Financial Analysis

Commitments and Contingencies (All Registrants) Commitments PHI Merger Commitments (Exelon, PHI, Pepco, DPL, and ACE). Approval of the PHI Merger in Delaware, New Jersey, Maryland, and the District of Columbia was conditioned upon Exelon and PHI agreeing to certain commitments. The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE at December 31, 2025: Description Exelon PHI Pepco DPL ACE Total commitments $ 513 $ 320 $ 120 $ 89 $ 111 Remaining commitments (a) 22 20 20 __________ (a) Remaining commitments extend through 2026 and include escrow funds, charitable contributions, and rate credits. Commercial Commitments (All Registrants). The Registrants' commercial commitments at December 31, 2025, representing commitments potentially triggered by future events were as follows: Expiration within Exelon Total 2026 2027 2028 2029 2030 2031 and beyond Letters of credit (a) $ 56 $ 54 $ 2 $ $ $ $ Surety bonds (b) 279 199 2 78 Financing trust guarantees (c) 378 78 300 Guaranteed lease residual values (d) 24 4 6 4 4 6 Total commercial commitments $ 737 $ 253 $ 8 $ 162 $ 4 $ 4 $ 306 ComEd Letters of credit (a) $ 18 $ 16 $ 2 $ $ $ $ Surety bonds (b) 42 40 2 Financing trust guarantees (c) 200 200 Total commercial commitments $ 260 $ 56 $ 4 $ $ $ $ 200 PECO Letters of credit (a) $ 5 $ 5 $ $ $ $ $ Surety bonds (b) 2 2 Financing trust guarantees (c) 178 78 100 Total co …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt and Credit Agreements (All Registrants) Short-Term Borrowings Exelon Corporate, ComEd, and BGE meet their short-term liquidity requirements primarily through the issuance of commercial paper. PECO meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the Exelon intercompany money pool. Pepco, DPL, and ACE meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the PHI intercompany money pool. PHI Corporate meets its short-term liquidity requirements primarily through the issuance of short-term notes and borrowings from the Exelon intercompany money pool. The Registrants may use their respective credit facilities for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit. Commercial Paper The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements at December 31, 2025 and 2024: Credit Facility Size at December 31, Outstanding Commercial Paper at December 31, Average Interest Rate on Commercial Paper Borrowings at December 31, Commercial Paper Issuer 2025 (a) 2024 (a) 2025 2024 2025 2024 Exelon (b) $ 4,000 $ 4,000 $ 612 $ 1,359 3.94 % 4.66 % ComEd $ 1,000 $ 1,000 $ $ 36 % 4.55 % PECO $ 600 $ 600 $ $ 192 % 4.65 % BGE $ 600 $ 600 $ $ 175 % 4.61 % PHI (c) $ 900 $ 900 $ 612 $ 530 3.94 % 4.70 % Pepco $ 360 (d) $ 300 $ 303 $ 200 3.93 % 4.69 % D …

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Stock-Based Compensation Plans (All Registrants) Stock-Based Compensation Plans Exelon grants stock-based awards through its LTIP, which primarily includes performance share awards and restricted stock units. At December 31, 2025, there were approximately 32 million shares authorized for issuance under the LTIP. For the years ended December 31, 2025, 2024, and 2023, exercised and distributed stock-based awards were primarily issued from authorized but unissued Common stock shares. The Registrants grant cash awards. The following table does not include expense related to these plans as they are not considered stock-based compensation plans under the applicable authoritative guidance. The following table presents the stock-based compensation expense included in Exelon's Consolidated Statements of Operations and Comprehensive Income. The Utility Registrants' stock-based compensation expense for the years ended December 31, 2025, 2024, and 2023 was not material. Year Ended December 31, Exelon 2025 2024 2023 Total stock-based compensation expense included in Operating and maintenance expense $ 41 $ 34 $ 21 Income tax benefit (10) (8) (5) Total after-tax stock-based compensation expense $ 31 $ 26 $ 16 Exelon receives a tax deduction based on the intrinsic value of the award on the distribution date for performance share awards and restricted stock units. For each award, throughout the requisite service period, Exelon recognizes the tax benefit related to compensation costs. The fol …

