# EDGAR Filing Document

**Accession Number:** 0000078100
**File Stem:** 0001109357-25-000170
**Filing Date:** 2025-7
**Character Count:** 566373
**Document Hash:** af302cb0843f19d33cbdc3e47597b56f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001109357-25-000170.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001109357-25-000170

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 166

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EXELON CORP
- **CENTRAL INDEX KEY:** 0001109357
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 232990190
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16169
- **FILM NUMBER:** 251170882

**BUSINESS ADDRESS:**
- **STREET 1:** 10 S. DEARBORN STREET
- **STREET 2:** PO BOX 805379
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60680-5379
- **BUSINESS PHONE:** 8004833220

**MAIL ADDRESS:**
- **STREET 1:** 10 S. DEARBORN STREET
- **STREET 2:** PO BOX 805379
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60680-5379

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXELON Corp
- **DATE OF NAME CHANGE:** 20180928

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXELON CORP
- **DATE OF NAME CHANGE:** 20000315
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BALTIMORE GAS & ELECTRIC CO
- **CENTRAL INDEX KEY:** 0000009466
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 520280210
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01910
- **FILM NUMBER:** 251170887

**BUSINESS ADDRESS:**
- **STREET 1:** 2 CENTER PLAZA
- **STREET 2:** 110 W. FAYETTE STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21201
- **BUSINESS PHONE:** 4104702800

**MAIL ADDRESS:**
- **STREET 1:** 2 CENTER PLAZA
- **STREET 2:** 110 W. FAYETTE STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21201
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COMMONWEALTH EDISON Co
- **CENTRAL INDEX KEY:** 0000022606
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 360938600
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01839
- **FILM NUMBER:** 251170889

**BUSINESS ADDRESS:**
- **STREET 1:** 10 S. DEARBORN STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603-2300
- **BUSINESS PHONE:** 3123944321

**MAIL ADDRESS:**
- **STREET 1:** 10 S. DEARBORN STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603-2300

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMMONWEALTH EDISON CO
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PEPCO HOLDINGS LLC
- **CENTRAL INDEX KEY:** 0001135971
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 522297449
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31403
- **FILM NUMBER:** 251170886

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 1300
- **STREET 2:** 701 NINTH STREET, NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20068
- **BUSINESS PHONE:** 202-872-2000

**MAIL ADDRESS:**
- **STREET 1:** SUITE 1300
- **STREET 2:** 701 NINTH STREET, NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20068

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PEPCO HOLDINGS INC
- **DATE OF NAME CHANGE:** 20020212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW RC INC
- **DATE OF NAME CHANGE:** 20010302
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PECO ENERGY CO
- **CENTRAL INDEX KEY:** 0000078100
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 230970240
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-16844
- **FILM NUMBER:** 251170888

**BUSINESS ADDRESS:**
- **STREET 1:** 2301 MARKET STREET
- **STREET 2:** PO BOX 8699
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19101-8699
- **BUSINESS PHONE:** 215-841-4000

**MAIL ADDRESS:**
- **STREET 1:** 2301 MARKET STREET
- **STREET 2:** PO BOX 8699
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19101-8699

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHILADELPHIA ELECTRIC CO
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POTOMAC ELECTRIC POWER CO
- **CENTRAL INDEX KEY:** 0000079732
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 530127880
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01072
- **FILM NUMBER:** 251170885

**BUSINESS ADDRESS:**
- **STREET 1:** 701 NINTH STREET, NW
- **STREET 2:** OFFICE OF CORPORATE SECY., ROOM 1300
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20068
- **BUSINESS PHONE:** 2028722000

**MAIL ADDRESS:**
- **STREET 1:** 701 NINTH STREET, NW
- **STREET 2:** OFFICE OF CORPORATE SECY., ROOM 1300
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20068
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ATLANTIC CITY ELECTRIC CO
- **CENTRAL INDEX KEY:** 0000008192
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 210398280
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03559
- **FILM NUMBER:** 251170883

**BUSINESS ADDRESS:**
- **STREET 1:** 500 NORTH WAKEFIELD DRIVE
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19702
- **BUSINESS PHONE:** 202-872-2000

**MAIL ADDRESS:**
- **STREET 1:** 500 NORTH WAKEFIELD DRIVE
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19702
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELMARVA POWER & LIGHT CO /DE/
- **CENTRAL INDEX KEY:** 0000027879
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 510084283
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01405
- **FILM NUMBER:** 251170884

**BUSINESS ADDRESS:**
- **STREET 1:** 500 N. WAKEFIELD DRIVE
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19702-5440
- **BUSINESS PHONE:** 2028722000

**MAIL ADDRESS:**
- **STREET 1:** 500 N. WAKEFIELD DRIVE
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19702-5440

?xml version='1.0' encoding='ASCII'? exc-20250630

**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, 2025** 

**or**

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

---

| | | |
|:---|:---|:---|
| **Commission File Number** | **Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number** | **IRS Employer Identification Number** |
| 001-16169 | EXELON CORPORATION | 23-2990190 |
|  | (a Pennsylvania corporation)<br>10 South Dearborn Street<br>P.O. Box 805379<br>Chicago, Illinois 60680-5379<br>(800) 483-3220 |  |
| 001-01839 | COMMONWEALTH EDISON COMPANY | 36-0938600 |
|  | (an Illinois corporation)<br>10 South Dearborn Street<br>Chicago, Illinois 60603-2300<br>(312) 394-4321 |  |
| 000-16844 | PECO ENERGY COMPANY | 23-0970240 |
|  | (a Pennsylvania corporation)<br>2301 Market Street<br>P.O. Box 8699<br>Philadelphia, Pennsylvania 19101-8699<br>(215) 841-4000 |  |
| 001-01910 | BALTIMORE GAS AND ELECTRIC COMPANY | 52-0280210 |
|  | (a Maryland corporation)<br>2 Center Plaza<br>110 West Fayette Street<br>Baltimore, Maryland 21201-3708<br>(410) 234-5000 |  |
| 001-31403 | PEPCO HOLDINGS LLC | 52-2297449 |
|  | (a Delaware limited liability company)<br>701 Ninth Street, N.W.<br>Washington, District of Columbia 20068-0001<br>(202) 872-2000 |  |
| 001-01072 | POTOMAC ELECTRIC POWER COMPANY | 53-0127880 |
|  | (a District of Columbia and Virginia corporation)<br>701 Ninth Street, N.W.<br>Washington, District of Columbia 20068-0001<br>(202) 872-2000 |  |
| 001-01405 | DELMARVA POWER & LIGHT COMPANY | 51-0084283 |
|  | (a Delaware and Virginia corporation)<br>500 North Wakefield Drive<br>Newark, Delaware 19702-5440<br>(202) 872-2000 |  |
| 001-03559 | ATLANTIC CITY ELECTRIC COMPANY | 21-0398280 |
|  | (a New Jersey corporation)<br>500 North Wakefield Drive<br>Newark, Delaware 19702-5440<br>(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 ⌧ No □

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 ⌧ No □

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 | ⌧ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
| Commonwealth Edison Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | ⌧ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
| PECO Energy Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | ⌧ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
| Baltimore Gas and Electric Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | ⌧ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
| Pepco Holdings LLC | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | ⌧ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
| Potomac Electric Power Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | ⌧ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
| Delmarva Power & Light Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | ⌧ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
| Atlantic City Electric Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | ⌧ | 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 ⌧

The number of shares outstanding of each registrant's common stock as of June 30, 2025 was:

---

| | |
|:---|:---|
| Exelon Corporation Common Stock, without par value | 1009987294 |
| Commonwealth Edison Company Common Stock, $12.50 par value | 127021418 |
| PECO Energy Company Common Stock, without par value | 170478507 |
| Baltimore Gas and Electric Company Common Stock, without par value | 1000 |
| 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 | 1000 |
| Atlantic City Electric Company Common Stock, $3.00 par value | 8546017 |

---

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page No.** |
| **<u>[GLOSSARY OF TERMS AND ABBREVIATIONS](#i1ddd2134016d4933b0438aa1fa5e92df_13)</u>** | **<u>[GLOSSARY OF TERMS AND ABBREVIATIONS](#i1ddd2134016d4933b0438aa1fa5e92df_13)</u>** | <u>[4](#i1ddd2134016d4933b0438aa1fa5e92df_13)</u> |
| **<u>[FILING FORMAT](#i1ddd2134016d4933b0438aa1fa5e92df_16)</u>** | **<u>[FILING FORMAT](#i1ddd2134016d4933b0438aa1fa5e92df_16)</u>** | <u>[7](#i1ddd2134016d4933b0438aa1fa5e92df_16)</u> |
| **<u>[CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION](#i1ddd2134016d4933b0438aa1fa5e92df_19)</u>** | **<u>[CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION](#i1ddd2134016d4933b0438aa1fa5e92df_19)</u>** | <u>[7](#i1ddd2134016d4933b0438aa1fa5e92df_19)</u> |
| **<u>[WHERE TO FIND MORE INFORMATION](#i1ddd2134016d4933b0438aa1fa5e92df_22)</u>** | **<u>[WHERE TO FIND MORE INFORMATION](#i1ddd2134016d4933b0438aa1fa5e92df_22)</u>** | <u>[8](#i1ddd2134016d4933b0438aa1fa5e92df_22)</u> |
| **<u>[PART I.](#i1ddd2134016d4933b0438aa1fa5e92df_25)</u>** | **<u>[FINANCIAL INFORMATION](#i1ddd2134016d4933b0438aa1fa5e92df_25)</u>** | <u>[9](#i1ddd2134016d4933b0438aa1fa5e92df_25)</u> |
| **<u>[ITEM 1.](#i1ddd2134016d4933b0438aa1fa5e92df_34)</u>** | **<u>[FINANCIAL STATEMENTS](#i1ddd2134016d4933b0438aa1fa5e92df_34)</u>** | <u>[9](#i1ddd2134016d4933b0438aa1fa5e92df_34)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Exelon Corporation](#i1ddd2134016d4933b0438aa1fa5e92df_37)</u>** | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations and Comprehensive Income](#i1ddd2134016d4933b0438aa1fa5e92df_40)</u> | <u>[10](#i1ddd2134016d4933b0438aa1fa5e92df_40)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i1ddd2134016d4933b0438aa1fa5e92df_43)</u> | <u>[11](#i1ddd2134016d4933b0438aa1fa5e92df_43)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i1ddd2134016d4933b0438aa1fa5e92df_46)</u> | <u>[12](#i1ddd2134016d4933b0438aa1fa5e92df_46)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Shareholders' Equity](#i1ddd2134016d4933b0438aa1fa5e92df_49)</u> | <u>[14](#i1ddd2134016d4933b0438aa1fa5e92df_49)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Commonwealth Edison Company](#i1ddd2134016d4933b0438aa1fa5e92df_52)</u>** | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations and Comprehensive Income](#i1ddd2134016d4933b0438aa1fa5e92df_55)</u> | <u>[15](#i1ddd2134016d4933b0438aa1fa5e92df_55)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i1ddd2134016d4933b0438aa1fa5e92df_58)</u> | <u>[16](#i1ddd2134016d4933b0438aa1fa5e92df_58)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i1ddd2134016d4933b0438aa1fa5e92df_61)</u> | <u>[17](#i1ddd2134016d4933b0438aa1fa5e92df_61)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Shareholders' Equity](#i1ddd2134016d4933b0438aa1fa5e92df_64)</u> | <u>[19](#i1ddd2134016d4933b0438aa1fa5e92df_64)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[PECO Energy Company](#i1ddd2134016d4933b0438aa1fa5e92df_67)</u>** | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations and Comprehensive Income](#i1ddd2134016d4933b0438aa1fa5e92df_70)</u> | <u>[20](#i1ddd2134016d4933b0438aa1fa5e92df_70)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i1ddd2134016d4933b0438aa1fa5e92df_73)</u> | <u>[21](#i1ddd2134016d4933b0438aa1fa5e92df_73)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i1ddd2134016d4933b0438aa1fa5e92df_76)</u> | <u>[22](#i1ddd2134016d4933b0438aa1fa5e92df_76)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Shareholder's Equity](#i1ddd2134016d4933b0438aa1fa5e92df_79)</u> | <u>[24](#i1ddd2134016d4933b0438aa1fa5e92df_79)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Baltimore Gas and Electric Company](#i1ddd2134016d4933b0438aa1fa5e92df_82)</u>** | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Operations and Comprehensive Income](#i1ddd2134016d4933b0438aa1fa5e92df_85)</u> | <u>[25](#i1ddd2134016d4933b0438aa1fa5e92df_85)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Cash Flows](#i1ddd2134016d4933b0438aa1fa5e92df_88)</u> | <u>[26](#i1ddd2134016d4933b0438aa1fa5e92df_88)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Balance Sheets](#i1ddd2134016d4933b0438aa1fa5e92df_91)</u> | <u>[27](#i1ddd2134016d4933b0438aa1fa5e92df_91)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Changes in Shareholder's Equity](#i1ddd2134016d4933b0438aa1fa5e92df_94)</u> | <u>[29](#i1ddd2134016d4933b0438aa1fa5e92df_94)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Pepco Holdings LLC](#i1ddd2134016d4933b0438aa1fa5e92df_97)</u>** | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations and Comprehensive Income](#i1ddd2134016d4933b0438aa1fa5e92df_100)</u> | <u>[30](#i1ddd2134016d4933b0438aa1fa5e92df_100)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i1ddd2134016d4933b0438aa1fa5e92df_103)</u> | <u>[31](#i1ddd2134016d4933b0438aa1fa5e92df_103)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i1ddd2134016d4933b0438aa1fa5e92df_106)</u> | <u>[32](#i1ddd2134016d4933b0438aa1fa5e92df_106)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Member's Equity](#i1ddd2134016d4933b0438aa1fa5e92df_109)</u> | <u>[34](#i1ddd2134016d4933b0438aa1fa5e92df_109)</u> |

---

------

---

| | |
|:---|:---|
| | **Page No.** |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Potomac Electric Power Company](#i1ddd2134016d4933b0438aa1fa5e92df_112)</u>** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Operations and Comprehensive Income](#i1ddd2134016d4933b0438aa1fa5e92df_115)</u> | <u>[35](#i1ddd2134016d4933b0438aa1fa5e92df_115)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Cash Flows](#i1ddd2134016d4933b0438aa1fa5e92df_118)</u> | <u>[36](#i1ddd2134016d4933b0438aa1fa5e92df_118)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Balance Sheets](#i1ddd2134016d4933b0438aa1fa5e92df_121)</u> | <u>[37](#i1ddd2134016d4933b0438aa1fa5e92df_121)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Changes in Shareholder's Equity](#i1ddd2134016d4933b0438aa1fa5e92df_124)</u> | <u>[39](#i1ddd2134016d4933b0438aa1fa5e92df_124)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Delmarva Power & Light Company](#i1ddd2134016d4933b0438aa1fa5e92df_127)</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Operations and Comprehensive Income](#i1ddd2134016d4933b0438aa1fa5e92df_130)</u> | <u>[40](#i1ddd2134016d4933b0438aa1fa5e92df_130)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Cash Flows](#i1ddd2134016d4933b0438aa1fa5e92df_133)</u> | <u>[41](#i1ddd2134016d4933b0438aa1fa5e92df_133)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Balance Sheets](#i1ddd2134016d4933b0438aa1fa5e92df_136)</u> | <u>[42](#i1ddd2134016d4933b0438aa1fa5e92df_136)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Changes in Shareholder's Equity](#i1ddd2134016d4933b0438aa1fa5e92df_139)</u> | <u>[44](#i1ddd2134016d4933b0438aa1fa5e92df_139)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Atlantic City Electric Company](#i1ddd2134016d4933b0438aa1fa5e92df_142)</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations and Comprehensive Income](#i1ddd2134016d4933b0438aa1fa5e92df_145)</u> | <u>[45](#i1ddd2134016d4933b0438aa1fa5e92df_145)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i1ddd2134016d4933b0438aa1fa5e92df_148)</u> | <u>[46](#i1ddd2134016d4933b0438aa1fa5e92df_148)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i1ddd2134016d4933b0438aa1fa5e92df_151)</u> | <u>[47](#i1ddd2134016d4933b0438aa1fa5e92df_151)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Shareholder's Equity](#i1ddd2134016d4933b0438aa1fa5e92df_154)</u> | <u>[49](#i1ddd2134016d4933b0438aa1fa5e92df_154)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Combined Notes to Consolidated Financial Statements](#i1ddd2134016d4933b0438aa1fa5e92df_157)</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[1. Significant Accounting Policies](#i1ddd2134016d4933b0438aa1fa5e92df_160)</u> | <u>[50](#i1ddd2134016d4933b0438aa1fa5e92df_160)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2. Regulatory Matters](#i1ddd2134016d4933b0438aa1fa5e92df_172)</u> | <u>[51](#i1ddd2134016d4933b0438aa1fa5e92df_172)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3. Revenue from Contracts with Customers](#i1ddd2134016d4933b0438aa1fa5e92df_178)</u> | <u>[58](#i1ddd2134016d4933b0438aa1fa5e92df_178)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4. Segment Information](#i1ddd2134016d4933b0438aa1fa5e92df_187)</u> | <u>[59](#i1ddd2134016d4933b0438aa1fa5e92df_187)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5. Accounts Receivable](#i1ddd2134016d4933b0438aa1fa5e92df_196)</u> | <u>[69](#i1ddd2134016d4933b0438aa1fa5e92df_196)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6. Income Taxes](#i1ddd2134016d4933b0438aa1fa5e92df_214)</u> | <u>[72](#i1ddd2134016d4933b0438aa1fa5e92df_214)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7. Retirement Benefits](#i1ddd2134016d4933b0438aa1fa5e92df_220)</u> | <u>[75](#i1ddd2134016d4933b0438aa1fa5e92df_220)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8. Derivative Financial Instruments](#i1ddd2134016d4933b0438aa1fa5e92df_226)</u> | <u>[76](#i1ddd2134016d4933b0438aa1fa5e92df_226)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9. Debt and Credit Agreements](#i1ddd2134016d4933b0438aa1fa5e92df_232)</u> | <u>[79](#i1ddd2134016d4933b0438aa1fa5e92df_232)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[10. Fair Value of Financial Assets and Liabilities](#i1ddd2134016d4933b0438aa1fa5e92df_238)</u> | <u>[82](#i1ddd2134016d4933b0438aa1fa5e92df_238)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11. Commitments and Contingencies](#i1ddd2134016d4933b0438aa1fa5e92df_256)</u> | <u>[89](#i1ddd2134016d4933b0438aa1fa5e92df_256)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12. Shareholders' Equity](#i1ddd2134016d4933b0438aa1fa5e92df_262)</u> | <u>[95](#i1ddd2134016d4933b0438aa1fa5e92df_262)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[13. Changes in Accumulated Other Comprehensive Income](#i1ddd2134016d4933b0438aa1fa5e92df_268)</u> | <u>[97](#i1ddd2134016d4933b0438aa1fa5e92df_268)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[14. Supplemental Financial Information](#i1ddd2134016d4933b0438aa1fa5e92df_280)</u> | <u>[98](#i1ddd2134016d4933b0438aa1fa5e92df_280)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[15. Related Party Transactions](#i1ddd2134016d4933b0438aa1fa5e92df_286)</u> | <u>[102](#i1ddd2134016d4933b0438aa1fa5e92df_286)</u> |

---

------

---

| | | |
|:---|:---|:---|
| | | **Page No.** |
| **<u>[ITEM 2.](#i1ddd2134016d4933b0438aa1fa5e92df_304)</u>** | **<u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i1ddd2134016d4933b0438aa1fa5e92df_304)</u>** | <u>[104](#i1ddd2134016d4933b0438aa1fa5e92df_304)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Exelon Corporation](#i1ddd2134016d4933b0438aa1fa5e92df_307)</u> | <u>[104](#i1ddd2134016d4933b0438aa1fa5e92df_307)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Executive Overview](#i1ddd2134016d4933b0438aa1fa5e92df_310)</u> | <u>[104](#i1ddd2134016d4933b0438aa1fa5e92df_310)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Financial Results of Operations](#i1ddd2134016d4933b0438aa1fa5e92df_313)</u> | <u>[104](#i1ddd2134016d4933b0438aa1fa5e92df_313)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Significant 2025 Transactions and Developments](#i1ddd2134016d4933b0438aa1fa5e92df_316)</u> | <u>[106](#i1ddd2134016d4933b0438aa1fa5e92df_316)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Other Key Business Drivers and Management Strategies](#i1ddd2134016d4933b0438aa1fa5e92df_319)</u> | <u>[109](#i1ddd2134016d4933b0438aa1fa5e92df_319)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Critical Accounting Policies and Estimates](#i1ddd2134016d4933b0438aa1fa5e92df_325)</u> | <u>[110](#i1ddd2134016d4933b0438aa1fa5e92df_325)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Results of Operations By Registrant](#i1ddd2134016d4933b0438aa1fa5e92df_328)</u> | <u>[111](#i1ddd2134016d4933b0438aa1fa5e92df_328)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Commonwealth Edison Company](#i1ddd2134016d4933b0438aa1fa5e92df_331)</u> | <u>[111](#i1ddd2134016d4933b0438aa1fa5e92df_331)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[PECO Energy Company](#i1ddd2134016d4933b0438aa1fa5e92df_334)</u> | <u>[114](#i1ddd2134016d4933b0438aa1fa5e92df_334)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Baltimore Gas and Electric Company](#i1ddd2134016d4933b0438aa1fa5e92df_337)</u> | <u>[118](#i1ddd2134016d4933b0438aa1fa5e92df_337)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Pepco Holdings LLC](#i1ddd2134016d4933b0438aa1fa5e92df_340)</u> | <u>[121](#i1ddd2134016d4933b0438aa1fa5e92df_340)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Potomac Electric Power Company](#i1ddd2134016d4933b0438aa1fa5e92df_343)</u> | <u>[122](#i1ddd2134016d4933b0438aa1fa5e92df_343)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Delmarva Power & Light Company](#i1ddd2134016d4933b0438aa1fa5e92df_346)</u> | <u>[125](#i1ddd2134016d4933b0438aa1fa5e92df_346)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Atlantic City Electric Company](#i1ddd2134016d4933b0438aa1fa5e92df_349)</u> | <u>[130](#i1ddd2134016d4933b0438aa1fa5e92df_349)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Liquidity and Capital Resources](#i1ddd2134016d4933b0438aa1fa5e92df_352)</u> | <u>[133](#i1ddd2134016d4933b0438aa1fa5e92df_352)</u> |
| **<u>[ITEM 3.](#i1ddd2134016d4933b0438aa1fa5e92df_355)</u>** | **<u>[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i1ddd2134016d4933b0438aa1fa5e92df_355)</u>** | <u>[142](#i1ddd2134016d4933b0438aa1fa5e92df_355)</u> |
| **<u>[ITEM 4.](#i1ddd2134016d4933b0438aa1fa5e92df_358)</u>** | **<u>[CONTROLS AND PROCEDURES](#i1ddd2134016d4933b0438aa1fa5e92df_358)</u>** | <u>[143](#i1ddd2134016d4933b0438aa1fa5e92df_358)</u> |
| **<u>[PART II.](#i1ddd2134016d4933b0438aa1fa5e92df_361)</u>** | **<u>[OTHER INFORMATION](#i1ddd2134016d4933b0438aa1fa5e92df_361)</u>** | <u>[143](#i1ddd2134016d4933b0438aa1fa5e92df_361)</u> |
| **<u>[ITEM 1.](#i1ddd2134016d4933b0438aa1fa5e92df_364)</u>** | **<u>[LEGAL PROCEEDINGS](#i1ddd2134016d4933b0438aa1fa5e92df_364)</u>** | <u>[143](#i1ddd2134016d4933b0438aa1fa5e92df_364)</u> |
| **<u>[ITEM 1A.](#i1ddd2134016d4933b0438aa1fa5e92df_367)</u>** | **<u>[RISK FACTORS](#i1ddd2134016d4933b0438aa1fa5e92df_367)</u>** | <u>[143](#i1ddd2134016d4933b0438aa1fa5e92df_367)</u> |
| **<u>[ITEM 5.](#i1ddd2134016d4933b0438aa1fa5e92df_376)</u>** | **<u>[OTHER INFORMATION](#i1ddd2134016d4933b0438aa1fa5e92df_376)</u>** | <u>[144](#i1ddd2134016d4933b0438aa1fa5e92df_376)</u> |
| **<u>[ITEM 6.](#i1ddd2134016d4933b0438aa1fa5e92df_379)</u>** | **<u>[EXHIBITS](#i1ddd2134016d4933b0438aa1fa5e92df_379)</u>** | <u>[144](#i1ddd2134016d4933b0438aa1fa5e92df_379)</u> |
| **<u>[SIGNATURES](#i1ddd2134016d4933b0438aa1fa5e92df_382)</u>** | **<u>[SIGNATURES](#i1ddd2134016d4933b0438aa1fa5e92df_382)</u>** | <u>[147](#i1ddd2134016d4933b0438aa1fa5e92df_382)</u> |
| | <u>[Exelon Corporation](#i1ddd2134016d4933b0438aa1fa5e92df_385)</u> | <u>[147](#i1ddd2134016d4933b0438aa1fa5e92df_385)</u> |
| | <u>[Commonwealth Edison Company](#i1ddd2134016d4933b0438aa1fa5e92df_388)</u> | <u>[148](#i1ddd2134016d4933b0438aa1fa5e92df_388)</u> |
| | <u>[PECO Energy Company](#i1ddd2134016d4933b0438aa1fa5e92df_391)</u> | <u>[149](#i1ddd2134016d4933b0438aa1fa5e92df_391)</u> |
| | <u>[Baltimore Gas and Electric Company](#i1ddd2134016d4933b0438aa1fa5e92df_394)</u> | <u>[150](#i1ddd2134016d4933b0438aa1fa5e92df_394)</u> |
| | <u>[Pepco Holdings LLC](#i1ddd2134016d4933b0438aa1fa5e92df_397)</u> | <u>[151](#i1ddd2134016d4933b0438aa1fa5e92df_397)</u> |
| | <u>[Potomac Electric Power Company](#i1ddd2134016d4933b0438aa1fa5e92df_400)</u> | <u>[152](#i1ddd2134016d4933b0438aa1fa5e92df_400)</u> |
| | <u>[Delmarva Power & Light Company](#i1ddd2134016d4933b0438aa1fa5e92df_403)</u> | <u>[153](#i1ddd2134016d4933b0438aa1fa5e92df_403)</u> |
| | <u>[Atlantic City Electric Company](#i1ddd2134016d4933b0438aa1fa5e92df_406)</u> | <u>[154](#i1ddd2134016d4933b0438aa1fa5e92df_406)</u> |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

---

| | |
|:---|:---|
| **GLOSSARY OF TERMS AND ABBREVIATIONS** | **GLOSSARY OF TERMS AND ABBREVIATIONS** |
| **<u>Exelon Corporation and Related Entities</u>** | **<u>Exelon Corporation and Related Entities</u>** |
| *Exelon* | Exelon Corporation |
| *ComEd* | Commonwealth Edison Company |
| *PECO* | PECO Energy Company |
| *BGE* | Baltimore Gas and Electric Company |
| *Pepco Holdings or PHI* | Pepco Holdings LLC |
| *Pepco* | Potomac Electric Power Company |
| *DPL* | Delmarva Power & Light Company |
| *ACE* | Atlantic City Electric Company |
| *Registrants* | Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, collectively |
| *Utility Registrants* | ComEd, PECO, BGE, Pepco, DPL, and ACE, collectively |
| *BSC* | Exelon Business Services Company, LLC |
| *Exelon Corporate* | Exelon in its corporate capacity as a holding company |
| *PCI* | Potomac Capital Investment Corporation and its subsidiaries |
| *PECO Trust III* | PECO Energy Capital Trust III |
| *PECO Trust IV* | PECO Energy Capital Trust IV |
| *PHI Corporate* | PHI in its corporate capacity as a holding company |
| *PHISCO* | PHI Service Company |
| **<u>Former Related Entities</u>** | **<u>Former Related Entities</u>** |
| *Constellation* | Constellation Energy Corporation |
| *Generation* | Constellation Energy Generation, LLC (formerly Exelon Generation Company, LLC, a subsidiary of Exelon prior to separation on February 1, 2022) |

---

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

---

| | |
|:---|:---|
| **GLOSSARY OF TERMS AND ABBREVIATIONS** | **GLOSSARY OF TERMS AND ABBREVIATIONS** |
| **<u>Other Terms and Abbreviations</u>** | |
| *Note - of the 2024 Form 10-K* | Reference to specific Combined Note to Consolidated Financial Statements within Exelon's 2024 Annual Report on Form 10-K |
| *ABO* | Accumulated Benefit Obligation |
| *AFUDC* | Allowance for Funds Used During Construction |
| *AMI* | Advanced Metering Infrastructure |
| *AOCI* | Accumulated Other Comprehensive Income (Loss) |
| *ARO* | Asset Retirement Obligation |
| *ATM* | At the market |
| *BGS* | Basic Generation Service |
| *BSA* | Bill Stabilization Adjustment |
| *CEJA* | Climate and Equitable Jobs Act; Illinois Public Act 102-0662 signed into law on September 15, 2021 |
| *CERCLA* | Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended |
| *CIP* | Conservation Incentive Program |
| *CMC* | Carbon Mitigation Credit |
| *CODMs* | Chief Operating Decision Makers |
| *DC PLUG* | District of Columbia Power Line Undergrounding Initiative |
| *DCPSC* | Public Service Commission of the District of Columbia |
| *DEPSC* | Delaware Public Service Commission |
| *DOEE* | District of Columbia Department of Energy & Environment |
| *DPA* | Deferred Prosecution Agreement |
| *DSIC* | Distribution System Improvement Charge |
| *EDIT* | Excess Deferred Income Taxes |
| *EPA* | United States Environmental Protection Agency |
| *ERISA* | Employee Retirement Income Security Act of 1974, as amended |
| *ETAC* | Energy Transition Assistance Charge |
| *FERC* | Federal Energy Regulatory Commission |
| *GAAP* | Generally Accepted Accounting Principles in the United States |
| *GCR* | Gas Cost Rate |
| *GSA* | Generation Supply Adjustment |
| *GWhs* | Gigawatt hours |
| *ICC* | Illinois Commerce Commission |
| *IIJA* | Infrastructure Investment and Jobs Act |
| *Illinois Settlement Legislation* | Legislation enacted in 2007 affecting electric utilities in Illinois |
| *IPA* | Illinois Power Agency |
| *IRA* | Inflation Reduction Act |
| *IRC* | Internal Revenue Code |
| *IRS* | Internal Revenue Service |
| *MDPSC* | Maryland Public Service Commission |
| *MGP* | Manufactured Gas Plant |
| *mmcf* | Million Cubic Feet |
| *MRP* | Multi-Year Rate Plan |
| *MWh* | Megawatt hour |
| *N/A* | Not Applicable |
| *NAV* | Net Asset Value |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

---

| | |
|:---|:---|
| **GLOSSARY OF TERMS AND ABBREVIATIONS** | **GLOSSARY OF TERMS AND ABBREVIATIONS** |
| **<u>Other Terms and Abbreviations</u>** | |
| *NJBPU* | New Jersey Board of Public Utilities |
| *NOLC* | Tax Net Operating Loss Carryforward |
| *NPNS* | Normal Purchase Normal Sale scope exception |
| *NPS* | National Park Service |
| *NRD* | Natural Resources Damages |
| *OBBBA* | One Big Beautiful Bill Act |
| *OCI* | Other Comprehensive Income |
| *OPEB* | Other Postretirement Employee Benefits |
| *PAPUC* | Pennsylvania Public Utility Commission |
| *PGC* | Purchased Gas Cost Clause |
| *PJM* | PJM Interconnection, LLC |
| *PLR* | Private Letter Ruling |
| *POLR* | Provider of Last Resort |
| *PP&E* | Property, Plant, and Equipment |
| *PRPs* | Potentially Responsible Parties |
| *REC* | Renewable Energy Credit which is issued for each megawatt hour of generation from a qualified renewable energy source |
| *Regulatory Agreement Units* | Nuclear generating units or portions thereof whose decommissioning-related activities are subject to regulatory agreements with the ICC and PAPUC |
| *Rider* | Reconcilable Surcharge Recovery Mechanism |
| *ROE* | Return on Equity |
| *ROU* | Right-of-use |
| *RTO* | Regional Transmission Organization |
| *SEC* | United States Securities and Exchange Commission |
| *SOFR* | Secured Overnight Financing Rate |
| *SOS* | Standard Offer Service |
| *TCJA* | Tax Cuts and Jobs Act |
| *TSC* | Transmission Service Charge |
| *ZEC* | Zero Emission Credit |

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable legislative and/or regulatory actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental liabilities and remediation costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative outcomes in legal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse impact of the activities associated with the past DPA and now-resolved SEC investigation on Exelon's and ComEd's reputation and relationships with legislators, regulators, and customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• physical security and cybersecurity risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of sufficient capacity to meet actual or forecasted demand or disruptions at power generation facilities owned by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• emerging technologies that could affect or transform the energy industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• instability in capital and credit markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a downgrade of any Registrant's credit ratings or other failure to satisfy the credit standards in the Registrants' agreements or regulatory financial requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant economic downturns or increases in customer rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impacts of climate change and weather on energy usage and maintenance and capital costs; and

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairment of long-lived assets, goodwill, and other assets.

New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed in the 2024 Form 10-K filed by the Registrants, including in Part I, ITEM 1A. Risk Factors, and this Report including in Part II, ITEM 1A. Risk Factors.

Investors are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Report. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Report.

**WHERE TO FIND MORE INFORMATION**

The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements, and other information that the Registrants file electronically with the SEC. These documents are also available to the public from commercial document retrieval services and free of charge at the Registrants' website at www.exeloncorp.com. Information contained on the Registrants' website shall not be deemed incorporated into, or to be a part of, this Report.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Consolidated Statements of Operations and Comprehensive Income**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions, except per share data)</u>** | **2025** | **2024** | **2025** | **2024** |
| **Operating revenues** |  |  |  |  |
| &nbsp;&nbsp;Electric operating revenues | $5365 | $5169 | $11182 | $10367 |
| &nbsp;&nbsp;Natural gas operating revenues | 337 | 272 | 1361 | 1011 |
| &nbsp;&nbsp;Revenues from alternative revenue programs | (275) | (80) | (402) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 5427 | 5361 | 12141 | 11403 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;Purchased power | 1811 | 1938 | 3995 | 4134 |
| &nbsp;&nbsp;Purchased fuel | 85 | 54 | 423 | 267 |
| &nbsp;&nbsp;Operating and maintenance | 1321 | 1209 | 2668 | 2481 |
| &nbsp;&nbsp;Depreciation and amortization | 902 | 894 | 1805 | 1773 |
| &nbsp;&nbsp;Taxes other than income taxes | 383 | 360 | 788 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 4502 | 4455 | 9679 | 9386 |
| **Gain on sale of assets** | 2 | 7 | 1 | 9 |
| **Operating income** | 927 | 913 | 2463 | 2026 |
| **Other income and (deductions)** |  |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (524) | (476) | (1028) | (938) |
| &nbsp;&nbsp;Interest expense to affiliates, net | (7) | (7) | (12) | (12) |
| &nbsp;&nbsp;Other, net | 65 | 64 | 117 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (466) | (419) | (923) | (811) |
| **Income before income taxes** | 461 | 494 | 1540 | 1215 |
| **Income taxes** | 70 | 46 | 240 | 109 |
| **Net income attributable to common shareholders** | $391 | $448 | $1300 | $1106 |
| **Comprehensive income, net of income taxes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $391 | $448 | $1300 | $1106 |
| **Other comprehensive income, net of income taxes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit plans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial losses reclassified to periodic benefit cost | 5 | 5 | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit plans valuation adjustments | 1 | (2) | 5 | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (loss) gain on cash flow hedges | (6) | (3) | (14) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income |  |  | 2 | 14 |
| **Comprehensive income attributable to common shareholders** | $391 | $448 | $1302 | $1120 |
| **Average shares of common stock outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 1010 | 1001 | 1009 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed exercise and/or distributions of stock-based awards<sup>(a)</sup> | 2 |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 1012 | 1001 | 1011 | 1001 |
| **Earnings per average common share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.39 | $0.45 | $1.29 | $1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.39 | $0.45 | $1.29 | $1.10 |

---

__________

(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

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Consolidated Statements of Cash Flows** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;Net income | $1300 | $1106 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization, and accretion | 1806 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of assets |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | 165 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net fair value changes related to derivatives | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 734 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (460) | (443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (20) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (38) | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral received, net | 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (3) | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (294) | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (302) | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (194) | (261) |
| Net cash flows provided by operating activities | 2711 | 2454 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;Capital expenditures | (3959) | (3466) |
| &nbsp;&nbsp;Proceeds from sales of assets | 2 |  |
| &nbsp;&nbsp;Other investing activities | (5) | (1) |
| Net cash flows used in investing activities | (3962) | (3467) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | (750) | (670) |
| &nbsp;&nbsp;Proceeds from short-term borrowings with maturities greater than 90 days |  | 150 |
| &nbsp;&nbsp;Repayments on short-term borrowings with maturities greater than 90 days |  | (549) |
| &nbsp;&nbsp;Issuance of long-term debt | 3800 | 4225 |
| &nbsp;&nbsp;Retirement of long-term debt | (807) | (903) |
| &nbsp;&nbsp;Issuance of common stock | 173 |  |
| &nbsp;&nbsp;Dividends paid on common stock | (808) | (761) |
| &nbsp;&nbsp;Proceeds from employee stock plans | 11 | 22 |
| &nbsp;&nbsp;Other financing activities | (56) | (67) |
| Net cash flows provided by financing activities | 1563 | 1447 |
| **Increase in cash, restricted cash, and cash equivalents** | 312 | 434 |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 939 | 1101 |
| **Cash, restricted cash, and cash equivalents at end of period** | $1251 | $1535 |
| **Supplemental cash flow information** |  |  |
| Decrease in capital expenditures not paid | (100) | (74) |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| **Current assets** | | |
| &nbsp;&nbsp;Cash and cash equivalents | $724 | $357 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 478 | 541 |
| &nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 3529 | 3144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (465) | (406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 3064 | 2738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 1156 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (107) | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 1049 | 1016 |
| &nbsp;&nbsp;Inventories, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fossil fuel | 59 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies | 809 | 781 |
| &nbsp;&nbsp;Regulatory assets | 1668 | 1940 |
| &nbsp;&nbsp;Prepaid renewable energy credits | 349 | 494 |
| &nbsp;&nbsp;Other | 476 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 8676 | 8384 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $19,431 and $18,445 as of June 30, 2025 and December 31, 2024, respectively)** | 80609 | 78182 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;Regulatory assets | 8835 | 8710 |
| &nbsp;&nbsp;Goodwill | 6630 | 6630 |
| &nbsp;&nbsp;Receivable related to Regulatory Agreement Units | 4411 | 4026 |
| &nbsp;&nbsp;Investments | 297 | 290 |
| &nbsp;&nbsp;Other | 1689 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 21862 | 21218 |
| **Total assets** | $111147 | $107784 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | | |
| **Current liabilities** | | |
| &nbsp;&nbsp;Short-term borrowings | $1109 | $1859 |
| &nbsp;&nbsp;Long-term debt due within one year | 1818 | 1453 |
| &nbsp;&nbsp;Accounts payable | 3043 | 2994 |
| &nbsp;&nbsp;Accrued expenses | 1318 | 1468 |
| &nbsp;&nbsp;Payables to affiliates | 5 | 5 |
| &nbsp;&nbsp;Customer deposits | 486 | 446 |
| &nbsp;&nbsp;Regulatory liabilities | 485 | 411 |
| &nbsp;&nbsp;Mark-to-market derivative liabilities | 24 | 29 |
| &nbsp;&nbsp;Unamortized energy contract liabilities | 5 | 5 |
| &nbsp;&nbsp;Renewable energy credit obligations | 327 | 429 |
| &nbsp;&nbsp;Other | 536 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 9156 | 9611 |
| **Long-term debt** | 45527 | 42947 |
| **Long-term debt to financing trusts** | 390 | 390 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 13221 | 12793 |
| &nbsp;&nbsp;Regulatory liabilities | 10644 | 10198 |
| &nbsp;&nbsp;Pension obligations | 1478 | 1745 |
| &nbsp;&nbsp;Non-pension postretirement benefit obligations | 486 | 472 |
| &nbsp;&nbsp;Asset retirement obligations | 308 | 301 |
| &nbsp;&nbsp;Mark-to-market derivative liabilities | 119 | 103 |
| &nbsp;&nbsp;Unamortized energy contract liabilities | 18 | 21 |
| &nbsp;&nbsp;Other | 2180 | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 28454 | 27915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 83527 | 80863 |
| **Commitments and contingencies** |  |  |
| **Shareholders' equity** |  |  |
| Common stock (No par value, 2,000 shares authorized, 1,010 shares and 1,005 shares outstanding as of June 30, 2025 and December 31, 2024, respectively) | 21544 | 21338 |
| Treasury stock, at cost (2 shares as of June 30, 2025 and December 31, 2024) | (123) | (123) |
| &nbsp;&nbsp;Retained earnings | 6917 | 6426 |
| &nbsp;&nbsp;Accumulated other comprehensive loss, net | (718) | (720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 27620 | 26921 |
| **Total liabilities and shareholders' equity** | $111147 | $107784 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Consolidated Statements of Changes in Shareholders' Equity**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **<u>(In millions, shares<br>in thousands)</u>** | **Issued<br>Shares** | **Common<br>Stock** | **Treasury<br>Stock** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Loss, net** | **Total Shareholders'<br>Equity** |
| **Balance at December 31, 2024** | 1007046 | $21338 | $(123) | $6426 | $(720) | $26921 |
| Net income |  |  |  | 908 |  | 908 |
| Long-term incentive plan activity | 299 | 4 |  |  |  | 4 |
| Employee stock purchase plan activity | (8) | 2 |  |  |  | 2 |
| Issuance of Common Stock | 4031 | 173 |  |  |  | 173 |
| Common stock dividends<br>($0.40/common share) |  |  |  | (403) |  | (403) |
| Other comprehensive income, net of income taxes |  |  |  |  | 2 | 2 |
| **Balance at March 31, 2025** | 1011368 | $21517 | $(123) | $6931 | $(718) | $27607 |
| Net income |  |  |  | 391 |  | 391 |
| Long-term incentive plan activity | 118 | 14 |  |  |  | 14 |
| Employee stock purchase plan activity | 334 | 13 |  |  |  | 13 |
| Common stock dividends<br>($0.40/common share) |  |  |  | (405) |  | (405) |
| **Balance at June 30, 2025** | 1011820 | $21544 | $(123) | $6917 | $(718) | $27620 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **<u>(In millions, shares<br>in thousands)</u>** | **Issued<br>Shares** | **Common<br>Stock** | **Treasury<br>Stock** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Loss, net** | **Total Shareholders'<br>Equity** |
| **Balance at December 31, 2023** | 1001249 | $21114 | $(123) | $5490 | $(726) | $25755 |
| Net income |  |  |  | 658 |  | 658 |
| Long-term incentive plan activity | 333 | 2 |  |  |  | 2 |
| Employee stock purchase plan activity | 276 | 13 |  |  |  | 13 |
| Common stock dividends<br>($0.38/common share) |  |  |  | (381) |  | (381) |
| Other comprehensive income, net of income taxes |  |  |  |  | 14 | 14 |
| **Balance at March 31, 2024** | 1001858 | $21129 | $(123) | $5767 | $(712) | $26061 |
| Net income |  |  |  | 448 |  | 448 |
| Long-term incentive plan activity | 76 | 11 |  |  |  | 11 |
| Employee stock purchase plan activity | 396 | 12 |  |  |  | 12 |
| Common stock dividends<br>($0.38/common share) |  |  |  | (380) |  | (380) |
| **Balance at June 30, 2024** | 1002330 | $21152 | $(123) | $5835 | $(712) | $26152 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Commonwealth Edison Company and Subsidiary Companies**

