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10-Q – 2026-07-30 – exc-20260630.htm

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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 June 30, 2026
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 June 30, 2026 was:

Exelon Corporation Common Stock, without par value 1,032,253,967
Commonwealth Edison Company Common Stock, $12.50 par value 127,021,427
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
15

Consolidated Statements of Cash Flows
16

Consolidated Balance Sheets
17

Consolidated Statements of Changes in Shareholders' Equity
19

PECO Energy Company

Consolidated Statements of Operations and Comprehensive Income
20

Consolidated Statements of Cash Flows
21

Consolidated Balance Sheets
22

Consolidated Statements of Changes in Shareholder's Equity
24

Baltimore Gas and Electric Company

Statements of Operations and Comprehensive Income
25

Statements of Cash Flows
26

Balance Sheets
27

Statements of Changes in Shareholder's Equity
29

Pepco Holdings LLC

Consolidated Statements of Operations and Comprehensive Income
30

Consolidated Statements of Cash Flows
31

Consolidated Balance Sheets
32

Consolidated Statements of Changes in Member's Equity
34

1

Page No.
Potomac Electric Power Company

Statements of Operations and Comprehensive Income
35

Statements of Cash Flows
36

Balance Sheets
37

Statements of Changes in Shareholder's Equity
39

Delmarva Power & Light Company

Statements of Operations and Comprehensive Income
40

Statements of Cash Flows
41

Balance Sheets
42

Statements of Changes in Shareholder’s Equity
44

Atlantic City Electric Company

Consolidated Statements of Operations and Comprehensive Income
45

Consolidated Statements of Cash Flows
46

Consolidated Balance Sheets
47

Consolidated Statements of Changes in Shareholder’s Equity
49

Combined Notes to Consolidated Financial Statements

1. Significant Accounting Policies
50

2. Regulatory Matters
51

3. Revenue from Contracts with Customers
60

4. Segment Information
62

5. Accounts Receivable
72

6. Income Taxes
74

7. Retirement Benefits
79

8. Derivative Financial Instruments
81

9. Debt and Credit Agreements
84

10. Fair Value of Financial Assets and Liabilities
87

11. Commitments and Contingencies
95

12. Shareholders' Equity
101

13. Changes in Accumulated Other Comprehensive Income
103

14. Supplemental Financial Information
104

15. Related Party Transactions
108

2

Page No.

ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
110

Exelon Corporation
110

Executive Overview
110

Financial Results of Operations
110

Significant 2026 Transactions and Developments
112

Other Key Business Drivers and Management Strategies
115

Critical Accounting Policies and Estimates
116

Results of Operations By Registrant
117

Commonwealth Edison Company
117

PECO Energy Company
120

Baltimore Gas and Electric Company
124

Pepco Holdings LLC
127

Potomac Electric Power Company
128

Delmarva Power & Light Company
131

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
149

ITEM 1.
LEGAL PROCEEDINGS
149

ITEM 1A.
RISK FACTORS
149

ITEM 5.
OTHER INFORMATION
149

ITEM 6.
EXHIBITS
149

SIGNATURES
153

Exelon Corporation
153

Commonwealth Edison Company
154

PECO Energy Company
155

Baltimore Gas and Electric Company
156

Pepco Holdings LLC
157

Potomac Electric Power Company
158

Delmarva Power & Light Company
159

Atlantic City Electric Company
160

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
Pepco Energy Services or PES Pepco Energy Services, Inc. and its subsidiaries
PHI Corporate PHI in its corporate capacity as a holding company
PHISCO PHI Service Company
Former Related Entities
Constellation Constellation Energy Corporation and Constellation Energy Generation, LLC (formerly Exelon Generation Company, LLC, a subsidiary of Exelon as of December 31, 2021 prior to separation on February 1, 2022)

4

Table of Contents

GLOSSARY OF TERMS AND ABBREVIATIONS
Other Terms and Abbreviations
Note - of the 2025 Form 10-K
Reference to specific Combined Note to Consolidated Financial Statements within Exelon's 2025 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
Convertible Senior Notes Exelon's 3.25% Convertible Senior Notes due 2029
CMC Carbon Mitigation Credit
CRGA Clean and Reliable Grid Affordability Act
CODMs Chief Operating Decision Makers
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
FERC Federal Energy Regulatory Commission
GAAP Generally Accepted Accounting Principles in the United States
GWhs Gigawatt hours
ICC Illinois Commerce Commission
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
NJBPU New Jersey Board of Public Utilities
NOLC Tax Net Operating Loss Carryforward
NPNS Normal Purchase Normal Sale scope exception

5

Table of Contents

GLOSSARY OF TERMS AND ABBREVIATIONS
Other Terms and Abbreviations
NPS National Park Service
NRD Natural Resources Damages
OCI Other Comprehensive Income
OPEB Other Postretirement Employee Benefits
PAPUC Pennsylvania Public Utility Commission
PJM PJM Interconnection, LLC
PLR Private Letter Ruling
PP&E Property, Plant, and Equipment
PRPs Potentially Responsible Parties
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
S&P Standard & Poor’s Ratings Services
SEC United States Securities and Exchange Commission
SOFR Secured Overnight Financing Rate
SOS Standard Offer Service
TCJA Tax Cuts and Jobs Act
USAO United States Attorney's Office for the Northern District of Illinois