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Fair Value of Financial Assets and Liabilities (All Registrants) Exelon measures and classifies fair value measurements in accordance with the hierarchy as defined by GAAP. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities that the Registrants have the ability to liquidate as of the reporting date. Level 2 inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Level 3 unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability. Fair Value of Financial Liabilities Recorded at Amortized Cost The following tables present the carrying amounts and fair values of the Registrants short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) at December 31, 2025 and 2024. The Registrants have no financial liabilities measured using the NAV practical expedient. The carrying amounts of the Registrants short-term liabilities as presented in their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments. December 31, 2025 December 31 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Intangible Assets Goodwill (Exelon, ComEd, PHI, Pepco, DPL, and ACE) The following table presents the gross amount, accumulated impairment loss, and carrying amount of Goodwill at Exelon, ComEd, and PHI at December 31, 2025 and 2024. There were no additions or impairments during the years ended December 31, 2025, 2024, and 2023. Gross Amount Accumulated Impairment Loss Carrying Amount Exelon $ 8,613 $ 1,983 $ 6,630 ComEd (a) 4,608 1,983 2,625 PHI (b) 4,005 4,005 __________ (a) Reflects goodwill recorded in 2000 from the PECO/Unicom merger (predecessor parent company of ComEd). (b) Reflects goodwill recorded in 2016 from the PHI merger. Goodwill is not amortized, but is subject to an assessment for impairment at least annually, or more frequently if events occur or circumstances change that would more likely than not reduce the fair value of ComEd's and PHI's reporting units below their carrying amounts. A reporting unit is an operating segment or one level below an operating segment (known as a component) and is the level at which goodwill is assessed for impairment. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and its operating results are regularly reviewed by segment management. ComEd has a single operating segment. PHI's operating segments are Pepco, DPL, and ACE. See Note 4 Segment Information for additional information. There is no level below these operating segment …

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Income Taxes (All Registrants) Components of Income Tax Expense or Benefit Income tax expense (benefit) from continuing operations is comprised of the following components: For the Year Ended December 31, 2025 Exelon ComEd PECO BGE PHI Pepco DPL ACE Included in operations: Federal Current $ 119 $ 143 $ 97 $ 74 $ 91 $ 47 $ 28 $ 20 Deferred 169 (16) (45) 28 60 18 16 24 Investment tax credit amortization (1) (1) State Current 13 80 16 7 8 Deferred 223 55 (23) 57 72 34 17 23 Total $ 523 $ 261 $ 29 $ 159 $ 239 $ 106 $ 69 $ 67 For the Year Ended December 31, 2024 Exelon ComEd PECO BGE PHI Pepco DPL ACE Included in operations: Federal Current $ 42 $ 76 $ 51 $ 45 $ 97 $ 50 $ 29 $ 16 Deferred (27) (76) (46) (42) 21 3 3 20 Investment tax credit amortization (2) (1) (1) State Current 37 60 19 17 4 Deferred 157 57 (17) 46 53 20 13 19 Total $ 207 $ 116 $ (12) $ 49 $ 189 $ 90 $ 49 $ 55 For the Year Ended December 31, 2023 Exelon ComEd PECO BGE PHI Pepco DPL ACE Included in operations: Federal Current $ 51 $ 130 $ 63 $ 67 $ 71 $ 54 $ 25 $ 9 Deferred 193 45 (36) 16 (8) (28) (6) 13 Investment tax credit amortization (2) (1) (1) State Current 4 (13) 15 12 6 Deferred 128 153 (7) 50 39 13 10 14 Total $ 374 $ 314 $ 20 $ 133 $ 116 $ 51 $ 35 $ 36 Rate Reconciliation The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following: For the Year Ended December 31, 2025 (a)(b) Exelon ComEd (c) PECO (d) BGE U.S. Federal Statutory Tax …