**Consolidated Statements of Operations and Comprehensive Income**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2025** | **2024** |
| **Operating revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric operating revenues | $2060 | $2120 | $4203 | $4194 |
| &nbsp;&nbsp;&nbsp;Revenues from alternative revenue programs | (234) | (43) | (319) | (24) |
| &nbsp;&nbsp;&nbsp;Operating revenues from affiliates | 10 | 2 | 17 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 1836 | 2079 | 3901 | 4174 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased power | 550 | 763 | 1239 | 1670 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance | 322 | 345 | 645 | 663 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance from affiliates | 100 | 104 | 200 | 204 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 387 | 374 | 767 | 737 |
| &nbsp;&nbsp;&nbsp;Taxes other than income taxes | 97 | 94 | 196 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1456 | 1680 | 3047 | 3462 |
| **Gain on sale of assets** |  | 5 |  | 5 |
| **Operating income** | 380 | 404 | 854 | 717 |
| **Other income and (deductions)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (128) | (120) | (253) | (239) |
| &nbsp;&nbsp;&nbsp;Interest expense to affiliates, net | (3) | (3) | (7) | (7) |
| &nbsp;&nbsp;&nbsp;Other, net | 31 | 20 | 53 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (100) | (103) | (207) | (205) |
| **Income before income taxes** | 280 | 301 | 647 | 512 |
| **Income taxes** | 52 | 31 | 117 | 49 |
| **Net income** | $228 | $270 | $530 | $463 |
| **Comprehensive income** | $228 | $270 | $530 | $463 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Commonwealth Edison Company and Subsidiary Companies**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;Net income | $530 | $463 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 767 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of assets |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | 6 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 401 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (252) | (278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net | (19) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 8 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (31) | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral (paid) received, net | (3) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 7 | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (158) | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (190) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (25) | 70 |
| Net cash flows provided by operating activities | 1041 | 1302 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;Capital expenditures | (1189) | (1111) |
| &nbsp;&nbsp;Other investing activities | 1 | 11 |
| Net cash flows used in investing activities | (1188) | (1100) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | (36) | (124) |
| &nbsp;&nbsp;Repayments on short-term borrowings with maturities greater than 90 days |  | (400) |
| &nbsp;&nbsp;Issuance of long-term debt | 725 | 800 |
| &nbsp;&nbsp;Dividends paid on common stock | (407) | (388) |
| &nbsp;&nbsp;Contributions from parent | 87 | 78 |
| &nbsp;&nbsp;Other financing activities | (7) | (11) |
| Net cash flows provided by (used in) financing activities | 362 | (45) |
| **Increase in cash, restricted cash, and cash equivalents** | 215 | 157 |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 632 | 686 |
| **Cash, restricted cash, and cash equivalents at end of period** | $847 | $843 |
| **Supplemental cash flow information** |  |  |
| Increase (decrease) in capital expenditures not paid | $17 | $(70) |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Commonwealth Edison Company and Subsidiary Companies**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| **Current assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $387 | $105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | 411 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Customer accounts receivable | 1211 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Customer allowance for credit losses | (122) | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer accounts receivable, net | 1089 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable | 297 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other allowance for credit losses | (31) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable, net | 266 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables from affiliates | 12 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 281 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | 901 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 159 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 3506 | 3328 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $8,023 and $7,619 as of June 30, 2025 and December 31, 2024, respectively)** | 30881 | 30211 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | 2680 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 2625 | 2625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable related to Regulatory Agreement Units | 4033 | 3780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid pension asset | 1318 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1250 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred debits and other assets | 11912 | 11211 |
| **Total assets** | $46299 | $44750 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Commonwealth Edison Company and Subsidiary Companies**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | | |
| **Current liabilities** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | $— | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year | 500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 790 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 403 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables to affiliates | 66 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 159 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | 232 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market derivative liabilities | 24 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 258 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 2432 | 1954 |
| **Long-term debt** | 12250 | 12030 |
| **Long-term debt to financing trust** | 206 | 206 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 5696 | 5601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | 8800 | 8421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | 170 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-pension postretirement benefit obligations | 161 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market derivative liabilities | 111 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1383 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred credits and other liabilities | 16321 | 15680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 31209 | 29870 |
| **Commitments and contingencies** |  |  |
| **Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 1588 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other paid-in capital | 10715 | 10628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 2787 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 15090 | 14880 |
| **Total liabilities and shareholders' equity** | $46299 | $44750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Commonwealth Edison Company and Subsidiary Companies**

**Consolidated Statements of Changes in Shareholders' Equity**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **<u>(In millions)</u>** | **Common<br>Stock** | **Other<br>Paid-In<br>Capital** | **Retained<br>Earnings** | **Total<br>Shareholders'<br>Equity** |
| **Balance at December 31, 2024** | $1588 | $10628 | $2664 | $14880 |
| Net income |  |  | 302 | 302 |
| Common stock dividends |  |  | (203) | (203) |
| Contributions from parent |  | 87 |  | 87 |
| **Balance at March 31, 2025** | $1588 | $10715 | $2763 | $15066 |
| Net income |  |  | 228 | 228 |
| Common stock dividends |  |  | (204) | (204) |
| Contributions from parent |  |  |  |  |
| **Balance at June 30, 2025** | $1588 | $10715 | $2787 | $15090 |
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **<u>(In millions)</u>** | **Common<br>Stock** | **Other<br>Paid-In<br>Capital** | **Retained<br>Earnings** | **Total<br>Shareholders'<br>Equity** |
| **Balance at December 31, 2023** | $1588 | $10401 | $2374 | $14363 |
| Net income |  |  | 193 | 193 |
| Common stock dividends |  |  | (194) | (194) |
| Contributions from parent |  | 39 |  | 39 |
| **Balance at March 31, 2024** | $1588 | $10440 | $2373 | $14401 |
| Net income |  |  | 270 | 270 |
| Common stock dividends |  |  | (194) | (194) |
| Contributions from parent |  | 39 |  | 39 |
| **Balance at June 30, 2024** | $1588 | $10479 | $2449 | $14516 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**PECO Energy Company and Subsidiary Companies**

**Consolidated Statements of Operations and Comprehensive Income**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2025** | **2024** |
| **Operating revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric operating revenues | $876 | $795 | $1839 | $1576 |
| &nbsp;&nbsp;&nbsp;Natural gas operating revenues | 120 | 94 | 496 | 367 |
| &nbsp;&nbsp;&nbsp;Revenues from alternative revenue programs | 1 |  | (8) | (2) |
| &nbsp;&nbsp;&nbsp;Operating revenues from affiliates | 3 | 2 | 6 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 1000 | 891 | 2333 | 1945 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased power | 304 | 298 | 665 | 604 |
| &nbsp;&nbsp;&nbsp;Purchased fuel | 35 | 25 | 176 | 123 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance | 242 | 209 | 507 | 444 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance from affiliates | 63 | 61 | 124 | 119 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 112 | 107 | 221 | 210 |
| &nbsp;&nbsp;&nbsp;Taxes other than income taxes | 54 | 52 | 115 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 810 | 752 | 1808 | 1603 |
| **Gain on sales of assets** |  | 2 |  | 4 |
| **Operating income** | 190 | 141 | 525 | 346 |
| **Other income and (deductions)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (57) | (54) | (117) | (106) |
| &nbsp;&nbsp;&nbsp;Interest expense to affiliates | (3) | (3) | (7) | (6) |
| &nbsp;&nbsp;&nbsp;Other, net | 10 | 9 | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (50) | (48) | (106) | (94) |
| **Income before income taxes** | 140 | 93 | 419 | 252 |
| **Income taxes** | 4 | 3 | 17 | 13 |
| **Net income** | $136 | $90 | $402 | $239 |
| **Comprehensive income** | $136 | $90 | $402 | $239 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**PECO Energy Company and Subsidiary Companies**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $402 | $239 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 221 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of assets |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | (32) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 53 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (101) | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net | 4 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 2 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 2 | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral (paid) received, net | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 3 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | 21 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (9) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (66) | (65) |
| Net cash flows provided by operating activities | 506 | 240 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (832) | (743) |
| &nbsp;&nbsp;&nbsp;Other investing activities | 2 | 5 |
| Net cash flows used in investing activities | (830) | (738) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Changes in short-term borrowings | 11 | 95 |
| &nbsp;&nbsp;&nbsp;Dividends paid on common stock | (273) | (200) |
| &nbsp;&nbsp;&nbsp;Contributions from parent | 563 | 580 |
| Net cash flows provided by financing activities | 301 | 475 |
| **Decrease in cash, restricted cash, and cash equivalents** | (23) | (23) |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 48 | 51 |
| **Cash, restricted cash, and cash equivalents at end of period** | $25 | $28 |
| **Supplemental cash flow information** |  |  |
| Increase in capital expenditures not paid | $95 | $21 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**PECO Energy Company and Subsidiary Companies**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| **Current assets** | | |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $25 | $48 |
| &nbsp;&nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 742 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (154) | (133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 588 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 156 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (19) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 137 | 127 |
| &nbsp;&nbsp;&nbsp;Inventories, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fossil fuel | 27 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies | 84 | 79 |
| &nbsp;&nbsp;&nbsp;Prepaid utility taxes | 75 | 2 |
| &nbsp;&nbsp;&nbsp;Prepaid renewable energy credits | 49 | 51 |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 62 | 65 |
| &nbsp;&nbsp;&nbsp;Other | 66 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1113 | 973 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $4,113 and $4,042 as of June 30, 2025 and December 31, 2024, respectively)** | 15110 | 14392 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 1108 | 1003 |
| &nbsp;&nbsp;&nbsp;Receivable related to Regulatory Agreement Units | 379 | 247 |
| &nbsp;&nbsp;&nbsp;Investments | 40 | 41 |
| &nbsp;&nbsp;&nbsp;Prepaid pension asset | 442 | 435 |
| &nbsp;&nbsp;&nbsp;Other | 38 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 2007 | 1758 |
| **Total assets** | $18230 | $17123 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**PECO Energy Company and Subsidiary Companies**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **LIABILITIES AND SHAREHOLDER'S EQUITY** | | |
| **Current liabilities** | | |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | $203 | $192 |
| &nbsp;&nbsp;&nbsp;Long-term debt due within one year | 350 | 350 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 769 | 639 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 146 | 166 |
| &nbsp;&nbsp;&nbsp;Payables to affiliates | 45 | 41 |
| &nbsp;&nbsp;&nbsp;Customer deposits | 90 | 80 |
| &nbsp;&nbsp;&nbsp;Renewable energy credit obligations | 96 | 52 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 146 | 122 |
| &nbsp;&nbsp;&nbsp;Other | 40 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1885 | 1670 |
| **Long-term debt** | 5355 | 5354 |
| **Long-term debt to financing trusts** | 184 | 184 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 2511 | 2433 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 385 | 253 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 28 | 27 |
| &nbsp;&nbsp;&nbsp;Non-pension postretirement benefit obligations | 288 | 287 |
| &nbsp;&nbsp;&nbsp;Other | 87 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 3299 | 3100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10723 | 10308 |
| **Commitments and contingencies** |  |  |
| **Shareholder's equity** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 5208 | 4645 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 2299 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholder's equity | 7507 | 6815 |
| **Total liabilities and shareholder's equity** | $18230 | $17123 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**PECO Energy Company and Subsidiary Companies**

**Consolidated Statements of Changes in Shareholders' Equity**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **<u>(In millions)</u>** | **Common<br>Stock** | **Retained<br>Earnings** | **Total<br>Shareholder's<br>Equity** |
| **Balance at December 31, 2024** | $4645 | $2170 | $6815 |
| Net income |  | 266 | 266 |
| Common stock dividends |  | (137) | (137) |
| Contributions from parent | 563 |  | 563 |
| **Balance at March 31, 2025** | $5208 | $2299 | $7507 |
| Net income |  | 136 | 136 |
| Common stock dividends |  | (136) | (136) |
| Contributions from parent |  |  |  |
| **Balance at June 30, 2025** | $5208 | $2299 | $7507 |
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **<u>(In millions)</u>** | **Common<br>Stock** | **Retained<br>Earnings** | **Total<br>Shareholder's<br>Equity** |
| **Balance at December 31, 2023** | $4050 | $2019 | $6069 |
| Net income |  | 149 | 149 |
| Common stock dividends |  | (100) | (100) |
| Contributions from parent | 580 |  | 580 |
| **Balance at March 31, 2024** | $4630 | $2068 | $6698 |
| Net income |  | 90 | 90 |
| Common stock dividends |  | (100) | (100) |
| **Balance at June 30, 2024** | $4630 | $2058 | $6688 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Baltimore Gas and Electric Company**

**Statements of Operations and Comprehensive Income**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2025** | **2024** |
| **Operating revenues** |  |  |  |  |
| &nbsp;&nbsp;Electric operating revenues | $856 | $799 | $1877 | $1656 |
| &nbsp;&nbsp;Natural gas operating revenues | 184 | 150 | 745 | 545 |
| &nbsp;&nbsp;Revenues from alternative revenue programs | (13) | (23) | (43) | 19 |
| &nbsp;&nbsp;Operating revenues from affiliates | 2 | 2 | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 1029 | 928 | 2583 | 2225 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;Purchased power | 367 | 323 | 818 | 700 |
| &nbsp;&nbsp;Purchased fuel | 39 | 20 | 198 | 107 |
| &nbsp;&nbsp;Operating and maintenance | 201 | 188 | 443 | 392 |
| &nbsp;&nbsp;Operating and maintenance from affiliates | 63 | 62 | 125 | 122 |
| &nbsp;&nbsp;Depreciation and amortization | 154 | 162 | 318 | 312 |
| &nbsp;&nbsp;Taxes other than income taxes | 85 | 80 | 181 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 909 | 835 | 2083 | 1802 |
| **Operating income** | 120 | 93 | 500 | 423 |
| **Other income and (deductions)** |  |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (61) | (53) | (120) | (103) |
| &nbsp;&nbsp;Other, net | 11 | 8 | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (50) | (45) | (100) | (87) |
| **Income before income taxes** | 70 | 48 | 400 | 336 |
| **Income taxes** | 15 | 4 | 85 | 28 |
| **Net income** | $55 | $44 | $315 | $308 |
| **Comprehensive income** | $55 | $44 | $315 | $308 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Baltimore Gas and Electric Company**

**Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;Net income | $315 | $308 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 318 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | 43 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 89 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (21) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net | (11) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 8 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (43) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral received, net | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 15 | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (61) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (37) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | 114 | 53 |
| Net cash flows provided by operating activities | 734 | 570 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;Capital expenditures | (804) | (668) |
| &nbsp;&nbsp;Other investing activities | 5 | 9 |
| Net cash flows used in investing activities | (799) | (659) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | (175) | (336) |
| &nbsp;&nbsp;Issuance of long-term debt | 650 | 800 |
| &nbsp;&nbsp;Dividends paid on common stock | (196) | (184) |
| &nbsp;&nbsp;Contributions from parent |  | 197 |
| &nbsp;&nbsp;Other financing activities | (7) | (8) |
| Net cash flows provided by financing activities | 272 | 469 |
| **Increase in cash, restricted cash, and cash equivalents** | 207 | 380 |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 34 | 48 |
| **Cash, restricted cash, and cash equivalents at end of period** | $241 | $428 |
| **Supplemental cash flow information** |  |  |
| (Decrease) increase in capital expenditures not paid | $(50) | $32 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Baltimore Gas and Electric Company**

**Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| **Current assets** | | |
| &nbsp;&nbsp;Cash and cash equivalents | $236 | $33 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 5 | 1 |
| &nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 681 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (66) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 615 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 91 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (5) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 86 | 107 |
| &nbsp;&nbsp;Inventories, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fossil fuel | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies | 77 | 84 |
| &nbsp;&nbsp;Prepaid utility taxes | 1 | 115 |
| &nbsp;&nbsp;Regulatory assets | 199 | 207 |
| &nbsp;&nbsp;Prepaid renewable energy credits | 92 | 157 |
| &nbsp;&nbsp;Other | 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1355 | 1348 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $5,151 and $5,005 as of June 30, 2025 and December 31, 2024, respectively)** | 13620 | 13134 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;Regulatory assets | 792 | 788 |
| &nbsp;&nbsp;Investments | 9 | 10 |
| &nbsp;&nbsp;Prepaid pension asset | 219 | 218 |
| &nbsp;&nbsp;Other | 49 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 1069 | 1060 |
| **Total assets** | $16044 | $15542 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Baltimore Gas and Electric Company**

**Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **LIABILITIES AND SHAREHOLDER'S EQUITY** | | |
| **Current liabilities** | | |
| &nbsp;&nbsp;Short-term borrowings | $— | $175 |
| &nbsp;&nbsp;Accounts payable | 449 | 515 |
| &nbsp;&nbsp;Accrued expenses | 158 | 176 |
| &nbsp;&nbsp;Payables to affiliates | 36 | 48 |
| &nbsp;&nbsp;Customer deposits | 121 | 118 |
| &nbsp;&nbsp;Regulatory liabilities | 20 | 12 |
| &nbsp;&nbsp;Renewable energy credit obligations | 94 | 160 |
| &nbsp;&nbsp;Other | 45 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 923 | 1243 |
| **Long-term debt** | 6040 | 5395 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 2174 | 2099 |
| &nbsp;&nbsp;Regulatory liabilities | 621 | 636 |
| &nbsp;&nbsp;Asset retirement obligations | 36 | 36 |
| &nbsp;&nbsp;Non-pension postretirement benefit obligations | 144 | 150 |
| &nbsp;&nbsp;Other | 101 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 3076 | 3018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10039 | 9656 |
| **Commitments and contingencies** |  |  |
| **Shareholder's equity** |  |  |
| &nbsp;&nbsp;Common stock | 3483 | 3483 |
| &nbsp;&nbsp;Retained earnings | 2522 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholder's equity | 6005 | 5886 |
| **Total liabilities and shareholder's equity** | $16044 | $15542 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Baltimore Gas and Electric Company**

**Statements of Changes in Shareholder's Equity**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **<u>(In millions)</u>** | **Common<br>Stock** | **Retained<br>Earnings** | **Total<br>Shareholder's<br>Equity** |
| **Balance at December 31, 2024** | $3483 | $2403 | $5886 |
| Net income |  | 260 | 260 |
| Common stock dividends |  | (98) | (98) |
| **Balance at March 31, 2025** | $3483 | $2565 | $6048 |
| Net income |  | 55 | 55 |
| Common stock dividends |  | (98) | (98) |
| **Balance at June 30, 2025** | $3483 | $2522 | $6005 |
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **<u>(In millions)</u>** | **Common<br>Stock** | **Retained<br>Earnings** | **Total<br>Shareholder's<br>Equity** |
| **Balance at December 31, 2023** | $3246 | $2244 | $5490 |
| Net income |  | 264 | 264 |
| Common stock dividends |  | (92) | (92) |
| **Balance at March 31, 2024** | $3246 | $2416 | $5662 |
| Net income |  | 44 | 44 |
| Common stock dividends |  | (92) | (92) |
| Contributions from parent | 197 |  | 197 |
| **Balance at June 30, 2024** | $3443 | $2368 | $5811 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Pepco Holdings LLC and Subsidiary Companies**

**Consolidated Statements of Operations and Comprehensive Income**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2025** | **2024** |
| **Operating revenues** |  |  |  |  |
| &nbsp;&nbsp;Electric operating revenues | $1573 | $1455 | $3264 | $2941 |
| &nbsp;&nbsp;Natural gas operating revenues | 33 | 28 | 120 | 100 |
| &nbsp;&nbsp;Revenues from alternative revenue programs | (29) | (14) | (32) | 32 |
| &nbsp;&nbsp;Operating revenues from affiliates | 2 | 2 | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 1579 | 1471 | 3357 | 3077 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;Purchased power | 590 | 553 | 1273 | 1160 |
| &nbsp;&nbsp;Purchased fuel | 11 | 9 | 49 | 37 |
| &nbsp;&nbsp;Operating and maintenance | 291 | 231 | 586 | 506 |
| &nbsp;&nbsp;Operating and maintenance from affiliates | 49 | 50 | 103 | 101 |
| &nbsp;&nbsp;Depreciation and amortization | 233 | 235 | 467 | 481 |
| &nbsp;&nbsp;Taxes other than income taxes | 136 | 126 | 276 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1310 | 1204 | 2754 | 2539 |
| **Gain on sale of assets** | 2 |  | 1 |  |
| **Operating income** | 271 | 267 | 604 | 538 |
| **Other income and (deductions)** |  |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (102) | (92) | (201) | (183) |
| &nbsp;&nbsp;Interest expense to affiliates, net | (1) |  | (2) |  |
| &nbsp;&nbsp;Other, net | 17 | 29 | 35 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (86) | (63) | (168) | (126) |
| **Income before income taxes** | 185 | 204 | 436 | 412 |
| **Income taxes** | 42 | 46 | 99 | 86 |
| **Net income** | $143 | $158 | $337 | $326 |
| **Comprehensive income** | $143 | $158 | $337 | $326 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Pepco Holdings LLC and Subsidiary Companies**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;Net income | $337 | $326 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 467 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | 47 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 128 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (80) | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net | (14) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (37) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 39 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral received, net | 8 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (34) | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (76) | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (45) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (39) | (81) |
| Net cash flows provided by operating activities | 701 | 537 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;Capital expenditures | (1108) | (903) |
| &nbsp;&nbsp;Proceeds from sales of long-lived assets | 2 |  |
| Net cash flows used in investing activities | (1106) | (903) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | (300) | (394) |
| &nbsp;&nbsp;Issuance of long-term debt | 425 | 925 |
| &nbsp;&nbsp;Retirement of long-term debt |  | (400) |
| &nbsp;&nbsp;Changes in Exelon intercompany money pool | (3) | (8) |
| &nbsp;&nbsp;Distributions to member | (292) | (282) |
| &nbsp;&nbsp;Contributions from member | 522 | 487 |
| &nbsp;&nbsp;Other financing activities | (13) | (25) |
| Net cash flows provided by financing activities | 339 | 303 |
| **Decrease in cash, restricted cash, and cash equivalents** | (66) | (63) |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 163 | 204 |
| **Cash, restricted cash, and cash equivalents at end of period** | $97 | $141 |
| **Supplemental cash flow information** |  |  |
| Decrease in capital expenditures not paid | $(137) | $(25) |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Pepco Holdings LLC and Subsidiary Companies**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| **Current assets** | | |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $67 | $139 |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | 30 | 24 |
| &nbsp;&nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 896 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (123) | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 773 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 278 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (52) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 226 | 235 |
| &nbsp;&nbsp;&nbsp;Receivables from affiliates | 11 | 8 |
| &nbsp;&nbsp;&nbsp;Inventories, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fossil fuel | 4 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies | 365 | 325 |
| &nbsp;&nbsp;&nbsp;Prepaid utility taxes | 47 | 70 |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 320 | 323 |
| &nbsp;&nbsp;&nbsp;Prepaid renewable energy credits | 100 | 194 |
| &nbsp;&nbsp;&nbsp;Other | 48 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1991 | 2080 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $4,051 and $3,728 as of June 30, 2025 and December 31, 2024, respectively)** | 20636 | 20053 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 1541 | 1570 |
| &nbsp;&nbsp;&nbsp;Goodwill | 4005 | 4005 |
| &nbsp;&nbsp;&nbsp;Investments | 153 | 152 |
| &nbsp;&nbsp;&nbsp;Prepaid pension asset | 244 | 252 |
| &nbsp;&nbsp;&nbsp;Other | 126 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 6069 | 6164 |
| **Total assets** | $28696 | $28297 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Pepco Holdings LLC and Subsidiary Companies**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **LIABILITIES AND MEMBER'S EQUITY** | | |
| **Current liabilities** | | |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | $230 | $530 |
| &nbsp;&nbsp;&nbsp;Long-term debt due within one year | 214 | 290 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 659 | 721 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 305 | 367 |
| &nbsp;&nbsp;&nbsp;Payables to affiliates | 55 | 66 |
| &nbsp;&nbsp;&nbsp;Borrowings from Exelon intercompany money pool | 60 | 63 |
| &nbsp;&nbsp;&nbsp;Customer deposits | 116 | 113 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 76 | 69 |
| &nbsp;&nbsp;&nbsp;Unamortized energy contract liabilities | 5 | 5 |
| &nbsp;&nbsp;&nbsp;Renewable energy credit obligations | 137 | 217 |
| &nbsp;&nbsp;&nbsp;Other | 103 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1960 | 2565 |
| **Long-term debt** | 9321 | 8834 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 3267 | 3190 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 753 | 794 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 69 | 67 |
| &nbsp;&nbsp;&nbsp;Non-pension postretirement benefit obligations | 27 | 31 |
| &nbsp;&nbsp;&nbsp;Unamortized energy contract liabilities | 18 | 21 |
| &nbsp;&nbsp;&nbsp;Other | 392 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 4526 | 4576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 15807 | 15975 |
| **Commitments and contingencies** |  |  |
| **Member's equity** |  |  |
| &nbsp;&nbsp;&nbsp;Membership interest | 13084 | 12562 |
| &nbsp;&nbsp;&nbsp;Undistributed losses | (195) | (240) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total member's equity | 12889 | 12322 |
| **Total liabilities and member's equity** | $28696 | $28297 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Pepco Holdings LLC and Subsidiary Companies**

**Consolidated Statements of Changes in Member's Equity**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **<u>(In millions)</u>** | **Membership Interest** | **Undistributed (Losses)/Gains** | **Total Member's Equity** |
| **Balance at December 31, 2024** | $12562 | $(240) | $12322 |
| Net income |  | 194 | 194 |
| Distributions to member |  | (132) | (132) |
| Contributions from member | 352 |  | 352 |
| **Balance at March 31, 2025** | $12914 | $(178) | $12736 |
| Net income |  | 143 | 143 |
| Distributions to member |  | (160) | (160) |
| Contributions from member | 170 |  | 170 |
| **Balance at June 30, 2025** | $13084 | $(195) | $12889 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **<u>(In millions)</u>** | **Membership Interest** | **Undistributed (Losses)/Gains** | **Total Member's Equity** |
| **Balance at December 31, 2023** | $12057 | $(275) | $11782 |
| Net income |  | 168 | 168 |
| Distributions to member |  | (118) | (118) |
| Contributions from member | 487 |  | 487 |
| **Balance at March 31, 2024** | $12544 | $(225) | $12319 |
| Net income |  | 158 | 158 |
| Distributions to member |  | (164) | (164) |
| **Balance at June 30, 2024** | $12544 | $(231) | $12313 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Potomac Electric Power Company**

**Statements of Operations and Comprehensive Income**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2025** | **2024** |
| **Operating revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric operating revenues | $791 | 691 | $1645 | $1419 |
| &nbsp;&nbsp;&nbsp;Revenues from alternative revenue programs | (16) | 7 | (14) | 37 |
| &nbsp;&nbsp;&nbsp;Operating revenues from affiliates | 1 | 2 | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 776 | 700 | 1635 | 1459 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased power | 256 | 234 | 574 | 514 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance | 91 | 37 | 187 | 123 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance from affiliates | 64 | 65 | 126 | 129 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 107 | 98 | 212 | 205 |
| &nbsp;&nbsp;&nbsp;Taxes other than income taxes | 109 | 100 | 222 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 627 | 534 | 1321 | 1174 |
| **Gain on sale of assets** | 2 |  | 1 |  |
| **Operating income** | 151 | 166 | 315 | 285 |
| **Other income and (deductions)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (54) | (46) | (106) | (92) |
| &nbsp;&nbsp;&nbsp;Other, net | 9 | 16 | 20 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (45) | (30) | (86) | (60) |
| **Income before income taxes** | 106 | 136 | 229 | 225 |
| **Income taxes** | 22 | 28 | 48 | 42 |
| **Net income** | $84 | $108 | $181 | $183 |
| **Comprehensive income** | $84 | $108 | $181 | $183 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Potomac Electric Power Company**

**Statements Of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;Net income | $181 | $183 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 212 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | 14 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 46 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (73) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (18) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 17 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral received, net | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (38) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (27) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (6) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | 6 | (34) |
| Net cash flows provided by operating activities | 316 | 255 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;Capital expenditures | (469) | (454) |
| &nbsp;&nbsp;Proceeds from sales of long-lived assets | 2 |  |
| &nbsp;&nbsp;Changes in PHI intercompany money pool |  | (57) |
| Net cash flows used in investing activities | (467) | (511) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | (51) | (132) |
| &nbsp;&nbsp;Issuance of long-term debt | 200 | 675 |
| &nbsp;&nbsp;Retirement of long-term debt |  | (400) |
| &nbsp;&nbsp;Dividends paid on common stock | (158) | (153) |
| &nbsp;&nbsp;Contributions from parent | 157 | 251 |
| &nbsp;&nbsp;Other financing activities | (4) | (17) |
| Net cash flows provided by financing activities | 144 | 224 |
| **Decrease in cash, restricted cash, and cash equivalents** | (7) | (32) |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 51 | 72 |
| **Cash, restricted cash, and cash equivalents at end of period** | $44 | $40 |
| **Supplemental cash flow information** |  |  |
| Decrease in capital expenditures not paid | $(64) | $(18) |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Potomac Electric Power Company**

**Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| **Current assets** | | |
| &nbsp;&nbsp;Cash and cash equivalents | $22 | $30 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 22 | 21 |
| &nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 456 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (69) | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 387 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 148 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (28) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 120 | 115 |
| &nbsp;&nbsp;Receivables from affiliates | 1 | 1 |
| &nbsp;&nbsp;Inventories, net | 187 | 169 |
| &nbsp;&nbsp;Regulatory assets | 154 | 157 |
| &nbsp;&nbsp;Prepaid renewable energy credits | 86 | 165 |
| &nbsp;&nbsp;Other | 17 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 996 | 1049 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $4,651 and $4,522 as of June 30, 2025 and December 31, 2024, respectively)** | 10327 | 10097 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 425 | 446 |
| &nbsp;&nbsp;&nbsp;Investments | 137 | 135 |
| &nbsp;&nbsp;&nbsp;Prepaid pension asset | 208 | 222 |
| &nbsp;&nbsp;&nbsp;Other | 56 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 826 | 854 |
| **Total assets** | $12149 | $12000 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Potomac Electric Power Company**

**Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **LIABILITIES AND SHAREHOLDER'S EQUITY** | | |
| **Current liabilities** | | |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | $149 | $200 |
| &nbsp;&nbsp;&nbsp;Long-term debt due within one year | 6 | 6 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 316 | 360 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 160 | 201 |
| &nbsp;&nbsp;&nbsp;Payables to affiliates | 34 | 37 |
| &nbsp;&nbsp;&nbsp;Customer deposits | 58 | 55 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 8 | 17 |
| &nbsp;&nbsp;&nbsp;Merger related obligation | 21 | 22 |
| &nbsp;&nbsp;&nbsp;Renewable energy credit obligations | 87 | 169 |
| &nbsp;&nbsp;&nbsp;Other | 45 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 884 | 1118 |
| **Long-term debt** | 4552 | 4356 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 1543 | 1509 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 293 | 310 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 50 | 49 |
| &nbsp;&nbsp;&nbsp;Other | 212 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 2098 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 7534 | 7565 |
| **Commitments and contingencies** |  |  |
| **Shareholder's equity** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 3492 | 3335 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 1123 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholder's equity | 4615 | 4435 |
| **Total liabilities and shareholder's equity** | $12149 | $12000 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Potomac Electric Power Company**

**Statements Of Changes In Shareholder's Equity**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **<u>(In millions)</u>** | **Common Stock** | **Retained Earnings** | **Total Shareholder's Equity** |
| **Balance at December 31, 2024** | $3335 | $1100 | $4435 |
| Net income |  | 97 | 97 |
| Common stock dividends |  | (66) | (66) |
| Contributions from parent | 157 |  | 157 |
| **Balance at March 31, 2025** | $3492 | $1131 | $4623 |
| Net income |  | 84 | 84 |
| Common stock dividends |  | (92) | (92) |
| **Balance at June 30, 2025** | $3492 | $1123 | $4615 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **<u>(In millions)</u>** | **Common Stock** | **Retained Earnings** | **Total Shareholder's Equity** |
| **Balance at December 31, 2023** | $3075 | $1069 | $4144 |
| Net income |  | 75 | 75 |
| Common stock dividends |  | (51) | (51) |
| Contributions from parent | 251 |  | 251 |
| **Balance at March 31, 2024** | $3326 | $1093 | $4419 |
| Net income |  | 108 | 108 |
| Common stock dividends |  | (102) | (102) |
| **Balance at June 30, 2024** | $3326 | $1099 | $4425 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Delmarva Power & Light Company**

**Statements of Operations and Comprehensive Income**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2025** | **2024** |
| **Operating revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric operating revenues | $386 | $361 | $850 | $773 |
| &nbsp;&nbsp;&nbsp;Natural gas operating revenues | 33 | 28 | 120 | 100 |
| &nbsp;&nbsp;&nbsp;Revenues from alternative revenue programs |  |  | (5) | 4 |
| &nbsp;&nbsp;&nbsp;Operating revenues from affiliates | 2 | 1 | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 421 | 390 | 969 | 880 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased power | 161 | 147 | 370 | 333 |
| &nbsp;&nbsp;&nbsp;Purchased fuel | 11 | 9 | 49 | 37 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance | 50 | 50 | 110 | 101 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance from affiliates | 45 | 46 | 91 | 91 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 63 | 61 | 126 | 122 |
| &nbsp;&nbsp;&nbsp;Taxes other than income taxes | 20 | 19 | 41 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 350 | 332 | 787 | 723 |
| **Operating income** | 71 | 58 | 182 | 157 |
| **Other income and (deductions)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (25) | (24) | (50) | (46) |
| &nbsp;&nbsp;&nbsp;Other, net | 4 | 8 | 8 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (21) | (16) | (42) | (31) |
| **Income before income taxes** | 50 | 42 | 140 | 126 |
| **Income taxes** | 11 | 8 | 32 | 25 |
| **Net income** | $39 | $34 | $108 | $101 |
| **Comprehensive income** | $39 | $34 | $108 | $101 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Delmarva Power & Light Company**

**Statements Of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;Net income | $108 | $101 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 126 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | 15 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 30 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 11 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net | (3) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (11) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 3 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral received, net | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (2) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (22) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | 24 | 21 |
| Net cash flows provided by operating activities | 281 | 250 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;Capital expenditures | (277) | (268) |
| &nbsp;&nbsp;Changes in PHI intercompany money pool |  | (125) |
| Net cash flows used in investing activities | (277) | (393) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | (142) | (63) |
| &nbsp;&nbsp;Issuance of long-term debt | 125 | 175 |
| &nbsp;&nbsp;Dividends paid on common stock | (90) | (84) |
| &nbsp;&nbsp;Contributions from parent | 99 | 154 |
| &nbsp;&nbsp;Other financing activities | (5) | (4) |
| Net cash flows (used in) provided by financing activities | (13) | 178 |
| **(Decrease) increase in cash, restricted cash, and cash equivalents** | (9) | 35 |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 23 | 16 |
| **Cash, restricted cash, and cash equivalents at end of period** | $14 | $51 |
| **Supplemental cash flow information** |  |  |
| Decrease in capital expenditures not paid | $(45) | $(2) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Delmarva Power & Light Company** 

**Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| **Current assets** | | |
| &nbsp;&nbsp;Cash and cash equivalents | $9 | $21 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 5 | 2 |
| &nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 195 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (21) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 174 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 61 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (9) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 52 | 54 |
| &nbsp;&nbsp;Receivables from affiliates | 1 |  |
| &nbsp;&nbsp;&nbsp;Inventories, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fossil fuel | 4 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies | 108 | 95 |
| &nbsp;&nbsp;&nbsp;Prepaid utility taxes |  | 26 |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 58 | 60 |
| &nbsp;&nbsp;&nbsp;Prepaid renewable energy credits | 15 | 29 |
| &nbsp;&nbsp;&nbsp;Other | 23 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 449 | 502 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $2,163 and $2,075 as of June 30, 2025 and December 31, 2024, respectively)** | 5661 | 5540 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;Regulatory assets | 217 | 215 |
| &nbsp;&nbsp;Prepaid pension asset | 111 | 120 |
| &nbsp;&nbsp;&nbsp;Other | 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 373 | 379 |
| **Total assets** | $6483 | $6421 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Delmarva Power & Light Company** 

**Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **LIABILITIES AND SHAREHOLDER'S EQUITY** | | |
| **Current liabilities** | | |
| &nbsp;&nbsp;Short-term borrowings | $2 | $144 |
| &nbsp;&nbsp;&nbsp;Long-term debt due within one year | 52 | 130 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 150 | 187 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 49 | 55 |
| &nbsp;&nbsp;&nbsp;Payables to affiliates | 24 | 26 |
| &nbsp;&nbsp;&nbsp;Customer deposits | 35 | 34 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 36 | 42 |
| &nbsp;&nbsp;&nbsp;Renewable energy credit obligations | 50 | 48 |
| &nbsp;&nbsp;&nbsp;Other | 21 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 419 | 688 |
| **Long-term debt** | 2294 | 2090 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 969 | 946 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 318 | 325 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 13 | 13 |
| &nbsp;&nbsp;&nbsp;Non-pension postretirement benefit obligations | 2 | 3 |
| &nbsp;&nbsp;&nbsp;Other | 109 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 1411 | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4124 | 4179 |
| **Commitments and contingencies** |  |  |
| **Shareholder's equity** |  |  |
| &nbsp;&nbsp;Common stock | 1714 | 1615 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 645 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholder's equity | 2359 | 2242 |
| **Total liabilities and shareholder's equity** | $6483 | $6421 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Delmarva Power & Light Company**

**Statements Of Changes In Shareholder's Equity**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **<u>(In millions)</u>** | **Common Stock** | **Retained Earnings** | **Total Shareholder's Equity** |
| **Balance at December 31, 2024** | $1615 | $627 | $2242 |
| Net income |  | 69 | 69 |
| Common stock dividends |  | (46) | (46) |
| Contributions from parent | 99 |  | 99 |
| **Balance at March 31, 2025** | $1714 | $650 | $2364 |
| Net income |  | 39 | 39 |
| Common stock dividends |  | (44) | (44) |
| Contributions from parent |  |  |  |
| **Balance at June 30, 2025** | $1714 | $645 | $2359 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **<u>(In millions)</u>** | **Common Stock** | **Retained Earnings** | **Total Shareholder's Equity** |
| **Balance at December 31, 2023** | $1455 | $638 | $2093 |
| Net income |  | 66 | 66 |
| Common stock dividends |  | (45) | (45) |
| Contributions from parent | 154 |  | 154 |
| **Balance at March 31, 2024** | $1609 | $659 | $2268 |
| Net income |  | 34 | 34 |
| Common stock dividends |  | (39) | (39) |
| **Balance at June 30, 2024** | $1609 | $654 | $2263 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Atlantic City Electric Company and Subsidiary Company**

**Consolidated Statements of Operations and Comprehensive Income** 

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2025** | **2024** |
| **Operating revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric operating revenues | $397 | $403 | $769 | $748 |
| &nbsp;&nbsp;&nbsp;Revenues from alternative revenue programs | (13) | (21) | (13) | (9) |
| &nbsp;&nbsp;&nbsp;Operating revenues from affiliates |  | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 384 | 383 | 757 | 740 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased power | 173 | 172 | 329 | 312 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance | 55 | 50 | 106 | 97 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance from affiliates | 40 | 42 | 79 | 81 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 62 | 72 | 127 | 146 |
| &nbsp;&nbsp;&nbsp;Taxes other than income taxes | 3 | 2 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 333 | 338 | 646 | 641 |
| **Operating income** | 51 | 45 | 111 | 99 |
| **Other income and (deductions)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (20) | (20) | (41) | (39) |
| &nbsp;&nbsp;&nbsp;Other, net | 2 | 4 | 6 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (18) | (16) | (35) | (31) |
| **Income before income taxes** | 33 | 29 | 76 | 68 |
| **Income taxes** | 9 | 8 | 20 | 18 |
| **Net income** | $24 | $21 | $56 | $50 |
| **Comprehensive income** | $24 | $21 | $56 | $50 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Atlantic City Electric Company and Subsidiary Company**

**Statements Of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;Net income | $56 | $50 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 127 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 33 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (18) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net | (4) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (9) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 37 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral received, net | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (2) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (27) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (2) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (49) | (60) |
| Net cash flows provided by operating activities | 159 | 82 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;Capital expenditures | (196) | (180) |
| Net cash flows used in investing activities | (196) | (180) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | (107) | (199) |
| &nbsp;&nbsp;Issuance of long-term debt | 100 | 75 |
| &nbsp;&nbsp;Changes in PHI intercompany money pool |  | 182 |
| &nbsp;&nbsp;Dividends paid on common stock | (44) | (44) |
| &nbsp;&nbsp;Contributions from parent | 94 | 81 |
| &nbsp;&nbsp;Other financing activities | (3) | (3) |
| Net cash flows provided by financing activities | 40 | 92 |
| **Increase (decrease) in cash and cash equivalents** | 3 | (6) |
| **Cash and cash equivalents at beginning of period** | 14 | 21 |
| **Cash and cash equivalents at end of period** | $17 | $15 |
| **Supplemental cash flow information** |  |  |
| Decrease in capital expenditures not paid | $(28) | $(5) |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Atlantic City Electric Company and Subsidiary Company**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| **Current assets** | | |
| &nbsp;&nbsp;Cash and cash equivalents | $15 | $14 |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | 2 |  |
| &nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 245 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (33) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 212 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 71 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (15) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 56 | 66 |
| &nbsp;&nbsp;Receivables from affiliates | 10 | 7 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 71 | 62 |
| &nbsp;&nbsp;&nbsp;Prepaid utility taxes | 41 |  |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 103 | 101 |
| &nbsp;&nbsp;&nbsp;Other | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 517 | 447 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $1,881 and $1,798 as of June 30, 2025 and December 31, 2024, respectively)** | 4434 | 4366 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;Regulatory assets | 506 | 502 |
| &nbsp;&nbsp;&nbsp;Prepaid pension asset | 2 | 1 |
| &nbsp;&nbsp;&nbsp;Other | 36 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 544 | 536 |
| **Total assets** | $5495 | $5349 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Atlantic City Electric Company and Subsidiary Company**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **<u>(In millions)</u>** | **June 30, 2025** | **December 31, 2024** |
| **LIABILITIES AND SHAREHOLDER'S EQUITY** | | |
| **Current liabilities** | | |
| &nbsp;&nbsp;Short-term borrowings | $79 | $186 |
| &nbsp;&nbsp;&nbsp;Long-term debt due within one year | 155 | 154 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 183 | 163 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 48 | 52 |
| &nbsp;&nbsp;&nbsp;Payables to affiliates | 21 | 22 |
| &nbsp;&nbsp;&nbsp;Customer deposits | 24 | 24 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 32 | 10 |
| &nbsp;&nbsp;&nbsp;Other | 14 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 556 | 621 |
| **Long-term debt** | 1880 | 1779 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 830 | 816 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 140 | 146 |
| &nbsp;&nbsp;&nbsp;Other | 59 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 1029 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3465 | 3424 |
| **Commitments and contingencies** |  |  |
| **Shareholder's equity** |  |  |
| &nbsp;&nbsp;Common stock | 2009 | 1915 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 21 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholder's equity | 2030 | 1925 |
| **Total liabilities and shareholder's equity** | $5495 | $5349 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Atlantic City Electric Company and Subsidiary Company**

**Consolidated Statements Of Changes In Shareholder's Equity**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **<u>(In millions)</u>** | **Common Stock** | **Retained (Deficit) Earnings** | **Total Shareholder's Equity** |
| **Balance at December 31, 2024** | $1915 | $10 | $1925 |
| Net income |  | 31 | 31 |
| Common stock dividends |  | (20) | (20) |
| Contributions from parent | 94 |  | 94 |
| **Balance at March 31, 2025** | $2009 | $21 | $2030 |
| Net income |  | 24 | 24 |
| Common stock dividends |  | (24) | (24) |
| Contributions from parent |  |  |  |
| **Balance at June 30, 2025** | $2009 | $21 | $2030 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **<u>(In millions)</u>** | **Common Stock** | **Retained (Deficit) Earnings** | **Total Shareholder's Equity** |
| **Balance at December 31, 2023** | $1830 | $(18) | $1812 |
| Net income |  | 29 | 29 |
| Common stock dividends |  | (22) | (22) |
| Contributions from parent | 81 |  | 81 |
| **Balance at March 31, 2024** | $1911 | $(11) | $1900 |
| Net income |  | 21 | 21 |
| Common stock dividends |  | (22) | (22) |
| **Balance at June 30, 2024** | $1911 | $(12) | $1899 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 1 — Significant Accounting Policies

**1. Significant Accounting Policies (All Registrants)**

**Description of Business (All Registrants)**

Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through ComEd, PECO, BGE, Pepco, DPL, and ACE.

