, subject to approval by the Illinois Commerce Commission. The energy efficiency provisions of CRGA are effective June 1, 2026. In advance of the effective date, ComEd has begun undertaking implementation activities, including regulatory filings and planning efforts. 56 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 2 — Regulatory Matters Maryland Regulatory Matters Summer and Winter Rate Mitigation (Exelon, BGE, PHI, Pepco, and DPL). As part of the passing of the Next Generation Energy Act of 2025 by the Maryland General Assembly, the MDPSC issued an order on June 26, 2025, to implement the Legislative Energy Relief Refund program under which bill credits were distributed to residential customers based on their consumption of electricity supply that was subject to the renewable energy portfolio standard. On July 24, 2025, the MDPSC issued an order accepting BGE, Pepco, and DPL's proposal for the implementation of the program. As a result, BGE, Pepco, and DPL received $ 49 million, $ 21 million, and $ 8 million, respectively, from the MDPSC on February 3, 2026. These amounts were used to reduce residential customer account receivable balances within the first quarter of 2026. Other Federal Regulatory Matters PJM Cost Allocation Methodology (All Registrants). On March 6, 2026, FERC issued an order requiring the removal of the de minimis threshold exemption in the calculation of the cost responsibility of certain transmission reliability upgrade costs allocated to the rate zones of PJM transmission owners, including the Utility Registrants. FERC further ordered PJM to recalculate historical cost allocations for the period beginning June 18, 2015, and to pass through additional charges or payments to PJM customers, including Utility Registrants, as applicable, with interest within 90 days. On April 29, 2026, the time for those calculations was extended until further order from FERC. The Utility Registrants expect to recover any incremental charges incurred or reimburse any payments received through prospective electric customer rates. On April 6, 2026, a number of parties filed petitions for rehearing or clarification. The final impacts of the decision cannot be predicted and the results, while not reasonably estimable at this time, could be material to the financial statements. Regulatory Assets and Liabilities The Utility Registrants' regulatory assets and liabilities have not changed materially since December 31, 2025, unless noted below. See Note 2 — Regulatory Matters of the 2025 Form 10-K for additional information on the specific regulatory assets and liabilities. ComEd. Regulatory assets increased $ 155 million primarily due to an increase of $ 127 million in the Electric energy and natural gas costs regulatory asset. PECO. Regulatory assets increased $ 132 million primarily due to an increase of $ 72 million in the Deferred income taxes regulatory asset. Regulatory liabilities increased $ 88 million primarily due to an increase of $ 91 million in the Decommissioning the Regulatory Agreement Units. BGE. Regulatory assets decreased $ 102 million primarily due to a decrease of $ 45 million in the Electric energy and natural gas costs regulatory asset and a decrease of $ 42 million in the Energy efficiency and demand response programs regulatory asset. Regulatory liabilities decreased $ 16 million primarily due to a decrease of $ 31 million in the Deferred income taxes regulatory liability. Pepco. Regulatory assets decreased $ 42 million primarily due to a decrease of $ 27 million in the Energy efficiency and demand response programs regulatory asset. DPL. Regulatory assets remained consistent primarily due to a decrease of $ 15 million in the Energy efficiency and demand response programs regulatory asset, partially offset by an increase of $ 8 million in the Electric energy and natural gas costs regulatory asset and an increase of $ 4 million in the Transmission formula rate annual reconciliations regulatory asset. ACE. Regulatory liabilities increased $ 2 million primarily due to an increase of $ 13 million in the Electric energy and natural gas costs regulatory liability, partially offset by a decrease of $ 4 million in the Transmission formula rate annual reconciliations regulatory liability and a decrease of $ 4 million in the Over-recovered credit loss expense regulatory liability. 57 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 2 — Regulatory Matters Capitalized Ratemaking Amounts Not Recognized The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders' investment that are not recognized for financial reporting purposes in the Registrants' Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to the Utility Registrants' customers. PECO had no related amounts at March 31, 2026 and December 31, 2025. Exelon ComEd (a) BGE (b) PHI Pepco (c) DPL (d) ACE (e) March 31, 2026 $ 79 $ 10 $ 39 $ 30 $ 14 $ — $ 16 December 31, 2025 98 12 47 39 22 1 16 __________ (a) For the three months ended March 31, 2026 reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution rate regulatory asset. For the year ended December 31, 2025, reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution rates and distributed generation regulatory assets. (b) BGE's amount capitalized for ratemaking purposes primarily relates to investments in rate base included in the multi-year plan reconciliations. (c) Pepco's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs, Energy efficiency and demand response programs, investments in rate base and revenues included in the multi-year plan reconciliations, and a portion of Pepco District of Columbia's revenue decoupling. (d) DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs and Energy efficiency and demand response programs. (e) ACE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholders' investment on AMI programs. 3. Revenue from Contracts with Customers (All Registrants) The Registrants recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that the entities expect to be entitled to in exchange for those goods or services. The primary sources of revenue include regulated electric and gas tariff sales, distribution, and transmission services. See Note 3 — Revenue from Contracts with Customers of the 2025 Form 10-K for additional information regarding the primary sources of revenue for the Registrants. Contract Liabilities The Registrants record contract liabilities when consideration is received or due prior to the satisfaction of the performance obligations. The Registrants record contract liabilities in Other current liabilities and Other noncurrent deferred credits and other liabilities in their Consolidated Balance Sheets. For Pepco, DPL, and ACE these contract liabilities primarily relate to upfront consideration received in the third quarter of 2020 for a collaborative arrangement ("Agreement") with an unrelated owner and manager of communication infrastructure, as well as additional consideration received for the payment option amendment ("Amendment") executed during the fourth quarter of 2023, which is discussed in further detail within Note 3 — Revenue from Contracts with Customers of the 2025 Form 10-K. The contract liability balance attributable to the Agreement and the Amendment is being recognized as Electric operating revenues over a 35 year period and 31 year period, respectively. The following table provides a rollforward of the contract liabilities reflected in Exelon's, PHI's, Pepco's, DPL's, and ACE's Consolidated Balance Sheets for the three months ended March 31, 2026 and 2025. At March 31, 2026 and December 31, 2025, ComEd's, PECO's, and BGE's contract liabilities were immaterial. 58 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 3 — Revenue from Contracts with Customers Exelon (a) PHI (a) Pepco (a) DPL ACE Balance at December 31, 2025 $ 119 $ 119 $ 95 $ 12 $ 12 Revenues recognized ( 1 ) ( 1 ) ( 1 ) — — Balance at March 31, 2026 $ 118 $ 118 $ 94 $ 12 $ 12 Exelon (a) PHI (a) Pepco (a) DPL ACE Balance at December 31, 2024 $ 127 $ 127 $ 101 $ 13 $ 13 Revenues recognized ( 1 ) ( 1 ) ( 1 ) — — Balance at March 31, 2025 $ 126 $ 126 $ 100 $ 13 $ 13 __________ (a) Revenues recognized in the three months ended March 31, 2026 and 2025, were included in the contract liabilities at December 31, 2025 and 2024, respectively. Transaction Price Allocated to Remaining Performance Obligations The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2026. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years. This disclosure excludes the Utility Registrants' gas and electric tariff sales contracts and transmission revenue contracts as they generally have an original expected duration of one year or less and, therefore, do not contain any future, unsatisfied performance obligations to be included in this disclosure. Year Exelon PHI Pepco DPL ACE 2026 $ 4 $ 4 $ 4 $ — $ — 2027 6 6 5 1 — 2028 6 6 5 — 1 2029 7 7 6 1 — 2030 and thereafter 95 95 74 10 11 Total $ 118 $ 118 $ 94 $ 12 $ 12 Revenue Disaggregation The Registrants disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. See Note 4 — Segment Information for the presentation of the Registrants' revenue disaggregation. 59 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 4 — Segment Information 4. Segment Information (All Registrants) Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants. The Chief Executive Officer is the CODM for Exelon. For PHI and each of the Utility Registrants, CODM responsibilities are shared by Exelon's Chief Operating Officer and the Utility Registrant's Chief Executive Officer. Exelon has six reportable segments, which include ComEd, PECO, BGE, and PHI's three reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE's CODMs rely on a variety of business considerations, including net income, in evaluating segment performance, determining reinvestment of profits, and establishing the amounts of dividend distributions. An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three months ended March 31, 2026 and 2025 is as follows: ComEd PECO BGE PHI Other (a) Intersegment Eliminations Exelon Operating revenues (b) : 2026 Electric revenues $ 1,913 $ 1,082 $ 1,245 $ 1,911 $ — $ ( 17 ) $ 6,134 Natural gas revenues — 410 583 116 — ( 1 ) 1,108 Shared service and other revenues — — — 3 489 ( 492 ) — Total operating revenues $ 1,913 $ 1,492 $ 1,828 $ 2,030 $ 489 $ ( 510 ) $ 7,242 2025 Electric revenues $ 2,065 $ 956 $ 1,012 $ 1,687 $ — $ ( 11 ) $ 5,709 Natural gas revenues — 377 542 88 — ( 2 ) 1,005 Shared service and other revenues — — — 3 466 ( 469 ) — Total operating revenues $ 2,065 $ 1,333 $ 1,554 $ 1,778 $ 466 $ ( 482 ) $ 6,714 Less: Purchased power 2026 $ 451 $ 451 $ 630 $ 850 $ — $ — $ 2,382 2025 689 361 450 684 — — 2,184 Purchased fuel 2026 $ — $ 161 $ 178 $ 55 $ — $ — $ 394 2025 — 141 159 38 — — 338 Operating and maintenance 2026 $ 335 $ 271 $ 260 $ 365 $ 447 $ ( 212 ) $ 1,466 2025 323 266 242 296 429 ( 209 ) 1,347 Operating and maintenance from affiliates 2026 $ 103 $ 66 $ 67 $ 59 $ 12 $ ( 307 ) $ — 2025 100 61 63 53 11 ( 288 ) — Depreciation and amortization 2026 $ 404 $ 121 $ 167 $ 246 $ 14 $ — $ 952 2025 380 109 164 234 16 — 903 60 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 4 — Segment Information Taxes other than income taxes 2026 $ 105 $ 69 $ 104 $ 151 $ 14 $ — $ 443 2025 99 60 96 140 10 — 405 Loss on sale of assets 2026 $ — $ — $ — $ — $ — $ — $ — 2025 — — — 1 — — 1 Interest expense, net (c) 2026 $ 132 $ 69 $ 62 $ 105 $ 180 $ — $ 548 2025 125 59 58 99 163 — 504 Interest expense to affiliates, net (c) 2026 $ 3 $ 2 $ — $ 1 $ — $ 1 $ 7 2025 3 4 — 1 ( 1 ) ( 1 ) 6 Other, net 2026 $ ( 31 ) $ ( 11 ) $ ( 17 ) $ ( 18 ) $ — $ 8 $ ( 69 ) 2025 ( 21 ) ( 8 ) ( 9 ) ( 19 ) ( 11 ) 16 ( 52 ) Income taxes 2026 $ 101 $ 15 $ 79 $ 47 $ ( 42 ) $ — $ 200 2025 65 14 71 57 ( 37 ) — 170 Net income (loss) attributable to common shareholders 2026 $ 310 $ 278 $ 298 $ 169 $ ( 136 ) $ — $ 919 2025 302 266 260 194 ( 114 ) — 908 Supplemental segment information Intersegment revenues (d) 2026 $ 11 $ 4 $ 3 $ 3 $ 486 $ ( 507 ) $ — 2025 8 3 2 2 463 ( 478 ) — Capital expenditures 2026 $ 885 $ 469 $ 437 $ 558 $ 9 $ — $ 2,358 2025 590 424 406 513 13 — 1,946 Total assets March 31, 2026 $ 48,478 $ 20,193 $ 17,171 $ 29,657 $ 6,380 $ ( 4,334 ) $ 117,545 December 31, 2025 48,285 19,362 17,184 29,715 6,170 ( 4,146 ) 116,570 __________ (a) Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities. (b) Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes. (c) Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income. (d) See Note 15 — Related Party Transactions for additional information on intersegment revenues. PHI: Pepco DPL ACE Other (a) Intersegment Eliminations PHI Operating revenues (b) : 2026 Electric revenues $ 989 $ 506 $ 421 $ — $ ( 5 ) $ 1,911 Natural gas revenues — 116 — — — 116 Shared service and other revenues — — — 110 ( 107 ) 3 61 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 4 — Segment Information