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Leases (All Registrants) Lessee The Registrants have operating and finance leases for which they are the lessees. The following tables outline the significant types of leases at each of the Registrants and other terms and conditions of the lease agreements as of December 31, 2025. Exelon, ComEd, PECO, and BGE did not have material finance leases in 2025, 2024, or 2023. Exelon ComEd PECO BGE PHI Pepco DPL ACE Real estate Vehicles and equipment (in years) Exelon ComEd PECO BGE PHI Pepco DPL ACE Remaining lease terms 1-80 1-27 1-9 1-80 1-7 1-7 1-7 1-7 Options to extend the term 3-30 N/A N/A 3-5 3-30 5 3-30 N/A Options to terminate within 2-7 N/A N/A 2 N/A N/A N/A N/A The components of operating lease costs were as follows: Exelon ComEd PECO BGE PHI Pepco DPL ACE For the year ended December 31, 2025 Operating lease costs $ 47 $ $ $ 7 $ 31 $ 12 $ 9 $ 6 Variable lease costs 7 1 1 Total lease costs (a) $ 54 $ $ $ 7 $ 32 $ 12 $ 10 $ 6 For the year ended December 31, 2024 Operating lease costs $ 57 $ $ $ 8 $ 41 $ 10 $ 10 $ 5 Variable lease costs 9 3 1 1 1 Total lease costs (a) $ 66 $ $ $ 8 $ 44 $ 11 $ 11 $ 6 For the year ended December 31, 2023 Operating lease costs $ 58 $ 1 $ $ 5 $ 43 $ 11 $ 11 $ 6 Variable lease costs 9 1 3 1 1 1 Total lease costs (a) $ 67 $ 2 $ $ 5 $ 46 $ 12 $ 12 $ 7 __________ (a) Excludes sublease income recorded at Exelon, PHI, and DPL of $4 million for the years ended December 31, 2025, 2024, and 2023. The components of financing lease costs were as follows: PH …

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New Accounting Standards (All Registrants) New Accounting Standards Adopted in 2025: In 2025, the Registrants adopted the following new FASB authoritative accounting guidance. Improvements to Income Tax Disclosures (Issued December 2023). Provides additional disclosure requirements related to the effective tax rate reconciliation and income taxes paid. Under the revised guidance for the effective tax reconciliations, entities would be required to disclose: (1) eight specific categories in the effective tax rate reconciliation in both percentages and reporting currency amount, (2) additional information for reconciling items over a certain threshold, (3) explanation of individual reconciling items disclosed, and (4) provide a qualitative description of the state and local jurisdictions that contribute to the majority of the state income tax expense. For each annual period presented, the new standard requires disclosure of the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign. It also requires additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). The standard is effective for annual periods beginning January 1, 2025. The Registrants' adoption of this guidance in the fourth quarter of 2025 resulted in an expanded effective tax rate reconciliation. The standard has been applied r …

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Retirement Benefits (All Registrants) Exelon sponsors defined benefit pension and OPEB plans. Substantially all non-union employees hired on or after January 1, 2001, participate in cash balance pension plans. Effective January 1, 2009, substantially all newly-hired union-represented employees participate in cash balance pension plans. Effective February 1, 2018, most newly-hired BSC non-represented, non-craft employees are not eligible to participate in defined benefit pension plans; January 1, 2021, most newly hired utility management employees are not eligible; and certain newly-hired union employees, pursuant to their collective bargaining agreements, are not eligible. In lieu of pension participation, affected employees are eligible to receive an automatic company contribution in an Exelon defined contribution savings plan. Effective January 1, 2018, most newly hired non-represented, non-craft employees are not eligible for OPEB benefits. Effective January 1, 2021, most non-represented, non-craft employees who are under the age of 40 are not eligible for retiree health care benefits. Certain union represented employees are not eligible for retiree healthcare benefits pursuant to their collective bargaining agreements. Effective January 1, 2022, management employees retiring on or after that date are no longer eligible for retiree life insurance benefits. The tables below show the pension and OPEB plans in which current and former employees of each operating company parti …