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;
• physical security and cybersecurity risks;
• extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events;
• disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs;
• lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties;
• emerging technologies that could affect or transform the energy industry;
• instability in capital and credit markets;
• a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements;
• significant economic downturns or increases in customer rates;
• impacts of climate change and weather on energy usage and maintenance and capital costs; and
• impairment of long-lived assets, goodwill, and other assets.
7

Table of Contents

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 2025 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
June 30, Six Months Ended
June 30,
(In millions, except per share data) 2026 2025 2026 2025
Operating revenues
Electric operating revenues $ 5,710   $ 5,365   $ 11,868   $ 11,182  
Natural gas operating revenues 327   337   1,443   1,361  
Revenues from alternative revenue programs ( 70 ) ( 275 ) ( 102 ) ( 402 )
Total operating revenues 5,967   5,427   13,209   12,141  
Operating expenses
Purchased power 2,132   1,811   4,515   3,995  
Purchased fuel 79   85   472   423  

Operating and maintenance 1,386   1,321   2,852   2,668  
Depreciation and amortization 968   902   1,920   1,805  
Taxes other than income taxes 423   383   866   788  
Total operating expenses 4,988   4,502   10,625   9,679  

Gain on sale of assets —   2   —   1  

Operating income 979   927   2,584   2,463  
Other income and (deductions)
Interest expense, net ( 568 ) ( 524 ) ( 1,116 ) ( 1,028 )
Interest expense to affiliates ( 6 ) ( 7 ) ( 12 ) ( 12 )
Other, net 90   65   159   117  
Total other income and (deductions) ( 484 ) ( 466 ) ( 969 ) ( 923 )
Income before income taxes 495   461   1,615   1,540  
Income taxes 99   70   300   240  

Net income attributable to common shareholders $ 396   $ 391   $ 1,315   $ 1,300  

Comprehensive income, net of income taxes
Net income $ 396   $ 391   $ 1,315   $ 1,300  
Other comprehensive income, net of income taxes
Pension and non-pension postretirement benefit plans:

Actuarial losses reclassified to periodic benefit cost 7   5   14   11  
Pension and non-pension postretirement benefit plans valuation adjustments ( 1 ) 1   3   5  
Unrealized (loss) on cash flow hedges —   ( 6 ) ( 5 ) ( 14 )

Other comprehensive income 6   —   12   2  

Comprehensive income attributable to common shareholders $ 402   $ 391   $ 1,327   $ 1,302  

Average shares of common stock outstanding:
Basic 1,025   1,010   1,025   1,009  
Assumed exercise and/or distributions of stock-based awards (a)
3   2   2   2  
Diluted 1,028   1,012   1,027   1,011  

Earnings per average common share
Basic $ 0.39   $ 0.39   $ 1.28   $ 1.29  
Diluted $ 0.39   $ 0.39   $ 1.28   $ 1.29  

__________
(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)
Six Months Ended
June 30,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 1,315   $ 1,300  
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion 1,921   1,806  

Deferred income taxes and amortization of investment tax credits 432   165  
Net fair value changes related to derivatives —   3  

Other non-cash operating activities 464   734  
Changes in assets and liabilities:
Accounts receivable 787   ( 460 )
Inventories ( 29 ) ( 20 )
Accounts payable and accrued expenses ( 210 ) ( 38 )

Collateral received, net 72   14  
Income taxes ( 140 ) ( 3 )
Regulatory assets and liabilities, net ( 874 ) ( 294 )
Pension and non-pension postretirement benefit contributions ( 356 ) ( 302 )
Other assets and liabilities 287   ( 194 )
Net cash flows provided by operating activities 3,669   2,711  
Cash flows from investing activities
Capital expenditures ( 4,558 ) ( 3,959 )

Proceeds from sales of assets —   2  

Other investing activities ( 2 ) ( 5 )
Net cash flows used in investing activities ( 4,560 ) ( 3,962 )
Cash flows from financing activities
Changes in short-term borrowings 131   ( 750 )
Proceeds from short-term borrowings with maturities greater than 90 days 500   —  

Issuance of long-term debt 3,600   3,800  
Retirement of long-term debt ( 1,600 ) ( 807 )

Issuance of common stock 382   173  

Dividends paid on common stock ( 860 ) ( 808 )
Proceeds from employee stock plans 24   11  

Other financing activities ( 57 ) ( 56 )
Net cash flows provided by financing activities 2,120   1,563  
Increase in cash, restricted cash, and cash equivalents 1,229   312  
Cash, restricted cash, and cash equivalents at beginning of period 1,201   939  
Cash, restricted cash, and cash equivalents at end of period $ 2,430   $ 1,251  

