FULLTEXT DEL 2 AV 4
10-Q – 2025-11-04 – exc-20250930.htm
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exc:PecoTrustThreeAffiliateMember 2024-12-31 0001109357 exc:PecoTrustFourAffiliateMember 2025-09-30 0001109357 exc:CommonwealthEdisonCoMember exc:PecoTrustFourAffiliateMember 2025-09-30 0001109357 exc:PecoEnergyCoMember exc:PecoTrustFourAffiliateMember 2025-09-30 0001109357 exc:PecoTrustFourAffiliateMember 2024-12-31 0001109357 exc:CommonwealthEdisonCoMember exc:PecoTrustFourAffiliateMember 2024-12-31 0001109357 exc:PecoEnergyCoMember exc:PecoTrustFourAffiliateMember 2024-12-31 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number IRS Employer Identification Number 001-16169 EXELON CORPORATION 23-2990190 (a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago , Illinois 60680-5379 (800) 483-3220 001-01839 COMMONWEALTH EDISON COMPANY 36-0938600 (an Illinois corporation) 10 South Dearborn Street Chicago , Illinois 60603-2300 (312) 394-4321 000-16844 PECO ENERGY COMPANY 23-0970240 (a Pennsylvania corporation) 2301 Market Street P.O. Box 8699 Philadelphia , Pennsylvania 19101-8699 (215) 841-4000 001-01910 BALTIMORE GAS AND ELECTRIC COMPANY 52-0280210 (a Maryland corporation) 2 Center Plaza 110 West Fayette Street Baltimore , Maryland 21201-3708 (410) 234-5000 001-31403 PEPCO HOLDINGS LLC 52-2297449 (a Delaware limited liability company) 701 Ninth Street, N.W. Washington , District of Columbia 20068-0001 (202) 872-2000 001-01072 POTOMAC ELECTRIC POWER COMPANY 53-0127880 (a District of Columbia and Virginia corporation) 701 Ninth Street, N.W. Washington , District of Columbia 20068-0001 (202) 872-2000 001-01405 DELMARVA POWER & LIGHT COMPANY 51-0084283 (a Delaware and Virginia corporation) 500 North Wakefield Drive Newark , Delaware 19702-5440 (202) 872-2000 001-03559 ATLANTIC CITY ELECTRIC COMPANY 21-0398280 (a New Jersey corporation) 500 North Wakefield Drive Newark , Delaware 19702-5440 (202) 872-2000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered EXELON CORPORATION: Common stock, without par value EXC The Nasdaq Stock Market LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Exelon Corporation Large Accelerated Filer x Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐ Commonwealth Edison Company Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer x Smaller Reporting Company ☐ Emerging Growth Company ☐ PECO Energy Company Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer x Smaller Reporting Company ☐ Emerging Growth Company ☐ Baltimore Gas and Electric Company Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer x Smaller Reporting Company ☐ Emerging Growth Company ☐ Pepco Holdings LLC Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer x Smaller Reporting Company ☐ Emerging Growth Company ☐ Potomac Electric Power Company Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer x Smaller Reporting Company ☐ Emerging Growth Company ☐ Delmarva Power & Light Company Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer x Smaller Reporting Company ☐ Emerging Growth Company ☐ Atlantic City Electric Company Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer x Smaller Reporting Company ☐ Emerging Growth Company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x The number of shares outstanding of each registrant’s common stock as of September 30, 2025 was: Exelon Corporation Common Stock, without par value 1,010,290,316 Commonwealth Edison Company Common Stock, $12.50 par value 127,021,419 PECO Energy Company Common Stock, without par value 170,478,507 Baltimore Gas and Electric Company Common Stock, without par value 1,000 Pepco Holdings LLC not applicable Potomac Electric Power Company Common Stock, $0.01 par value 100 Delmarva Power & Light Company Common Stock, $2.25 par value 1,000 Atlantic City Electric Company Common Stock, $3.00 par value 8,546,017 TABLE OF CONTENTS Page No. GLOSSARY OF TERMS AND ABBREVIATIONS 4 FILING FORMAT 7 CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION 7 WHERE TO FIND MORE INFORMATION 8 PART I. FINANCIAL INFORMATION 9 ITEM 1. FINANCIAL STATEMENTS 9 Exelon Corporation Consolidated Statements of Operations and Comprehensive Income 10 Consolidated Statements of Cash Flows 11 Consolidated Balance Sheets 12 Consolidated Statements of Changes in Shareholders’ Equity 14 Commonwealth Edison Company Consolidated Statements of Operations and Comprehensive Income 16 Consolidated Statements of Cash Flows 17 Consolidated Balance Sheets 18 Consolidated Statements of Changes in Shareholders' Equity 20 PECO Energy Company Consolidated Statements of Operations and Comprehensive Income 21 Consolidated Statements of Cash Flows 22 Consolidated Balance Sheets 23 Consolidated Statements of Changes in Shareholder's Equity 25 Baltimore Gas and Electric Company Statements of Operations and Comprehensive Income 26 Statements of Cash Flows 27 Balance Sheets 28 Statements of Changes in Shareholder's Equity 30 Pepco Holdings LLC Consolidated Statements of Operations and Comprehensive Income 31 Consolidated Statements of Cash Flows 32 Consolidated Balance Sheets 33 Consolidated Statements of Changes in Member's Equity 35 1 Page No. Potomac Electric Power Company Statements of Operations and Comprehensive Income 36 Statements of Cash Flows 37 Balance Sheets 38 Statements of Changes in Shareholder's Equity 40 Delmarva Power & Light Company Statements of Operations and Comprehensive Income 41 Statements of Cash Flows 42 Balance Sheets 43 Statements of Changes in Shareholder’s Equity 45 Atlantic City Electric Company Consolidated Statements of Operations and Comprehensive Income 46 Consolidated Statements of Cash Flows 47 Consolidated Balance Sheets 48 Consolidated Statements of Changes in Shareholder’s Equity 50 Combined Notes to Consolidated Financial Statements 1. Significant Accounting Policies 51 2. Regulatory Matters 52 3. Revenue from Contracts with Customers 60 4. Segment Information 61 5. Accounts Receivable 72 6. Income Taxes 75 7. Retirement Benefits 78 8. Derivative Financial Instruments 80 9. Debt and Credit Agreements 83 10. Fair Value of Financial Assets and Liabilities 86 11. Commitments and Contingencies 94 12. Shareholders' Equity 100 13. Changes in Accumulated Other Comprehensive Income 102 14. Supplemental Financial Information 103 15. Related Party Transactions 107 2 Page No. ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 109 Exelon Corporation 109 Executive Overview 109 Financial Results of Operations 109 Significant 2025 Transactions and Developments 111 Other Key Business Drivers and Management Strategies 114 Critical Accounting Policies and Estimates 115 Results of Operations By Registrant 116 Commonwealth Edison Company 116 PECO Energy Company 119 Baltimore Gas and Electric Company 123 Pepco Holdings LLC 126 Potomac Electric Power Company 127 Delmarva Power & Light Company 130 Atlantic City Electric Company 135 Liquidity and Capital Resources 138 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 147 ITEM 4. CONTROLS AND PROCEDURES 148 PART II. OTHER INFORMATION 148 ITEM 1. LEGAL PROCEEDINGS 148 ITEM 1A. RISK FACTORS 148 ITEM 5. OTHER INFORMATION 148 ITEM 6. EXHIBITS 149 SIGNATURES 152 Exelon Corporation 152 Commonwealth Edison Company 153 PECO Energy Company 154 Baltimore Gas and Electric Company 155 Pepco Holdings LLC 156 Potomac Electric Power Company 157 Delmarva Power & Light Company 158 Atlantic City Electric Company 159 3 Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS Exelon Corporation and Related Entities Exelon Exelon Corporation ComEd Commonwealth Edison Company PECO PECO Energy Company BGE Baltimore Gas and Electric Company Pepco Holdings or PHI Pepco Holdings LLC Pepco Potomac Electric Power Company DPL Delmarva Power & Light Company ACE Atlantic City Electric Company Registrants Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, collectively Utility Registrants ComEd, PECO, BGE, Pepco, DPL, and ACE, collectively BSC Exelon Business Services Company, LLC Exelon Corporate Exelon in its corporate capacity as a holding company PCI Potomac Capital Investment Corporation and its subsidiaries PECO Trust III PECO Energy Capital Trust III PECO Trust IV PECO Energy Capital Trust IV PHI Corporate PHI in its corporate capacity as a holding company PHISCO PHI Service Company Former Related Entities Constellation Constellation Energy Corporation Generation Constellation Energy Generation, LLC (formerly Exelon Generation Company, LLC, a subsidiary of Exelon prior to separation on February 1, 2022) 4 Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS Other Terms and Abbreviations Note - of the 2024 Form 10-K Reference to specific Combined Note to Consolidated Financial Statements within Exelon's 2024 Annual Report on Form 10-K ABO Accumulated Benefit Obligation AFUDC Allowance for Funds Used During Construction AMI Advanced Metering Infrastructure AOCI Accumulated Other Comprehensive Income (Loss) ARO Asset Retirement Obligation ATM At the market BGS Basic Generation Service BSA Bill Stabilization Adjustment CEJA Climate and Equitable Jobs Act; Illinois Public Act 102-0662 signed into law on September 15, 2021 CERCLA Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended CIP Conservation Incentive Program CMC Carbon Mitigation Credit CODMs Chief Operating Decision Makers DC PLUG District of Columbia Power Line Undergrounding Initiative DCPSC Public Service Commission of the District of Columbia DEPSC Delaware Public Service Commission DOEE District of Columbia Department of Energy & Environment DPA Deferred Prosecution Agreement DSIC Distribution System Improvement Charge EDIT Excess Deferred Income Taxes EPA United States Environmental Protection Agency ERISA Employee Retirement Income Security Act of 1974, as amended ETAC Energy Transition Assistance Charge FERC Federal Energy Regulatory Commission GAAP Generally Accepted Accounting Principles in the United States GCR Gas Cost Rate GSA Generation Supply Adjustment GWhs Gigawatt hours ICC Illinois Commerce Commission IIJA Infrastructure Investment and Jobs Act Illinois Settlement Legislation Legislation enacted in 2007 affecting electric utilities in Illinois IPA Illinois Power Agency IRA Inflation Reduction Act IRC Internal Revenue Code IRS Internal Revenue Service MDPSC Maryland Public Service Commission MGP Manufactured Gas Plant mmcf Million Cubic Feet MRP Multi-Year Rate Plan MWh Megawatt hour N/A Not Applicable NAV Net Asset Value 5 Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS Other Terms and Abbreviations NJBPU New Jersey Board of Public Utilities NOLC Tax Net Operating Loss Carryforward NPNS Normal Purchase Normal Sale scope exception NPS National Park Service NRD Natural Resources Damages OBBBA One Big Beautiful Bill Act OCI Other Comprehensive Income OPEB Other Postretirement Employee Benefits PAPUC Pennsylvania Public Utility Commission PGC Purchased Gas Cost Clause PJM PJM Interconnection, LLC PLR Private Letter Ruling POLR Provider of Last Resort PP&E Property, Plant, and Equipment PRPs Potentially Responsible Parties REC Renewable Energy Credit which is issued