Total operating revenues $ 989 $ 622 $ 421 $ 110 $ ( 112 ) $ 2,030 2025 Electric revenues $ 859 $ 460 $ 373 $ — $ ( 5 ) $ 1,687 Natural gas revenues — 88 — — — 88 Shared service and other revenues — — — 106 ( 103 ) 3 Total operating revenues $ 859 $ 548 $ 373 $ 106 $ ( 108 ) $ 1,778 Less: Purchased power 2026 $ 411 $ 234 $ 205 $ — $ — $ 850 2025 318 209 157 — — 684 Purchased fuel 2026 $ — $ 55 $ — $ — $ — $ 55 2025 — 38 — — — 38 Operating and maintenance 2026 $ 151 $ 71 $ 50 $ 93 $ — $ 365 2025 96 60 51 89 — 296 Operating and maintenance from affiliates 2026 $ 67 $ 47 $ 43 $ 14 $ ( 112 ) $ 59 2025 63 46 39 13 ( 108 ) 53 Depreciation and amortization 2026 $ 114 $ 66 $ 65 $ 1 $ — $ 246 2025 105 63 64 2 — 234 Taxes other than income taxes 2026 $ 118 $ 26 $ 2 $ 5 $ — $ 151 2025 113 21 2 4 — 140 Loss on sale of assets 2026 $ — $ — $ — $ — $ — $ — 2025 1 — — — — 1 Interest expense, net (c) 2026 $ 55 $ 27 $ 22 $ 1 $ — $ 105 2025 52 25 21 1 — 99 Interest expense to affiliates, net (c) 2026 $ — $ — $ — $ 1 $ — $ 1 2025 — — — 1 — 1 Other, net 2026 $ ( 11 ) $ ( 4 ) $ ( 2 ) $ ( 1 ) $ — $ ( 18 ) 2025 ( 11 ) ( 4 ) ( 3 ) ( 1 ) — ( 19 ) Income taxes 2026 $ 16 $ 23 $ 9 $ ( 1 ) $ — $ 47 2025 25 21 11 — — 57 Net income (loss) attributable to common shareholders 2026 $ 68 $ 77 $ 27 $ ( 3 ) $ — $ 169 2025 97 69 31 ( 3 ) — 194 Supplemental segment information Intersegment revenues (d) 2026 $ 2 $ 2 $ 1 $ 110 $ ( 112 ) $ 3 2025 2 2 1 106 ( 109 ) 2 Capital expenditures 62 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 4 — Segment Information 2026 $ 285 $ 147 $ 122 $ 4 $ — $ 558 2025 240 156 105 12 — 513 Total assets March 31, 2026 $ 12,632 $ 6,798 $ 5,685 $ 4,618 $ ( 76 ) $ 29,657 December 31, 2025 12,728 6,789 5,632 4,602 ( 36 ) 29,715 __________ (a) Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities. (b) Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes. (c) Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income. (d) Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon. Electric and Gas Revenue by Customer Class (Utility Registrants): The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues. Three Months Ended March 31, 2026 Revenues from contracts with customers ComEd PECO BGE PHI Pepco DPL ACE Electric revenues Residential $ 1,024 $ 725 $ 818 $ 1,096 $ 507 $ 331 $ 258 Small commercial & industrial 484 172 130 191 54 69 68 Large commercial & industrial 120 87 180 395 321 30 44 Public authorities & electric railroads 12 8 8 19 10 4 5 Other (a) 249 77 117 232 93 77 64 Total electric revenues (b) $ 1,889 $ 1,069 $ 1,253 $ 1,933 $ 985 $ 511 $ 439 Natural gas revenues Residential $ — $ 286 $ 401 $ 74 $ — $ 74 $ — Small commercial & industrial — 96 63 29 — 29 — Large commercial & industrial — — 93 4 — 4 — Transportation — 20 — 5 — 5 — Other (c) — 7 31 4 — 4 — Total natural gas revenues (d) $ — $ 409 $ 588 $ 116 $ — $ 116 $ — Total revenues from contracts with customers $ 1,889 $ 1,478 $ 1,841 $ 2,049 $ 985 $ 627 $ 439 Other revenues Revenues from alternative revenue programs $ 8 $ 5 $ ( 22 ) $ ( 23 ) $ 1 $ ( 6 ) $ ( 18 ) Other electric revenues (e) 16 8 6 4 3 1 — Other natural gas revenues (e) — 1 3 — — — — Total other revenues $ 24 $ 14 $ ( 13 ) $ ( 19 ) $ 4 $ ( 5 ) $ ( 18 ) Total revenues for reportable segments $ 1,913 $ 1,492 $ 1,828 $ 2,030 $ 989 $ 622 $ 421 63 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 4 — Segment Information Three Months Ended March 31, 2025 Revenues from contracts with customers ComEd PECO BGE PHI Pepco DPL ACE Electric revenues Residential $ 993 $ 631 $ 648 $ 918 $ 424 $ 298 $ 196 Small commercial & industrial 600 162 109 169 51 64 54 Large commercial & industrial 296 84 144 367 289 28 50 Public authorities & electric railroads 17 8 8 17 8 4 5 Other (a) 236 76 113 223 86 71 68 Total electric revenues (b) $ 2,142 $ 961 $ 1,022 $ 1,694 $ 858 $ 465 $ 373 Natural gas revenues Residential $ — $ 267 $ 378 $ 56 $ — $ 56 $ — Small commercial & industrial — 86 63 21 — 21 — Large commercial & industrial — — 96 3 — 3 — Transportation — 13 — 5 — 5 — Other (c) — 10 24 3 — 3 — Total natural gas revenues (d) $ — $ 376 $ 561 $ 88 $ — $ 88 $ — Total revenues from contracts with customers $ 2,142 $ 1,337 $ 1,583 $ 1,782 $ 858 $ 553 $ 373 Other revenues Revenues from alternative revenue programs $ ( 85 ) $ ( 9 ) $ ( 29 ) $ ( 3 ) $ 2 $ ( 5 ) $ — Other electric revenues (e) 8 4 — ( 1 ) ( 1 ) — — Other natural gas revenues (e) — 1 — — — — — Total other revenues $ ( 77 ) $ ( 4 ) $ ( 29 ) $ ( 4 ) $ 1 $ ( 5 ) $ — Total revenues for reportable segments $ 2,065 $ 1,333 $ 1,554 $ 1,778 $ 859 $ 548 $ 373 __________ (a) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (b) Includes operating revenues from affiliates in 2026 and 2025 respectively of: • $ 11 million, $ 8 million at ComEd • $ 4 million, $ 2 million at PECO • $ 2 million, $ 1 million at BGE • $ 3 million, $ 2 million at PHI • $ 2 million, $ 2 million at Pepco • $ 2 million, $ 2 million at DPL • $ 1 million, $ 1 million at ACE (c) Includes revenues from off-system natural gas sales. (d) Includes operating revenues from affiliates in 2026 and 2025 respectively of: • less than $1 million, $ 1 million at PECO • $ 1 million, $ 1 million at BGE (e) Includes late payment charge revenues. 64 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 5 — Accounts Receivable 5. Accounts Receivable (All Registrants) Allowance for Credit Losses on Accounts Receivable The following tables present the rollforward of Allowance for Credit Losses on Customer Accounts Receivable. Three Months Ended March 31, 2026 Exelon ComEd PECO BGE (b) PHI Pepco DPL (c) ACE Balance at December 31, 2025 $ 435 $ 115 $ 137 $ 68 $ 115 $ 69 $ 19 $ 27 Plus: Current period provision for expected credit losses 148 32 39 43 34 17 8 9 Less: Write-offs, net of recoveries (a) 61 17 16 10 18 10 3 5 Balance at March 31, 2026 $ 522 $ 130 $ 160 $ 101 $ 131 $ 76 $ 24 $ 31 Three Months Ended March 31, 2025 Exelon ComEd PECO BGE PHI Pepco DPL ACE Balance at December 31, 2024 $ 406 $ 109 $ 133 $ 56 $ 108 $ 59 $ 17 $ 32 Plus: Current period provision for expected credit losses 133 33 41 23 36 17 10 9 Less: Write-offs, net of recoveries 53 17 14 7 15 7 4 4 Balance at March 31, 2025 $ 486 $ 125 $ 160 $ 72 $ 129 $ 69 $ 23 $ 37 _________ (a) Recoveries were not material to the Registrants. (b) For BGE, the increase in current period provision for expected credit losses when comparing to the three months ended March 31, 2025, is primarily a result of increased receivable balances. (c) For DPL, the decrease in current period provision for expected credit losses when comparing to the three months ended March 31, 2025, is primarily a result of favorable customer payment behavior. The following tables present the rollforward of Allowance for Credit Losses on Other Accounts Receivable. Three Months Ended March 31, 2026 Exelon ComEd PECO BGE PHI Pepco DPL ACE (b) Balance at December 31, 2025 $ 94 $ 23 $ 18 $ 4 $ 49 $ 26 $ 10 $ 13 Plus: Current period provision for expected credit losses 17 8 6 1 2 1 1 — Less: Write-offs, net of recoveries (a) 9 4 2 1 2 1 — 1 Balance at March 31, 2026 $ 102 $ 27 $ 22 $ 4 $ 49 $ 26 $ 11 $ 12 Three Months Ended March 31, 2025 Exelon ComEd PECO BGE PHI Pepco DPL ACE Balance at December 31, 2024 $ 107 $ 34 $ 18 $ 6 $ 49 $ 27 $ 9 $ 13 Plus: Current period provision for expected credit losses 15 2 9 1 3 — — 3 Less: Write-offs, net of recoveries 9 2 5 1 1 — — 1 Balance at March 31, 2025 $ 113 $ 34 $ 22 $ 6 $ 51 $ 27 $ 9 $ 15 _________ (a) Recoveries were not material to the Registrants. (b) For ACE, the decrease in current period provision for expected credit losses when comparing to the three months ended March 31, 2025, is primarily a result of decreased aged receivables. 65 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 5 — Accounts Receivable Unbilled Customer Revenue The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025. Unbilled customer revenues (a) Exelon ComEd PECO BGE PHI Pepco DPL ACE March 31, 2026 $ 873 $ 246 $ 206 $ 211 $ 210 $ 107 $ 59 $ 44 December 31, 2025 1,231 301 278 325 327 155 100 72 __________ (a) Unbilled customer revenues are classified in Customer accounts receivable, net in the Registrants' Consolidated Balance Sheets. Other Purchases of Customer and Other Accounts Receivables For the three months ended March 31, 2026 and 2025, the Utility Registrants were required, under separate legislation and regulations in Illinois, Pennsylvania, Maryland, District of Columbia, Delaware, and New Jersey, to purchase certain receivables from alternative retail electric and, as applicable, natural gas suppliers that participated in the utilities' consolidated billing. The following table presents the total receivables purchased. Total receivables purchased Exelon ComEd PECO BGE PHI Pepco DPL ACE Three months ended March 31, 2026 $ 1,310 $ 304 $ 411 $ 188 $ 407 $ 262 $ 76 $ 69 Three months ended March 31, 2025 1,138 253 334 225 326 201 68 57 6. Income Taxes (All Registrants) Rate Reconciliation The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following: Three Months Ended March 31, 2026 (a)(b) Exelon ComEd PECO (c) BGE U.S. Federal statutory rate $ 235 21.0 % $ 86 21.0 % $ 62 21.0 % $ 79 21.0 % Increase (decrease) due to: State income taxes, net of Federal income tax benefit 64 5.7 30 7.3 ( 3 ) ( 1.0 ) 23 6.1 Tax credits ( 3 ) ( 0.3 ) ( 1 ) ( 0.2 ) — — ( 1 ) ( 0.3 ) Change in Unrecognized Tax Benefits ( 17 ) ( 1.5 ) ( 2 ) ( 0.5 ) — — ( 1 ) ( 0.3 ) Nontaxable or nondeductible items 10 0.9 1 0.1 — — — — Other Adjustments Plant Basis differences ( 53 ) ( 4.7 ) ( 5 ) ( 1.2 ) ( 39 ) ( 13.2 ) ( 8 ) ( 2.1 ) Excess deferred tax ( 35 ) ( 3.1 ) ( 8 ) ( 1.9 ) ( 5 ) ( 1.7 ) ( 13 ) ( 3.4 ) Amortization of ITC, net deferred taxes ( 1 ) ( 0.1 ) — — — — — — Effective Tax Rate $ 200 17.9 % $ 101 24.6 % $ 15 5.1 % $ 79 21.0 % 66 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 6 — Income Taxes Three Months Ended March 31, 2026 (a)(b) PHI PEPCO DPL ACE U.S. Federal statutory rate $ 45 21.0 % $ 18 21.0 % $ 21 21.0 % $ 8 21.0 % Increase (decrease) due to: State income taxes, net of Federal income tax benefit 14 6.5 5 6.0 6 6.0 3 8.3 Tax credits ( 1 ) ( 0.5 ) — — — — — — Change in Unrecognized Tax Benefits — — — — — — — Nontaxable or nondeductible items — — — — — — — — Other Adjustments Plant Basis differences ( 2 ) ( 0.9 ) ( 1 ) ( 1.2 ) ( 1 ) ( 1.0 ) — — Excess deferred tax ( 9 ) ( 4.3 ) ( 6 ) ( 6.8 ) ( 3 ) ( 3.0 ) ( 2 ) ( 4.3 ) Amortization of ITC, net deferred taxes — — — — — — — — Effective Tax Rate $ 47 21.8 % $ 16 19.0 % $ 23 23.0 % $ 9 25.0 % Three Months Ended March 31, 2025 (a)(b) Exelon ComEd (d) PECO (c) BGE U.S. Federal statutory rate $ 227 21.0 % $ 77 21.0 % $ 59 21.0 % $ 70 21.0 % Increase (decrease) due to: State income taxes, net of Federal income tax benefit 57 5.3 28 7.6 ( 10 ) ( 3.6 ) 21 6.3 Tax credits ( 5 ) ( 0.5 ) ( 2 ) ( 0.5 ) — — ( 1 ) ( 0.3 ) Nontaxable or nondeductible items 4 0.5 1 0.2 — — — — Other Adjustments Plant Basis differences ( 42 ) ( 3.9 ) ( 4 ) ( 1.1 ) ( 31 ) ( 11.0 ) ( 5 ) ( 1.5 ) Excess deferred tax ( 70 ) ( 6.5 ) ( 35 ) ( 9.5 ) ( 4 ) ( 1.4 ) ( 14 ) ( 4.0 ) Amortization of ITC, net deferred taxes ( 1 ) ( 0.1 ) — — — — — — Effective Tax Rate $ 170 15.8 % $ 65 17.7 % $ 14 5.0 % $ 71 21.5 % Three Months Ended March 31, 2025 (a)(b) PHI PEPCO DPL ACE U.S. Federal statutory rate $ 53 21.0 % $ 26 21.0 % $ 19 21.0 % $ 9 21.0 % Increase (decrease) due to: State income taxes, net of Federal income tax benefit 16 6.4 8 6.6 6 6.7 3 7.1 Tax credits ( 1 ) ( 0.4 ) ( 1 ) ( 0.8 ) — — — — Nontaxable or nondeductible items 1 0.5 — — — — — — Other Adjustments Plant Basis differences ( 2 ) ( 0.8 ) ( 1 ) ( 0.8 ) ( 1 ) ( 1.1 ) — 0.5 Excess deferred tax ( 10 ) ( 4.0 ) ( 7 ) ( 5.5 ) ( 3 ) ( 3.3 ) ( 1 ) ( 2.4 ) Amortization of ITC, net deferred taxes — — — — — — — — Effective Tax Rate $ 57 22.7 % $ 25 20.5 % $ 21 23.3 % $ 11 26.2 % __________ (a) Positive percentages represent income tax expense. Negative percentages represent income tax benefit. (b) Exelon and Registrants had no adjustments to the following disclosure categories: Foreign Tax Effects, Effects of Changes in Tax Law or Rates Enacted in the Current Period, Effects of Cross-Border Tax Laws, and Changes in Valuation Allowances. (c) For PECO, the lower effective tax rate is primarily related to state income taxes, net of federal income tax benefit and plant basis differences attributable to tax repair deductions. (d) For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits being provided to customers. 67 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 6 — Income Taxes State and local Income Tax (Major Jurisdictions) The state and local jurisdictions that comprise the majority of the effect of the state and local income tax, net of federal income taxes category by Registrant are presented below: 2026 2025 Exelon IL, MD IL, MD ComEd IL IL PECO PA PA BGE MD MD PHI MD, NJ MD, NJ Pepco MD MD DPL DE DE ACE NJ NJ Unrecognized Tax Benefits Exelon, PHI and DPL have the following unrecognized tax benefits at March 31, 2026 and December 31, 2025. ComEd's, PECO's, BGE's, Pepco's, and ACE's amounts are not material. Exelon (a) PHI DPL March 31, 2026 $ 85 $ 50 $ 14 December 31, 2025 100 48 12 __________ (a) At March 31, 2026 and December 31, 2025, Exelon's unrecognized tax benefits is inclusive of $ 20 million related to Constellation's share of unrecognized tax benefits for periods prior to the separation. Exelon reflected an offsetting receivable of $ 20 million in Other deferred debits and other assets in the Consolidated Balance Sheet for these amounts. Other Tax Matters Tax Matters Agreement (Exelon) In February 2022, in connection with the separation between Exelon and Constellation, the parties entered into a TMA. The TMA governs the respective rights, responsibilities, and obligations between Exelon and Constellation after the separation with respect to tax liabilities, refunds and attributes for open tax years that Constellation was part of Exelon’s consolidated group for U.S. federal, state, and local tax purposes. Indemnification for Taxes. As a former subsidiary of Exelon, Constellation has joint and several liability with Exelon to the IRS and certain state jurisdictions relating to the taxable periods prior to the separation. The TMA specifies that Constellation is liable for their share of taxes required to be paid by Exelon with respect to taxable periods prior to the separation to the extent Constellation would have been responsible for such taxes under the Exelon tax sharing agreement when Constellation was included in Exelon's consolidated group. At March 31, 2026, there is no balance due to or from Constellation. Tax Refunds. The TMA specifies that Constellation is entitled to their share of any future tax refunds claimed by Exelon with respect to taxable periods prior to the separation to the extent that Constellation would have received such tax refunds under the Exelon tax sharing agreement when Constellation was included in Exelon's consolidated group. At March 31, 2026, there is no balance due to or from Constellation. Tax Attributes . At the date of separation certain tax attributes, primarily pre-separation tax credit carryforwards, that were generated by Constellation were required by law to be allocated to Exelon. The TMA provides that Exelon will reimburse Constellation when those allocated tax attribute carryforwards are utilized. In 2026, Exelon received $ 235 million of payments from Constellation as reimbursement for a reduction in previously utilized pre-separation tax credit carryforwards due to amended federal tax returns filed in Q1 2026. At March 31, 2026, Exelon recorded a payable of $ 58 million and $ 373 million in Other current liabilities and Other deferred credits 68 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 6 — Income Taxes and other liabilities, respectively, in the Consolidated Balance Sheet for tax attribute carryforwards that are expected to be utilized and reimbursed to Constellation. Corporate Alternative Minimum Tax (All Registrants) On August 16, 2022, the IRA was signed into law and implements a new corporate alternative minimum tax (CAMT) that imposes a 15.0 % tax on modified GAAP net income. Corporations will now pay the greater of 15.0% of financial statement pre-tax income (with certain adjustments) or their regular federal tax liability, which is federal taxable income multiplied by 21.0% federal corporate tax rate. Corporations are entitled to a tax credit (minimum tax credit) to the extent the CAMT liability exceeds the regular tax liability. This amount can be carried forward indefinitely and used in future years when regular tax exceeds the CAMT. For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, based on the existing guidance in effect at that time, Exelon and each of the Utility Registrants were subject to and reported the CAMT on a separate Registrant basis in the Consolidated Statements of Operations and Comprehensive Income and the Consolidated Balance Sheets. On February 18, 2026, the U.S. Treasury issued guidance addressing the implementation of CAMT in the form of a notice. The new guidance permits corporate taxpayers to deduct repair and maintenance costs in the calculation of their CAMT liabilities. The notice applies retroactively, permitting Exelon to file amended returns for both 2024 and 2023 to reduce its CAMT liability by $ 80 million. Pursuant to the TMA, Exelon received reimbursement from Constellation for $ 235 million due to the reduction in the amount of Constellation's tax credits needed to offset Exelon's CAMT liability on its amended returns. The impact of the notice was recorded as of March 31, 2026. Allocation of Income Taxes to Regulated Utilities (All Registrants) In Q2 2024, the IRS issued a series of PLRs, to another taxpayer, providing guidance with respect to the application of the tax normalization rules to the allocation of consolidated tax benefits among the members of a consolidated group associated with NOLC for ratemaking purposes. The rulings provide that for ratemaking purposes the tax benefit of NOLC should be reflected on a separate company basis not taking into consideration the utilization of losses by other affiliates. A PLR issued to another taxpayer may not be relied on as precedent. For the Utility Registrants, except for PECO, the methodology prescribed by the IRS in these PLRs could result in a material reduction of the regulatory liability established for EDITs arising from the TCJA corporate tax rate change that are being amortized and flowed through to customers as well as a reduction in the accumulated deferred income taxes included in rate base for ratemaking purposes. The Utility Registrants, except for PECO, filed PLR requests with the IRS confirming the treatment of the NOLC for ratemaking purposes. The Utility Registrants will record the impact, if any, upon receiving the PLR from the IRS. 7. Retirement Benefits (All Registrants) Defined Benefit Pension and OPEB The majority of the 2026 pension benefit cost for the Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00 % and a discount rate of 5.42 %. The majority of the 2026 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.50 % for funded plans and a discount rate of 5.34 %. During the first quarter of 2026, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of January 1, 2026. This valuation resulted in an increase to the pension obligation of $ 6 million and an increase to the OPEB obligation of $ 10 million and a decrease to the asset of $ 2 million, respectively. Additionally, AOCI decreased by $ 4 million (after-tax) and regulatory assets increased by $ 23 million and liabilities increased by $ 1 million. A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three months ended March 31, 2026 and 2025. 69 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 7 — Retirement Benefits Pension Benefits OPEB Three Months Ended March 31, Three Months Ended March 31, 2026 2025 2026 2025 Components of net periodic benefit cost Service cost $ 40 $ 38 $ 7 $ 6 Interest cost 143 146 25 25 Expected return on assets ( 176 ) ( 178 ) ( 22 ) ( 21 ) Amortization of: Prior service cost (credit) 1 1 ( 2 ) ( 2 ) Actuarial loss 50 53 — — Net periodic benefit cost $ 58 $ 60 $ 8 $ 8 The amounts below represent the Registrants' allocated pension and OPEB costs. For Exelon, the service cost component is included in Operating and maintenance expense and Property, plant, and equipment, net while the non-service cost components are included in Other, net and Regulatory assets. For PHI and each of the Utility Registrants, which apply multi-employer accounting, the service cost and non-service cost components are included in Operating and maintenance expense and Property, plant, and equipment, net in their consolidated financial statements. Three Months Ended March 31, Pension and OPEB Costs 2026 2025 Exelon $ 65 $ 68 ComEd 27 21 PECO 4 2 BGE 7 16 PHI 20 25 Pepco 7 8 DPL 4 4 ACE 2 3 Defined Contribution Savings Plan The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allows employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the employer contributions and employer matching contributions to the savings plan for the three months ended March 31, 2026 and 2025. Three Months Ended March 31, Savings Plan Employer Contributions 2026 2025 Exelon $ 32 $ 26 ComEd 11 10 PECO 4 4 BGE 3 3 PHI 5 5 Pepco 1 1 DPL 1 1 ACE 1 1 70 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 8 — Derivative Financial Instruments 8. Derivative Financial Instruments (All Registrants) The Registrants use derivative instruments to manage commodity price risk and interest rate risk related to ongoing business operations. The Registrants do not execute derivatives for speculative or proprietary trading purposes. Authoritative guidance requires that derivative instruments be recognized as either assets or liabilities at fair value, with changes in fair value of the derivative recognized in earnings immediately. Other accounting treatments are available through special election and designation, provided they meet specific, restrictive criteria both at the time of designation and on an ongoing basis. These alternative permissible accounting treatments include NPNS, cash flow hedges, and fair value hedges. At ComEd, derivative economic hedges related to commodities are recorded at fair value and offset by a corresponding regulatory asset or liability. For all NPNS derivative instruments, accounts receivable or accounts payable are recorded when derivatives settle and revenue or expense is recognized in earnings as the underlying physical commodity is sold or consumed. At Exelon, derivative hedges that qualify and are designated as cash flow hedges are recorded at fair value and offsets are recorded to AOCI. Commodity Price Risk (All Registrants) The Utility Registrants employ established policies and procedures to manage their risks associated with market fluctuations in commodity prices by entering into physical and financial derivative contracts, which are either determined to be non-derivative or classified as economic hedges. The Utility Registrants procure electric and natural gas supply through a competitive procurement process approved by each of the respective state utility commissions. The Utility Registrants’ hedging programs are intended to reduce exposure to energy and natural gas price volatility and have no direct earnings impact as the costs are fully recovered from customers through regulatory-approved recovery mechanisms. The following table provides a summary of the Utility Registrants’ primary derivative hedging instruments, listed by commodity and accounting treatment. Registrant Commodity Accounting Treatment Hedging Instrument ComEd Electricity NPNS Fixed price contracts based on all requirements in the IPA procurement plans. Electricity Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability (a) 20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year. PECO Electricity NPNS Fixed price contracts for default supply requirements through full requirements contracts. Gas NPNS Fixed price contracts to cover about 10 % of planned natural gas purchases in support of projected firm sales. BGE Electricity NPNS Fixed price contracts for all SOS requirements through full requirements contracts. Gas NPNS Fixed price purchases associated with forecasted gas supply requirements. Pepco Electricity NPNS Fixed price contracts for all SOS requirements through full requirements contracts. DPL Electricity NPNS Fixed price contracts for all SOS requirements through full requirements contracts. Gas NPNS Fixed and index priced contracts through full requirements contracts. Gas Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability (b) Exchange traded future contracts for up to 50 % of estimated monthly purchase requirements each month, including purchases for storage injections. ACE Electricity NPNS Fixed price contracts for all BGS requirements through full requirements contracts. __________ (a) See Note 2 — Regulatory Matters of the 2025 Form 10-K for additional information. 