---

| | | |
|:---|:---|:---|
| **Name of Registrant** | **Business** | **Service Territories** |
| **Commonwealth Edison Company** | Purchase and regulated retail sale of electricity | Northern Illinois, including the City of Chicago |
| | Transmission and distribution of electricity to retail customers | |
| **PECO Energy Company** | Purchase and regulated retail sale of electricity and natural gas | Southeastern Pennsylvania, including the City of Philadelphia (electricity) |
| | Transmission and distribution of electricity and distribution of natural gas to retail customers | Pennsylvania counties surrounding the City of Philadelphia (natural gas) |
| **Baltimore Gas and Electric Company** | Purchase and regulated retail sale of electricity and natural gas | Central Maryland, including the City of Baltimore (electricity and natural gas) |
| | Transmission and distribution of electricity and distribution of natural gas to retail customers | |
| **Pepco Holdings LLC** | Utility services holding company engaged, through its reportable segments Pepco, DPL, and ACE | Service Territories of Pepco, DPL, and ACE |
| **Potomac Electric <br>Power Company** | Purchase and regulated retail sale of electricity | District of Columbia, and major portions of Montgomery and Prince George's Counties, Maryland |
| | Transmission and distribution of electricity to retail customers | |
| **Delmarva Power &<br>Light Company** | Purchase and regulated retail sale of electricity and natural gas | Portions of Delaware and Maryland (electricity) |
| | Transmission and distribution of electricity and distribution of natural gas to retail customers | Portions of New Castle County, Delaware (natural gas) |
| **Atlantic City Electric Company** | Purchase and regulated retail sale of electricity | Portions of Southern New Jersey |
| | Transmission and distribution of electricity to retail customers | |

---

**Basis of Presentation (All Registrants)**

This is a combined quarterly report of all Registrants. The Notes to the Consolidated Financial Statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. When appropriate, the Registrants are named specifically for their related activities and disclosures. Each of the Registrant's Consolidated Financial Statements includes the accounts of its subsidiaries. All intercompany transactions have been eliminated.

Through its business services subsidiary, BSC, Exelon provides its subsidiaries with a variety of support services at cost, including legal, human resources, financial, information technology, and supply management services. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services at cost, including legal, finance, engineering, customer operations, transmission and distribution planning, asset management, system operations, and power procurement, to PHI operating Registrants. The costs of BSC and PHISCO are directly charged or allocated to the applicable subsidiaries. The results of Exelon's corporate operations are presented as "Other" within the consolidated financial statements and include intercompany eliminations unless otherwise disclosed.

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**Combined Notes to Consolidated Financial Statements**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 1 — Significant Accounting Policies

The accompanying consolidated financial statements as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 are unaudited but, in the opinion of each Registrant's management, the Registrants include all adjustments that are considered necessary for a fair statement of the Registrants' respective financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The December 31, 2024 Consolidated Balance Sheets were derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Additionally, financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2025. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

**New Accounting Standards (All Registrants)**

**New Accounting Standards Issued and Not Yet Adopted as of June 30, 2025:** 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, 2025. 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.

*Improvement 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, with early adoption permitted.

*Disaggregation of Income Statement Expenses (Issued November 2024)*. Provides additional disclosure requirements related to relevant expense captions of income statement expense line items. The revised guidance requires a new tabular disclosure of disaggregated income statement expenses including a break out of (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, (5) depreciation, depletion, and amortization recognized as part of oil and gas producing activities included in each relevant expense line item on the income statement. The tabular disaggregation should include certain amounts already required to be disclosed under GAAP elsewhere. Any remaining amounts not separately disaggregated quantitatively should include a qualitative description. Additionally, on an annual basis, the standard requires disclosure of management's definition of selling expenses and the amount of expense. The standard is effective January 1, 2027, with early adoption permitted.

**2. Regulatory Matters (All Registrants)** 

As discussed in Note 3 — Regulatory Matters of the 2024 Form 10-K, the Registrants are involved in rate and regulatory proceedings at FERC and their state commissions. The following discusses developments in 2025 and updates to the 2024 Form 10-K.

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**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 2 — Regulatory Matters

**Distribution Base Rate Case Proceedings**

The following tables show the completed and pending distribution base rate case proceedings in 2025.

***Completed Distribution Base Rate Case Proceedings***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Registrant/Jurisdiction** | **Filing Date** | **Service** | **Requested Revenue Requirement Increase** | **Approved Revenue Requirement Increase** | **Approved ROE** | **Approval Date** | **Rate Effective Date** |
| ComEd - Illinois | January 17, 2023<sup>(a)</sup> | Electric | $1487 | $1045 | 8.905% | December 19, 2024 | January 1, 2024 |
| ComEd - Illinois | April 26, 2024 (amended on September 11, 2024)<sup>(b)</sup> | Electric | $624 | $623 | 9.89% | October 31, 2024 | January 1, 2025 |
| PECO - Pennsylvania | March 28, 2024 | Electric<sup>(c)(d)</sup> | $464 | $354 | N/A<sup>(e)</sup> | December 12, 2024 | January 1, 2025 |
| PECO - Pennsylvania | March 28, 2024 | Natural Gas<sup>(d)</sup> | $111 | $78 | N/A<sup>(e)</sup> | December 12, 2024 | January 1, 2025 |
| BGE - Maryland<sup>(f)</sup> | February 17, 2023 | Electric | $313 | $179 | 9.50% | December 14, 2023 | January 1, 2024 |
| BGE - Maryland<sup>(f)</sup> | February 17, 2023 | Natural Gas | $289 | $229 | 9.45% | December 14, 2023 | January 1, 2024 |
| Pepco - District of Columbia<sup>(g)</sup> | April 13, 2023 (amended February 27, 2024) | Electric | $186 | $123 | 9.50% | November 26, 2024 | January 1, 2025 |
| Pepco - Maryland<sup>(h)</sup> | May 16, 2023 (amended February 23, 2024) | Electric | $111 | $45 | 9.50% | June 10, 2024 | April 1, 2024 |
| DPL - Maryland<sup>(i)</sup> | May 19, 2022 | Electric | $38 | $29 | 9.60% | December 14, 2022 | January 1, 2023 |
| DPL - Delaware<sup>(j)</sup> | December 15, 2022 (amended September 29, 2023) | Electric | $39 | $28 | 9.60% | April 18, 2024 | July 15, 2023 |
| ACE - New Jersey<sup>(k)</sup> | February 15, 2023 (amended August 21, 2023) | Electric | $92 | $45 | 9.60% | November 17, 2023 | December 1, 2023 |

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__________

(a)Reflects a four-year cumulative multi-year rate plan for January 1, 2024 to December 31, 2027. The MRP was originally approved by the ICC on December 14, 2023 and was subsequently amended on January 10, 2024, April 18, 2024 and December 19, 2024. The December 19, 2024 order provided a total revenue requirement increase of $1.045 billion inclusive of rate increases of approximately $752 million in 2024, $80 million in 2025, $102 million in 2026, and $111 million in 2027. On March 20, 2025, ComEd filed its annual revenue balancing reconciliation for 2024. This reconciliation, which is a component of revenue decoupling, reflected a revenue reduction of $55 million, effective January 1, 2026. On April 29, 2025, ComEd filed its 2024 MRP Reconciliation reflecting a revenue increase of $268 million, which includes the tax benefit of NOLCs. While NOLCs were included in the MRP Reconciliation, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 6 — Income Taxes for additional information on NOLCs.

(b)On October 31, 2024, the Delivery Reconciliation Amount for 2023 defined in Rider Delivery Service Pricing Reconciliation (Rider DSPR) was approved. Rider DSPR allows for the reconciliation of the revenue requirement in effect in the final years in which formula rates are determined and until such time as new rates are established under ComEd's approved MRP. The 2024 order reconciled the delivery service rates in effect in 2023 with the actual delivery service costs incurred in 2023. The reconciliation revenue requirement provides for a weighted average debt and equity return on distribution rate base of 7.02%, inclusive of an allowed ROE of 9.89%, reflecting the monthly yields on 30-year treasury bonds plus 580 basis points.

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**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 2 — Regulatory Matters

(c)PECO's approved annual electric revenue requirement increase of $354 million is partially offset by a one-time credit of $64 million in 2025. In addition, the PAPUC approved the recovery of storm damage costs incurred by PECO in January 2024, up to $23 million, subject to review for reasonableness and prudency in PECO's next distribution rate case.

(d)On December 12, 2024, the PAPUC issued their Opinions and Orders which approved the non-unanimous partial settlements with limited modifications for both the electric and natural gas base rate cases, and denied the Weather Normalization Adjustment requested in the natural gas base rate case.

(e)The PECO electric and natural gas base rate case proceedings were resolved through settlement agreements, which did not specify an approved ROE.

(f)Reflects a three-year cumulative multi-year plan for January 1, 2024 through December 31, 2026. The MDPSC awarded BGE electric revenue requirement increases of $41 million, $113 million, and $25 million in 2024, 2025, and 2026, respectively, and natural gas revenue requirement increases of $126 million, $62 million, and $41 million in 2024, 2025, and 2026, respectively. Requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland's climate and regulatory initiatives. The MDPSC also approved a portion of the requested 2021 and 2022 reconciliation amounts, which was recovered through separate electric and gas riders between March 2024 through February 2025. As such, the reconciliation amounts are not included in the approved revenue requirement increases. The 2021 reconciliation amounts are $13 million and $7 million for electric and gas, respectively, and the 2022 reconciliation amounts are $39 million and $15 million for electric and gas, respectively. In April 2024, BGE filed with the MDPSC its request for recovery of the 2023 reconciliation amounts of $79 million and $73 million for electric and gas, respectively, with supporting testimony and schedules.

(g)Reflects a two-year cumulative multi-year plan for January 1, 2025, through December 31, 2026. The DCPSC awarded Pepco electric incremental revenue requirement increases of $99 million and $24 million for 2025 and 2026, respectively.

(h)Reflects the amounts requested (before offsets) and awarded for a one-year multi-year plan for April 1, 2024 through March 31, 2025. The MDPSC awarded Pepco an electric incremental revenue requirement increase of $45 million for the 12-month period ending March 31, 2025. The MDPSC did not adopt the requested revenue requirement increases of $80 million (before offsets), $51 million, and $14 million as filed for 2025, 2026, and the 2027 nine-month extension period, respectively. The MDPSC also approved the requested reconciliation amounts for the 12-month periods ending March 31, 2022, and March 31, 2023, which will be recovered through a rider between August 2024 through March 2026. As such, the reconciliation amounts are not included in the approved revenue requirement increases. The reconciliation amounts are $1 million and $7 million, for the 12-month periods ending March 31, 2022, and March 31, 2023, respectively. In July 2024, Pepco filed its request with the MDPSC for recovery of $31 million for the 12-month period ended March 31, 2024, with supporting testimony and schedules.

(i)Reflects a three-year cumulative multi-year plan for January 1, 2023 through December 31, 2025. The MDPSC awarded DPL electric incremental revenue requirement increases of $17 million, $6 million, and $6 million for 2023, 2024, and 2025, respectively.

(j)On April 18, 2024, the DEPSC approved the Significant Storm Expense Rate Rider (Rider SSER) which will allow DPL to recover expenses associated with qualified storms. A qualified storm will be an individual storm for which DPL incurs expenses between $5 million and $15 million. The Rider SSER allows DPL to recover significant storm damage expenses for the previous 12-month period over a future 24-month period. For individual storm events for which DPL incurs expenses of more than $15 million, the future recovery period will be evaluated on a case-by-case basis and the unamortized balance will earn a return at DPL's authorized long-term cost of debt. The Rider SSER will have an annual true-up filing, subject to DEPSC review and approval.

(k)Requested and approved increases are before New Jersey sales and use tax. The NJBPU awarded ACE electric revenue requirement increases of $36 million and $9 million effective December 1, 2023 and February 1, 2024, respectively.

***Pending Distribution Base Rate Case Proceedings***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Registrant/Jurisdiction** | **Filing Date** | **Service** | **Requested Revenue Requirement Increase** | **Requested ROE** | **Expected Approval Timing** |
| DPL - Delaware<sup>(a)</sup> | September 20, 2024 (amended May 30, 2025) | Natural Gas | $40 | 10.65% | First quarter of 2026 |
| ACE - New Jersey<sup>(b)</sup> | November 21, 2024 | Electric | $109 | 10.70% | Fourth quarter of 2025 |

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__________

(a)DPL implemented interim rates on April 20, 2025, subject to refund.

(b)Requested increases are before New Jersey sales and use tax. ACE may implement interim rates, subject to refund.

**Transmission Formula Rates**

The Utility Registrants' transmission rates are each established based on a FERC-approved formula. ComEd, BGE, Pepco, DPL, and ACE are required to file an annual update to the FERC-approved formula on or before

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**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 2 — Regulatory Matters

May 15, and PECO is required to file on or before May 31, with the resulting rates effective on June 1 of the same year. The annual update for ComEd is based on prior year actual costs and current year projected capital additions (initial year revenue requirement). The update for ComEd also reconciles any differences between the revenue requirement in effect beginning June 1 of the prior year and actual costs incurred for that year (annual reconciliation). The annual update for PECO is based on prior year actual costs and current year projected capital additions, accumulated depreciation, and accumulated deferred income taxes. The annual update for BGE, Pepco, DPL, and ACE is based on prior year actual costs and current year projected capital additions, accumulated depreciation, depreciation and amortization expense, and accumulated deferred income taxes. The update for PECO, BGE, Pepco, DPL, and ACE also reconciles any differences between the actual costs and actual revenues for the calendar year (annual reconciliation).

For 2025, the following increases/(decreases) were included in the Utility Registrants' electric transmission formula rate updates:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Registrant**<sup>(a)</sup> | **Initial Revenue Requirement Increase (Decrease)** | **Annual Reconciliation Increase (Decrease)** | **Total Revenue Requirement Increase (Decrease)**<sup>(b)</sup> | | **Allowed Return on Rate Base**<sup>(c)</sup> | **Allowed ROE**<sup>(d)</sup> |
| ComEd | $78 | $49 | $127 |  | 8.13% | 11.50% |
| PECO | $9 | $13 | $22 |  | 7.54% | 10.35% |
| BGE | $21 | $21 | $35 | (e) | 7.53% | 10.50% |
| Pepco | $35 | $16 | $51 |  | 7.71% | 10.50% |
| DPL | $32 | $(9) | $23 |  | 7.48% | 10.50% |
| ACE | $(11) | $(46) | $(57) |  | 7.16% | 10.50% |

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__________

(a)All rates are effective June 1, 2025 - May 31, 2026, subject to review by interested parties pursuant to review protocols of each Utility Registrants' tariffs.

(b)For the Utility Registrants, except for PECO, while the transmission filing reflects the tax benefit of NOLCs, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 6 — Income Taxes for additional information on NOLCs.

(c)Represents the weighted average debt and equity return on transmission rate base.

(d)The rate of return on common equity for each Utility Registrant includes a 50-basis-point incentive adder for being a member of an RTO.

(e)The increase in BGE's transmission revenue requirement includes a $7 million reduction related to a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to specifically designated load by BGE.

**Other State Regulatory Matters**

***Illinois Regulatory Matters***

***CEJA (Exelon and ComEd).*** On September 15, 2021, the Governor of Illinois signed into law CEJA. CEJA includes, among other features, (1) procurement of CMCs from qualifying nuclear-powered generating facilities, (2) a requirement to file a general rate case or a new four-year MRP no later than January 20, 2023 to establish rates effective after ComEd's existing performance-based distribution formula rate sunsets, (3) requirements that ComEd and the ICC initiate and conduct various regulatory proceedings on subjects including ethics, spending, grid investments, and performance metrics.

*ComEd Electric Distribution Rates*

Beginning in 2024, ComEd recovers from retail customers, subject to certain exceptions, the costs it incurs to provide electric delivery services either through its electric distribution rate or other recovery mechanisms authorized by CEJA. On January 17, 2023, ComEd filed a petition with the ICC seeking approval of a MRP for 2024-2027. The MRP supports a multi-year grid plan (Grid Plan), also filed on January 17, covering planned investments on the electric distribution system within ComEd's service area through 2027. Costs incurred during each year of the MRP are subject to ICC review and the plan's revenue requirement for each year will be reconciled with the actual costs that the ICC determines are prudently and reasonably incurred for that year. The reconciliation is subject to adjustment for certain costs, including a limitation on recovery of costs that are more than 105% of certain costs in the previously approved MRP revenue requirement, absent a modification of the rate plan itself. Thus, for example, the rate adjustments necessary to reconcile 2024 revenues to ComEd's actual 2024 costs incurred would take effect in January 2026 after the ICC's review during 2025.

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**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 2 — Regulatory Matters

On December 14, 2023, the ICC issued a final order. The ICC rejected ComEd's Grid Plan as non-compliant with certain requirements of CEJA and required ComEd to file a revised Grid Plan. In the absence of an approved Grid Plan, the ICC set ComEd's forecast revenue requirements for 2024-2027 based on ComEd's approved year-end 2022 rate base. This resulted in a total cumulative revenue requirement increase of $501 million, a $986 million total revenue reduction from the requested cumulative revenue requirement increase but remained subject to annual reconciliation in accordance with CEJA. The final order approved the process and formulas associated with the MRP reconciliation mechanisms. The ICC's December 2023 order also denied ComEd's ability to earn a return on its pension asset.

On December 22, 2023, ComEd filed an application for rehearing on several findings in the final order including the use of the 2022 year-end rate base to establish forecast revenue requirements for 2024-2027, ROE, pension asset return, and capital structure. On January 10, 2024, ComEd's application for rehearing was denied on all issues except for the order's use of the 2022 year-end rate base. On April 18, 2024, the ICC issued its final order on rehearing, which approved the use of the forecasted year-end 2023 rate base that resulted in increased revenue requirements for 2024-2027. These revenue requirements determined during the rehearing process established base revenue requirements until the ICC approved the Refiled Grid Plan on December 19, 2024.

On January 10, 2024, ComEd filed an appeal in the Illinois Appellate Court of the issues on which rehearing was denied, including but not limited to the allowed ROE, 50% equity ratio, and denial of a return on ComEd's pension asset. There is no deadline by when the appellate court must rule. On March 13, 2024, ComEd filed its Refiled Grid Plan with supporting testimony and schedules with the ICC and subsequently on March 15, 2024, ComEd also filed a petition to adjust its MRP to authorize increased rates consistent with the Refiled Grid Plan. On December 19, 2024, the ICC approved the Refiled Grid Plan and adjusted the approved MRP with rates effective on January 1, 2025. The final approved MRP, as adjusted, which reflects the Refiled Grid Plan, resulted in a total cumulative revenue requirement increase of $1.045 billion over the 2024-2027 plan years and remains subject to annual reconciliations in accordance with CEJA. ComEd filed timely requests for rehearing and an appeal of the MRP order, again limited to the issues on which rehearing of the December 2023 order was denied, including the allowed ROE, 50% equity ratio, and denial of a return on ComEd's pension asset.

In January 2022, ComEd filed a request with the ICC proposing performance metrics that would be used in determining ROE incentives and penalties in the event ComEd filed a MRP in January 2023. On September 27, 2022, the ICC issued a final order approving seven performance metrics that provide symmetrical performance adjustments of 32 total basis points to ComEd's rate of return on common equity based on the extent to which ComEd achieves the annual performance goals. On November 10, 2022, the ICC granted ComEd's application for rehearing, in part. On April 5, 2023, the ICC issued its final order on rehearing for the performance and tracking metrics proceeding, in which the ICC declined to adopt ComEd's proposed modifications to the reliability and peak load reduction performance metrics.

*Carbon Mitigation Credit*

CEJA establishes decarbonization requirements for Illinois as well as programs to support the retention and development of emissions-free sources of electricity. ComEd is required to purchase CMCs from participating nuclear power generating facilities between June 1, 2022 and May 31, 2027. The price to be paid for each CMC was established through a competitive bidding process that included consumer-protection measures that capped the maximum acceptable bid amount and a formula that reduces CMC prices by an energy price index, the base residual auction capacity price in the ComEd zone of PJM, and the monetized value of any federal tax credit or other subsidy if applicable. The seller has not provided notification to ComEd or the IPA that any subsidies or tax credits, such as nuclear production tax credits that became available for electricity generated beginning January 1, 2024, have been monetized and the IPA has not adjusted the CMC price paid by ComEd. The consumer protection measures contained in CEJA will result in net payments to ComEd ratepayers if the energy index, the capacity price and applicable federal tax credits or subsidy exceed the CMC contract price. Beginning with the June 2022 monthly billing period, ComEd began issuing credits and/or charges to its retail customers under its CMC rider, the Rider Carbon-Free Resource Adjustment (Rider CFRA). A regulatory asset is recorded for the difference between ComEd's costs associated with the procurement of CMCs from participating nuclear power generating facilities and revenues received from customers. The balance as of June 30, 2025 is $159 million.

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**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 2 — Regulatory Matters

*Energy Efficiency*

CEJA extends ComEd's current cumulative annual energy efficiency MWh savings goals through 2040, adds expanded electrification measures to those goals, increases low-income commitments, and adds a new performance adjustment to the energy efficiency formula rate. ComEd expects its annual spend to increase through 2040 to achieve these energy efficiency MWh savings goals, which is deferred as a separate regulatory asset that is recovered through the energy efficiency formula rate over the weighted average useful life, as approved by the ICC, of the related energy efficiency measures.

***Energy Efficiency Formula Rate (Exelon and ComEd).*** ComEd filed its annual energy efficiency formula rate update with the ICC on May 23, 2025. The filing establishes the revenue requirement used to set the rates that will take effect in January 2026, subject to the ICC's review and approval. The requested revenue requirement update is based on a reconciliation of the 2024 actual costs plus projected 2026 expenditures.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Initial Revenue Requirement Increase** | **Annual Reconciliation Decrease** | **Total Revenue Requirement Increase** | **Requested Return on Rate Base**<sup>(a)</sup> | **Requested ROE** |
| $24 | $(4) | $20 | 7.24% | 10.21% |

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__________

(a)The requested revenue requirement increase provides for a weighted average debt and equity return on the energy efficiency regulatory asset and rate base of 7.24% inclusive of an allowed ROE of 10.21%, reflecting the monthly average yields for 30-year treasury bonds plus 580 basis points. For the 2024 reconciliation year, the requested revenue requirement provides for a weighted average debt and equity return on the energy efficiency regulatory asset and rate base of 7.51% inclusive of an allowed ROE of 10.75%, which includes an upward performance adjustment that increased the ROE. The performance adjustment can either increase or decrease the ROE based upon the achievement of energy efficiency savings goals.

***Maryland Regulatory Matters***

***Next Generation Energy Act (Exelon, BGE, PHI, Pepco, and DPL).*** On May 20, 2025, the Governor of Maryland signed into law legislation that addresses several matters pertaining to electric and gas utilities, including affirming that the MDPSC may approve the use of multi-year rate plans that demonstrate customer benefits, among other things. It also prohibits utilities from filing after January 1, 2025, for the reconciliation of actuals costs and revenues to amounts approved within the multi-year plans. As of June 30, 2025, BGE derecognized Regulatory assets of $10 million and Regulatory liabilities of $3 million for multi-year plan reconciliations that will no longer be filed. DPL has derecognized Regulatory liabilities of $0.4 million for multi-year reconciliations yet to be filed. Multi-year plan reconciliations filed prior to January 1, 2025, remain lawful and will be resolved in their respective proceedings.

***New Jersey Regulatory Matters***

***Summer Rate Mitigation (Exelon and ACE).*** In response to significant increases in electric supply costs, on April 23, 2025, the NJBPU issued an order directing the State's electric public utilities to file petitions proposing distribution side measures to mitigate residential customer bill impacts during summer months. As a result, on June 18, 2025, the NJBPU approved a stipulation of settlement for ACE to issue a bill credit of $30 per residential customer for the months of July and August 2025, which will be deferred to a Regulatory asset. The amounts will subsequently be collected from September 2025 through February 2026 at a flat rate of $10 per residential customer. The bill credit and subsequent collections will not be subject to carrying costs.

**Other Federal Regulatory Matters**

***FERC Audit (Exelon and ComEd).*** The Utility Registrants are subject to periodic audits and investigations by FERC. FERC's Division of Audits and Accounting initiated a nonpublic audit of ComEd in April 2021 evaluating ComEd's compliance with (1) approved terms, rates and conditions of its federally regulated service; (2) accounting requirements of the Uniform System of Accounts; (3) reporting requirements of the FERC Form 1; and (4) the requirements for record retention. The audit period extended back to January 1, 2017.

On July 27, 2023, FERC published a final audit report which included, among other things, findings and recommendations related to ComEd's methodology regarding the allocation of certain overhead costs to capitalized construction costs under FERC regulations, including a suggestion that refunds may be due to

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**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 2 — Regulatory Matters

customers for amounts collected in previous years. ComEd responded to that report and on August 28, 2023, ComEd filed a formal notice of the issues it contested within the audit report. On December 14, 2023, FERC appointed a settlement judge for the contested overhead allocation findings and set the matter for a trial-type hearing. That hearing process was held in abeyance while a formal settlement process, which began in February 2024, took place.

On July 30, 2024, ComEd reached an agreement in principle on the contested overhead allocation finding. As a result of the settlement process, ComEd recorded a charge for the probable disallowance of $70 million of certain currently capitalized construction costs to operating expenses, which are not expected to be recovered in future rates. The existing loss estimate was reflected in Exelon and ComEd's financial statements as of December 31, 2024. ComEd and FERC staff jointly filed the settlement agreement with FERC for approval on February 11, 2025. The settlement was approved by FERC on April 4, 2025.

**Regulatory Assets and Liabilities**

The Utility Registrants' regulatory assets and liabilities have not changed materially since December 31, 2024, unless noted below. See Note 3 — Regulatory Matters of the 2024 Form 10-K for additional information on the specific regulatory assets and liabilities.

***ComEd.*** Regulatory assets decreased $140 million primarily due to a decrease of $295 million in the Electric distribution formula rate annual reconciliations and an increase of $118 million in the Zero emission credit regulatory assets.

***PECO.*** Regulatory assets increased $102 million primarily due to an increase of $111 million in the Deferred income taxes regulatory asset. Regulatory liabilities increased $156 million primarily due to an increase of $132 million in the Decommissioning the Regulatory Agreement Units and an increase of $26 million in the Electric energy and natural gas costs regulatory liabilities.

***Pepco.*** Regulatory liabilities decreased $26 million primarily due to a decrease of $20 million in the Deferred income taxes regulatory liability.

***ACE.*** Regulatory liabilities increased $16 million primarily due to an increase of $13 million in the Transmission formula rate annual reconciliations regulatory liability.

**Capitalized Ratemaking Amounts Not Recognized**

The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders' investment that are not recognized for financial reporting purposes in the Registrants' Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to the Utility Registrants' customers. PECO had no related amounts at June 30, 2025 and December 31, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Exelon** | **ComEd**<sup>(a)</sup> | **BGE**<sup>(b)</sup> | **PHI** | **Pepco**<sup>(c)</sup> | **DPL**<sup>(d)</sup> | **ACE**<sup>(e)</sup> |
| June 30, 2025 | $77 | $30 | $7 | $40 | $23 | $1 | $16 |
| December 31, 2024 | 117 | 46 | 16 | 55 | 40 | 1 | 14 |

---

__________

(a)Reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution rates and formula rates regulatory assets.

(b)BGE's amount capitalized for ratemaking purposes primarily relates to earnings on shareholders' investment on AMI programs and investments in rate base included in the multi-year plan reconciliations.

(c)Pepco's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs, Energy efficiency and demand response programs, investments in rate base and revenues included in the multi-year plan reconciliations, and a portion of Pepco District of Columbia's revenue decoupling.

(d)DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs and Energy efficiency and demand response programs.

(e)ACE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholders' investment on AMI programs.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 3 — Revenue from Contracts with Customers

**3. Revenue from Contracts with Customers (All Registrants)**

The Registrants recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that the entities expect to be entitled to in exchange for those goods or services. The primary sources of revenue include regulated electric and gas tariff sales, distribution, and transmission services.

See Note 4 — Revenue from Contracts with Customers of the 2024 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 4 — Revenue from Contracts with Customers of the 2024 Form 10-K. The contract liability balance attributable to the Agreement and the Amendment is being recognized as Electric operating revenues over a 35 year period and 31 year period, respectively.

The following table provides a rollforward of the contract liabilities reflected in Exelon's, PHI's, Pepco's, DPL's, and ACE's Consolidated Balance Sheets for the three and six months ended June 30, 2025 and 2024. At June 30, 2025 and December 31, 2024, ComEd's, PECO's, and BGE's contract liabilities were immaterial.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Exelon**<sup>(a)</sup> | **PHI**<sup>(a)</sup> | **Pepco**<sup>(a)</sup> | **DPL** | **ACE** |
| Balance at December 31, 2024 | $127 | $127 | $101 | $13 | $13 |
| Revenues recognized | (1) | (1) | (1) |  |  |
| Balance at March 31, 2025 | $126 | $126 | $100 | $13 | $13 |
| Revenues recognized | (3) | (3) | (2) | (1) |  |
| Balance at June 30, 2025 | $123 | $123 | $98 | $12 | $13 |
|  | **Exelon**<sup>(a)</sup> | **PHI**<sup>(a)</sup> | **Pepco**<sup>(a)</sup> | **DPL** | **ACE** |
| Balance at December 31, 2023 | $133 | $133 | $107 | $13 | $13 |
| Revenues recognized | (2) | (2) | (2) |  |  |
| Balance at March 31, 2024 | $131 | $131 | $105 | $13 | $13 |
| Revenues recognized | (1) | (1) | (1) |  |  |
| Balance at June 30, 2024 | $130 | $130 | $104 | $13 | $13 |

---

__________

(a)Revenues recognized in the three and six months ended June 30, 2025 and 2024, were included in the contract liabilities at December 31, 2024 and 2023, respectively.

**Transaction Price Allocated to Remaining Performance Obligations**

The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2025. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years.

This disclosure excludes the Utility Registrants' gas and electric tariff sales contracts and transmission revenue contracts as they generally have an original expected duration of one year or less and, therefore, do not contain any future, unsatisfied performance obligations to be included in this disclosure.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 3 — Revenue from Contracts with Customers

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Year</u>** | **Exelon** | **PHI** | **Pepco** | **DPL** | **ACE** |
| 2025 | $4 | $4 | $3 | $— | $1 |
| 2026 | 5 | 5 | 5 |  |  |
| 2027 | 6 | 6 | 5 | 1 |  |
| 2028 | 6 | 6 | 5 |  | 1 |
| 2029 and thereafter | 102 | 102 | 80 | 11 | 11 |
| Total | $123 | $123 | $98 | $12 | $13 |

---

**Revenue Disaggregation**

The Registrants disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. See Note 4 — Segment Information for the presentation of the Registrants' revenue disaggregation.

**4. Segment Information (All Registrants)** 

Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants. The Chief Executive Officer is the CODM for Exelon. For PHI and each of the Utility Registrants, CODM responsibilities are shared by Exelon's Chief Operating Officer and the Utility Registrant's Chief Executive Officer.

Exelon has six reportable segments, which include ComEd, PECO, BGE, and PHI's three reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE's CODMs rely on a variety of business considerations, including net income, in evaluating segment performance, determining reinvestment of profits, and establishing the amounts of dividend distributions.

An analysis and reconciliation of the Registrants' reportable segment information to the respective information in the consolidated financial statements for the three and six months ended June 30, 2025 and 2024 is as follows:

**Three Months Ended June 30, 2025 and 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **ComEd** | **PECO** | **BGE** | **PHI** | **Other**<sup>(a)</sup> | **Intersegment<br>Eliminations** | **Exelon** |
| **Operating revenues**<sup>(b)</sup>**:** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric revenues | $1836 | $880 | $849 | $1544 | $— | $(13) | $5096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 120 | 180 | 33 |  | (2) | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 2 | 468 | (470) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $1836 | $1000 | $1029 | $1579 | $468 | $(485) | $5427 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric revenues | $2079 | $797 | $782 | $1441 | $— | $(6) | $5093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 94 | 146 | 28 |  |  | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 2 | 468 | (470) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $2079 | $891 | $928 | $1471 | $468 | $(476) | $5361 |
| **Less:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Purchased power |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $550 | $304 | $367 | $590 | $— | $— | $1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 763 | 298 | 323 | 553 | 1 |  | 1938 |
| &nbsp;&nbsp;Purchased fuel |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $— | $35 | $39 | $11 | $— | $— | $85 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 25 | 20 | 9 |  |  | 54 |
| &nbsp;&nbsp;Operating and maintenance |  |  |  |  |  |  |  |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 4 — Segment Information

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $322 | $242 | $201 | $291 | $477 | $(212) | $1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 345 | 209 | 188 | 231 | 435 | (199) | 1209 |
| &nbsp;&nbsp;Operating and maintenance from affiliates |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $100 | $63 | $63 | $49 | $10 | $(285) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 104 | 61 | 62 | 50 | 10 | (287) |  |
| &nbsp;&nbsp;Depreciation and amortization |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $387 | $112 | $154 | $233 | $16 | $— | $902 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 374 | 107 | 162 | 235 | 16 |  | 894 |
| &nbsp;&nbsp;Taxes other than income taxes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $97 | $54 | $85 | $136 | $11 | $— | $383 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 94 | 52 | 80 | 126 | 8 |  | 360 |
| &nbsp;&nbsp;(Gain) on sale of assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $— | $— | $— | $(2) | $— | $— | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | (5) | (2) |  |  |  |  | (7) |
| &nbsp;&nbsp;Interest expense, net<sup>(c)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $128 | $57 | $61 | $102 | $176 | $— | $524 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 120 | 54 | 53 | 92 | 158 | (1) | 476 |
| &nbsp;&nbsp;Interest expense to affiliates, net<sup>(c)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $3 | $3 | $— | $1 | $— | $— | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3 | 3 |  |  |  | 1 | 7 |
| &nbsp;&nbsp;Other, net |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $(31) | $(10) | $(11) | $(17) | $(8) | $12 | $(65) |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | (20) | (9) | (8) | (29) | (8) | 10 | (64) |
| &nbsp;&nbsp;Income Taxes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $52 | $4 | $15 | $42 | $(43) | $— | $70 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 31 | 3 | 4 | 46 | (38) |  | 46 |
| **Net income (loss) attributable to common shareholders** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $228 | $136 | $55 | $143 | $(171) | $— | $391 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 270 | 90 | 44 | 158 | (114) |  | 448 |
| **Supplemental segment information** | **Supplemental segment information** |  |  |  |  |  |  |
| &nbsp;&nbsp;Intersegment revenues<sup>(d)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $10 | $3 | $2 | $2 | $466 | $(483) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2 | 2 | 2 | 2 | 466 | (474) |  |
| &nbsp;&nbsp;Capital Expenditures |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $599 | $408 | $398 | $595 | $13 | $— | $2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 517 | 382 | 344 | 450 | 6 |  | 1699 |

---

__________

(a)Other primarily includes Exelon's corporate operations, shared service entities, and other financing and investment activities.

(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants' Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.

(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.

(d)See Note 15 — Related Party Transactions for additional information on intersegment revenues.

**PHI:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Pepco** | **DPL** | **ACE** | **Other**<sup>(a)</sup> | **Intersegment<br>Eliminations** | **PHI** |
| **Operating revenues**<sup>(b)</sup>**:** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  |  |  |  |  |  |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 4 — Segment Information

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric revenues | $776 | $388 | $384 | $— | $(4) | $1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 33 |  |  |  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 111 | (109) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $776 | $421 | $384 | $111 | $(113) | $1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric revenues | $700 | $362 | $383 | $— | $(4) | $1441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 28 |  |  |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 115 | (113) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $700 | $390 | $383 | $115 | $(117) | $1471 |
| **Less:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Purchased power |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $256 | $161 | $173 | $— | $— | $590 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 234 | 147 | 172 |  |  | 553 |
| &nbsp;&nbsp;Purchased fuel |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $— | $11 | $— | $— | $— | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 9 |  |  |  | 9 |
| &nbsp;&nbsp;Operating and maintenance |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $91 | $50 | $55 | $95 | $— | $291 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 37 | 50 | 50 | 94 |  | 231 |
| &nbsp;&nbsp;Operating and maintenance from affiliates |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $64 | $45 | $40 | $13 | $(113) | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 65 | 46 | 42 | 14 | (117) | 50 |
| &nbsp;&nbsp;Depreciation and amortization |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $107 | $63 | $62 | $1 | $— | $233 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 98 | 61 | 72 | 4 |  | 235 |
| &nbsp;&nbsp;Taxes other than income taxes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $109 | $20 | $3 | $4 | $— | $136 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 100 | 19 | 2 | 5 |  | 126 |
| &nbsp;&nbsp;(Gain) on sale of assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $(2) | $— | $— | $— | $— | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest expense, net<sup>(c)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $54 | $25 | $20 | $3 | $— | $102 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 46 | 24 | 20 | 2 |  | 92 |
| &nbsp;&nbsp;Interest expense to affiliates, net<sup>(c)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $— | $— | $— | $1 | $— | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;Other, net |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $(9) | $(4) | $(2) | $(2) | $— | $(17) |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | (16) | (8) | (4) | (1) |  | (29) |
| &nbsp;&nbsp;Income Taxes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $22 | $11 | $9 | $— | $— | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 28 | 8 | 8 | 2 |  | 46 |
| **Net income (loss) attributable to common shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $84 | $39 | $24 | $(4) | $— | $143 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 108 | 34 | 21 | (5) |  | 158 |
| **Supplemental segment information** |  |  |  |  |  |  |
| &nbsp;&nbsp;Intersegment revenues<sup>(d)</sup> |  |  |  |  |  |  |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 4 — Segment Information

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $1 | $2 | $— | $111 | $(112) | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2 | 1 | 1 | 115 | (117) | 2 |
| &nbsp;&nbsp;Capital Expenditures |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $229 | $121 | $91 | $154 | $— | $595 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 225 | 134 | 91 |  |  | 450 |

---

__________

(a)Other primarily includes PHI's corporate operations, shared service entities, and other financing and investment activities.

(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants' Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.

(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.

(d)Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.

**Electric and Gas Revenue by Customer Class (Utility Registrants):**

The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon's disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| **Revenues from contracts with customers** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Electric revenues** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $1094 | $555 | $497 | $780 | $348 | $210 | $222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial | 553 | 155 | 90 | 168 | 48 | 64 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial | 177 | 75 | 140 | 370 | 292 | 31 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public authorities & electric railroads | 12 | 10 | 8 | 22 | 12 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(a)</sup> | 224 | 77 | 118 | 233 | 91 | 77 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total electric revenues<sup>(b)</sup> | $2060 | $872 | $853 | $1573 | $791 | $387 | $397 |
| **Natural gas revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $— | $79 | $108 | $17 | $— | $17 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial |  | 31 | 23 | 8 |  | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial |  |  | 46 | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation |  | 8 |  | 4 |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(c)</sup> |  | 2 | 7 | 3 |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total natural gas revenues<sup>(d)</sup> | $— | $120 | $184 | $33 | $— | $33 | $— |
| **Total revenues from contracts with customers** | $2060 | $992 | $1037 | $1606 | $791 | $420 | $397 |
| **Other revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues from alternative revenue programs | $(234) | $1 | $(13) | $(29) | $(16) | $— | $(13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other electric revenues<sup>(e)</sup> | 10 | 7 | 4 | 2 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other natural gas revenues<sup>(e)</sup> |  |  | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other revenues | $(224) | $8 | $(8) | $(27) | $(15) | $1 | $(13) |
| **Total revenues for reportable segments** | $1836 | $1000 | $1029 | $1579 | $776 | $421 | $384 |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 4 — Segment Information

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| **Revenues from contracts with customers** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Electric revenues** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $982 | $522 | $464 | $746 | $315 | $202 | $229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial | 560 | 128 | 88 | 158 | 43 | 60 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial | 269 | 61 | 139 | 329 | 251 | 31 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public authorities & electric railroads | 14 | 7 | 8 | 16 | 7 | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(a)</sup> | 298 | 75 | 101 | 205 | 75 | 64 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total electric revenues<sup>(b)</sup> | $2123 | $793 | $800 | $1454 | $691 | $361 | $404 |
| **Natural gas revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $— | $63 | $89 | $15 | $— | $15 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial |  | 25 | 17 | 7 |  | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial |  |  | 40 | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation |  | 5 |  | 4 |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(c)</sup> |  |  | 4 | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total natural gas revenues<sup>(d)</sup> | $— | $93 | $150 | $28 | $— | $28 | $— |
| **Total revenues from contracts with customers** | $2123 | $886 | $950 | $1482 | $691 | $389 | $404 |
| **Other revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues from alternative revenue programs | $(43) | $— | $(23) | $(14) | $7 | $— | $(21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other electric revenues<sup>(e)</sup> | (1) | 4 | 1 | 3 | 2 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other natural gas revenues<sup>(e)</sup> |  | 1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other revenues | $(44) | $5 | $(22) | $(11) | $9 | $1 | $(21) |
| **Total revenues for reportable segments** | $2079 | $891 | $928 | $1471 | $700 | $390 | $383 |

---

__________

(a)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(b)Includes operating revenues from affiliates in 2025 and 2024 respectively of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $10 million, $2 million at ComEd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3 million, $2 million at PECO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1 million, $2 million at BGE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2 million, $2 million at PHI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1 million, $2 million at Pepco

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2 million, $1 million at DPL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• less than $1 million, $1 million at ACE

(c)Includes revenues from off-system natural gas sales.

(d)Includes operating revenues from affiliates in 2025 and 2024 respectively of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• less than $1 million, less than $1 million at PECO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1 million, less than $1 million at BGE

(e)Includes late payment charge revenues.

**Six Months Ended June 30, 2025 and 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **ComEd** | **PECO** | **BGE** | **PHI** | **Other**<sup>(a)</sup> | **Intersegment<br>Eliminations** | **Exelon** |
| **Operating revenues**<sup>(b)</sup>**:** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric revenues | $3901 | $1836 | $1861 | $3232 | $— | $(26) | $10804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 497 | 722 | 120 |  | (2) | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 5 | 934 | (939) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $3901 | $2333 | $2583 | $3357 | $934 | $(967) | $12141 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  |  |  |  |  |  |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 4 — Segment Information

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric revenues | $4174 | $1577 | $1664 | $2973 | $— | $(11) | $10377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 368 | 561 | 100 |  | (3) | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 4 | 928 | (932) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $4174 | $1945 | $2225 | $3077 | $928 | $(946) | $11403 |
| **Less:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Purchased power |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $1239 | $665 | $818 | $1273 | $— | $— | $3995 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 1670 | 604 | 700 | 1160 |  |  | 4134 |
| &nbsp;&nbsp;Purchased fuel |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $— | $176 | $198 | $49 | $— | $— | $423 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 123 | 107 | 37 |  |  | 267 |
| &nbsp;&nbsp;Operating and maintenance |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $645 | $507 | $443 | $586 | $904 | $(417) | $2668 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 663 | 444 | 392 | 506 | 874 | (398) | 2481 |
| &nbsp;&nbsp;Operating and maintenance from affiliates |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $200 | $124 | $125 | $103 | $22 | $(574) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 204 | 119 | 122 | 101 | 19 | (565) |  |
| &nbsp;&nbsp;Depreciation and amortization |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $767 | $221 | $318 | $467 | $32 | $— | $1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 737 | 210 | 312 | 481 | 33 |  | 1773 |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 4 — Segment Information

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Taxes other than income taxes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $196 | $115 | $181 | $276 | $20 | $— | $788 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 188 | 103 | 169 | 254 | 17 |  | 731 |
| &nbsp;&nbsp;(Gain) on sale of assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $— | $— | $— | $(1) | $— | $— | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | (5) | (4) |  |  |  |  | (9) |
| &nbsp;&nbsp;Interest expense, net<sup>(c)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $253 | $117 | $120 | $201 | $337 | $— | $1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 239 | 106 | 103 | 183 | 310 | (3) | 938 |
| &nbsp;&nbsp;Interest expense to affiliates, net<sup>(c)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $7 | $7 | $— | $2 | $— | $(4) | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 7 | 6 |  |  | (2) | 1 | 12 |
| &nbsp;&nbsp;Other, net |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $(53) | $(18) | $(20) | $(35) | $(19) | $28 | $(117) |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | (41) | (18) | (16) | (57) | (26) | 19 | (139) |
| &nbsp;&nbsp;Income taxes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $117 | $17 | $85 | $99 | $(78) | $— | $240 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 49 | 13 | 28 | 86 | (67) |  | 109 |
| **Net income (loss) attributable to common shareholders** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $530 | $402 | $315 | $337 | $(284) | $— | $1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 463 | 239 | 308 | 326 | (230) |  | 1106 |
| **Supplemental segment information** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Intersegment revenues<sup>(d)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $17 | $6 | $4 | $5 | $929 | $(961) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 4 | 4 | 5 | 4 | 924 | (941) |  |
| &nbsp;&nbsp;Capital expenditures |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $1189 | $832 | $804 | $1108 | $26 | $— | $3959 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 1111 | 743 | 668 | 903 | 41 |  | 3466 |
| &nbsp;&nbsp;Total assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 | $46299 | $18230 | $16044 | $28696 | $5725 | $(3847) | $111147 |
| &nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024 | 44750 | 17123 | 15542 | 28297 | 6012 | (3940) | 107784 |

---

__________

(a)Other primarily includes Exelon's corporate operations, shared service entities, and other financing and investment activities.