Supplemental cash flow information
Decrease in capital expenditures not paid ( 253 ) ( 100 )

See the Combined Notes to Consolidated Financial Statements
11

Table of Contents

Exelon Corporation and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)

(In millions) June 30, 2026 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents $ 1,813   $ 626  
Restricted cash and cash equivalents 608   525  

Accounts receivable
Customer accounts receivable 3,567 3,732
Customer allowance for credit losses ( 508 ) ( 435 )
Customer accounts receivable, net 3,059   3,297  
Other accounts receivable 1,294 1,879
Other allowance for credit losses ( 94 ) ( 94 )
Other accounts receivable, net 1,200   1,785  
Inventories, net
Fossil fuel 62   88  
Materials and supplies 832   780  
Regulatory assets 1,352   1,359  
Prepaid renewable energy credits 381   563  
Other 490   523  
Total current assets 9,797   9,546  
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 21,230 and $ 20,080 as of June 30, 2026 and December 31, 2025, respectively)
87,123   84,318  
Deferred debits and other assets
Regulatory assets 9,412   9,214  
Goodwill 6,630   6,630  
Receivable related to Regulatory Agreement Units 5,280   4,755  
Investments 327   312  
Other 1,936   1,795  
Total deferred debits and other assets 23,585   22,706  
Total assets $ 120,505   $ 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) June 30, 2026 December 31, 2025
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings $ 1,243   $ 612  
Long-term debt due within one year 727   1,665  
Accounts payable 3,475   3,721  
Accrued expenses 1,447   1,582  
Payables to affiliates 5   5  
Customer deposits 589   533  
Regulatory liabilities 573   1,128  
Mark-to-market derivative liabilities 23   30  
Unamortized energy contract liabilities 4   5  
Renewable energy credit obligations 332   473  
Other 590   577  
Total current liabilities 9,008   10,331  
Long-term debt 50,313   47,413  
Long-term debt to financing trusts 390   390  
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 14,348   13,715  
Regulatory liabilities 11,727   11,016  
Pension obligations 1,429   1,749  
Non-pension postretirement benefit obligations 564   546  
Asset retirement obligations 322   321  
Mark-to-market derivative liabilities 105   106  
Unamortized energy contract liabilities 14   16  
Other 2,587   2,169  
Total deferred credits and other liabilities 31,096   29,638  
Total liabilities 90,807   87,772  
Commitments and contingencies

Shareholders’ equity
Common stock ( No par value, 2,000 shares authorized, 1,032 shares and 1,023 shares outstanding as of June 30, 2026 and December 31, 2025, respectively)
22,540   22,106  
Treasury stock, at cost ( 2 shares as of June 30, 2026 and December 31, 2025)
( 123 ) ( 123 )
Retained earnings 8,031   7,577  
Accumulated other comprehensive loss, net ( 750 ) ( 762 )
Total shareholders’ equity 29,698   28,798  

Total liabilities and shareholders’ equity $ 120,505   $ 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)

Six Months Ended June 30, 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  
Net income —  —  —  396   —  396  
Long-term incentive plan activity 51   14   —  —  —  14  
Employee stock purchase plan activity 317   15   —  —  —  15  
Issuance of Common Stock 8,682   382   —  —  —  382  

Common stock dividends
($ 0.42 /common share)
—  —  —  ( 430 ) —  ( 430 )
Other comprehensive income, net of income taxes —  —  —  —  6   6  

Balance at June 30, 2026 1,034,091 $ 22,540   $ ( 123 ) $ 8,031   $ ( 750 ) $ 29,698  

Six Months Ended June 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  

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
June 30, Six Months Ended
June 30,
(In millions) 2026 2025 2026 2025
Operating revenues
Electric operating revenues $ 2,038   $ 2,060   $ 3,931   $ 4,203  
Revenues from alternative revenue programs ( 55 ) ( 234 ) ( 46 ) ( 319 )
Operating revenues from affiliates 2   10   13   17  
Total operating revenues 1,985   1,836   3,898   3,901  
Operating expenses
Purchased power 579   550   1,031   1,239  

Operating and maintenance 339   322   674   645  
Operating and maintenance from affiliates 110   100   212   200  
Depreciation and amortization 416   387   820   767  
Taxes other than income taxes 107   97   212   196  
Total operating expenses 1,551   1,456   2,949   3,047  

Operating income 434   380   949   854  
Other income and (deductions)
Interest expense, net ( 140 ) ( 128 ) ( 272 ) ( 253 )
Interest expense to affiliates, net ( 3 ) ( 3 ) ( 7 ) ( 7 )
Other, net 41   31   73   53  
Total other income and (deductions) ( 102 ) ( 100 ) ( 206 ) ( 207 )
Income before income taxes 332   280   743   647  
Income taxes 83   52   184   117  
Net income $ 249   $ 228   $ 559   $ 530  
Comprehensive income $ 249   $ 228   $ 559   $ 530  

See the Combined Notes to Consolidated Financial Statements
15

Table of Contents

Commonwealth Edison Company and Subsidiary Companies
Consolidated Statements of Cash Flows
(Unaudited)

Six Months Ended
June 30,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 559   $ 530  
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization 820   767  

Deferred income taxes and amortization of investment tax credits 126   6  

Other non-cash operating activities 115   401  
Changes in assets and liabilities:
Accounts receivable 748   ( 252 )
Receivables from and payables to affiliates, net ( 6 ) ( 19 )
Inventories ( 15 ) 8  
Accounts payable and accrued expenses 102   ( 31 )
Collateral received (paid), net 81   ( 3 )
Income taxes ( 4 ) 7  
Regulatory assets and liabilities, net ( 862 ) ( 158 )
Pension and non-pension postretirement benefit contributions ( 222 ) ( 190 )
Other assets and liabilities 79   ( 25 )
Net cash flows provided by operating activities 1,521   1,041  
Cash flows from investing activities
Capital expenditures ( 1,671 ) ( 1,189 )

Other investing activities 3   1  
Net cash flows used in investing activities ( 1,668 ) ( 1,188 )
Cash flows from financing activities
Changes in short-term borrowings —   ( 36 )

Issuance of long-term debt 1,425   725  
Retirement of long-term debt ( 500 ) —  
Dividends paid on common stock ( 437 ) ( 407 )
Contributions from parent 256   87  
Other financing activities ( 14 ) ( 7 )
Net cash flows provided by financing activities 730   362  
Increase in cash, restricted cash, and cash equivalents 583   215  
Cash, restricted cash, and cash equivalents at beginning of period 663   632  
Cash, restricted cash, and cash equivalents at end of period $ 1,246   $ 847  

Supplemental cash flow information
(Decrease) increase in capital expenditures not paid $ ( 54 ) $ 17  

See the Combined Notes to Consolidated Financial Statements
16

Table of Contents

Commonwealth Edison Company and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)

(In millions) June 30, 2026 December 31, 2025
ASSETS
Current assets
   Cash and cash equivalents $ 704   $ 159  
   Restricted cash and cash equivalents 533   454  
   Accounts receivable
   Customer accounts receivable 972 1,058
   Customer allowance for credit losses ( 102 ) ( 115 )
       Customer accounts receivable, net 870   943  
   Other accounts receivable 458 1,155
   Other allowance for credit losses ( 25 ) ( 23 )
       Other accounts receivable, net 433   1,132  

   Receivables from affiliates 5   5  

   Inventories, net 282   268  

   Regulatory assets 644   595  

   Other 196   217  
   Total current assets 3,667   3,773  
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 8,731 and $ 8,291 as of June 30, 2026 and December 31, 2025, respectively)
33,316   32,255  
Deferred debits and other assets
   Regulatory assets 2,861   2,687  

   Goodwill 2,625   2,625  

   Receivable related to Regulatory Agreement Units 4,638   4,313  
   Investments 7   6  
   Prepaid pension asset 1,458   1,284  

   Other 1,375   1,342  
   Total deferred debits and other assets 12,964   12,257  
Total assets $ 49,947   $ 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) June 30, 2026 December 31, 2025
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities

   Long-term debt due within one year $ —   $ 500  
   Accounts payable 1,146   1,033  
   Accrued expenses 415   474  
   Payables to affiliates 75   81  
   Customer deposits 230   192  
   Regulatory liabilities 243   846  
   Mark-to-market derivative liabilities 23   25  

   Other 338   288  
   Total current liabilities 2,470   3,439  
Long-term debt 13,665   12,253  
Long-term debt to financing trust 206   206  
Deferred credits and other liabilities
   Deferred income taxes and unamortized investment tax credits 5,988   5,828  
   Regulatory liabilities 9,694   9,163  
   Asset retirement obligations 197   193  

   Non-pension postretirement benefit obligations 157   151  

   Mark-to-market derivative liabilities 105   106  

   Other 1,482   1,341  
   Total deferred credits and other liabilities 17,623   16,782  
   Total liabilities 33,964   32,680  
Commitments and contingencies
Shareholders’ equity
   Common stock 1,588   1,588  

   Other paid-in capital 11,275   11,019  
   Retained earnings 3,120   2,998  

   Total shareholders’ equity 15,983   15,605  
Total liabilities and shareholders’ equity $ 49,947   $ 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)

Six Months Ended June 30, 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  
Net income —  —  249   249  
Common stock dividends —  —  ( 219 ) ( 219 )
Contributions from parent —  —   —  —  
Balance at June 30, 2026 $ 1,588   $ 11,275   $ 3,120   $ 15,983  

Six Months Ended June 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  

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
June 30, Six Months Ended
June 30,
(In millions) 2026 2025 2026 2025
Operating revenues
Electric operating revenues $ 934   $ 876   $ 2,007   $ 1,839  
Natural gas operating revenues 120   120   530   496  
Revenues from alternative revenue programs 5   1   10   ( 8 )
Operating revenues from affiliates 3   3   7   6  
Total operating revenues 1,062   1,000   2,554   2,333  
Operating expenses
Purchased power 352   304   803   665  
Purchased fuel 37   35   198   176  