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Related Party Transactions (All Registrants) Service Company Costs for Corporate Support The Registrants receive a variety of corporate support services from BSC. Pepco, DPL, and ACE also receive corporate support services from PHISCO. See Note 1 Significant Accounting Policies for additional information regarding BSC and PHISCO. The following table presents the service company costs allocated to the Registrants: Operating and maintenance from affiliates Capitalized costs from affiliates For the years ended December 31, For the years ended December 31, 2025 2024 2023 2025 2024 2023 Exelon BSC $ 683 $ 633 $ 670 PHISCO 109 114 96 ComEd BSC $ 404 $ 418 $ 353 279 254 307 PECO BSC 246 243 213 105 112 120 BGE BSC 251 246 221 123 110 90 PHI BSC 200 200 177 176 157 153 PHISCO 109 114 95 Pepco BSC 126 125 114 76 70 59 PHISCO 119 125 122 47 50 39 DPL BSC 80 78 73 52 49 43 PHISCO 98 103 98 33 34 29 ACE BSC 64 64 59 40 32 47 PHISCO 91 97 92 29 30 26 Current Receivables from/Payables to Affiliates The following tables present current Receivables from affiliates and current Payables to affiliates: December 31, 2025 Receivables from affiliates: Payables to affiliates: ComEd PECO BGE Pepco DPL ACE BSC PHISCO Other Total ComEd $ $ $ $ $ $ 76 $ $ 5 $ 81 PECO $ 33 2 35 BGE 39 39 PHI 5 2 11 18 Pepco 25 11 1 37 DPL 15 10 25 ACE 14 10 24 Other 5 1 2 12 20 Total $ 5 $ $ 1 $ $ 2 $ 12 $ 207 $ 33 $ 19 $ 279 December 31, 2024 Receivables from affiliates: Payables to affiliates: ComEd PECO BGE Pepco DPL …

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Revenue from Contracts with Customers (All Registrants) The Registrants recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that the entities expect to be entitled to in exchange for those goods or services. The primary sources of revenue include regulated electric and gas tariff sales, distribution, and transmission services. The performance obligations, revenue recognition, and payment terms associated with these sources of revenue are further discussed in the table below. There are no significant financing components for these sources of revenue and no variable consideration. Unless otherwise noted, for each of the significant revenue categories and related performance obligations described below, the Registrants have the right to consideration from the customer in an amount that corresponds directly with the value transferred to the customer for the performance completed to date. Therefore, the Registrants generally recognize revenue in the amount for which they have the right to invoice the customer. As a result, there are generally no significant judgments used in determining or allocating the transaction price. Revenue Source Description Performance Obligation Timing of Revenue Recognition Payment Terms Regulated Electric and Gas Tariff Sales Sales of electricity and electricity distribution services (the Utility Registrants) and natural gas and gas distribution services (PECO, BGE, and DPL) to residenti …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information (All Registrants) Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants. The Chief Executive Officer is the CODM for Exelon. For PHI and each of the Utility Registrants, CODM responsibilities are shared by Exelon's Chief Operating Officer and the Utility Registrant's Chief Executive Officer. Exelon has six reportable segments, which include ComEd, PECO, BGE, and PHI's three reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. Exelon, ComEd, PECO, BGE, Pepco, DPL, and ACE's CODMs rely on a variety of business considerations, including net income, in evaluating segment performance, determining reinvestment of profits, and establishing the amounts of dividend distributions. An analysis and reconciliation of the Registrants' reportable segment information to the respective information in the consolidated financial statements for the years ended December 31, 2025, 2024, and 2023 is as follows: ComEd PECO BGE PHI Other (a) Intersegment Eliminations Exelon Operating revenues (b) : 2025 Electric revenues $ 7,267 $ 3,827 $ 4,007 $ 6,894 $ $ (36) $ 21,959 Natural gas revenues 857 1,215 231 (4) 2,299 Shared service and other revenues 10 1,900 (1,910) Total operating reven …