(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants' Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.

(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.

(d)See Note 15 — Related Party Transactions for additional information on intersegment revenues.

**PHI:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Pepco** | **DPL** | **ACE** | **Other**<sup>(a)</sup> | **Intersegment<br>Eliminations** | **PHI** |
| **Operating revenues**<sup>(b)</sup>**:** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric revenues | $1635 | $849 | $757 | $— | $(9) | $3232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 120 |  |  |  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 217 | (212) | 5 |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 4 — Segment Information

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $1635 | $969 | $757 | $217 | $(221) | $3357 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric revenues | $1459 | $780 | $740 | $— | $(6) | $2973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 100 |  |  |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 224 | (220) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $1459 | $880 | $740 | $224 | $(226) | $3077 |
| **Less:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Purchased power |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $574 | $370 | $329 | $— | $— | $1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 514 | 333 | 312 | 1 |  | 1160 |
| &nbsp;&nbsp;Purchased fuel |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $— | $49 | $— | $— | $— | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 37 |  |  |  | 37 |
| &nbsp;&nbsp;Operating and maintenance |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $187 | $110 | $106 | $183 | $— | $586 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 123 | 101 | 97 | 185 |  | 506 |
| &nbsp;&nbsp;Operating and maintenance from affiliates |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $126 | $91 | $79 | $28 | $(221) | $103 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 129 | 91 | 81 | 27 | (227) | 101 |
| &nbsp;&nbsp;Depreciation and amortization |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $212 | $126 | $127 | $2 | $— | $467 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 205 | 122 | 146 | 8 |  | 481 |
| &nbsp;&nbsp;Taxes other than income taxes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $222 | $41 | $5 | $8 | $— | $276 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 203 | 39 | 5 | 7 |  | 254 |
| &nbsp;&nbsp;(Gain) on sale of assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $(1) | $— | $— | $— | $— | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest expense, net<sup>(c)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $106 | $50 | $41 | $4 | $— | $201 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 92 | 46 | 39 | 5 | 1 | 183 |
| &nbsp;&nbsp;Interest expense to affiliates, net<sup>(c)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $— | $— | $— | $2 | $— | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  |  | 1 | (1) |  |
| &nbsp;&nbsp;Other, net |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $(20) | $(8) | $(6) | $(1) | $— | $(35) |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | (32) | (15) | (8) | (3) | 1 | (57) |
| &nbsp;&nbsp;Income taxes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $48 | $32 | $20 | $(1) | $— | $99 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 42 | 25 | 18 | 1 |  | 86 |
| **Net income (loss) attributable to common shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $181 | $108 | $56 | $(8) | $— | $337 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 183 | 101 | 50 | (8) |  | 326 |
| **Supplemental segment information** |  |  |  |  |  |  |
| &nbsp;&nbsp;Intersegment revenues<sup>(d)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $4 | $4 | $1 | $217 | $(221) | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3 | 3 | 1 | 224 | (227) | 4 |
| &nbsp;&nbsp;Capital expenditures |  |  |  |  |  |  |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 4 — Segment Information

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $469 | $277 | $196 | $166 | $— | $1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 454 | 268 | 180 | 1 |  | 903 |
| &nbsp;&nbsp;Total assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 | $12149 | $6483 | $5495 | $4610 | $(41) | $28696 |
| &nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024 | 12000 | 6421 | 5349 | 4567 | (40) | 28297 |

---

__________

(a)Other primarily includes PHI's corporate operations, shared service entities, and other financing and investment activities.

(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants' Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.

(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.

(d)Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.

**Electric and Gas Revenue by Customer Class (Utility Registrants):**

The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon's disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **Revenues from contracts with customers** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Electric revenues** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $2087 | $1186 | $1145 | $1698 | $772 | $508 | $418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial | 1153 | 317 | 199 | 338 | 99 | 128 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial | 472 | 159 | 284 | 738 | 581 | 60 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public authorities & electric railroads | 29 | 18 | 17 | 39 | 20 | 9 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(a)</sup> | 461 | 153 | 230 | 454 | 176 | 148 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total electric revenues<sup>(b)</sup> | $4202 | $1833 | $1875 | $3267 | $1648 | $853 | $770 |
| **Natural gas revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $— | $346 | $486 | $73 | $— | $73 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial |  | 117 | 86 | 28 |  | 28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial |  |  | 142 | 4 |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation |  | 21 |  | 9 |  | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(c)</sup> |  | 12 | 31 | 6 |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total natural gas revenues<sup>(d)</sup> | $— | $496 | $745 | $120 | $— | $120 | $— |
| **Total revenues from contracts with customers** | $4202 | $2329 | $2620 | $3387 | $1648 | $973 | $770 |
| **Other revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues from alternative revenue programs | $(319) | $(8) | $(43) | $(32) | $(14) | $(5) | $(13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other electric revenues<sup>(e)</sup> | 18 | 11 | 5 | 2 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other natural gas revenues<sup>(e)</sup> |  | 1 | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other revenues | $(301) | $4 | $(37) | $(30) | $(13) | $(4) | $(13) |
| **Total revenues for reportable segments** | $3901 | $2333 | $2583 | $3357 | $1635 | $969 | $757 |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 4 — Segment Information

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **Revenues from contracts with customers** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Electric revenues** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $1900 | $1042 | $999 | $1521 | $659 | $458 | $404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial | 1154 | 254 | 178 | 316 | 89 | 122 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial | 589 | 118 | 271 | 669 | 513 | 60 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public authorities & electric railroads | 32 | 14 | 15 | 36 | 18 | 8 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(a)</sup> | 523 | 147 | 194 | 396 | 138 | 126 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total electric revenues<sup>(b)</sup> | $4198 | $1575 | $1657 | $2938 | $1417 | $774 | $749 |
| **Natural gas revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $— | $256 | $360 | $61 | $— | $61 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial |  | 89 | 65 | 24 |  | 24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial |  |  | 112 | 3 |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation |  | 13 |  | 9 |  | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(c)</sup> |  | 9 | 8 | 3 |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total natural gas revenues<sup>(d)</sup> | $— | $367 | $545 | $100 | $— | $100 | $— |
| **Total revenues from contracts with customers** | $4198 | $1942 | $2202 | $3038 | $1417 | $874 | $749 |
| **Other revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues from alternative revenue programs | $(24) | $(2) | $19 | $32 | $37 | $4 | $(9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other electric revenues<sup>(e)</sup> |  | 4 | 3 | 7 | 5 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other natural gas revenues<sup>(e)</sup> |  | 1 | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other revenues | $(24) | $3 | $23 | $39 | $42 | $6 | $(9) |
| **Total revenues for reportable segments** | $4174 | $1945 | $2225 | $3077 | $1459 | $880 | $740 |

---

__________

(a)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(b)Includes operating revenues from affiliates in 2025 and 2024 respectively of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $17 million, $4 million at ComEd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5 million, $3 million at PECO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3 million, $4 million at BGE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5 million, $4 million at PHI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4 million, $3 million at Pepco

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4 million, $3 million at DPL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1 million, $1 million at ACE

(c)Includes revenues from off-system natural gas sales.

(d)Includes operating revenues from affiliates in 2025 and 2024 respectively of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1 million, $1 million at PECO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1 million, $1 million at BGE

(e)Includes late payment charge revenues.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 5 — Accounts Receivable

**5. Accounts Receivable (All Registrants)**

**Allowance for Credit Losses on Accounts Receivable**

The following tables present the rollforward of Allowance for Credit Losses on Customer Accounts Receivable.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Balance at March 31, 2025 | $486 | $125 | $160 | $72 | $129 | $69 | $23 | $37 |
| Plus: Current period provision (benefit) for expected credit losses<sup>(a)(b)</sup> | 9 | (4) | 5 | 3 | 5 | 7 |  | (2) |
| Less: Write-offs, net of recoveries<sup>(c)</sup> | 30 | (1) | 11 | 9 | 11 | 7 | 2 | 2 |
| Balance at June 30, 2025 | $465 | $122 | $154 | $66 | $123 | $69 | $21 | $33 |
|  | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|  | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Balance at March 31, 2024 | $346 | $82 | $107 | $52 | $105 | $52 | $17 | $36 |
| Plus: Current period provision (benefit) for expected credit losses | 55 | 38 | 11 | (1) | 7 | 5 | 1 | 1 |
| Less: Write-offs, net of recoveries | 29 | 8 | 6 | 6 | 9 | 4 | 2 | 3 |
| Balance at June 30, 2024 | $372 | $112 | $112 | $45 | $103 | $53 | $16 | $34 |
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|  | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Balance at December 31, 2024 | $406 | $109 | $133 | $56 | $108 | $59 | $17 | $32 |
| Plus: Current period provision for expected credit losses<sup>(a)(d)(e)</sup> | 142 | 29 | 46 | 26 | 41 | 24 | 10 | 7 |
| Less: Write-offs<sup>(f)</sup>, net of recoveries<sup>(c)</sup> | 83 | 16 | 25 | 16 | 26 | 14 | 6 | 6 |
| Balance at June 30, 2025 | $465 | $122 | $154 | $66 | $123 | $69 | $21 | $33 |
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|  | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Balance at December 31, 2023 | $317 | $69 | $95 | $46 | $107 | $52 | $19 | $36 |
| Plus: Current period provision for expected credit losses | 135 | 60 | 34 | 14 | 27 | 18 | 4 | 5 |
| Less: Write-offs, net of recoveries | 80 | 17 | 17 | 15 | 31 | 17 | 7 | 7 |
| Balance at June 30, 2024 | $372 | $112 | $112 | $45 | $103 | $53 | $16 | $34 |

---

_________

(a)For ComEd, the decrease is primarily attributable to favorable customer payment behavior.

(b)For PECO and ACE, the decrease is primarily a result of decreased receivable balances.

(c)Recoveries were not material to the Registrants.

(d)For PECO, BGE, Pepco, and DPL, the increase is primarily a result of increased receivable balances.

(e)For ACE, the increase is primarily attributable to unfavorable customer payment behavior.

(f)For PECO, the increase is primarily a result of increased terminations.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 5 — Accounts Receivable

The following tables present the rollforward of Allowance for Credit Losses on Other Accounts Receivable.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Balance at March 31, 2025 | $113 | $34 | $22 | $6 | $51 | $27 | $9 | $15 |
| Plus: Current period (benefit) provision for expected credit losses<sup>(a)(b)(c)</sup> | (7) | (3) | (2) | (3) | 1 | 1 |  |  |
| Less: Write-offs, net of recoveries<sup>(d)</sup> | (1) |  | 1 | (2) |  |  |  |  |
| Balance at June 30, 2025 | $107 | $31 | $19 | $5 | $52 | $28 | $9 | $15 |
|  | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|  | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Balance at March 31, 2024 | $96 | $19 | $13 | $7 | $57 | $35 | $8 | $14 |
| Plus: Current period provision (benefit) for expected credit losses | 16 | 11 | 9 | (1) | (3) | (1) | (1) | (1) |
| Less: Write-offs, net of recoveries | 4 | 1 | 2 | 1 |  |  |  |  |
| Balance at June 30, 2024 | $108 | $29 | $20 | $5 | $54 | $34 | $7 | $13 |
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|  | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Balance at December 31, 2024 | $107 | $34 | $18 | $6 | $49 | $27 | $9 | $13 |
| Plus: Current period provision (benefit) for expected credit losses<sup>(a)(b)(c)(e)</sup> | 8 | (1) | 7 | (2) | 4 | 1 |  | 3 |
| Less: Write-offs, net of recoveries<sup>(d)</sup> | 8 | 2 | 6 | (1) | 1 |  |  | 1 |
| Balance at June 30, 2025 | $107 | $31 | $19 | $5 | $52 | $28 | $9 | $15 |
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|  | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Balance at December 31, 2023 | $82 | $17 | $8 | $7 | $50 | $28 | $8 | $14 |
| Plus: Current period provision (benefit) for expected credit losses | 36 | 14 | 15 | 1 | 6 | 6 | (1) | 1 |
| Less: Write-offs, net of recoveries | 10 | 2 | 3 | 3 | 2 |  |  | 2 |
| Balance at June 30, 2024 | $108 | $29 | $20 | $5 | $54 | $34 | $7 | $13 |

---

_________

(a)For ComEd, the decrease is primarily attributable to favorable payment behavior.

(b)For PECO, the decrease is primarily a result of decreased aging of receivables.

(c)For DPL and ACE, the increase is primarily a result of increased aging of receivables.

(d)Recoveries were not material to the Registrants.

(e)For Pepco, the decrease is primarily a result of changes in customer risk profile.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 5 — Accounts Receivable

**Unbilled Customer Revenue**

The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Unbilled customer revenues**<sup>(a)</sup> | **Unbilled customer revenues**<sup>(a)</sup> | **Unbilled customer revenues**<sup>(a)</sup> | **Unbilled customer revenues**<sup>(a)</sup> | **Unbilled customer revenues**<sup>(a)</sup> | **Unbilled customer revenues**<sup>(a)</sup> | **Unbilled customer revenues**<sup>(a)</sup> | **Unbilled customer revenues**<sup>(a)</sup> |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| June 30, 2025 | $1256 | $523 | $245 | $191 | $297 | $147 | $63 | $87 |
| December 31, 2024 | 1114 | 335 | 254 | 257 | 268 | 121 | 76 | 71 |

---

__________

(a)Unbilled customer revenues are classified in Customer accounts receivable, net in the Registrants' Consolidated Balance Sheets.

**Other Purchases of Customer and Other Accounts Receivables**

For the six months ended June 30, 2025 and 2024, the Utility Registrants were required, under separate legislation and regulations in Illinois, Pennsylvania, Maryland, District of Columbia, Delaware, and New Jersey, to purchase certain receivables from alternative retail electric and, as applicable, natural gas suppliers that participated in the utilities' consolidated billing. The following table presents the total receivables purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total receivables purchased** | **Total receivables purchased** | **Total receivables purchased** | **Total receivables purchased** | **Total receivables purchased** | **Total receivables purchased** | **Total receivables purchased** | **Total receivables purchased** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Six months ended June 30, 2025 | $2054 | $464 | $598 | $375 | $617 | $383 | $126 | $108 |
| Six months ended June 30, 2024 | 1961 | 450 | 527 | 393 | 591 | 375 | 115 | 101 |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 6 — Income Taxes

**6. Income Taxes (All Registrants)**

**Rate Reconciliation**

The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025**<sup>(a)</sup> | **Three Months Ended June 30, 2025**<sup>(a)</sup> | **Three Months Ended June 30, 2025**<sup>(a)</sup> | **Three Months Ended June 30, 2025**<sup>(a)</sup> | **Three Months Ended June 30, 2025**<sup>(a)</sup> | **Three Months Ended June 30, 2025**<sup>(a)</sup> | **Three Months Ended June 30, 2025**<sup>(a)</sup> | **Three Months Ended June 30, 2025**<sup>(a)</sup> |
| | **Exelon** | **ComEd**<sup>(b)</sup> | **PECO**<sup>(c)</sup> | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| U.S. Federal statutory rate | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| Increase (decrease) due to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State income taxes, net of federal income tax benefit | 6.5 | 7.6 | (1.2) | 6.2 | 7.1 | 6.3 | 6.4 | 7.1 |
| &nbsp;&nbsp;&nbsp;Plant basis differences | (5.4) | (0.9) | (16.1) | (1.5) | (0.6) | (0.9) | (0.6) |  |
| &nbsp;&nbsp;&nbsp;Excess deferred tax amortization | (6.5) | (8.6) | (1.5) | (4.1) | (4.4) | (5.5) | (4.5) | (1.9) |
| &nbsp;&nbsp;&nbsp;Amortization of investment tax credit, including deferred taxes on basis difference |  | (0.1) |  |  |  |  | (0.1) | (0.1) |
| &nbsp;&nbsp;&nbsp;Tax credits | (0.4) | (0.6) |  | (0.4) | (0.3) | (0.4) | (0.3) | (0.3) |
| &nbsp;&nbsp;&nbsp;Other |  | 0.2 | 0.7 | 0.2 | (0.1) | 0.3 | 0.1 | 1.5 |
| Effective income tax rate | 15.2% | 18.6% | 2.9% | 21.4% | 22.7% | 20.8% | 22.0% | 27.3% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024**<sup>(a)</sup> | **Three Months Ended June 30, 2024**<sup>(a)</sup> | **Three Months Ended June 30, 2024**<sup>(a)</sup> | **Three Months Ended June 30, 2024**<sup>(a)</sup> | **Three Months Ended June 30, 2024**<sup>(a)</sup> | **Three Months Ended June 30, 2024**<sup>(a)</sup> | **Three Months Ended June 30, 2024**<sup>(a)</sup> | **Three Months Ended June 30, 2024**<sup>(a)</sup> |
| | **Exelon** | **ComEd**<sup>(b)</sup> | **PECO**<sup>(c)</sup> | **BGE**<sup>(d)</sup> | **PHI** | **Pepco** | **DPL** | **ACE** |
| U.S. Federal statutory rate | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| Increase (decrease) due to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State income taxes, net of federal income tax benefit | 5.0 | 7.8 | (1.3) | 6.4 | 6.6 | 6.1 | 6.2 | 7.6 |
| &nbsp;&nbsp;&nbsp;Plant basis differences | (3.9) | (0.8) | (13.0) | (1.8) | (0.9) | (1.5) | (0.9) | 0.2 |
| &nbsp;&nbsp;&nbsp;Excess deferred tax amortization | (13.2) | (17.4) | (2.3) | (17.5) | (3.8) | (4.8) | (6.6) | (1.6) |
| &nbsp;&nbsp;&nbsp;Amortization of investment tax credit, including deferred taxes on basis difference | (0.1) | (0.1) |  |  | (0.1) |  | (0.1) | (0.1) |
| &nbsp;&nbsp;&nbsp;Tax credits | (0.5) | (0.5) |  | (0.5) | (0.4) | (0.4) | (0.3) | (0.2) |
| &nbsp;&nbsp;Other | 1.0 | 0.3 | (1.2) | 0.7 | 0.1 | 0.2 | (0.3) | 0.7 |
| Effective income tax rate | 9.3% | 10.3% | 3.2% | 8.3% | 22.5% | 20.6% | 19.0% | 27.6% |

---

__________

(a)Positive percentages represent income tax expense. Negative percentages represent income tax benefit.

(b)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits.

(c)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions.

(d)For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 6 — Income Taxes

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025**<sup>(a)</sup> | **Six Months Ended June 30, 2025**<sup>(a)</sup> | **Six Months Ended June 30, 2025**<sup>(a)</sup> | **Six Months Ended June 30, 2025**<sup>(a)</sup> | **Six Months Ended June 30, 2025**<sup>(a)</sup> | **Six Months Ended June 30, 2025**<sup>(a)</sup> | **Six Months Ended June 30, 2025**<sup>(a)</sup> | **Six Months Ended June 30, 2025**<sup>(a)</sup> |
| | **Exelon** | **ComEd**<sup>(b)</sup> | **PECO**<sup>(c)</sup> | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| U.S. Federal statutory rate | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| Increase (decrease) due to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State income taxes, net of federal income tax benefit | 5.5 | 7.6 | (2.8) | 6.2 | 6.7 | 6.4 | 6.4 | 7.1 |
| &nbsp;&nbsp;&nbsp;Plant basis differences | (4.3) | (0.9) | (12.8) | (1.5) | (0.7) | (1.0) | (0.5) | (0.2) |
| &nbsp;&nbsp;&nbsp;Excess deferred tax amortization | (6.5) | (9.0) | (1.5) | (4.1) | (4.1) | (5.3) | (3.7) | (1.6) |
| &nbsp;&nbsp;&nbsp;Amortization of investment tax credit, including deferred taxes on basis difference |  | (0.1) |  |  |  |  | (0.1) | (0.1) |
| &nbsp;&nbsp;&nbsp;Tax credits | (0.5) | (0.7) |  | (0.3) | (0.3) | (0.3) | (0.3) | (0.3) |
| &nbsp;&nbsp;Other | 0.4 | 0.2 | 0.2 |  | 0.1 | 0.2 | 0.1 | 0.4 |
| Effective income tax rate | 15.6% | 18.1% | 4.1% | 21.3% | 22.7% | 21.0% | 22.9% | 26.3% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024**<sup>(a)</sup> | **Six Months Ended June 30, 2024**<sup>(a)</sup> | **Six Months Ended June 30, 2024**<sup>(a)</sup> | **Six Months Ended June 30, 2024**<sup>(a)</sup> | **Six Months Ended June 30, 2024**<sup>(a)</sup> | **Six Months Ended June 30, 2024**<sup>(a)</sup> | **Six Months Ended June 30, 2024**<sup>(a)</sup> | **Six Months Ended June 30, 2024**<sup>(a)</sup> |
| | **Exelon** | **ComEd**<sup>(b)</sup> | **PECO**<sup>(c)</sup> | **BGE**<sup>(d)</sup> | **PHI** | **Pepco** | **DPL** | **ACE** |
| U.S. Federal statutory rate | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| Increase (decrease) due to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State income taxes, net of federal income tax benefit | 5.8 | 7.8 | (0.9) | 6.3 | 6.5 | 6.1 | 6.2 | 7.4 |
| &nbsp;&nbsp;&nbsp;Plant basis differences | (3.9) | (0.8) | (12.5) | (1.3) | (0.9) | (1.4) | (1.0) | 0.1 |
| &nbsp;&nbsp;&nbsp;Excess deferred tax amortization | (14.1) | (18.0) | (2.3) | (17.5) | (5.3) | (6.8) | (5.8) | (1.5) |
| &nbsp;&nbsp;&nbsp;Amortization of investment tax credit, including deferred taxes on basis difference | (0.1) | (0.1) |  |  | (0.1) |  | (0.1) | (0.1) |
| &nbsp;&nbsp;&nbsp;Tax credits | (0.5) | (0.5) |  | (0.4) | (0.4) | (0.4) | (0.3) | (0.3) |
| &nbsp;&nbsp;Other | 0.8 | 0.2 | (0.1) | 0.2 | 0.1 | 0.2 | (0.2) | (0.1) |
| Effective income tax rate | 9.0% | 9.6% | 5.2% | 8.3% | 20.9% | 18.7% | 19.8% | 26.5% |

---

__________

(a)Positive percentages represent income tax expense. Negative percentages represent income tax benefit.

(b)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits.

(c)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions.

(d)For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits.

**Unrecognized Tax Benefits**

Exelon, PHI and DPL have the following unrecognized tax benefits at June 30, 2025 and December 31, 2024. ComEd's, PECO's, BGE's, Pepco's, and ACE's amounts are not material.

---

| | | | |
|:---|:---|:---|:---|
| | **Exelon**<sup>(a)</sup> | **PHI** | **DPL** |
| June 30, 2025 | $101 | $52 | $16 |
| December 31, 2024 | 96 | 48 | 12 |

---

__________

(a)At June 30, 2025 and December 31, 2024, Exelon's unrecognized tax benefits is inclusive of $31 million related to Constellation's share of unrecognized tax benefits for periods prior to the separation. Exelon reflected an offsetting receivable of $31 million in Other deferred debits and other assets in the Consolidated Balance Sheet for these amounts.

**Other Tax Matters**

***One Big Beautiful Bill Act (All Registrants)***

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 6 — Income Taxes

On July 4, 2025, the OBBBA was signed into law. The bill permanently extends expiring tax benefits of the TCJA and provides additional tax relief for individuals and businesses while accelerating the phase-out and curtailment for renewable energy tax credits enacted by the IRA. The tax law changes enacted as part of OBBBA will not have a direct material impact on the Registrants' financial statements.

***Corporate Alternative Minimum Tax (All Registrants)***

On August 16, 2022, the IRA was signed into law and implements a new corporate alternative minimum tax (CAMT) that imposes a 15.0% tax on modified GAAP net income. Corporations are entitled to a tax credit (minimum tax credit) to the extent the CAMT liability exceeds the regular tax liability. This amount can be carried forward indefinitely and used in future years when regular tax exceeds the CAMT.

Beginning in 2023, based on the existing statute, Exelon and each of the Utility Registrants will be subject to and will report the CAMT on a separate Registrant basis in the Consolidated Statements of Operations and Comprehensive Income and the Consolidated Balance Sheets. The deferred tax asset related to the minimum tax credit carryforward will be realized to the extent Exelon's consolidated deferred tax liabilities exceed the minimum tax credit carryforward. Exelon's deferred tax liabilities are expected to exceed the minimum tax credit carryforward for the foreseeable future and thus no valuation allowance is required.

On September 12, 2024, the U.S. Treasury issued proposed regulations providing further guidance addressing the implementation of CAMT. The proposed regulations are consistent with Exelon's prior interpretation and therefore there are no financial statement impacts. Exelon will continue to monitor and assess the potential financial statement impacts of final regulations or other guidance when issued.

***Allocation of Income Taxes to Regulated Utilities (All Registrants)***

In Q2 2024, the IRS issued a series of PLRs, to another taxpayer, providing guidance with respect to the application of the tax normalization rules to the allocation of consolidated tax benefits among the members of a consolidated group associated with NOLC for ratemaking purposes. The rulings provide that for ratemaking purposes the tax benefit of NOLC should be reflected on a separate company basis not taking into consideration the utilization of losses by other affiliates. A PLR issued to another taxpayer may not be relied on as precedent.

For the Utility Registrants, except for PECO, the methodology prescribed by the IRS in these PLRs could result in a material reduction of the regulatory liability established for EDITs arising from the TCJA corporate tax rate change that are being amortized and flowed through to customers as well as a reduction in the accumulated deferred income taxes included in rate base for ratemaking purposes. The Utility Registrants, except for PECO, filed PLR requests with the IRS confirming the treatment of the NOLC for ratemaking purposes. The Utility Registrants will record the impact, if any, upon receiving the PLR from the IRS.

***Tax Matters Agreement (Exelon)***

In connection with the separation, Exelon entered into a TMA with Constellation. The TMA governs the respective rights, responsibilities, and obligations between Exelon and Constellation after the separation with respect to tax liabilities, refunds and attributes for open tax years that Constellation was part of Exelon's consolidated group for U.S. federal, state, and local tax purposes.

*Indemnification for Taxes.* As a former subsidiary of Exelon, Constellation has joint and several liability with Exelon to the IRS and certain state jurisdictions relating to the taxable periods prior to the separation. The TMA specifies that Constellation is liable for their share of taxes required to be paid by Exelon with respect to taxable periods prior to the separation to the extent Constellation would have been responsible for such taxes under the existing Exelon tax sharing agreement. At June 30, 2025, there is no balance due to or from Constellation.

*Tax Refunds.* The TMA specifies that Constellation is entitled to their share of any future tax refunds claimed by Exelon with respect to taxable periods prior to the separation to the extent that Constellation would have received such tax refunds under the existing Exelon tax sharing agreement. At June 30, 2025, there is no balance due to or from Constellation.

*Tax Attributes*. At the date of separation certain tax attributes, primarily pre-closing tax credit carryforwards, that were generated by Constellation were required by law to be allocated to Exelon. The TMA also provides that Exelon will reimburse Constellation when those allocated tax attribute carryforwards are utilized. In 2025, Exelon

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 6 — Income Taxes

remitted $127 million of payments to Constellation for the utilization of pre-closing tax credit carryforwards. At June 30, 2025, Exelon recorded a payable of $174 million and $38 million in Other current liabilities and Other deferred credits and other liabilities, respectively, in the Consolidated Balance Sheet for tax attribute carryforwards that are expected to be utilized and reimbursed to Constellation.

**7. Retirement Benefits (All Registrants)**

**Defined Benefit Pension and OPEB**

The majority of the 2025 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 5.68%. The majority of the 2025 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 5.64%.

During the first quarter of 2025, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of January 1, 2025. This valuation resulted in an increase to the pension obligation of $1 million and an increase to the OPEB obligation and asset of $6 million and $2 million, respectively. Additionally, AOCI decreased by $5 million (after-tax) and regulatory assets increased by $8 million and liabilities decreased by $3 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, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **OPEB** | **OPEB** |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Components of net periodic benefit cost** |  |  |  |  |
| Service cost | $39 | $40 | $6 | $7 |
| Interest cost | 147 | 141 | 25 | 24 |
| Expected return on assets | (178) | (184) | (21) | (21) |
| Amortization of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior service credit |  |  | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial loss (gain) | 53 | 54 | (1) |  |
| **Net periodic benefit cost** | $61 | $51 | $7 | $8 |
|  | **Pension Benefits** | **Pension Benefits** | **OPEB** | **OPEB** |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Components of net periodic benefit cost** |  |  |  |  |
| Service cost | $77 | $82 | $12 | $14 |
| Interest cost | 293 | 282 | 50 | 48 |
| Expected return on assets | (356) | (368) | (42) | (42) |
| Amortization of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior service cost (credit) | 1 | 1 | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Actuarial loss (gain) | 106 | 107 | (1) |  |
| **Net periodic benefit cost** | $121 | $104 | $15 | $16 |

---

The amounts below represent the Registrants' allocated pension and OPEB costs. For Exelon, the service cost component is included in Operating and maintenance expense and Property, plant, and equipment, net while the non-service cost components are included in Other, net and Regulatory assets. For PHI and each of the Utility Registrants, which apply multi-employer accounting, the service cost and non-service cost components are

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 7 — Retirement Benefits

included in Operating and maintenance expense and Property, plant, and equipment, net in their consolidated financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **Pension and OPEB Costs** | **2025** | **2024** | **2025** | **2024** |
| Exelon | $68 | $59 | $136 | $120 |
| ComEd | 21 | 19 | 42 | 36 |
| PECO | 1 |  | 3 |  |
| BGE | 14 | 16 | 30 | 31 |
| PHI | 24 | 23 | 49 | 46 |
| Pepco | 10 | 7 | 18 | 16 |
| DPL | 4 | 3 | 8 | 7 |
| ACE | 3 | 4 | 6 | 7 |

---

**Defined Contribution Savings Plan**

The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allows employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the employer contributions and employer matching contributions to the savings plan for the three and six months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **Savings Plan Employer Contributions** | **2025** | **2024** | **2025** | **2024** |
| Exelon | $30 | $29 | $56 | $51 |
| ComEd | 12 | 10 | 22 | 20 |
| PECO | 4 | 5 | 8 | 8 |
| BGE | 3 | 3 | 6 | 6 |
| PHI | 5 | 6 | 10 | 8 |
| Pepco | 2 | 1 | 3 | 2 |
| DPL | 1 | 1 | 2 | 2 |
| ACE |  | 1 | 1 | 1 |

---

**8. Derivative Financial Instruments (All Registrants)**

The Registrants use derivative instruments to manage commodity price risk and interest rate risk related to ongoing business operations. The Registrants do not execute derivatives for speculative or proprietary trading purposes.

Authoritative guidance requires that derivative instruments be recognized as either assets or liabilities at fair value, with changes in fair value of the derivative recognized in earnings immediately. Other accounting treatments are available through special election and designation, provided they meet specific, restrictive criteria both at the time of designation and on an ongoing basis. These alternative permissible accounting treatments include NPNS, cash flow hedges, and fair value hedges. At ComEd, derivative economic hedges related to commodities are recorded at fair value and offset by a corresponding regulatory asset or liability. For all NPNS derivative instruments, accounts receivable or accounts payable are recorded when derivatives settle and revenue or expense is recognized in earnings as the underlying physical commodity is sold or consumed. At Exelon, derivative hedges that qualify and are designated as cash flow hedges are recorded at fair value and offsets are recorded to AOCI.

**Commodity Price Risk**

The Utility Registrants employ established policies and procedures to manage their risks associated with market fluctuations in commodity prices by entering into physical and financial derivative contracts, which are either determined to be non-derivative or classified as economic hedges. The Utility Registrants procure electric and

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 8 — Derivative Financial Instruments

natural gas supply through a competitive procurement process approved by each of the respective state utility commissions. The Utility Registrants' hedging programs are intended to reduce exposure to energy and natural gas price volatility and have no direct earnings impact as the costs are fully recovered from customers through regulatory-approved recovery mechanisms. The following table provides a summary of the Utility Registrants' primary derivative hedging instruments, listed by commodity and accounting treatment.

---

| | | | |
|:---|:---|:---|:---|
| **Registrant** | **Commodity** | **Accounting Treatment** | **Hedging Instrument** |
| ComEd | Electricity | NPNS | Fixed price contracts based on all requirements in the IPA procurement plans. |
| ComEd | Electricity | Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability<sup>(a)</sup> | 20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year. |
| PECO | Electricity | NPNS | Fixed price contracts for default supply requirements through full requirements contracts. |
| PECO | Gas | NPNS | Fixed price contracts to cover about 10% of planned natural gas purchases in support of projected firm sales. |
| BGE | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. |
| BGE | Gas | NPNS | Fixed price purchases associated with forecasted gas supply requirements. |
| Pepco | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. |
| DPL | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. |
| DPL | Gas | NPNS | Fixed and index priced contracts through full requirements contracts. |
| DPL | Gas | Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability<sup>(b)</sup> | Exchange traded future contracts for up to 50% of estimated monthly purchase requirements each month, including purchases for storage injections. |
| ACE | Electricity | NPNS | Fixed price contracts for all BGS requirements through full requirements contracts. |

---

__________

(a)See Note 3 — Regulatory Matters of the 2024 Form 10-K for additional information.

(b)The fair value of the DPL economic hedge is not material at June 30, 2025 and December 31, 2024.

The fair value of derivative economic hedges is presented in Other current assets and current and noncurrent Mark-to-market derivative liabilities in Exelon's and ComEd's Consolidated Balance Sheets.

**Interest Rate Risk (Exelon)**

Exelon Corporate uses a combination of fixed-rate and variable-rate debt to manage interest rate exposure. Exelon Corporate may utilize interest rate derivatives to lock in rate levels in anticipation of future financings, which are typically designated as cash flow hedges. A hypothetical 50 basis point change in the interest rates associated with Exelon's interest rate swaps as of June 30, 2025 would result in an immaterial impact to Exelon's Consolidated Net Income.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 8 — Derivative Financial Instruments

Below is a summary of the interest rate hedge balances at June 30, 2025 and December 31, 2024.

---

| | | |
|:---|:---|:---|
| | **Derivatives Designated<br>as Hedging Instruments** | **Derivatives Designated<br>as Hedging Instruments** |
| | **June 30, 2025** | **December 31, 2024** |
| Other current assets | $— | $14 |
| Other deferred debits (noncurrent assets) | 2 | 12 |
| Total derivative assets | 2 | 26 |
| Mark-to-market derivative liabilities (current liabilities) |  | (1) |
| Mark-to-market derivative liabilities (noncurrent liabilities) | (7) |  |
| Total mark-to-market derivative liabilities | (7) | (1) |
| Total mark-to-market derivative net assets (liabilities) | $(5) | $25 |

---

***Cash Flow Hedges (Interest Rate Risk)***

For derivative instruments that qualify and are designated as cash flow hedges, the changes in fair value each period are initially recorded in AOCI and reclassified into earnings when the underlying transaction affects earnings.

In February 2025, Exelon terminated the previously issued floating-to-fixed swaps with a total notional of $765 million upon issuance of $1 billion of debt. See Note 9 – Debt and Credit Agreements for additional information on the debt issuance. The settlements resulted in a cash receipt of $16 million. The accumulated AOCI gain of $13 million (net of tax) is being amortized into Interest expense in Exelon's Consolidated Statement of Operations and Comprehensive Income over the 5-year and 10-year terms of the swaps. During the second quarter of 2025, Exelon Corporate entered into $30 million notional of 5-year maturity floating-to-fixed swaps and $30 million notional of 10-year maturity floating-to-fixed swaps, for a total notional of $60 million designated as cash flow hedges. The following table provides the notional amounts outstanding held by Exelon at June 30, 2025 and December 31, 2024.

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| 5-year maturity floating-to-fixed swaps | $305 | $657 |
| 10-year maturity floating-to-fixed swaps | 305 | 658 |
| Total | $610 | $1315 |

---

The related AOCI derivative loss for the three and six months ended June 30, 2025 was $4 million and $13 million (net of tax), respectively. The related AOCI derivative gain for the three and six months ended June 30, 2024 was immaterial. See Note 13 – Changes in Accumulated Other Comprehensive Income (Loss) for additional information.

**Credit Risk**

The Registrants would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts, before collateral, is represented by the fair value of contracts at the reporting date. The Utility Registrants have contracts to procure electric and natural gas supply that provide suppliers with a certain amount of unsecured credit. If the exposure on the supply contract exceeds the amount of unsecured credit, the suppliers may be required to post collateral. The net credit exposure is mitigated primarily by the ability to recover procurement costs through customer rates. The amount of cash collateral received from external counterparties remained relatively consistent as of June 30, 2025. Cash collateral held by ComEd, PECO, BGE, Pepco, DPL, and ACE must be deposited in an unaffiliated major U.S. commercial bank or foreign bank with a U.S. branch office that meets certain qualifications. The following table reflects the Registrants' cash collateral held from external counterparties, which is recorded in Other current liabilities on their respective Consolidated Balance Sheets, as of June 30, 2025 and December 31, 2024:

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 8 — Derivative Financial Instruments

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Exelon | $196 | $181 |
| ComEd | 173 | 176 |
| PECO<sup>(a)</sup> | 6 |  |
| BGE | 5 | 1 |
| PHI | 12 | 4 |
| Pepco | 3 | 1 |
| DPL | 5 | 2 |
| ACE<sup>(a)</sup> | 5 |  |

---

__________

(a)PECO and ACE had less than one million in cash collateral held from external parties at December 31, 2024.

The Utility Registrants' electric supply procurement contracts do not contain provisions that would require them to post collateral. PECO's, BGE's, and DPL's natural gas procurement contracts contain provisions that could require PECO, BGE, and DPL to post collateral in the form of cash or credit support, which vary by contract and counterparty. As of June 30, 2025, PECO, BGE, and DPL were not required to post collateral for any of these agreements. If PECO, BGE, or DPL lost their investment grade credit rating as of June 30, 2025, they could have been required to post collateral to their counterparties of $35 million, $48 million, and $14 million, respectively.

**9. Debt and Credit Agreements (All Registrants)**

**Short-Term Borrowings**

Exelon Corporate, ComEd, and BGE meet their short-term liquidity requirements primarily through the issuance of commercial paper. PECO meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the Exelon intercompany money pool. Pepco, DPL, and ACE meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the PHI intercompany money pool. PHI Corporate meets its short-term liquidity requirements primarily through the issuance of short-term notes and borrowings from the Exelon intercompany money pool. The Registrants may use their respective credit facilities for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit.

***Commercial Paper***

The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements at June 30, 2025 and December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Outstanding Commercial <br>Paper at** | **Outstanding Commercial <br>Paper at** | **Average Interest Rate on<br>Commercial Paper Borrowings at** | **Average Interest Rate on<br>Commercial Paper Borrowings at** |
| **Commercial Paper Issuer** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| Exelon<sup>(a)</sup> | $609 | $1359 | 4.58% | 4.66% |
| ComEd | $— | $36 | —% | 4.55% |
| PECO | $203 | $192 | 4.55% | 4.65% |
| BGE | $— | $175 | —% | 4.61% |
| PHI<sup>(b)</sup> | $230 | $530 | 4.59% | 4.70% |
| Pepco | $149 | $200 | 4.59% | 4.69% |
| DPL | $2 | $144 | 4.53% | 4.74% |
| ACE | $79 | $186 | 4.58% | 4.67% |

---

__________

(a)Exelon Corporate had $176 million outstanding commercial paper borrowings at June 30, 2025 and $426 million in outstanding commercial paper borrowings at December 31, 2024.

(b)Represents the consolidated amounts of Pepco, DPL, and ACE.

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 9 — Debt and Credit Agreements

***Revolving Credit Agreements***

On August 29, 2024, Exelon Corporate and each of the Utility Registrants amended and restated their respective syndicated revolving credit facility, extending the maturity date to August 29, 2029. The following table reflects the credit agreements:

---

| | | |
|:---|:---|:---|
| **Borrower** | **Aggregate Bank Commitment** | **Interest Rate** |
| Exelon Corporate | $900 | SOFR plus 1.075% |
| ComEd | $1000 | SOFR plus 1.000% |
| PECO | $600 | SOFR plus 0.900% |
| BGE | $600 | SOFR plus 0.900% |
| Pepco | $300 | SOFR plus 1.000% |
| DPL | $300 | SOFR plus 1.000% |
| ACE | $300 | SOFR plus 1.000% |

---

Exelon Corporate and the Utility Registrants had no outstanding amounts on the revolving credit facilities as of June 30, 2025.

The Utility Registrants have credit facility agreements, arranged at community banks, which may be utilized to issue letters of credit. The facility agreements have aggregate commitments of $40 million, $40 million, $15 million, $15 million, $15 million, and $15 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. These facilities expire on October 3, 2025.

See Note 16 — Debt and Credit Agreements of the 2024 Form 10-K for additional information on the Registrants' credit facilities.

***Short-Term Loan Agreements***

On March 14, 2024, Exelon Corporate amended and bifurcated the $500 million term loan agreement into two tranches of $350 million and $150 million. The loan agreements were renewed in the first quarter of 2025, extending the expiration date to March 13, 2026. Pursuant to the loan agreements, loans made thereunder bear interest at a variable rate equal to SOFR plus 1.00% and all indebtedness thereunder is unsecured. The loan agreements are reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 9 — Debt and Credit Agreements

**Long-Term Debt**

***Issuance of Long-Term Debt***

During the six months ended June 30, 2025, the following long-term debt was issued:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **Type** | **Interest Rate** | **Maturity** | **Amount** | **Use of Proceeds** |
| Exelon | Junior Subordinated Notes<sup>(a)</sup> | 6.50% | March 15, 2055 | $1000 | Repay outstanding commercial paper obligations, and for general corporate purposes. |
| Exelon | Notes | 5.125% | March 15, 2031 | $500 | Repay outstanding commercial paper obligations, and for general corporate purposes. |
| Exelon | Notes | 5.875% | March 15, 2055 | $500 | Repay outstanding commercial paper obligations, and for general corporate purposes. |
| ComEd | First Mortgage Bonds | 5.95% | June 1, 2055 | $725 | Repay outstanding commercial paper obligations, and for general corporate purposes. |
| BGE | Notes | 5.45% | June 1, 2035 | $650 | Repay outstanding commercial paper obligations, and for general corporate purposes. |
| Pepco<sup>(b)</sup> | First Mortgage Bonds | 5.48% | March 26, 2040 | $200 | Repay existing indebtedness and for general corporate purposes. |
| DPL | First Mortgage Bonds | 5.28% | March 26, 2035 | $125 | Repay existing indebtedness and for general corporate purposes. |
| ACE<sup>(c)</sup> | First Mortgage Bonds | 5.28% | March 26, 2035 | $100 | Repay existing indebtedness and for general corporate purposes. |

---

__________

(a)The Junior Subordinated Notes bear interest at 6.50% per annum, commencing February 19, 2025 to, but excluding March 15, 2035. Thereafter, the interest rate resets every five years on March 15 and will be set at a rate per annum equal to the Five-year U.S. Treasury Rate plus a spread of 1.975%.

(b)On March 26, 2025, Pepco entered into a purchase agreement of First Mortgage Bonds of $75 million at 5.78% due on September 17, 2055. The closing date of the issuance is expected to occur in September 2025.

(c)On March 26, 2025, ACE entered into a purchase agreement of First Mortgage Bonds of $75 million and $75 million at 5.54% and 5.81% due on November 19, 2040 and November 19, 2055, respectively. The closing date of the issuance is expected to occur in November 2025.

***Reoffering of Tax-Exempt Bonds***

On July 1, 2025, DPL completed the reoffering of $78.4 million aggregate principal amount of its Delaware Economic Development Authority's Gas Facilities Refunding Revenue Bonds (Delmarva Power & Light Company Project) 2020 Series A (Non-AMT) (the "Bonds"). In connection with the reoffering of the Bonds, the interest rate was modified to 3.60% per annum, and the maturity date was modified to January 1, 2031. DPL did not directly receive any proceeds from the reoffering.