Operating and maintenance 232   242   502   507  
Operating and maintenance from affiliates 68   63   134   124  
Depreciation and amortization 125   112   247   221  
Taxes other than income taxes 62   54   131   115  
Total operating expenses 876   810   2,015   1,808  

Operating income 186   190   539   525  
Other income and (deductions)
Interest expense, net ( 70 ) ( 57 ) ( 139 ) ( 117 )
Interest expense to affiliates, net ( 2 ) ( 3 ) ( 5 ) ( 7 )
Other, net 13   10   25   18  
Total other income and (deductions) ( 59 ) ( 50 ) ( 119 ) ( 106 )
Income before income taxes 127   140   420   419  
Income taxes 8   4   23   17  

Net income $ 119   $ 136   $ 397   $ 402  
Comprehensive income $ 119   $ 136   $ 397   $ 402  

See the Combined Notes to Consolidated Financial Statements
20

Table of Contents

PECO Energy Company and Subsidiary Companies
Consolidated Statements of Cash Flows
(Unaudited)

Six Months Ended
June 30,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 397   $ 402  
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization 247   221  

Deferred income taxes and amortization of investment tax credits 285   ( 32 )
Other non-cash operating activities 44   53  
Changes in assets and liabilities:
Accounts receivable 30   ( 101 )
Receivables from and payables to affiliates, net 1   4  
Inventories 7   2  
Accounts payable and accrued expenses ( 79 ) 2  
Collateral (paid) received, net —   6  
Income taxes ( 277 ) 3  
Regulatory assets and liabilities, net ( 51 ) 21  
Pension and non-pension postretirement benefit contributions ( 13 ) ( 9 )
Other assets and liabilities ( 70 ) ( 66 )
Net cash flows provided by operating activities 521   506  
Cash flows from investing activities
Capital expenditures ( 964 ) ( 832 )

Other investing activities ( 9 ) 2  
Net cash flows used in investing activities ( 973 ) ( 830 )
Cash flows from financing activities

Changes in short-term borrowings 81   11  

Dividends paid on common stock ( 273 ) ( 273 )
Contributions from parent 567   563  

Net cash flows provided by financing activities 375   301  
Decrease in cash, restricted cash, and cash equivalents ( 77 ) ( 23 )
Cash, restricted cash, and cash equivalents at beginning of period 116   48  
Cash, restricted cash, and cash equivalents at end of period $ 39   $ 25  

Supplemental cash flow information
(Decrease) increase in capital expenditures not paid $ ( 2 ) $ 95  

See the Combined Notes to Consolidated Financial Statements
21

Table of Contents

PECO Energy Company and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)

(In millions) June 30, 2026 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents $ 39   $ 116  

Accounts receivable
Customer accounts receivable 741 811
Customer allowance for credit losses ( 142 ) ( 137 )
Customer accounts receivable, net 599   674  
Other accounts receivable 154 144
Other allowance for credit losses ( 18 ) ( 18 )
Other accounts receivable, net 136   126  

Inventories, net
Fossil fuel 25   43  
Materials and supplies 94   83  
Prepaid utility taxes 79   —  
Prepaid renewable energy credits 60   55  
Regulatory assets 116   72  

Other 66   34  
Total current assets 1,214   1,203  
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 4,262 and $ 4,131 as of June 30, 2026 and December 31, 2025, respectively)
16,655   15,922  
Deferred debits and other assets
Regulatory assets 1,382   1,275  

Receivable related to Regulatory Agreement Units 642   442  
Investments 48   45  
Prepaid pension asset 448   441  

Other 106   34  
Total deferred debits and other assets 2,626   2,237  
Total assets $ 20,495   $ 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) June 30, 2026 December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings $ 81   $ —  

Accounts payable 788   811  
Accrued expenses 171   483  
Payables to affiliates 36   35  

Customer deposits 102   93  
Renewable energy credit obligations 101   56  
Regulatory liabilities 130   140  

Other 50   40  
Total current liabilities 1,459   1,658  
Long-term debt 6,398   6,396  
Long-term debt to financing trusts 184   184  
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 2,980   2,594  
Regulatory liabilities 648   449  
Asset retirement obligations 26   26  
Non-pension postretirement benefit obligations 289   286  

Other 160   109  
Total deferred credits and other liabilities 4,103   3,464  
Total liabilities 12,144   11,702  
Commitments and contingencies
Shareholder’s equity
Common stock 5,789   5,222  

Retained earnings 2,562   2,438  

Total shareholder’s equity 8,351   7,660  
Total liabilities and shareholder's equity $ 20,495   $ 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)

Six Months Ended June 30, 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  
Net income —  119   119  
Common stock dividends —  ( 136 ) ( 136 )
Contributions from parent —   —  —  
Balance at June 30, 2026 $ 5,789   $ 2,562   $ 8,351  