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"Shareholders' Equity (All Registrants) At-the-Market Program (Exelon) On August 4, 2022, Exelon executed an equity distribution agreement (2022 Equity Distribution Agreement), with certain sales agents and forward sellers and certain forward purchasers, establishing an ATM equity distribution program under which it may offer and sell shares of its Common stock, having an aggregate gross sales price of up to $1 billion through August 3, 2025. On May 2, 2025, Exelon executed an additional equity distribution agreement (""2025 Equity Distribution Agreement"" and, together with the August 4, 2022 Equity Distribution Agreement, ""Equity Distribution Agreements""), with certain sales agents and forward sellers and certain forward purchasers, establishing an ATM equity distribution program which it may offer and sell shares of its Common stock, having an aggregate gross sales price of up to $2.5 billion through May 2, 2028. The 2025 Equity Distribution Agreement replaced the 2022 Equity Distribution Agreement. Exelon has no obligation to offer or sell any shares of Common stock under the 2025 Equity Distribution Agreement and may, at any time, suspend or terminate offers and sales under the 2025 Equity Distribution Agreement. Exelon issued the following shares of Common stock in the years ended December 31, 2025, 2024, and 2023: Effective Period Shares Issued (in millions) Weighted-Average Price (a) Net Proceeds (b) (in millions) 2025 (c) 16.0 $ 43.24 $ 691 2024 4.0 $ 37.60 $ 148 2 …

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"Commitments and Contingencies (All Registrants) The following is an update to the current status of commitments and contingencies set forth in Note 16 Commitments and Contingencies of the 2025 Form 10-K. Commitments PHI Merger Commitments (Exelon, PHI, Pepco, DPL, and ACE). Approval of the PHI Merger in Delaware, New Jersey, Maryland, and the District of Columbia was conditioned upon Exelon and PHI agreeing to certain commitments. The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE at June 30, 2026: Description Exelon PHI Pepco DPL ACE Total commitments $ 513 $ 320 $ 120 $ 89 $ 111 Remaining commitments (a) 21 19 19 __________ (a) Remaining commitments extend through 2026 and include escrow funds and rate credits. Commercial Commitments (All Registrants). The Registrants commercial commitments at June 30, 2026, representing commitments potentially triggered by future events were as follows: Expiration within Total 2026 2027 2028 2029 2030 2031 and beyond Exelon Letters of credit (a) $ 59 $ 31 $ 28 $ $ $ $ Surety bonds (b) 468 166 137 165 Financing trust guarantees (c) 378 78 300 Guaranteed lease residual values (d) 24 1 6 4 4 9 Total commercial commitments $ 929 $ 197 $ 166 $ 249 $ 4 $ 4 $ 309 ComEd Letters of credit (a) $ 18 $ 13 $ 5 $ $ $ $ Surety bonds (b) 131 34 97 Financing trust guarantees (c) 200 200 Total commercial commitments $ 349 $ 47 $ 1 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt and Credit Agreements (All Registrants) Short-Term Borrowings Exelon Corporate, ComEd, and BGE meet their short-term liquidity needs primarily through commercial paper issuances. PECO also utilizes commercial paper, supplemented by borrowings from the Exelon intercompany money pool. Pepco, DPL, and ACE similarly rely on commercial paper, along with borrowings from the PHI intercompany money pool. PHI Corporate meets its short-term liquidity needs through borrowings from the Exelon intercompany money pool. The Registrants may use their respective credit facilities for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit. Commercial Paper The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements at June 30, 2026 and December 31, 2025. Outstanding Commercial Paper at Average Interest Rate on Commercial Paper Borrowings at Commercial Paper Issuer June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Exelon (a) $ 743 $ 612 3.88 % 3.94 % ComEd $ $ % % PECO $ 81 $ 3.80 % % BGE $ $ % % PHI (b) $ 32 $ 612 3.95 % 3.94 % Pepco $ $ 303 % 3.93 % DPL $ 32 $ 161 3.95 % 3.94 % ACE $ $ 148 % 3.94 % __________ (a) Exelon Corporate had $630 million outstanding commercial paper borrowings at June 30, 2026 and no outstanding commercial paper borrowings at December 31, 2025. (b) Represents the consolidated amounts of Pepco, DPL, and ACE. Revolving Credit Agreemen …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Fair Value of Financial Assets and Liabilities (All Registrants) Exelon measures and classifies fair value measurements in accordance with the hierarchy as defined by GAAP. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities that the Registrants have the ability to liquidate as of the reporting date. Level 2 inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Level 3 unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability. Exelons valuation techniques used to measure the fair value of the assets and liabilities shown in the tables below are in accordance with the policies discussed in Note 15 Fair Value of Financial Assets and Liabilities of the 2025 Form 10-K. Fair Value of Financial Liabilities Recorded at Amortized Cost The following tables present the carrying amounts and fair values of the Registrants short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of June 30, 2026 and December 31, 2025. The Registrants have no financial liabilities measured using the NAV practical ex …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