for each megawatt hour of generation from a qualified renewable energy source Regulatory Agreement Units Nuclear generating units or portions thereof whose decommissioning-related activities are subject to regulatory agreements with the ICC and PAPUC Rider Reconcilable Surcharge Recovery Mechanism ROE Return on Equity ROU Right-of-use RTO Regional Transmission Organization RUBC Residential Universal Bill Credit SEC United States Securities and Exchange Commission SOFR Secured Overnight Financing Rate SOS Standard Offer Service TCJA Tax Cuts and Jobs Act TSC Transmission Service Charge ZEC Zero Emission Credit 6 Table of Contents FILING FORMAT This combined Form 10-Q is being filed separately by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants). Information contained herein relating to any individual Registrant is filed by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant. CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION This Report contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” "should," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: • unfavorable legislative and/or regulatory actions; • uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; • environmental liabilities and remediation costs; • state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; • challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; • negative outcomes in legal proceedings; • adverse impact of the activities associated with the past DPA and now-resolved SEC investigation on Exelon’s and ComEd’s reputation and relationships with legislators, regulators, and customers; • physical security and cybersecurity risks; • extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; • disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; • lack of sufficient capacity to meet actual or forecasted demand or disruptions at power generation facilities owned by third parties; • emerging technologies that could affect or transform the energy industry; • instability in capital and credit markets; • a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; • significant economic downturns or increases in customer rates; • impacts of climate change and weather on energy usage and maintenance and capital costs; and 7 Table of Contents • impairment of long-lived assets, goodwill, and other assets. New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed in the 2024 Form 10-K filed by the Registrants, including in Part I, ITEM 1A. Risk Factors, and this Report including in Part II, ITEM 1A. Risk Factors. Investors are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Report. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Report. WHERE TO FIND MORE INFORMATION The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements, and other information that the Registrants file electronically with the SEC. These documents are also available to the public from commercial document retrieval services and free of charge at the Registrants' website at www.exeloncorp.com. Information contained on the Registrants' website shall not be deemed incorporated into, or to be a part of, this Report. 8 Table of Contents PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS 9 Table of Contents Exelon Corporation and Subsidiary Companies Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2025 2024 2025 2024 Operating revenues Electric operating revenues $ 6,690 $ 6,012 $ 17,872 $ 16,379 Natural gas operating revenues 235 196 1,595 1,207 Revenues from alternative revenue programs ( 220 ) ( 54 ) ( 621 ) ( 29 ) Total operating revenues 6,705 6,154 18,846 17,557 Operating expenses Purchased power 2,645 2,349 6,640 6,483 Purchased fuel 47 34 471 301 Operating and maintenance 1,172 1,275 3,840 3,756 Depreciation and amortization 912 908 2,717 2,681 Taxes other than income taxes 429 395 1,216 1,127 Total operating expenses 5,205 4,961 14,884 14,348 Gain on sale of assets — 3 1 12 Operating income 1,500 1,196 3,963 3,221 Other income and (deductions) Interest expense, net ( 531 ) ( 490 ) ( 1,560 ) ( 1,428 ) Interest expense to affiliates, net ( 7 ) ( 6 ) ( 18 ) ( 18 ) Other, net 68 57 185 196 Total other income and (deductions) ( 470 ) ( 439 ) ( 1,393 ) ( 1,250 ) Income before income taxes 1,030 757 2,570 1,971 Income taxes 155 50 396 158 Net income attributable to common shareholders $ 875 $ 707 $ 2,174 $ 1,813 Comprehensive income, net of income taxes Net income $ 875 $ 707 $ 2,174 $ 1,813 Other comprehensive income (loss), net of income taxes Pension and non-pension postretirement benefit plans: Actuarial losses reclassified to periodic benefit cost 5 5 16 15 Pension and non-pension postretirement benefit plans valuation adjustments — — 5 ( 26 ) Unrealized (loss) gain on cash flow hedges ( 2 ) ( 29 ) ( 16 ) 1 Other comprehensive income (loss) 3 ( 24 ) 5 ( 10 ) Comprehensive income attributable to common shareholders $ 878 $ 683 $ 2,179 $ 1,803 Average shares of common stock outstanding: Basic 1,011 1,003 1,010 1,002 Assumed exercise and/or distributions of stock-based awards (a) 2 1 1 — Diluted 1,013 1,004 1,011 1,002 Earnings per average common share Basic $ 0.87 $ 0.70 $ 2.15 $ 1.81 Diluted $ 0.86 $ 0.70 $ 2.15 $ 1.81 __________ (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) Nine Months Ended September 30, (In millions) 2025 2024 Cash flows from operating activities Net income $ 2,174 $ 1,813 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 2,719 2,683 Gain on sales of assets ( 1 ) ( 12 ) Deferred income taxes and amortization of investment tax credits 293 102 Net fair value