Six Months Ended June 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  

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
June 30, Six Months Ended
June 30,
(In millions) 2026 2025 2026 2025
Operating revenues
Electric operating revenues $ 1,044   $ 856   $ 2,302   $ 1,877  
Natural gas operating revenues 166   184   757   745  
Revenues from alternative revenue programs 5   ( 13 ) ( 18 ) ( 43 )
Operating revenues from affiliates 3   2   5   4  
Total operating revenues 1,218   1,029   3,046   2,583  
Operating expenses
Purchased power 522   367   1,152   818  
Purchased fuel 23   39   201   198  

Operating and maintenance 222   201   481   443  
Operating and maintenance from affiliates 71   63   138   125  
Depreciation and amortization 166   154   334   318  
Taxes other than income taxes 96   85   200   181  
Total operating expenses 1,100   909   2,506   2,083  

Operating income 118   120   540   500  
Other income and (deductions)
Interest expense, net ( 68 ) ( 61 ) ( 129 ) ( 120 )
Other, net 22   11   38   20  
Total other income and (deductions) ( 46 ) ( 50 ) ( 91 ) ( 100 )
Income before income taxes 72   70   449   400  
Income taxes 17   15   96   85  
Net income $ 55   $ 55   $ 353   $ 315  
Comprehensive income $ 55   $ 55   $ 353   $ 315  

See the Combined Notes to Consolidated Financial Statements
25

Table of Contents

Baltimore Gas and Electric Company
Statements of Cash Flows
(Unaudited)

Six Months Ended
June 30,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 353   $ 315  
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization 334   318  

Deferred income taxes and amortization of investment tax credits 198   43  

Other non-cash operating activities 79   89  
Changes in assets and liabilities:
Accounts receivable ( 16 ) ( 21 )
Receivables from and payables to affiliates, net ( 3 ) ( 11 )
Inventories ( 4 ) 8  
Accounts payable and accrued expenses ( 100 ) ( 43 )
Collateral (paid) received, net ( 2 ) 5  
Income taxes ( 160 ) 15  
Regulatory assets and liabilities, net 45   ( 61 )
Pension and non-pension postretirement benefit contributions ( 44 ) ( 37 )
Other assets and liabilities 117   114  
Net cash flows provided by operating activities 797   734  
Cash flows from investing activities
Capital expenditures ( 822 ) ( 804 )

Other investing activities 5   5  
Net cash flows used in investing activities ( 817 ) ( 799 )
Cash flows from financing activities
Changes in short-term borrowings —   ( 175 )
Issuance of long-term debt 925   650  
Retirement of long-term debt ( 350 ) —  

Dividends paid on common stock ( 227 ) ( 196 )
Contributions from parent 474   —  
Other financing activities ( 8 ) ( 7 )
Net cash flows provided by financing activities 814   272  
Increase in cash, restricted cash, and cash equivalents 794   207  
Cash, restricted cash, and cash equivalents at beginning of period 220   34  
Cash, restricted cash, and cash equivalents at end of period $ 1,014   $ 241  

Supplemental cash flow information
Decrease in capital expenditures not paid $ ( 20 ) $ ( 50 )

See the Combined Notes to Consolidated Financial Statements
26

Table of Contents

Baltimore Gas and Electric Company
Balance Sheets
(Unaudited)

(In millions) June 30, 2026 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents $ 1,010   $ 217  
Restricted cash and cash equivalents 4   3  
Accounts receivable
Customer accounts receivable 926 887
Customer allowance for credit losses ( 136 ) ( 68 )
Customer accounts receivable, net 790   819  
Other accounts receivable 91 100
Other allowance for credit losses ( 3 ) ( 4 )
Other accounts receivable, net 88   96  

Receivables from affiliates —   1  

Inventories, net
Fossil fuel 30   36  
Materials and supplies 83   74  
Prepaid utility taxes —   126  
Regulatory assets 101   175  
Prepaid renewable energy credits 86   189  
Other 18   14  
Total current assets 2,210   1,750  
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 5,446 and $ 5,234 as of June 30, 2026 and December 31, 2025, respectively)
14,918   14,385  
Deferred debits and other assets
Regulatory assets 774   804  
Investments 16   10  

Prepaid pension asset 217   194  

Other 38   41  
Total deferred debits and other assets 1,045   1,049  
Total assets $ 18,173   $ 17,184  

See the Combined Notes to Consolidated Financial Statements
27

Table of Contents

Baltimore Gas and Electric Company
Balance Sheets
(Unaudited)

(In millions) June 30, 2026 December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities

Long-term debt due within one year $ —   $ 350  
Accounts payable 548   640  
Accrued expenses 176   352  
Payables to affiliates 39   39  
Customer deposits 126   125  
Regulatory liabilities 34   31  

Renewable energy credit obligations 92   194  
Other 31   39  
Total current liabilities 1,046   1,770  
Long-term debt 6,609   5,691  
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 2,476   2,242  
Regulatory liabilities 559   595  
Asset retirement obligations 37   36  
Non-pension postretirement benefit obligations 137   144  