**Debt Covenants**

As of June 30, 2025, the Registrants are in compliance with debt covenants.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 10 — Fair Value of Financial Assets and Liabilities

**10. Fair Value of Financial Assets and Liabilities (All Registrants)**

Exelon measures and classifies fair value measurements in accordance with the hierarchy as defined by GAAP. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability.

Exelon's valuation techniques used to measure the fair value of the assets and liabilities shown in the tables below are in accordance with the policies discussed in Note 17 — Fair Value of Financial Assets and Liabilities of the 2024 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, 2025 and December 31, 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.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying Amount** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Carrying Amount** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| | **Carrying Amount** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Carrying Amount** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Debt, including amounts due within one year**<sup>(a)</sup> | **Long-Term Debt, including amounts due within one year**<sup>(a)</sup> | **Long-Term Debt, including amounts due within one year**<sup>(a)</sup> | **Long-Term Debt, including amounts due within one year**<sup>(a)</sup> | **Long-Term Debt, including amounts due within one year**<sup>(a)</sup> | **Long-Term Debt, including amounts due within one year**<sup>(a)</sup> | **Long-Term Debt, including amounts due within one year**<sup>(a)</sup> | **Long-Term Debt, including amounts due within one year**<sup>(a)</sup> | **Long-Term Debt, including amounts due within one year**<sup>(a)</sup> | **Long-Term Debt, including amounts due within one year**<sup>(a)</sup> | **Long-Term Debt, including amounts due within one year**<sup>(a)</sup> |
| Exelon | $47345 | $— | $38504 | $4211 | $42715 | $44400 | $— | $35337 | $3720 | $39057 |
| ComEd | 12750 |  | 11157 |  | 11157 | 12030 |  | 10260 |  | 10260 |
| PECO | 5705 |  | 4852 |  | 4852 | 5704 |  | 4816 |  | 4816 |
| BGE | 6040 |  | 5435 |  | 5435 | 5395 |  | 4702 |  | 4702 |
| PHI | 9535 |  | 4182 | 4211 | 8393 | 9124 |  | 4093 | 3720 | 7813 |
| Pepco | 4558 |  | 2517 | 1770 | 4287 | 4362 |  | 2475 | 1544 | 4019 |
| DPL | 2346 |  | 641 | 1399 | 2040 | 2220 |  | 623 | 1250 | 1873 |
| ACE | 2035 |  | 809 | 1042 | 1851 | 1933 |  | 787 | 925 | 1712 |
| **Long-Term Debt to Financing Trusts** | **Long-Term Debt to Financing Trusts** | **Long-Term Debt to Financing Trusts** | **Long-Term Debt to Financing Trusts** | **Long-Term Debt to Financing Trusts** | **Long-Term Debt to Financing Trusts** | **Long-Term Debt to Financing Trusts** | **Long-Term Debt to Financing Trusts** | **Long-Term Debt to Financing Trusts** | **Long-Term Debt to Financing Trusts** | **Long-Term Debt to Financing Trusts** |
| Exelon | $390 | $— | $— | $397 | $397 | $390 | $— | $— | $396 | $396 |
| ComEd | 206 |  |  | 210 | 210 | 206 |  |  | 208 | 208 |
| PECO | 184 |  |  | 186 | 186 | 184 |  |  | 188 | 188 |

---

__________

(a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 16 — Debt and Credit Agreements of the 2024 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 10 — Leases of the 2024 Form 10-K for finance lease liabilities.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 10 — Fair Value of Financial Assets and Liabilities

***Recurring Fair Value Measurements***

The following tables present assets and liabilities measured and recorded at fair value in the Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy at June 30, 2025 and December 31, 2024. Exelon and the Utility Registrants have immaterial and no financial assets or liabilities measured using the NAV practical expedient, respectively:

***Exelon***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | | | | | |
| Cash equivalents<sup>(a)</sup> | $926 | $— | $— | $926 | $544 | $— | $— | $544 |
| Rabbi trust investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | 97 |  |  | 97 | 94 |  |  | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 64 |  |  | 64 | 65 |  |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income |  | 6 |  | 6 |  | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life insurance contracts |  | 71 | 23 | 94 |  | 73 | 22 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rabbi trust investments subtotal | 161 | 77 | 23 | 261 | 159 | 79 | 22 | 260 |
| Interest rate derivative assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedging instruments |  | 2 |  | 2 |  | 26 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Economic hedges |  |  |  |  |  |  |  |  |
| Interest rate derivative assets subtotal |  | 2 |  | 2 |  | 26 |  | 26 |
| **Total assets** | 1087 | 79 | 23 | 1189 | 703 | 105 | 22 | 830 |
| **Liabilities** |  |  |  |  |  |  |  |  |
| Commodity derivative liabilities |  |  | (135) | (135) |  |  | (132) | (132) |
| Interest rate derivative liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedging instruments |  | (7) |  | (7) |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Economic hedges |  |  |  |  |  |  |  |  |
| Interest rate derivative liabilities subtotal |  | (7) |  | (7) |  | (1) |  | (1) |
| Deferred compensation obligation |  | (64) |  | (64) |  | (74) |  | (74) |
| **Total liabilities** |  | (71) | (135) | (206) |  | (75) | (132) | (207) |
| **Total net assets (liabilities)** | $1087 | $8 | $(112) | $983 | $703 | $30 | $(110) | $623 |

---

__________&nbsp;&nbsp;&nbsp;&nbsp;

(a)Exelon excludes cash of $150 million and $219 million at June 30, 2025 and December 31, 2024, respectively, and restricted cash of $175 million and $176 million at June 30, 2025 and December 31, 2024, respectively, and includes long-term restricted cash of $49 million and $41 million at June 30, 2025 and December 31, 2024, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 10 — Fair Value of Financial Assets and Liabilities

***ComEd, PECO, and BGE***

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **ComEd** | **ComEd** | **ComEd** | **ComEd** | **PECO** | **PECO** | **PECO** | **PECO** | **BGE** | **BGE** | **BGE** | **BGE** |
| **At June 30, 2025** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | | | | | | | | | |
| Cash equivalents<sup>(a)</sup> | $613 | $— | $— | $613 | $2 | $— | $— | $2 | $232 | $— | $— | $232 |
| Rabbi trust investments |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds |  |  |  |  | 11 |  |  | 11 | 9 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life insurance contracts |  |  |  |  |  | 22 |  | 22 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rabbi trust investments subtotal |  |  |  |  | 11 | 22 |  | 33 | 9 |  |  | 9 |
| **Total assets** | 613 |  |  | 613 | 13 | 22 |  | 35 | 241 |  |  | 241 |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Commodity derivative liabilities<sup>(b)</sup> |  |  | (135) | (135) |  |  |  |  |  |  |  |  |
| Deferred compensation obligation |  | (8) |  | (8) |  | (7) |  | (7) |  | (4) |  | (4) |
| **Total liabilities** |  | (8) | (135) | (143) |  | (7) |  | (7) |  | (4) |  | (4) |
| **Total net assets (liabilities)** | $613 | $(8) | $(135) | $470 | $13 | $15 | $— | $28 | $241 | $(4) | $— | $237 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **ComEd** | **ComEd** | **ComEd** | **ComEd** | **PECO** | **PECO** | **PECO** | **PECO** | **BGE** | **BGE** | **BGE** | **BGE** |
| **At December 31, 2024** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | | | | | | | | | |
| Cash equivalents<sup>(a)</sup> | $390 | $— | $— | $390 | $29 | $— | $— | $29 | $1 | $— | $— | $1 |
| Rabbi trust investments |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds |  |  |  |  | 12 |  |  | 12 | 10 |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life insurance contracts |  |  |  |  |  | 22 |  | 22 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rabbi trust investments subtotal |  |  |  |  | 12 | 22 |  | 34 | 10 |  |  | 10 |
| **Total assets** | 390 |  |  | 390 | 41 | 22 |  | 63 | 11 |  |  | 11 |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Commodity derivative liabilities<sup>(b)</sup> |  |  | (132) | (132) |  |  |  |  |  |  |  |  |
| Deferred compensation obligation |  | (8) |  | (8) |  | (7) |  | (7) |  | (4) |  | (4) |
| **Total liabilities** |  | (8) | (132) | (140) |  | (7) |  | (7) |  | (4) |  | (4) |
| **Total net assets (liabilities)** | $390 | $(8) | $(132) | $250 | $41 | $15 | $— | $56 | $11 | $(4) | $— | $7 |

---

__________

(a)ComEd excludes cash of $61 million and $66 million at June 30, 2025 and December 31, 2024, respectively, and restricted cash of $173 million and $176 million at June 30, 2025 and December 31, 2024, respectively. Additionally, ComEd includes long-term restricted cash of $49 million and $41 million at June 30, 2025 and December 31, 2024, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. PECO

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 10 — Fair Value of Financial Assets and Liabilities

excludes cash of $23 million and $19 million at June 30, 2025 and December 31, 2024, respectively. BGE excludes cash of $9 million and $33 million at June 30, 2025 and December 31, 2024, respectively.

(b)The Level 3 balance consists of the current and noncurrent liability of $24 million and $111 million, respectively, at June 30, 2025 and $29 million and $103 million, respectively, at December 31, 2024 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 10 — Fair Value of Financial Assets and Liabilities

***PHI, Pepco, DPL, and ACE***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** |
| **PHI** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | | | | | |
| Cash equivalents<sup>(a)</sup> | $47 | $— | $— | $47 | $93 | $— | $— | $93 |
| Rabbi trust investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | 95 |  |  | 95 | 92 |  |  | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 9 |  |  | 9 | 9 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed income |  | 6 |  | 6 |  | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life insurance contracts |  | 21 | 22 | 43 |  | 23 | 21 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rabbi trust investments subtotal | 104 | 27 | 22 | 153 | 101 | 29 | 21 | 151 |
| **Total assets** | 151 | 27 | 22 | 200 | 194 | 29 | 21 | 244 |
| **Liabilities** |  |  |  |  |  |  |  |  |
| Deferred compensation obligation |  | (10) |  | (10) |  | (12) |  | (12) |
| **Total liabilities** |  | (10) |  | (10) |  | (12) |  | (12) |
| **Total net assets** | $151 | $17 | $22 | $190 | $194 | $17 | $21 | $232 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Pepco** | **Pepco** | **Pepco** | **Pepco** | **DPL** | **DPL** | **DPL** | **DPL** | **ACE** | **ACE** | **ACE** | **ACE** |
| **At June 30, 2025** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | | | | | | | | | |
| Cash equivalents<sup>(a)</sup> | $23 | $— | $— | $23 | $6 | $— | $— | $6 | $— | $— | $— | $— |
| Rabbi trust investments |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | 94 |  |  | 94 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life insurance contracts |  | 21 | 22 | 43 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rabbi trust investments subtotal | 94 | 21 | 22 | 137 |  |  |  |  |  |  |  |  |
| **Total assets** | 117 | 21 | 22 | 160 | 6 |  |  | 6 |  |  |  |  |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred compensation obligation |  | (1) |  | (1) |  |  |  |  |  |  |  |  |
| **Total liabilities** |  | (1) |  | (1) |  |  |  |  |  |  |  |  |
| **Total net assets** | $117 | $20 | $22 | $159 | $6 | $— | $— | $6 | $— | $— | $— | $— |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 10 — Fair Value of Financial Assets and Liabilities

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Pepco** | **Pepco** | **Pepco** | **Pepco** | **DPL** | **DPL** | **DPL** | **DPL** | **ACE** | **ACE** | **ACE** | **ACE** |
| **At December 31, 2024** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | | | | | | | | | |
| Cash equivalents<sup>(a)</sup> | $21 | $— | $— | $21 | $3 | $— | $— | $3 | $— | $— | $— | $— |
| Rabbi trust investments |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | 91 |  |  | 91 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life insurance contracts |  | 23 | 21 | 44 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rabbi trust investments subtotal | 91 | 23 | 21 | 135 |  |  |  |  |  |  |  |  |
| **Total assets** | 112 | 23 | 21 | 156 | 3 |  |  | 3 |  |  |  |  |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred compensation obligation |  | (1) |  | (1) |  |  |  |  |  |  |  |  |
| **Total liabilities** |  | (1) |  | (1) |  |  |  |  |  |  |  |  |
| **Total net assets** | $112 | $22 | $21 | $155 | $3 | $— | $— | $3 | $— | $— | $— | $— |

---

__________

(a)PHI excludes cash of $48 million and $70 million at June 30, 2025 and December 31, 2024, respectively, and restricted cash of $2 million and zero at June 30, 2025 and December 31, 2024. Pepco excludes cash of $21 million and $30 million at June 30, 2025 and December 31, 2024, respectively. DPL excludes cash of $8 million and $20 million at June 30, 2025 and December 31, 2024, respectively. ACE excludes cash of $15 million and $14 million at June 30, 2025 and December 31, 2024, respectively and restricted cash of $2 million and zero at June 30, 2025 and December 31, 2024, respectively

***Reconciliation of Level 3 Assets and Liabilities***

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Exelon** | **ComEd** | | **PHI and Pepco** |
| **Three Months Ended June 30, 2025** | **Total** | **Commodity<br>Derivatives** | | **Life Insurance Contracts** |
| Balance at March 31, 2025 | $(129) | $(151) |  | $21 |
| Total realized / unrealized gains (losses) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net income<sup>(a)</sup> | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in regulatory assets/liabilities | 16 | 16 | <sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements |  |  |  |  |
| Balance at June 30, 2025 | $(112) | $(135) | <sup>(c)</sup> | $22 |
| The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2025 | $1 | $— |  | $1 |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 10 — Fair Value of Financial Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Exelon** | **ComEd** | | **PHI and Pepco** |
| **Three Months Ended June 30, 2024** | **Total** | **Commodity<br>Derivatives** | | **Life Insurance Contracts** |
| Balance at March 31, 2024 | $(65) | $(108) |  | $41 |
| Total realized / unrealized gains (losses) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net income<sup>(a)</sup> | 1 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in regulatory assets/liabilities | (31) | (31) | <sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements | (21) |  |  | (21) |
| Balance at June 30, 2024 | $(116) | $(139) |  | $22 |
| The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2024 | $2 | $— |  | $2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Exelon** | **ComEd** | | **PHI and Pepco** |
| **Six Months Ended June 30, 2025** | **Total** | **Commodity<br>Derivatives** | | **Life Insurance Contracts** |
| Balance at December 31, 2024 | $(110) | $(132) |  | $21 |
| Total realized / unrealized gains (losses) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net income<sup>(a)</sup> | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in regulatory assets/liabilities | (3) | (3) | <sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements |  |  |  |  |
| Balance at June 30, 2025 | $(112) | $(135) | <sup>(c)</sup> | $22 |
| The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2025 | $1 | $— |  | $1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Exelon** | **ComEd** | | **PHI and Pepco** |
| **Six Months Ended June 30, 2024** | **Total** | **Commodity<br>Derivatives** | | **Life Insurance Contracts** |
| Balance at December 31, 2023 | $(90) | $(133) |  | $41 |
| Total realized / unrealized gains (losses) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net income<sup>(a)</sup> | 1 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in regulatory assets/liabilities | (6) | (6) | <sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements | (21) |  |  | (21) |
| Balance at June 30, 2024 | $(116) | $(139) |  | $22 |
| The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2024 | $2 | $— |  | $2 |

---

__________

(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.

(b)Includes $5 million of increases in fair value and an increase for realized gains due to settlements of $11 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended June 30, 2025. Includes $43 million of decreases in fair value and an increase for realized gains due to settlements of $12 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended June 30, 2024. Includes $17 million of decreases in fair value and an increase for realized gains due to settlements of $20 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the six months ended June 30, 2025. Includes $30 million of decreases in fair value and an increase for realized gains due to settlements of $24 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the six months ended June 30, 2024.

(c)The balance of the current and noncurrent asset was effectively zero as of June 30, 2025. The balance consists of a current and noncurrent liability of $24 million and $111 million, respectively, as of June 30, 2025.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 10 — Fair Value of Financial Assets and Liabilities

***Commodity Derivatives (Exelon and ComEd)***

The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Type of trade** | **Fair Value at June 30, 2025** | **Fair Value at December 31, 2024** | **Valuation<br>Technique** | **Unobservable<br>Input** | **2025 Range & Arithmetic Average** | **2025 Range & Arithmetic Average** | **2025 Range & Arithmetic Average** | **2024 Range & Arithmetic Average** | **2024 Range & Arithmetic Average** | **2024 Range & Arithmetic Average** |
| Commodity derivatives | $(135) | $(132) | Discounted<br>Cash Flow | Forward power price<sup>(a)</sup> | $28.24 | $62.10 | $40.28 | $30.31 | $59.88 | $42.08 |

---

________

(a)An increase to the forward power price would increase the fair value.

**11. Commitments and Contingencies (All Registrants)**

The following is an update to the current status of commitments and contingencies set forth in Note 18 — Commitments and Contingencies of the 2024 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, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exelon** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Total commitments | $513 | $320 | $120 | $89 | $111 |
| Remaining commitments<sup>(a)</sup> | 24 | 22 | 21 | 1 |  |

---

__________

(a)Remaining commitments extend through 2026 and include escrow funds, charitable contributions, and rate credits.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 11 — Commitments and Contingencies

***Commercial Commitments (All Registrants).*** The Registrants' commercial commitments at June 30, 2025, representing commitments potentially triggered by future events were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Expiration within** | **Expiration within** | **Expiration within** | **Expiration within** | **Expiration within** | **Expiration within** |
| |<br>**Total** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030 and beyond** |
| **Exelon** |  |  |  |  |  |  |  |
| Letters of credit<sup>(a)</sup> | $56 | $28 | $28 | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 275 | 162 | 33 | 2 | 78 |  |  |
| Financing trust guarantees<sup>(c)</sup> | 378 |  |  |  | 78 |  | 300 |
| Guaranteed lease residual values<sup>(d)</sup> | 24 |  | 3 | 4 | 5 | 4 | 8 |
| Total commercial commitments | $733 | $190 | $64 | $6 | $161 | $4 | $308 |
| **ComEd** |  |  |  |  |  |  |  |
| Letters of credit<sup>(a)</sup> | $18 | $10 | $8 | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 37 | 30 | 5 | 2 |  |  |  |
| Financing trust guarantees<sup>(c)</sup> | 200 |  |  |  |  |  | 200 |
| Total commercial commitments | $255 | $40 | $13 | $2 | $— | $— | $200 |
| **PECO** |  |  |  |  |  |  |  |
| Letters of credit<sup>(a)</sup> | $5 | $— | $5 | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 2 |  | 2 |  |  |  |  |
| Financing trust guarantees<sup>(c)</sup> | 178 |  |  |  | 78 |  | 100 |
| Total commercial commitments | $185 | $— | $7 | $— | $78 | $— | $100 |
| **BGE** |  |  |  |  |  |  |  |
| Letters of credit<sup>(a)</sup> | $27 | $14 | $13 | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 3 | 1 | 2 |  |  |  |  |
| Total commercial commitments | $30 | $15 | $15 | $— | $— | $— | $— |
| **PHI** |  |  |  |  |  |  |  |
| Letters of credit<sup>(a)</sup> | $4 | $2 | $2 | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 174 | 77 | 19 |  | 78 |  |  |
| Guaranteed lease residual values<sup>(d)</sup> | 24 |  | 3 | 4 | 5 | 4 | 8 |
| Total commercial commitments | $202 | $79 | $24 | $4 | $83 | $4 | $8 |
| **Pepco** |  |  |  |  |  |  |  |
| Letters of credit<sup>(a)</sup> | $2 | $2 | $— | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 162 | 71 | 13 |  | 78 |  |  |
| Guaranteed lease residual values<sup>(d)</sup> | 8 |  | 1 | 1 | 2 | 1 | 3 |
| Total commercial commitments | $172 | $73 | $14 | $1 | $80 | $1 | $3 |
| **DPL** |  |  |  |  |  |  |  |
| Letters of credit<sup>(a)</sup> | $1 | $— | $1 | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 7 | 3 | 4 |  |  |  |  |
| Guaranteed lease residual values<sup>(d)</sup> | 9 |  | 1 | 2 | 2 | 2 | 2 |
| Total commercial commitments | $17 | $3 | $6 | $2 | $2 | $2 | $2 |
| **ACE** |  |  |  |  |  |  |  |
| Letters of credit<sup>(a)</sup> | $1 | $— | $1 | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 5 | 3 | 2 |  |  |  |  |
| Guaranteed lease residual values<sup>(d)</sup> | 7 |  | 1 | 1 | 1 | 1 | 3 |
| Total commercial commitments | $13 | $3 | $4 | $1 | $1 | $1 | $3 |

---

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 11 — Commitments and Contingencies

__________

(a)Exelon and certain of its subsidiaries maintain non-debt letters of credit to provide credit support for certain transactions as requested by third parties.

(b)Surety bonds—Guarantees issued related to contract and commercial agreements, excluding bid bonds. Historically, payments under the guarantees have not been made and the likelihood of payments being required is remote.

(c)Reflects guarantee of ComEd and PECO securities held by ComEd Financing III, PECO Trust III, and PECO Trust IV.

(d)Represents the maximum potential obligation in the event the fair value of certain leased equipment and fleet vehicles is zero at the end of the maximum lease term. The lease term associated with these assets ranges from 1 to 9 years. The maximum potential obligation at the end of the minimum lease term would be $55 million guaranteed by Exelon and PHI, of which $17 million, $21 million, and $17 million is guaranteed by Pepco, DPL, and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote.

**Environmental Remediation Matters**

***General (All Registrants).*** The Registrants' operations have in the past, and may in the future, require substantial expenditures to comply with environmental laws. Additionally, under federal and state environmental laws, the Registrants are generally liable for the costs of remediating environmental contamination of property now or formerly owned by them and of property contaminated by hazardous substances generated by them. The Registrants own or lease a number of real estate parcels, including parcels on which their operations or the operations of others may have resulted in contamination by substances that are considered hazardous under environmental laws. In addition, the Registrants are currently involved in a number of proceedings relating to sites where hazardous substances have been deposited and may be subject to additional proceedings in the future. Unless otherwise disclosed, the Registrants cannot reasonably estimate whether they will incur significant liabilities for additional investigation and remediation costs at these or additional sites identified by the Registrants, environmental agencies, or others, or whether such costs will be recoverable from third parties, including customers. Additional costs could have a material, unfavorable impact on the Registrants' financial statements.

***MGP Sites (All Registrants).*** ComEd, PECO, BGE, and DPL have identified sites where former MGP or gas purification activities have or may have resulted in actual site contamination. For some sites, there are additional PRPs that may share responsibility for the ultimate remediation of each location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ComEd has 16 sites currently under some degree of active study and/or remediation. ComEd expects the majority of the remediation at these sites to continue through at least 2031.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PECO has 6 sites currently under some degree of active study and/or remediation. PECO expects the majority of the remediation at these sites to continue through at least 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BGE has 4 sites currently requiring some level of remediation and/or ongoing activity. BGE expects the majority of the remediation at these sites to continue through at least 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DPL has 1 site currently under study and the required cost at the site is not expected to be material.

The historical nature of the MGP and gas purification sites, and the fact that many of the sites have been buried and built over, impacts the ability to determine a precise estimate of the ultimate costs prior to initial sampling and determination of the exact scope and method of remedial activity. Management determines its best estimate of remediation costs using all available information at the time of each study, including probabilistic and deterministic modeling for ComEd and PECO, and the remediation standards currently required by the applicable state environmental agency. Prior to performing any significant clean up, each site remediation plan is approved by the appropriate state environmental agency.

ComEd, pursuant to an ICC order, and PECO, pursuant to a PAPUC order, are currently recovering environmental remediation costs of former MGP facility sites through customer rates. While BGE and DPL do not have riders for MGP clean-up costs, they have historically received recovery of actual clean-up costs in distribution rates.

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**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 11 — Commitments and Contingencies

At June 30, 2025 and December 31, 2024, the Registrants had accrued the following undiscounted amounts for environmental liabilities in Accrued expenses, Other current liabilities, and Other deferred credits and other liabilities in their respective Consolidated Balance Sheets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Total Environmental<br>Investigation and<br>Remediation Liabilities** | **Portion of Total Related to<br>MGP Investigation and<br>Remediation** | **Total Environmental<br>Investigation and<br>Remediation Liabilities** | **Portion of Total Related to<br>MGP Investigation and<br>Remediation** |
| Exelon | $382 | $317 | $403 | $322 |
| ComEd | 280 | 280 | 285 | 284 |
| PECO | 29 | 27 | 29 | 28 |
| BGE | 14 | 10 | 13 | 10 |
| PHI | 58 |  | 75 |  |
| Pepco | 56 |  | 73 |  |
| DPL | 1 |  | 1 |  |
| ACE | 1 |  | 1 |  |

---

***Benning Road Site (Exelon, PHI, and Pepco)*.** In September 2010, PHI received a letter from the EPA identifying the Benning Road site as one of six land-based sites potentially contributing to contamination of the lower Anacostia River. A portion of the site, which is owned by Pepco, was formerly the location of an electric generating facility owned by Pepco subsidiary, Pepco Energy Services (PES), which became a part of Generation following the 2016 merger between PHI and Exelon. This generating facility was deactivated in June 2012. The remaining portion of the site consists of a Pepco transmission and distribution service center that remains in operation. In December 2011, the U.S. District Court for the District of Columbia approved a Consent Decree entered into by Pepco and Pepco Energy Services (hereinafter "Pepco Entities") with the DOEE, which requires the Pepco Entities to conduct a Remedial Investigation and Feasibility Study (RI/FS) for the Benning Road site and an approximately 10 to 15-acre portion of the adjacent Anacostia River. The purpose of this RI/FS is to define the nature and extent of contamination from the Benning Road site and to evaluate remedial alternatives.

Pursuant to an internal agreement between the Pepco Entities, since 2013, Pepco has performed the work required by the Consent Decree and has been reimbursed for that work by an agreed upon allocation of costs between the Pepco Entities. In September 2019, the Pepco Entities issued a draft "final" RI report which the DOEE approved on February 3, 2020. In October 2022, the DOEE approved dividing the work to complete the landside portion of the FS from the waterside portion to expedite the overall schedule for completion of the project. The landside FS was approved by the DOEE on March 15th, 2024, and the waterside FS was approved by the DOEE on December 16, 2024. The DOEE and Pepco entered into an addendum to the Benning Consent Decree pursuant to which Pepco has agreed to fund or perform the remedial actions to be selected by the DOEE for the landside and waterside areas. This addendum to the Benning Consent Decree was entered by the Court on February 27, 2024 and became effective on that date. Pepco drafted a proposed plan for the landside area, which was approved and issued by the DOEE for public comment on December 16, 2024. The landside area public comment period closed on April 18, 2025. Pepco will submit a matrix of proposed responses to the public comments and a proposed Record of Decision (ROD) to the DOEE for the landside area before August 18, 2025. Pepco also submitted a draft proposed plan to the DOEE for the waterside area on April 15, 2025. The DOEE will review Pepco's draft and issue a final proposed plan for public comment. After the waterside area public comment period closes, Pepco will submit a matrix of proposed responses to the public comments and a proposed ROD to the DOEE for the waterside area. The DOEE will issue ROD(s) identifying the remedial actions determined to be necessary for the landside and waterside areas.

As part of the separation between Exelon and Constellation in February 2022, the internal agreement between the Pepco Entities for completion and payment for the remaining Consent Decree work was memorialized in a formal agreement for post-separation activities. A second post-separation assumption agreement between Exelon and Constellation transferred any of the potential remaining remediation liability, if any, of PES/Generation to a non-utility subsidiary of Exelon which going forward will be responsible for those liabilities. Exelon, PHI, and Pepco have determined that a loss associated with this matter is probable and have accrued an estimated liability, which is included in the table above.

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**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 11 — Commitments and Contingencies

***Anacostia River Tidal Reach (Exelon, PHI, and Pepco)*.** Contemporaneous with the Benning Road site RI/FS being performed by the Pepco Entities, the DOEE and NPS have been conducting a separate RI/FS focused on the entire tidal reach of the Anacostia River extending from just north of the Maryland-District of Columbia boundary line to the confluence of the Anacostia and Potomac Rivers. The riverwide RI incorporated the results of the river sampling performed by the Pepco Entities as part of the Benning RI/FS, as well as similar sampling efforts conducted by owners of other sites adjacent to this segment of the river and supplemental river sampling conducted by the DOEE's contractor.

On September 30, 2020, the DOEE released its Interim ROD for the Anacostia River sediments. The Interim ROD reflects an adaptive management approach which will require several identified "hot spots" in the river to be addressed first while continuing to conduct studies and to monitor the river to evaluate improvements and determine potential future remediation plans. The adaptive management process chosen by the DOEE is less intrusive, provides more long-term environmental certainty, is less costly, and allows for site specific remediation plans already underway, including the plan for the Benning Road site to proceed to conclusion.

On July 15, 2022, Pepco received a letter from the District of Columbia's Office of the Attorney General (D.C. OAG) on behalf of the DOEE conveying a settlement offer to resolve all PRPs' liability to the District of Columbia (District) for their past costs and their anticipated future costs to complete the work for the Interim ROD. Pepco responded on July 27, 2022 agreeing to enter into settlement discussions. Pepco and the District entered into another consent decree (the "Anacostia River Consent Decree") pursuant to which Pepco agreed to pay $47 million to resolve its liability to the District for all past costs to perform the riverwide RI/FS and all future costs to complete the work required by the Interim ROD. This amount was agreed to be paid in four equal annual installments beginning a year after the effective date of the Anacostia River Consent Decree. Pepco paid the first installment of $12 million on April 9, 2025. The funds were deposited into the DOEE's Clean Land Fund for the District's costs of the Interim ROD work. The Anacostia River Consent Decree caps Pepco's liability for these costs and provides Pepco with the right to seek contributions from other PRPs. The Anacostia River Consent Decree was signed by the judge for the U.S. District Court for the District of Columbia and became effective on April 11, 2024. Exelon, PHI, and Pepco have accrued a liability for Pepco's payment obligations under the Anacostia Consent Decree and management's best estimate of its share of any other future Anacostia River response costs. Pepco has concluded that incremental exposure remains reasonably possible, but management cannot reasonably estimate a range of loss beyond the amounts recorded, which are included in the table above.

In addition to the activities associated with the remedial process outlined above, CERCLA separately requires federal and state (here including Washington, D.C.) Natural Resource Trustees (federal or state agencies designated by the President or the relevant state, respectively, or Indian tribes) to conduct an assessment of any damages to natural resources within their jurisdiction as a result of the contamination that is being remediated. The Trustees can seek compensation from responsible parties for such damages, including restoration costs. During the second quarter of 2018, Pepco became aware that the Trustees are in the beginning stages of a NRD assessment, a process that often takes many years beyond the remedial decision to complete. Pepco has concluded that a loss associated with the eventual NRD assessment is reasonably possible. Due to the early stage of the NRD process, Pepco cannot reasonably estimate the final range of loss potentially resulting from this process. Pepco has become aware, however, that the District is pursuing claims against other parties. Specifically, in January 2025, D.C. OAG filed a lawsuit against the United States seeking to declare the United States liable under CERCLA and the District of Columbia's Brownfield Revitalization Act of 2000 and to recover the District's response costs associated with its investigation and remediation of Anacostia River sediment contamination and for future NRDs. Pepco, the United States, and the District of Columbia have entered mediation discussions to resolve their respective claims against one another under CERCLA and the Brownfield Revitalization Act with respect to the river. The court has put the case on hold pending the outcome of the mediation.

As noted in the Benning Road Site disclosure above, as part of the separation of Exelon and Constellation in February 2022, an assumption agreement was executed transferring any potential future remediation liabilities associated with the Benning Site remediation to a non-utility subsidiary of Exelon. Similarly, any potential future liability associated with the Anacostia River Sediment Project was also assumed by this entity.

***Buzzard Point Site (Exelon, PHI, and Pepco).*** On December 8, 2022, Pepco received a letter from the D.C. OAG, alleging wholly past violations of the District's stormwater discharge and waste disposal requirements related to operations at the Buzzard Point facility, a 9-acre parcel of waterfront property in Washington, D.C. occupied by an active substation and former steam plant building. The letter also alleged wholly past violations

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**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 11 — Commitments and Contingencies

by Pepco of stormwater discharge requirements related to its district-wide system of underground vaults. Pepco entered into a Consent Order with the District of Columbia to resolve the alleged violations without any admission of liability. The Consent Order requires Pepco to pay a civil penalty of $10 million. In addition, Pepco has agreed to assess the environmental conditions at its Buzzard Point facility and conduct any remedial actions deemed necessary as a result of the assessment, and also to assess potential environmental impacts associated with the operation of its underground vaults. The Superior Court for the District of Columbia signed and entered the Consent Order, and it became effective on February 2, 2024. Pepco is proceeding through the multi-step environmental investigation and response as outlined in the consent order. Pepco submitted a vault system report and a revised report addressing the DOEE's comments in May 2025. Exelon, PHI, and Pepco have accrued a liability for the projected costs for the required environmental assessments and remediation. In January 2025, Pepco paid the last installment of the civil penalty. Pepco has concluded that incremental exposure remains reasonably possible, but management cannot reasonably estimate a range of loss beyond the amounts recorded, which are included in the table above.

**Litigation and Regulatory Matters**

***DPA and Related Matters (Exelon and ComEd).*** Exelon and ComEd received a grand jury subpoena in the second quarter of 2019 from the U.S. Attorney's Office for the Northern District of Illinois (USAO) requiring production of information concerning their lobbying activities in the State of Illinois. On October 4, 2019, Exelon and ComEd received a second grand jury subpoena from the USAO requiring production of records of any communications with certain individuals and entities. The Companies cooperated fully with the USAO and any government requests or inquiries. On July 17, 2020, ComEd entered into a DPA with the USAO to resolve the USAO investigation into its historical state legislative lobbying and related practices in Illinois. The agreement resolved the Department of Justice investigation into both ComEd and Exelon, which included a payment to the U.S. Treasury of $200 million, which was paid in November 2020. The three-year term of the DPA ended on July 17, 2023, and on that same date the court granted the USAO's motion to dismiss the pending charge against ComEd that had been deferred by the DPA.

Subsequent to Exelon announcing the receipt of the USAO subpoenas, various lawsuits were filed related to the subject of the subpoenas and the conduct described in the DPA. Several putative class actions were brought in federal and state court by ComEd customers. These actions were dismissed prior to discovery or trial and those dismissals were affirmed on appeal. A putative class action alleging misrepresentations and omissions in Exelon's SEC filings related to ComEd's lobbying activities and the related investigations was also brought in federal court against Exelon and ComEd, which was subsequently settled.

In addition, subsequent to Exelon announcing the receipt of the USAO subpoenas, several shareholders sent letters to the Exelon Board of Directors demanding, among other things, that the Exelon Board of Directors investigate and address alleged breaches of fiduciary duties and other alleged violations by Exelon and ComEd officers and directors related to the conduct described in the DPA. In the first quarter of 2021, the Exelon Board of Directors appointed a Special Litigation Committee (SLC) consisting of disinterested and independent parties to investigate and address these shareholders' allegations and make recommendations to the Exelon Board of Directors based on the outcome of the SLC's investigation. In July 2021, one of the demand letter shareholders filed a derivative action against current and former Exelon and ComEd officers and directors, and against Exelon, as nominal defendant, asserting the same claims made in its demand letter. Since that date, multiple parties have filed separate derivative lawsuits that were subsequently consolidated. On October 12, 2021, the parties filed an agreed motion to stay the litigation for 120 days in order to allow the SLC to continue its investigation, which the court granted. The stay was extended several times. Through mediation efforts, a settlement of the derivative claims was reached by the SLC, the Independent Review Committee of the Board (which had been formed in the third quarter of 2022, to ensure the Board's consideration of any SLC recommendations would be independent and objective), the Board, and certain of the derivative shareholders. On June 16, 2023, the SLC filed a motion for preliminary approval of the settlement, attaching the Stipulation and Agreement of Settlement (Stipulation), which contained the terms of the proposed settlement. The proposed settlement terms include but are not limited to: a payment of $40 million to Exelon by Exelon's insurers of which $10 million constitutes the attorneys' fee award to be paid to the Settling Shareholders' counsel; various compliance and disclosure-related reforms; and certain changes in Board and Committee composition. The non-settling shareholders objected to the settlement and opposed preliminary approval. On September 20, 2024, the court denied without prejudice the SLC's motion for preliminary approval. The court's order provided that if the SLC can substantiate or otherwise revise the attorneys' fees aspect of the settlement, then the SLC could renew its motion for preliminary approval by October 21, 2024. On October 21, 2024, the SLC filed its second renewed motion for preliminary approval,

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**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 11 — Commitments and Contingencies

and the Settling Shareholders filed a brief in support of the SLC's second renewed motion for preliminary approval. On November 20, 2024, the non-settling plaintiffs filed an opposition to the renewed motion for preliminary approval. On December 18, 2024, the SLC and Settling Shareholders filed replies in support of the renewed motion for preliminary approval.

***Maryland Sales and Use Tax Refund Claim (Exelon, BGE, PHI, Pepco, and DPL).*** Maryland imposes a 6% sales and use tax on the purchase of most goods and services. BGE, Pepco, and DPL have filed or plan to file protective refund claims, totaling an estimated $100 million, treating electric transmission and distribution machinery and equipment as nontaxable pursuant to the manufacturing exemption available under the Maryland sales and use tax law. The Maryland Comptroller has initially denied the refund claim and litigation is pending.

On November 22, 2024, the Appellate Court of Maryland, in a case involving a regulated electric utility operating in Maryland, ruled the purchase of certain transmission and distribution equipment qualify for the sales tax manufacturing exemption. On December 20, 2024, the Maryland Attorney General, on behalf of the Maryland Comptroller, filed a motion for reconsideration with the Appellate Court of Maryland of its ruling. The motion for reconsideration was denied on February 3, 2025.

On February 18, 2025, the Maryland Attorney General, on behalf of the Maryland Comptroller, filed a petition with the Maryland Supreme Court requesting review of the Appellate Court of Maryland's ruling. On April 24, 2025, the Maryland Supreme Court granted the petition to review the ruling.

In the event transmission and distribution equipment is determined to be exempt, Exelon, BGE, PHI, Pepco, and DPL will record estimated receivables of $100 million, $65 million, $35 million, $25 million, and $10 million, respectively. The sales tax payments were primarily capitalized; therefore, the refund would be recorded as a reduction to property, plant, and equipment included in rate base.

***General (All Registrants).*** The Registrants are involved in various other litigation matters that are being defended and handled in the ordinary course of business. The Registrants are also from time to time subject to audits and investigations by the FERC and other regulators. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. The Registrants maintain accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of reasonably possible loss, particularly where (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss.

**12. Shareholders' Equity (Exelon)**

**At-the-Market Programs**

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.

During the first quarter of 2025, Exelon issued approximately 4.0 million shares of Common stock at an average net price of $42.98 per share. The net proceeds from the issuance were $173 million, which were used for general corporate purposes.

In addition, in the first quarter of 2025, Exelon entered into forward sale agreements for 5.7 million shares of Common stock, at a weighted-average net forward price of $43.24 per share. The forward sale agreements require Exelon to, at its election prior to December 15, 2025, either (i) physically settle the transactions by issuing

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**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 12 — Shareholders' Equity

shares of its Common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or (ii) net settle the transactions in whole or in part through the delivery to the forward counterparties or receipt from the forward counterparties of cash or shares in accordance with the provisions of the agreements.

In the second quarter of 2025, Exelon entered into forward sale agreements for 6.2 million shares, and 3.6 million shares of Common stock, at a weighted-average net forward price of $43.51, and $43.17 per share, respectively. The forward sale agreements require Exelon to, at its election prior to December 15, 2025 and November 16, 2026, respectively, either (i) physically settle the transactions by issuing shares of its Common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or (ii) net settle the transactions in whole or in part through the delivery to the forward counterparties or receipt from the forward counterparties of cash or shares in accordance with the provisions of the agreements.

No amounts have been or will be recorded on Exelon's balance sheet with respect to the equity offerings until the equity forward sale agreements have been settled. Each initial forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. Until settlement of the equity forward, earnings per share dilution resulting from the agreement, if any, will be determined under the treasury stock method. For the six months ended June 30, 2025, approximately 15.4 million shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive.

Inclusive of the impact of the forward sale agreements, $2.1 billion of Common stock remained available for sale pursuant to the ATM program as of June 30, 2025.