New Accounting Standards (All Registrants) New Accounting Standards Issued and Not Yet Adopted as of June 30, 2026: The following new authoritative accounting guidance issued by the FASB has not yet been adopted and reflected by the Registrants in their consolidated financial statements as of June 30, 2026. Unless otherwise indicated, the Registrants are currently assessing the impacts such guidance may have (which could be material) in their Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Cash Flows and disclosures, as well as the potential to early adopt where applicable. The Registrants have assessed other FASB issuances of new standards which are not listed below given the current expectation that such standards will not significantly impact the Registrants' financial reporting. Disaggregation of Income Statement Expenses (Issued November 2024) . Provides additional disclosure requirements related to relevant expense captions of income statement expense line items. The revised guidance requires a new tabular disclosure of disaggregated income statement expenses including a break out of (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, (5) depreciation, depletion, and amortization recognized as part of oil and gas producing activities included in each relevant expense line item on the income statement. The tabular disaggregation should include c …

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Retirement Benefits (All Registrants) Defined Benefit Pension and OPEB The majority of the 2026 pension benefit cost for the Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00% and a discount rate of 5.42%. The majority of the 2026 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.50% for funded plans and a discount rate of 5.34%. During the first quarter of 2026, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of January 1, 2026. This valuation resulted in an increase to the pension obligation of $6 million and an increase to the OPEB obligation of $10 million and a decrease to the asset of $2 million, respectively. Additionally, AOCI decreased by $4 million (after-tax) and regulatory assets increased by $23 million and liabilities increased by $1 million. A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three and six months ended June 30, 2026 and 2025. Pension Benefits OPEB Three Months Ended June 30, Three Months Ended June 30, 2026 2025 2026 2025 Components of net periodic benefit cost Service cost $ 40 $ 39 $ 7 $ 6 Interest cost 142 147 25 25 Expected return on assets (176) (178) (21) (21) Amortization of: Prior service credit (2) (2) Actuarial loss (gain) 50 5 …

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Related Party Transactions (All Registrants) Service Company Costs for Corporate Support The Registrants receive a variety of corporate support services from BSC. Pepco, DPL, and ACE also receive corporate support services from PHISCO. See Note 1 Significant Accounting Policies for additional information regarding BSC and PHISCO. The following table presents the service company costs allocated to the Registrants: Operating and maintenance from affiliates Capitalized costs Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 2026 2025 2026 2025 Exelon BSC $ 117 $ 162 $ 251 $ 323 PHISCO 28 29 51 53 ComEd BSC $ 109 $ 100 $ 212 $ 200 51 61 111 124 PECO BSC 68 61 133 120 19 28 40 54 BGE BSC 71 63 137 125 20 32 41 65 PHI BSC 58 49 116 100 28 41 58 80 PHISCO 28 29 51 53 Pepco BSC 37 32 72 63 12 17 25 34 PHISCO 35 32 67 62 12 12 22 23 DPL BSC 23 20 45 40 9 12 18 24 PHISCO 27 26 51 50 8 9 15 16 ACE BSC 19 16 36 32 6 9 13 18 PHISCO 25 24 51 47 7 8 14 14 Receivables from/Payables to Affiliates The following tables present Receivables from affiliates and Payables to affiliates: June 30, 2026 Receivables from affiliates: Payables to affiliates: ComEd PECO BGE Pepco DPL ACE BSC PHISCO Other Total ComEd $ $ $ $ $ $ 69 $ $ 6 $ 75 PECO $ 33 3 36 BGE 38 1 39 PHI (a) 6 5 11 Pepco 22 18 1 41 DPL 14 13 1 28 ACE 11 11 1 23 Other 5 4 1 10 Total $ 5 $ $ $ $ 4 $ 1 $ 193 $ 42 $ 18 $ 263 December 31, 2025 Receivables from affili …