Other 107   104  
Total deferred credits and other liabilities 3,316   3,121  
Total liabilities 10,971   10,582  
Commitments and contingencies
Shareholder's equity
Common stock 4,488   4,014  

Retained earnings 2,714   2,588  

Total shareholder's equity 7,202   6,602  

Total liabilities and shareholder's equity $ 18,173   $ 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)

Six Months Ended June 30, 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  
Net income —  55   55  
Common stock dividends —  ( 113 ) ( 113 )
Contributions from parent 474   —  474  
Balance at June 30, 2026 $ 4,488   $ 2,714   $ 7,202  

Six Months Ended June 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 )

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  

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
June 30, Six Months Ended
June 30,
(In millions) 2026 2025 2026 2025
Operating revenues
Electric operating revenues $ 1,694   $ 1,573   $ 3,628   $ 3,264  
Natural gas operating revenues 40   33   157   120  
Revenues from alternative revenue programs ( 24 ) ( 29 ) ( 48 ) ( 32 )
Operating revenues from affiliates 2   2   5   5  
Total operating revenues 1,712   1,579   3,742   3,357  
Operating expenses
Purchased power 679   590   1,529   1,273  
Purchased fuel 19   11   73   49  

Operating and maintenance 337   291   702   586  
Operating and maintenance from affiliates 58   49   118   103  
Depreciation and amortization 245   233   491   467  
Taxes other than income taxes 145   136   296   276  
Total operating expenses 1,483   1,310   3,209   2,754  

Gain on sale of assets —   2   —   1  
Operating income 229   271   533   604  
Other income and (deductions)
Interest expense, net ( 107 ) ( 102 ) ( 213 ) ( 201 )
Interest expense to affiliates, net ( 1 ) ( 1 ) ( 2 ) ( 2 )
Other, net 20   17   39   35  
Total other income and (deductions) ( 88 ) ( 86 ) ( 176 ) ( 168 )
Income before income taxes 141   185   357   436  
Income taxes 32   42   79   99  

Net income $ 109   $ 143   $ 278   $ 337  

Comprehensive income $ 109   $ 143   $ 278   $ 337  

See the Combined Notes to Consolidated Financial Statements
30

Table of Contents

Pepco Holdings LLC and Subsidiary Companies
Consolidated Statements of Cash Flows
(Unaudited)

Six Months Ended
June 30,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 278   $ 337  
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion 491   467  

Deferred income taxes and amortization of investment tax credits 100   47  

Other non-cash operating activities 150   128  
Changes in assets and liabilities:
Accounts receivable 20   ( 80 )
Receivables from and payables to affiliates, net ( 1 ) ( 14 )
Inventories ( 16 ) ( 37 )
Accounts payable and accrued expenses 27   39  

Collateral (paid) received, net ( 6 ) 8  
Income taxes ( 37 ) ( 34 )
Regulatory assets and liabilities, net 9   ( 76 )
Pension and non-pension postretirement benefit contributions ( 56 ) ( 45 )
Other assets and liabilities ( 9 ) ( 39 )
Net cash flows provided by operating activities 950   701  
Cash flows from investing activities
Capital expenditures ( 1,062 ) ( 1,108 )
Proceeds from sales of long-lived assets —   2  

Other investing activities 1   —  
Net cash flows used in investing activities ( 1,061 ) ( 1,106 )
Cash flows from financing activities
Changes in short-term borrowings ( 580 ) ( 300 )

Issuance of long-term debt 475   425  

Changes in Exelon intercompany money pool 12   ( 3 )

Distributions to member ( 247 ) ( 292 )
Contributions from member 406   522  

Other financing activities ( 13 ) ( 13 )
Net cash flows provided by financing activities 53   339  
Decrease in cash, restricted cash, and cash equivalents ( 58 ) ( 66 )
Cash, restricted cash, and cash equivalents at beginning of period 141   163  
Cash, restricted cash, and cash equivalents at end of period $ 83   $ 97  

Supplemental cash flow information
Decrease in capital expenditures not paid $ ( 157 ) $ ( 137 )

See the Combined Notes to Consolidated Financial Statements
31

Table of Contents

Pepco Holdings LLC and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)

(In millions) June 30, 2026 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents $ 47   $ 103  
Restricted cash and cash equivalents 36   38  
Accounts receivable
Customer accounts receivable 928 975
Customer allowance for credit losses ( 128 ) ( 115 )
Customer accounts receivable, net 800   860  
Other accounts receivable 308 292
Other allowance for credit losses ( 48 ) ( 49 )
Other accounts receivable, net 260   243  

Receivables from affiliates 5   14  

Inventories, net
Fossil fuel 7   9  
Materials and supplies 374   357  

Prepaid utility taxes 54   77  
Regulatory assets 324   352  

Prepaid renewable energy credits 105   201  
Other 48   34  
Total current assets 2,060   2,288  
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 4,685 and $ 4,350 as of June 30, 2026 and December 31, 2025, respectively)
21,861   21,377  
Deferred debits and other assets
Regulatory assets 1,557   1,556  
Goodwill 4,005   4,005  
Investments 160   158  