71 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 8 — Derivative Financial Instruments (b) The fair value of the DPL economic hedge is not material at March 31, 2026 and December 31, 2025. The fair value of derivative economic hedges is presented in Other current assets and current and noncurrent Mark-to-market derivative liabilities in Exelon's and ComEd's Consolidated Balance Sheets. Interest Rate Risk (Exelon) Exelon Corporate uses a combination of fixed-rate and variable-rate debt to manage interest rate exposure. Exelon Corporate may utilize interest rate derivatives to lock in rate levels in anticipation of future financings, which are typically designated as cash flow hedges. A hypothetical 50 basis point change in the interest rates associated with Exelon's interest rate swaps as of March 31, 2026 would result in an immaterial impact to Exelon's Consolidated Net income. Below is a summary of the interest rate hedge balances at March 31, 2026 and December 31, 2025 . Derivatives Designated as Hedging Instruments March 31, 2026 December 31, 2025 Other current assets $ — $ 3 Other deferred debits (noncurrent assets) 2 — Total derivative assets 2 3 Mark-to-market derivative liabilities (current liabilities) — ( 4 ) Mark-to-market derivative liabilities (noncurrent liabilities) ( 1 ) — Total mark-to-market derivative liabilities ( 1 ) ( 4 ) Total mark-to-market derivative net assets (liabilities) $ 1 $ ( 1 ) Cash Flow Hedges (Interest Rate Risk) For derivative instruments that qualify and are designated as cash flow hedges, the changes in fair value each period are initially recorded in AOCI and reclassified into earnings when the underlying transaction affects earnings. The gains and losses reclassified out of AOCI for the three months ended March 31, 2026 and 2025 are immaterial. In February 2026, Exelon terminated the previously issued floating-to-fixed swaps with a total notional of $ 550 million upon issuance of $ 775 million of debt. See Note 9 – Debt and Credit Agreements for additional information on the debt issuance. The settlements resulted in a net cash payment of $ 6 million. The accumulated AOCI loss of $ 4 million (net of tax) is being amortized into Interest expense in Exelon's Consolidated Statement of Operations and Comprehensive Income over the 5-year and 10-year terms of the swaps. During the first quarter of 2026, Exelon Corporate entered into $ 30 million notional of 10-year maturity floating-to-fixed swaps designated as cash flow hedges. The following table provides the notional amounts outstanding held by Exelon at March 31, 2026 and December 31, 2025. March 31, 2026 December 31, 2025 5-year maturity floating-to-fixed swaps $ 60 $ 335 10-year maturity floating-to-fixed swaps 120 365 Total $ 180 $ 700 The related AOCI derivative gain for the three months ended March 31, 2026 was $ 1 million (net of tax). The related AOCI derivative loss for the three months ended March 31, 2025 was $ 9 million (net of tax). See Note 13 – Changes in Accumulated Other Comprehensive Income (Loss) for additional information. Credit Risk (All Registrants) The Registrants would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts, before collateral, is represented by the fair value of contracts at the reporting date. The Utility Registrants have contracts to procure electric and natural gas supply that provide suppliers with a certain amount of unsecured credit. If the exposure on the supply contract exceeds the amount of unsecured credit, the suppliers may be required to post collateral. The net credit 72 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 8 — Derivative Financial Instruments exposure is mitigated primarily by the ability to recover procurement costs through customer rates. The amount of cash collateral received from external counterparties remained relatively consistent as of March 31, 2026. Cash collateral held by ComEd, PECO, BGE, Pepco, DPL, and ACE must be deposited in an unaffiliated major U.S. commercial bank or foreign bank with a U.S. branch office that meets certain qualifications. The following table reflects the Registrants' cash collateral held from external counterparties, which is recorded in Other current liabilities on their respective Consolidated Balance Sheets, at March 31, 2026 and December 31, 2025: March 31, 2026 December 31, 2025 Exelon $ 217 $ 223 ComEd 192 192 PECO 6 6 BGE 8 4 PHI 11 21 Pepco 1 13 DPL 10 3 ACE (a) — 5 __________ (a) ACE had less than one million in cash collateral with external parties at March 31, 2026. The Utility Registrants’ electric supply procurement contracts do not contain provisions that would require them to post collateral. PECO’s, BGE’s, and DPL’s natural gas procurement contracts contain provisions that could require PECO, BGE, and DPL to post collateral in the form of cash or credit support, which vary by contract and counterparty, with thresholds contingent upon PECO's, BGE's, and DPL's credit rating. As of March 31, 2026, PECO, BGE, and DPL were not required to post collateral for any of these agreements. If PECO, BGE, or DPL lost their investment grade credit rating as of March 31, 2026, they could have been required to post collateral to their counterparties of $ 38 million, $ 20 million, and $ 23 million, respectively. 9. Debt and Credit Agreements (All Registrants) Short-Term Borrowings Exelon Corporate, ComEd, and BGE meet their short-term liquidity requirements primarily through the issuance of commercial paper. PECO meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the Exelon intercompany money pool. Pepco, DPL, and ACE meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the PHI intercompany money pool. PHI Corporate meets its short-term liquidity requirements primarily through the issuance of short-term notes and borrowings from the Exelon intercompany money pool. The Registrants may use their respective credit facilities for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit. Commercial Paper The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements at March 31, 2026 and December 31, 2025. Outstanding Commercial Paper at Average Interest Rate on Commercial Paper Borrowings at Commercial Paper Issuer March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 Exelon (a) $ 165 $ 612 3.94 % 3.94 % ComEd $ 46 $ — 3.93 % — % PECO $ — $ — — % — % BGE $ — $ — — % — % PHI (b) $ 119 $ 612 3.95 % 3.94 % Pepco $ 73 $ 303 3.94 % 3.93 % DPL $ 46 $ 161 3.96 % 3.94 % ACE $ — $ 148 — % 3.94 % 73 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 9 — Debt and Credit Agreements __________ (a) Exelon Corporate had no outstanding commercial paper borrowings at March 31, 2026 and no outstanding commercial paper borrowings at December 31, 2025. (b) Represents the consolidated amounts of Pepco, DPL, and ACE. Revolving Credit Agreements On August 29, 2024, Exelon Corporate and each of the Utility Registrants amended and restated their respective syndicated revolving credit facility, extending the maturity date to August 29, 2029. The following table reflects the credit agreements: Borrower Aggregate Bank Commitment Interest Rate Exelon Corporate $ 900 SOFR plus 1.075 % ComEd $ 1,000 SOFR plus 1.000 % PECO $ 600 SOFR plus 0.900 % BGE $ 600 SOFR plus 0.900 % Pepco $ 300 SOFR plus 1.000 % DPL $ 300 SOFR plus 1.000 % ACE $ 300 SOFR plus 1.000 % Exelon Corporate and the Utility Registrants had no outstanding amounts on the revolving credit facilities as of March 31, 2026. The Utility Registrants have credit facility agreements, arranged at community banks, which may be utilized to issue letters of credit. The facility agreements have aggregate commitments of $ 40 million, $ 40 million, $ 15 million, $ 15 million, $ 15 million, and $ 15 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. On October 3, 2025, the Utility Registrants amended and extended their credit facilities at community banks. Previously structured as one-year arrangements, the facilities are now two-year terms. These facilities expire on October 1, 2027. See Note 14 — Debt and Credit Agreements of the 2025 Form 10-K for additional information on the Registrants' credit facilities. Short-Term Loan Agreements On March 14, 2024, Exelon Corporate amended and bifurcated the $ 500 million term loan agreement into two tranches of $ 350 million and $ 150 million. The loan agreements were renewed in the first quarter of 2025, extending the expiration date to March 13, 2026. Exelon Corporate repaid the term loans on December 5, 2025. On March 25, 2026, Exelon Corporate entered into two term loan agreements for $ 350 million and $ 150 million. Both agreements mature on March 24, 2027. Pursuant to the loan agreements, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.85 % and all indebtedness thereunder is unsecured. The loans are reflected in Exelon's Consolidated Balance Sheet within Short-term borrowings. Long-Term Debt Issuance of Long-Term Debt 74 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 9 — Debt and Credit Agreements During the three months ended March 31, 2026, the following long-term debt was issued: Company Type Interest Rate Maturity Amount Use of Proceeds Exelon Senior Notes 4.95 % March 15, 2036 $ 775 Repay existing indebtedness and for general corporate purposes. Pepco First Mortgage Bonds 5.00 % March 19, 2036 110 Repay existing indebtedness and for general corporate purposes. Pepco First Mortgage Bonds 5.30 % March 19, 2041 60 Repay existing indebtedness and for general corporate purposes. DPL First Mortgage Bonds 5.74 % March 19, 2056 75 Repay existing indebtedness and for general corporate purposes. ACE First Mortgage Bonds 4.95 % March 19, 2036 100 Repay existing indebtedness and for general corporate purposes. Convertible Senior Notes On December 4, 2025, Exelon Corporation issued $ 1 billion aggregate principal amount of 3.25 % Convertible Senior Notes due 2029 (Convertible Senior Notes). The Convertible Senior Notes are reflected as Long-term debt on Exelon’s Consolidated Balance Sheet. The Convertible Senior Notes are senior, unsecured notes that bear interest at a fixed rate of 3.25 % per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2026. The Convertible Senior Notes will mature on March 15, 2029, unless earlier converted or repurchased in accordance with their terms. Under the following circumstances, holders may convert the Convertible Senior Notes at their option prior to the close of business on the business day preceding December 15, 2028: • during any calendar quarter beginning after the quarter ending on March 31, 2026, if the last reported sale price of Exelon’s common stock for at least 20 trading days (whether consecutive or not) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal the stock was trading at greater than or equal to 130 % of the conversion price on each applicable trading day as determined by Exelon; • during the five business day period after any ten consecutive trading day period (measurement period) in which the applicable trading price per $ 1,000 principal amount of notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; • upon the occurrence of certain corporate events specified in the respective supplemental indentures governing the Convertible Senior Notes. On or after December 15, 2028, a holder may convert for all, or any portion of its Convertible Senior Notes at any time prior to the close of business on the business day immediately preceding the applicable maturity date regardless of the foregoing conditions. Exelon will settle conversions of the Convertible Senior Notes by paying cash up to the aggregate principal amount to be converted and paying or delivering, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at Exelon’s discretion, in respect of the remainder, if any, of Exelon's conversion obligation in excess of the aggregate principal amount of the Convertible Senior Notes being converted. The Convertible Senior Notes are initially convertible at 17.5093 shares per $ 1,000 principal amount, which is equivalent to an initial conversion price of approximately 57.11 per share of common stock. The initial conversion price of the Convertible Senior Notes represents a premium of approximately 25 % over the last reported sale price of Exelon’s common stock on the Nasdaq Global Select Market on December 1, 2025. These conversions will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture) Exelon will, in certain circumstances, increase the applicable conversion rate by a number of additional shares of common stock for conversions in connection with the make-whole fundamental change. As of March 31, 2026, no shares of the Convertible Senior Notes have been converted. 75 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 9 — Debt and Credit Agreements EPS Impact Diluted earnings per common shares will also reflect the dilutive effect of potential common shares from share-based awards and convertible notes. The dilutive effect of the Convertible Senior Notes is computed using the if-converted method. For the period ended March 31, 2026, no incremental shares were assumed converted or included in the diluted earnings per common share resulting from the Convertible Senior Notes. Tax-Exempt Bonds As of March 31, 2026, DPL had $ 78.4 million outstanding of its 3.60 % Delaware Economic Development Authority's Gas Facilities Refunding Revenue Bonds, maturing on January 1, 2031. The bonds were previously reoffered in July 2025. There have been no material changes to the terms since December 31, 2025. See Note 14 — Debt and Credit Agreements of the 2025 Form 10-K for additional information on the DPL reoffering of tax-exempt bonds. Debt Covenants As of March 31, 2026, the Registrants are in compliance with debt covenants. 