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**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 13 — Changes in Accumulated Other Comprehensive Income

**13. Changes in Accumulated Other Comprehensive Income (Loss) (Exelon)** 

The following table presents changes in Exelon's AOCI, net of tax, by component:

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| | | | |
|:---|:---|:---|:---|
| **Three Months Ended June 30, 2025** | **Cash Flow Hedges** | **Pension and Non-Pension Postretirement Benefit Plan Items**<sup>(a)</sup> | **Total** |
| Balance at March 31, 2025 | $37 | $(755) | $(718) |
| OCI before reclassifications | (4) | 1 | (3) |
| Amounts reclassified from AOCI | (2) | 5 | 3 |
| Net current-period OCI | (6) | 6 |  |
| Balance at June 30, 2025 | $31 | $(749) | $(718) |

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| | | | |
|:---|:---|:---|:---|
| **Three Months Ended June 30, 2024** | **Cash Flow Hedges** | **Pension and Non-Pension Postretirement Benefit Plan Items**<sup>(a)</sup> | **Total** |
| Balance at March 31, 2024 | $30 | $(742) | $(712) |
| OCI before reclassifications | (2) | (2) | (4) |
| Amounts reclassified from AOCI | (1) | 5 | 4 |
| Net current-period OCI | (3) | 3 |  |
| Balance at June 30, 2024 | $27 | $(739) | $(712) |

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| | | | |
|:---|:---|:---|:---|
| **Six Months Ended June 30, 2025** | **Cash Flow Hedges** | **Pension and Non-Pension Postretirement Benefit Plan Items**<sup>(a)</sup> | **Total** |
| Balance at December 31, 2024 | $45 | $(765) | $(720) |
| OCI before reclassifications | (11) | 5 | (6) |
| Amounts reclassified from AOCI | (3) | 11 | 8 |
| Net current-period OCI | $(14) | $16 | $2 |
| Balance at June 30, 2025 | $31 | $(749) | $(718) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended June 30, 2024** | **Cash Flow Hedges** | **Pension and Non-Pension Postretirement Benefit Plan Items**<sup>(a)</sup> | **Total** |
| Balance at December 31, 2023 | $(3) | $(723) | $(726) |
| OCI before reclassifications | 32 | (26) | 6 |
| Amounts reclassified from AOCI | (2) | 10 | 8 |
| Net current-period OCI | $30 | $(16) | $14 |
| Balance at June 30, 2024 | $27 | $(739) | $(712) |

---

__________

(a)This AOCI component is included in the computation of net periodic pension and OPEB cost. See Note 14 — Retirement Benefits and Note 7 — Retirement Benefits of the 2024 Form 10-K for additional information. See Exelon's Statements of Operations and Comprehensive Income for individual components of AOCI.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 13 — Changes in Accumulated Other Comprehensive Income

The following table presents Income tax benefit (expense) allocated to each component of Exelon's Other comprehensive income (loss):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Pension and non-pension postretirement benefit plans: |  |  |  |  |
| &nbsp;&nbsp;Actuarial losses reclassified to periodic benefit cost | $(2) | $(2) | $(4) | $(4) |
| &nbsp;&nbsp;Pension and non-pension postretirement benefit plans valuation adjustments |  |  | (2) | 8 |
| &nbsp;&nbsp;Unrealized gains on cash flow hedges |  |  | 2 | (10) |

---

**14. Supplemental Financial Information (All Registrants)**

**Supplemental Statement of Operations Information**

The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Operations and Comprehensive Income:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Taxes other than income taxes** | **Taxes other than income taxes** | **Taxes other than income taxes** | **Taxes other than income taxes** | **Taxes other than income taxes** | **Taxes other than income taxes** | **Taxes other than income taxes** | **Taxes other than income taxes** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Three Months Ended June 30, 2025** | | | | | | | | |
| Utility taxes<sup>(a)</sup> | $247 | $79 | $47 | $33 | $88 | $80 | $7 | $1 |
| Property | 111 | 8 | 4 | 57 | 40 | 27 | 12 | 1 |
| Payroll | 34 | 9 | 5 | 5 | 8 | 2 | 1 | 1 |
| **Three Months Ended June 30, 2024** |  |  |  |  |  |  |  |  |
| Utility taxes<sup>(a)</sup> | $226 | $73 | $42 | $31 | $80 | $72 | $6 | $— |
| Property | 107 | 10 | 5 | 53 | 39 | 26 | 12 | 1 |
| Payroll | 33 | 9 | 4 | 5 | 7 | 2 | 1 | 1 |
| **Six Months Ended June 30, 2025** |  |  |  |  |  |  |  |  |
| Utility taxes<sup>(a)</sup> | $496 | $159 | $98 | $58 | $181 | $164 | $15 | $2 |
| Property | 222 | 18 | 9 | 114 | 80 | 55 | 24 | 1 |
| Payroll | 67 | 16 | 9 | 10 | 15 | 3 | 2 | 2 |
| **Six Months Ended June 30, 2024** |  |  |  |  |  |  |  |  |
| Utility taxes<sup>(a)</sup> | $447 | $148 | $83 | $54 | $162 | $146 | $14 | $2 |
| Property | 212 | 18 | 9 | 107 | 78 | 53 | 23 | 1 |
| Payroll | 67 | 18 | 9 | 9 | 14 | 4 | 2 | 2 |

---

_________

(a)The Registrants' utility taxes represent municipal and state utility taxes and gross receipts taxes related to their operating revenues. The offsetting collection of utility taxes from customers is recorded in revenues in the Registrants' Consolidated Statements of Operations and Comprehensive Income.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 14 — Supplemental Financial Information

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Other, net** | **Other, net** | **Other, net** | **Other, net** | **Other, net** | **Other, net** | **Other, net** | **Other, net** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Three Months Ended June 30, 2025** | | | | | | | | |
| AFUDC — Equity | $43 | $14 | $10 | $9 | $10 | $8 | $1 | $1 |
| Non-service net periodic benefit cost | (13) |  |  |  |  |  |  |  |
| **Three Months Ended June 30, 2024** |  |  |  |  |  |  |  |  |
| AFUDC — Equity | $38 | $9 | $8 | $6 | $15 | $12 | $3 | $— |
| Non-service net periodic benefit cost | (11) |  |  |  |  |  |  |  |
| **Six Months Ended June 30, 2025** |  |  |  |  |  |  |  |  |
| AFUDC — Equity | $81 | $26 | $17 | $18 | $20 | $15 | $3 | $2 |
| Non-service net periodic benefit cost | (26) |  |  |  |  |  |  |  |
| **Six Months Ended June 30, 2024** |  |  |  |  |  |  |  |  |
| AFUDC — Equity | $78 | $19 | $16 | $13 | $30 | $23 | $6 | $1 |
| Non-service net periodic benefit cost | (17) |  |  |  |  |  |  |  |

---

**Supplemental Cash Flow Information**

The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Cash Flows.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Depreciation, amortization, and accretion** | **Depreciation, amortization, and accretion** | **Depreciation, amortization, and accretion** | **Depreciation, amortization, and accretion** | **Depreciation, amortization, and accretion** | **Depreciation, amortization, and accretion** | **Depreciation, amortization, and accretion** | **Depreciation, amortization, and accretion** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Six Months Ended June 30, 2025** | | | | | | | | |
| Property, plant, and equipment<sup>(a)</sup> | $1506 | $608 | $219 | $249 | $402 | $177 | $113 | $111 |
| Amortization of regulatory assets and liabilities, net<sup>(a)</sup> | 296 | 159 | 2 | 69 | 65 | 35 | 13 | 16 |
| Amortization of intangible assets, net<sup>(a)</sup> | 3 |  |  |  |  |  |  |  |
| ARO accretion<sup>(b)</sup> | 1 |  |  |  |  |  |  |  |
| Total depreciation, amortization and accretion | $1806 | $767 | $221 | $318 | $467 | $212 | $126 | $127 |
| **Six Months Ended June 30, 2024** |  |  |  |  |  |  |  |  |
| Property, plant, and equipment<sup>(a)</sup> | $1436 | $573 | $203 | $247 | $383 | $164 | $107 | $105 |
| Amortization of regulatory assets and liabilities, net<sup>(a)</sup> | 333 | 164 | 7 | 65 | 97 | 41 | 15 | 41 |
| Amortization of intangible assets, net<sup>(a)</sup> | 4 |  |  |  |  |  |  |  |
| ARO accretion<sup>(b)</sup> | 1 |  |  |  | 1 |  |  |  |
| Total depreciation and amortization | $1774 | $737 | $210 | $312 | $481 | $205 | $122 | $146 |

---

__________

(a)Included in Depreciation and amortization expense in the Registrants' Consolidated Statements of Operations and Comprehensive Income.

(b)Included in Operating and maintenance expense in Exelon's Consolidated Statements of Operations and Comprehensive Income.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 14 — Supplemental Financial Information

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Other non-cash operating activities** | **Other non-cash operating activities** | **Other non-cash operating activities** | **Other non-cash operating activities** | **Other non-cash operating activities** | **Other non-cash operating activities** | **Other non-cash operating activities** | **Other non-cash operating activities** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Six Months Ended June 30, 2025** | | | | | | | | |
| Pension and OPEB costs | $136 | $42 | $3 | $30 | $49 | $18 | $8 | $6 |
| Allowance for credit losses | 137 | 23 | 50 | 17 | 47 | 19 | 11 | 17 |
| True-up adjustments to decoupling mechanisms and formula rates<sup>(a)</sup> | 397 | 319 | 8 | 43 | 27 | 14 | 5 | 8 |
| Amortization of operating ROU asset | 16 |  |  | 4 | 9 | 2 | 3 | 1 |
| AFUDC — Equity | (81) | (26) | (17) | (18) | (20) | (15) | (3) | (2) |
| **Six Months Ended June 30, 2024** |  |  |  |  |  |  |  |  |
| Pension and OPEB costs | $120 | $36 | $— | $31 | $46 | $16 | $7 | $7 |
| Allowance for credit losses | 93 | 8 | 47 | 11 | 27 | 16 | 3 | 7 |
| True-up adjustments to decoupling mechanisms and formula rates<sup>(a)</sup> | (15) | 24 | 2 | (19) | (22) | (37) | 4 | 11 |
| Amortization of operating ROU asset | 19 |  |  | 3 | 13 | 3 | 3 | 2 |
| AFUDC — Equity | (78) | (19) | (16) | (13) | (30) | (23) | (6) | (1) |

---

__________

(a)For ComEd, reflects the true-up adjustments in Regulatory assets and liabilities associated with its distribution MRP and distribution, energy efficiency, distributed generation, and transmission formula rates. For PECO, reflects the change in Regulatory assets and liabilities associated with its transmission formula rates. For BGE, Pepco, DPL, and ACE, reflects the change in Regulatory assets and liabilities associated with their decoupling mechanisms and transmission formula rates. See Note 3 — Regulatory Matters of the 2024 Form 10-K for additional information.

The following tables provide a reconciliation of cash, cash equivalents, and restricted cash reported within the Registrants' Consolidated Balance Sheets that sum to the total of the same amounts in their Consolidated Statements of Cash Flows.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 14 — Supplemental Financial Information

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Cash, cash equivalents, and restricted cash** | **Cash, cash equivalents, and restricted cash** | **Cash, cash equivalents, and restricted cash** | **Cash, cash equivalents, and restricted cash** | **Cash, cash equivalents, and restricted cash** | **Cash, cash equivalents, and restricted cash** | **Cash, cash equivalents, and restricted cash** | **Cash, cash equivalents, and restricted cash** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Balance at June 30, 2025** | | | | | | | | |
| Cash and cash equivalents | $724 | $387 | $25 | $236 | $67 | $22 | $9 | $15 |
| Restricted cash and cash equivalents | 478 | 411 |  | 5 | 30 | 22 | 5 | 2 |
| Restricted cash included in Other deferred debits and other assets | 49 | 49 |  |  |  |  |  |  |
| Total cash, restricted cash, and cash equivalents | $1251 | $847 | $25 | $241 | $97 | $44 | $14 | $17 |
| **Balance at December 31, 2024** |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $357 | $105 | $48 | $33 | $139 | $30 | $21 | $14 |
| Restricted cash and cash equivalents | 541 | 486 |  | 1 | 24 | 21 | 2 |  |
| Restricted cash included in Other deferred debits and other assets | 41 | 41 |  |  |  |  |  |  |
| Total cash, restricted cash, and cash equivalents | $939 | $632 | $48 | $34 | $163 | $51 | $23 | $14 |
| **Balance at June 30, 2024** |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $934 | $326 | $19 | $428 | $119 | $19 | $50 | $15 |
| Restricted cash and cash equivalents | 530 | 446 | 9 |  | 22 | 21 | 1 |  |
| Restricted cash included in Other deferred debits and other assets | 71 | 71 |  |  |  |  |  |  |
| Total cash, restricted cash, and cash equivalents | $1535 | $843 | $28 | $428 | $141 | $40 | $51 | $15 |
| **Balance at December 31, 2023** |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $445 | $110 | $42 | $47 | $180 | $48 | $16 | $21 |
| Restricted cash and cash equivalents | 482 | 402 | 9 | 1 | 24 | 24 |  |  |
| Restricted cash included in Other deferred debits and other assets | 174 | 174 |  |  |  |  |  |  |
| Total cash, restricted cash, and cash equivalents | $1101 | $686 | $51 | $48 | $204 | $72 | $16 | $21 |

---

For additional information on restricted cash see Note 1 — Significant Accounting Policies of the 2024 Form 10-K.

**Supplemental Balance Sheet Information**

The following table provides additional information about material items recorded in the Registrants' Consolidated Balance Sheets.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 14 — Supplemental Financial Information

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Accrued expenses** | **Accrued expenses** | **Accrued expenses** | **Accrued expenses** | **Accrued expenses** | **Accrued expenses** | **Accrued expenses** | **Accrued expenses** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Balance at June 30, 2025** | | | | | | | | |
| Compensation-related accruals<sup>(a)</sup> | $504 | $138 | $77 | $70 | $96 | $29 | $19 | $13 |
| Taxes accrued | 193 | 90 | 4 | 29 | 84 | 64 | 9 | 9 |
| Interest accrued | 530 | 156 | 60 | 56 | 91 | 48 | 18 | 20 |
| **Balance at December 31, 2024** |  |  |  |  |  |  |  |  |
| Compensation-related accruals<sup>(a)</sup> | $679 | $197 | $87 | $88 | $132 | $38 | $26 | $18 |
| Taxes accrued | 217 | 96 | 13 | 34 | 110 | 92 | 11 | 11 |
| Interest accrued | 468 | 150 | 60 | 50 | 83 | 44 | 16 | 18 |

---

__________

(a)Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits.

**15. Related Party Transactions (All Registrants)**

**Service Company Costs for Corporate Support**

The Registrants receive a variety of corporate support services from BSC. Pepco, DPL, and ACE also receive corporate support services from PHISCO. See Note 1 — Significant Accounting Policies for additional information regarding BSC and PHISCO.

The following table presents the service company costs allocated to the Registrants:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Operating and maintenance from affiliates** | **Operating and maintenance from affiliates** | **Operating and maintenance from affiliates** | **Operating and maintenance from affiliates** | **Capitalized costs** | **Capitalized costs** | **Capitalized costs** | **Capitalized costs** |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Exelon** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC |  |  |  |  | $162 | $159 | $323 | $317 |
| &nbsp;&nbsp;&nbsp;&nbsp;PHISCO |  |  |  |  | 29 | 29 | 53 | 58 |
| **ComEd** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | $100 | $104 | $200 | $204 | 61 | 63 | 124 | 134 |
| **PECO** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | 61 | 61 | 120 | 119 | 28 | 29 | 54 | 58 |
| **BGE** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | 63 | 62 | 125 | 121 | 32 | 25 | 65 | 49 |
| **PHI** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | 49 | 49 | 100 | 99 | 41 | 42 | 80 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;PHISCO |  |  |  |  | 29 | 29 | 53 | 58 |
| **Pepco** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | 32 | 32 | 63 | 63 | 17 | 18 | 34 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;PHISCO | 32 | 33 | 62 | 66 | 12 | 12 | 23 | 24 |
| **DPL** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | 20 | 20 | 40 | 39 | 12 | 13 | 24 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;PHISCO | 26 | 26 | 50 | 51 | 9 | 8 | 16 | 17 |
| **ACE** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | 16 | 16 | 32 | 32 | 9 | 10 | 18 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;PHISCO | 24 | 25 | 47 | 48 | 8 | 9 | 14 | 17 |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**Combined Notes to Consolidated Financial Statements** — **(Continued)**

**(Dollars in millions, except per share data, unless otherwise noted)**

Note 15 — Related Party Transactions

**Current Receivables from/Payables to Affiliates**

The following tables present current Receivables from affiliates and current Payables to affiliates:

***June 30, 2025***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | |
|<br>**Payables to affiliates:** | **ComEd** | **PECO** | **BGE** | **Pepco** | **DPL** | **ACE** | **BSC** | **PHISCO** | **Other** |<br>**Total** |
| ComEd |  | $— | $— | $— | $— | $— | $61 | $— | $5 | $66 |
| PECO | $8 |  |  |  |  |  | 35 |  | 2 | 45 |
| BGE |  |  |  |  |  |  | 35 |  | 1 | 36 |
| PHI |  |  |  |  |  |  | 5 |  | 11 | 16 |
| Pepco |  |  |  |  |  |  | 18 | 16 |  | 34 |
| DPL |  |  |  |  |  |  | 11 | 12 | 1 | 24 |
| ACE |  |  |  | 1 |  |  | 9 | 11 |  | 21 |
| Other | 4 |  |  |  | 1 | 10 | 1 |  |  | 16 |
| Total | $12 | $— | $— | $1 | $1 | $10 | $175 | $39 | $20 | $258 |

---

***December 31, 2024*** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | **Receivables from affiliates:** | |
|<br>**Payables to affiliates:** | **ComEd** | **PECO** | **BGE** | **Pepco** | **DPL** | **ACE** | **BSC** | **PHISCO** | **Other** |<br>**Total** |
| ComEd |  | $— | $— | $— | $— | $— | $67 | $— | $10 | $77 |
| PECO | $— |  |  |  |  |  | 37 |  | 4 | 41 |
| BGE |  |  |  |  |  |  | 47 |  | 1 | 48 |
| PHI |  |  |  |  |  |  | 7 | 1 | 10 | 18 |
| Pepco |  |  |  |  |  |  | 21 | 15 | 1 | 37 |
| DPL |  |  |  |  |  |  | 14 | 11 | 1 | 26 |
| ACE |  |  |  |  |  |  | 11 | 10 | 1 | 22 |
| Other | 4 |  |  | 1 |  | 7 |  |  |  | 12 |
| Total | $4 | $— | $— | $1 | $— | $7 | $204 | $37 | $28 | $281 |

---

**Borrowings from Exelon/PHI intercompany money pool** 

To provide an additional short-term borrowing option that will generally be more favorable to the borrowing participants than the cost of external financing both Exelon and PHI operate an intercompany money pool. PECO and PHI Corporate participate in the Exelon intercompany money pool. Pepco, DPL, and ACE participate in the PHI intercompany money pool.

**Long-term debt to financing trusts**

The following table presents Long-term debt to financing trusts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Exelon** | **ComEd** | **PECO** | **Exelon** | **ComEd** | **PECO** |
| ComEd Financing III | $206 | $206 | $— | $206 | $206 | $— |
| PECO Trust III | 81 |  | 81 | 81 |  | 81 |
| PECO Trust IV | 103 |  | 103 | 103 |  | 103 |
| Total | $390 | $206 | $184 | $390 | $206 | $184 |

---

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

(Dollars in millions except per share data, unless otherwise noted)

**Exelon**

**Executive Overview**

Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through it's six reportable segments: ComEd, PECO, BGE, Pepco, DPL, and ACE. See Note 1 — Significant Accounting Policies and Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for additional information regarding Exelon's principal subsidiaries and reportable segments.

Exelon's consolidated financial information includes the results of its seven separate operating subsidiary registrants, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, which, along with Exelon, are collectively referred to as the Registrants. The following combined Management's Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE. However, none of the Registrants makes any representation as to information related solely to any of the other Registrants.

**Financial Results of Operations**

***GAAP Results of Operations.*** The following table sets forth Exelon's GAAP consolidated Net income attributable to common shareholders by Registrant for the three and six months ended June 30, 2025 compared to the same period in 2024. For additional information regarding the financial results for the three and six months ended June 30, 2025 and 2024, see the discussions of Results of Operations by Registrant.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **(Unfavorable) Favorable Variance** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Favorable (Unfavorable) Variance** |
| | **2025** | **2024** | **(Unfavorable) Favorable Variance** | **2025** | **2024** | **Favorable (Unfavorable) Variance** |
| Exelon | $391 | $448 | $(57) | $1300 | $1106 | $194 |
| ComEd | 228 | 270 | (42) | 530 | 463 | 67 |
| PECO | 136 | 90 | 46 | 402 | 239 | 163 |
| BGE | 55 | 44 | 11 | 315 | 308 | 7 |
| PHI | 143 | 158 | (15) | 337 | 326 | 11 |
| Pepco | 84 | 108 | (24) | 181 | 183 | (2) |
| DPL | 39 | 34 | 5 | 108 | 101 | 7 |
| ACE | 24 | 21 | 3 | 56 | 50 | 6 |
| Other<sup>(a)</sup> | (171) | (114) | (57) | (284) | (230) | (54) |

---

__________

(a)Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities.

***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024.* Net income attributable to common shareholders** decreased by $57 million and diluted earnings per average common share decreased to $0.39 in 2025 from $0.45 in 2024 primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timing of distribution earnings at ComEd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customer Relief Fund contribution at Exelon Corporate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher storm costs at PECO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower impacts of the Maryland multi-year plan reconciliations at PHI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher interest expense at PHI and Exelon Corporate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower transmission peak load due to lower energy demand at ComEd.

The decreases were partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Favorable impacts of rate increases at ComEd, PECO, BGE and PHI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher return on regulatory assets at ComEd.

***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024. Net income attributable to common shareholders*** increased by $194 million and diluted earnings per average common share increased to $1.29 in 2025 from $1.10 in 2024 primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Favorable impacts of rate increases at ComEd, PECO, BGE and PHI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timing of distribution earnings at ComEd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Less unfavorable weather at PECO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timing of income tax expenses at PECO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher return on regulatory assets at ComEd.

The increases were partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher interest expense at PECO, BGE, PHI, and Exelon Corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customer Relief Fund contribution at Exelon Corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher storm costs at PECO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower transmission peak load due to lower energy demand at ComEd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower impacts of the Maryland multi-year plan reconciliations at PHI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher credit loss expense at PHI.

***Adjusted (non-GAAP) operating earnings.*** In addition to Net income, Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This information is intended to enhance an investor's overall understanding of year-over-year operating results and provide an indication of Exelon's baseline operating performance excluding items not considered by management to be directly related to the ongoing operations of the business. In addition, this information is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies' presentations or deemed more useful than the GAAP information provided elsewhere in this report.

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The following table provides a reconciliation between GAAP Net income attributable to common shareholders and Adjusted (non-GAAP) operating earnings for the three and six months ended June 30, 2025 compared to the same period in 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| **<u>(In millions, except per share data)</u>** |  | **Earnings per<br>Diluted Share** |  | **Earnings per<br>Diluted Share** |
| **Net income attributable to common shareholders** | $**391** | $**0.39** | $**448** | $**0.45** |
| Change in environmental liabilities (net of taxes of $0) |  |  | (1) |  |
| Change in FERC audit liability (net of taxes of $5) |  |  | 15 | 0.01 |
| Cost management charge (net of taxes of $3)<sup>(a)</sup> |  |  | 9 | 0.01 |
| Income tax-related adjustments (entire amount represents tax expense)<sup>(b)</sup> | 1 |  |  |  |
| **Adjusted (non-GAAP) operating earnings** | $**392** | $**0.39** | $**472** | $**0.47** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| **<u>(In millions, except per share data)</u>** |  | **Earnings per<br>Diluted Share** |  | **Earnings per<br>Diluted Share** |
| **Net income attributable to common shareholders** | $**1300** | $**1.29** | $**1106** | $**1.10** |
| Change in environmental liabilities (net of taxes of $0) |  |  | (1) |  |
| Change in FERC audit liability (net of taxes of $1 and $13, respectively) | 2 |  | 42 | 0.04 |
| Cost management charge (net of taxes of $0 and $3, respectively)<sup>(a)</sup> | (1) |  | 9 | 0.01 |
| Income tax-related adjustments (entire amount represents tax expense)<sup>(b)</sup> | 1 |  |  |  |
| Regulatory matters (net of taxes of $7)<sup>(c)</sup> | 22 | 0.02 |  |  |
| **Adjusted (non-GAAP) operating earnings** | $**1324** | $**1.31** | $**1156** | $**1.16** |

---

__________

Note:

Amounts may not sum due to rounding.

Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net income attributable to common shareholders and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. The marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%.

(a)Primarily represents severance and reorganization costs related to cost management.

(b)Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.

(c)Represents the probable disallowance of certain capitalized costs.

**Significant 2025 Transactions and Developments**

***Distribution Base Rate Case Proceedings***

The Utility Registrants file base rate cases with their regulatory commissions seeking increases or decreases to their electric transmission and distribution, and gas distribution rates to recover their costs and earn a fair return on their investments. The outcomes of these regulatory proceedings impact the Utility Registrants' current and future financial statements.

The following tables show the Utility Registrants' completed and pending distribution base rate case proceedings in 2025. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

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*Completed Distribution Base Rate Case Proceedings*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Registrant/Jurisdiction** | **Filing Date** | **Service** | **Requested Revenue Requirement Increase** | **Approved Revenue Requirement Increase** | **Approved ROE** | **Approval Date** | **Rate Effective Date** |
| ComEd - Illinois | January 17, 2023 | Electric | $1487 | $1045 | 8.905% | December 19, 2024 | January 1, 2024 |
| ComEd - Illinois | April 26, 2024 (amended on September 11, 2024) | Electric | $624 | $623 | 9.89% | October 31, 2024 | January 1, 2025 |
| PECO - Pennsylvania | March 28, 2024 | Electric | $464 | $354 | N/A | December 12, 2024 | January 1, 2025 |
| PECO - Pennsylvania | March 28, 2024 | Natural Gas | $111 | $78 | N/A | December 12, 2024 | January 1, 2025 |
| BGE - Maryland | February 17, 2023 | Electric | $313 | $179 | 9.50% | December 14, 2023 | January 1, 2024 |
| BGE - Maryland | February 17, 2023 | Natural Gas | $289 | $229 | 9.45% | December 14, 2023 | January 1, 2024 |
| Pepco - District of Columbia | April 13, 2023 (amended February 27, 2024) | Electric | $186 | $123 | 9.50% | November 26, 2024 | January 1, 2025 |
| Pepco - Maryland | May 16, 2023 (amended February 23, 2024) | Electric | $111 | $45 | 9.50% | June 10, 2024 | April 1, 2024 |
| DPL - Maryland | May 19, 2022 | Electric | $38 | $29 | 9.60% | December 14, 2022 | January 1, 2023 |
| DPL - Delaware | December 15, 2022 (amended September 29, 2023) | Electric | $39 | $28 | 9.60% | April 18, 2024 | July 15, 2023 |
| ACE - New Jersey | February 15, 2023 (amended August 21, 2023) | Electric | $92 | $45 | 9.60% | November 17, 2023 | December 1, 2023 |

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*Pending Distribution Base Rate Case Proceedings*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Registrant/Jurisdiction** | **Filing Date** | **Service** | **Requested Revenue Requirement Increase** | **Requested ROE** | **Expected Approval Timing** |
| DPL - Delaware | September 20, 2024 (amended May 30, 2025) | Natural Gas | $40 | 10.65% | First quarter of 2026 |
| ACE - New Jersey | November 21, 2024 | Electric | 109 | 10.70% | Fourth quarter of 2025 |

---

***Transmission Formula Rates***

For 2025, the following total increases/(decreases) were included in the Utility Registrant's electric transmission formula rate updates. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Registrant** | **Initial Revenue Requirement Increase (Decrease)** | **Annual Reconciliation<br>Increase (Decrease)** | **Total Revenue Requirement Increase (Decrease)** | **Allowed Return on Rate Base** | **Allowed ROE** |
| ComEd | $78 | $49 | $127 | 8.13% | 11.50% |
| PECO | $9 | $13 | $22 | 7.54% | 10.35% |
| BGE | $21 | $21 | $35 | 7.53% | 10.50% |
| Pepco | $35 | $16 | $51 | 7.71% | 10.50% |
| DPL | $32 | $(9) | $23 | 7.48% | 10.50% |
| ACE | $(11) | $(46) | $(57) | 7.16% | 10.50% |

---

***ComEd's FERC Audit***

The Utility Registrants are subject to periodic audits and investigations by FERC. FERC's Division of Audits and Accounting initiated a nonpublic audit of ComEd in April 2021 evaluating ComEd's compliance with (1) approved terms, rates and conditions of its federally regulated service; (2) accounting requirements of the Uniform System of Accounts; (3) reporting requirements of the FERC Form 1; and (4) the requirements for record retention. The audit period extended back to January 1, 2017.

On July 27, 2023, FERC published a final audit report which included, among other things, findings and recommendations related to ComEd's methodology regarding the allocation of certain overhead costs to capitalized construction costs under FERC regulations, including a suggestion that refunds may be due to customers for amounts collected in previous years. ComEd responded to that report and on August 28, 2023, ComEd filed a formal notice of the issues it contested within the audit report. On December 14, 2023, FERC appointed a settlement judge for the contested overhead allocation findings and set the matter for a trial-type hearing. That hearing process was held in abeyance while a formal settlement process, which began in February 2024, took place.

On July 30, 2024, ComEd reached an agreement in principle on the contested overhead allocation finding. As a result of the settlement process, ComEd recorded a charge for the probable disallowance of $70 million of certain currently capitalized construction costs to operating expenses, which are not expected to be recovered in future rates. The existing loss estimate was reflected in Exelon and ComEd's financial statements as of December 31, 2024. ComEd and FERC staff jointly filed the settlement agreement with FERC for approval on February 11, 2025. The settlement was approved by FERC on April 4, 2025.

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**Other Key Business Drivers and Management Strategies**

The following discussion of other key business drivers and management strategies includes current developments of previously disclosed matters and new issues arising during the period that may impact future financial statements. This section should be read in conjunction with ITEM 1. Business in the 2024 Form 10-K, ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Other Key Business Drivers and Management Strategies in the 2024 Form 10-K, and Note 11 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements in this report for additional information on various environmental matters.

***Allocation of Income Taxes to Regulated Utilities (All Registrants)***

In Q2 2024, the IRS issued a series of PLRs, to another taxpayer, providing guidance with respect to the application of the tax normalization rules to the allocation of consolidated tax benefits among the members of a consolidated group associated with NOLC for ratemaking purposes. The rulings provide that for ratemaking purposes the tax benefit of NOLC should be reflected on a separate company basis not taking into consideration the utilization of losses by other affiliates. A PLR issued to another taxpayer may not be relied on as precedent.

For the Utility Registrants, except for PECO, the methodology prescribed by the IRS in these PLRs could result in a material reduction of the regulatory liability established for EDITs arising from the TCJA corporate tax rate change that are being amortized and flowed through to customers as well as a reduction in the accumulated deferred income taxes included in rate base for ratemaking purposes of approximately $1.2 billion - $1.7 billion.

The Utility Registrants, except for PECO, filed PLR requests with the IRS confirming the treatment of the NOLC for ratemaking purposes. The Utility Registrants will record the impact, if any, upon receiving the PLR from the IRS.

**Legislative and Regulatory Developments**

***Infrastructure Investment and Jobs Act***

On November 15, 2021, President Biden signed the $1.2 trillion IIJA into law. IIJA provides for approximately $550 billion in new federal spending. Categories of funding include funding for a variety of infrastructure needs, including but not limited to: (1) power and grid reliability and resilience, (2) resilience for cybersecurity to address critical infrastructure needs, and (3) electric vehicle charging infrastructure for alternative fuel corridors. The Registrants continue to evaluate programs under the legislation and consider possible opportunities to apply for funding, either directly or in potential collaborations with state and/or local agencies and key stakeholders. The Registrants cannot predict the ultimate timing and success of securing funding from programs under IIJA.

The Trump Administration has issued numerous Executive Orders (EOs), including the Unleashing American Energy Order on January 20, 2025, which requires an immediate pause in the disbursement of funds appropriated through the IRA and IIJA during a 90-day review period, which is still in effect. Exelon is currently evaluating this EO and others to determine what, if any, impact they might have on awards selected or received from the Department of Energy in 2024.

***Next Generation Energy Act (Exelon, BGE, PHI, Pepco, and DPL)***

On May 20, 2025, the Governor of Maryland signed into law legislation that addresses several matters pertaining to electric and gas utilities, including affirming that the MDPSC may approve the use of multi-year rate plans that demonstrate customer benefits, among other things. It also prohibits utilities from filing after January 1, 2025, for the reconciliation of actuals costs and revenues to amounts approved within the multi-year plans. As of June 30, 2025, BGE derecognized Regulatory assets of $10 million and Regulatory liabilities of $3 million for multi-year plan reconciliations that will no longer be filed. DPL has derecognized Regulatory liabilities of $0.4 million for multi-year reconciliations yet to be filed. Multi-year plan reconciliations filed prior to January 1, 2025, remain lawful and will be resolved in their respective proceedings.

***Summer Rate Mitigation (Exelon and ACE)***

In response to significant increases in electric supply costs, on April 23, 2025, the NJBPU issued an order directing the State's electric public utilities to file petitions proposing distribution side measures to mitigate

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residential customer bill impacts during summer months. As a result, on June 18, 2025, the NJBPU approved a stipulation of settlement for ACE to issue a bill credit of $30 per residential customer for the months of July and August 2025, which will be deferred to a Regulatory asset. The amounts will subsequently be collected from September 2025 through February 2026 at a flat rate of $10 per residential customer. The bill credit and subsequent collections will not be subject to carrying costs.

***One Big Beautiful Bill Act (All Registrants)***

On July 4, 2025, the OBBBA was signed into law. The bill permanently extends expiring tax benefits of the TCJA and provides additional tax relief for individuals and businesses while accelerating the phase-out and curtailment for renewable energy tax credits enacted by the IRA. The tax law changes enacted as part of OBBBA will not have a direct material impact on the Registrants' financial statements.

**Critical Accounting Policies and Estimates**

Management of each of the Registrants makes a number of significant estimates, assumptions, and judgments in the preparation of its financial statements. As of June 30, 2025, the Registrants' critical accounting policies and estimates had not changed significantly from December 31, 2024. See ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — Critical Accounting Policies and Estimates in the 2024 Form 10-K for further information.

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**Results of Operations by Registrant**

**Results of Operations — ComEd**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **(Unfavorable) Favorable Variance** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **(Unfavorable) Favorable Variance** |
| | **2025** | **2024** | **(Unfavorable) Favorable Variance** | **2025** | **2024** | **(Unfavorable) Favorable Variance** |
| **Operating revenues** | $1836 | $2079 | $(243) | $3901 | $4174 | $(273) |
| **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased power | 550 | 763 | 213 | 1239 | 1670 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance | 422 | 449 | 27 | 845 | 867 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 387 | 374 | (13) | 767 | 737 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 97 | 94 | (3) | 196 | 188 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1456 | 1680 | 224 | 3047 | 3462 | 415 |
| **Gain on sales of assets** |  | 5 | (5) |  | 5 | (5) |
| **Operating income** | 380 | 404 | (24) | 854 | 717 | 137 |
| **Other income and (deductions)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (131) | (123) | (8) | (260) | (246) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 31 | 20 | 11 | 53 | 41 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (100) | (103) | 3 | (207) | (205) | (2) |
| **Income before income taxes** | 280 | 301 | (21) | 647 | 512 | 135 |
| **Income taxes** | 52 | 31 | (21) | 117 | 49 | (68) |
| **Net income** | $228 | $270 | $(42) | $530 | $463 | $67 |

---

***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024.* Net Income** decreased by $42 million as compared to the same period in 2024 primarily due to timing of distribution earnings and lower transmission peak load. These were partially offset by higher distribution and transmission rate base and higher return on regulatory assets primarily due to an increase in asset balances.

***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024.* Net income** increased by $67 million as compared to the same period in 2024, primarily due to timing of distribution earnings, higher distribution and transmission rate base, and higher return on regulatory assets primarily due to an increase in asset balances. These were partially offset by lower transmission peak load.

The changes in **Operating revenues** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **(Decrease) Increase** | **Increase (Decrease)** |
| Distribution | $(15) | $114 |
| Transmission | (40) | (18) |
| Energy efficiency | 7 | 16 |
| Other | 4 | 13 |
|  | (44) | 125 |
| Regulatory required programs | (199) | (398) |
| Total decrease | $(243) | $(273) |

---

***Revenue Decoupling.*** The demand for electricity is affected by weather and customer usage. Operating revenues are not impacted by abnormal weather, usage per customer, or number of customers as a result of revenue decoupling mechanisms.

***Distribution Revenue.*** Starting in 2024, distribution revenues are under a MRP. The MRP requires an annual reconciliation of the revenue requirement in effect to the actual costs the ICC determines are prudently and reasonably incurred. Electric distribution revenue varies from year to year based upon fluctuations in the

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ComEd

underlying costs (e.g., severe weather and storm restoration), investments being recovered, and allowed ROE. Electric distribution revenues decreased for the three months ended June 30, 2025 as compared to the same period in 2024, primarily due to differences in the timing of distribution earnings, offset by higher rate base and higher return on regulatory assets. Electric distribution revenues increased for the six months ended June 30, 2025 as compared to the same period in 2024, primarily due to higher fully recoverable costs, differences in the timing of distribution earnings, higher rate base, and higher return on regulatory assets.

***Transmission Revenue.*** Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs, capital investments being recovered, and the highest daily peak load, which is updated annually in January based on the prior calendar year. Transmission revenues decreased for the three and six months ended June 30, 2025 as compared to the same period in 2024, primarily due to lower transmission peak load, partially offset by higher fully recoverable costs and the impacts of higher rate base.

***Energy Efficiency Revenue.*** Energy efficiency revenues are under a performance-based formula rate, which requires an annual reconciliation of the revenue requirement in effect to the actual costs the ICC determines are prudently and reasonably incurred in a given year. Energy efficiency revenue varies from year to year based upon fluctuations in the underlying costs, investments being recovered, and allowed ROE. Energy efficiency revenues increased for the three and six months ended June 30, 2025 as compared to the same periods in 2024, primarily due to increased regulatory asset amortization, which is fully recoverable.

***Other Revenue*** primarily includes assistance provided to other utilities through mutual assistance programs. Other revenues increased for the three and six months ended June 30, 2025 as compared to the same periods in 2024, which primarily reflects increased mutual assistance revenues associated with storm restoration efforts.

***Regulatory Required Programs*** represents revenues collected under approved riders to recover costs incurred for regulatory programs such as recoveries under the credit loss expense tariff, environmental costs associated with MGP sites, ETAC, and costs related to electricity, ZEC, CMC, and REC procurement. ETAC is a retail customer surcharge collected and remitted to an Illinois state agency for programs to support clean energy jobs and training. The riders are designed to provide full and current cost recovery. The costs of these programs are included in Purchased power expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. Customers have the choice to purchase electricity from competitive electric generation suppliers. Customer choice programs do not impact the volume of deliveries as ComEd remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation from competitive suppliers, ComEd either acts as the billing agent or the competitive supplier separately bills its own customers, and therefore does not record Operating revenues or Purchased power expense related to the electricity. For customers that choose to purchase electric generation from ComEd, ComEd is permitted to recover the electricity, ZEC, CMC, and REC procurement costs without mark-up and therefore records equal and offsetting amounts in Operating revenues and Purchased power expense related to the electricity, ZECs, CMCs, and RECs.

See Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of ComEd's revenue disaggregation.

The decrease in **Purchased power expense** of $213 million and $431 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024 is offset in Operating revenues as part of regulatory required programs.

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ComEd

The changes in **Operating and maintenance expense** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase (Decrease)** | **(Decrease) Increase** |
| Labor, other benefits, contracting, and materials | $10 | $(17) |
| Storm-related costs | 3 | (3) |
| BSC costs | (4) | (3) |
| Pension and non-pension postretirement benefits expense | 1 | 3 |
| Other<sup>(a)</sup> | (82) | (42) |
|  | (72) | (62) |
| Regulatory required programs<sup>(b)</sup> | 45 | 40 |
| Total decrease | $(27) | $(22) |

---

__________

(a)Primarily reflects the reclassification and increase of the FERC audit liability during the three and six months ended June 30, 2024 as well as a decrease in credit loss expense. See Note 2 - Regulatory Matters for additional information regarding the FERC audit liability.

(b)ComEd is allowed to recover from or refund to customers the difference between its annual credit loss expense and the amounts collected in rates annually through a rider mechanism.

The changes in **Depreciation and amortization expense** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase (Decrease)** | **Increase (Decrease)** |
| Depreciation and amortization<sup>(a)</sup> | $16 | $34 |
| Regulatory asset amortization | (3) | (4) |
| Total increase | $13 | $30 |

---

__________

(a)Reflects ongoing capital expenditures.

**Interest expense, net** increased $8 million and $14 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, primarily due to an increase in outstanding debt.

**Effective income tax rates** were 18.6% and 10.3% for the three months ended June 30, 2025 and 2024, respectively, and 18.1% and 9.6% for the six months ended June 30, 2025 and 2024, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

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PECO

**Results of Operations — PECO**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **Favorable (Unfavorable) Variance** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Favorable (Unfavorable) Variance** |
| | **2025** | **2024** | **Favorable (Unfavorable) Variance** | **2025** | **2024** | **Favorable (Unfavorable) Variance** |
| **Operating revenues** | $1000 | $891 | $109 | $2333 | $1945 | $388 |
| **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased power and fuel | 339 | 323 | (16) | 841 | 727 | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance | 305 | 270 | (35) | 631 | 563 | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 112 | 107 | (5) | 221 | 210 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 54 | 52 | (2) | 115 | 103 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 810 | 752 | (58) | 1808 | 1603 | (205) |
| **Gain on sales of assets** |  | 2 | (2) |  | 4 | (4) |
| **Operating income** | 190 | 141 | 49 | 525 | 346 | 179 |
| **Other income and (deductions)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (60) | (57) | (3) | (124) | (112) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 10 | 9 | 1 | 18 | 18 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (50) | (48) | (2) | (106) | (94) | (12) |
| **Income before income taxes** | 140 | 93 | 47 | 419 | 252 | 167 |
| **Income taxes** | 4 | 3 | (1) | 17 | 13 | (4) |
| **Net income** | $136 | $90 | $46 | $402 | $239 | $163 |

---

***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024.* Net income** increased by $46 million, due to an increase in revenue as a result of an increase in electric and gas distribution rates, offset by an increase in storm costs.

***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024.* Net income** increased by $163 million, due to an increase in revenue as a result of an increase in electric and gas distribution rates coupled with less unfavorable weather relative to the same period last year, partially offset by an increase in interest expense and storm costs, net of tax repairs deduction.

The changes in **Operating revenues** consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **(Decrease) Increase** | **(Decrease) Increase** | **(Decrease) Increase** | **Increase (Decrease)** | **Increase (Decrease)** | **Increase (Decrease)** |
| | **Electric** | **Gas** | **Total** | **Electric** | **Gas** | **Total** |
| Weather | $(6) | $(2) | $(8) | $17 | $19 | $36 |
| Volume | (18) | 3 | (15) | (7) | 5 | (2) |
| Pricing | 94 | 15 | 109 | 165 | 54 | 219 |
| Transmission | 3 |  | 3 | (3) |  | (3) |
| Other | 4 | 1 | 5 | 10 | 4 | 14 |
|  | 77 | 17 | 94 | 182 | 82 | 264 |
| Regulatory required programs | 6 | 9 | 15 | 76 | 48 | 124 |
| Total increase | $83 | $26 | $109 | $258 | $130 | $388 |

---

***Weather.*** The demand for electricity and natural gas is affected by weather conditions. With respect to the electric business, very warm weather in summer months and, with respect to the electric and natural gas businesses, very cold weather in winter months are referred to as "favorable weather conditions" because these weather conditions result in increased deliveries of electricity and natural gas. Conversely, mild weather reduces demand. During the three months ended June 30, 2025 compared to the same period in 2024, Operating revenues related to weather decreased due to unfavorable weather in PECO's service territory. During the six months ended June 30, 2025 compared to the same period in 2024, Operating revenues related to weather increased due to less unfavorable weather conditions in PECO's service territory.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

PECO

Heating and cooling degree-days are quantitative indices that reflect the demand for energy needed to heat or cool a home or business. Normal weather is determined based on historical average heating and cooling degree-days for a 30-year period in PECO's service territory. The changes in heating and cooling degree-days in PECO's service territory for the three and six months ended June 30, 2025 compared to the same period in 2024 and normal weather consisted of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | | **% Change** | **% Change** |
| **<u>PECO Service Territory</u>** | **2025** | **2024** | **Normal** | **2025 vs. 2024** | **2025 vs. Normal** |
| Heating Degree-Days | 333 | 351 | 419 | (5.1)% | (20.5)% |
| Cooling Degree-Days | 425 | 537 | 386 | (20.9)% | 10.1% |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |  | **% Change** | **% Change** |
|  | **2025** | **2024** | **Normal** | **2025 vs. 2024** | **2025 vs. Normal** |
| Heating Degree-Days | 2684 | 2440 | 2807 | 10.0% | (4.4)% |
| Cooling Degree-Days | 426 | 537 | 387 | (20.7)% | 10.1% |

---

***Volume.*** Electric volume, exclusive of the effects of weather, for the three months ended June 30, 2025 compared to the same period in 2024, decreased due to customer load. Electric volume, exclusive of the effects of weather, for the six months ended June 30, 2025 compared to the same period in 2024, remained relatively consistent. Natural gas volume for the three and six months ended June 30, 2025 compared to the same period in 2024, remained relatively consistent.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Electric Retail Deliveries to Customers (in GWhs)</u>** | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **% Change** | **Weather -**<br>**Normal**<br>**% Change**<sup>(b)</sup> | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **% Change** | **Weather -**<br>**Normal**<br>**% Change**<sup>(b)</sup> |
| **<u>Electric Retail Deliveries to Customers (in GWhs)</u>** | **2025** | **2024** | **% Change** | **Weather -**<br>**Normal**<br>**% Change**<sup>(b)</sup> | **2025** | **2024** | **% Change** | **Weather -**<br>**Normal**<br>**% Change**<sup>(b)</sup> |
| Residential | 3030 | 3296 | (8.1)% | (6.3)% | 6889 | 6751 | 2.0% | (1.1)% |
| Small commercial & industrial | 1832 | 1856 | (1.3)% | (3.0)% | 3778 | 3747 | 0.8% | (1.9)% |
| Large commercial & industrial | 3314 | 3408 | (2.8)% | (1.5)% | 6739 | 6763 | (0.4)% | (1.0)% |
| Public authorities & electric railroads | 163 | 135 | 20.7% | 20.8% | 352 | 314 | 12.1% | 12.1% |
| Total electric retail deliveries<sup>(a)</sup> | 8339 | 8695 | (4.1)% | (3.3)% | 17758 | 17575 | 1.0% | (1.0)% |

---

---

| | | |
|:---|:---|:---|
| | **At June 30,** | **At June 30,** |
| **<u>Number of Electric Customers</u>** | **2025** | **2024** |
| Residential | 1538280 | 1533909 |
| Small commercial & industrial | 154977 | 156036 |
| Large commercial & industrial | 3155 | 3162 |
| Public authorities & electric railroads | 10343 | 10712 |
| Total | 1706755 | 1703819 |

---

__________

(a)Reflects delivery volumes from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges.