changes related to derivatives 3 1 Other non-cash operating activities 1,088 441 Changes in assets and liabilities: Accounts receivable ( 422 ) ( 489 ) Inventories ( 41 ) ( 57 ) Accounts payable and accrued expenses 165 ( 309 ) Collateral (paid) received, net ( 25 ) 21 Income taxes 19 ( 18 ) Regulatory assets and liabilities, net ( 390 ) 194 Pension and non-pension postretirement benefit contributions ( 313 ) ( 140 ) Other assets and liabilities ( 259 ) ( 87 ) Net cash flows provided by operating activities 5,010 4,143 Cash flows from investing activities Capital expenditures ( 6,095 ) ( 5,161 ) Proceeds from sales of assets 2 38 Other investing activities ( 7 ) 9 Net cash flows used in investing activities ( 6,100 ) ( 5,114 ) Cash flows from financing activities Changes in short-term borrowings ( 779 ) ( 1,093 ) Proceeds from short-term borrowings with maturities greater than 90 days — 150 Repayments on short-term borrowings with maturities greater than 90 days — ( 549 ) Issuance of long-term debt 4,925 4,975 Retirement of long-term debt ( 807 ) ( 1,336 ) Issuance of common stock 173 148 Dividends paid on common stock ( 1,212 ) ( 1,142 ) Proceeds from employee stock plans 24 33 Other financing activities ( 75 ) ( 83 ) Net cash flows provided by financing activities 2,249 1,103 Increase in cash, restricted cash, and cash equivalents 1,159 132 Cash, restricted cash, and cash equivalents at beginning of period 939 1,101 Cash, restricted cash, and cash equivalents at end of period $ 2,098 $ 1,233 Supplemental cash flow information (Decrease) increase in capital expenditures not paid ( 12 ) 6 (Decrease) increase in PP&E related to ARO update ( 5 ) 16 See the Combined Notes to Consolidated Financial Statements 11 Table of Contents Exelon Corporation and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) September 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 1,533 $ 357 Restricted cash and cash equivalents 516 541 Accounts receivable Customer accounts receivable 3,356 3,144 Customer allowance for credit losses ( 451 ) ( 406 ) Customer accounts receivable, net 2,905 2,738 Other accounts receivable 1,192 1,123 Other allowance for credit losses ( 98 ) ( 107 ) Other accounts receivable, net 1,094 1,016 Inventories, net Fossil fuel 100 72 Materials and supplies 788 781 Regulatory assets 1,489 1,940 Prepaid renewable energy credits 445 494 Other 359 445 Total current assets 9,229 8,384 Property, plant, and equipment (net of accumulated depreciation and amortization of $ 19,606 and $ 18,445 as of September 30, 2025 and December 31, 2024, respectively) 82,100 78,182 Deferred debits and other assets Regulatory assets 8,881 8,710 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 4,658 4,026 Investments 307 290 Other 1,734 1,562 Total deferred debits and other assets 22,210 21,218 Total assets $ 113,539 $ 107,784 See the Combined Notes to Consolidated Financial Statements 12 Table of Contents Exelon Corporation and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) September 30, 2025 December 31, 2024 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Short-term borrowings $ 1,080 $ 1,859 Long-term debt due within one year 2,168 1,453 Accounts payable 3,240 2,994 Accrued expenses 1,414 1,468 Payables to affiliates 5 5 Customer deposits 507 446 Regulatory liabilities 507 411 Mark-to-market derivative liabilities 28 29 Unamortized energy contract liabilities 5 5 Renewable energy credit obligations 352 429 Other 519 512 Total current liabilities 9,825 9,611 Long-term debt 46,283 42,947 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 13,519 12,793 Regulatory liabilities 10,904 10,198 Pension obligations 1,480 1,745 Non-pension postretirement benefit obligations 493 472 Asset retirement obligations 303 301 Mark-to-market derivative liabilities 109 103 Unamortized energy contract liabilities 18 21 Other 2,102 2,282 Total deferred credits and other liabilities 28,928 27,915 Total liabilities 85,426 80,863 Commitments and contingencies Shareholders’ equity Common stock ( No par value, 2,000 shares authorized, 1,010 shares and 1,005 shares outstanding as of September 30, 2025 and December 31, 2024, respectively) 21,564 21,338 Treasury stock, at cost ( 2 shares as of September 30, 2025 and December 31, 2024) ( 123 ) ( 123 ) Retained earnings 7,387 6,426 Accumulated other comprehensive loss, net ( 715 ) ( 720 ) Total shareholders’ equity 28,113 26,921 Total liabilities and shareholders’ equity $ 113,539 $ 107,784 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) Nine Months Ended September 30, 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 Net income — — — 391 — 391 Long-term incentive plan activity 118 14 — — — 14 Employee stock purchase plan activity 334 13 — — — 13 Common stock dividends ($ 0.40 /common share) — — — ( 405 ) — ( 405 ) Balance at June 30, 2025 1,011,820 $ 21,544 $ ( 123 ) $ 6,917 $ ( 718 ) $ 27,620 Net income — — — 875 — 875 Long-term incentive plan activity 4 6 — — — 6 Employee stock purchase plan activity 299 14 — — — 14 Common stock dividends ($ 0.40 /common share) — — — ( 405 ) — ( 405 ) Other comprehensive income, net of income taxes — — — — 3 3 Balance at September 30, 2025 1,012,123 $ 21,564 $ ( 123 ) $ 7,387 $ ( 715 ) $ 28,113 See the Combined Notes to Consolidated Financial Statements 14 Table of Contents Nine Months Ended September 30, 2024 (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, 2023 1,001,249 $ 21,114 $ ( 123 ) $ 5,490 $ ( 726 ) $ 25,755 Net income — — — 658 — 658 Long-term incentive plan activity 333 2 — — — 2 