10. Fair Value of Financial Assets and Liabilities (All Registrants) Exelon measures and classifies fair value measurements in accordance with the hierarchy as defined by GAAP. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: • Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities that the Registrants have the ability to liquidate as of the reporting date. • Level 2 — inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. • Level 3 — unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability. Exelon’s valuation techniques used to measure the fair value of the assets and liabilities shown in the tables below are in accordance with the policies discussed in Note 15 — Fair Value of Financial Assets and Liabilities of the 2025 Form 10-K. 76 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 10 — Fair Value of Financial Assets and Liabilities Fair Value of Financial Liabilities Recorded at Amortized Cost The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of March 31, 2026 and December 31, 2025. The Registrants have no financial liabilities measured using the NAV practical expedient. The carrying amounts of the Registrants’ short-term liabilities as presented in their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments. March 31, 2026 December 31, 2025 Carrying Amount Fair Value Carrying Amount Fair Value Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Long-Term Debt, including amounts due within one year (a) Exelon (b) $ 50,185 $ — $ 40,580 $ 4,558 $ 45,138 $ 49,078 $ — $ 40,637 $ 4,318 $ 44,955 ComEd 12,755 — 11,019 — 11,019 12,753 — 11,291 — 11,291 PECO 6,397 — 5,471 — 5,471 6,396 — 5,593 — 5,593 BGE 6,042 — 5,390 — 5,390 6,041 — 5,510 — 5,510 PHI 9,928 — 4,151 4,558 8,709 9,590 — 4,236 4,318 8,554 Pepco 4,802 — 2,484 1,990 4,474 4,632 — 2,546 1,861 4,407 DPL 2,421 — 644 1,446 2,090 2,344 — 657 1,410 2,067 ACE 2,133 — 812 1,123 1,935 2,033 — 819 1,047 1,866 Long-Term Debt to Financing Trusts Exelon $ 390 $ — $ — $ 398 $ 398 $ 390 $ — $ — $ 403 $ 403 ComEd 206 — — 212 212 206 — — 216 216 PECO 184 — — 186 186 184 — — 187 187 __________ (a) Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 14 — Debt and Credit Agreements of the 2025 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 9 — Leases of the 2025 Form 10-K for finance lease liabilities. (b) Includes the net carrying amount and the estimated fair value (Level 2) of the Convertible Senior Notes $ 1 billion and $ 1 billion for the year ended March 31, 2026, respectively. 77 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 10 — Fair Value of Financial Assets and Liabilities Recurring Fair Value Measurements The following tables present assets and liabilities measured and recorded at fair value in the Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy at March 31, 2026 and December 31, 2025. Exelon and the Utility Registrants have immaterial and no financial assets or liabilities measured using the NAV practical expedient, respectively: Exelon At March 31, 2026 At December 31, 2025 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents (a) $ 945 $ — $ — $ 945 $ 825 $ — $ — $ 825 Rabbi trust investments Cash equivalents 103 — — 103 101 — — 101 Mutual funds 72 — — 72 71 — — 71 Fixed income — 6 — 6 — 6 — 6 Life insurance contracts — 80 21 101 — 79 21 100 Rabbi trust investments subtotal 175 86 21 282 172 85 21 278 Interest rate derivative assets Derivatives designated as hedging instruments — 2 — 2 — 3 — 3 Interest rate derivative assets subtotal — 2 — 2 — 3 — 3 Total assets 1,120 88 21 1,229 997 88 21 1,106 Liabilities Commodity derivative liabilities — — ( 133 ) ( 133 ) — — ( 131 ) ( 131 ) Interest rate derivative liabilities Derivatives designated as hedging instruments — ( 1 ) — ( 1 ) — ( 4 ) — ( 4 ) Interest rate derivative liabilities subtotal — ( 1 ) — ( 1 ) — ( 4 ) — ( 4 ) Deferred compensation obligation — ( 68 ) — ( 68 ) — ( 71 ) — ( 71 ) Total liabilities — ( 69 ) ( 133 ) ( 202 ) — ( 75 ) ( 131 ) ( 206 ) Total net assets (liabilities) $ 1,120 $ 19 $ ( 112 ) $ 1,027 $ 997 $ 13 $ ( 110 ) $ 900 __________ (a) Exelon excludes cash of $ 157 million and $ 180 million at March 31, 2026 and December 31, 2025, respectively, and restricted cash of $ 195 million and $ 196 million at March 31, 2026 and December 31, 2025, respectively, and includes long-term restricted cash of $ 24 million and $ 50 million at March 31, 2026 and December 31, 2025, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. 78 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 10 — Fair Value of Financial Assets and Liabilities ComEd, PECO, and BGE ComEd PECO BGE At March 31, 2026 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents (a) $ 343 $ — $ — $ 343 $ 125 $ — $ — $ 125 $ 172 $ — $ — $ 172 Rabbi trust investments Mutual funds — — — — 13 — — 13 11 — — 11 Life insurance contracts — — — — — 25 — 25 — — — — Rabbi trust investments subtotal — — — — 13 25 — 38 11 — — 11 Total assets 343 — — 343 138 25 — 163 183 — — 183 Liabilities Commodity derivative liabilities (b) — — ( 133 ) ( 133 ) — — — — — — — — Deferred compensation obligation — ( 9 ) — ( 9 ) — ( 8 ) — ( 8 ) — ( 4 ) — ( 4 ) Total liabilities — ( 9 ) ( 133 ) ( 142 ) — ( 8 ) — ( 8 ) — ( 4 ) — ( 4 ) Total net assets (liabilities) $ 343 $ ( 9 ) $ ( 133 ) $ 201 $ 138 $ 17 $ — $ 155 $ 183 $ ( 4 ) $ — $ 179 ComEd PECO BGE At December 31, 2025 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents (a) $ 393 $ — $ — $ 393 $ 93 $ — $ — $ 93 $ 205 $ — $ — $ 205 Rabbi trust investments Mutual funds — — — — 13 — — 13 10 — — 10 Life insurance contracts — — — — — 25 — 25 — — — — Rabbi trust investments subtotal — — — — 13 25 — 38 10 — — 10 Total assets 393 — — 393 106 25 — 131 215 — — 215 Liabilities Commodity derivative liabilities (b) — — ( 131 ) ( 131 ) — — — — — — — — Deferred compensation obligation — ( 9 ) — ( 9 ) — ( 8 ) — ( 8 ) — ( 4 ) — ( 4 ) Total liabilities — ( 9 ) ( 131 ) ( 140 ) — ( 8 ) — ( 8 ) — ( 4 ) — ( 4 ) Total net assets (liabilities) $ 393 $ ( 9 ) $ ( 131 ) $ 253 $ 106 $ 17 $ — $ 123 $ 215 $ ( 4 ) $ — $ 211 __________ (a) ComEd excludes cash of $ 69 million and $ 77 million at March 31, 2026 and December 31, 2025, respectively, and restricted cash of $ 194 million and $ 193 million at March 31, 2026 and December 31, 2025, respectively. Additionally, ComEd includes long-term restricted cash of $ 24 million and $ 50 million at March 31, 2026 and December 31, 2025, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. PECO 79 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 10 — Fair Value of Financial Assets and Liabilities excludes cash of $ 26 million and $ 23 million at March 31, 2026 and December 31, 2025, respectively. BGE excludes cash of $ 8 million and $ 15 million at March 31, 2026 and December 31, 2025, respectively. (b) The Level 3 balance consists of the current and noncurrent liability of $ 22 million and $ 111 million, respectively, at March 31, 2026 and $ 25 million and $ 106 million, respectively, at December 31, 2025 related to floating-to-fixed energy swap contracts with unaffiliated suppliers. 80 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 10 — Fair Value of Financial Assets and Liabilities PHI, Pepco, DPL, and ACE At March 31, 2026 At December 31, 2025 PHI Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents (a) $ 35 $ — $ — $ 35 $ 83 $ — $ — $ 83 Rabbi trust investments Cash equivalents 101 — — 101 99 — — 99 Mutual funds 9 — — 9 9 — — 9 Fixed income — 6 — 6 — 6 — 6 Life insurance contracts — 23 20 43 — 23 20 43 Rabbi trust investments subtotal 110 29 20 159 108 29 20 157 Total assets 145 29 20 194 191 29 20 240 Liabilities Deferred compensation obligation — ( 9 ) — ( 9 ) — ( 9 ) — ( 9 ) Total liabilities — ( 9 ) — ( 9 ) — ( 9 ) — ( 9 ) Total net assets $ 145 $ 20 $ 20 $ 185 $ 191 $ 20 $ 20 $ 231 Pepco DPL ACE At March 31, 2026 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents (a) $ 20 $ — $ — $ 20 $ 10 $ — $ — $ 10 $ 5 $ — $ — $ 5 Rabbi trust investments Cash equivalents 100 — — 100 — — — — — — — — Life insurance contracts — 23 20 43 — — — — — — — — Rabbi trust investments subtotal 100 23 20 143 — — — — — — — — Total assets 120 23 20 163 10 — — 10 5 — — 5 Liabilities Deferred compensation obligation — ( 1 ) — ( 1 ) — — — — — — — — Total liabilities — ( 1 ) — ( 1 ) — — — — — — — — Total net assets $ 120 $ 22 $ 20 $ 162 $ 10 $ — $ — $ 10 $ 5 $ — $ — $ 5 81 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 10 — Fair Value of Financial Assets and Liabilities Pepco DPL ACE At December 31, 2025 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents (a) $ 33 $ — $ — $ 33 $ 3 $ — $ — $ 3 $ — $ — $ — $ — Rabbi trust investments Cash equivalents 98 — — 98 — — — — — — — — Life insurance contracts — 23 20 43 — — — — — — — — Rabbi trust investments subtotal 98 23 20 141 — — — — — — — — Total assets 131 23 20 174 3 — — 3 — — — — Liabilities Deferred compensation obligation — ( 1 ) — ( 1 ) — — — — — — — — Total liabilities — ( 1 ) — ( 1 ) — — — — — — — — Total net assets $ 131 $ 22 $ 20 $ 173 $ 3 $ — $ — $ 3 $ — $ — $ — $ — __________ (a) PHI excludes cash of $ 44 million and $ 56 million at March 31, 2026 and December 31, 2025, respectively, and restricted cash of $ 1 million and $ 2 million at March 31, 2026 and December 31, 2025. Pepco excludes cash of $ 20 million and $ 22 million at March 31, 2026 and December 31, 2025, respectively. DPL excludes cash of $ 12 million and $ 9 million at March 31, 2026 and December 31, 2025, respectively. ACE excludes cash of $ 7 million and $ 22 million at March 31, 2026 and December 31, 2025, respectively and restricted cash of $ 1 million and $ 2 million at March 31, 2026 and December 31, 2025, respectively. 82 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 10 — Fair Value of Financial Assets and Liabilities Reconciliation of Level 3 Assets and Liabilities The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2026 and 2025: Exelon ComEd PHI and Pepco Three Months Ended March 31, 2026 Total Commodity Derivatives Life Insurance Contracts Balance at December 31, 2025 $ ( 110 ) $ ( 131 ) $ 20 Total realized / unrealized gains (losses) Included in net income (a) — — — Included in regulatory assets/liabilities (b) ( 2 ) ( 2 ) — Balance at March 31, 2026 (c) $ ( 112 ) $ ( 133 ) $ 20 The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at March 31, 2026 $ — $ — $ — Exelon ComEd PHI and Pepco Three Months Ended March 31, 2025 Total Commodity Derivatives Life Insurance Contracts Balance at December 31, 2024 $ ( 110 ) $ ( 132 ) $ 21 Total realized / unrealized gains (losses) Included in net income (a) — — — Included in regulatory assets/liabilities (b) ( 19 ) ( 19 ) — Balance at March 31, 2025 (c) $ ( 129 ) $ ( 151 ) $ 21 The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at March 31, 2025 $ — $ — $ — __________ (a) Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. (b) For ComEd, this includes $ 10 million of decreases in fair value and an increase for realized gains due to settlements of $ 8 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2026. Includes $ 30 million of decreases in fair value and an increase for realized gains due to settlements of $ 11 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2025. (c) For ComEd, the balance of the current and noncurrent asset was zero as of March 31, 2026. The balance consists of a current and noncurrent liability of $ 22 million and $ 111 million, respectively, as of March 31, 2026. Commodity Derivatives (Exelon and ComEd) The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives. Type of trade Fair Value at March 31, 2026 Fair Value at December 31, 2025 Valuation Technique Unobservable Input 2026 Range & Arithmetic Average 2025 Range & Arithmetic Average Commodity derivatives $ ( 133 ) $ ( 131 ) Discounted Cash Flow Forward power price (a) $ 26.72 - $ 57.33 $ 40.28 $ 28.45 - $ 62.87 $ 38.62 ________ (a) An increase to the forward power price would increase the fair value. 83 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 11 — Commitments and Contingencies 11. Commitments and Contingencies (All Registrants) The following is an update to the current status of commitments and contingencies set forth in Note 16 — Commitments and Contingencies of the 2025 Form 10-K. Commitments PHI Merger Commitments (Exelon, PHI, Pepco, DPL, and ACE). Approval of the PHI Merger in Delaware, New Jersey, Maryland, and the District of Columbia was conditioned upon Exelon and PHI agreeing to certain commitments. The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE at March 31, 2026: Description Exelon PHI Pepco DPL ACE Total commitments $ 513 $ 320 $ 120 $ 89 $ 111 Remaining commitments (a) 21 19 19 — — __________ (a) Remaining commitments extend through 2026 and include escrow funds and rate credits. 