(b)Reflects the change in delivery volumes assuming normalized weather based on the historical 30-year average.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

PECO

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Natural Gas Deliveries to Customers (in mmcf)</u>** | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **% Change** | **Weather -**<br>**Normal**<br>**% Change**<sup>(b)</sup> | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **% Change** | **Weather -**<br>**Normal**<br>**% Change**<sup>(b)</sup> |
| **<u>Natural Gas Deliveries to Customers (in mmcf)</u>** | **2025** | **2024** | **% Change** | **Weather -**<br>**Normal**<br>**% Change**<sup>(b)</sup> | **2025** | **2024** | **% Change** | **Weather -**<br>**Normal**<br>**% Change**<sup>(b)</sup> |
| Residential | 4571 | 4525 | 1.0% | 4.3% | 26405 | 23420 | 12.7% | 0.5% |
| Small commercial & industrial | 3398 | 3321 | 2.3% | 5.7% | 13803 | 12809 | 7.8% | (0.3)% |
| Large commercial & industrial | 2 |  | N/A | (2.3)% | 14 | 16 | (12.5)% | (1.0)% |
| Transportation | 5436 | 5117 | 6.2% | 2.4% | 12678 | 12016 | 5.5% | 1.6% |
| Total natural gas retail deliveries<sup>(a)</sup> | 13407 | 12963 | 3.4% | 3.9% | 52900 | 48261 | 9.6% | 0.5% |

---

---

| | | |
|:---|:---|:---|
| | **At June 30,** | **At June 30,** |
| **<u>Number of Natural Gas Customers</u>** | **2025** | **2024** |
| Residential | 509671 | 506193 |
| Small commercial & industrial | 44646 | 44697 |
| Large commercial & industrial | 7 | 7 |
| Transportation | 623 | 644 |
| Total | 554947 | 551541 |

---

__________

(a)Reflects delivery volumes from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges.

(b)Reflects the change in delivery volumes assuming normalized weather based on the historical 30-year average.

***Pricing*** for the three and six months ended June 30, 2025 compared to the same period in 2024 increased primarily due to an increase in electric and gas distribution rates charged to customers.

***Transmission Revenue.*** Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue for the three and six months ended June 30, 2025 compared to the same period in 2024 remained relatively consistent.

***Other revenue*** primarily includes revenue related to late payment charges. Other revenue for the three and six months ended June 30, 2025 compared to the same period in 2024 increased primarily due to revenue related to late payment charges.

***Regulatory Required Programs*** represents revenues collected under approved riders to recover costs incurred for regulatory programs such as energy efficiency, PGC, TSC, and the GSA. The riders are designed to provide full and current cost recovery, and in some cases, a return. The costs of these programs are included in Purchased power and fuel expense, Operating and maintenance expense, Depreciation and amortization expense, and Income taxes. Customers have the choice to purchase electricity and natural gas from competitive electric generation and natural gas suppliers. Customer choice programs do not impact the volume of deliveries as PECO remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation or natural gas from competitive suppliers, PECO either acts as the billing agent or the competitive supplier separately bills its own customers and therefore PECO does not record Operating revenues or Purchased power and fuel expense related to the electricity and/or natural gas. For customers that choose to purchase electric generation or natural gas from PECO, PECO is permitted to recover the electricity, natural gas, and REC procurement costs without mark-up and therefore records equal and offsetting amounts in Operating revenues and Purchased power and fuel expense related to the electricity, natural gas, and RECs. &nbsp;&nbsp;&nbsp;&nbsp;

See Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of PECO's revenue disaggregation.

The increase of $16 million and increase of $114 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, in **Purchased power and fuel expense** is offset in Operating revenues as part of regulatory required programs.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

PECO

The changes in **Operating and maintenance expense** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase (Decrease)** | **Increase (Decrease)** |
| Storm-related costs | $37 | $33 |
| Labor, other benefits, contracting and materials | 8 | 16 |
| Credit loss expense | (13) | 5 |
| Pension and non-pension postretirement benefit expense | 1 | 2 |
| BSC costs |  | 1 |
| Other | 2 | (1) |
|  | 35 | 56 |
| Regulatory required programs |  | 12 |
| Total increase | $35 | $68 |

---

The changes in **Depreciation and amortization expense** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase (Decrease)** | **Increase (Decrease)** |
| Depreciation and amortization<sup>(a)</sup> | $8 | $16 |
| Regulatory asset amortization | (3) | (5) |
| Total increase | $5 | $11 |

---

__________

(a)Depreciation and amortization increased primarily due to ongoing capital expenditures.

**Taxes other than income taxes** increased by $2 million and $12 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, primarily due to higher Pennsylvania gross receipts tax.

**Interest expense, net** increased $3 million and increased $12 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, primarily due to an increase in interest rates and higher outstanding debt.

**Effective income tax rates** were 2.9% and 3.2% for the three months ended June 30, 2025 and 2024, respectively, 4.1% and 5.2% for the six months ended June 30, 2025 and 2024, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

BGE

**Results of Operations — BGE**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **Favorable (Unfavorable) Variance** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Favorable (Unfavorable) Variance** |
| | **2025** | **2024** | **Favorable (Unfavorable) Variance** | **2025** | **2024** | **Favorable (Unfavorable) Variance** |
| **Operating revenues** | $1029 | $928 | $101 | $2583 | $2225 | $358 |
| **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased power and fuel | 406 | 343 | (63) | 1016 | 807 | (209) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance | 264 | 250 | (14) | 568 | 514 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 154 | 162 | 8 | 318 | 312 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 85 | 80 | (5) | 181 | 169 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 909 | 835 | (74) | 2083 | 1802 | (281) |
| **Operating income** | 120 | 93 | 27 | 500 | 423 | 77 |
| **Other income and (deductions)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (61) | (53) | (8) | (120) | (103) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 11 | 8 | 3 | 20 | 16 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (50) | (45) | (5) | (100) | (87) | (13) |
| **Income before income taxes** | 70 | 48 | 22 | 400 | 336 | 64 |
| **Income taxes** | 15 | 4 | (11) | 85 | 28 | (57) |
| **Net income** | $55 | $44 | $11 | $315 | $308 | $7 |

---

***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024.* Net income** increased $11 million primarily due to favorable electric and gas distribution rates, partially offset by the derecognition of regulatory assets and liabilities for multi-year plan reconciliations that will no longer be filed as a result of the Next Generation Energy Act. See Note 2 — Regulatory Matters for additional information regarding the Next Generation Energy Act.

***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024.* Net Income** increased $7 million primarily due to favorable electric and gas distribution rates, partially offset by an increase in various operating expenses, an increase in interest expense, and the derecognition of regulatory assets and liabilities for multi-year plan reconciliations that will no longer be filed as a result of the Next Generation Energy Act. See Note 2 — Regulatory Matters for additional information regarding the Next Generation Energy Act.

The changes in **Operating revenues** consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase** | **Increase** | **Increase** | **Increase** | **Increase** | **Increase** |
| | **Electric** | **Gas** | **Total** | **Electric** | **Gas** | **Total** |
| Distribution | $15 | $11 | $26 | $48 | $55 | $103 |
| Transmission | 4 |  | 4 | 11 |  | 11 |
| Other | 5 | 1 | 6 | 8 |  | 8 |
|  | 24 | 12 | 36 | 67 | 55 | 122 |
| Regulatory required programs | 43 | 22 | 65 | 130 | 106 | 236 |
| Total increase | $67 | $34 | $101 | $197 | $161 | $358 |

---

***Revenue Decoupling.*** The demand for electricity and natural gas is affected by weather and customer usage. However, Operating revenues are not impacted by abnormal weather or usage per customer as a result of a monthly rate adjustment that provides for fixed distribution revenue per customer by customer class. While Operating revenues are not impacted by abnormal weather or usage per customer, they are impacted by changes in the number of customers.

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

BGE

---

| | | |
|:---|:---|:---|
| | **At June 30,** | **At June 30,** |
| **<u>Number of Electric Customers</u>** | **2025** | **2024** |
| Residential | 1219904 | 1212331 |
| Small commercial & industrial | 115316 | 115384 |
| Large commercial & industrial | 13345 | 13156 |
| Public authorities & electric railroads | 257 | 260 |
| Total | 1348822 | 1341131 |

---

---

| | | |
|:---|:---|:---|
| | **At June 30,** | **At June 30,** |
| **<u>Number of Natural Gas Customers</u>** | **2025** | **2024** |
| Residential | 660049 | 656690 |
| Small commercial & industrial | 37806 | 37859 |
| Large commercial & industrial | 6387 | 6340 |
| Total | 704242 | 700889 |

---

***Distribution Revenue*** increased for the three and six months ended June 30, 2025, compared to the same period in 2024, due to favorable impacts of the multi-year plans.

***Transmission Revenue.*** Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue increased for the three and six months ended June 30, 2025, compared to the same period in 2024, primarily due to increases in underlying costs and capital investments.

***Other Revenue*** includes revenue related to late payment charges, mutual assistance, off-system sales, and service application fees. Other Revenue increased for the three and six months ended June 30, 2025 as compared to the same period in 2024, primarily driven by increases in service application fees.

***Regulatory Required Programs*** represent revenues collected under approved riders to recover costs incurred for regulatory programs such as conservation, demand response, and the POLR mechanism. The riders are designed to provide full and current cost recovery, as well as a return in certain instances. The costs of these programs are included in Purchased power and fuel expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. Customers have the choice to purchase electricity and natural gas from competitive electric generation and natural gas suppliers. Customer choice programs do not impact the volume of deliveries as BGE remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation or natural gas from competitive suppliers, BGE acts as the billing agent and therefore does not record Operating revenues or Purchased power and fuel expense related to the electricity and/or natural gas. For customers that choose to purchase electric generation or natural gas from BGE, BGE is permitted to recover the electricity and natural gas procurement costs from customers and therefore records the amounts related to the electricity and/or natural gas in Operating revenues and Purchased power and fuel expense. BGE recovers electricity and natural gas procurement costs from customers with a slight mark-up.

See Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of BGE's revenue disaggregation.

The increase of $63 million and $209 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, in **Purchased power and fuel expense** is fully offset in Operating revenues as part of regulatory required programs.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

BGE

The changes in **Operating and maintenance expense** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase (Decrease)** | **Increase (Decrease)** |
| Labor, other benefits, contracting, and materials | 4 | 16 |
| Credit loss expense | 3 | 6 |
| BSC costs | 1 | 4 |
| Pension and non-pension postretirement benefits expense |  | 1 |
| Storm-related costs | (2) | (7) |
| Other<sup>(a)</sup> | 9 | 12 |
|  | 15 | 32 |
| Regulatory required programs<sup>(b)</sup> | (1) | 22 |
| Total increase | $14 | $54 |

---

__________

(a)Reflects the derecognition of regulatory assets for multi-year plan reconciliations that will no longer be filed as a result of the Next Generation Energy Act. See Note 2 — Regulatory Matters for additional information regarding the Next Generation Energy Act.

(b)Reflects the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters for additional information.

The changes in **Depreciation and amortization expense** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase (Decrease)** | **Increase (Decrease)** |
| Depreciation and amortization | $— | $3 |
| Regulatory required programs<sup>(a)</sup> | 6 | 11 |
| Regulatory asset amortization | (14) | (8) |
| Total (decrease) increase | $(8) | $6 |

---

__________

(a)Reflects the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters for additional information.

**Interest expense, net** increased $8 million and $17 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, primarily due to the issuance of debt in the second quarter of 2025.

**Taxes other than income taxes** increased $5 million and $12 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, primarily due to increased property taxes.

**Effective income tax rates** were 21.4% and 8.3% for the three months ended June 30, 2025 and 2024, respectively, and 21.3% and 8.3% for the six months ended June 30, 2025 and 2024. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

------

<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

PHI

**Results of Operations — PHI**

PHI's Results of Operations include the results of its three reportable segments, Pepco, DPL, and ACE. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services, and the costs are directly charged or allocated to the applicable subsidiaries. Additionally, the results of PHI's corporate operations include interest costs from various financing activities. All material intercompany accounts and transactions have been eliminated in consolidation. The following table sets forth PHI's GAAP consolidated Net income, by Registrant, for the three and six months ended June 30, 2025 compared to the same period in 2024. See the Results of Operations for Pepco, DPL, and ACE for additional information.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **(Unfavorable) Favorable Variance** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Favorable (Unfavorable) Variance** |
| | **2025** | **2024** | **(Unfavorable) Favorable Variance** | **2025** | **2024** | **Favorable (Unfavorable) Variance** |
| PHI | $143 | $158 | $(15) | $337 | $326 | $11 |
| Pepco | 84 | 108 | (24) | 181 | 183 | (2) |
| DPL | 39 | 34 | 5 | 108 | 101 | 7 |
| ACE | 24 | 21 | 3 | 56 | 50 | 6 |
| Other<sup>(a)</sup> | (4) | (5) | 1 | (8) | (8) |  |

---

__________

(a)Primarily includes eliminating and consolidating adjustments, PHI's corporate operations, shared service entities, and other financing and investing activities.

***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024.* Net Income** decreased by $15 million primarily due to the lower impacts of the Maryland multi-year plan reconciliations, increase in interest expense and credit loss expense, depreciation expense, and storm costs at Pepco, partially offset by favorable distribution rates at Pepco, higher DPL Delaware electric DISC rates, and higher transmission rates.

***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024.* Net Income** increased by $11 million primarily due to favorable distribution rates at Pepco, higher DPL Delaware electric and gas DISC rates, higher transmission rates, favorable weather conditions at DPL, partially offset by the lower impacts of the Maryland multi-year plan reconciliations, increase in interest expense, depreciation expense and storm costs at Pepco, and credit loss expense at DPL.

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

Pepco

**Results of Operations — Pepco**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Favorable (Unfavorable) Variance** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Favorable (Unfavorable) Variance** |
| | **2025** | **2024** | **Favorable (Unfavorable) Variance** | **2025** | **2024** | **Favorable (Unfavorable) Variance** |
| **Operating revenues** | $776 | $700 | $76 | $1635 | $1459 | $176 |
| **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased power | 256 | 234 | (22) | 574 | 514 | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance | 155 | 102 | (53) | 313 | 252 | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 107 | 98 | (9) | 212 | 205 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 109 | 100 | (9) | 222 | 203 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 627 | 534 | (93) | 1321 | 1174 | (147) |
| **Loss on sale of assets** | 2 |  | 2 | 1 |  | 1 |
| **Operating income** | 151 | 166 | (15) | 315 | 285 | 30 |
| **Other income and (deductions)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (54) | (46) | (8) | (106) | (92) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 9 | 16 | (7) | 20 | 32 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (45) | (30) | (15) | (86) | (60) | (26) |
| **Income before income taxes** | 106 | 136 | (30) | 229 | 225 | 4 |
| **Income taxes** | 22 | 28 | 6 | 48 | 42 | (6) |
| **Net income** | $84 | $108 | $(24) | $181 | $183 | $(2) |

---

***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024. Net Income*** decreased by $24 million primarily due to lower impacts of the Maryland multi-year plans reconciliations, an increase in credit loss expense, interest expense, depreciation expense, and storm costs partially offset by favorable distribution rates and higher transmission rates.

***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024. Net Income*** decreased by $2 million primarily due to the lower impacts of the Maryland multi-year plans reconciliations, an increase in interest expense, depreciation expense, and storm costs partially offset by favorable distribution rates and higher transmission rates.

The changes in **Operating revenues** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase (Decrease)** | **Increase (Decrease)** |
| Distribution | $37 | $82 |
| Transmission | 5 | 10 |
| Other | (1) | (3) |
|  | 41 | 89 |
| Regulatory required programs | 35 | 87 |
| Total increase | $76 | $176 |

---

***Revenue Decoupling.*** The demand for electricity is affected by weather and customer usage. However, Operating revenues from electric distribution in both Maryland and the District of Columbia are not intended to be impacted by abnormal weather or usage per customer as a result of a BSA that provides for a fixed distribution charge per customer class in the District of Columbia and per customer by customer class in Maryland. Therefore, changes in the number of customers only impacts Operating revenues in Maryland.

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

Pepco

---

| | | |
|:---|:---|:---|
| | **At June 30,** | **At June 30,** |
| **<u>Number of Electric Customers in Maryland</u>** | **2025** | **2024** |
| Residential | 558254 | 553059 |
| Small commercial & industrial | 30512 | 30674 |
| Large commercial & industrial | 19064 | 18982 |
| Public authorities & electric railroads | 177 | 179 |
| Total | 608007 | 602894 |

---

***Distribution Revenue*** increased for the three and six months ended June 30, 2025 compared to the same period in 2024 primarily due to favorable impacts of the Maryland and District of Columbia multi-year plans and customer growth in Maryland.

***Transmission Revenue.*** Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue increased for the three and six months ended June 30, 2025, compared to the same period in 2024, primarily due to increases in underlying costs and capital investments.

***Other Revenue*** includes rental revenue, revenue related to late payment charges, mutual assistance revenues, and recoveries of other taxes.

***Regulatory Required Programs*** represent revenues collected under approved riders to recover costs incurred for regulatory programs such as energy efficiency programs, DC PLUG, and SOS procurement and administrative costs. The riders are designed to provide full and current cost recovery as well as a return in certain instances. The costs of these programs are included in Purchased power expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. Customers have the choice to purchase electricity from competitive electric generation suppliers. Customer choice programs do not impact the volume of deliveries, as Pepco remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation from competitive suppliers, Pepco acts as the billing agent and therefore, Pepco does not record Operating revenues or Purchased power expense related to the electricity. For customers that choose to purchase electric generation from Pepco, Pepco is permitted to recover the electricity and REC procurement costs from customers and therefore records the amounts related to the electricity and RECs in Operating revenues and Purchased power expense. Pepco recovers electricity and REC procurement costs from customers with a slight mark-up.

See Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of Pepco's revenue disaggregation.

The increase of $22 million and $60 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, in **Purchased power expense** is fully offset in Operating revenues as part of regulatory required programs.

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

Pepco

The changes in **Operating and maintenance expense** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase (Decrease)** | **Increase (Decrease)** |
| Maryland multi-year plan reconciliations<sup>(a)</sup> | 25 | 25 |
| Credit loss expense | 8 | 3 |
| Storm-related costs | 3 | 4 |
| Labor, other benefits, contracting, and materials | 2 | (5) |
| BSC and PHISCO costs | (2) | (3) |
| Other<sup>(b)</sup> | 12 | 16 |
|  | 48 | 40 |
| Regulatory required programs<sup>(c)</sup> | 5 | 21 |
| Total increase | $53 | $61 |

---

_________

(a)See Note 2 — for additional information on multi-year plan reconciliations.

(b)Primarily relates to a revenue deferral mechanism approved by the MDPSC in 2024.

(c)Reflects the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters for additional information.

The changes in **Depreciation and amortization expense** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase** | **Increase (Decrease)** |
| Depreciation and amortization<sup>(a)</sup> | $6 | $13 |
| Regulatory asset amortization | 1 | 2 |
| Regulatory required programs<sup>(b)</sup> | 2 | (8) |
| Total increase | $9 | $7 |

---

__________

(a)Depreciation and amortization increased primarily due to ongoing capital expenditures.

(b)Reflects the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters additional information.

**Taxes other than income taxes** increased $9 million and $19 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, primarily due to increases in utility taxes, which are offset in revenues, and property taxes.

**Interest expense, net** increased $8 million and $14 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, primarily due to an increase in interest rates and the issuance of debt in 2024 and 2025.

**Other**, **net** decreased $7 million and $12 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, primarily due to lower AFUDC equity.

**Effective income tax rates** were 20.8% and 20.6% for the three months ended June 30, 2025 and 2024, respectively, and 21.0% and 18.7% for the six months ended June 30, 2025 and 2024, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

DPL

**Results of Operations — DPL**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Favorable (Unfavorable) Variance** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Favorable (Unfavorable) Variance** |
| | **2025** | **2024** | **Favorable (Unfavorable) Variance** | **2025** | **2024** | **Favorable (Unfavorable) Variance** |
| **Operating revenues** | $421 | $390 | $31 | $969 | $880 | $89 |
| **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased power and fuel | 172 | 156 | (16) | 419 | 370 | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance | 95 | 96 | 1 | 201 | 192 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 63 | 61 | (2) | 126 | 122 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 20 | 19 | (1) | 41 | 39 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 350 | 332 | (18) | 787 | 723 | (64) |
| **Operating income** | 71 | 58 | 13 | 182 | 157 | 25 |
| **Other income and (deductions)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (25) | (24) | (1) | (50) | (46) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 4 | 8 | (4) | 8 | 15 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (21) | (16) | (5) | (42) | (31) | (11) |
| **Income before income taxes** | 50 | 42 | 8 | 140 | 126 | 14 |
| **Income taxes** | 11 | 8 | (3) | 32 | 25 | (7) |
| **Net income** | $39 | $34 | $5 | $108 | $101 | $7 |

---

***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024.* Net income** increased $5 million primarily due to higher Delaware electric DSIC rates, and higher transmission rates, partially offset by an increase in interest expense.

***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024.* Net income** increased $7 million primarily due to higher Delaware electric and natural gas DSIC rates, favorable weather conditions at Delaware electric and natural gas service territories, and higher transmission rates, partially offset by an increase in interest and credit loss expense.

The changes in **Operating revenues** consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **(Decrease) Increase** | **(Decrease) Increase** | **(Decrease) Increase** | **Increase (Decrease)** | **Increase (Decrease)** | **Increase (Decrease)** |
| | **Electric** | **Gas** | **Total** | **Electric** | **Gas** | **Total** |
| Weather | $(1) | $— | $(1) | $3 | $2 | $5 |
| Volume | 1 |  | 1 | 2 | 3 | 5 |
| Distribution | 4 | 3 | 7 | 9 | 4 | 13 |
| Transmission | 4 |  | 4 | 8 |  | 8 |
| Other | 1 |  | 1 | 1 | (1) |  |
|  | 9 | 3 | 12 | 23 | 8 | 31 |
| Regulatory required programs | 16 | 3 | 19 | 46 | 12 | 58 |
| Total increase | $25 | $6 | $31 | $69 | $20 | $89 |

---

***Revenue Decoupling.*** The demand for electricity is affected by weather and customer usage. However, Operating revenues from electric distribution in Maryland are not impacted by abnormal weather or usage per customer as a result of a BSA that provides for a fixed distribution charge per customer by customer class. While Operating revenues from electric distribution customers in Maryland are not intended to be impacted by abnormal weather or usage per customer, they are impacted by changes in the number of customers.

***Weather.*** The demand for electricity and natural gas in Delaware is affected by weather conditions. With respect to the electric business, very warm weather in summer months and, with respect to the electric and natural gas businesses, very cold weather in winter months are referred to as "favorable weather conditions" because these

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

DPL

weather conditions result in increased deliveries of electricity and natural gas. Conversely, mild weather reduces demand. During the three months ended June 30, 2025 compared to the same period in 2024, Operating revenues related to weather remained relatively consistent. During the six months ended June 30, 2025 compared to the same period in 2024, Operating revenues related to weather increased due to favorable weather conditions in DPL's Delaware electric and natural gas service territories.

Heating and cooling degree days are quantitative indices that reflect the demand for energy needed to heat or cool a home or business. Normal weather is determined based on historical average heating and cooling degree days for a 20-year period in DPL's Delaware electric service territory and a 30-year period in DPL's Delaware natural gas service territory. The changes in heating and cooling degree days in DPL's Delaware service territory for the three and six months ended June 30, 2025, compared to same period in 2024 and normal weather consisted of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | | **% Change** | **% Change** |
| **<u>Delaware Electric Service Territory</u>** | **2025** | **2024** | **Normal** | **2025 vs. 2024** | **2025 vs. Normal** |
| Heating Degree-Days | 373 | 404 | 449 | (7.7)% | (16.9)% |
| Cooling Degree-Days | 390 | 400 | 343 | (2.5)% | 13.7% |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |  | **% Change** | **% Change** |
| **<u>Delaware Electric Service Territory</u>** | **2025** | **2024** | **Normal** | **2025 vs. 2024** | **2025 vs. Normal** |
| Heating Degree-Days | 2771 | 2608 | 2869 | 6.3% | (3.4)% |
| Cooling Degree-Days | 399 | 400 | 343 | (0.3)% | 16.3% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | | **% Change** | **% Change** |
| **<u>Delaware Natural Gas Service Territory</u>** | **2025** | **2024** | **Normal** | **2025 vs. 2024** | **2025 vs. Normal** |
| Heating Degree-Days | 373 | 404 | 482 | (7.7)% | (22.6)% |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |  | **% Change** | **% Change** |
| **<u>Delaware Natural Gas Service Territory</u>** | **2025** | **2024** | **Normal** | **2025 vs. 2024** | **2025 vs. Normal** |
| Heating Degree-Days | 2771 | 2608 | 2936 | 6.3% | (5.6)% |

---

***Volume,*** exclusive of the effects of weather, increased for the three and six months ended June 30, 2025 compared to the same period in 2024, primarily due to an increase in customer usage and customer growth.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Electric Retail Deliveries to Delaware Customers (in GWhs)</u>** | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **% Change** | **Weather - Normal**<br>**% Change**<sup>(b)</sup> | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **% Change** | **Weather - Normal**<br>**% Change**<sup>(b)</sup> |
| **<u>Electric Retail Deliveries to Delaware Customers (in GWhs)</u>** | **2025** | **2024** | **% Change** | **Weather - Normal**<br>**% Change**<sup>(b)</sup> | **2025** | **2024** | **% Change** | **Weather - Normal**<br>**% Change**<sup>(b)</sup> |
| Residential | 675 | 698 | (3.3)% | (1.5)% | 1605 | 1555 | 3.2% | 0.5% |
| Small commercial & industrial | 369 | 353 | 4.5% | 6.2% | 723 | 691 | 4.6% | 4.1% |
| Large commercial & industrial | 766 | 756 | 1.3% | 1.6% | 1456 | 1474 | (1.2)% | (1.5)% |
| Public authorities & electric railroads | 9 | 8 | 12.5% | 10.9% | 15 | 14 | 7.1% | 6.8% |
| Total electric retail deliveries<sup>(a)</sup> | 1819 | 1815 | 0.2% | 1.4% | 3799 | 3734 | 1.7% | 0.4% |

---

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

DPL

---

| | | |
|:---|:---|:---|
| | **At June 30,** | **At June 30,** |
| **<u>Number of Total Electric Customers (Maryland and Delaware)</u>** | **2025** | **2024** |
| Residential | 492999 | 488089 |
| Small commercial & industrial | 65177 | 64549 |
| Large commercial & industrial | 1253 | 1256 |
| Public authorities & electric railroads | 628 | 595 |
| Total | 560057 | 554489 |

---

__________

(a)Reflects delivery volumes from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges.

(b)Reflects the change in delivery volumes assuming normalized weather based on the historical 20-year average.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Natural Gas Retail Deliveries to Delaware Customers (in mmcf)</u>** | **Three Months Ended <br>June 30,** | **Three Months Ended <br>June 30,** | **% Change** | **Weather - Normal**<br>**% Change**<sup>(b)</sup> | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **% Change** | **Weather - Normal**<br>**% Change**<sup>(b)</sup> |
| **<u>Natural Gas Retail Deliveries to Delaware Customers (in mmcf)</u>** | **2025** | **2024** | **% Change** | **Weather - Normal**<br>**% Change**<sup>(b)</sup> | **2025** | **2024** | **% Change** | **Weather - Normal**<br>**% Change**<sup>(b)</sup> |
| Residential | 803 | 852 | (5.8)% | (0.7)% | 5393 | 4764 | 13.2% | 7.0% |
| Small commercial & industrial | 535 | 531 | 0.8% | 4.4% | 2502 | 2244 | 11.5% | 4.9% |
| Large commercial & industrial | 405 | 402 | 0.7% | 0.7% | 837 | 834 | 0.4% | 0.3% |
| Transportation | 1282 | 1340 | (4.3)% | (3.4)% | 3387 | 3301 | 2.6% | 0.4% |
| Total natural gas deliveries<sup>(a)</sup> | 3025 | 3125 | (3.2)% | (0.7)% | 12119 | 11143 | 8.8% | 4.2% |

---

---

| | | |
|:---|:---|:---|
| | **At June 30,** | **At June 30,** |
| **<u>Number of Delaware Natural Gas Customers</u>** | **2025** | **2024** |
| Residential | 131332 | 130678 |
| Small commercial & industrial | 10146 | 10100 |
| Large commercial & industrial | 14 | 14 |
| Transportation | 161 | 163 |
| Total | 141653 | 140955 |

---

__________

(a)Reflects delivery volumes from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges.

(b)Reflects the change in delivery volumes assuming normalized weather based on the historical 30-year average.

***Distribution Revenue*** increased for the three and six months ended June 30, 2025 compared to the same period in 2024 primarily due to higher electric and natural gas DSIC rates in Delaware that became effective January 2025.

***Transmission Revenue.*** Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. During the three and six months ended June 30, 2025 compared to the same period in 2024, transmission revenue increased due to increases in underlying costs and capital investments.

***Other Revenue*** includes rental revenue, service connection fees, and mutual assistance revenues.

***Regulatory Required Programs*** represent revenues collected under approved riders to recover costs incurred for regulatory programs such as energy efficiency programs, DE Renewable Portfolio Standards, SOS procurement and administrative costs, and GCR costs. The riders are designed to provide full and current cost recovery as well as a return in certain instances. The costs of these programs are included in Purchased power and fuel expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. All customers have the choice to purchase electricity from competitive electric generation suppliers; however, only certain commercial and industrial customers have the choice to purchase natural gas from competitive natural gas suppliers. Customer choice programs do not impact the volume of

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

DPL

deliveries as DPL remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation or natural gas from competitive suppliers, DPL either acts as the billing agent or the competitive supplier separately bills its own customers, and therefore does not record Operating revenues or Purchased power and fuel expense related to the electricity and/or natural gas. For customers that choose to purchase electric generation or natural gas from DPL, DPL is permitted to recover the electricity, natural gas, and REC procurement costs from customers and therefore records the amounts related to the electricity, natural gas, and RECs in Operating revenues and Purchased power and fuel expense. DPL recovers electricity and REC procurement costs from customers with a slight mark-up, and natural gas costs without mark-up.

See Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of DPL's revenue disaggregation.

The increase of $16 million and $49 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024 in **Purchased power and fuel expense** is fully offset in Operating revenues as part of regulatory required programs.

The changes in **Operating and maintenance expense** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase (Decrease)** | **Increase (Decrease)** |
| Credit loss expense | $1 | $5 |
| BSC and PHISCO costs | (1) |  |
| Storm-related costs | 1 | (2) |
| Labor and contracting | (5) | (8) |
| Other | 1 | 1 |
|  | (3) | (4) |
| Regulatory required programs<sup>(a)</sup> | 2 | 13 |
| Total (decrease) increase | $(1) | $9 |

---

__________

(a)Reflects the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

The changes in **Depreciation and amortization expense** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase (Decrease)** | **Increase (Decrease)** |
| Depreciation and amortization<sup>(a)</sup> | $2 | $6 |
| Regulatory asset amortization | (1) |  |
| Regulatory required programs<sup>(b)</sup> | 1 | (2) |
| Total increase | $2 | $4 |

---

__________

(a)Depreciation and amortization increased primarily due to ongoing capital expenditures.

(b)Reflects the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information

**Interest Expense, net** increased by $1 million and $4 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024 primarily due to an increase in interest rates and the issuance of debt in 2024 and 2025.

**Other, net** decreased by $4 million and $7 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024 primarily due to a decrease in interest income and lower AFUDC equity.

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

DPL

**Effective income tax rates** were 22.0% and 19.0% for the three months ended June 30, 2025 and 2024, respectively, and 22.9% and 19.8% for the six months ended June 30, 2025 and 2024, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

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<u>[**Table of Contents**](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

ACE

**Results of Operations — ACE**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Favorable (Unfavorable) Variance** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Favorable (Unfavorable) Variance** |
| | **2025** | **2024** | **Favorable (Unfavorable) Variance** | **2025** | **2024** | **Favorable (Unfavorable) Variance** |
| **Operating revenues** | $384 | $383 | $1 | $757 | $740 | $17 |
| **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased power | 173 | 172 | (1) | 329 | 312 | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance | 95 | 92 | (3) | 185 | 178 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 62 | 72 | 10 | 127 | 146 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 3 | 2 | (1) | 5 | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 333 | 338 | 5 | 646 | 641 | (5) |
| **Operating income** | 51 | 45 | 6 | 111 | 99 | 12 |
| **Other income and (deductions)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (20) | (20) |  | (41) | (39) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 2 | 4 | (2) | 6 | 8 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (18) | (16) | (2) | (35) | (31) | (4) |
| **Income before income taxes** | 33 | 29 | 4 | 76 | 68 | 8 |
| **Income taxes** | 9 | 8 | (1) | 20 | 18 | (2) |
| **Net income** | $24 | $21 | $3 | $56 | $50 | $6 |

---

***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024***. **Net income** remained relatively consistent.

***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024.* Net Income** increased by $6 million primarily due to an increase in customer growth and a decrease in various operating expenses.

The changes in **Operating revenues** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase (Decrease)** | **Increase** |
| Distribution | $2 | $4 |
| Transmission | 2 |  |
| Other |  | 1 |
|  | 4 | 5 |
| Regulatory required programs | (3) | 12 |
| Total increase | $1 | $17 |

---

***Revenue Decoupling.*** The demand for electricity is affected by weather and customer usage. However, Operating revenues from electric distribution in New Jersey are not intended to be impacted by abnormal weather or usage per customer as a result of the CIP which compares current distribution revenues by customer class to approved target revenues established in ACE's most recent distribution base rate case. The CIP is calculated annually, and recovery is subject to certain conditions, including an earnings test and ceilings on customer rate increases. While Operating revenues are not impacted by abnormal weather or usage per customer, they are impacted by changes in the number of customers.

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ACE

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| | | |
|:---|:---|:---|
| | **At June 30,** | **At June 30,** |
| **<u>Number of Electric Customers</u>** | **2025** | **2024** |
| Residential | 508775 | 506358 |
| Small commercial & industrial | 62817 | 62717 |
| Large commercial & industrial | 2803 | 2878 |
| Public authorities & electric railroads | 729 | 701 |
| Total | 575124 | 572654 |

---

***Distribution Revenue*** increased for the three and six months ended June 30, 2025 compared to the same period in 2024 due to an increase in customer growth.

***Transmission Revenues*** Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue remained relatively consistent for the three and six months ended June 30, 2025 compared to the same period in 2024.

***Other Revenue*** includes rental revenue, revenue related to late payment charges, mutual assistance revenues, and recoveries of other taxes.

***Regulatory Required Programs*** represent revenues collected under approved riders to recover costs incurred for regulatory programs such as energy efficiency programs, Societal Benefits Charge, Transition Bonds, and BGS procurement and administrative costs. The riders are designed to provide full and current cost recovery as well as a return in certain instances. The costs of these programs are included in Purchased power expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. Customers have the choice to purchase electricity from competitive electric generation suppliers. Customer choice programs do not impact the volume of deliveries, as ACE remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation from competitive suppliers, ACE acts as the billing agent and therefore, ACE does not record Operating revenues or Purchased power expense related to the electricity. For customers that choose to purchase electric generation from ACE, ACE is permitted to recover the electricity, ZEC, and REC procurement costs without mark-up and therefore records equal and offsetting amounts in Operating revenues and Purchased power expense related to the electricity, ZECs, and RECs.

See Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of ACE's revenue disaggregation.

The increase of $1 million and $17 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024 in **Purchased power expense** is fully offset in Operating revenues as part of regulatory required programs.

The changes in **Operating and maintenance expense** consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **(Decrease) Increase** | **Increase (Decrease)** |
| Storm-related costs | $— | $1 |
| Credit Loss Expense |  | 1 |
| Labor and contracting | (1) | (3) |
| BSC and PHISCO costs | (3) | (3) |
| Other | 1 | (2) |
|  | (3) | (6) |
| Regulatory required programs | 6 | 13 |
| Total increase | $3 | $7 |

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ACE

The changes in **Depreciation and amortization expense** consisted of the following:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Increase (Decrease)** | **Increase (Decrease)** |
| Depreciation and amortization<sup>(a)</sup> | $3 | $6 |
| Regulatory asset amortization | (3) | (6) |
| Regulatory required programs | (10) | (19) |
| Total decrease | $(10) | $(19) |

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__________

(a)Depreciation and amortization increased primarily due to ongoing capital expenditures.

**Effective income tax rates** were 27.3% and 27.6% for the three months ended June 30, 2025 and 2024, respectively and 26.3% and 26.5% for the six months ended June 30, 2025 and 2024, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

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**Liquidity and Capital Resources (All Registrants)**

All results included throughout the liquidity and capital resources section are presented on a GAAP basis.

The Registrants' operating and capital expenditures requirements are provided by internally generated cash flows from operations, as well as funds from external sources in the capital markets and through bank borrowings. The Registrants' businesses are capital intensive and require considerable capital resources. Each of the Registrants annually evaluates its financing plan, dividend practices, and credit line sizing, focusing on maintaining its investment grade ratings while meeting its cash needs to fund capital requirements, including construction expenditures, retire debt, pay dividends, and fund pension and OPEB obligations. The Registrants spend a significant amount of cash on capital improvements and construction projects that have a long-term return on investment. Additionally, the Utility Registrants operate in rate-regulated environments in which the amount of new investment recovery may be delayed or limited and where such recovery takes place over an extended period of time. Each Registrant's access to external financing on reasonable terms depends on its credit ratings and current overall capital market business conditions, including that of the utility industry in general. If these conditions deteriorate to the extent that the Registrants no longer have access to the capital markets at reasonable terms, the Registrants have access to credit facilities with aggregate bank commitments of $4.0 billion. The Registrants utilize their credit facilities to support their commercial paper programs, provide for other short-term borrowings, and to issue letters of credit. See the "Credit Matters and Cash Requirements" section below for additional information. The Registrants expect cash flows to be sufficient to meet operating expenses, financing costs, and capital expenditure requirements. See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on the Registrants' debt and credit agreements.

**Cash Flows from Operating Activities** 

The Utility Registrants' cash flows from operating activities primarily result from the transmission and distribution of electricity and, in the case of PECO, BGE, and DPL, gas distribution services. The Utility Registrants' distribution services are provided to an established and diverse base of retail customers. The Utility Registrants' future cash flows may be affected by the economy, weather conditions, future legislative initiatives, future regulatory proceedings with respect to their rates or operations, and their ability to achieve operating cost reductions. Additionally, ComEd is required to purchase CMCs from participating nuclear-powered generating facilities for a five-year period that began in June 2022, and all of its costs of doing so will be recovered through a rider. The price to be paid for each CMC is established through a competitive bidding process. ComEd will provide net payments to, or collect net payments from, customers for the difference between customer credits issued and the credit to be received from the participating nuclear-powered generating facilities. ComEd's cash flows are affected by the establishment of CMC prices and the timing of recovering costs through the CMC regulatory asset.

See Note 3 — Regulatory Matters of the 2024 Form 10-K and Notes 2 — Regulatory Matters and 11 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for additional information on regulatory and legal proceedings and proposed legislation.

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The following table provides a summary of the change in cash flows from operating activities for the six months ended June 30, 2025 and 2024 by Registrant:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Increase (decrease) in cash flows from operating activities** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Net income (loss) | $194 | $67 | $163 | $7 | $11 | $(2) | $7 | $6 |
| Adjustments to reconcile net income to cash: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating activities | 625 | 381 | 13 | 127 | 88 | 80 | 27 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateral received, net | 1 | (15) | 6 | 5 | 6 | 2 | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 36 | 115 | 22 | 58 | 20 | 7 | 22 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (177) | (180) | (6) | (7) | 30 | (1) | (1) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (559) | (604) | 36 | (29) | 50 | 21 | 4 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in working capital and other assets and liabilities | 137 | (25) | 32 | 3 | (41) | (46) | (31) | 46 |
| Increase (decrease) in cash flows from operating activities | $257 | $(261) | $266 | $164 | $164 | $61 | $31 | $77 |

---

Changes in the Registrants' cash flows from operations were generally consistent with changes in each Registrant's respective results of operations, as adjusted by changes in working capital in the normal course of business, except as discussed below. Significant operating cash flow impacts for the Registrants for the six months ended June 30, 2025 and 2024 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• See Note 14 — Supplemental Financial Information of the Combined Notes to Consolidated Financial Statements and the Registrants' Consolidated Statements of Cash Flows for additional information on **non-cash operating activities**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in **collateral** depended upon whether the Registrant was in a net mark-to-market liability or asset position, and collateral may have been required to be posted with or collected from its counterparties. In addition, the collateral posting and collection requirements differed depending on whether the transactions were on an exchange or in the over-the-counter markets. Changes in collateral for the Registrants are dependent upon the credit exposure of procurement contracts that may require suppliers to post collateral. The amount of cash collateral received from external counterparties remained relatively consistent comparing the six months ended June 30, 2025 to the six months ended June 30, 2024. See Note 8 — Derivative Financial Instruments for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements and the Registrants' Consolidated Statements of Cash Flows for additional information on **income taxes**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in **Pension and non-pension postretirement benefit contributions** relates to Exelon's increased contributions to the Qualified Plans during the six months ended June 30, 2025. See Note 14 — Retirement Benefits of the 2024 Form 10-K for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in **regulatory assets and liabilities, net,** are due to the timing of cash payments for costs recoverable, or cash receipts for costs recovered, under our regulatory mechanisms differing from the recovery period of those costs. Included within the changes is energy efficiency spend for ComEd of $191 million and $170 million for the six months ended June 30, 2025 and 2024, respectively. Also included within the changes is energy efficiency and demand response programs spend for BGE, Pepco, DPL and ACE of $41 million, $16 million, $7 million, and $16 million for the six months ended June 30, 2025 and $54 million, $19 million, $9 million, and $14 million for the six months ended June 30, 2024, respectively. PECO had no energy efficiency and demand response programs spend recorded to the regulatory asset for the six months ended June 30, 2025 and 2024. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Changes in working capital and other assets and liabilities** for the Utility Registrants and Exelon Corporate totaled $(21) million and $137 million, respectively. The change in working capital and other noncurrent assets and liabilities for Exelon Corporate and the Utility Registrants is dependent upon the normal course of operations for all Registrants. For ComEd, it is also dependent upon whether the participating nuclear-powered generating facilities are owed money from ComEd as a result of the established pricing for CMCs. For the six months ended June 30, 2025, the established pricing resulted in both a receivable from, and payable to, nuclear-powered generating facilities. The change in receivable from nuclear-powered generating facilities, and the change in payable to nuclear-powered generating facilities, are reflected as a change in accounts receivable and a change in accounts payable and accrued expenses, respectively, within the cash flows from operations.

**Cash Flows from Investing Activities**

The following table provides a summary of the change in cash flows from investing activities for the six months ended June 30, 2025 and 2024 by Registrant:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Decrease) increase in cash flows from investing activities** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Capital expenditures | $(493) | $(78) | $(89) | $(136) | $(205) | $(15) | $(9) | $(16) |
| Proceeds from sales of assets | 2 |  |  |  | 2 | 2 |  |  |
| Changes in intercompany money pool |  |  |  |  |  | 57 | 125 |  |
| Other investing activities | (4) | (10) | (3) | (4) |  |  |  |  |
| (Decrease) increase in cash flows from investing activities | $(495) | $(88) | $(92) | $(140) | $(203) | $44 | $116 | $(16) |

---

Significant investing cash flow impacts for the Registrants for six months ended June 30, 2025 and 2024 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Changes in **capital expenditures** are primarily due to the timing of cash expenditures for capital projects. See the "Credit Matters and Cash Requirements" section below for additional information on projected capital expenditure spending for the Utility Registrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in **intercompany money pool** are driven by short-term borrowing needs. Refer to more information regarding the intercompany money pool below.

**Cash Flows from Financing Activities**

The following table provides a summary of the change in cash flows from financing activities for the six months ended June 30, 2025 and 2024 by Registrant:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Increase (decrease) in cash flows from financing activities** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Changes in short-term borrowings, net | $319 | $488 | $(84) | $161 | $94 | $81 | $(79) | $92 |
| Long-term debt, net | (329) | (75) |  | (150) | (100) | (75) | (50) | 25 |
| Changes in intercompany money pool |  |  |  |  | 5 |  |  | (182) |
| Issuance of common stock | 173 |  |  |  |  |  |  |  |
| Dividends paid on common stock | (47) | (19) | (73) | (12) |  | (5) | (6) |  |
| Distributions to member |  |  |  |  | (10) |  |  |  |
| Contributions from parent/member |  | 9 | (17) | (197) | 35 | (94) | (55) | 13 |
| Other financing activities |  | 4 |  | 1 | 12 | 13 | (1) |  |
| Increase (decrease) in cash flows from financing activities | $116 | $407 | $(174) | $(197) | $36 | $(80) | $(191) | $(52) |

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Significant financing cash flow impacts for the Registrants for the six months ended June 30, 2025 and 2024 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Changes in short-term borrowings, net**, is driven by repayments on and issuances of notes due in less than 365 days. See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on short-term borrowings for the Registrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Long-term debt, net**, varies due to debt issuances and redemptions each year. See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on debt issuances. Refer to the "Debt" section below for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Changes in intercompany money pool** are driven by short-term borrowing needs. Refer below for more information regarding the intercompany money pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Issuance of common stock** relates to issuances of Exelon common stock during the first quarter of 2025. See Note 12 — Shareholders' Equity of the Combined Notes to Consolidated Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exelon's ability to pay **dividends** on its common stock depends on the receipt of dividends paid by its operating subsidiaries. The payments of dividends to Exelon by its subsidiaries in turn depend on their results of operations and cash flows and other items affecting retained earnings. See Note 18 — Commitments and Contingencies of the 2024 Form 10-K for additional information on dividend restrictions. See below for quarterly dividends declared.