Prepaid pension asset 207   199  

Other 158   132  
Total deferred debits and other assets 6,087   6,050  
Total assets $ 30,008   $ 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) June 30, 2026 December 31, 2025
LIABILITIES AND MEMBER'S EQUITY
Current liabilities
Short-term borrowings $ 32   $ 612  
Long-term debt due within one year 76   64  
Accounts payable 703   816  
Accrued expenses 338   359  
Payables to affiliates 61   71  
Borrowings from Exelon intercompany money pool 92   80  

Customer deposits 131   123  
Regulatory liabilities 159   103  
Unamortized energy contract liabilities 4   5  

Renewable energy credit obligations 140   223  
Other 119   121  
Total current liabilities 1,855   2,577  
Long-term debt 9,978   9,526  
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 3,519   3,391  
Regulatory liabilities 740   722  
Asset retirement obligations 57   62  
Non-pension postretirement benefit obligations 17   24  

Unamortized energy contract liabilities 14   16  
Other 412   418  
Total deferred credits and other liabilities 4,759   4,633  
Total liabilities 16,592   16,736  
Commitments and contingencies

Member's equity
Membership interest 13,536   13,130  

Undistributed losses ( 120 ) ( 151 )

Total member's equity 13,416   12,979  
Total liabilities and member's equity $ 30,008   $ 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)

Six Months Ended June 30, 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  
Net income 109   109  
Distributions to member ( 108 ) ( 108 )
Contributions from member 131   131  
Balance at June 30, 2026 $ 13,536   $ ( 120 ) $ 13,416  

Six Months Ended June 30, 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  
Net income —  143   143  
Distributions to member —  ( 160 ) ( 160 )
Contributions from member 170   —  170  
Balance at June 30, 2025 $ 13,084   $ ( 195 ) $ 12,889  

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
June 30, Six Months Ended
June 30,
(In millions) 2026 2025 2026 2025
Operating revenues
Electric operating revenues $ 873   $ 791   $ 1,859   $ 1,645  
Revenues from alternative revenue programs ( 15 ) ( 16 ) ( 14 ) ( 14 )
Operating revenues from affiliates 1   1   4   4  
Total operating revenues 859   776   1,849   1,635  
Operating expenses
Purchased power 316   256   727   574  

Operating and maintenance 118   91   270   187  
Operating and maintenance from affiliates 72   64   139   126  
Depreciation and amortization 114   107   228   212  
Taxes other than income taxes 113   109   231   222  
Total operating expenses 733   627   1,595   1,321  

Gain on sale of assets —   2   —   1  

Operating income 126   151   254   315  
Other income and (deductions)
Interest expense, net ( 56 ) ( 54 ) ( 111 ) ( 106 )

Other, net 12   9   23   20  
Total other income and (deductions) ( 44 ) ( 45 ) ( 88 ) ( 86 )
Income before income taxes 82   106   166   229  
Income taxes 17   22   33   48  

Net income $ 65   $ 84   $ 133   $ 181  

Comprehensive income $ 65   $ 84   $ 133   $ 181  

See the Combined Notes to Consolidated Financial Statements
35

Table of Contents

Potomac Electric Power Company
Statements Of Cash Flows
(Unaudited)

Six Months Ended
June 30,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 133   $ 181  
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion 228   212  

Deferred income taxes and amortization of investment tax credits 43   14  
Other non-cash operating activities 57   46  
Changes in assets and liabilities:
Accounts receivable ( 25 ) ( 73 )
Receivables from and payables to affiliates, net 4   —  
Inventories ( 13 ) ( 18 )
Accounts payable and accrued expenses 37   17  
Collateral received, net —   2  
Income taxes ( 19 ) ( 38 )
Regulatory assets and liabilities, net 12   ( 27 )
Pension and non-pension postretirement benefit contributions ( 4 ) ( 6 )
Other assets and liabilities 16   6  
Net cash flows provided by operating activities 469   316  
Cash flows from investing activities
Capital expenditures ( 517 ) ( 469 )
Proceeds from sales of long-lived assets —   2  

Changes in PHI intercompany money pool ( 95 ) —  

Net cash flows used in investing activities ( 612 ) ( 467 )
Cash flows from financing activities
Changes in short-term borrowings ( 303 ) ( 51 )
Issuance of long-term debt 300   200  

Dividends paid on common stock ( 121 ) ( 158 )
Contributions from parent 270   157  

Other financing activities ( 6 ) ( 4 )
Net cash flows provided by financing activities 140   144  
Decrease in cash, restricted cash, and cash equivalents ( 3 ) ( 7 )
Cash, restricted cash, and cash equivalents at beginning of period 55   51  
Cash, restricted cash, and cash equivalents at end of period $ 52   $ 44