84 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 11 — Commitments and Contingencies Commercial Commitments (All Registrants). The Registrants’ commercial commitments at March 31, 2026, representing commitments potentially triggered by future events were as follows: Expiration within Total 2026 2027 2028 2029 2030 2031 and beyond Exelon Letters of credit (a) $ 57 $ 38 $ 19 $ — $ — $ — $ — Surety bonds (b) 465 185 115 165 — — — Financing trust guarantees (c) 378 — — 78 — — 300 Guaranteed lease residual values (d) 23 — 2 6 4 4 7 Total commercial commitments $ 923 $ 223 $ 136 $ 249 $ 4 $ 4 $ 307 ComEd Letters of credit (a) $ 18 $ 15 $ 3 $ — $ — $ — $ — Surety bonds (b) 131 37 94 — — — — Financing trust guarantees (c) 200 — — — — — 200 Total commercial commitments $ 349 $ 52 $ 97 $ — $ — $ — $ 200 PECO Letters of credit (a) $ 5 $ 3 $ 2 $ — $ — $ — $ — Surety bonds (b) 10 1 9 — — — — Financing trust guarantees (c) 178 — — 78 — — 100 Total commercial commitments $ 193 $ 4 $ 11 $ 78 $ — $ — $ 100 BGE Letters of credit (a) $ 27 $ 16 $ 11 $ — $ — $ — $ — Surety bonds (b) 92 2 3 87 — — — Total commercial commitments $ 119 $ 18 $ 14 $ 87 $ — $ — $ — PHI Letters of credit (a) $ 4 $ 2 $ 2 $ — $ — $ — $ — Surety bonds (b) 173 90 5 78 — — — Guaranteed lease residual values (d) 23 — 2 6 4 4 7 Total commercial commitments $ 200 $ 92 $ 9 $ 84 $ 4 $ 4 $ 7 Pepco Letters of credit (a) $ 2 $ 2 $ — $ — $ — $ — $ — Surety bonds (b) 161 82 1 78 — — — Guaranteed lease residual values (d) 8 — 1 2 1 2 2 Total commercial commitments $ 171 $ 84 $ 2 $ 80 $ 1 $ 2 $ 2 DPL Letters of credit (a) $ 1 $ — $ 1 $ — $ — $ — $ — Surety bonds (b) 6 3 3 — — — — Guaranteed lease residual values (d) 9 — 1 2 2 1 3 Total commercial commitments $ 16 $ 3 $ 5 $ 2 $ 2 $ 1 $ 3 ACE Letters of credit (a) $ 1 $ — $ 1 $ — $ — $ — $ — Surety bonds (b) 6 5 1 — — — — Guaranteed lease residual values (d) 6 — — 2 1 1 2 Total commercial commitments $ 13 $ 5 $ 2 $ 2 $ 1 $ 1 $ 2 85 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 11 — Commitments and Contingencies __________ (a) Exelon and certain of its subsidiaries maintain non-debt letters of credit to provide credit support for certain transactions as requested by third parties. (b) Surety bonds—Guarantees issued related to contract and commercial agreements, excluding bid bonds. Historically, payments under the guarantees have not been made and the likelihood of payments being required is remote. (c) Reflects guarantee of ComEd and PECO securities held by ComEd Financing III, PECO Trust III, and PECO Trust IV. (d) Represents the maximum potential obligation in the event the fair value of certain leased equipment and fleet vehicles is zero at the end of the maximum lease term. The lease term associated with these assets ranges from 1 to 9 years. The maximum potential obligation at the end of the minimum lease term would be $ 53 million guaranteed by Exelon and PHI, of which $ 17 million, $ 20 million, and $ 16 million is guaranteed by Pepco, DPL, and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote. Environmental Remediation Matters General (All Registrants). The Registrants’ operations have in the past, and may in the future, require substantial expenditures to comply with environmental laws. Additionally, under federal and state environmental laws, the Registrants are generally liable for the costs of remediating environmental contamination of property now or formerly owned by them and of property contaminated by hazardous substances generated by them. The Registrants own or lease a number of real estate parcels, including parcels on which their operations or the operations of others may have resulted in contamination by substances that are considered hazardous under environmental laws. In addition, the Registrants are currently involved in a number of proceedings relating to sites where hazardous substances have been deposited and may be subject to additional proceedings in the future. Unless otherwise disclosed, the Registrants cannot reasonably estimate whether they will incur significant liabilities for additional investigation and remediation costs at these or additional sites identified by the Registrants, environmental agencies, or others, or whether such costs will be recoverable from third parties, including customers. Additional costs could have a material, unfavorable impact on the Registrants' financial statements. MGP Sites (All Registrants). ComEd, PECO, BGE, and DPL have identified sites where former MGP or gas purification activities have or may have resulted in actual site contamination. For some sites, there are additional PRPs that may share responsibility for the ultimate remediation of each location. • ComEd has 16 sites currently under some degree of active study and/or remediation. ComEd expects the majority of the remediation at these sites to continue through at least 2033. • PECO has 5 sites currently under some degree of active study and/or remediation. PECO expects the majority of the remediation at these sites to continue through at least 2030. • BGE has 4 sites currently requiring some level of remediation and/or ongoing activity. BGE expects the majority of the remediation at these sites to continue through at least 2026. • DPL has 1 site currently under study and the required cost at the site is not expected to be material. The historical nature of the MGP and gas purification sites, and the fact that many of the sites have been buried and built over, impacts the ability to determine a precise estimate of the ultimate costs prior to initial sampling and determination of the exact scope and method of remedial activity. Management determines its best estimate of remediation costs using all available information at the time of each study, including probabilistic and deterministic modeling for ComEd and PECO, and the remediation standards currently required by the applicable state environmental agency. Prior to performing any significant clean up, each site remediation plan is approved by the appropriate state environmental agency. ComEd, pursuant to an ICC order, and PECO, pursuant to a PAPUC order, are currently recovering environmental remediation costs of former MGP facility sites through customer rates. While BGE and DPL do not have riders for MGP clean-up costs, they have historically received recovery of actual clean-up costs in distribution rates. 86 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 11 — Commitments and Contingencies At March 31, 2026 and December 31, 2025, the Registrants had accrued the following undiscounted amounts for environmental liabilities in Accrued expenses, Other current liabilities, and Other deferred credits and other liabilities in their respective Consolidated Balance Sheets: March 31, 2026 December 31, 2025 Total Environmental Investigation and Remediation Liabilities Portion of Total Related to MGP Investigation and Remediation Total Environmental Investigation and Remediation Liabilities Portion of Total Related to MGP Investigation and Remediation Exelon $ 381 $ 318 $ 386 $ 321 ComEd 289 288 289 289 PECO 22 20 23 22 BGE 13 10 13 10 PHI 57 — 57 — Pepco 55 — 55 — DPL 1 — 1 — ACE 1 — 1 — Benning Road Site (Exelon, PHI, and Pepco) . In September 2010, PHI received a letter from the EPA identifying the Benning Road site as one of six land-based sites potentially contributing to contamination of the lower Anacostia River. A portion of the site, which is owned by Pepco, was formerly the location of an electric generating facility owned by Pepco subsidiary, Pepco Energy Services (PES), which became a part of Constellation following the 2016 merger between PHI and Exelon. This generating facility was deactivated in June 2012. The remaining portion of the site consists of a Pepco transmission and distribution service center that remains in operation. In December 2011, the U.S. District Court for the District of Columbia approved a Consent Decree entered into by Pepco and Pepco Energy Services (hereinafter "Pepco Entities") with the DOEE, which requires the Pepco Entities to conduct a Remedial Investigation and Feasibility Study (RI/FS) for the Benning Road site and an approximately 10 to 15-acre portion of the adjacent Anacostia River. The purpose of this RI/FS is to define the nature and extent of contamination from the Benning Road site and to evaluate remedial alternatives. Pursuant to an internal agreement between the Pepco Entities, since 2013, Pepco has performed the work required by the Consent Decree and has been reimbursed for that work by an agreed upon allocation of costs between the Pepco Entities. In September 2019, the Pepco Entities issued a draft “final” RI report which the DOEE approved on February 3, 2020. In October 2022, the DOEE approved dividing the work to complete the landside portion of the FS from the waterside portion to expedite the overall schedule for completion of the project. The landside FS was approved by the DOEE on March 15th, 2024, and the waterside FS was approved by the DOEE on December 16, 2024. The DOEE and Pepco entered into an addendum to the Benning Consent Decree pursuant to which Pepco has agreed to fund or perform the remedial actions to be selected by the DOEE for the landside and waterside areas. This addendum to the Benning Consent Decree was entered by the Court on February 27, 2024 and became effective on that date. Pepco drafted separate proposed plans for the landside and waterside areas, which were approved and issued by the DOEE for public comment on December 16, 2024 and September 4, 2025, respectively. The public comment period for the landside and waterside areas closed on April 18, 2025 and October 31, 2025, respectively. Pepco submitted a matrix of proposed responses to the public comments and a proposed Record of Decision (ROD) to the DOEE for the landside area on August 15, 2025. Following the close of the waterside area comment period, Pepco will submit a matrix of proposed responses to the public comments and a proposed ROD to the DOEE for the waterside area. The DOEE will issue RODs identifying the remedial actions determined to be necessary for the landside and waterside areas, which will be implemented by Pepco in accordance with the Benning Consent Decree. As part of the separation between Exelon and Constellation in February 2022, the internal agreement between the Pepco Entities for completion and payment for the remaining Consent Decree work was memorialized in a formal agreement for post-separation activities. A second post-separation assumption agreement between Exelon and Constellation transferred any of the potential remaining remediation liability, if any, of PES/Constellation to a non-utility subsidiary of Exelon which going forward will be responsible for those liabilities. Exelon, PHI, and Pepco have determined that a loss associated with this matter is probable and have accrued an estimated liability, which is included in the table above. 87 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 11 — Commitments and Contingencies Anacostia River Tidal Reach (Exelon, PHI, and Pepco) . Contemporaneous with the Benning Road site RI/FS being performed by the Pepco Entities, the DOEE and NPS have been conducting a separate RI/FS focused on the entire tidal reach of the Anacostia River extending from just north of the Maryland-District of Columbia boundary line to the confluence of the Anacostia and Potomac Rivers. The riverwide RI incorporated the results of the river sampling performed by the Pepco Entities as part of the Benning RI/FS, as well as similar sampling efforts conducted by owners of other sites adjacent to this segment of the river and supplemental river sampling conducted by the DOEE’s contractor. On September 30, 2020, the DOEE released its Interim ROD for the Anacostia River sediments. The Interim ROD reflects an adaptive management approach which will require several identified “hot spots” in the river to be addressed first while continuing to conduct studies and to monitor the river to evaluate improvements and determine potential future remediation plans. The adaptive management process chosen by the DOEE is less intrusive, provides more long-term environmental certainty, is less costly, and allows for site specific remediation plans already underway, including the plan for the Benning Road site to proceed to conclusion. On July 15, 2022, Pepco received a letter from the District of Columbia's Office of the Attorney General (D.C. OAG) on behalf of the DOEE conveying a settlement offer to resolve all PRPs' liability to the District of Columbia (District) for their past costs and their anticipated future costs to complete the work for the Interim ROD. Pepco responded on July 27, 2022 agreeing to enter into settlement discussions. Pepco and the District entered into another consent decree (the “Anacostia River Consent Decree”) pursuant to which Pepco agreed to pay $ 47 million to resolve its liability to the District for all past costs to perform the riverwide RI/FS and all future costs to complete the work required by the Interim ROD. This amount was agreed to be paid in four equal annual installments beginning a year after the effective date of the Anacostia River Consent Decree. Pepco paid the first installment of $ 12 million on April 9, 2025, and the second installment of $ 12 million on April 7, 2026. The funds were deposited into the DOEE’s Clean Land Fund for the District’s costs of the Interim ROD work. The Anacostia River Consent Decree caps Pepco’s liability for these costs and provides Pepco with the right to seek contributions from other PRPs. The Anacostia River Consent Decree was signed by the judge for the U.S. District Court for the District of Columbia and became effective on April 11, 2024. Exelon, PHI, and Pepco have accrued a liability for Pepco’s payment obligations under the Anacostia Consent Decree and management's best estimate of its share of any other future Anacostia River response costs. Pepco has concluded that incremental exposure remains reasonably possible, but management cannot reasonably estimate a range of loss beyond the amounts recorded, which are included in the table above. In addition to the activities associated with the remedial process outlined above, CERCLA separately requires federal and state (here including Washington, D.C.) Natural Resource Trustees (federal or state agencies designated by the President or the relevant state, respectively, or Indian tribes) to conduct an assessment of any damages to natural resources within their jurisdiction as a result of the contamination that is being remediated. The Trustees can seek compensation from responsible parties for such damages, including restoration costs. During the second quarter of 2018, Pepco became aware that the Trustees are in the beginning stages of a NRD assessment, a process that often takes many years beyond the remedial decision to complete. Pepco has concluded that a loss associated with the eventual NRD assessment is reasonably possible. Due to the early stage of the NRD process, Pepco cannot reasonably estimate the final range of loss potentially resulting from this process. Pepco has become aware, however, that the District is pursuing claims against other parties. Specifically, in January 2025, D.C. OAG filed a lawsuit against the United States seeking to declare the United States liable under CERCLA and the District of Columbia’s Brownfield Revitalization Act of 2000 and to recover the District’s response costs associated with its investigation and remediation of Anacostia River sediment contamination and for future NRDs. Pepco is not a party to this suit, but Pepco, the United States, and the District of Columbia have entered mediation discussions to resolve their respective claims against one another under CERCLA and the Brownfield Revitalization Act with respect to the river. The court has put the case on hold pending the outcome of the mediation. As noted in the Benning Road Site disclosure above, as part of the separation of Exelon and Constellation in February 2022, an assumption agreement was executed transferring any potential future remediation liabilities associated with the Benning Site remediation to a non-utility subsidiary of Exelon. Similarly, any potential future liability associated with the Anacostia River Sediment Project was also assumed by this entity. 88 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 11 — Commitments and Contingencies Buzzard Point Site (Exelon, PHI, and Pepco). On December 8, 2022, Pepco received a letter from the D.C. OAG, alleging wholly past violations of the District's stormwater discharge and waste disposal requirements related to operations at the Buzzard Point facility, a 9-acre parcel of waterfront property in Washington, D.C. occupied by an active substation and former steam plant building. The letter also alleged wholly past violations by Pepco of stormwater discharge requirements related to its district-wide system of underground vaults. Pepco entered into a Consent Order with the District of Columbia to resolve the alleged violations without any admission of liability. The Consent Order requires Pepco to pay a civil penalty of $ 10 million. In addition, Pepco has agreed to assess the environmental conditions at its Buzzard Point facility and conduct any remedial actions deemed necessary as a result of the assessment, and also to assess potential environmental impacts associated with the operation of its underground vaults. The Superior Court for the District of Columbia signed and entered the Consent Order, and it became effective on February 2, 2024. Pepco is proceeding through the multi-step environmental investigation and response as outlined in the consent order. Specifically, the DOEE approved Pepco's Preliminary Site Assessment in July 2025. In September 2025, Pepco timely submitted its work plan for the second stage, the Supplemental Investigation Plan, which the DOEE approved in November 2025. Pepco also submitted an environmental assessment to the DOEE of the vault system pursuant to the Consent Order in July 2024. In response to the DOEE's comments, Pepco made revised submissions in May 2025, September 2025, and January 2026. The DOEE approved Pepco's vault system report on February 2, 2026. Exelon, PHI, and Pepco have accrued a liability for the projected costs for the required environmental assessments and remediation. In January 2025, Pepco paid the last installment of the civil penalty. Pepco has concluded that incremental exposure remains reasonably possible, but management cannot reasonably estimate a range of loss beyond the amounts recorded, which are included in the table above. Litigation and Regulatory Matters DPA and Related Matters (Exelon and ComEd). Exelon and ComEd received a grand jury subpoena in the second quarter of 2019 from the U.S. Attorney’s Office for the Northern District of Illinois (USAO) requiring production of information concerning their lobbying activities in the State of Illinois. On October 4, 2019, Exelon and ComEd received a second grand jury subpoena from the USAO requiring production of records of any communications with certain individuals and entities. The Companies cooperated fully with the USAO and any government requests or inquiries. On July 17, 2020, ComEd entered into a DPA with the USAO to resolve the USAO investigation into its historical state legislative lobbying and related practices in Illinois. The agreement resolved the Department of Justice investigation into both ComEd and Exelon, which included a payment to the U.S. Treasury of $ 200 million, which was paid in November 2020. The three-year term of the DPA ended on July 17, 2023, and on that same date the court granted the USAO’s motion to dismiss the pending charge against ComEd that had been deferred by the DPA. Subsequent to Exelon announcing the receipt of the USAO subpoenas, various lawsuits were filed related to the subject of the subpoenas and the conduct described in the DPA. Several putative class actions were brought in federal and state court by ComEd customers. These actions were dismissed prior to discovery or trial and those dismissals were affirmed on appeal. A putative class action alleging misrepresentations and omissions in Exelon's SEC filings related to ComEd's lobbying activities and the related investigations was also brought in federal court against Exelon and ComEd, which was subsequently settled. In addition, subsequent to Exelon announcing the receipt of the USAO subpoenas, several shareholders sent letters to the Exelon Board of Directors demanding, among other things, that the Exelon Board of Directors investigate and address alleged breaches of fiduciary duties and other alleged violations by Exelon and ComEd officers and directors related to the conduct described in the DPA. In the first quarter of 2021, the Exelon Board of Directors appointed a Special Litigation Committee (SLC) consisting of disinterested and independent parties to investigate and address these shareholders’ allegations and make recommendations to the Exelon Board of Directors based on the outcome of the SLC’s investigation. In July 2021, one of the demand letter shareholders filed a derivative action against current and former Exelon and ComEd officers and directors, and against Exelon, as nominal defendant, asserting the same claims made in its demand letter. Since that date, multiple parties have filed separate derivative lawsuits that were subsequently consolidated. On October 12, 2021, the parties filed an agreed motion to stay the litigation for 120 days in order to allow the SLC to continue its investigation, which the court granted. The stay was extended several times. Through mediation efforts, a settlement of the derivative claims was reached by the SLC, the Independent Review Committee of the Board (which had been formed in the third quarter of 2022, to ensure the Board’s consideration of any SLC recommendations would be independent and objective), the Board, and certain of the derivative shareholders. On June 16, 2023, the SLC filed a motion for preliminary approval of the settlement, attaching the Stipulation and Agreement of Settlement 89 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 11 — Commitments and Contingencies (Stipulation), which contained the terms of the proposed settlement. The proposed settlement terms include but are not limited to: a payment of $ 40 million to Exelon by Exelon’s insurers of which $ 10 million constitutes the attorneys’ fee award to be paid to the Settling Shareholders’ counsel; various compliance and disclosure-related reforms; and certain changes in Board and Committee composition. The non-settling shareholders objected to the settlement and opposed preliminary approval. On September 20, 2024, the court denied without prejudice the SLC’s motion for preliminary approval. The court’s order provided that if the SLC can substantiate or otherwise revise the attorneys’ fees aspect of the settlement, then the SLC could renew its motion for preliminary approval by October 21, 2024. On October 21, 2024, the SLC filed its second renewed motion for preliminary approval, and the Settling Shareholders filed a brief in support of the SLC's second renewed motion for preliminary approval. On November 20, 2024, the non-settling plaintiffs filed an opposition to the renewed motion for preliminary approval. On December 18, 2024, the SLC and Settling Shareholders filed replies in support of the renewed motion for preliminary approval. The court granted the renewed motion for preliminary approval on November 17, 2025, and the final settlement hearing was held on May 5, 2026. Maryland Sales and Use Tax Refund Claim (Exelon, BGE, PHI, Pepco, and DPL). Maryland imposes a 6% sales and use tax on the purchase of most goods and services. BGE, Pepco, and DPL have filed or plan to file protective refund claims, totaling an estimated $ 100 million, treating electric transmission and distribution machinery and equipment as nontaxable pursuant to the manufacturing exemption available under the Maryland sales and use tax law. The Maryland Comptroller has initially denied the refund claim and litigation is pending. On November 22, 2024, the Appellate Court of Maryland, in a case involving a regulated electric utility operating in Maryland, ruled the purchase of certain transmission and distribution equipment qualify for the sales tax manufacturing exemption. On December 20, 2024, the Maryland Attorney General, on behalf of the Maryland Comptroller, filed a motion for reconsideration with the Appellate Court of Maryland of its ruling. The motion for reconsideration was denied on February 3, 2025. On February 18, 2025, the Maryland Attorney General, on behalf of the Maryland Comptroller, filed a petition with the Maryland Supreme Court requesting review of the Appellate Court of Maryland’s ruling. On April 24, 2025, the Maryland Supreme Court granted the petition to review the ruling. On October 1, 2025, the Maryland Supreme Court heard oral arguments in the case. In the event transmission and distribution equipment is determined to be exempt, Exelon, BGE, PHI, Pepco, and DPL will record estimated receivables of $ 100 million, $ 65 million, $ 35 million, $ 25 million, and $ 10 million, respectively. The sales tax payments were primarily capitalized; therefore, the refund would be recorded as a reduction to PP&E included in rate base. General (All Registrants). The Registrants are involved in various other litigation matters that are being defended and handled in the ordinary course of business. The Registrants are also from time to time subject to audits and investigations by the FERC and other regulators. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. The Registrants maintain accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of reasonably possible loss, particularly where (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. 12. Shareholders' Equity (Exelon) At-the-Market Program On May 2, 2025, Exelon executed an equity distribution agreement ("2025 Equity Distribution Agreement"), with certain sales agents and forward sellers and certain forward purchasers, establishing an ATM equity distribution program which it may offer and sell shares of its Common stock, having an aggregate gross sales price of up to $ 2.5 billion through May 2, 2028. Exelon has no obligation to offer or sell any shares of Common stock under the 2025 Equity Distribution Agreement and may, at any time, suspend or terminate offers and sales under the 2025 Equity Distribution Agreement. In the first quarter of 2026, Exelon entered into various forward sale agreements under the 2025 ATM program. The forward sale agreements require Exelon to, at its election prior to the maturity date, either (i) physically settle 90 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 12 — Shareholders' Equity the transactions by issuing shares of its Common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or (ii) net settle the transactions in whole or in part through the delivery to the forward counterparties or receipt from the forward counterparties of cash or shares in accordance with the provisions of the agreements. The following forward sale agreements were entered into under Exelon’s ATM program in the first quarter of 2026: Effective Period Shares Available (in millions) Weighted-Average Net Price Maturity Date Q1 2026 5.4 $ 47.67 July 30, 2027 Q1 2026 6.4 $ 48.68 September 2, 2027 Additionally, the following forward sale agreements were entered into during the twelve months ended 2025 under Exelon’s ATM program and were not settled as of December 31, 2025: Effective Period Shares Available (in millions) Weighted-Average Net Price Maturity Date Q2 2025 3.6 $ 43.17 November 16, 2026 Q3 2025 11.5 $ 43.73 December 15, 2026 Q4 2025 0.8 $ 45.42 December 15, 2026 No amounts have been or will be recorded on Exelon's balance sheet with respect to the equity offerings until the equity forward sale agreements have been settled. Each initial forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. Until settlement of the equity forward, earnings per share dilution resulting from the agreement, if any, will be determined under the treasury stock method. For the three months ended March 31, 2026, approximately 26.5 million shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive. Inclusive of the impact of the forward sale agreements, $ 1.0 billion of Common stock remained available for sale pursuant to the ATM program as of March 31, 2026. 13. Changes in Accumulated Other Comprehensive Income (Loss) (Exelon) The following table presents changes in Exelon's AOCI, net of tax, by component: Three Months Ended March 31, 2026 Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items (a) Total Balance at December 31, 2025 $ 33 $ ( 795 ) $ ( 762 ) OCI before reclassifications ( 3 ) 4 1 Amounts reclassified from AOCI ( 2 ) 7 5 Net current-period OCI ( 5 ) 11 6 Balance at March 31, 2026 $ 28 $ ( 784 ) $ ( 756 ) Three Months Ended March 31, 2025 Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items (a) Total Balance at December 31, 2024 $ 45 $ ( 765 ) $ ( 720 ) OCI before reclassifications ( 6 ) 5 ( 1 ) Amounts reclassified from AOCI ( 2 ) 5 3 Net current-period OCI ( 8 ) 10 2 Balance at March 31, 2025 $ 37 $ ( 755 ) $ ( 718 ) __________ (a) This AOCI component is included in the computation of net periodic pension and OPEB cost. See Note 12 — Retirement Benefits of the 2025 Form 10-K and Note 7 — Retirement Benefits for additional information. See Exelon's Statements of Operations and Comprehensive Income for individual components of AOCI. 91 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 13 — Changes in Accumulated Other Comprehensive Income The following table presents Income tax benefit (expense) allocated to each component of Exelon's Other comprehensive income (loss): Three Months Ended March 31, 2026 2025 Pension and non-pension postretirement benefit plans: Actuarial losses reclassified to periodic benefit cost $ ( 2 ) $ ( 2 ) Pension and non-pension postretirement benefit plans valuation adjustments ( 1 ) ( 2 ) Unrealized gains on cash flow hedges 1 3 14. Supplemental Financial Information (All Registrants) Supplemental Statement of Operations Information The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Operations and Comprehensive Income: Taxes other than income taxes Exelon ComEd PECO BGE PHI Pepco DPL ACE Three Months Ended March 31, 2026 Utility taxes (a) $ 275 $ 86 $ 57 $ 36 $ 96 $ 86 $ 9 $ 1 Property 125 10 5 63 47 31 15 1 Payroll 34 8 5 4 8 2 1 1 Three Months Ended March 31, 2025 Utility taxes (a) $ 258 $ 81 $ 50 $ 34 $ 93 $ 84 $ 8 $ 1 Property 111 9 5 57 40 28 12 — Payroll 33 8 5 5 7 1 1 1 _________ (a) The Registrants' utility taxes represent municipal and state utility taxes and gross receipts taxes related to their operating revenues. The offsetting collection of utility taxes from customers is recorded in revenues in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. Other, net Exelon ComEd PECO BGE PHI Pepco DPL ACE Three Months Ended March 31, 2026 AFUDC — Equity $ 57 $ 21 $ 10 $ 15 $ 11 $ 9 $ 1 $ 1 Non-service net periodic benefit cost ( 10 ) — — — — — — — Three Months Ended March 31, 2025 AFUDC — Equity $ 39 $ 12 $ 7 $ 9 $ 11 $ 8 $ 2 $ 1 Non-service net periodic benefit cost ( 13 ) — — — — — — — Supplemental Cash Flow Information The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Cash Flows. 92 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 14 — Supplemental Financial Information Depreciation, amortization, and accretion Exelon ComEd PECO BGE PHI Pepco DPL ACE Three Months Ended March 31, 2026 Property, plant, and equipment (a) $ 794 $ 317 $ 120 $ 132 $ 211 $ 94 $ 59 ` $ 57 Amortization of regulatory assets and liabilities, net (a) 158 87 1 35 35 20 7 8 Amortization of intangible assets, net (a) — — — — — — — — ARO accretion (b) 1 — — — — — — — Total depreciation, amortization, and accretion $ 953 $ 404 $ 121 $ 167 $ 246 $ 114 $ 66 $ 65 Three Months Ended March 31, 2025 Property, plant, and equipment (a) $ 750 $ 302 $ 108 $ 124 $ 201 $ 88 $ 57 $ 55 Amortization of regulatory assets and liabilities, net (a) 152 78 1 40 33 17 6 9 Amortization of intangible assets, net (a) 2 — — — — — — — ARO accretion (b) 1 — — — — — — — Total depreciation, amortization, and accretion $ 905 $ 380 $ 109 $ 164 $ 234 $ 105 $ 63 $ 64 __________ (a) Included in Depreciation and amortization expense in the Registrants' Consolidated Statements of Operations and Comprehensive Income. (b) Included in Operating and maintenance expense in Exelon's Consolidated Statements of Operations and Comprehensive Income. Other non-cash operating activities Exelon ComEd PECO BGE PHI Pepco DPL ACE Three Months Ended March 31, 2026 Pension and OPEB costs $ 65 $ 27 $ 4 $ 7 $ 20 $ 7 $ 4 $ 2 Allowance for credit losses 109 17 43 26 23 11 7 5 True-up adjustments to decoupling mechanisms and formula rates (a) 40 ( 8 ) ( 5 ) 22 31 ( 1 ) 6 26 Amortization of operating ROU asset 6 — — 2 3 1 1 1 AFUDC — Equity ( 57 ) ( 21 ) ( 10 ) ( 15 ) ( 11 ) ( 9 ) ( 1 ) ( 1 ) Three Months Ended March 31, 2025 Pension and OPEB costs $ 68 $ 21 $ 2 $ 16 $ 25 $ 8 $ 4 $ 3 Allowance for credit losses 97 11 43 14 29 10 9 10 True-up adjustments to decoupling mechanisms and formula rates (a) 136 85 9 29 13 ( 2 ) 5 10 Amortization of operating ROU asset 9 — — 2 6 1 2 2 AFUDC — Equity ( 39 ) ( 12 ) ( 7 ) ( 9 ) ( 11 ) ( 8 ) ( 2 ) ( 1 ) __________ (a) For ComEd, reflects the true-up adjustments in Regulatory assets and liabilities associated with its distribution MRP and distribution, energy efficiency, distributed generation, and transmission formula rates. For PECO, reflects the change in Regulatory assets and liabilities associated with its transmission formula rates. For BGE, Pepco, DPL, and ACE, reflects the change in Regulatory assets and liabilities associated with their decoupling mechanisms and transmission formula rates. See Note 2 — Regulatory Matters of the 2025 Form 10-K for additional information. 93 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 14 — Supplemental Financial Information The following tables provide a reconciliation of cash, cash equivalents, and restricted cash reported within the Registrants’ Consolidated Balance Sheets that sum to the total of the same amounts in their Consolidated Statements of Cash Flows. Cash, cash equivalents, and restricted cash Exelon ComEd PECO BGE PHI Pepco DPL ACE Balance at March 31, 2026 Cash and cash equivalents $ 713 $ 95 $ 151 $ 173 $ 49 $ 20 $ 12 $ 12 Restricted cash and cash equivalents 560 487 — 7 31 20 10 1 Restricted cash included in Other deferred debits and other assets 24 24 — — — — — — Total cash, restricted cash, and cash equivalents $ 1,297 $ 606 $ 151 $ 180 $ 80 $ 40 $ 22 $ 13 Balance at December 31, 2025 Cash and cash equivalents $ 626 $ 159 $ 116 $ 217 $ 103 $ 22 $ 9 $ 22 Restricted cash and cash equivalents 525 454 — 3 38 33 3 2 Restricted cash included in Other deferred debits and other assets 50 50 — — — — — — Total cash, restricted cash, and cash equivalents $ 1,201 $ 663 $ 116 $ 220 $ 141 $ 55 $ 12 $ 24 For additional information on restricted cash see Note 1 — Significant Accounting Policies of the 2025 Form 10-K. Supplemental Balance Sheet Information The following table provides additional information about material items recorded in the Registrants' Consolidated Balance Sheets. Accrued expenses Exelon ComEd PECO BGE PHI Pepco DPL ACE Balance at March 31, 2026 Compensation-related accruals (a) $ 395 $ 130 $ 55 $ 52 $ 66 $ 20 $ 14 $ 10 Taxes accrued 249 118 20 105 96 71 21 10 Interest accrued 466 105 55 91 85 37 28 19 Balance at December 31, 2025 Compensation-related accruals (a) $ 705 $ 209 $ 96 $ 99 $ 125 $ 35 $ 24 $ 17 Taxes accrued 242 94 306 191 107 69 25 18 Interest accrued 538 155 75 55 92 49 18 20 __________ (a) Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits. 15. Related Party Transactions (All Registrants) Service Company Costs for Corporate Support The Registrants receive a variety of corporate support services from BSC. Pepco, DPL, and ACE also receive corporate support services from PHISCO. See Note 1 — Significant Accounting Policies for additional information regarding BSC and PHISCO. 94 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 15 — Related Party Transactions The following table presents the service company costs allocated to the Registrants: Operating and maintenance from affiliates Capitalized costs Three Months Ended March 31, Three Months Ended March 31, 2026 2025 2026 2025 Exelon BSC $ 134 $ 160 PHISCO 25 25 ComEd BSC $ 103 $ 100 61 62 PECO BSC 65 59 21 27 BGE BSC 66 63 21 33 PHI BSC 58 52 30 39 PHISCO — — 25 25 Pepco BSC 35 32 13 17 PHISCO 32 31 10 10 DPL BSC 22 20 9 12 PHISCO 24 25 7 8 ACE BSC 17 16 7 8 PHISCO 26 23 7 7 95 Table of Contents Combined Notes to Consolidated Financial Statements — (Continued) (Dollars in millions, except per share data, unless otherwise noted) Note 15 — Related Party Transactions Current Receivables from/Payables to Affiliates The following tables present current Receivables from affiliates and current Payables to affiliates: March 31, 2026 Receivables from affiliates: Payables to affiliates: ComEd PECO BGE Pepco DPL ACE BSC PHISCO Other Total ComEd $ — $ — $ — $ — $ — $ 70 $ — $ 2 $ 72 PECO $ — — — — — 36 — 5 41 BGE — — — — — 31 — 1 32 PHI (a) — — — — — — 2 — 5 7 Pepco — — — — — 15 16 1 32 DPL — — — — — 10 14 1 25 ACE 3 — — — — 6 10 1 20 Other 4 2 1 1 2 12 ( 1 ) — 21 Total $ 7 $ 2 $ 1 $ 1 $ 2 $ 12 $ 169 $ 40 $ 16 $ 250 December 31, 2025 Receivables from affiliates: Payables to affiliates: ComEd PECO BGE Pepco DPL ACE BSC PHISCO Other Total ComEd $ — $ — $ — $ — $ — $ 76 $ — $ 5 $ 81 PECO $ — — — — — 33 — 2 35 BGE — — — — — 39 — — 39 PHI (a) — — — — — — 5 2 11 18 Pepco — — — — — 25 11 1 37 DPL — — — — — 15 10 — 25 ACE — — — — — 14 10 — 24 Other 5 — 1 — 2 12 — — 20 Total $ 5 $ — $ 1 $ — $ 2 $ 12 $ 207 $ 33 $ 19 $ 279 __________ (a) PHI is presented exclusive of Pepco, DPL, and ACE, which are included in the table herein. Borrowings from Exelon/PHI intercompany money pool To provide an additional short-term borrowing option that will generally be more favorable to the borrowing participants than the cost of external financing both Exelon and PHI operate an intercompany money pool. PECO and PHI Corporate participate in the Exelon intercompany money pool. Pepco, DPL, and ACE participate in the PHI intercompany money pool. Long-term debt to financing trusts The following table presents Long-term debt to financing trusts: March 31, 2026 December 31, 2025 Exelon ComEd PECO Exelon ComEd PECO ComEd Financing III $ 206 $ 206 $ — $ 206 $ 206 $ — PECO Trust III 81 — 81 81 — 81 PECO Trust IV 103 — 103 103 — 103 Total $ 390 $ 206 $ 184 $ 390 $ 206 $ 184 96 Table of Contents