***Debt***

See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on the Registrants' debt issuances.

During the six months ended June 30, 2025, the following long-term debt was retired and/or redeemed:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Type** | **Interest Rate** | **Maturity** | **Amount** |
| Exelon | Senior Notes | 3.95% | June 15, 2025 | $807 |

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***Dividends***

Quarterly dividends declared by the Exelon Board of Directors during the six months ended June 30, 2025 and for the third quarter of 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Declaration Date** | **Shareholder of Record Date** | **Dividend Payable Date** | **Cash per Share**<sup>(a)</sup> |
| First Quarter 2025 | February 12, 2025 | February 24, 2025 | March 14, 2025 | $0.4000 |
| Second Quarter 2025 | April 29, 2025 | May 12, 2025 | June 13, 2025 | $0.4000 |
| Third Quarter 2025 | July 29, 2025 | August 11, 2025 | September 15, 2025 | $0.4000 |

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__________

(a)Exelon's Board of Directors approved an updated dividend policy for 2025. The 2025 quarterly dividend will be $0.40 per share.

**Credit Matters and Cash Requirements**

The Registrants fund liquidity needs for capital investment, working capital, energy hedging, and other financial commitments through cash flows from continuing operations, public debt offerings, commercial paper markets, and large, diversified credit facilities. The credit facilities include $4.0 billion in aggregate total commitments of which $3.3 billion was available to support additional commercial paper as of June 30, 2025, and of which no financial institution has more than 6.2% of the aggregate commitments for the Registrants. The Registrants had access to the commercial paper markets and had availability under their revolving credit facilities during the six months ended June 30, 2025 to fund their short-term liquidity needs, when necessary. Exelon Corporate and the

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Utility Registrants each have a 5-year revolving credit facility. See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information. The Registrants routinely review the sufficiency of their liquidity position, including appropriate sizing of credit facility commitments, by performing various stress test scenarios, such as commodity price movements, increases in margin-related transactions, changes in hedging levels, and the impacts of hypothetical credit downgrades. The Registrants have continued to closely monitor events in the financial markets and the financial institutions associated with the credit facilities, including monitoring credit ratings and outlooks, credit default swap levels, capital raising, and merger activity. See PART I. ITEM 1A. RISK FACTORS of the 2024 Form 10-K for additional information regarding the effects of uncertainty in the capital and credit markets.

The Registrants believe their cash flows from operating activities, access to credit markets, and their credit facilities provide sufficient liquidity to support the estimated future cash requirements.

***At-the-Market Programs***

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.

During the first quarter of 2025, Exelon issued approximately 4.0 million shares of Common stock at an average net price of $42.98 per share. The net proceeds from the issuance were $173 million, which were used for general corporate purposes.

In addition, in the first quarter of 2025, Exelon entered into forward sale agreements for 5.7 million shares of Common stock, at a weighted-average net forward price of $43.24 per share. The forward sale agreements require Exelon to, at its election prior to December 15, 2025, either (i) physically settle the transactions by issuing shares of its Common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or (ii) net settle the transactions in whole or in part through the delivery to the forward counterparties or receipt from the forward counterparties of cash or shares in accordance with the provisions of the agreements.

In the second quarter of 2025, Exelon entered into forward sale agreements for 6.2 million shares, and 3.6 million shares of Common stock, at a weighted-average net forward price of $43.51, and $43.17 per share, respectively. The forward sale agreements require Exelon to, at its election prior to December 15, 2025 and November 16, 2026, respectively, either (i) physically settle the transactions by issuing shares of its Common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or (ii) net settle the transactions in whole or in part through the delivery to the forward counterparties or receipt from the forward counterparties of cash or shares in accordance with the provisions of the agreements.

No amounts have been or will be recorded on Exelon's balance sheet with respect to the equity offerings until the equity forward sale agreements have been settled. Each initial forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. Until settlement of the equity forward, earnings per share dilution resulting from the agreement, if any, will be determined under the treasury stock method. For the six months ended June 30, 2025, approximately 15.4 million shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive.

Inclusive of the impact of the forward sale agreements, $2.1 billion of Common stock remained available for sale pursuant to the ATM program as of June 30, 2025.

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***Incremental Collateral Requirements***

The following table presents the incremental collateral that each Utility Registrant would have been required to provide in the event each Utility Registrant lost its investment grade credit rating at June 30, 2025 and available credit facility capacity prior to any incremental collateral at June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| | **PJM Credit Policy Collateral** | **Other Incremental Collateral Required**<sup>(a)</sup> | **Available Credit Facility Capacity Prior to Any Incremental Collateral** |
| ComEd | $19 | $— | $985 |
| PECO |  | 35 | 392 |
| BGE |  | 48 | 575 |
| Pepco |  |  | 149 |
| DPL |  | 14 | 298 |
| ACE |  |  | 221 |

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__________

(a)Represents incremental collateral related to natural gas procurement contracts.

***Capital Expenditure Spending***

As of June 30, 2025, the most recent estimates of capital expenditures for plant additions and improvements for 2025 are as follows:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>(In millions)</u>** | **Transmission** | **Distribution** | **Gas** | **Total**<sup>(a)</sup> |
| Exelon | N/A | N/A | N/A | $8875 |
| ComEd | 925 | 2275 | N/A | 3200 |
| PECO | 175 | 1300 | 400 | 1875 |
| BGE | 700 | 600 | 550 | 1850 |
| PHI | 600 | 1450 | 100 | 2150 |
| Pepco | 250 | 725 | N/A | 975 |
| DPL | 150 | 300 | 75 | 550 |
| ACE | 175 | 250 | N/A | 450 |

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__________

(a)Numbers rounded to the nearest $25M and may not sum due to rounding.

Projected capital expenditures and other investments are subject to periodic review and revision to reflect changes in economic conditions and other factors.

***Retirement Benefits***

Management considers various factors when making pension funding decisions, including actuarially determined minimum contribution requirements under ERISA, contributions required to avoid benefit restrictions and at-risk status as defined by the Pension Protection Act of 2006 (the Act), management of the pension obligation, and regulatory implications. The Act requires the attainment of certain funding levels to avoid benefit restrictions (such as an inability to pay lump sums or to accrue benefits prospectively), and at-risk status (which triggers higher minimum contribution requirements and participant notification). The projected contributions reflect a funding strategy to make annual contributions with the objective of achieving 100% funded status on an ABO basis over time. This funding strategy helps minimize volatility of future period required pension contributions. Exelon's estimated annual qualified pension contributions will be $275 million in 2025. Unlike the qualified pension plans, Exelon's non-qualified pension plans are not funded, given that they are not subject to statutory minimum contribution requirements.

While OPEB plans are also not subject to statutory minimum contribution requirements, Exelon does fund certain of its plans. For Exelon's funded OPEB plans, contributions generally equal accounting costs, however, Exelon's management has historically considered several factors in determining the level of contributions to its OPEB plans, including liabilities management, levels of benefit claims paid, and regulatory implications (amounts deemed prudent to meet regulatory expectations and best assure continued rate recovery).

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To the extent interest rates decline significantly or the pension and OPEB plans earn less than the expected asset returns, annual pension contribution requirements in future years could increase. Conversely, to the extent interest rates increase significantly or the pension and OPEB plans earn greater than the expected asset returns, annual pension and OPEB contribution requirements in future years could decrease. Additionally, expected contributions could change if Exelon changes its pension or OPEB funding strategy.

See Note 14 — Retirement Benefits of the Combined Notes to Consolidated Financial Statements of the 2024 Form 10-K for additional information on pension and OPEB contributions.

***Credit Facilities***

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 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.

See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on the Registrants' credit facilities and short term borrowing activity.

***Security Ratings***

The Registrants' access to the capital markets, including the commercial paper market, and their respective financing costs in those markets, may depend on the securities ratings of the entity that is accessing the capital markets.

The Registrants' borrowings are not subject to default or prepayment as a result of a downgrading of securities, although such a downgrading of a Registrant's securities could increase fees and interest charges under that Registrant's credit agreements.

As part of the normal course of business, the Registrants enter into contracts that contain express provisions or otherwise permit the Registrants and their counterparties to demand adequate assurance of future performance when there are reasonable grounds for doing so. In accordance with the contracts and applicable contracts law, if the Registrants are downgraded by a credit rating agency, it is possible that a counterparty would attempt to rely on such a downgrade as a basis for making a demand for adequate assurance of future performance, which could include the posting of collateral. See Note 8 — Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for additional information on collateral provisions.

The credit ratings for ComEd, BGE, PHI, Pepco, DPL, and ACE did not change for the six months ended June 30, 2025. On January 17, 2025, Fitch Ratings affirmed and withdrew the long-term and short-term issuer default ratings along with individual securities ratings of the Registrants for commercial reasons. On February 7, 2025, S&P raised its long-term issuer credit rating for Exelon and PECO from 'BBB+' to 'A-', and raised its rating on Exelon's senior unsecured debt from 'BBB' to 'BBB+'. S&P also affirmed its short-term issuer and commercial paper rating for Exelon and PECO of 'A-2'.

***Intercompany Money Pool***

To provide an additional short-term borrowing option that will generally be more favorable to the borrowing participants than the cost of external financing, both Exelon and PHI operate an intercompany money pool. Maximum amounts contributed to and borrowed from the money pool by participant and the net contribution or borrowing as of June 30, 2025, are presented in the following table:

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<u>[Table of](#i1ddd2134016d4933b0438aa1fa5e92df_10)[Contents](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

---

| | | | |
|:---|:---|:---|:---|
| | **During the Six Months Ended June 30, 2025** | **During the Six Months Ended June 30, 2025** | **At June 30, 2025** |
|<br>**Exelon Intercompany Money Pool** | **Maximum<br>Contributed** | **Maximum<br>Borrowed** | **Contributed<br>(Borrowed)** |
| Exelon Corporate | $578 | $— | $321 |
| PECO |  | (253) |  |
| BSC |  | (409) | (322) |
| PHI Corporate |  | (85) | (60) |
| PCI | 61 |  | 61 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **During the Six Months Ended June 30, 2025** | **During the Six Months Ended June 30, 2025** | **At June 30, 2025** |
|<br>**PHI Intercompany Money Pool** | **Maximum<br>Contributed** | **Maximum<br>Borrowed** | **Contributed<br>(Borrowed)** |
| Pepco | $20 | $(35) | $— |
| DPL | 48 | (1) |  |
| ACE |  | (28) |  |

---

***Shelf Registration Statements***

On February 21, 2024, PECO and BGE, as co-registrants, filed with the SEC a standalone automatically effective shelf registration statement, unlimited in amount, which can be used to issue PECO and BGE debt securities through the expiration date of February 20, 2027. On February 13, 2025, as most recently amended on March 27, 2025, Exelon Corporation and ComEd, as co-registrants filed a shelf registration statement with the SEC ("Exelon and ComEd Shelf Registration") for authorization of up to $12,575 million in additional security registration, to be used to issue Exelon Corporate debt securities and equity securities, as well as ComEd debt securities. The Exelon and ComEd Shelf Registration was declared effective by the SEC on April 8, 2025, and is effective through April 8, 2028. The ability of Exelon Corporation, ComEd, PECO and BGE to sell securities off their corresponding registration Statements, or to access the private placement markets, will depend on a number of factors at the time of the proposed sale, including other required regulatory approvals, as applicable, the current financial condition of the Registrant, its securities ratings and market conditions.

Pepco, DPL and ACE periodically issue securities through the private placement markets. Pepco, DPL and ACE's ability to access the private placement markets will depend on a number of factors at the time of the proposed sale, including other required regulatory approvals, as applicable, current financial condition, securities ratings and market conditions.

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<u>[Table of](#i1ddd2134016d4933b0438aa1fa5e92df_10)[Contents](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

***Regulatory Authorizations***

The Utility Registrants are required to obtain short-term and long-term financing authority from Federal and State Commissions as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** |
| | **Short-term Financing Authority** | **Short-term Financing Authority** | **Short-term Financing Authority** | **Remaining Long-term Financing Authority** | **Remaining Long-term Financing Authority** | **Remaining Long-term Financing Authority** |
| | **Commission** | **Expiration Date** | **Amount** | **Commission** | **Expiration Date** | **Amount** |
| ComEd | FERC | December 31, 2025 | $2500 | ICC | January 1, 2027 & May 1, 2027 | $1593 |
| PECO | FERC | December 31, 2025 | 1500 | PAPUC | December 31, 2027 | 2900 |
| BGE | FERC | December 31, 2025 | 700 | MDPSC | N/A | 1850 |
| Pepco<sup>(a)(b)</sup> | FERC | December 31, 2025 | 500 | MDPSC / DCPSC | December 31, 2025 | 175 |
| DPL<sup>(a)(c)</sup> | FERC | December 31, 2025 | 500 | MDPSC / DEPSC | December 31, 2025 | 250 |
| ACE<sup>(d)</sup> | NJBPU | December 31, 2025 | 350 | NJBPU | December 31, 2026 | 775 |

---

__________

(a)The financing authority filed with MDPSC does not have an expiration date, while the financing authority filed with DCPSC and DEPSC have an expiration date of December 31, 2025.

(b)On July 17, 2025, Pepco filed an application with the MDPSC and DCPSC to request a new long-term financing authority for $1.1 billion through December 31, 2028. Pepco expects approval of their application by December 31, 2025.

(c)On July 17, 2025, DPL filed an application with the MDPSC and DEPSC to request a new long-term financing authority for $700 million through December 31, 2028. DPL expects approval of their application by December 31, 2025.

(d)On June 6, 2025, ACE filed an application with the NJBPU to extend their short-term financing authority through January 1, 2028. ACE expects approval of their application by December 31, 2025.

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<u>[Table of](#i1ddd2134016d4933b0438aa1fa5e92df_10)[Contents](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

**ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK**

The Registrants hold commodity and financial instruments that are exposed to the following market risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commodity price risk, which is discussed further below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Counterparty credit risk associated with non-performance by counterparties on executed derivative instruments and participation in all, or some of the established, wholesale spot energy markets that are administered by PJM. The credit policies of PJM may, under certain circumstances, require that losses arising from the default of one member on spot energy market transactions be shared by the remaining participants. See Note 8 — Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for a detailed discussion of counterparty credit risk related to derivative instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity price and interest rate risk associated with Exelon's pension and OPEB plan trusts. See Note 7 — Retirement Benefits of the 2024 Form 10-K for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate risk associated with changes in interest rates for the Registrants' outstanding long-term debt. This risk is significantly reduced as substantially all of the Registrants' outstanding debt has fixed interest rates. There is inherent interest rate risk related to refinancing maturing debt by issuing new long-term debt. The Registrants use a combination of fixed-rate and variable-rate debt to manage interest rate exposure. See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information. In addition, Exelon may utilize interest rate derivatives to lock in rate levels in anticipation of future financings, which are typically designated as cash flow hedges. See Note 8 – Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for additional information.

The Registrants operate primarily under cost-based rate regulation limiting exposure to the effects of market risk. Hedging programs are utilized to reduce exposure to energy and natural gas price volatility and have no direct earnings impacts as the costs are fully recovered through regulatory-approved recovery mechanisms.

Exelon manages these risks through risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval, and the monitoring and reporting of risk exposures. Risk management issues are reported to Exelon's Executive Committee, the Risk Management Committees of each Utility Registrant, and the Audit and Risk Committee of Exelon's Board of Directors.

**Commodity Price Risk** 

Commodity price risk is associated with price movements resulting from changes in supply and demand, fuel costs, market liquidity, weather conditions, governmental regulatory and environmental policies, and other factors. To the extent the total amount of energy Exelon purchases differs from the amount of energy it has contracted to sell, Exelon is exposed to market fluctuations in commodity prices. Exelon seeks to mitigate its commodity price risk through the sale and purchase of electricity and natural gas.

ComEd entered into 20-year floating-to-fixed renewable energy swap contracts beginning in June 2012, which are considered an economic hedge and have changes in fair value recorded to an offsetting regulatory asset or liability. ComEd has block energy contracts to procure electric supply that are executed through a competitive procurement process, which are considered derivatives and qualify for NPNS, and as a result are accounted for on an accrual basis of accounting. PECO, BGE, Pepco, DPL, and ACE have contracts to procure electric supply that are executed through a competitive procurement process. PECO, BGE, Pepco, DPL, and ACE have certain full requirements contracts, which are considered derivatives and qualify for NPNS, and as a result are accounted for on an accrual basis of accounting. Other full requirements contracts are not derivatives.

PECO, BGE, and DPL also have executed derivative natural gas contracts, which qualify for NPNS, to hedge their long-term price risk in the natural gas market. The hedging programs for natural gas procurement have no direct impact on their financial statements.

For additional information on these contracts, see Note 8 — Derivative Financial Instruments and Note 10 — Fair Value of Financial Assets and Liabilities of the Combined Notes to Consolidated Financial Statements.

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<u>[Table of](#i1ddd2134016d4933b0438aa1fa5e92df_10)[Contents](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

The following table presents the maturity and source of fair value for Exelon's and ComEd's mark-to-market commodity contract net liabilities. These net liabilities are associated with ComEd's floating-to-fixed energy swap contracts with unaffiliated suppliers. The table provides two fundamental pieces of information. First, the table provides the source of fair value used in determining the carrying amount of Exelon's and ComEd's total mark-to-market net liabilities. Second, the table shows the maturity, by year, of Exelon's and ComEd's commodity contract net liabilities giving an indication of when these mark-to-market amounts will settle and either generate or require cash. See Note 10 — Fair Value of Financial Assets and Liabilities of the Combined Notes to Consolidated Financial Statements for additional information regarding fair value measurements and the fair value hierarchy.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Maturities Within** | **Maturities Within** | **Maturities Within** | **Maturities Within** | **Maturities Within** | **Maturities Within** | **Total Fair<br>Value** |
| **Commodity derivative contracts**<sup>(a)</sup>**:** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030 and Beyond** | **Total Fair<br>Value** |
| Prices based on model or other valuation methods (Level 3) | $(10) | $(18) | $(20) | $(21) | $(20) | $(46) | $(135) |

---

_________

(a)Represents ComEd's net liabilities associated with the floating-to-fixed energy swap contracts with unaffiliated suppliers.

**ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES**

During the second quarter of 2025, each of the Registrants' management, including its principal executive officer and principal financial officer, evaluated its disclosure controls and procedures related to the recording, processing, summarizing, and reporting of information in its periodic reports that it files with the SEC. These disclosure controls and procedures have been designed by the Registrants to ensure that (a) material information relating to that Registrant, including its consolidated subsidiaries, is accumulated and made known to that Registrant's management, including its principal executive officer and principal financial officer, by other employees of that Registrant and its subsidiaries as appropriate to allow timely decisions regarding required disclosure, and (b) this information is recorded, processed, summarized, evaluated, and reported, as applicable, within the time periods specified in the SEC's rules and forms. Due to the inherent limitations of control systems, not all misstatements may be detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls could be circumvented by the individual acts of some persons or by collusion of two or more people.

Accordingly, as of June 30, 2025, the principal executive officer and principal financial officer of each of the Registrants concluded that such Registrant's disclosure controls and procedures were effective to accomplish its objectives. The Registrants continually strive to improve their disclosure controls and procedures to enhance the quality of its financial reporting and to maintain dynamic systems that change as conditions warrant. There were no changes in internal control over financial reporting during the second quarter of 2025 that materially affected, or are reasonably likely to materially affect, any of the Registrants' internal control over financial reporting.

**PART II — OTHER INFORMATION**

**ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS**

The Registrants are parties to various lawsuits and regulatory proceedings in the ordinary course of their respective businesses. For information regarding material lawsuits and proceedings, see (a) ITEM 3. LEGAL PROCEEDINGS of the 2024 Form 10-K, (b) Notes 3 — Regulatory Matters and 18 — Commitments and Contingencies of the 2024 Form 10-K, and (c) Notes 2 — Regulatory Matters and 11 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements in PART I, ITEM 1. FINANCIAL STATEMENTS of this Report. Such descriptions are incorporated herein by these references.

**ITEM 1A.&nbsp;&nbsp;&nbsp;&nbsp;RISK FACTORS**

**Risks Related to All Registrants**

At June 30, 2025, the Registrants' risk factors were consistent with the risk factors described in the Registrants' combined 2024 Form 10-K in ITEM 1A. RISK FACTORS.

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**ITEM 5.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

**All Registrants**

None of our officers or directors, as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as defined in Item 408 of Regulation S-K, during the three months ended June 30, 2025.

**ITEM 6.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS**

Certain of the following exhibits are incorporated herein by reference under Rule 12b-32 of the Securities and Exchange Act of 1934, as amended. Certain other instruments which would otherwise be required to be listed below have not been so listed because such instruments do not authorize securities in an amount which exceeds 10% of the total assets of the applicable Registrant and its subsidiaries on a consolidated basis, and the applicable Registrant agrees to furnish a copy of any such instrument to the Commission upon request.

**(4) Instruments Defining the Rights of Securities Holders, Including Indentures**

---

| | | |
|:---|:---|:---|
| Commonwealth Edison Company | Commonwealth Edison Company | Commonwealth Edison Company |
| **Exhibit No.** | **Description** | **Location** |
| <u>[4-1](http://www.sec.gov/Archives/edgar/data/22606/000002260625000013/exc-20250519ex41.htm)</u> | Supplemental Indenture, dated as of May 1, 2025, from ComEd to The Bank of New York Mellon Trust Company, N.A., as trustee | <u>[File No. 001-01839, Form 8-K dated May 19, 2025, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000002260625000013/exc-20250519ex41.htm)</u> |

---

---

| | | |
|:---|:---|:---|
| Baltimore Gas and Electric Company | Baltimore Gas and Electric Company | Baltimore Gas and Electric Company |
| **Exhibit No.** | **Description** | **Location** |
| <u>[4-2](http://www.sec.gov/Archives/edgar/data/9466/000000946625000004/exc-20250516ex41.htm)</u> | Form of 5.450% Notes due 2035 issued May 16, 2025 by Baltimore Gas and Electric Company | <u>[File No. 001-01910, Form 8-K dated May 16, 2025, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/9466/000000946625000004/exc-20250516ex41.htm)</u> |

---

Certifications Pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934 as to the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 filed by the following officers for the following companies:

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<u>[Table of](#i1ddd2134016d4933b0438aa1fa5e92df_10)[Contents](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

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| | |
|:---|:---|
| Exelon Corporation | Exelon Corporation |
| **Exhibit No.** | **Description** |
| <u>[31-1](exc-ex3101_20250630q2.htm)</u> | <u>[Filed by Calvin G. Butler, Jr. for Exelon Corporation](exc-ex3101_20250630q2.htm)</u> |
| <u>[31-2](exc-ex3102_20250630q2.htm)</u> | <u>[Filed by Jeanne M. Jones for Exelon Corporation](exc-ex3102_20250630q2.htm)</u> |
| Commonwealth Edison Company | Commonwealth Edison Company |
| **Exhibit No.** | **Description** |
| <u>[31-3](exc-ex3103_20250630q2.htm)</u> | <u>[Filed by Gil C. Quiniones for Commonwealth Edison Company](exc-ex3103_20250630q2.htm)</u> |
| <u>[31-4](exc-ex3104_20250630q2.htm)</u> | <u>[Filed by Joshua S. Levin for Commonwealth Edison Company](exc-ex3104_20250630q2.htm)</u> |
| PECO Energy Company | PECO Energy Company |
| **Exhibit No.** | **Description** |
| <u>[31-5](exc-ex3105_20250630q2.htm)</u> | <u>[Filed by David M. Vahos for PECO Energy Company](exc-ex3105_20250630q2.htm)</u> |
| <u>[31-6](exc-ex3106_20250630q2.htm)</u> | <u>[Filed by Marissa E. Humphrey for PECO Energy Company](exc-ex3106_20250630q2.htm)</u> |
| Baltimore Gas and Electric Company | Baltimore Gas and Electric Company |
| **Exhibit No.** | **Description** |
| <u>[31-7](exc-ex3107_20250630q2.htm)</u> | <u>[Filed by Tamla A. Olivier for Baltimore Gas and Electric Company](exc-ex3107_20250630q2.htm)</u> |
| <u>[31-8](exc-ex3108_20250630q2.htm)</u> | <u>[Filed by Michael J. Cloyd for Baltimore Gas and Electric Company](exc-ex3108_20250630q2.htm)</u> |
| Pepco Holdings LLC | Pepco Holdings LLC |
| **Exhibit No.** | **Description** |
| <u>[31-9](exc-ex3109_20250630q2.htm)</u> | <u>[Filed by J. Tyler Anthony for Pepco Holdings LLC](exc-ex3109_20250630q2.htm)</u> |
| <u>[31-10](exc-ex3110_20250630q2.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Pepco Holdings LLC](exc-ex3110_20250630q2.htm)</u> |
| Potomac Electric Power Company | Potomac Electric Power Company |
| **Exhibit No.** | **Description** |
| <u>[31-11](exc-ex3111_20250630q2.htm)</u> | <u>[Filed by J. Tyler Anthony for Potomac Electric Power Company](exc-ex3111_20250630q2.htm)</u> |
| <u>[31-12](exc-ex3112_20250630q2.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Potomac Electric Power Company](exc-ex3112_20250630q2.htm)</u> |
| Delmarva Power & Light Company | Delmarva Power & Light Company |
| **Exhibit No.** | **Description** |
| <u>[31-13](exc-ex3113_20250630q2.htm)</u> | <u>[Filed by J. Tyler Anthony for Delmarva Power & Light Company](exc-ex3113_20250630q2.htm)</u> |
| <u>[31-14](exc-ex3114_20250630q2.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Delmarva Power & Light Company](exc-ex3114_20250630q2.htm)</u> |
| Atlantic City Electric Company | Atlantic City Electric Company |
| **Exhibit No.** | **Description** |
| <u>[31-15](exc-ex3115_20250630q2.htm)</u> | <u>[Filed by J. Tyler Anthony for Atlantic City Electric Company](exc-ex3115_20250630q2.htm)</u> |
| <u>[31-16](exc-ex3116_20250630q2.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Atlantic City Electric Company](exc-ex3116_20250630q2.htm)</u> |

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Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code (Sarbanes-Oxley Act of 2002) as to the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 filed by the following officers for the following companies:

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| | |
|:---|:---|
| Exelon Corporation | Exelon Corporation |
| **Exhibit No.** | **Description** |
| <u>[32-1](exc-ex3201_20250630q2.htm)</u> | <u>[Filed by Calvin G. Butler, Jr. for Exelon Corporation](exc-ex3201_20250630q2.htm)</u> |
| <u>[32-2](exc-ex3202_20250630q2.htm)</u> | <u>[Filed by Jeanne M. Jones for Exelon Corporation](exc-ex3202_20250630q2.htm)</u> |
| Commonwealth Edison Company | Commonwealth Edison Company |
| **Exhibit No.** | **Description** |
| <u>[32-3](exc-ex3203_20250630q2.htm)</u> | <u>[Filed by Gil C. Quiniones for Commonwealth Edison Company](exc-ex3203_20250630q2.htm)</u> |
| <u>[32-4](exc-ex3204_20250630q2.htm)</u> | <u>[Filed by Joshua S. Levin for Commonwealth Edison Company](exc-ex3204_20250630q2.htm)</u> |
| PECO Energy Company | PECO Energy Company |
| **Exhibit No.** | **Description** |
| <u>[32-5](exc-ex3205_20250630q2.htm)</u> | <u>[Filed by David M. Vahos for PECO Energy Company](exc-ex3205_20250630q2.htm)</u> |
| <u>[32-6](exc-ex3206_20250630q2.htm)</u> | <u>[Filed by Marissa E. Humphrey for PECO Energy Company](exc-ex3206_20250630q2.htm)</u> |
| Baltimore Gas and Electric Company | Baltimore Gas and Electric Company |
| **Exhibit No.** | **Description** |
| <u>[32-7](exc-ex3207_20250630q2.htm)</u> | <u>[Filed by Tamla A. Olivier for Baltimore Gas and Electric Company](exc-ex3207_20250630q2.htm)</u> |
| <u>[32-8](exc-ex3208_20250630q2.htm)</u> | <u>[Filed by Michael J. Cloyd for Baltimore Gas and Electric Company](exc-ex3208_20250630q2.htm)</u> |
| Pepco Holdings LLC | Pepco Holdings LLC |
| **Exhibit No.** | **Description** |
| <u>[32-9](exc-ex3209_20250630q2.htm)</u> | <u>[Filed by J. Tyler Anthony for Pepco Holdings LLC](exc-ex3209_20250630q2.htm)</u> |
| <u>[32-10](exc-ex3210_20250630q2.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Pepco Holdings LLC](exc-ex3210_20250630q2.htm)</u> |
| Potomac Electric Power Company | Potomac Electric Power Company |
| **Exhibit No.** | **Description** |
| <u>[32-11](exc-ex3211_20250630q2.htm)</u> | <u>[Filed by J. Tyler Anthony for Potomac Electric Power Company](exc-ex3211_20250630q2.htm)</u> |
| <u>[32-12](exc-ex3212_20250630q2.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Potomac Electric Power Company](exc-ex3212_20250630q2.htm)</u> |
| Delmarva Power & Light Company | Delmarva Power & Light Company |
| **Exhibit No.** | **Description** |
| <u>[32-13](exc-ex3213_20250630q2.htm)</u> | <u>[Filed by J. Tyler Anthony for Delmarva Power & Light Company](exc-ex3213_20250630q2.htm)</u> |
| <u>[32-14](exc-ex3214_20250630q2.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Delmarva Power & Light Company](exc-ex3214_20250630q2.htm)</u> |
| Atlantic City Electric Company | Atlantic City Electric Company |
| **Exhibit No.** | **Description** |
| <u>[32-15](exc-ex3215_20250630q2.htm)</u> | <u>[Filed by J. Tyler Anthony for Atlantic City Electric Company](exc-ex3215_20250630q2.htm)</u> |
| <u>[32-16](exc-ex3216_20250630q2.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Atlantic City Electric Company](exc-ex3216_20250630q2.htm)</u> |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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**SIGNATURES**

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

**EXELON CORPORATION**

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| | |
|:---|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;CALVIN G. BUTLER, JR. | /s/&nbsp;&nbsp;&nbsp;&nbsp;JEANNE M. JONES |
| Calvin G. Butler, Jr. | Jeanne M. Jones |
| President, Chief Executive Officer<br>(Principal Executive Officer), and Director | Executive Vice President and Chief Financial Officer<br>(Principal Financial Officer) |
| /s/ ROBERT A. KLECZYNSKI | |
| Robert A. Kleczynski | |
| Senior Vice President, Corporate Controller and Tax<br>(Principal Accounting Officer) | |

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July 31, 2025

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Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

**COMMONWEALTH EDISON COMPANY**

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| | |
|:---|:---|
| /s/ GIL C. QUINIONES | /s/ JOSHUA S. LEVIN |
| Gil C. Quiniones | Joshua S. Levin |
| President, Chief Executive Officer<br>(Principal Executive Officer), and Director | Senior Vice President, Chief Financial Officer, and Treasurer<br>(Principal Financial Officer) |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;ERIN V. WHITE | |
| Erin V. White | |
| Director, Accounting<br>(Principal Accounting Officer) | |

---

July 31, 2025

------

<u>[Table of](#i1ddd2134016d4933b0438aa1fa5e92df_10)[Contents](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

**PECO ENERGY COMPANY**

---

| | |
|:---|:---|
| /s/ DAVID M. VAHOS | /s/&nbsp;&nbsp;&nbsp;&nbsp;MARISSA E. HUMPHREY |
| David M. Vahos | Marissa E. Humphrey |
| President, Chief Executive Officer (Principal Executive Officer), and Director | Senior Vice President, Chief Financial Officer, and Treasurer<br>(Principal Financial Officer) |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;MARIANA HUFFORD | |
| Mariana Hufford | |
| Director, Accounting<br>(Principal Accounting Officer) | |

---

July 31, 2025

------

<u>[Table of](#i1ddd2134016d4933b0438aa1fa5e92df_10)[Contents](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

**BALTIMORE GAS AND ELECTRIC COMPANY**

---

| | |
|:---|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;TAMLA A. OLIVIER | /s/ MICHAEL J. CLOYD |
| Tamla A. Olivier | Michael J. Cloyd |
| President, Chief Executive Officer<br>(Principal Executive Officer), and Director | Senior Vice President, Chief Financial Officer, and Treasurer <br>(Principal Financial Officer) |
| /s/ DAMON M. SCOLERI | |
| Damon M. Scoleri | |
| Director, Accounting<br>(Principal Accounting Officer) | |

---

July 31, 2025

------

<u>[Table of](#i1ddd2134016d4933b0438aa1fa5e92df_10)[Contents](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

**PEPCO HOLDINGS LLC**

---

| | |
|:---|:---|
| /s/ J. TYLER ANTHONY | /s/ ELIZABETH MORGAN DOWNS O'DONNELL |
| J. Tyler Anthony | Elizabeth Morgan Downs O'Donnell |
| President, Chief Executive Officer <br>(Principal Executive Officer), and Director | Senior Vice President, Chief Financial Officer, and Treasurer<br>(Principal Financial Officer) |
| /s/ JASON T. JONES | |
| Jason T. Jones | |
| Director, Accounting<br>(Principal Accounting Officer) | |

---

July 31, 2025

------

<u>[Table of](#i1ddd2134016d4933b0438aa1fa5e92df_10)[Contents](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

**POTOMAC ELECTRIC POWER COMPANY**

---

| | |
|:---|:---|
| /s/ J. TYLER ANTHONY | /s/&nbsp;&nbsp;&nbsp;&nbsp;ELIZABETH MORGAN DOWNS O'DONNELL |
| J. Tyler Anthony | Elizabeth Morgan Downs O'Donnell |
| President, Chief Executive Officer <br>(Principal Executive Officer), and Director | Senior Vice President, Chief Financial Officer, and Treasurer<br>(Principal Financial Officer) |
| /s/ JASON T. JONES | |
| Jason T. Jones | |
| Director, Accounting<br>(Principal Accounting Officer) | |

---

July 31, 2025

------

<u>[Table of](#i1ddd2134016d4933b0438aa1fa5e92df_10)[Contents](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

**DELMARVA POWER & LIGHT COMPANY**

---

| | |
|:---|:---|
| /s/ J. TYLER ANTHONY | /s/&nbsp;&nbsp;&nbsp;&nbsp;ELIZABETH MORGAN DOWNS O'DONNELL |
| J. Tyler Anthony | Elizabeth Morgan Downs O'Donnell |
| President, Chief Executive Officer <br>(Principal Executive Officer), and Director | Senior Vice President, Chief Financial Officer, and Treasurer<br>(Principal Financial Officer) |
| /s/ JASON T. JONES | |
| Jason T. Jones | |
| Director, Accounting<br>(Principal Accounting Officer) | |

---

July 31, 2025

------

<u>[Table of](#i1ddd2134016d4933b0438aa1fa5e92df_10)[Contents](#i1ddd2134016d4933b0438aa1fa5e92df_10)</u>

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

**ATLANTIC CITY ELECTRIC COMPANY**

---

| | |
|:---|:---|
| /s/ J. TYLER ANTHONY | /s/&nbsp;&nbsp;&nbsp;&nbsp;ELIZABETH MORGAN DOWNS O'DONNELL |
| J. Tyler Anthony | Elizabeth Morgan Downs O'Donnell |
| President, Chief Executive Officer <br>(Principal Executive Officer), and Director | Senior Vice President, Chief Financial Officer, and Treasurer<br>(Principal Financial Officer) |
| /s/ JASON T. JONES | |
| Jason T. Jones | |
| Director, Accounting<br>(Principal Accounting Officer) | |

---

July 31, 2025

## Exhibit 31.01

**Exhibit 31-1**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, Calvin G. Butler, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Exelon Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;CALVIN G. BUTLER, JR. |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: July 31, 2025

## Exhibit 31.02

**Exhibit 31-2**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, Jeanne M. Jones, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Exelon Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;JEANNE M. JONES |
| Executive Vice President and Chief Financial Officer |
| (Principal Financial Officer) |

---

Date: July 31, 2025

## Exhibit 31.03

**Exhibit 31-3**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, Gil C. Quiniones, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Commonwealth Edison Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;GIL C. QUINIONES |
| President and Chief Executive Officer<br>(Principal Executive Officer) |

---

Date: July 31, 2025

## Exhibit 31.04

**Exhibit 31-4**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, Joshua S. Levin, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Commonwealth Edison Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ JOSHUA S. LEVIN |
| Senior Vice President, Chief Financial Officer, and Treasurer |
| (Principal Financial Officer) |

---

Date: July 31, 2025

## Exhibit 31.05

**Exhibit 31-5**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, David M. Vahos, certify that:

1. I have reviewed this quarterly report on Form 10-Q of PECO Energy Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;DAVID M. VAHOS |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: July 31, 2025

## Exhibit 31.06

**Exhibit 31-6**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, Marissa E. Humphrey, certify that:

1. I have reviewed this quarterly report on Form 10-Q of PECO Energy Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;MARISSA E. HUMPHREY |
| Senior Vice President, Chief Financial Officer, and Treasurer |
| (Principal Financial Officer) |

---

Date: July 31, 2025

## Exhibit 31.07

**Exhibit 31-7**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, Tamla A. Olivier, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Baltimore Gas and Electric Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;TAMLA A. OLIVIER |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: July 31, 2025

## Exhibit 31.08

**Exhibit 31-8**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, Michael J. Cloyd, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Baltimore Gas and Electric Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;MICHAEL J. CLOYD |
| Senior Vice President, Chief Financial Officer, and Treasurer |
| (Principal Financial Officer) |

---

Date: July 31, 2025

## Exhibit 31.09

**Exhibit 31-9**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, J. Tyler Anthony, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Pepco Holdings LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;J. TYLER ANTHONY |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: July 31, 2025

## Exhibit 31.10

**Exhibit 31-10**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, Elizabeth Morgan Downs O'Donnell, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Pepco Holdings LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;ELIZABETH MORGAN DOWNS O'DONNELL |
| Senior Vice President, Chief Financial Officer, and Treasurer |
| (Principal Financial Officer) |

---

Date: July 31, 2025

## Exhibit 31.11

**Exhibit 31-11**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, J. Tyler Anthony, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Potomac Electric Power Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;J. TYLER ANTHONY |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: July 31, 2025

## Exhibit 31.12

**Exhibit 31-12**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, Elizabeth Morgan Downs O'Donnell, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Potomac Electric Power Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;ELIZABETH MORGAN DOWNS O'DONNELL |
| Senior Vice President, Chief Financial Officer, and Treasurer |
| (Principal Financial Officer) |

---

Date: July 31, 2025

## Exhibit 31.13

**Exhibit 31-13**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, J. Tyler Anthony, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Delmarva Power & Light Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;J. TYLER ANTHONY |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: July 31, 2025

## Exhibit 31.14

**Exhibit 31-14**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, Elizabeth Morgan Downs O'Donnell, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Delmarva Power & Light Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;ELIZABETH MORGAN DOWNS O'DONNELL |
| Senior Vice President, Chief Financial Officer, and Treasurer |
| (Principal Financial Officer) |

---

Date: July 31, 2025

## Exhibit 31.15

**Exhibit 31-15**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, J. Tyler Anthony, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Atlantic City Electric Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;J. TYLER ANTHONY |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: July 31, 2025

## Exhibit 31.16

**Exhibit 31-16**

**CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES**

**AND EXCHANGE ACT OF 1934**

I, Elizabeth Morgan Downs O'Donnell, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Atlantic City Electric Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;ELIZABETH MORGAN DOWNS O'DONNELL |
| Senior Vice President, Chief Financial Officer, and Treasurer |
| (Principal Financial Officer) |

---

Date: July 31, 2025

## Exhibit 32.01

**Exhibit 32-1**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Exelon Corporation for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Exelon Corporation.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;CALVIN G. BUTLER, JR. |
| Calvin G. Butler, Jr. |
| President and Chief Executive Officer |

---

Date: July 31, 2025

## Exhibit 32.02

**Exhibit 32-2**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Exelon Corporation for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Exelon Corporation.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;JEANNE M. JONES |
| Jeanne M. Jones |
| Executive Vice President and Chief Financial Officer |

---

Date: July 31, 2025

## Exhibit 32.03

**Exhibit 32-3**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Commonwealth Edison Company for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Commonwealth Edison Company.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;GIL C. QUINIONES |
| Gil C. Quiniones |
| President and Chief Executive Officer |

---

Date: July 31, 2025

## Exhibit 32.04

**Exhibit 32-4**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Commonwealth Edison Company for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Commonwealth Edison Company.

---

| |
|:---|
| /s/ JOSHUA S. LEVIN |
| Joshua S. Levin |
| Senior Vice President, Chief Financial Officer, and Treasurer |

---

Date: July 31, 2025

## Exhibit 32.05

**Exhibit 32-5**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of PECO Energy Company for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of PECO Energy Company.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;DAVID M. VAHOS |
| David M. Vahos |
| President and Chief Executive Officer |

---

Date: July 31, 2025

## Exhibit 32.06

**Exhibit 32-6**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of PECO Energy Company for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of PECO Energy Company.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;MARISSA E. HUMPHREY |
| Marissa E. Humphrey |
| Senior Vice President, Chief Financial Officer, and Treasurer |

---

Date: July 31, 2025

## Exhibit 32.07

**Exhibit 32-7**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Baltimore Gas and Electric Company for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Baltimore Gas and Electric Company.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;TAMLA A. OLIVIER |
| Tamla A. Olivier |
| President and Chief Executive Officer |

---

Date: July 31, 2025

## Exhibit 32.08

**Exhibit 32-8**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Baltimore Gas and Electric Company for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Baltimore Gas and Electric Company.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;MICHAEL J. CLOYD |
| Michael J. Cloyd |
| Senior Vice President, Chief Financial Officer, and Treasurer |

---

Date: July 31, 2025

## Exhibit 32.09

**Exhibit 32-9**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Pepco Holdings LLC for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Pepco Holdings LLC.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;J. TYLER ANTHONY |
| J. Tyler Anthony |
| President and Chief Executive Officer |

---

Date: July 31, 2025

## Exhibit 32.10

**Exhibit 32-10**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Pepco Holdings LLC for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Pepco Holdings LLC.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;ELIZABETH MORGAN DOWNS O'DONNELL |
| Elizabeth Morgan Downs O'Donnell |
| Senior Vice President, Chief Financial Officer, and Treasurer |

---

Date: July 31, 2025

## Exhibit 32.11

**Exhibit 32-11**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Potomac Electric Power Company for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Potomac Electric Power Company.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;J. TYLER ANTHONY |
| J. Tyler Anthony |
| President and Chief Executive Officer |

---

Date: July 31, 2025

## Exhibit 32.12

**Exhibit 32-12**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Potomac Electric Power Company for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Potomac Electric Power Company.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;ELIZABETH MORGAN DOWNS O'DONNELL |
| Elizabeth Morgan Downs O'Donnell |
| Senior Vice President, Chief Financial Officer, and Treasurer |

---

Date: July 31, 2025

## Exhibit 32.13

**Exhibit 32-13**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Delmarva Power & Light Company for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Delmarva Power & Light Company.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;J. TYLER ANTHONY |
| J. Tyler Anthony |
| President and Chief Executive Officer |

---

Date: July 31, 2025

## Exhibit 32.14

**Exhibit 32-14**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Delmarva Power & Light Company for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Delmarva Power & Light Company.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;ELIZABETH MORGAN DOWNS O'DONNELL |
| Elizabeth Morgan Downs O'Donnell |
| Senior Vice President, Chief Financial Officer, and Treasurer |

---

Date: July 31, 2025

## Exhibit 32.15

**Exhibit 32-15**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Atlantic City Electric Company for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Atlantic City Electric Company.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;J. TYLER ANTHONY |
| J. Tyler Anthony |
| President and Chief Executive Officer |

---

Date: July 31, 2025

## Exhibit 32.16

**Exhibit 32-16**

**Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code**

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Atlantic City Electric Company for the quarterly period ended June 30, 2025, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Atlantic City Electric Company.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;ELIZABETH MORGAN DOWNS O'DONNELL |
| Elizabeth Morgan Downs O'Donnell |
| Senior Vice President, Chief Financial Officer, and Treasurer |

---

Date: July 31, 2025

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