Employee stock purchase plan activity 276 13 — — — 13 Common stock dividends ($ 0.38 /common share) — — — ( 381 ) — ( 381 ) Other comprehensive income, net of income taxes — — — — 14 14 Balance at March 31, 2024 1,001,858 $ 21,129 $ ( 123 ) $ 5,767 $ ( 712 ) $ 26,061 Net income — — — 448 — 448 Long-term incentive plan activity 76 11 — — — 11 Employee stock purchase plan activity 396 12 — — — 12 Common stock dividends ($ 0.38 /common share) — — — ( 380 ) — ( 380 ) Balance at June 30, 2024 1,002,330 $ 21,152 $ ( 123 ) $ 5,835 $ ( 712 ) $ 26,152 Net Income — — — 707 — 707 Long-term incentive plan activity 7 7 — — — 7 Employee stock purchase plan activity 349 13 — — — 13 Issuance of common stock 3,980 148 — 148 Common stock dividends ($ 0.38 /common share) — — — ( 381 ) — ( 381 ) Other comprehensive income, net of income taxes — — — — ( 24 ) ( 24 ) Balance at September 30, 2024 1,006,666 $ 21,320 $ ( 123 ) $ 6,161 $ ( 736 ) $ 26,622 See the Combined Notes to Consolidated Financial Statements 15 Table of Contents Commonwealth Edison Company and Subsidiary Companies Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2025 2024 2025 2024 Operating revenues Electric operating revenues $ 2,479 $ 2,303 $ 6,682 $ 6,497 Revenues from alternative revenue programs ( 206 ) ( 76 ) ( 525 ) ( 100 ) Operating revenues from affiliates 2 2 19 6 Total operating revenues 2,275 2,229 6,176 6,403 Operating expenses Purchased power 806 835 2,044 2,504 Operating and maintenance 313 307 958 970 Operating and maintenance from affiliates 96 103 296 307 Depreciation and amortization 395 387 1,162 1,124 Taxes other than income taxes 107 99 303 287 Total operating expenses 1,717 1,731 4,763 5,192 Gain on sale of assets — — — 5 Operating income 558 498 1,413 1,216 Other income and (deductions) Interest expense, net ( 132 ) ( 125 ) ( 385 ) ( 364 ) Interest expense to affiliates, net ( 3 ) ( 3 ) ( 10 ) ( 10 ) Other, net 33 26 86 66 Total other income and (deductions) ( 102 ) ( 102 ) ( 309 ) ( 308 ) Income before income taxes 456 396 1,104 908 Income taxes 83 36 201 85 Net income $ 373 $ 360 $ 903 $ 823 Comprehensive income $ 373 $ 360 $ 903 $ 823 See the Combined Notes to Consolidated Financial Statements 16 Table of Contents Commonwealth Edison Company and Subsidiary Companies Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended September 30, (In millions) 2025 2024 Cash flows from operating activities Net income $ 903 $ 823 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization 1,162 1,124 Gain on sales of assets — ( 5 ) Deferred income taxes and amortization of investment tax credits 21 ( 16 ) Other non-cash operating activities 634 161 Changes in assets and liabilities: Accounts receivable ( 347 ) ( 327 ) Receivables from and payables to affiliates, net ( 16 ) 43 Inventories 12 ( 17 ) Accounts payable and accrued expenses 112 ( 207 ) Collateral (paid) received, net ( 31 ) 21 Income taxes 66 ( 109 ) Regulatory assets and liabilities, net ( 128 ) 422 Pension and non-pension postretirement benefit contributions ( 192 ) ( 11 ) Other assets and liabilities ( 136 ) 134 Net cash flows provided by operating activities 2,060 2,036 Cash flows from investing activities Capital expenditures ( 1,970 ) ( 1,619 ) Other investing activities 5 8 Net cash flows used in investing activities ( 1,965 ) ( 1,611 ) Cash flows from financing activities Changes in short-term borrowings ( 36 ) ( 129 ) Repayments on short-term borrowings with maturities greater than 90 days — ( 400 ) Issuance of long-term debt 725 800 Retirement of long-term debt — ( 250 ) Dividends paid on common stock ( 610 ) ( 582 ) Contributions from parent 108 117 Other financing activities ( 7 ) ( 12 ) Net cash flows provided by (used in) financing activities 180 ( 456 ) Increase (decrease) in cash, restricted cash, and cash equivalents 275 ( 31 ) Cash, restricted cash, and cash equivalents at beginning of period 632 686 Cash, restricted cash, and cash equivalents at end of period $ 907 $ 655 Supplemental cash flow information Increase (decrease) in capital expenditures not paid $ 74 $ ( 31 ) See the Combined Notes to Consolidated Financial Statements 17 Table of Contents Commonwealth Edison Company and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) September 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 405 $ 105 Restricted cash and cash equivalents 453 486 Accounts receivable Customer accounts receivable 1,205 994 Customer allowance for credit losses ( 115 ) ( 109 ) Customer accounts receivable, net 1,090 885 Other accounts receivable 353 290 Other allowance for credit losses ( 25 ) ( 34 ) Other accounts receivable, net 328 256 Receivables from affiliates 4 4 Inventories, net 274 292 Regulatory assets 705 1,159 Other 201 141 Total current assets 3,460 3,328 Property, plant, and equipment (net of accumulated depreciation and amortization of $ 8,134 and $ 7,619 as of September 30, 2025 and December 31, 2024, respectively) 31,446 30,211 Deferred debits and other assets Regulatory assets 2,646 2,562 Goodwill 2,625 2,625 Receivable related to Regulatory Agreement Units 4,231 3,780 Investments 7 6 Prepaid pension asset 1,301 1,165 Other 1,294 1,073 Total deferred debits and other assets 12,104 11,211 Total assets $ 47,010 $ 44,750 See the Combined Notes to Consolidated Financial Statements 18 Table of Contents Commonwealth Edison Company and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) September 30, 2025 December 31, 2024 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Short-term borrowings $ — $ 36 Long-term debt due within one year 500 — Accounts payable 992 748 Accrued expenses 460 463 Payables to affiliates 61 77 Customer deposits 178 134 Regulatory liabilities 221 197 Mark-to-market derivative liabilities 28 29 Other 278 270 Total current liabilities 2,718 1,954 Long-term debt 12,251 12,030 Long-term debt to financing trust 206 206 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 5,773 5,601 Regulatory liabilities 9,041 8,421 Asset retirement obligations 172 167 Non-pension postretirement benefit obligations 164 156 Mark-to-market derivative liabilities 100 103 Other 1,304 1,232 Total deferred credits and other liabilities 16,554 15,680 Total liabilities 31,729 29,870 Commitments and contingencies Shareholders’ equity Common stock 1,588 1,588 Other paid-in capital 10,736 10,628 Retained earnings 2,957 2,664 Total shareholders’ equity 15,281 14,880 Total liabilities and shareholders’ equity $ 47,010 $ 44,750 See the Combined Notes to Consolidated Financial Statements 19 Table of Contents Commonwealth Edison Company and Subsidiary Companies Consolidated Statements of Changes in Shareholders' Equity (Unaudited) Nine Months Ended September 30, 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 Net income — — 228 228 Common stock dividends — — ( 204 ) ( 204 ) Contributions from parent — — — — Balance at June 30, 2025 $ 1,588 $ 10,715 $ 2,787 $ 15,090 Net income — — 373 373 Common stock dividends — — ( 203 ) ( 203 ) Contributions from parent — 21 — 21 Balance at September 30, 2025 $ 1,588 $ 10,736 $ 2,957 $ 15,281 Nine Months Ended September 30, 2024 (In millions) Common Stock Other Paid-In Capital Retained Earnings Total Shareholders’ Equity Balance at December 31, 2023 $ 1,588 $ 10,401 $ 2,374 $ 14,363 Net income — — 193 193 Common stock dividends — — ( 194 ) ( 194 ) Contributions from parent — 39 — 39 Balance at March 31, 2024 $ 1,588 $ 10,440 $ 2,373 $ 14,401 Net income — — 270 270 Common stock dividends — — ( 194 ) ( 194 ) Contributions from parent — 39 — 39 Balance at June 30, 2024 $ 1,588 $ 10,479 $ 2,449 $ 14,516 Net income — — 360 360 Common stock dividends — — ( 194 ) ( 194 ) Contributions from parent — 39 — 39 Balance at September 30, 2024 $ 1,588 $ 10,518 $ 2,615 $ 14,721 See the Combined Notes to Consolidated Financial Statements 20 Table of Contents PECO Energy Company and Subsidiary Companies Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2025 2024 2025 2024 Operating revenues Electric operating revenues $ 1,093 $ 952 $ 2,932 $ 2,529 Natural gas operating revenues 82 69 578 436 Revenues from alternative revenue programs 2 5 ( 6 ) 3 Operating revenues from affiliates 3 4 9 7 Total operating revenues 1,180 1,030 3,513 2,975 Operating expenses Purchased power 428 372 1,093 977 Purchased fuel 18 14 195 136 Operating and maintenance 183 251 690 695 Operating and maintenance from affiliates 58 62 182 181 Depreciation and amortization 115 108 336 318 Taxes other than income taxes 69 61 183 164 Total operating expenses 871 868 2,679 2,471 Gain on sales of assets — — — 4 Operating income 309 162 834 508 Other income and (deductions) Interest expense, net ( 63 ) ( 55 ) ( 179 ) ( 161 ) Interest expense to affiliates, net ( 2 ) ( 3 ) ( 9 ) ( 9 ) Other, net 11 9 29 27 Total other income and (deductions) ( 54 ) ( 49 ) ( 159 ) ( 143 ) Income before income taxes 255 113 675 365 Income taxes 5 ( 4 ) 23 9 Net income $ 250 $ 117 $ 652 $ 356 Comprehensive income $ 250 $ 117 $ 652 $ 356 See the Combined Notes to Consolidated Financial Statements 21 Table of Contents PECO Energy Company and Subsidiary Companies Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended September 30, (In millions) 2025 2024 Cash flows from operating activities Net income $ 652 $ 356 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization 336 318 Gain on sales of assets — ( 4 ) Deferred income taxes and amortization of investment tax credits ( 60 ) ( 27 ) Other non-cash operating activities 69 58 Changes in assets and liabilities: Accounts receivable ( 94 ) ( 75 ) Receivables from and payables to affiliates, net ( 8 ) ( 2 ) Inventories ( 8 ) ( 2 ) Accounts payable and accrued expenses ( 4 ) ( 65 ) Collateral (paid) received, net 6 — Income taxes 13 ( 55 ) Regulatory assets and liabilities, net ( 26 ) 17 Pension and non-pension postretirement benefit contributions ( 11 ) ( 3 ) Other assets and liabilities ( 10 ) ( 19 ) Net cash flows provided by operating activities 855 497 Cash flows from investing activities Capital expenditures ( 1,334 ) ( 1,125 ) Changes in Exelon intercompany money pool ( 222 ) ( 89 ) Other investing activities 1 5 Net cash flows used in investing activities ( 1,555 ) ( 1,209 ) Cash flows from financing activities Changes in short-term borrowings ( 192 ) ( 165 ) Issuance of long-term debt 1,050 575 Dividends paid on common stock ( 410 ) ( 300 ) Contributions from parent 578 595 Other financing activities ( 10 ) ( 7 ) Net cash flows provided by financing activities 1,016 698 Increase (decrease) in cash, restricted cash, and cash equivalents 316 ( 14 ) Cash, restricted cash, and cash equivalents at beginning of period 48 51 Cash, restricted cash, and cash equivalents at end of period $ 364 $ 37 Supplemental cash flow information Increase in capital expenditures not paid $ 81 $ 60 See the Combined Notes to Consolidated Financial Statements 22 Table of Contents PECO Energy Company and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) September 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 364 $ 48 Accounts receivable Customer accounts receivable 697 670 Customer allowance for credit losses ( 145 ) ( 133 ) Customer accounts receivable, net 552 537 Other accounts receivable 156 145 Other allowance for credit losses ( 17 ) ( 18 ) Other accounts receivable, net 139 127 Receivables from affiliates 2 — Receivable from Exelon intercompany money pool 222 — Inventories, net Fossil fuel 46 37 Materials and supplies 76 79 Prepaid utility taxes 18 2 Prepaid renewable energy credits 36 51 Regulatory assets 66 65 Other 31 27 Total current assets 1,552 973 Property, plant, and equipment (net of accumulated depreciation and amortization of $ 4,080 and $ 4,042 as of September 30, 2025 and December 31, 2024, respectively) 15,490 14,392 Deferred debits and other assets Regulatory assets 1,231 1,003 Receivable related to Regulatory Agreement Units 428 247 Investments 43 41 Prepaid pension asset 443 435 Other 40 32 Total deferred debits and other assets 2,185 1,758 Total assets $ 19,227 $ 17,123 See the Combined Notes to Consolidated Financial Statements 23 Table of Contents PECO Energy Company and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions) September 30, 2025 December 31, 2024 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities Short-term borrowings $ — $ 192 Long-term debt due within one year 350 350 Accounts payable 753 639 Accrued expenses 150 166 Payables to affiliates 35 41 Customer deposits 87 80 Renewable energy credit obligations 37 52 Regulatory liabilities 154 122 Other 50 28 Total current liabilities 1,616 1,670 Long-term debt 6,396 5,354 Long-term debt to financing trusts 184 184 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 2,557 2,433 Regulatory liabilities 433 253 Asset retirement obligations 26 27 Non-pension postretirement benefit obligations 288 287 Other 92 100 Total deferred credits and other liabilities 3,396 3,100 Total liabilities 11,592 10,308 Commitments and contingencies Shareholder’s equity Common stock 5,223 4,645 Retained earnings 2,412 2,170 Total shareholder’s equity 7,635 6,815 Total liabilities and shareholder's equity $ 19,227 $ 17,123 See the Combined Notes to Consolidated Financial Statements 24 Table of Contents PECO Energy Company and Subsidiary Companies Consolidated Statements of Changes in Shareholders' Equity (Unaudited) Nine Months Ended September 30, 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 Net income — 136 136 Common stock dividends — ( 136 ) ( 136 ) Contributions from parent — — — Balance at June 30, 2025 $ 5,208 $ 2,299 $ 7,507 Net income — 250 250 Common stock dividends — ( 137 ) ( 137 ) Contributions from parent 15 — 15 Balance at September 30, 2025 $ 5,223 $ 2,412 $ 7,635 Nine Months Ended September 30, 2024 (In millions) Common Stock Retained Earnings Total Shareholder's Equity Balance at December 31, 2023 $ 4,050 $ 2,019 $ 6,069 Net income — 149 149 Common stock dividends — ( 100 ) ( 100 ) Contributions from parent 580 — 580 Balance at March 31, 2024 $ 4,630 $ 2,068 $ 6,698 Net income — 90 90 Common stock dividends — ( 100 ) ( 100 ) Balance at June 30, 2024 $ 4,630 $ 2,058 $ 6,688 Net income — 117 117 Common stock dividends — ( 100 ) ( 100 ) Contributions from parent 15 — 15 Balance at September 30, 2024 $ 4,645 $ 2,075 $ 6,720 See the Combined Notes to Consolidated Financial Statements 25 Table of Contents Baltimore Gas and Electric Company Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2025 2024 2025 2024 Operating revenues Electric operating revenues $ 1,102 $ 928 $ 2,978 $ 2,585 Natural gas operating revenues 125 104 870 648 Revenues from alternative revenue programs ( 20 ) 9 ( 63 ) 28 Operating revenues from affiliates 2 3 6 7 Total operating revenues 1,209 1,044 3,791 3,268 Operating expenses Purchased power 547 407 1,365 1,108 Purchased fuel 21 13 219 120 Operating and maintenance 179 221 621 613 Operating and maintenance from affiliates 60 60 186 182 Depreciation and amortization 155 162 473 474 Taxes other than income taxes 93 86 273 254 Total operating expenses 1,055 949 3,137 2,751 Operating income 154 95 654 517 Other income and (deductions) Interest expense, net ( 64 ) ( 57 ) ( 183 ) ( 159 ) Other, net 15 11 35 27 Total other income and (deductions) ( 49 ) ( 46 ) ( 148 ) ( 132 ) Income before income taxes 105 49 506 385 Income taxes 23 4 108 32 Net income $ 82 $ 45 $ 398 $ 353 Comprehensive income $ 82 $ 45 $ 398 $ 353 See the Combined Notes to Consolidated Financial Statements 26 Table of Contents Baltimore Gas and Electric Company Statements of Cash Flows (Unaudited) Nine Months Ended September 30, (In millions) 2025 2024 Cash flows from operating activities Net income $ 398 $ 353 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization 473 474 Deferred income taxes and amortization of investment tax credits 53 ( 5 ) Other non-cash operating activities 127 49 Changes in assets and liabilities: Accounts receivable 34 25 Receivables from and payables to affiliates, net ( 15 ) 14 Inventories ( 10 ) ( 6 ) Accounts payable and accrued expenses 88 37 Collateral received, net 2 — Income taxes 19 ( 51 ) Regulatory assets and liabilities, net ( 114 ) ( 69 ) Pension and non-pension postretirement benefit contributions ( 40 ) ( 34 ) Other assets and liabilities 116 102 Net cash flows provided by operating activities 1,131 889 Cash flows from investing activities Capital expenditures ( 1,211 ) ( 1,033 ) Other investing activities 7 10 Net cash flows used in investing activities ( 1,204 ) ( 1,023 ) Cash flows from financing activities Changes in short-term borrowings ( 175 ) ( 336 ) Issuance of long-term debt 650 800 Dividends paid on common stock ( 294 ) ( 276 ) Contributions from parent 531 237 Other financing activities ( 8 ) ( 9 ) Net cash flows provided by financing activities 704 416 Increase in cash, restricted cash, and cash equivalents 631 282 Cash, restricted cash, and cash equivalents at beginning of period 34 48 Cash, restricted cash, and cash equivalents at end of period $ 665 $ 330 Supplemental cash flow information (Decrease) increase in capital expenditures not paid $ ( 46 ) $ 38 See the Combined Notes to Consolidated Financial Statements 27 Table of Contents Baltimore Gas and Electric Company Balance Sheets (Unaudited) (In millions) September 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 663 $ 33 Restricted cash and cash equivalents 2 1 Accounts receivable Customer accounts receivable 625 654 Customer allowance for credit losses ( 68 ) ( 56 ) Customer accounts receivable, net 557 598 Other accounts receivable 91 113 Other allowance for credit losses ( 5 ) ( 6 ) Other accounts receivable, net 86 107 Receivables from affiliates 1 — Inventories, net Fossil fuel 45 29 Materials and supplies 78 84 Prepaid utility taxes 1 115 Regulatory assets 199 207 Prepaid renewable energy credits 143 157 Other 18 17 Total current assets 1,793 1,348 Property, plant, and equipment (net of accumulated depreciation and amortization of $ 5,132 and $ 5,005 as of September 30, 2025 and December 31, 2024, respectively) 13,890 13,134 Deferred debits and other assets Regulatory assets 799 788 Investments 10 10 Prepaid pension asset 206 218 Other 44 44 Total deferred debits and other assets 1,059 1,060 Total assets $ 16,742 $ 15,542 See the Combined Notes to Consolidated Financial Statements 28 Table of Contents Baltimore Gas and Electric Company Balance Sheets (Unaudited) (In millions) September 30, 2025 December 31, 2024 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities Short-term borrowings $ — $ 175 Long-term debt due within one year 350 — Accounts payable 483 515 Accrued expenses 263 176 Payables to affiliates 33 48 Customer deposits 122 118 Regulatory liabilities 6 12 Renewable energy credit obligations 146 160 Other 45 39 Total current liabilities 1,448 1,243 Long-term debt 5,691 5,395 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 2,193 2,099 Regulatory liabilities 614 636 Asset retirement obligations 36 36 Non-pension postretirement benefit obligations 144 150 Other 96 97 Total deferred credits and other liabilities 3,083 3,018 Total liabilities 10,222 9,656 Commitments and contingencies Shareholder's equity Common stock 4,014 3,483 Retained earnings 2,506 2,403 Total shareholder's equity 6,520 5,886 Total liabilities and shareholder's equity $ 16,742 $ 15,542 See the Combined Notes to Consolidated Financial Statements 29 Table of Contents Baltimore Gas and Electric Company Statements of Changes in Shareholder's Equity (Unaudited) Nine Months Ended September 30, 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 ) Contributions from parent — — — Balance at March 31, 2025 $ 3,483 $ 2,565 $ 6,048 Net income — 55 55 Common stock dividends — ( 98 ) ( 98 ) Contributions from parent — — — Balance at June 30, 2025 $ 3,483 $ 2,522 $ 6,005 Net income — 82 82 Common stock dividends — ( 98 ) ( 98 ) Contributions from parent 531 — 531 Balance at September 30, 2025 $ 4,014 $ 2,506 $ 6,520 Nine Months Ended September 30, 2024 (In millions) Common Stock Retained Earnings Total Shareholder's Equity Balance at December 31, 2023 $ 3,246 $ 2,244 $ 5,490 Net income — 264 264 Common stock dividends — ( 92 ) ( 92 ) Contributions from parent — — — Balance at March 31, 2024 $ 3,246 $ 2,416 $ 5,662 Net income — 44 44 Common stock dividends — ( 92 ) ( 92 ) Contributions from parent 197 — 197 Balance at June 30, 2024 $ 3,443 $ 2,368 $ 5,811 Net income — 45 45 Common stock dividends — ( 92 ) ( 92 ) Contributions from parent 40 — 40 Balance at September 30, 2024 $ 3,483 $ 2,321 $ 5,804 See the Combined Notes to Consolidated Financial Statements 30 Table of Contents Pepco Holdings LLC and Subsidiary Companies Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2025 2024 2025 2024 Operating revenues Electric operating revenues $ 2,016 $ 1,828 $ 5,280 $ 4,769 Natural gas operating revenues 27 23 148 122 Revenues from alternative revenue programs 6 8 ( 27 ) 40 Operating revenues from affiliates 2 3 7 7 Total operating revenues 2,051 1,862 5,408 4,938 Operating expenses Purchased power 864 735 2,138 1,895 Purchased fuel 8 7 57 44 Operating and maintenance 290 275 876 780 Operating and maintenance from affiliates 45 47 148 147 Depreciation and amortization 234 235 701 716 Taxes other than income taxes 150 140 426 395 Total operating expenses 1,591 1,439 4,346 3,977 Gain on sale of assets — — 1 — Operating income 460 423 1,063 961 Other income and (deductions) Interest expense, net ( 102 ) ( 95 ) ( 303 ) ( 279 ) Interest expense to affiliates, net — — ( 2 ) — Other, net 18 22 54 79 Total other income and (deductions) ( 84 ) ( 73 ) ( 251 ) ( 200 ) Income before income taxes 376 350 812 761 Income taxes 85 72 184 158 Net income $ 291 $ 278 $ 628 $ 603 Comprehensive income $ 291 $ 278 $ 628 $ 603 See the Combined Notes to Consolidated Financial Statements 31 Table of Contents Pepco Holdings LLC and Subsidiary Companies Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended September 30, (In millions) 2025 2024 Cash flows from operating activities Net income $ 628 $ 603 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 703 716 Gain on sales of assets ( 1 ) — Deferred income taxes and amortization of investment tax credits 93 56