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"Revenue from Contracts with Customers (All Registrants) The Registrants recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that the entities expect to be entitled to in exchange for those goods or services. The primary sources of revenue include regulated electric and gas tariff sales, distribution, and transmission services. See Note 3 Revenue from Contracts with Customers of the 2025 Form 10-K for additional information regarding the primary sources of revenue for the Registrants. Contract Liabilities The Registrants record contract liabilities when consideration is received or due prior to the satisfaction of the performance obligations. The Registrants record contract liabilities in Other current liabilities and Other noncurrent deferred credits and other liabilities in their Consolidated Balance Sheets. For Pepco, DPL, and ACE these contract liabilities primarily relate to upfront consideration received in the third quarter of 2020 for a collaborative arrangement (""Agreement"") with an unrelated owner and manager of communication infrastructure, as well as additional consideration received for the payment option amendment (""Amendment"") executed during the fourth quarter of 2023, which is discussed in further detail within Note 3 Revenue from Contracts with Customers of the 2025 Form 10-K. The contract liability balance attributable to the Agreement and the Amendment is being recognized as Electric ope …

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Segment Information (All Registrants) Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants. The Chief Executive Officer is the CODM for Exelon. For PHI and each of the Utility Registrants, CODM responsibilities are shared by Exelon's Chief Operating Officer and the Utility Registrant's Chief Executive Officer. Exelon has six reportable segments, which include ComEd, PECO, BGE, and PHI's three reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE's CODMs rely on a variety of business considerations, including net income, in evaluating segment performance, determining reinvestment of profits, and establishing the amounts of dividend distributions. An analysis and reconciliation of the Registrants reportable segment information to the respective information in the consolidated financial statements for the three and six months ended June 30, 2026 and 2025 is as follows: Three Months Ended June 30, 2026 and 2025 ComEd PECO BGE PHI Other (a) Intersegment Eliminations Exelon Operating revenues (b) : 2026 Electric revenues $ 1,985 $ 941 $ 1,050 $ 1,670 $ $ (7) $ 5,639 Natural gas revenues 121 168 40 (1) 328 Shared service and other revenu …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Shareholders' Equity (Exelon) At-the-Market Program On May 2, 2025, Exelon executed an equity distribution agreement (""2025 Equity Distribution Agreement""), with certain sales agents and forward sellers and certain forward purchasers, establishing an ATM equity distribution program which it may offer and sell shares of its Common stock, having an aggregate gross sales price of up to $2.5 billion through May 2, 2028. Exelon has no obligation to offer or sell any shares of Common stock under the 2025 Equity Distribution Agreement and may, at any time, suspend or terminate offers and sales under the 2025 Equity Distribution Agreement. Exelon issued the following shares of Common stock in the second quarter of 2026: Effective Period Shares Issued (in millions) Weighted-Average Net Price Net Proceeds (a) (in millions) Q2 2026 (b) 8.7 $ 44.03 $ 382 _________ (a) Proceeds were used for general corporate purposes. (b) In Q2 2026, Exelon settled all forward sale agreements with a November 16, 2026 maturity date and a portion of the forward sale agreements with December 15, 2026 and July 30, 2027 maturity dates that were entered into by various forward sellers under the ATM program as outlined below. In the first quarter of 2026, Exelon entered into various forward sale agreements under the 2025 ATM program. The forward sale agreements require Exelon to, at its election prior to the maturity date, either (i) physically settle the transactions by issuing shares of its Common stock to …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing