# EDGAR Filing Document

**Accession Number:** 0000078100
**File Stem:** 0001109357-26-000018
**Filing Date:** 2026-2
**Character Count:** 1411332
**Document Hash:** f9574a9cc7fd0febf4c6ac75c10b5646
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001109357-26-000018.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001109357-26-000018

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 441

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**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-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16169
- **FILM NUMBER:** 26625682

**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-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01910
- **FILM NUMBER:** 26625685

**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-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01839
- **FILM NUMBER:** 26625684

**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-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31403
- **FILM NUMBER:** 26625688

**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-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-16844
- **FILM NUMBER:** 26625689

**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-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01072
- **FILM NUMBER:** 26625683

**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-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03559
- **FILM NUMBER:** 26625686

**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-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01405
- **FILM NUMBER:** 26625687

**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-20251231

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-K**

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

**For the Fiscal Year Ended December 31, 2025**

**or**

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

---

| | | |
|:---|:---|:---|
| **Commission<br>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 |

---

**Securities registered pursuant to Section 12(g) of the Act:**

---

| |
|:---|
| **<u>Title of Each Class</u>** |
| **COMMONWEALTH EDISON COMPANY:** |
| Common Stock Purchase Warrants (1971 Warrants and Series B Warrants) |

---

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Exelon Corporation | Yes | ☐ | No | ⌧ |
| Commonwealth Edison Company | Yes | ☐ | No | ⌧ |
| PECO Energy Company | Yes | ⌧ | No | ☐ |
| Baltimore Gas and Electric Company | Yes | ⌧ | No | ☐ |
| Pepco Holdings LLC | Yes | ☐ | No | ⌧ |
| Potomac Electric Power Company | Yes | ☐ | No | ⌧ |
| Delmarva Power & Light Company | Yes | ☐ | No | ⌧ |
| Atlantic City Electric Company | Yes | ☐ | No | ⌧ |

---

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Exelon Corporation | Yes | ☐ | No | ⌧ |
| Commonwealth Edison Company | Yes | ☐ | No | ⌧ |
| PECO Energy Company | Yes | ☐ | No | ⌧ |
| Baltimore Gas and Electric Company | Yes | ☐ | No | ⌧ |
| Pepco Holdings LLC | Yes | ☐ | No | ⌧ |
| Potomac Electric Power Company | Yes | ☐ | No | ⌧ |
| Delmarva Power & Light Company | Yes | ☐ | No | ⌧ |
| Atlantic City Electric Company | Yes | ☐ | No | ⌧ |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;Yes 🗷&nbsp;&nbsp;&nbsp;&nbsp;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).&nbsp;&nbsp;&nbsp;&nbsp;Yes 🗷&nbsp;&nbsp;&nbsp;&nbsp;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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report. ⌧

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. □

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ⌧

The estimated aggregate market value of the voting and non-voting common equity held by nonaffiliates of each registrant as of June 30, 2025 was as follows:

---

| | |
|:---|:---|
| Exelon Corporation Common Stock, without par value | $43835664870 |
| Commonwealth Edison Company Common Stock, $12.50 par value | No established market |
| PECO Energy Company Common Stock, without par value |  |
| Baltimore Gas and Electric Company, without par value |  |
| Pepco Holdings LLC | Not applicable |
| Potomac Electric Power Company |  |
| Delmarva Power & Light Company |  |
| Atlantic City Electric Company |  |

---

The number of shares outstanding of each registrant's Common stock as of January 31, 2026 was as follows:

---

| | |
|:---|:---|
| Exelon Corporation Common Stock, without par value | 1022892585 |
| Commonwealth Edison Company Common Stock, $12.50 par value | 127021422 |
| 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 |

---

**Documents Incorporated by Reference**

Portions of the Exelon Proxy Statement for the 2026 Annual Meeting of Shareholders and the Commonwealth Edison Company 2026 Information Statement are incorporated by reference in Part III.

PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and are therefore filing this Form in the reduced disclosure format.

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page No.** |
| **<u>[GLOSSARY OF TERMS AND ABBREVIATIONS](#i4c9c3ae6799a4a3e87602e3c79b151d2_13)</u>** | **<u>[GLOSSARY OF TERMS AND ABBREVIATIONS](#i4c9c3ae6799a4a3e87602e3c79b151d2_13)</u>** | <u>[1](#i4c9c3ae6799a4a3e87602e3c79b151d2_13)</u> |
| **<u>[FILING FORMAT](#i4c9c3ae6799a4a3e87602e3c79b151d2_16)</u>** | **<u>[FILING FORMAT](#i4c9c3ae6799a4a3e87602e3c79b151d2_16)</u>** | <u>[5](#i4c9c3ae6799a4a3e87602e3c79b151d2_16)</u> |
| **<u>[CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION](#i4c9c3ae6799a4a3e87602e3c79b151d2_19)</u>** | **<u>[CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION](#i4c9c3ae6799a4a3e87602e3c79b151d2_19)</u>** | <u>[5](#i4c9c3ae6799a4a3e87602e3c79b151d2_19)</u> |
| **<u>[WHERE TO FIND MORE INFORMATION](#i4c9c3ae6799a4a3e87602e3c79b151d2_22)</u>** | **<u>[WHERE TO FIND MORE INFORMATION](#i4c9c3ae6799a4a3e87602e3c79b151d2_22)</u>** | <u>[6](#i4c9c3ae6799a4a3e87602e3c79b151d2_22)</u> |
| **<u>[PART I](#i4c9c3ae6799a4a3e87602e3c79b151d2_25)</u>** | | |
| **<u>[ITEM 1.](#i4c9c3ae6799a4a3e87602e3c79b151d2_28)</u>** | **<u>[BUSINESS](#i4c9c3ae6799a4a3e87602e3c79b151d2_28)</u>** | <u>[7](#i4c9c3ae6799a4a3e87602e3c79b151d2_28)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[General](#i4c9c3ae6799a4a3e87602e3c79b151d2_31)</u> | <u>[7](#i4c9c3ae6799a4a3e87602e3c79b151d2_31)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Utility Operations](#i4c9c3ae6799a4a3e87602e3c79b151d2_34)</u> | <u>[8](#i4c9c3ae6799a4a3e87602e3c79b151d2_34)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Exelon's Strategy and Outlook](#i4c9c3ae6799a4a3e87602e3c79b151d2_37)</u> | <u>[11](#i4c9c3ae6799a4a3e87602e3c79b151d2_37)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Employees](#i4c9c3ae6799a4a3e87602e3c79b151d2_40)</u> | <u>[12](#i4c9c3ae6799a4a3e87602e3c79b151d2_40)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Environmental Matters and Regulation](#i4c9c3ae6799a4a3e87602e3c79b151d2_43)</u> | <u>[13](#i4c9c3ae6799a4a3e87602e3c79b151d2_43)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Executive Officers of the Registrants](#i4c9c3ae6799a4a3e87602e3c79b151d2_46)</u> | <u>[18](#i4c9c3ae6799a4a3e87602e3c79b151d2_46)</u> |
| **<u>[ITEM 1A.](#i4c9c3ae6799a4a3e87602e3c79b151d2_49)</u>** | **<u>[RISK FACTORS](#i4c9c3ae6799a4a3e87602e3c79b151d2_49)</u>** | <u>[20](#i4c9c3ae6799a4a3e87602e3c79b151d2_49)</u> |
| **<u>[ITEM 1B.](#i4c9c3ae6799a4a3e87602e3c79b151d2_52)</u>** | **<u>[UNRESOLVED STAFF COMMENTS](#i4c9c3ae6799a4a3e87602e3c79b151d2_52)</u>** | <u>[30](#i4c9c3ae6799a4a3e87602e3c79b151d2_52)</u> |
| **<u>[ITEM 1C.](#i4c9c3ae6799a4a3e87602e3c79b151d2_55)</u>** | **<u>[CYBERSECURITY](#i4c9c3ae6799a4a3e87602e3c79b151d2_55)</u>** | <u>[30](#i4c9c3ae6799a4a3e87602e3c79b151d2_55)</u> |
| **<u>[ITEM 2.](#i4c9c3ae6799a4a3e87602e3c79b151d2_58)</u>** | **<u>[PROPERTIES](#i4c9c3ae6799a4a3e87602e3c79b151d2_58)</u>** | <u>[32](#i4c9c3ae6799a4a3e87602e3c79b151d2_58)</u> |
| **<u>[ITEM 3.](#i4c9c3ae6799a4a3e87602e3c79b151d2_64)</u>** | **<u>[LEGAL PROCEEDINGS](#i4c9c3ae6799a4a3e87602e3c79b151d2_64)</u>** | <u>[33](#i4c9c3ae6799a4a3e87602e3c79b151d2_64)</u> |
| **<u>[ITEM 4.](#i4c9c3ae6799a4a3e87602e3c79b151d2_70)</u>** | **<u>[MINE SAFETY DISCLOSURES](#i4c9c3ae6799a4a3e87602e3c79b151d2_70)</u>** | <u>[33](#i4c9c3ae6799a4a3e87602e3c79b151d2_70)</u> |
| **<u>[PART II](#i4c9c3ae6799a4a3e87602e3c79b151d2_73)</u>** | | |
| **<u>[ITEM 5.](#i4c9c3ae6799a4a3e87602e3c79b151d2_76)</u>** | **<u>[MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES](#i4c9c3ae6799a4a3e87602e3c79b151d2_76)</u>** | <u>[34](#i4c9c3ae6799a4a3e87602e3c79b151d2_76)</u> |
| **<u>[ITEM 6.](#i4c9c3ae6799a4a3e87602e3c79b151d2_79)</u>** | **<u>[\[RESERVED\]](#i4c9c3ae6799a4a3e87602e3c79b151d2_79)</u>** | <u>[38](#i4c9c3ae6799a4a3e87602e3c79b151d2_79)</u> |
| **<u>[ITEM 7.](#i4c9c3ae6799a4a3e87602e3c79b151d2_106)</u>** | **<u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i4c9c3ae6799a4a3e87602e3c79b151d2_106)</u>** | <u>[39](#i4c9c3ae6799a4a3e87602e3c79b151d2_106)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Exelon Corporation](#i4c9c3ae6799a4a3e87602e3c79b151d2_109)</u> | <u>[39](#i4c9c3ae6799a4a3e87602e3c79b151d2_109)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Executive Overview](#i4c9c3ae6799a4a3e87602e3c79b151d2_112)</u> | <u>[39](#i4c9c3ae6799a4a3e87602e3c79b151d2_112)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Financial Results of Operations](#i4c9c3ae6799a4a3e87602e3c79b151d2_115)</u> | <u>[39](#i4c9c3ae6799a4a3e87602e3c79b151d2_115)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Significant 202](#i4c9c3ae6799a4a3e87602e3c79b151d2_118)[5](#i4c9c3ae6799a4a3e87602e3c79b151d2_118)[Transactions and Developments](#i4c9c3ae6799a4a3e87602e3c79b151d2_118)</u> | <u>[41](#i4c9c3ae6799a4a3e87602e3c79b151d2_118)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Other Key Business Drivers and Management Strategies](#i4c9c3ae6799a4a3e87602e3c79b151d2_127)</u> | <u>[43](#i4c9c3ae6799a4a3e87602e3c79b151d2_127)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Critical Accounting Policies and Estimates](#i4c9c3ae6799a4a3e87602e3c79b151d2_130)</u> | <u>[45](#i4c9c3ae6799a4a3e87602e3c79b151d2_130)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Results of Operations](#i4c9c3ae6799a4a3e87602e3c79b151d2_133)</u> | <u>[53](#i4c9c3ae6799a4a3e87602e3c79b151d2_136)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Commonwealth Edison Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_136)</u> | <u>[53](#i4c9c3ae6799a4a3e87602e3c79b151d2_136)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[PECO Energy Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_139)</u> | <u>[56](#i4c9c3ae6799a4a3e87602e3c79b151d2_139)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Baltimore Gas and Electric Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_142)</u> | <u>[60](#i4c9c3ae6799a4a3e87602e3c79b151d2_142)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Pepco Holdings LLC](#i4c9c3ae6799a4a3e87602e3c79b151d2_145)</u> | <u>[63](#i4c9c3ae6799a4a3e87602e3c79b151d2_145)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Potomac Electric Power Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_148)</u> | <u>[64](#i4c9c3ae6799a4a3e87602e3c79b151d2_148)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Delmarva Power & Light Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_151)</u> | <u>[67](#i4c9c3ae6799a4a3e87602e3c79b151d2_151)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Atlantic City Electric Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_154)</u> | <u>[71](#i4c9c3ae6799a4a3e87602e3c79b151d2_154)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Liquidity and Capital Resources](#i4c9c3ae6799a4a3e87602e3c79b151d2_157)</u> | <u>[73](#i4c9c3ae6799a4a3e87602e3c79b151d2_157)</u> |
| **<u>[ITEM 7A.](#i4c9c3ae6799a4a3e87602e3c79b151d2_163)</u>** | **<u>[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i4c9c3ae6799a4a3e87602e3c79b151d2_163)</u>** | <u>[89](#i4c9c3ae6799a4a3e87602e3c79b151d2_163)</u> |
| **<u>[ITEM 8.](#i4c9c3ae6799a4a3e87602e3c79b151d2_190)</u>** | **<u>[FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#i4c9c3ae6799a4a3e87602e3c79b151d2_190)</u>** | <u>[92](#i4c9c3ae6799a4a3e87602e3c79b151d2_190)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Exelon Corporation](#i4c9c3ae6799a4a3e87602e3c79b151d2_253)</u>** | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations and Comprehensive Income](#i4c9c3ae6799a4a3e87602e3c79b151d2_256)</u> | <u>[116](#i4c9c3ae6799a4a3e87602e3c79b151d2_256)</u> |

---

------

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| | |
|:---|:---|
| | **Page No.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i4c9c3ae6799a4a3e87602e3c79b151d2_259)</u> | <u>[117](#i4c9c3ae6799a4a3e87602e3c79b151d2_259)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i4c9c3ae6799a4a3e87602e3c79b151d2_262)</u> | <u>[118](#i4c9c3ae6799a4a3e87602e3c79b151d2_262)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Shareholders' Equity](#i4c9c3ae6799a4a3e87602e3c79b151d2_265)</u> | <u>[120](#i4c9c3ae6799a4a3e87602e3c79b151d2_265)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Commonwealth Edison Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_268)</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations and Comprehensive Income](#i4c9c3ae6799a4a3e87602e3c79b151d2_271)</u> | <u>[121](#i4c9c3ae6799a4a3e87602e3c79b151d2_271)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i4c9c3ae6799a4a3e87602e3c79b151d2_274)</u> | <u>[122](#i4c9c3ae6799a4a3e87602e3c79b151d2_274)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i4c9c3ae6799a4a3e87602e3c79b151d2_277)</u> | <u>[123](#i4c9c3ae6799a4a3e87602e3c79b151d2_277)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Shareholders' Equity](#i4c9c3ae6799a4a3e87602e3c79b151d2_280)</u> | <u>[125](#i4c9c3ae6799a4a3e87602e3c79b151d2_280)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[PECO Energy Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_283)</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations and Comprehensive Income](#i4c9c3ae6799a4a3e87602e3c79b151d2_286)</u> | <u>[126](#i4c9c3ae6799a4a3e87602e3c79b151d2_286)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i4c9c3ae6799a4a3e87602e3c79b151d2_289)</u> | <u>[127](#i4c9c3ae6799a4a3e87602e3c79b151d2_289)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i4c9c3ae6799a4a3e87602e3c79b151d2_292)</u> | <u>[128](#i4c9c3ae6799a4a3e87602e3c79b151d2_292)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Shareholder's Equity](#i4c9c3ae6799a4a3e87602e3c79b151d2_295)</u> | <u>[130](#i4c9c3ae6799a4a3e87602e3c79b151d2_295)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Baltimore Gas and Electric Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_298)</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Operations and Comprehensive Income](#i4c9c3ae6799a4a3e87602e3c79b151d2_301)</u> | <u>[131](#i4c9c3ae6799a4a3e87602e3c79b151d2_301)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Cash Flows](#i4c9c3ae6799a4a3e87602e3c79b151d2_304)</u> | <u>[132](#i4c9c3ae6799a4a3e87602e3c79b151d2_304)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Balance Sheets](#i4c9c3ae6799a4a3e87602e3c79b151d2_307)</u> | <u>[133](#i4c9c3ae6799a4a3e87602e3c79b151d2_307)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Changes in Shareholder's Equity](#i4c9c3ae6799a4a3e87602e3c79b151d2_310)</u> | <u>[135](#i4c9c3ae6799a4a3e87602e3c79b151d2_310)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Pepco Holdings LLC](#i4c9c3ae6799a4a3e87602e3c79b151d2_313)</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations and Comprehensive Income](#i4c9c3ae6799a4a3e87602e3c79b151d2_316)</u> | <u>[136](#i4c9c3ae6799a4a3e87602e3c79b151d2_316)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i4c9c3ae6799a4a3e87602e3c79b151d2_319)</u> | <u>[137](#i4c9c3ae6799a4a3e87602e3c79b151d2_319)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i4c9c3ae6799a4a3e87602e3c79b151d2_322)</u> | <u>[138](#i4c9c3ae6799a4a3e87602e3c79b151d2_322)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Member's Equity](#i4c9c3ae6799a4a3e87602e3c79b151d2_325)</u> | <u>[140](#i4c9c3ae6799a4a3e87602e3c79b151d2_325)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Potomac Electric Power Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_328)</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Operations and Comprehensive Income](#i4c9c3ae6799a4a3e87602e3c79b151d2_331)</u> | <u>[141](#i4c9c3ae6799a4a3e87602e3c79b151d2_331)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Cash Flows](#i4c9c3ae6799a4a3e87602e3c79b151d2_334)</u> | <u>[142](#i4c9c3ae6799a4a3e87602e3c79b151d2_334)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Balance Sheets](#i4c9c3ae6799a4a3e87602e3c79b151d2_337)</u> | <u>[143](#i4c9c3ae6799a4a3e87602e3c79b151d2_337)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Changes in Shareholder's Equity](#i4c9c3ae6799a4a3e87602e3c79b151d2_340)</u> | <u>[145](#i4c9c3ae6799a4a3e87602e3c79b151d2_340)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Delmarva Power & Light Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_343)</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Operations and Comprehensive Income](#i4c9c3ae6799a4a3e87602e3c79b151d2_346)</u> | <u>[146](#i4c9c3ae6799a4a3e87602e3c79b151d2_346)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Cash Flows](#i4c9c3ae6799a4a3e87602e3c79b151d2_349)</u> | <u>[147](#i4c9c3ae6799a4a3e87602e3c79b151d2_349)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Balance Sheets](#i4c9c3ae6799a4a3e87602e3c79b151d2_352)</u> | <u>[148](#i4c9c3ae6799a4a3e87602e3c79b151d2_352)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Changes in Shareholder's Equity](#i4c9c3ae6799a4a3e87602e3c79b151d2_355)</u> | <u>[150](#i4c9c3ae6799a4a3e87602e3c79b151d2_355)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Atlantic City Electric Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_358)</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations and Comprehensive Income](#i4c9c3ae6799a4a3e87602e3c79b151d2_361)</u> | <u>[151](#i4c9c3ae6799a4a3e87602e3c79b151d2_361)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i4c9c3ae6799a4a3e87602e3c79b151d2_364)</u> | <u>[152](#i4c9c3ae6799a4a3e87602e3c79b151d2_364)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i4c9c3ae6799a4a3e87602e3c79b151d2_367)</u> | <u>[153](#i4c9c3ae6799a4a3e87602e3c79b151d2_367)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Shareholder's Equity](#i4c9c3ae6799a4a3e87602e3c79b151d2_370)</u> | <u>[155](#i4c9c3ae6799a4a3e87602e3c79b151d2_370)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Combined Notes to Consolidated Financial Statements](#i4c9c3ae6799a4a3e87602e3c79b151d2_373)</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[1. Significant Accounting Policies](#i4c9c3ae6799a4a3e87602e3c79b151d2_379)</u> | <u>[156](#i4c9c3ae6799a4a3e87602e3c79b151d2_379)</u> |

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| | | |
|:---|:---|:---|
| | | **Page No.** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2. Regulatory Matters](#i4c9c3ae6799a4a3e87602e3c79b151d2_397)</u> | <u>[164](#i4c9c3ae6799a4a3e87602e3c79b151d2_397)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3. Revenue from Contracts with Customers](#i4c9c3ae6799a4a3e87602e3c79b151d2_403)</u> | <u>[184](#i4c9c3ae6799a4a3e87602e3c79b151d2_403)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4. Segment Information](#i4c9c3ae6799a4a3e87602e3c79b151d2_412)</u> | <u>[186](#i4c9c3ae6799a4a3e87602e3c79b151d2_412)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5. Accounts Receivable](#i4c9c3ae6799a4a3e87602e3c79b151d2_421)</u> | <u>[193](#i4c9c3ae6799a4a3e87602e3c79b151d2_421)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6. Property, Plant, and Equipment](#i4c9c3ae6799a4a3e87602e3c79b151d2_433)</u> | <u>[195](#i4c9c3ae6799a4a3e87602e3c79b151d2_433)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7. Jointly Owned Electric Utility Plant](#i4c9c3ae6799a4a3e87602e3c79b151d2_442)</u> | <u>[197](#i4c9c3ae6799a4a3e87602e3c79b151d2_442)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8. Asset Retirement Obligations](#i4c9c3ae6799a4a3e87602e3c79b151d2_451)</u> | <u>[198](#i4c9c3ae6799a4a3e87602e3c79b151d2_451)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9. Leases](#i4c9c3ae6799a4a3e87602e3c79b151d2_457)</u> | <u>[198](#i4c9c3ae6799a4a3e87602e3c79b151d2_457)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[10. Intangible Assets](#i4c9c3ae6799a4a3e87602e3c79b151d2_472)</u> | <u>[203](#i4c9c3ae6799a4a3e87602e3c79b151d2_472)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11. Income Taxes](#i4c9c3ae6799a4a3e87602e3c79b151d2_478)</u> | <u>[205](#i4c9c3ae6799a4a3e87602e3c79b151d2_478)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12. Retirement Benefits](#i4c9c3ae6799a4a3e87602e3c79b151d2_487)</u> | <u>[215](#i4c9c3ae6799a4a3e87602e3c79b151d2_487)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[13. Derivative Financial Instruments](#i4c9c3ae6799a4a3e87602e3c79b151d2_493)</u> | <u>[227](#i4c9c3ae6799a4a3e87602e3c79b151d2_493)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[14. Debt and Credit Agreements](#i4c9c3ae6799a4a3e87602e3c79b151d2_499)</u> | <u>[230](#i4c9c3ae6799a4a3e87602e3c79b151d2_499)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[15. Fair Value of Financial Assets and Liabilities](#i4c9c3ae6799a4a3e87602e3c79b151d2_508)</u> | <u>[237](#i4c9c3ae6799a4a3e87602e3c79b151d2_508)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16. Commitments and Contingencies](#i4c9c3ae6799a4a3e87602e3c79b151d2_517)</u> | <u>[244](#i4c9c3ae6799a4a3e87602e3c79b151d2_517)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[17. Shareholders' Equity](#i4c9c3ae6799a4a3e87602e3c79b151d2_532)</u> | <u>[253](#i4c9c3ae6799a4a3e87602e3c79b151d2_532)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[18. Stock-Based Compensation Plans](#i4c9c3ae6799a4a3e87602e3c79b151d2_538)</u> | <u>[255](#i4c9c3ae6799a4a3e87602e3c79b151d2_538)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[19. Changes in Accumulated Other Comprehensive Income (Loss)](#i4c9c3ae6799a4a3e87602e3c79b151d2_544)</u> | <u>[257](#i4c9c3ae6799a4a3e87602e3c79b151d2_544)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[20. Supplemental Financial Information](#i4c9c3ae6799a4a3e87602e3c79b151d2_559)</u> | <u>[258](#i4c9c3ae6799a4a3e87602e3c79b151d2_559)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[21. Related Party Transactions](#i4c9c3ae6799a4a3e87602e3c79b151d2_604)</u> | <u>[263](#i4c9c3ae6799a4a3e87602e3c79b151d2_604)</u> |
| **<u>[ITEM 9.](#i4c9c3ae6799a4a3e87602e3c79b151d2_622)</u>** | **<u>[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#i4c9c3ae6799a4a3e87602e3c79b151d2_622)</u>** | <u>[265](#i4c9c3ae6799a4a3e87602e3c79b151d2_622)</u> |
| **<u>[ITEM 9A.](#i4c9c3ae6799a4a3e87602e3c79b151d2_625)</u>** | **<u>[CONTROLS AND PROCEDURES](#i4c9c3ae6799a4a3e87602e3c79b151d2_625)</u>** | <u>[265](#i4c9c3ae6799a4a3e87602e3c79b151d2_625)</u> |
| **<u>[ITEM 9B.](#i4c9c3ae6799a4a3e87602e3c79b151d2_631)</u>** | **<u>[OTHER INFORMATION](#i4c9c3ae6799a4a3e87602e3c79b151d2_631)</u>** | <u>[265](#i4c9c3ae6799a4a3e87602e3c79b151d2_631)</u> |
| **<u>[ITEM 9C.](#i4c9c3ae6799a4a3e87602e3c79b151d2_634)</u>** | **<u>[DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#i4c9c3ae6799a4a3e87602e3c79b151d2_634)</u>** | <u>[266](#i4c9c3ae6799a4a3e87602e3c79b151d2_634)</u> |
| **<u>[PART III](#i4c9c3ae6799a4a3e87602e3c79b151d2_637)</u>** | | |
| **<u>[ITEM 10.](#i4c9c3ae6799a4a3e87602e3c79b151d2_640)</u>** | **<u>[DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE](#i4c9c3ae6799a4a3e87602e3c79b151d2_640)</u>** | <u>[267](#i4c9c3ae6799a4a3e87602e3c79b151d2_640)</u> |
| **<u>[ITEM 11.](#i4c9c3ae6799a4a3e87602e3c79b151d2_643)</u>** | **<u>[EXECUTIVE COMPENSATION](#i4c9c3ae6799a4a3e87602e3c79b151d2_643)</u>** | <u>[268](#i4c9c3ae6799a4a3e87602e3c79b151d2_643)</u> |
| **<u>[ITEM 12.](#i4c9c3ae6799a4a3e87602e3c79b151d2_646)</u>** | **<u>[SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](#i4c9c3ae6799a4a3e87602e3c79b151d2_646)</u>** | <u>[269](#i4c9c3ae6799a4a3e87602e3c79b151d2_646)</u> |
| **<u>[ITEM 13.](#i4c9c3ae6799a4a3e87602e3c79b151d2_649)</u>** | **<u>[CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE](#i4c9c3ae6799a4a3e87602e3c79b151d2_649)</u>** | <u>[270](#i4c9c3ae6799a4a3e87602e3c79b151d2_649)</u> |
| **<u>[ITEM 14.](#i4c9c3ae6799a4a3e87602e3c79b151d2_652)</u>** | **<u>[PRINCIPAL ACCOUNTING FEES AND SERVICES](#i4c9c3ae6799a4a3e87602e3c79b151d2_652)</u>** | <u>[271](#i4c9c3ae6799a4a3e87602e3c79b151d2_652)</u> |
| **<u>[PART IV](#i4c9c3ae6799a4a3e87602e3c79b151d2_655)</u>** | | |
| **<u>[ITEM 15.](#i4c9c3ae6799a4a3e87602e3c79b151d2_658)</u>** | **<u>[EXHIBITS, FINANCIAL STATEMENT SCHEDULES](#i4c9c3ae6799a4a3e87602e3c79b151d2_658)</u>** | <u>[272](#i4c9c3ae6799a4a3e87602e3c79b151d2_658)</u> |
| **<u>[ITEM 16.](#i4c9c3ae6799a4a3e87602e3c79b151d2_733)</u>** | **<u>[FORM 10-K SUMMARY](#i4c9c3ae6799a4a3e87602e3c79b151d2_733)</u>** | <u>[316](#i4c9c3ae6799a4a3e87602e3c79b151d2_733)</u> |
| **<u>[SIGNATURES](#i4c9c3ae6799a4a3e87602e3c79b151d2_736)</u>** | **<u>[SIGNATURES](#i4c9c3ae6799a4a3e87602e3c79b151d2_736)</u>** | <u>[317](#i4c9c3ae6799a4a3e87602e3c79b151d2_736)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Exelon Corporation](#i4c9c3ae6799a4a3e87602e3c79b151d2_739)</u> | <u>[317](#i4c9c3ae6799a4a3e87602e3c79b151d2_739)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Commonwealth Edison Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_742)</u> | <u>[318](#i4c9c3ae6799a4a3e87602e3c79b151d2_742)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[PECO Energy Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_745)</u> | <u>[319](#i4c9c3ae6799a4a3e87602e3c79b151d2_745)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Baltimore Gas and Electric Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_748)</u> | <u>[320](#i4c9c3ae6799a4a3e87602e3c79b151d2_748)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Pepco Holdings LLC](#i4c9c3ae6799a4a3e87602e3c79b151d2_751)</u> | <u>[321](#i4c9c3ae6799a4a3e87602e3c79b151d2_751)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Potomac Electric Power Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_754)</u> | <u>[322](#i4c9c3ae6799a4a3e87602e3c79b151d2_754)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Delmarva Power & Light Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_757)</u> | <u>[323](#i4c9c3ae6799a4a3e87602e3c79b151d2_757)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Atlantic City Electric Company](#i4c9c3ae6799a4a3e87602e3c79b151d2_760)</u> | <u>[324](#i4c9c3ae6799a4a3e87602e3c79b151d2_760)</u> |

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

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| | |
|:---|:---|
| **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 (formerly Pepco Holdings, Inc.) |
| *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 |
| *Legacy PHI* | PHI, Pepco, DPL, ACE, PES, and PCI, collectively |
| *BSC* | Exelon Business Services Company, LLC |
| *EEDC* | Exelon Energy Delivery Company, LLC |
| *Exelon Corporate* | Exelon in its corporate capacity as a holding company |
| *Exelon Enterprises* | Exelon Enterprises Company, LLC |
| *Exelon InQB8R* | Exelon InQB8R, LLC |
| *PCI* | Potomac Capital Investment Corporation and its subsidiaries |
| *PEC L.P.* | PECO Energy Capital, L.P. |
| *PECO Trust III* | PECO Energy Capital Trust III |
| *PECO Trust IV* | PECO Energy Capital Trust IV |
| *Pepco Energy Services or PES* | Pepco Energy Services, Inc. and its subsidiaries |
| *PHI Corporate* | PHI in its corporate capacity as a holding company |
| *PHISCO* | PHI Service Company |
| *UII* | Unicom Investments, Inc. |
| **<u>Former Related Entities</u>** | **<u>Former Related Entities</u>** |
| *Constellation* | Constellation Energy Corporation and Constellation Energy Generation, LLC (formerly Exelon Generation Company, LLC, a subsidiary of Exelon as of December 31, 2021 prior to separation on February 1, 2022) |

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| | |
|:---|:---|
| **GLOSSARY OF TERMS AND ABBREVIATIONS** | **GLOSSARY OF TERMS AND ABBREVIATIONS** |
| **<u>Other Terms and Abbreviations</u>** | |
| *ABO* | Accumulated Benefit Obligation |
| *AECs* | Alternative Energy Credits that are issued for each megawatt hour of generation from a qualified alternative energy source |
| *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 |
| *ARP* | Alternative Revenue Program |
| *BGS* | Basic Generation Service |
| *BSA* | Bill Stabilization Adjustment |
| *CBAs* | Collective Bargaining Agreements |
| *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 |
| *Clean Air Act* | Clean Air Act of 1963, as amended |
| *Clean Water Act* | Federal Water Pollution Control Amendments of 1972, as amended |
| *Convertible Senior Notes* | Exelon's 3.25% Convertible Senior Notes due 2029 |
| *CMC* | Carbon Mitigation Credit |
| *CODMs* | Chief Operating Decision Makers |
| *Conectiv* | Conectiv, LLC, a wholly owned subsidiary of PHI and the parent of DPL and ACE during the Predecessor periods |
| *DC PLUG* | District of Columbia Power Line Undergrounding Initiative |
| *DCPSC* | District of Columbia Public Service Commission |
| *DEPSC* | Delaware Public Service Commission |
| *DERs* | Distributed Energy Resources |
| *DOEE* | Department of Energy & Environment |
| *DPA* | Deferred Prosecution Agreement |
| *DPP* | Deferred Purchase Price |
| *DSIC* | Distribution System Improvement Charge |
| *EDIT* | Excess Deferred Income Taxes |
| *EPA* | United States Environmental Protection Agency |
| *ERCOT* | Electric Reliability Council of Texas |
| *ERISA* | Employee Retirement Income Security Act of 1974, as amended |
| *EROA* | Expected Rate of Return on Assets |
| *ETAC* | Energy Transition Assistance Charge |
| *FEJA* | Illinois Public Act 99-0906 or Future Energy Jobs Act |
| *FERC* | Federal Energy Regulatory Commission |
| *GAAP* | Generally Accepted Accounting Principles in the United States |
| *GCR* | Gas Cost Rate |
| *GDP* | Gross Domestic Product |
| *GHG* | Greenhouse Gas |
| *GSA* | Generation Supply Adjustment |
| *GWhs* | Gigawatt hours |
| *ICC* | Illinois Commerce Commission |
| *IIJA* | Infrastructure Investment and Jobs Act |

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---

| | |
|:---|:---|
| **GLOSSARY OF TERMS AND ABBREVIATIONS** | **GLOSSARY OF TERMS AND ABBREVIATIONS** |
| **<u>Other Terms and Abbreviations</u>** | |
| *IIP* | Infrastructure Investment Program |
| *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 |
| *ISOs* | Independent System Operators |
| *LNG* | Liquefied Natural Gas |
| *LTIP* | Long-Term Incentive Plan |
| *LTRRPP* | Long-Term Renewable Resources Procurement Plan |
| *MDPSC* | Maryland Public Service Commission |
| *MGP* | Manufactured Gas Plant |
| *mmcf* | Million Cubic Feet |
| *MRP* | Multi-Year Rate Plan |
| *MRV* | Market-Related Value |
| *MW* | Megawatt |
| *MWh* | Megawatt hour |
| *N/A* | Not Applicable |
| *NAV* | Net Asset Value |
| *NDT* | Nuclear Decommissioning Trust |
| *NERC* | North American Electric Reliability Corporation |
| *NJBPU* | New Jersey Board of Public Utilities |
| *NOLC* | Tax Net Operating Loss Carryforward |
| *NPDES* | National Pollutant Discharge Elimination System |
| *NPNS* | Normal Purchase Normal Sale scope exception |
| *NPS* | National Park Service |
| *NRD* | Natural Resources Damages |
| *OCI* | Other Comprehensive Income |
| *OPEB* | Other Postretirement Employee Benefits |
| *PAPUC* | Pennsylvania Public Utility Commission |
| *PCBs* | Polychlorinated Biphenyls |
| *PGC* | Purchased Gas Cost Clause |
| *PJM* | PJM Interconnection, LLC |
| *PJM Tariff* | PJM Open Access Transmission Tariff |
| *PLR* | Private Letter Ruling |
| *POLR* | Provider of Last Resort |
| *PPA* | Purchase Power Agreement |
| *PP&E* | Property, Plant, and Equipment |
| *PRPs* | Potentially Responsible Parties |
| *PSEG* | Public Service Enterprise Group Incorporated |
| *RCRA* | Resource Conservation and Recovery Act of 1976, as amended |
| *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 |
| *RES* | Retail Electric Suppliers |
| *RFP* | Request for Proposal |

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---

| | |
|:---|:---|
| **GLOSSARY OF TERMS AND ABBREVIATIONS** | **GLOSSARY OF TERMS AND ABBREVIATIONS** |
| **<u>Other Terms and Abbreviations</u>** | |
| *Rider* | Reconcilable Surcharge Recovery Mechanism |
| *RGGI* | Regional Greenhouse Gas Initiative |
| *ROE* | Return on Equity |
| *ROU* | Right-of-use |
| *RPS* | Renewable Energy Portfolio Standards |
| *RTO* | Regional Transmission Organization |
| *S&P* | Standard & Poor's Ratings Services |
| *SEC* | United States Securities and Exchange Commission |
| *SOA* | Society of Actuaries |
| *SOFR* | Secured Overnight Financing Rate |
| *SOS* | Standard Offer Service |
| *SSA* | Social Security Administration |
| *TCJA* | Tax Cuts and Jobs Act  |
| *Transition Bonds* | Transition Bonds issued by Atlantic City Electric Transition Funding LLC |
| *USAO* | United States Attorney's Office for the Northern District of Illinois |
| *ZEC* | Zero Emission Credit |

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**FILING FORMAT**

This combined Annual Report on Form 10-K 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;• 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 power generation resources to meet actual or forecasted demand or disruptions at 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

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

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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 with respect to the Registrants in PART I, ITEM 1A. RISK FACTORS, and in other reports filed by the Registrants from time to time with the SEC. This Annual Report on Form 10-K also describes material contingencies and critical accounting policies in (a) PART II, ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS and (b) PART II, ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA: Note 16, Commitments and Contingencies.

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.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**PART I**

**ITEM 1.**

**General**

**Corporate Structure and Business and Other Information**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Registrant** | **Business** | **Service Territories** | | | |
| **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 Power Company** | Purchase and regulated retail sale of electricity | District of Columbia and Major portions of Montgomery and Prince George's Counties, Maryland |  |  |  |
| | Transmission and distribution of electricity to retail customers | |  |  |  |
| **Delmarva Power & Light Company** | Purchase and regulated retail sale of electricity and natural gas | Portions of Delaware and Maryland (electricity) |  |  |  |
| | Transmission and distribution of electricity and distribution of natural gas to retail customers | Portions of New Castle County, Delaware (natural gas) |  |  |  |
| **Atlantic City Electric Company** | Purchase and regulated retail sale of electricity | Portions of Southern New Jersey |  |  |  |
| | Transmission and distribution of electricity to retail customers | |  |  |  |

---

**Business Services**

Through its business services subsidiary, BSC, Exelon provides its subsidiaries with a variety of support services at cost, including legal, human resources, finance, 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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**Utility Registrants**

**Utility Operations**

***Service Territories and Franchise Agreements***

The following table presents the size of service territories, populations of each service territory, and the number of customers within each service territory for the Utility Registrants as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **ComEd** | **PECO** | **BGE** | **Pepco** | **DPL** | **ACE** |
| Service Territories (in square miles) | Service Territories (in square miles) | Service Territories (in square miles) | Service Territories (in square miles) | Service Territories (in square miles) | Service Territories (in square miles) | Service Territories (in square miles) |
| &nbsp;&nbsp;&nbsp;Electric | 11450 | 1900 | 2550 | 650 | 5400 | 2700 |
| &nbsp;&nbsp;&nbsp;Natural Gas | N/A | 1900 | 3050 | N/A | 250 | N/A |
| &nbsp;&nbsp;Total<sup>(a)</sup> | 11450 | 2100 | 3250 | 650 | 5400 | 2700 |
| Service Territory Population (in millions) | Service Territory Population (in millions) | Service Territory Population (in millions) | Service Territory Population (in millions) | Service Territory Population (in millions) | Service Territory Population (in millions) | Service Territory Population (in millions) |
| &nbsp;&nbsp;&nbsp;Electric | 9.5 | 4.2 | 3.0 | 2.5 | 1.5 | 1.2 |
| &nbsp;&nbsp;&nbsp;Natural Gas | N/A | 2.6 | 2.9 | N/A | 0.6 | N/A |
| &nbsp;&nbsp;Total<sup>(b)</sup> | 9.5 | 4.2 | 3.2 | 2.5 | 1.5 | 1.2 |
| &nbsp;&nbsp;&nbsp;Main City | Chicago | Philadelphia | Baltimore | District of Columbia | Wilmington | Atlantic City |
| &nbsp;&nbsp;&nbsp;Main City Population | 2.7 | 1.6 | 0.6 | 0.7 | 0.1 | 0.1 |
| Number of Customers (in millions) | Number of Customers (in millions) | Number of Customers (in millions) | Number of Customers (in millions) | Number of Customers (in millions) | Number of Customers (in millions) | Number of Customers (in millions) |
| &nbsp;&nbsp;&nbsp;Electric | 4.2 | 1.7 | 1.4 | 1 | 0.6 | 0.6 |
| &nbsp;&nbsp;&nbsp;Natural Gas | N/A | 0.6 | 0.7 | N/A | 0.1 | N/A |
| &nbsp;&nbsp;Total<sup>(c)</sup> | 4.2 | 1.7 | 1.4 | 1 | 0.6 | 0.6 |

---

___________

(a)The number of total service territory square miles counts once only a square mile that includes both electric and natural gas services, and thus does not represent the combined total square mileage of electric and natural gas service territories.

(b)The total service territory population counts once only an individual who lives in a region that includes both electric and natural gas services, and thus does not represent the combined total population of electric and natural gas service territories.

(c)The number of total customers counts once only a customer who is both an electric and a natural gas customer, and thus does not represent the combined total of electric customers and natural gas customers.

The Utility Registrants have the necessary authorizations to perform their current business of providing regulated electric and natural gas distribution services in the various municipalities and territories in which they now supply such services. These authorizations include charters, franchises, permits, and certificates of public convenience issued by local and state governments and state utility commissions. ComEd's, BGE's (gas), Pepco DC's, and ACE's rights are generally non-exclusive while PECO's, BGE's (electric), Pepco Maryland's, and DPL's rights are generally exclusive. Certain authorizations are perpetual while others have varying expiration dates. The Utility Registrants anticipate working with the appropriate governmental bodies to extend or replace the authorizations prior to their expirations. The current ComEd Franchise Agreement with the City of Chicago (the City) has been in effect since 1992. The Franchise Agreement became terminable on one year notice as of December 31, 2020. It now continues in effect indefinitely unless and until either party issues a notice of termination, effective one year later, or it is replaced by mutual agreement with a new franchise agreement between ComEd and the City. If either party terminates and no new agreement is reached between the parties, the parties could continue with ComEd providing electric services within the City with no franchise agreement in place. The City also has an option to terminate and purchase the ComEd system (municipalize), which also requires one year notice. Neither party has issued a notice of termination at this time, the City has not exercised its municipalization option, and no new agreement has become effective.

While Exelon and ComEd cannot predict the ultimate outcome, fundamental changes in the agreement or other adverse actions affecting ComEd's business in the City would require changes in their business planning models

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and operations and could have a material adverse impact on Exelon's and ComEd's consolidated financial statements. If the City were to disconnect from the ComEd system, ComEd would seek full compensation for the business and its associated property taken by the City, as well as for all damages resulting to ComEd and its system. ComEd would also seek appropriate compensation for stranded costs with FERC.

***Utility Regulations***

State utility commissions regulate the Utility Registrants' electric and gas distribution rates and service, issuances of certain securities, and certain other aspects of the business. The following table outlines the state commissions responsible for utility oversight:

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| | |
|:---|:---|
| **Registrant** | **Commission** |
| ComEd | ICC |
| PECO | PAPUC |
| BGE | MDPSC |
| Pepco | DCPSC/MDPSC |
| DPL | DEPSC/MDPSC |
| ACE | NJBPU |

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The Utility Registrants are public utilities under the Federal Power Act subject to regulation by FERC related to transmission rates and certain other aspects of the utilities' business. The U.S. Department of Transportation also regulates pipeline safety and other areas of gas operations for PECO, BGE, and DPL. The U.S. Department of Homeland Security (Transportation Security Administration) provided new security directives in 2021 that regulate cyber risks for certain gas distribution operators. Additionally, the Utility Registrants are subject to NERC mandatory reliability standards, which protect the nation's bulk power system against potential disruptions from cyber and physical security breaches.

***Seasonality Impacts on Delivery Volumes***

The Utility Registrants' electric distribution volumes are generally higher during the summer and winter months when temperature extremes create demand for either summer cooling or winter heating. For PECO, BGE, and DPL, natural gas distribution volumes are generally higher during the winter months when cold temperatures create demand for winter heating.

ComEd, BGE, Pepco, DPL Maryland, and ACE have electric distribution decoupling mechanisms and BGE has a natural gas decoupling mechanism that eliminates the favorable and unfavorable impacts of weather and customer usage patterns on electric distribution and natural gas delivery volumes. As a result, ComEd's, BGE's, Pepco's, DPL Maryland's, and ACE's electric distribution revenues and BGE's natural gas distribution revenues are not intended to be impacted by delivery volumes. PECO's and DPL Delaware's electric distribution revenues and natural gas distribution revenues are impacted by delivery volumes.

***Electric and Natural Gas Distribution Services***

The Utility Registrants are allowed to recover reasonable costs and fair and prudent capital expenditures associated with electric and natural gas distribution services and earn a return on those capital expenditures, subject to commission approval. Beginning in 2024 through 2027, ComEd's electric distribution costs are recovered in accordance with a multi-year rate plan approved by the ICC and through annual reconciliation proceedings litigated before the ICC. PECO's and DPL's electric and gas distribution costs and ACE's electric distribution costs have generally been recovered through base rate case proceedings, with PECO utilizing a fully projected future test year, DPL Delaware's electric and gas distribution services utilizing either a partial actual and partial forecast test year or a fully historical test year, and ACE utilizing a fully historical test year. BGE's electric and gas distribution costs and Pepco's and DPL Maryland's electric distribution costs are currently recovered through multi-year rate case proceedings, as the MDPSC and the DCPSC allow utilities to file multi-year rate plans. In October 2025, Pepco Maryland filed a fully forecasted test year rate case while it awaits the conclusion of the lessons learned process. In certain instances, the Utility Registrants use specific recovery mechanisms as approved by their respective regulatory agencies. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

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ComEd, Pepco, DPL and ACE customers have the choice to purchase electricity, and PECO and BGE customers have the choice to purchase electricity and natural gas from competitive electric generation and natural gas suppliers. DPL customers, with the exception of certain commercial and industrial customers, do not have the choice to purchase natural gas from competitive natural gas suppliers. The Utility Registrants remain the distribution service providers for all customers and are obligated to deliver electricity and natural gas to customers in their respective service territories while charging a regulated rate for distribution service. In addition, the Utility Registrants also retain significant default service obligations to provide electricity to certain groups of customers in their respective service areas who do not choose a competitive electric generation supplier. PECO, BGE, and DPL also retain significant default service obligations to provide natural gas to certain groups of customers in their respective service areas who do not choose a competitive natural gas supplier.

For customers that choose to purchase electric generation or natural gas from competitive suppliers, the Utility Registrants act as the billing agent and therefore do 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 a Utility Registrant, the Utility Registrants are permitted to recover the electricity and natural gas procurement costs from customers without mark-up or with a slight mark-up and therefore record the amounts in Operating revenues and Purchased power and fuel expense. As a result, fluctuations in electricity or natural gas sales and procurement costs have no significant impact on the Utility Registrants' Net income.

See ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Results of Operations and Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information regarding electric and natural gas distribution services.

***Procurement of Electricity and Natural Gas***

Exelon does not generate the electricity it delivers. The Utility Registrants' electric supply for its customers is primarily procured through contracts as directed by their respective state laws and regulatory commission actions. The Utility Registrants procure electricity supply from various approved bidders or from purchases on the PJM operated markets.

PECO's, BGE's, and DPL's natural gas supplies are purchased from a number of suppliers for terms that currently do not exceed three years. PECO, BGE, and DPL each have annual firm transportation contracts of 437,000 mmcf, 258,000 mmcf, and 44,000 mmcf, respectively, for delivery of gas. To supplement gas transportation and supply at times of heavy winter demands and in the event of temporary emergencies, PECO, BGE, and DPL have available storage capacity from the following sources:

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| | | | |
|:---|:---|:---|:---|
| | **Peak Natural Gas Sources (in mmcf)** | **Peak Natural Gas Sources (in mmcf)** | **Peak Natural Gas Sources (in mmcf)** |
| | **LNG Facility** | **Propane-Air Plant** | **Underground Storage Service Agreements**<sup>(a)</sup> |
| PECO | 1200 | 150 | 19400 |
| BGE | 1056 | 550 | 22000 |
| DPL | 250 | N/A | 3900 |

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___________

(a)Natural gas from underground storage represents approximately 27%, 44%, and 33% of PECO's, BGE's, and DPL's 2025-2026 heating season pipeline capacity, respectively.

PECO, BGE, and DPL have long-term interstate pipeline contracts and also participate in the interstate markets by releasing pipeline capacity or bundling pipeline capacity with gas for off-system sales. Off-system gas sales are low-margin direct sales of gas to wholesale suppliers of natural gas. Earnings from these activities are shared between the utilities and customers. PECO, BGE, and DPL make these sales as part of a program to balance its supply and cost of natural gas. The off-system gas sales are not material to PECO, BGE, and DPL.

See ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK, Commodity Price Risk (All Registrants), for additional information regarding Utility Registrants' contracts to procure electric supply and natural gas.

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***Energy Efficiency Programs***

The Utility Registrants are generally allowed to recover costs associated with energy efficiency and demand response programs they offer. Each commission approved program seeks to meet mandated electric consumption reduction targets and implement demand response measures to reduce peak demand. The programs are designed to meet standards required by each respective regulatory agency.

ComEd, with limited exceptions, earns a return on its energy efficiency costs through a regulatory asset. ACE earns a return on most of its energy efficiency and demand response program costs through a regulatory asset. Historically, BGE, Pepco Maryland, and DPL Maryland deferred most of their energy efficiency program costs to a regulatory asset and either deferred most of their demand response program costs to a regulatory asset or capitalized them. In 2024, BGE, Pepco, and DPL began deferring less energy efficiency and demand response program costs to a regulatory asset as a result of the EmPOWER Maryland Cost Recovery program Beginning January 1, 2026, program costs are no longer being deferred. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

***Capital Investment***

The Utility Registrants' businesses are capital intensive and require significant investments, primarily in electric transmission and distribution and natural gas transportation and distribution facilities, to ensure the adequate capacity, reliability, and efficiency of their systems. See ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Liquidity and Capital Resources, for additional information regarding projected 2026 capital expenditures.

***Transmission Services***

The Utility Registrants, as owners of transmission facilities, are required to provide open access to their transmission facilities at cost-based rates pursuant to tariffs approved by FERC. The Utility Registrants and their affiliates are required to comply with FERC's Standards of Conduct regulation governing the communication of non-public transmission information between the transmission owner's employees and wholesale merchant employees.

PJM is the regional grid operator and operates pursuant to its FERC-approved tariffs. PJM is the transmission provider under, and the administrator of, the PJM Tariff. PJM operates the PJM energy, capacity, and other wholesale markets. PJM controls the day-to-day operations of the bulk power system for the region. The Utility Registrants are members of PJM and provide regional transmission service pursuant to the PJM Tariff. The Utility Registrants and the other transmission owners in PJM have turned over control of certain of their transmission facilities to PJM, and their transmission systems are under the dispatch control of PJM. Under the PJM Tariff, transmission service is provided on a region-wide, open-access basis through the transmission facilities of the PJM transmission owners.

The Utility Registrants' transmission rates are based on a FERC approved formula. The rates are updated on an annual basis.

**Exelon's Strategy and Outlook**

Exelon is a transmission and distribution company that delivers electricity and natural gas service to our customers and communities. Exelon's businesses remain focused on maintaining industry leading operational excellence, meeting or exceeding their financial commitments, ensuring timely recovery on investments to enable customer benefits, supporting clean energy policies including those that advance our jurisdictions' clean energy targets, and continued commitment to corporate responsibility.

Exelon's strategy is to improve reliability and operations, enhance the customer experience, and advance clean and affordable energy choices, while ensuring ratemaking mechanisms provide the utilities fair financial returns. The jurisdictions in which Exelon has operations have set some of the nation's leading clean energy targets and our strategy is to enable that future for all our stakeholders. The Utility Registrants invest in rate base that supports service to our customers and the community, including investments that sustain and improve affordability, reliability, resiliency, security and safety to enhance the service experience of our customers. The Utility Registrants make these investments prudently at a reasonable cost to customers. Exelon seeks to

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leverage its scale and expertise across the utilities platform through enhanced standardization and sharing of resources and best practices to achieve improved operational and financial results.

Management continually evaluates growth opportunities aligned with Exelon's businesses, assets, and markets, leveraging Exelon's expertise in those areas and offering sustainable returns.

The Utility Registrants anticipate investing approximately $41 billion over the next four years in electric and natural gas infrastructure improvements and modernization projects, including smart grid technology, storm hardening, advanced reliability technologies, new business including data centers, and transmission projects, which is projected to result in an increase to current rate base of approximately $23 billion by the end of 2029. These investments provide greater reliability, improved service for our customers, increased capacity to accommodate new technologies and support a cleaner grid, and a stable return for the company.

In August 2021, Exelon announced its Path to Clean goal to collectively reduce its operations-driven GHG emissions 50% by 2030 against a 2015 baseline and to reach net-zero operations-driven GHG emissions by 2050, while supporting customers and communities in achieving their GHG reduction goals (Path to Clean). Exelon's quantitative goals include its Scope 1 and 2 GHG emissions, with the exception of Scope 2 emissions associated with system losses of electric power delivered to customers (line losses), and build upon Exelon's long-standing commitment to reducing our GHG emissions. Exelon's Path to Clean efforts extend beyond these quantitative goals to include efforts such as customer energy efficiency programs, which support reductions in customers' direct emissions and have the potential to reduce Exelon's Scope 3 emissions and Scope 2 line losses as well. See ITEM 1. BUSINESS — Environmental Matters and Regulation — Climate Change for additional information.

Various regulatory, legislative, operational, market, and financial factors could affect Exelon's success in pursuing its strategies. Exelon continues to assess infrastructure, operational, policy, and legal solutions to these issues. See ITEM 1A. RISK FACTORS for additional information.

**Employees**

**Human Capital Management**

Exelon's workforce is critical to advancing energy transformation and achieving sustainable, long-term growth. As the Company competes for critical capabilities in the marketplace, Exelon must attract, develop, and equip its workforce to meet evolving business and industry needs. Accordingly, Exelon's human capital management strategy is centered on maintaining and enhancing its reputation as an employer of choice within the energy and utility industry.

Exelon seeks to attract and retain talent by fostering a safe, inclusive, and engaging workplace that offers meaningful work, clearly defined roles, opportunities for professional development, supportive leadership, work-life balance, and competitive benefits that support employee well-being across all stages of life.

Exelon's talent strategy supports the attraction, development, engagement, and advancement of employees across all businesses and functions. The Company deploys a comprehensive recruiting approach to address current and future workforce needs, including workforce development initiatives, annual internship and cooperative education programs, targeted recruiting for specialized and hard-to-fill roles, and partnerships with colleges, universities, trade schools, and community organizations.

Exelon invests in employee development through leadership development programs, technical training, and mentoring. Talent growth and internal mobility are supported through performance development, talent review, and succession planning processes. Employees are encouraged to complete annual individual development plans to identify skill-building opportunities, supported by managers and Exelon's development offerings.

Exelon's total rewards programs support its talent strategy by attracting, retaining, and motivating high-performing employees while reinforcing the Company's pay-for-performance philosophy and supporting employee well-being. Compensation is designed to be market-competitive and is informed by benchmarking many positions using external survey data. All employees participate in an annual incentive program that aligns individual performance with business results and supports a high-performance culture.

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Exelon promotes transparency in compensation and performance-based rewards by providing education, tools, and resources that help leaders and employees understand the Company's market-based pay approach and the connection between performance, ratings, and compensation outcomes.

In addition, Exelon offers a comprehensive portfolio of benefit programs that support employees' emotional, physical, and financial well-being, enabling employees to perform effectively and supporting overall organizational effectiveness.

The following table shows the total number of employees at each Registrant as of December 31, 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Employees</u>** | **Exelon**<sup>(a)</sup> | **ComEd** | **PECO** | **BGE** | **PHI**<sup>(b)</sup> | **Pepco** | **DPL** | **ACE** |
| Total Employees | 20571 | 6688 | 3169 | 3383 | 4422 | 1374 | 945 | 630 |

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__________

(a)Exelon includes individuals employed by BSC in addition to those employed by ComEd, PECO, BGE, and PHI. Exelon Corporate does not employ any individuals.

(b)PHI includes individuals employed by PHISCO in addition to those employed by Pepco, DPL, and ACE.

Approximately 42% of Exelon's employees participate in CBAs. The following table presents employee information, including information about CBAs, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Employees Covered by CBAs** | **Number of CBAs** | **CBAs New and Renewed in 2025**<sup>(a)</sup> | **Total Employees Under CBAs** <br>**New and Renewed** <br>**in 2025** |
| Exelon | 8656 | 10 | 2 | 941 |
| ComEd | 3543 | 2 | 1 | 73 |
| PECO | 1524 | 2 |  |  |
| BGE | 1495 | 1 |  |  |
| PHI | 2094 | 5 | 1 | 868 |
| Pepco | 861 | 1 | 1 | 861 |
| DPL | 650 | 2 |  |  |
| ACE | 397 | 2 |  |  |
| Corporate<sup>(b)</sup> | 186 |  |  | 7 |

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__________

(a)Does not include CBAs that were extended in 2025 while negotiations are ongoing for renewal.

(b)Corporate represents employees employed by BSC or PHISCO.

The table below shows the average turnover rate for all employees for 2023 to 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Employees</u>** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Retirement Age | 2.39% | 2.72% | 2.54% | 2.06% | 2.17% | 2.00% | 2.40% | 2.10% |
| Voluntary | 2.58% | 2.40% | 2.06% | 1.82% | 2.78% | 2.82% | 1.29% | 2.58% |
| Non-Voluntary | 0.96% | 0.83% | 1.34% | 1.00% | 1.04% | 1.78% | 0.68% | 0.65% |

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**Environmental Matters and Regulation**

The Registrants are subject to comprehensive and complex environmental legislation and regulation at the federal, state, and local levels, including requirements relating to climate change, air and water quality, solid and hazardous waste, and impacts on species and habitats.

The Exelon Board of Directors is responsible for overseeing the management of environmental matters. Exelon has a management team to address environmental compliance and strategy, including the President and Chief Executive Officer; the Senior Vice President and Chief Strategy and Sustainability Officer; as well as senior management of the Utility Registrants. Performance of those individuals directly involved in environmental compliance and strategy is reviewed and affects compensation as part of the annual individual performance

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review process. The Audit and Risk Committee oversees compliance with environmental laws and regulations, including environmental risks related to Exelon's operations and facilities, as well as SEC disclosures related to environmental matters. Exelon's Corporate Governance Committee has the authority to oversee Exelon's climate change and sustainability policies and programs, as discussed in further detail below. The respective Boards of the Utility Registrants oversee environmental issues related to these companies. The Exelon Board of Directors has general oversight responsibilities for Environmental, Social, and Governance matters, including strategies and efforts to protect and improve the quality of the environment.

**Climate Change**

As detailed below, the Registrants face climate change mitigation and transition risks as well as adaptation risks. Mitigation and transition risks include changes to the energy systems as a result of new technologies, changing customer expectations and/or voluntary GHG goals, as well as local, state or federal regulatory requirements intended to reduce GHG emissions. Adaptation risk refers to risks to the Registrants' facilities or operations that may result from changes to the physical climate and environment, such as changes to temperature, weather patterns and sea level.

***Climate Change Mitigation and Transition***

The Registrants support comprehensive federal climate legislation that addresses the urgent need to substantially reduce national GHG emissions while providing appropriate protections for consumers, businesses, and the economy. In the absence of comprehensive federal climate legislation, Exelon continues to support the EPA's authority to regulate GHG emissions under the Clean Air Act.

The Registrants currently are subject to, and may become subject to additional, federal and/or state law and/or regulations addressing GHG emissions. The direct (Scope 1) GHG emission sources associated with the Registrants include sulfur hexafluoride (SF6) leakage from electric transmission and distribution operations, fossil fuel combustion in motor vehicles and refrigerant leakage from chilling and cooling equipment. In addition, PECO, BGE, and DPL, as distributors of natural gas, have natural gas (methane) leakage on the natural gas systems. The Registrants also have indirect (Scope 2 and 3) emissions associated with the production of the electricity they consume and deliver, and indirect (Scope 3) emissions associated with the production of natural gas they deliver and consumer use of such natural gas.

Exelon uses definitions and protocols provided by the World Resources Institute for its GHG inventory. In 2024, new methods were introduced that resulted in changes to Exelon's verified GHG inventory. Exelon's final verified 2024 Scope 1 and 2 GHG emissions were just over 4.6 million metric tons carbon dioxide equivalent using the World Resources Institute Corporate Standard Market-based accounting. Of these emissions, 0.4 million metric tons are considered to be operations-driven and in more direct control of our employees and processes. The majority of these operations-driven emissions are fugitive emissions from the gas delivery systems of PECO, BGE, and DPL. The remaining 4.2 million metric tons, approximately 91%, are the indirect emissions associated with the electric transmission and distribution system and primarily consists of losses resulting from the Utility Registrant's delivery of electricity to their customers (line losses). These emissions are driven primarily by customer demand for electricity and the mix of generation assets supplying energy to the electric grid. The Registrants do not own generation and must comply with applicable legal and regulatory requirements governing procurement of electricity for delivery to retail customers and use of the system to support other transmission transactions. However, the Registrants do engage in efforts that help to reduce these emissions, including customer programs to drive customer energy efficiency, to help manage peak demands, and to enable distributed solar generation.

In August 2021, Exelon announced a Path to Clean goal to collectively reduce its operations-driven GHG emissions 50% by 2030 against a 2015 baseline, and to reach net-zero operations-driven GHG emissions by 2050, while also supporting customers and communities to achieve their clean energy and emissions reduction goals. Exelon's quantitative goals include its Scope 1 and 2 GHG emissions with the exception of Scope 2 line losses, and build upon Exelon's long-standing commitment to reducing our GHG emissions. Exelon's activities in support of the Path to Clean goal will include efficiency and clean electricity for operations, vehicle fleet electrification, equipment and processes to reduce sulfur hexafluoride (SF6) leakage, investments in natural gas infrastructure to minimize methane leaks and increase safety and reliability, and investment and collaboration to develop new technologies. Beyond 2030, Exelon recognizes that technology advancement and continued policy support will be needed to ensure achievement of its net-zero goal by 2050. Exelon is laying the groundwork by

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partnering with national labs, universities, and research consortia to research, develop, and pilot clean technologies, as well as working with our states, jurisdictions, and policy makers to understand the scope and scale of energy transformation, and policies and incentives, needed to reach local ambitions for GHG emissions reductions. The Utility Registrants are also supporting customers and communities to achieve their clean energy and emissions goals through significant energy efficiency programs. Estimated customer program energy efficiency investments across the Utility Registrants for 2026 to 2029 total $4.9 billion. These programs enable customer savings through home energy audits, discounts on efficient lighting, appliance recycling, home improvement rebates, equipment upgrade incentives, and innovative programs like smart thermostats and combined heat and power programs.

As an energy delivery company, Exelon can play a role in helping to reduce GHG emissions in its service territories. In connecting end users of energy to electric and gas supply, Exelon can leverage its assets and customer interface to help support efficient use of lower emitting resources as they become available. Electrification, where feasible, for transportation, buildings, and industry coupled with simultaneous decarbonization of electric generation, can be an important means to reduce emissions. Exelon is advocating for public policy supportive of vehicle electrification, investing in enabling infrastructure and technology, and supporting customer education and adoption. In addition, the Utility Registrants have achieved their goal to electrify 30% of their vehicle fleet by 2025. Clean fuels and other emerging technologies can also support the transition, lessen the strain on electric system expansion, and support energy system resiliency. Exelon, PECO, BGE, and DPL, which own gas distribution assets, are also continuing to explore these other decarbonization opportunities, supporting pilots of emerging energy technologies and clean fuels to support both operational and customer-driven emissions reductions. Exelon believes its market and business model could be significantly affected by the transition of the energy system, such as through an increased electric load and decreased demand for natural gas, potentially accompanied by changes in technology, customer expectations, and/or regulatory structures. See the risk factor entitled "The Registrants are potentially affected by emerging technologies that could over time affect or transform the energy industry" in ITEM 1A. of this report for additional information.

***Climate Change Adaptation***

The Registrants' facilities and operations are subject to the impacts of global climate change. Long-term shifts in climactic patterns, such as sustained higher temperatures and sea level rise, may present challenges for the Registrants and their service territories. Exelon believes its operations could be significantly affected by the physical risks of climate change. See ITEM 1A. RISK FACTORS for additional information related to the Registrants' risks associated with climate change.

The Registrants' assets undergo seasonal readiness efforts to ensure that they are prepared for the weather projections for the summer and winter months. The Registrants consider and review national climate assessments to inform their planning. Each of the Utility Registrants also has well established system recovery plans and is investing in its systems to install advanced equipment and reinforce the local electric system, making it more weather resistant and less vulnerable to anticipated storm damage.

***International Climate Change Agreements.*** At the international level, the United States has been a party to the United Nations Framework Convention on Climate Change (UNFCCC). The Parties to the UNFCCC adopted the Paris Agreement at the 21st session of the UNFCCC Conference of the Parties (COP 21) on December 12, 2015. Under the Agreement, which became effective on November 4, 2016, the parties committed to try to limit the global average temperature increase and to develop national GHG reduction commitments. In January 2025, the current administration issued a Presidential Executive Order instructing the federal government to begin the actions needed to withdraw from the Paris Agreement. This withdrawal process will take a year to complete. The United States elected not to participate in the COP meeting (COP 30) in 2025.

***State Climate Change Legislation and Regulation.*** A number of states in which the Registrants operate have state and regional programs to reduce GHG emissions and renewable and other portfolio standards, which impact the power sector. See discussion below for additional information on renewable and other portfolio standards.

Certain northeast and mid-Atlantic states (Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, Vermont) currently participate in the RGGI. The program requires most fossil fuel-fired power plant owners and operators in the region to hold allowances, purchased at

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auction, for each ton of CO2 emissions. Non-emitting resources do not have to purchase or hold these allowances.

Broader state programs impact other sectors as well, such as the District of Columbia's Clean Energy DC Omnibus Act and cross-sector GHG reduction plans, which resulted in recent requirements for Pepco to develop a 15-year decarbonization program and strategy. Maryland expects to meet and exceed the mandate set in the Greenhouse Gas Emissions Reduction Act to reduce statewide GHG emissions 40% (from 2006 levels) by 2030, and the state's Climate Solutions Now Act of 2022 further updates requirements with a proposal to reduce emissions 60% (from 2006 levels) by 2031 and achieve net-zero emissions by 2045. New Jersey accelerated its goals through Executive Order 274, which establishes an interim goal of 50% reductions below 2006 levels by 2030 and affirms its goal of achieving 80% reductions by 2050 and includes programs to drive greater amounts of electrified transportation. Delaware's Climate Change Solutions Act, established in August 2023, sets a statewide GHG emissions reduction goal of 50% by Jan 1, 2030 and a net-zero GHG emissions goal by Jan 1, 2050, on a net basis as compared to a 2005 baseline. Illinois' climate bill, CEJA, establishes decarbonization requirements for the state to transition to 100% clean energy by 2050 and supports programs to improve energy efficiency, manage energy demand, attract clean energy investment, and accelerate job creation. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on CEJA.

The Registrants cannot predict the nature of future regulations or how such regulations might impact future financial statements. See ITEM 1A. RISK FACTORS for additional information related to the Registrants' risks associated with climate legislation.

***Renewable and Clean Energy Standards.*** Each of the states where Exelon operates have adopted some form of renewable or clean energy procurement requirement. These standards impose varying levels of mandates for procurement of renewable or clean electricity (the definition of which varies by state) and/or energy efficiency. These are generally expressed as a percentage of annual electric load, often increasing by year. The Utility Registrants comply with these various requirements through acquiring sufficient bundled or unbundled credits such as RECs, CMCs, or ZECs, or paying an alternative compliance payment, and/or a combination of these compliance alternatives. The Utility Registrants are permitted to recover from retail customers the costs of complying with their state RPS requirements, including the procurement of RECs or other alternative energy resources. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

**Other Environmental Regulation**

***Water Quality***

Under the federal Clean Water Act, NPDES permits for discharges into waterways are required to be obtained from the EPA or from the state environmental agency to which the permit program has been delegated, and permits must be renewed periodically. Certain of Exelon's facilities discharge water into waterways and are therefore subject to these regulations and operate under NPDES permits.

Under Clean Water Act Section 404 and state laws and regulations, the Registrants may be required to obtain permits for projects involving dredge or fill activities in Waters of the United States. What constitutes a Water of the United States has been subject to varied definition over the past several administrations. The current administration has issued notice that the application of Waters of the United States will use a more narrow scope than has been applied historically.

Where Registrants' facilities are required to secure a federal license or permit for activities that may result in a discharge to covered waters, they may be required to obtain a state water quality certification under Clean Water Act section 401.

***Solid and Hazardous Waste and Environmental Remediation***

CERCLA provides for response and removal actions coordinated by the EPA in the event of threatened or actual releases of hazardous substances. CERCLA authorizes the EPA either to clean up sites at which hazardous substances have created actual or potential environmental hazards or to order persons responsible for the situation to do so. Under CERCLA, generators and transporters of hazardous substances, as well as past and present owners and operators of hazardous waste sites, are strictly, jointly, and severally liable for the cleanup

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costs of hazardous substances at sites, many of which are listed by the EPA on the National Priorities List (NPL). These PRPs can be ordered to perform a cleanup, can be sued for costs associated with an EPA-directed cleanup, may voluntarily settle with the EPA concerning their liability for cleanup costs, or may voluntarily begin a site investigation and site remediation, under EPA oversight. Most states have also enacted statutes that contain provisions substantially similar to CERCLA. Such statutes apply in many states where the Registrants currently own or operate, or previously owned or operated, facilities, including Delaware, Illinois, Maryland, New Jersey, and Pennsylvania and the District of Columbia. In addition, RCRA governs treatment, storage and disposal of solid and hazardous wastes, and cleanup of sites where such activities were conducted.

The Registrants' operations have in the past, and may in the future, require substantial expenditures in order to comply with these federal and state environmental laws. Under these laws, the Registrants may be 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. The Registrants and their subsidiaries are, or could become in the future, parties to proceedings initiated by the EPA, state agencies, and/or other responsible parties under CERCLA and RCRA or similar state laws with respect to a number of sites or may undertake to investigate and remediate sites for which they may be subject to enforcement actions by an agency or third-party.

ComEd's and PECO's environmental liabilities primarily arise from contamination at former MGP sites, which were operated by ComEd's and PECO's predecessor companies. ComEd, pursuant to an ICC order, and PECO, pursuant to settlements of natural gas distribution rate cases with the PAPUC, have an on-going process to recover certain environmental remediation costs of the MGP sites through a provision within customer rates. BGE, Pepco, DPL, and ACE do not have material contingent liabilities relating to MGP sites. The amount to be expended in 2026 for activities associated with the environmental investigation and remediation related to contamination at former MGP sites and other gas purification sites is estimated to be approximately $21 million, which consists primarily of $13 million at PECO.

As of December 31, 2025, the Registrants have established appropriate contingent liabilities for environmental remediation requirements. In addition, the Registrants may be required to make significant additional expenditures not presently determinable for other environmental remediation costs.

See Note 2 — Regulatory Matters and Note 16 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for additional information regarding the Registrants' environmental matters, remediation efforts, and related impacts to the Registrants' Consolidated Financial Statements.

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**Information about our Executive Officers as of February 12, 2026**

**Exelon**

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| | | | |
|:---|:---|:---|:---|
| **<u>Name</u>** | **<u>Age</u>** | **<u>Position</u>** | **<u>Period</u>** |
| Butler Jr., Calvin G. | 56 | President and Chief Executive Officer, Exelon | 2022 - Present |
|  |  | Chief Operating Officer, Exelon | 2021 - 2022 |
|  |  | Senior Executive Vice President, Exelon | 2019 - 2022 |
|  |  | Chief Executive Officer, Exelon Utilities | 2019 - 2022 |
| Honorable, Colette | 55 | Executive Vice President, Chief Legal Officer, Compliance and Corporate Secretary, Exelon | 2026 - Present |
|  |  | Chief Legal Officer and Corporate Secretary | 2024 - 2025 |
|  |  | Executive Vice President, Public Policy | 2023 - 2024 |
|  |  | Chief External Affairs Officer | 2023 - 2024 |
|  |  | Partner, Reed Smith LLP | 2017 - 2023 |
| Innocenzo, Michael A. | 60 | Executive Vice President and Chief Operating Officer, Exelon | 2024 - Present |
|  |  | President and Chief Executive Officer, PECO | 2018 - 2024 |
| Jones, Jeanne | 46 | Executive Vice President, Chief Finance Officer, Audit and Risk, Exelon | 2026 - Present |
|  |  | Executive Vice President and Chief Financial Officer, Exelon | 2022 - 2025 |
|  |  | Senior Vice President, Corporate Finance, Exelon | 2021 - 2022 |
|  |  | Senior Vice President and Chief Financial Officer, ComEd | 2018 - 2021 |
| Kleczynski, Robert A. | 57 | Senior Vice President, Controller and Tax, Exelon | 2023 - Present |
|  |  | Senior Vice President, Tax, Exelon | 2020 - 2023 |
| Peterson, Timothy | 49 | Executive Vice President, Chief Customer & Technology Officer, Exelon | 2026 - Present |
|  |  | Senior Vice President, Chief Technology Officer, Xcel Energy | 2019-2026 |

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**ComEd**

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| | | | |
|:---|:---|:---|:---|
| **<u>Name</u>** | **<u>Age</u>** | **<u>Position</u>** | **<u>Period</u>** |
| Quiniones, Gil | 59 | President, ComEd | 2024 - Present |
|  |  | Chief Executive Officer, ComEd | 2021 - Present |
|  |  | President and Chief Executive Officer, New York Power Authority | 2011 - 2021 |
| Levin, Joshua | 46 | Senior Vice President, Chief Financial Officer & Treasurer, ComEd | 2023 - Present |
|  |  | Vice President, Corporate Finance, Planning and Analysis | 2021 - 2023 |
|  |  | Director of Financial Planning and Analysis, ComEd | 2019-2021 |
| Perez, David R. | 56 | Executive Vice President and Chief Operating Officer, ComEd | 2024 - Present |
|  |  | Senior Vice President, Distribution Operations, ComEd | 2019 - 2023 |
| Rippie, E. Glenn | 65 | Senior Vice President and General Counsel, ComEd | 2022 - Present |
|  |  | Senior Vice President and Deputy General Counsel, Energy Regulation, Exelon | 2022 - Present |
|  |  | Partner, Jenner & Block LLP | 2019 - 2022 |
| Washington, Melissa | 56 | Senior Vice President, Governmental, Regulatory and External Affairs, ComEd | 2025 - Present |
|  |  | Senior Vice President, Customer Operations, ComEd | 2021 - 2025 |
|  |  | Senior Vice President, Governmental and External Affairs, ComEd | 2019 - 2021 |

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**PECO**

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| | | | |
|:---|:---|:---|:---|
| **<u>Name</u>** | **<u>Age</u>** | **<u>Position</u>** | **<u>Period</u>** |
| Vahos, David | 53 | President and Chief Executive Officer, PECO | 2025 - Present |
|  |  | Senior Vice President, Chief Financial Officer, and Treasurer, PHI | 2024 - 2025 |
|  |  | Senior Vice President, Chief Financial Officer, and Treasurer, BGE | 2016 - 2024 |
| Gay, Anthony | 60 | Vice President and General Counsel, PECO | 2019 - Present |
| Humphrey, Marissa | 46 | Senior Vice President, Chief Financial Officer and Treasurer, PECO | 2022 - Present |
|  |  | Vice President, Regulatory Policy and Strategy (NJ/DE), PHI, DPL, and ACE | 2021 - 2022 |
| Levine, Nicole | 49 | Senior Vice President and Chief Operations Officer, PECO | 2022 - Present |
|  |  | Vice President, Electrical Operations, PECO | 2018 - 2022 |
| Oliver, Douglas | 51 | Senior Vice President, Governmental, Regulatory and External Affairs, PECO | 2023 - Present |
|  |  | Vice President, Governmental and External Affairs, PECO | 2019 - 2023 |

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**BGE**

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| | | | |
|:---|:---|:---|:---|
| **<u>Name</u>** | **<u>Age</u>** | **<u>Position</u>** | **<u>Period</u>** |
| Olivier, Tamla | 53 | President and Chief Executive Officer, BGE | 2025 - Present |
|  |  | Senior Vice President and Chief Operating Officer, PHI, Pepco, DPL, and ACE | 2021 - 2025 |
|  |  | Senior Vice President, Customer Operations, BGE | 2020 - 2021 |
| Cloyd, Michael | 55 | Senior Vice President, Chief Financial Officer, and Treasurer, BGE | 2024 - Present |
|  |  | Vice President, Support Services, BGE | 2021 - 2024 |
| Dickens, Derrick | 61 | Senior Vice President and Chief Operating Officer, BGE | 2021 - Present |
|  |  | Senior Vice President, Customer Operations, PHI, Pepco, DPL, and ACE | 2020 - 2021 |
| Ralph, David | 59 | Vice President and General Counsel, BGE | 2021 - Present |
|  |  | Associate General Counsel, BGE | 2019 - 2021 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Name</u>** | **<u>Age</u>** | **<u>Position</u>** | **<u>Period</u>** |
| Anthony, J. Tyler | 61 | President and Chief Executive Officer, PHI, Pepco, DPL, and ACE | 2021 - Present |
|  |  | Senior Vice President and Chief Operating Officer, PHI, Pepco, DPL, and ACE | 2016 - 2021 |
| Bancroft, Anne | 59 | Vice President and General Counsel, PHI, Pepco, DPL, and ACE | 2021 - Present |
|  |  | Associate General Counsel, Exelon | 2017 - 2021 |
| Oddoye, Rodney | 49 | Senior Vice President and Chief Operating Officer | 2025 - Present |
|  |  | Senior Vice President, Governmental, Regulatory and External Affairs, PHI, Pepco, DPL, and ACE | 2021 - 2025 |
| Cantler, Jaclyn | 46 | Senior Vice President, Governmental, Regulatory and External Affairs, PHI, DPL, and ACE | 2025 - Present |
|  |  | Vice President, Pepco Electric Operations, PHI, Pepco | 2024 - 2025 |
|  |  | Vice President, Projects and Contracts, PHI, Pepco, DPL, and ACE | 2021 - 2024 |
| O'Donnell, Morgan | 50 | Senior Vice President, Chief Financial Officer, and Treasurer, PHI, Pepco, DPL, and ACE | 2025 - Present |
|  |  | Vice President, Regulatory Policy and Strategy, PHI, Pepco and DPL | 2021 - 2025 |

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| | |
|:---|:---|
| **ITEM 1A.** | **RISK FACTORS** |

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Each of the Registrants operates in a complex market and regulatory environment that involves significant risks, many of which are beyond that Registrant's direct control. A number of these risks, any of which could negatively affect one or more of the Registrants' future Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Cash Flows, and/or Consolidated Balance Sheets (consolidated financial statements), are captured below. Although the risks are generally organized by category and separately described, many of these risks are interrelated. Additionally, the risks should be considered holistically with other information included in this filing and future filings with the SEC. There may be further risks and uncertainties that are presently known or that are not currently believed to be material that could negatively affect the Registrants' future consolidated financial statements.

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**Risks Related to Legislative, Regulatory, and Legal Factors**

**The Registrants' businesses are highly regulated and electric and gas revenue and earnings could be negatively affected by legislative and/or regulatory actions (All Registrants).**

Substantial aspects of the Registrants' businesses are subject to comprehensive Federal or state legislation and/or regulation.

The Utility Registrants' consolidated financial statements are heavily dependent on the ability of the Utility Registrants to recover their costs associated with the retail purchase, transmission, and distribution of power and natural gas to their customers.

Fundamental changes in laws or regulations or adverse legislative or regulatory actions affecting the Registrants' businesses would require changes in their business planning models and operations. Registrants cannot always predict when or whether legislative or regulatory action will occur and may not be able to influence the outcome of legislative or regulatory initiatives.

**Changes in the Utility Registrants' respective terms and conditions of service, including their respective rates, along with adoption of new rate structures and constructs, or establishment of new rate cases, are subject to regulatory approval proceedings and/or negotiated settlements that are at times contentious, lengthy, and subject to appeal, which leads to uncertainty as to the ultimate result, and which could result in uncertainties in rate case outcomes, and/or introduce time delays in effectuating rate changes (All Registrants).**

The Utility Registrants are required to engage in regulatory approval proceedings as a part of the process of establishing the terms and rates for their respective services, adoption of new rate structures and constructs or establishment of new rate cases. These proceedings typically involve multiple parties, including governmental bodies and officials, consumer advocacy groups, and various consumers of energy, who have differing concerns but who have the common objective of limiting rate increases or even reducing rates. Decisions are subject to appeal, potentially leading to additional uncertainty associated with the approval proceedings. The potential duration of such proceedings creates a risk that rates ultimately approved by the applicable regulatory body may not be sufficient for a Utility Registrant to recover its costs once the rates become effective. Established rates are also subject to subsequent prudency reviews by state regulators, whereby various portions of rates including recovery mechanisms for costs associated with the procurement of electricity or gas, credit losses, MGP remediation, smart grid infrastructure, and energy efficiency and demand response programs, could be adjusted, subject to refund, or disallowed. In certain instances, the Utility Registrants could agree to negotiated settlements related to various rate matters, customer initiatives, or franchise agreements. These settlements are subject to regulatory approval. The ultimate outcome and timing of regulatory rate proceedings have a significant effect on the ability of the Utility Registrants to recover their costs or earn an adequate return.

In addition to potential timing delays, the Registrants also face other uncertainties in rate proceedings that could impact recovery, including not obtaining anticipated allowed rates of return, allowed capital structures, or allowed return on pension assets, and various other factors.

See Note 2 — Regulatory Matters of the Combined Notes to the Consolidated Financial Statements for additional information.

**The Registrants could be subject to higher costs and/or penalties related to mandatory reliability standards, including the likely exposure of the Utility Registrants to the results of NERC compliance requirements (All Registrants).**

The Utility Registrants as users, owners, and operators of the bulk power transmission system are subject to mandatory reliability standards promulgated by NERC and enforced by FERC. The standards are based on the functions that need to be performed to ensure the bulk power system operates reliably and are guided by reliability and market interface principles. Compliance with or changes in the reliability standards could subject the Registrants to higher operating costs and/or increased capital expenditures. In addition, the ICC, PAPUC, MDPSC, DCPSC, DEPSC, and NJBPU impose certain distribution reliability standards on the Utility Registrants. If the Utility Registrants were found in non-compliance with the Federal or state mandatory reliability standards,

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they could be subject to remediation costs as well as sanctions, which could include substantial monetary penalties.

**The Registrants could incur substantial costs to fulfill their obligations related to environmental and other matters (All Registrants).**

The Registrants are subject to extensive environmental regulation and legislation by local, state, and Federal authorities. These laws and regulations affect the way the Registrants conduct their operations and make capital expenditures, including how they handle air and water emissions, hazardous and solid waste, and activities affecting surface waters, groundwater, and aquatic and other species. Violations of these requirements could subject the Registrants to enforcement actions, capital expenditures to bring existing facilities into compliance, additional operating costs for remediation and clean-up costs, civil penalties and exposure to third parties' claims for alleged health or property damages, or operating restrictions to achieve compliance. In addition, the Registrants are subject to liability under these laws for the remediation costs for environmental contamination of property now or formerly owned by the Registrants and of property contaminated by hazardous substances they generated or released. Remediation activities associated with MGP operations conducted by predecessor companies are one component of such costs. Also, the Registrants are currently involved in several proceedings relating to sites where hazardous substances have been deposited and could be subject to additional proceedings in the future. See ITEM 1. BUSINESS — Environmental Matters and Regulation for additional information.

**The Registrants could be negatively affected by federal and state RPS, energy conservation and GHG reduction legislation and regulation, and/or changing customer expectations, along with energy conservation by customers (All Registrants).**

Risks include changes to energy systems due to new technologies, changing customer expectations and/or voluntary GHG goals, as well as local, state, or federal regulatory requirements intended to reduce GHG emissions and/or mandate implementation of energy conservation programs, including through limitation of the use of natural gas. Changes to current state legislation or the development of Federal legislation that requires the use of low-emission, renewable, and/or alternate fuel sources could significantly impact the Utility Registrants, especially if timely cost recovery is not allowed. In addition, where requirements and compliance mechanisms have previously been established, the withdrawal of such requirements can introduce costs and uncertainty.

Federal and state legislation mandating the implementation of energy conservation programs that require the implementation of new technologies, such as smart grid, DERs and energy efficiency programs, could increase capital expenditures and could significantly impact the Utility Registrants' consolidated financial statements if timely cost recovery is not allowed. These energy conservation programs, regulated energy consumption reduction targets, and new energy consumption technologies for PECO, could cause declines in customer energy consumption and lead to a decline in the Registrants' earnings, if timely recovery is not allowed.

The Registrants also periodically perform analyses of potential energy system transition pathways to reduce economy-wide GHG emissions to mitigate climate change. To the extent additional GHG reduction legislation and/or regulation becomes effective at the Federal and/or state levels, the Registrants could incur costs to further limit the GHG emissions from their operations or otherwise comply with applicable requirements and such legislation and/or regulation could otherwise adversely affect the Registrants' businesses. See ITEM 1. BUSINESS — Environmental Matters and Regulation — Renewable and Clean Energy Standards and "The Registrants are potentially affected by emerging technologies that could over time affect or transform the energy industry" above for additional information.

**The Registrants could be negatively affected by challenges to tax positions taken, tax law changes, and the inherent difficulty in quantifying potential tax effects of business decisions. (All Registrants).**

The Registrants are required to make judgments to estimate their obligations to taxing authorities, which includes general tax positions taken and associated reserves established. Tax obligations include, but are not limited to: income, real estate, sales and use, and employment-related taxes and ongoing appeal issues related to these tax matters. All tax estimates could be subject to challenge by the tax authorities. Additionally, earnings may be impacted due to changes in federal or local/state tax laws, and the inherent difficulty of estimating potential tax

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effects of ongoing business decisions. See Note 1 — Significant Accounting Policies and Note 11 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information.

**Legal proceedings could result in a negative outcome, which the Registrants cannot predict (All Registrants).**

The Registrants are involved in legal proceedings, claims, and litigation arising out of their business operations. The material legal proceedings, claims, and litigation arising out of business operations are summarized in Note 16 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements. Adverse outcomes in these proceedings could require significant expenditures, result in lost revenue, or restrict or disrupt business activities.

**The Registrants could be subject to adverse publicity and reputational risks, which make them vulnerable to negative customer perception and could lead to increased regulatory oversight or other consequences (All Registrants).**

The Registrants could be the subject of public criticism. Adverse publicity could render public service commissions and other regulatory and legislative authorities less likely to view energy companies generally, or the Registrants specifically, in a favorable light, and could cause the Registrants to be susceptible to less favorable legislative and regulatory outcomes, as well as increased regulatory oversight and more stringent legislative or regulatory requirements.

**Risks Related to Operational Factors**

**The Utility Registrants' operating costs are affected by their ability to maintain the availability and reliability of their delivery and operational systems (All Registrants).**

Failures of the equipment or facilities used in the Utility Registrants' delivery systems could interrupt electric transmission and/or electric or natural gas delivery, which could result in a loss of revenues and an increase in maintenance and capital expenditures. Equipment or facilities failures can occur due to several factors, including natural causes such as weather or information systems failure. Specifically, if the implementation of AMI, smart grid, or other technologies in the Utility Registrants' service territory fail to perform as intended or are not successfully integrated with billing and other information systems, or if any of the financial, accounting, or other data processing systems fail or have other significant shortcomings, the Utility Registrants' financial results could be negatively impacted. In addition, dependence upon automated systems could further increase the risk that operational system flaws or internal and/or external tampering or manipulation of those systems will result in losses that are difficult to detect.

Regulated utilities, which are required to provide service to all customers within their respective service territories, have generally been afforded liability protections against claims by customers relating to failure of service. Under Illinois law, however, ComEd could be required to pay damages to its customers in some circumstances involving extended outages affecting large numbers of its customers, which could be material.

**The Registrants are subject to physical security and cybersecurity risks (All Registrants).**

Risks from cybersecurity and physical threats to energy infrastructures and personnel are increasing. Threat actors, including sophisticated nation-state actors and criminal groups, exploit potential vulnerabilities in the electric and natural gas utility industry, grid infrastructure, and other energy infrastructures. Attacks and disruptions, which could involve physical, cyber, and hybrid targeting of physical and cyber assets, are increasingly sophisticated and dynamic. Physical attacks targeting the Registrants' physical assets or personnel could cause injuries, damage, or operational disruptions. The increased implementation of, and reliance on, information technologies and networks to manage business operations, including the operation of technical systems, as well as the Registrants' use of numerous vendors and suppliers, create additional points of vulnerability that could be, and in certain instances have been, exploited by malicious threat actors. Several U.S. government agencies have warned that the energy sector and its supply chains are subject to increasing risks of physical attacks, ransomware attacks and cybersecurity threats, and that the risks may escalate during periods of heightened geopolitical tensions. In addition, the rapid evolution and increased adoption of artificial intelligence technologies may intensify the Registrants' cybersecurity risks.

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A security breach of the Registrants' physical assets or information systems or those of the Registrants' competitors, vendors, business partners and interconnected entities (including RTOs and ISOs) could materially impact Registrants by, among other things, impairing the availability of electricity and gas distributed by Registrants and/or the reliability of transmission and distribution systems, damaging grid infrastructure, interrupting critical business functions, impairing the availability of vendor services and materials that the Registrants rely on to maintain their operations, or by leading to the theft or inappropriate release of certain types of information, including critical infrastructure information, system data and architecture, sensitive customer, vendor, or employee data, or other confidential data. While Registrants and some of the Registrants' vendors have experienced cybersecurity incidents, such incidents have not, to Registrants' knowledge, resulted in material impact to any of the Registrants to date.

If a material physical or cybersecurity breach or disruption were to occur, the Registrants' reputation could be negatively affected, customer confidence in the Registrants could be diminished and the Registrants could be subject to legal claims, regulatory exposure, loss of revenues, and increased costs, including infrastructure repairs or operations shutdown, all of which could materially affect the Registrants' financial condition and materially damage their business reputation. Moreover, the amount and scope of insurance maintained against losses resulting from any such security breaches or disruptions may not be sufficient to cover losses or otherwise adequately compensate for any resulting business disruptions. The continued increase in Federal and state regulatory requirements related to cybersecurity and evolving threat actor-capabilities could require changes to measures currently undertaken by the Registrants or to their business operations and could adversely affect their consolidated financial statements.

**The Registrants' electricity and natural gas operations are inherently hazardous and involve significant risks to employees, contractors, customers, and the general public (All Registrants).**

Employees and contractors throughout the organization work in, and customers and the general public could be exposed to, potentially dangerous environments near the Registrants' operations. As a result, employees, contractors, customers, and the general public may face, and in the past have experienced, serious injury, including loss of life, damage to or destruction of facilities and residences, business interruptions, and environmental pollution. These risks include, among others, gas explosions, uncontrolled release of natural gas and other environmental hazards, fires, pole strikes, and electric contact cases. Further, the location of natural gas pipelines and associated distribution facilities, or electric generation, transmission, substations and distribution facilities near populated areas, including residential areas, commercial business centers and industrial sites, increases the potential damages resulting from these risks.

**Extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism or sabotage, cyberattacks or compromises, equipment or process failures, public health crises, or other significant events could negatively impact the Registrants' results of operations, ability to raise capital and future growth (All Registrants).**

The Utility Registrants' infrastructures and/or operations could be affected by extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions or equipment or process failures due to aging infrastructure or otherwise, each of which could result in increased costs, including supply chain costs and claims for third-party property damage. An extreme weather event, natural disaster, wildfire, or operational accident within the Utility Registrants' service areas can also directly affect their capital assets, causing disruption in service to customers due to downed wires and poles or damage to other operating equipment.

The Registrants face a risk that their operations would be direct targets or indirect casualties of attacks or sabotaged by nation-states or their agents, or by foreign or domestic terrorist groups. Responses to such attacks or sabotage, and any resulting retaliatory actions or sustained conflict could affect the Registrants' operations and finances in unpredictable and material ways. Furthermore, such events could compromise the physical or cybersecurity of the Registrants' facilities, which could adversely affect the Registrants' ability to manage their businesses effectively. Instability in the financial markets as a result of terrorism, war, natural disasters, public health crises, epidemics, pandemics, credit crises, recession, sustained high inflation, or other significant events also could result in a decline in energy consumption or interruption of fuel or the supply chain. In addition, the

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implementation of security guidelines and measures has resulted in and is expected to continue to result in increased costs.

The Registrants could be significantly affected by public health crises, including epidemics or pandemics. The Registrants have plans in place to respond to such events. However, depending on the severity and the resulting impacts to workforce and other resource availability, a public health crisis, epidemic, or pandemic could adversely affect our vendors, or customers and customer demand as well as the Registrants' ability to operate their transmission and distribution assets.

In addition, Exelon, on behalf of the Registrants, maintains a level of insurance coverage consistent with industry practices against property, casualty, third party liability, and cybersecurity losses subject to unforeseen occurrences or catastrophic events that could damage or destroy assets or interrupt operations. However, such losses may not be covered under applicable insurance policies, or the amount of insurance may be inadequate to cover all such losses.

**The Registrants are subject to risks associated with climate change (All Registrants).**

The Registrants periodically perform analyses to better understand long-term projections of climate change and how those changes in the physical environments where they operate could affect their facilities and operations. The Registrants primarily operate in the Midwest and Mid-Atlantic of the United States, areas that historically have been prone to various types of severe weather events, and the Registrants have well-developed response and recovery programs based on these historical events. However, the Registrants' physical facilities could be at greater risk of damage as changes in the global climate affect temperature and weather patterns, including if such climate changes result in more intense, frequent and extreme weather events, elevated or decreased levels of precipitation, sea level rise, increased temperatures, wildfires and/or other effects.

In addition, changes to the climate may impact levels and patterns of demand for energy and related services, which could affect Registrants' operations and business.

**The Registrants' businesses are capital intensive, and their assets could require significant expenditures to maintain, are subject to operational failure and could be impacted by disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs which could result in potential liability (All Registrants).**

The Utility Registrants' businesses are capital intensive and require significant investments in transmission and distribution infrastructure projects. Equipment, even if maintained in accordance with good utility practices, is subject to operational failure, including events that are beyond the Utility Registrants' control, and could require significant expenditures to operate efficiently. Disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs, could materially impact the timing and execution of capital projects, and the timing of placing assets in service, as well as other aspects of the Registrants' businesses. In recent years, the energy industry has been experiencing shortages of, and long lead times for, critical equipment such as transformers and conductors. The Registrants' consolidated financial statements could be negatively affected if they were unable to effectively manage their capital projects or raise the necessary capital, or if they are deemed liable for operational failure. See ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — Liquidity and Capital Resources for additional information regarding the Registrants' potential future capital expenditures.

**Lack of sufficient generation and energy storage to meet actual or forecasted demand or disruptions at power generation facilities owned by third parties could interrupt transmission and distribution services, impair economic development, cause outages, and result in use limitations or affordability implications for customers. (All Registrants)**

Exelon does not generate the electricity it delivers. The Utility Registrants purchase, transmit, and distribute electric power obtained from power generation facilities owned by third parties. This power is primarily procured through contracts as directed by the Utility Registrants' respective state laws and regulatory commission actions from various approved bidders or from purchases on the PJM operated markets. Third-party power generation may be insufficient to meet our customers' electricity demand in the short- and medium-term because of extreme

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weather, fuel security, market procurement, regulatory requirements, operational issues, maintenance outages, inflexibility of demand, or financial uncertainty impacting existing or prospective generation facilities. Faster energy demand growth, acceleration of generator retirements, or the limited entry of new generating resources in any of the Utility Registrants' respective service territories may result in a longer-term power generation capacity shortfall. Exelon has forecast substantial increases in load, driven largely by the increasing use of data processing facilities dedicated to cloud services, artificial intelligence technologies, and other applications. If third-party power generation capacity is insufficient to meet any Utility Registrant's customers' electricity demand or customers' electricity demand across PJM over any period, transmission and distribution services may be diminished or interrupted, and results of operations, financial condition, and cash flows could be adversely affected.

In the event generation capacity is insufficient to meet demand, the Utility Registrants' customers may experience greater price volatility, power service outages during peak demand periods or during generation contingencies (e.g., severe storms), and electricity use limits to maintain system balance. Furthermore, the Utility Registrants may be unable to support new economic development should generation constraints last for extended periods.

Energy storage systems provide additional resources for enhancing grid reliability and stability by providing rapid response capabilities, allowing the injection and absorption of power during electric supply and demand imbalances. As forecasted load increases, the lack of sufficient energy storage growth may also lead to greater price volatility and challenges in power services for customers.

**The Utility Registrants' respective ability to deliver electricity, their operating costs, and their capital expenditures could be negatively impacted by the insufficiency of generation or energy storage resources to meet demand, transmission congestion, and failures of neighboring transmission systems (All Registrants).**

Demand for electricity within the Utility Registrants' service areas could stress available transmission capacity requiring alternative routing or curtailment of electricity usage. Also, insufficient availability of electric supply to meet customer demand could jeopardize the Utility Registrants' ability to comply with reliability standards and strain customer and regulatory agency relationships. As is the case for electric utilities generally, potential concerns over transmission capacity or generation facility retirements could result in PJM or FERC requiring the Utility Registrants to upgrade or expand their respective transmission systems through additional capital expenditures. Delays in siting, permitting, and interconnection could defer the introduction of new generation or energy storage resources that could address resource adequacy concerns.

PJM's systems and operations are designed to ensure the reliable operation of the transmission grid and prevent the operations of one utility from having an adverse impact on the operations of the other utilities. However, service interruptions at other utilities may cause interruptions in the Utility Registrants' service areas. Additionally, efforts to artificially manipulate power demand on the grid, or even accidental activity that results in sharp fluctuations of demand, could disrupt grid operations.

**The Registrants' performance could be negatively affected if they fail to attract and retain an appropriately qualified workforce (All Registrants).**

Certain factors, such as employee strikes, work stoppages, loss of employees, loss of contract resources due to a major event, inability to negotiate future collective bargaining agreements on commercially reasonable terms, an aging workforce, mismatching of skill sets for current and future needs, and failing to appropriately anticipate future workforce needs, could lead to operating challenges and increased costs for the Registrants. Such challenges include lack of resources, loss of knowledge and a lengthy time period associated with skill development. Such events and other factors could result in increased costs, including costs of replacing lost labor through contractors or new hires, training costs, and costs of lost productivity. Such events also could increase operational risks. The Registrants are particularly affected due to the specialized knowledge required of the technical and support employees needed to conduct Registrants' transmission and distribution operations as well as areas where new technologies are pertinent.

**The Registrants' performance could be negatively affected by poor performance of third-party contractors that perform periodic or ongoing work (All Registrants).**

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The Registrants rely on third-party contractors to perform operations, maintenance, and construction work. Performance standards typically are included in all contractual obligations, but poor performance may impact capital execution plans or operations, or have adverse financial, regulatory, or reputational consequences.

**The Registrants could make acquisitions or investments in new business initiatives and new markets, which may not be successful or achieve the intended financial results (All Registrants).**

The Utility Registrants face risks associated with regulator-mandated or other new business initiatives, such as smart grids and broader beneficial electrification. Such risks include, but are not limited to, cost recovery, regulatory concerns, cybersecurity, and obsolescence of technology. Such initiatives may not be successful, and failures could result in adverse financial or reputational consequences.

**Risks Related to Market and Financial Factors**

**The Registrants are potentially affected by emerging technologies that could over time affect or transform the energy industry (All Registrants).**

Advancements in power generation technology, including commercial and residential solar generation installations and commercial micro turbine installations, are improving the cost-effectiveness of customer self-supply of electricity. Improvements in energy storage technology, including batteries and fuel cells, could also better position customers to meet their around-the-clock electricity requirements. Improvements in energy efficiency of lighting, appliances, equipment and building materials will also affect energy consumption by customers. Changes in power generation, storage, and use technologies could have significant effects on customer behaviors and their energy consumption.

These developments could affect levels of customer-owned generation, customer expectations, and current business models and make portions of the Utility Registrants' transmission and/or distribution facilities uneconomic prior to the end of their useful lives. Increasing pressure from both the private and public sectors to take actions to mitigate climate change could also push the speed and nature of this transition. These factors could affect the Registrants' consolidated financial statements through, among other things, increased Operating and maintenance expenses, increased capital expenditures, and potential asset impairment charges or accelerated depreciation over shortened remaining asset useful lives.

**The Registrants could be negatively affected by unstable capital and credit markets (All Registrants).**

The Registrants rely on the capital markets, particularly for publicly offered debt, as well as the banking and commercial paper markets, to meet their financial commitments and short-term liquidity needs. Disruptions in the capital and credit markets in the United States or abroad could negatively affect the Registrants' ability to access the capital markets or draw on their respective bank revolving credit facilities. The banks may not be able to meet their funding commitments to the Registrants if they experience shortages of capital and liquidity or if they experience excessive volumes of borrowing requests within a short period of time. The inability to access capital markets or credit facilities, and longer-term disruptions in the capital and credit markets because of uncertainty, changing or increased regulation, reduced alternatives, or failures of significant financial institutions could result in the deferral of discretionary capital expenditures, or require a reduction in dividend payments or other discretionary uses of cash. In addition, the Registrants have exposure to worldwide financial markets, including Europe, Canada, and Asia. Disruptions in these markets could reduce or restrict the Registrants' ability to secure sufficient liquidity or secure liquidity at reasonable terms. As of December 31, 2025, approximately 17%, 11%, and 17% of the Registrants' available credit facilities were with European, Canadian, and Asian banks, respectively. Additionally, higher interest rates may put pressure on the Registrants' overall liquidity profile, financial health and impact financial results. See Note 14 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on the credit facilities.

**If any of the Registrants were to experience a downgrade in its credit ratings to below investment grade or otherwise fail to satisfy the credit standards in its agreements with its counterparties or regulatory financial requirements, it would be required to provide significant** 

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**amounts of collateral that could affect its liquidity and could experience higher borrowing costs (All Registrants).**

The Utility Registrants' operating agreements with PJM and PECO's, BGE's, and DPL's natural gas procurement contracts contain collateral provisions that are affected by their credit rating and market prices. If certain wholesale market conditions were to exist and the Utility Registrants were to lose their investment grade credit ratings (based on their senior unsecured debt ratings), they would be required to provide collateral in the forms of letters of credit or cash, which could have a material adverse effect upon their remaining sources of liquidity. PJM collateral posting requirements will generally increase as market prices rise and decrease as market prices fall. Collateral posting requirements for PECO, BGE, and DPL, with respect to their natural gas supply contracts, will generally increase as forward market prices fall and decrease as forward market prices rise. If the Utility Registrants were downgraded, they could experience higher borrowing costs as a result of the downgrade. In addition, changes in ratings methodologies by the agencies could also have an adverse negative impact on the ratings of the Utility Registrants.

The Utility Registrants conduct their respective businesses and operate under governance models and other arrangements and procedures intended to assure that the Utility Registrants are treated as separate, independent companies, distinct from Exelon and other Exelon subsidiaries in order to isolate the Utility Registrants from Exelon and other Exelon subsidiaries in the event of financial difficulty at Exelon or another Exelon subsidiary. These measures (commonly referred to as "ring-fencing") could help avoid or limit a downgrade in the credit ratings of the Utility Registrants in the event of a reduction in the credit rating of Exelon. Despite these ring-fencing measures, the credit ratings of the Utility Registrants could remain linked, to some degree, to the credit ratings of Exelon. Consequently, a reduction in the credit rating of Exelon could result in a reduction of the credit rating of some or all of the Utility Registrants. A reduction in the credit rating of a Utility Registrant could have a material adverse effect on the Utility Registrant.

See ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — Liquidity and Capital Resources — Credit Matters and Cash Requirements — Security Ratings for additional information regarding the potential impacts of credit downgrades on the Registrants' cash flows.

**The impacts of significant economic downturns or increases in customer rates, could lead to decreased volumes delivered and increased expense for uncollectible customer balances (All Registrants).**

The impacts of significant economic downturns on the Utility Registrants' customers and the related regulatory limitations on residential service terminations for the Utility Registrants, could result in an increase in the number of uncollectible customer balances and related expense. Further, increases in customer rates, including those related to increases in Purchased power and natural gas prices, could result in declines in customer usage and lower revenues for the Utility Registrants that do not have decoupling mechanisms.

See ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK for additional information on the Registrants' credit risk.

**The Registrants could be negatively affected by the impacts of weather (All Registrants).**

Weather conditions directly influence the demand for electricity and natural gas and affect the price of energy commodities. Temperatures above normal levels in the summer tend to increase summer cooling electricity demand and revenues, and temperatures below normal levels in the winter tend to increase winter heating electricity and gas demand and revenues. Moderate temperatures adversely affect the usage of energy and resulting operating revenues at PECO and DPL Delaware. Due to revenue decoupling, operating revenues from electric distribution at ComEd, BGE, Pepco, DPL Maryland, and ACE and gas distribution at BGE are not intended to be affected by abnormal weather.

Extreme weather conditions or damage resulting from storms could stress the Utility Registrants' transmission and distribution systems, communication systems, and technology, resulting in increased maintenance and capital costs and limiting each Utility Registrant's ability to meet peak customer demand. First and third quarter financial results, in particular, are substantially dependent on weather conditions, and could make period comparisons less relevant.

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Climate change projections suggest increases to summer temperature and humidity trends, as well as more erratic precipitation and storm patterns over the long-term in the areas where the Utility Registrants have transmission and distribution assets. The frequency in which weather conditions emerge outside the current expected climate norms could contribute to weather-related impacts discussed above.

**Long-lived assets, goodwill, and other assets could become impaired (All Registrants).**

Long-lived assets represent the single largest asset class on the Registrants' statements of financial position. In addition, Exelon, ComEd, and PHI have material goodwill balances.

The Registrants evaluate the recoverability of the carrying value of long-lived assets to be held and used whenever events or circumstances indicating a potential impairment exist. Factors such as, but not limited to, the business climate, including current and future energy and market conditions, environmental regulation, and the condition of assets are considered.

ComEd and PHI perform an assessment for possible impairment of their goodwill at least annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting units below their carrying amount. Regulatory actions or changes in significant assumptions, including discount and growth rates, utility sector market performance and transactions, projected operating and capital cash flows for ComEd's, Pepco's, DPL's, and ACE's business, and the fair value of debt, could potentially result in future impairments of Exelon's, ComEd's, and PHI's goodwill.

An impairment would require the Registrants to reduce the carrying value of the long-lived asset or goodwill to fair value through a non-cash charge to expense by the amount of the impairment. See ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — Critical Accounting Policies and Estimates, Note 6 — Property, Plant, and Equipment, Note N/A — Asset Impairments, and Note 10 — Intangible Assets of the Combined Notes to the Consolidated Financial Statements for additional information on long-lived asset impairments and goodwill impairments.

**The Registrants could incur substantial costs in the event of non-performance by third-parties under indemnification agreements, or when the Registrants have guaranteed their performance (All Registrants).**

The Registrants have entered into various agreements with counterparties that require those counterparties to reimburse a Registrant and hold it harmless against specified obligations and claims. To the extent that any of these counterparties are affected by deterioration in their creditworthiness or the agreements are otherwise determined to be unenforceable, the affected Registrant could be held responsible for the obligations. Each of the Utility Registrants has transferred its former generation assets to one or more third parties and in each case the transferee has agreed to assume certain obligations and to indemnify the applicable Utility Registrant for such obligations. In connection with the restructurings under which ComEd, PECO, and BGE transferred their generating assets to Constellation, Constellation assumed certain of ComEd's, PECO's, and BGE's rights and obligations with respect to their former generation assets. Further, ComEd, PECO, and BGE have entered into agreements with third parties under which the third-party agreed to indemnify ComEd, PECO, or BGE for certain obligations related to their respective former generation assets that have been assumed by Constellation as part of the restructuring. If Constellation or a transferee of one of the Utility Registrant's generation assets experienced events that reduced its creditworthiness or the indemnity arrangement became unenforceable, the applicable Utility Registrant could be liable for any existing or future claims. In addition, the Utility Registrants have residual liability under certain laws in connection with their former generation assets.

The Registrants have issued indemnities to third parties regarding environmental or other matters in connection with purchases and sales of assets, including several of the Utility Registrants in connection with Constellation's absorption of their former generating assets. The Registrants could incur substantial costs to fulfill their obligations under these indemnities.

The Registrants have issued guarantees of the performance of third parties, which obligate the Registrants to perform if the third parties do not perform. In the event of non-performance by those third parties, the Registrants could incur substantial cost to fulfill their obligations under these guarantees.

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**Market performance and other factors could decrease the value of employee benefit plan assets and could increase the related employee benefit plan obligations, which then could require significant additional funding (All Registrants).**

Disruptions in the capital markets and their actual or perceived effects on particular businesses and the greater economy could adversely affect the value of the investments held within Exelon's employee benefit plan trusts. The asset values are subject to market fluctuations and will yield uncertain returns, which could fall below Exelon's projected return rates. A decline in the market value of the pension and OPEB plan assets would increase the funding requirements associated with Exelon's pension and OPEB plan obligations. Additionally, Exelon's pension and OPEB plan liabilities are sensitive to changes in interest rates. As interest rates decrease, the liabilities increase, potentially increasing benefit costs and funding requirements. Changes in demographics, including increased numbers of retirements or changes in life expectancy assumptions or changes to Social Security or Medicare eligibility requirements could also increase the costs and funding requirements of the obligations related to the pension and OPEB plans. See Note 12 — Retirement Benefits of the Combined Notes to Consolidated Financial Statements for additional information.

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|:---|:---|
| **ITEM 1B.** | **UNRESOLVED STAFF COMMENTS** |

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**All Registrants**

None.

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|:---|:---|
| **ITEM 1C.** | **CYBERSECURITY** |

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**Risk management and strategy**

Cybersecurity risk for all Registrants is managed at the enterprise-level. Management of material risks from cybersecurity threats is integrated into the Registrants' overall risk management processes and is monitored as an enterprise risk. Exelon's Chief Information Security Officer (CISO) and cybersecurity management team regularly hold meetings with senior management of each Registrant, facilitated by Exelon's enterprise risk management team, to discuss issues pertaining to cybersecurity risk management, including changes in the nature and origin of threats, threat actor and risk mitigation activities, and regulatory developments. Exelon legal and compliance professionals engage with the CISO and cybersecurity management team to address tactical and strategic cybersecurity risks. Exelon monitors cybersecurity risks through key risk indicators to identify potential changes in risk exposure and provide the Board of Directors with information about the monitoring of key risks in connection with its oversight of the Registrants' enterprise risk management system.

The CISO, through Exelon's Cyber Information and Security Services (CISS), reviews external and internal sources to obtain cyber threat intelligence to develop strategic and tactical threat assessments that inform the enterprise-wide cyber risk mitigation programs and actions. Exelon uses a wide range of tools, including endpoint, anomaly and network detection, logging and monitoring of security events, network segmentation, firewalls, hardening and securing devices, cyber vulnerability detection and patch management, cyber threat hunting, malware forensic analysis, industry-specific reports, and tabletop exercises to inform the cybersecurity management team. Exelon protects assets critical to grid reliability and national security through the implementation of the North American Electric Reliability Corporation's Critical Infrastructure Protection requirements, and gas pipeline security under the U.S. Department of Homeland Security's Transportation Safety Administration's Security Directives. Exelon maintains security relationships with law enforcement and U.S. intelligence agencies, coordinates with the Electricity Information Sharing and Analysis Center (E-ISAC) and participates in the Department of Energy's Cybersecurity Risk Information Sharing Program (CRISP) to strengthen the security of the energy grid, share information, design and participate in drills and exercises such as the bi-annual Grid Security Exercises and facilitate cross-sector coordination. Exelon applies stringent employee and contractor screening, and advances security awareness through training and monitoring programs that address both cyber and physical threats. Exelon employees are subject to annual mandatory training addressing security awareness, including cybersecurity and phishing. Exelon maintains cyber insurance coverage at limits consistent with the utility industry and reviews policy coverage and limits on an annual basis.

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In assessing the effectiveness of its cybersecurity risk management program, the CISO makes use of external perspectives from regulatory compliance audits and inspections, external audits of the Registrants' financial systems, and third-party incident response and detection analytics. Cybersecurity risks associated with the Registrants' use of certain third-party service providers are evaluated and managed through CISS' Third Party Security team that leverages security risk assessments, contractual terms and conditions, and security awareness training for such providers. Additionally, those providers are required to report cybersecurity incidents, including the unauthorized use or disclosure of Registrants' confidential information to Exelon's security operations center. Third Party Security investigates certain third-party cybersecurity events as part of Exelon's incident response program.

**Governance**

The Operations, Safety and Customer Experience Committee (OSCC) and Exelon Board of Directors are responsible for oversight of risks from cybersecurity threats. As documented in the Cybersecurity Oversight Policy, the Board of Directors oversees Exelon's cybersecurity program and Exelon's enterprise-wide risk related to cybersecurity, including management's identification, assessment, and mitigation of cybersecurity risks. At each regular quarterly meeting, the OSCC engages with the CISO and a cross-functional management team regarding the risks from cybersecurity threats, and the Board of Directors receives reports on cybersecurity risks at least annually. The CISO and professionals from the legal and compliance departments brief the OSCC on relevant topics, including information security and operational security, legislative and regulatory developments, and notable external cyber events relevant to Exelon and the industry more broadly. Management engages with the OSCC and the Board of Directors on risks from cybersecurity threats as appropriate outside of the quarterly meetings.

The CISO manages Exelon's enterprise-wide cybersecurity programs and reports to Exelon's Chief Information Officer. The CISO has been responsible for assessing and managing material risks from cybersecurity threats at Exelon since 2018 and was named to the current role in 2022. The CISO has 26 years of information technology and cybersecurity experience in the critical infrastructure sector, of which 24 years have been in the utility industry. The CISO leads CISS, which manages centralized information technology and operational technology security programs for the Registrants. The programs are aligned to the National Institute of Standards and Technology Cyber Security Framework (NIST CSF) and integrate cyber asset identification; threat assessment; risk assessment; risk management; and risk monitoring. CISS operates a security operations center for monitoring, identifying, and mitigating potential cybersecurity events or incidents.

Exelon maintains a single, centralized cybersecurity incident response program and plan that aligns with NIST CSF by integrating the identify, determine/classify, escalate and respond functions (which track the lifecycle of an event or incident). Security threats and incidents are identified and assessed to determine potential impact and escalated to senior cybersecurity management and the CISO. The CISO directs the security incident response team to contain, eradicate, and recover from an active threat. Exelon leverages the expertise of dedicated incident response vendors that can provide timely and specialized support to respond and recover from an event. The CISO and a cross-functional team convene as needed to evaluate cybersecurity events, including third-party events. The legal and compliance departments provide incident response support to the CISO, manage cybersecurity-related legal and compliance issues, and direct materiality evaluations using both qualitative and quantitative factors for each Registrant.

Although the Registrants have not experienced any material cybersecurity events to date, cybersecurity threats could materially affect each Registrant's business strategy, results of operations, or financial condition, as further discussed in the risk factor entitled "The Registrants are subject to physical and cybersecurity risks" in ITEM 1A. of this report.

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| **ITEM 2.** | **PROPERTIES** |

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**The Utility Registrants** 

The Utility Registrants' electric substations and a portion of their transmission rights are located on property that they own. A significant portion of their electric transmission and distribution facilities are located above or underneath highways, streets, other public places, or property that others own. The Utility Registrants believe that they have satisfactory rights to use those places or property in the form of permits, grants, easements, licenses, and franchise rights; however, they have not necessarily undertaken to examine the underlying title to the land upon which the rights rest.

**Transmission and Distribution**

The Utility Registrants' high voltage electric transmission lines owned and in service as of December 31, 2025 were as follows:

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|:---|:---|:---|:---|:---|:---|:---|
| **Voltage** | **Circuit Miles** | **Circuit Miles** | **Circuit Miles** | **Circuit Miles** | **Circuit Miles** | **Circuit Miles** |
| **(Volts)** | **ComEd** | **PECO** | **BGE** | **Pepco** | **DPL** | **ACE** |
| 765000 | 90 |  |  |  |  |  |
| 500000<sup>(a)</sup> |  | 191 | 216 | 109 | 16 |  |
| 345000 | 2678 |  |  |  |  |  |
| 230000 |  | 550 | 352 | 794 | 472 | 259 |
| 138000 | 2268 | 135 | 55 | 61 | 587 | 215 |
| 115000 |  |  | 700 | 26 |  |  |
| 69000 |  | 178 |  |  | 570 | 675 |

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___________

(a)In addition, PECO, DPL, and ACE have an ownership interest located in Delaware and New Jersey. See Note 7 — Jointly Owned Electric Utility Plant of the Combined Notes to the Consolidated Financial Statements for additional information.

The Utility Registrants' electric distribution system includes the following number of circuit miles of overhead and underground lines as of December 31, 2025:

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|:---|:---|:---|:---|:---|:---|:---|
| **Circuit Miles** | **ComEd** | **PECO** | **BGE** | **Pepco** | **DPL** | **ACE** |
| Overhead | 35,349 | 12,972 | 9,101 | 4,172 | 6,014 | 7,349 |
| Underground | 33,180 | 9,898 | 18,262 | 7,412 | 6,715 | 3,149 |

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**Gas**

The following table presents PECO's, BGE's, and DPL's natural gas pipeline miles as of December 31, 2025.

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|:---|:---|:---|:---|
| | **PECO** | **BGE** | **DPL** |
| Transmission<sup>(a)</sup> | 6 | 146 | 8 |
| Distribution | 7349 | 7651 | 2183 |
| Service piping | 6590 | 6556 | 1502 |
| **Total** | 13945 | 14353 | 3693 |

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___________

(a)DPL has a 10% undivided interest in approximately 8 miles of natural gas transmission mains located in Delaware, which are used by DPL for its natural gas operations and by 90% owner for distribution of natural gas to its electric generating facilities.

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The following table presents PECO's, BGE's, and DPL's natural gas facilities as of December 31, 2025.

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| **Registrant** | **Facility** | **Location** | **Storage Capacity<br>(mmcf)** | **Send-out or Peaking Capacity<br>(mmcf/day)** |
| PECO | LNG Facility | West Conshohocken, PA | 1200 | 195 |
| PECO | Propane Air Plant | Chester, PA | 105 | 25 |
| BGE | LNG Facility | Baltimore, MD | 1056 | 332 |
| BGE | Propane Air Plant | Baltimore, MD | 550 | 85 |
| DPL | LNG Facility | Wilmington, DE | 250 | 60 |

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PECO, BGE, and DPL also own 30, 27, and 10 natural gas city gate stations and direct pipeline customer delivery points at various locations throughout their gas service territory, respectively.

**First Mortgage and Insurance**

The principal properties of ComEd, PECO, Pepco, DPL, and ACE are subject to the lien of their respective mortgages under which their respective First Mortgage Bonds are issued. See Note 14 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information.

The Utility Registrants maintain property insurance against loss or damage to their properties by fire or other perils, subject to certain exceptions. For their insured losses, the Utility Registrants are self-insured to the extent that any losses are within the policy deductible or exceed the amount of insurance maintained. Any such losses could have a material adverse effect in the consolidated financial condition or results of operations of the Utility Registrants.

**Exelon** 

**Security Measures**

The Registrants have initiated and work to maintain security measures. On a continuing basis, the Registrants evaluate enhanced security measures at certain critical locations, enhanced response and recovery plans, long-term design changes, and redundancy measures. Additionally, the energy industry has strategic relationships with governmental authorities to ensure that emergency plans are in place and critical infrastructure vulnerabilities are addressed in order to maintain the reliability of the country's energy systems.

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| **ITEM 3.** | **LEGAL PROCEEDINGS** |

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**All Registrants**

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 Note 2 — Regulatory Matters and Note 16 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements. Such descriptions are incorporated herein by these references.

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| **ITEM 4.** | **MINE SAFETY DISCLOSURES** |

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Not Applicable

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**PART II**

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

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|:---|:---|
| **ITEM 5.** | **MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES** |

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**Exelon**

Exelon's common stock is listed on the Nasdaq (trading symbol: EXC). As of January 31, 2026, there were 1,022,892,585 shares of Common stock outstanding and approximately 68,884 record holders of Common stock.

**Stock Performance Graph**

The performance graph below illustrates a five-year comparison of cumulative total returns based on an initial investment of $100 in Exelon Common stock, compared with the S&P 500 Stock Index and the S&P Utility Index, for the period 2021 through 2025. Cumulative total returns account for the separation of Constellation, as the spin-off dividend was assumed to have been reinvested upon receipt.

This performance chart assumes:

&nbsp;&nbsp;&nbsp;&nbsp;• $100 invested on December 31, 2020 in Exelon Common stock, the S&P 500 Stock Index, and the S&P Utility Index; and

&nbsp;&nbsp;&nbsp;&nbsp;• All dividends are reinvested.

![791](exc-20251231_g1.jpg)

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|:---|:---|:---|:---|:---|:---|:---|
| **Value of Investment at December 31,** | **Value of Investment at December 31,** | **Value of Investment at December 31,** | **Value of Investment at December 31,** | **Value of Investment at December 31,** | **Value of Investment at December 31,** | **Value of Investment at December 31,** |
| | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Exelon Corporation | $100.00 | $141.41 | $153.19 | $131.78 | $143.93 | $172.79 |
| S&P 500 | $100.00 | $128.71 | $105.40 | $133.10 | $166.40 | $196.16 |
| S&P Utilities | $100.00 | $117.67 | $119.51 | $111.05 | $137.07 | $159.06 |

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**ComEd**

As of January 31, 2026, there were 127,021,422 outstanding shares of Common stock, $12.50 par value, of ComEd, of which 127,002,904 shares were indirectly held by Exelon. As of January 31, 2026, in addition to Exelon, there were 277 record holders of ComEd Common stock. There is no established market for shares of the Common stock of ComEd.

**PECO**

As of January 31, 2026, there were 170,478,507 outstanding shares of Common stock, without par value, of PECO, all of which were indirectly held by Exelon.

**BGE**

As of January 31, 2026, there were 1,000 outstanding shares of Common stock, without par value, of BGE, all of which were indirectly held by Exelon.

**PHI**

As of January 31, 2026, Exelon indirectly held the entire membership interest in PHI.

**Pepco**

As of January 31, 2026, there were 100 outstanding shares of Common stock, $0.01 par value, of Pepco, all of which were indirectly held by Exelon.

**DPL**

As of January 31, 2026, there were 1,000 outstanding shares of Common stock, $2.25 par value, of DPL, all of which were indirectly held by Exelon.

**ACE**

As of January 31, 2026, there were 8,546,017 outstanding shares of Common stock, $3.00 par value, of ACE, all of which were indirectly held by Exelon.

**All Registrants**

**Dividends**

Under applicable Federal law, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE can pay dividends only from retained, undistributed, or current earnings. A significant loss recorded at ComEd, PECO, BGE, PHI, Pepco, DPL, or ACE may limit the dividends that these Registrants can distribute to Exelon.

ComEd has agreed, in connection with a financing arranged through ComEd Financing III, that ComEd will not declare dividends on any shares of its capital stock in the event that: (1) it exercises its right to extend the interest payment periods on the subordinated debt securities issued to ComEd Financing III; (2) it defaults on its guarantee of the payment of distributions on the preferred trust securities of ComEd Financing III; or (3) an event of default occurs under the Indenture under which the subordinated debt securities are issued. No such event has occurred.

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PECO has agreed, in connection with financings arranged through PEC L.P. and PECO Trust IV, that PECO will not declare dividends on any shares of its capital stock in the event that: (1) it exercises its right to extend the interest payment periods on the subordinated debentures which were issued to PEC L.P. or PECO Trust IV; (2) it defaults on its guarantee of the payment of distributions on the Series D Preferred Securities of PEC L.P. or the preferred trust securities of PECO Trust IV; or (3) an event of default occurs under the Indenture under which the subordinated debentures are issued. No such event has occurred.

BGE is subject to restrictions established by the MDPSC that prohibit BGE from paying a dividend on its common shares if (a) after the dividend payment, BGE's equity ratio would be below 48% as calculated pursuant to the MDPSC's ratemaking precedents or (b) BGE's senior unsecured credit rating is rated by two of the three major credit rating agencies below investment grade. No such event has occurred.

Pepco is subject to certain dividend restrictions established by settlements approved by the MDPSC and DCPSC that prohibit Pepco from paying a dividend on its common shares if (a) after the dividend payment, Pepco's equity ratio would be below 48% as calculated pursuant to the MDPSC's and DCPSC's ratemaking precedents, or (b) Pepco's senior unsecured credit rating is rated by one of the three major credit rating agencies below investment grade. No such event has occurred.

DPL is subject to certain dividend restrictions established by settlements approved by the DEPSC and MDPSC that prohibit DPL from paying a dividend on its common shares if (a) after the dividend payment, DPL's equity ratio would be below 48% as calculated pursuant to the DEPSC's and MDPSC's ratemaking precedents, or (b) DPL's corporate issuer or senior unsecured credit rating, or its equivalent, is rated by any of the three major credit rating agencies below the generally accepted definition of investment grade. No such event has occurred.

ACE is subject to certain dividend restrictions established by settlements approved by the NJBPU that prohibit ACE from paying a dividend on its common shares if (a) after the dividend payment, ACE's common equity ratio would be below 48% as calculated pursuant to the NJBPU's ratemaking precedents, or (b) ACE's senior corporate issuer or senior unsecured credit rating is rated by one of the three major credit rating agencies below investment grade. ACE is also subject to a dividend restriction which requires ACE to notify and obtain the prior approval of the NJBPU before dividends can be paid if its equity as a percent of its total capitalization, excluding securitization debt, falls below 30%. No such event has occurred.

Exelon's Board of Directors approved an updated dividend policy for 2026. The 2026 quarterly dividend will be $0.42 per share.

As of December 31, 2025, Exelon had Retained earnings of $7,577 million, ComEd had Retained earnings of $2,998 million, PECO had Retained earnings of $2,438 million, BGE had Retained earnings of $2,588 million, and PHI had Undistributed losses of $151 million.

The following table sets forth Exelon's quarterly cash dividends per share paid during 2025 and 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| **<u>(per share)</u>** | **Fourth<br>Quarter** | **Third<br>Quarter** | **Second<br>Quarter** | **First<br>Quarter** | **Fourth<br>Quarter** | **Third<br>Quarter** | **Second<br>Quarter** | **First<br>Quarter** |
| Exelon | $0.4000 | $0.4000 | $0.4000 | $0.4000 | $0.3800 | $0.3800 | $0.3800 | $0.3800 |

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The following table sets forth PHI's quarterly distributions and ComEd's, PECO's, BGE's, Pepco's, DPL's, and ACE's quarterly common dividend payments:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| **<u>(in millions)</u>** | **4th<br>Quarter** | **3rd<br>Quarter** | **2nd<br>Quarter** | **1st<br>Quarter** | **4th<br>Quarter** | **3rd<br>Quarter** | **2nd<br>Quarter** | **1st<br>Quarter** |
| ComEd | $203 | $203 | $204 | $203 | $194 | $194 | $194 | $194 |
| PECO | 136 | 137 | 136 | 137 | 100 | 100 | 100 | 100 |
| BGE | 99 | 98 | 98 | 98 | 92 | 92 | 92 | 92 |
| PHI | 162 | 256 | 160 | 132 | 157 | 267 | 164 | 118 |
| Pepco | 60 | 109 | 92 | 66 | 73 | 133 | 102 | 51 |
| DPL | 53 | 59 | 44 | 46 | 58 | 78 | 39 | 45 |
| ACE | 51 | 88 | 24 | 20 | 27 | 56 | 22 | 22 |

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***First Quarter 2026 Dividend***

On February 12, 2026, Exelon's Board of Directors declared a regular quarterly dividend of $0.42 per share on Exelon's Common stock for the first quarter of 2026. The dividend is payable on Friday, March 13, 2026, to shareholders of record of Exelon as of the close of business on Monday, March 2, 2026.

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|:---|:---|
| **ITEM 6.** | **[RESERVED]** |

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| | |
|:---|:---|
| **Item 7.** | **MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** |

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(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 its 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. For discussion of the Utility Registrants' year ended December 31, 2024 compared to the year ended December 31, 2023, refer to ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS in the 2024 Form 10-K, which was filed with the SEC on February 12, 2025.

**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 year ended December 31, 2025 compared to the same period in 2024. For additional information regarding the financial results for the years ended December 31, 2025 and 2024, see the discussions of Results of Operations by Registrant.

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| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **Favorable (Unfavorable) Variance** |
| Exelon | $2768 | $2460 | $308 |
| ComEd | 1147 | 1066 | 81 |
| PECO | 814 | 551 | 263 |
| BGE | 578 | 527 | 51 |
| PHI | 799 | 741 | 58 |
| Pepco | 401 | 390 | 11 |
| DPL | 224 | 209 | 15 |
| ACE | 188 | 155 | 33 |
| Other<sup>(a)</sup> | (570) | (425) | (145) |

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

***Year Ended December 31, 2025 Compared to Year Ended December 31, 2024.* Net income attributable to common shareholders** increased by $308 million and Diluted earnings per average common share increased to $2.73 in 2025 from $2.45 in 2024 primarily due to:

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&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;• Favorable weather at PECO;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher AFUDC at ComEd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower income tax expense at PECO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower storm costs at BGE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impacts of the multi-year plan reconciliation at BGE.

Note that rate increases are associated with updated recovery rates for costs and investments to serve customers. The increases were partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;• Higher depreciation expense at PECO and PHI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher contracting costs at PECO and PHI;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charitable contributions at Exelon Corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower AFUDC at PHI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher income tax expense at Exelon Corporate.

***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 Net income attributable to common shareholders as determined in accordance with GAAP and Adjusted (non-GAAP) operating earnings for the year ended December 31, 2025 compared to 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **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** | $**2768** | $**2.73** | $**2460** | $**2.45** |
| Asset retirement obligations (net of taxes of $0 and $3, respectively) | (1) |  | 8 | 0.01 |
| 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 $4, respectively)<sup>(a)</sup> | (1) |  | 13 | 0.01 |
| Environmental costs (net of taxes of $5) |  |  | (13) | (0.01) |
| Regulatory matters (net of taxes of $10)<sup>(b)</sup> | 30 | 0.03 |  |  |
| Income tax-related adjustments (entire amount represents tax expense)<sup>(c)</sup> | 1 |  | (3) |  |
| **Adjusted (non-GAAP) operating earnings** | $**2801** | $**2.77** | $**2507** | $**2.50** |

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Note:

Amounts may not sum due to rounding.

Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net income 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)Represents the disallowance of certain capitalized costs.

(c)In 2024, reflects the adjustment to state deferred income taxes due to change in DPL's Delaware net operating loss valuation allowance. In 2025, reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.

**Significant 2025 Transactions and Developments**

***At-the-Market Program*** 

During 2025, Exelon issued approximately 16 million shares of Common Stock at a net weighted-average price of $43.24 per share. The net proceeds from the 2025 issuances were $691 million, which were used for general corporate purposes. See Note 17 — Shareholders' Equity of the Combined Notes to Consolidated Financial Statements for additional information.

***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 on these and other regulatory proceedings.

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*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 | 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 |
| DPL - Delaware | September 20, 2024 (amended September 5, 2025) | Natural Gas | $37 | $22 | 9.60% | December 17, 2025 | January 1, 2026 |
| ACE - New Jersey | February 15, 2023 (amended August 21, 2023) | Electric | $92 | $45 | 9.60% | November 17, 2023 | December 1, 2023 |
| ACE - New Jersey | November 21, 2024 | Electric | $109 | $54 | 9.60% | November 21, 2025 | December 1, 2025 |

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*Pending Distribution Base Rate Case Proceedings*

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|:---|:---|:---|:---|:---|:---|
| **Registrant/Jurisdiction** | **Filing Date** | **Service** | **Requested Revenue Requirement Increase** | **Requested ROE** | **Expected Approval Timing** |
| Pepco - Maryland | October 14, 2025 | Electric | $133 | 10.50% | Third quarter of 2026 |
| DPL - Delaware | December 9, 2025 | Electric | $45 | 10.50% | Third quarter of 2027 |

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***Transmission Formula Rates***

The following total increases/(decreases) were included in the Utility Registrants' 2025 annual electric transmission formula rate updates. All rates are effective June 1, 2025 to May 31, 2026, subject to review by interested parties pursuant to review protocols of each Utility Registrants' tariff. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Registrant** | **Initial Revenue Requirement Increase (Decrease)** | **Annual Reconciliation 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% |

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***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. 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.

**Other Key Business Drivers and Management Strategies Utility Rates and Rate Proceedings**

The Utility Registrants file 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 results of operations, cash flows, and financial positions. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on these regulatory proceedings.

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***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, the $1.2 trillion IIJA was signed 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.

On January 20, 2025, the Unleashing American Energy Order was issued as a Presidential Executive Order, which required an immediate pause in the disbursement of funds appropriated through the IRA and IIJA pending DOE review. In October 2025, Exelon, ComEd, and BGE received termination notifications from the DOE for their Renewable-Aware Distribution Operations, Deployment of a Community-Oriented Interoperable Control Framework for Aggregating and Integrating Distributed Energy Resources and Other Grid-Edge Devices, and Baltimore Interconnection Readiness & Deployment of Storage (BIRDS) awards, respectively. In the fourth quarter of 2025, Exelon, ComEd, and BGE elected to decline the previously awarded Middle Mile Grant (MMG) and Exelon and PECO elected to decline the previously awarded Creating a Resilient, Equitable, and Accessible Transformation in Energy for Greater Philadelphia (CREATE) grant. There are no material financial statement impacts as a result of the DOE terminations. Exelon, ComEd, PECO, and BGE will continue to evaluate whether to move forward with these projects.

***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. In the second quarter of 2025, BGE derecognized Regulatory assets of $10 million and Regulatory liabilities of $3 million for multi-year plan reconciliations that are no longer eligible to be filed. DPL also derecognized Regulatory liabilities of $0.4 million during the second quarter of 2025 for multi-year reconciliations ineligible to be filed. Multi-year plan reconciliations filed prior to January 1, 2025, remain lawful and will be resolved in their respective proceedings.

***Summer and Winter Rate Mitigation (Exelon, BGE, PHI, Pepco, DPL, and ACE).***

As part of the passing of the Next Generation Energy Act by the Maryland General Assembly, the MDPSC issued an order on June 26, 2025, to implement the Legislative Energy Relief Refund program under which bill credits were distributed to residential customers based on their consumption of electricity supply that was subject to the renewable energy portfolio standard. On July 24, 2025, the MDPSC issued an order accepting BGE, Pepco, and DPL's proposal for the implementation of the program. As a result, BGE, Pepco, and DPL received approximately

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$49 million, $21 million, and $8 million, respectively, from the MDPSC on August 6, 2025. These amounts were used to reduce residential customer accounts receivable balances within the third quarter of 2025. Additional disbursements from the state of Maryland were received by BGE, Pepco, and DPL on February 3, 2026 for approximately $49 million, $21 million, and $8 million, respectively. These amounts will also be used to reduce residential customer receivables in the first quarter of 2026.

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 was deferred to Regulatory assets. 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. As of December 31, 2025, the Regulatory asset has a remaining balance of $10 million.

***Residential Universal Bill Credit (Exelon and ACE).***

In an effort to further reduce the burden of increased electric supply costs, on August 13, 2025, the NJBPU issued an order to establish the Residential Universal Bill Credit (RUBC), which will be funded by the NJBPU. The program provided a $50 bill credit per eligible residential customer for the months of September and October 2025. ACE received $51 million from the NJBPU on September 25, 2025, which was recognized as a Regulatory liability. ACE subsequently issued all bill credits to residential customers in September and October. As of December 31, 2025, there is no Regulatory liability remaining.

***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**

The preparation of financial statements in conformity with GAAP requires that management apply accounting policies and make estimates and assumptions that affect results of operations and the amounts of assets and liabilities reported in the financial statements. Management believes that the accounting policies described below require significant judgment in their application or incorporate estimates and assumptions that are inherently uncertain and that may change in subsequent periods. Additional information on the application of these accounting policies can be found in the Combined Notes to Consolidated Financial Statements.

**Regulatory Accounting (All Registrants)**

For their regulated electric and gas operations, the Registrants reflect the effects of cost-based rate regulation in their financial statements, which is required for entities with regulated operations that meet the following criteria: (1) rates are established or approved by a third-party regulator; (2) rates are designed to recover the entities' cost of providing services or products; and (3) a reasonable expectation that rates designed to recover costs can be charged to and collected from customers. Regulatory assets represent incurred costs that have been deferred because of their probable future recovery from customers through regulated rates. Regulatory liabilities represent (1) revenue or gains that have been deferred because it is probable such amounts will be returned to customers through future regulated rates; or (2) billings in advance of expenditures for approved regulatory programs. If it is concluded in a future period that a separable portion of operations no longer meets the criteria discussed above, the Registrants would be required to eliminate any associated regulatory assets and liabilities and the impact, which could be material, would be recognized in the Consolidated Statements of Operations and Comprehensive Income.

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The following table illustrates gains (losses) to be included in net income that could result from the elimination of regulatory assets and liabilities and charges against OCI related to deferred costs associated with Exelon's pension and OPEB plans that are recorded as Regulatory assets in Exelon's Consolidated Balance Sheets (before taxes) at December 31, 2025:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>(In millions)</u>** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Gain (loss) | $4482 | $6727 | $(758) | $(353) | $(1083) | $(306) | $72 | $(467) |
| Charge against OCI<sup>(a)</sup> | (2911) |  |  |  |  |  |  |  |

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(a)Exelon's charge against OCI (before taxes) consists of up to $2.4 billion, $346 million, $298 million, $214 million, and $75 million, related to ComEd's, BGE's, PHI's, Pepco's, and DPL's respective portions of the deferred costs associated with Exelon's pension and OPEB plans. Exelon also has a net regulatory liability (before taxes) of $86 million and $6 million related to PECO's and ACE's portions of the deferred costs associated with Exelon's OPEB plans that would result in an increase in OCI if reversed.

See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information regarding regulatory matters, including the regulatory assets and liabilities of the Registrants.

For each regulatory jurisdiction in which they conduct business, the Registrants assess whether the regulatory assets and liabilities continue to meet the criteria for probable future recovery or refund at each balance sheet date and when regulatory events occur. This assessment includes consideration of recent rate orders, historical regulatory treatment for similar costs in each Registrant's jurisdictions, and factors such as changes in applicable regulatory and political environments. If the assessments and estimates made by the Registrants for regulatory assets and regulatory liabilities are ultimately different than actual regulatory outcomes, the impact in their consolidated financial statements could be material.

Refer to the revenue recognition discussion below for additional information on the annual revenue reconciliations associated with ICC-approved electric distribution MRP and formula rate mechanisms for ComEd, and FERC transmission formula rate tariffs for the Utility Registrants.

**Revenues (All Registrants)**

***Sources of Revenue and Determination of Accounting Treatment.*** The Registrants earn revenues from the sale and delivery of power and natural gas in regulated markets. The accounting treatment for revenue recognition is based on the nature of the underlying transaction and applicable authoritative guidance. The Registrants primarily apply the Revenue from Contracts with Customers, and Alternative Revenue Program accounting guidance to recognize revenues as discussed in more detail below.

***Revenue from Contracts with Customers.*** The Registrants recognize revenues in the period in which the performance obligations within contracts with customers are satisfied, which generally occurs when power and natural gas are physically delivered to the customer. Transactions of the Registrants within the scope of Revenue from Contracts with Customers generally include sales to utility customers under regulated service tariffs.

The determination of the Registrants' power and natural gas sales to individual customers is based on systematic readings of customer meters, generally monthly. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading are estimated, and corresponding unbilled revenue is recorded. The measurement of unbilled revenue is affected by the following factors: daily customer usage measured by generation or gas throughput volume, customer usage by class, losses of energy during delivery to customers and applicable customer rates. Increases or decreases in volumes delivered to the Registrant's customers and favorable or unfavorable rate mix due to changes in usage patterns in customer classes in the period could be significant to the calculation of unbilled revenue. In addition, revenues may fluctuate monthly as a result of customers electing to use an alternative supplier, since unbilled commodity revenues are not recorded for these customers. Changes in the timing of meter reading schedules and the number and type of customers scheduled for each meter reading date also impact the measurement of unbilled revenue; however, total operating revenues would remain materially unchanged. See Note 1 — Significant Accounting Policies of the Combined Notes to Consolidated Financial Statements for additional information.

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***Alternative Revenue Program Accounting.*** Certain of the Registrants' ratemaking mechanisms qualify as ARPs if they (i) are established by a regulatory order and allow for automatic adjustment to future rates, (ii) provide for additional revenues (above those amounts currently reflected in the price of utility service) that are objectively determinable and probable of recovery, and (iii) allow for the collection of those additional revenues within 24 months following the end of the period in which they were recognized. For mechanisms that meet these criteria, the Registrants adjust revenue and record an offsetting regulatory asset or liability once the condition or event allowing additional billing or refund has occurred. The ARP revenues presented in the Registrants' Consolidated Statements of Operations and Comprehensive Income include both: (i) the recognition of "originating" ARP revenues (when the regulator-specified condition or event allowing for additional billing or refund has occurred) and (ii) an equal and offsetting reversal of the "originating" ARP revenues as those amounts are reflected in the price of utility service and recognized as Revenue from Contracts with Customers.

ComEd records ARP revenue for its best estimate of the electric distribution, energy efficiency, distributed generation rebates, and transmission revenue impacts resulting from future changes in rates that ComEd believes are probable of approval by the ICC and FERC in accordance with its distribution multi-year rate plan, distribution revenue decoupling mechanisms, and formula rate mechanisms. BGE, Pepco, DPL, and ACE record ARP revenue for their best estimate of the electric and natural gas distribution revenue impacts resulting from future changes in rates that they believe are probable of approval by the MDPSC, DCPSC, and/or NJBPU in accordance with their revenue decoupling mechanisms. PECO, BGE, Pepco, DPL, and ACE record ARP revenue for their best estimate of the transmission revenue impacts resulting from future changes in rates that they believe are probable of approval by FERC in accordance with their formula rate mechanisms. Estimates of the current year revenue requirement are based on actual and/or forecasted costs and investments in rate base for the period and the rates of return on common equity and associated regulatory capital structure allowed under the applicable tariff. The estimated reconciliation can be affected by, among other things, variances in costs incurred, investments made, allowed ROE, and actions by regulators or courts.

See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

**Income Taxes (All Registrants)**

Significant management judgment is required in determining the Registrants' provisions for income taxes, primarily due to the uncertainty related to tax positions taken, as well as deferred tax assets and liabilities and valuation allowances. The Registrants account for uncertain income tax positions using a benefit recognition model with a two-step approach including a more-likely-than-not recognition threshold and a measurement approach based on the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. Management evaluates each position based solely on the technical merits and facts and circumstances of the position, assuming the position will be examined by a taxing authority having full knowledge of all relevant information. Significant judgment is required to determine whether the recognition threshold has been met and, if so, the appropriate amount of tax benefits to be recorded in the Registrants' consolidated financial statements.

The Registrants evaluate quarterly the probability of realizing deferred tax assets by reviewing a forecast of future taxable income and their intent and ability to implement tax planning strategies, if necessary, to realize deferred tax assets. The Registrants also assess negative evidence, such as the expiration of historical operating loss or tax credit carryforwards, that could indicate the Registrant's inability to realize its deferred tax assets. Based on the combined assessment, the Registrants record valuation allowances for deferred tax assets when it is more-likely-than-not such benefit will not be realized in future periods.

Actual income taxes could vary from estimated amounts due to the future impacts of various items, including future changes in income tax laws, the Registrants' forecasted financial condition and results of operations, failure to successfully implement tax planning strategies, as well as results of audits and examinations of filed tax returns by taxing authorities. See Note 11 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information.

**Allowance for Credit Losses on Customer Receivables (All Registrants)**

The Registrants allowance for credit losses on customer receivables is estimated based on historical experience, current conditions, and forward-looking risk factors. Historical experience considered include

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collection activities and payment history utilized for risk segmentation; current conditions include changes in economic conditions, aging of receivable balances, payment options and programs available to customers, and industry trends for each company; and forward-looking risk factors include assumptions related to the level of write-offs and recoveries. Risk segments represent a group of customers with similar forward-looking credit quality indicators and risk factors that are comprised based on various attributes, including delinquency of their balances and payment history and represent expected, future customer behavior. The Registrants' customer accounts are generally considered delinquent if the amount billed is not received by the time the next bill is issued, which normally occurs on a monthly basis. The Registrants' customer accounts are written off consistent with approved regulatory requirements. The Registrants' allowances for credit losses will continue to be affected by changes in volume, prices, and economic conditions as well as changes in ICC, PAPUC, MDPSC, DCPSC, DEPSC, and NJBPU regulations.

**Depreciable Lives of Property, Plant, and Equipment (All Registrants)**

The Registrants have significant investments in electric and natural gas transmission and distribution assets. These assets are generally depreciated on a straight-line basis, using the group, or composite methods of depreciation. The group approach is typically for groups of similar assets that have approximately the same useful lives and the composite approach is used for heterogeneous assets that have different lives. Under both methods, a reporting entity depreciates the assets over the average life of the assets in the group. The estimation of asset useful lives requires management judgment, supported by formal depreciation studies of historical asset retirement experience. Depreciation studies are conducted periodically and as required by a rate regulator or regulatory action, or changes in retirement patterns indicate an update is necessary.

Depreciation studies generally serve as the basis for amounts allowed in customer rates for recovery of depreciation costs. Generally, the Registrants adjust their depreciation rates for financial reporting purposes concurrent with adjustments to depreciation rates reflected in customer rates, unless the depreciation rates reflected in customer rates do not align with management's judgment as to an appropriate estimated useful life or have not been updated on a timely basis. Depreciation expense and customer rates for ComEd, BGE, Pepco, DPL, and ACE include an estimate of the future costs of dismantling and removing plant from service upon retirement. See Note 2 — Regulatory Matters of the Combined Notes to the Consolidated Financial Statements for information regarding regulatory liabilities and assets recorded by ComEd, BGE, Pepco, DPL, and ACE related to removal costs.

PECO's removal costs are capitalized to accumulated depreciation when incurred and recorded to depreciation expense over the life of the new asset constructed consistent with PECO's regulatory recovery method. Estimates for such removal costs are also evaluated in the periodic depreciation studies.

Changes in estimated useful lives of electric and natural gas transmission and distribution assets could have a significant impact on the Registrants' future results of operations. See Note 1 — Significant Accounting Policies of the Combined Notes to Consolidated Financial Statements for information regarding depreciation and estimated service lives of the property, plant, and equipment of the Registrants.

**Goodwill (Exelon, ComEd, and PHI)**

As of December 31, 2025, Exelon's $6.6 billion carrying amount of goodwill consists of $2.6 billion at ComEd and $4 billion at PHI. These entities are required to perform an assessment for possible impairment of their goodwill at least annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting units below their carrying amount. A reporting unit is an operating segment or one level below an operating segment (known as a component) and is the level at which goodwill is assessed for impairment. ComEd has a single operating segment and reporting unit. PHI's operating segments and reporting units are Pepco, DPL, and ACE. See Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for additional information. Exelon's and ComEd's goodwill has been assigned entirely to the ComEd reporting unit. Exelon's and PHI's goodwill has been assigned to the Pepco, DPL, and ACE reporting units in the amounts of $2.1 billion, $1.4 billion, and $0.5 billion, respectively. See Note 10 — Intangible Assets of the Combined Notes to Consolidated Financial Statements for additional information.

Entities assessing goodwill for impairment have the option of first performing a qualitative assessment to determine whether a quantitative assessment is necessary. As part of the qualitative assessments, Exelon, ComEd, and PHI evaluate, among other things, management's best estimate of projected operating and capital

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cash flows for their businesses, outcomes of recent regulatory proceedings, changes in certain market conditions, including the discount rate and regulated utility peer EBITDA multiples, and the passing margin from their last quantitative assessments performed.

Application of the goodwill impairment assessment requires management judgment, including the identification of reporting units and determining the fair value of the reporting unit, which management estimates using a weighted combination of a discounted cash flow analysis and a market multiples analysis. Significant assumptions used in these fair value analyses include discount and growth rates, utility sector market performance and transactions, and projected operating and capital cash flows for ComEd's, Pepco's, DPL's, and ACE's businesses and the fair value of debt.

While the 2025 annual assessments indicated no impairments, certain assumptions used in the assessment are highly sensitive to changes. Adverse regulatory actions or changes in significant assumptions could potentially result in future impairments of Exelon's, ComEd's, or PHI's goodwill, which could be material.

See Note 1 — Significant Accounting Policies and Note 10 — Intangible Assets of the Combined Notes to Consolidated Financial Statements for additional information.

**Unamortized Energy Contract Liabilities (Exelon and PHI)**

Unamortized energy contract liabilities represent the remaining unamortized balances of non-derivative electricity contracts that Exelon acquired as part of the PHI merger. The initial amount recorded represents the difference between the fair value of the contracts at the time of acquisition and the contract value based on the terms of each contract. Offsetting regulatory assets were also recorded for those energy contract costs that are probable of recovery through customer rates. The unamortized energy contract liabilities and the corresponding regulatory assets, respectively, are amortized over the life of the contract in relation to the expected realization of the underlying cash flows. Amortization of the unamortized energy contract liabilities are recorded through Purchased power and fuel expense. See Note 2 — Regulatory Matters and Note 10 — Intangible Assets of the Combined Notes to Consolidated Financial Statements for additional information.

**Accounting for Loss Contingencies (All Registrants)**

In the preparation of the financial statements, the Registrants make judgments regarding the future outcome of contingent events and record liabilities for loss contingencies that are probable and can be reasonably estimated based upon available information. The amount recorded may differ from the actual expense incurred when the uncertainty is resolved. Such difference could have a significant impact in the Registrants' consolidated financial statements.

***Environmental Costs.*** Environmental investigation and remediation liabilities are based upon estimates with respect to the number of sites for which the Registrants will be responsible, the scope and cost of work to be performed at each site, the portion of costs that will be shared with other parties, the timing of the remediation work, regulations, and the requirements of local governmental authorities. Annual studies and/or reviews are conducted at ComEd, PECO, BGE, and DPL to determine future remediation requirements for MGP sites and estimates are adjusted accordingly. In addition, periodic reviews are performed at each of the Registrants to assess the adequacy of other environmental reserves. These matters, if resolved in a manner different from the estimate, could have a significant impact in the Registrants' consolidated financial statements. See Note 16 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for additional information.

***Other, Including Personal Injury Claims.*** The Registrants are self-insured for general liability, automotive liability, workers' compensation, and personal injury claims to the extent that losses are within policy deductibles or exceed the amount of insurance maintained. The Registrants have reserves for both open claims asserted, and an estimate of claims incurred but not reported (IBNR). The IBNR reserve is estimated based on actuarial assumptions and analysis and is updated annually. Future events, such as the number of new claims to be filed each year, the average cost of disposing of claims, as well as the numerous uncertainties surrounding litigation and possible state and national legislative measures could cause the actual costs to be higher or lower than estimated. Accordingly, these claims, if resolved in a manner different from the estimate, could have a material impact to the Registrants' consolidated financial statements.

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**Retirement Benefits (All Registrants)**

Exelon sponsors defined benefit pension plans and OPEB plans. The measurement of the plan obligations and costs of providing benefits involves various factors, including the development of valuation assumptions and inputs and accounting policy elections. When developing the required assumptions, Exelon considers historical information as well as future expectations. The measurement of benefit obligations and costs is affected by several assumptions including the discount rate, the long-term expected rate of return on plan assets, the anticipated rate of increase of health care costs, Exelon's contributions, the rate of compensation increases, and the long-term expected investment rate credited to employees of certain plans, among others. The assumptions are updated annually and upon any interim remeasurement of the plan obligations.

Pension and OPEB plan assets include cash and cash equivalents, equity securities, including U.S. and international securities, and fixed income securities, as well as certain alternative investment classes such as private equity, real estate, private credit, and hedge funds.

***Expected Rate of Return on Plan Assets.*** In determining the EROA, Exelon considers historical economic indicators (including inflation and GDP growth) that impact asset returns, as well as expectations regarding future long-term capital market performance, weighted by Exelon's target asset class allocations. Exelon calculates the amount of expected return on pension and OPEB plan assets by multiplying the EROA by the MRV of plan assets at the beginning of the year, taking into consideration anticipated contributions and benefit payments to be made during the year. In determining MRV, the authoritative guidance for pensions and postretirement benefits allows the use of either fair value or a calculated value that recognizes changes in fair value in a systematic and rational manner over not more than five years. For the majority of pension plan assets, Exelon uses a calculated value that adjusts for 20% of the difference between fair value and expected MRV of plan assets. Use of this calculated value approach enables less volatile expected asset returns to be recognized as a component of pension cost from year to year. For OPEB plan assets and certain pension plan assets, Exelon uses fair value to calculate the MRV.

***Discount Rate.*** The discount rates are determined by developing a spot rate curve based on the yield to maturity of a universe of high-quality bonds with similar maturities to the related pension and OPEB obligations. The spot rates are used to discount the estimated future benefit distribution amounts under the pension and OPEB plans. The discount rate is the single level rate that produces the same result as the spot rate curve. Exelon utilizes an analytical tool developed by its actuaries to determine the discount rates.

***Mortality.*** The mortality assumption is composed of a base table that represents the current expectation of life expectancy of the population adjusted by an improvement scale that attempts to anticipate future improvements in life expectancy. Exelon's mortality assumption utilizes the SOA 2019 base table (Pri-2012) and MP-2021 improvement scale adjusted to use Proxy SSA ultimate improvement rates.

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***Sensitivity to Changes in Key Assumptions.*** The following tables illustrate the effects of changing certain of the actuarial assumptions discussed above, while holding all other assumptions constant:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Assumption** | **Actual Assumption** | | **(Decrease) Increase** | **(Decrease) Increase** | **(Decrease) Increase** |
| **<u>Actuarial Assumption</u>** | **Pension** | **OPEB** |<br>**Change in<br>Assumption** | **Pension** | **OPEB** | **Total** |
| Change in 2025 cost: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount rate<sup>(a)</sup> | 5.68% | 5.64% | 0.5% | $(16) | $(2) | $(18) |
|  | 5.68% | 5.64% | (0.5)% | $18 | $2 | $20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EROA | 7.00% | 6.50% | 0.5% | $(51) | $(6) | $(57) |
|  | 7.00% | 6.50% | (0.5)% | $51 | $6 | $57 |
| Change in benefit obligation at December 31, 2025: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount rate<sup>(a)</sup> | 5.42% | 5.34% | 0.5% | $(485) | $(79) | $(564) |
|  | 5.42% | 5.34% | (0.5)% | $552 | $89 | $641 |

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(a)In general, the discount rate will have a larger impact on the pension and OPEB cost and obligation as the rate moves closer to 0%. Therefore, the discount rate sensitivities above cannot necessarily be extrapolated for larger increases or decreases in the discount rate. Additionally, Exelon utilizes a liability-driven investment strategy for its pension asset portfolio. The sensitivities shown above do not reflect the offsetting impact that changes in discount rates may have on pension asset returns.

See Note 1 — Significant Accounting Policies and Note 12 — Retirement Benefits of the Combined Notes to Consolidated Financial Statements for additional information regarding the accounting for the defined benefit pension plans and OPEB plans.

**Derivative Financial Instruments (All Registrants)**

The Registrants use derivative instruments to manage commodity price risk and interest rate risk related to ongoing business operations. See Note 13 — Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for additional information.

Determining whether a contract qualifies as a derivative requires that management exercise significant judgment, including assessing market liquidity as well as determining whether a contract has one or more underlying and one or more notional quantities.

All derivatives are recognized on the balance sheet at their fair value, except for certain derivatives that qualify for, and are elected under, NPNS. For derivatives that qualify and are designated as cash flow hedges, changes in fair value each period are initially recorded in AOCI and recognized in earnings when the hedged transaction affects earnings. For derivatives intended to serve as economic hedges, which are not designated for hedge accounting, changes in fair value each period are recognized in earnings on the Consolidated Statement of Operations and Comprehensive Income or are recorded as a regulatory asset or liability when there is an ability to recover or return the associated costs or benefits in accordance with regulatory requirements.

***NPNS.*** Contracts that are designated as NPNS are not required to be recorded at fair value, but rather on an accrual basis of accounting. Determining whether a contract qualifies for NPNS requires judgment on whether the contract will physically deliver and requires that management ensure compliance with all the associated qualification and documentation requirements. For all NPNS derivative instruments, accounts payable is recorded when derivatives settle and expense is recognized in earnings as the underlying physical commodity is consumed. Contracts that qualify for NPNS are those for which physical delivery is probable, quantities are expected to be used or sold in the normal course of business over a reasonable period, and the contract is not financially settled on a net basis. See Note 13 — Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for all contracts that are accounted for under NPNS.

***Commodity Contracts.*** The Registrants make estimates and assumptions concerning future commodity prices, interest rates, and the timing of future transactions and their probable cash flows in deciding whether to enter derivative transactions, and in determining the initial accounting treatment for derivative transactions. The

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Registrants categorize these derivatives under a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.

Derivative contracts can be traded in both exchange-based and non-exchange-based markets. Exchange-based derivatives that are valued using unadjusted quoted prices in active markets are generally categorized in Level 1 in the fair value hierarchy. Certain derivative pricing is verified using indicative price quotations available through brokers or over-the-counter, online exchanges. For derivatives that trade in liquid markets, the model inputs are generally observable. Such instruments are categorized in Level 2. For derivatives that trade in less liquid markets with limited pricing information, the model inputs generally would include both observable and unobservable inputs and are categorized in Level 3.

The Registrants consider nonperformance risk, including credit risk in the valuation of derivative contracts, and both historical and current market data in the assessment of nonperformance risk. The impacts of nonperformance and credit risk to date have generally not been material to the Registrants' financial statements.

***Interest Rate Derivative Instruments.*** Exelon Corporate utilizes interest rate swaps to manage interest rate risk on existing and planned future debt issuances. The fair value of the swaps is calculated by discounting the future net cash flows to the present value based on the terms and conditions of the agreements and the forward interest rate curves. As these inputs are based on observable data and valuations of similar instruments, the interest rate derivatives are primarily categorized in Level 2 in the fair value hierarchy.

See ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK and Note 15 — Fair Value of Financial Assets and Liabilities and Note 13 — Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for additional information regarding the Registrants' derivative instruments.

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ComEd

**Results of Operations by Registrant**

**Results of Operations—ComEd**

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| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **(Unfavorable) Favorable Variance** |
| **Operating revenues** | $7267 | $8219 | $(952) |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased power | 1782 | 3042 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance | 1710 | 1703 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1560 | 1514 | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 409 | 376 | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 5461 | 6635 | 1174 |
| **Gain on sales of assets** |  | 5 | (5) |
| **Operating income** | 1806 | 1589 | 217 |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (530) | (501) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 132 | 94 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (398) | (407) | 9 |
| **Income before income taxes** | 1408 | 1182 | 226 |
| **Income taxes** | 261 | 116 | (145) |
| **Net income** | $1147 | $1066 | $81 |

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***Year Ended December 31, 2025 Compared to Year Ended December 31, 2024.* Net income** increased by $81 million primarily due to higher distribution and transmission rate base driven by incremental investments to serve customers, higher return on regulatory assets due to an increase in asset balances, and higher AFUDC, partially offset by lower transmission peak load.

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

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| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase (Decrease)** |
| Distribution | $297 |
| Transmission |  |
| Energy efficiency | 32 |
| Other | (47) |
|  | 282 |
| Regulatory required programs | (1234) |
| Total decrease | $(952) |

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***Revenue Decoupling.*** The demand for electricity is affected by weather and customer usage. Operating revenues are not intended to be 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 underlying costs, (e.g., severe weather and storm restoration), investments being recovered, and allowed ROE. Electric distribution revenue increased during the year ended December 31, 2025, compared to the same period in 2024, primarily due to higher fully recoverable costs, higher rate base, and higher return on regulatory assets.

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ComEd

***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 revenue for the year ended December 31, 2025, compared to the same period in 2024, remained relatively consistent.

***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 revenue increased during the year ended December 31, 2025, compared to the same period 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 revenue decreased for the year ended December 31, 2025, compared to the same period in 2024, which primarily reflects decreased 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 $1,260 million decrease in **Purchased power expense** for the year ended December 31, 2025 compared to the same period in 2024, which includes the impacts of CMC nuclear production tax credits, is offset in Operating revenues as part of regulatory required programs. See Note 2 — Regulatory Matters for additional information.

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ComEd

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

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| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **(Decrease) Increase** |
| Labor, other benefits, contracting, and materials | $(9) |
| BSC costs | (14) |
| Pension and non-pension postretirement benefits expense | 5 |
| Storm-related costs | 2 |
|  | (15) |
| Regulatory required programs<sup>(a)</sup> | 22 |
| Total increase | $7 |

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(a)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:

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| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase (Decrease)** |
| Depreciation and amortization<sup>(a)</sup> | $56 |
| Regulatory asset amortization<sup>(b)</sup> | (10) |
| Total increase | $46 |

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__________

(a)Reflects ongoing capital expenditures.

(b)Includes amortization of ComEd's energy efficiency formula rate regulatory asset.

**Interest expense, net** increased $29 million for the year ended December 31, 2025, compared to the same period in 2024, primarily due to an increase in interest rates and the issuance of debt in 2025.

**Other**, **net** increased $38 million for the year ended December 31, 2025, compared to the same period in 2024, primarily due to higher AFUDC equity.

**Effective income tax rates** were 18.5% and 9.8% for the years ended December 31, 2025 and 2024, respectively. See Note 11 — 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**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

PECO

**Results of Operations—PECO**

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **Favorable (Unfavorable) Variance** |
| **Operating revenues** | $4684 | $3973 | $711 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased power and fuel | 1733 | 1477 | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance | 1195 | 1120 | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 454 | 428 | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 240 | 218 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 3622 | 3243 | (379) |
| **Gain on sales of assets** |  | 4 | (4) |
| **Operating income** | 1062 | 734 | 328 |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (260) | (232) | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 41 | 37 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (219) | (195) | (24) |
| **Income before income taxes** | 843 | 539 | 304 |
| **Income taxes** | 29 | (12) | (41) |
| **Net income** | $814 | $551 | $263 |

---

***Year Ended December 31, 2025 Compared to Year Ended December 31, 2024.* Net income** increased by $263 million due to an increase in revenue as a result of electric and gas distribution rates, favorable weather relative to the same period last year, and tax repairs related to storms, partially offset by an increase in contracting, depreciation and interest expense.

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

---

| | | | |
|:---|:---|:---|:---|
| | **2025 vs. 2024** | **2025 vs. 2024** | **2025 vs. 2024** |
| | **Increase (Decrease)** | **Increase (Decrease)** | **Increase (Decrease)** |
| | **Electric** | **Gas** | **Total** |
| Weather | $27 | $32 | $59 |
| Volume | (27) | 2 | (25) |
| Pricing | 321 | 91 | 412 |
| Transmission | 4 |  | 4 |
| Other | 10 | 2 | 12 |
|  | 335 | 127 | 462 |
| Regulatory required programs | 168 | 81 | 249 |
| Total increase | $503 | $208 | $711 |

---

***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. For the year ended December 31, 2025, compared to the same period in 2024, Operating revenues related to weather increased due to favorable weather conditions in PECO's service territory.

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 year ended December 31, 2025, compared to the same period in 2024, and normal weather consisted of the following:

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

PECO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | | **% Change** | **% Change** |
| **<u>PECO Service Territory</u>** | **2025** | **2024** | **Normal** | **2025 vs. 2024** | **2025 vs. Normal** |
| Heating Degree-Days | 4274 | 3786 | 4348 | 12.9% | (1.7)% |
| Cooling Degree-Days | 1547 | 1652 | 1455 | (6.4)% | 6.3% |

---

***Volume.*** Electric volume, exclusive of the effects of weather, for the year ended December 31, 2025, compared to the same period in 2024, decreased due to customer load. Natural gas volume for the year ended December 31, 2025, compared to the same period in 2024, remained relatively consistent.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Electric Retail Deliveries to Customers (in GWhs)</u>** | **2025** | **2024** | **% Change** | **Weather - Normal % Change**<sup>(b)</sup> |
| Residential | 14078 | 13963 | 0.8% | (1.5)% |
| Small commercial & industrial | 7537 | 7683 | (1.9)% | (3.0)% |
| Large commercial & industrial | 13683 | 13889 | (1.5)% | (2.2)% |
| Public authorities & electric railroads | 678 | 613 | 10.6% | 11.0% |
| Total electric retail deliveries<sup>(a)</sup> | 35976 | 36148 | (0.5)% | (1.9)% |

---

---

| | | |
|:---|:---|:---|
| | **At December 31,** | **At December 31,** |
| **<u>Number of Electric Customers</u>** | **2025** | **2024** |
| Residential | 1541970 | 1533443 |
| Small commercial & industrial | 154841 | 155164 |
| Large commercial & industrial | 3158 | 3150 |
| Public authorities & electric railroads | 10248 | 10708 |
| Total | 1710217 | 1702465 |

---

__________

(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>Natural Gas Deliveries to Customers (in mmcf)</u>** | **2025** | **2024** | **% Change** | **Weather - Normal % Change**<sup>(b)</sup> |
| Residential | 43189 | 38328 | 12.7% | 1.6% |
| Small commercial & industrial | 23709 | 21906 | 8.2% | 0.6% |
| Large commercial & industrial | 15 | 17 | (11.8)% | (2.2)% |
| Transportation | 24204 | 23357 | 3.6% | 0.7% |
| Total natural gas deliveries<sup>(a)</sup> | 91117 | 83608 | 9.0% | 1.1% |

---

---

| | | |
|:---|:---|:---|
| | **At December 31,** | **At December 31,** |
| **<u>Number of Natural Gas Customers</u>** | **2025** | **2024** |
| Residential | 510959 | 508224 |
| Small commercial & industrial | 44698 | 44846 |
| Large commercial & industrial | 7 | 7 |
| Transportation | 617 | 644 |
| Total | 556281 | 553721 |

---

__________

(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 year ended December 31, 2025, compared to the same period in 2024, increased primarily due to electric and gas distribution rates charged to customers.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

PECO

***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 year ended December 31, 2025, compared to the same period in 2024, remained relatively consistent.

***Other Revenue*** primarily includes revenue related to late payment charges. Other revenues for the year ended December 31, 2025, compared to the same period in 2024, increased primarily due to revenue related to late payment charges.

***Regulatory Required Programs*** represent 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.

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

The increase of $256 million for the year ended December 31, 2025, 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:

---

| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase (Decrease)** |
| Labor, other benefits, contracting, and materials | $51 |
| Credit loss expense | 8 |
| Pension and non-pension postretirement benefits expense | 4 |
| Storm-related costs | 3 |
| BSC costs | 2 |
| Other | 22 |
|  | 90 |
| Regulatory required programs | (15) |
| Total increase | $75 |

---

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

---

| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase (Decrease)** |
| Depreciation and amortization<sup>(a)</sup> | $37 |
| Regulatory asset amortization | (11) |
| Total increase | $26 |

---

__________

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

**Taxes other than income taxes** increased by $22 million for the year ended December 31, 2025, compared to the same period in 2024, primarily due to higher Pennsylvania gross receipts tax.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

PECO

**Interest expense, net** increased $28 million for the year ended December 31, 2025, compared to the same period in 2024, primarily due to an increase in interest rates and the issuance of debt in 2025.

**Effective income tax rates** were 3.4% and (2.2)% for the years ended December 31, 2025 and 2024, respectively. See Note 11 — 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**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

BGE

**Results of Operations—BGE**

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **Favorable (Unfavorable) Variance** |
| **Operating revenues** | $5222 | $4426 | $796 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased power and fuel | 2221 | 1651 | (570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance | 1066 | 1036 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 632 | 638 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 370 | 345 | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 4289 | 3670 | (619) |
| **Operating income** | 933 | 756 | 177 |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (247) | (216) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 51 | 36 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (196) | (180) | (16) |
| **Income before income taxes** | 737 | 576 | 161 |
| **Income taxes** | 159 | 49 | (110) |
| **Net income** | $578 | $527 | $51 |

---

***Year Ended December 31, 2025 Compared to Year Ended December 31, 2024.* Net income** increased $51 million primarily due to distribution rates, favorable impacts of the multi-year plan reconciliation and a decrease in storm costs, partially offset by 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 on the multi-year plan reconciliation and the Next Generation Energy Act.

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

---

| | | | |
|:---|:---|:---|:---|
| | **2025 vs. 2024** | **2025 vs. 2024** | **2025 vs. 2024** |
| | **Increase** | **Increase** | **Increase** |
| | **Electric** | **Gas** | **Total** |
| Distribution | $82 | $62 | $144 |
| Transmission | 6 |  | 6 |
| Other | 11 |  | 11 |
|  | 99 | 62 | 161 |
| Regulatory required programs | 471 | 164 | 635 |
| Total increase | $570 | $226 | $796 |

---

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

BGE

***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. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on revenue decoupling.

---

| | | |
|:---|:---|:---|
| | **At December 31,** | **At December 31,** |
| **<u>Number of Electric Customers</u>** | **2025** | **2024** |
| Residential | 1222397 | 1216614 |
| Small commercial & industrial | 115197 | 115010 |
| Large commercial & industrial | 13445 | 13266 |
| Public authorities & electric railroads | 252 | 260 |
| Total | 1351291 | 1345150 |

---

---

| | | |
|:---|:---|:---|
| | **At December 31,** | **At December 31,** |
| **<u>Number of Natural Gas Customers</u>** | **2025** | **2024** |
| Residential | 660986 | 658776 |
| Small commercial & industrial | 37759 | 37874 |
| Large commercial & industrial | 6417 | 6369 |
| Total | 705162 | 703019 |

---

***Distribution Revenue*** increased for the year ended December 31, 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 year ended December 31, 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 year ended December 31, 2025 compared to the same period in 2024, primarily driven by an increase 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 $570 million for the year ended December 31, 2025 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.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

BGE

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

---

| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase (Decrease)** |
| BSC costs | $5 |
| Credit loss expense | 1 |
| Labor, other benefits, contracting, and materials | 1 |
| Multi-year plan reconciliation<sup>(a)</sup> | (9) |
| Storm-related costs | (13) |
| Other<sup>(b)</sup> | 5 |
|  | (10) |
| Regulatory required programs<sup>(c)</sup> | 40 |
| Total increase | $30 |

---

__________

(a)See Note 2 — Regulatory Matters for additional information on the multi-year plan reconciliation.

(b)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, partially offset by the absence of capital write-offs included in 2024. See Note 2 — Regulatory Matters for additional information regarding the Next Generation Energy Act.

(c)Reflects the cost recovery associated with EmPOWER Maryland. See Note 2 — Regulatory Matters for additional information.

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

---

| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase (Decrease)** |
| Depreciation and amortization | $13 |
| Regulatory required programs<sup>(a)</sup> | 21 |
| Regulatory asset amortization | (40) |
| Total decrease | $(6) |

---

__________

(a)Reflects the cost recovery associated with EmPOWER Maryland. See Note 2 — Regulatory Matters for additional information.

**Taxes other than income taxes** increased by $25 million for the year ended December 31, 2025 compared to the same period in 2024, primarily due to increased property taxes.

**Interest expense, net** increased $31 million for the year ended December 31, 2025 compared to the same period in 2024, primarily due to the issuance of debt in the second quarter of 2025.

**Other, net** increased by $15 million for the year ended December 31, 2025 compared to the same period in 2024, primarily due to increased interest income and higher AFUDC equity.

**Effective income tax rates** were 21.6% and 8.5% for the years ended December 31, 2025 and 2024, respectively. See Note 11 — 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**](#i4c9c3ae6799a4a3e87602e3c79b151d2_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 year ended December 31, 2025 compared to the same period in 2024. See the Results of Operations for Pepco, DPL, and ACE for additional information.

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **Favorable Variance** |
| PHI | $799 | $741 | $58 |
| Pepco | 401 | 390 | 11 |
| DPL | 224 | 209 | 15 |
| ACE | 188 | 155 | 33 |
| Other<sup>(a)</sup> | (14) | (14) |  |

---

__________

(a)Primarily includes eliminating and consolidating adjustments, PHI's corporate operations, shared service entities, and other financing and investing activities.

***Year Ended December 31, 2025 Compared to Year Ended December 31, 2024.* Net income** increased by $58 million primarily due to electric distribution rates, favorable impacts of the ACE Electric Distribution Base Rate Case, including the recognition of the regulatory asset and corresponding decrease in O&M associated with work stoppage costs that were incurred by ACE in 2023, DPL Delaware electric DSIC rates and natural gas rates, and transmission rates, partially offset by the absence of the Pepco Maryland multi-year plans reconciliations, lower AFUDC income, and increases in interest expense, depreciation expense and contracting costs.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

Pepco

**Results of Operations—Pepco**

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **Favorable (Unfavorable) Variance** |
| **Operating revenues** | $3454 | $3039 | $415 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased power | 1262 | 1055 | (207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance | 625 | 534 | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 433 | 407 | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 455 | 424 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2775 | 2420 | (355) |
| **(Loss) gain on sales of assets** | 1 | (1) | 2 |
| **Operating income** | 680 | 618 | 62 |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (214) | (192) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 41 | 54 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (173) | (138) | (35) |
| **Income before income taxes** | 507 | 480 | 27 |
| **Income taxes** | 106 | 90 | (16) |
| **Net income** | $401 | $390 | $11 |

---

***Year Ended December 31, 2025 Compared to Year Ended December 31, 2024.* Net income** increased by $11 million primarily due to distribution and transmission rates, partially offset by the absence of the Maryland multi-year plans reconciliations, lower AFUDC income, and increases in interest expense and depreciation expense.

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

---

| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase (Decrease)** |
| Distribution | $135 |
| Transmission | 27 |
| Other | (9) |
|  | 153 |
| Regulatory required programs | 262 |
| Total increase | $415 |

---

***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. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on revenue decoupling Pepco Maryland.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

Pepco

---

| | | |
|:---|:---|:---|
| | **At December 31,** | **At December 31,** |
| **<u>Number of Electric Customers in Maryland</u>** | **2025** | **2024** |
| Residential | 560304 | 556239 |
| Small commercial & industrial | 30548 | 30571 |
| Large commercial & industrial | 19078 | 18989 |
| Public authorities & electric railroads | 179 | 179 |
| Total | 610109 | 605978 |

---

***Distribution Revenue*** increased for the year ended December 31, 2025 compared to the same period in 2024, primarily due to the 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 year ended December 31, 2025 compared to the same period in 2024 primarily due to increases in underlying costs and capital investment.

***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 $207 million for the year ended December 31, 2025 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**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

Pepco

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

---

| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase (Decrease)** |
| Labor, other benefits, contracting, and materials | $26 |
| Maryland multi-year plan reconciliations <sup>(a)</sup> | 23 |
| Credit loss expense | 2 |
| Pension and non-pension postretirement benefits expense | 1 |
| Storm-related costs | 1 |
| BSC and PHISCO costs | (5) |
| Other | 7 |
|  | 55 |
| Regulatory required programs <sup>(b)</sup> | 36 |
| Total increase | $91 |

---

__________

(a)See Note 2 — Regulatory Matters for additional information on multi-year plan reconciliations.

(b)Reflects the cost recovery associated with EmPOWER Maryland. Please refer to Note 2 — Regulatory Matters for additional information.

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

---

| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase (Decrease)** |
| Depreciation and amortization<sup>(a)</sup> | $24 |
| Regulatory asset amortization | 6 |
| Regulatory required programs<sup>(b)</sup> | (4) |
| Total increase | $26 |

---

__________

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

(b)Reflects the cost recovery associated with EmPOWER Maryland. Please refer to Note 2 — Regulatory Matters for additional information.

**Taxes other than income taxes** increased $31 million for the year ended December 31, 2025 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 $22 million for the year ended December 31, 2025 compared to the same period in 2024 primarily due to an increase in interest rates and the issuance of debt in 2025.

**Other**, **net** decreased $13 million for the year ended December 31, 2025 compared to the same period in 2024, primarily due to lower AFUDC equity.

**Effective income tax rates** were 20.9% and 18.8% for the years ended December 31, 2025 and 2024, respectively. See Note 11 — 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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DPL

**Results of Operations—DPL**

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **Favorable (Unfavorable) Variance** |
| **Operating revenues** | $1971 | $1787 | $184 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased power and fuel | 861 | 760 | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance | 391 | 377 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization  | 252 | 245 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 88 | 79 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1592 | 1461 | (131) |
| **Operating income** | 379 | 326 | 53 |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (102) | (93) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 16 | 25 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (86) | (68) | (18) |
| **Income before income taxes** | 293 | 258 | 35 |
| **Income taxes** | 69 | 49 | (20) |
| **Net income** | $224 | $209 | $15 |

---

***Year Ended December 31, 2025 Compared to Year Ended December 31, 2024. Net income*** increased by $15 million primarily due to Delaware electric DSIC and natural gas rates, favorable weather conditions at Delaware electric and natural gas service territories, and transmission rates, partially offset by increases in interest and depreciation expense.

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

---

| | | | |
|:---|:---|:---|:---|
| | **2025 vs. 2024** | **2025 vs. 2024** | **2025 vs. 2024** |
| | **Increase (Decrease)** | **Increase (Decrease)** | **Increase (Decrease)** |
| | **Electric** | **Gas** | **Total** |
| Weather | $8 | $3 | $11 |
| Volume | (4) | 7 | 3 |
| Distribution | 20 | 14 | 34 |
| Transmission | 19 |  | 19 |
| Other | (1) |  | (1) |
|  | 42 | 24 | 66 |
| Regulatory required programs | 90 | 28 | 118 |
| Total increase | $132 | $52 | $184 |

---

***Revenue Decoupling.*** The demand for electricity is affected by weather and customer usage. However, Operating revenues from electric distribution in Maryland 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 by customer class. While Operating revenues from electric distribution customers in Maryland are not impacted by abnormal weather or usage per customer, they are impacted by changes in the number of customers. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on revenue decoupling for DPL Maryland.

***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 weather conditions result in increased deliveries of electricity and natural gas. Conversely, mild weather reduces demand. During the year ended December 31, 2025 compared to the same period in 2024, Operating revenues

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DPL

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 year ended December 31, 2025 compared to same period in 2024 and normal weather consisted of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | | **% Change** | **% Change** |
| **<u>Delaware Electric Service Territory</u>** | **2025** | **2024** | **Normal** | **2025 vs. 2024** | **2025 vs. Normal** |
| Heating Degree-Days | 4500 | 4100 | 4477 | 9.8% | 0.5% |
| Cooling Degree-Days | 1309 | 1277 | 1302 | 2.5% | 0.5% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | | **% Change** | **% Change** |
| **<u>Delaware Natural Gas Service Territory</u>** | **2025** | **2024** | **Normal** | **2025 vs. 2024** | **2025 vs. Normal** |
| Heating Degree-Days | 4500 | 4100 | 4605 | 9.8% | (2.3)% |

---

***Volume,*** exclusive of the effects of weather, increased for the year ended December 31, 2025 compared to the same period in 2024 primarily due to an increase in customer growth.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Electric Retail Deliveries to Delaware Customers (in GWhs)</u>** | **2025** | **2024** | **% Change** | **Weather - Normal % Change** <sup>(b)</sup> |
| Residential | 3288 | 3227 | 1.9% | (1.4)% |
| Small commercial & industrial | 1459 | 1445 | 1.0% | 0.2% |
| Large commercial & industrial | 3049 | 3019 | 1.0% | 0.6% |
| Public authorities & electric railroads | 31 | 32 | (3.1)% | (3.5)% |
| Total electric retail deliveries<sup>(a)</sup> | 7827 | 7723 | 1.3% | (0.3)% |

---

---

| | | |
|:---|:---|:---|
| | **At December 31,** | **At December 31,** |
| **<u>Number of Total Electric Customers (Maryland and Delaware)</u>** | **2025** | **2024** |
| Residential | 495254 | 490626 |
| Small commercial & industrial | 65500 | 64813 |
| Large commercial & industrial | 1273 | 1255 |
| Public authorities & electric railroads | 634 | 606 |
| Total | 562661 | 557300 |

---

__________

(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>** | **2025** | **2024** | **% Change** | **Weather - Normal % Change**<sup>(b)</sup> |
| Residential | 9052 | 7810 | 15.9% | 7.5% |
| Small commercial & industrial | 4339 | 3801 | 14.2% | 5.5% |
| Large commercial & industrial | 1680 | 1674 | 0.4% | 0.4% |
| Transportation | 6355 | 6206 | 2.4% | (0.3)% |
| Total natural gas deliveries<sup>(a)</sup> | 21426 | 19491 | 9.9% | 4.1% |

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DPL

---

| | | |
|:---|:---|:---|
| | **At December 31,** | **At December 31,** |
| **<u>Number of Delaware Natural Gas Customers</u>** | **2025** | **2024** |
| Residential | 132148 | 131392 |
| Small commercial & industrial | 10255 | 10218 |
| Large commercial & industrial | 14 | 14 |
| Transportation | 160 | 162 |
| Total | 142577 | 141786 |

---

__________

(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 year ended December 31, 2025 compared to the same period in 2024 primarily due to Delaware electric DSIC rates and natural gas rates that became effective in 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. Transmission revenue increased for the year ended December 31, 2025 compared to the same period in 2024 primarily due to increases in underlying costs and capital investment.

***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, 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 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 $101 million for the year ended December 31, 2025 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.

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DPL

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

---

| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase (Decrease)** |
| Credit loss expense | $3 |
| Pension and non-pension postretirement benefits expense | 1 |
| Labor, other benefits, contracting, and materials | (2) |
| BSC and PHISCO costs | (5) |
| Storm-related costs | (5) |
| Other | 3 |
|  | $(5) |
| Regulatory required programs<sup>(a)</sup> | 19 |
| Total increase | $14 |

---

__________

(a)Reflects the cost recovery associated with EmPOWER Maryland. Please refer to Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

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

---

| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase (Decrease)** |
| Depreciation and amortization<sup>(a)</sup> | $8 |
| Regulatory asset amortization | (1) |
| Total increase | $7 |

---

__________

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

**Taxes other than income taxes** increased by $9 million for the year ended December 31, 2025 compared to the same period in 2024, primarily due to an increase in property taxes.

**Interest expense, net** increased $9 million for the year ended December 31, 2025 compared to the same period in 2024 primarily due to an increase in interest rates and the issuance of debt in 2025.

**Other, net** decreased by $9 million for the year ended December 31, 2025 compared to the same period in 2024, primarily due to lower AFUDC equity and a decrease in interest income.

**Effective income tax rates** were 23.5% and 19.0% for the years ended December 31, 2025 and 2024, respectively. See Note 11 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the change in effective income tax rates.

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ACE

**Results of Operations—ACE** 

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **Favorable (Unfavorable) Variance** |
| **Operating revenues** | $1718 | $1628 | $90 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased power | 808 | 698 | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance | 328 | 368 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 248 | 278 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 9 | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1393 | 1353 | (40) |
| **Gain on sale of assets** | 2 |  | 2 |
| **Operating income** | 327 | 275 | 52 |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (82) | (79) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 10 | 14 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (72) | (65) | (7) |
| **Income before income taxes** | 255 | 210 | 45 |
| **Income taxes** | 67 | 55 | (12) |
| **Net income** | $188 | $155 | $33 |

---

***Year Ended December 31, 2025 Compared to Year Ended December 31, 2024. Net income*** increased by $33 million primarily due to favorable impacts of the ACE Electric Distribution Base Rate Case, including the recognition of the regulatory asset and corresponding decrease in O&M associated with work stoppage costs that were incurred by ACE in 2023, a decrease in various operating expenses, distribution rates and an increase in customer growth, offset by an increase in interest and depreciation expense.

The changes in Operating revenues consisted of the following:

---

| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase** |
| Distribution | $6 |
| Other | 3 |
|  | 9 |
| Regulatory required programs | 81 |
| Total increase | $90 |

---

***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. See Note 2 — Regulatory Matters of the Combined Notes to the Consolidated Financial Statements for additional information on the ACE CIP.

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ACE

---

| | | |
|:---|:---|:---|
| | **At December 31,** | **At December 31,** |
| **<u>Number of Electric Customers</u>** | **2025** | **2024** |
| Residential | 510005 | 507483 |
| Small commercial & industrial | 63154 | 62739 |
| Large commercial & industrial | 2682 | 2843 |
| Public authorities & electric railroads | 754 | 714 |
| Total | 576595 | 573779 |

---

***Distribution Revenue*** increased for the year ended December 31, 2025 compared to the same period in 2024 primarily due to distribution rates and an increase in customer growth.

***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 remained relatively consistent for the year ended December 31, 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 $110 million for the year ended December 31, 2025 compared to 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:

---

| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase (Decrease)** |
| Storm-related costs | $3 |
| BSC and PHISCO costs | (10) |
| Labor, other benefits, contracting and materials<sup>(a)</sup> | (33) |
| Other | (1) |
|  | (41) |
| Regulatory required programs | 1 |
| Total decrease | $(40) |

---

__________

(a)Reflects a decrease in contracting costs for the year ended December 31, 2025, resulting from the favorable impacts of the ACE Electric Distribution Base Rate Case, including the recognition of the regulatory asset and corresponding decrease in O&M associated with work stoppage costs that were incurred by ACE in 2023. See Note 2 — Regulatory Matters for additional information.

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ACE

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

---

| | |
|:---|:---|
| | **2025 vs. 2024** |
| | **Increase (Decrease)** |
| Depreciation and amortization<sup>(a)</sup> | $12 |
| Regulatory asset amortization | (11) |
| Regulatory required programs<sup>(b)</sup> | (31) |
| Total decrease | $(30) |

---

__________

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

(b)Regulatory required programs decreased primarily due to the absence of the regulatory asset amortization of the PPA termination obligation, which was fully amortized in 2024.

**Interest expense, net** increased $3 million for the year ended December 31, 2025 compared to the same period in 2024 primarily due to an increase in interest rates and the issuance of debt in 2025.

**Effective income tax rates** were 26.3% and 26.2% for the years ended December 31, 2025 and 2024, respectively. See Note 11 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

**Liquidity and Capital Resources**

All results included throughout the liquidity and capital resources section are presented on a GAAP basis.

The Registrants' operating and capital expenditure 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 billion, as of December 31, 2025. 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 14 — 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, and all of its costs of doing so is 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 liability.

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See Note 2 — Regulatory Matters and Note 16 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for additional information on regulatory and legal proceedings and proposed legislation.

The following table provides a summary of the change in cash flows from operating activities for the years ended December 31, 2025 and 2024 by Registrant:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Increase (decrease) in cash flows from operating activities** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Net income (loss) | $308 | $81 | $263 | $51 | $58 | $11 | $15 | $33 |
| Adjustments to reconcile net income to cash: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating activities | 1058 | 617 | 43 | 207 | 98 | 131 | 40 | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateral (paid) received, net | (43) | (66) | 6 | 5 | 17 | 12 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 125 | 113 | 359 | 223 | 26 | (3) | 40 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (162) | (184) | (9) | (7) | 36 |  | 2 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | 206 | 260 | (60) | (13) | 31 | (8) | 16 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in working capital and other noncurrent assets and liabilities | (807) | (869) | 47 | (132) | (78) | (102) | (35) | 74 |
| **Increase (decrease) in cash flows from operating activities** | $685 | $(48) | $649 | $334 | $188 | $41 | $78 | $101 |

---

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 years ended December 31, 2025 and 2024 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• See Note 20 —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 whether 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 Utility 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 due to stable energy prices. See Note 13 — Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• See Note 11 — 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** relate to Exelon's increased contributions to the Qualified Plans during the year ended December 31, 2025. See Note 14 — Retirement Benefits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> **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. ComEd recognized changes of $849 million and $493 million related to carbon mitigation credits for the years ended December 31, 2025 and 2024, respectively. Included within the change in 2025 is an $804 million adjustment for CMC nuclear production tax credits, which is offset by an increase in Accounts receivable. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information. ComEd's energy efficiency program recognized changes of $447 million and $435 million for the years ended December 31, 2025 and 2024, respectively. Additionally, ComEd recognized changes in the distributed generation rebates program of $83 million and $74 million for the years ended December 31, 2025 and 2024, respectively. Also included within the changes is

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energy efficiency and demand response programs spend for BGE, Pepco, DPL, and ACE of $85 million, $41 million, $16 million, and $55 million for the year ended December 31, 2025, respectively, and $127 million, $52 million, $21 million, and $37 million for the year ended December 31, 2024, respectively. PECO had no energy efficiency and demand response programs spend recorded to a regulatory asset for the years ended December 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Changes in working capital and other noncurrent assets and liabilities** for the Utility Registrants and Exelon Corporate total $(1,017) million and $(807) million. 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 owe money to ComEd as a result of the established pricing for CMCs. For the year ended December 31, 2025, the established pricing resulted in nuclear-powered generating facilities owing payments to ComEd primarily due to $804 million of nuclear production tax credits, which is reported within the cash flows from operations as a change in Accounts receivable. This change is offset by an increase in the Carbon mitigation credit regulatory liability. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

**Cash Flows from Investing Activities**

The following table provides a summary of the change in cash flows from investing activities for the years ended December 31, 2025 and 2024 by Registrant:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Decrease) increase in cash flows from investing activities** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| &nbsp;&nbsp;Capital expenditures | $(1432) | $(704) | $(314) | $(237) | $(193) | $(28) | $22 | $(17) |
| &nbsp;&nbsp;Proceeds from sales of assets | (34) |  |  |  | 4 | 2 |  | 2 |
| &nbsp;&nbsp;Other investing activities | (17) | (1) | (3) | (3) |  |  |  |  |
| **(Decrease) increase in cash flows from investing activities** | $(1483) | $(705) | $(317) | $(240) | $(189) | $(26) | $22 | $(15) |

---

Significant investing cash flow impacts for the Registrants for 2025 and 2024 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variances 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 Registrants.

**Cash Flows from Financing Activities**

The following table provides a summary of the change in cash flows from financing activities for the years ended December 31, 2025 and 2024 by Registrant:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Increase (decrease) in cash flows from financing activities** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| &nbsp;&nbsp;Changes in short-term borrowings, net | $(583) | $530 | $(219) | $(14) | $(54) | $35 | $(64) | $(25) |
| &nbsp;&nbsp;Long-term debt, net | 1347 | 175 | 125 | (150) | (17) |  | (17) |  |
| &nbsp;&nbsp;Changes in intercompany money pool |  |  |  |  | 19 |  |  |  |
| &nbsp;&nbsp;Issuance of common stock | 543 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dividends paid on common stock | (93) | (37) | (146) | (25) |  | 32 | 18 | (56) |
| &nbsp;&nbsp;Distributions to member |  |  |  |  | (4) |  |  |  |
| &nbsp;&nbsp;Contributions from parent/member |  | 164 | (18) | 294 | 63 | (67) | (53) | 13 |
| &nbsp;&nbsp;Other financing activities | 8 | 6 | (3) | 1 | 13 | 10 | (2) | (1) |
| **Increase (decrease) in cash flows from financing activities** | $1222 | $838 | $(261) | $106 | $20 | $10 | $(118) | $(69) |

---

Significant financing cash flow impacts for the Registrants for 2025 and 2024 were as follows:

&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. Refer to Note 14 — Debt and Credit Agreements of the Combined Notes to

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Consolidated Financial Statements for additional information on Short-term borrowings for the Registrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Long-term debt, net,** varies due to debt issuances and redemptions each year. Refer to the debt issuances and redemptions tables below for additional information for the Registrants.

&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;• **Issuance of common stock** is driven by the issuance of Exelon common stock under the ATM program in 2025 compared to 2024. See Note 17 — Shareholders' Equity of the Combined Notes to Consolidated Financial Statements for additional information.

&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 16 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for additional information on dividend restrictions. See below for quarterly dividends declared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Other financing activities** primarily consists of debt issuance costs. See the debt issuances table below for additional information on the Registrants' debt issuances.

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***Debt Issuances and Redemptions***

See Note 14 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information of the Registrants' long-term debt. The Registrants' debt activities for 2025 and 2024 was as follows:

During 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. |
| Exelon | Convertible Senior Notes | 3.25% | March 15, 2029 | 1000 | Repay or refinance debt 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. |
| PECO | First Mortgage Bonds | 4.875% | September 15, 2035 | 525 | Repay existing indebtedness, repay outstanding commercial paper obligations, and for general corporate purposes. |
| PECO | First Mortgage Bonds | 5.65% | September 15, 2055 | 525 | Repay existing indebtedness, 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 | First Mortgage Bonds | 5.78% | September 17, 2055 | 75 | Repay existing indebtedness and for general corporate purposes. |
| Pepco | 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 | First Mortgage Bonds | 5.28% | March 26, 2035 | 100 | Repay existing indebtedness and for general corporate purposes. |
| ACE | First Mortgage Bonds | 5.54% | November 19, 2040 | 75 | Repay existing indebtedness and for general corporate purposes. |
| ACE | First Mortgage Bonds | 5.81% | November 19, 2055 | 75 | 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%.

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During 2024, the following long-term debt was issued:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **Type** | **Interest Rate** | **Maturity** | **Amount** | **Use of Proceeds** |
| Exelon | Notes | 5.15% | March 15, 2029 | $650 | Repay existing indebtedness and for general corporate purposes. |
| Exelon | Notes | 5.45% | March 15, 2034 | 650 | Repay existing indebtedness and for general corporate purposes. |
| Exelon | Notes | 5.60% | March 15, 2053 | 400 | Repay existing indebtedness and for general corporate purposes. |
| ComEd | First Mortgage Bonds | 5.30% | June 1, 2034 | 400 | Repay outstanding commercial paper obligations and to fund other general corporate purposes. |
| ComEd | First Mortgage Bonds | 5.65% | June 1, 2054 | 400 | Repay outstanding commercial paper obligations and to fund other general corporate purposes. |
| PECO | First Mortgage Bonds | 5.25% | September 15, 2054 | 575 | Refinance existing indebtedness, refinance outstanding commercial paper obligations, and for general corporate purposes. |
| BGE | Notes | 5.30% | June 1, 2034 | 400 | Repay outstanding commercial paper obligations, repay existing indebtedness, and for general corporate purposes. |
| BGE | Notes | 5.65% | June 1, 2054 | 400 | Repay existing indebtedness and for general corporate purposes. |
| Pepco | First Mortgage Bonds | 5.20% | March 15, 2034 | 375 | Repay existing indebtedness and for general corporate purposes. |
| Pepco | First Mortgage Bonds | 5.50% | March 15, 2054 | 300 | Repay existing indebtedness and for general corporate purposes. |
| Pepco | First Mortgage Bonds | 5.24% | March 20, 2034 | 100 | Repay existing indebtedness and for general corporate purposes. |
| DPL | First Mortgage Bonds | 5.55% | March 20, 2054 | 75 | Repay existing indebtedness and for general corporate purposes. |
| DPL | First Mortgage Bonds | 5.55% | March 20, 2054 | 75 | Repay existing indebtedness and for general corporate purposes. |
| DPL | First Mortgage Bonds | 5.29% | August 28, 2034 | 75 | Repay existing indebtedness and for general corporate purposes. |
| DPL | First Mortgage Bonds | 5.49% | August 28, 2039 | 100 | Repay existing indebtedness and for general corporate purposes. |

---

During 2025, the following long-term debt was retired and/or redeemed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Type** | **Interest Rate** | **Maturity** | **Amount** |
| Exelon | Senior Notes | 3.95% | June 15, 2025 | $807 |
| Exelon | Software Licensing Agreement | 2.30% | December 1, 2025 | 4 |
| PECO | First Mortgage Bonds | 3.15% | October 15, 2025 | 350 |
| ACE | Senior Notes | 3.50% | December 1, 2025 | 150 |

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During 2024, the following long-term debt was retired and/or redeemed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** <sup>(a)</sup> | **Type** | **Interest Rate** | **Maturity** | **Amount** |
| Exelon | SMBC Term Loan Agreement | SOFR plus 0.85% | April 8, 2024 | $500 |
| Exelon | Software Licensing Agreement | 3.62% | December 1, 2025 | 1 |
| Exelon | Software Licensing Agreement | 3.95% | May 1, 2024 | 2 |
| Exelon | Software Licensing Agreement | 2.30% | December 1, 2025 | 4 |
| ComEd | First Mortgage Bonds | 3.10% | November 1, 2024 | 250 |
| Pepco | First Mortgage Bonds | 3.60% | March 15, 2024 | 400 |
| DPL<sup>(b)</sup> | Unsecured tax-exempt bonds | 4.32% | July 1, 2024 | 33 |
| ACE | First Mortgage Bonds | 3.38% | September 1, 2024 | 150 |

---

(a)Exelon repurchased a portion of its Senior unsecured notes during 2024. Refer to Note 14 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information.

(b)Variable interest on the DPL unsecured tax-exempt bonds reset on a weekly basis.

From time to time and as market conditions warrant, the Registrants may engage in long-term debt retirements via tender offers, open market repurchases or other viable options to reduce debt on their respective Balance sheets.

***Dividends***

Quarterly dividends declared by the Exelon Board of Directors during the year ended December 31, 2025 and for the first quarter of 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Declaration Date** | **Shareholder of <br>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 |
| Fourth Quarter 2025 | October 29, 2025 | November 10, 2025 | December 15, 2025 | $0.4000 |
| First Quarter 2026 | February 12, 2026 | March 2, 2026 | March 13, 2026 | $0.4200 |

---

___________

(a)Exelon's Board of Directors approved an updated dividend policy for 2026. The 2026 quarterly dividend will be $0.42 per share.

**Credit Matters and Cash Requirements**

The Registrants fund liquidity needs for capital expenditures, working capital, energy hedging, and other financial commitments through cash flows from operations, public debt offerings, commercial paper markets, and large diversified credit facilities. The credit facilities include $4 billion in aggregate total commitments of which $3.3 billion was available to support additional commercial paper as of December 31, 2025, and of which no financial institution has more than 6.2% of the aggregate commitments for the Registrants. During 2025, the Registrants had access to the commercial paper markets and availability under their revolving credit facilities to fund their short-term liquidity needs, when necessary. Exelon Corporate and the Utility Registrants each have a 5-year revolving credit facility. See Note 14 — 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 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 for additional information regarding the effects of uncertainty in the capital and credit markets.

The Registrants believe their cash flow from operating activities, access to credit markets, and their credit facilities provide sufficient liquidity to support the estimated future cash requirements discussed below.

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On August 4, 2022, Exelon executed an equity distribution agreement ("2022 Equity Distribution Agreement"), with certain sales agents and forward sellers and certain forward purchasers, establishing an ATM equity distribution program under which it may offer and sell shares of its Common stock, having an aggregate gross sales price of up to $1 billion through August 3, 2025. On May 2, 2025, Exelon executed an additional equity distribution agreement ("2025 Equity Distribution Agreement" and, together with the August 4, 2022 Equity Distribution Agreement, "Equity Distribution Agreements"), with certain sales agents and forward sellers and certain forward purchasers, establishing an ATM equity distribution program which it may offer and sell shares of its Common stock, having an aggregate gross sales price of up to $2.5 billion through May 2, 2028. The 2025 Equity Distribution Agreement replaced the 2022 Equity Distribution Agreement. Exelon has no obligation to offer or sell any shares of Common stock under the 2025 Equity Distribution Agreement and may, at any time, suspend or terminate offers and sales under the 2025 Equity Distribution Agreement. Exelon issued a total of 23.6 million shares of common stock with net proceeds of $979 million under these agreements in the years ended December 31, 2023 through December 31, 2025.

In addition, during the twelve months ended December 31, 2025, Exelon entered into various forward sale agreements under the 2025 ATM programs. The forward sale agreements require Exelon to, at its election prior to the maturity date, either (i) physically settle the transactions by issuing shares of its Common stock to 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 sheets 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 twelve months ended December 31, 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, $1.5 billion of Common stock remained available for sale pursuant to the ATM program as of December 31, 2025.

See Note 17 — Shareholders' Equity of the Combined Notes to the Consolidated Financial Statements for additional information regarding ATM program terms, forward sale agreements, and share-level activity.

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 December 31, 2025 and available credit facility capacity prior to any incremental collateral at December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **PJM Credit Policy Collateral** | **Other Incremental Collateral Required**<sup>(a)</sup> | **Available Credit Facility Capacity Prior to Any Incremental Collateral** |
| ComEd | $27 | $— | $985 |
| PECO |  | 58 | 595 |
| BGE |  | 43 | 575 |
| Pepco | 4 |  | 55 |
| DPL | 1 | 14 | 139 |
| ACE |  |  | 92 |

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__________

(a)Represents incremental collateral related to natural gas procurement contracts.

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***Capital Expenditures***

As of December 31, 2025, estimates of future capital expenditures for plant additions and improvements were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>(in millions)</u>**<sup>(a)</sup> | **2026 Transmission** | &nbsp;&nbsp;&nbsp;&nbsp;**2026 Distribution** | **&nbsp;&nbsp;&nbsp;&nbsp; 2026 Gas** | **&nbsp;&nbsp;&nbsp;&nbsp; Total 2026** | **&nbsp;&nbsp;&nbsp;&nbsp; Beyond 2026**<sup>(b)</sup> |
| Exelon | N/A | N/A | N/A | $9950 | $31300 |
| ComEd | 1100 | 2425 | N/A | 3500 | 11450 |
| PECO | 450 | 1375 | 400 | 2225 | 7075 |
| BGE | 1075 | 575 | 525 | 2175 | 6100 |
| PHI | 725 | 1250 | 50 | 2050 | 6650 |
| Pepco | 325 | 650 | N/A | 975 | 2925 |
| DPL | 225 | 325 | 50 | 625 | 2175 |
| ACE | 175 | 275 | N/A | 450 | 1550 |

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___________

(a)Numbers rounded to the nearest $25M and may not sum due to rounding.

(b)Includes estimated capital expenditures for the Utility Registrants from 2027 to 2029.

Projected capital expenditures and other investments are subject to periodic review and revision to reflect changes in economic conditions and other factors. Projected capital expenditures at the Utility Registrants are for continuing projects to maintain and improve operations, including enhancing reliability and adding capacity to the transmission and distribution systems. The Utility Registrants anticipate that they will fund their capital expenditures with a combination of internally generated funds and borrowings and additional capital contributions from parent.

***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 below 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 $325 million in 2026. 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). The amounts below include benefit payments related to unfunded plans.

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The following table provides all Registrants' planned contributions to the qualified pension plans, planned benefit payments to non-qualified pension plans, and planned contributions to OPEB plans in 2026:

---

| | | | |
|:---|:---|:---|:---|
| | **Qualified Pension Plans** | **Non-Qualified Pension Plans** | **OPEB** |
| Exelon | $325 | $19 | $48 |
| ComEd | 217 | 3 | 22 |
| PECO | 9 | 1 | 4 |
| BGE | 32 | 2 | 14 |
| PHI | 48 | 7 | 6 |
| Pepco | 1 |  | 6 |
| DPL | 1 |  |  |
| ACE | 14 |  |  |

---

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 12 — Retirement Benefits of the Combined Notes to Consolidated Financial Statements for additional information on pension and OPEB contributions.

***Cash Requirements for Other Financial Commitments***

The following tables summarize the Registrants' future estimated cash payments as of December 31, 2025 under existing financial commitments:

**Exelon**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **Beyond 2026** | **Total** | **Time Period** |
| Long-term debt and finance leases<sup>(a)</sup> | $1665 | $47763 | $49428 | 2026 - 2055 |
| Interest payments on long-term debt<sup>(b)</sup> | 1932 | 31796 | 33728 | 2026 - 2055 |
| Operating leases | 26 | 187 | 213 | 2026 - 2099 |
| Fuel purchase agreements<sup>(c)</sup> | 321 | 1293 | 1614 | 2026 - 2039 |
| Electric supply procurement | 4259 | 2733 | 6992 | 2026 - 2029 |
| Long-term renewable energy and REC commitments | 290 | 7716 | 8006 | 2026 - 2044 |
| ZEC commitments | 156 | 62 | 218 | 2026 - 2027 |
| Pension contributions<sup>(d)</sup> | 325 | 1625 | 1950 | 2026 - 2031 |
| Other purchase obligations<sup>(e)</sup> | 9526 | 5303 | 14829 | 2026 - 2035 |
| **Total cash requirements** | $18500 | $98478 | $116978 |  |

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__________

(a)Includes amounts from ComEd and PECO financing trusts.

(b)Interest payments are estimated based on final maturity dates of debt securities outstanding as of December 31, 2025 and do not reflect anticipated future refinancing, early redemptions, or debt issuances. Variable rate interest obligations are estimated based on rates as of December 31, 2025. Includes estimated interest payments due to ComEd and PECO financing trusts.

(c)Represents commitments to purchase natural gas and related transportation, storage capacity, and services.

(d)These amounts represent Exelon's expected contributions to its qualified pension plans. Qualified pension contributions for years after 2031 are not included.

(e)Represents the future estimated value at December 31, 2025 of the cash flows associated with all contracts, both cancellable and non-cancellable, entered into between the Registrants and third-parties for the provision of services and materials, entered into in the normal course of business, and not specifically reflected elsewhere in this table. These estimates are subject to significant variability from period to period.

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**ComEd**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **Beyond 2026** | **Total** | **Time Period** |
| Long-term debt<sup>(a)</sup> | $500 | $12592 | $13092 | 2026 - 2055 |
| Interest payments on long-term debt<sup>(b)</sup> | 507 | 9880 | 10387 | 2026 - 2055 |
| Electric supply procurement | 286 | 273 | 559 | 2026 - 2028 |
| Long-term renewable energy and REC commitments | 268 | 7606 | 7874 | 2026 - 2044 |
| ZEC commitments | 156 | 62 | 218 | 2026 - 2027 |
| Other purchase obligations<sup>(c)</sup> | 2093 | 1076 | 3169 | 2026 - 2034 |
| **Total cash requirements** | $3810 | $31489 | $35299 |  |

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__________

(a)Includes amounts from ComEd financing trust.

(b)Interest payments are estimated based on final maturity dates of debt securities outstanding as of December 31, 2025 and do not reflect anticipated future refinancing, early redemptions, or debt issuances. Includes estimated interest payments due to the ComEd financing trust.

(c)Represents the future estimated value, as of December 31, 2025, of the cash flows associated with all contracts, both cancellable and non-cancellable, entered into between ComEd and third-parties for the provision of services and materials, entered into in the normal course of business, and not specifically reflected elsewhere in this table. These estimates are subject to significant variability from period to period.

**PECO**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **Beyond 2026** | **Total** | **Time Period** |
| Long-term debt<sup>(a)</sup> | $— | $6659 | $6659 | 2026 - 2055 |
| Interest payments on long-term debt<sup>(b)</sup> | 266 | 5895 | 6161 | 2026 - 2055 |
| Operating leases | 1 |  | 1 | 2026 - 2035 |
| Fuel purchase agreements<sup>(c)</sup> | 156 | 578 | 734 | 2026 - 2039 |
| Electric supply procurement | 767 | 177 | 944 | 2026 - 2027 |
| Other purchase obligations<sup>(d)</sup> | 1774 | 632 | 2406 | 2026 - 2035 |
| **Total cash requirements** | $2964 | $13941 | $16905 |  |

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__________

(a)Includes amounts from PECO financing trusts.

(b)Interest payments are estimated based on final maturity dates of debt securities outstanding as of December 31, 2025 and do not reflect anticipated future refinancing, early redemptions, or debt issuances. Includes estimated interest payments due to the PECO financing trusts.

(c)Represents commitments to purchase natural gas and related transportation, storage capacity, and services.

(d)Represents the future estimated value, as of December 31, 2025, of the cash flows associated with all contracts, both cancellable and non-cancellable, entered into between PECO and third-parties for the provision of services and materials, entered into in the normal course of business, and not specifically reflected elsewhere in this table. These estimates are subject to significant variability from period to period.

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**BGE**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **Beyond 2026** | **Total** | **Time Period** |
| Long-term debt | $350 | $5750 | $6100 | 2026 - 2054 |
| Interest payments on long-term debt<sup>(a)</sup> | 241 | 4749 | 4990 | 2026 - 2054 |
| Operating leases | 4 | 29 | 33 | 2026 - 2099 |
| Fuel purchase agreements<sup>(b)</sup> | 130 | 506 | 636 | 2026 - 2039 |
| Electric supply procurement | 1396 | 961 | 2357 | 2026 - 2028 |
| Other purchase obligations<sup>(c)</sup> | 2363 | 945 | 3308 | 2026 - 2033 |
| **Total cash requirements** | $4484 | $12940 | $17424 |  |

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__________

(a)Interest payments are estimated based on final maturity dates of debt securities outstanding as of December 31, 2025 and do not reflect anticipated future refinancing, early redemptions, or debt issuances.

(b)Represents commitments to purchase natural gas and related transportation, storage capacity, and services.

(c)Represents the future estimated value, as of December 31, 2025, of the cash flows associated with all contracts, both cancellable and non-cancellable, entered into between BGE and third-parties for the provision of services and materials, entered into in the normal course of business, and not specifically reflected elsewhere in this table. These estimates are subject to significant variability from period to period.

**PHI**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **Beyond 2026** | **Total** | **Time Period** |
| Long-term debt and finance leases | $64 | $9225 | $9289 | 2026 - 2055 |
| Interest payments on long-term debt<sup>(a)</sup> | 389 | 6408 | 6797 | 2026 - 2055 |
| Operating leases | 13 | 66 | 79 | 2026 - 2032 |
| Fuel purchase agreements<sup>(b)</sup> | 35 | 209 | 244 | 2026 - 2031 |
| Electric supply procurement | 1810 | 1322 | 3132 | 2026 - 2029 |
| Long-term renewable energy commitments | 22 | 110 | 132 | 2026 - 2033 |
| Other purchase obligations<sup>(c)</sup> | 1749 | 1534 | 3283 | 2026 - 2033 |
| **Total cash requirements** | $4082 | $18874 | $22956 |  |

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__________

(a)Interest payments are estimated based on final maturity dates of debt securities outstanding as of December 31, 2025 and do not reflect anticipated future refinancing, early redemptions, or debt issuances. Variable rate interest obligations are estimated based on rates as of December 31, 2025.

(b)Represents commitments to purchase natural gas and related transportation, storage capacity, and services.

(c)Represents the future estimated value, as of December 31, 2025, of the cash flows associated with all contracts, both cancellable and non-cancellable, entered into between Pepco, DPL, ACE, and PHISCO and third-parties for the provision of services and materials, entered into in the normal course of business, and not specifically reflected elsewhere in this table. These estimates are subject to significant variability from period to period.

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**Pepco**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **Beyond 2026** | **Total** | **Time Period** |
| Long-term debt and finance leases | $6 | $4694 | $4700 | 2026 - 2055 |
| Interest payments on long-term debt<sup>(a)</sup> | 205 | 3553 | 3758 | 2026 - 2055 |
| Operating leases | 5 | 25 | 30 | 2026 - 2032 |
| Electric supply procurement | 936 | 711 | 1647 | 2026 - 2029 |
| Other purchase obligations<sup>(b)</sup> | 1032 | 836 | 1868 | 2026 - 2033 |
| **Total cash requirements** | $2184 | $9819 | $12003 |  |

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__________

(a)Interest payments are estimated based on final maturity dates of debt securities outstanding as of December 31, 2025 and do not reflect anticipated future refinancing, early redemptions, or debt issuances.

(b)Represents the future estimated value, as of December 31, 2025, of the cash flows associated with all contracts, both cancellable and non-cancellable, entered into between Pepco and third-parties for the provision of services and materials, entered into in the normal course of business, and not specifically reflected elsewhere in this table. These estimates are subject to significant variability from period to period.

**DPL**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **Beyond 2026** | **Total** | **Time Period** |
| Long-term debt and finance leases | $53 | $2308 | $2361 | 2026 - 2054 |
| Interest payments on long-term debt<sup>(a)</sup> | 100 | 1695 | 1795 | 2026 - 2054 |
| Operating leases | 6 | 37 | 43 | 2025 - 2031 |
| Fuel purchase agreements<sup>(b)</sup> | 35 | 209 | 244 | 2026 - 2031 |
| Electric supply procurement | 474 | 307 | 781 | 2026 - 2028 |
| Long-term renewable energy commitments | 22 | 110 | 132 | 2026 - 2033 |
| Other purchase obligations<sup>(c)</sup> | 401 | 231 | 632 | 2026 - 2031 |
| **Total cash requirements** | $1091 | $4897 | $5988 |  |

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__________

(a)Interest payments are estimated based on final maturity dates of debt securities outstanding as of December 31, 2025 and do not reflect anticipated future refinancing, early redemptions, or debt issuances. Variable rate interest obligations are estimated based on rates as of December 31, 2025.

(b)Represents commitments to purchase natural gas and related transportation, storage capacity, and services.

(c)Represents the future estimated value, as of December 31, 2025, of the cash flows associated with all contracts, both cancellable and non-cancellable, entered into between DPL and third-parties for the provision of services and materials, entered into in the normal course of business, and not specifically reflected elsewhere in this table. These estimates are subject to significant variability from period to period.

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**ACE**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **Beyond 2026** | **Total** | **Time Period** |
| Long-term debt and finance leases | $5 | $2038 | $2043 | 2026 - 2055 |
| Interest payments on long-term debt<sup>(a)</sup> | 70 | 1068 | 1138 | 2026 - 2055 |
| Operating leases | 2 | 5 | 7 | 2026 - 2030 |
| Electric supply procurement | 400 | 304 | 704 | 2026 - 2028 |
| Other purchase obligations<sup>(b)</sup> | 255 | 428 | 683 | 2026 - 2030 |
| **Total cash requirements** | $732 | $3843 | $4575 |  |

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__________

(a)Interest payments are estimated based on final maturity dates of debt securities outstanding as of December 31, 2025 and do not reflect anticipated future refinancing, early redemptions, or debt issuances.

(b)Represents the future estimated value, as of December 31, 2025, of the cash flows associated with all contracts, both cancellable and non-cancellable, entered into between ACE and third-parties for the provision of services and materials, entered into in the normal course of business, and not specifically reflected elsewhere in this table. These estimates are subject to significant variability from period to period.

See Note 16 — Commitments and Contingencies and Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information of the Registrants' other commitments potentially triggered by future events. Additionally, see below for where to find additional information regarding the financial commitments in the tables above in the Combined Notes to the Consolidated Financial Statements:

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| | |
|:---|:---|
| **Item** | **Location within Notes to the Consolidated Financial Statements** |
| Long-term debt | Note 14 — Debt and Credit Agreements |
| Interest payments on long-term debt | Note 14 — Debt and Credit Agreements |
| Finance leases | Note 9 — Leases |
| Operating leases | Note 9 — Leases |
| Long-term renewable energy and REC commitments | Note 2 — Regulatory Matters |
| ZEC commitments | Note 2 — Regulatory Matters |
| Pension contributions | Note 12 — Retirement Benefits |

---

***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 14 — 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.

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***Capital Structure*** 

As of December 31, 2025, the capital structures of the Registrants consisted of the following:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Long-term debt | 62% | 45% | 45% | 48% | 41% | 48% | 48% | 48% |
| Long-term debt to affiliates<sup>(a)</sup> | —% | 1% | 1% | —% | —% | —% | —% | —% |
| Common equity | 37% | 54% | 54% | 52% | —% | 49% | 49% | 48% |
| Member's equity | —% | —% | —% | —% | 56% | —% | —% | —% |
| Commercial paper and notes payable | 1% | —% | —% | —% | 3% | 3% | 3% | 4% |

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__________

(a)Includes approximately $390 million, $206 million, and $184 million owed to unconsolidated affiliates of Exelon, ComEd, and PECO respectively. These special purpose entities were created for the sole purposes of issuing mandatory redeemable trust preferred securities of ComEd and PECO.

***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 additional collateral. See Note 13 — 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 year ended December 31, 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'.

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***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 December 31, 2025, are presented in the following tables.

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| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **As of December 31, 2025** |
| **Exelon Intercompany Money Pool** | **Maximum Contributed** | **Maximum Borrowed** | **Contributed (Borrowed)** |
| Exelon Corporate | $578 | $— | $250 |
| PECO | 336 | (253) |  |
| BSC |  | (413) | (233) |
| PHI Corporate |  | (85) | (80) |
| PCI | 63 |  | 63 |

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| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **As of December 31, 2025** |
| **PHI Intercompany Money Pool** | **Maximum Contributed** | **Maximum Borrowed** | **Contributed (Borrowed)** |
| Pepco | $20 | $(35) | $— |
| DPL | 48 | (1) |  |
| ACE |  | (46) |  |

---

***Shelf Registration Statements***

On February 13, 2025, Exelon and ComEd filed a combined shelf registration statement on Form S-3 registering $12.6 billion in aggregate amount of securities, which was declared effective by the SEC on April 8, 2025. The shelf registration statement may be used to issue Exelon debt and equity securities as well as ComEd debt securities through the expiration date of April 8, 2028. On February 21, 2024, PECO and BGE 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. The ability of Exelon, ComEd, PECO and BGE to sell securities off their corresponding registration statements 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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***Regulatory Authorizations***

The Utility Registrants are required to obtain short-term and long-term financing authority from Federal and State Commissions as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 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<sup>(a)(b)</sup> | FERC | December 31, 2025 | $2500 | ICC | January 1, 2027, May 1, 2027 | $1593 |
| PECO<sup>(a)</sup> | FERC | December 31, 2025 | 1500 | PAPUC | December 31, 2027 | 1850 |
| BGE<sup>(a)</sup> | FERC | December 31, 2025 | 700 | MDPSC | N/A | 1850 |
| Pepco<sup>(a)(c)(d)</sup> | FERC | December 31, 2025 | 500 | MDPSC / DCPSC | December 31, 2025 | 100 |
| DPL<sup>(a)(c)(e)</sup> | FERC | December 31, 2025 | 500 | MDPSC / DEPSC | December 31, 2025 | 172 |
| ACE<sup>(f)</sup> | NJBPU | January 1, 2028 | 350 | NJBPU | December 31, 2026 | 625 |

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__________

(a)On September 8, 2025, ComEd, PECO, BGE, Pepco, and DPL filed applications with the FERC for renewal of their short-term financing authority through December 31, 2027. On November 7, 2025, ComEd, PECO, BGE, Pepco, and DPL received approval for $2.5 billion, $1.5 billion, $900 million, $700 million, and $700 million, respectively, with an effective date of January 1, 2026.

(b)On December 18, 2025, ComEd received approval from the ICC for $2.8 billion in new long-term debt financing authority, with an effective date of January 1, 2026.

(c)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.

(d)On September 3, 2025 and December 17, 2025, Pepco received approval from the MDPSC and DCPSC, respectively, for $1.1 billion in new long-term financing authority, with an effective date of January 1, 2026.

(e)On September 3, 2025, DPL received approval from the MDSPC and DEPSC, respectively, for $700 million in new long-term financing authority, with an effective date of January 1, 2026.

(f)On November 21, 2025, ACE received approval from the NJBPU to extend their $350 million short-term financing authority through January 1, 2028, with an effective date of November 28, 2025.

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| | |
|:---|:---|
| **ITEM 7A.** | **QUANTITATIVE AND QUALITATIVE DISCLOSURES 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 13 — 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 12 — Retirement Benefits of the Combined Notes to Consolidated Financial Statements 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 hybrid, convertible, fixed-rate and variable-rate debt to manage interest rate exposure. See Note 14 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information. In addition, 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. See Note 13 — Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for additional information.

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The Utility 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 Board of Directors, Exelon's Audit and Risk Committee, and/or the applicable Utility Board Registrant. The Registrants do not execute derivatives for speculative or proprietary trading purposes.

**Commodity Price Risk (All Registrants)**

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.

For additional information on these contracts, see Note 2 — Regulatory Matters and Note 13 — Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements.

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 liabilities. Second, the table shows the maturity, by year, of Exelon's and ComEd's commodity contract liabilities giving an indication of when these mark-to-market amounts will settle and require cash. See Note 15 — 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.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Maturities Within** | **Maturities Within** | **Maturities Within** | **Maturities Within** | **Maturities Within** | **Maturities Within** | **Total Fair<br>Value** |
| **Commodity derivative contracts**<sup>(a)</sup>**:** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031 and Beyond** | **Total Fair<br>Value** |
| Prices based on model or other valuation methods (Level 3) | $(24) | $(19) | $(20) | $(20) | $(20) | $(28) | $(131) |

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_________

(a)Represents ComEd's net liabilities associated with the floating-to-fixed energy swap contracts with unaffiliated suppliers.

**Credit Risk (All Registrants)**

Credit risk for the Utility Registrants is governed by credit and collection policies, which are aligned with state regulatory requirements. The Utility Registrants are currently obligated to provide service to all electric customers within their franchised territories. The Utility Registrants record an allowance for credit losses, based upon historical experience, current information, and forward-looking risk factors, to provide for the potential loss from nonpayment by these customers. The Utility Registrants will monitor nonpayment from customers and will make any necessary adjustments to the allowance for credit losses. See Note 1 — Significant Accounting Policies of

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the Combined Notes to Consolidated Financial Statements for the allowance for credit losses policy. The Utility Registrants did not have any customers representing over 10% of their revenues as of December 31, 2025. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

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| | |
|:---|:---|
| **ITEM 8.** | **FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA** |

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**Management's Report on Internal Control Over Financial Reporting**

The management of Exelon Corporation (Exelon) is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Internal control over financial reporting is a process designed 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.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Exelon's management conducted an assessment of the effectiveness of Exelon's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, Exelon's management concluded that, as of December 31, 2025, Exelon's internal control over financial reporting was effective.

The effectiveness of Exelon's internal control over financial reporting as of December 31, 2025, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein.

February 12, 2026

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**Management's Report on Internal Control Over Financial Reporting**

The management of Commonwealth Edison Company (ComEd) is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Internal control over financial reporting is a process designed 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.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

ComEd's management conducted an assessment of the effectiveness of ComEd's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, ComEd's management concluded that, as of December 31, 2025, ComEd's internal control over financial reporting was effective.

February 12, 2026

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**Management's Report on Internal Control Over Financial Reporting**

The management of PECO Energy Company (PECO) is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Internal control over financial reporting is a process designed 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.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

PECO's management conducted an assessment of the effectiveness of PECO's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, PECO's management concluded that, as of December 31, 2025, PECO's internal control over financial reporting was effective.

February 12, 2026

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**Management's Report on Internal Control Over Financial Reporting**

The management of Baltimore Gas and Electric Company (BGE) is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Internal control over financial reporting is a process designed 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.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

BGE's management conducted an assessment of the effectiveness of BGE's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, BGE's management concluded that, as of December 31, 2025, BGE's internal control over financial reporting was effective.

February 12, 2026

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**Management's Report on Internal Control Over Financial Reporting**

The management of Pepco Holdings LLC (PHI) is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Internal control over financial reporting is a process designed 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.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

PHI's management conducted an assessment of the effectiveness of PHI's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria in *Internal Control—Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, PHI's management concluded that, as of December 31, 2025, PHI's internal control over financial reporting was effective.

February 12, 2026

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**Management's Report on Internal Control Over Financial Reporting**

The management of Potomac Electric Power Company (Pepco) is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Internal control over financial reporting is a process designed 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.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Pepco's management conducted an assessment of the effectiveness of Pepco's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, Pepco's management concluded that, as of December 31, 2025, Pepco's internal control over financial reporting was effective.

February 12, 2026

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**Management's Report on Internal Control Over Financial Reporting**

The management of Delmarva Power & Light Company (DPL) is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Internal control over financial reporting is a process designed 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.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

DPL's management conducted an assessment of the effectiveness of DPL's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, DPL's management concluded that, as of December 31, 2025, DPL's internal control over financial reporting was effective.

February 12, 2026

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Management's Report on Internal Control Over Financial Reporting**

The management of Atlantic City Electric Company (ACE) is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Internal control over financial reporting is a process designed 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.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

ACE's management conducted an assessment of the effectiveness of ACE's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, ACE's management concluded that, as of December 31, 2025, ACE's internal control over financial reporting was effective.

February 12, 2026

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of Exelon Corporation

***Opinions on the Financial Statements and Internal Control over Financial Reporting***

We have audited the consolidated financial statements, including the related notes, as listed in the index appearing under Item 15(a)(1)(i), and the financial statement schedules listed in the index appearing under Item 15(a)(1)(ii), of Exelon Corporation and its subsidiaries (the "Company") (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

***Basis for Opinions***

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 8. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

***Definition and Limitations of Internal Control over Financial Reporting***

A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Accounting for the Effects of Rate Regulation*

As described in Notes 1 and 2 to the consolidated financial statements, the Company applies the authoritative guidance for accounting for certain types of regulation, which requires management to record in the consolidated financial statements the effects of cost-based rate regulation for entities with regulated operations that meet the following criteria, (i) rates are established or approved by a third-party regulator; (ii) rates are designed to recover the entity's cost of providing services or products; and (iii) there is a reasonable expectation that rates designed to recover costs can be charged to and collected from customers. The Company accounts for its regulated operations in accordance with regulatory and legislative guidance from the regulatory authorities having jurisdiction under state public utility laws and the FERC under various Federal laws. Upon updates in material regulatory and legislative proceedings, where applicable, management will record new regulatory assets or liabilities and will assess whether it is probable that its currently recorded regulatory assets and liabilities will be recovered and settled, respectively, in future rates. As of December 31, 2025, there were $10.57 billion of regulatory assets and $12.14 billion of regulatory liabilities.

The principal considerations for our determination that performing procedures relating to the Company's accounting for the effects of rate regulation is a critical audit matter are the high degree of audit effort to assess the impact of regulation on accounting for regulatory assets and liabilities and to evaluate the complex audit evidence related to whether the regulatory assets and liabilities will be recovered and settled.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to accounting for regulatory matters and evaluation of new and existing regulatory assets and liabilities. These procedures also included, among others, obtaining the Company's correspondence with regulators, evaluating the reasonableness of management's interpretation of regulatory guidance and proceedings and the related accounting implications, and recalculating regulatory assets and liabilities based on provisions outlined in rate orders and other correspondence with regulators.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 12, 2026

We have served as the Company's auditor since 2000.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Shareholders of Commonwealth Edison Company

***Opinion on the Financial Statements***

We have audited the consolidated financial statements, including the related notes, as listed in the index appearing under Item 15(a)(2)(i), and the financial statement schedule listed in the index appearing under Item 15(a)(2)(ii), of Commonwealth Edison Company and its subsidiaries (the "Company") (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Accounting for the Effects of Rate Regulation*

As described in Notes 1 and 2 to the consolidated financial statements, the Company applies the authoritative guidance for accounting for certain types of regulation, which requires management to record in the consolidated financial statements the effects of cost-based rate regulation for entities with regulated operations that meet the following criteria, (i) rates are established or approved by a third-party regulator; (ii) rates are designed to recover the entity's cost of providing services or products; and (iii) there is a reasonable expectation that rates designed to recover costs can be charged to and collected from customers. The Company accounts for its regulated operations in accordance with regulatory and legislative guidance from the regulatory authorities having jurisdiction under state public utility laws and the FERC under various Federal laws. Upon updates in material regulatory and legislative proceedings, where applicable, management will record new regulatory assets or liabilities and will assess whether it is probable that its currently recorded regulatory assets and liabilities will be

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recovered and settled, respectively, in future rates. As of December 31, 2025, there were $3.28 billion of regulatory assets and $10.01 billion of regulatory liabilities.

The principal considerations for our determination that performing procedures relating to the Company's accounting for the effects of rate regulation is a critical audit matter are the high degree of audit effort to assess the impact of regulation on accounting for regulatory assets and liabilities and to evaluate the complex audit evidence related to whether the regulatory assets and liabilities will be recovered and settled.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to accounting for regulatory matters and evaluation of new and existing regulatory assets and liabilities. These procedures also included, among others, obtaining the Company's correspondence with regulators, evaluating the reasonableness of management's interpretation of regulatory guidance and proceedings and the related accounting implications, and recalculating regulatory assets and liabilities based on provisions outlined in rate orders and other correspondence with regulators.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 12, 2026

We have served as the Company's auditor since 2000.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Shareholders of PECO Energy Company

***Opinion on the Financial Statements***

We have audited the consolidated financial statements, including the related notes, as listed in the index appearing under Item 15(a)(3)(i), and the financial statement schedule listed in the index appearing under Item 15(a)(3)(ii), of PECO Energy Company and its subsidiaries (the "Company") (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Accounting for the Effects of Rate Regulation*

As described in Notes 1 and 2 to the consolidated financial statements, the Company applies the authoritative guidance for accounting for certain types of regulation, which requires management to record in the consolidated financial statements the effects of cost-based rate regulation for entities with regulated operations that meet the following criteria, (i) rates are established or approved by a third-party regulator; (ii) rates are designed to recover the entity's cost of providing services or products; and (iii) there is a reasonable expectation that rates designed to recover costs can be charged to and collected from customers. The Company accounts for its regulated operations in accordance with regulatory and legislative guidance from the regulatory authorities having jurisdiction under state public utility laws and the FERC under various Federal laws. Upon updates in material regulatory and legislative proceedings, where applicable, management will record new regulatory assets or liabilities and will assess whether it is probable that its currently recorded regulatory assets and liabilities will be

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recovered and settled, respectively, in future rates. As of December 31, 2025, there were $1.35 billion of regulatory assets and $589 million of regulatory liabilities.

The principal considerations for our determination that performing procedures relating to the Company's accounting for the effects of rate regulation is a critical audit matter are the high degree of audit effort to assess the impact of regulation on accounting for regulatory assets and liabilities and to evaluate the complex audit evidence related to whether the regulatory assets and liabilities will be recovered and settled.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to accounting for regulatory matters and evaluation of new and existing regulatory assets and liabilities. These procedures also included, among others, obtaining the Company's correspondence with regulators, evaluating the reasonableness of management's interpretation of regulatory guidance and proceedings and the related accounting implications, and recalculating regulatory assets and liabilities based on provisions outlined in rate orders and other correspondence with regulators.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 12, 2026

We have served as the Company's auditor since 1932.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Shareholder of Baltimore Gas and Electric Company

***Opinion on the Financial Statements***

We have audited the financial statements, including the related notes, as listed in the index appearing under Item 15(a)(4)(i), and the financial statement schedule listed in the index appearing under Item 15(a)(4)(ii), of Baltimore Gas and Electric Company (the "Company") (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Accounting for the Effects of Rate Regulation*

As described in Notes 1 and 2 to the financial statements, the Company applies the authoritative guidance for accounting for certain types of regulation, which requires management to record in the financial statements the effects of cost-based rate regulation for entities with regulated operations that meet the following criteria, (i) rates are established or approved by a third-party regulator; (ii) rates are designed to recover the entity's cost of providing services or products; and (iii) there is a reasonable expectation that rates designed to recover costs can be charged to and collected from customers. The Company accounts for its regulated operations in accordance with regulatory and legislative guidance from the regulatory authorities having jurisdiction under state public utility laws and the FERC under various Federal laws. Upon updates in material regulatory and legislative proceedings, where applicable, management will record new regulatory assets or liabilities and will assess whether it is probable that its currently recorded regulatory assets and liabilities will be recovered and settled,

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respectively, in future rates. As of December 31, 2025, there were $979 million of regulatory assets and $626 million of regulatory liabilities.

The principal considerations for our determination that performing procedures relating to the Company's accounting for the effects of rate regulation is a critical audit matter are the high degree of audit effort to assess the impact of regulation on accounting for regulatory assets and liabilities and to evaluate the complex audit evidence related to whether the regulatory assets and liabilities will be recovered and settled.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures included testing the effectiveness of controls relating to accounting for regulatory matters and evaluation of new and existing regulatory assets and liabilities. These procedures also included, among others, obtaining the Company's correspondence with regulators, evaluating the reasonableness of management's interpretation of regulatory guidance and proceedings and the related accounting implications, and recalculating regulatory assets and liabilities based on provisions outlined in rate orders and other correspondence with regulators.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

February 12, 2026

We have served as the Company's auditor since at least 1993. We have not been able to determine the specific year we began serving as auditor of the Company.

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Member of Pepco Holdings LLC

***Opinion on the Financial Statements***

We have audited the consolidated financial statements, including the related notes, as listed in the index appearing under Item 15(a)(5)(i), and the financial statement schedule listed in the index appearing under Item 15(a)(5)(ii), of Pepco Holdings LLC and its subsidiaries (the "Company") (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Accounting for the Effects of Rate Regulation*

As described in Notes 1 and 2 to the consolidated financial statements, the Company applies the authoritative guidance for accounting for certain types of regulation, which requires management to record in the consolidated financial statements the effects of cost-based rate regulation for entities with regulated operations that meet the following criteria, (i) rates are established or approved by a third-party regulator; (ii) rates are designed to recover the entity's cost of providing services or products; and (iii) there is a reasonable expectation that rates designed to recover costs can be charged to and collected from customers. The Company accounts for its regulated operations in accordance with regulatory and legislative guidance from the regulatory authorities having jurisdiction under state public utility laws and the FERC under various Federal laws. Upon updates in material regulatory and legislative proceedings, where applicable, management will record new regulatory assets or liabilities and will assess whether it is probable that its currently recorded regulatory assets and liabilities will be

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recovered and settled, respectively, in future rates. As of December 31, 2025, there were $1.91 billion of regulatory assets and $825 million of regulatory liabilities.

The principal considerations for our determination that performing procedures relating to the Company's accounting for the effects of rate regulation is a critical audit matter are the high degree of audit effort to assess the impact of regulation on accounting for regulatory assets and liabilities and to evaluate the complex audit evidence related to whether the regulatory assets and liabilities will be recovered and settled.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to accounting for regulatory matters and evaluation of new and existing regulatory assets and liabilities. These procedures also included, among others, obtaining the Company's correspondence with regulators, evaluating the reasonableness of management's interpretation of regulatory guidance and proceedings and the related accounting implications, and recalculating regulatory assets and liabilities based on provisions outlined in rate orders and other correspondence with regulators.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 12, 2026

We have served as the Company's auditor since 2001.

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Shareholder of Potomac Electric Power Company

***Opinion on the Financial Statements***

We have audited the financial statements, including the related notes, as listed in the index appearing under Item 15(a)(6)(i), and the financial statement schedule listed in the index appearing under Item 15(a)(6)(ii), of Potomac Electric Power Company (the "Company") (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Accounting for the Effects of Rate Regulation*

As described in Notes 1 and 2 to the financial statements, the Company applies the authoritative guidance for accounting for certain types of regulation, which requires management to record in the financial statements the effects of cost-based rate regulation for entities with regulated operations that meet the following criteria, (i) rates are established or approved by a third-party regulator; (ii) rates are designed to recover the entity's cost of providing services or products; and (iii) there is a reasonable expectation that rates designed to recover costs can be charged to and collected from customers. The Company accounts for its regulated operations in accordance with regulatory and legislative guidance from the regulatory authorities having jurisdiction under state public utility laws and the FERC under various Federal laws. Upon updates in material regulatory and legislative proceedings, where applicable, management will record new regulatory assets or liabilities and will assess whether it is probable that its currently recorded regulatory assets and liabilities will be recovered and settled,

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respectively, in future rates. As of December 31, 2025, there were $587 million of regulatory assets and $281 million of regulatory liabilities.

The principal considerations for our determination that performing procedures relating to the Company's accounting for the effects of rate regulation is a critical audit matter are the high degree of audit effort to assess the impact of regulation on accounting for regulatory assets and liabilities and to evaluate the complex audit evidence related to whether the regulatory assets and liabilities will be recovered and settled.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures included testing the effectiveness of controls relating to accounting for regulatory matters and evaluation of new and existing regulatory assets and liabilities. These procedures also included, among others, obtaining the Company's correspondence with regulators, evaluating the reasonableness of management's interpretation of regulatory guidance and proceedings and the related accounting implications, and recalculating regulatory assets and liabilities based on provisions outlined in rate orders and other correspondence with regulators.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 12, 2026

We have served as the Company's auditor since at least 1993. We have not been able to determine the specific year we began serving as auditor of the Company.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Shareholder of Delmarva Power & Light Company

***Opinion on the Financial Statements***

We have audited the financial statements, including the related notes, as listed in the index appearing under Item 15(a)(7)(i), and the financial statement schedule listed in the index appearing under Item 15(a)(7)(ii), of Delmarva Power & Light Company (the "Company") (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Accounting for the Effects of Rate Regulation*

As described in Notes 1 and 2 to the financial statements, the Company applies the authoritative guidance for accounting for certain types of regulation, which requires management to record in the financial statements the effects of cost-based rate regulation for entities with regulated operations that meet the following criteria, (i) rates are established or approved by a third-party regulator; (ii) rates are designed to recover the entity's cost of providing services or products; and (iii) there is a reasonable expectation that rates designed to recover costs can be charged to and collected from customers. The Company accounts for its regulated operations in accordance with regulatory and legislative guidance from the regulatory authorities having jurisdiction under state public utility laws and the FERC under various Federal laws. Upon updates in material regulatory and legislative proceedings, where applicable, management will record new regulatory assets or liabilities and will assess whether it is probable that its currently recorded regulatory assets and liabilities will be recovered and settled,

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respectively, in future rates. As of December 31, 2025, there were $286 million of regulatory assets and $358 million of regulatory liabilities.

The principal considerations for our determination that performing procedures relating to the Company's accounting for the effects of rate regulation is a critical audit matter are the high degree of audit effort to assess the impact of regulation on accounting for regulatory assets and liabilities and to evaluate the complex audit evidence related to whether the regulatory assets and liabilities will be recovered and settled.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures included testing the effectiveness of controls relating to accounting for regulatory matters and evaluation of new and existing regulatory assets and liabilities. These procedures also included, among others, obtaining the Company's correspondence with regulators, evaluating the reasonableness of management's interpretation of regulatory guidance and proceedings and the related accounting implications, and recalculating regulatory assets and liabilities based on provisions outlined in rate orders and other correspondence with regulators.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 12, 2026

We have served as the Company's auditor since at least 1993. We have not been able to determine the specific year we began serving as auditor of the Company.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Shareholder of Atlantic City Electric Company

***Opinion on the Financial Statements***

We have audited the consolidated financial statements, including the related notes, as listed in the index appearing under Item 15(a)(8)(i), and the financial statement schedule listed in the index appearing under Item 15(a)(8)(ii), of Atlantic City Electric Company and its subsidiary (the "Company") (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Accounting for the Effects of Rate Regulation*

As described in Notes 1 and 2 to the consolidated financial statements, the Company applies the authoritative guidance for accounting for certain types of regulation, which requires management to record in the consolidated financial statements the effects of cost-based rate regulation for entities with regulated operations that meet the following criteria, (i) rates are established or approved by a third-party regulator; (ii) rates are designed to recover the entity's cost of providing services or products; and (iii) there is a reasonable expectation that rates designed to recover costs can be charged to and collected from customers. The Company accounts for its regulated operations in accordance with regulatory and legislative guidance from the regulatory authorities having jurisdiction under state public utility laws and the FERC under various Federal laws. Upon updates in material regulatory and legislative proceedings, where applicable, management will record new regulatory assets or liabilities and will assess whether it is probable that its currently recorded regulatory assets and liabilities will be

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recovered and settled, respectively, in future rates. As of December 31, 2025, there were $652 million of regulatory assets and $185 million of regulatory liabilities.

The principal considerations for our determination that performing procedures relating to the Company's accounting for the effects of rate regulation is a critical audit matter are the high degree of audit effort to assess the impact of regulation on accounting for regulatory assets and liabilities and to evaluate the complex audit evidence related to whether the regulatory assets and liabilities will be recovered and settled.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to accounting for regulatory matters and evaluation of new and existing regulatory assets and liabilities. These procedures also included, among others, obtaining the Company's correspondence with regulators, evaluating the reasonableness of management's interpretation of regulatory guidance and proceedings and the related accounting implications, and recalculating regulatory assets and liabilities based on provisions outlined in rate orders and other correspondence with regulators.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 12, 2026

We have served as the Company's auditor since 1998.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Consolidated Statements of Operations and Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions, except per share data)</u>** | **2025** | **2024** | **2023** |
| **Operating revenues** |  |  |  |
| &nbsp;&nbsp;Electric operating revenues | $22655 | $21338 | $19267 |
| &nbsp;&nbsp;Natural gas operating revenues | 2349 | 1782 | 1764 |
| &nbsp;&nbsp;Revenues from alternative revenue programs | (746) | (92) | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 24258 | 23028 | 21727 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;Purchased power | 7944 | 8214 | 7648 |
| &nbsp;&nbsp;Purchased fuel | 723 | 469 | 593 |
| &nbsp;&nbsp;Operating and maintenance | 5177 | 4940 | 4559 |
| &nbsp;&nbsp;Depreciation and amortization | 3640 | 3594 | 3506 |
| &nbsp;&nbsp;Taxes other than income taxes | 1629 | 1504 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 19113 | 18721 | 17714 |
| **Gain on sale of assets** | 3 | 12 | 10 |
| **Operating income** | 5148 | 4319 | 4023 |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (2102) | (1889) | (1704) |
| &nbsp;&nbsp;Interest expense to affiliates | (25) | (25) | (25) |
| &nbsp;&nbsp;Other, net | 270 | 262 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (1857) | (1652) | (1321) |
| **Income before income taxes** | 3291 | 2667 | 2702 |
| **Income taxes** | 523 | 207 | 374 |
| **Net income attributable to common shareholders** | $2768 | $2460 | $2328 |
| **Comprehensive income, net of income taxes** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $2768 | $2460 | $2328 |
| **Other comprehensive (loss) 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 | 22 | 28 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit plans valuation adjustments | (52) | (70) | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (loss) gain on cash flow hedges | (12) | 48 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss) income | (42) | 6 | (88) |
| **Comprehensive income attributable to common shareholders** | $2726 | $2466 | $2240 |
| **Average shares of common stock outstanding:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 1011 | 1003 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed exercise and/or distributions of stock-based awards<sup>(a)</sup> | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 1012 | 1003 | 997 |
| **Earnings per average common share** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $2.74 | $2.45 | $2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $2.73 | $2.45 | $2.34 |

---

__________

(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

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Consolidated Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;Net income | $2768 | $2460 | $2328 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization, and accretion | 3643 | 3596 | 3506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of assets | (3) | (12) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | 391 | 128 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net fair value changes related to derivatives |  |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 1331 | 592 | (335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (1691) | (644) | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (22) | (56) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 260 | (37) | (191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral (paid) received, net | (10) | 33 | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 121 | (4) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | 156 | (50) | (439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (342) | (180) | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (348) | (257) | (188) |
| Net cash flows provided by operating activities | 6254 | 5569 | 4703 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;Capital expenditures | (8529) | (7097) | (7408) |
| &nbsp;&nbsp;Proceeds from sales of assets | 4 | 38 | 25 |
| &nbsp;&nbsp;Other investing activities |  | 17 | 8 |
| Net cash flows used in investing activities | (8525) | (7042) | (7375) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | (747) | (265) | (313) |
| &nbsp;&nbsp;Proceeds from short-term borrowings with maturities greater than 90 days |  | 150 | 400 |
| &nbsp;&nbsp;Repayments on short-term borrowings with maturities greater than 90 days | (500) | (549) | (150) |
| &nbsp;&nbsp;Issuance of long-term debt | 6075 | 4974 | 5825 |
| &nbsp;&nbsp;Retirement of long-term debt | (1311) | (1557) | (1713) |
| &nbsp;&nbsp;Issuance of common stock | 691 | 148 | 140 |
| &nbsp;&nbsp;Dividends paid on common stock | (1617) | (1524) | (1433) |
| &nbsp;&nbsp;Proceeds from employee stock plans | 36 | 43 | 41 |
| &nbsp;&nbsp;Other financing activities | (94) | (109) | (114) |
| Net cash flows provided by financing activities | 2533 | 1311 | 2683 |
| **Increase (decrease) in cash, restricted cash, and cash equivalents** | 262 | (162) | 11 |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 939 | 1101 | 1090 |
| **Cash, restricted cash, and cash equivalents at end of period** | $1201 | $939 | $1101 |
| **Supplemental cash flow information** |  |  |  |
| Increase (decrease) in capital expenditures not paid | $553 | $301 | $(215) |
| Increase (decrease) in PP&E related to ARO update | 13 | 16 | (13) |

---

See the Combined Notes to Consolidated Financial Statements

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $626 | $357 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 525 | 541 |
| &nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 3732 | 3144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (435) | (406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 3297 | 2738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 1879 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (94) | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 1785 | 1016 |
| &nbsp;&nbsp;Inventories, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fossil fuel | 88 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies | 780 | 781 |
| &nbsp;&nbsp;Regulatory assets | 1359 | 1940 |
| &nbsp;&nbsp;Prepaid renewable energy credits | 563 | 494 |
| &nbsp;&nbsp;Other | 523 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 9546 | 8384 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $20,080 and $18,445 as of December 31, 2025 and 2024, respectively)** | 84318 | 78182 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;Regulatory assets | 9214 | 8710 |
| &nbsp;&nbsp;Goodwill | 6630 | 6630 |
| &nbsp;&nbsp;Receivable related to Regulatory Agreement Units | 4755 | 4026 |
| &nbsp;&nbsp;Investments | 312 | 290 |
| &nbsp;&nbsp;Other | 1795 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 22706 | 21218 |
| **Total assets** | $116570 | $107784 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;Short-term borrowings | $612 | $1859 |
| &nbsp;&nbsp;Long-term debt due within one year | 1665 | 1453 |
| &nbsp;&nbsp;Accounts payable | 3721 | 2994 |
| &nbsp;&nbsp;Accrued expenses | 1582 | 1468 |
| &nbsp;&nbsp;Payables to affiliates | 5 | 5 |
| &nbsp;&nbsp;Customer deposits | 533 | 446 |
| &nbsp;&nbsp;Regulatory liabilities | 1128 | 411 |
| &nbsp;&nbsp;Mark-to-market derivative liabilities | 30 | 29 |
| &nbsp;&nbsp;Unamortized energy contract liabilities | 5 | 5 |
| &nbsp;&nbsp;Renewable energy credit obligations | 473 | 429 |
| &nbsp;&nbsp;Other | 577 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 10331 | 9611 |
| **Long-term debt** | 47413 | 42947 |
| **Long-term debt to financing trusts** | 390 | 390 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 13715 | 12793 |
| &nbsp;&nbsp;Regulatory liabilities | 11016 | 10198 |
| &nbsp;&nbsp;Pension obligations | 1749 | 1745 |
| &nbsp;&nbsp;Non-pension postretirement benefit obligations | 546 | 472 |
| &nbsp;&nbsp;Asset retirement obligations | 321 | 301 |
| &nbsp;&nbsp;Mark-to-market derivative liabilities | 106 | 103 |
| &nbsp;&nbsp;Unamortized energy contract liabilities | 16 | 21 |
| &nbsp;&nbsp;Other | 2169 | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 29638 | 27915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 87772 | 80863 |
| **Commitments and contingencies** |  |  |
| **Shareholders' equity** |  |  |
| Common stock (No par value, 2,000 shares authorized, 1,023 shares and 1,005 shares outstanding as of December 31, 2025 and 2024, respectively) | 22106 | 21338 |
| Treasury stock, at cost (2 shares as of December 31, 2025 and 2024) | (123) | (123) |
| &nbsp;&nbsp;Retained earnings | 7577 | 6426 |
| &nbsp;&nbsp;Accumulated other comprehensive loss, net | (762) | (720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 28798 | 26921 |
| **Total liabilities and shareholders' equity** | $116570 | $107784 |

---

See the Combined Notes to Consolidated Financial Statements

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Consolidated Statements of Changes in Equity**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>(In millions, shares in thousands)</u>** | **Issued<br>Shares** | **Common<br>Stock** | **Treasury<br>Stock** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Loss, net** | **Total Equity** |
| **Balance at December 31, 2022** | 995830 | $20908 | $(123) | $4597 | $(638) | $24744 |
| Net income |  |  |  | 2328 |  | 2328 |
| Long-term incentive plan activity | 659 | 19 |  |  |  | 19 |
| Employee stock purchase plan activity | 1173 | 47 |  |  |  | 47 |
| Issuance of common stock | 3587 | 140 |  |  |  | 140 |
| Common stock dividends<br>($1.44/common share) |  |  |  | (1435) |  | (1435) |
| Other comprehensive loss, net of income taxes |  |  |  |  | (88) | (88) |
| **Balance at December 31, 2023** | 1001249 | $21114 | $(123) | $5490 | $(726) | $25755 |
| Net income |  |  |  | 2460 |  | 2460 |
| Long-term incentive plan activity | 464 | 26 |  |  |  | 26 |
| Employee stock purchase plan activity | 1344 | 50 |  |  |  | 50 |
| Issuance of common stock | 3989 | 148 |  |  |  | 148 |
| Common stock dividends<br>($1.52/common share) |  |  |  | (1524) |  | (1524) |
| Other comprehensive income, net of income taxes |  |  |  |  | 6 | 6 |
| **Balance at December 31, 2024** | 1007046 | $21338 | $(123) | $6426 | $(720) | $26921 |
| Net income |  |  |  | 2768 |  | 2768 |
| Long-term incentive plan activity | 323 | 34 |  |  |  | 34 |
| Employee stock purchase plan activity | 931 | 43 |  |  |  | 43 |
| Issuance of common stock | 16101 | 691 |  |  |  | 691 |
| Common stock dividends<br>($1.60/common share) |  |  |  | (1617) |  | (1617) |
| Other comprehensive loss, net of income taxes |  |  |  |  | (42) | (42) |
| **Balance at December 31, 2025** | 1024401 | $22106 | $(123) | $7577 | $(762) | $28798 |

---

See the Combined Notes to Consolidated Financial Statements

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Commonwealth Edison Company and Subsidiary Companies**

**Consolidated Statements of Operations and Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Operating revenues** |  |  |  |
| &nbsp;&nbsp;Electric operating revenues | $7842 | $8362 | $7272 |
| &nbsp;&nbsp;Revenues from alternative revenue programs | (596) | (151) | 556 |
| &nbsp;&nbsp;Operating revenues from affiliates | 21 | 8 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 7267 | 8219 | 7844 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;Purchased power | 1782 | 3042 | 2816 |
| &nbsp;&nbsp;Operating and maintenance | 1306 | 1284 | 1096 |
| &nbsp;&nbsp;Operating and maintenance from affiliates | 404 | 419 | 354 |
| &nbsp;&nbsp;Depreciation and amortization | 1560 | 1514 | 1403 |
| &nbsp;&nbsp;Taxes other than income taxes | 409 | 376 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 5461 | 6635 | 6038 |
| **Gain on sale of assets** |  | 5 |  |
| **Operating income** | 1806 | 1589 | 1806 |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (517) | (487) | (464) |
| &nbsp;&nbsp;Interest expense to affiliates, net | (13) | (14) | (13) |
| &nbsp;&nbsp;Other, net | 132 | 94 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (398) | (407) | (402) |
| **Income before income taxes** | 1408 | 1182 | 1404 |
| **Income taxes** | 261 | 116 | 314 |
| **Net income** | $1147 | $1066 | $1090 |
| **Comprehensive income** | $1147 | $1066 | $1090 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Commonwealth Edison Company and Subsidiary Companies**

**Consolidated Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;Net income | $1147 | $1066 | $1090 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1560 | 1514 | 1403 |
| &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 | 39 | (19) | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 740 | 232 | (536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (1026) | (185) | (138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net | 3 | 4 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 17 | (15) | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 77 | (115) | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral (paid) received, net | (36) | 30 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (1) | (114) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | 506 | 246 | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (209) | (25) | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (152) | 99 | (70) |
| Net cash flows provided by operating activities | 2665 | 2713 | 1848 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;Capital expenditures | (2899) | (2195) | (2576) |
| &nbsp;&nbsp;Other investing activities | 6 | 7 | 8 |
| Net cash flows used in investing activities | (2893) | (2188) | (2568) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | (36) | (166) | (225) |
| &nbsp;&nbsp;Proceeds from short-term borrowings with maturities greater than 90 days |  |  | 400 |
| &nbsp;&nbsp;Repayments on short-term borrowings with maturities greater than 90 days |  | (400) | (150) |
| &nbsp;&nbsp;Issuance of long-term debt | 725 | 800 | 975 |
| &nbsp;&nbsp;Retirement of long-term debt |  | (250) |  |
| &nbsp;&nbsp;Dividends paid on common stock | (813) | (776) | (746) |
| &nbsp;&nbsp;Contributions from parent | 391 | 227 | 655 |
| &nbsp;&nbsp;Other financing activities | (8) | (14) | (14) |
| Net cash flows provided by (used in) financing activities | 259 | (579) | 895 |
| **Increase (decrease) in cash, restricted cash, and cash equivalents** | 31 | (54) | 175 |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 632 | 686 | 511 |
| **Cash, restricted cash, and cash equivalents at end of period** | $663 | $632 | $686 |
| **Supplemental cash flow information** |  |  |  |
| Increase (decrease) in capital expenditures not paid | $233 | $(17) | $(10) |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Commonwealth Edison Company and Subsidiary Companies**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $159 | $105 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 454 | 486 |
| &nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 1058 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (115) | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 943 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 1155 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (23) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 1132 | 256 |
| &nbsp;&nbsp;Receivables from affiliates | 5 | 4 |
| &nbsp;&nbsp;Inventories, net | 268 | 292 |
| &nbsp;&nbsp;Regulatory assets | 595 | 1159 |
| &nbsp;&nbsp;Other | 217 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3773 | 3328 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $8,291 and $7,619 as of December 31, 2025 and 2024, respectively)** | 32255 | 30211 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;Regulatory assets | 2687 | 2562 |
| &nbsp;&nbsp;Goodwill | 2625 | 2625 |
| &nbsp;&nbsp;Receivable related to Regulatory Agreement Units | 4313 | 3780 |
| &nbsp;&nbsp;Investments | 6 | 6 |
| &nbsp;&nbsp;Prepaid pension asset | 1284 | 1165 |
| &nbsp;&nbsp;Other | 1342 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 12257 | 11211 |
| **Total assets** | $48285 | $44750 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Commonwealth Edison Company and Subsidiary Companies**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;Short-term borrowings | $— | $36 |
| &nbsp;&nbsp;Long-term debt due within one year | 500 |  |
| &nbsp;&nbsp;Accounts payable | 1033 | 748 |
| &nbsp;&nbsp;Accrued expenses | 474 | 463 |
| &nbsp;&nbsp;Payables to affiliates | 81 | 77 |
| &nbsp;&nbsp;Customer deposits | 192 | 134 |
| &nbsp;&nbsp;Regulatory liabilities | 846 | 197 |
| &nbsp;&nbsp;Mark-to-market derivative liabilities | 25 | 29 |
| &nbsp;&nbsp;Other | 288 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 3439 | 1954 |
| **Long-term debt** | 12253 | 12030 |
| **Long-term debt to financing trust** | 206 | 206 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 5828 | 5601 |
| &nbsp;&nbsp;Regulatory liabilities | 9163 | 8421 |
| &nbsp;&nbsp;Asset retirement obligations | 193 | 167 |
| &nbsp;&nbsp;Non-pension postretirement benefit obligations | 151 | 156 |
| &nbsp;&nbsp;Mark-to-market derivative liabilities | 106 | 103 |
| &nbsp;&nbsp;Other | 1341 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 16782 | 15680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 32680 | 29870 |
| **Commitments and contingencies** |  |  |
| **Shareholders' equity** |  |  |
| &nbsp;&nbsp;Common stock ($12.50 par value, 250 shares authorized, 127 shares outstanding as of December 31, 2025 and 2024) | 1588 | 1588 |
| &nbsp;&nbsp;Other paid-in capital | 11019 | 10628 |
| &nbsp;&nbsp;Retained earnings | 2998 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 15605 | 14880 |
| **Total liabilities and shareholders' equity** | $48285 | $44750 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Commonwealth Edison Company and Subsidiary Companies**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<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, 2022** | $1588 | $9746 | $2030 | $13364 |
| Net income |  |  | 1090 | 1090 |
| Common stock dividends |  |  | (746) | (746) |
| Contributions from parent |  | 655 |  | 655 |
| **Balance at December 31, 2023** | $1588 | $10401 | $2374 | $14363 |
| Net income |  |  | 1066 | 1066 |
| Common stock dividends |  |  | (776) | (776) |
| Contributions from parent |  | 227 |  | 227 |
| **Balance at December 31, 2024** | $1588 | $10628 | $2664 | $14880 |
| Net income |  |  | 1147 | 1147 |
| Common stock dividends |  |  | (813) | (813) |
| Contributions from parent |  | 391 |  | 391 |
| **Balance at December 31, 2025** | $1588 | $11019 | $2998 | $15605 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**PECO Energy Company and Subsidiary Companies**

**Consolidated Statements of Operations and Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Operating revenues** |  |  |  |
| &nbsp;&nbsp;Electric operating revenues | $3818 | $3312 | $3202 |
| &nbsp;&nbsp;Natural gas operating revenues | 854 | 645 | 690 |
| &nbsp;&nbsp;Revenues from alternative revenue programs |  | 6 | (7) |
| &nbsp;&nbsp;Operating revenues from affiliates | 12 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 4684 | 3973 | 3894 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;Purchased power | 1436 | 1265 | 1270 |
| &nbsp;&nbsp;Purchased fuel | 297 | 212 | 274 |
| &nbsp;&nbsp;Operating and maintenance | 946 | 875 | 786 |
| &nbsp;&nbsp;Operating and maintenance from affiliates | 249 | 245 | 217 |
| &nbsp;&nbsp;Depreciation and amortization | 454 | 428 | 397 |
| &nbsp;&nbsp;Taxes other than income taxes | 240 | 218 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 3622 | 3243 | 3146 |
| **Gain on sale of assets** |  | 4 |  |
| **Operating income** | 1062 | 734 | 748 |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (249) | (221) | (192) |
| &nbsp;&nbsp;Interest expense to affiliates, net | (11) | (11) | (9) |
| &nbsp;&nbsp;Other, net | 41 | 37 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (219) | (195) | (165) |
| **Income before income taxes** | 843 | 539 | 583 |
| **Income taxes** | 29 | (12) | 20 |
| **Net income** | $814 | $551 | $563 |
| **Comprehensive income** | $814 | $551 | $563 |

---

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

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**PECO Energy Company and Subsidiary Companies**

**Consolidated Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;Net income | $814 | $551 | $563 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by <br>operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 454 | 428 | 397 |
| &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 <br>credits | (69) | (63) | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 78 | 59 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (238) | (210) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net | (6) | 4 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (12) | 1 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 118 | 23 | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral received, net | 6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 283 | (76) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (33) | 27 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (13) | (4) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | 21 | 18 | 13 |
| Net cash flows provided by operating activities | 1403 | 754 | 1019 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;Capital expenditures | (1867) | (1553) | (1426) |
| &nbsp;&nbsp;Other investing activities | 3 | 6 | 2 |
| Net cash flows used in investing activities | (1864) | (1547) | (1424) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;Change in short-term borrowings | (192) | 27 | (74) |
| &nbsp;&nbsp;Issuance of long-term debt | 1050 | 575 | 575 |
| &nbsp;&nbsp;Retirement of long-term debt | (350) |  | (50) |
| &nbsp;&nbsp;Dividends paid on common stock | (546) | (400) | (405) |
| &nbsp;&nbsp;Contributions from parent | 577 | 595 | 348 |
| &nbsp;&nbsp;Other financing activities | (10) | (7) | (6) |
| Net cash flows provided by financing activities | 529 | 790 | 388 |
| **Increase (decrease) in cash, restricted cash, and cash equivalents** | 68 | (3) | (17) |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 48 | 51 | 68 |
| **Cash, restricted cash, and cash equivalents at end of period** | $116 | $48 | $51 |
| **Supplemental cash flow information** |  |  |  |
| Increase (decrease) in capital expenditures not paid | $94 | $103 | $(56) |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**PECO Energy Company and Subsidiary Companies**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $116 | $48 |
| &nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 811 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (137) | (133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 674 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 144 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (18) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 126 | 127 |
| &nbsp;&nbsp;Inventories, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fossil fuel | 43 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies | 83 | 79 |
| &nbsp;&nbsp;Prepaid renewable energy credits | 55 | 51 |
| &nbsp;&nbsp;Regulatory assets | 72 | 65 |
| &nbsp;&nbsp;Other | 34 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1203 | 973 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $4,131 and $4,042 as of December 31, 2025 and 2024, respectively)** | 15922 | 14392 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;Regulatory assets | 1275 | 1003 |
| &nbsp;&nbsp;Receivable related to Regulatory Agreement Units | 442 | 247 |
| &nbsp;&nbsp;Investments | 45 | 41 |
| &nbsp;&nbsp;Prepaid pension asset | 441 | 435 |
| &nbsp;&nbsp;Other | 34 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 2237 | 1758 |
| **Total assets** | $19362 | $17123 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**PECO Energy Company and Subsidiary Companies**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **LIABILITIES AND SHAREHOLDER'S EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;Short-term borrowings | $— | $192 |
| &nbsp;&nbsp;Long-term debt due within one year |  | 350 |
| &nbsp;&nbsp;Accounts payable | 811 | 639 |
| &nbsp;&nbsp;Accrued expenses | 483 | 166 |
| &nbsp;&nbsp;Payables to affiliates | 35 | 41 |
| &nbsp;&nbsp;Customer deposits | 93 | 80 |
| &nbsp;&nbsp;Renewable energy credit obligations | 56 | 52 |
| &nbsp;&nbsp;Regulatory liabilities | 140 | 122 |
| &nbsp;&nbsp;Other | 40 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1658 | 1670 |
| **Long-term debt** | 6396 | 5354 |
| **Long-term debt to financing trusts** | 184 | 184 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 2594 | 2433 |
| &nbsp;&nbsp;Regulatory liabilities | 449 | 253 |
| &nbsp;&nbsp;Asset retirement obligations | 26 | 27 |
| &nbsp;&nbsp;Non-pension postretirement benefit obligations | 286 | 287 |
| &nbsp;&nbsp;Other | 109 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 3464 | 3100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 11702 | 10308 |
| **Commitments and contingencies** |  |  |
| **Shareholder's equity** |  |  |
| Common stock (No par value, 500 shares authorized, 170 shares outstanding as of December 31, 2025 and 2024) | 5222 | 4645 |
| &nbsp;&nbsp;Retained earnings | 2438 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholder's equity | 7660 | 6815 |
| **Total liabilities and shareholder's equity** | $19362 | $17123 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**PECO Energy Company and Subsidiary Companies**

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>(In millions)</u>** | **Common<br>Stock** | **Retained<br>Earnings** | **Total<br>Shareholder's<br>Equity** |
| **Balance at December 31, 2022** | $3702 | $1861 | $5563 |
| Net income |  | 563 | 563 |
| Common stock dividends |  | (405) | (405) |
| Contributions from parent | 348 |  | 348 |
| **Balance at December 31, 2023** | $4050 | $2019 | $6069 |
| Net income |  | 551 | 551 |
| Common stock dividends |  | (400) | (400) |
| Contributions from parent | 595 |  | 595 |
| **Balance at December 31, 2024** | $4645 | $2170 | $6815 |
| Net income |  | 814 | 814 |
| Common stock dividends |  | (546) | (546) |
| Contributions from parent | 577 |  | 577 |
| **Balance at December 31, 2025** | $5222 | $2438 | $7660 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Baltimore Gas and Electric Company**

**Statements of Operations and Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Operating revenues** |  |  |  |
| &nbsp;&nbsp;Electric operating revenues | $4037 | $3407 | $3065 |
| &nbsp;&nbsp;Natural gas operating revenues | 1264 | 957 | 869 |
| &nbsp;&nbsp;Revenues from alternative revenue programs | (87) | 52 | 84 |
| &nbsp;&nbsp;Operating revenues from affiliates | 8 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 5222 | 4426 | 4027 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;Purchased power | 1890 | 1460 | 1311 |
| &nbsp;&nbsp;Purchased fuel | 331 | 191 | 220 |
| &nbsp;&nbsp;Operating and maintenance | 815 | 790 | 520 |
| &nbsp;&nbsp;Operating and maintenance from affiliates | 251 | 246 | 221 |
| &nbsp;&nbsp;Depreciation and amortization | 632 | 638 | 654 |
| &nbsp;&nbsp;Taxes other than income taxes | 370 | 345 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 4289 | 3670 | 3245 |
| **Operating income** | 933 | 756 | 782 |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (247) | (216) | (182) |
| &nbsp;&nbsp;Other, net | 51 | 36 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (196) | (180) | (164) |
| **Income before income taxes** | 737 | 576 | 618 |
| **Income taxes** | 159 | 49 | 133 |
| **Net income** | $578 | $527 | $485 |
| **Comprehensive income** | $578 | $527 | $485 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Baltimore Gas and Electric Company**

**Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;Net income | $578 | $527 | $485 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 632 | 638 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | 86 | 5 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 170 | 38 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (244) | (142) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net | (9) | 14 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 3 | (5) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (18) | 35 | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral received (paid), net | 4 | (1) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 169 | (54) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (97) | (84) | (292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (44) | (37) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (1) | (39) | (13) |
| Net cash flows provided by operating activities | 1229 | 895 | 951 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;Capital expenditures | (1657) | (1420) | (1367) |
| &nbsp;&nbsp;Other investing activities | 9 | 12 | 7 |
| Net cash flows used in investing activities | (1648) | (1408) | (1360) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | (175) | (161) | (72) |
| &nbsp;&nbsp;Issuance of long-term debt | 650 | 800 | 700 |
| &nbsp;&nbsp;Retirement of long-term debt |  |  | (300) |
| &nbsp;&nbsp;Dividends paid on common stock | (393) | (368) | (316) |
| &nbsp;&nbsp;Contributions from parent | 531 | 237 | 385 |
| &nbsp;&nbsp;Other financing activities | (8) | (9) | (7) |
| Net cash flows provided by financing activities | 605 | 499 | 390 |
| **Increase (decrease) in cash, restricted cash, and cash equivalents** | 186 | (14) | (19) |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 34 | 48 | 67 |
| **Cash, restricted cash, and cash equivalents at end of period** | $220 | $34 | $48 |
| **Supplemental cash flow information** |  |  |  |
| Increase (decrease) in capital expenditures not paid | $153 | $156 | $(44) |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Baltimore Gas and Electric Company** 

**Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $217 | $33 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 3 | 1 |
| &nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 887 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (68) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 819 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (4) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 96 | 107 |
| &nbsp;&nbsp;Receivables from affiliates | 1 |  |
| &nbsp;&nbsp;Inventories, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fossil fuel | 36 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies | 74 | 84 |
| &nbsp;&nbsp;Prepaid utility taxes | 126 | 115 |
| &nbsp;&nbsp;Regulatory assets | 175 | 207 |
| &nbsp;&nbsp;Prepaid renewable energy credits | 189 | 157 |
| &nbsp;&nbsp;Other | 14 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1750 | 1348 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $5,234 and $5,005 as of December 31, 2025 and 2024, respectively)** | 14385 | 13134 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;Regulatory assets | 804 | 788 |
| &nbsp;&nbsp;Investments | 10 | 10 |
| &nbsp;&nbsp;Prepaid pension asset | 194 | 218 |
| &nbsp;&nbsp;Other | 41 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 1049 | 1060 |
| **Total assets** | $17184 | $15542 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Baltimore Gas and Electric Company** 

**Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **LIABILITIES AND SHAREHOLDER'S EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;Short-term borrowings | $— | $175 |
| &nbsp;&nbsp;Long-term debt due within one year | 350 |  |
| &nbsp;&nbsp;Accounts payable | 640 | 515 |
| &nbsp;&nbsp;Accrued expenses | 352 | 176 |
| &nbsp;&nbsp;Payables to affiliates | 39 | 48 |
| &nbsp;&nbsp;Customer deposits | 125 | 118 |
| &nbsp;&nbsp;Regulatory liabilities | 31 | 12 |
| &nbsp;&nbsp;Renewable energy credit obligations | 194 | 160 |
| &nbsp;&nbsp;Other | 39 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1770 | 1243 |
| **Long-term debt** | 5691 | 5395 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 2242 | 2099 |
| &nbsp;&nbsp;Regulatory liabilities | 595 | 636 |
| &nbsp;&nbsp;Asset retirement obligations | 36 | 36 |
| &nbsp;&nbsp;Non-pension postretirement benefit obligations | 144 | 150 |
| &nbsp;&nbsp;Other | 104 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 3121 | 3018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10582 | 9656 |
| **Commitments and contingencies** |  |  |
| **Shareholder's equity** |  |  |
| Common stock (No par value, 0 shares<sup>(a)</sup> authorized, 0 shares<sup>(a)</sup> outstanding as of December 31, 2025 and 2024) | 4014 | 3483 |
| &nbsp;&nbsp;Retained earnings | 2588 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholder's equity | 6602 | 5886 |
| **Total liabilities and shareholder's equity** | $17184 | $15542 |

---

_____________

(a)In millions, shares round to zero. Number of shares is 1,500 authorized and 1,000 outstanding as of December 31, 2025 and 2024.

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Baltimore Gas and Electric Company**

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>(In millions)</u>** | **Common<br>Stock** | **Retained<br>Earnings** | **Total<br>Shareholder's<br>Equity** |
| **Balance at December 31, 2022** | $2861 | $2075 | $4936 |
| Net income |  | 485 | 485 |
| Common stock dividends |  | (316) | (316) |
| Contributions from parent | 385 |  | 385 |
| **Balance at December 31, 2023** | $3246 | $2244 | $5490 |
| Net income |  | 527 | 527 |
| Common stock dividends |  | (368) | (368) |
| Contributions from parent | 237 |  | 237 |
| **Balance at December 31, 2024** | $3483 | $2403 | $5886 |
| Net income |  | 578 | 578 |
| Common stock dividends |  | (393) | (393) |
| Contributions from parent | 531 |  | 531 |
| **Balance at December 31, 2025** | $4014 | $2588 | $6602 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Pepco Holdings LLC and Subsidiary Companies**

**Consolidated Statements of Operations and Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Operating revenues** |  |  |  |
| &nbsp;&nbsp;Electric operating revenues | $6957 | $6257 | $5748 |
| &nbsp;&nbsp;Natural gas operating revenues | 231 | 180 | 205 |
| &nbsp;&nbsp;Revenues from alternative revenue programs | (63) | 1 | 64 |
| &nbsp;&nbsp;Operating revenues from affiliates | 10 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 7135 | 6448 | 6026 |
| **Operating expenses** |  |  |  |
| Purchased power | 2836 | 2447 | 2250 |
| Purchased fuel | 95 | 66 | 98 |
| Operating and maintenance | 1123 | 1046 | 1110 |
| Operating and maintenance from affiliates | 204 | 204 | 179 |
| Depreciation and amortization | 935 | 947 | 990 |
| Taxes other than income taxes | 568 | 528 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 5761 | 5238 | 5114 |
| **Gain (loss) on sales of assets** | 3 | (1) | 9 |
| **Operating income** | 1377 | 1209 | 921 |
| **Other income and (deductions)** |  |  |  |
| Interest expense, net | (408) | (373) | (323) |
| Interest expense to affiliates, net | (3) | (3) |  |
| Other, net | 72 | 97 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (339) | (279) | (215) |
| **Income before income taxes** | 1038 | 930 | 706 |
| **Income taxes** | 239 | 189 | 116 |
| **Net income** | $799 | $741 | $590 |
| **Comprehensive income** | $799 | $741 | $590 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Pepco Holdings LLC and Subsidiary Companies** 

**Consolidated Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;Net income | $799 | $741 | $590 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization, and accretion | 937 | 947 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sales of assets | (3) | 1 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | 132 | 73 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 241 | 188 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (204) | (110) | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net | (1) | 2 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (32) | (37) | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 8 | 66 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral received (paid), net | 17 |  | (196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (7) | (33) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (192) | (223) | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (50) | (86) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (47) | (119) | (101) |
| Net cash flows provided by operating activities | 1598 | 1410 | 1304 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;Capital expenditures | (2056) | (1863) | (1988) |
| &nbsp;&nbsp;Proceeds from sales of long-lived assets | 4 |  | 10 |
| &nbsp;&nbsp;Other investing activities |  |  | 8 |
| Net cash flows used in investing activities | (2052) | (1863) | (1970) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | 82 | 136 | (20) |
| &nbsp;&nbsp;Issuance of long-term debt | 650 | 1100 | 1075 |
| &nbsp;&nbsp;Retirement of long-term debt | (150) | (583) | (500) |
| &nbsp;&nbsp;Change in Exelon intercompany money pool | 17 | (2) | 21 |
| &nbsp;&nbsp;Distributions to member | (710) | (706) | (513) |
| &nbsp;&nbsp;Contributions from member | 568 | 505 | 475 |
| &nbsp;&nbsp;Other financing activities | (25) | (38) | (41) |
| Net cash flows provided by financing activities | 432 | 412 | 497 |
| **Decrease in cash, restricted cash, and cash equivalents** | (22) | (41) | (169) |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 163 | 204 | 373 |
| **Cash, restricted cash, and cash equivalents at end of period** | $141 | $163 | $204 |
| **Supplemental cash flow information** |  |  |  |
| Increase (decrease) in capital expenditures not paid | $79 | $76 | $(109) |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Pepco Holdings LLC and Subsidiary Companies**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $103 | $139 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 38 | 24 |
| &nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 975 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (115) | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 860 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 292 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (49) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 243 | 235 |
| &nbsp;&nbsp;Receivable from affiliates | 14 | 8 |
| &nbsp;&nbsp;Inventories, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fossil fuel | 9 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies | 357 | 325 |
| &nbsp;&nbsp;Prepaid utility taxes | 77 | 70 |
| &nbsp;&nbsp;Regulatory assets | 352 | 323 |
| &nbsp;&nbsp;Prepaid renewable energy credits | 201 | 194 |
| &nbsp;&nbsp;Other | 34 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2288 | 2080 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $4,350 and $3,728 as of December 31, 2025 and 2024, respectively)** | 21377 | 20053 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;Regulatory assets | 1556 | 1570 |
| &nbsp;&nbsp;Goodwill | 4005 | 4005 |
| &nbsp;&nbsp;Investments | 158 | 152 |
| &nbsp;&nbsp;Prepaid pension asset | 199 | 252 |
| &nbsp;&nbsp;Other | 132 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 6050 | 6164 |
| **Total assets** | $29715 | $28297 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Pepco Holdings LLC and Subsidiary Companies**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **LIABILITIES AND MEMBER'S EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;Short-term borrowings | $612 | $530 |
| &nbsp;&nbsp;Long-term debt due within one year | 64 | 290 |
| &nbsp;&nbsp;Accounts payable | 816 | 721 |
| &nbsp;&nbsp;Accrued expenses | 359 | 367 |
| &nbsp;&nbsp;Payables to affiliates | 71 | 66 |
| &nbsp;&nbsp;Borrowings from Exelon intercompany money pool | 80 | 63 |
| &nbsp;&nbsp;Customer deposits | 123 | 113 |
| &nbsp;&nbsp;Regulatory liabilities | 103 | 69 |
| &nbsp;&nbsp;Unamortized energy contract liabilities | 5 | 5 |
| &nbsp;&nbsp;Renewable energy credit obligations | 223 | 217 |
| &nbsp;&nbsp;Other | 121 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 2577 | 2565 |
| **Long-term debt** | 9526 | 8834 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 3391 | 3190 |
| &nbsp;&nbsp;Regulatory liabilities | 722 | 794 |
| &nbsp;&nbsp;Asset retirement obligations | 62 | 67 |
| &nbsp;&nbsp;Non-pension postretirement benefit obligations | 24 | 31 |
| &nbsp;&nbsp;Unamortized energy contract liabilities | 16 | 21 |
| &nbsp;&nbsp;Other | 418 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 4633 | 4576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 16736 | 15975 |
| **Commitments and contingencies** |  |  |
| **Member's equity** |  |  |
| &nbsp;&nbsp;Membership interest | 13130 | 12562 |
| &nbsp;&nbsp;Undistributed losses | (151) | (240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total member's equity | 12979 | 12322 |
| **Total liabilities and member's equity** | $29715 | $28297 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Pepco Holdings LLC and Subsidiary Companies**

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>(In millions)</u>** | **Membership Interest** | **Undistributed (Losses)/Gains** | **Total <br>Member's Equity** |
| **Balance at December 31, 2022** | $11582 | $(352) | $11230 |
| Net income |  | 590 | 590 |
| Distribution to member |  | (513) | (513) |
| Contributions from member | 475 |  | 475 |
| **Balance at December 31, 2023** | $12057 | $(275) | $11782 |
| Net income |  | 741 | 741 |
| Distribution to member |  | (706) | (706) |
| Contributions from member | 505 |  | 505 |
| **Balance at December 31, 2024** | $12562 | $(240) | $12322 |
| Net income |  | 799 | 799 |
| Distribution to member |  | (710) | (710) |
| Contributions from member | 568 |  | 568 |
| **Balance at December 31, 2025** | $13130 | $(151) | $12979 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Potomac Electric Power Company**

**Statements of Operations and Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Operating revenues** |  |  |  |
| &nbsp;&nbsp;Electric operating revenues | $3497 | $3017 | $2793 |
| &nbsp;&nbsp;Revenues from alternative revenue programs | (49) | 15 | 22 |
| &nbsp;&nbsp;Operating revenues from affiliates | 6 | 7 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 3454 | 3039 | 2824 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;Purchased power | 1262 | 1055 | 974 |
| &nbsp;&nbsp;Operating and maintenance | 379 | 283 | 336 |
| &nbsp;&nbsp;Operating and maintenance from affiliates | 246 | 251 | 236 |
| &nbsp;&nbsp;Depreciation and amortization | 433 | 407 | 441 |
| &nbsp;&nbsp;Taxes other than income taxes | 455 | 424 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2775 | 2420 | 2377 |
| **Gain (loss) on sales of assets** | 1 | (1) | 9 |
| **Operating income** | 680 | 618 | 456 |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (214) | (195) | (165) |
| &nbsp;&nbsp;Interest income from affiliates, net |  | 3 |  |
| &nbsp;&nbsp;Other, net | 41 | 54 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (173) | (138) | (99) |
| **Income before income taxes** | 507 | 480 | 357 |
| **Income taxes** | 106 | 90 | 51 |
| **Net income** | $401 | $390 | $306 |
| **Comprehensive income** | $401 | $390 | $306 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

 **Potomac Electric Power Company**

**Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;Net income | $401 | $390 | $306 |
| &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 | 435 | 407 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sales of assets | (1) | 1 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | 51 | 24 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 111 | 33 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (121) | (26) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net | 4 | 6 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (4) | (10) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 1 | 67 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral received (paid), net | 12 |  | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (33) | (30) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (93) | (85) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (9) | (9) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (29) | (84) | (5) |
| Net cash flows provided by operating activities | 725 | 684 | 699 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;Capital expenditures | (957) | (929) | (957) |
| &nbsp;&nbsp;Proceeds from sale of long-lived assets | 2 |  | 10 |
| &nbsp;&nbsp;Other investing activities |  |  | 8 |
| Net cash flows used in investing activities | (955) | (929) | (939) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | 103 | 68 | (167) |
| &nbsp;&nbsp;Issuance of long-term debt | 275 | 675 | 350 |
| &nbsp;&nbsp;Retirement of long-term debt |  | (400) |  |
| &nbsp;&nbsp;Dividends paid on common stock | (327) | (359) | (252) |
| &nbsp;&nbsp;Contributions from parent | 193 | 260 | 308 |
| &nbsp;&nbsp;Other financing activities | (10) | (20) | (26) |
| Net cash flows provided by financing activities | 234 | 224 | 213 |
| **Increase (decrease) in cash, restricted cash, and cash equivalents** | 4 | (21) | (27) |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 51 | 72 | 99 |
| **Cash, restricted cash, and cash equivalents at end of period** | $55 | $51 | $72 |
| **Supplemental cash flow information** |  |  |  |
| Increase (decrease) in capital expenditures not paid | $56 | $30 | $(55) |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Potomac Electric Power Company**

**Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $22 | $30 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 33 | 21 |
| &nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 484 | 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 | 415 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 154 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (26) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 128 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from affiliates |  | 1 |
| &nbsp;&nbsp;Inventories, net | 174 | 169 |
| &nbsp;&nbsp;Regulatory assets | 182 | 157 |
| &nbsp;&nbsp;Prepaid renewable energy credits | 171 | 165 |
| &nbsp;&nbsp;Other | 59 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1184 | 1049 |
| **Property, plant, and equipment (net of accumulated depreciation and amortization of $4,784 and $4,522 as of December 31, 2025 and 2024, respectively)** | 10747 | 10097 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;Regulatory assets | 405 | 446 |
| &nbsp;&nbsp;Investments | 141 | 135 |
| &nbsp;&nbsp;Prepaid pension asset | 194 | 222 |
| &nbsp;&nbsp;Other | 57 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 797 | 854 |
| **Total assets** | $12728 | $12000 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Potomac Electric Power Company**

**Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **LIABILITIES AND SHAREHOLDER'S EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;Short-term borrowings | $303 | $200 |
| &nbsp;&nbsp;Long-term debt due within one year | 6 | 6 |
| &nbsp;&nbsp;Accounts payable | 418 | 360 |
| &nbsp;&nbsp;Accrued expenses | 173 | 201 |
| &nbsp;&nbsp;Payables to affiliates | 37 | 37 |
| &nbsp;&nbsp;Customer deposits | 61 | 55 |
| &nbsp;&nbsp;Regulatory liabilities | 13 | 17 |
| &nbsp;&nbsp;Merger related obligation | 20 | 22 |
| &nbsp;&nbsp;Renewable energy credit obligations | 174 | 169 |
| &nbsp;&nbsp;Other | 64 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1269 | 1118 |
| **Long-term debt** | 4626 | 4356 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 1604 | 1509 |
| &nbsp;&nbsp;Regulatory liabilities | 268 | 310 |
| &nbsp;&nbsp;Asset retirement obligations | 45 | 49 |
| &nbsp;&nbsp;Other | 214 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 2131 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 8026 | 7565 |
| **Commitments and contingencies** |  |  |
| **Shareholder's equity** |  |  |
| &nbsp;&nbsp;Common stock ($0.01 par value, 200 shares authorized, 0 shares<sup>(a)</sup> outstanding as of December 31, 2025 and 2024) | 3528 | 3335 |
| &nbsp;&nbsp;Retained earnings | 1174 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholder's equity | 4702 | 4435 |
| **Total liabilities and shareholder's equity** | $12728 | $12000 |

---

_____________

(a)In millions, shares round to zero. Number of shares is 100 outstanding as of December 31, 2025 and 2024.

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Potomac Electric Power Company**

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>(In millions)</u>** | **Common Stock** | **Retained Earnings** | **Total Shareholder's Equity** |
| **Balance at December 31, 2022** | $2767 | $1015 | $3782 |
| Net income |  | 306 | 306 |
| Common stock dividends |  | (252) | (252) |
| Contributions from parent | 308 |  | 308 |
| **Balance at December 31, 2023** | $3075 | $1069 | $4144 |
| Net income |  | 390 | 390 |
| Common stock dividends |  | (359) | (359) |
| Contributions from parent | 260 |  | 260 |
| **Balance at December 31, 2024** | $3335 | $1100 | $4435 |
| Net income |  | 401 | 401 |
| Common stock dividends |  | (327) | (327) |
| Contributions from parent | 193 |  | 193 |
| **Balance at December 31, 2025** | $3528 | $1174 | $4702 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Delmarva Power & Light Company**

**Statements of Operations and Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Operating revenues** |  |  |  |
| &nbsp;&nbsp;Electric operating revenues | $1747 | $1602 | $1460 |
| &nbsp;&nbsp;Natural gas operating revenues | 231 | 180 | 205 |
| &nbsp;&nbsp;Revenues from alternative revenue programs | (16) | (2) | 15 |
| &nbsp;&nbsp;Operating revenues from affiliates | 9 | 7 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 1971 | 1787 | 1688 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;Purchased power | 766 | 694 | 639 |
| &nbsp;&nbsp;Purchased fuel | 95 | 66 | 98 |
| &nbsp;&nbsp;Operating and maintenance | 213 | 196 | 193 |
| &nbsp;&nbsp;Operating and maintenance from affiliates | 178 | 181 | 171 |
| &nbsp;&nbsp;Depreciation and amortization | 252 | 245 | 244 |
| &nbsp;&nbsp;Taxes other than income taxes | 88 | 79 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1592 | 1461 | 1420 |
| **Operating income** | 379 | 326 | 268 |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (102) | (94) | (74) |
| &nbsp;&nbsp;Interest income from affiliates, net |  | 1 |  |
| &nbsp;&nbsp;Other, net | 16 | 25 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (86) | (68) | (56) |
| **Income before income taxes** | 293 | 258 | 212 |
| **Income taxes** | 69 | 49 | 35 |
| **Net income** | $224 | $209 | $177 |
| **Comprehensive income** | $224 | $209 | $177 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Delmarva Power & Light Company**

**Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;Net income | $224 | $209 | $177 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 252 | 245 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | 32 | 16 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 57 | 40 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (70) | (46) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net | (3) | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (14) | (20) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 20 | 22 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral received (paid), net | 2 | 2 | (121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 16 | (24) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (35) | (51) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (1) | (3) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | 6 | 16 | 13 |
| Net cash flows provided by operating activities | 486 | 408 | 373 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;Capital expenditures | (534) | (556) | (562) |
| Net cash flows used in investing activities | (534) | (556) | (562) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | 17 | 81 | (52) |
| &nbsp;&nbsp;Issuance of long-term debt | 125 | 175 | 650 |
| &nbsp;&nbsp;Retirement of long-term debt |  | (33) | (500) |
| &nbsp;&nbsp;Dividends paid on common stock | (202) | (220) | (133) |
| &nbsp;&nbsp;Contributions from parent | 107 | 160 | 99 |
| &nbsp;&nbsp;Other financing activities | (10) | (8) | (11) |
| Net cash flows provided by financing activities | 37 | 155 | 53 |
| **(Decrease) increase in cash, restricted cash, and cash equivalents** | (11) | 7 | (136) |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 23 | 16 | 152 |
| **Cash, restricted cash, and cash equivalents at end of period** | $12 | $23 | $16 |
| **Supplemental cash flow information** |  |  |  |
| Increase (decrease) in capital expenditures not paid | $13 | $41 | $(6) |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Delmarva Power & Light Company**

**Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $9 | $21 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 3 | 2 |
| &nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 253 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (19) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable, net | 234 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 75 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (10) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 65 | 54 |
| &nbsp;&nbsp;Receivables from affiliates | 2 |  |
| &nbsp;&nbsp;Inventories, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fossil fuel | 9 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies | 107 | 95 |
| &nbsp;&nbsp;Prepaid utility taxes | 29 | 26 |
| &nbsp;&nbsp;Regulatory assets | 72 | 60 |
| &nbsp;&nbsp;Prepaid renewable energy credits | 30 | 29 |
| &nbsp;&nbsp;Other | 13 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 573 | 502 |
| **Property, plant, and equipment, (net of accumulated depreciation and amortization of $2,241 and $2,075 as of December 31, 2025 and 2024, respectively)** | 5855 | 5540 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;Regulatory assets | 214 | 215 |
| &nbsp;&nbsp;Other | 147 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 361 | 379 |
| **Total assets** | $6789 | $6421 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Delmarva Power & Light Company**

**Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **LIABILITIES AND SHAREHOLDER'S EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;Short-term borrowings | $161 | $144 |
| &nbsp;&nbsp;Long-term debt due within one year | 53 | 130 |
| &nbsp;&nbsp;Accounts payable | 218 | 187 |
| &nbsp;&nbsp;Accrued expenses | 70 | 55 |
| &nbsp;&nbsp;Payables to affiliates | 25 | 26 |
| &nbsp;&nbsp;Customer deposits | 36 | 34 |
| &nbsp;&nbsp;Regulatory liabilities | 42 | 42 |
| &nbsp;&nbsp;Renewable energy credit obligations | 49 | 48 |
| &nbsp;&nbsp;Other | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 676 | 688 |
| **Long-term debt** | 2291 | 2090 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 996 | 946 |
| &nbsp;&nbsp;Regulatory liabilities | 316 | 325 |
| &nbsp;&nbsp;Asset retirement obligations | 12 | 13 |
| &nbsp;&nbsp;Other | 127 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 1451 | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4418 | 4179 |
| **Commitments and contingencies** |  |  |
| **Shareholder's equity** |  |  |
| &nbsp;&nbsp;Common stock ($2.25 par value, 0 shares<sup>(a)</sup> authorized, 0 shares<sup>(a)</sup> outstanding as of December 31, 2025 and 2024, respectively) | 1722 | 1615 |
| &nbsp;&nbsp;Retained earnings | 649 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholder's equity | 2371 | 2242 |
| **Total liabilities and shareholder's equity** | $6789 | $6421 |

---

_____________

(a)In millions, shares round to zero. Number of shares is 1,000 authorized and outstanding as of December 31, 2025 and 2024.

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Delmarva Power & Light Company**

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>(In millions)</u>** | **Common Stock** | **Retained Earnings** | **Total Shareholder's Equity** |
| **Balance at December 31, 2022** | $1356 | $594 | $1950 |
| Net income |  | 177 | 177 |
| Common stock dividends |  | (133) | (133) |
| Contributions from parent | 99 |  | 99 |
| **Balance at December 31, 2023** | $1455 | $638 | $2093 |
| Net income |  | 209 | 209 |
| Common stock dividends |  | (220) | (220) |
| Contributions from parent | 160 |  | 160 |
| **Balance at December 31, 2024** | $1615 | $627 | $2242 |
| Net income |  | 224 | 224 |
| Common stock dividends |  | (202) | (202) |
| Contributions from parent | 107 |  | 107 |
| **Balance at December 31, 2025** | $1722 | $649 | $2371 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Atlantic City Electric Company and Subsidiary Company**

**Consolidated Statements of Operations and Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Operating revenues** |  |  |  |
| &nbsp;&nbsp;Electric operating revenues | $1712 | $1638 | $1493 |
| &nbsp;&nbsp;Revenues from alternative revenue programs | 2 | (12) | 27 |
| &nbsp;&nbsp;Operating revenues from affiliates | 4 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 1718 | 1628 | 1522 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;Purchased power | 808 | 698 | 637 |
| &nbsp;&nbsp;Operating and maintenance | 173 | 206 | 233 |
| &nbsp;&nbsp;Operating and maintenance from affiliates | 155 | 162 | 153 |
| &nbsp;&nbsp;Depreciation and amortization | 248 | 278 | 283 |
| &nbsp;&nbsp;Taxes other than income taxes | 9 | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1393 | 1353 | 1314 |
| **Gain on sale of assets** | 2 |  |  |
| **Operating income** | 327 | 275 | 208 |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (82) | (74) | (72) |
| &nbsp;&nbsp;Interest expense to affiliates, net |  | (5) |  |
| &nbsp;&nbsp;Other, net | 10 | 14 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | (72) | (65) | (52) |
| **Income before income taxes** | 255 | 210 | 156 |
| **Income taxes** | 67 | 55 | 36 |
| **Net income** | $188 | $155 | $120 |
| **Comprehensive income** | $188 | $155 | $120 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Atlantic City Electric Company and Subsidiary Company**

**Consolidated Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;Net income | $188 | $155 | $120 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 248 | 278 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of assets | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and amortization of investment tax credits | 47 | 39 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash operating activities | 38 | 70 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (14) | (35) | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from and payables to affiliates, net | (3) | (8) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (13) | (8) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (8) | (18) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral received (paid), net | 5 |  | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 9 | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities, net | (62) | (88) | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit contributions | (4) | (9) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (1) | (44) | (83) |
| Net cash flows provided by operating activities | 428 | 327 | 201 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;Capital expenditures | (390) | (373) | (460) |
| &nbsp;&nbsp;Proceeds from sale of long-lived assets | 2 |  |  |
| Net cash flows used in investing activities | (388) | (373) | (460) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | (38) | (13) | 199 |
| &nbsp;&nbsp;Issuance of long-term debt | 250 | 250 | 75 |
| &nbsp;&nbsp;Retirement of long-term debt | (150) | (150) |  |
| &nbsp;&nbsp;Dividends paid on common stock | (183) | (127) | (126) |
| &nbsp;&nbsp;Contributions from parent | 98 | 85 | 65 |
| &nbsp;&nbsp;Other financing activities | (7) | (6) | (5) |
| Net cash flows (used in) provided by financing activities | (30) | 39 | 208 |
| **Increase (decrease) in cash, restricted cash, and cash equivalents** | 10 | (7) | (51) |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 14 | 21 | 72 |
| **Cash, restricted cash, and cash equivalents at end of period** | $24 | $14 | $21 |
| **Supplemental cash flow information** |  |  |  |
| Increase (decrease) in capital expenditures not paid | $11 | $4 | $(47) |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Atlantic City Electric Company and Subsidiary Company**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $22 | $14 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 2 |  |
| &nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer accounts receivable | 239 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer allowance for credit losses | (27) | (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 | 64 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other allowance for credit losses | (13) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable, net | 51 | 66 |
| &nbsp;&nbsp;Receivables from affiliates | 12 | 7 |
| &nbsp;&nbsp;Inventories, net | 76 | 62 |
| &nbsp;&nbsp;Regulatory assets | 93 | 101 |
| &nbsp;&nbsp;Other | 8 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 476 | 447 |
| **Property, plant, and equipment, (net of accumulated depreciation and amortization of $1,956 and $1,798 as of December 31, 2025 and 2024, respectively)** | 4556 | 4366 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;Regulatory assets | 559 | 502 |
| &nbsp;&nbsp;Other | 41 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 600 | 536 |
| **Total assets** | $5632 | $5349 |

---

See the Combined Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Atlantic City Electric Company and Subsidiary Company**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **LIABILITIES AND SHAREHOLDER'S EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;Short-term borrowings | $148 | $186 |
| &nbsp;&nbsp;Long-term debt due within one year | 5 | 154 |
| &nbsp;&nbsp;Accounts payable | 168 | 163 |
| &nbsp;&nbsp;Accrued expenses | 64 | 52 |
| &nbsp;&nbsp;Payables to affiliates | 24 | 22 |
| &nbsp;&nbsp;Customer deposits | 26 | 24 |
| &nbsp;&nbsp;Regulatory liabilities | 48 | 10 |
| &nbsp;&nbsp;Other | 13 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 496 | 621 |
| **Long-term debt** | 2028 | 1779 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;Deferred income taxes and unamortized investment tax credits | 869 | 816 |
| &nbsp;&nbsp;Regulatory liabilities | 137 | 146 |
| &nbsp;&nbsp;Other | 74 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 1080 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3604 | 3424 |
| **Commitments and contingencies** |  |  |
| **Shareholder's equity** |  |  |
| &nbsp;&nbsp;Common stock ($3.00 par value, 25 shares authorized, 9 shares outstanding as of December 31, 2025 and 2024) | 2013 | 1915 |
| &nbsp;&nbsp;Retained earnings | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholder's equity | 2028 | 1925 |
| **Total liabilities and shareholder's equity** | $5632 | $5349 |

---

See the Combined Notes to Consolidated Financial Statements

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**Atlantic City Electric Company and Subsidiary Company**

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

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| | | | |
|:---|:---|:---|:---|
| **<u>(In millions)</u>** | **Common Stock** | **Retained Earnings (Deficit)** | **Total Shareholder's Equity** |
| **Balance at December 31, 2022** | $1765 | $(12) | $1753 |
| Net income |  | 120 | 120 |
| Common stock dividends |  | (126) | (126) |
| Contributions from parent | 65 |  | 65 |
| **Balance at December 31, 2023** | $1830 | $(18) | $1812 |
| Net income |  | 155 | 155 |
| Common stock dividends |  | (127) | (127) |
| Contributions from parent | 85 |  | 85 |
| **Balance at December 31, 2024** | $1915 | $10 | $1925 |
| Net income |  | 188 | 188 |
| Common stock dividends |  | (183) | (183) |
| Contributions from parent | 98 |  | 98 |
| **Balance at December 31, 2025** | $2013 | $15 | $2028 |

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See the Combined Notes to Consolidated Financial Statements

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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

**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 Power Company** | Purchase and regulated retail sale of electricity | District of Columbia, and major portions of Montgomery and Prince George's Counties, Maryland. |
| | Transmission and distribution of electricity to retail customers | |
| **Delmarva Power & Light Company** | Purchase and regulated retail sale of electricity and natural gas | Portions of Delaware and Maryland (electricity) |
| | Transmission and distribution of electricity and distribution of natural gas to retail customers | Portions of New Castle County, Delaware (natural gas) |
| **Atlantic City Electric Company** | Purchase and regulated retail sale of electricity | Portions of Southern New Jersey |
| | Transmission and distribution of electricity to retail customers | |

---

***Basis of Presentation (All Registrants)***

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

Through its business services subsidiary, BSC, Exelon provides its subsidiaries with a variety of support services at cost, including legal, human resources, financial, information technology, and supply management services. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services at cost, including legal, finance, engineering, customer operations, transmission and distribution planning, asset management, system operations, and power procurement, to PHI operating Registrants. The costs of BSC and 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.

As of December 31, 2025, 2024, and 2023, Exelon owned 100% of PECO, BGE, and PHI and more than 99% of ComEd. PHI owns 100% of Pepco, DPL, and ACE.

The accompanying consolidated financial statements have been prepared in accordance with GAAP for annual financial statements and in accordance with the instructions to Form 10-K and Regulation S-X promulgated by the SEC.

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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

***Use of Estimates (All Registrants)***

The preparation of financial statements of each of the Registrants in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Areas in which significant estimates have been made include, but are not limited to, the accounting for pension and OPEB, unbilled energy revenues, allowance for credit losses, inventory reserves, goodwill and long-lived asset impairment assessments, derivative instruments, unamortized energy contracts, fixed asset depreciation, capitalization of indirect construction costs, environmental costs and other loss contingencies, AROs, and income taxes. Actual results could differ from those estimates.

***Regulatory Accounting (All Registrants)***

For their regulated electric and gas operations, the Registrants reflect the effects of cost-based rate regulation in their financial statements, which is required for entities with regulated operations that meet the following criteria: (1) rates are established or approved by a third-party regulator; (2) rates are designed to recover the entities' cost of providing services or products; and (3) there is a reasonable expectation that rates designed to recover costs can be charged to and collected from customers. The Registrants account for their regulated operations in accordance with regulatory and legislative guidance from the regulatory authorities having jurisdiction, principally the ICC, PAPUC, MDPSC, DCPSC, DEPSC, and NJBPU, under state public utility laws and the FERC under various Federal laws. Regulatory assets and liabilities are amortized and the related expense or revenue is recognized in the Consolidated Statements of Operations consistent with the recovery or refund included in customer rates. The Registrants' regulatory assets and liabilities as of the balance sheet date are probable of being recovered or settled in future rates. If a separable portion of the Registrants' business was no longer able to meet the criteria discussed above, the affected entities would be required to eliminate from their consolidated financial statements the effects of regulation for that portion, which could have a material impact on their financial statements. See Note 2 — Regulatory Matters for additional information.

With the exception of income tax-related regulatory assets and liabilities, the Registrants classify regulatory assets and liabilities with a recovery or settlement period greater than one year as both current and noncurrent in their Consolidated Balance Sheets, with the current portion representing the amount expected to be recovered from or refunded to customers over the next twelve-month period as of the balance sheet date. Income tax-related regulatory assets and liabilities are classified entirely as noncurrent in the Registrants' Consolidated Balance Sheets to align with the classification of the related deferred income tax balances.

The Registrants treat the impacts of a final rate order received after the balance sheet date but prior to the issuance of the financial statements as a non-recognized subsequent event, as the receipt of a final rate order is a separate and distinct event that has future impacts on the parties affected by the order.

***Revenues (All Registrants)***

***Operating Revenues.*** The Registrants' operating revenues generally consist of revenues from contracts with customers involving the sale and delivery of power and natural gas and utility revenues from ARPs. The Registrants recognize revenue from contracts with customers to depict the transfer of goods or services to customers in 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 natural gas tariff sales, distribution, and transmission services. At the end of each month, the Registrants accrue an estimate for the unbilled amount of energy delivered or services provided to customers.

ComEd records ARP revenue for its best estimate of the electric distribution, energy efficiency, distributed generation rebates, and transmission revenue impacts resulting from future changes in rates that ComEd believes are probable of approval by the ICC and FERC in accordance with its distribution multi-year rate plan, distribution revenue decoupling mechanisms, and formula rate mechanisms. BGE, Pepco, DPL, and ACE record ARP revenue for their best estimate of the electric and natural gas distribution revenue impacts resulting from future changes in rates that they believe are probable of approval by the MDPSC, DCPSC, and/or NJBPU in accordance with their revenue decoupling mechanisms. PECO, BGE, Pepco, DPL, and ACE record ARP revenue for their best estimate of the transmission revenue impacts resulting from future changes in rates that they believe are probable of approval by FERC in accordance with their formula rate mechanisms. The Registrants recognize all ARP revenues that will be collected within 24 months of the end of the annual period in which they are recorded. See Note 2 — Regulatory Matters for additional information.

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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

***Taxes Directly Imposed on Revenue-Producing Transactions.*** The Registrants collect certain taxes from customers such as sales and gross receipts taxes, along with other taxes, surcharges, and fees, that are levied by state or local governments on the sale or distribution of electricity and gas. Some of these taxes are imposed on the customer, but paid by the Registrants, while others are imposed on the Registrants. Where these taxes are imposed on the customer, such as sales taxes, they are reported on a net basis with no impact to the Consolidated Statements of Operations and Comprehensive Income. However, where these taxes are imposed on the Registrants, such as gross receipts taxes or other surcharges or fees, they are reported on a gross basis. Accordingly, revenues are recognized for the taxes collected from customers along with an offsetting expense. See Note 20 — Supplemental Financial Information for taxes that are presented on a gross basis.

***Leases (All Registrants)***

The Registrants recognize a ROU asset and lease liability for operating and finance leases when the term is greater than one year. Operating lease ROU assets are included in Other deferred debits and other assets and operating lease liabilities are included in Other current liabilities and Other deferred credits and other liabilities on the Consolidated Balance Sheets. Finance lease ROU assets are included in Property, plant, and equipment, net and finance lease liabilities are included in Long-term debt due within one year and Long-term debt on the Consolidated Balance Sheets. The ROU asset is measured as the sum of (1) the present value of all remaining fixed and in-substance fixed payments using the rate implicit in the lease whenever that is readily determinable or each Registrant's incremental borrowing rate, (2) any lease payments made at or before the commencement date (less any lease incentives received), and (3) any initial direct costs incurred. The lease liability is measured the same as the ROU asset, but excludes any payments made before the commencement date and initial direct costs incurred. Lease terms include options to extend or terminate the lease if it is reasonably certain they will be exercised. The Registrants include non-lease components, which are service-related costs that are not integral to the use of the asset, in the measurement of the ROU asset and lease liability.

Expense for operating leases and leases with a term of one year or less is recognized on a straight-line basis over the term of the lease, unless another systematic and rational basis is more representative of the derivation of benefit from use of the leased property. Variable lease payments are recognized in the period in which the related obligation is incurred. Operating lease expense, finance lease expense, and variable lease payments are primarily recorded to Operating and maintenance expense on the Registrants' Statements of Operations and Comprehensive Income.

Income from operating leases, including subleases, is recognized on a straight-line basis over the term of the lease, unless another systematic and rational basis is more representative of the pattern in which income is earned over the term of the lease. Variable lease income is recognized in the period in which the related obligation is performed. Operating lease income and variable lease income are recorded to Operating revenues on the Registrants' Statements of Operations and Comprehensive Income.

The Registrants' operating and finance leases consist primarily of real estate, including office buildings, and vehicles and equipment. The Registrants account for land right arrangements that provide for exclusive use as leases while shared use land arrangements are generally not leases. The Registrants do not account for secondary use pole attachments as leases. See Note 9 — Leases for additional information.

***Income Taxes (All Registrants)***

Deferred federal and state income taxes are recorded on significant temporary differences between the book and tax basis of assets and liabilities and for tax benefits carried forward. Investment tax credits have been deferred in the Registrants' Consolidated Balance Sheets and are recognized in book income over the life of the related property. The Registrants account for uncertain income tax positions using a benefit recognition model with a two-step approach; a more-likely-than-not recognition criterion; and a measurement approach that measures the position as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. If it is not more-likely-than-not that the benefit of the tax position will be sustained on its technical merits, no benefit is recorded. Uncertain tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold. The Registrants recognize accrued interest related to unrecognized tax benefits in Interest expense, net or Other, net (interest income) and recognize penalties related to unrecognized tax benefits in Other, net in their Consolidated Statements of Operations and Comprehensive Income.

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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

***Cash and Cash Equivalents (All Registrants)***

The Registrants consider investments purchased with an original maturity of three months or less to be cash equivalents.

***Restricted Cash and Cash Equivalents (All Registrants)***

Restricted cash and cash equivalents represent funds that are restricted to satisfy designated current liabilities. As of December 31, 2025 and 2024, the Registrants' restricted cash and cash equivalents primarily represented the following items:

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| | |
|:---|:---|
| **Registrant** | **Description** |
| **Exelon** | Payment of medical, dental, vision, and long-term disability benefits, in addition to the items listed below for the Utility Registrants. |
| **ComEd** | Collateral held from suppliers associated with energy and REC procurement contracts, any over-recovered RPS costs and alternative compliance payments received from RES pursuant to FEJA. |
| **PECO** | Proceeds from the sales of assets that were subject to PECO's mortgage indenture. |
| **BGE** | Collateral held from energy suppliers. |
| **PHI** | Payment of merger commitments, collateral held from energy suppliers associated with procurement contracts, and payments of REC procurement costs to NJBPU program participants through an administrator. |
| **Pepco** | Payment of merger commitments and collateral held from energy suppliers. |
| **DPL** | Collateral held from energy suppliers. |
| **ACE** | Payment of REC procurement costs to NJBPU program participants through an administrator. |

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__________

Restricted cash and cash equivalents not available to satisfy current liabilities are classified as noncurrent assets. As of December 31, 2025 and 2024, the Registrants' noncurrent restricted cash and cash equivalents primarily represented ComEd's alternative compliance payments received from RES pursuant to FEJA and are included in other deferred debits and other assets.

See Note 14 — Debt and Credit Agreements and Note 20 — Supplemental Financial Information for additional information.

***Allowance for Credit Losses on Customer Receivables (All Registrants)***

The allowance for credit losses reflects the Registrants' best estimates of losses on the customers' accounts receivable balances based on historical experience, current information, and reasonable and supportable forecasts.

The allowance for credit losses is estimated based on historical experience, current conditions, and forward-looking risk factors. Utility Registrants' customer accounts are written off consistent with approved regulatory requirements. Adjustments to the allowance for credit losses are primarily recorded to Operating and maintenance expense on the Registrants' Consolidated Statements of Operations and Comprehensive Income or Regulatory assets and liabilities on the Registrants' Consolidated Balance Sheets. See Note 2 — Regulatory Matters for additional information regarding the regulatory recovery of credit losses on customer accounts receivable.

The Registrants have certain non-customer receivables in Other deferred debits and other assets which primarily are with governmental agencies and other high-quality counterparties with no history of default. As such, the allowance for credit losses related to these receivables is not material. The Registrants monitor these balances and will record an allowance if there are indicators of a decline in credit quality. See Note 5 — Accounts Receivable for additional information.

***Inventories (All Registrants)***

Inventory is recorded at the lower of weighted average cost or net realizable value. Provisions are recorded for excess and obsolete inventory. Fossil fuel and Materials and supplies are generally included in inventory when purchased. Fossil fuel is expensed to Purchased power and fuel expense when used or sold. Materials and

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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

supplies generally includes transmission and distribution materials and are expensed to Operating and maintenance or capitalized to Property, plant, and equipment, as appropriate, when installed or used.

***Property, Plant, and Equipment (All Registrants)***

Property, plant, and equipment is recorded at original cost. Original cost includes construction-related direct labor and material costs and indirect construction costs including labor and related costs of departments associated with supporting construction activities. When appropriate, original cost also includes AFUDC for regulated property at the Utility Registrants. The cost of repairs and maintenance and minor replacements of property is charged to Operating and maintenance expense as incurred.

Third parties reimburse the Utility Registrants for all or a portion of expenditures for certain capital projects. Such contributions in aid of construction costs (CIAC) are recorded as a reduction to Property, plant, and equipment, net.

Upon retirement, the cost of property, net of salvage, is charged to accumulated depreciation consistent with the composite and group methods of depreciation. Depreciation expense at ComEd, BGE, Pepco, DPL, and ACE includes the estimated cost of dismantling and removing plant from service upon retirement. Actual incurred removal costs are applied against a related regulatory liability or recorded to a regulatory asset if in excess of previously collected removal costs. PECO's removal costs are capitalized to accumulated depreciation when incurred and recorded to depreciation expense over the life of the new asset constructed consistent with PECO's regulatory recovery method.

***Capitalized Software.*** Certain costs, such as design, coding, and testing incurred during the application development stage of software projects that are internally developed or purchased for operational use are capitalized within Property, plant, and equipment. Similar costs incurred for cloud-based solutions treated as service arrangements are capitalized within Other Current Assets and Deferred Debits and Other Assets. Such capitalized amounts are amortized ratably over the expected lives of the projects when they become operational, generally not to exceed five years. Certain other capitalized software costs are being amortized over longer lives based on the expected life or pursuant to prescribed regulatory requirements.

***AFUDC.*** AFUDC is the cost, during the period of construction, of debt and equity funds used to finance construction projects for regulated operations. AFUDC is recorded to construction work in progress and as a non-cash credit to an allowance that is included in interest expense for debt-related funds and other income and deductions for equity-related funds. The rates used for capitalizing AFUDC are computed under a method prescribed by regulatory authorities.

See Note 6 — Property, Plant, and Equipment, Note 7 — Jointly Owned Electric Utility Plant and Note 20 — Supplemental Financial Information for additional information.

***Depreciation and Amortization (All Registrants)***

Depreciation is generally recorded over the estimated service lives of property, plant, and equipment on a straight-line basis using the group or composite methods of depreciation. The group approach is typically for groups of similar assets that have approximately the same useful lives and the composite approach is used for dissimilar assets that have different lives. Under both methods, a reporting entity depreciates the assets over the average life of the assets in the group. ComEd, BGE, Pepco, DPL, and ACE's depreciation expense includes the estimated cost of dismantling and removing plant from service upon retirement, which is consistent with each utility's regulatory recovery method. PECO's removal costs are capitalized to accumulated depreciation when incurred and recorded to depreciation expense over the life of the new asset constructed consistent with PECO's regulatory recovery method. The estimated service lives for the Registrants are based on a combination of depreciation studies and historical retirements. See Note 6 — Property, Plant, and Equipment for additional information regarding depreciation.

Amortization of regulatory assets and liabilities are recorded over the recovery or refund period specified in the related legislation or regulatory order or agreement. When the recovery or refund period is less than one year, amortization is recorded to the line item in which the deferred cost or income would have originally been recorded in the Registrants' Consolidated Statements of Operations and Comprehensive Income. Amortization of ComEd's electric distribution rate reconciliations and energy efficiency formula rate regulatory assets and the Utility Registrants' transmission formula rate regulatory assets is recorded to Operating revenues.

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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

Amortization of income tax related regulatory assets and liabilities is generally recorded to Income tax expense. Except for the regulatory assets and liabilities discussed above, amortization is generally recorded to Depreciation and amortization in the Registrants' Consolidated Statements of Operations and Comprehensive Income when the recovery period is more than one year.

See Note 2 — Regulatory Matters and Note 20 — Supplemental Financial Information for additional information regarding the amortization of the Registrants' regulatory assets.

***Asset Retirement Obligations (All Registrants)***

The Registrants estimate and recognize a liability for their legal obligation to perform asset retirement activities even though the timing and/or methods of settlement may be conditional on future events. The Registrants update their AROs either annually or on a rotational basis at least once every three years, based on a risk profile, unless circumstances warrant more frequent updates. The updates factor in new cost estimates, credit-adjusted, risk-free rates (CARFR) and escalation rates, and the timing of cash flows. AROs are accreted throughout each year to reflect the time value of money for these present value obligations through an increase to Regulatory assets. See Note 8 — Asset Retirement Obligations for additional information.

***Guarantees (All Registrants)***

If necessary, the Registrants recognize a liability at the time of issuance of a guarantee for the fair value of the obligations they have undertaken. The liability is reduced or eliminated as the Registrants are released from risk under the guarantee. Depending on the nature of the guarantee, the release from risk of the Registrant may be recognized only upon the expiration or settlement of the guarantee or by a systematic and rational amortization method over the term of the guarantee. See Note 16 — Commitments and Contingencies for additional information.

***Asset Impairments*** 

***Long-Lived Assets (All Registrants).*** The Registrants evaluate the carrying value of long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying value of those assets may not be recoverable. Indicators of impairment may include specific regulatory disallowance, abandonment, or plans to dispose of a long-lived asset significantly before the end of its useful life. When the estimated undiscounted future cash flows attributable to the long-lived asset may not be recoverable, the amount of the impairment loss is determined by measuring the excess of the carrying amount of the long-lived asset over its fair value.

***Goodwill (Exelon, ComEd, and PHI).*** Goodwill represents the excess of the purchase price paid over the estimated fair value of the net assets acquired and liabilities assumed in the acquisition of a business. Goodwill is not amortized but is assessed for impairment at least annually or on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. See Note 10 — Intangible Assets for additional information.

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

Derivatives are recognized on the balance sheet at their fair value unless they qualify for certain exceptions, including NPNS. For derivatives that qualify and are designated as cash flow hedges, changes in fair value each period are initially recorded in AOCI and recognized in earnings when the underlying hedged transaction affects earnings. Amounts recognized in earnings are recorded in Interest expense, net on the Consolidated Statement of Operations and Comprehensive Income based on the activity the transaction is economically hedging. Cash inflows and outflows related to derivative instruments designated as cash flow hedges are included as a component of operating, investing, or financing cash flows in the Consolidated Statements of Cash Flows, depending on the nature of each transaction.

For derivatives intended to serve as economic hedges, which are not designated for hedge accounting, changes in fair value each period are recognized in earnings or as a regulatory asset or liability. Amounts recognized in earnings are recorded in Electric operating revenues, Purchased power and fuel, or Interest expense in the Consolidated Statements of Operations and Comprehensive Income based on the activity the transaction is economically hedging. Changes in fair value are also recorded as a regulatory asset or liability when there is an ability to recover or return the associated costs or benefits in accordance with regulatory requirements. Cash

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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

inflows and outflows related to derivative instruments are included as a component of operating, investing, or financing cash flows in the Consolidated Statements of Cash Flows, depending on the nature of the hedged item. See Note 2 — Regulatory Matters and Note 13 — Derivative Financial Instruments for additional information.

***Retirement Benefits (All Registrants)***

Exelon sponsors defined benefit pension plans and OPEB plans.

The plan obligations and costs of providing benefits under these plans are measured as of December 31. The measurement involves various factors, assumptions, and accounting elections. The impact of assumption changes or experiences different from those assumed on pension and OPEB obligations is recognized over time rather than immediately recognized in the Consolidated Statements of Operations and Comprehensive Income. Gains or losses in excess of the greater of ten percent of the projected benefit obligation or the MRV of plan assets are amortized over the expected average remaining service period of plan participants. See Note 12 — Retirement Benefits for additional information.

***New Accounting Standards (All Registrants)***

**New Accounting Standards Adopted in 2025:** In 2025, the Registrants adopted the following new FASB authoritative accounting guidance.

*Improvements to Income Tax Disclosures (Issued December 2023).* Provides additional disclosure requirements related to the effective tax rate reconciliation and income taxes paid. Under the revised guidance for the effective tax reconciliations, entities would be required to disclose: (1) eight specific categories in the effective tax rate reconciliation in both percentages and reporting currency amount, (2) additional information for reconciling items over a certain threshold, (3) explanation of individual reconciling items disclosed, and (4) provide a qualitative description of the state and local jurisdictions that contribute to the majority of the state income tax expense. For each annual period presented, the new standard requires disclosure of the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign. It also requires additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). The standard is effective for annual periods beginning January 1, 2025. The Registrants' adoption of this guidance in the fourth quarter of 2025 resulted in an expanded effective tax rate reconciliation. The standard has been applied retrospectively. See Note 11 — Income Taxes for additional information.

**New Accounting Standards Issued and Not Yet Adopted as of December 31, 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 December 31, 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.

*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.

*Targeted Improvements to the Accounting for Internal Use Software (Issued September 2025)*. Modernizes the accounting for costs related to internal use software to align with the agile basis utilized to develop software. The revised guidance removes references to project stages, clarifies the capitalization threshold for software costs, and expands disclosure requirements for capitalized software. Cost capitalization will begin with (1) management

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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

authorized and committed project funding and (2) it is 'probable' to complete the project and the software will be used in its intended function. The standard is effective for annual and interim periods beginning January 1, 2028. The standard can be implemented using a prospective, retrospective, or modified retrospective transition approach with early adoption permitted.

*Accounting for Government Grants (Issued December 2025)*. Establishes accounting guidance for government grants received by defining (1) a grant related to an asset and (2) a grant related to income. Updates provide that a grant should not be recognized until it is probable the entity will comply with grant conditions and the grant will be received. A grant related to an asset is required to be recognized on the balance sheet either as (1) deferred income (deferred income approach) or (2) an adjustment to carrying value (cost accumulation approach). Grants related to income and grants related to assets for which the deferred income approach is elected should be recognized in earnings on a systematic basis over the periods in which an entity recognizes expenses for the costs the grant was intended to compensate. The standard is effective for annual and interim periods beginning January 1, 2029, with early adoption permitted.

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

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

The following matters below discuss the status of material regulatory and legislative proceedings of the Registrants.

***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 | 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 |
| DPL - Delaware | September 20, 2024 (amended September 5, 2025) | Natural Gas | $37 | $22 | 9.60% | December 17, 2025 | January 1, 2026 |
| ACE - New Jersey | February 15, 2023 (amended August 21, 2023) | Electric | $92 | $45 | 9.60% | November 17, 2023 | December 1, 2023 |
| ACE - New Jersey | November 21, 2024 | Electric | $109 | $54 | 9.60% | November 21, 2025 | December 1, 2025 |

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

*Pending Distribution Base Rate Case Proceedings*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Registrant/Jurisdiction** | **Filing Date** | **Service** | **Requested Revenue Requirement Increase** | **Requested ROE** | **Expected Approval Timing** |
| Pepco - Maryland | October 14, 2025 | Electric | $133 | 10.50% | Third quarter of 2026 |
| DPL - Delaware<sup>(a)</sup> | December 9, 2025 | Electric | $45 | 10.50% | Third quarter of 2027 |

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__________

(a)DPL can implement interim rates on July 9, 2026, subject to refund.

*ComEd Distribution Base Rate Case Proceedings*

The ICC approved ComEd's four-year MRP for the period January 1, 2024 through December 31, 2027. The MRP was originally approved by the ICC on December 14, 2023 and was subsequently amended on January 10, 2024, April 18, 2024 and December 19, 2024. The December 19, 2024 order provided a total revenue requirement increase of $1.045 billion inclusive of rate increases of approximately $752 million in 2024, $80 million in 2025, $102 million in 2026, and $111 million in 2027.

On 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 December 18, 2025, the ICC approved ComEd's 2024 MRP Reconciliation reflecting a revenue increase of $243 million, including the tax benefit of NOLCs. While NOLCs are included in the MRP Reconciliation per the final order, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 11 — Income Taxes for additional information on NOLCs. On January 20, 2026, the Illinois Attorney General filed an Application for Rehearing of the December 18 order, which focuses solely on NOLCs. On February 5, 2026, the ICC denied the Illinois Attorney General's Application for Rehearing.

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 were determined and until such time as new rates were 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.

*PECO Distribution Base Rate Case Proceedings*

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

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

*BGE Distribution Base Rate Case Proceedings*

In February 2023, BGE filed its three-year cumulative multi-year plan for January 1, 2024 through December 31, 2026 to the MDPSC, which was approved in December 2023 and went into effect on January 1, 2024. The MDSPC awarded BGE electric revenue requirement increases of $41 million, $113 million, and $25 million with an approved ROE of 9.50% in 2024, 2025, and 2026, respectively, and natural gas revenue requirement increases of $126 million, $62 million, and $41 million with an approved ROE of 9.45% in 2024, 2025, and 2026, respectively. The requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland's climate and regulatory initiatives.

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

The MDPSC also approved a portion of the requested 2021 and 2022 reconciliation amounts, which were recovered through separate electric and gas riders between March 2024 and February 2025. As such, the reconciliation amounts are not included in the approved revenue increases. The 2021 reconciliation amounts are $13 million and $7 million for electric and gas, respectively, and the 2022 reconciliation amounts are $39 million and $15 million for electric and gas, respectively. In April 2024, BGE filed with the MDPSC its request for recovery of the 2023 reconciliation amounts of $79 million and $73 million for electric and gas, respectively, with supporting testimony and schedules. In December 2025, the MDPSC authorized BGE to recover $31 million and $46 million for electric and gas, respectively, beginning in February 2026 and extending through December 2027, in the reconciliation rider. In addition to the amounts approved in the reconciliation rider, the MDPSC provided for additional regulatory assets related to minor storms of $24 million (to be recovered over 5 years) and the Baltimore City conduit of $4 million (to be reviewed along with a cost-benefit analysis in BGE's next rate case).

*Pepco District of Columbia Distribution Base Rate Case Proceedings*

On April 13, 2023, Pepco filed an electric base rate case with the DCPSC (amended February 27, 2024) requesting a total revenue requirement increase of $186 million and an ROE of 10.50%. The DCPSC issued an order approving the two-year cumulative multi-year plan on November 26, 2024, which included a total revenue requirement increase of $123 million with an ROE of 9.50% effective January 1, 2025 through December 31, 2026. The DCPSC awarded Pepco electric incremental revenue requirement increases of $99 million and $24 million for 2025 and 2026, respectively.

*Pepco Maryland Distribution Base Rate Case Proceedings*

On May 16, 2023, Pepco filed an electric base rate case with the MDPSC (amended February 23, 2024) requesting a total revenue requirement increase of $111 million (before offsets) and an ROE of 10.50%. The MDPSC issued an order on June 10, 2024 awarding Pepco a one-year multi-year plan for April 1, 2024 through March 31, 2025 which included an incremental revenue requirement increase of $45 million and an ROE of 9.50%. The MDPSC did not adopt the requested revenue requirement increases of $80 million (before offsets), $51 million, and $14 million as filed for 2025, 2026, and the 2027 nine-month extension period, respectively. The MDPSC also approved the requested reconciliation amounts for the 12-month periods ending March 31, 2022, and March 31, 2023, which will be recovered through a rider between August 2024 through March 2026. As such, the reconciliation amounts are not included in the approved revenue requirement increases. The reconciliation amounts are $1 million and $7 million, for the 12-month periods ending March 31, 2022, and March 31, 2023, respectively. In July 2024, Pepco filed its request with the MDPSC, for which it is awaiting approval, for recovery of the reconciliation amounts of $31 million for the 12-month period ended March 31, 2024, with supporting testimony and schedules.

*DPL Maryland Distribution Base Rate Case Proceedings*

On May 19, 2022, DPL filed an electric base rate case with the MDPSC requesting a total revenue requirement increase of $38 million based on an ROE of 10.25%. On December 14, 2022, the MDPSC issued an order awarding DPL a total revenue requirement increase of $29 million with an ROE of 9.60%. The order reflects a three-year cumulative multi-year plan for January 1, 2023 through December 31, 2025, with rates remaining in effect subsequent to the multi-year plan period. The MDPSC awarded DPL electric incremental revenue requirement increases of $17 million, $6 million, and $6 million for 2023, 2024, and 2025, respectively.

*DPL Delaware Distribution Base Rate Case Proceedings*

On December 15, 2022, DPL filed an electric base rate case with the DEPSC (amended September 29, 2023) requesting a total revenue requirement increase of $39 million and an ROE of 10.50%. On April 18, 2024, the DEPSC issued an order awarding DPL a total revenue requirement increase of $28 million with an ROE of 9.60%, effective July 15, 2023. As part of the approved order, the DEPSC approved the Significant Storm Expense Rate Rider (Rider SSER) which will allow DPL to recover expenses associated with qualified storms. A qualified storm will be an individual storm for which DPL incurs expenses between $5 million and $15 million. The Rider SSER allows DPL to recover significant storm damage expenses for the previous 12-month period over a future 24-month period. For individual storm events for which DPL incurs expenses of more than $15 million, the future recovery period will be evaluated on a case-by-case basis and the unamortized balance will earn a return at DPL's authorized long-term cost of debt. The Rider SSER will have an annual true-up filing, subject to DEPSC review and approval.

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

*ACE New Jersey Distribution Base Rate Case Proceedings*

On February 15, 2023, ACE filed an electric base rate case with the NJBPU (amended August 21, 2023) requesting a total revenue requirement increase of $92 million, before NJ sales and use tax, and an ROE of 10.50%. On November 17, 2023, the NJBPU issued an order awarding ACE electric revenue requirement increases, before NJ sales and use tax, of $36 million and $9 million effective December 1, 2023 and February 1, 2024, respectively, with an ROE of 9.60%.

On November 21, 2024, ACE filed an electric base rate case with the NJBPU requesting a total revenue requirement increase of $109 million, before NJ sales and use tax, and an ROE of 10.70%. On November 21, 2025, the NJBPU issued an order awarding ACE an electric revenue requirement increase, before NJ sales and use tax, of $54 million effective December 1, 2025, with an ROE of 9.60%. In addition, the NJBPU approved the recovery through a regulatory asset of work stoppage costs that were incurred by ACE in 2023 of $38 million.

***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 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 filings reflect 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 11 — 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,

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

(2) a requirement to file a general rate case or a new four-year MRP no later than January 20, 2023 to establish rates effective after ComEd's existing performance-based distribution formula rate sunsets, (3) requirements that ComEd and the ICC initiate and conduct various regulatory proceedings on subjects including ethics, spending, grid investments, and performance metrics.

*ComEd Electric Distribution Rates*

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

On December 14, 2023, the ICC issued a final order. The ICC rejected ComEd's 2024-2027 Grid Plan as non-compliant with certain requirements of CEJA and required ComEd to file a revised 2024-2027 Grid Plan. In the absence of an approved 2024-2027 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 2024-2027 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 2024-2027 Grid Plan with supporting testimony and schedules with the ICC and subsequently on March 15, 2024, ComEd also filed a petition to adjust its MRP to authorize increased rates consistent with the Refiled 2024-2027 Grid Plan. On December 19, 2024, the ICC approved the Refiled 2024-2027 Grid Plan and adjusted the approved MRP with rates effective on January 1, 2025. The final approved MRP, as adjusted, which reflects the Refiled Grid Plan, resulted in a total cumulative revenue requirement increase of $1.045 billion over the 2024-2027 plan years and remains subject to annual reconciliations in accordance with CEJA. ComEd filed timely requests for rehearing and an appeal of the MRP order, again limited to the issues on which rehearing of the December 2023 order was denied, including the allowed ROE, 50% equity ratio, and denial of a return on ComEd's pension asset.

On January 16, 2026, ComEd filed a multi-year integrated grid plan (2028-2031 Grid Plan), seeking approval for planned investments on the electric distribution system within ComEd's service area in 2028-2031. The ICC must issue an order by December 15, 2026.

*Carbon Mitigation Credit*

CEJA establishes decarbonization requirements for Illinois as well as programs to support the retention and development of emissions-free sources of electricity. ComEd is required to purchase CMCs from participating nuclear power generating facilities between June 1, 2022 and May 31, 2027. The price to be paid for each CMC

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

was established through a competitive bidding process that included consumer-protection measures that capped the maximum acceptable bid amount and a formula that reduces CMC prices by an energy price index, the base residual auction capacity price in the ComEd zone of PJM, and the monetized value of any federal tax credit or other subsidy if applicable. On October 31, 2025, the seller provided notification to ComEd and the IPA that it has reflected on its 2024 federal tax return $804 million of nuclear production tax credits associated with its participating nuclear power generating facilities. These amounts will be collected from the seller through an adjustment to the CMC price to be paid by ComEd and returned to customers in 2026. As of December 31, 2025, Exelon and ComEd's Consolidated Balance Sheets reflect these amounts as a receivable from the seller with an offsetting balance within the Carbon mitigation credit regulatory liability. These adjustments had no net impact on Exelon and ComEd's Consolidated Statements of Operations and Comprehensive Income. The consumer protection measures contained in CEJA will result in net payments to ComEd ratepayers if the energy index, the capacity price and applicable federal tax credits or subsidy exceed the CMC contract price. Beginning with the June 2022 monthly billing period, ComEd began issuing credits and/or charges to its retail customers under its CMC rider, the Rider Carbon-Free Resource Adjustment (Rider CFRA). A regulatory asset or liability is recorded for the difference between ComEd's costs associated with the procurement of CMCs from participating nuclear power generating facilities and revenues received from customers. The balance of the liability as of December 31, 2025 is $670 million.

On February 2, 2024, ComEd filed a petition with the ICC to initiate the reconciliation proceeding for the costs incurred in connection with the procurement of CMC's during the delivery year beginning June 1, 2022 and extending through May 31, 2023. While both Staff and the Administrative Law Judge's proposed order supported ComEd's proposed reconciliation adjustment, on September 4, 2025, the ICC issued its final order rejecting the proposed reconciliation adjustment. Specifically, the order disallowed portions of the administrative costs as well as a portion of ComEd's interest costs on the balance of credit extended to customers under the applicable tariff that were not yet funded by payments from the generator. The CMC costs themselves were not disallowed. The order resulted in an immaterial impact to the financial statements and on October 3, 2025 ComEd filed its Application for Rehearing. On October 16, 2025, the ICC denied ComEd's Application. On October 17, 2025, ComEd filed its appeal with the Illinois Appellate Court for review of the ICC's order and its denial of rehearing.

*Energy Efficiency*

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

***Energy Efficiency Formula Rate (Exelon and ComEd).*** FEJA allows ComEd to defer energy efficiency costs (except for any voltage optimization costs which are recovered through electric distribution rates) 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. ComEd earns a return on the energy efficiency regulatory asset at a rate equal to a weighted average cost of capital, which is based on a year-end capital structure and a statutorily-based formula based on long-term treasury debt. The ROE that ComEd earns on its energy efficiency regulatory asset is subject to a maximum downward or upward adjustment of 200 basis points if ComEd's cumulative persisting annual MWh savings falls short of or exceeds specified percentage benchmarks of its annual incremental savings goal. ComEd is required to file an update to its energy efficiency formula rate on or before June 1<sup>st</sup> each year, with resulting rates effective in January of the following year. The annual update is based on projected rate year energy efficiency costs, PJM capacity revenues, and the projected year-end regulatory asset balance less any related deferred income taxes (initial year revenue requirement). The update also reconciles any differences between the revenue requirement in effect for the prior year and actual costs incurred from the year (annual reconciliation). The approved energy efficiency formula rate also provides for revenue decoupling provisions.

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

During 2025, the ICC approved the following total increases in ComEd's requested energy efficiency revenue requirement:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Filing Date** | **Requested Revenue Requirement Increase** | **Approved Revenue Requirement Increase**<sup>(a)</sup> | **Approved ROE** | **Approval Date** | **Rate Effective Date** |
| May 23, 2025 | $19 | $19 | 10.21% | November 19, 2025 | January 1, 2026 |

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_________

(a)ComEd's 2026 approved revenue requirement reflects an increase of $24 million for the initial year revenue requirement for 2026 and a decrease of $5 million related to the annual reconciliation for 2024. The revenue requirement for 2025 provides for a weighted average debt and equity return on the energy efficiency regulatory asset and rate base of 7.23% inclusive of an allowed ROE of 10.21%, reflecting the monthly average yields for 30-year treasury bonds plus 580 basis points. The revenue requirement for the 2024 reconciliation year provides for a weighted average debt and equity return on the energy efficiency regulatory asset and rate base of 7.50% 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. See table below for ComEd's regulatory assets associated with its energy efficiency formula rate.

***Maryland Regulatory Matters***

***Maryland Revenue Decoupling (Exelon, BGE, PHI, Pepco, and DPL).*** In 1998, the MDPSC approved natural gas monthly rate adjustments for BGE and in 2007, the MDPSC approved electric monthly rate adjustments for BGE and BSAs for Pepco and DPL, all of which are decoupling mechanisms. As a result of the decoupling mechanisms, certain Operating revenues from electric and natural gas distribution at BGE and Operating revenues from electric distribution at Pepco Maryland (see also District of Columbia Revenue Decoupling below for Pepco District of Columbia) and DPL are not intended to be impacted by abnormal weather or usage per customer. For BGE, Pepco, and DPL, the decoupling mechanism eliminates the impacts of abnormal weather or customer usage by recognizing revenues based on an authorized distribution amount per customer by customer class. Operating revenues from electric and natural gas distribution at BGE and Operating revenues from electric distribution at Pepco Maryland and DPL are, however, impacted by changes in the number of customers.

***EmPOWER Maryland Cost Recovery (Exelon, BGE, PHI, Pepco and DPL).*** On December 29, 2023, the MDPSC issued an order authorizing the next three-year program cycle for EmPOWER Maryland and approved various proposals by the program administrators to implement new energy efficiency programs for the 2024-2026 program cycle, as well as continue operating core programs. Historically, BGE, Pepco, and DPL deferred most of their energy efficiency program costs to a regulatory asset and either deferred most of their demand response program costs to a regulatory asset or capitalized them. Beginning in 2024, BGE, Pepco, and DPL began deferring less energy efficiency and demand response program costs and beginning January 1, 2026, program costs are no longer being deferred. Additionally, as part of the order, the MDPSC directed BGE, Pepco, and DPL to extend the amortization of unamortized costs as of December 31, 2023 from 5 to 7 years to mitigate customer bill impacts.

***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. In the second quarter of 2025, BGE derecognized Regulatory assets of $10 million and Regulatory liabilities of $3 million for multi-year plan reconciliations that are no longer eligible to be filed. DPL also derecognized Regulatory liabilities of $0.4 million during the second quarter of 2025 for multi-year reconciliations ineligible to be filed. Multi-year plan reconciliations filed prior to January 1, 2025, remain lawful and will be resolved in their respective proceedings.

***Summer and Winter Rate Mitigation (Exelon, BGE, PHI, Pepco, and DPL).*** As part of the passing of the Next Generation Energy Act by the Maryland General Assembly, the MDPSC issued an order on June 26, 2025, to implement the Legislative Energy Relief Refund program under which bill credits were distributed to residential customers based on their consumption of electricity supply that was subject to the renewable energy portfolio standard. On July 24, 2025, the MDPSC issued an order accepting BGE, Pepco, and DPL's proposal for the implementation of the program. As a result, BGE, Pepco, and DPL received $49 million, $21 million, and $8 million, respectively, from the MDPSC on August 6, 2025. These amounts were used to reduce residential customer account receivable balances within the third quarter of 2025. Additional disbursements from the state of

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

Maryland were received by BGE, Pepco, and DPL on February 3, 2026 for approximately $49 million, $21 million, and $8 million, respectively. These amounts will also be used to reduce residential customer receivables in the first quarter of 2026.

***District of Columbia Regulatory Matters***

***District of Columbia Revenue Decoupling (Exelon, PHI, and Pepco).*** In 2009, the DCPSC approved a BSA, which is a decoupling mechanism. As a result of the decoupling mechanism, Operating revenues from electric distribution at Pepco District of Columbia (see also Maryland Revenue Decoupling above for Pepco Maryland) are not intended to be impacted by abnormal weather or usage per customer. The decoupling mechanism initially approved eliminated the impacts of abnormal weather or customer usage by recognizing revenues based on an authorized distribution amount per customer by customer class. Prior to 2025, operating revenues from electric distribution at Pepco District of Columbia were, impacted by changes in the number of customers. Beginning in 2025, based on modifications approved by the DCPSC, Pepco District of Columbia began recognizing revenues on an authorized distribution amount per customer class basis, and operating revenues from electric distribution have no longer been impacted by changes in the number of customers.

***New Jersey Regulatory Matters***

***Conservation Incentive Program (CIP) (Exelon, PHI, and ACE).*** On September 25, 2020, ACE filed an application with the NJBPU as required to seek approval to implement a portfolio of energy efficiency programs pursuant to New Jersey's clean energy legislation. The filing included a request to implement a CIP that would eliminate the favorable and unfavorable impacts of weather and customer usage patterns on distribution revenues for most customers. The CIP 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.

On April 27, 2021, the NJBPU approved the settlement filed by ACE and the third parties to the proceeding. The approved settlement addresses all material aspects of ACE's filing, including ACE's ability to implement the CIP prospectively effective July 1, 2021. As a result of this decoupling mechanism, operating revenues are no longer intended to be impacted by abnormal weather or usage for most customers. Starting in the third quarter of 2021, ACE began recording alternative revenue program revenues for its best estimate of the distribution revenue impacts resulting from future changes in CIP rates that it believes are probable of approval by the NJBPU in accordance with this mechanism.

***Termination of Energy Procurement Provisions of PPAs (Exelon, PHI, and ACE).*** On December 22, 2021, ACE filed a petition with the NJBPU to terminate the provisions in the PPAs to purchase electricity from two coal-powered generation facilities located in the state of New Jersey. The petition was approved by the NJBPU on March 23, 2022. Upon closing of the transaction on March 31, 2022, ACE recognized a liability of $203 million for the contract termination fee and recognized a corresponding regulatory asset of $203 million. The liability has been paid in full as of December 31, 2024.

For the year ended December 31, 2024, ACE paid $49 million of the liability, which is recorded in Changes in Other assets and liabilities in Exelon's, PHI's, and ACE's Consolidated Statements of Cash Flows.

***ACE Infrastructure Investment Program Filings (Exelon, PHI, and ACE).*** On October 31, 2022, ACE filed with the NJBPU an IIP, called "Powering the Future", proposing to seek recovery through a new component of ACE's rider mechanism, totaling $379 million, over the four-year period of July 1, 2023, to June 30, 2027. The new IIP will allow ACE to invest in projects that are designed to enhance the reliability, resiliency, and safety of the service ACE provides to its customers. On June 15, 2023, ACE entered into a settlement agreement with other parties, which allows for a recovery totaling $93 million of reliability related capital investments from July 1, 2023, through June 30, 2027. ACE will have the option of seeking approval from the NJBPU to extend the end date of the IIP beyond June 30, 2027, if ACE determines an extension is necessary. On June 29, 2023, the NJBPU adopted the settlement agreement and issued an order approving the program.

***Advanced Metering Infrastructure Filing (Exelon, PHI, and ACE).*** On August 26, 2020, ACE filed an application with the NJBPU as required to seek approval to deploy a smart energy network in alignment with New Jersey's Energy Master Plan and Clean Energy Act. The proposal consisted of estimated costs totaling $220 million with deployment taking place over a 3-year implementation period from approximately 2021 to 2024 that

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

involved the installation of an integrated system of smart meters for all customers accompanied by the requisite communications facilities and data management systems.

On July 14, 2021, the NJBPU approved the settlement filed by ACE and the third parties to the proceeding. The approved settlement addressed all material aspects of ACE's smart energy network deployment plan, including cost recovery of the investment costs, incremental Operating and maintenance expenses, and the unrecovered balance of existing infrastructure through future distribution rates.

***New Jersey Clean Energy Legislation (Exelon, PHI, and ACE).*** On May 23, 2018, New Jersey enacted legislation that established and modified New Jersey's clean energy and energy efficiency programs and solar and RPS. On the same day, New Jersey enacted legislation that established a ZEC program that provides compensation for nuclear plants that demonstrate to the NJBPU that they meet certain requirements. Under the legislation, the NJBPU will issue ZECs to the qualifying nuclear power plants and the electric distribution utilities in New Jersey, including ACE, will be required to purchase those ZECs. ACE began collecting from retail distribution customers, through a non-bypassable charge, all costs associated with the procurement of the ZECs effective April 18, 2019.

***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 was deferred to Regulatory assets. 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. As of December 31, 2025, the Regulatory asset has a remaining balance of $10 million.

***Residential Universal Bill Credit (Exelon and ACE).*** In an effort to further reduce the burden of increased electric supply costs, on August 13, 2025, the NJBPU issued an order to establish the RUBC, which was funded by the NJBPU. The program provided a $50 bill credit per eligible residential customer for the months of September and October 2025. ACE received $51 million from the NJBPU on September 25, 2025, which was recognized as a Regulatory liability. ACE subsequently issued all bill credits to residential customers in September and October. As of December 31, 2025, there is no Regulatory liability remaining.

**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 customers for amounts collected in previous years. 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***

Regulatory assets represent incurred costs that have been deferred because of their probable future recovery from customers through regulated rates. Regulatory liabilities represent the excess recovery of costs or accrued credits that have been deferred because it is probable such amounts will be returned to customers through future regulated rates or represent billings in advance of expenditures for approved regulatory programs.

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

The following tables provide information about the regulatory assets and liabilities of the Registrants at December 31, 2025 and 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Regulatory assets** | | | | | | | | |
| AMI programs - deployment costs | $49 | $— | $— | $8 | $41 | $6 | $8 | $27 |
| AMI programs - legacy meters | 64 | 4 |  | 1 | 59 | 19 | 7 | 33 |
| Asset retirement obligations | 193 | 129 | 22 | 28 | 14 | 9 | 4 | 1 |
| COVID-19 | 45 |  |  | 2 | 43 | 42 | 1 |  |
| Deferred income taxes | 1167 |  | 1154 |  | 13 | 13 |  |  |
| Deferred storm costs | 182 |  | 75 | 81 | 26 | 8 | 1 | 17 |
| Distributed generation rebates | 246 | 246 |  |  |  |  |  |  |
| Electric distribution formula rate annual reconciliations | 20 | 20 |  |  |  |  |  |  |
| Electric distribution formula rate significant one-time events | 73 | 73 |  |  |  |  |  |  |
| Electric energy and natural gas costs | 205 | 43 |  | 52 | 110 | 67 | 37 | 6 |
| Energy efficiency and demand response programs | 686 |  |  | 327 | 359 | 178 | 68 | 113 |
| Energy efficiency costs | 2018 | 2018 |  |  |  |  |  |  |
| Fair value of long-term debt | 426 |  |  |  | 338 |  |  |  |
| Fair value of PHI's unamortized energy contracts | 21 |  |  |  | 21 |  |  |  |
| MGP remediation costs | 310 | 283 | 14 | 13 |  |  |  |  |
| Multi-year plan reconciliations | 116 | 71 |  | 26 | 19 | 19 |  |  |
| Pension and OPEB | 2603 |  |  |  |  |  |  |  |
| Pension and OPEB - merger related | 371 |  |  |  |  |  |  |  |
| Removal costs | 967 |  |  | 340 | 627 | 139 | 140 | 348 |
| Renewable energy | 131 | 131 |  |  |  |  |  |  |
| Transmission formula rate annual reconciliations | 61 | 17 | 14 | 4 | 26 | 18 | 8 |  |
| Under-recovered credit loss expense | 152 | 152 |  |  |  |  |  |  |
| Under-recovered revenue decoupling | 107 |  |  | 39 | 68 | 30 |  | 38 |
| Universal service fund charge under-recovery - Electric | 32 |  | 32 |  |  |  |  |  |
| Work stoppage costs | 37 |  |  |  | 37 |  |  | 37 |
| Zero emission credit | 41 | 41 |  |  |  |  |  |  |
| Other | 250 | 54 | 36 | 58 | 107 | 39 | 12 | 32 |
| **Total regulatory assets** | 10573 | 3282 | 1347 | 979 | 1908 | 587 | 286 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: current portion | 1359 | 595 | 72 | 175 | 352 | 182 | 72 | 93 |
| **Total noncurrent regulatory assets** | $9214 | $2687 | $1275 | $804 | $1556 | $405 | $214 | $559 |

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Regulatory liabilities** | | | | | | | | |
| Carbon mitigation credit | $670 | $670 | $— | $— | $— | $— | $— | $— |
| Decommissioning the Regulatory Agreement Units | 4755 | 4313 | 442 |  |  |  |  |  |
| Dedicated facilities charge | 155 |  |  | 155 |  |  |  |  |
| Deferred income taxes | 2447 | 1419 |  | 427 | 601 | 241 | 232 | 128 |
| Electric energy and natural gas costs | 155 |  | 113 | 25 | 17 |  |  | 17 |
| Energy efficiency and demand response programs | 16 |  | 16 |  |  |  |  |  |
| Fiber Refund |  |  |  |  |  |  |  |  |
| Multi-year plan reconciliations | 13 |  |  |  | 13 | 6 | 7 |  |
| Over-recovered credit loss expense | 5 |  |  |  | 5 |  |  | 5 |
| Over-recovered revenue decoupling | 8 |  |  | 1 | 7 |  | 7 |  |
| Removal costs | 2070 | 1960 |  |  | 110 | 20 | 88 | 2 |
| Renewable portfolio standards costs | 1611 | 1611 |  |  |  |  |  |  |
| Transmission formula rate annual reconciliations | 31 |  |  | 4 | 27 |  | 7 | 20 |
| Other | 208 | 36 | 18 | 14 | 45 | 14 | 17 | 13 |
| **Total regulatory liabilities** | 12144 | 10009 | 589 | 626 | 825 | 281 | 358 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: current portion | 1128 | 846 | 140 | 31 | 103 | 13 | 42 | 48 |
| **Total noncurrent regulatory liabilities** | $11016 | $9163 | $449 | $595 | $722 | $268 | $316 | $137 |

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Regulatory assets** | | | | | | | | |
| AMI programs - deployment costs | $82 | $— | $— | $29 | $53 | $11 | $13 | $29 |
| AMI programs - legacy meters | 90 | 13 |  | 4 | 73 | 30 | 10 | 33 |
| Asset retirement obligations | 173 | 112 | 23 | 26 | 12 | 8 | 3 | 1 |
| Carbon mitigation credit | 179 | 179 |  |  |  |  |  |  |
| COVID-19 | 59 | 3 |  | 4 | 52 | 49 | 3 |  |
| Deferred income taxes | 937 |  | 925 |  | 12 | 12 |  |  |
| Deferred storm costs | 125 |  | 23 | 73 | 29 | 8 | 1 | 20 |
| Distributed generation rebate | 171 | 171 |  |  |  |  |  |  |
| Electric distribution formula rate annual reconciliations | 554 | 554 |  |  |  |  |  |  |
| Electric distribution formula rate significant one-time events | 98 | 98 |  |  |  |  |  |  |
| Electric energy and natural gas costs | 108 |  |  | 38 | 70 | 18 | 20 | 32 |
| Energy efficiency and demand response programs | 652 |  | 10 | 329 | 313 | 174 | 72 | 67 |
| Energy efficiency costs | 1890 | 1890 |  |  |  |  |  |  |
| Fair value of long-term debt | 457 |  |  |  | 362 |  |  |  |
| Fair value of PHI's unamortized energy contracts | 26 |  |  |  | 26 |  |  |  |
| MGP remediation costs | 307 | 275 | 18 | 14 |  |  |  |  |
| Multi-year plan reconciliations | 170 | 81 |  | 66 | 23 | 23 |  |  |
| Pension and OPEB | 2382 |  |  |  |  |  |  |  |
| Pension and OPEB - merger related | 503 |  |  |  |  |  |  |  |
| Removal costs | 869 |  |  | 261 | 608 | 127 | 127 | 356 |
| Renewable energy | 131 | 131 |  |  |  |  |  |  |
| Transmission formula rate annual reconciliations | 114 | 20 | 15 | 30 | 49 | 37 | 12 |  |
| Under-recovered credit loss expense | 147 | 126 |  |  | 21 |  |  | 21 |
| Under-recovered revenue decoupling | 188 |  |  | 98 | 90 | 60 |  | 30 |
| Universal service fund charge under-recovery - Electric | 19 |  | 19 |  |  |  |  |  |
| Zero emission credit | 4 | 4 |  |  |  |  |  |  |
| Other | 215 | 64 | 35 | 23 | 100 | 46 | 14 | 14 |
| **Total regulatory assets** | 10650 | 3721 | 1068 | 995 | 1893 | 603 | 275 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: current portion | 1940 | 1159 | 65 | 207 | 323 | 157 | 60 | 101 |
| **Total noncurrent regulatory assets** | $8710 | $2562 | $1003 | $788 | $1570 | $446 | $215 | $502 |

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Regulatory liabilities** | | | | | | | | |
| Decommissioning the Regulatory Agreement Units | $4027 | $3780 | $247 | $— | $— | $— | $— | $— |
| Dedicated facilities charge | 143 |  |  | 143 |  |  |  |  |
| Deferred income taxes | 2756 | 1607 |  | 484 | 665 | 285 | 247 | 133 |
| Electric energy and natural gas costs | 108 | 12 | 81 |  | 15 | 8 | 7 |  |
| Energy efficiency and demand response programs | 1 |  | 1 |  |  |  |  |  |
| Fiber Refund | 16 |  | 16 |  |  |  |  |  |
| Multi-year plan reconciliations | 9 |  |  |  | 9 |  | 9 |  |
| Over-recovered revenue decoupling | 2 |  |  |  | 2 |  | 2 |  |
| Removal costs | 1958 | 1841 |  | 11 | 106 | 20 | 86 |  |
| Renewable portfolio standards costs | 1369 | 1369 |  |  |  |  |  |  |
| Transmission formula rate annual reconciliations | 14 |  |  |  | 14 |  |  | 14 |
| Other | 206 | 9 | 30 | 10 | 52 | 14 | 16 | 9 |
| **Total regulatory liabilities** | 10609 | 8618 | 375 | 648 | 863 | 327 | 367 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: current portion | 411 | 197 | 122 | 12 | 69 | 17 | 42 | 10 |
| **Total noncurrent regulatory liabilities** | $10198 | $8421 | $253 | $636 | $794 | $310 | $325 | $146 |

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Descriptions of the regulatory assets and liabilities included in the tables above are summarized below, including their recovery and amortization periods.

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| | | | |
|:---|:---|:---|:---|
| **Line Item** | **Description** | **End Date of Remaining Recovery/Refund Period** | **Return** |
| AMI programs - deployment costs | Represents installation and ongoing incremental costs of new smart meters, including implementation costs at Pepco and DPL of dynamic pricing for energy usage resulting from smart meters. | BGE - 2026<br>Pepco - 2029<br>DPL - 2030<br>ACE - 2045 | BGE, Pepco, DPL - Yes<br>ACE - Yes, on incremental costs of new smart meters |
| AMI programs - legacy meters | Represents early retirement costs of legacy meters. | ComEd - 2028<br>BGE - 2026<br>Pepco - 2029<br>DPL - 2030<br>ACE - 2045 | ComEd, Pepco (District of Columbia), DPL (Delaware), ACE - Yes<br>BGE, Pepco (Maryland), DPL (Maryland) - No |
| Asset retirement obligations | Represents future legally required removal costs associated with existing AROs. | Over the life of the related assets. | Yes, once the removal activities have been performed |
| Carbon mitigation credit | Represents CMC procurement costs and credits as well as reasonable costs ComEd has incurred to implement and comply with the CMC procurement process. | 2026 | No |

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

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| | | | |
|:---|:---|:---|:---|
| **Line Item** | **Description** | **End Date of Remaining Recovery/Refund Period** | **Return** |
| COVID-19 | Represents incremental credit losses and direct costs related to COVID-19 incurred primarily in 2020 at the Utility Registrants, partially offset by a decrease in travel costs at BGE, Pepco and DPL. Direct costs consisted primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees. This also includes under-recovered amounts due to COVID-19 that were previously deferred under Pepco's revenue decoupling program. | ComEd - 2025<br>BGE - 2028<br>PECO - 2025<br>Pepco (District of Columbia) - $37 million - 2034<br>Pepco (Maryland) - $5 million - 2029<br>DPL (Delaware) - $1 million - 2028 | ComEd, BGE, and Pepco - Yes<br>PECO and DPL (Delaware) - No |
| Decommissioning the Regulatory Agreement Units | Represents estimated excess funds at the end of decommissioning the Regulatory Agreement Units. See below regarding **Decommissioning the Regulatory Agreement Units** for additional information. | Not currently being refunded. | No |
| Dedicated facilities charge | Represents the timing difference between the recovery of certain transmission-related assets and their depreciable life. | Depreciable life of the related assets. | Yes |

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

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| | | | |
|:---|:---|:---|:---|
| **Line Item** | **Description** | **End Date of Remaining Recovery/Refund Period** | **Return** |
| Deferred income taxes | Represents deferred income taxes that are recoverable or refundable through customer rates, primarily associated with accelerated depreciation, the equity component of AFUDC, and the effects of income tax rate changes, including those resulting from the TCJA. | Amounts are recoverable over the period in which the related deferred income taxes reverse, which is generally based on the expected life of the underlying assets. For TCJA, generally refunded over the remaining depreciable life of the underlying assets, except in certain jurisdictions where the commissions have approved a shorter refund period for certain assets not subject to IRS normalization rules. | No |
| Deferred storm costs | For Pepco, DPL, ACE, PECO and BGE, amounts represent total incremental storm restoration costs incurred due to major storm events recoverable from customers in the Maryland, New Jersey jurisdictions and Pennsylvania. | Pepco (Maryland) - $8 million to be determined in pending multi-year plan filed with MDPSC.<br>DPL - 2027<br>ACE - $2 million - 2026; $15 million - 2028<br>PECO - $75 million to be determined in the next distribution rate case filed with the PAPUC. <br>BGE - $34 million - 2028; $47 million to be determined in the next multi-year plan filed with MDPSC. | Pepco, DPL, BGE - Yes<br>ACE, PECO - No |
| Distributed generation rebates | Represents ComEd's costs recovered through the distributed generation rebate adjustment tariff and the reconciliation of the difference of the revenue requirement in effect for the prior year and the revenue requirement based on actual prior year costs. Deferred distributed generation rebate costs are recovered over a 15-year period. | 2039 | Yes |

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

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| | | | |
|:---|:---|:---|:---|
| **Line Item** | **Description** | **End Date of Remaining Recovery/Refund Period** | **Return** |
| Electric distribution formula rate annual reconciliations | Represents under/(over)-recoveries related to electric distribution service costs recoverable through ComEd's performance-based formula rate, which was updated annually with rates effective on January 1<sup>st</sup>.  | 2026 | Yes |
| Electric distribution formula rate significant one-time events | Represents deferred distribution service costs related to ComEd's significant one-time events (e.g., storm costs), which are recovered over 5 years from date of the event. | 2029 | Yes |
| Electric energy and natural gas costs | Represents under (over)-recoveries related to energy and gas supply related costs recoverable (refundable) under approved rate riders. | 2026 | DPL (Delaware), ACE - Yes<br>ComEd, PECO, BGE, Pepco, DPL (Maryland) - No |
| Energy efficiency and demand response programs | Includes under (over)-recoveries of costs incurred related to energy efficiency programs and demand response programs and recoverable costs associated with customer direct load control and energy efficiency and conservation programs that are being recovered from customers. | PECO - 2025 <br>BGE - 2030<br>Pepco, DPL - 2030<br>ACE - 2032 | BGE, Pepco (Maryland), DPL (Maryland) - See above regarding **EmPOWER Maryland Cost Recovery** for additional information<br>Pepco (District of Columbia) - No<br>DPL (Delaware), ACE - Yes<br>PECO - Yes on capital investment recovered through this mechanism |
| Energy efficiency costs | Represents ComEd's costs recovered through the energy efficiency formula rate tariff and the reconciliation of the difference of the revenue requirement in effect for the prior year and the revenue requirement based on actual prior year costs. Deferred energy efficiency costs are recovered over the weighted average useful life of the related energy measure. | 2038 | Yes |

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**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

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| | | | |
|:---|:---|:---|:---|
| **Line Item** | **Description** | **End Date of Remaining Recovery/Refund Period** | **Return** |
| Fair value of long-term debt | Represents the difference between the carrying value and fair value of long-term debt of BGE, recorded at Exelon, and PHI of $88 million and $338 million, respectively, as of December 31, 2025, and $95 million and $362 million, respectively, as of December 31, 2024, as of the 2016 PHI and 2012 Constellation merger dates. | Exelon - 2036<br>PHI - 2045 | No |
| Fair value of PHI's unamortized energy contracts | Represents the regulatory assets recorded at Exelon and PHI offsetting the fair value adjustment related to Pepco's, DPL's, and ACE's electricity and natural gas energy supply contracts recorded at PHI as of the PHI merger date. | 2036 | No |
| Fiber Refund | Represents revenues collected from Constellation and BSC for their use of PECO's fiber assets before the end of 2021. | 2025 | No |
| MGP remediation costs | Represents environmental remediation costs for MGP sites recorded at ComEd, PECO, and BGE. | ComEd and PECO - Over the expected remediation period. See Note 16 — Commitments and Contingencies for additional information. <br>BGE - 10 years from when the remediation spend occurs. | ComEd and PECO - No<br>BGE - Yes |
| Multi-year plan reconciliations | Represents under (over)-recoveries related to electric and gas distribution multi-year plans. | ComEd - 2028<br>BGE - 2027<br>Pepco (Maryland) - $1 million related to 2023 reconciliation - 2026. $18 million related to 2024 reconciliation - to be determined in a future MDPSC order.<br>Pepco (District of Columbia) - $6 million related to 2025 reconciliation - to be determined in a future DCPSC order.<br>DPL (Maryland) - $7 million related to 2024 reconciliation. | ComEd - Yes<br>BGE - No<br>Pepco (Maryland) - No<br>Pepco (District of Columbia) - Yes<br>DPL (Maryland) - Yes |

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

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| | | | |
|:---|:---|:---|:---|
| **Line Item** | **Description** | **End Date of Remaining Recovery/Refund Period** | **Return** |
| Pension and OPEB | Primarily reflects the Utility Registrants' and PHI's portion of deferred costs, including unamortized actuarial losses (gains) and prior service costs (credits), associated with Exelon's pension and OPEB plans, which are recovered through customer rates once amortized through net periodic benefit cost. Also, includes the Utility Registrants' and PHI's non–service cost components capitalized in Property, plant and equipment, net on their Consolidated Balance Sheets. | The deferred costs are amortized over the plan participants' average remaining service periods subject to applicable pension and OPEB cost recognition policies. See Note 12 — Retirement Benefits for additional information. The capitalized non–service cost components are amortized over the lives of the underlying assets. | No |
| Pension and OPEB - merger related | The deferred costs established at the date of the 2012 Constellation and 2016 PHI mergers are amortized over the plan participants' average remaining service periods subject to applicable pension and OPEB cost recognition policies. The costs are recovered through customer rates once amortized through net periodic benefit cost. See Note 12 — Retirement Benefits for additional information. The capitalized non–service cost components are amortized over the lives of the underlying assets. | Legacy BGE - 2038<br>Legacy PHI - 2032 | No |
| Removal costs | For BGE, Pepco, DPL, and ACE, the regulatory asset represents costs incurred to remove property, plant and equipment in excess of amounts received from customers through depreciation rates. For ComEd, BGE, Pepco, and DPL, the regulatory liability represents amounts received from customers through depreciation rates to cover the future non–legally required cost to remove property, plant and equipment, which reduces rate base for ratemaking purposes. | BGE, Pepco, DPL, and ACE - Asset is generally recovered over the life of the underlying assets.<br>ComEd, BGE, Pepco, DPL, and ACE - Liability is reduced as costs are incurred. | Yes |
| Renewable energy | Represents the change in fair value of ComEd's 20-year floating-to-fixed long-term renewable energy swap contracts. | 2032 | No |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

---

| | | | |
|:---|:---|:---|:---|
| **Line Item** | **Description** | **End Date of Remaining Recovery/Refund Period** | **Return** |
| Renewable portfolio standards costs | Represents an overcollection of funds from both ComEd customers and alternative retail electricity suppliers to be spent on future renewable energy procurements. | $1,535 million to be determined in pending ICC annual reconciliation for the Renewable Energy Adjustment rider.<br>$76 million to be determined based on the LTRRPP developed by the IPA. | No |
| Transmission formula rate annual reconciliations | Represents under (over)-recoveries related to transmission service costs recoverable through the Utility Registrants' FERC formula rates, which are updated annually with rates effective each June 1<sup>st</sup>. | 2027 | Yes |
| Under (over) - recovered revenue decoupling | Represents electric and / or gas distribution costs recoverable from or refundable to customers under decoupling mechanisms. | BGE - 2026<br>Pepco (Maryland) - $4 million - 2026<br>Pepco (District of Columbia) - $26 million - 2028<br>DPL - 2025<br>ACE - 2026 | BGE, Pepco, DPL, ACE - No |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

---

| | | | |
|:---|:---|:---|:---|
| **Line Item** | **Description** | **End Date of Remaining Recovery/Refund Period** | **Return** |
| Under (over) - recovered credit loss expense | For ComEd and ACE, amounts represent the difference between annual credit loss expense and revenues collected in rates through ICC and NJBPU-approved riders. The difference between net credit loss expense and revenues collected through the rider each calendar year for ComEd is recovered over a twelve-month period beginning in June of the following calendar year. ACE intends to recover from or refund to customers June through May of each respective year, subject to approval of the NJBPU. | ComEd - 2026<br>ACE - To be determined in the annual Societal Benefits Rider filing with NJBPU. | No |
| Universal service fund charge under-recovery - Electric | Represents under-recovery of electric supply and distribution revenue shortfalls net of base rate recovery related to PECO's Universal Service programs, which are designed to provide affordable bills for electric service to low-income, residential customers based on individual household needs. | PECO - To be determined in the annual adjustment and reconciliation as approved by the PAPUC. | No |
| Work stoppage costs | Represents work stoppage costs incurred by ACE. | 2030 | No |
| Zero emission credit | Represents ZEC procurement costs and any reasonable costs ComEd has incurred to implement and comply with the ZEC procurement process. | Over 9 months starting with the September billing period and ending with the following May billing period. | No |

---

**Decommissioning the Regulatory Agreement Units**

The regulatory agreements with the ICC and PAPUC dictate obligations related to the shortfall or excess of NDT funds necessary for decommissioning the former ComEd units on a unit-by-unit basis and the former PECO units in total.

For the former PECO units, given the symmetric settlement provisions that allow for continued recovery of decommissioning costs from PECO customers in the event of a shortfall and the obligation for Constellation to ultimately return excess funds to PECO customers (on an aggregate basis for all seven units), decommissioning-related activities result in an adjustment to the Receivable related to Regulatory Agreement Units and an equal adjustment to the regulatory liabilities or regulatory assets at PECO.

For the former ComEd units, given no further recovery from ComEd customers is permitted and Constellation retains an obligation to ultimately return excess funds to ComEd customers (on a unit-by-unit basis), to the extent excess funds are expected for each unit, decommissioning-related activities result in an adjustment to the Receivable related to Regulatory Agreement Units and an equal adjustment to the regulatory liabilities at ComEd. However, given the asymmetric settlement provision that does not allow for continued recovery from ComEd customers in the event of a shortfall, recognition of a regulatory asset at ComEd is not permissible.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 2 — Regulatory Matters

***Capitalized Ratemaking Amounts Not Recognized*** 

The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders' investment that are not recognized for financial reporting purposes in the Registrants' Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to the Utility Registrants' customers. PECO had no related amounts at December 31, 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> |
| December 31, 2025 | $98 | $12 | $47 | $39 | $22 | $1 | $16 |
| December 31, 2024 | $117 | $46 | $16 | $55 | $40 | $1 | $14 |

---

__________

(a)For the year ended December 31, 2025, reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution rates and distributed generation regulatory assets. For the year ended December 31, 2024, 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, COVID-19 costs, investments in rate base and revenues included in the multi-year plan reconciliations, and a portion of Pepco District of Columbia's revenue decoupling.

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

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

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

The Registrants recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that the entities expect to be entitled to in exchange for those goods or services. The primary sources of revenue include regulated electric and gas tariff sales, distribution, and transmission services. The performance obligations, revenue recognition, and payment terms associated with these sources of revenue are further discussed in the table below. There are no significant financing components for these sources of revenue and no variable consideration.

Unless otherwise noted, for each of the significant revenue categories and related performance obligations described below, the Registrants have the right to consideration from the customer in an amount that corresponds directly with the value transferred to the customer for the performance completed to date. Therefore, the Registrants generally recognize revenue in the amount for which they have the right to invoice the customer. As a result, there are generally no significant judgments used in determining or allocating the transaction price.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 3 — Revenue from Contracts with Customers

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Revenue Source** | **Description** | **Performance Obligation** | **Timing of Revenue Recognition** | **Payment Terms** |
| Regulated Electric and Gas Tariff Sales | Sales of electricity and electricity distribution services (the Utility Registrants) and natural gas and gas distribution services (PECO, BGE, and DPL) to residential, commercial, industrial, and governmental customers through regulated tariff rates approved by state regulatory commissions. | Delivery of electricity and/or natural gas. | Over time (each day) as the electricity and/or natural gas is delivered to customers. Tariff sales are generally considered daily contracts as customers can discontinue service at any time. <sup>(a)</sup> | Within the month following delivery of the electricity or natural gas to the customer. |
| Regulated Transmission Services | The Utility Registrants provide open access to their transmission facilities to PJM, which directs and controls the operation of these transmission facilities and accordingly compensates the Utility Registrants pursuant to filed tariffs at cost-based rates approved by FERC. | Various including (i) Network Integration Transmission Services (NITS), (ii) scheduling, system control and dispatch services, and (iii) access to the wholesale grid. | Over time utilizing output methods to measure progress towards completion. <sup>(b)</sup> | Paid weekly by PJM. |

---

__________

(a)Electric and natural gas utility customers have the choice to purchase electricity or natural gas from competitive electric generation and natural gas suppliers. While the Utility Registrants are required under state legislation to bill their customers for the supply and distribution of electricity and/or natural gas, they recognize revenue related only to the distribution services when customers purchase their electricity or natural gas from competitive suppliers.

(b)Passage of time is used for NITS and access to the wholesale grid and MWhs of energy transported over the wholesale grid is used for scheduling, system control and dispatch services.

The Utility Registrants do not incur any material costs to obtain or fulfill contracts with customers.

***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 liabilities in the Registrants' Consolidated Balance Sheets.

In July 2020, Pepco, DPL, and ACE entered into a collaborative arrangement with an unrelated communications-infrastructure owner involving the sale of an undivided interest in certain transmission tower attachment agreements and the transfer of management rights, as further described in Note 4 — Revenue from Contracts with Customers of the 2024 Form 10-K. The Companies received additional consideration in 2023 related to an amendment of the payment options under the arrangement. Contract liabilities associated with the original arrangement and the 2023 amendment are being recognized as Electric operating revenues over 35-year and 31-year periods, respectively.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 3 — Revenue from Contracts with Customers

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. As of December 31, 2025, 2024, and 2023, ComEd's, PECO's, and BGE's contract liabilities were not material.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Exelon**<sup>(a)</sup> | **PHI**<sup>(a)</sup> | **Pepco**<sup>(a)</sup> | **DPL**<sup>(a)</sup> | **ACE**<sup>(a)</sup> |
| **Balance at December 31, 2023** | $133 | $133 | $107 | $13 | $13 |
| Revenues recognized | (6) | (6) | (6) |  |  |
| **Balance at December 31, 2024** | $127 | $127 | $101 | $13 | $13 |
| Revenues recognized | (8) | (8) | (6) | (1) | (1) |
| **Balance at December 31, 2025** | $119 | $119 | $95 | $12 | $12 |

---

__________

(a)Revenues recognized in the years ended December 31, 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 December 31, 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Exelon** | **PHI** | **Pepco** | **DPL** | **ACE** |
| 2026 | $5 | $5 | $5 | $— | $— |
| 2027 | 6 | 6 | 5 | 1 |  |
| 2028 | 6 | 6 | 5 |  | 1 |
| 2029 | 7 | 7 | 6 | 1 |  |
| 2030 and thereafter | 95 | 95 | 74 | 10 | 11 |
| **Total** | $119 | $119 | $95 | $12 | $12 |

---

***Revenue Disaggregation***

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

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 4 — Segment Information

An analysis and reconciliation of the Registrants' reportable segment information to the respective information in the consolidated financial statements for the years ended December 31, 2025, 2024, and 2023 is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **ComEd** | **PECO** | **BGE** | **PHI** | **Other**<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 | $7267 | $3827 | $4007 | $6894 | $— | $(36) | $21959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 857 | 1215 | 231 |  | (4) | 2299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 10 | 1900 | (1910) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $7267 | $4684 | $5222 | $7135 | $1900 | $(1950) | $24258 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric revenues | $8219 | $3325 | $3436 | $6258 | $— | $(22) | $21216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 648 | 990 | 180 |  | (6) | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 10 | 1865 | (1875) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $8219 | $3973 | $4426 | $6448 | $1865 | $(1903) | $23028 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric revenues | $7844 | $3202 | $3109 | $5812 | $— | $(51) | $19916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 692 | 918 | 205 |  | (4) | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 9 | 1759 | (1768) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $7844 | $3894 | $4027 | $6026 | $1759 | $(1823) | $21727 |
| **Less:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Purchased power |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $1782 | $1436 | $1890 | $2836 | $— | $— | $7944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3042 | 1265 | 1460 | 2447 |  |  | 8214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2816 | 1270 | 1311 | 2250 |  | 1 | 7648 |
| &nbsp;&nbsp;Purchased fuel |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $— | $297 | $331 | $95 | $— | $— | $723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 212 | 191 | 66 |  |  | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 274 | 220 | 98 |  | 1 | 593 |
| &nbsp;&nbsp;Operating and maintenance |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $1306 | $946 | $815 | $1123 | $1840 | $(853) | $5177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1284 | 875 | 790 | 1046 | 1733 | (788) | 4940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1096 | 786 | 520 | 1110 | 1861 | (814) | 4559 |
| &nbsp;&nbsp;Operating and maintenance from affiliates |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $404 | $249 | $251 | $204 | $43 | $(1151) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 419 | 245 | 246 | 204 | 41 | (1155) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 354 | 217 | 221 | 179 | 37 | (1008) |  |
| &nbsp;&nbsp;Depreciation and amortization |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $1560 | $454 | $632 | $935 | $59 | $— | $3640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1514 | 428 | 638 | 947 | 67 |  | 3594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1403 | 397 | 654 | 990 | 62 |  | 3506 |
| &nbsp;&nbsp;Taxes other than income taxes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $409 | $240 | $370 | $568 | $42 | $— | $1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 376 | 218 | 345 | 528 | 37 |  | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 369 | 202 | 319 | 487 | 31 |  | 1408 |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 4 — Segment Information

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **ComEd** | **PECO** | **BGE** | **PHI** | **Other**<sup>(a)</sup> | **Intersegment<br>Eliminations** | **Exelon** |
| &nbsp;&nbsp;(Gain) loss on sale of assets and businesses |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $— | $— | $— | $(3) | $— | $— | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (5) | (4) |  | 1 | (4) |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  | (9) | (1) |  | (10) |
| &nbsp;&nbsp;Interest expense, net<sup>(c)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $517 | $249 | $247 | $408 | $681 | $— | $2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 487 | 221 | 216 | 373 | 592 |  | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 464 | 192 | 182 | 323 | 545 | (2) | 1704 |
| &nbsp;&nbsp;Interest expense to affiliates, net<sup>(c)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $13 | $11 | $— | $3 | $(2) | $— | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 14 | 11 |  | 3 | (3) |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 13 | 9 |  |  | 1 | 2 | 25 |
| &nbsp;&nbsp;Other, net |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $(132) | $(41) | $(51) | $(72) | $(28) | $54 | $(270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (94) | (37) | (36) | (97) | (38) | 40 | (262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (75) | (36) | (18) | (108) | (190) | 19 | (408) |
| &nbsp;&nbsp;Income taxes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $261 | $29 | $159 | $239 | $(165) | $— | $523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 116 | (12) | 49 | 189 | (135) |  | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 314 | 20 | 133 | 116 | (207) | (2) | 374 |
| **Net income (loss)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $1147 | $814 | $578 | $799 | $(570) | $— | $2768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1066 | 551 | 527 | 741 | (425) |  | 2460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1090 | 563 | 485 | 590 | (380) | (20) | 2328 |
| **Supplemental segment information** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Intersegment revenues<sup>(d)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $21 | $12 | $8 | $10 | $1890 | $(1941) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 8 | 10 | 10 | 10 | 1855 | (1893) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 16 | 9 | 9 | 9 | 1750 | (1793) |  |
| &nbsp;&nbsp;Capital expenditures |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $2899 | $1867 | $1657 | $2056 | $50 | $— | $8529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2195 | 1553 | 1420 | 1863 | 66 |  | 7097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2576 | 1426 | 1367 | 1988 | 54 |  | 7411 |
| &nbsp;&nbsp;Total assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $48285 | $19362 | $17184 | $29715 | $6170 | $(4146) | $116570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 20 — 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 21 — Related Party Transactions for additional information on intersegment revenues.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 4 — Segment Information

**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 | $3454 | $1740 | $1718 | $— | $(18) | $6894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 231 |  |  |  | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 424 | (414) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $3454 | $1971 | $1718 | $424 | $(432) | $7135 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric revenues | $3039 | $1607 | $1628 | $— | $(16) | $6258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 180 |  |  |  | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 438 | (428) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $3039 | $1787 | $1628 | $438 | $(444) | $6448 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric revenues | $2824 | $1483 | $1522 | $1 | $(18) | $5812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues |  | 205 |  |  |  | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared service and other revenues |  |  |  | 422 | (413) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $2824 | $1688 | $1522 | $423 | $(431) | $6026 |
| **Less:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Purchased power |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $1262 | $766 | $808 | $— | $— | $2836 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 1055 | 694 | 698 |  |  | 2447 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 974 | 639 | 637 |  |  | 2250 |
| &nbsp;&nbsp;Purchased fuel |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $— | $95 | $— | $— | $— | $95 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 66 |  |  |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 98 |  |  |  | 98 |
| &nbsp;&nbsp;Operating and maintenance |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $379 | $213 | $173 | $358 | $— | $1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 283 | 196 | 206 | 361 |  | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 336 | 193 | 233 | 348 |  | 1110 |
| &nbsp;&nbsp;Operating and maintenance from affiliates |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $246 | $178 | $155 | $57 | $(432) | $204 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 251 | 181 | 162 | 54 | (444) | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 236 | 171 | 153 | 50 | (431) | 179 |
| &nbsp;&nbsp;Depreciation and amortization |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $433 | $252 | $248 | $2 | $— | $935 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 407 | 245 | 278 | 17 |  | 947 |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 4 — Segment Information

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Pepco** | **DPL** | **ACE** | **Other**<sup>(a)</sup> | **Intersegment<br>Eliminations** | **PHI** |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 441 | 244 | 283 | 22 |  | 990 |
| &nbsp;&nbsp;Taxes other than income taxes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $455 | $88 | $9 | $16 | $— | $568 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 424 | 79 | 9 | 16 |  | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 390 | 75 | 8 | 14 |  | 487 |
| &nbsp;&nbsp;(Gain) loss on sale of assets and businesses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $(1) | $— | $(2) | $— | $— | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 1 |  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | (9) |  |  |  |  | (9) |
| &nbsp;&nbsp;Interest expense, net<sup>(c)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $214 | $102 | $82 | $10 | $— | $408 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 195 | 94 | 74 | 10 |  | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 165 | 74 | 72 | 12 |  | 323 |
| &nbsp;&nbsp;Interest expense to affiliates, net<sup>(c)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $— | $— | $— | $3 | $— | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | (3) | (1) | 5 | 2 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;Other, net |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $(41) | $(16) | $(10) | $(5) | $— | $(72) |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | (54) | (25) | (14) | (4) |  | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | (66) | (18) | (20) | (4) |  | (108) |
| &nbsp;&nbsp;Income taxes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $106 | $69 | $67 | $(3) | $— | $239 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 90 | 49 | 55 | (5) |  | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 51 | 35 | 36 | (6) |  | 116 |
| **Net income (loss) from continuing operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $401 | $224 | $188 | $(14) | $— | $799 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 390 | 209 | 155 | (13) |  | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 306 | 177 | 120 | (13) |  | 590 |
| **Supplemental segment information** |  |  |  |  |  |  |
| &nbsp;&nbsp;Intersegment revenues<sup>(d)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $6 | $9 | $4 | $423 | $(432) | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 7 | 7 | 2 | 438 | (444) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 9 | 8 | 2 | 422 | (432) | 9 |
| &nbsp;&nbsp;Capital expenditures |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $957 | $534 | $390 | $175 | $— | $2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 929 | 556 | 373 | 5 |  | 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 957 | 562 | 460 | 9 |  | 1988 |
| &nbsp;&nbsp;Total assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $12728 | $6789 | $5632 | $4602 | $(36) | $29715 |
| &nbsp;&nbsp;&nbsp;&nbsp;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 20 — Supplemental Financial Information for additional information on total utility taxes.

(c)Interest expense, net is 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.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 4 — Segment Information

**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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
| **Revenues from contracts with customers** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Electric revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $4203 | $2494 | $2503 | $3733 | $1669 | $1049 | $1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial | 2072 | 627 | 414 | 722 | 205 | 264 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial | 593 | 339 | 603 | 1514 | 1212 | 122 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public authorities & electric railroads | 47 | 34 | 33 | 73 | 39 | 16 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(a)</sup> | 907 | 312 | 476 | 917 | 372 | 303 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total electric revenues<sup>(b)</sup> | $7822 | $3806 | $4029 | $6959 | $3497 | $1754 | $1716 |
| **Natural gas revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $— | $593 | $823 | $139 | $— | $139 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial |  | 206 | 140 | 55 |  | 55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial |  |  | 248 | 7 |  | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation |  | 37 |  | 19 |  | 19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(c)</sup> |  | 19 | 51 | 11 |  | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total natural gas revenues<sup>(d)</sup> | $— | $855 | $1262 | $231 | $— | $231 | $— |
| **Total revenues from contracts with customers** | $7822 | $4661 | $5291 | $7190 | $3497 | $1985 | $1716 |
| **Other revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues from alternative revenue programs | $(596) | $— | $(87) | $(63) | $(49) | $(16) | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other electric revenues<sup>(e)</sup> | 41 | 21 | 14 | 8 | 6 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other natural gas revenues<sup>(e)</sup> |  | 2 | 4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other revenues | $(555) | $23 | $(69) | $(55) | $(43) | $(14) | $2 |
| **Total revenues for reportable segments** | $7267 | $4684 | $5222 | $7135 | $3454 | $1971 | $1718 |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 4 — Segment Information

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
| **Revenues from contracts with customers** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Electric revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $3809 | $2169 | $2038 | $3256 | $1413 | $943 | $900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial | 2259 | 547 | 360 | 681 | 184 | 253 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial | 1145 | 261 | 557 | 1372 | 1053 | 123 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public authorities & electric railroads | 60 | 29 | 31 | 74 | 37 | 17 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(a)</sup> | 1080 | 296 | 414 | 871 | 327 | 270 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total electric revenues<sup>(b)</sup> | $8353 | $3302 | $3400 | $6254 | $3014 | $1606 | $1640 |
| **Natural gas revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $— | $445 | $625 | $108 | $— | $108 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial |  | 157 | 110 | 43 |  | 43 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial |  |  | 204 | 5 |  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation |  | 28 |  | 17 |  | 17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(c)</sup> |  | 16 | 18 | 7 |  | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total natural gas revenues<sup>(d)</sup> | $— | $646 | $957 | $180 | $— | $180 | $— |
| **Total revenues from contracts with customers** | $8353 | $3948 | $4357 | $6434 | $3014 | $1786 | $1640 |
| **Other revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues from alternative revenue programs | $(151) | $6 | $52 | $1 | $15 | $(2) | $(12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other electric revenues<sup>(e)</sup> | 17 | 17 | 14 | 13 | 10 | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other natural gas revenues<sup>(e)</sup> |  | 2 | 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other revenues | $(134) | $25 | $69 | $14 | $25 | $1 | $(12) |
| **Total revenues for reportable segments** | $8219 | $3973 | $4426 | $6448 | $3039 | $1787 | $1628 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** |
| **Revenues from contracts with customers** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Electric revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $3565 | $2090 | $1765 | $2845 | $1236 | $827 | $782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial | 1857 | 526 | 331 | 651 | 176 | 246 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial | 824 | 249 | 528 | 1420 | 1087 | 126 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public authorities & electric railroads | 51 | 30 | 29 | 67 | 34 | 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(a)</sup> | 965 | 298 | 402 | 760 | 258 | 250 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total electric revenues<sup>(b)</sup> | $7262 | $3193 | $3055 | $5743 | $2791 | $1465 | $1495 |
| **Natural gas revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $— | $473 | $568 | $122 | $— | $122 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Small commercial & industrial |  | 172 | 100 | 53 |  | 53 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Large commercial & industrial |  | 1 | 161 | 4 |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation |  | 27 |  | 16 |  | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(c)</sup> |  | 17 | 37 | 10 |  | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total natural gas revenues<sup>(d)</sup> | $— | $690 | $866 | $205 | $— | $205 | $— |
| **Total revenues from contracts with customers** | $7262 | $3883 | $3921 | $5948 | $2791 | $1670 | $1495 |
| **Other revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues from alternative revenue programs | $556 | $(7) | $84 | $64 | $22 | $15 | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other electric revenues<sup>(e)</sup> | 26 | 16 | 16 | 14 | 11 | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other natural gas revenues<sup>(e)</sup> |  | 2 | 6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other revenues | $582 | $11 | $106 | $78 | $33 | $18 | $27 |
| **Total revenues for reportable segments** | $7844 | $3894 | $4027 | $6026 | $2824 | $1688 | $1522 |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 4 — Segment Information

__________

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

(b)Includes operating revenues from affiliates in 2025, 2024, and 2023 respectively of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $21 million, $8 million, and $16 million at ComEd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $9 million, $7 million, and $7 million at PECO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $6 million, $7 million, and $6 million at BGE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $10 million, $10 million, and $9 million at PHI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $6 million, $7 million, and $9 million at Pepco

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $9 million, $7 million, and $8 million at DPL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4 million, $2 million, and $2 million at ACE

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

(d)Includes operating revenues from affiliates in 2025, 2024, and 2023 respectively of:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2 million, $3 million, and $3 million at BGE

(e)Includes late payment charge revenues.

**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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Balance at December 31, 2024** | $406 | $109 | $133 | $56 | $108 | $59 | $17 | $32 |
| Plus: Current period provision for expected credit losses<sup>(a)(b)(c)</sup> | 289 | 90 | 91 | 43 | 65 | 41 | 16 | 8 |
| Less: Write-offs<sup>(d)(e)</sup>, net of recoveries<sup>(f)(g)</sup> | 260 | 84 | 87 | 31 | 58 | 31 | 14 | 13 |
| **Balance at December 31, 2025** | $435 | $115 | $137 | $68 | $115 | $69 | $19 | $27 |
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 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 | 248 | 78 | 72 | 37 | 61 | 39 | 10 | 12 |
| Less: Write-offs, net of recoveries | 159 | 38 | 34 | 27 | 60 | 32 | 12 | 16 |
| **Balance at December 31, 2024** | $406 | $109 | $133 | $56 | $108 | $59 | $17 | $32 |

---

__________

(a)For ComEd, the increase is primarily a result of increased aging of receivables.

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

(c)For ACE, the decrease is primarily a result of decreased aging of receivables.

(d)For ComEd, PECO, and DPL, the increase is primarily a result of increased disconnection activities.

(e)For ACE, the decrease is primarily a result of decreased disconnection activities.

(f)Recoveries were not material to ComEd, BGE, Pepco, DPL, and ACE.

(g)For PECO, the increase in recoveries collected is primarily a result of increased customer repayments.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

**(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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Balance at December 31, 2024** | $107 | $34 | $18 | $6 | $49 | $27 | $9 | $13 |
| Plus: Current period provision (benefit) for expected credit losses<sup>(a)(b)</sup> | 24 | 10 | 14 | (2) | 2 | (1) | 1 | 2 |
| Less: Write-offs<sup>(c)(d)</sup>, net of recoveries<sup>(e)</sup> | 37 | 21 | 14 |  | 2 |  |  | 2 |
| **Balance at December 31, 2025** | $94 | $23 | $18 | $4 | $49 | $26 | $10 | $13 |
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 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 | 45 | 21 | 15 | 6 | 3 | (1) | 1 | 3 |
| Less: Write-offs, net of recoveries | 20 | 4 | 5 | 7 | 4 |  |  | 4 |
| **Balance at December 31, 2024** | $107 | $34 | $18 | $6 | $49 | $27 | $9 | $13 |

---

__________

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

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

(c)For ComEd and PECO, the increase is primarily a result of increased disconnection activities.

(d)For BGE and ACE, the decrease is primarily a result of decreased disconnection activities.

(e)Recoveries were not material to the Registrants.

***Unbilled Customer Revenue***

The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of December 31, 2025 and 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** |
| December 31, 2025 | $1231 | $301 | $278 | $325 | $327 | $155 | $100 | $72 |
| 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 twelve months ended December 31, 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** |
| Year ended December 31, 2025 | $4341 | $1066 | $1257 | $700 | $1318 | $823 | $263 | $232 |
| Year ended December 31, 2024 | 4128 | 964 | 1111 | 778 | 1275 | 799 | 252 | 224 |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 6 — Property, Plant, and Equipment

**6. Property, Plant, and Equipment (All Registrants)**

The following tables present a summary of property, plant, and equipment by asset category at December 31, 2025 and 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Asset Category</u>** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **December 31, 2025** | | | | | | | | |
| Electric—transmission and distribution | $84282 | $38370 | $13314 | $11687 | $22614 | $14420 | $6423 | $6247 |
| Gas—transportation and distribution | 10499 |  | 4649 | 5190 | 940 |  | 1094 |  |
| Common—electric and gas<sup>(a)</sup> | 2954 |  | 1135 | 1430 | 460 |  | 251 |  |
| Construction work in progress | 5755 | 1997 | 836 | 1236 | 1629 | 1087 | 290 | 238 |
| Other property, plant, and equipment<sup>(b)</sup> | 908 | 179 | 119 | 76 | 84 | 24 | 38 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property, plant, and equipment | 104398 | 40546 | 20053 | 19619 | 25727 | 15531 | 8096 | 6512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: accumulated depreciation | 20080 | 8291 | 4131 | 5234 | 4350 | 4784 | 2241 | 1956 |
| **Property, plant, and equipment, net** | $84318 | $32255 | $15922 | $14385 | $21377 | $10747 | $5855 | $4556 |
| **December 31, 2024** |  |  |  |  |  |  |  |  |
| Electric—transmission and distribution | $79283 | $36493 | $12234 | $11131 | $21130 | $13593 | $6086 | $5947 |
| Gas—transportation and distribution | 9599 |  | 4247 | 4796 | 821 |  | 976 |  |
| Common—electric and gas | 2630 |  | 1064 | 1385 | 272 |  | 241 |  |
| Construction work in progress | 4306 | 1219 | 813 | 779 | 1472 | 1002 | 275 | 187 |
| Other property, plant and equipment<sup>(a)</sup> | 809 | 118 | 76 | 48 | 86 | 24 | 37 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment | 96627 | 37830 | 18434 | 18139 | 23781 | 14619 | 7615 | 6164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: accumulated depreciation | 18445 | 7619 | 4042 | 5005 | 3728 | 4522 | 2075 | 1798 |
| **Property, plant, and equipment, net** | $78182 | $30211 | $14392 | $13134 | $20053 | $10097 | $5540 | $4366 |

---

__________

(a)On April 15, 2025, PHI purchased an office building and land in the District of Columbia for $177 million which it had been leasing. The lease was terminated on April 15, 2025, in conjunction with the purchase (See Note 9 — Leases for additional information).

(b)Primarily composed of land and non-utility property.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 6 — Property, Plant, and Equipment

The following table presents the average service life for each asset category in number of years:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Average Service Life (years)** | **Average Service Life (years)** | **Average Service Life (years)** | **Average Service Life (years)** | **Average Service Life (years)** | **Average Service Life (years)** | **Average Service Life (years)** | **Average Service Life (years)** |
| **Asset Category** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Electric - transmission and distribution | 5-80 | 5-80 | 5-70 | 5-80 | 5-75 | 5-75 | 5-75 | 5-75 |
| Gas - transportation and distribution | 5-80 | N/A | 5-80 | 5-80 | 5-75 | N/A | 5-75 | N/A |
| Common - electric and gas | 4-75 | N/A | 5-53 | 4-45 | 5-75 | N/A | 5-75 | N/A |
| Other property, plant, and equipment | 4-61 | 28-50 | 50 | 20-50 | 10-43 | 10-33 | 10-43 | 10-43 |

---

The following table presents the annual depreciation rates for each asset category.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Annual Depreciation Rates** | **Annual Depreciation Rates** | **Annual Depreciation Rates** | **Annual Depreciation Rates** | **Annual Depreciation Rates** | **Annual Depreciation Rates** | **Annual Depreciation Rates** | **Annual Depreciation Rates** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **December 31, 2025** | | | | | | | | |
| Electric—transmission and distribution | 2.85% | 3.07% | 2.33% | 2.56% | 2.89% | 2.51% | 3.09% | 3.62% |
| Gas—transportation and distribution | 2.08% | N/A | 1.94% | 2.37% | 1.29% | N/A | 1.29% | N/A |
| Common—electric and gas | 6.14% | N/A | 6.37% | 7.08% | 2.88% | N/A | 5.53% | N/A |
| **December 31, 2024** |  |  |  |  |  |  |  |  |
| Electric—transmission and distribution | 2.83% | 3.06% | 2.30% | 2.55% | 2.87% | 2.49% | 2.99% | 3.41% |
| Gas—transportation and distribution | 2.12% | N/A | 1.96% | 2.42% | 1.38% | N/A | 1.38% | N/A |
| Common—electric and gas | 7.00% | N/A | 6.73% | 7.81% | 4.82% | N/A | 6.14% | N/A |
| **December 31, 2023** |  |  |  |  |  |  |  |  |
| Electric—transmission and distribution | 2.90% | 3.02% | 2.30% | 2.89% | 3.03% | 2.51% | 3.29% | 3.66% |
| Gas—transportation and distribution | 2.15% | N/A | 1.85% | 2.56% | 1.44% | N/A | 1.44% | N/A |
| Common—electric and gas | 7.77% | N/A | 6.87% | 8.68% | 7.18% | N/A | 8.79% | N/A |

---

***AFUDC***

The following table summarizes credits to AFUDC by year:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Exelon | $275 | $251 | $256 |
| ComEd | 94 | 75 | 72 |
| PECO | 54 | 48 | 46 |
| BGE | 58 | 39 | 25 |
| PHI | 69 | 89 | 113 |
| Pepco | 49 | 62 | 85 |
| DPL | 11 | 19 | 16 |
| ACE | 8 | 8 | 12 |

---

See Note 1 — Significant Accounting Policies for additional information regarding property, plant and equipment policies. See Note 14 — Debt and Credit Agreements for additional information regarding Exelon's, ComEd's, PECO's, Pepco's, DPL's, and ACE's property, plant and equipment subject to mortgage liens.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 7 — Jointly Owned Electric Utility Plant

**7. Jointly Owned Electric Utility Plant (Exelon, PECO, PHI, DPL, and ACE)**

PECO's, DPL's, and ACE's material undivided ownership interests in transmission facilities jointly owned with non-affiliated utilities as of December 31, 2025 and 2024 were as follows:

---

| | |
|:---|:---|
| | **Transmission** |
| | **NJ/DE**<sup>(a)</sup> |
| **Operator** | **PSEG/DPL** |
| Ownership interest | various |
| **Exelon's share at December 31, 2025:** |  |
| Plant in service | $119 |
| Accumulated depreciation | 55 |
| Construction work in progress | 16 |
| **Exelon's share at December 31, 2024:** |  |
| Plant in service | $105 |
| Accumulated depreciation | 57 |
| Construction work in progress | 4 |

---

__________

(a)PECO, DPL, and ACE own a 42.55%, 1%, and 13.9% share, respectively, in 151.3 miles of 500kV lines located in New Jersey and in the Salem substation. PECO, DPL, and ACE also own a 42.55%, 7.45%, and 7.45% share, respectively, in 2.5 miles of 500kV line located over the Delaware River. ACE also has a 21.78% share in a 500kV New Freedom Switching substation.

Certain facilities are fully owned by Exelon through its 100% ownership in PECO, DPL, and ACE. These facilities are operated by Exelon Registrants. PECO's, DPL's, and ACE's material undivided ownership interests in Exelon owned facilities as of December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PECO** | **PHI** | **DPL** | **ACE** |
| Ownership interest | 56% | 44% | 27% | 17% |
| **Registrant's share at December 31, 2025:** |  |  |  |  |
| Plant in service | $82 | $73 | $45 | $28 |
| Accumulated depreciation | 4 | 6 | 4 | 2 |
| Construction work in progress |  |  |  |  |
| **Registrant's share at December 31, 2024:** |  |  |  |  |
| Plant in service | $84 | $72 | $44 | $28 |
| Accumulated depreciation | 2 | 3 | 3 |  |
| Construction work in progress |  |  |  |  |

---

PECO's, DPL's, and ACE's undivided ownership interests presented in the tables above are financed with their funds and all operations are accounted for as if such participating interests were wholly owned facilities. PECO's, DPL's, and ACE's share of direct expenses of the jointly owned plants are included in Operating and maintenance expenses in Exelon's, PECO's, PHI's, DPL's, and ACE's Consolidated Statements of Operations and Comprehensive Income.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 8 — Asset Retirement Obligations

**8. Asset Retirement Obligations (All Registrants)**

The Registrants have AROs primarily associated with the abatement and disposal of equipment and buildings contaminated with asbestos and PCBs. See Note 1 — Significant Accounting Policies for additional information on the Registrants' accounting policy for AROs.

The following table provides a rollforward of the AROs reflected in the Registrants' Consolidated Balance Sheets from December 31, 2023 to December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **AROs at December 31, 2023** | $269 | $150 | $27 | $32 | $56 | $37 | $13 | $6 |
| Revisions in estimates of cash flows | 26 | 12 | 1 | 3 | 10 | 10 |  |  |
| Accretion expense<sup>(a)</sup> | 11 | 7 | 1 | 1 | 2 | 2 |  |  |
| Payments | (2) | (1) | (1) |  |  |  |  |  |
| **AROs at December 31, 2024** | $304 | $168 | $28 | $36 | $68 | $49 | $13 | $6 |
| Revisions in estimates of cash flows | 15 | 19 |  | (1) | (3) | (1) | (1) | (1) |
| Accretion expense<sup>(a)</sup> | 13 | 8 | 1 | 1 | 3 | 3 |  |  |
| Payments | (8) | (1) | (2) |  | (5) | (5) |  |  |
| **AROs at December 31, 2025** | $324 | $194 | $27 | $36 | $63 | $46 | $12 | $5 |

---

__________

(a)For ComEd, PECO, BGE, DPL and ACE, the majority of the accretion is recorded as an increase to a regulatory asset due to the associated regulatory treatment.

**9. Leases (All Registrants)**

***Lessee*** 

The Registrants have operating and finance leases for which they are the lessees. The following tables outline the significant types of leases at each of the Registrants and other terms and conditions of the lease agreements as of December 31, 2025. Exelon, ComEd, PECO, and BGE did not have material finance leases in 2025, 2024, or 2023.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Real estate | ● | ● | ● | ● | ● | ● | ● | ● |
| Vehicles and equipment | ● | | | ● | ● | ● | ● | ● |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in years)** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Remaining lease terms | 1-80 | 1-27 | 1-9 | 1-80 | 1-7 | 1-7 | 1-7 | 1-7 |
| Options to extend the term | 3-30 | N/A | N/A | 3-5 | 3-30 | 5 | 3-30 | N/A |
| Options to terminate within | 2-7 | N/A | N/A | 2 | N/A | N/A | N/A | N/A |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 9 — Leases

The components of operating lease costs were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **For the year ended December 31, 2025** | | | | | | | | |
| Operating lease costs | $47 | $— | $— | $7 | $31 | $12 | $9 | $6 |
| Variable lease costs | 7 |  |  |  | 1 |  | 1 |  |
| **Total lease costs**<sup>(a)</sup> | $54 | $— | $— | $7 | $32 | $12 | $10 | $6 |
| **For the year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Operating lease costs | $57 | $— | $— | $8 | $41 | $10 | $10 | $5 |
| Variable lease costs | 9 |  |  |  | 3 | 1 | 1 | 1 |
| **Total lease costs**<sup>(a)</sup> | $66 | $— | $— | $8 | $44 | $11 | $11 | $6 |
| **For the year ended December 31, 2023** |  |  |  |  |  |  |  |  |
| Operating lease costs | $58 | $1 | $— | $5 | $43 | $11 | $11 | $6 |
| Variable lease costs | 9 | 1 |  |  | 3 | 1 | 1 | 1 |
| **Total lease costs**<sup>(a)</sup> | $67 | $2 | $— | $5 | $46 | $12 | $12 | $7 |

---

__________

(a)Excludes sublease income recorded at Exelon, PHI, and DPL of $4 million for the years ended December 31, 2025, 2024, and 2023.

The components of financing lease costs were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PHI** | **Pepco** | **DPL** | **ACE** |
| **For the year ended December 31, 2025** | | | | |
| Amortization of ROU asset | $21 | $7 | $8 | $6 |
| Interest on lease liabilities | 6 | 2 | 2 | 2 |
| **Total finance lease cost** | $27 | $9 | $10 | $8 |
| **For the year ended December 31, 2024** |  |  |  |  |
| Amortization of ROU asset | $18 | $7 | $7 | $4 |
| Interest on lease liabilities | 6 | 2 | 2 | 2 |
| **Total finance lease cost** | $24 | $9 | $9 | $6 |
| **For the year ended December 31, 2023** |  |  |  |  |
| Amortization of ROU asset | $16 | $6 | $6 | $4 |
| Interest on lease liabilities | 6 | 2 | 2 | 1 |
| **Total finance lease cost** | $22 | $8 | $8 | $5 |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 9 — Leases

The following tables provide additional information regarding the presentation of operating and finance lease ROU assets and lease liabilities within the Registrants' Consolidated Balance Sheets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI**<sup>(a)</sup> | **Pepco** | **DPL** | **ACE** |
| **At December 31, 2025** | | | | | | | | |
| **Operating lease ROU assets** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Other deferred debits and other assets | $139 | $— | $1 | $17 | $54 | $22 | $23 | $5 |
| **Operating lease liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other current liabilities | $19 | $— | $— | $3 | $10 | $4 | $5 | $1 |
| &nbsp;&nbsp;&nbsp;Other deferred credits and other liabilities | 146 |  | 1 | 13 | 55 | 22 | 28 | 5 |
| &nbsp;&nbsp;&nbsp;Total operating lease liabilities | $165 | $— | $1 | $16 | $65 | $26 | $33 | $6 |
| **At December 31, 2024** |  |  |  |  |  |  |  |  |
| **Operating lease ROU assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other deferred debits and other assets | $224 | $— | $— | $24 | $127 | $26 | $27 | $7 |
| **Operating lease liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other current liabilities | $38 | $— | $— | $3 | $30 | $5 | $6 | $3 |
| &nbsp;&nbsp;&nbsp;Other deferred credits and other liabilities | 217 |  |  | 16 | 116 | 25 | 32 | 5 |
| &nbsp;&nbsp;&nbsp;Total operating lease liabilities | $255 | $— | $— | $19 | $146 | $30 | $38 | $8 |

---

__________

(a)On April 15, 2025, PHI purchased an office building and land in the District of Columbia for $177 million which it had been leasing. PHI's operating lease liability and operating lease ROU asset amounts for the office building and land were $64 million and $47 million, respectively, at the time of the purchase. In conjunction with the purchase, the lease has been terminated and the difference of $17 million between the operating lease liability and operating lease ROU asset were recorded as an adjustment to the carrying value of the purchased assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Finance Leases** | **Finance Leases** | **Finance Leases** | **Finance Leases** |
| | **PHI** | **Pepco** | **DPL** | **ACE** |
| **At December 31, 2025** | | | | |
| **Finance lease ROU assets** | | | | |
| &nbsp;&nbsp;&nbsp;Plant, property and equipment, net | $68 | $23 | $25 | $20 |
| **Finance lease liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt due within one year | $19 | $7 | $7 | $5 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 53 | 18 | 20 | 15 |
| &nbsp;&nbsp;&nbsp;Total finance lease liabilities | $72 | $25 | $27 | $20 |
| **At December 31, 2024** |  |  |  |  |
| **Finance lease ROU assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Plant, property and equipment, net | $72 | $26 | $26 | $20 |
| **Finance lease liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt due within one year | $17 | $6 | $7 | $4 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 58 | 21 | 21 | 16 |
| &nbsp;&nbsp;&nbsp;Total finance lease liabilities | $75 | $27 | $28 | $20 |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 9 — Leases

Future minimum lease payments for operating and finance leases as of December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** |
| **<u>Year</u>** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| 2026 | $26 | $— | $1 | $4 | $13 | $5 | $6 | $2 |
| 2027 | 24 |  |  | 2 | 12 | 4 | 7 | 2 |
| 2028 | 24 |  |  | 3 | 11 | 4 | 6 | 1 |
| 2029 | 24 |  |  | 3 | 11 | 4 | 6 | 1 |
| 2030 | 24 |  |  | 3 | 11 | 4 | 6 | 1 |
| Remaining years | 91 |  |  | 18 | 21 | 9 | 12 |  |
| **Total** | 213 |  | 1 | 33 | 79 | 30 | 43 | 7 |
| Interest | 48 |  |  | 17 | 14 | 4 | 10 | 1 |
| **Total operating lease liabilities** | $165 | $— | $1 | $16 | $65 | $26 | $33 | $6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Finance Leases** | **Finance Leases** | **Finance Leases** | **Finance Leases** |
| **<u>Year</u>** | **PHI** | **Pepco** | **DPL** | **ACE** |
| 2026 | $21 | $8 | $8 | $6 |
| 2027 | 19 | 7 | 7 | 5 |
| 2028 | 15 | 5 | 6 | 4 |
| 2029 | 12 | 4 | 5 | 2 |
| 2030 | 7 | 2 | 2 | 2 |
| Remaining years | 6 | 1 | 2 | 3 |
| **Total** | 80 | 27 | 30 | 22 |
| Interest | 8 | 2 | 3 | 2 |
| **Total finance lease liabilities** | $72 | $25 | $27 | $20 |

---

The weighted average remaining lease terms, in years, for operating and finance leases were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| At December 31, 2025 | 9.3 |  | 6.4 | 19.2 | 6.2 | 6.6 | 6.3 | 3.2 |
| At December 31, 2024 | 8.2 | 1.7 | 5.3 | 17.4 | 5.3 | 7.1 | 6.9 | 3.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Finance Leases** | **Finance Leases** | **Finance Leases** | **Finance Leases** |
| | **PHI** | **Pepco** | **DPL** | **ACE** |
| At December 31, 2025 | 4.1 | 4.0 | 3.9 | 4.4 |
| At December 31, 2024 | 4.4 | 4.4 | 4.2 | 4.5 |

---

The weighted average discount rates for operating and finance leases were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| At December 31, 2025 | 3.9% | —% | 4.4% | 5.0% | 4.2% | 4.2% | 4.2% | 4.2% |
| At December 31, 2024 | 4.0% | 0.8% | 2.8% | 5.0% | 4.2% | 4.1% | 4.1% | 3.9% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Finance Leases** | **Finance Leases** | **Finance Leases** | **Finance Leases** |
| | **PHI** | **Pepco** | **DPL** | **ACE** |
| At December 31, 2025 | 3.8% | 3.8% | 3.6% | 3.9% |
| At December 31, 2024 | 3.4% | 3.5% | 3.1% | 3.5% |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 9 — Leases

Cash paid for amounts included in the measurement of operating and finance lease liabilities were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Operating Cash Flows from Operating Leases** | **Operating Cash Flows from Operating Leases** | **Operating Cash Flows from Operating Leases** | **Operating Cash Flows from Operating Leases** | **Operating Cash Flows from Operating Leases** | **Operating Cash Flows from Operating Leases** | **Operating Cash Flows from Operating Leases** | **Operating Cash Flows from Operating Leases** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| For the year ended December 31, 2025 | $35 | $— | $— | $4 | $22 | $6 | $7 | $3 |
| For the year ended December 31, 2024 | 48 |  |  | 4 | 35 | 7 | 7 | 3 |
| For the year ended December 31, 2023 | 65 | 2 |  | 15 | 37 | 7 | 9 | 3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Financing Cash Flows from Finance Leases** | **Financing Cash Flows from Finance Leases** | **Financing Cash Flows from Finance Leases** | **Financing Cash Flows from Finance Leases** |
| | **PHI** | **Pepco** | **DPL** | **ACE** |
| For the year ended December 31, 2025 | $20 | $7 | $8 | $5 |
| For the year ended December 31, 2024 | 17 | 6 | 7 | 4 |
| For the year ended December 31, 2023 | 15 | 5 | 6 | 4 |

---

ROU assets obtained in exchange for operating and finance lease obligations were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** | **Operating Leases** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| For the year ended December 31, 2025 | $3 | $— | $— | $— | $3 | $1 | $2 | $— |
| For the year ended December 31, 2024 | 8 |  |  | 1 | 5 | 1 | 2 | 2 |
| For the year ended December 31, 2023 | 35 |  |  | 32 | 3 |  | 1 | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Finance Leases** | **Finance Leases** | **Finance Leases** | **Finance Leases** |
| | **PHI** | **Pepco** | **DPL** | **ACE** |
| For the year ended December 31, 2025 | $15 | $4 | $6 | $5 |
| For the year ended December 31, 2024 | 15 | 7 | 4 | 4 |
| For the year ended December 31, 2023 | 11 | 5 | 3 | 3 |

---

***Lessor***

The Registrants have operating leases for which they are the lessors. The following tables outline the significant types of leases at each of the Registrants and other terms and conditions of their lease agreements as of December 31, 2025. ACE did not have any operating leases for which they are the lessors for the years ended December 31, 2025, 2024, and 2023.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** |
| Real estate | ● | ● | ● | ● | ● | ● | ● |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in years)** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** |
| Remaining lease terms | 1-77 | 1-11 | 1-77 | 17 | 1-7 | 1 | 6-7 |
| Options to extend the term | 1-79 | 5-79 | 1-50 | N/A | N/A | N/A | N/A |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 9 — Leases

The components of lease income were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** |
| **For the year ended December 31, 2025** | | | | | | | |
| Operating lease income | $5 | $— | $— | $— | $4 | $— | $4 |
| Variable lease income | 1 |  |  |  | 1 |  | 1 |
| **For the year ended December 31, 2024** |  |  |  |  |  |  |  |
| Operating lease income | $4 | $— | $— | $— | $4 | $— | $3 |
| Variable lease income | 1 |  |  |  | 1 |  | 1 |
| **For the year ended December 31, 2023** |  |  |  |  |  |  |  |
| Operating lease income | $5 | $— | $— | $— | $4 | $— | $3 |
| Variable lease income | 1 |  |  |  | 1 |  | 1 |

---

Future minimum lease payments to be recovered under operating leases as of December 31, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Year</u>** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** |
| 2026 | $7 | $1 | $1 | $— | $5 | $— | $4 |
| 2027 | 7 |  | 2 |  | 5 |  | 4 |
| 2028 | 6 |  | 1 |  | 5 |  | 5 |
| 2029 | 6 |  | 1 |  | 4 |  | 5 |
| 2030 | 5 |  | 1 |  | 4 |  | 4 |
| Remaining years | 17 |  | 7 | 1 | 9 |  | 9 |
| **Total** | $48 | $1 | $13 | $1 | $32 | $— | $31 |

---

**10. Intangible Assets** 

***Goodwill (Exelon, ComEd, PHI, Pepco, DPL, and ACE)***

The following table presents the gross amount, accumulated impairment loss, and carrying amount of Goodwill at Exelon, ComEd, and PHI at December 31, 2025 and 2024. There were no additions or impairments during the years ended December 31, 2025, 2024, and 2023.

---

| | | | |
|:---|:---|:---|:---|
| | **Gross Amount** | **Accumulated Impairment Loss** | **Carrying Amount** |
| Exelon | $8613 | $1983 | $6630 |
| ComEd<sup>(a)</sup> | 4608 | 1983 | 2625 |
| PHI<sup>(b)</sup> | 4005 |  | 4005 |

---

__________

(a)Reflects goodwill recorded in 2000 from the PECO/Unicom merger (predecessor parent company of ComEd).

(b)Reflects goodwill recorded in 2016 from the PHI merger.

Goodwill is not amortized, but is subject to an assessment for impairment at least annually, or more frequently if events occur or circumstances change that would more likely than not reduce the fair value of ComEd's and PHI's reporting units below their carrying amounts. A reporting unit is an operating segment or one level below an operating segment (known as a component) and is the level at which goodwill is assessed for impairment. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and its operating results are regularly reviewed by segment management. ComEd has a single operating segment. PHI's operating segments are Pepco, DPL, and ACE. See Note 4 — Segment Information for additional information. There is no level below these operating segments for which operating results are regularly reviewed by segment management. Therefore, the ComEd, Pepco, DPL, and ACE operating segments are also considered reporting units for goodwill impairment assessment purposes. Exelon's and ComEd's $2.6 billion of goodwill has been assigned entirely to the ComEd reporting unit, while Exelon's and

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 10 — Intangible Assets

PHI's $4.0 billion of goodwill has been assigned to the Pepco, DPL, and ACE reporting units in the amounts of $2.1 billion, $1.4 billion, and $0.5 billion, respectively.

Entities assessing goodwill for impairment have the option of first performing a qualitative assessment to determine whether a quantitative assessment is necessary. As part of the qualitative assessments, Exelon, ComEd, and PHI evaluate, among other things, management's best estimate of projected operating and capital cash flows for their businesses, outcomes of recent regulatory proceedings, changes in certain market conditions, including the discount rate and regulated utility peer EBITDA multiples, and the passing margin from their last quantitative assessments performed. If an entity bypasses the qualitative assessment, a quantitative, fair value-based assessment is performed, which compares the fair value of the reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the entity recognizes an impairment charge, which is limited to the amount of goodwill allocated to the reporting unit.

Application of the goodwill impairment assessment requires management judgment, including the identification of reporting units and determining the fair value of the reporting unit, which management estimates using a weighted combination of a discounted cash flow analysis and a market multiples analysis. Significant assumptions used in these fair value analyses include discount and growth rates, utility sector market performance and transactions, projected operating and capital cash flows for ComEd's, Pepco's, DPL's, and ACE's businesses, and the fair value of debt.

***2025 and 2024 Goodwill Impairment Assessment.*** ComEd and PHI qualitatively determined that it was more likely than not that the fair values of their reporting units exceeded their carrying values and, therefore, did not perform quantitative assessments as of November 1, 2025 and 2024. The last quantitative assessments performed for PHI was as of November 1, 2018. On December 14, 2023, due to the issuance of the ICC's final order rejecting ComEd's proposed Grid Plan and establishing retail rates for 2024-2027 as further discussed in Note 2 — Regulatory Matters, Exelon's stock price decreased approximately 10% triggering an interim quantitative assessment for potential goodwill impairment at ComEd. ComEd performed a quantitative assessment as of December 31, 2023, comparing the estimated fair value of ComEd to its carrying value, and determined there was no indication of goodwill impairment.

While the annual and interim assessments indicated no impairments, certain assumptions used to estimate reporting unit fair values are highly sensitive to changes. Adverse regulatory actions or changes in significant assumptions could potentially result in future impairments of Exelon's, ComEd's, and PHI's goodwill, which could be material.

***Other Intangible Assets and Liabilities (Exelon and PHI)***

Exelon's other intangible assets, included in Other current assets and Other deferred debits and other assets in the Consolidated Balance Sheets, consisted of the following at December 31, 2025 and 2024. Exelon's and PHI's other intangible liabilities, included in current and noncurrent Unamortized energy contract liabilities in their Consolidated Balance Sheets, consisted of the following at December 31, 2025 and 2024. The intangible assets and liabilities shown below are amortized on a straight-line basis, except for unamortized energy contracts which are amortized in relation to the expected realization of the underlying cash flows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Gross** | **Accumulated Amortization** | **Net** | **Gross** | **Accumulated Amortization** | **Net** |
| **Exelon** | | | | | | |
| &nbsp;&nbsp;&nbsp;Unamortized Energy Contracts | $(1515) | $1494 | $(21) | $(1515) | $1489 | $(26) |
| &nbsp;&nbsp;&nbsp;Software License | 81 | (81) |  | 81 | (78) | 3 |
| **Exelon Total** | $(1434) | $1413 | $(21) | $(1434) | $1411 | $(23) |
| **PHI** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unamortized Energy Contracts | $(1515) | $1494 | $(21) | $(1515) | $1489 | $(26) |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 10 — Intangible Assets

The following table summarizes the amortization expense related to intangible assets and liabilities for each of the years ended December 31, 2025, 2024, and 2023:

---

| | | |
|:---|:---|:---|
| **For the Years Ended December 31,** | **Exelon**<sup>(a)</sup> | **PHI**<sup>(a)</sup> |
| 2025 | $(2) | $(5) |
| 2024 | (1) | (9) |
| 2023 | (1) | (10) |

---

__________

(a)For PHI unamortized energy contracts, the amortization of the fair value adjustment amounts and the corresponding offsetting regulatory asset amounts are amortized through Purchased power and fuel expense in their Consolidated Statements of Operations and Comprehensive Income resulting in no effect to net income.

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

***Components of Income Tax Expense or Benefit***

Income tax expense (benefit) from continuing operations is comprised of the following components:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Included in operations: |  |  |  |  |  |  |  |  |
| Federal |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $119 | $143 | $97 | $74 | $91 | $47 | $28 | $20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred | 169 | (16) | (45) | 28 | 60 | 18 | 16 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment tax credit amortization | (1) | (1) |  |  |  |  |  |  |
| State |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | 13 | 80 |  |  | 16 | 7 | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred | 223 | 55 | (23) | 57 | 72 | 34 | 17 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $523 | $261 | $29 | $159 | $239 | $106 | $69 | $67 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Included in operations: |  |  |  |  |  |  |  |  |
| Federal |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $42 | $76 | $51 | $45 | $97 | $50 | $29 | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred | (27) | (76) | (46) | (42) | 21 | 3 | 3 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment tax credit amortization | (2) | (1) |  |  | (1) |  |  |  |
| State |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | 37 | 60 |  |  | 19 | 17 | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred | 157 | 57 | (17) | 46 | 53 | 20 | 13 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $207 | $116 | $(12) | $49 | $189 | $90 | $49 | $55 |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 11 — Income Taxes

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Included in operations: |  |  |  |  |  |  |  |  |
| Federal |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $51 | $130 | $63 | $67 | $71 | $54 | $25 | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred | 193 | 45 | (36) | 16 | (8) | (28) | (6) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment tax credit amortization | (2) | (1) |  |  | (1) |  |  |  |
| State |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | 4 | (13) |  |  | 15 | 12 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred | 128 | 153 | (7) | 50 | 39 | 13 | 10 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $374 | $314 | $20 | $133 | $116 | $51 | $35 | $36 |

---

***Rate Reconciliation***

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> |
| | **Exelon** | **Exelon** | **ComEd**<sup>(c)</sup> | **ComEd**<sup>(c)</sup> | **PECO**<sup>(d)</sup> | **PECO**<sup>(d)</sup> | **BGE** | **BGE** |
| U.S. Federal Statutory Tax Rate | $691 | 21.0% | $296 | 21.0% | $177 | 21.0% | $155 | 21.0% |
| Increase (decrease) due to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;State income taxes, net of Federal income tax benefit | 187 | 5.7 | 107 | 7.6 | (18) | (2.1) | 45 | 6.1 |
| &nbsp;&nbsp;Tax credits | (13) | (0.4) | (6) | (0.4) |  |  | (3) | (0.4) |
| &nbsp;&nbsp;Nontaxable or nondeductible items | 13 | 0.4 | 1 | 0.1 | 1 | 0.1 | 1 | 0.2 |
| Other Adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Plant basis differences | (145) | (4.4) | (13) | (1.0) | (117) | (13.9) | (11) | (1.5) |
| &nbsp;&nbsp;Excess deferred tax | (208) | (6.3) | (123) | (8.7) | (14) | (1.7) | (28) | (3.8) |
| &nbsp;&nbsp;Amortization of ITC, net deferred taxes | (2) | (0.1) | (1) | (0.1) |  |  |  |  |
| **Effective Tax Rate** | $523 | 15.9% | $261 | 18.5% | $29 | 3.4% | $159 | 21.6% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2025**<sup>(a)(b)</sup> |
| | **PHI** | **PHI** | **PEPCO** | **PEPCO** | **DPL** | **DPL** | **ACE** | **ACE** |
| U.S. Federal Statutory Tax Rate | $218 | 21.0% | $106 | 21.0% | $62 | 21.0% | $53 | 21.0% |
| Increase (decrease) due to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;State income taxes, net of Federal income tax benefit | 70 | 6.7 | 32 | 6.3 | 20 | 6.8 | 18 | 7.1 |
| &nbsp;&nbsp;Tax credits | (4) | (0.4) | (2) | (0.4) | (1) | (0.3) | (1) | (0.4) |
| &nbsp;&nbsp;Nontaxable or nondeductible items | 3 | 0.3 | 2 | 0.3 | (1) | (0.3) | 1 | 0.2 |
| Other Adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Plant basis differences | (5) | (0.5) | (3) | (0.6) | (1) | (0.3) | (1) | (0.4) |
| &nbsp;&nbsp;Excess deferred tax | (42) | (4.0) | (29) | (5.7) | (10) | (3.4) | (3) | (1.2) |
| &nbsp;&nbsp;Amortization of ITC, net deferred taxes | (1) | (0.1) |  |  |  |  |  |  |
| **Effective Tax Rate** | $239 | 23.0% | $106 | 20.9% | $69 | 23.5% | $67 | 26.3% |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 11 — Income Taxes

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> |
| | **Exelon** | **Exelon** | **ComEd**<sup>(c)</sup> | **ComEd**<sup>(c)</sup> | **PECO**<sup>(d)</sup> | **PECO**<sup>(d)</sup> | **BGE**<sup>(e)</sup> | **BGE**<sup>(e)</sup> |
| U.S. Federal Statutory Tax Rate | $560 | 21.0% | $248 | 21.0% | $113 | 21.0% | $121 | 21.0% |
| Increase (decrease) due to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;State income taxes, net of Federal income tax benefit | 153 | 5.7 | 92 | 7.8 | (13) | (2.4) | 36 | 6.3 |
| &nbsp;&nbsp;Tax credits | (19) | (0.6) | (13) | (1.1) |  |  | (2) | (0.3) |
| &nbsp;&nbsp;Nontaxable or nondeductible items | 6 | 0.2 | 2 | 0.2 |  |  | 1 | 0.1 |
| Other Adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Plant basis differences | (120) | (4.5) | (8) | (0.7) | (96) | (17.8) | (8) | (1.4) |
| &nbsp;&nbsp;Excess deferred tax | (371) | (13.9) | (204) | (17.3) | (16) | (3.0) | (99) | (17.2) |
| &nbsp;&nbsp;Amortization of ITC, net deferred taxes | (2) | (0.1) | (1) | (0.1) |  |  |  |  |
| **Effective Tax Rate** | $207 | 7.8% | $116 | 9.8% | $(12) | (2.2)% | $49 | 8.5% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2024**<sup>(a)(b)</sup> |
| | **PHI** | **PHI** | **PEPCO** | **PEPCO** | **DPL** | **DPL** | **ACE** | **ACE** |
| U.S. Federal Statutory Tax Rate | $195 | 21.0% | $101 | 21.0% | $54 | 21.0% | $44 | 21.0% |
| Increase (decrease) due to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;State income taxes, net of Federal income tax benefit | 57 | 6.1 | 29 | 6.0 | 13 | 5.0 | 15 | 7.1 |
| &nbsp;&nbsp;Tax credits | (4) | (0.4) | (2) | (0.4) | (1) | (0.4) | (1) | (0.5) |
| &nbsp;&nbsp;Nontaxable or nondeductible items | 1 | 0.1 |  |  | 1 | 0.4 |  |  |
| Other Adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Plant basis differences | (7) | (0.8) | (5) | (1.0) | (3) | (1.2) | 1 | 0.5 |
| &nbsp;&nbsp;Excess deferred tax | (52) | (5.6) | (33) | (6.8) | (15) | (5.8) | (4) | (1.9) |
| &nbsp;&nbsp;Amortization of ITC, net deferred taxes | (1) | (0.1) |  |  |  |  |  |  |
| **Effective Tax Rate** | $189 | 20.3% | $90 | 18.8% | $49 | 19.0% | $55 | 26.2% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> |
| | **Exelon** | **Exelon** | **ComEd** | **ComEd** | **PECO**<sup>(d)</sup> | **PECO**<sup>(d)</sup> | **BGE** | **BGE** |
| U.S. Federal Statutory Tax Rate | $567 | 21.0% | $295 | 21.0% | $122 | 21.0% | $130 | 21.0% |
| Increase (decrease) due to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;State income taxes, net of Federal income tax benefit | 104 | 3.8 | 111 | 7.9 | (6) | (1.0) | 40 | 6.5 |
| &nbsp;&nbsp;Tax credits | (16) | (0.6) | (8) | (0.6) |  |  | (3) | (0.5) |
| &nbsp;&nbsp;Nontaxable or nondeductible items | 7 | 0.3 | 1 | 0.2 | 2 | 0.2 |  |  |
| Other Adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Plant basis differences | (106) | (3.9) | (7) | (0.5) | (84) | (14.4) | (6) | (1.0) |
| &nbsp;&nbsp;Excess deferred tax | (180) | (6.7) | (77) | (5.5) | (14) | (2.4) | (28) | (4.5) |
| &nbsp;&nbsp;Amortization of ITC, net deferred taxes | (2) | (0.1) | (1) | (0.1) |  |  |  |  |
| **Effective Tax Rate** | $374 | 13.8% | $314 | 22.4% | $20 | 3.4% | $133 | 21.5% |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 11 — Income Taxes

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> | **For the Year Ended December 31, 2023**<sup>(a)(b)</sup> |
| | **PHI** | **PHI** | **PEPCO** | **PEPCO** | **DPL** | **DPL** | **ACE** | **ACE** |
| U.S. Federal Statutory Tax Rate | $148 | 21.0% | $75 | 21.0% | $45 | 21.0% | $33 | 21.0% |
| Increase (decrease) due to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;State income taxes, net of Federal income tax benefit | 43 | 6.1 | 20 | 5.5 | 13 | 6.1 | 11 | 7.1 |
| &nbsp;&nbsp;Tax credits | (3) | (0.6) | (3) | (0.7) | (1) | (0.4) | (1) | (0.6) |
| &nbsp;&nbsp;Nontaxable or nondeductible items |  | 0.1 | 1 | 0.3 |  |  | 1 | 0.7 |
| Other Adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Plant basis differences | (10) | (1.5) | (8) | (2.2) | (2) | (0.8) | (1) | (0.6) |
| &nbsp;&nbsp;Excess deferred tax | (61) | (8.6) | (34) | (9.6) | (20) | (9.4) | (7) | (4.5) |
| &nbsp;&nbsp;Amortization of ITC, net deferred taxes | (1) | (0.1) |  |  |  |  |  |  |
| Effective Tax Rate | $116 | 16.4% | $51 | 14.3% | $35 | 16.5% | $36 | 23.1% |

---

__________

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

(b)Exelon and Registrants had no adjustments related to the following disclosure categories: Foreign Tax Effects, Effects of Changes in Tax law or Rates Enacted in the Current Period, Effects of Cross-Border Tax Laws, Changes in Valuation Allowances, and Changes in Unrecognized Tax Benefits.

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

(d)For PECO, the lower effective tax rate is primarily related to state income taxes, net of federal income tax benefit and plant basis differences attributable to tax repair deductions.

(e)For BGE, the lower effective tax rate is primarily due to the Maryland Multi-year plan which resulted in the acceleration of certain tax benefits being provided to customers.

***State and local Income Tax (Major Jurisdictions)***

The state and local jurisdictions that comprise the majority of the effect of the state and local income tax, net of federal income taxes category by Registrant are presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Exelon | IL, MD | IL, MD | MD, IL |
| ComEd | IL | IL | IL |
| PECO | PA | PA | PA |
| BGE | MD | MD | MD |
| PHI | MD, NJ | MD, NJ | MD, NJ |
| Pepco | MD | MD | MD |
| DPL | DE | DE | DE |
| ACE | NJ | NJ | NJ |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 11 — Income Taxes

***Tax Differences and Carryforwards***

The tax effects of temporary differences and carryforwards, which give rise to significant portions of the deferred tax assets (liabilities), at December 31, 2025 and 2024 are presented below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Plant basis differences | $(13989) | $(5231) | $(2676) | $(2411) | $(3596) | $(1628) | $(1033) | $(936) |
| Accrual based contracts | 18 |  |  |  | 5 |  |  |  |
| Derivatives and other financial instruments | 26 | 36 |  |  | 1 |  |  |  |
| Deferred pension and postretirement obligation | 506 | (382) | (41) | (20) | (60) | (57) | (28) |  |
| Deferred debt refinancing costs | 101 | (4) |  | (2) | 91 | (2) | (1) | (1) |
| Regulatory assets and liabilities | (1756) | (490) | (324) | (39) | (122) | (36) | 29 | (25) |
| Tax loss carryforward, net of valuation allowances | 275 |  | 72 | 63 | 67 |  | 14 | 53 |
| Tax credit carryforward |  |  |  |  |  |  |  |  |
| Corporate Alternative Minimum Tax | 553 |  | 289 | 142 | 71 | 44 | 17 | 20 |
| Investment in partnerships | (28) |  |  |  |  |  |  |  |
| Other, net | 601 | 250 | 86 | 26 | 166 | 76 | 9 | 23 |
| **Deferred income tax liabilities (net)** | (13693) | (5821) | (2594) | (2241) | (3377) | (1603) | (993) | (866) |
| Unamortized investment tax credits | (15) | (7) |  | (1) | (7) | (1) | (3) | (3) |
| **Total deferred income tax liabilities (net) and unamortized investment tax credits** | $(13708) | $(5828) | $(2594) | $(2242) | $(3384) | $(1604) | $(996) | $(869) |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 11 — Income Taxes

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Plant basis differences | $(13150) | $(5069) | $(2446) | $(2232) | $(3371) | $(1512) | $(975) | $(881) |
| Accrual based contracts | 19 |  |  |  | 6 |  |  |  |
| Derivatives and other financial instruments | 21 | 36 |  |  | 1 |  |  |  |
| Deferred pension and postretirement obligation | 512 | (339) | (39) | (24) | (68) | (64) | (32) |  |
| Deferred debt refinancing costs | 108 | (4) |  | (2) | 98 | (3) | (1) | (1) |
| Regulatory assets and liabilities | (1665) | (515) | (254) | (37) | (96) | (16) | 33 | (18) |
| Tax loss carryforward, net of valuation allowances | 283 |  | 63 | 78 | 68 |  | 16 | 51 |
| Tax credit carryforward | 142 |  |  |  |  |  |  |  |
| Corporate Alternative Minimum Tax | 369 | 47 | 166 | 95 | 2 | 2 | 4 | 8 |
| Investment in partnerships | (27) |  |  |  |  |  |  |  |
| Other, net | 612 | 249 | 77 | 24 | 180 | 85 | 10 | 27 |
| **Deferred income tax liabilities (net)** | (12776) | (5595) | (2433) | (2098) | (3180) | (1508) | (945) | (814) |
| Unamortized investment tax credits | (10) | (6) |  | (1) | (3) | (1) | (1) | (2) |
| **Total deferred income tax liabilities (net) and <br>unamortized investment tax credits** | $(12786) | $(5601) | $(2433) | $(2099) | $(3183) | $(1509) | $(946) | $(816) |

---

The following table provides federal and state tax attribute carryforwards at December 31, 2025 for Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE. The state net operating loss carryforwards and any corresponding valuation allowance are presented on a post-apportioned basis.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **<u>Federal</u>** | | | | | | | | |
| Federal general business credits carryforwards | $— | $— | $— | $— | $— | $— | $— | $— |
| Corporate Alternative Minimum Tax credit carryforward<sup>(a)</sup> | $553 | $— | $289 | $142 | $71 | $44 | $17 | $20 |
| **<u>State</u>** |  |  |  |  |  |  |  |  |
| State net operating loss carryforwards | $6684 | $— | $1944 | $972 | $1387 | $— | $635 | $752 |
| Deferred taxes on state tax attributes (net of federal taxes) | $381 | $— | $76 | $63 | $96 | $— | $43 | $53 |
| Valuation allowance on state tax attributes (net of federal taxes)<sup>(b)</sup> | $106 | $— | $4 | $— | $29 | $— | $29 | $— |
| Year in which net operating loss or credit carryforwards will begin to expire<sup>(c)</sup> | 2031 | N/A | 2031 | 2033 | 2031 | N/A | 2033 | 2031 |

---

__________

(a)For Exelon, PECO, BGE, PHI, Pepco, DPL, and ACE, the Corporate Alternative Minimum Tax credit carryforward has an indefinite carryforward period.

(b)For Exelon, a full valuation allowance has been recorded against certain separate company state net operating loss carryforwards that are expected to expire before realization. For PECO, a valuation allowance has been recorded against Pennsylvania net operating losses that are expected to expire before realization. For DPL, a full valuation allowance has

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 11 — Income Taxes

been recorded against Delaware net operating losses carryforwards due to a change in Delaware tax law that limits the ability of corporate taxpayers to monetize net operating losses.

(c)A portion of Exelon's, BGE's, and DPL's Maryland state net operating loss carryforward have an indefinite carryforward period.

***Tabular Reconciliation of Unrecognized Tax Benefits***

The following table presents changes in unrecognized tax benefits, for Exelon, PHI, DPL, and ACE. Amounts for ComEd, PECO, BGE, and Pepco are not material.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Exelon**<sup>(a)</sup> | **PHI** | **DPL** | **ACE** |
| **Balance at January 1, 2023** | $148 | $59 | $4 | $17 |
| Change to positions that only affect timing | (57) | (9) | (2) | (2) |
| Increases based on tax positions related to 2023 | 3 | 1 |  |  |
| Increases based on tax positions prior to 2023 | 1 |  |  |  |
| Decreases based on tax positions prior to 2023 | (1) |  |  |  |
| **Balance at December 31, 2023** | $94 | $51 | $2 | $15 |
| Change to positions that only affect timing | 10 | 10 |  |  |
| Increases based on tax positions related to 2024 | 4 | 1 | 10 |  |
| Increases based on tax positions prior to 2024 | 2 |  |  |  |
| Decreases based on tax positions prior to 2024 | (14) | (14) |  | (14) |
| **Balance at December 31, 2024** | $96 | $48 | $12 | $1 |
| Change to positions that only affect timing |  | (1) |  |  |
| Increases based on tax positions related to 2025 | 3 | 1 |  |  |
| Increases based on tax positions prior to 2025 | 1 |  |  |  |
| Decreases based on tax positions prior to 2025 |  |  |  |  |
| **Balance at December 31, 2025** | $100 | $48 | $12 | $1 |

---

______

(a)At December 31, 2025 and 2024, Exelon recorded a receivable of $31 million and $31 million, respectively, in noncurrent Other assets in the Consolidated Balance Sheet for Constellation's share of unrecognized tax benefits for periods prior to the separation of Exelon and Constellation in February 2022.

***Unrecognized Tax Benefits***

The following table presents Exelon's unrecognized tax benefits that, if recognized, would decrease the effective tax rate. The Utility Registrants' amounts are not material.

---

| | |
|:---|:---|
| | **Exelon** |
| December 31, 2025 | $83 |
| December 31, 2024 | 69 |
| December 31, 2023 | 71 |

---

At December 31, 2025 Exelon, PHI, and DPL have approximately $65 million, $6 million, and $1 million, respectively, of unrecognized federal tax benefits that could significantly change within the 12 months after the reporting date based on the outcome of pending refund claims that impacts the effective tax rate.

***Total Amounts of Interest and Penalties Recognized***

The following table represents the net interest and penalties receivable (payable) related to tax positions reflected in Exelon's Consolidated Balance Sheets. The Utility Registrants' amounts are not material.

---

| | |
|:---|:---|
| **<u>Net interest and penalties receivable at</u>** | **Exelon** |
| December 31, 2025 <sup>(a)</sup> | $61 |
| December 31, 2024 <sup>(b)</sup> | 76 |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 11 — Income Taxes

__________

(a)At December 31, 2025, Exelon classified $7 million and $54 million of the interest receivable as current and noncurrent, respectively, based on the expected timing for settlement in cash. At December 31, 2025, Exelon recorded a receivable of $12 million in noncurrent Other assets in the Consolidated Balance Sheet for Constellation's share of net interest for periods prior to the separation of Exelon and Constellation in February 2022.

(b)At December 31, 2024, Exelon classified $27 million and $49 million of the interest receivable as current and noncurrent, respectively, based on the expected timing for settlement in cash. At December 31, 2024, Exelon recorded a receivable of $9 million in noncurrent Other assets in the Consolidated Balance Sheet for Constellation's share of net interest for periods prior to the separation of Exelon and Constellation in February 2022.

The Registrants did not record material interest or penalties related to tax positions reflected in their Consolidated Balance Sheets. Interest and penalties are recorded in Interest expense, net and Other, net, respectively, in Other income and deductions in the Registrants' Consolidated Statements of Operations and Comprehensive Income.

***Description of Tax Years Open to Assessment by Major Jurisdiction***

---

| | | |
|:---|:---|:---|
| **<u>Major Jurisdiction</u>** | **Open Years** | **Registrants Impacted** |
| Federal consolidated income tax returns<sup>(a)</sup> | 2010-2024 | All Registrants |
| Delaware separate corporate income tax returns | 2010-2024 | DPL |
| District of Columbia combined corporate income tax returns | 2022-2024 | Exelon, PHI, Pepco |
| Illinois unitary corporate income tax returns | 2012-2024 | Exelon, ComEd |
| Maryland separate company corporate net income tax returns | 2010-2024 | BGE, Pepco, DPL |
| New Jersey combined corporate income tax returns | 2021-2024 | Exelon |
| New Jersey separate corporate income tax returns | 2021-2024 | ACE |
| Pennsylvania separate corporate income tax returns | 2021-2024 | Exelon |
| Pennsylvania separate corporate income tax returns | 2021-2024 | PECO |

---

__________

(a)Certain registrants are only open to assessment for tax years since joining the Exelon federal consolidated group; BGE beginning in 2012 and PHI, Pepco, DPL, and ACE beginning in 2016.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 11 — Income Taxes

***Tax Payments (Refunds) by Major Jurisdiction***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Federal<sup>(a)</sup> | $— | $128 | $(186) | $(95) | $88 | $69 | $13 | $11 |
| Delaware | 8 |  |  |  | 8 |  | 7 |  |
| District of Columbia |  |  |  |  | 4 | 6 |  |  |
| Illinois | (1) | 96 |  |  |  |  |  |  |
| Maryland | 14 |  |  |  | 14 | 13 |  |  |
| Pennsylvania | (10) |  |  |  |  |  |  |  |
| Other States | 1 |  |  |  |  |  |  |  |
| Total Payments (Refunds) | $12 | $224 | $(186) | $(95) | $114 | $88 | $20 | $11 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Federal | $54 | $188 | $128 | $100 | $119 | $62 | $43 | $20 |
| Delaware | 13 |  |  |  | 13 |  | 13 |  |
| District of Columbia |  |  |  |  | 5 | 21 |  |  |
| Illinois |  | 62 |  |  |  |  |  |  |
| Maryland | 13 |  |  |  | 13 | 13 |  |  |
| Pennsylvania |  |  |  |  |  |  |  |  |
| Other States | 1 |  |  |  |  |  | 1 |  |
| Total Payments | $81 | $250 | $128 | $100 | $150 | $96 | $57 | $20 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Federal | $18 | $40 | $(24) | $29 | $25 | $14 | $6 | $9 |
| Delaware | 2 |  |  |  | 2 |  |  |  |
| District of Columbia |  |  |  |  | (6) | (8) |  |  |
| Illinois |  | (28) |  |  |  |  |  |  |
| Maryland | 1 |  |  |  |  |  |  |  |
| Pennsylvania | (1) |  |  |  |  |  |  |  |
| Other States | (10) | (1) |  |  |  |  |  |  |
| Total Payments (Refunds) | $10 | $11 | $(24) | $29 | $21 | $6 | $6 | $9 |

---

__________

(a)In 2025, Exelon received a one-time federal refund claim that reduced current year federal tax payments to a net zero.

***Other Tax Matters***

*Tax Matters Agreement (Exelon)*

In February 2022, in connection with the separation between Exelon and Constellation, the parties entered into a TMA. The TMA governs the respective rights, responsibilities, and obligations between Exelon and Constellation after the separation with respect to tax liabilities, refunds and attributes for open tax years that Constellation was part of Exelon's consolidated group for U.S. federal, state, and local tax purposes.

*Indemnification for Taxes.* As a former subsidiary of Exelon, Constellation has joint and several liability with Exelon to the IRS and certain state jurisdictions relating to the taxable periods prior to the separation. The TMA specifies that Constellation is liable for their share of taxes required to be paid by Exelon with respect to taxable periods prior to the separation to the extent Constellation would have been responsible for such taxes under the existing Exelon tax sharing agreement when Constellation was included in Exelon's consolidated group. At December 31, 2025, there is no balance due to or from Constellation.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 11 — Income Taxes

*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 when Constellation was included in Exelon's consolidated group. At December 31, 2025, there is no balance due to or from Constellation.

*Tax Attributes*. At the date of separation certain tax attributes, primarily tax credit carryforwards, that were generated by Constellation prior to the separation, 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 remitted $143 million of payments to Constellation for the utilization of pre-separation tax credit carryforwards. At December 31, 2025, Exelon recorded a payable of $175 million and $21 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.

*Corporate Alternative Minimum Tax (All Registrants)*

On August 16, 2022, the IRA was signed into law and implemented a new corporate alternative minimum tax (CAMT) that imposes a 15.0% tax on modified GAAP net income. Corporations will now pay the greater of 15.0% of financial statement pre-tax income (with certain adjustments) or their regular federal tax liability, which is federal taxable income x 21.0% federal corporate tax rate. Corporations are entitled to a tax credit (minimum tax credit) to the extent the CAMT liability exceeds the regular tax liability. This amount can be carried forward indefinitely and used in future years when regular tax exceeds the CAMT.

Beginning in 2023, based on the existing statue, 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.

On September 30, 2025, the U.S. Treasury issued interim guidance addressing the implementation of CAMT in the form of a notice. The guidance allows entities with regulated operations a repairs adjustment for CAMT purposes, however the provision was drafted in a manner that does not achieve that intended result. Thus, the guidance does not benefit Exelon and has no financial statement impact. Exelon will continue to monitor and assess the potential financial statement impacts of future 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 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.

*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

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 11 — Income Taxes

of certain 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.

*Long-Term Marginal State Income Tax Rate (All Registrants)*

Quarterly, Exelon reviews and updates its marginal state income tax rates for material changes in state tax laws and state apportionment. The Registrants remeasure their existing deferred income tax balances to reflect the changes in marginal rates, which results in either an increase or a decrease to their net deferred income tax liability balances. Utility Registrants record corresponding regulatory liabilities or assets to the extent such amounts are probable of settlement or recovery through customer rates and an adjustment to income tax expense for all other amounts. In the third quarter of 2023, Exelon updated its marginal state income tax rates for changes in state apportionment. The changes in marginal rates in the third quarter resulted in a decrease of $54 million to the deferred tax liability at Exelon, and a corresponding adjustment to income tax expense, net of federal taxes. There were no impacts to ComEd, BGE, PHI, Pepco, DPL, and ACE for the year ended December 31, 2023. There were no impacts to Exelon, ComEd, BGE, PHI, Pepco, DPL, and ACE for the years ended December 31, 2025 and 2024.

---

| | |
|:---|:---|
| **December 31, 2025** | **Exelon** |
| Decrease to Deferred Income Tax Liability and Income Tax Expense, Net of Federal Taxes | $— |
| **December 31, 2024** |  |
| Decrease to Deferred Income Tax Liability and Income Tax Expense, Net of Federal Taxes |  |
| **December 31, 2023** |  |
| Decrease to Deferred Income Tax Liability and Income Tax Expense, Net of Federal Taxes | (54) |

---

*Allocation of Tax Benefits (All Registrants)*

The Utility Registrants are party to an agreement with Exelon and other subsidiaries of Exelon that provides for the allocation of consolidated tax liabilities and benefits (Tax Sharing Agreement). The Tax Sharing Agreement provides that each party is allocated an amount of tax similar to that which would be owed had the party been separately subject to tax. In addition, any net federal and state benefits attributable to Exelon are reallocated to the other Registrants. That allocation is treated as a contribution from Exelon to the party receiving the benefit.

The following table presents the allocation of tax benefits from Exelon under the Tax Sharing Agreement, for the year ended December 31, 2025, 2024, and 2023.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| December 31, 2025 | $20 | $14 | $12 | $23 | $12 | $7 | $4 |
| December 31, 2024 | 30 | 15 | 14 | 16 | 9 | 5 | 2 |
| December 31, 2023<sup>(a)</sup> | 13 | 19 |  | 10 | 4 |  | 2 |

---

__________

(a)BGE and DPL did not record an allocation of federal tax benefits from Exelon under the Tax Sharing Agreement as a result of a tax net operating loss.

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

Exelon sponsors defined benefit pension and OPEB plans. Substantially all non-union employees hired on or after January 1, 2001, participate in cash balance pension plans. Effective January 1, 2009, substantially all newly-hired union-represented employees participate in cash balance pension plans. Effective February 1, 2018, most newly-hired BSC non-represented, non-craft employees are not eligible to participate in defined benefit pension plans; January 1, 2021, most newly hired utility management employees are not eligible; and certain newly-hired union employees, pursuant to their collective bargaining agreements, are not eligible. In lieu of pension participation, affected employees are eligible to receive an automatic company contribution in an Exelon defined contribution savings plan. Effective January 1, 2018, most newly hired non-represented, non-craft employees are not eligible for OPEB benefits. Effective January 1, 2021, most non-represented, non-craft employees who are under the age of 40 are not eligible for retiree health care benefits. Certain union represented employees are not eligible for retiree healthcare benefits pursuant to their collective bargaining

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 12 — Retirement Benefits

agreements. Effective January 1, 2022, management employees retiring on or after that date are no longer eligible for retiree life insurance benefits.

The tables below show the pension and OPEB plans in which current and former employees of each operating company participated as of December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Operating Company**<sup>(a)</sup> | **Operating Company**<sup>(a)</sup> | **Operating Company**<sup>(a)</sup> | **Operating Company**<sup>(a)</sup> | **Operating Company**<sup>(a)</sup> | **Operating Company**<sup>(a)</sup> | **Operating Company**<sup>(a)</sup> |
| **<u>Name of Plan:</u>** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| ***Qualified Pension Plans:*** | | | | | | | |
| &nbsp;&nbsp;&nbsp;Exelon Corporation Retirement Program (ECRP) | X | X | X | X | X | X | X |
| &nbsp;&nbsp;&nbsp;Exelon Corporation Pension Plan for Bargaining Unit Employees (PPBU) | X |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exelon Pension Plan (EPP) | X | X | X | X | X | X | X |
| &nbsp;&nbsp;&nbsp;Pepco Holdings LLC Retirement Plan (PHI Qualified) | X | X | X | X | X | X | X |
| ***Non-Qualified Pension Plans:*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exelon Corporation Supplemental Pension Benefit Plan and 2000 Excess Benefit Plan | X | X |  | X |  |  |  |
| &nbsp;&nbsp;&nbsp;Exelon Corporation Supplemental Management Retirement Plan | X | X | X | X |  |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy Group, Inc. Senior Executive Supplemental Plan |  |  | X | X |  |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy Group, Inc. Supplemental Pension Plan |  |  | X | X |  |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy Group, Inc. Benefits Restoration Plan |  | X | X | X |  |  |  |
| &nbsp;&nbsp;&nbsp;Baltimore Gas & Electric Company Executive Benefit Plan |  |  | X |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Baltimore Gas & Electric Company Manager Benefit Plan |  | X | X |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pepco Holdings LLC 2011 Supplemental Executive Retirement Plan |  | X |  | X | X | X | X |
| &nbsp;&nbsp;&nbsp;Conectiv Supplemental Executive Retirement Plan |  |  |  | X |  | X | X |
| &nbsp;&nbsp;&nbsp;Pepco Holdings LLC Combined Executive Retirement Plan |  |  |  | X | X |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Operating Company**<sup>(a)</sup> | **Operating Company**<sup>(a)</sup> | **Operating Company**<sup>(a)</sup> | **Operating Company**<sup>(a)</sup> | **Operating Company**<sup>(a)</sup> | **Operating Company**<sup>(a)</sup> | **Operating Company**<sup>(a)</sup> |
| **<u>Name of Plan:</u>** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| ***OPEB Plans:*** | | | | | | | |
| &nbsp;&nbsp;&nbsp;PECO Energy Company Retiree Medical Plan (East) | X | X | X | X | X | X | X |
| &nbsp;&nbsp;&nbsp;Exelon Corporation Health Care Program (West) | X | X | X | X | X | X | X |
| &nbsp;&nbsp;&nbsp;Pepco Holdings LLC Welfare Plan for Retirees (PHI PRW) |  | X | X | X | X | X | X |
| &nbsp;&nbsp;&nbsp;Exelon Corporation Employees' Life Insurance Plan | X | X | X |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exelon Corporation Health Reimbursement Arrangement Plan | X | X | X |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BGE Retiree Medical Plan | X | X | X | X | X | X | X |
| &nbsp;&nbsp;&nbsp;BGE Retiree Dental Plan |  |  | X |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exelon Retiree Medical Plan of Constellation Energy Nuclear Group, LLC | X |  | X | X |  |  |  |
| &nbsp;&nbsp;&nbsp;Exelon Retiree Dental Plan of Constellation Energy Nuclear Group, LLC | X |  | X | X |  |  |  |

---

__________

(a)Employees generally remain in their legacy benefit plans when transferring between operating companies.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 12 — Retirement Benefits

Exelon's traditional and cash balance pension plans are intended to be tax-qualified defined benefit plans. Exelon has elected that the trusts underlying these plans be treated as qualified trusts under the IRC. If certain conditions are met, Exelon can deduct payments made to the qualified trusts, subject to certain IRC limitations.

***Benefit Obligations, Plan Assets, and Funded Status***

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.

The following tables provide a rollforward of the changes in the benefit obligations and plan assets of Exelon for the most recent two years for all plans combined:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **OPEB** | **OPEB** |
| | **2025** | **2024** | **2025** | **2024** |
| **Change in benefit obligation:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net benefit obligation as of the beginning of the year | $10545 | $10988 | $1837 | $1908 |
| &nbsp;&nbsp;&nbsp;Service cost | 154 | 166 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;Interest cost | 586 | 565 | 101 | 96 |
| &nbsp;&nbsp;&nbsp;Plan participants' contributions |  |  | 26 | 27 |
| &nbsp;&nbsp;&nbsp;Actuarial loss (gain)⁽ᵃ⁾ | 294 | (331) | 112 | (32) |
| &nbsp;&nbsp;&nbsp;Settlements | (5) | (22) |  |  |
| &nbsp;&nbsp;&nbsp;Gross benefits paid | (837) | (821) | (189) | (189) |
| **Net benefit obligation as of the end of the year** | $10737 | $10545 | $1912 | $1837 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **OPEB** | **OPEB** |
| | **2025** | **2024** | **2025** | **2024** |
| **Change in plan assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fair value of net plan assets as of the beginning of the year | $8785 | $9402 | $1355 | $1355 |
| &nbsp;&nbsp;&nbsp;Actual return on plan assets | 739 | 100 | 151 | 108 |
| &nbsp;&nbsp;&nbsp;Employer contributions | 293 | 126 | 49 | 54 |
| &nbsp;&nbsp;&nbsp;Plan participants' contributions |  |  | 26 | 27 |
| &nbsp;&nbsp;&nbsp;Gross benefits paid | (837) | (821) | (189) | (189) |
| &nbsp;&nbsp;&nbsp;Settlements | (5) | (22) |  |  |
| **Fair value of net plan assets as of the end of the year** | $8975 | $8785 | $1392 | $1355 |

---

__________

(a)The pension and OPEB loss in 2025 primarily reflect a decrease in the discount rate. The pension and OPEB gains in 2024 primarily reflect an increase in the discount rate.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 12 — Retirement Benefits

Exelon presents its benefit obligations and plan assets net on its Consolidated Balance Sheets within the following line items:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **OPEB** | **OPEB** |
| | **2025** | **2024** | **2025** | **2024** |
| Other noncurrent assets | $— | $— | $44 | $10 |
| Other current liabilities | (13) | (15) | (18) | (20) |
| Pension obligations | (1749) | (1745) |  |  |
| Non-pension postretirement benefit obligations |  |  | (546) | (472) |
| **Unfunded status, net (net benefit obligation less plan assets)** | $(1762) | $(1760) | $(520) | $(482) |

---

The following table provides the ABO and fair value of plan assets for all pension plans with an ABO in excess of plan assets. Information for pension and OPEB plans with projected benefit obligations (PBO) and accumulated postretirement benefit obligations (APBO), respectively, in excess of plan assets have been disclosed in the Obligations and Plan Assets table above as all pension and a majority of the OPEB plans are underfunded.

---

| | | |
|:---|:---|:---|
| | **Exelon** | **Exelon** |
| | **2025** | **2024** |
| ABO | $10294 | $10076 |
| Fair value of net plan assets | 8975 | 8785 |

---

***Components of Net Periodic Benefit Costs***

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%.

A portion of the net periodic benefit cost for all plans is capitalized in the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the years ended December 31, 2025, 2024, and 2023.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **OPEB** | **OPEB** | **OPEB** |
| | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| **Components of net periodic benefit cost:** |  |  |  |  |  |  |
| Service cost | $154 | $166 | $155 | $25 | $27 | $26 |
| Interest cost | 586 | 565 | 578 | 101 | 96 | 101 |
| Expected return on assets | (713) | (736) | (755) | (84) | (84) | (83) |
| Amortization of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior service cost (credit) | 2 | 2 | 2 | (8) | (8) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial loss (gain) | 212 | 214 | 166 | (3) |  | (2) |
| Settlement and other charges | 3 | 10 | 20 |  |  |  |
| **Net periodic benefit cost** | $244 | $221 | $166 | $31 | $31 | $32 |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 12 — Retirement Benefits

***Cost Allocation to Exelon Subsidiaries***

PHI and each of the Utility Registrants account for their participation in Exelon's pension and OPEB plans by applying multi-employer accounting. Exelon allocates costs related to its pension and OPEB plans to its subsidiaries based on both active and retired employee participation in each plan.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Years Ended December 31,** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| 2025 | $273 | $85 | $7 | $62 | $96 | $35 | $17 | $13 |
| 2024 | 252 | 72 | (1) | 59 | 93 | 32 | 15 | 12 |
| 2023 | 198 | 26 | (14) | 56 | 99 | 34 | 18 | 13 |

---

***Components of AOCI and Regulatory Assets***

Exelon recognizes the overfunded or underfunded status of defined benefit pension and OPEB plans as an asset or liability on its Consolidated Balance Sheets, with offsetting entries to AOCI and Regulatory assets (liabilities). A portion of current year actuarial (gains) losses and prior service costs (credits) are capitalized in Exelon's Consolidated Balance Sheets to reflect the expected regulatory recovery of these amounts, which would otherwise be recorded to AOCI. The following tables provide the components of AOCI and Regulatory assets (liabilities) for Exelon for the years ended December 31, 2025, 2024, and 2023 for all plans combined.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **OPEB** | **OPEB** | **OPEB** |
| | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| **Changes in plan assets and benefit obligations recognized in AOCI and Regulatory assets (liabilities):** |  |  |  |  |  |  |
| Current year actuarial loss (gain) | $268 | $305 | $523 | $45 | $(56) | $30 |
| Amortization of actuarial (loss) gain | (212) | (214) | (166) | 3 |  | 2 |
| Current year prior service cost |  |  | 4 |  |  |  |
| Amortization of prior service (cost) credit | (2) | (2) | (2) | 8 | 8 | 10 |
| Settlements | (3) | (10) | (20) |  |  |  |
| **Total recognized in AOCI and Regulatory assets (liabilities)** | $51 | $79 | $339 | $56 | $(48) | $42 |
| **Total recognized in AOCI** | $32 | $56 | $99 | $8 | $(1) | $4 |
| **Total recognized in Regulatory assets (liabilities)** | $19 | $23 | $240 | $48 | $(47) | $38 |

---

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 12 — Retirement Benefits

The following table provides the components of gross AOCI and Regulatory assets (liabilities) for Exelon that have not been recognized as components of periodic benefit cost as of December 31, 2025 and 2024 for all plans combined:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **OPEB** | **OPEB** |
| | **2025** | **2024** | **2025** | **2024** |
| Prior service cost (credit) | $16 | $19 | $(28) | $(37) |
| Actuarial loss (gain) | 4082 | 4029 | (109) | (157) |
| **Total** | $4098 | $4048 | $(137) | $(194) |
| Total included in AOCI | $1060 | $1028 | $(10) | $(18) |
| Total included in Regulatory assets (liabilities) | $3038 | $3020 | $(127) | $(176) |

---

***Average Remaining Service Period***

For pension benefits, Exelon amortizes its unrecognized prior service costs (credits) and certain actuarial (gains) losses, as applicable, based on participants' average remaining service periods.

For OPEB, Exelon amortizes its unrecognized prior service costs (credits) over participants' average remaining service period to benefit eligibility age and amortizes certain actuarial (gains) losses over participants' average remaining service period to expected retirement. The resulting average remaining service periods for pension and OPEB were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Pension plans | 12.4 | 12.5 | 12.6 |
| OPEB plans: | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Eligibility Age | 7.7 | 7.8 | 8.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected Retirement | 8.7 | 9.0 | 9.3 |

---

***Assumptions***

The measurement of the plan obligations and costs of providing benefits under Exelon's defined benefit and OPEB plans involves various factors, including the development of valuation assumptions and inputs and accounting policy elections. The measurement of benefit obligations and costs is impacted by several assumptions and inputs, as shown below, among other factors. When developing the required assumptions, Exelon considers historical information as well as future expectations.

*Expected Rate of Return.* In determining the EROA, Exelon considers historical economic indicators (including inflation and GDP growth) that impact asset returns, as well as expectations regarding future long-term capital market performance, weighted by Exelon's target asset class allocations.

*Mortality*. The mortality assumption is composed of a base table that represents the current expectation of life expectancy of the population adjusted by an improvement scale that attempts to anticipate future improvements in life expectancy. For the years ended December 31, 2025 and 2024, Exelon's mortality assumption utilizes the SOA 2019 base table (Pri-2012) and MP-2021 improvement scale adjusted to use Proxy SSA ultimate improvement rates.

For Exelon, the following assumptions were used to determine the benefit obligations for the plans as of December 31, 2025 and 2024. Assumptions used to determine year-end benefit obligations are the assumptions used to estimate the subsequent year's net periodic benefit costs.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 12 — Retirement Benefits

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **OPEB** | **OPEB** |
| | **2025** | **2024** | **2025** | **2024** |
| Discount rate<sup>(a)</sup> | 5.42% | 5.68% | 5.34% | 5.64% |
| Investment crediting rate<sup>(b)</sup>  | 5.92% | 5.69% | N/A | N/A |
| Rate of compensation increase | 3.75% | 3.75% | 3.75% | 3.75% |
| Mortality table | Pri-2012 table with MP- 2021 improvement scale (adjusted) | Pri-2012 table with MP- 2021 improvement scale (adjusted) | Pri-2012 table with MP- 2021 improvement scale (adjusted) | Pri-2012 table with MP- 2021 improvement scale (adjusted) |
| Health care cost trend on covered charges | N/A | N/A | Initial trend rate of 6.50% and ultimate trend rate of 5.00%  | <br>Initial and ultimate trend rate of 5.00% |

---

__________

(a)The discount rates above represent the blended rates used to determine the majority of Exelon's pension and OPEB obligations. Certain benefit plans used individual rates, which range from 5.21% - 5.54% and 5.27% - 5.34% for pension and OPEB plans, respectively, as of December 31, 2025 and 5.56% - 5.76% and 5.60% - 5.64% for pension and OPEB plans, respectively, as of December 31, 2024.

(b)The investment crediting rate above represents a weighted average rate.

The following assumptions were used to determine the net periodic benefit cost for Exelon for the years ended December 31, 2025, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **OPEB** | **OPEB** | **OPEB** |
| | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Discount rate<sup>(a)</sup> | 5.68% | 5.19% | 5.53% | 5.64% | 5.17% | 5.51% |
| Investment crediting rate<sup>(b)</sup> | 5.69% | 5.03% | 5.07% | N/A | N/A | N/A |
| Expected return on plan assets<sup>(c)</sup>  | 7.00% | 7.00% | 7.00% | 6.50% | 6.50% | 6.50% |
| Rate of compensation increase | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% |
| Mortality table | Pri-2012 table with MP- 2021 improvement scale (adjusted) | Pri-2012 table with MP- 2021 improvement scale (adjusted) | Pri-2012 table with MP- 2021 improvement scale (adjusted) | Pri-2012 table with MP- 2021 improvement scale (adjusted) | Pri-2012 table with MP- 2021 improvement scale (adjusted) | Pri-2012 table with MP- 2021 improvement scale (adjusted) |
| Health care cost trend on covered charges | N/A | N/A | N/A | Initial and ultimate rate <br>of 5.00%  | Initial and ultimate rate of 5.00% | Initial and ultimate rate of 5.00% |

---

__________

(a)The discount rates above represent the blended rates used to establish the majority of Exelon's pension and OPEB costs. Certain benefit plans used individual rates, which range from 5.56%-5.76% and 5.60%-5.64% for pension and OPEB plans, respectively, for the year ended December 31, 2025; 5.11%-5.27% and 5.15%-5.17% for pension and OPEB plans; respectively, for the year ended December 31, 2024; and 5.46%-5.60% and 5.49%-5.51% for pension and OPEB plans, respectively, for the year ended December 31, 2023.

(b)The investment crediting rate above represents a weighted average rate.

(c)Not applicable to pension and OPEB plans that do not have plan assets.

***Contributions***

Exelon allocates contributions related to its ECRP and PPBU pension plans and East and West OPEB plans to its subsidiaries based on accounting cost. For the EPP pension plan, PHI Qualified, and PHI PRW plans, pension

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 12 — Retirement Benefits

and OPEB contributions are allocated to the subsidiaries based on employee participation (both active and retired). The following table provides contributions to the pension and OPEB plans:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **OPEB** | **OPEB** | **OPEB** |
| | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Exelon | $293 | $126 | $75 | $49 | $54 | $54 |
| ComEd | 189 | 7 | 24 | 20 | 18 | 17 |
| PECO | 11 | 3 | 1 | 2 | 1 |  |
| BGE | 26 | 17 |  | 18 | 20 | 19 |
| PHI | 42 | 74 | 8 | 8 | 12 | 16 |
| Pepco | 1 | 1 | 1 | 8 | 8 | 11 |
| DPL | 1 | 1 | 2 |  | 2 | 2 |
| ACE | 4 | 7 |  |  | 2 | 3 |

---

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 below 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. Based on this funding strategy and current market conditions, which are subject to change, Exelon's estimated annual qualified pension contributions will be approximately $325 million in 2026. Unlike the qualified pension plans, Exelon's non-qualified pension plans are not funded, given 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). The amounts below include benefit payments related to unfunded plans.

The following table provides all Registrants planned contributions to the qualified pension plans, planned benefit payments to non-qualified pension plans, and planned contributions to OPEB plans in 2026:

---

| | | | |
|:---|:---|:---|:---|
| | **Qualified Pension Plans** | **Non-Qualified Pension Plans** | **OPEB** |
| Exelon | $325 | $19 | $48 |
| ComEd | 217 | 3 | 22 |
| PECO | 9 | 1 | 4 |
| BGE | 32 | 2 | 14 |
| PHI | 48 | 7 | 6 |
| Pepco | 1 |  | 6 |
| DPL | 1 |  |  |
| ACE | 14 |  |  |

---

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 12 — Retirement Benefits

***Estimated Future Benefit Payments***

Estimated future benefit payments to participants in all of the pension plans and postretirement benefit plans as of December 31, 2025 were:

---

| | | |
|:---|:---|:---|
| | **Pension Benefits** | **OPEB** |
| 2026 | $812 | $156 |
| 2027 | 816 | 155 |
| 2028 | 813 | 154 |
| 2029 | 817 | 152 |
| 2030 | 807 | 151 |
| 2031 through 2035 | 3985 | 724 |
| **Total estimated future benefits payments through 2035** | $8050 | $1492 |

---

***Plan Assets***

*Investment Strategy.* On a regular basis, Exelon evaluates its investment strategy to ensure plan assets will be sufficient to pay plan benefits when due. As part of this ongoing evaluation, Exelon may make changes to its targeted asset allocation and investment strategy.

Exelon has developed and implemented a liability hedging investment strategy for its qualified pension plans that has reduced the volatility of its pension assets relative to its pension liabilities. Exelon is likely to continue to gradually increase the liability hedging portfolio as the funded status of its plans improves. The overall objective is to achieve attractive risk-adjusted returns that will balance the liquidity requirements of the plans' liabilities while striving to minimize the risk of significant losses. Trust assets for Exelon's OPEB plans are managed in a diversified investment strategy that prioritizes maximizing liquidity and returns while minimizing asset volatility.

Actual asset returns have an impact on the costs reported for the Exelon-sponsored pension and OPEB plans. The actual asset returns across Exelon's pension and OPEB plans for the year ended December 31, 2025 were 8.95% and 12.59%, respectively, compared to an expected long-term return assumption of 7.00% and 6.50%, respectively. Exelon used an EROA of 7.00% and 6.50% to estimate its 2026 pension and OPEB costs, respectively.

Exelon's pension and OPEB plan target asset allocations as of December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| **<u>Asset Category</u>** | **Pension Benefits** | **OPEB** | **Pension Benefits** | **OPEB** |
| Equity securities | 24% | 42% | 28% | 44% |
| Fixed income securities | 43% | 48% | 44% | 41% |
| Alternative investments<sup>(a)</sup> | 33% | 10% | 28% | 15% |
| **Total** | 100% | 100% | 100% | 100% |

---

__________

(a)Alternative investments include private equity, hedge funds, real estate, and private credit.

*Concentrations of Credit Risk.* Exelon evaluated its pension and OPEB plans' asset portfolios for the existence of significant concentrations of credit risk as of December 31, 2025. Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country, and individual fund. As of December 31, 2025, there were no significant concentrations (defined as greater than 10% of plan assets) of risk in Exelon's pension and OPEB plan assets.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 12 — Retirement Benefits

***Fair Value Measurements***

The following tables present pension and OPEB plan assets measured and recorded at fair value in Exelon's Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2025 and 2024:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Not Subject to Leveling** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Not Subject to Leveling** | **Total** |
| **Pension plan assets**<sup>(a)</sup> | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $225 | $— | $— | $— | $225 | $205 | $— | $— | $— | $205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities<sup>(b)</sup> | 1113 |  |  | 1438 | 2551 | 1127 |  | 1 | 1361 | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed income: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and agencies | 1306 | 206 |  |  | 1512 | 1333 | 199 |  |  | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and municipal debt |  | 30 |  |  | 30 |  | 32 |  |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt |  | 1622 | 12 |  | 1634 |  | 1551 | 16 |  | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(b)</sup> |  | 223 |  | 608 | 831 |  | 25 |  | 618 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed income subtotal | 1306 | 2081 | 12 | 608 | 4007 | 1333 | 1807 | 16 | 618 | 3774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private equity |  |  | 17 | 1237 | 1254 |  |  |  | 1249 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedge funds |  |  |  | 341 | 341 |  |  |  | 464 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate |  |  |  | 719 | 719 |  |  |  | 730 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private credit |  |  |  | 539 | 539 |  |  |  | 544 | 544 |
| **Pension plan assets subtotal** | $2644 | $2081 | $29 | $4882 | $9636 | $2665 | $1807 | $17 | $4966 | $9455 |
| **OPEB plan assets**<sup>(a)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $34 | $— | $— | $— | $34 | $44 | $— | $— | $— | $44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | 464 | 1 |  | 136 | 601 | 437 | 1 |  | 188 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed income: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and agencies | 42 | 31 |  |  | 73 | 18 | 34 |  |  | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and municipal debt |  | 98 |  |  | 98 |  | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt |  | 26 |  |  | 26 |  | 32 |  |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1 | 21 |  | 394 | 416 | 166 | 2 |  | 262 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed income subtotal | 43 | 176 |  | 394 | 613 | 184 | 70 |  | 262 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedge funds |  |  |  | 36 | 36 |  |  |  | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate |  |  |  | 92 | 92 |  |  |  | 78 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private credit |  |  |  | 13 | 13 |  |  |  | 16 | 16 |
| **OPEB plan assets subtotal** | $541 | $177 | $— | $671 | $1389 | $665 | $71 | $— | $619 | $1355 |
| **Total pension and OPEB plan assets**<sup>(c)</sup> | $3185 | $2258 | $29 | $5553 | $11025 | $3330 | $1878 | $17 | $5585 | $10810 |

---

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 12 — Retirement Benefits

__________

(a)See Note 15—Fair Value of Financial Assets and Liabilities for a description of levels within the fair value hierarchy.

(b)Includes derivative instruments of $(12) million and $(21) million for the years ended December 31, 2025 and 2024, respectively, which have total notional amounts of $5,284 million and $5,123 million as of December 31, 2025 and 2024, respectively. The notional principal amounts for these instruments provide one measure of the transaction volume outstanding as of the fiscal years ended and do not represent the amount of Exelon's exposure to credit or market loss.

(c)Excludes net liabilities of $658 million and $670 million as of December 31, 2025 and 2024, respectively, which include certain derivative assets that have notional amounts of $60 million and $41 million as of December 31, 2025 and 2024, respectively. These items are required to reconcile to the fair value of net plan assets and consist primarily of receivables or payables related to pending securities sales and purchases, interest and dividends receivable, and repurchase agreement obligations. The repurchase agreements generally have maturities ranging from 0 - 6 months.

The following table presents the reconciliation of Level 3 assets and liabilities for Exelon measured at fair value for pension and OPEB plans for the years ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fixed Income** | **Equities** | **Private Equity** | **Total** |
| **Pension Assets** | | | | |
| **Balance as of January 1, 2025** | $16 | $1 | $— | $17 |
| Actual return on plan assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relating to assets still held as of the reporting date |  | (1) |  | (1) |
| Purchases, sales and settlements: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements | (4) |  |  | (4) |
| Level 3 transfers in |  |  | 17 | 17 |
| **Balance as of December 31, 2025** | $12 | $— | $17 | $29 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fixed Income** | **Equities** | **Private Equity** | **Total** |
| **Pension Assets** | | | | |
| **Balance as of January 1, 2024** | $9 | $1 | $— | $10 |
| Actual return on plan assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relating to assets still held as of the reporting date | (1) |  |  | (1) |
| Purchases, sales and settlements: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | 2 |  |  | 2 |
| Level 3 transfers in | 6 |  |  | 6 |
| **Balance as of December 31, 2024** | $16 | $1 | $— | $17 |

---

_

***Valuation Techniques Used to Determine Fair Value***

The techniques used to fair value the pension and OPEB assets invested in cash equivalents are the same as the valuation techniques used to determine the fair value of financial assets. See Cash Equivalents in Note 15 — Fair Value of Financial Assets and Liabilities for further information. Below outlines the techniques used to fair value the pension and OPEB assets invested in equities, fixed income, derivative instruments, private credit, private equity, real estate, and hedge funds.

*Equities.* These investments consist of individually held equity securities, equity mutual funds, and equity commingled funds in domestic and foreign markets. With respect to individually held equity securities, the trustees obtain prices from pricing services, whose prices are generally obtained from direct feeds from market exchanges, which Exelon is able to independently corroborate. Equity securities held individually, including real estate investment trusts, rights, and warrants, are primarily traded on exchanges that contain only actively traded securities due to the volume trading requirements imposed by these exchanges. The equity securities that are held directly by the trust funds are valued based on quoted prices in active markets and categorized as Level 1. Certain equity securities have been categorized as Level 2 because they are based on evaluated prices that reflect observable market information, such as actual trade information or similar securities. Certain private

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 12 — Retirement Benefits

placement equity securities are categorized as Level 3 because they are not publicly traded and are priced using significant unobservable inputs.

Equity commingled funds and mutual funds are maintained by investment companies, and fund investments are held in accordance with a stated set of fund objectives. The values of some of these funds are publicly quoted. For mutual funds which are publicly quoted, the funds are valued based on quoted prices in active markets and have been categorized as Level 1. For equity commingled funds and mutual funds that are not publicly quoted, the fund administrators value the funds using the NAV per fund share, derived from the quoted prices in active markets on the underlying securities and are not classified within the fair value hierarchy. These investments can typically be redeemed monthly or more frequently, with 30 or less days of notice and without further restrictions.

*Fixed income.* Fixed income investments include a broad range of debt securities such as corporate, government, municipal, and asset and mortgage-backed securities, as well as fixed income commingled funds and mutual funds. The trustees obtain multiple prices from pricing vendors whenever possible, which enables cross-provider validations in addition to checks for unusual daily movements. A primary price source is identified based on asset type, class, or issue for each security. With respect to individually held fixed income securities, the trustees monitor prices supplied by pricing services and may use a supplemental price source or change the primary price source of a given security if the portfolio managers challenge an assigned price and the trustees determine another price source is considered to be preferable. Exelon has obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices. Additionally, Exelon selectively corroborates the fair values of securities by comparison to other market-based price sources. Investments in U.S. Treasury securities have been categorized as Level 1 because they trade in highly liquid and transparent markets. Certain private placement fixed income securities have been categorized as Level 3 because they are priced using certain significant unobservable inputs and are typically illiquid. The remaining fixed income securities, including certain other fixed income investments, are based on evaluated prices that reflect observable market information, such as actual trade information of similar securities, adjusted for observable differences and are categorized as Level 2.

Other fixed income investments include fixed income commingled funds and mutual funds, which are maintained by investment companies and hold fund investments in accordance with a stated set of fund objectives. The values of some of these funds are publicly quoted. For mutual funds which are publicly quoted, the funds are valued based on quoted prices in active markets and have been categorized as Level 1. For fixed income commingled funds and mutual funds that are not publicly quoted, the fund administrators value the funds using the NAV per fund share, derived from the quoted prices in active markets of the underlying securities and are not classified within the fair value hierarchy. These investments typically can be redeemed monthly or more frequently, with 30 or less days of notice and without further restrictions.

*Derivative instruments.* These instruments, consisting primarily of futures and swaps to manage risk, are recorded at fair value. Over-the-counter derivatives are valued daily, based on quoted prices in active markets and trade in open markets, and have been categorized as Level 1. Derivative instruments other than over-the-counter derivatives are valued based on external price data of comparable securities and have been categorized as Level 2.

*Private credit.* Private credit investments primarily consist of investments in private debt strategies. These investments are generally less liquid assets with an underlying term of 3 to 5 years and are intended to be held to maturity. The fair value of these investments is determined by the fund manager or administrator using a combination of valuation models including cost models, market models, and income models and typically cannot be redeemed until maturity of the term loan. Managed private credit fund investments are not classified within the fair value hierarchy because their fair value is determined using NAV or its equivalent as a practical expedient.

*Private equity.* These investments include those in limited partnerships that invest in operating companies that are not publicly traded on a stock exchange such as leveraged buyouts, growth capital, venture capital, distressed investments, and investments in natural resources. These investments typically cannot be redeemed and are generally liquidated over a period of 8 to 10 years from the initial investment date, which is based on Exelon's understanding of the investment funds. Private equity valuations are reported by the fund manager and are based on the valuation of the underlying investments, which include unobservable inputs such as cost, operating results, discounted future cash flows, and market based comparable data. The fair value of private equity investments is determined using NAV or its equivalent as a practical expedient, and therefore, these investments are not classified within the fair value hierarchy. Includes certain private equity investments

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 12 — Retirement Benefits

previously measured at fair value using NAV or its equivalent as a practical expedient and transferred to Level 3 primarily due to changes in market liquidity or data.

*Real estate.* These investments are funds with a direct investment in pools of real estate properties. These funds are reported by the fund manager and are generally based on independent appraisals of the underlying investments from sources with professional qualifications, typically using a combination of market-based comparable data and discounted cash flows. These valuation inputs are unobservable. Certain real estate investments cannot be redeemed and are generally liquidated over a period of 8 to 10 years from the initial investment date, which is based on Exelon's understanding of the investment funds. The remaining liquid real estate investments are generally redeemable from the investment vehicle quarterly, with 30 to 90 days of notice. The fair value of real estate investments is determined using NAV or its equivalent as a practical expedient, and therefore, these investments are not classified within the fair value hierarchy.

*Hedge funds.* Hedge fund investments include those that employ a broad range of strategies to enhance returns and provide additional diversification. The fair value of hedge funds is determined using NAV or its equivalent as a practical expedient, and therefore, hedge funds are not classified within the fair value hierarchy. Exelon has the ability to redeem these investments at NAV or its equivalent subject to certain restrictions that may include a lock-up period or a gate.

***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 years ended December 31, 2025, 2024, and 2023:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Years Ended December 31,** | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| 2025 | $121 | $48 | $16 | $16 | 20 | $5 | $4 | $3 |
| 2024 | 112 | 46 | 15 | 12 | 19 | 5 | 5 | 3 |
| 2023 | 109 | 47 | 15 | 12 | 16 | 4 | 3 | 2 |

---

**13. 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 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

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 13 — Derivative Financial Instruments

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. |
|  | 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 2—Regulatory Matters for additional information.

(b)The fair value of the DPL economic hedge is not material as of December 31, 2025 and 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 December 31, 2025 would result in an immaterial impact to Exelon's Consolidated Net Income.

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

---

| | | |
|:---|:---|:---|
| | **Derivatives Designated<br>as Hedging Instruments** | **Derivatives Designated<br>as Hedging Instruments** |
| | **December 31, 2025** | **December 31, 2024** |
| Other current assets | $3 | $14 |
| Other deferred debits (noncurrent assets) |  | 12 |
| Total derivative assets | 3 | 26 |
| Mark-to-market derivative liabilities (current liabilities) | (4) | (1) |
| Total mark-to-market derivative liabilities | (4) | (1) |
| Total mark-to-market derivative net (liabilities) assets | $(1) | $25 |

---

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 13 — Derivative Financial Instruments

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

For derivative instruments that qualify and are designated as cash flow hedges, the changes in fair value each period are initially recorded in AOCI and reclassified into earnings when the underlying transaction affects earnings. The gains and losses reclassified out of AOCI for the years ended December 31, 2025, 2024, and 2023 are immaterial.

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 14 — 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 fourth quarter of 2025, Exelon Corporate entered into $30 million notional of 10-year maturity floating-to-fixed swaps designated as cash flow hedges. The following table provides the notional amounts outstanding held by Exelon at December 31, 2025 and 2024.

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| 5-year maturity floating-to-fixed swaps | $335 | $657 |
| 10-year maturity floating-to-fixed swaps | 365 | 658 |
| **Total** | $700 | $1315 |

---

The AOCI derivative loss (net of tax) was $9 million for the year ended December 31, 2025 and gain was $19 million for the year ended December 31, 2024, respectively. See Note 19 – 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 December 31, 2025. Cash collateral held by ComEd, PECO, BGE, Pepco, DPL, and ACE must be deposited in an unaffiliated major U.S. commercial or foreign bank with a U.S. branch office that meets certain qualifications. The following table reflects the Registrants' cash collateral held from external counterparties, which is recorded in Other current liabilities on their respective Consolidated Balance Sheets, at December 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Exelon | $223 | $181 |
| ComEd | 192 | 176 |
| PECO<sup>(a)</sup> | 6 |  |
| BGE | 4 | 1 |
| PHI | 21 | 4 |
| Pepco | 13 | 1 |
| DPL | 3 | 2 |
| ACE<sup>(a)</sup> | 5 |  |

---

__________

(a)PECO and ACE had less than one million in cash collateral held with external parties as of 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, with thresholds contingent upon PECO's, BGE's, and DPL's credit rating. As of December 31, 2025,

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 13 — Derivative Financial Instruments

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 December 31, 2025, they could have been required to post collateral to their counterparties of $58 million, $43 million, and $14 million, respectively.

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

***Short-Term Borrowings***

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

***Commercial Paper***

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Credit Facility Size <br>at December 31,** | **Credit Facility Size <br>at December 31,** | **Credit Facility Size <br>at December 31,** | **Outstanding Commercial<br>Paper at December 31,** | **Outstanding Commercial<br>Paper at December 31,** | **Average Interest Rate on<br>Commercial Paper Borrowings <br>at December 31,** | **Average Interest Rate on<br>Commercial Paper Borrowings <br>at December 31,** |
| **Commercial Paper Issuer** | **2025**<sup>(a)</sup> |  | **2024**<sup>(a)</sup> | **2025** | **2024** | **2025** | **2024** |
| Exelon<sup>(b)</sup> | $4000 |  | $4000 | $612 | $1359 | 3.94% | 4.66% |
| ComEd | $1000 |  | $1000 | $— | $36 | —% | 4.55% |
| PECO | $600 |  | $600 | $— | $192 | —% | 4.65% |
| BGE | $600 |  | $600 | $— | $175 | —% | 4.61% |
| PHI<sup>(c)</sup> | $900 |  | $900 | $612 | $530 | 3.94% | 4.70% |
| Pepco | $360 | <sup>(d)</sup> | $300 | $303 | $200 | 3.93% | 4.69% |
| DPL | $300 | <sup>(d)</sup> | $300 | $161 | $144 | 3.94% | 4.74% |
| ACE | $240 | <sup>(d)</sup> | $300 | $148 | $186 | 3.94% | 4.67% |

---

__________

(a)Excludes credit facility agreements arranged at community banks. See below for additional information.

(b)Includes revolving credit agreements at Exelon Corporate with a maximum program size of $900 million as of December 31, 2025 and December 31, 2024. Exelon Corporate had no outstanding commercial paper as of December 31, 2025 and $426 million outstanding commercial paper as of December 31, 2024.

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

(d)The standard maximum program size for revolving credit facilities is $300 million each for Pepco, DPL, and ACE based on the credit agreements in place. However, the facilities at Pepco, DPL, and ACE have the ability to flex to $500 million, $500 million, and $350 million, respectively. The borrowing capacity may be increased or decreased during the term of the facility, except that (i) the sum of the borrowing capacity must equal the total amount of the facility, and (ii) the aggregate amount of credit used at any given time by each of Pepco, DPL, or ACE may not exceed $900 million or the maximum amount of short-term debt the company is permitted to have outstanding by its regulatory authorities. The total number of the borrowing reallocations may not exceed eight per year during the term of the facility. This ability was utilized to increase Pepco's program size to $360 million, effective December 11, 2025. As a result, the program size for DPL did not change and ACE was decreased to $240 million, which prevents the aggregate amount of outstanding short-term debt from exceeding the $900 million limit.

In order to maintain their respective commercial paper programs in the amounts indicated above, each Registrant must have credit facilities in place, at least equal to the amount of its commercial paper program. A registrant does not issue commercial paper in an aggregate amount exceeding the then available capacity under its credit facility.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 14 — Debt and Credit Agreements

At December 31, 2025, the Registrants had the following aggregate bank commitments, credit facility borrowings, and available capacity under their respective credit facilities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Available Capacity at December 31, 2025** | **Available Capacity at December 31, 2025** |
| **Borrower** |<br>**Facility Type** |<br>**Aggregate Bank<br>Commitment**<sup>(a)</sup> |<br>**Facility Draws** |<br>**Outstanding<br>Letters of Credit** | **Actual** | **To Support**<br>**Additional**<br>**Commercial<br>Paper**<sup>(b)</sup> |
| Exelon<sup>(b)</sup> | Syndicated Revolver | $4000 | $— | $51 | $3949 | $3338 |
| ComEd | Syndicated Revolver | 1000 |  | 15 | 985 | 985 |
| PECO | Syndicated Revolver | 600 |  | 5 | 595 | 595 |
| BGE | Syndicated Revolver | 600 |  | 25 | 575 | 575 |
| PHI<sup>(c)</sup> | Syndicated Revolver | 900 |  | 2 | 898 | 286 |
| Pepco | Syndicated Revolver | 360 |  | 2 | 358 | 55 |
| DPL | Syndicated Revolver | 300 |  |  | 300 | 139 |
| ACE | Syndicated Revolver | 240 |  |  | 240 | 92 |

---

__________

(a)Excludes credit facility agreements arranged at community banks. See below for additional information.

(b)Includes $900 million aggregate bank commitment related to Exelon Corporate. Exelon Corporate had $3 million outstanding letters of credit as of December 31, 2025. Exelon Corporate had $897 million in available capacity to support additional commercial paper as of December 31, 2025.

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

The following table reflects the Registrants' credit facility agreements arranged at community banks at December 31, 2025 and 2024. These are excluded from the Maximum Program Size and Aggregate Bank Commitment amounts within the two tables above and the facilities may be used to issue letters of credit.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Aggregate Bank Commitments** | **Aggregate Bank Commitments** | **Outstanding Letters of Credit** | **Outstanding Letters of Credit** |
|<br>**Borrower** | **2025**<sup>(a)</sup> | **2024** | **2025** | **2024** |
| Exelon<sup>(b)</sup> | $140 | $140 | $5 | $5 |
| ComEd | 40 | 40 | 3 | 3 |
| PECO | 40 | 40 |  |  |
| BGE | 15 | 15 | 2 | 2 |
| PHI<sup>(c)</sup> | 45 | 45 |  |  |
| Pepco | 15 | 15 |  |  |
| DPL | 15 | 15 |  |  |
| ACE | 15 | 15 |  |  |

---

__________

(a)These facilities were entered into on October 3, 2025 and expire on October 1, 2027. Previously structured as one-year arrangements, the facilities are now two-year terms.

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

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

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 14 — 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% |

---

Borrowings under Exelon's, ComEd's, PECO's, BGE's, Pepco's, DPL's, and ACE's revolving credit agreements bear interest at a rate based upon either the prime rate or a SOFR-based rate, plus an adder based upon the particular Registrant's credit rating. The adders for the prime based borrowings and SOFR-based borrowings as of December 31, 2025 are presented in the following table:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Exelon**<sup>(a)</sup> | **ComEd** | **PECO** | **BGE** | **Pepco** | **DPL** | **ACE** |
| Prime based borrowings | 0 - 7.5 |  |  |  |  |  |  |
| SOFR-based borrowings | 90.0 - 107.5 | 100.0 | 90.0 | 90.0 | 100.0 | 100.0 | 100.0 |

---

__________

(a)Includes interest rate adders at Exelon Corporate of 7.5 basis points and 107.5 basis points for prime and SOFR-based borrowings, respectively.

If any Registrant loses its investment grade rating, the maximum adders for prime rate borrowings and SOFR-based rate borrowings would be 65 basis points and 165 basis points, respectively. The credit agreements also require the borrower to pay a facility fee based upon the aggregate commitments. The fee varies depending upon the respective credit ratings of the borrower. Exelon Corporate and the Utility Registrants had no outstanding amounts on the revolving credit facilities as of December 31, 2025.

***Short-Term Loan Agreements***

On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million. The loan agreement was renewed in the first quarter of 2024 and was bifurcated into two tranches of $350 million and $150 million on March 14, 2024. The loan agreements were renewed in the first quarter of 2025, extending the expiration date to March 13, 2026 with a variable interest rate equal to SOFR plus 1.00%. Exelon Corporate repaid the term loan on December 5, 2025.

***Variable Rate Demand Bonds***

DPL has outstanding obligations in respect of Variable Rate Demand Bonds (VRDB). VRDBs are subject to repayment on the demand of the holders and, for this reason, are accounted for as short-term debt in accordance with GAAP. However, these bonds may be converted to a fixed-rate, fixed-term option to establish a maturity which corresponds to the date of final maturity of the bonds. On this basis, PHI views VRDBs as a source of long-term financing. As of December 31, 2025 and December 31, 2024, $46 million and $46 million in variable rate demand bonds issued by DPL were outstanding and are included in the Long-term debt due within one year in Exelon's, PHI's, and DPL's Consolidated Balance Sheets.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 14 — Debt and Credit Agreements

***Long-Term Debt***

The following tables present the outstanding long-term debt at the Registrants at December 31, 2025 and 2024:

***Exelon***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Maturity<br>Date** | **December 31,** | **December 31,** |
| | **Rates** | **Rates** | **Maturity<br>Date** | **2025** | **2024** |
| **Long-term debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First mortgage bonds<sup>(a)</sup> | 2.20% | 7.90% | 2026 - 2055 | $28376 | $26451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior unsecured notes | 2.75% | 7.60% | 2026 - 2055 | 13473 | 12280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured notes | 2.25% | 6.35% | 2026 - 2054 | 6100 | 5450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable and other | 1.64% | 7.49% | 2025 - 2053 | 79 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated notes |  | 6.50% | 2055 | 1000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term software licensing agreement |  | 2.30% | 2025 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medium-terms notes (unsecured) |  | 7.72% | 2027 | 10 | 10 |
| **Total long-term debt** |  |  |  | 49038 | 44278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt discount and premium, net |  |  |  | (93) | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt issuance costs |  |  |  | (369) | (326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustment |  |  |  | 502 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year |  |  |  | (1665) | (1453) |
| **Long-term debt** |  |  |  | $47413 | $42947 |
| **Long-term debt to financing trusts**<sup>(b)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures to ComEd Financing III |  | 6.35% | 2033 | $206 | $206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures to PECO Trust III | 7.38% | 8.75% | 2028 | 81 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures to PECO Trust IV |  | 5.75% | 2033 | 103 | 103 |
| **Total long-term debt to financing trusts** |  |  |  | $390 | $390 |

---

__________

(a)Substantially all of ComEd's assets other than expressly excluded property and substantially all of PECO's, Pepco's, DPL's, and ACE's assets are subject to the liens of their respective mortgage indentures.

(b)Amounts owed to these financing trusts are recorded as Long-term debt to financing trusts within Exelon's Consolidated Balance Sheets.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 14 — Debt and Credit Agreements

***ComEd***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Maturity<br>Date** | **December 31,** | **December 31,** |
| | **Rates** | **Rates** | **Maturity<br>Date** | **2025** | **2024** |
| **Long-term debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First mortgage bonds<sup>(a)</sup> | 2.20% | 6.45% | 2026 - 2055 | $12879 | $12154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 7.49% | 2053 | 7 | 8 |
| **Total long-term debt** |  |  |  | 12886 | 12162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt discount and premium, net |  |  |  | (29) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt issuance costs |  |  |  | (104) | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year |  |  |  | (500) |  |
| **Long-term debt** |  |  |  | $12253 | $12030 |
| **Long-term debt to financing trust**<sup>(b)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures to ComEd Financing III |  | 6.35% | 2033 | $206 | $206 |
| **Long-term debt to financing trusts** |  |  |  | $206 | $206 |

---

__________

(a)Substantially all of ComEd's assets, other than expressly excluded property, are subject to the lien of its mortgage indenture.

(b)Amount owed to this financing trust is recorded as Long-term debt to financing trust within ComEd's Consolidated Balance Sheets.

***PECO***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Maturity<br>Date** | **December 31,** | **December 31,** |
| | **Rates** | **Rates** | **Maturity<br>Date** | **2025** | **2024** |
| **Long-term debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First mortgage bonds<sup>(a)</sup> | 2.80% | 5.95% | 2033 - 2055 | $6475 | $5775 |
| **Total long-term debt** |  |  |  | 6475 | 5775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt discount and premium, net |  |  |  | (25) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt issuance costs |  |  |  | (54) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year |  |  |  |  | (350) |
| **Long-term debt** |  |  |  | $6396 | $5354 |
| **Long-term debt to financing trusts**<sup>(b)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures to PECO Trust III | 7.38% | 8.75% | 2028 | $81 | $81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures to PECO Trust IV |  | 5.75% | 2033 | 103 | 103 |
| **Long-term debt to financing trusts** |  |  |  | $184 | $184 |

---

__________

(a)Substantially all of PECO's assets are subject to the lien of its mortgage indenture.

(b)Amounts owed to this financing trust are recorded as Long-term debt to financing trusts within PECO's Consolidated Balance Sheets.

***BGE***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Maturity<br>Date** | **December 31,** | **December 31,** |
| | **Rates** | **Rates** | **Maturity<br>Date** | **2025** | **2024** |
| **Long-term debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured notes | 2.25% | 6.35% | 2026 - 2054 | $6100 | $5450 |
| **Total long-term debt** |  |  |  | 6100 | 5450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt discount and premium, net |  |  |  | (14) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt issuance costs |  |  |  | (45) | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year |  |  |  | (350) |  |
| **Long-term debt** |  |  |  | $5691 | $5395 |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 14 — Debt and Credit Agreements

***PHI***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Maturity<br>Date** | **December 31,** | **December 31,** |
| | **Rates** | **Rates** | **Maturity<br>Date** | **2025** | **2024** |
| **Long-term debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First mortgage bonds<sup>(a)</sup> | 2.25% | 7.90% | 2028 - 2055 | $9022 | $8522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior unsecured notes |  | 7.45% | 2032 | 185 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medium-terms notes (unsecured) |  | 7.72% | 2027 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance leases |  | 5.62% | 2026 - 2033 | 72 | 75 |
| **Total long-term debt** |  |  |  | 9289 | 8792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt discount and premium, net |  |  |  | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt issuance costs |  |  |  | (71) | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustment |  |  |  | 374 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year |  |  |  | (64) | (290) |
| **Long-term debt** |  |  |  | $9526 | $8834 |

---

_________

(a)Substantially all of Pepco's, DPL's, and ACE's assets are subject to the liens of their respective mortgage indentures.

***Pepco***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Maturity<br>Date** | **December 31,** | **December 31,** |
| | **Rates** | **Rates** | **Maturity<br>Date** | **2025** | **2024** |
| **Long-term debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First mortgage bonds<sup>(a)</sup> | 2.32% | 7.90% | 2029 - 2055 | $4675 | $4400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance leases |  | 5.62% | 2026 - 2033 | 25 | 27 |
| **Total long-term debt** |  |  |  | 4700 | 4427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt discount and premium, net |  |  |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt issuance costs |  |  |  | (67) | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year |  |  |  | (6) | (6) |
| **Long-term debt** |  |  |  | $4626 | $4356 |

---

________

(a)Substantially all of Pepco's assets are subject to the lien of its mortgage indenture.

***DPL***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Maturity<br>Date** | **December 31,** | **December 31,** |
| | **Rates** | **Rates** | **Maturity<br>Date** | **2025** | **2024** |
| **Long-term debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First mortgage bonds<sup>(a)</sup> | 2.53% | 5.72% | 2028 - 2054 | $2324 | $2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medium-terms notes (unsecured) |  | 7.72% | 2027 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance leases |  | 5.62% | 2026 - 2033 | 27 | 28 |
| **Total long-term debt** |  |  |  | 2361 | 2236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt issuance costs |  |  |  | (17) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year |  |  |  | (53) | (130) |
| **Long-term debt** |  |  |  | $2291 | $2090 |

---

__________

(a)Substantially all of DPL's assets are subject to the lien of its mortgage indenture.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 14 — Debt and Credit Agreements

***ACE***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Maturity<br>Date** | **December 31,** | **December 31,** |
| | **Rates** | **Rates** | **Maturity<br>Date** | **2025** | **2024** |
| **Long-term debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First mortgage bonds<sup>(a)</sup> | 2.25% | 5.81% | 2028 - 2055 | $2023 | $1923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance leases |  | 5.62% | 2026 - 2033 | 20 | 20 |
| **Total long-term debt** |  |  |  | 2043 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt issuance costs |  |  |  | (10) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year |  |  |  | (5) | (154) |
| **Long-term debt** |  |  |  | $2028 | $1779 |

---

__________

(a)Substantially all of ACE's assets are subject to the lien of its mortgage indenture.

Long-term debt maturities at the Registrants in the periods 2026 through 2030 and thereafter are as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Exelon** | | **ComEd** | | **PECO** | | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| 2026 | $1665 |  | $500 |  | $— |  | $350 | $64 | $6 | $53 | $5 |
| 2027 | 1028 |  | 350 |  |  |  |  | 28 | 7 | 17 | 5 |
| 2028 | 1996 |  | 550 |  | 81 |  |  | 365 | 5 | 6 | 354 |
| 2029 | 1933 |  |  |  |  |  |  | 284 | 153 | 4 | 126 |
| 2030 | 1856 |  | 350 |  |  |  |  | 257 | 153 | 103 | 2 |
| Thereafter | 40950 | <sup>(a)</sup> | 11342 | <sup>(b)</sup> | 6578 | <sup>(c)</sup> | 5750 | 8291 | 4376 | 2178 | 1551 |
| **Total** | $49428 |  | $13092 |  | $6659 |  | $6100 | $9289 | $4700 | $2361 | $2043 |

---

__________

(a)Includes $390 million due to ComEd and PECO financing trusts.

(b)Includes $206 million due to ComEd financing trust.

(c)Includes $184 million due to PECO financing trusts.

***Convertible Senior Notes***

On December 4, 2025, Exelon Corporation issued $1 billion aggregate principal amount of 3.25% Convertible Senior Notes due 2029 (Convertible Senior Notes). The Convertible Senior Notes are reflected as Long-term debt on Exelon's Consolidated Balance Sheet.

The Convertible Senior Notes are senior, unsecured notes that bear interest at a fixed rate of 3.25% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2026. The Convertible Senior Notes will mature on March 15, 2029, unless earlier converted or repurchased in accordance with their terms.

Under the following circumstances, holders may convert the Convertible Senior Notes at their option prior to the close of business on the business day preceding December 15, 2028:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• during any calendar quarter beginning after the quarter ending on March 31, 2026, if the last reported sale price of Exelon's common stock for at least 20 trading days (whether consecutive or not) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal the stock was trading at greater than or equal to 130% of the conversion price on each applicable trading day as determined by Exelon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• during the five business day period after any ten consecutive trading day period (measurement period) in which the applicable trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon the occurrence of certain corporate events specified in the respective supplemental indentures governing the Convertible Senior Notes.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 14 — Debt and Credit Agreements

On or after December 15, 2028, a holder may convert for all, or any portion of its Convertible Senior Notes at any time prior to the close of business on the business day immediately preceding the applicable maturity date regardless of the foregoing conditions.

Exelon will settle conversions of the Convertible Senior Notes by paying cash up to the aggregate principal amount to be converted and paying or delivering, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at Exelon's discretion, in respect of the remainder, if any, of Exelon's conversion obligation in excess of the aggregate principal amount of the Convertible Senior Notes being converted. The Convertible Senior Notes are initially convertible at 17.5093 shares per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $57.11 per share of common stock. The initial conversion price of the Convertible Senior Notes represents a premium of approximately 25% over the last reported sale price of Exelon's common stock on the Nasdaq Global Select Market on December 1, 2025. These conversions will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture) Exelon will, in certain circumstances, increase the applicable conversion rate by a number of additional shares of common stock for conversions in connection with the make-whole fundamental change.

*EPS Impact*

Diluted earnings per common shares will also reflect the dilutive effect of potential common shares from share-based awards and convertible notes. The dilutive effect of the Convertible Senior Notes is computed using the if-converted method. For the year ended December 31, 2025, no incremental shares were assumed converted or included in the diluted earnings per common share. resulting from the Convertible Senior Notes.

***Debt Extinguishment***

During the twelve months ended December 31, 2024, Exelon repurchased a portion of its Senior unsecured notes with a principal balance of $244 million outstanding in exchange for cash of $215 million. The repurchase was accounted for as a debt extinguishment and resulted in a pre-tax gain of $28 million, which is reflected on Exelon's Consolidated Statement of Operations and Comprehensive income within Interest expense, net.

***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 December 31, 2025, the Registrants are in compliance with debt covenants.

**15. 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.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 15 — Fair Value of Financial Assets and Liabilities

***Fair Value of Financial Liabilities Recorded at Amortized Cost***

The following tables present the carrying amounts and fair values of the Registrants' short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) at December 31, 2025 and 2024. The Registrants have no financial liabilities measured using the NAV practical expedient.

The carrying amounts of the Registrants' short-term liabilities as presented in their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 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 <sup>(b)</sup> | $49078 | $— | $40637 | $4318 | $44955 | $44400 | $— | $35337 | $3720 | $39057 |
| ComEd | 12753 |  | 11291 |  | 11291 | 12030 |  | 10260 |  | 10260 |
| PECO | 6396 |  | 5593 |  | 5593 | 5704 |  | 4816 |  | 4816 |
| BGE | 6041 |  | 5510 |  | 5510 | 5395 |  | 4702 |  | 4702 |
| PHI | 9590 |  | 4236 | 4318 | 8554 | 9124 |  | 4093 | 3720 | 7813 |
| Pepco | 4632 |  | 2546 | 1861 | 4407 | 4362 |  | 2475 | 1544 | 4019 |
| DPL | 2344 |  | 657 | 1410 | 2067 | 2220 |  | 623 | 1250 | 1873 |
| ACE | 2033 |  | 819 | 1047 | 1866 | 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 | $— | $— | $403 | $403 | $390 | $— | $— | $396 | $396 |
| ComEd | 206 |  |  | 216 | 216 | 206 |  |  | 208 | 208 |
| PECO | 184 |  |  | 187 | 187 | 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 14 — Debt and Credit Agreements for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 9 — Leases for finance lease liabilities.

(b)Includes the net carrying amount and the estimated fair value (Level 2) of the Convertible Senior Notes of $988 million and $1 billion for the year ended December 31, 2025, respectively.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 15 — Fair Value of Financial Assets and Liabilities

Exelon uses the following methods and assumptions to estimate fair value of financial liabilities recorded at carrying cost:

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Level** | **Registrants** | **Valuation** |
| **Long-Term Debt, including amounts due within one year** | **Long-Term Debt, including amounts due within one year** | **Long-Term Debt, including amounts due within one year** | **Long-Term Debt, including amounts due within one year** |
| Taxable Debt Securities | 2 | All | The fair value is determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. Exelon obtains credit spreads based on trades of existing Exelon debt securities as well as other issuers in the utility sector with similar credit ratings. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. |
| Variable Rate Financing Debt | 2 | Exelon, DPL | Debt rates are reset on a regular basis and the carrying value approximates fair value. |
| Non-Government Backed Fixed Rate Nonrecourse Debt | 2 | Exelon | Fair value is based on market and quoted prices for its own and other nonrecourse debt with similar risk profiles. Given the low trading volume in the nonrecourse debt market, the price quotes used to determine fair value will reflect certain qualitative factors, such as market conditions, investor demand, new developments that might significantly impact the project cash flows or off-taker credit, and other circumstances related to the project. |
| Taxable Private Placement Debt Securities | 3 | Exelon, Pepco, DPL, ACE | Rates are obtained similar to the process for taxable debt securities. Due to low trading volume and qualitative factors such as market conditions, low volume of investors, and investor demand, these debt securities are Level 3. |
| **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 | 3 | Exelon, ComEd, PECO | Fair value is based on publicly traded securities issued by the financing trusts. Due to low trading volume of these securities and qualitative factors, such as market conditions, investor demand, and circumstances related to each issue, this debt is classified as Level 3. |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 15 — 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 December 31, 2025 and 2024. Exelon and the Utility Registrants have immaterial and no financial assets or liabilities measured using the NAV practical expedient, respectively.

***Exelon***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 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> | $825 | $— | $— | $825 | $544 | $— | $— | $544 |
| Rabbi trust investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | 101 |  |  | 101 | 94 |  |  | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 71 |  |  | 71 | 65 |  |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed income |  | 6 |  | 6 |  | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life insurance contracts |  | 79 | 21 | 100 |  | 73 | 22 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rabbi trust investments subtotal | 172 | 85 | 21 | 278 | 159 | 79 | 22 | 260 |
| Interest rate derivative assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedging instruments |  | 3 |  | 3 |  | 26 |  | 26 |
| Interest rate derivative assets subtotal |  | 3 |  | 3 |  | 26 |  | 26 |
| **Total assets** | 997 | 88 | 21 | 1106 | 703 | 105 | 22 | 830 |
| **Liabilities** |  |  |  |  |  |  |  |  |
| Commodity derivative liabilities |  |  | (131) | (131) |  |  | (132) | (132) |
| Interest rate derivative liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedging instruments |  | (4) |  | (4) |  | (1) |  | (1) |
| Interest rate derivative liabilities subtotal |  | (4) |  | (4) |  | (1) |  | (1) |
| Deferred compensation obligation |  | (71) |  | (71) |  | (74) |  | (74) |
| **Total liabilities** |  | (75) | (131) | (206) |  | (75) | (132) | (207) |
| **Total net assets (liabilities)** | $997 | $13 | $(110) | $900 | $703 | $30 | $(110) | $623 |

---

__________

(a)Excludes cash of $180 million and $219 million at December 31, 2025 and 2024, respectively, and restricted cash of $196 million and $176 million at December 31, 2025 and 2024, respectively, and includes long-term restricted cash of $50 million and $41 million at December 31, 2025 and 2024, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 15 — Fair Value of Financial Assets and Liabilities

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **ComEd** | **ComEd** | **ComEd** | **ComEd** | **PECO** | **PECO** | **PECO** | **PECO** | **BGE** | **BGE** | **BGE** | **BGE** |
| **At December 31, 2025** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | | | | | | | | | |
| Cash equivalents<sup>(a)</sup> | $393 | $— | $— | $393 | $93 | $— | $— | $93 | $205 | $— | $— | $205 |
| Rabbi trust investments |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds |  |  |  |  | 13 |  |  | 13 | 10 |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life insurance contracts |  |  |  |  |  | 25 |  | 25 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rabbi trust investments subtotal |  |  |  |  | 13 | 25 |  | 38 | 10 |  |  | 10 |
| **Total assets** | 393 |  |  | 393 | 106 | 25 |  | 131 | 215 |  |  | 215 |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Commodity derivative liabilities<sup>(b)</sup> |  |  | (131) | (131) |  |  |  |  |  |  |  |  |
| Deferred compensation obligation |  | (9) |  | (9) |  | (8) |  | (8) |  | (4) |  | (4) |
| **Total liabilities** |  | (9) | (131) | (140) |  | (8) |  | (8) |  | (4) |  | (4) |
| **Total net assets (liabilities)** | $393 | $(9) | $(131) | $253 | $106 | $17 | $— | $123 | $215 | $(4) | $— | $211 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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;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 $77 million and $66 million at December 31, 2025 and 2024, respectively, and restricted cash of $193 million and $176 million at December 31, 2025 and 2024, respectively, and includes long-term restricted cash of $50 million and $41 million at December 31, 2025 and 2024, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. PECO excludes cash of $23 million and $19 million at December 31, 2025 and 2024, respectively. BGE excludes cash of $15 million and $33 million at December 31, 2025 and 2024, respectively.

(b)The Level 3 balance consists of the current and noncurrent liability of $25 million and $106 million, respectively, at December 31, 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**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 15 — Fair Value of Financial Assets and Liabilities

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 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> | $83 | $— | $— | $83 | $93 | $— | $— | $93 |
| Rabbi trust investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | 99 |  |  | 99 | 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 |  | 23 | 20 | 43 |  | 23 | 21 | 44 |
| Rabbi trust investments subtotal | 108 | 29 | 20 | 157 | 101 | 29 | 21 | 151 |
| **Total assets** | 191 | 29 | 20 | 240 | 194 | 29 | 21 | 244 |
| **Liabilities** |  |  |  |  |  |  |  |  |
| Deferred compensation obligation |  | (9) |  | (9) |  | (12) |  | (12) |
| **Total liabilities** |  | (9) |  | (9) |  | (12) |  | (12) |
| **Total net assets** | $191 | $20 | $20 | $231 | $194 | $17 | $21 | $232 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Pepco** | **Pepco** | **Pepco** | **Pepco** | **DPL** | **DPL** | **DPL** | **DPL** | **ACE** | **ACE** | **ACE** | **ACE** |
| **At December 31, 2025** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | | | | | | | | | |
| Cash equivalents<sup>(a)</sup> | $33 | $— | $— | $33 | $3 | $— | $— | $3 | $— | $— | $— | $— |
| Rabbi trust investments |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | 98 |  |  | 98 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life insurance contracts |  | 23 | 20 | 43 |  |  |  |  |  |  |  |  |
| Rabbi trust investments subtotal | 98 | 23 | 20 | 141 |  |  |  |  |  |  |  |  |
| **Total assets** | 131 | 23 | 20 | 174 | 3 |  |  | 3 |  |  |  |  |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred compensation obligation |  | (1) |  | (1) |  |  |  |  |  |  |  |  |
| **Total liabilities** |  | (1) |  | (1) |  |  |  |  |  |  |  |  |
| **Total net assets** | $131 | $22 | $20 | $173 | $3 | $— | $— | $3 | $— | $— | $— | $— |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 |  |  |  |  |  |  |  |  |
| 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 $56 million and $70 million at December 31, 2025 and 2024, respectively, and restricted cash of $2 million and zero at December 31, 2025 and 2024, respectively. Pepco excludes cash of $22 million and $30 million at December 31, 2025 and 2024, respectively. DPL excludes cash of $9 million and $20 million at December 31, 2025 and 2024, respectively. ACE excludes cash of $22 million and $14 million at December 31, 2025 and 2024, respectively, and restricted cash of $2 million and zero at December 31, 2025 and 2024, respectively.

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**Combined Notes to Consolidated Financial Statements**

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

Note 15 — Fair Value of Financial Assets and Liabilities

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

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the years ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Exelon** | **ComEd** | **PHI and Pepco** |
| **For the year ended December 31, 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<sup>(b)</sup> | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements | (2) |  | (2) |
| **Balance at December 31, 2025**<sup>(c)</sup> | $(110) | $(131) | $20 |
| The amount of total gains included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of December 31, 2025 | $1 | $— | $1 |

---

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| | | | |
|:---|:---|:---|:---|
| | **Exelon** | **ComEd** | **PHI and Pepco** |
| **For the year ended December 31, 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 <sup>(b)</sup> | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements | (22) |  | (22) |
| **Balance at December 31, 2024**<sup>(c)</sup> | $(110) | $(132) | $21 |
| The amount of total gains included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of December 31, 2024 | $1 | $— | $2 |

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__________

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

(b)For ComEd, this includes $45 million of decreases in fair value and an increase for realized gains due to settlements of $46 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the year ended December 31, 2025. Includes $40 million of decreases in fair value and an increase for realized gains due to settlements of $40 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the year ended December 31, 2024.

(c)For ComEd, the balance of the current and noncurrent asset was zero as of December 31, 2025. The balance consists of a current and noncurrent liability of $25 million and $106 million, respectively, as of December 31, 2025.

***Valuation Techniques Used to Determine Fair Value***

***Cash Equivalents (All Registrants).*** Investments with original maturities of three months or less when purchased, including mutual and money market funds, are considered cash equivalents. The fair values are based on observable market prices and, therefore, are included in the recurring fair value measurements hierarchy as Level 1.

***Rabbi Trust Investments (Exelon, PECO, BGE, PHI, and Pepco).*** The Rabbi trusts were established to hold assets related to deferred compensation plans existing for certain active and retired members of Exelon's executive management and directors. The Rabbi trusts' assets are included in Investments in the Registrants' Consolidated Balance Sheets and consist primarily of money market funds, mutual funds, fixed income securities, and life insurance policies. Money market funds and mutual funds are publicly quoted and have been categorized as Level 1 given the clear observability of the prices. The fair values of fixed income securities are based on evaluated prices that reflect observable market information, such as actual trade information or similar securities, adjusted for observable differences and are categorized in Level 2. The life insurance policies are

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**Combined Notes to Consolidated Financial Statements**

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

Note 15 — Fair Value of Financial Assets and Liabilities

valued using the cash surrender value of the policies, net of loans against those policies, which is provided by a third-party. Certain life insurance policies, which consist primarily of mutual funds that are priced based on observable market data, have been categorized as Level 2 because the life insurance policies can be liquidated at the reporting date for the value of the underlying assets. Life insurance policies that are valued using unobservable inputs have been categorized as Level 3, where the fair value is determined based on the cash surrender value of the policy, which contains unobservable inputs and assumptions. Because Exelon relies on its third-party insurance provider to develop the inputs without adjustment for the valuations of its Level 3 investments, quantitative information about significant unobservable inputs used in valuing these investments is not reasonably available to Exelon. Therefore, Exelon has not disclosed such inputs.

***Interest Rate Derivatives (Exelon).*** Exelon may utilize fixed-to-floating or floating-to-fixed interest rate swaps as a means to manage interest rate risk and to lock in interest levels in anticipation of future financings. These interest rate derivatives are typically designated as cash flow hedges. Exelon determines the current fair value by calculating the net present value of expected payments and receipts under the swap agreement, based on and discounted by the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk and other market parameters. As these inputs are based on observable data and valuations of similar instruments, the interest rate swaps are categorized as Level 2 in the fair value hierarchy. See Note 13 — Derivative Financial Instruments for additional information on mark-to-market derivatives.

***Deferred Compensation Obligations (All Registrants).*** The Registrants' deferred compensation plans allow participants to defer certain cash compensation into a notional investment account. The Registrants include such plans in other current and noncurrent liabilities in their Consolidated Balance Sheets. The value of the Registrants' deferred compensation obligations is based on the market value of the participants' notional investment accounts. The underlying notional investments are comprised primarily of equities, mutual funds, commingled funds, and fixed income securities which are based on directly and indirectly observable market prices. Since the deferred compensation obligations themselves are not exchanged in an active market, they are categorized as Level 2 in the fair value hierarchy.

The value of certain employment agreement obligations (which are included with the Deferred Compensation Obligation in the tables above) are based on a known and certain stream of payments to be made over time and are categorized as Level 2 within the fair value hierarchy.

***Commodity Derivatives (Exelon and ComEd).*** On December 17, 2010, ComEd entered into several 20-year floating to fixed energy swap contracts with unaffiliated suppliers for the procurement of long-term renewable energy and associated RECs. Delivery under the contracts began in June 2012. The fair value of these swaps has been designated as a Level 3 valuation due to the long tenure of the positions and the internal modeling assumptions. The modeling assumptions include using forward power prices. See Note 13 — Derivative Financial Instruments for additional information on mark-to-market derivatives.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Type of trade** | **Fair Value as of December 31, 2025** | **Fair Value as of 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 | $(131) | $(132) | Discounted Cash Flow | Forward power price<sup>(a)</sup> | $29.75 | $61.84 | $41.95 | $30.31 | $59.88 | $42.08 |

---

__________

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

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

***Commitments***

***PHI Merger Commitments (Exelon, PHI, Pepco, DPL, and ACE).*** Approval of the PHI Merger in Delaware, New Jersey, Maryland, and the District of Columbia was conditioned upon Exelon and PHI agreeing to certain commitments. The following amounts represent total commitment costs that have been recorded since the

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**Combined Notes to Consolidated Financial Statements**

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

Note 16 — Commitments and Contingencies

acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Exelon** | **PHI** | **Pepco** | **DPL** | **ACE** |
| Total commitments | $513 | $320 | $120 | $89 | $111 |
| Remaining commitments<sup>(a)</sup> | 22 | 20 | 20 |  |  |

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__________

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

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**Combined Notes to Consolidated Financial Statements**

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

Note 16 — Commitments and Contingencies

***Commercial Commitments (All Registrants).*** The Registrants' commercial commitments at December 31, 2025, representing commitments potentially triggered by future events were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Expiration within** | **Expiration within** | **Expiration within** | **Expiration within** | **Expiration within** | **Expiration within** |
| **Exelon** | **Total** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031 and beyond** |
| Letters of credit<sup>(a)</sup> | $56 | $54 | $2 | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 279 | 199 | 2 | 78 |  |  |  |
| Financing trust guarantees<sup>(c)</sup> | 378 |  |  | 78 |  |  | 300 |
| Guaranteed lease residual values<sup>(d)</sup> | 24 |  | 4 | 6 | 4 | 4 | 6 |
| **Total commercial commitments** | $737 | $253 | $8 | $162 | $4 | $4 | $306 |
| **ComEd** |  |  |  |  |  |  |  |
| Letters of credit<sup>(a)</sup> | $18 | $16 | $2 | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 42 | 40 | 2 |  |  |  |  |
| Financing trust guarantees<sup>(c)</sup> | 200 |  |  |  |  |  | 200 |
| **Total commercial commitments** | $260 | $56 | $4 | $— | $— | $— | $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 | $27 | $— | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 3 | 3 |  |  |  |  |  |
| **Total commercial commitments** | $30 | $30 | $— | $— | $— | $— | $— |
| **PHI** |  |  |  |  |  |  |  |
| Letters of credit<sup>(a)</sup> | $4 | $4 | $— | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 173 | 95 |  | 78 |  |  |  |
| Guaranteed lease residual values<sup>(d)</sup> | 24 |  | 4 | 6 | 4 | 4 | 6 |
| **Total commercial commitments** | $201 | $99 | $4 | $84 | $4 | $4 | $6 |
| **Pepco** |  |  |  |  |  |  |  |
| Letters of credit<sup>(a)</sup> | $2 | $2 | $— | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 160 | 82 |  | 78 |  |  |  |
| Guaranteed lease residual values<sup>(d)</sup> | 8 |  | 1 | 2 | 1 | 2 | 2 |
| **Total commercial commitments** | $170 | $84 | $1 | $80 | $1 | $2 | $2 |
| **DPL** |  |  |  |  |  |  |  |
| Letters of credit<sup>(a)</sup> | $1 | $1 | $— | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 7 | 7 |  |  |  |  |  |
| Guaranteed lease residual values<sup>(d)</sup> | 9 |  | 2 | 2 | 2 | 1 | 2 |
| **Total commercial commitments** | $17 | $8 | $2 | $2 | $2 | $1 | $2 |
| **ACE** |  |  |  |  |  |  |  |
| Letters of credit<sup>(a)</sup> | $1 | $1 | $— | $— | $— | $— | $— |
| Surety bonds<sup>(b)</sup> | 6 | 6 |  |  |  |  |  |
| Guaranteed lease residual values<sup>(d)</sup> | 7 |  | 1 | 2 | 1 | 1 | 2 |
| **Total commercial commitments** | $14 | $7 | $1 | $2 | $1 | $1 | $2 |

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**Combined Notes to Consolidated Financial Statements**

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

Note 16 — Commitments and Contingencies

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

(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 8 years. The maximum potential obligation at the end of the minimum lease term would be $54 million guaranteed by Exelon and PHI, of which $18 million, $20 million, and $16 million is guaranteed by Pepco, DPL, and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote.

***Environmental Remediation Matters***

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

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

&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 2033.

&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 2030.

&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;• 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 of 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.

In 2025, ComEd and PECO completed an annual study of their future estimated MGP remediation requirements. ComEd's study resulted in a $12 million increase to the environmental liability and related Regulatory asset, primarily due to increased costs resulting from inflation, adjustments to unit costs, and changes in remediation

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**Combined Notes to Consolidated Financial Statements**

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

Note 16 — Commitments and Contingencies

plans. PECO's study resulted in a $2 million decrease to the environmental liability and related Regulatory asset, primarily due to decreased costs resulting from changes in remediation plans.

At December 31, 2025 and 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 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 | $386 | $321 | $403 | $322 |
| ComEd | 289 | 289 | 285 | 284 |
| PECO | 23 | 22 | 29 | 28 |
| BGE | 13 | 10 | 13 | 10 |
| PHI | 57 |  | 75 |  |
| Pepco | 55 |  | 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 Constellation following the 2016 merger between PHI and Exelon. This generating facility was deactivated in June 2012. The remaining portion of the site consists of a Pepco transmission and distribution service center that remains in operation. In December 2011, the U.S. District Court for the District of Columbia approved a Consent Decree entered into by Pepco and Pepco Energy Services (hereinafter Pepco Entities) with the DOEE, which requires the Pepco Entities to conduct a Remedial Investigation and Feasibility Study (RI/FS) for the Benning Road site and an approximately 10 to 15-acre portion of the adjacent Anacostia River. The purpose of this RI/FS is to define the nature and extent of contamination from the Benning Road site and to evaluate remedial alternatives.

Pursuant to an internal agreement between the Pepco Entities, since 2013, Pepco has performed the work required by the Consent Decree and has been reimbursed for that work by an agreed upon allocation of costs between the Pepco Entities. In September 2019, the Pepco Entities issued a draft "final" RI report which the DOEE approved on February 3, 2020. In October 2022, the DOEE approved dividing the work to complete the landside portion of the FS from the waterside portion to expedite the overall schedule for completion of the project. The landside FS was approved by the DOEE on March 15th, 2024, and the waterside FS was approved by the DOEE on December 16, 2024. The DOEE and Pepco entered into an addendum to the Benning Consent Decree pursuant to which Pepco has agreed to fund or perform the remedial actions to be selected by the DOEE for the landside and waterside areas. This addendum to the Benning Consent Decree was entered by the Court on February 27, 2024 and became effective on that date. Pepco drafted separate proposed plans for the landside and waterside areas, which were approved and issued by the DOEE for public comment on December 16, 2024 and September 4, 2025, respectively. The public comment period for the landside and waterside areas closed on April 18, 2025 and October 31, 2025, respectively. Pepco submitted a matrix of proposed responses to the public comments and a proposed Record of Decision (ROD) to the DOEE for the landside area on August 15, 2025. Following the close of the waterside area comment period, Pepco will submit a matrix of proposed responses to the public comments and a proposed ROD to the DOEE for the waterside area. The DOEE will issue RODs identifying the remedial actions determined to be necessary for the landside and waterside areas, which will be implemented by Pepco in accordance with the Benning Consent Decree.

As part of the separation between Exelon and Constellation in February 2022, the internal agreement between the Pepco Entities for completion and payment for the remaining Consent Decree work was memorialized in a formal agreement for post-separation activities. A second post-separation assumption agreement between Exelon and Constellation transferred any of the potential remaining remediation liability, if any, of PES/Constellation to a non-utility subsidiary of Exelon which going forward will be responsible for those liabilities.

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**Combined Notes to Consolidated Financial Statements**

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

Note 16 — Commitments and Contingencies

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.

***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 is not a party to this suit, but Pepco, the United States, and the District of Columbia have entered mediation discussions to resolve their respective claims against one another under CERCLA and the Brownfield Revitalization Act with respect to the river. The court has put the case on hold pending the outcome of the mediation.

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

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**Combined Notes to Consolidated Financial Statements**

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

Note 16 — Commitments and Contingencies

***Buzzard Point Site (Exelon, PHI, and Pepco).*** On December 8, 2022, Pepco received a letter from the D.C. OAG, alleging wholly past violations of the District's stormwater discharge and waste disposal requirements related to operations at the Buzzard Point facility, a 9-acre parcel of waterfront property in Washington, D.C. occupied by an active substation and former steam plant building. The letter also alleged wholly past violations by Pepco of stormwater discharge requirements related to its district-wide system of underground vaults. Pepco entered into a Consent Order with the District of Columbia to resolve the alleged violations without any admission of liability. The Consent Order requires Pepco to pay a civil penalty of $10 million. In addition, Pepco has agreed to assess the environmental conditions at its Buzzard Point facility and conduct any remedial actions deemed necessary as a result of the assessment, and also to assess potential environmental impacts associated with the operation of its underground vaults. The Superior Court for the District of Columbia signed and entered the Consent Order, and it became effective on February 2, 2024. Pepco is proceeding through the multi-step environmental investigation and response as outlined in the consent order. Specifically, the DOEE approved Pepco's Preliminary Site Assessment in July 2025. In September 2025, Pepco timely submitted its work plan for the second stage, the Supplemental Investigation Plan, which the DOEE approved in November 2025. Pepco also submitted an environmental assessment to the DOEE of the vault system pursuant to the Consent Order in July 2024. In response to the DOEE's comments, Pepco made revised submissions in May 2025, September 2025, and January 2026. The DOEE approved Pepco's vault system report on February 2, 2026. Exelon, PHI, and Pepco have accrued a liability for the projected costs for the required environmental assessments and remediation. In January 2025, Pepco paid the last installment of the civil penalty. Pepco has concluded that incremental exposure remains reasonably possible, but management cannot reasonably estimate a range of loss beyond the amounts recorded, which are included in the table above.

***Litigation and Regulatory Matters***

***Fund Transfer Restrictions (All Registrants).*** Under applicable law, Exelon may borrow or receive an extension of credit from its subsidiaries. Under the terms of Exelon's intercompany money pool agreement, Exelon can lend to, but not borrow from the money pool.

Under applicable law, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE can pay dividends only from retained, undistributed or current earnings. A significant loss recorded at ComEd, PECO, BGE, PHI, Pepco, DPL, or ACE may limit the dividends that these Registrants can distribute to Exelon.

ComEd has agreed in connection with financings arranged through ComEd Financing III that it will not declare dividends on any shares of its capital stock in the event that: (1) it exercises its right to extend the interest payment periods on the subordinated debt securities issued to ComEd Financing III; (2) it defaults on its guarantee of the payment of distributions on the preferred trust securities of ComEd Financing III; or (3) an event of default occurs under the Indenture under which the subordinated debt securities are issued. No such event has occurred.

PECO has agreed in connection with financings arranged through PEC L.P. and PECO Trust IV that PECO will not declare dividends on any shares of its capital stock in the event that: (1) it exercises its right to extend the interest payment periods on the subordinated debentures, which were issued to PEC L.P. or PECO Trust IV; (2) it defaults on its guarantee of the payment of distributions on the Series D Preferred Securities of PEC L.P. or the preferred trust securities of PECO Trust IV; or (3) an event of default occurs under the Indenture under which the subordinated debentures are issued. No such event has occurred.

BGE is subject to restrictions established by the MDPSC that prohibit BGE from paying a dividend on its common shares if (1) after the dividend payment, BGE's equity ratio would be below 48% as calculated pursuant to the MDPSC's ratemaking precedents or (2) BGE's senior unsecured credit rating is rated by two of the three major credit rating agencies below investment grade. No such event has occurred.

Pepco is subject to certain dividend restrictions established by settlements approved by the MDPSC and DCPSC that prohibit Pepco from paying a dividend on its common shares if (1) after the dividend payment, Pepco's equity ratio would be below 48% as calculated pursuant to the MDPSC's and DCPSC's ratemaking precedents, of or (2) Pepco's senior unsecured credit rating is rated by one of the three major credit rating agencies below investment grade. No such event has occurred.

DPL is subject to certain dividend restrictions established by settlements approved by the DEPSC and MDPSC that prohibit DPL from paying a dividend on its common shares if (1) after the dividend payment, DPL's equity

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**Combined Notes to Consolidated Financial Statements**

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

Note 16 — Commitments and Contingencies

ratio would be below 48% as calculated pursuant to the DEPSC's and MDPSC's ratemaking precedents, or (2) DPL's corporate issuer or senior unsecured credit rating, or its equivalent, is rated by any of the three major credit rating agencies below the generally accepted definition of investment grade. No such event has occurred.

ACE is subject to certain dividend restrictions established by settlements approved by the NJBPU that prohibit ACE from paying a dividend on its common shares if (1) after the dividend payment, ACE's common equity ratio would be below 48% as calculated pursuant to the NJBPU's ratemaking precedents, or (2) ACE's senior corporate issuer or senior unsecured credit rating is rated by one of the three major credit rating agencies below investment grade. ACE is also subject to a dividend restriction which requires ACE to notify and obtain the prior approval of the NJBPU before dividends can be paid if its equity as a percent of its total capitalization, excluding securitization debt, falls below 30%. No such events have occurred.

***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, 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

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**Combined Notes to Consolidated Financial Statements**

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

Note 16 — Commitments and Contingencies

renewed motion for preliminary approval. The court granted the renewed motion for preliminary approval on November 17, 2025, and set the final settlement approval hearing for March 18, 2026.

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

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

On February 18, 2025, the Maryland Attorney General, on behalf of the Maryland Comptroller, filed a petition with the Maryland Supreme Court requesting review of the Appellate Court of Maryland's ruling. On April 24, 2025, the Maryland Supreme Court granted the petition to review the ruling. On October 1, 2025, the Maryland Supreme Court heard oral arguments in the case.

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

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

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**Combined Notes to Consolidated Financial Statements**

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

Note 17 — Shareholders' Equity

**17. Shareholders' Equity (All Registrants)**

***At-the-Market Program (Exelon)***

On August 4, 2022, Exelon executed an equity distribution agreement ("2022 Equity Distribution Agreement"), with certain sales agents and forward sellers and certain forward purchasers, establishing an ATM equity distribution program under which it may offer and sell shares of its Common stock, having an aggregate gross sales price of up to $1 billion through August 3, 2025. On May 2, 2025, Exelon executed an additional equity distribution agreement ("2025 Equity Distribution Agreement" and, together with the August 4, 2022 Equity Distribution Agreement, "Equity Distribution Agreements"), with certain sales agents and forward sellers and certain forward purchasers, establishing an ATM equity distribution program which it may offer and sell shares of its Common stock, having an aggregate gross sales price of up to $2.5 billion through May 2, 2028. The 2025 Equity Distribution Agreement replaced the 2022 Equity Distribution Agreement. Exelon has no obligation to offer or sell any shares of Common stock under the 2025 Equity Distribution Agreement and may, at any time, suspend or terminate offers and sales under the 2025 Equity Distribution Agreement. Exelon issued the following shares of Common stock in the years ended December 31, 2025, 2024, and 2023:

---

| | | | |
|:---|:---|:---|:---|
| **Effective Period** | **Shares Issued**<br>**(in millions)** | **Weighted-Average Price** <sup>(a)</sup> | **Net Proceeds** <sup>(b)</sup><br>**(in millions)** |
| 2025 <sup>(c)</sup> | 16.0 | $43.24 | $691 |
| 2024 | 4.0 | $37.60 | $148 |
| 2023 | 3.6 | $39.58 | $140 |

---

_________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The 2025 weighted-average price is a net weighted-average price. The 2024 and 2023 weighted-average prices are the gross weighted-average prices as previously disclosed in the 2024 Form 10-K. The 2024 and 2023 weighted-average net prices are $37.04 and $38.99, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Proceeds were used for general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In Q4 2025, Exelon settled the entire forward sale agreements with a December 15, 2025 maturity date that had been entered into by various forward sellers under the ATM program as outlined below.

In addition, during the twelve months ended December 31, 2025, Exelon entered into various forward sale agreements under the 2025 ATM programs. The forward sale agreements require Exelon to, at its election prior to the maturity date, either (i) physically settle the transactions by issuing shares of its Common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or (ii) net settle the transactions in whole or in part through the delivery to the forward counterparties or receipt from the forward counterparties of cash or shares in accordance with the provisions of the agreements. The following forward sale agreements were entered into under Exelon's ATM programs in 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Effective Period** | **Shares Available<br>(in millions)** | **Weighted-Average Net Price** | **Maturity Date** |
| Q1 2025 | 5.7 | $43.24 | December 15, 2025 |
| Q2 2025 | 6.2 | $43.51 | December 15, 2025 |
| Q2 2025 | 3.6 | $43.17 | November 16, 2026 |
| Q3 2025 | 11.5 | $43.73 | December 15, 2026 |
| Q4 2025 | 0.8 | $45.42 | December 15, 2026 |

---

No amounts have been or will be recorded on Exelon's balance sheet with respect to the equity offerings until the equity forward sale agreements have been settled. Each initial forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. Until settlement of the equity forward, earnings per share dilution resulting from the agreement, if any, will be determined under the treasury stock method. For the twelve months ended December 31, 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, $1.5 billion of Common stock remained available for sale pursuant to the ATM program as of December 31, 2025.

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**Combined Notes to Consolidated Financial Statements**

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

Note 17 — Shareholders' Equity

***ComEd Common Stock Warrants***

The following table presents warrants outstanding to purchase ComEd common stock and shares of common stock reserved for the conversion of warrants. The warrants entitle the holders to convert such warrants into common stock of ComEd at a conversion rate of one share of common stock for three warrants.

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Warrants outstanding | 59,960 | 59,970 |
| Common Stock reserved for conversion | 19,987 | 19,990 |

---

***Share Repurchases***

There currently is no Exelon Board of Director authority to repurchase shares. Any previous shares repurchased are held as treasury shares, at cost, unless cancelled or reissued at the discretion of Exelon's management.

***Preferred and Preference Securities***

The following table presents Exelon, ComEd, PECO, BGE, Pepco, and ACE's shares of preferred securities authorized, none of which were outstanding, as of December 31, 2025 and 2024. There are no shares of preferred securities authorized for DPL.

---

| | |
|:---|:---|
| | **Preferred Securities Authorized** |
| Exelon | 100000000 |
| ComEd | 850000 |
| PECO | 15000000 |
| BGE | 1000000 |
| Pepco | 6000000 |
| ACE<sup>(a)</sup> | 2799979 |

---

_________

(a)Includes 799,979 shares of cumulative preferred stock and 2,000,000 of no par value preferred stock as of December 31, 2025 and 2024.

The following table presents ComEd, BGE, and ACE's preference securities authorized, none of which were outstanding as of December 31, 2025 and 2024. There are no shares of preference securities authorized for Exelon, PECO, Pepco, and DPL.

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| | |
|:---|:---|
| | **Preference Securities Authorized** |
| ComEd | 6810451 |
| BGE<sup>(a)</sup> | 6500000 |
| ACE | 3000000 |

---

__________

(a)Includes 4,600,000 shares of unclassified preference securities and 1,900,000 shares of previously redeemed preference securities as of December 31, 2025 and 2024.

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**Combined Notes to Consolidated Financial Statements**

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

Note 18 — Stock-Based Compensation Plans

**18. Stock-Based Compensation Plans (All Registrants)**

**Stock-Based Compensation Plans**

Exelon grants stock-based awards through its LTIP, which primarily includes performance share awards and restricted stock units. At December 31, 2025, there were approximately 32 million shares authorized for issuance under the LTIP. For the years ended December 31, 2025, 2024, and 2023, exercised and distributed stock-based awards were primarily issued from authorized but unissued Common stock shares.

The Registrants grant cash awards. The following table does not include expense related to these plans as they are not considered stock-based compensation plans under the applicable authoritative guidance.

The following table presents the stock-based compensation expense included in Exelon's Consolidated Statements of Operations and Comprehensive Income. The Utility Registrants' stock-based compensation expense for the years ended December 31, 2025, 2024, and 2023 was not material.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Exelon** | **2025** | **2024** | **2023** |
| Total stock-based compensation expense included in Operating and maintenance expense | $41 | $34 | $21 |
| Income tax benefit | (10) | (8) | (5) |
| **Total after-tax stock-based compensation expense** | $31 | $26 | $16 |

---

Exelon receives a tax deduction based on the intrinsic value of the award on the distribution date for performance share awards and restricted stock units. For each award, throughout the requisite service period, Exelon recognizes the tax benefit related to compensation costs. The following table presents information regarding Exelon's realized tax benefit when distributed:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Performance share awards | $6 | $9 | $8 |
| Restricted stock units | 3 | 4 | 6 |

---

***Performance Share Awards***

Performance share awards are granted under the LTIP. The performance share awards granted in 2025 and 2024 are settled in common stock at the end of the three-year performance period. The performance share awards granted prior to 2024 are settled 50% in common stock and 50% in cash at the end of the three-year performance period, except for awards that are settled 100% in cash if certain ownership requirements are satisfied.

The common stock portion of the performance share awards is considered an equity award and is valued based on Exelon's stock price on the grant date. The cash portion of the performance share awards is considered a liability award which is remeasured each reporting period based on Exelon's current stock price. As the value of the common stock and cash portions of the awards are based on Exelon's stock price during the performance period, coupled with changes in the total shareholder return modifier and expected payout of the award, the compensation costs are subject to volatility until payout is established.

For nonretirement-eligible employees, stock-based compensation costs are recognized over the vesting period of three years using the straight-line method. For performance share awards granted to retirement-eligible employees, the value of the performance shares is recognized ratably over the vesting period, which is the year of grant for the employee who is retirement eligible prior to December 31 of the grant year or through the date of which the employee reaches retirement eligibility. Exelon processes forfeitures as they occur for employees who do not complete the requisite service period.

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**Combined Notes to Consolidated Financial Statements**

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

Note 18 — Stock-Based Compensation Plans

The following table summarizes Exelon's nonvested performance share awards activity:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Weighted Average<br>Grant Date Fair<br>Value (per share)** |
| **Nonvested at December 31, 2024**<sup>(a)</sup> | 611525 | $39.66 |
| Granted | 636717 | 42.45 |
| Change in performance | 150204 | 39.29 |
| Vested | (167063) | 43.09 |
| Forfeited | (139898) | 40.22 |
| Undistributed vested awards<sup>(b)</sup> | (450924) | 41.71 |
| **Nonvested at December 31, 2025**<sup>(a)</sup> | 640561 | $39.87 |

---

__________

(a)Excludes 1,083,128 and 635,526 of performance share awards issued to retirement-eligible employees as of December 31, 2025 and 2024, respectively, as they are fully vested.

(b)Represents performance share awards that vested but were not distributed to retirement-eligible employees during 2025.

The following table summarizes the weighted average grant date fair value and the total fair value of performance share awards vested.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025**<sup>(a)</sup> | **2024** | **2023** |
| Weighted average grant date fair value (per share) | $42.45 | $35.29 | $41.82 |
| Total fair value of performance shares vested | 25 | 27 | 17 |
| Total fair value of performance shares settled in cash | 16 | 27 | 26 |

---

__________

(a)As of December 31, 2025, $8 million of total unrecognized compensation costs related to nonvested performance shares are expected to be recognized over the remaining weighted-average period of 1.8 years.

***Restricted Stock Units***

Restricted stock units are granted under the LTIP with the majority being settled in a specific number of shares of common stock after the service condition has been met. The corresponding cost of services is measured based on the grant date fair value of the restricted stock unit issued.

The value of the restricted stock units is expensed over the requisite service period using the straight-line method. The requisite service period for restricted stock units is generally three to five years. However, certain restricted stock unit awards become fully vested upon the employee reaching retirement-eligibility. For restricted stock units granted to retirement-eligible employees, the value of the restricted stock units is either recognized ratably over the first six months in the year of grant if the employee reaches retirement eligibility prior to July 1st of the grant year or through the date of which the employee reaches retirement eligibility. Exelon processes forfeitures as they occur for employees who do not complete the requisite service period.

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**Combined Notes to Consolidated Financial Statements**

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

Note 18 — Stock-Based Compensation Plans

The following table summarizes Exelon's nonvested restricted stock unit activity:

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| | | |
|:---|:---|:---|
| | **Shares** | **Weighted Average<br>Grant Date Fair<br>Value (per share)** |
| **Nonvested at December 31, 2024**<sup>(a)</sup> | 293589 | $39.29 |
| Granted | 338787 | 40.47 |
| Vested | (163374) | 40.59 |
| Forfeited | (63960) | 39.05 |
| Undistributed vested awards<sup>(b)</sup> | (199280) | 40.41 |
| **Nonvested at December 31, 2025**<sup>(a)</sup> | 205762 | $39.19 |

---

__________

(a)Excludes 363,156 and 126,732 of restricted stock units issued to retirement-eligible employees as of December 31, 2025 and 2024, respectively, as they are fully vested.

(b)Represents restricted stock units that vested but were not distributed to retirement-eligible employees during 2025.

The following table summarizes the weighted average grant date fair value and the total fair value of restricted stock units vested.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025**<sup>(a)</sup> | **2024** | **2023** |
| Weighted average grant date fair value (per share) | $40.47 | $35.54 | $41.84 |
| Total fair value of restricted stock units vested | 15 | 21 | 15 |

---

__________

(a)As of December 31, 2025, $4 million of total unrecognized compensation costs related to nonvested restricted stock units are expected to be recognized over the remaining weighted-average period of 1.8 years.

**19. 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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| | | | |
|:---|:---|:---|:---|
| | **Cash Flow<br>Hedges** | **Pension and<br>Non-Pension<br>Postretirement<br>Benefit Plan<br>Items** <sup>(a)</sup> | **Total** |
| **Balance at December 31, 2022** | $2 | $(640) | $(638) |
| &nbsp;&nbsp;&nbsp;OCI before reclassifications | (4) | (109) | (113) |
| &nbsp;&nbsp;&nbsp;Amounts reclassified from AOCI | (1) | 26 | 25 |
| &nbsp;&nbsp;&nbsp;Net current-period OCI | $(5) | $(83) | $(88) |
| **Balance at December 31, 2023** | $(3) | $(723) | $(726) |
| &nbsp;&nbsp;&nbsp;OCI before reclassifications | 52 | (70) | (18) |
| &nbsp;&nbsp;&nbsp;Amounts reclassified from AOCI | (4) | 28 | 24 |
| &nbsp;&nbsp;&nbsp;Net current-period OCI | $48 | $(42) | $6 |
| **Balance at December 31, 2024** | $45 | $(765) | $(720) |
| &nbsp;&nbsp;&nbsp;OCI before reclassifications | (7) | (52) | (59) |
| &nbsp;&nbsp;&nbsp;Amounts reclassified from AOCI | (5) | 22 | 17 |
| &nbsp;&nbsp;&nbsp;Net current-period OCI | $(12) | $(30) | $(42) |
| **Balance at December 31, 2025** | $33 | $(795) | $(762) |

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__________

(a)This AOCI component is included in the computation of net periodic pension and OPEB cost. See Note 12 — Retirement Benefits for additional information. See Exelon's Statements of Operations and Comprehensive Income for individual components of AOCI.

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**Combined Notes to Consolidated Financial Statements**

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

Note 19 — Changes in Accumulated Other Comprehensive Income (Loss)

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

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| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Pension and non-pension postretirement benefit plans:** |  |  |  |
| &nbsp;&nbsp;Actuarial losses reclassified to periodic benefit cost | $(9) | $(10) | $(8) |
| &nbsp;&nbsp;Pension and non-pension postretirement benefit plans valuation adjustments | 15 | 23 | 33 |
| Unrealized gains on cash flow hedges | 2 | (15) | 2 |

---

**20. 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.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| **For the Year Ended December 31, 2025** | | | | | | | | |
| Utility<sup>(a)</sup> | $1003 | $319 | $202 | $112 | $369 | $335 | $30 | $4 |
| Property | 474 | 45 | 19 | 239 | 170 | 113 | 54 | 2 |
| Payroll | 135 | 37 | 18 | 18 | 29 | 6 | 4 | 3 |
| **For the Year Ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Utility<sup>(a)</sup> | $925 | $300 | $179 | $105 | $341 | $310 | $27 | $4 |
| Property | 431 | 32 | 19 | 221 | 159 | 108 | 48 | 3 |
| Payroll | 134 | 37 | 17 | 19 | 28 | 6 | 4 | 3 |
| **For the Year Ended December 31, 2023** |  |  |  |  |  |  |  |  |
| Utility<sup>(a)</sup> | $875 | $299 | $166 | $97 | $313 | $283 | $26 | $4 |
| Property | 401 | 33 | 16 | 205 | 147 | 101 | 44 | 2 |
| Payroll | 124 | 31 | 17 | 18 | 27 | 6 | 5 | 3 |

---

__________

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Other, net** | **Other, net** | **Other, net** | **Other, net** | **Other, net** | **Other, net** | **Other, net** | **Other, net** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **For the Year Ended December 31, 2025** | | | | | | | | |
| AFUDC—Equity | $183 | $66 | $36 | $40 | $41 | $31 | $6 | $4 |
| Non-service net periodic benefit cost | (52) |  |  |  |  |  |  |  |
| **For the Year Ended December 31, 2024** |  |  |  |  |  |  |  |  |
| AFUDC—Equity | $157 | $46 | $32 | $25 | $54 | $40 | $12 | $2 |
| Non-service net periodic benefit cost | (38) |  |  |  |  |  |  |  |
| **For the Year Ended December 31, 2023** |  |  |  |  |  |  |  |  |
| AFUDC—Equity | $151 | $33 | $31 | $16 | $71 | $54 | $10 | $7 |
| Non-service net periodic benefit cost | (18) |  |  |  |  |  |  |  |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 20 — Supplemental Financial Information

***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** |
| **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | | | | | | | |
| Property, plant, and equipment<sup>(a)</sup> | $3043 | $1223 | $451 | $503 | $810 | $360 | $226 | $223 |
| Amortization of regulatory assets<sup>(a)</sup> | 594 | 337 | 3 | 129 | 125 | 73 | 26 | 25 |
| Amortization of intangible assets, net<sup>(a)</sup> | 3 |  |  |  |  |  |  |  |
| ARO accretion<sup>(b)</sup> | 3 |  |  |  | 2 | 2 |  |  |
| **Total depreciation, amortization, and accretion** | $3643 | $1560 | $454 | $632 | $937 | $435 | $252 | $248 |
| **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |  |  |  |  |  |  |  |
| Property, plant, and equipment<sup>(a)</sup> | $2910 | $1167 | $414 | $490 | $782 | $336 | $218 | $211 |
| Amortization of regulatory assets<sup>(a)</sup> | 676 | 347 | 14 | 148 | 164 | 70 | 27 | 67 |
| Amortization of intangible assets, net<sup>(a)</sup> | 8 |  |  |  |  |  |  |  |
| ARO accretion<sup>(b)</sup> | 2 |  |  |  | 1 | 1 |  |  |
| **Total depreciation and amortization** | $3596 | $1514 | $428 | $638 | $947 | $407 | $245 | $278 |
| **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |  |  |  |  |  |  |  |
| Property, plant, and equipment<sup>(a)</sup> | $2778 | $1095 | $383 | $509 | $737 | $311 | $208 | $195 |
| Amortization of regulatory assets<sup>(a)</sup> | 720 | 308 | 14 | 145 | 253 | 130 | 36 | 88 |
| Amortization of intangible assets, net<sup>(a)</sup> | 8 |  |  |  |  |  |  |  |
| **Total depreciation, amortization, and accretion** | $3506 | $1403 | $397 | $654 | $990 | $441 | $244 | $283 |

---

__________

(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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Cash paid (refunded) during the year** | **Cash paid (refunded) during the year** | **Cash paid (refunded) during the year** | **Cash paid (refunded) during the year** | **Cash paid (refunded) during the year** | **Cash paid (refunded) during the year** | **Cash paid (refunded) during the year** | **Cash paid (refunded) during the year** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **For the Year Ended December 31, 2025** | | | | | | | | |
| Interest (net of amount capitalized) | $2021 | $511 | $242 | $231 | $392 | $205 | $96 | $78 |
| Income taxes (net of refunds) | 12 | 224 | (186) | (95) | 114 | 88 | 20 | 11 |
| **For the Year Ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Interest (net of amount capitalized) | $1849 | $485 | $218 | $198 | $355 | $183 | $89 | $74 |
| Income taxes (net of refunds) | 81 | 250 | 128 | 100 | 150 | 96 | 57 | 20 |
| **For the Year Ended December 31, 2023** |  |  |  |  |  |  |  |  |
| Interest (net of amount capitalized) | $1616 | $441 | $200 | $171 | $301 | $153 | $69 | $68 |
| Income taxes (net of refunds) | 10 | 11 | (24) | 29 | 21 | 6 | 6 | 9 |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 20 — 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** |
| **For the Year Ended December 31, 2025** | | | | | | | | |
| Pension and OPEB costs | $273 | $85 | $7 | $62 | $96 | $35 | $17 | $13 |
| Allowance for credit losses | 256 | 55 | 97 | 26 | 78 | 37 | 17 | 24 |
| True-up adjustments to decoupling mechanisms and formula rates<sup>(a)</sup> | 746 | 596 |  | 87 | 63 | 49 | 16 | (2) |
| Amortization of operating ROU asset | 28 |  |  | 7 | 16 | 5 | 6 | 2 |
| Change in environmental liabilities |  |  |  |  | 1 | 1 |  |  |
| AFUDC - Equity | (183) | (66) | (36) | (41) | (41) | (31) | (5) | (4) |
| **For the Year Ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Pension and OPEB costs (benefit) | $252 | $72 | $(1) | $59 | $93 | $32 | $15 | $12 |
| Allowance for credit losses | 208 | 23 | 91 | 25 | 69 | 30 | 10 | 28 |
| True-up adjustments to decoupling mechanisms and formula rates<sup>(a)</sup> | 109 | 151 | (6) | (52) | 16 | (15) | 10 | 21 |
| Amortization of operating ROU asset | 38 |  |  | 6 | 26 | 6 | 6 | 3 |
| Change in environmental liabilities |  |  |  |  |  |  |  |  |
| AFUDC - Equity | (157) | (46) | (32) | (25) | (54) | (40) | (12) | (2) |
| **For the Year Ended December 31, 2023** |  |  |  |  |  |  |  |  |
| Pension and OPEB costs (benefit) | $198 | $26 | $(14) | $56 | $99 | $34 | $18 | $13 |
| Allowance for credit losses | 125 | 4 | 45 | 16 | 60 | 33 | 10 | 17 |
| True-up adjustments to decoupling mechanisms and formula rates<sup>(a)</sup> | (708) | (556) | 7 | (84) | (77) | (22) | (21) | (34) |
| Amortization of operating ROU asset | 39 | 2 |  | 5 | 28 | 6 | 8 | 3 |
| Change in environmental liabilities | 37 |  |  |  | 37 | 37 |  |  |
| AFUDC - Equity | (151) | (33) | (31) | (16) | (71) | (54) | (10) | (7) |

---

__________

(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 rate. For BGE, Pepco, DPL, and ACE, reflects the change in Regulatory assets and liabilities associated with their decoupling mechanisms and transmission formula rates. See Note 2 — Regulatory Matters for additional information.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 20 — Supplemental Financial Information

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Cash, restricted cash, and cash equivalents** | **Cash, restricted cash, and cash equivalents** | **Cash, restricted cash, and cash equivalents** | **Cash, restricted cash, and cash equivalents** | **Cash, restricted cash, and cash equivalents** | **Cash, restricted cash, and cash equivalents** | **Cash, restricted cash, and cash equivalents** | **Cash, restricted cash, and cash equivalents** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** | **DPL** | **ACE** |
| **Balance at December 31, 2025** | | | | | | | | |
| Cash and cash equivalents | $626 | $159 | $116 | $217 | $103 | $22 | $9 | $22 |
| Restricted cash and cash equivalents | 525 | 454 |  | 3 | 38 | 33 | 3 | 2 |
| Restricted cash included in Other deferred debits and other assets | 50 | 50 |  |  |  |  |  |  |
| **Total cash, restricted cash, and cash equivalents** | $1201 | $663 | $116 | $220 | $141 | $55 | $12 | $24 |
| **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 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 |
| **Balance at December 31, 2022** |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $407 | $67 | $59 | $43 | $198 | $45 | $31 | $72 |
| Restricted cash and cash equivalents | 566 | 327 | 9 | 24 | 175 | 54 | 121 |  |
| Restricted cash included in Other deferred debits and other assets | 117 | 117 |  |  |  |  |  |  |
| **Total cash, restricted cash, and cash equivalents** | $1090 | $511 | $68 | $67 | $373 | $99 | $152 | $72 |

---

For additional information on restricted cash, see Note 1 — Significant Accounting Policies.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 20 — Supplemental Financial Information

***Supplemental Balance Sheet Information***

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| | **Exelon** | **ComEd** | **PECO** | **BGE** | **PHI** | **Pepco** |
| **Balance at December 31, 2025** | | | | | | |
| Rabbi trust investments<sup>(a)</sup> | $278 | $— | $38 | $10 | $157 | $141 |
| Equity method investments | 15 | 6 | 7 |  | 1 |  |
| Other investments | 19 |  |  |  |  |  |
| **Total investments** | $312 | $6 | $45 | $10 | $158 | $141 |
| **Balance at December 31, 2024** |  |  |  |  |  |  |
| Rabbi trust investments<sup>(a)</sup> | $260 | $— | $34 | $10 | $151 | $135 |
| Equity method investments | 15 | 6 | 7 |  | 1 |  |
| Other investments | 15 |  |  |  |  |  |
| **Total investments** | $290 | $6 | $41 | $10 | $152 | $135 |

---

__________

(a)The Registrants' debt and equity security investments and life insurance contracts are recorded at fair market value.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 December 31, 2025** | | | | | | | | |
| Compensation-related accruals<sup>(a)</sup> | $705 | $209 | $96 | $99 | $125 | $35 | $24 | $17 |
| Taxes accrued | 242 | 94 | 306 | 191 | 107 | 69 | 25 | 18 |
| Interest accrued | 538 | 155 | 75 | 55 | 92 | 49 | 18 | 20 |
| **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.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 21 — Related Party Transactions

**21. 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** | **Capitalized costs from affiliates** | **Capitalized costs from affiliates** | **Capitalized costs from affiliates** |
| | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Exelon |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC |  |  |  | $683 | $633 | $670 |
| &nbsp;&nbsp;&nbsp;&nbsp;PHISCO |  |  |  | 109 | 114 | 96 |
| ComEd |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | $404 | $418 | $353 | 279 | 254 | 307 |
| PECO |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | 246 | 243 | 213 | 105 | 112 | 120 |
| BGE |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | 251 | 246 | 221 | 123 | 110 | 90 |
| PHI |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | 200 | 200 | 177 | 176 | 157 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;PHISCO |  |  |  | 109 | 114 | 95 |
| Pepco |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | 126 | 125 | 114 | 76 | 70 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;PHISCO | 119 | 125 | 122 | 47 | 50 | 39 |
| DPL |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | 80 | 78 | 73 | 52 | 49 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;PHISCO | 98 | 103 | 98 | 33 | 34 | 29 |
| ACE |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSC | 64 | 64 | 59 | 40 | 32 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;PHISCO | 91 | 97 | 92 | 29 | 30 | 26 |

---

***Current Receivables from/Payables to Affiliates***

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

***December 31, 2025***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Receivables from affiliates:** | **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** | **Total** |
| ComEd |  | $— | $— | $— | $— | $— | $76 | $— | $5 | $81 |
| PECO | $— |  |  |  |  |  | 33 |  | 2 | 35 |
| BGE |  |  |  |  |  |  | 39 |  |  | 39 |
| PHI |  |  |  |  |  |  | 5 | 2 | 11 | 18 |
| Pepco |  |  |  |  |  |  | 25 | 11 | 1 | 37 |
| DPL |  |  |  |  |  |  | 15 | 10 |  | 25 |
| ACE |  |  |  |  |  |  | 14 | 10 |  | 24 |
| Other | 5 |  | 1 |  | 2 | 12 |  |  |  | 20 |
| **Total** | $5 | $— | $1 | $— | $2 | $12 | $207 | $33 | $19 | $279 |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Combined Notes to Consolidated Financial Statements**

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

Note 21 — Related Party Transactions

***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:** | **Receivables from affiliates:** |
|<br>**Payables to affiliates:** | **ComEd** | **PECO** | **BGE** | **Pepco** | **DPL** | **ACE** | **BSC** | **PHISCO** | **Other** | **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 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **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 |

---

**Charitable Contributions**

In December 2025, Exelon Corporation made an unconditional promise to give $30 million to the Exelon Foundation. The contribution was recorded in Operating and maintenance expense within the Consolidated Statements of Operations and Comprehensive Income with the offset in Other current liabilities on the Consolidated Balance Sheets.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

---

| | |
|:---|:---|
| **ITEM 9.** | **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE** |

---

**All Registrants**

None.

---

| | |
|:---|:---|
| **ITEM 9A.** | **CONTROLS AND PROCEDURES** |

---

**All Registrants—Disclosure Controls and Procedures**

During the fourth quarter of 2025, each of the Registrant's management, including its principal executive officer and principal financial officer, evaluated disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report, pursuant to Exchange Act Rules 13a-15(b) and 15d-15(b). 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 December 31, 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. (Item 307 of Regulation S-K).

**All Registrants—Changes in Internal Control Over Financial Reporting**

Each Registrant continually strives to improve its disclosure controls and procedures to enhance the quality of its financial reporting and to maintain dynamic systems that change as conditions warrant. However, there were no changes in internal control over financial reporting (as defined in Exchange Act Rules 13a-15(d) and 15d-15(d)) that occurred during the fourth quarter of 2025 that have materially affected, or are reasonably likely to materially affect, any of the Registrants' internal control over financial reporting.

**All Registrants—Internal Control Over Financial Reporting**

Management is required to assess and report on the effectiveness of its internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) as of December 31, 2025. As a result of that assessment, management determined that there were no material weaknesses as of December 31, 2025 and therefore concluded that each Registrant's internal control over financial reporting was effective. Management's Report on Internal Control Over Financial Reporting is included in ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

---

| | |
|:---|:---|
| **ITEM 9B.** | **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 December 31, 2025.

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| | |
|:---|:---|
| **ITEM 9C.** | **DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS** |

---

Not Applicable

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**PART III** 

PECO, BGE, PHI, Pepco, DPL, and ACE meet the conditions set forth in General Instruction (I)(1)(a) and (b) of Form 10-K for a reduced disclosure format. Accordingly, all items in this section relating to PECO, BGE, PHI, Pepco, DPL, and ACE are not presented.

---

| | |
|:---|:---|
| **ITEM 10.** | **DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE** |

---

**Executive Officers**

The information required by ITEM 10 relating to executive officers is set forth above in ITEM 1. BUSINESS—Executive Officers of the Registrants as of February 12, 2026.

**Directors, Director Nomination Process and Audit Committee**

The information required under ITEM 10 concerning directors and nominees for election as directors at the annual meeting of shareholders (Item 401 of Regulation S-K), compliance with Section 16(a) of the Exchange Act (Item 405 of Regulation S-K), the director nomination process (Item 407(c)(3)), and the audit committee (Item 407(d)(4) and (d)(5)) is incorporated herein by reference to information to be contained in Exelon's Proxy Statement for the 2026 Annual Meeting of Shareholders (2026 Exelon Proxy Statement) and the ComEd information statement (2026 ComEd Information Statement) to be filed with the SEC on or before April 30, 2026 pursuant to Regulation 14A or 14C, as applicable, under the Securities Exchange Act of 1934.

**Code of Ethics**

Exelon's Code of Business Conduct is the code of ethics that applies to all directors, officers, and employees of the Registrants and their subsidiaries. The Code of Business Conduct is filed as Exhibit 14 to this report and is available on Exelon's website at www.exeloncorp.com. The Code of Business Conduct will be made available, without charge, in print to any shareholder who requests such document from Exelon's Corporate Secretary, 10 South Dearborn Street, P.O. Box 805398, Chicago, Illinois 60680-5398.

If any substantive amendments to the Code of Business Conduct are made or any waivers are granted, including any implicit waiver, from a provision of the Code of Business Conduct, to its Chief Executive Officer, Chief Financial Officer or Corporate Controller, Exelon will disclose the nature of such amendment or waiver on Exelon's website, www.exeloncorp.com, or in a report on Form 8-K.

**Insider Trading Policy**

Exelon has adopted insider trading policies and procedures governing transactions in securities of the Registrants and their subsidiaries by directors, officers, and employees, or the Registrants themselves, that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Registrants. A copy of the Exelon Insider Trading Policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

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| | |
|:---|:---|
| **ITEM 11.** | **EXECUTIVE COMPENSATION** |

---

The information required by this item will be set forth under the sections captioned "Compensation Discussion and Analysis" and "Talent Management and Compensation Committee Report" in the 2026 Exelon Proxy Statement or the section captioned "Executive Compensation" in the 2026 ComEd Information Statement, which are incorporated herein by reference.

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| | |
|:---|:---|
| **ITEM 12.** | **SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS** |

---

The additional information required by this item will be set forth under Ownership of Exelon Stock in the 2026 Exelon Proxy Statement or the 2026 ComEd Information Statement, which are incorporated herein by reference.

No ComEd securities are authorized for issuance under equity compensation plans.

**Securities Authorized for Issuance under Exelon Equity Compensation Plans**

---

| | | | |
|:---|:---|:---|:---|
| **<u>Plan Category</u>** | **[A]**<br>**Number of securities to<br>be issued upon<br>exercise of outstanding<br>Options, warrants and<br>rights (Note 1)** | **[B]**<br>**Weighted-average<br>price of outstanding<br>Options, warrants<br>and rights (Note 2)** | **[C]**<br>**Number of securities<br>remaining available<br>for future issuance<br>under equity<br>compensation plans<br>(excluding securities<br>reflected in<br>column [A]) (Note 3)** |
| Equity compensation plans approved by security holders | 3786845 | $— | 37917762 |

---

__________

(1)The equity compensation plans approved by the Company's shareholders are the Exelon Corporation 2020 Long-Term Incentive Plan and the Exelon Corporation Employee Stock Purchase Plan, as amended and restated effective September 25, 2019. See Note 18 — Stock-Based Compensation Plans of the Combined Notes to Consolidated Financial Statements for additional information about the material features of the plans.

The number in column (A) includes: (i) 586,598 unvested restricted stock units and 2,906,398 unvested performance shares that were granted under the Exelon LTIP or predecessor company plans (including shares awarded under those plans and deferred into the stock deferral plan), both including accrued and reinvested dividends, and (ii) 293,849 deferred stock units granted to directors as part of their compensation.

For reporting purposes, the number of unvested performance shares includes: (i) the 2023-2025 performance share awards at maximum payout, assuming half of the shares are settled in cash and half in Exelon stock; and (ii) the 2024-2026 and 2025-2027 performance share awards at maximum payout, assuming settlement all in Exelon stock, pursuant to the terms of the long-term incentive program. Performance share awards may be paid between 0% and 200% of target, depending on the achievement of performance goals established for such awards.

(2)There are no outstanding stock options. The weighted-average price reported in column B does not take the performance shares and shares credited to deferred compensation plans into account.

(3)Includes 9,200,672 shares remaining available for issuance from the employee stock purchase plan.

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| | |
|:---|:---|
| **ITEM 13.** | **CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE** |

---

The additional information required by this item will be set forth under the sections captioned "Related Person Transactions" and "Director Independence" in the 2026 Exelon Proxy Statement or the sections captioned "Related Person Transactions," "Independence Standards," and "Director Nominees" in the 2026 ComEd Information Statement, which are incorporated herein by reference.

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| | |
|:---|:---|
| **ITEM 14.** | **PRINCIPAL ACCOUNTING FEES AND SERVICES** |

---

The information required by this item will be set forth under the section captioned "Ratification of PricewaterhouseCoopers LLP as Exelon's Independent Auditor for 2026" in the 2026 Exelon Proxy Statement and the section captioned "Audit Matters" in the 2026 ComEd Information Statement, which are incorporated herein by reference.

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**PART IV**

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| | |
|:---|:---|
| **ITEM 15.** | **EXHIBITS, FINANCIAL STATEMENT SCHEDULES** |

---

(a)The following documents are filed as a part of this report:

&nbsp;&nbsp;&nbsp;&nbsp;**(1) Exelon**

---

| | |
|:---|:---|
| (i) | Financial Statements (Item 8): |
|  | Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238) |
|  | Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Consolidated Balance Sheets at December 31, 2025 and 2024 |
|  | Consolidated Statements of Changes in Equity for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Notes to Consolidated Financial Statements |
| (ii) | Financial Statement Schedules: |
|  | Schedule I—Condensed Financial Information of Parent (Exelon Corporate) at December 31, 2025 and 2024 and for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto. |

---

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Schedule I – Condensed Financial Information of Parent (Exelon Corporate)**

**Condensed Statements of Operations and Other Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;Operating and maintenance | $92 | $7 | $88 |
| &nbsp;&nbsp;Operating and maintenance from affiliates | 8 | 8 | 7 |
| &nbsp;&nbsp;Other | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 101 | 16 | 96 |
| **Operating loss** | (101) | (16) | (96) |
| **Other income and (deductions)** |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (684) | (593) | (544) |
| &nbsp;&nbsp;Equity in earnings of investments | 3335 | 2887 | 2728 |
| &nbsp;&nbsp;Interest income from affiliates, net | 11 | 15 | 9 |
| &nbsp;&nbsp;Other, net | 28 | 22 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and (deductions) | 2690 | 2331 | 2212 |
| **Income from before income taxes** | 2589 | 2315 | 2116 |
| **Income taxes** | (179) | (145) | (212) |
| **Net income** | $2768 | $2460 | $2328 |
| **Other comprehensive income (loss), 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 | 22 | 28 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and non-pension postretirement benefit plans valuation adjustments | (52) | (70) | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (loss) gain on cash flow hedges | (12) | 48 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss) income | (42) | 6 | (88) |
| **Comprehensive income** | $2726 | $2466 | $2240 |

---

See the Notes to Financial Statements

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Schedule I – Condensed Financial Information of Parent (Exelon Corporate)**

**Condensed Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| **Net cash flows provided by operating activities** | $1775 | $2022 | $1486 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;Changes in Exelon intercompany money pool | (33) | 8 | (43) |
| &nbsp;&nbsp;Investment in affiliates | (2055) | (1568) | (1864) |
| &nbsp;&nbsp;Other investing activities | (1) | (2) | (1) |
| **Net cash flows used in investing activities** | (2089) | (1562) | (1908) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;Changes in short-term borrowings | (427) | (99) | 78 |
| &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 | (500) | (150) |  |
| &nbsp;&nbsp;Issuance of long-term debt | 3000 | 1700 | 2500 |
| &nbsp;&nbsp;Retirement of long-term debt | (810) | (715) | (850) |
| &nbsp;&nbsp;Issuance of common stock | 691 | 148 | 140 |
| &nbsp;&nbsp;Dividends paid on common stock | (1615) | (1523) | (1433) |
| &nbsp;&nbsp;Proceeds from employee stock plans | 35 | 43 | 41 |
| &nbsp;&nbsp;Other financing activities | (40) | (36) | (39) |
| **Net cash flows provided by (used in) financing activities** | 334 | (482) | 437 |
| **Increase (decrease) in cash, restricted cash, and cash equivalents** | 20 | (22) | 15 |
| **Cash, restricted cash, and cash equivalents at beginning of period** | 4 | 26 | 11 |
| **Cash, restricted cash, and cash equivalents at end of period** | $24 | $4 | $26 |

---

See the Notes to Financial Statements

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Schedule I – Condensed Financial Information of Parent (Exelon Corporate)**

**Condensed Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $24 | $4 |
| &nbsp;&nbsp;Accounts receivable, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable | 622 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from affiliates | 10 | 19 |
| &nbsp;&nbsp;Notes receivable from affiliates | 250 | 217 |
| &nbsp;&nbsp;Regulatory assets | 165 | 186 |
| &nbsp;&nbsp;Other | 7 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1078 | 733 |
| **Property, plant, and equipment, net** | 45 | 45 |
| **Deferred debits and other assets** |  |  |
| &nbsp;&nbsp;Regulatory assets | 2925 | 2851 |
| &nbsp;&nbsp;Investments in affiliates | 43670 | 40741 |
| &nbsp;&nbsp;Deferred income taxes | 546 | 747 |
| &nbsp;&nbsp;Non-pension postretirement benefit asset | 128 | 186 |
| &nbsp;&nbsp;Other | 136 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred debits and other assets | 47405 | 44674 |
| **Total assets** | $48528 | $45452 |

---

See the Notes to Financial Statements

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies**

**Schedule I – Condensed Financial Information of Parent (Exelon Corporate)**

**Condensed Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;Short-term borrowings | $— | $927 |
| &nbsp;&nbsp;Long-term debt due within one year | 750 | 807 |
| &nbsp;&nbsp;Accounts payable | 177 | 142 |
| &nbsp;&nbsp;Accrued expenses | 188 | 155 |
| &nbsp;&nbsp;Payables to affiliates | 361 | 360 |
| &nbsp;&nbsp;Regulatory liabilities | 8 | 11 |
| &nbsp;&nbsp;Pension obligations | 36 | 40 |
| &nbsp;&nbsp;Other | 46 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1566 | 2445 |
| **Long-term debt** | 13547 | 11334 |
| **Deferred credits and other liabilities** |  |  |
| &nbsp;&nbsp;Regulatory liabilities | 89 | 94 |
| &nbsp;&nbsp;Pension obligations | 4398 | 4346 |
| &nbsp;&nbsp;Deferred income taxes | 53 | 50 |
| &nbsp;&nbsp;Other | 77 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 4617 | 4752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 19730 | 18531 |
| **Commitments and contingencies** |  |  |
| **Shareholders' equity** |  |  |
| Common stock (No par value, 2,000 shares authorized, 1,023 shares and 1,005 shares outstanding as of December 31, 2025 and 2024, respectively) | 22106 | 21338 |
| Treasury stock, at cost (2 shares as of December 31, 2025 and 2024) | (123) | (123) |
| &nbsp;&nbsp;Retained earnings | 7577 | 6426 |
| &nbsp;&nbsp;Accumulated other comprehensive loss, net | (762) | (720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 28798 | 26921 |
| **Total liabilities and shareholders' equity** | $48528 | $45452 |

---

See the Notes to Financial Statements

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies** 

**Schedule I – Condensed Financial Information of Parent (Exelon Corporate)**

**Notes to Financial Statements**

**1. Basis of Presentation**

Exelon Corporate is a holding company that conducts substantially all of its business operations through its subsidiaries. These condensed financial statements and related footnotes have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X. These statements should be read in conjunction with the consolidated financial statements, and notes thereto, of Exelon Corporation.

As of December 31, 2025, 2024, and 2023, Exelon Corporate owned 100% of all of its significant subsidiaries, either directly or indirectly, except for Commonwealth Edison Company (ComEd), of which Exelon Corporate owns more than 99%.

**2. Regulatory Matters and Retirement Benefits**

See Note 2—Regulatory Matters and Note 12—Retirement Benefits of the Combined Notes to Consolidated Financial Statements for Exelon Corporate's regulatory assets and retirement benefits.

**3. Derivative Financial Instruments**

See Note 13—Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for Exelon Corporate's derivatives.

**4. Debt and Credit Agreements**

***Short-Term Borrowings***

Exelon Corporate meets its short-term liquidity requirements primarily through the issuance of commercial paper. Exelon Corporate had no outstanding commercial paper borrowings as of December 31, 2025 and $426 million outstanding commercial paper as of December 31, 2024.

***Revolving Credit Agreements***

On August 29, 2024, Exelon Corporate entered into a revolving credit facility with an aggregate bank commitment of $900 million at a variable interest rate of SOFR plus 1.075%, which replaced its existing $900 million syndicated revolving credit facility, and extended the maturity date to August 29, 2029.

As of December 31, 2025, Exelon Corporate had a $900 million aggregate bank commitment under its existing syndicated revolving facility in which $897 million was available to support additional commercial paper as of December 31, 2025. Exelon Corporate had $3 million outstanding letters of credit as of December 31, 2025. See Note 14 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information regarding Exelon Corporate's credit agreement.

Exelon Corporate had no outstanding amounts on the revolving credit facilities as of December 31, 2025.

***Short-Term Loan Agreements***

On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million. The loan agreement was renewed in the first quarter of 2024 and was bifurcated into two tranches of $350 million and $150 million on March 14, 2024. The loan agreements were renewed in the first quarter of 2025, extending the expiration date to March 13, 2026 with a variable interest rate equal to SOFR plus 1.00%. Exelon Corporate repaid the term loan on December 5, 2025.

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies** 

**Schedule I – Condensed Financial Information of Parent (Exelon Corporate)**

**Notes to Financial Statements**

***Convertible Senior Notes***

On December 4, 2025, Exelon Corporation issued $1 billion aggregate principal amount of 3.25% Convertible Senior Notes due 2029. The Convertible Senior Notes bear interest at 3.25% per year, payable semiannually, and mature on March 15, 2029. The Convertible Notes are convertible into cash or a combination of cash and shares of common stock at Exelon's discretion, with an initial conversion price of approximately $57.11 per share. See Note 14 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on the Convertible Senior Notes.

***Debt Extinguishment***

During the twelve months ended December 31, 2024, Exelon Corporate repurchased a portion of its Senior unsecured notes with a principal balance of $244 million outstanding in exchange for cash of $215 million. The repurchase was accounted for as a debt extinguishment and resulted in a pre-tax gain of $28 million, which is reflected on Exelon Corporate's Condensed Statement of Operations and Comprehensive income within Interest expense, net.

***Long-Term Debt***

The following tables present the outstanding long-term debt for Exelon Corporate at December 31, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Maturity<br>Date** | **December 31,** | **December 31,** |
| | **Rates** | **Rates** | **Maturity<br>Date** | **2025** | **2024** |
| **Long-term debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior unsecured notes | 2.75% | 7.60% | 2026 - 2055 | $13288 | $12095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated notes |  | 6.50% | 2055 | 1000 |  |
| **Total long-term debt** |  |  |  | 14288 | 12095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt discount and premium, net |  |  |  | (24) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt issuance costs |  |  |  | (96) | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustment |  |  |  | 129 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year<sup>(a)</sup> |  |  |  | (750) | (807) |
| **Long-term debt** |  |  |  | $13547 | $11334 |

---

The long-term debt maturities for Exelon Corporate for the periods 2026 through 2030 and thereafter are as follows:

---

| | |
|:---|:---|
| 2026 | $750 |
| 2027 | 650 |
| 2028 | 1000 |
| 2029 | 1650 |
| 2030 | 1250 |
| Thereafter | 8988 |
| **Total long-term debt** | $14288 |

---

**5. Commitments and Contingencies**

See Note 16—Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for Exelon Corporate's commitments and contingencies.

**6. Related Party Transactions**

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies** 

**Schedule I – Condensed Financial Information of Parent (Exelon Corporate)**

**Notes to Financial Statements**

The financial statements of Exelon Corporate include related party transactions as presented in the tables below:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| **<u>(In millions)</u>** | **2025** | **2024** | **2023** |
| Operating and maintenance from affiliates: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC<sup>(a)</sup> | $8 | $8 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating and maintenance from affiliates: | $8 | $8 | $7 |
| Interest income (expense) from affiliates, net: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC | $8 | $11 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EEDC<sup>(b)</sup> | 3 | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income from affiliates, net: | $11 | $15 | $9 |
| Equity in earnings (losses) of investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EEDC<sup>(b)</sup> | $3339 | $2886 | $2727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCI | 3 | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connectiv, LLC | (1) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Enterprises | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon InQB8R |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Transmission Company | (6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity in earnings of investments: | $3335 | $2887 | $2728 |
| Cash contributions received from affiliates | $2464 | $2250 | $1978 |

---

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<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies** 

**Schedule I – Condensed Financial Information of Parent (Exelon Corporate)**

**Notes to Financial Statements**

---

| | | |
|:---|:---|:---|
| | **At December 31,** | **At December 31,** |
| **<u>(in millions)</u>** | **2025** | **2024** |
| Accounts receivable from affiliates (current): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ComEd | 1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PECO |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGE |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHISCO | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accounts receivable from affiliates (current): | $10 | $19 |
| Notes receivable from affiliates (current): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC<sup>(a)</sup> | $170 | $154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHI | 80 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notes receivable from affiliates (current): | $250 | $217 |
| Investments in affiliates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC<sup>(a)</sup> | $384 | $384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EEDC<sup>(b)</sup> | 42847 | 39905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCI | 60 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UII | 360 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voluntary Employee Beneficiary Association trust | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Enterprises | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conectiv | 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon InQB8R |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (4) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments in affiliates: | $43670 | $40741 |
| Accounts payable to affiliates (current): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UII | $361 | $360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accounts payable to affiliates (current): | $361 | $360 |

---

__________

(a)Exelon Corporate receives a variety of corporate support services from BSC, including legal, human resources, financial, information technology, and supply management services. All services are provided at cost, including applicable overhead.

(b)EEDC consists of ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE.

**Charitable Contributions**

In December 2025, Exelon Corporation made an unconditional promise to give $30 million to the Exelon Foundation. The contribution was recorded in Operating and maintenance expense within the Condensed Statements of Operations and Comprehensive Income with the offset in Other current liabilities on the Condensed Balance Sheets.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exelon Corporation and Subsidiary Companies** 

**Schedule II – Valuation and Qualifying Accounts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Column A** | **Column B** | **Column C** | **Column C** | **Column C** | **Column D** | | **Column E** |
| | | **Additions and adjustments** | **Additions and adjustments** | **Additions and adjustments** | | | |
|<br>**Description** |<br>**Balance at<br>Beginning<br>of Period** | **Charged to<br>Costs and<br>Expenses** | | **Charged<br>to Other<br>Accounts** |<br>**Deductions** | |<br>**Balance at<br>End<br>of Period** |
| **<u>(In millions)</u>** | | | | | | | |
| **For the year ended December 31, 2025** | | | | | | | |
| Allowance for credit losses<sup>(a)</sup> | $513 | $290 | <sup>(b)</sup> | $23 | $297 | <sup>(c)</sup> | $529 |
| Deferred tax valuation allowance | 120 |  |  | 20 |  |  | 140 |
| **For the year ended December 31, 2024** |  |  |  |  |  |  |  |
| Allowance for credit losses<sup>(a)</sup> | $399 | $271 | <sup>(b)</sup> | $22 | $179 | <sup>(c)</sup> | $513 |
| Deferred tax valuation allowance | 114 |  |  | 6 |  |  | 120 |
| **For the year ended December 31, 2023** |  |  |  |  |  |  |  |
| Allowance for credit losses<sup>(a)</sup> | $409 | $171 | <sup>(b)</sup> | $20 | $201 | <sup>(c)</sup> | $399 |
| Deferred tax valuation allowance | 94 |  |  | 20 |  |  | 114 |

---

__________

(a)Excludes the noncurrent Allowance for credit losses related to PECO's installment plan receivables of $13 million, $13 million, and $6 million for the years ended December 31, 2025, 2024, and 2023, respectively.

(b)The amount charged to costs and expenses includes the amount reclassified to Regulatory assets/liabilities under different mechanisms applicable to the different jurisdictions in which the Utility Registrants operate.

(c)Primarily reflects write-offs, net of recoveries, of individual accounts receivable.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Commonwealth Edison Company and Subsidiary Companies**

**(2) ComEd**

---

| | |
|:---|:---|
| (i) | Financial Statements (Item 8): |
|  | Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238) |
|  | Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Consolidated Balance Sheets at December 31, 2025 and 2024 |
|  | Consolidated Statements of Changes in Shareholders' Equity for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Notes to Consolidated Financial Statements |
| (ii) | Financial Statement Schedule: |
|  | Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Commonwealth Edison Company and Subsidiary Companies**

**Schedule II – Valuation and Qualifying Accounts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Column A** | **Column B** | **Column C** | **Column C** | **Column C** | **Column D** | | **Column E** |
| | | **Additions and adjustments** | **Additions and adjustments** | **Additions and adjustments** | | | |
|<br>**Description** |<br>**Balance at<br>Beginning<br>of Period** | **Charged to<br>Costs and<br>Expenses** | | **Charged<br>to Other<br>Accounts** |<br>**Deductions** | |<br>**Balance at<br>End<br>of Period** |
| **<u>(In millions)</u>** | | | | | | | |
| **For the year ended December 31, 2025** | | | | | | | |
| Allowance for credit losses | $143 | $80 | <sup>(a)</sup> | $20 | $105 | <sup>(b)</sup> | $138 |
| **For the year ended December 31, 2024** |  |  |  |  |  |  |  |
| Allowance for credit losses | $86 | $71 | <sup>(a)</sup> | $28 | $42 | <sup>(b)</sup> | $143 |
| **For the year ended December 31, 2023** |  |  |  |  |  |  |  |
| Allowance for credit losses | $76 | $45 | <sup>(a)</sup> | $13 | $48 | <sup>(b)</sup> | $86 |

---

__________

(a)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 amount charged to costs and expenses includes the amount that was reclassified to Regulatory assets/liabilities under such mechanism. See Note 2 – Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

(b)Write-offs, net of recoveries of individual accounts receivable.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**PECO Energy Company and Subsidiary Companies**

**(3) PECO**

---

| | |
|:---|:---|
| (i) | Financial Statements (Item 8): |
|  | Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238) |
|  | Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Consolidated Balance Sheets at December 31, 2025 and 2024 |
|  | Consolidated Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Notes to Consolidated Financial Statements |
| (ii) | Financial Statement Schedule: |
|  | Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**PECO Energy Company and Subsidiary Companies**

**Schedule II – Valuation and Qualifying Accounts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Column A** | **Column B** | **Column C** | **Column C** | **Column C** | **Column D** | | **Column E** |
| | | **Additions and adjustments** | **Additions and adjustments** | **Additions and adjustments** | | | |
|<br>**Description** |<br>**Balance at<br>Beginning<br>of Period** | **Charged to<br>Costs and<br>Expenses** | | **Charged<br>to Other<br>Accounts** |<br>**Deductions** | |<br>**Balance at<br>End<br>of Period** |
| **<u>(In millions)</u>** | | | | | | | |
| **For the year ended December 31, 2025** | | | | | | | |
| Allowance for credit losses<sup>(a)</sup> | $151 | $98 |  | $7 | $101 | <sup>(c)</sup> | $155 |
| Deferred tax valuation allowance | 6 |  |  |  |  |  | 6 |
| **For the year ended December 31, 2024** |  |  |  |  |  |  |  |
| Allowance for credit losses<sup>(a)</sup> | $103 | $88 |  | $(1) | $39 | <sup>(c)</sup> | $151 |
| Deferred tax valuation allowance | 7 |  |  | (1) |  |  | 6 |
| **For the year ended December 31, 2023** |  |  |  |  |  |  |  |
| Allowance for credit losses<sup>(a)</sup> | $114 | $43 | <sup>(b)</sup>  | $9 | $63 | <sup>(c)</sup> | $103 |
| Deferred tax valuation allowance | 7 |  |  |  |  |  | 7 |

---

__________

(a)Excludes the noncurrent Allowance for credit losses related to PECO's installment plan receivables of $13 million, $13 million, and $6 million for the years ended December 31, 2025, 2024, and 2023, respectively.

(b)The amount charged to costs and expenses includes the amount that was reclassified to the COVID-19 regulatory asset. See Note 2 – Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

(c)Write-offs, net of recoveries of individual accounts receivable.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Baltimore Gas and Electric Company**

**(4) BGE**

---

| | |
|:---|:---|
| (i) | Financial Statements (Item 8): |
|  | Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238) |
|  | Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023 |
|  | Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 |
|  | Balance Sheets at December 31, 2025 and 2024 |
|  | Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2025, 2024 and 2023 |
|  | Notes to Financial Statements |
| (ii) | Financial Statement Schedule: |
|  | Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Baltimore Gas and Electric Company**

**Schedule II – Valuation and Qualifying Accounts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Column A** | **Column B** | **Column C** | **Column C** | **Column C** | **Column D** | | **Column E** |
| | | **Additions and adjustments** | **Additions and adjustments** | **Additions and adjustments** | | | |
|<br>**Description** |<br>**Balance at<br>Beginning<br>of Period** | **Charged to<br>Costs and<br>Expenses** | | **Charged<br>to Other<br>Accounts** |<br>**Deductions** | |<br>**Balance at<br>End<br>of Period** |
| **<u>(In millions)</u>** | | | | | | | |
| **For the year ended December 31, 2025** | | | | | | | |
| Allowance for credit losses | $62 | $44 | <sup>(a)</sup> | $(3) | $31 | <sup>(b)</sup> | $72 |
| Deferred tax valuation allowance | 3 |  |  |  |  |  | 3 |
| **For the year ended December 31, 2024** |  |  |  |  |  |  |  |
| Allowance for credit losses | $53 | $39 | <sup>(a)</sup> | $4 | $34 | <sup>(b)</sup> | $62 |
| Deferred tax valuation allowance | 3 |  |  |  |  |  | 3 |
| **For the year ended December 31, 2023** |  |  |  |  |  |  |  |
| Allowance for credit losses | $64 | $26 | <sup>(a)</sup> | $5 | $42 | <sup>(b)</sup> | $53 |
| Deferred tax valuation allowance | 3 |  |  |  |  |  | 3 |

---

__________

(a)The amount charged to costs and expenses includes the amount that was reclassified to Regulatory assets/liabilities under different mechanisms as approved by the MDPSC.

(b)Write-offs, net of recoveries of individual accounts receivable.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Pepco Holdings LLC and Subsidiary Companies**

**(5) PHI**

---

| | |
|:---|:---|
| (i) | Financial Statements (Item 8): |
|  | Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238) |
|  | Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Consolidated Balance Sheets at December 31, 2025 and 2024 |
|  | Consolidated Statements of Changes in Member's Equity for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Notes to Consolidated Financial Statements |
| (ii) | Financial Statement Schedule: |
|  | Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Pepco Holdings LLC and Subsidiary Companies**

**Schedule II – Valuation and Qualifying Accounts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Column A** | **Column B** | **Column C** | **Column C** | **Column C** | **Column D** | | **Column E** |
| | | **Additions and adjustments** | **Additions and adjustments** | **Additions and adjustments** | | | |
|<br>**Description** |<br>**Balance at<br>Beginning<br>of Period** | **Charged to<br>Costs and<br>Expenses** | | **Charged<br>to Other<br>Accounts** |<br>**Deductions** | |<br>**Balance at<br>End<br>of Period** |
| **<u>(In millions)</u>** | | | | | | | |
| **For the year ended December 31, 2025** | | | | | | | |
| Allowance for credit losses | $157 | $68 | <sup>(a)</sup> | $(1) | $60 | <sup>(b)</sup> | $164 |
| Deferred tax valuation allowance | 32 |  |  |  |  |  | 32 |
| **For the year ended December 31, 2024** |  |  |  |  |  |  |  |
| Allowance for credit losses | $157 | $73 | <sup>(a)</sup> | $(9) | $64 | <sup>(b)</sup> | $157 |
| Deferred tax valuation allowance | 35 |  |  | (3) |  |  | 32 |
| **For the year ended December 31, 2023** |  |  |  |  |  |  |  |
| Allowance for credit losses | $155 | $57 | <sup>(a)</sup> | $(7) | $48 | <sup>(b)</sup> | $157 |
| Deferred tax valuation allowance | 35 |  |  |  |  |  | 35 |

---

__________

(a)The amount charged to costs and expenses includes the amount that was reclassified to Regulatory assets/liabilities under different mechanisms applicable to the different jurisdictions Pepco, DPL, and ACE operate in.

(b)Write-offs, net of recoveries of individual accounts receivable.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Potomac Electric Power Company**

**(6) Pepco**

---

| | |
|:---|:---|
| (i) | Financial Statements (Item 8): |
|  | Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238) |
|  | Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023 |
|  | Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 |
|  | Balance Sheets at December 31, 2025 and 2024 |
|  | Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2025, 2024 and 2023 |
|  | Notes to Financial Statements |
| (ii) | Financial Statement Schedule: |
|  | Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Potomac Electric Power Company**

**Schedule II – Valuation and Qualifying Accounts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Column A** | **Column B** | **Column C** | **Column C** | **Column C** | **Column D** | | **Column E** |
| | | **Additions and adjustments** | **Additions and adjustments** | **Additions and adjustments** | | | |
|<br>**Description** |<br>**Balance at<br>Beginning<br>of Period** | **Charged to<br>Costs and<br>Expenses** | | **Charged<br>to Other<br>Accounts** |<br>**Deductions** | |<br>**Balance at<br>End<br>of Period** |
| **<u>(In millions)</u>** | | | | | | | |
| **For the year ended December 31, 2025** | | | | | | | |
| Allowance for credit losses | $86 | $42 | <sup>(a)</sup> | $(2) | $31 | <sup>(b)</sup> | $95 |
| **For the year ended December 31, 2024** |  |  |  |  |  |  |  |
| Allowance for credit losses | $80 | $48 | <sup>(a)</sup> | $(10) | $32 | <sup>(b)</sup> | $86 |
| **For the year ended December 31, 2023** |  |  |  |  |  |  |  |
| Allowance for credit losses | $72 | $31 | <sup>(a)</sup> | $(5) | $18 | <sup>(b)</sup> | $80 |

---

__________

(a)The amount charged to costs and expenses includes the amount that was reclassified to Regulatory assets/liabilities under different mechanisms as approved by the DCPSC and MDPSC.

(b)Write-offs, net of recoveries of individual accounts receivable.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Delmarva Power & Light Company**

**(7) DPL**

---

| | |
|:---|:---|
| (i) | Financial Statements (Item 8): |
|  | Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238) |
|  | Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023 |
|  | Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 |
|  | Balance Sheets at December 31, 2025 and 2024 |
|  | Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2025, 2024 and 2023 |
|  | Notes to Financial Statements |
| (ii) | Financial Statement Schedule: |
|  | Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Delmarva Power & Light Company**

**Schedule II – Valuation and Qualifying Accounts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Column A** | **Column B** | **Column C** | **Column C** | **Column C** | **Column D** | | **Column E** |
| | | **Additions and adjustments** | **Additions and adjustments** | **Additions and adjustments** | | | |
|<br>**Description** |<br>**Balance at<br>Beginning<br>of Period** | **Charged to<br>Costs and<br>Expenses** | | **Charged<br>to Other<br>Accounts** |<br>**Deductions** | |<br>**Balance at<br>End<br>of Period** |
| **<u>(In millions)</u>** | | | | | | | |
| **For the year ended December 31, 2025** | | | | | | | |
| Allowance for credit losses | $26 | $17 | <sup>(a)</sup> | $— | $14 | <sup>(b)</sup> | $29 |
| Deferred tax valuation allowance | 29 |  |  |  |  |  | 29 |
| **For the year ended December 31, 2024** |  |  |  |  |  |  |  |
| Allowance for credit losses | $27 | $11 | <sup>(a)</sup> | $— | $12 | <sup>(b)</sup> | $26 |
| Deferred tax valuation allowance | 32 |  |  | (3) |  |  | 29 |
| **For the year ended December 31, 2023** |  |  |  |  |  |  |  |
| Allowance for credit losses | $28 | $10 | <sup>(a)</sup> | $— | $11 | <sup>(b)</sup> | $27 |
| Deferred tax valuation allowance | 32 |  |  |  |  |  | 32 |

---

__________

(a)The amount charged to costs and expenses includes the amount that was reclassified to Regulatory assets/liabilities under different mechanisms as approved by the DEPSC and MDPSC.

(b)Write-offs, net of recoveries of individual accounts receivable.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Atlantic City Electric Company and Subsidiary Company**

**(8) ACE**

---

| | |
|:---|:---|
| (i) | Financial Statements (Item 8): |
|  | Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238) |
|  | Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Consolidated Balance Sheets at December 31, 2025 and 2024 |
|  | Consolidated Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Notes to Consolidated Financial Statements |
| (ii) | Financial Statement Schedule: |
|  | Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023 |
|  | Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Atlantic City Electric Company and Subsidiary Company**

**Schedule II – Valuation and Qualifying Accounts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Column A** | **Column B** | **Column C** | **Column C** | **Column C** | **Column D** | | **Column E** |
| | | **Additions and adjustments** | **Additions and adjustments** | **Additions and adjustments** | | | |
|<br>**Description** |<br>**Balance at<br>Beginning<br>of Period** | **Charged to<br>Costs and<br>Expenses** | | **Charged<br>to Other<br>Accounts** |<br>**Deductions** | |<br>**Balance at<br>End<br>of Period** |
| **<u>(In millions)</u>** | | | | | | | |
| **For the year ended December 31, 2025** | | | | | | | |
| Allowance for credit losses | $45 | $9 | <sup>(a)</sup> | $1 | $15 | <sup>(b)</sup> | $40 |
| **For the year ended December 31, 2024** |  |  |  |  |  |  |  |
| Allowance for credit losses | $50 | $14 | <sup>(a)</sup> | 1 | $20 | <sup>(b)</sup> | $45 |
| **For the year ended December 31, 2023** |  |  |  |  |  |  |  |
| Allowance for credit losses | $55 | $16 | <sup>(a)</sup> | $(2) | $19 | <sup>(b)</sup> | $50 |

---

__________

(a)ACE 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 the Societal Benefits Charge. The amount charged to costs and expenses includes the amount that was reclassified to Regulatory assets/liabilities under such mechanism. See Note 2 – Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

(b)Write-offs, net of recoveries of individual accounts receivable.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**Exhibits required by Item 601 of Regulation S-K:** 

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 relevant registrant agrees to furnish a copy of any such instrument to the Commission upon request.

**(2) Plans of acquisition, reorganization, arrangement, liquidation, or succession**

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[2-1](http://www.sec.gov/Archives/edgar/data/0001109357/000110465922010604/tm224978d1_ex2-1.htm)</u> | Separation Agreement, dated January 31, 2022, between Exelon Corporation and Constellation Energy Corporation | <u>[File No. 001-16169, Form 8K dated February 2, 2022, Exhibit 2.1](http://www.sec.gov/Archives/edgar/data/0001109357/000110465922010604/tm224978d1_ex2-1.htm)</u> |

---

**(3) Articles of Incorporation and Bylaws**

Exelon Corporation

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[3-1](http://www.sec.gov/ix?doc=/Archives/edgar/data/1109357/000110935724000156/exc-20240630.htm)</u> | Amended and Restated Articles of Incorporation of Exelon Corporation, as amended April 30, 2024 | <u>[File No. 001-16169, Form 10-Q dated August 1, 2024, Exhibit 3.1](http://www.sec.gov/ix?doc=/Archives/edgar/data/1109357/000110935724000156/exc-20240630.htm)</u> |
| <u>[3-2](http://www.sec.gov/ix?doc=/Archives/edgar/data/1109357/000110935724000156/exc-20240630.htm)</u> | Amended and Restated Bylaws of Exelon Corporation, as amended on April 30, 2024 | <u>[File No. 001-16169, Form 10-Q dated August 1, 2024, Exhibit 3.2](http://www.sec.gov/ix?doc=/Archives/edgar/data/1109357/000110935724000156/exc-20240630.htm)</u> |

---

Baltimore Gas and Electric Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[3-3](http://www.sec.gov/Archives/edgar/data/9466/0000009466-96-000024-index.html)</u> | Articles of Restatement to the Charter of Baltimore Gas and Electric Company, restated as of August 16, 1996 | <u>[File No. 001-01910, Form 10-Q dated November 14, 1996, Exhibit 3](http://www.sec.gov/Archives/edgar/data/9466/0000009466-96-000024-index.html)</u> |
| <u>[3-4](http://www.sec.gov/Archives/edgar/data/9466/000110465910004950/a10-3064_1ex3d1.htm)</u> | Articles of Amendment to the Charter of Baltimore Gas and Electric Company as of February 2, 2010 | <u>[File No. 001-01910, Form 8-K dated February 4, 2010, Exhibit 3.1](http://www.sec.gov/Archives/edgar/data/9466/000110465910004950/a10-3064_1ex3d1.htm)</u> |
| <u>[3-5](http://www.sec.gov/Archives/edgar/data/8192/000110935720000165/exc-ex3420200630q2.htm)</u> | Amended and Restated Bylaws of Baltimore Gas and Electric Company dated August 3, 2020 | <u>[File No. 001-01910, Form 10-Q dated August 4, 2020, Exhibit 3.4](http://www.sec.gov/Archives/edgar/data/8192/000110935720000165/exc-ex3420200630q2.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

Commonwealth Edison Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[3-6](http://www.sec.gov/Archives/edgar/data/22606/0000950131-95-000799-index.html)</u> | Restated Articles of Incorporation of Commonwealth Edison Company Effective February 20, 1985, including Statements of Resolution Establishing Series, relating to the establishment of three new series of Commonwealth Edison Company preference stock known as the "$9.00 Cumulative Preference Stock," the "$6.875 Cumulative Preference Stock" and the "$2.425 Cumulative Preference Stock" | <u>[File No. 001-01839, Form 10-K dated March 30, 1995, Exhibit 3.2](http://www.sec.gov/Archives/edgar/data/22606/0000950131-95-000799-index.html)</u> |
| <u>[3-7](http://www.sec.gov/Archives/edgar/data/1109357/000110935721000022/exc-20201231x10kxexh36.htm)</u> | Amended and Restated Bylaws of Commonwealth Edison Company, Effective February 22, 2021 | <u>[File No. 001-01839, Form 10-K dated February 24, 2021, Exhibit 3.6](http://www.sec.gov/Archives/edgar/data/1109357/000110935721000022/exc-20201231x10kxexh36.htm)</u> |

---

PECO Energy Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[3-8](http://www.sec.gov/Archives/edgar/data/22606/000095015901000191/0000950159-01-000191-0002.txt)</u> | Amended and Restated Articles of Incorporation of PECO Energy Company | <u>[File No. 001-01401, Form 10-K dated April 2, 2001, Exhibit 3.3](http://www.sec.gov/Archives/edgar/data/22606/000095015901000191/0000950159-01-000191-0002.txt)</u> |
| <u>[3-9](http://www.sec.gov/Archives/edgar/data/8192/000110935720000165/exc-ex3320200630q2.htm)</u> | Amended and Restated Bylaws of PECO Energy Company dated August 3, 2020 | <u>[File No. 000-16844, Form 10-Q dated August 4, 2020, Exhibit 3.3](http://www.sec.gov/Archives/edgar/data/8192/000110935720000165/exc-ex3320200630q2.htm)</u> |

---

Pepco Holdings LLC

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[3-10](http://www.sec.gov/Archives/edgar/data/1135971/000119312516516098/d150829dex32.htm)</u> | Certificate of Formation of Pepco Holdings LLC, dated March 23, 2016 | <u>[File No. 001-31403, Form 8-K dated March 24, 2016, Exhibit 3.2](http://www.sec.gov/Archives/edgar/data/1135971/000119312516516098/d150829dex32.htm)</u> |
| <u>[3-11](http://www.sec.gov/Archives/edgar/data/8192/000110935720000165/exc-ex3520200630q2.htm)</u> | Amended and Restated Limited Liability Company Agreement of Pepco Holdings LLC, dated August 3, 2020 | <u>[File No. 001-31403, Form 10-Q dated August 4, 2020, Exhibit 3.5](http://www.sec.gov/Archives/edgar/data/8192/000110935720000165/exc-ex3520200630q2.htm)</u> |

---

Atlantic City Electric Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[3-12](http://www.sec.gov/Archives/edgar/data/1135971/000113597103000059/b8-1.htm)</u> | Restated Certificate of Incorporation of Atlantic City Electric Company (filed in New Jersey on August 9, 2002) | <u>[File No. 001-03559, Amendment No. 1 to Form U5B dated February 13, 2003, Exhibit B.8.1](http://www.sec.gov/Archives/edgar/data/1135971/000113597103000059/b8-1.htm)</u> |
| <u>[3-13](http://www.sec.gov/Archives/edgar/data/8192/000113597105000153/ex3-2b.htm)</u> | Bylaws of Atlantic City Electric Company | <u>[File No. 001-03559, Form 10-Q dated May 9, 2005, Exhibit 3.2.2](http://www.sec.gov/Archives/edgar/data/8192/000113597105000153/ex3-2b.htm)</u> |

---

Delmarva Power & Light Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[3-14](http://www.sec.gov/Archives/edgar/data/8192/000113597107000030/ex3-3.htm)</u> | Restated Certificate and Articles of Incorporation of Delmarva Power & Light Company (as filed in Delaware and Virginia) | <u>[File No. 001-01405, Form 10-K dated March 1, 2007, Exhibit 3.3](http://www.sec.gov/Archives/edgar/data/8192/000113597107000030/ex3-3.htm)</u> |
| <u>[3-15](http://www.sec.gov/Archives/edgar/data/27879/000113597105000152/ex3-2a.htm)</u> | Bylaws of Delmarva Power & Light Company | <u>[File No. 001-01405, Form 10-Q dated May 9, 2005, Exhibit 3.2.1](http://www.sec.gov/Archives/edgar/data/27879/000113597105000152/ex3-2a.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

Potomac Electric Power Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[3-16](http://www.sec.gov/Archives/edgar/data/8192/000113597106000104/ex3-1pepco.htm)</u> | Restated Articles of Incorporation of Potomac Electric Power Company (as filed in the District of Columbia) | <u>[File No. 001-31403, Form 10-Q dated May 5, 2006, Exhibit 3.1](http://www.sec.gov/Archives/edgar/data/8192/000113597106000104/ex3-1pepco.htm)</u> |
| <u>[3-17](http://www.sec.gov/Archives/edgar/data/8192/000119312511295580/d222173dex33.htm)</u> | Restated Articles of Incorporation and Articles of Restatement of Potomac Electric Power Company (as filed in Virginia) | <u>[File No. 001-01072, Form 10-Q dated November 4, 2011, Exhibit 3.3](http://www.sec.gov/Archives/edgar/data/8192/000119312511295580/d222173dex33.htm)</u> |
| <u>[3-18](http://www.sec.gov/Archives/edgar/data/8192/000113597106000104/ex3-2pepco.htm)</u> | Bylaws of Potomac Electric Power Company | <u>[File No. 001-01072, Form 10-Q dated May 5, 2006, Exhibit 3.2](http://www.sec.gov/Archives/edgar/data/8192/000113597106000104/ex3-2pepco.htm)</u> |

---

**(4) Instruments Defining the Rights of Securities Holders, Including Indentures**

Exelon Corporation

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[4-1](http://www.sec.gov/Archives/edgar/data/1109357/000110935725000142/excprospectussupplement424.htm)</u> | Exelon Corporation Direct Stock Purchase Plan | <u>[File No. 333-222989, Prospectus 424(b)(2) dated June 20, 2025](http://www.sec.gov/Archives/edgar/data/1109357/000110935725000142/excprospectussupplement424.htm)</u> |
| <u>[4-2](http://www.sec.gov/Archives/edgar/data/22606/000095013705009106/c96768exv4w10.htm)</u> | Indenture dated May 1, 2001 between Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee | <u>[File No. 001-16169, Form 10-Q dated July 26, 2005, Exhibit 4.10](http://www.sec.gov/Archives/edgar/data/22606/000095013705009106/c96768exv4w10.htm)</u> |
| <u>[4-3](http://www.sec.gov/Archives/edgar/data/1109357/000095013705007252/c95928exv99w3.htm)</u> | Form of $500,000,000 5.625% senior notes due 2035 dated June 9, 2005 issued by Exelon Corporation | <u>[File No. 001-16169, Form 8-K dated June 9, 2005, Exhibit 99.3](http://www.sec.gov/Archives/edgar/data/1109357/000095013705007252/c95928exv99w3.htm)</u> |
| <u>[4-4](http://www.sec.gov/Archives/edgar/data/1109357/000119312514245502/d745984dex41.htm)</u> | Indenture, dated as of June 17, 2014, between Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee | <u>[File No. 001-16169, Form 8-K dated June 23, 2014, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/1109357/000119312514245502/d745984dex41.htm)</u> |
| <u>[4-4-1](http://www.sec.gov/Archives/edgar/data/1109357/000110935725000046/exc-20250218ex42.htm)</u> | Third Supplemental Indenture, dated as of February 1, 2025, between Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee | <u>[File No. 001-16169, Form 8-K dated February 19, 2025, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/1109357/000110935725000046/exc-20250218ex42.htm)</u> |
| <u>[4-5](http://www.sec.gov/Archives/edgar/data/1109357/000119312515220476/d941488dex41.htm)</u> | Indenture, dated as of June 11, 2015, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee | <u>[File No. 001-16169, Form 8-K dated June 11, 2015, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/1109357/000119312515220476/d941488dex41.htm)</u> |
| <u>[4-5-1](http://www.sec.gov/Archives/edgar/data/1109357/000119312515220476/d941488dex42.htm)</u> | First Supplemental Indenture, dated as of June 11, 2015, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee  | <u>[File No. 001-16169, Form 8-K dated June 11, 2015, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/1109357/000119312515220476/d941488dex42.htm)</u> |
| <u>[4-5-2](http://www.sec.gov/Archives/edgar/data/1109357/000119312515392796/d77358dex41.htm)</u> | Second Supplemental Indenture, dated as of December 2, 2015, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee | <u>[File No. 001-16169, Form 8-K dated December 2, 2015, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/1109357/000119312515392796/d77358dex41.htm)</u> |
| <u>[4-5-3](http://www.sec.gov/Archives/edgar/data/1109357/000119312516533559/d178333dex42.htm)</u> | Third Supplemental Indenture, dated as of April 7, 2016, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee | <u>[File No. 001-16169, Form 8-K dated April 7, 2016, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/1109357/000119312516533559/d178333dex42.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[4-5-4](http://www.sec.gov/Archives/edgar/data/1109357/000110935720000068/exc20200401ex42.htm)</u> | Fourth Supplemental Indenture, dated as of April 1, 2020, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee | <u>[File No. 001-16169, Form 8-K dated April 1, 2020, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/1109357/000110935720000068/exc20200401ex42.htm)</u> |
| <u>[4-5-5](http://www.sec.gov/Archives/edgar/data/1109357/000110935722000044/exc-20220307ex42.htm)</u> | Fifth Supplemental Indenture, dated as of March 7, 2022, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee | <u>[File No. 001-16169, Form 8-K dated March 7, 2022, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/1109357/000110935722000044/exc-20220307ex42.htm)</u> |
| <u>[4-5-6](http://www.sec.gov/Archives/edgar/data/1109357/000110935723000024/exc-20230221ex42.htm)</u> | Sixth Supplemental Indenture, dated as of February 1, 2023, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee | <u>[File No. 001-16169, Form 8-K dated February 21, 2023, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/1109357/000110935723000024/exc-20230221ex42.htm)</u> |
| <u>[4-5-7](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001109357/000110935724000058/exc-20240227.htm)</u> | Seventh Supplemental Indenture, dated as of February 27, 2024, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee | <u>[File No. 001-16169, Form 8-K dated February 27, 2024, Exhibit 4.2](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001109357/000110935724000058/exc-20240227.htm)</u> |
| <u>[4-5-8](http://www.sec.gov/Archives/edgar/data/1109357/000110935725000050/exc-20250221ex42.htm)</u> | Eighth Supplemental Indenture, dated as of February 1, 2025, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee | <u>[File No. 001-16169, Form 8-K dated February 21, 2025, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/1109357/000110935725000050/exc-20250221ex42.htm)</u> |
| <u>[4-6](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001109357/000110935725000198/exc-20251204.htm)</u> | Indenture, dated as of December 4, 2025, between Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee | <u>[File No. 001-16169, Form 8-K dated December 4, 2025, Exhibit 4.1](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001109357/000110935725000198/exc-20251204.htm)</u> |
| <u>[4-7](http://www.sec.gov/Archives/edgar/data/1109357/000110935725000118/exc-20250502ex11.htm)</u> | Equity Distribution Agreement, dated May 2, 2025, by and among the Company, Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC, each as sales agents and as forward sellers, and Bank of America, N.A., Barclays Bank PLC, BNP Paribas, Citibank, N.A., Crédit Agricole Corporate and Investment Bank, Goldman Sachs & Co. LLC, JPMorgan Chase Bank, National Association, Mizuho Markets Americas LLC, Morgan Stanley & Co. LLC, MUFG Securities EMEA plc, Royal Bank of Canada, The Bank of Nova Scotia and Wells Fargo Bank, National Association, each as forward purchasers. | <u>[File No. 001-16169, Form 8-K dated May 2, 2025, Exhibit 1.1](http://www.sec.gov/Archives/edgar/data/1109357/000110935725000118/exc-20250502ex11.htm)</u> |
| <u>[4-8](exc-20251231x10kxexh48a0.htm)</u> | Description of Exelon Securities | <u>[Filed herewith.](exc-20251231x10kxexh48a0.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

Baltimore Gas and Electric Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[4-7](http://www.sec.gov/Archives/edgar/data/9466/000119312506151793/dex4b.htm)</u> | Indenture dated as of July 24, 2006 between Baltimore Gas and Electric Company and Deutsche Bank Trust Company Americas, as trustee | <u>[File No. 333-135991, Registration Statement on Form S-3 dated July 24, 2006, Exhibit 4(b)](http://www.sec.gov/Archives/edgar/data/9466/000119312506151793/dex4b.htm)</u> |
| <u>[4-8](http://www.sec.gov/Archives/edgar/data/9466/000119312516685160/d229145dex41.htm)</u> | Form of 2.400% notes due 2026 issued August 18, 2016 by Baltimore Gas and Electric Company | <u>[File No. 001-01910, Form 8-K dated August 18, 2016, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/9466/000119312516685160/d229145dex41.htm)</u> |
| <u>[4-9](http://www.sec.gov/Archives/edgar/data/9466/000119312516685160/d229145dex42.htm)</u> | Form of 3.500% Note due 2046 issued August 18, 2016 by Baltimore Gas and Electric Company | <u>[File No. 001-01910, Form 8-K dated August 18, 2016, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/9466/000119312516685160/d229145dex42.htm)</u> |
| <u>[4-10](http://www.sec.gov/Archives/edgar/data/9466/000162828017008862/exhibit41.htm)</u> | Form of 3.750% Note due 2047 issued August 24, 2017 by Baltimore Gas and Electric Company | <u>[File No. 001-01910, Form 8-K dated August 24, 2017, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/9466/000162828017008862/exhibit41.htm)</u> |
| <u>[4-11](http://www.sec.gov/Archives/edgar/data/9466/000000946622000003/exc-20220606ex42.htm)</u> | Form of 4.550% Note due 2052 issued June 6, 2022 by Baltimore Gas and Electric Company | <u>[File No. 001-01910, Form 8-K dated June 6, 2022, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/9466/000000946622000003/exc-20220606ex42.htm)</u> |
| <u>[4-12](http://www.sec.gov/Archives/edgar/data/9466/000000946623000003/exc-20230510ex42.htm)</u> | Form of 5.400% Note due 2053 issued May 10, 2023 by Baltimore Gas and Electric | <u>[File No. 001-01910, Form 8-K dated May 10, 2023, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/9466/000000946623000003/exc-20230510ex42.htm)</u> |
| <u>[4-13](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000009466/000000946624000006/exc-20240606.htm)</u> | Form of 5.300% Note due 2034 issued June 1, 2024 by Baltimore Gas and Electric | <u>[File No. 001-01910, Form 8-K dated June 06, 2024, Exhibit 4.1](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000009466/000000946624000006/exc-20240606.htm)</u> |
| <u>[4-14](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000009466/000000946624000006/exc-20240606.htm)</u> | Form of 5.650% Note due 2054 issued June 1, 2024 by Baltimore Gas and Electric | <u>[File No. 001-01910, Form 8-K dated June 06, 2024, Exhibit 4.2](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000009466/000000946624000006/exc-20240606.htm)</u> |
| <u>[4-15](http://www.sec.gov/Archives/edgar/data/9466/000000946625000004/exc-20250516ex41.htm)</u> | Form of 5.450% Note due 2035 issued May 16, 2025 by Baltimore Gas and Electric | <u>[File No. 001-01910, Form 8-K dated May 16, 2025, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/9466/000000946625000004/exc-20250516ex41.htm)</u> |
| <u>[4-15-1](http://www.sec.gov/Archives/edgar/data/9466/000162828019011645/exc2019091241.htm)</u> | Indenture, dated as of September 1, 2019, between Baltimore Gas and Electric Company and U.S. Bank N.A., as trustee | <u>[File No. 001-01910, Form 8-K dated September 12, 2019, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/9466/000162828019011645/exc2019091241.htm)</u> |

---

Commonwealth Edison Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>4-16</u> | Mortgage of Commonwealth Edison Company to Illinois Merchants Trust Company, Trustee (BNY Mellon Trust Company of Illinois, as current successor Trustee), dated July 1, 1923, as supplemented and amended by Supplemental Indenture thereto dated August 1, 1944 | Registration No. 2-60201, Form S-7, Exhibit 2-1<sup>(a)</sup> |
| <u>[4-16-1](http://www.sec.gov/Archives/edgar/data/22606/000095013703001004/c74191exv4w4.txt)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of January 13, 2003 | <u>[File No. 001-01839, Form 8-K dated February 13, 2003, Exhibit 4.4](http://www.sec.gov/Archives/edgar/data/22606/000095013703001004/c74191exv4w4.txt)</u> |

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------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[4-16-2](http://www.sec.gov/Archives/edgar/data/22606/000095013706002684/c03147exv4w1.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 22, 2006 | <u>[File No. 001-01839, Form 8-K dated March 6, 2006, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000095013706002684/c03147exv4w1.htm)</u> |
| <u>[4-16-3](http://www.sec.gov/Archives/edgar/data/22606/000095013707004272/c13564exv4w1.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of March 1, 2007 | <u>[File No. 001-01839, Form 8-K dated March 23, 2007, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000095013707004272/c13564exv4w1.htm)</u> |
| <u>[4-16-4](http://www.sec.gov/Archives/edgar/data/22606/000119312508007282/dex41.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of December 20, 2007 | <u>[File No. 001-01839, Form 8-K dated January 16, 2008, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000119312508007282/dex41.htm)</u> |
| <u>[4-16-5](http://www.sec.gov/Archives/edgar/data/22606/000119312512410435/d416159dex41.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of September 17, 2012 | <u>[File No. 001-01839, Form 8-K dated October 1, 2012, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000119312512410435/d416159dex41.htm)</u> |
| <u>[4-16-6](http://www.sec.gov/Archives/edgar/data/22606/000119312513339753/d585482dex41.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of August 1, 2013 | <u>[File No. 001-01839, Form 8-K dated August 19, 2013, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000119312513339753/d585482dex41.htm)</u> |
| <u>[4-16-7](http://www.sec.gov/Archives/edgar/data/22606/000119312514007965/d659136dex41.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of January 2, 2014 | <u>[File No. 001-01839, Form 8-K dated January 10, 2014, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000119312514007965/d659136dex41.htm)</u> |
| <u>[4-16-8](http://www.sec.gov/Archives/edgar/data/22606/000119312515073139/d883606dex41.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 18, 2015 | <u>[File No. 001-01839, Form 8-K dated March 2, 2015, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000119312515073139/d883606dex41.htm)</u> |
| <u>[4-16-9](http://www.sec.gov/Archives/edgar/data/22606/000119312515073139/d883606dex41.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of November 4, 2015 | <u>[File No. 001-01839, Form 8-K dated November 19, 2015, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000119312515382011/d88874dex41.htm)</u> |
| <u>[4-16-10](http://www.sec.gov/Archives/edgar/data/22606/000119312516632962/d193792dex41.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of June 15, 2016 | <u>[File No. 001-01839, Form 8-K dated June 27, 2016, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000119312516632962/d193792dex41.htm)</u> |
| <u>[4-16-11](http://www.sec.gov/Archives/edgar/data/22606/000162828017008831/ex4-1.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of August 9, 2017 | <u>[File No. 001-01839, Form 8-K dated August 23, 2017, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000162828017008831/ex4-1.htm)</u> |
| <u>[4-16-12](http://www.sec.gov/Archives/edgar/data/22606/000162828018001897/ex41.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 6, 2018 | <u>[File No. 001-01839, Form 8-K dated February 20, 2018, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000162828018001897/ex41.htm)</u> |
| <u>[4-16-13](http://www.sec.gov/Archives/edgar/data/22606/000162828018011113/exc2018081441.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of July 26, 2018 | <u>[File No. 001-01839, Form 8-K dated August 14, 2018, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000162828018011113/exc2018081441.htm)</u> |
| <u>[4-16-14](http://www.sec.gov/Archives/edgar/data/22606/000162828019001534/exc2019021941.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 7, 2019 | <u>[File No. 001-01839, Form 8-K dated February 19, 2019, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000162828019001534/exc2019021941.htm)</u> |
| <u>[4-16-15](http://www.sec.gov/Archives/edgar/data/22606/000162828019013940/exc2019111241.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of October 29, 2019 | <u>[File No. 001-01839, Form 8-K dated November 12, 2019, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000162828019013940/exc2019111241.htm)</u> |
| <u>[4-16-16](http://www.sec.gov/Archives/edgar/data/22606/000002260620000005/exc2020022541.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 10, 2020 | <u>[File No. 001-01839, Form 8-K dated February 25, 2020, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000002260620000005/exc2020022541.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[4-16-17](http://www.sec.gov/Archives/edgar/data/0000022606/000002260621000003/exc-20210309ex41.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 16, 2021 | <u>[File No. 001-01839, Form 8-K dated March 9, 2021, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/0000022606/000002260621000003/exc-20210309ex41.htm)</u> |
| <u>[4-16-18](http://www.sec.gov/Archives/edgar/data/0000022606/000002260621000008/exc-20210812ex41.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of August 2, 2021 | <u>[File No. 001-01839, Form 8-K dated August 12, 2021, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/0000022606/000002260621000008/exc-20210812ex41.htm)</u> |
| <u>[4-16-19](http://www.sec.gov/Archives/edgar/data/22606/000002260622000017/exc-20220315ex41.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 23, 2022 | <u>[File No. 001-01839, Form 8-K/A dated March 15, 2022, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000002260622000017/exc-20220315ex41.htm)</u> |
| <u>[4-16-20](http://www.sec.gov/Archives/edgar/data/22606/000002260623000003/exc-20230110ex41.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of December 21, 2022 | <u>[File No. 001-01839, Form 8-K dated January 10, 2023, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000002260623000003/exc-20230110ex41.htm)</u> |
| <u>[4-16-21](http://www.sec.gov/ix?doc=/Archives/edgar/data/22606/000110935724000156/exc-20240630.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of May 1, 2024 | <u>[File No. 001-01839, Form 8-K dated May 13, 2024, Exhibit 4.1](http://www.sec.gov/ix?doc=/Archives/edgar/data/22606/000110935724000156/exc-20240630.htm)</u> |
| <u>[4-16-22](http://www.sec.gov/Archives/edgar/data/22606/000002260625000013/exc-20250519ex41.htm)</u> | Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of May 1, 2025 | <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> |
| <u>[4-17](http://www.sec.gov/Archives/edgar/data/22606/000095013702001929/c68219ex4-4_2.txt)</u> | Instrument of Resignation, Appointment and Acceptance dated as of February 20, 2002, under the provisions of the Mortgage of Commonwealth Edison Company dated July 1, 1923, and Indentures Supplemental thereto, regarding corporate trustee | <u>[File No. 001-01839, Form 10-K dated April 1, 2002, Exhibit 4.4.2](http://www.sec.gov/Archives/edgar/data/22606/000095013702001929/c68219ex4-4_2.txt)</u> |
| <u>[4-18](http://www.sec.gov/Archives/edgar/data/22606/0000950131-96-001321-index.html)</u> | Instrument dated as of January 31, 1996, under the provisions of the Mortgage of Commonwealth Edison Company dated July 1, 1923 and Indentures Supplemental thereto, regarding individual | <u>[File No. 001-01839, Form 10-K dated March 29, 1996, Exhibit 4.29](http://www.sec.gov/Archives/edgar/data/22606/0000950131-96-001321-index.html)</u> |
| <u>[4-18-1](http://www.sec.gov/Archives/edgar/data/8192/000110935720000053/exc-20191231x10kxexh465.htm)</u> | Description of ComEd Securities | <u>[File No. 001-16169, Form 10-K dated February 11, 2020, Exhibit 4.65](http://www.sec.gov/Archives/edgar/data/8192/000110935720000053/exc-20191231x10kxexh465.htm)</u> |

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PECO Energy Company

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| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| 4-19 | First and Refunding Mortgage dated May 1, 1923 between The Counties Gas and Electric Company (predecessor to PECO Energy Company) and Fidelity Trust Company, Trustee (U.S. Bank N.A., as current successor trustee) | Registration No. 2-2281, Exhibit B-1<sup>(a)</sup> |
| 4-19-1 | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of December 1, 1941 | Registration No. 2-4863, Exhibit B-1(h)<sup>(a)</sup> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[4-19-2](http://www.sec.gov/Archives/edgar/data/22606/000095013704009058/c89055exv4w1w1.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of April 15, 2004 | <u>[File No. 000-16844, Form 10-Q dated September 30, 2004, Exhibit 4-1-1](http://www.sec.gov/Archives/edgar/data/22606/000095013704009058/c89055exv4w1w1.htm)</u> |
| <u>[4-19-3](http://www.sec.gov/Archives/edgar/data/78100/000095013706010336/c08700exv4w1.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of September 15, 2006 | <u>[File No. 000-16844, Form 8-K dated September 25, 2006, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/78100/000095013706010336/c08700exv4w1.htm)</u> |
| <u>[4-19-4](http://www.sec.gov/Archives/edgar/data/78100/000095013707004048/c13395exv4w1.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of March 1, 2007 | <u>[File No. 000-16844, Form 8-K dated March 19, 2007, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/78100/000095013707004048/c13395exv4w1.htm)</u> |
| <u>[4-19-5](http://www.sec.gov/Archives/edgar/data/78100/000119312514341701/d788666dex41.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of September 1, 2014 | <u>[File No. 000-16844, Form 8-K dated September 15, 2014, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/78100/000119312514341701/d788666dex41.htm)</u> |
| <u>[4-19-6](http://www.sec.gov/Archives/edgar/data/78100/000162828017009373/ex41.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of September 1, 2017 | <u>[File No. 000-16844, Form 8-K dated September 18, 2017, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/78100/000162828017009373/ex41.htm)</u> |
| <u>[4-19-7](http://www.sec.gov/Archives/edgar/data/78100/000162828018002136/ex41a.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of February 1, 2018 | <u>[File No. 000-16844, Form 8-K dated February 23, 2018, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/78100/000162828018002136/ex41a.htm)</u> |
| <u>[4-19-8](http://www.sec.gov/Archives/edgar/data/78100/000162828018011753/exc2018091141.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of September 1, 2018 | <u>[File No. 000-16844, Form 8-K dated September 11, 2018, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/78100/000162828018011753/exc2018091141.htm)</u> |
| <u>[4-19-9](http://www.sec.gov/Archives/edgar/data/78100/000162828019011591/exc2019091041.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of August 15, 2019 | <u>[File No. 000-16844, Form 8-K dated September 10, 2019, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/78100/000162828019011591/exc2019091041.htm)</u> |
| <u>[4-19-10](http://www.sec.gov/Archives/edgar/data/78100/000007810020000006/exc20200608ex41.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of June 1, 2020 | <u>[File No. 000-16844, Form 8-K dated June 8, 2020, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/78100/000007810020000006/exc20200608ex41.htm)</u> |
| <u>[4-19-11](http://www.sec.gov/Archives/edgar/data/0000078100/000007810021000005/exc-20210308ex41.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of February 15, 2021 | <u>[File No. 000-16844, Form 8-K dated March 8, 2021, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/0000078100/000007810021000005/exc-20210308ex41.htm)</u> |
| <u>[4-19-12](http://www.sec.gov/Archives/edgar/data/0000078100/000007810021000008/exc-20210914ex41.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of September 1, 2021 | <u>[File No. 000-16844, Form 8-K dated September 14, 2021, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/0000078100/000007810021000008/exc-20210914ex41.htm)</u> |
| <u>[4-19-13](http://www.sec.gov/Archives/edgar/data/78100/000007810022000004/exc-20220524ex41.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of May 1, 2022 | <u>[File No. 000-16844, Form 8-K dated May 24, 2022, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/78100/000007810022000004/exc-20220524ex41.htm)</u> |
| <u>[4-19-14](http://www.sec.gov/Archives/edgar/data/78100/000007810022000007/exc-20220823ex41.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of August 1, 2022 | <u>[File No. 000-16844, Form 8-K dated August 23, 2022, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/78100/000007810022000007/exc-20220823ex41.htm)</u> |
| <u>[4-19-15](http://www.sec.gov/Archives/edgar/data/78100/000007810023000005/exc-20230623ex41.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of June 1, 2023 | <u>[File No. 001-16844, Form 8-K dated June 23, 2023, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/78100/000007810023000005/exc-20230623ex41.htm)</u> |

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------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

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| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[4-19-16](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000078100/000007810024000009/exc-20240910.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of August 15, 2024 | <u>[File No. 001-16844, Form 8-K dated September 10, 2024, Exhibit 4.1](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000078100/000007810024000009/exc-20240910.htm)</u> |
| <u>[4-19-17](http://www.sec.gov/Archives/edgar/data/78100/000007810025000006/exc-20250910ex41.htm)</u> | Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of August 15, 2025 | <u>[File No. 001-16844, Form 8-K dated September 10, 2025, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/78100/000007810025000006/exc-20250910ex41.htm)</u> |
| <u>[4-20](http://www.sec.gov/Archives/edgar/data/22606/000095015903000630/exhibit4-1.txt)</u> | Indenture to Subordinated Debt Securities dated as of June 24, 2003 between PECO Energy Company, as Issuer, and U.S. Bank N.A., as Trustee | <u>[File No. 000-16844, Form 10-Q dated July 30, 2003, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/22606/000095015903000630/exhibit4-1.txt)</u> |
| <u>[4-21](http://www.sec.gov/Archives/edgar/data/22606/000095015903000630/exhibit4-2.txt)</u> | Preferred Securities Guarantee Agreement between PECO Energy Company, as Guarantor, and U.S. Bank N.A., as Trustee, dated as of June 24, 2003 | <u>[File No. 000-16844, Form 10-Q dated July 30, 2003, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/22606/000095015903000630/exhibit4-2.txt)</u> |
| <u>[4-22](http://www.sec.gov/Archives/edgar/data/22606/000095015903000630/exhibit4-3.txt)</u> | PECO Energy Capital Trust IV Amended and Restated Declaration of Trust among PECO Energy Company, as Sponsor, U.S. Bank Trust N.A., as Delaware Trustee and Property Trustee, and J. Barry Mitchell, George R. Shicora and Charles S. Walls as Administrative Trustees dated as of June 24, 2003 | <u>[File No. 000-16844, Form 10-Q dated July 30, 2003, Exhibit 4.3](http://www.sec.gov/Archives/edgar/data/22606/000095015903000630/exhibit4-3.txt)</u> |

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------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

Atlantic City Electric Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| 4-23 | Mortgage and Deed of Trust, dated January 15, 1937, between Atlantic City Electric Company and The Bank of New York Mellon (formerly Irving Trust Company), as trustee | 2-66280, Registration Statement dated December 21, 1979, Exhibit 2(a)<sup>(a)</sup> |
| 4-23-1 | Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of June 1, 1949 | 2-66280, Registration Statement dated December 21, 1979, Exhibit 2(b)<sup>(a)</sup> |
| 4-23-2 | Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of March 1, 1991 | Form 10-K dated March 28, 1991, Exhibit 4(d)(1)<sup>(a)</sup> |
| <u>[4-23-3](http://www.sec.gov/Archives/edgar/data/8192/000113597104000095/ex4-3.htm)</u> | Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of April 1, 2004 | <u>[File No. 001-03559, Form 8-K dated April 6, 2004, Exhibit 4.3](http://www.sec.gov/Archives/edgar/data/8192/000113597104000095/ex4-3.htm)</u> |
| <u>[4-23-4](http://www.sec.gov/Archives/edgar/data/8192/000113597106000071/ex-4.htm)</u> | Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of March 8, 2006 | <u>[File No. 001-03559, Form 8-K dated March 17, 2006, Exhibit 4](http://www.sec.gov/Archives/edgar/data/8192/000113597106000071/ex-4.htm)</u> |
| <u>[4-23-5](http://www.sec.gov/Archives/edgar/data/8192/000162828018012572/exc-20181016ex41.htm)</u> | Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of October 9, 2018 | <u>[File No. 001-03559, Form 8-K dated October 16, 2018, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/8192/000162828018012572/exc-20181016ex41.htm)</u> |
| <u>[4-23-6](http://www.sec.gov/Archives/edgar/data/8192/000162828019007073/exc-20190521ex43.htm)</u> | Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of May 2, 2019 | <u>[File No. 001-03559, Form 8-K dated May 21, 2019, File No. 4.3](http://www.sec.gov/Archives/edgar/data/8192/000162828019007073/exc-20190521ex43.htm)</u> |
| <u>[4-23-7](http://www.sec.gov/Archives/edgar/data/8192/000002787920000009/exc20200609ex42.htm)</u> | Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of June 1, 2020 | <u>[File No. 001-03559, Form 8-K dated June 9, 2020, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/8192/000002787920000009/exc20200609ex42.htm)</u> |
| <u>[4-23-8](http://www.sec.gov/Archives/edgar/data/0000008192/000000819221000003/exc20210310-ex41.htm)</u> | Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of February 15, 2021 | <u>[File No. 001-03559, Form 8-K dated March 10, 2021, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/0000008192/000000819221000003/exc20210310-ex41.htm)</u> |
| <u>[4-23-9](http://www.sec.gov/Archives/edgar/data/0000008192/000002787921000003/exc-20211116ex42.htm)</u> | Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of November 1, 2021 | <u>[File No. 001-03559, Form 8-K dated November 16, 2021, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/0000008192/000002787921000003/exc-20211116ex42.htm)</u> |
| <u>[4-23-10](http://www.sec.gov/Archives/edgar/data/8192/000002787922000002/exc-20220215ex42.htm)</u> | Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of February 1, 2022 | <u>[File No. 001-03559, Form 8-K dated February 15, 2022, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/8192/000002787922000002/exc-20220215ex42.htm)</u> |
| <u>[4-23-11](http://www.sec.gov/Archives/edgar/data/8192/000007973223000012/exc-20230315ex42.htm)</u> | Supplemental Indenture to the Atlantic City Electric Company Mortgage and Deed of Trust, dated as of March 1, 2023 | <u>[File No. 001-03559, Form 8-K dated March 15, 2023, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/8192/000007973223000012/exc-20230315ex42.htm)</u> |
| <u>[4-23-12](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000008192/000002787924000004/exc-20240320.htm)</u> | Supplemental Indenture to the Atlantic City Electric Company Mortgage and Deed of Trust, dated as of March 1, 2024 | <u>[File No. 001-03559, Form 8-K dated March 20, 2024, Exhibit 4.2](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000008192/000002787924000004/exc-20240320.htm)</u> |
| <u>[4-23-13](http://www.sec.gov/Archives/edgar/data/8192/000007973225000007/exc-20250326ex42.htm)</u> | Supplemental Indenture to the Atlantic City Electric Company Mortgage and Deed of Trust, dated as of March 1, 2025 | <u>[File No. 001-03559, Form 8-K dated March 26, 2025, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/8192/000007973225000007/exc-20250326ex42.htm)</u> |
| <u>[4-24](http://www.sec.gov/Archives/edgar/data/8192/000000819220000005/exc20200602ex41.htm)</u> | Pollution Control Facilities Loan Agreement, dated as of June 1, 2020, between The Pollution Control Financing Authority of Salem County and Atlantic City Electric | <u>[File No. 001-03559, Form 8-K dated June 2, 2020, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/8192/000000819220000005/exc20200602ex41.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

Delmarva Power & Light Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| 4-25 | Mortgage and Deed of Trust of Delaware Power & Light Company to The Bank of New York Mellon (ultimate successor to the New York Trust Company), as trustee, dated as of October 1, 1943, and copies of the First through Sixty-Eighth Supplemental Indentures thereto | 33-1763, Registration Statement dated November 27, 1985, Exhibit 4-(A)<sup>(a)</sup> |
| 4-25-1 | Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of October 1, 1993 | 33-53855, Registration Statement dated January 30, 1995, Exhibit 4-L<sup>(a)</sup> |
| 4-25-2 | Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of October 1, 1994 | 33-53855, Registration Statement dated January 30, 1995, Exhibit 4-N<sup>(a)</sup> |
| <u>[4-25-3](http://www.sec.gov/Archives/edgar/data/27879/000157104915003631/t1501044_ex4-2.htm)</u> | Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of May 4, 2015 | <u>[File No. 001-01405, Form 8-K dated May 5, 2015, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/27879/000157104915003631/t1501044_ex4-2.htm)</u> |
| <u>[4-25-4](http://www.sec.gov/Archives/edgar/data/27879/000119312516790674/d284241dex42.htm)</u> | Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of December 5, 2016 | <u>[File No. 001-01405, Form 8-K dated December 12, 2016, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/27879/000119312516790674/d284241dex42.htm)</u> |
| <u>[4-25-5](http://www.sec.gov/Archives/edgar/data/27879/000162828018008203/ex42a.htm)</u> | Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of June 1, 2018 | <u>[File No. 001-01405, Form 8-K dated June 21, 2018, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/27879/000162828018008203/ex42a.htm)</u> |
| <u>[4-25-6](http://www.sec.gov/Archives/edgar/data/27879/000002787919000006/exc2019121242.htm)</u> | Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of May 2, 2019 | <u>[File No. 001-01405, Form 8-K dated December 12, 2019, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/27879/000002787919000006/exc2019121242.htm)</u> |
| <u>[4-25-7](http://www.sec.gov/Archives/edgar/data/8192/000110935720000108/ex4420200331q1.htm)</u> | Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of January 1, 2020 | <u>[File No. 001-01405, Form 10-Q dated May 8, 2020, Exhibit 4.4](http://www.sec.gov/Archives/edgar/data/8192/000110935720000108/ex4420200331q1.htm)</u> |
| <u>[4-25-8](http://www.sec.gov/Archives/edgar/data/8192/000002787920000009/exc20200609ex44.htm)</u> | Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of June 1, 2020 | <u>[File No. 001-01405, Form 8-K dated June 9, 2020, Exhibit 4.4](http://www.sec.gov/Archives/edgar/data/8192/000002787920000009/exc20200609ex44.htm)</u> |
| <u>[4-25-9](http://www.sec.gov/Archives/edgar/data/0000027879/000007973221000003/exc-20210330xex42.htm)</u> | Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of February 15, 2021 | <u>[File No. 001-01405, Form 8-K dated March 30, 2021, Exhibit 4.4](http://www.sec.gov/Archives/edgar/data/0000027879/000007973221000003/exc-20210330xex42.htm)</u> |
| <u>[4-25-10](http://www.sec.gov/Archives/edgar/data/8192/000002787922000002/exc-20220215ex44.htm)</u> | Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of February 1, 2022 | <u>[File No. 001-01405, Form 8-K dated February 15, 2022, Exhibit 4.4](http://www.sec.gov/Archives/edgar/data/8192/000002787922000002/exc-20220215ex44.htm)</u> |
| <u>[4-25-11](http://www.sec.gov/Archives/edgar/data/1109357/000110935722000059/exc-ex41_20220331.htm)</u> | Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of January 1, 2022 | <u>[File No. 001-01405, Form 10-Q dated May 9, 2022, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/1109357/000110935722000059/exc-ex41_20220331.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[4-25-12](http://www.sec.gov/Archives/edgar/data/8192/000007973223000012/exc-20230315ex44.htm)</u> | Supplemental Indenture to the Delmarva Power & Light Company Mortgage and Deed of Trust, dated as of March 1, 2023 | <u>[File No. 001-01405, Form 8-K dated March 15, 2023, Exhibit 4.4](http://www.sec.gov/Archives/edgar/data/8192/000007973223000012/exc-20230315ex44.htm)</u> |
| <u>[4-25-13](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000027879/000002787924000004/exc-20240320.htm)</u> | Supplemental Indenture to the Delmarva Power & Light Company Mortgage and Deed of Trust, dated as of March 1, 2024 | <u>[File No. 001-01405, Form 8-K dated March 20, 2024, Exhibit 4.4](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000027879/000002787924000004/exc-20240320.htm)</u> |
| <u>[4-25-14](http://www.sec.gov/Archives/edgar/data/27879/000007973225000007/exc-20250326ex44.htm)</u> | Supplemental Indenture to the Delmarva Power & Light Company Mortgage and Deed of Trust, dated as of March 1, 2025 | <u>[File No. 001-01405, Form 8-K dated March 26, 2025, Exhibit 4.4](http://www.sec.gov/Archives/edgar/data/27879/000007973225000007/exc-20250326ex44.htm)</u> |
| <u>[4-26](http://www.sec.gov/Archives/edgar/data/27879/000002787920000012/exc20200701ex41.htm)</u> | Gas Facilities Loan Agreement, dated as of July 1, 2020, between The Delaware Economic Development Authority and Delmarva Power & Light Company | <u>[File No. 001-01405, Form 8-K dated July 1, 2020, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/27879/000002787920000012/exc20200701ex41.htm)</u> |

---

Potomac Electric Power Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| 4-27 | Mortgage and Deed of Trust, dated July 1, 1936, of Potomac Electric Power Company to The Bank of New York Mellon as successor trustee, securing First Mortgage Bonds of Potomac Electric Power Company, and Supplemental Indenture dated July 1, 1936 | File No. 2-2232, Registration Statement dated June 19, 1936, Exhibit B-4<sup>(a)</sup> |
| 4-27-1 | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of December 10, 1939 | 8-K dated January 3, 1940, Exhibit B<sup>(a)</sup> |
| <u>[4-27-2](http://www.sec.gov/Archives/edgar/data/79732/000113597104000061/ex4-3.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of March 16, 2004 | <u>[File No. 001-01072, Form 8-K dated March 23, 2004, Exhibit 4.3](http://www.sec.gov/Archives/edgar/data/79732/000113597104000061/ex4-3.htm)</u> |
| <u>[4-27-3](http://www.sec.gov/Archives/edgar/data/79732/000113597105000169/ex4-2.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of May 24, 2005 | <u>[File No. 001-01072, Form 8-K dated May 26, 2005, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/79732/000113597105000169/ex4-2.htm)</u> |
| <u>[4-27-4](http://www.sec.gov/Archives/edgar/data/79732/000113597107000152/ex4-2.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of November 13, 2007 | <u>[File No. 001-01072, Form 8-K dated November 15, 2007, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/79732/000113597107000152/ex4-2.htm)</u> |
| <u>[4-27-5](http://www.sec.gov/Archives/edgar/data/79732/000113597108000050/ex-4.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of March 24, 2008 | <u>[File No. 001-01072, Form 8-K dated March 28, 2008, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/79732/000113597108000050/ex-4.htm)</u> |
| <u>[4-27-6](http://www.sec.gov/Archives/edgar/data/79732/000113597108000135/ex4-2.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of December 3, 2008 | <u>[File No. 001-01072, Form 8-K dated December 8, 2008, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/79732/000113597108000135/ex4-2.htm)</u> |
| <u>[4-27-7](http://www.sec.gov/Archives/edgar/data/79732/000119312513103436/d500869dex42.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of March 11, 2013 | <u>[File No. 001-01072, Form 8-K dated March 12, 2013, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/79732/000119312513103436/d500869dex42.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[4-27-8](http://www.sec.gov/Archives/edgar/data/79732/000157104913001152/t1300643_ex4-2.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of November 14, 2013 | <u>[File No. 001-01072, Form 8-K dated November 15, 2013, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/79732/000157104913001152/t1300643_ex4-2.htm)</u> |
| <u>[4-27-9](http://www.sec.gov/Archives/edgar/data/79732/000157104915001798/t1500558_ex4-3.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of March 9, 2015 | <u>[File No. 001-01072, Form 8-K dated March 10, 2015, Exhibit 4.3](http://www.sec.gov/Archives/edgar/data/79732/000157104915001798/t1500558_ex4-3.htm)</u> |
| <u>[4-27-10](http://www.sec.gov/Archives/edgar/data/79732/000162828017005761/exhibit42pepcosupplemental.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of May 15, 2017 | <u>[File No. 001-01072, Form 8-K dated May 22, 2017, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/79732/000162828017005761/exhibit42pepcosupplemental.htm)</u> |
| <u>[4-27-11](http://www.sec.gov/Archives/edgar/data/79732/000162828018008201/ex42.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of June 1, 2018 | <u>[File No. 001-01072, Form 8-K dated June 21, 2018, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/79732/000162828018008201/ex42.htm)</u> |
| <u>[4-27-12](http://www.sec.gov/Archives/edgar/data/27879/000162828019007948/exc20190613ex42.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of May 2, 2019 | <u>[File No. 001-01072, Form 8-K dated June 13, 2019, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/27879/000162828019007948/exc20190613ex42.htm)</u> |
| <u>[4-27-13](http://www.sec.gov/Archives/edgar/data/79732/000007973220000006/exc20200225ex42.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of February 12, 2020 | <u>[File No. 001-01072, Form 8-K dated February 25, 2020, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/79732/000007973220000006/exc20200225ex42.htm)</u> |
| <u>[4-27-14](http://www.sec.gov/Archives/edgar/data/0000079732/000007973221000003/exc-20210330xex44.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of February 15, 2021 | <u>[File No. 001-01072, Form 8-K dated March 30, 2021, Exhibit 4.4](http://www.sec.gov/Archives/edgar/data/0000079732/000007973221000003/exc-20210330xex44.htm)</u> |
| <u>[4-27-15](http://www.sec.gov/Archives/edgar/data/79732/000007973222000004/exc-20220324ex42.htm)</u> | Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of March 1, 2022 | <u>[File No. 001-01072, Form 8-K dated March 24, 2022, Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/79732/000007973222000004/exc-20220324ex42.htm)</u> |
| <u>[4-27-16](http://www.sec.gov/Archives/edgar/data/8192/000007973223000012/exc-20230315ex46.htm)</u> | Supplemental Indenture to the Potomac Electric Power Company Mortgage and Deed of Trust, dated as of March 1, 2023 | <u>[File No. 001-01072, Form 8-K dated March 15, 2023, Exhibit 4.6](http://www.sec.gov/Archives/edgar/data/8192/000007973223000012/exc-20230315ex46.htm)</u> |
| <u>[4-27-17](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000079732/000007973224000003/exc-20240304.htm)</u> | Supplemental Indenture to the Potomac Electric Power Company Mortgage and Deed of Trust, dated as of February 15, 2024 | <u>[File No. 001-01072, Form 8-K dated March 4, 2024, Exhibit 4.3](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000079732/000007973224000003/exc-20240304.htm)</u> |
| <u>[4-27-18](http://www.sec.gov/Archives/edgar/data/8192/000007973225000007/exc-20250326ex46.htm)</u> | Supplemental Indenture to the Potomac Electric Power Company Mortgage and Deed of Trust, dated as of March 1, 2025 | <u>[File No. 001-01072, Form 8-K dated March 26, 2025, Exhibit 4.6](http://www.sec.gov/Archives/edgar/data/8192/000007973225000007/exc-20250326ex46.htm)</u> |
| <u>[4-28](http://www.sec.gov/Archives/edgar/data/79732/000162828019008405/exc-20190627ex41.htm)</u> | Exempt Facilities Loan Agreement dated as of June 1, 2019 between the Maryland Economic Development Corporation and Potomac Electric Power Company | <u>[File No. 001-01072, Form 8-K dated June 27, 2019, Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/79732/000162828019008405/exc-20190627ex41.htm)</u> |

---

**(10) Material Contracts**

Exelon Corporation

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[10-1](http://www.sec.gov/Archives/edgar/data/1109357/000110465922010604/tm224978d1_ex10-1.htm)</u> | Transition Services Agreement, dated January 31, 2022, between Exelon Corporation and Constellation Energy Corporation | <u>[File No. 001-16169, Form 8K dated February 2, 2022, Exhibit 10.1](http://www.sec.gov/Archives/edgar/data/1109357/000110465922010604/tm224978d1_ex10-1.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[10-2](http://www.sec.gov/Archives/edgar/data/0001109357/000110465922010604/tm224978d1_ex10-2.htm)</u> | Tax Matters Agreement, dated January 31, 2022, between Exelon Corporation and Constellation Energy Corporation | <u>[File No. 001-16169, Form 8K dated February 2, 2022, Exhibit 10.2](http://www.sec.gov/Archives/edgar/data/0001109357/000110465922010604/tm224978d1_ex10-2.htm)</u> |
| <u>[10-3](http://www.sec.gov/Archives/edgar/data/0001109357/000110465922010604/tm224978d1_ex10-3.htm)</u> | Employee Matters Agreement, dated January 31, 2022, between Exelon Corporation and Constellation Energy Corporation | <u>[File No. 001-16169, Form 8K dated February 2, 2022, Exhibit 10.3](http://www.sec.gov/Archives/edgar/data/0001109357/000110465922010604/tm224978d1_ex10-3.htm)</u> |
| <u>[10-4](http://www.sec.gov/ix?doc=/Archives/edgar/data/8192/000110935724000187/exc-20240930.htm)</u> | Amended and Restated Credit Agreement for $900,000,000 dated August 29, 2024, between Exelon Corporation and various financial institutions | <u>[File No. 001-16169, Form 10-K dated October 30, 2024, Exhibit 10.1](http://www.sec.gov/ix?doc=/Archives/edgar/data/8192/000110935724000187/exc-20240930.htm)</u> |
| <u>[10-5](exc-20251231x10kxexh105a.htm)</u> | Exelon Corporation Non-Employee Directors' Restricted Stock Unit Plan (Effective January 1, 2026) | <u>[Filed herewith.](exc-20251231x10kxexh105a.htm)</u> |
| <u>[10-6](http://www.sec.gov/Archives/edgar/data/22606/000119312509021261/dex1019.htm)</u> | Exelon Corporation Supplemental Management Retirement Plan (As Amended and Restated Effective January 1, 2009) \* | <u>[File No. 001-16169, Form 10-K dated February 6, 2009, Exhibit 10.19](http://www.sec.gov/Archives/edgar/data/22606/000119312509021261/dex1019.htm)</u> |
| <u>[10-7](http://www.sec.gov/Archives/edgar/data/22606/000119312509021261/dex1019.htm)</u> | Exelon Corporation Employee Stock Purchase Plan, as amended and restated effective September 25, 2019 | <u>[File No. 001-16169, Form 10-Q dated October 31, 2019, Exhibit 10.3](http://www.sec.gov/Archives/edgar/data/22606/000119312509021261/dex1019.htm)</u> |
| <u>[10-8](http://www.sec.gov/Archives/edgar/data/8192/000110935719000112/ex10420190930q3.htm)</u> | Exelon Corporation Employee Stock Purchase Plan for Unincorporated Subsidiaries, as amended and restated effective September 25, 2019 | <u>[File No. 001-16169, Form 10-Q dated October 31, 2019, Exhibit 10.4](http://www.sec.gov/Archives/edgar/data/8192/000110935719000112/ex10420190930q3.htm)</u> |
| <u>[10-9](http://www.sec.gov/Archives/edgar/data/1109357/000120677420000842/exc3645661-def14a.htm)</u> | Exelon Corporation 2020 Long-Term Incentive Plan (Effective April 28, 2020) | <u>[File No. 001-16169, Proxy Statement dated March 18, 2020, Appendix A](http://www.sec.gov/Archives/edgar/data/1109357/000120677420000842/exc3645661-def14a.htm)</u> |
| <u>[10-10](http://www.sec.gov/Archives/edgar/data/8192/000110935720000165/exc-ex10320200630q2.htm)</u> | Exelon Corporation 2020 Long-Term Incentive Plan Prospectus, dated May 27, 2020 | <u>[File No. 001-16169, Form 10-Q dated August 4, 2020, Exhibit 10.3](http://www.sec.gov/Archives/edgar/data/8192/000110935720000165/exc-ex10320200630q2.htm)</u> |
| <u>[10-11](http://www.sec.gov/Archives/edgar/data/8192/000110935720000165/exc-ex10420200630q2.htm)</u> | Form of Restricted Stock Unit Award Notice and Agreement under the Exelon Corporation 2020 Long-Term Incentive Plan | <u>[File No. 001-16169, Form 10-Q dated August 4, 2020, Exhibit 10.4](http://www.sec.gov/Archives/edgar/data/8192/000110935720000165/exc-ex10420200630q2.htm)</u> |
| <u>[10-12](http://www.sec.gov/Archives/edgar/data/8192/000110935720000165/exc-ex10520200630q2.htm)</u> | Form of Performance Share Award Notice and Agreement under the Exelon Corporation 2020 Long-Term Incentive Plan | <u>[File No. 001-16169, Form 10-Q dated August 4, 2020, Exhibit 10.5](http://www.sec.gov/Archives/edgar/data/8192/000110935720000165/exc-ex10520200630q2.htm)</u> |
| <u>[10-13](http://www.sec.gov/Archives/edgar/data/27879/000110935724000053/exc-20231231x10kxexh1022.htm)</u> | Exelon Corporation Senior Management Severance Plan as Amended and Restated effective February 1, 2024 | <u>[File No. 001-16169, Form 10-K dated February 21, 2024, Exhibit 1](http://www.sec.gov/Archives/edgar/data/27879/000110935724000053/exc-20231231x10kxexh1022.htm)[0](http://www.sec.gov/Archives/edgar/data/27879/000110935724000053/exc-20231231x10kxexh1022.htm)[.15.1](http://www.sec.gov/Archives/edgar/data/27879/000110935724000053/exc-20231231x10kxexh1022.htm)</u> |
| <u>[10-14](http://www.sec.gov/Archives/edgar/data/8192/000110935720000053/exc-20191231x10kxexh1021.htm)</u> | Form of Separation Agreement under Exelon Corporation Senior Management Severance Plan (As Amended and Restated Effective January 1, 2020) | <u>[File No. 001-16169, Form 10-K dated February 11, 2020, Exhibit 10.21](http://www.sec.gov/Archives/edgar/data/8192/000110935720000053/exc-20191231x10kxexh1021.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[10-15](http://www.sec.gov/Archives/edgar/data/22606/000119312507029587/dex1052.htm)</u> | Exelon Corporation Executive Death Benefits Plan dated as of January 1, 2003 \* | <u>[File No. 001-16169, Form 10-K dated February 13, 2007, Exhibit 10.52](http://www.sec.gov/Archives/edgar/data/22606/000119312507029587/dex1052.htm)</u> |
| <u>[10-15-1](http://www.sec.gov/Archives/edgar/data/22606/000119312507029587/dex1053.htm)</u> | First Amendment to Exelon Corporation Executive Death Benefits Plan, Effective January 1, 2006 \* | <u>[File No. 001-16169, Form 10-K dated February 13, 2007, Exhibit 10.53](http://www.sec.gov/Archives/edgar/data/22606/000119312507029587/dex1053.htm)</u> |
| <u>[10-16](exc-20251231x10kxexh1016.htm)</u> | Exelon Corporation Deferred Compensation Plan (As Amended and Restated Effective December 1, 2025) | <u>[Filed herewith](exc-20251231x10kxexh1016.htm)</u> |
| <u>[10-17](http://www.sec.gov/Archives/edgar/data/8192/000110935719000112/ex10520190930q3.htm)</u> | Exelon Corporation Stock Deferral Plan (As Amended and Restated Effective September 25, 2019) | <u>[File No. 001-16169, Form 10-Q dated October 31, 2019, Exhibit 10.5](http://www.sec.gov/Archives/edgar/data/8192/000110935719000112/ex10520190930q3.htm)</u> |
| <u>[10-18](http://www.sec.gov/Archives/edgar/data/27879/000110935724000053/exc-20231231x10kxexh1022.htm)</u> | 2023 Amendment to Certain Plans of Exelon Corporation | <u>[File No. 001-16169, Form 10-K dated February 24, 2021, Exhibit 10.22](http://www.sec.gov/Archives/edgar/data/27879/000110935724000053/exc-20231231x10kxexh1022.htm)</u> |
| <u>[10-19](http://www.sec.gov/Archives/edgar/data/1109357/000110935725000043/exc-20241231x10kxexh1020.htm)</u> | Constellation Energy Group Benefits Restoration Plan (As Amended and Restated Effective January 1, 2025) | <u>[File No. 001-16169, Form 10-K dated February 12, 2025, Exhibit 10.20](http://www.sec.gov/Archives/edgar/data/1109357/000110935725000043/exc-20241231x10kxexh1020.htm)</u> |
| <u>[10-20](exc-20251231xxexhx1020a0.htm)</u> | Exelon Corporation Unfunded Deferred Compensation Plan for Directors (As Amended and Restated Effective January 1, 2026) | <u>[Filed herewith](exc-20251231xxexhx1020a0.htm)</u> |

---

Commonwealth Edison Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[10-21](http://www.sec.gov/Archives/edgar/data/22606/000110465920084325/tm2025018d1_ex10-1.htm)</u> | Deferred Prosecution Agreement, dated July 17, 2020, between Commonwealth Edison Company and the U.S. Department of Justice and the U.S. Attorney for the Northern District of Illinois | <u>[File No. 001-01839, Form 8-K dated July 17, 2020, Exhibit 10.1](http://www.sec.gov/Archives/edgar/data/22606/000110465920084325/tm2025018d1_ex10-1.htm)</u> |
| <u>[10-22](http://www.sec.gov/Archives/edgar/data/78100/000110935724000187/exc-ex1002_20240930q3.htm)</u> | Amended and Restated Credit Agreement for $1,000,000,000 dated August 29, 2024, between Commonwealth Edison Company and various financial institutions | <u>[File No. 001-01839, Form 10-K dated October 30, 2024, Exhibit 10.2](http://www.sec.gov/Archives/edgar/data/78100/000110935724000187/exc-ex1002_20240930q3.htm)</u> |

---

Baltimore Gas and Electric Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[10-23](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001109357/000110935724000187/exc-20240930.htm)</u> | Amended and Restated Credit Agreement for $600,000,000 dated August 29, 2024, between Baltimore Gas and Electric Company and various financial institutions | <u>[File No. 001-01910, Form 10-K dated October 30, 2024, Exhibit 10.4](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001109357/000110935724000187/exc-20240930.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

PECO Energy Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[10-24](http://www.sec.gov/Archives/edgar/data/22606/000119312509021261/dex1020.htm)</u> | PECO Energy Company Supplemental Pension Benefit Plan (As Amended and Restated Effective January 1, 2009) | <u>[File No. 000-16844, Form 10-K dated February 6, 2009, Exhibit 10.20](http://www.sec.gov/Archives/edgar/data/22606/000119312509021261/dex1020.htm)</u> |
| <u>[10-25](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000078100/000110935724000187/exc-20240930.htm)</u> | Amended and Restated Credit Agreement for $600,000,000 dated August 29, 2024, between PECO Energy Company and various financial institutions | <u>[File No. 000-16844, Form 10-K dated October 30, 2024, Exhibit 10.3](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000078100/000110935724000187/exc-20240930.htm)</u> |

---

Atlantic City Electric Company, Potomac Electric Power Company, Delmarva Power & Light Company

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[10-26](http://www.sec.gov/Archives/edgar/data/8192/000157104915009727/t1502850_ex1-1.htm)</u> | Bond Purchase Agreement, dated December 1, 2015, among Atlantic City Electric Company and the purchasers signatory thereto | <u>[File No. 001-03559, Form 8-K dated December 2, 2015, Exhibit 1.1](http://www.sec.gov/Archives/edgar/data/8192/000157104915009727/t1502850_ex1-1.htm)</u> |
| <u>[10-27](http://www.sec.gov/Archives/edgar/data/78100/000110935724000187/exc-ex1005_20240930q3.htm)</u> | Amended and Restated Credit Agreement for $900,000,000 dated August 29, 2024, between Potomac Electric Power Company, Delmarva Power & Light Company, Atlantic City Electric Company and various financial institutions | <u>[File Nos. 001-010172, 001-01405, 001-03559, Form 10-K dated October 30, 2024, Exhibit 10.5](http://www.sec.gov/Archives/edgar/data/78100/000110935724000187/exc-ex1005_20240930q3.htm)</u> |

---

**(14) Code of Ethics**

Exelon Corporation

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[14-1](exc-20251231x10kxexh141a.htm)</u> | Exelon Code of Conduct, as amended January 05, 2026 | <u>[Filed herewith.](exc-20251231x10kxexh141a.htm)</u> |

---

**(19) Insider trading policies and procedures**

Exelon Corporation

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[19-1](exc-20251231x10kxexh191a.htm)</u> | Exelon Insider Trading Policy | <u>[Filed herewith.](exc-20251231x10kxexh191a.htm)</u> |

---

**(97) Policy Relating to Recovery of Erroneously Awarded Compensation**

Exelon Corporation

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** | **<u>Location</u>** |
| <u>[97-1](http://www.sec.gov/Archives/edgar/data/27879/000110935724000053/exc-20231231x10kxexh971.htm)</u> | Exelon Financial Restatement Compensation Recoupment Policy | <u>[File No. 001-16169, Form 10-K dated February 21, 2024, Exhibit 97.1](http://www.sec.gov/Archives/edgar/data/27879/000110935724000053/exc-20231231x10kxexh971.htm)</u> |

---

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| | <u>Subsidiaries</u> |
| <u>[21-1](exc-20251231x10kxexh211.htm)</u> | <u>[Exelon Corporation](exc-20251231x10kxexh211.htm)</u> |
| <u>[21-2](exc-20251231x10kxexh212.htm)</u> | <u>[Commonwealth Edison Company](exc-20251231x10kxexh212.htm)</u> |
| <u>[21-3](exc-20251231x10kxexh213.htm)</u> | <u>[PECO Energy Company](exc-20251231x10kxexh213.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[21-4](exc-20251231x10kxexh214.htm)</u> | <u>[Baltimore Gas and Electric Company](exc-20251231x10kxexh214.htm)</u> |
| <u>[21-5](exc-20251231x10kxexh215.htm)</u> | <u>[Pepco Holdings LLC](exc-20251231x10kxexh215.htm)</u> |
| <u>[21-6](exc-20251231x10kxexh216.htm)</u> | <u>[Potomac Electric Power Company](exc-20251231x10kxexh216.htm)</u> |
| <u>[21-7](exc-20251231x10kxexh217.htm)</u> | <u>[Delmarva Power & Light Company](exc-20251231x10kxexh217.htm)</u> |
| <u>[21-8](exc-20251231x10kxexh218.htm)</u> | <u>[Atlantic City Electric Company](exc-20251231x10kxexh218.htm)</u> |
|  | <u>Consent of Independent Registered Public Accountants</u> |
| <u>[23-1](exc-20251231x10kxexh231.htm)</u> | <u>[Exelon Corporation](exc-20251231x10kxexh231.htm)</u> |
| <u>[23-2](exc-20251231x10kxexh232.htm)</u> | <u>[Commonwealth Edison Company](exc-20251231x10kxexh232.htm)</u> |
| <u>[23-3](exc-20251231x10kxexh233.htm)</u> | <u>[PECO Energy Company](exc-20251231x10kxexh233.htm)</u> |
| <u>[23-4](exc-20251231x10kxexh234.htm)</u> | <u>[Baltimore Gas and Electric Company](exc-20251231x10kxexh234.htm)</u> |
|  | <u>Power of Attorney (Exelon Corporation)</u> |
| <u>[24-1](exc-20251231x10kxexh2401.htm)</u> | <u>[Anna Richo](exc-20251231x10kxexh2401.htm)</u> |
| <u>[24-2](exc-20251231x10kxexh2402.htm)</u> | <u>[Calvin G. Butler, Jr.](exc-20251231x10kxexh2402.htm)</u> |
| <u>[24-3](exc-20251231x10kxexh2403.htm)</u> | <u>[W. Paul Bowers](exc-20251231x10kxexh2403.htm)</u> |
| <u>[24-4](exc-20251231x10kxexh2404.htm)</u> | <u>[Marjorie Rodgers Cheshire](exc-20251231x10kxexh2404.htm)</u> |
| <u>[24-5](exc-20251231x10kxexh2405.htm)</u> | <u>[Matthew Rogers](exc-20251231x10kxexh2405.htm)</u> |
| <u>[24-6](exc-20251231x10kxexh2406.htm)</u> | <u>[Linda P. Jojo](exc-20251231x10kxexh2406.htm)</u> |
| <u>[24-7](exc-20251231x10kxexh2407.htm)</u> | <u>[Charisse R. Lillie](exc-20251231x10kxexh2407.htm)</u> |
| <u>[24-8](exc-20251231x10kxexh2408.htm)</u> | <u>[Bryan Segedi](exc-20251231x10kxexh2408.htm)</u> |
| <u>[24-9](exc-20251231x10kxexh2409.htm)</u> | <u>[David G. DeWalt](exc-20251231x10kxexh2409.htm)</u> |
|  | <u>Power of Attorney (Commonwealth Edison Company)</u> |
| <u>[24-10](exc-20251231x10kxexh2410.htm)</u> | <u>[Michael A. Innocenzo](exc-20251231x10kxexh2410.htm)</u> |
| <u>[24-11](exc-20251231x10kxexh2411.htm)</u> | <u>[Elizabeth Buchanan](exc-20251231x10kxexh2411.htm)</u> |
| <u>[24-12](exc-20251231x10kxexh2412.htm)</u> | <u>[Stephen Bowman](exc-20251231x10kxexh2412.htm)</u> |
| <u>[24-13](exc-20251231x10kxexh2413.htm)</u> | <u>[Ricardo Estrada](exc-20251231x10kxexh2413.htm)</u> |
| <u>[24-14](exc-20251231x10kxexh2414.htm)</u> | <u>[Zaldwaynaka Scott](exc-20251231x10kxexh2414.htm)</u> |
| <u>[24-15](exc-20251231x10kxexh2415.htm)</u> | <u>[Smita Shah](exc-20251231x10kxexh2415.htm)</u> |
| <u>[24-16](exc-20251231x10kxexh2416.htm)</u> | <u>[Gil C. Quiniones](exc-20251231x10kxexh2416.htm)</u> |
|  | <u>Power of Attorney (PECO Energy Company)</u> |
| <u>[24-17](exc-20251231x10kxexh2417.htm)</u> | <u>[Michael A. Innocenzo](exc-20251231x10kxexh2417.htm)</u> |
| <u>[24-18](exc-20251231x10kxexh2418.htm)</u> | <u>[John S. Grady](exc-20251231x10kxexh2418.htm)</u> |
| <u>[24-19](exc-20251231x10kxexh2419.htm)</u> | <u>[David M. Vahos](exc-20251231x10kxexh2419.htm)</u> |
| <u>[24-20](exc-20251231x10kxexh2420.htm)</u> | <u>[Sharmain Matlock-Turner](exc-20251231x10kxexh2420.htm)</u> |
| <u>[24-21](exc-20251231x10kxexh2421.htm)</u> | <u>[Michael Nutter](exc-20251231x10kxexh2421.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[24-22](exc-20251231x10kxexh2422.htm)</u> | <u>[Michelle Hong](exc-20251231x10kxexh2422.htm)</u> |
| <u>[24-23](exc-20251231x10kxexh2423.htm)</u> | <u>[Roberto E. Perez](exc-20251231x10kxexh2423.htm)</u> |
|  | <u>Power of Attorney (Baltimore Gas and Electric Company)</u> |
| <u>[24-24](exc-20251231x10kxexh2424.htm)</u> | <u>[Michael A. Innocenzo](exc-20251231x10kxexh2424.htm)</u> |
| <u>[24-25](exc-20251231x10kxexh2425.htm)</u> | <u>[Tamla A. Olivier](exc-20251231x10kxexh2425.htm)</u> |
| <u>[24-26](exc-20251231x10kxexh2426.htm)</u> | <u>[Keith Lee](exc-20251231x10kxexh2426.htm)</u> |
| <u>[24-27](exc-20251231x10kxexh2427.htm)</u> | <u>[Rachel Garbow Monroe](exc-20251231x10kxexh2427.htm)</u> |
| <u>[24-28](exc-20251231x10kxexh2428.htm)</u> | <u>[Byron Marchant](exc-20251231x10kxexh2428.htm)</u> |
| <u>[24-29](exc-20251231x10kxexh2429.htm)</u> | <u>[Tim Regan](exc-20251231x10kxexh2429.htm)</u> |
| <u>[24-30](exc-20251231x10kxexh2430.htm)</u> | <u>[Amy Seto](exc-20251231x10kxexh2430.htm)</u> |
| <u>[24-31](exc-20251231x10kxexh2431.htm)</u> | <u>[Maria Harris Tildon](exc-20251231x10kxexh2431.htm)</u> |
|  | <u>Power of Attorney (Pepco Holdings LLC)</u> |
| <u>[24-32](exc-20251231x10kxexh2432.htm)</u> | <u>[Antoine Allen](exc-20251231x10kxexh2432.htm)</u> |
| <u>[24-33](exc-20251231x10kxexh2433.htm)</u> | <u>[J. Tyler Anthony](exc-20251231x10kxexh2433.htm)</u> |
| <u>[24-34](exc-20251231x10kxexh2434.htm)</u> | <u>[Michael A. Innocenzo](exc-20251231x10kxexh2434.htm)</u> |
| <u>[24-35](exc-20251231x10kxexh2435.htm)</u> | <u>[Debra P. DiLorenzo](exc-20251231x10kxexh2435.htm)</u> |
| <u>[24-36](exc-20251231x10kxexh2436.htm)</u> | <u>[Benjamin Wu](exc-20251231x10kxexh2436.htm)</u> |
| <u>[24-37](exc-20251231x10kxexh2437.htm)</u> | <u>[Linda W. Cropp](exc-20251231x10kxexh2437.htm)</u> |
| <u>[24-38](exc-20251231x10kxexh2438.htm)</u> | <u>[Rosie Allen-Herring](exc-20251231x10kxexh2438.htm)</u> |
|  | <u>Power of Attorney (Potomac Electric Power Company)</u> |
| <u>[24-39](exc-20251231x10kxexh2439.htm)</u> | <u>[J. Tyler Anthony](exc-20251231x10kxexh2439.htm)</u> |
| <u>[24-40](exc-20251231x10kxexh2440.htm)</u> | <u>[Elizabeth Morgan Downs O'Donnell](exc-20251231x10kxexh2440.htm)</u> |
| <u>[24-41](exc-20251231x10kxexh2441.htm)</u> | <u>[Michael A. Innocenzo](exc-20251231x10kxexh2441.htm)</u> |
| <u>[24-42](exc-20251231x10kxexh2442.htm)</u> | <u>[Rodney Oddoye](exc-20251231x10kxexh2442.htm)</u> |
| <u>[24-43](exc-20251231x10kxexh2443.htm)</u> | <u>[Amber Perry](exc-20251231x10kxexh2443.htm)</u> |
| <u>[24-44](exc-20251231x10kxexh2444.htm)</u> | <u>[Jaclyn Cantler](exc-20251231x10kxexh2444.htm)</u> |
| <u>[24-45](exc-20251231x10kxexh2445.htm)</u> | <u>[Anne C. Bancroft](exc-20251231x10kxexh2445.htm)</u> |
|  | <u>Power of Attorney (Delmarva Power & Light Company)</u> |
| <u>[24-46](exc-20251231x10kxexh2446.htm)</u> | <u>[J. Tyler Anthony](exc-20251231x10kxexh2446.htm)</u> |
| <u>[24-47](exc-20251231x10kxexh2447.htm)</u> | <u>[Michael A. Innocenzo](exc-20251231x10kxexh2447.htm)</u> |
|  | <u>Power of Attorney (Atlantic City Electric Company)</u> |
| <u>[24-48](exc-20251231x10kxexh2448.htm)</u> | <u>[J. Tyler Anthony](exc-20251231x10kxexh2448.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

Certifications Pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934 as to the Annual Report on Form 10-K for the year ended December 31, 2025 filed by the following officers for the following registrants:

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[31-1](exc-20251231x10kxexh3101.htm)</u> | <u>[Filed by Calvin G. Butler, Jr. for Exelon Corporation](exc-20251231x10kxexh3101.htm)</u> |
| <u>[31-2](exc-20251231x10kxexh3102.htm)</u> | <u>[Filed by Jeanne M. Jones for Exelon Corporation](exc-20251231x10kxexh3102.htm)</u> |
| <u>[31-3](exc-20251231x10kxexh3103.htm)</u> | <u>[Filed by Gil C. Quiniones for Commonwealth Edison Company](exc-20251231x10kxexh3103.htm)</u> |
| <u>[31-4](exc-20251231x10kxexh3104.htm)</u> | <u>[Filed by Joshua S. Levin for Commonwealth Edison Company](exc-20251231x10kxexh3104.htm)</u> |
| <u>[31-5](exc-20251231x10kxexh3105.htm)</u> | <u>[Filed by David M. Vahos for PECO Energy Company](exc-20251231x10kxexh3105.htm)</u> |
| <u>[31-6](exc-20251231x10kxexh3106.htm)</u> | <u>[Filed by Marissa E. Humphrey for PECO Energy Company](exc-20251231x10kxexh3106.htm)</u> |
| <u>[31-7](exc-20251231x10kxexh3107.htm)</u> | <u>[Filed by Tamla A. Olivier for Baltimore Gas and Electric Company](exc-20251231x10kxexh3107.htm)</u> |
| <u>[31-8](exc-20251231x10kxexh3108.htm)</u> | <u>[Filed by Michael J. Cloyd for Baltimore Gas and Electric Company](exc-20251231x10kxexh3108.htm)</u> |
| <u>[31-9](exc-20251231x10kxexh3109.htm)</u> | <u>[Filed by J. Tyler Anthony for Pepco Holdings LLC](exc-20251231x10kxexh3109.htm)</u> |
| <u>[31-10](exc-20251231x10kxexh3110.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Pepco Holdings LLC](exc-20251231x10kxexh3110.htm)</u> |
| <u>[31-11](exc-20251231x10kxexh3111.htm)</u> | <u>[Filed by J. Tyler Anthony for Potomac Electric Power Company](exc-20251231x10kxexh3111.htm)</u> |
| <u>[31-12](exc-20251231x10kxexh3112.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Potomac Electric Power Company](exc-20251231x10kxexh3112.htm)</u> |
| <u>[31-13](exc-20251231x10kxexh3113.htm)</u> | <u>[Filed by J. Tyler Anthony for Delmarva Power & Light Company](exc-20251231x10kxexh3113.htm)</u> |
| <u>[31-14](exc-20251231x10kxexh3114.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Delmarva Power & Light Company](exc-20251231x10kxexh3114.htm)</u> |
| <u>[31-15](exc-20251231x10kxexh3115.htm)</u> | <u>[Filed by J. Tyler Anthony for Atlantic City Electric Company](exc-20251231x10kxexh3115.htm)</u> |
| <u>[31-16](exc-20251231x10kxexh3116.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Atlantic City Electric Company](exc-20251231x10kxexh3116.htm)</u> |
| Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code as to the Annual Report on Form 10-K for the year ended December 31, 2025 filed by the following officers for the following registrants: | Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code as to the Annual Report on Form 10-K for the year ended December 31, 2025 filed by the following officers for the following registrants: |
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[32-1](exc-20251231x10kxexh3201.htm)</u> | <u>[Filed by Calvin G. Butler, Jr. for Exelon Corporation](exc-20251231x10kxexh3201.htm)</u> |
| <u>[32-2](exc-20251231x10kxexh3202.htm)</u> | <u>[Filed by Jeanne M. Jones for Exelon Corporation](exc-20251231x10kxexh3202.htm)</u> |
| <u>[32-3](exc-20251231x10kxexh3203.htm)</u> | <u>[Filed by Gil C. Quiniones for Commonwealth Edison Company](exc-20251231x10kxexh3203.htm)</u> |
| <u>[32-4](exc-20251231x10kxexh3204.htm)</u> | <u>[Filed by Joshua S. Levin for Commonwealth Edison Company](exc-20251231x10kxexh3204.htm)</u> |
| <u>[32-5](exc-20251231x10kxexh3205.htm)</u> | <u>[Filed by David M. Vahos for PECO Energy Company](exc-20251231x10kxexh3205.htm)</u> |
| <u>[32-6](exc-20251231x10kxexh3206.htm)</u> | <u>[Filed by Marissa E. Humphrey for PECO Energy Company](exc-20251231x10kxexh3206.htm)</u> |
| <u>[32-7](exc-20251231x10kxexh3207.htm)</u> | <u>[Filed by Tamla A. Olivier for Baltimore Gas and Electric Company](exc-20251231x10kxexh3207.htm)</u> |
| <u>[32-8](exc-20251231x10kxexh3208.htm)</u> | <u>[Filed by Michael J. Cloyd for Baltimore Gas and Electric Company](exc-20251231x10kxexh3208.htm)</u> |
| <u>[32-9](exc-20251231x10kxexh3209.htm)</u> | <u>[Filed by J. Tyler Anthony for Pepco Holdings LLC](exc-20251231x10kxexh3209.htm)</u> |
| <u>[32-10](exc-20251231x10kxexh3210.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Pepco Holdings LLC](exc-20251231x10kxexh3210.htm)</u> |
| <u>[32-11](exc-20251231x10kxexh3211.htm)</u> | <u>[Filed by J. Tyler Anthony for Potomac Electric Power Company](exc-20251231x10kxexh3211.htm)</u> |
| <u>[32-12](exc-20251231x10kxexh3212.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Potomac Electric Power Company](exc-20251231x10kxexh3212.htm)</u> |
| <u>[32-13](exc-20251231x10kxexh3213.htm)</u> | <u>[Filed by J. Tyler Anthony for Delmarva Power & Light Company](exc-20251231x10kxexh3213.htm)</u> |
| <u>[32-14](exc-20251231x10kxexh3214.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Delmarva Power & Light Company](exc-20251231x10kxexh3214.htm)</u> |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[32-15](exc-20251231x10kxexh3215.htm)</u> | <u>[Filed by J. Tyler Anthony for Atlantic City Electric Company](exc-20251231x10kxexh3215.htm)</u> |
| <u>[32-16](exc-20251231x10kxexh3216.htm)</u> | <u>[Filed by Elizabeth Morgan Downs O'Donnell for Atlantic City Electric Company](exc-20251231x10kxexh3216.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) |

---

__________

\* Compensatory plan or arrangements in which directors or officers of the applicable registrant participate and which are not available to all employees.

(a)These filings are not available electronically on the SEC website as they were filed in paper previous to the electronic system that is currently in place.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

---

| | |
|:---|:---|
| **ITEM 16.** | **FORM 10-K SUMMARY** |

---

**All Registrants**

None.

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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, in the City of Chicago and State of Illinois on the 12th day of February, 2026.

---

| | |
|:---|:---|
| EXELON CORPORATION | EXELON CORPORATION |
| By: | /s/ CALVIN G. BUTLER JR. |
| **Name:** | Calvin G. Butler Jr. |
| **Title:** | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities indicated on the 12th day of February, 2026.

---

| | |
|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** |
| /s/ CALVIN G. BUTLER JR. | President, Chief Executive Officer (Principal Executive Officer), and Director |
| Calvin G. Butler Jr. | President, Chief Executive Officer (Principal Executive Officer), and Director |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;JEANNE M. JONES | Executive Vice President, Chief Finance Officer, Audit and Risk (Principal Financial Officer) |
| Jeanne M. Jones | Executive Vice President, Chief Finance Officer, Audit and Risk (Principal Financial Officer) |
| /s/ ROBERT A. KLECZYNSKI | Senior Vice President, Controller and Tax (Principal Accounting Officer) |
| Robert A. Kleczynski | Senior Vice President, Controller and Tax (Principal Accounting Officer) |

---

This annual report has also been signed below by Colette D. Honorable, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

---

| | |
|:---|:---|
| **Anna Richo** | **Linda P. Jojo** |
| **W. Paul Bowers** | **Charisse R. Lillie** |
| **Marjorie Rodgers Cheshire** | **Bryan Segedi** |
| **Matthew Rogers** | **David G. DeWalt** |

---

---

| | | |
|:---|:---|:---|
| **By:** | /s/ COLETTE D. HONORABLE | February 12, 2026 |
| **Name:** | Colette D. Honorable |  |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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, in the City of Chicago and State of Illinois on the 12th day of February, 2026.

---

| | |
|:---|:---|
| COMMONWEALTH EDISON COMPANY | COMMONWEALTH EDISON COMPANY |
| By: | /s/ GIL C. QUINIONES |
| **Name:** | Gil C. Quiniones |
| **Title:** | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities indicated on the 12th day of February, 2026.

---

| | |
|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** |
| /s/ GIL C. QUINIONES | President, Chief Executive Officer (Principal Executive Officer), and Director |
| Gil C. Quiniones | President, Chief Executive Officer (Principal Executive Officer), and Director |
| /s/ JOSHUA S. LEVIN | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
| Joshua S. Levin | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;ERIN V. WHITE | Director, Accounting (Principal Accounting Officer) |
| Erin V. White | Director, Accounting (Principal Accounting Officer) |

---

This annual report has also been signed below by Gil C. Quiniones, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

---

| | |
|:---|:---|
| **Michael A. Innocenzo** | **Ricardo Estrada** |
| **Elizabeth Buchanan** | **Zaldwaynaka Scott** |
| **Stephen Bowman** | **Smita Shah** |

---

---

| | | |
|:---|:---|:---|
| **By:** | /s/ GIL C. QUINIONES | February 12, 2026 |
| **Name:** | Gil C. Quiniones |  |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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, in the City of Chicago and State of Illinois on the 12th day of February, 2026.

---

| | |
|:---|:---|
| PECO ENERGY COMPANY | PECO ENERGY COMPANY |
| By: | /s/ DAVID M. VAHOS |
| **Name:** | David M. Vahos |
| **Title:** | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities indicated on the 12th day of February, 2026.

---

| | |
|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** |
| /s/ DAVID M. VAHOS | President, Chief Executive Officer (Principal Executive Officer), and Director |
| David M. Vahos | President, Chief Executive Officer (Principal Executive Officer), and Director |
| /s/ MARISSA E. HUMPHREY | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
| Marissa E. Humphrey | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
| /s/ MARIANA HUFFORD | Director, Accounting (Principal Accounting Officer) |
| Mariana Hufford | Director, Accounting (Principal Accounting Officer) |

---

This annual report has also been signed below by David M. Vahos, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

---

| | |
|:---|:---|
| **Michael A. Innocenzo** | **Michael Nutter** |
| **John S. Grady** | **Michelle Hong** |
| **Sharmain Matlock-Turner** | **Roberto E. Perez** |

---

---

| | | |
|:---|:---|:---|
| **By:** | /s/ DAVID M. VAHOS | February 12, 2026 |
| **Name:** | David M. Vahos |  |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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, in the City of Chicago and State of Illinois on the 12th day of February, 2026.

---

| | |
|:---|:---|
| BALTIMORE GAS AND ELECTRIC COMPANY | BALTIMORE GAS AND ELECTRIC COMPANY |
| By: | /s/ TAMLA A. OLIVIER |
| **Name:** | Tamla A. Olivier |
| **Title:** | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities indicated on the 12th day of February, 2026.

---

| | |
|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** |
| /s/ TAMLA A. OLIVIER | President, Chief Executive Officer (Principal Executive Officer), and Director |
| Tamla A. Olivier | President, Chief Executive Officer (Principal Executive Officer), and Director |
| /s/ MICHAEL J. CLOYD | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
| Michael J. Cloyd | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
| /s/ DAMON M. SCOLERI | Director, Accounting (Principal Accounting Officer) |
| Damon M. Scoleri | Director, Accounting (Principal Accounting Officer) |

---

This annual report has also been signed below by Tamla A. Olivier, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

---

| | |
|:---|:---|
| **Michael A. Innocenzo** | **Tim Regan** |
| **Keith Lee** | **Amy Seto** |
| **Rachel Garbow Monroe** | **Maria Harris Tildon** |
| **Byron Marchant** | |

---

---

| | | |
|:---|:---|:---|
| **By:** | /s/ TAMLA A. OLIVIER | February 12, 2026 |
| **Name:** | Tamla A. Olivier |  |

---

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

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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, in the City of Chicago and State of Illinois on the 12th day of February, 2026.

---

| | |
|:---|:---|
| PEPCO HOLDINGS LLC | PEPCO HOLDINGS LLC |
| By: | /s/ J. TYLER ANTHONY |
| **Name:** | J. Tyler Anthony |
| **Title:** | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities indicated on the 12th day of February, 2026.

---

| | |
|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** |
| /s/ J. TYLER ANTHONY | President, Chief Executive Officer (Principal Executive Officer), and Director |
| J. Tyler Anthony | President, Chief Executive Officer (Principal Executive Officer), and Director |
| /s/ ELIZABETH MORGAN DOWNS O'DONNELL | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
| Elizabeth Morgan Downs O'Donnell | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
| /s/ JASON T. JONES | Director, Accounting (Principal Accounting Officer) |
| Jason T. Jones | Director, Accounting (Principal Accounting Officer) |

---

This annual report has also been signed below by J. Tyler Anthony, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

---

| | |
|:---|:---|
| **Antoine Allen** | **Benjamin Wu** |
| **Michael A. Innocenzo** | **Linda W. Cropp** |
| **Debra P. DiLorenzo** | **Rosie Allen-Herring** |

---

---

| | | |
|:---|:---|:---|
| **By:** | /s/ J. TYLER ANTHONY | February 12, 2026 |
| **Name:** | J. Tyler Anthony |  |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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, in the City of Chicago and State of Illinois on the 12th day of February, 2026.

---

| | |
|:---|:---|
| POTOMAC ELECTRIC POWER COMPANY | POTOMAC ELECTRIC POWER COMPANY |
| By: | /s/ J. TYLER ANTHONY |
| **Name:** | J. Tyler Anthony |
| **Title:** | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities indicated on the 12th day of February, 2026.

---

| | |
|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** |
| /s/ J. TYLER ANTHONY | President, Chief Executive Officer (Principal Executive Officer), and Director |
| J. Tyler Anthony | President, Chief Executive Officer (Principal Executive Officer), and Director |
| /s/ ELIZABETH MORGAN DOWNS O'DONNELL | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer), and Director |
| Elizabeth Morgan Downs O'Donnell | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer), and Director |
| /s/ JASON T. JONES | Director, Accounting (Principal Accounting Officer) |
| Jason T. Jones | Director, Accounting (Principal Accounting Officer) |

---

This annual report has also been signed below by J. Tyler Anthony, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

---

| | |
|:---|:---|
| **Michael A. Innocenzo** | **Jacyln Cantler** |
| **Rodney Oddoye** | **Anne C. Bancroft** |
| **Amber Perry** | |

---

---

| | | |
|:---|:---|:---|
| **By:** | /s/ J. TYLER ANTHONY | February 12, 2026 |
| **Name:** | J. Tyler Anthony |  |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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, in the City of Chicago and State of Illinois on the 12th day of February, 2026.

---

| | |
|:---|:---|
| DELMARVA POWER & LIGHT COMPANY | DELMARVA POWER & LIGHT COMPANY |
| By: | /s/ J. TYLER ANTHONY |
| **Name:** | J. Tyler Anthony |
| **Title:** | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities indicated on the 12th day of February, 2026.

---

| | |
|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** |
| /s/ J. TYLER ANTHONY | President, Chief Executive Officer (Principal Executive Officer), and Director |
| J. Tyler Anthony | President, Chief Executive Officer (Principal Executive Officer), and Director |
| /s/ ELIZABETH MORGAN DOWNS O'DONNELL | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
| Elizabeth Morgan Downs O'Donnell | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
| /s/ JASON T. JONES | Director, Accounting (Principal Accounting Officer) |
| Jason T. Jones | Director, Accounting (Principal Accounting Officer) |

---

This annual report has also been signed below by J. Tyler Anthony, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

**Michael A. Innocenzo**

---

| | | |
|:---|:---|:---|
| **By:** | /s/ J. TYLER ANTHONY | February 12, 2026 |
| **Name:** | J. Tyler Anthony |  |

---

------

<u>[**Table of Contents**](#i4c9c3ae6799a4a3e87602e3c79b151d2_10)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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, in the City of Chicago and State of Illinois on the 12th day of February, 2026.

---

| | |
|:---|:---|
| ATLANTIC CITY ELECTRIC COMPANY | ATLANTIC CITY ELECTRIC COMPANY |
| By: | /s/ J. TYLER ANTHONY |
| **Name:** | J. Tyler Anthony |
| **Title:** | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities indicated on the 12th day of February, 2026.

---

| | |
|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** |
| /s/ J. TYLER ANTHONY | President, Chief Executive Officer (Principal Executive Officer), and Director |
| J. Tyler Anthony | President, Chief Executive Officer (Principal Executive Officer), and Director |
| /s/ ELIZABETH MORGAN DOWNS O'DONNELL | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
| Elizabeth Morgan Downs O'Donnell | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
| /s/ JASON T. JONES | Director, Accounting (Principal Accounting Officer) |
| Jason T. Jones | Director, Accounting (Principal Accounting Officer) |

---

## Exhibit 4.8

![](exc-20251231x10kxexh48a0001.jpg)

EXELON CORPORATION DESCRIPTION OF SECURITIES As of December 31, 2025, the common stock of Exelon Corporation ("Exelon" or the "Company") is registered under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The summary of general terms and provisions of the Company's common stock set forth below does not purport to be complete and is subject to and qualified by reference to the Company's Articles of Incorporation (as amended, the "Articles") and Bylaws (as amended, the "Bylaws," and together with the Articles, the "Charter Documents"), each of which is incorporated by reference as an exhibit to the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission of which this Exhibit is a part. For additional information, please read the Company's Charter Documents and the applicable provisions of the Pennsylvania Business Corporation Law of 1988 (as amended from time to time, the "PBCL"). Description of Capital Stock Authorized Capital Stock. The Company is authorized under the Articles to issue 2,100,000,000 shares, divided into 2,000,000,000 shares of common stock, without par value, and 100,000,000 shares of preferred stock, without par value. As of December 31, 2025, the Company had 1,022,568,150 shares of common stock outstanding, and zero shares of preferred stock outstanding. The outstanding shares of the Company's common stock are fully paid and nonassessable. Voting Rights. Except as otherwise provided in the Charter Documents or by law, the holders of common stock have the exclusive voting power, and every holder of common stock is entitled to one vote for every share of common stock standing in the name of the shareholder on the Company's books. Except as otherwise provided in the PBCL or the Charter Documents, whenever any corporate action is to be taken by vote of the shareholders of the Company, it shall be authorized by a majority of the votes cast at a duly organized meeting of shareholders by the holders of shares entitled to vote thereon. The shareholders of the Company may act only at a duly organized meeting. The Board of Directors of the Company shall have the full authority permitted by law to determine the voting rights, if any, and designations, preferences, limitations, and special rights of any class or any series of any class of preferred stock that may be desired to the extent not determined by the Charter Documents. Dividend Rights. Holders of common stock are entitled to receive ratably those dividends, if any, as may be declared from time to time by the Board of Directors, in its discretion, out of funds legally available therefore, subject to any preferential dividend rights of outstanding preferred stock. Liquidation Rights. In the event of a liquidation, dissolution or winding up of the Company, the holders of the Company's common stock are entitled to share ratably in all assets remaining after the payment of all of the Company's liabilities and subject to the liquidation preferences of any outstanding preferred stock. Other Rights and Preferences. The Company's common stock does not carry preemptive rights, is not redeemable, does not have any conversion rights, is not subject to further calls and is not subject to any sinking fund provisions. The rights and preferences of holders of the Company's common stock are subject to the rights of any series of preferred stock that the Company may issue.

------

![](exc-20251231x10kxexh48a0002.jpg)

2 Listing. The Company's common stock is listed on The Nasdaq Stock Market LLC under the trading symbol "EXC". Certain Anti-Takeover Provisions Potential Issuances of the Company's Preferred Stock. Although the Company does not currently have any shares of preferred stock outstanding, it is authorized under the Articles to issue 100,000,000 shares of preferred stock, and the rights, preferences and privileges of holders of common stock are subject to, and may be adversely affected by, the rights of the holders of any series of preferred stock that the Company may designate and issue in the future. The Articles also authorize the Company's Board of Directors to establish, from the authorized but unissued shares, one or more series of the shares of preferred stock and to determine, with respect to any such series of the Company's preferred shares, the terms and rights of such series, including, for example, the designation, the number of shares, the dividend rate of the shares, the right, if any, of the Company to redeem shares, the voting power, if any, the obligation, if any, of the Company to retire shares, the terms and conditions, if any, upon which shares shall be convertible into or exchangeable for shares of stock of any other class or classes, and any other rights, preferences or limitations of the shares of such series. The authorized shares of the Company, including shares of preferred stock and common stock, will be available for issuance without further action by the Company's shareholders, unless such action is required by applicable law or the rules of any stock exchange or automated quotation system on which the Company's securities may be listed or traded. Provisions for Shareholder Nominations and Shareholder Proposals at Annual Meeting. The Company's Bylaws establish an advance notice procedure for shareholders to nominate candidates for election as directors or to bring other business before annual meetings of the Company's shareholders (the "Shareholder Notice Procedure"). The Shareholder Notice Procedure requires that written notice of nominations or proposals for substantive business must be received by the Company not less than 120 days nor more than 150 days prior to the first anniversary of the date on which the Company first mailed its proxy materials to shareholders for the prior year's annual meeting of shareholders; provided, that nothing in the Bylaws affects any rights of shareholders to request inclusion of proposals in the Company's proxy statement pursuant to Rule 14a-8 under the Exchange Act. A shareholder who wishes to recommend a candidate (including a self-nomination) to be considered by the Corporate Governance Committee of the Board for nomination as a Director must submit the recommendation in writing to the Chair of the Corporate Governance Committee as set forth in the Bylaws. The Corporate Governance Committee will consider all recommended candidates and self- nominees when making its recommendation to the full Board of Directors to nominate a slate of Directors for election. A shareholder may also use one of two alternative provisions of the Bylaws to nominate a candidate for election as a Director. Under one provision of the Bylaws currently in effect, a shareholder must comply with the Shareholder Notice Procedure and the notice must include information set forth in the Bylaws. Under this procedure, any shareholder can nominate any number of candidates for Director for election at the annual meeting, but the shareholder's nominees will not be included in Exelon's proxy statement or form of proxy for the meeting.

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![](exc-20251231x10kxexh48a0003.jpg)

3 In addition, a shareholder who meets criteria in the Exelon bylaws may also nominate a limited number of candidates for election as Directors through provisions commonly referred to as "proxy access." Subject to the requirements set forth in the Bylaws, any shareholder or group of up to 20 shareholders holding both investment and voting rights with respect to at least 3% of Exelon's outstanding common stock continuously for at least 3 years may nominate up to 20% of the Exelon Directors to be elected. The nominating shareholder(s) must comply with the Shareholder Notice Procedure and the notice must include information required under the Bylaws. Under this procedure, the shareholder's nominees will be included in the Exelon proxy statement and the form of proxy for the meeting. Provisions relating to the Election of the Company's Board of Directors. Under the Articles, shareholders are entitled to only one vote for each share held in all elections for directors. Directors are elected by a plurality of votes cast. In addition, each director must meet the suitability requirements set forth in the Bylaws. Removal of Company Directors. Under the Bylaws, the entire Board of Directors or any individual Director may be removed from office by vote of the shareholders entitled to vote thereon only for cause. In case the Board or any one or more Directors are so removed, new Directors may be elected at the same meeting. Director Vacancies. Under the Bylaws, vacancies in the Board of Directors, including vacancies resulting from an increase in the number of Directors, may be filled by a majority vote of the remaining members of the Board though less than a quorum, or by a sole remaining director, and each person so selected shall be a Director to serve until the next annual meeting of shareholders, and until a successor has been selected and qualified or until his or her earlier death, resignation or removal. Amendment to Articles. Any amendment to the articles requires the affirmative vote of a majority of the votes cast by all shareholders entitled to vote thereon and, if any class or series of shares is entitled to vote thereon as a class, the affirmative vote of a majority of the votes cast in each such class vote, except for amendments on matters specified in Section 1914(c) of the PBCL that do not require shareholder approval. Amendment to Bylaws. Except as otherwise provided for in the express terms of any series of shares of the Company's stock, any one or more provisions of the Bylaws may be altered or repealed by the Board of Directors. The shareholders or the Board of Directors may adopt new bylaws, except that the Board of Directors may not adopt, alter or repeal bylaws that the PBCL specifies may be adopted only by shareholders, and the Board of Directors may not alter or repeal any bylaw adopted by the shareholders that presumes that such bylaw shall not be altered or repealed by the Board of Directors. Special Meeting of Company Shareholders. The Charter Documents provide that special meetings of Company shareholders will be held whenever called by the corporate secretary, upon the written request of shareholders collectively owning at least 25% of all of the Company's outstanding shares of common stock. Any such request must include certain required information as set forth in the Bylaws. Shareholders Action by Written Consent. The Charter Documents do not contain a provision permitting action by written consent of the shareholders.

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4 Pennsylvania Anti-Takeover Statutes. Under Section 1715 of the PBCL, directors stand in a fiduciary relation to their corporation and, as such, are required to perform their duties in good faith, in a manner they reasonably believe to be in the best interests of the corporation and with such care, including reasonable inquiry, skill and diligence, as a person of ordinary prudence would use under similar circumstances. In discharging their duties, directors may, in considering the best interests of their corporation, consider various constituencies, including shareholders, employees, suppliers, customers and creditors of the corporation, and upon communities in which offices or other establishments of the corporation are located. Absent a breach of fiduciary duty, a lack of good faith or self-dealing, any act of the Board of Directors, a committee thereof or an individual director is presumed to be in the best interests of the corporation. The PBCL expressly provides that the fiduciary duty of directors does not require them to (i) redeem or otherwise render inapplicable outstanding rights issued under any shareholder rights plan; (ii) render inapplicable the anti-takeover statutes set forth in Chapter 25 of the PBCL (described below); or (iii) take any action solely because of the effect it may have on a proposed acquisition or the consideration to be received by shareholders in such a transaction. Chapter 25 of the PBCL contains several anti-takeover statutes applicable to publicly-traded corporations. Corporations may opt-out of such anti-takeover statutes under certain circumstances. The Company has not opted-out of any of such statutes. Section 2538 of Subchapter 25D of the PBCL requires certain transactions with an "interested shareholder" to be approved by a majority of disinterested shareholders. "Interested shareholder" is defined broadly to include any shareholder who is a party to the transaction or who is treated differently than other shareholders and affiliates of the corporation. Subchapter 25E of the PBCL requires a person or group of persons acting in concert which acquires 20% or more of the voting shares of the corporation to offer to purchase the shares of any other shareholder at "fair value." "Fair value" means the value not less than the highest price paid by the controlling person or group during the 90-day period prior to the control transaction, plus a control premium. Among other exceptions, Subchapter 25E does not apply to shares acquired directly from the corporation in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended, or to a one-step merger. Subchapter 25F of the PBCL generally establishes a 5-year moratorium on a "business combination" with an "interested shareholder." "Interested shareholder" is defined generally to be any beneficial owner of 20% or more of the corporation's voting stock. "Business combination" is defined broadly to include mergers, consolidations, asset sales and certain self-dealing transactions. Certain restrictions apply to business combination following the 5-year period. Among other exceptions, Subchapter 25F will be rendered inapplicable if the board of directors approves the proposed business combination or approves the interested shareholder's acquisition of 20% of the voting shares, in either case prior to the date on which the shareholder first becomes an interested shareholder. Subchapter 25G of the PBCL provides that "control shares" lose voting rights unless such rights are restored by the affirmative vote of a majority of (i) the disinterested shares (generally, shares held by persons other than the acquirer, executive officers of the corporation and certain employee stock plans) and (ii) the outstanding voting shares of the corporation. "Control shares" are defined as shares which, upon acquisition, will result in a person or group acquiring for the first time voting control over (a) 20%,

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5 (b) 331/3% or (c) 50% or more of the outstanding shares, together with shares acquired within 180 days of attaining the applicable threshold and shares purchased with the intention of attaining such threshold. A corporation may redeem control shares if the acquiring person does not request restoration of voting rights as permitted by Subchapter 25G. Among other exceptions, Subchapter 25G does not apply to a merger, consolidation or a share exchange if the corporation is a party to the transaction agreement. Subchapter 25H of the PBCL provides in certain circumstances for the recovery by the corporation of profits realized from the sale of its stock by a controlling person or group if the sale occurs within 18 months after the controlling person or group became a controlling person or group, and the stock was acquired during such 18-month period or within 24 months before such period. A controlling person or group is a person or group that has acquired, offered to acquire, or publicly disclosed an intention to acquire 20% or more of the voting shares of the corporation. Among other exceptions, Subchapter 25H does not apply to transactions approved by both the board of directors and the shareholders prior to the acquisition or distribution, as appropriate. Subchapter 25I of the PBCL mandates severance compensation for eligible employees who are terminated within 24 months after the approval of a control share acquisition. Eligible employees generally are all employees employed in Pennsylvania for at least two years prior to the control share approval. Severance equals the weekly compensation of the employee multiplied by the employee's years of service (up to 26 years), less payments made due to the termination. Subchapter 25J of the PBCL requires the continuation of certain labor contracts relating to business operations owned at the time of a control share approval.

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## Exhibit 10.5

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1 Non-Employee Directors' RSU Program (Eff. 1.1.2026) NON-EMPLOYEE DIRECTORS' RESTRICTED STOCK UNIT PROGRAM 1. Purpose. The purpose of this Exelon Corporation Non-Employee Directors' Restricted Stock Unit Program (the "Program") is to set forth certain provisions which shall be deemed a part of, and govern, compensation awards of Restricted Stock Units granted by Exelon Corporation, a Pennsylvania corporation (the "Company"), on or after January 1, 2026 to non-employee directors of the Company pursuant to the Exelon Corporation 2020 Long Term Incentive Plan (the "Plan") and to provide such non-employee directors with an opportunity to defer payment of all or a portion of such Restricted Stock Units. 2. Definitions. Except as otherwise defined herein, the defined terms used in this Program shall have the meanings set forth below or in the Plan: "Account" means the Company's record established pursuant to Section 5, which reflects the number of RSUs credited to a Participant under the Program. "Beneficiary" means the person(s) designated by a Participant to receive any benefits payable under this Program after the Participant's death; provided, however, that, for a Participant who has selected a beneficiary under the Exelon Non-Employee Directors' Deferred Stock Unit Program (the "DSU Program"), the Beneficiary shall be the Participant's beneficiary under the DSU Program and the Participant shall have no right to select a different Beneficiary for this Plan. A recordkeeper appointed by the Company's Secretary shall provide a form (electronic or otherwise) for this purpose. If the Participant is not survived by a designated Beneficiary, the Participant's Beneficiary shall be the Participant's estate. If one or more Beneficiaries survive the Participant, but all designated Beneficiaries die before the entire balance payable under this Program has been distributed, any remaining balance shall be distributed to the estate of the last surviving Beneficiary. Subject to the foregoing restriction related to DSU Program participants, a Participant may change his or her Beneficiary designation at any time until his or her death by filing a written (including electronic) Beneficiary Designation Form with the recordkeeper, in such manner specified by the recordkeeper. "Board" means the Board of Directors of the Company. "Code" means the Internal Revenue Code of 1986, as amended. "Committee" means the Corporate Governance Committee of the Board, or such other Committee appointed by the Board or, if no such Committee is currently appointed, the Secretary of the Company. "Common Stock" means Common Stock as defined in the Plan. "Company" means Exelon Corporation and any successor thereto. "Deferred RSU" means an economic unit equal in value to one share (or fraction thereof) of Common Stock that is received pursuant to the Program and is deferred in accordance with the terms herein. "Director" means a member of the Board who is not an employee of the Company or any of its subsidiaries or other entities controlling or controlled by it. "Disability" means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. "Dividend Date" means the date on which any quarterly dividend declared by the Board on the Common

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2 Non-Employee Directors' RSU Program (Eff. 1.1.2026) Stock is paid to shareholders. "Dividend Equivalent" means an amount determined by multiplying the number of RSUs credited to a Participant's Account on the record date for the payment of a dividend on the Common Stock, by (i) the per share amount of a cash dividend, (ii) the per share Fair Market Value of any stock dividend, or (iii) the per share fair market value (as determined by the Committee) of any dividend in consideration other than cash or Common Stock, paid by the Company on its Common Stock with respect to such dividend record date. "Effective Date" means January 1, 2026. "Fair Market Value" of Common Stock means the closing sales price thereof on the national securities exchange or quotation service through which the Common Stock is listed or traded on the day on which Fair Market Value is being determined. In the event that there are no Common Stock transactions on the national securities exchange or quotation service through which the Common Stock is listed or traded on such day, the Fair Market Value will be determined as of the immediately preceding day on which there were Common Stock transactions. "Participant" means any Director who is eligible to participate in the Program under Section 4. An individual shall remain a Participant until that individual has received full distribution of any amount credited to the Participant's Account. "RSU" means a Restricted Stock Unit as defined in the Plan. "Separates from Service" or "Separation from Service" means the Director's termination of service as a member of the Board (and the board of directors of all subsidiaries, if applicable) for any reason other than death. A Separation from Service shall be determined in accordance with Section 409A of the Code and shall be deemed to have occurred when the Director's service to the Company ceases, without reference to any compensation continuation arrangement that may be applicable. "Unit Value" means, at any time, unless otherwise specified in the Program, the value of each Unit granted under the Program, which value shall be equal to the Fair Market Value of a share of Common Stock on such date. 3. Administration. The Plan shall be administered by the Company's Secretary or his or her designee, or such other individual or individuals as designated by the Committee. The Secretary shall interpret the Plan and establish such rules and regulations of plan administration that he or she deems appropriate. The Secretary may delegate ministerial functions of administration to employees of Exelon or to a third-party recordkeeper. 4. Participation. Each Director of the Company shall become a Participant in the Program on the later of (i) the Effective Date or (ii) for individuals who become Directors after the Effective Date, the date such individual is first awarded an RSU under this Program. 5. Award of Units. 5.1 Award of Units. The Committee will determine an annual value that shall be used for calculating the total number of RSUs awarded to Participants (the "Annual Award Value"). On the date of the Company's annual meeting of shareholders each year or such other date determined by the Board, each Participant who is a Director on that date shall be granted an award of a number of RSUs equal to the Annual Award Value divided by the Fair Market Value of a share of Common Stock. The Fair Market Value shall be the closing price of the Common Stock on the date awards are granted. Such awarded RSUs shall be credited to each Participant's Account as specified in Section 5.3 below. The Board may review the Annual Award Value under this Section 5.1 periodically and amend the Program to adjust such award if and to the extent appropriate. For any Participant who is elected to the Board for the first time at any time of the year other than at the annual shareholder meeting, the award shall be prorated accordingly.

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3 Non-Employee Directors' RSU Program (Eff. 1.1.2026) 5.2 Dividend Equivalents. From the date of grant of each RSU award to a Participant until the Participant's Account has been fully distributed, the Company shall credit to each Participant's Account on each Dividend Date, a number of RSUs equal to (i) the Dividend Equivalent for such dividend payment date, divided by (ii) the Fair Market Value of a share of Common Stock on such Dividend Date. 5.3 Vesting and Forfeiture. Except as otherwise provided herein, each RSU award shall fully vest on the first anniversary of the grant date, subject to the Participant's continuous service as a director of the Company through the earlier of (i) the last day immediately preceding the first annual shareholder's meeting occurring after the grant date or (ii) the first anniversary of the grant date (the "Vesting Date"). Vested RSU awards, along with Dividend Equivalents earned on such awards, shall be deposited to a brokerage account administered by the Plan recordkeeper or an affiliate thereof. As specified by Section 8.5, Exelon may reduce the number of shares distributed to the extent necessary to withhold applicable taxes. In the event a Participant dies or becomes Disabled prior to the Vesting Date, any unvested RSU award shall immediately vest and, if not deferred, be deposited into the brokerage account described in this Section 5.3 or, if deferred, distributed in accordance with Sections 7.4 and 7.5. If the Participant Separates from Service prior to the Vesting Date, and does not die or become Disabled, any unvested RSU award shall be forfeited. 5.4 Adjustments. In the event of any equity restructuring, change in corporate capitalization, corporate transaction or change in control, the number of Units credited to Participants' Accounts shall be appropriately adjusted by the Committee as set forth in Sections 6.7 and 6.8 of the Plan. Any adjustments determined by the Committee shall be final, binding and conclusive. If and to the extent that any such change in the number of shares of Common Stock outstanding is effected solely by application of a mathematical formula (e.g., a 2-for-1 stock split), the adjustment described in this Section 5.4 shall be made and shall occur automatically by application of such formula, without further action by the Committee. 6. Election to Defer RSU Awards. 6.1 Manner and Amount of Deferral Election. A Participant may elect to defer receipt of all or a specified portion of his or her RSU award pursuant to a form (electronic or otherwise) provided by the recordkeeper (an "Election Form"). Notwithstanding the foregoing, as specified in Section 8.5, Exelon may limit the percentage a Director elects to defer to the extent necessary to withhold applicable taxes. 6.2 Initial Election. A Participant may elect to defer RSU awards at such time or times during the calendar year as permitted by the Committee (or its delegate). Such election shall be effective for the calendar year of service following the year in which the Election Form is filed. A non-employee director who first becomes eligible to participate in the Program (including any other plan that is required to be treated as a single plan with the Program under Section 409A) after the first day of any calendar year shall be permitted to make the election described in this Section 6 not later than 30 days after becoming eligible to participate in the Program, provided that such election shall apply only to RSUs that are awarded to such non-employee director for periods of service commencing after the date that such Election Form is filed. An Election Form will only apply to one calendar year. A Participant must make a new deferral election with respect to each year that the participant decides to defer RSU awards. If a director does not submit an Election Form by the applicable deadline for a year, they shall be deemed to have elected not to defer compensation earned in such calendar year under this Program. An Election Form shall be irrevocable after the applicable deadline for a year, except as provided otherwise in Section 6.3. 6.3 Changes to Elections. A Participant may elect to change the time and/or method of his or her distributions payable under the Program in accordance with procedures prescribed by the Committee; provided that, in accordance with Section 409A of the Code, any such change in a distribution election (i) shall not be effective until 12 months after it is submitted to the recordkeeper, (ii) must be submitted to the recordkeeper at least 12 months prior to the date on which such distributions were previously scheduled to commence, and (iii) must provide for distributions to commence at least five years after the date on which such distributions were previously scheduled to commence. No more than one such election change shall be permissible with respect to

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4 Non-Employee Directors' RSU Program (Eff. 1.1.2026) each Account. 7. Distributions of Deferred RSU Awards and General Information. 7.1 Distribution Events. Participants may elect to establish up to five (5) sub-accounts that shall be comprised of a single Separation from Service Account and up to four (4) Scheduled Distribution Accounts for which the participant will select the year of distribution in accordance with this Section 7. Except as permitted under Section 6.3, a Participant must make their distribution elections by the last day of the applicable election period described in Section 6.2. 7.2 Separation from Service Account. (a) Timing. The Deferred RSUs along with Dividend Equivalents earned on such award credited to a Participant's Separation from Service Account shall be distributed to the Participant in, or beginning in, April of the first year beginning after the occurrence of the Participant's Separation from Service. (b) Method of Payment. Distributions from a Participant's Separation from Service Account shall be delivered in a lump sum deposit or in annual installments over a period of up to 10 years, as the Participant specified in his or her Election Form. If a Participant elects to receive installments, Dividend Equivalents for undistributed Deferred RSUs will be credited to such Participant's Account in accordance with Section 5 until the full amount of the Participant's Account has been distributed. Each installment shall include shares of Common Stock equal to the number of RSUs determined by dividing the Participant's total Account balance as of such payment date by the number of payments remaining in the installment period; provided, however, that the Company may pay cash in an amount equal to the Unit Value of any remaining fractional unit, in its discretion. (c) Form of Payment. All distributions shall be made in the form of shares of Common Stock, provided, however, that the Company may pay cash in an amount equal to the Unit Value of any remaining fractional unit, in its discretion. 7.3 Scheduled Distribution Accounts. (a) Timing. The Deferred RSUs credited to a Participant's Scheduled Distribution Account(s) shall be distributed to the Participant in April of the year designated by the Participant in the Election Form; provided, however, that the designated year may not be earlier than April of the year following the second anniversary of the date the Election Form that establishes the Scheduled Distribution Account is submitted. (b) Method of Payment. Distributions from a Participant's Scheduled Distribution Accounts shall be made in a lump sum deposit. (c) Form of Payment. All distributions shall be delivered in the form of shares of Common Stock and cash in an amount equal to the Unit Value of any remaining fractional unit. (d) Separation from Service. If a participant has a Separation from Service before all Deferred RSUs credited to Scheduled Distribution Accounts have been distributed, all such Deferred RSUs credited to any Scheduled Distribution Account shall be distributed in accordance with the elections made for their Separation from Service Account. 7.4 Death. If a Participant dies before all RSUs credited to his or her Account have been distributed in accordance with Section 7, whether death occurs before or after a Separation from Service, the Company shall distribute all RSUs credited to the Participant's Account as of the date of his or her death and distribute to the Participant's Beneficiary as soon as administratively practicable, in a single deposit, shares of Common Stock equal

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5 Non-Employee Directors' RSU Program (Eff. 1.1.2026) to the number of RSUs credited to the Participant's Account as of the date of his or her death; provided, however, that the Company may pay cash in an amount equal to the Unit Value of any remaining fractional unit, in its discretion 7.5 De Minimis Distributions. An installment election will be given effect only if, as of the date on which any lump sum distribution would be valued, the Fair Market Value of the participant's Separation from Service Account is at least fifty thousand dollars ($50,000). Any participant whose Separation from Service Account is valued at less than fifty thousand dollars ($50,000) as of the date on which any lump sum payment would be valued shall be defaulted to a lump sum distribution. 7.6 Common Stock for Redemption of Units. Distributed shares shall be made from the pool of shares available for awards as set forth in the Plan. 8. Miscellaneous. 8.1 No Rights as Shareholder. No Participant shall have any rights as a shareholder of the Company, including the right to any cash dividends, or the right to vote, as a result of the grant to the Participant, or the Participant's holding of, any Units. 8.2 No Rights to Continued Service. Nothing in this Program, and no action taken pursuant hereto, shall affect the Participant's term of service as a Director. 8.3 Amendment of Program. The terms of this Program may be amended, suspended, or terminated at any time by the Committee or the Board (or their respective delegates), provided that, the Secretary of the Company may amend the Program to comply with applicable law, to make administrative changes or to carry out directives of the Board or the Committee. 8.4 Unsecured Accounts. With respect to Deferred RSUs, the Company shall keep records to reflect the number of RSUs credited to each Participant hereunder; provided, however, that (i) this Program shall be unfunded, (ii) the Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure redemption of RSUs granted under this Program, and (iii) no Participant or any other person shall under any circumstances acquire any property interest in any specific assets of the Company. Fractional RSUs shall accumulate in the Participant's Account and shall be added together to create whole Units. Nothing contained in this Program and no action taken pursuant hereto shall create or be construed to create a fiduciary relationship between the Company and any Participant or any other person. To the extent that any person acquires a right to receive payment from the Company hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company. 8.5 Withholding. To the extent required by applicable law, the Company or any affiliate shall be authorized to withhold from any award, deferral, or distribution under this Plan the amount of taxes required to be withheld and to take such other action as may be necessary or appropriate in the discretion of the Company or any affiliate to satisfy withholding obligations. 8.6 Compliance with Section 409A of the Code. This Program is intended to comply with the provisions of Section 409A of the Code and shall be interpreted and construed accordingly. The Company shall have the discretion and authority to amend the Program at any time to satisfy any requirements of Section 409A of the Code or guidance provided by the U.S. Treasury Department to the extent applicable to the Program. 8.7 Binding Effect. This Program shall be binding upon and inure to the benefit of the Company, its successors and assigns and the Participant and his or her heirs, executors, administrators and legal representatives. 8.8 Governing Law. This Program and each Award granted hereunder shall be construed in accordance with, and governed by, the law of the Commonwealth of Pennsylvania to the extent not preempted by applicable federal law.

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6 Non-Employee Directors' RSU Program (Eff. 1.1.2026) 8.9 Interpretation. In the event of any conflicting terms between this Program and the Plan, the terms of the Plan shall control. 8.10 Non-assignability. The right of a Participant to receive any unpaid portion of their RSUs shall not be assigned, transferred, pledged or encumbered or subject in any manner to alienation or anticipation. \* \* \*

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## Exhibit 10.16

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXELON CORPORATION DEFERRED COMPENSATION PLAN (As Amended and Restated Effective December 1, 2025)

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2 EXELON CORPORATION DEFERRED COMPENSATION PLAN (As Amended and Restated Effective December 1, 2025) ARTICLE I Plan Merger; Purpose Commonwealth Edison Company, a wholly-owned subsidiary of Exelon Corporation (the "Company"), sponsored the Commonwealth Edison Company Excess Benefit Savings Plan, as established, effective August 1, 1994, as subsequently amended from time to time and as amended and restated, effective October 1, 1998 (the "Excess Savings Plan"), to provide benefits to a select group of management or highly compensated employees within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and Department of Labor Regulation 29 CFR § 2520.104-23 equal to the benefits that would be paid under the 401(k) Plan (as defined in Section 2.1(d)) it sponsored for the benefit of its employees and those of adopting employers but for the application of any of sections 401(a)(17), 402(g), 401(k), 401(m) or 415 of the Internal Revenue Code of 1986, as amended (the "Code") and any other similar provisions set forth in the Code that limit or reduce such benefits (hereinafter collectively referred to as the "Limitations"), and, effective January 1, 1999, to provide for payment of deferred compensation to such employees. Effective as of October 20, 2000, the Company assumed sponsorship of the PECO Energy Company Deferred Compensation and Supplemental Pension Benefit Plan, as established effective November 1, 1981 and as subsequently amended from time to time (the "Deferred Compensation Plan") and the PECO Energy Company Management Group Deferred Compensation Plan, as established effective June 1, 1988 and as subsequently amended from time to time (the "Management Deferred Compensation Plan"), which were established in part to provide for payment of deferred compensation to a select group of management or highly compensated employees. Effective January 1, 2001, the Company assumed sponsorship of the Excess Savings Plan and further assumed the liabilities and obligations of PECO Energy Company with respect to those portions of the Deferred Compensation Plan and the Management Deferred Compensation Plan providing for the deferral of compensation, and the liabilities and obligations of Commonwealth Edison Company with respect to the Excess Savings Plan. Also, effective January 1, 2001, (i) those portions of the Deferred Compensation Plan and the Management Deferred Compensation Plan that provided for the deferral of compensation were hereby merged into the Excess Savings Plan, and (ii) the Excess Savings Plan was amended and restated to be the Exelon Corporation Deferred Compensation Plan (the "Plan"). Effective January 1, 2005, the Plan was amended and restated for the purpose of (i) complying in good faith with the requirements of section 409A of the Code and (ii) providing for changes to the time and form of benefit payments under the Plan as permitted pursuant to transition rules adopted by the Internal Revenue Service under section 409A of the Code. The Plan is hereby amended and restated effective December 1, 2025. The rights and benefits of any Participant whose employment terminated prior to December 1, 2025 shall be determined under the terms of the Plan as in effect on the date of termination. The purpose of the

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3 Plan is to restore to a select group of management or highly compensated employees (within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and Department of Labor Regulation 29 CFR § 2520.104-23) the benefits that would be paid under any 401(k) Plan sponsored by the Company or any Subsidiary that sponsors such a plan for the benefit of its employees but for the application of any of the Limitations, to provide for payment of deferred compensation to such employees, and to provide uniform rules and regulations of plan administration. ARTICLE II Definitions All capitalized terms used herein shall have the respective meanings set forth in Article I or below: (a) "Compensation" means, with respect to any Participant, such Participant's compensation taken into account under the Participant's 401(k) Plan for the Plan Year, except that the dollar limitation imposed on tax-qualified plans under section 401(a)(17) of the Code shall not apply. (b) "Eligible Employee" means, for any Plan Year, an individual who is an active employee of an Employer that has adopted the Plan, has been notified of his or her eligibility to participate in the Plan and who is: (i) an officer of an Employer; or (ii) an employee whose classification on his or her Employer's payroll is at least Salary Band E05 (i.e., "key management") or its equivalent. (c) "Employer" means the Company or any Subsidiary that, with the consent of the Company, has adopted the Plan. (d) "Fixed Contribution Account" means the bookkeeping account established on behalf of a Participant pursuant to Section 5.3. (e) "401(k) Plan" means, with respect to any Participant, the Exelon Corporation Employee Savings Plan or such other tax-qualified defined contribution plan adopted by the Participant's Employer which contains a qualified cash or deferred arrangement (within the meaning of Section 401(k) of the Code). (f) "Matching Contribution Account" means the bookkeeping account established on behalf of a Participant pursuant to Section 5.2. (g) "Participant" means an individual who has satisfied the participation requirements of Section 3.1 and has not terminated participation in the Plan pursuant to Section 3.2. (h) "Plan Administrator" means the individual or institution described in Section 8.1.

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4 (i) "Plan Year" means the calendar year. (j) "Retirement Account" means the bookkeeping account established on behalf of a Participant pursuant to Section 5.1. (k) "Retirement Age" shall mean a Participant's separation from service with the Employers either (i) on or after attainment of age 60 or (ii) on or after attainment of age 50 and completion of at least ten years of service with the Employers. (l) "Subsidiary" means a corporation in which the Company owns, directly or indirectly, at least 50% of the combined voting power of all classes of stock entitled to vote. ARTICLE III Eligibility and Participation 3.1 Commencement of Participation. Each individual who was a participant in the Plan on November 30, 2025 shall be a Participant as of December 1, 2025. Any other Eligible Employee may, by filing an election in accordance with Article IV, become a Participant as of the effective date of such election. 3.2 Termination of Participation. Each Participant shall remain a Participant until such individual receives a distribution of the entire balance of his or her accounts hereunder. ARTICLE IV Elections 4.1 Excess 401(k) Contributions Election. An individual who is an Eligible Employee with respect to a Plan Year may elect, in the manner specified by the Plan Administrator, to defer receipt of his or her Compensation in an amount equal to the amount by which his or her pre-tax contributions to the 401(k) Plan for such Plan Year would exceed one or more of the Limitations if such contributions were made to the 401(k) Plan pursuant to the elections in effect thereunder with respect to such employee as of the first day of such Plan Year but without regard to such Limitations. An election under this Section 4.1 shall apply only with respect to Compensation earned after the effective date of the election and the date on which the employee's before-tax contributions to the 401(k) Plan relating to such Compensation would exceed one or more of the Limitations but the amount deferred may be supplemented, pursuant to Section 5.3. Any changes to a Participant's election under the 401(k) Plan during a Plan Year shall not affect the calculation of the amounts deferred with respect to such Plan Year pursuant to this Section 4.1. 4.2 Base Salary Deferral Elections. For Plan Years prior to January 1, 2007, an individual who is an Eligible Employee with respect to a Plan Year may elect, in the manner specified by the Plan Administrator, to defer receipt of a whole percentage (not exceeding 75%)of his or her base salary for such Plan Year. An election under this Section 4.2 shall apply only with respect to that portion of the employee's base salary for such Plan Year earned after the effective date of the election.

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5 4.3 Incentive Award Elections. For Plan Years prior to January 1, 2007, an individual who is an Eligible Employee with respect to a Plan Year and who may become entitled during such Plan Year to receive an award under any annual incentive plan of an Employer (or a business unit or department thereof) may elect, in the manner specified by the Plan Administrator, to defer receipt of all or a whole percentage of such annual incentive award. An Eligible Employee may elect, in a manner specified by the Plan Administrator, to defer any portion of a performance share unit award granted under the Company's long term incentive plan that becomes payable in cash during 2005. No portion of a performance share unit award that becomes payable in cash during 2006 or later shall be eligible for deferral. 4.4 SERP "Transfer" Elections. An individual who is an Eligible Employee with respect to a Plan Year ending on or before December 31, 2005 and who separates from service during such Plan Year may elect to receive payment of his or her non-qualified supplemental pension benefit (if any) pursuant to the distribution terms of this Plan by filing an election in the time and manner specified by the Plan Administrator, which for the Plan Year ending December 31, 2005 shall be in accordance with section 409A of the Code and regulations issued thereunder. 4.5 Election Due Dates. An election under this Article IV shall be made (i) with respect to the Plan Year in which an Eligible Employee first becomes eligible to participate in the Plan, no later than 30 days after such individual becomes so eligible, and (ii) with respect to any other Plan Year, at such time as the Plan Administrator shall designate, provided that (A) each election to defer performance-based compensation, within the meaning of section 409A of the Code, that is based on a performance period of at least 12 months, shall be made not later than six months before the last day of the applicable performance period and before such compensation has become both substantially certain to be paid and readily ascertainable and (B) each election to defer any compensation other than performance-based compensation described in clause (A) shall be made not later than December 31 of the calendar year preceding the year in which any amount subject to such election is earned, or such other time determined by the Plan Administrator in accordance section 409A of the Code and regulations issued thereunder. 4.6 Irrevocability/Effect of Elections. An election under this Article IV with respect to any Plan Year shall be irrevocable, except as otherwise provided herein or as determined by the Plan Administrator in accordance with section 409A of the Code and regulations issued thereunder. Any election under this Article IV shall authorize the Participant's Employer to reduce the compensation otherwise payable to the Participant in a manner consistent with such election. ARTICLE V Accounts 5.1 Retirement Accounts. A Retirement Account shall be established on the books of the Company and each Subsidiary in the name and on behalf of each Participant who is an Eligible Employee of such Subsidiary. A Participant's Retirement Account shall be credited with (a) the amounts deferred by such individual pursuant to his or her elections under Article IV, as of the respective dates such amounts would have been paid to the Participant but for such elections, and (b) an amount equal to the aggregate amounts credited to such Participant's deferred compensation accounts under the Plan

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6 immediately prior to January 1, 2005. 5.2 Matching Contribution Accounts. A Matching Contribution Account shall be established on the books of the Company and each Subsidiary in the name and on behalf of each Participant who is an Eligible Employee of such Subsidiary who has made an election under Section 4.1. The Matching Contribution Account of a Participant who has filed an election pursuant to Section 4.1 for a Plan Year shall be credited with an amount equal to the amount by which the Participant's matching contributions (as defined in section 401(m)(4)(A)(ii) of the Code) to the 401(k) Plan for such Plan Year would have exceeded one or more of the Limitations if such contributions were made to the 401(k) Plan pursuant to the elections in effect thereunder for such Participant as of the first day of such Plan Year but without regard to such Limitations. Such amounts shall be credited to the Participant's Matching Contribution Account as of the respective dates the related amounts would have been credited to the Participant's matching contributions account under the 401(k) Plan. Any changes to a Participant's election under the 401(k) Plan during a Plan Year shall not affect the calculation of the amounts credited to the Participant's Matching Contribution Account with respect to such Plan Year pursuant to this Section 5.2, except as may be determined by the Plan Administrator in accordance with section 409A of the Code and regulations issued thereunder. The amounts credited to a Participant's Matching Contribution Account shall be credited in accordance with the Participant's investment benchmark elections or, if no such election is made, to the default investment alternative determined in accordance with the terms of the 401(k) Plan. 5.3 Fixed Contribution Accounts. A Fixed Contribution Account shall be established on the books of the Company and each Subsidiary in the name and on behalf of each Participant who is an Eligible Employee of such Subsidiary who are eligible for Fixed Contributions as described in this Section 5.3. The Fixed Contribution Account of a Participant shall be credited each applicable Plan Year with an amount equal to the amount by which the Participant's fixed employer contributions to the 401(k) Plan for such Plan Year would have exceeded one or more of the Limitations if such contributions were made to the 401(k) Plan for such Participant but without regard to such Limitations. Such amounts shall be credited to the Participant's Fixed Contribution Account as of the respective dates the related amounts would have been credited to the Participant's fixed contributions account under the 401(k) Plan. The amounts credited to a Participant's Fixed Contribution Account shall be credited in accordance with the Participant's investment benchmark elections or, if no such election is made, to the default investment alternative determined in accordance with the terms of the 401(k) Plan. During the 2024 calendar year, the Company, in its sole discretion, may decide to make a discretionary contribution to the Fixed Contribution Account of any Participant whose Retirement Accounts includes excess 401(k) Plan contributions. The amount of such discretionary contribution will be equal to the amount determined by the Company, in its sole discretion, and such amount need not be uniform among Participants. Any discretionary contribution made under this Section 5.3 shall be credited to the Participant's Fixed Contribution Account at such time as determined by the Company in its sole discretion. The time and form of payment of any such discretionary contribution, will be the determined by the Participant's election and the payment timing rules of Article VI of the Plan.

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7 5.4 Vesting. Amounts credited to a Participant's Retirement Account and Matching Contribution Account pursuant to the terms of the Plan shall be fully vested and not subject to forfeiture for any reason. 5.5 Earnings Elections. Each Participant's Retirement Account shall be divided into separate subaccounts with respect to each earnings election made by such Participant pursuant to this Section 5.5. (a) Investment Benchmarks. The Plan Administrator shall from time to time designate two or more investment benchmarks, the rates of return or loss of which, based upon a Participant's earnings elections, shall be used to determine the rate of return or loss to be credited to the subaccounts established within the Participant's Retirement Account pursuant to this Section 5.5. A Participant's earnings election shall specify the percentages of the Participant's Retirement Account allocated to the subaccounts with respect to each investment benchmark selected by the Participant in whole percentages. The Company may in its discretion, but need not, actually invest assets of the Employers in accordance with the Participant's earnings elections. (b) Timing of Earnings Elections. Upon the commencement of participation in the Plan, each Participant shall designate, in the manner specified by the Plan Administrator, the whole percentage of the Participant's Retirement Account balance to be invested in each investment benchmark. Thereafter, a Participant may change his or her earnings election with respect to his or her Retirement Account at the times and in the manner specified by the Plan Administrator. A revised earnings election shall specify whether it applies to the then-balance of a Participant's Retirement Account, to the future amounts credited to the Participant's Retirement Account pursuant to Section 5.1, or both. ARTICLE VI Distributions 6.1 Form of Distributions. (a) Each Participant who separates from service on or before December 31, 2005 may elect to receive payment of his or her account balances hereunder in one of the following forms by filing an election in the manner specified by the Plan Administrator: (i) a lump sum; or (ii) a series of annual installments over a period of up to 15 years; provided that a Participant who separates from service prior to attaining Retirement Age shall not be eligible to receive installments over a period of more than three years. Each such Participant who separates from service during 2005 may make separate payment elections with respect to (A) the portion of his or her account which was deferred and became vested prior to January 1, 2005 and (B) the portion of his or her account which was deferred or became vested on or after January 1, 2005.

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8 (b) Each Participant who separates from service on or after January 1, 2006, but prior to attaining Retirement Age, shall receive payment of his or her account balances hereunder in a single sum. (c) Each Participant who separates from service on or after January 1, 2006 and upon or after attaining Retirement Age may elect to receive payment of his or her account balances hereunder (together with his or her account balance under the Exelon Corporation Stock Deferral Plan) in one of the following forms by filing an election in the manner specified by the Plan Administrator: (i) a lump sum; or (ii) a series of annual installments over a period of up to 15 years. Each such Participant who separates from service during 2006 may make separate payment elections with respect to (A) the portion of his or her account which was deferred and became vested prior to January 1, 2005 and (B) the portion of his or her account which was deferred or became vested on or after January 1, 2005. Notwithstanding the foregoing, if the aggregate balance of the Participant's accounts hereunder does not exceed $25,000 as of the date of the Participant's separation from service or any subsequent Valuation Date (as defined below), such Participant's benefit hereunder shall be distributed in a lump sum. 6.2 Timing of Distributions. (a) Except as otherwise provided in this Section 6.2, Section 6.3, Section 6.4 or Section 6.7, the balance of a Participant's accounts hereunder (together with his or her account balance under the Exelon Corporation Stock Deferral Plan) shall be paid or commence to be paid in accordance with Section 6.1 during the first month of the first full calendar quarter immediately following the date that is six months following the date on which the Participant separates from service, within the meaning of section 409A of the Code. In the case of a Participant who has elected annual installment payments, the remaining annual installments shall be paid as soon as practicable after April 1 of the calendar year following the calendar year in which the first such payment is made, and as soon as practicable, following each succeeding April 1. The amount of each installment payment shall be determined by dividing the balance of the Participant's accounts hereunder as of the April 1, or if such April 1 is not a business day, as of the first business day preceding such April 1, (the "Valuation Date") preceding such payment by the total number of installment payments remaining in the installment period elected by the Participant. (b) Notwithstanding Section 6.2(a), each Participant shall have a single opportunity to defer the date on which such Participant's accounts shall be paid or commence; provided, however, that in accordance with section 409A of the Code (i) no such deferred payment election shall become effective until the first anniversary of the date such deferred payment election is made, (ii) no deferred payment election shall be effective if the Participant is scheduled, pursuant to Section 6.2(a), to receive or begin receiving payments within one year after the date such deferred payment election is made and (iii) such deferred payment election provides for payments to the Participant to be made or begin at least five years later than the date on which such distribution was previously scheduled to be made or begin pursuant to Section 6.2(a). In the event such a deferred payment election does not become effective, the time and manner of payment of such

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9 Participant's accounts shall be governed by Section 6.2(a). 6.3 Hardship Withdrawals. Notwithstanding the provisions of Section 6.1, a Participant who is an active employee of the Company or a Subsidiary may request a withdrawal from his or her accounts hereunder of an amount that is reasonably necessary to satisfy an Unforeseeable Financial Emergency. For purposes of the Plan, an "Unforeseeable Financial Emergency" shall mean (i) a severe financial hardship to a Participant resulting from an illness or accident of the Participant, or the spouse or a dependent (as defined in section 152(a) of the Code) of the Participant, (ii) the loss of a Participant's property due to casualty or (iii) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, within the meaning of section 409A of the Code. A Participant's written request for such a payment shall describe the circumstances which the Participant believes justify the payment and an estimate of the amount necessary to eliminate the Unforeseeable Financial Emergency. The Plan Administrator will have the authority to grant or deny any such request. A payment shall not be made pursuant to this Section to the extent the Unforeseeable Financial Emergency may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant's assets, to the extent the liquidation of such assets would not cause a severe financial hardship, or by the cessation of deferrals under the Plan. A payment pursuant to this Section 6.3 may not exceed the amount necessary to meet such financial need (including amounts necessary to pay any federal, state or local income taxes reasonably anticipated to result from the payment). Amounts withdrawn under this Section 6.3 shall be withdrawn pro- rata from the Participant's Retirement Account and Matching Contribution Account, and thereafter from each subaccount established pursuant to the Participant's investment benchmark elections. The elections under Article IV of any Participant who receives a hardship withdrawal under this Section 6.3 shall be suspended for the remaining portion of the Plan Year in which the withdrawal occurred and the Plan Year immediately thereafter. 6.4 Distributions in the Event of Death. If a Participant's employment is terminated on account of the Participant's death or the Participant dies after terminating employment but before distribution of his or her account balances hereunder has commenced, the balance of such accounts shall be distributed to the Participant's beneficiary determined pursuant to Section 6.5 in a single lump sum as soon as practicable following the Valuation Date of the calendar year next following the Participant's death. If a Participant dies after installment distributions have commenced, such installment distributions shall continue, for the balance of the installment period previously elected by the Participant, to the Participant's beneficiary determined pursuant to Section 6.5. 6.5 Beneficiaries. A Participant shall have the right to designate a beneficiary or beneficiaries and to amend or revoke such beneficiary designation at any time, in writing delivered to the Plan Administrator. Any such designation, amendment or revocation shall be effective upon receipt by the Plan Administrator. If a Participant does not designate a beneficiary under this Plan, or if no designated beneficiary survives the Participant, the Participant's estate shall be deemed to be the Participant's beneficiary hereunder. 6.6 Timing of Distribution Elections; Default Elections. Subject to Section 6.7, a distribution election under Section 6.1 shall be made concurrently with such Participant's initial deferral election under the Plan, or at such other time or times determined by the Plan Administrator in accordance with section 409A of the Code and regulations issued thereunder. If a Participant does not have a timely distribution election on file with the Plan Administrator, his or her accounts hereunder will be distributed in a lump sum.

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10 6.7 Special Distribution Terms. Pursuant to the transition rule set forth in IRS Notice 2005-1, Q&A-19(c), and extended in the preamble to regulations proposed under section 409A of the Code and IRS Notice 2006-79 (the "Transition Rule"), Participants may make the special distribution elections described in Sections 6.7(a) and (b). (a) Each Participant may elect or change the form of payment of such Participant's benefit payable upon separation from service by submitting an election on or before December 31, 2007 in accordance with procedures prescribed by the Plan Administrator, provided that (i) if a Participant's distribution is made or commences in 2006, then such election shall be effective only if it is submitted on or before December 31, 2005, and (ii) if a Participant's distribution is made or commences in 2007, then such election shall be effective only if it is submitted on or before December 31, 2006. (b) Each Participant may elect to receive a distribution of the entire portion of such Participant's Plan account attributable to Plan Years prior to January 1, 2007 in a lump sum cash payment in the third quarter of 2007, by submitting such election on or before December 31, 2006 in accordance with procedures prescribed by the Plan Administrator, provided that such election shall be null and void if such Participant's distribution under the Plan otherwise would be made or commence prior to January 1, 2007. (c) Notwithstanding the preceding provisions of this Section 6.7, pursuant to resolutions adopted by the Compensation Committee of the Board of Directors of the Company on December 5, 2006, each Participant who elected pursuant to Section 4.3 to defer receipt of a 2006 annual incentive award payable to such Participant by an Employer shall be deemed to have elected, pursuant to the Transition Rule, to change the date on which such annual incentive award is payable, such that the annual incentive award shall be payable in a lump sum distribution on or about the second payroll date occurring in February of 2007. 6.8 Withholding. The Company may withhold from any amounts payable under this Plan or otherwise payable to a Participant or beneficiary any taxes the Company determines to be appropriate under applicable law and may report all such amounts payable to such authority in accordance with any applicable law or regulation. In addition, the Company may adjust the timing of any payment under this Plan consistent with the tax treatment of such payment including, without limitation, to comply with section 409A of the Code. 6.9 Facility of Payment. Whenever and as often as any Participant entitled to payments under the Plan shall be incompetent or, in the opinion of the Plan Administrator would fail to derive benefit from distribution of funds under the Plan, the Plan Administrator, in its sole and exclusive discretion, may direct that any or all payments hereunder be made (a) directly to or for the benefit of such Participant, (b) to the Participant's legal guardian or conservator; or (c) to relatives of the Participant. The decision of the Plan Administrator in such matters shall be final, binding and conclusive upon the Employers, the Participant and every other person or party interested or concerned. The Employers and the Plan Administrator shall not be under any duty to see to the proper application of such payments made to a Participant, conservator, guardian or relatives of a Participant.

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11 ARTICLE VII Application of ERISA, Funding 7.1 Application of ERISA. Amounts deferred pursuant to any election made under the Plan are intended to constitute an unfunded plan maintained primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and Department of Labor Regulation § 2520.104-23. 7.2 Funding. The Plan shall not be a funded plan, and neither the Company nor any Subsidiary shall be under any obligation to set aside any funds for the purpose of making payments under this Plan. Any payments hereunder shall be made out of the general assets of the Employers and no Participant or beneficiary shall have any right to any specific assets. 7.3 Trust. The Company may, but is not required to establish a trust for the purpose of administering assets of the Company and the Subsidiaries to be used for the purpose of satisfying their obligations under the Plan and those obligations formerly under the Excess Savings Plan, the Deferred Compensation Plan and the Management Deferred Compensation Plan which have been herein assumed by the Company. Any such trust shall be established in such manner so as to be a "grantor trust" of which the Company is the grantor, within the meaning of section 671 et. seq. of the Code. The existence of any such trust shall not relieve the Company or any Subsidiary of their liabilities under the Plan, but the obligation of the Employers under the Plan shall be deemed satisfied to the extent paid from the trust. ARTICLE VIII Administration 8.1 Plan Administrator. The Plan shall be administered by the Vice President, Total Rewards (the "Plan Administrator"), or such other individual or individuals as may be designated by the Company. The Plan Administrator has the sole and absolute power and authority to interpret and apply the provisions of this Plan to a particular circumstance, make all factual and legal determinations, construe uncertain or disputed terms and make eligibility and benefit determinations in such manner and to such extent as the Plan Administrator in his or her sole discretion may determine. Benefits under the Plan will be paid only if the Plan Administrator decides, in his or her discretion, that an individual is entitled to such benefits. The Plan Administrator has the authority to delegate any of his or her duties or responsibilities. 8.2 Claims Procedure. In accordance with the regulations of the U.S. Department of Labor, the Company shall (i) provide adequate notice in writing to any Participant or beneficiary whose claim for benefits is denied, setting forth the specific reasons for such denial and written in a manner calculated to be understood by such Participant or beneficiary and (ii) afford a reasonable opportunity to any Participant or beneficiary whose claim for benefits has been denied for a full and fair review by the Plan Administrator of the decision denying the claim.

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12 8.3 Expenses. All costs and expenses incurred in administering the Plan, including the expenses of the Plan Administrator, the fees of counsel and any agents of the Plan Administrator and other administrative expenses shall be paid by the Employers. The Plan Administrator, in its sole discretion, having regard to the nature of a particular expense, shall determine the portion of such expense to be borne by a particular Employer. 8.4 Indemnification. Neither the Plan Administrator nor any officer or employee of the Company shall be liable to any person for any action taken or omitted in connection with the interpretation and administration of the Plan unless attributable to his or her own willful misconduct or bad faith, and the Company shall indemnify and hold harmless such Plan Administrator, officers and employees from and against all claims, losses, damages, causes of action and expenses, including reasonable attorney fees and court costs, incurred in connection with such interpretation and administration of the Plan. ARTICLE IX Amendment and Termination The Company intends to maintain the Plan indefinitely. However, the Plan, or any provision thereof, may be amended, modified or terminated at any time by action of its Chief People Officer or such other senior officer to whom the Company has delegated amendment authority (without regard to any limitations imposed on such powers by the Code or ERISA), except that no such amendment or termination shall (i) reduce or cancel the amount credited to the accounts of any Participant hereunder immediately prior to the date of such amendment or termination or (ii) cause an acceleration or other change in a payment under the Plan that would result in penalties under section 409A of the Code. Upon the termination of the Plan, all account balances hereunder shall continue to be paid to Participants or their beneficiaries pursuant to the terms of the Plan and each Participant's distribution election in effect; provided, however, that if the Plan is terminated in connection with a Change in Control Event, within the meaning of regulations or other guidance promulgated under section 409A of the Code, the Chief People Officer of the Company or such other senior officer to whom the Company has delegated amendment authority may elect, in his or her sole discretion, to pay out all accounts to Participants and beneficiaries within 12 months after the occurrence of such Change in Control Event. ARTICLE X Miscellaneous 10.1 Taxes. For each calendar year in which a Participant's Compensation is reduced pursuant to this Plan, his or her Employer shall withhold from the Participant's compensation which is not deferred pursuant to an election made hereunder the employee share of the FICA taxes imposed under section 3121 of the Code and any other applicable employment taxes in respect of amounts credited to the Participant's accounts hereunder for such year. However, because the total amount of the employer matching contribution owed with respect to a Participant's Compensation reduction in any calendar year is not finally determinable (and the related FICA taxes on that employer matching contribution are thus not required to be taken into account) until December 31 of any year, the employee share of FICA taxes owed with respect to

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13 such employer matching contributions in any calendar year may be withheld either in the calendar year of the year in which a Participant's Compensation is reduced, or in the immediately following calendar year (applying the FICA tax deferral rule in Treas. Reg. 31.3121(v)(2)-1(f)(3). The tax treatment of any payment provided under this Plan is not warranted or guaranteed. Neither the Company nor the Plan Administrator shall be liable for or required to reimburse any Participant for any taxes, interest, penalties, or other monetary amounts owed by the Participant or any other taxpayer as a result of the Plan or the payment or non-payment of any amount thereunder. By participating in the Plan, the Participant agrees to be solely and exclusively liable for any tax consequences (including without limitation any excise tax based on noncompliance with Code section 409A) associated with any benefit under the Plan. Nothing in this Plan shall be interpreted as creating in the Company, the Plan Administrator, or any other person a duty to optimize any tax treatment. 10.2 Nonassignment of Benefits. Notwithstanding anything contained in any 401(k) Plan to the contrary, it shall be a condition of the payment of benefits under this Plan that neither such benefits nor any portion thereof shall be assigned, alienated or transferred to any person voluntarily or by operation of any law, including any assignment, division or awarding of property under state domestic relations law (including community property law). Any such attempted or purported assignment, alienation or transfer shall be void. 10.3 No Guarantee of Employment. Nothing contained in this Plan shall be construed as a contract of employment between any Employer and any employee or as conferring a right on any employee to be continued in the employment of any Employer, or as a limitation of the right of an Employer to discharge any of its employees, with or without cause. 10.4 Adoption/Withdrawal by Subsidiaries. Any Subsidiary may, with the consent of the Company, adopt the Plan for the benefit of its employees who are Eligible Employees by delivery to the Company of a resolution of its board of directors or duly authorized committee to such effect, which resolution shall specify the date for which this Plan shall be effective with respect to the employees of such Subsidiary who are Eligible Employees. A Subsidiary may terminate its participation in the Plan at any time by giving written notice to the Company and the Plan Administrator. Upon such a withdrawal, the Plan Administrator shall transfer the benefits of such Participants under this Plan with respect to such Subsidiary directly to such Subsidiary at which time the remaining Employers shall have no further responsibility in respect of such amounts. 10.5 Gender and Number. Except when the context indicates to the contrary, when used herein, masculine terms shall be deemed to include the feminine and singular the plural. 10.6 Headings. The headings of Articles and Sections are included solely for convenience of reference, and if there is any conflict between such headings and the text of the Plan, the text shall control. 10.7 Invalidity. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and the Plan shall be enforced and construed as if such provisions, to the extent invalid or unenforceable, had not been included. 10.8 Successors and Assigns. The provisions of the Plan shall bind and inure to the

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14 benefit of the Company and each Subsidiary and their successors and assigns, as well as each Participant and his or her successors. 10.9 Law Governing. Except as provided by any federal law, the provisions of the Plan shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania. 10.10 Compliance With Section 409A of Code. This Plan is intended to comply with the provisions of section 409A of the Code, and shall be interpreted and construed accordingly. 10.11 Recoupment. Notwithstanding any provision of the Plan to the contrary, benefits paid or payable to a Participant under the Plan shall be subject to any executive or officer recoupment or claw back policy of the Board of Directors (including, but not limited to, Exelon's Financial Restatement Compensation Recoupment Policy), as in effect from time to time. Any termination and/or recoupment of benefits under the Plan shall be in addition and without prejudice to any other remedies that the Company may elect to assert. IN WITNESS WHEREOF, Exelon Corporation has caused this instrument to be executed effective as of December 1, 2025. EXELON CORPORATION By:_____ __________________________________ Denise Galambos Senior Vice President, Chief People and Equity Officer

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## Exhibit 10.20

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&nbsp;&nbsp;&nbsp;&nbsp;C147841 Exelon Corporation Unfunded Deferred Compensation Plan for Directors (Amended and Restated Effective January 1, 2026) The purpose of this Unfunded Deferred Compensation Plan for Directors (the "Plan") is to permit Directors of Exelon Corporation ("Exelon") and Participating Companies (as defined below) to elect to defer receipt of directors' fees. The Plan as set forth herein is an amendment and restatement of the Plan as originally adopted effective October 20, 2000 and previously amended and restated as of January 1, 2009, January 1, 2011, March 12, 2012, and March 24, 2016 and is a successor to the PECO Energy Company Unfunded Deferred Compensation Plan for Directors (the "Prior Plan"). 1. Administration. The Plan shall be administered by the Corporate Secretary of Exelon (the "Secretary") or his or her designee, or such other individual or individuals as desig- nated by the Board of Directors of Exelon (the "Exelon Board"). The Secretary shall interpret the Plan and establish such rules and regulations of plan administration that he or she deems appropriate. The cost of plan administration shall be paid by Exelon and its participating subsidiaries, and shall not be charged against the deferred accounts of Plan participants. The Secretary may delegate ministerial functions of administration to employees of Exelon or to a third-party administrator ("Plan Recordkeeper"). 2. Eligibility. All Directors of Exelon (other than full-time employees of Exelon or its subsidiaries) shall be eligible to participate in the Plan. Effective as of January 1, 2011, all Directors of Commonwealth Edison Company ("ComEd") and PECO Energy Company ("PECO") who are not full-time employees of Exelon or its subsidiaries shall also be eligible to participate in the Plan. Effective as of March 12, 2012, all Directors of Baltimore Gas and Electric Company ("BGE") who are not full-time employees of Exelon or its subsidiaries shall also be

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-2- eligible to participate in the Plan. In addition, effective as of March 24, 2016, all Directors of Pepco Holdings LLC ("PHI" and, collectively with ComEd, PECO and BGE, the "Participating Companies") who are not full-time employees of Exelon or its subsidiaries shall also be eligible to participate in the Plan. 3. Deferrals. (a) (1) Prior to the first day of each calendar year, each eligible Director may elect in writing to defer the receipt of all or a portion of his or her cash compensation earned with respect to his or her service on the board of directors of a Participating Company (each such board of directors, a "Board") for such calendar year, by filing a written (including electronic) Director's deferral agreement form with the Plan's recordkeeper (a "Deferral Election Form")with respect to each such Board on which the Director serves. Notwithstanding the foregoing, Exelon may limit the percentage a Director elects to defer to the extent necessary to withhold applicable taxes. A Director who first becomes eligible to participate in the Plan after the first day of any calendar year shall be permitted to make the election described in this Section 3 not later than 30 days after becoming eligible to participate in the Plan, and such election shall apply only to directors' fees earned during the remainder of such calendar year. If a Director does not submit a Deferral Election Form by the applicable deadline for a year, they shall be deemed to have elected not to defer compensation earned in such calendar year under this Plan. In all events, each deferral election made under this Plan shall apply only to compensation earned after the date of such election. Deferred amounts under the Plan, together with deferred amounts and attributable earnings under the Prior Plan, shall be credited to one or more deferral accounts in the participant's name (each, a "Deferral Account") for later distribution. (2) Amounts deferred on or prior to December 31, 2025 were credited to a Deferral Account that is subject to the distribution rules described in Section 4

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![](exc-20251231xxexhx1020a0003.jpg)

-3- ("Pre-2026 Deferral Account"). The Pre-2026 Deferral Accounts were frozen effective December 31, 2025. After December 31, 2025, no additional amounts may be deferred to the Pre-2026 Deferral Accounts. (3) Amounts deferred on or after January 1, 2026 shall be credited to Deferral Accounts that are subject to the distribution rules described in Section 5 ("Post-2025 Deferral Accounts"). Participants may elect to establish up to five (5) Post-2025 Deferral sub- accounts that shall be comprised of a single Separation from Service Account and up to four (4) Scheduled Distribution Accounts for which the participant will select the year of distribution in accordance with Section 5. (4) Each participant's Deferral Account(s) shall be bookkeeping entries only, and none of the Participating Companies shall be required to fund any Deferral Account. Any assets that may be held to fund a Deferral Account shall at all times remain unrestricted assets of the Participating Company in its corporate capacity and not as a fiduciary, and shall be subject to the claims of its general creditors. Pending distribution, each participant's Deferral Account(s) shall be credited with earnings or interest as provided in Section 3(b). (b) (1) For purposes of measuring the earnings or losses credited to a participant's Deferral Account, the participant may select, from among the investment funds available from time to time under the Exelon Corporation Employee Savings Plan (the "Savings Plan") and designated by the Secretary, the investment funds in which all or part of his or her Deferral Account shall be deemed to be invested. The Secretary may, but need not, permit separate investment designations with respect to amounts attributable to compensation earned with respect to service on each Board. (2) The participant shall make an investment designation in the form and manner prescribed by the Plan Recordkeeper, which shall remain effective until

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-4- another valid designation has been made by the participant as herein provided. The participant may amend his or her investment designation at such times and in such manner as prescribed by the Plan Recordkeeper. A timely change to the participant's investment designation shall become effective as soon as received and processed by the Plan Recordkeeper. (3) The investment funds deemed to be made available to the participant shall be the same as available or in effect from time to time under the Savings Plan. (4) Except as provided below, the participant's Deferral Account shall be deemed to be invested in accordance with his or her investment designations, and the Deferral Account shall be credited with earnings (or losses) as if invested as directed by the participant. To the extent that the participant does not furnish complete investment instructions, then the Deferral Account shall be deemed invested in the Fixed Income Fund, or similar successor fund if the Fixed Income Fund is removed as an investment option from the Savings Plan. The Deferral Accounts maintained pursuant to the Plan are for bookkeeping purposes only and Exelon is under no obligation to invest such amounts. 4. Distributions of Deferrals Made With Respect to Compensation Earned Prior to January 1, 2026. The following distribution provisions shall apply to Pre-2026 Deferral Account(s): (a) The amount credited to a participant's Pre-2026 Deferral Account with respect to his or her participation on each Board shall be distributed to the participant in, or beginning in, April of the first year beginning after the occurrence of one of the following distribution events, as the participant specified in his or her Benefit Distribution Election Form: (i) the participant's separation from service, within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), as a Director of the Participating Companies and their affiliates

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![](exc-20251231xxexhx1020a0005.jpg)

-5- ("Separation from Service"), (ii) the participant's 65th birthday or (iii) the participant's 72nd birthday. Distributions shall be paid in a lump sum payment or in annual installments over a period of up to 10 years, as the participant specified in his or her Benefit Distribution Election Form. Each installment payment shall be determined by multiplying the balance remaining to the credit of the Deferral Account as of March 31 of such year (including earnings or interest credited under Section 3) by a fraction, the numerator of which is "1" and the denominator of which is the number of years (including the current year) for which payments are yet to be made. Any unpaid balance in the Deferral Account shall be credited with earnings or interest as provided in Section 3. In the event a Director who has elected a distribution event based on his or her 65th or 72nd birthday continues to serve as a Director after the date such distributions commence, then in the year prior to the year in which such distributions commence such Director shall file a new Benefit Distribution Election Form governing any amounts credited to his or her Pre-2026 Deferral Account after the date such distributions commence. If the Director does not file such a new Benefit Distribution Election Form, then the Director shall be deemed to have elected to receive a lump sum distribution of any such amounts upon the Director's Separation from Service. (b) Except as permitted under Section 4(c) or 6, each Director was required to submit a Benefit Distribution Election Form for their Pre-2026 Deferral Account for amounts attributable to cash compensation earned with respect to service on a Board at the time such Director made his or her initial deferral election under the Plan with respect to his or her service on such Board (provided that a Director who participated in the Plan prior to January 1, 2009 and had not commenced distributions must have submitted such form not later than December 31, 2008). If a Director did not submit a Benefit Distribution Election Form during such period, then such Director shall be deemed to have elected to receive the portion of his or her Pre-2026

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![](exc-20251231xxexhx1020a0006.jpg)

-6- Deferral Account attributable to cash compensation earned for service on such Board in the form of installments payments over a period of ten years upon the Director's Separation from Service. (c) Notwithstanding Sections 4(a) and 4(b), each participant who had not commenced and was not scheduled to commence the receipt of distributions under the Plan on or before December 31, 2007 was permitted to submit a Benefit Distribution Election Form on or before June 30, 2007 which provided for the payment of such participant's Deferral Account (i) at any of the times and in any of the forms permitted under Section 4(a) of the Plan or (ii) in a lump sum payment in the first quarter of 2008; provided that such election did not cause any payment to be made in 2007 and did not apply to any payment that otherwise would be paid in 2007. This special election right was intended to comply with the transition rule set forth in IRS Notice 2005- 1, Q&A-19(c), and extended in the preamble to regulations proposed under Section 409A of the Code and IRS Notice 2006-79, which permits participants in deferred compensation plans to change the date on which deferred compensation is payable. 5. Distributions of Deferrals Made With Respect to Compensation Earned On or After January 1, 2026. The following distribution provisions shall apply to Post-2025 Deferral Account(s): (a) The amount credited to a participant's Post-2025 Deferral Account(s) with respect to his or her participation on each Board shall be distributed to the participant in accordance with the participant's Benefit Distribution Election Form. The amount credited to the "Separation from Service Account" shall be distributed in, or beginning in, April of the first year beginning after the occurrence of the participant's Separation from Service from any and all Boards of the Participating Companies. Distributions from the Separation from Service Account may be paid in a lump sum payment or in annual installments over a period of up to 10 years, as the participant specified in his or her Benefit Distribution Election Form. Distributions from a

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![](exc-20251231xxexhx1020a0007.jpg)

-7- "Scheduled Distribution Account" shall be - made in the form of a lump sum payment in April of the year designated by the participant; provided, however, that the designated year may not be earlier than April of the year following the second anniversary of the date the Deferral Election Form that establishes the Scheduled Distribution Account is submitted. A participant may not have more than four (4) Scheduled Distribution Accounts at any time, but may establish a new Scheduled Distribution Account to replace such an account after it has been fully-distributed. (b) Each installment payment shall be determined by multiplying the balance remaining to the credit of the Separation from Service Account as of March 31 of such year (including earnings or interest credited under Section 3) by a fraction, the numerator of which is "1" and the denominator of which is the number of years (including the current year) for which payments are yet to be made. Any unpaid balance in the Separation from Service Account shall be credited with earnings or interest as provided in Section 3. (c) If a participant has a Separation from Service before all amounts credited to Scheduled Distribution Accounts have been distributed, all such amounts credited to any Scheduled Distribution Account shall be distributed in accordance with the elections made for their Separation from Service Account. (d) Except as permitted under Section 6, each Director must make their distribution elections by the last day of the applicable election period described in Section 3. If a Director does not make a distribution election by the time the applicable election period described in Section 3 ends or does not establish their Separation from Service Account by such time, then the Director shall be deemed to have elected a Separation from Service Account with a lump sum payment. (e) An installment election will be given effect only if, as of the date on which any lump sum payment would be valued, the value of the participant's Separation from Service Account is at least fifty thousand dollars ($50,000). Any participant whose Separation from

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![](exc-20251231xxexhx1020a0008.jpg)

-8- Service Account is valued at less than fifty thousand dollars ($50,000) as of the date on which any lump sum payment would be valued shall be defaulted to a lump sum payment. 6. Modification of Distribution Election. Except as otherwise provided under Section 4(c) and this Section 6, a Director's deferral and distribution elections are irrevocable after the applicable election period described in Section 3 ends. A Director may elect to change the time and/or method of his or her distributions payable under the Plan in accordance with procedures prescribed by the Secretary; provided that, in accordance with Section 409A of the Code, any such change in a distribution election (i) shall not be effective until 12 months after it is submitted to the Secretary, (ii) must be submitted to the Secretary at least 12 months prior to the date on which such distributions were previously scheduled to commence and (iii) must provide for distributions to commence at least five years after the date on which such distributions were previously scheduled to commence. No more than one such election change shall be permissible with respect to the portion of a Director's account attributable to service with any Board. 7. Death Benefits. Each participant shall designate a beneficiary or beneficiaries to receive any remaining amounts payable from his or her Deferral Account after the participant's death. The beneficiaries, and any priority or allocation between them, shall be designated in the manner specified by the Secretary. If a participant dies before the entire balance in his or her Deferral Account(s) have been paid out, the remaining balance shall be paid to the beneficiary in a lump sum upon the participant's death. If the participant is not survived by a designated beneficiary, the participant's beneficiary shall be the participant's spouse, if living, or otherwise, the participant's estate. If a beneficiary survives the participant but dies before the entire balance payable to him or her has been distributed, any remaining balance shall be paid to the beneficiary's estate in a lump sum. In the absence of contrary proof, the participant shall be deemed to have survived any designated beneficiary. A participant may change his or her beneficiary designation

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![](exc-20251231xxexhx1020a0009.jpg)

-9- under this Section at any time until his or her death by filing a written beneficiary designation with the Secretary, in the manner specified by the Secretary. 8. Unforeseeable Financial Emergency. The Secretary may, in his or her discretion, direct that a participant be paid an amount in cash (not in excess of the balance of his or her Deferral Account) sufficient to meet an unforeseeable emergency. An "unforeseeable emergency" means (i) a severe financial hardship to a Director resulting from an illness or accident of the Director, or the spouse or a dependent (as defined in Section 152(a) of the Code) of the Director, (ii) the loss of a Director's property due to casualty or (iii) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Director, within the meaning of Section 409A of the Code. A Director's written request for such a payment shall describe the circumstances which the Director believes justify the payment and an estimate of the amount necessary to eliminate the unforeseeable emergency. An immediate payment to satisfy an unforeseeable emergency will be made only to the extent necessary to satisfy the emergency need, plus an amount necessary to pay any taxes reasonably anticipated as a result of such payment, and will not be made to the extent the need is or may be relieved through reimbursement or compensation, by insurance or otherwise or by liquidation of the Director's assets (to the extent such liquidation itself would not cause severe financial hardship). Any payment from a Director's Deferral Account(s) on account of an unforeseeable emergency shall be deemed to cancel any Deferral Election of the Director then in effect and the Director shall not be permitted to participate in the Plan until the next following calendar year. 9. No Assignment or Alienation of Benefits. Except as hereinafter provided with respect to a domestic relations order, a participant's Deferral Account may not be voluntarily or involuntarily assigned or alienated. In cases of marital dispute, Exelon will observe the terms of the Plan unless and until ordered to do otherwise pursuant to a domestic relations order, as defined

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-10- in Section 414(p)(1)(B) of the Code. As a condition of participation, a participant agrees to hold Exelon harmless from any claim that arises out of Exelon's obeying the terms of a domestic relations order, whether such order effects a judgment of such court or is issued to enforce a judgment or order of another court. 10. Amendment or Termination. The Plan may be altered, amended, suspended, or terminated at any time by the Exelon Board, provided that, except as otherwise provided herein or as permitted under Section 409A of the Code, no such action shall result in the distribution of amounts credited to the Deferral Accounts of any participant in any manner other than is provided in the Plan, nor shall such action reduce the availability of amounts previously deferred. To the extent permitted by Section 409A, the Exelon Board may, in its discretion, terminate the Plan with respect to any or all Participating Companies and accelerate the payment of all Deferral Accounts to the extent related to service on the Board for which the Plan is terminated: (a) within 12 months of a corporate dissolution taxed under Section 331 of the Code, or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the payments with respect to each such Deferral Account are included in the Director's gross income in the later of (i) the calendar year in which the Plan termination occurs or (ii) the first calendar year in which the payments are administratively practicable; (b) in connection with a "change in control event," as defined in, and to the extent permitted under, Treasury regulations promulgated under Section 409A of the Code or (c) upon any other termination event permitted under Section 409A of the Code. 11. Compliance With Section 409A of the Code. The Plan is intended to comply with the provisions of Section 409A of the Code, and shall be interpreted and construed accordingly. Exelon shall have the discretion and authority to amend the Plan at any time to satisfy any

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-11- requirements of Section 409A of the Code or guidance provided by the U.S. Treasury Department to the extent applicable to the Plan. 12. Withholding. To the extent required by applicable law, the Company or any affiliate shall be authorized to withhold from any deferral or distribution under this Plan the amount of taxes required to be withheld and to take such other action as may be necessary or appropriate in the discretion of the Company or any affiliate to satisfy withholding obligations. 13. Governing Law. The Plan shall be governed by the law of the Commonwealth of Pennsylvania to the extent not preempted by applicable federal law. EXELON CORPORATION Executive Vice President, Chief Legal Officer & Corporate Secretary

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## Exhibit 14.1

![](exc-20251231x10kxexh141a001.jpg)

Exelon Corporation Code of Business Conduct Performance that Drives Progress

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![](exc-20251231x10kxexh141a002.jpg)©Exelon Corporation. 2026. All rights reserved. iCode of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026

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Exelon's vision of performance that drives progress depends on each one of us committing to our values – every job, every shift, every day. Whether it's our company wide commitments to safety, diversity, equity and inclusion, or the communities we serve, we must embrace the highest ethical standards as we pursue our business strategy. This is your entry point to the Exelon Code of Business Conduct. This is no poster on the wall. Our Code is an active and vibrant part of our everyday business: how we act, how we make decisions, how we treat our partners and colleagues, how we relate to the communities where we each live and work. The Code is designed for use – to answer questions you Our success depends on each of us living up to these standards. You have my commitment to do so and I expect the same from each and every one of you. Leadership Message may have about unclear situations, or simply to point you in the right direction. In short, our Exelon Code of Business Conduct outlines what is expected of all of us to meet our obligations, and gives us resources to understand these requirements and live up to them. Please read this Code carefully and, if you have any questions, ask your supervisor or contact Compliance & Ethics at EthicsOffice2@exeloncorp.com. Sincerely, Calvin Butler President and Chief Executive Officer©Exelon Corporation. 2026. All rights reserved. ii Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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**Table of Contents** 04 Our Responsibilities 06 Our People 05 03 Following the Code 02 Performance that Drives Progress 01 Our Purpose Special Responsibilities of Managers The Importance of Speaking Up and Seeking Help – Resources – Compliance & Ethics – Ethics Help Line and Web Portal – Reporting Possible Violations No Tolerance for Retaliation Making Ethical Decisions Investigations Certification of Compliance Disciplinary Action Waivers Promoting a Safe and Healthy Workplace Maintaining a Drug-Free and Alcohol-Free Workplace Living Diversity, Equity, and Inclusion Promoting a Respectful Workplace How We Uphold the Code Leadership Message iiiCode of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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07 Our Company 10 Conclusion 08 09 Avoiding Conflicts of Interest – Personal Relationships – Personal or Family Financial Interests – Gifts and Business Entertainment – Outside Employment and Other Activities – Corporate Opportunities Creating, Maintaining, and Disclosing Accurate Books and Records Managing Our Records Appropriately Protecting Company Assets – Protecting Our Confidential Information – Using Information and Communications Systems Responsibly Avoiding Insider Trading Competing with Integrity Promoting Fair Purchasing Practices Gathering Business Intelligence Ensuring Appropriate Affiliate Interactions Trading Energy Responsibly Protecting Personal Information Delivering on Quality, Reliability, and Customer Service Government Relations Fighting Bribery and Corruption Protecting the Environment Contributing to Our Communities Participating in Political Activities Communicating Publicly About Exelon Our Customers and Business Partners Our Communities©Exelon Corporation. 2026. All rights reserved. iv Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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![](exc-20251231x10kxexh141a006.jpg)

Powering a cleaner and brighter future for our customers and communities. Our Purpose01©Exelon Corporation. 2026. All rights reserved. 1Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026

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Our Values We are dedicated to safety We are committed to maintaining the highest standards of safety and reliability for our people, our customers, and the communities in which we work. As a fundamental part of our culture and operations, every member of the Exelon team is dedicated to putting safety first. We actively pursue excellence We are driven to excel. Recognizing the value of constant improvement, we reach beyond compliance to advance our processes and develop more efficient energy. In all we do, we passionately exceed the standards of our industry – and those we set for ourselves – creating value for our shareholders, customers, and communities. We innovate to better serve our customers We see challenge as an opportunity to exercise our ingenuity and our competitive spirit. We encourage curiosity and exploration to develop better ways of delivering clean energy. We innovate with focus and intent, creating the solutions that matter most for our customers. We act with integrity and are accountable to our communities and the environment We are committed to doing what's right. A deep connection to the communities we serve compels us to take responsibility for our work, and we actively look for ways to engage and give back. We value the environment and work to reduce our impact with future generations in mind. We succeed as an inclusive and diverse team We foster an inclusive culture of trust, collaboration, and performance. We welcome and respect people with different perspectives, backgrounds and traits because we know that diverse teams drive powerful outcomes. Our Values©Exelon Corporation. 2026. All rights reserved. 2 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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To deliver on our vision to provide reliable, clean, and affordable energy, each of us – our system engineers, customer support personnel, data analysts, security staff, administrative personnel, and senior executives – must play a key role in building a brighter, more sustainable future. How we run our business is just as crucial as the results we achieve. Our shared values shape how we work with each other, our customers, and our communities. They reflect what is truly important to us as an organization. 02 Performance that Drives Progress They serve as the foundation of our culture and the Exelon Code of Business Conduct (the Code), and help guide behavior and decision making across Exelon. Wherever we operate, each one of us represents Exelon. Each of us is the face of the company in our local communities. Living the values every day and following the Code sets us apart from other companies and ensures performance that drives progress. 3Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Because we actively pursue excellence, each of us must reach beyond compliance. Setting the bar high strengthens our reputation as an industry leader and is the right way to conduct our business. While the Code cannot describe all situations where questions of ethics may arise, it is a resource for making effective, ethical business decisions. It enables us to identify situations that may raise ethical and legal issues. It also helps us understand what Exelon expects of each of us. 03 Following the Code We are all accountable for following the Code. Specifically, the Code applies to: • Employees, officers, and directors of Exelon and its subsidiaries • Third party vendors and contractors must adhere to the Code's principles described in the Exelon Supplier Code of Conduct©Exelon Corporation. 2026. All rights reserved. 4 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Our Responsibilities04©Exelon Corporation. 2026. All rights reserved. 5Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026

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![](exc-20251231x10kxexh141a011.jpg)

We are all responsible for understanding and following the Code. In addition to its specific provisions, the Code requires that we: • Act with integrity • Have the courage to do the right thing • Foster a culture of safety and commitment to high ethical standards through actions and words • Hold ourselves and others accountable • Are honest • Follow the law, regulatory requirements, and Exelon policies when conducting company business • Treat everyone with respect and decency • Use common sense and good judgment • Promptly seek guidance when unsure about the right thing to do • Speak up when we see a problem©Exelon Corporation. 2026. All rights reserved. 6 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Special Responsibilities of Managers and Supervisors Managers and Supervisors must: • Demonstrate the highest ethical standards and quality in their work and hold others to the same standards • Treat others with respect, while ensuring appropriate accountability • Not bend the rules or pressure others to do so • Understand and communicate laws, regulations, policies, and procedures affecting their areas of operation with support from the Legal Department, Compliance & Ethics, and other company subject matter experts • Encourage team members to speak up without fear of retaliation • Exercise meaningful oversight of employee actions implicating compliance and ethics • Act to prevent problems before they happen, and intervene early as problems emerge • Report problems or possible violations to Compliance & Ethics, HR, or Legal • Promptly seek guidance when they are unsure about the right thing to do While we are all expected to do our part in understanding and following the Code, Exelon managers – from first-line supervisors to senior leaders – have an additional responsibility to lead by example and uphold our values. Oversight of External Business Partners Employees who engage or are responsible for overseeing external business partners must: • Provide effective oversight of vendors and contractor personnel to ensure third parties adhere to applicable contract terms, provisions of the Exelon Supplier Code of Conduct and company policies and procedures • Take action – up to and including terminating a contract – if a vendor fails to honor its contractual commitments or violates the Supplier Code of Conduct, and report violations to Supply or Compliance & Ethics. 7Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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An employee can seek assistance through any of the following options: • Department leadership • Human Resources • Compliance & Ethics • Ethics Help Line & Web Portal • Legal Department • Corporate and Information Security Services Compliance & Ethics can be reached: • Directly at EthicsOffice2@Exeloncorp.com; or • Through the Exelon Ethics Help Line Website An open culture that encourages us to voice our opinions and concerns will help us capture great ideas and mitigate risks we face. When people speak up, we innovate and improve, which drives progress at Exelon. When people speak up to report improper behavior, we can resolve issues before harm is done or ensure prompt, effective remediation of any harm that has occurred. We must seek advice when we're unsure about the proper course of action. We also are required to speak up promptly if we see something that violates – or could violate – the law or the Code. If something does not feel right, we must take action to ensure that we maintain our standards and serve our customers well. Resources If policies and procedures do not provide clear direction, we should ask our managers or Compliance & Ethics for guidance. There are many resources available when employees have a question or need additional guidance, or when they need to raise a concern or report a potential violation. Supervisors and managers are the best initial resource. Compliance & Ethics The Compliance & Ethics Department is responsible for administering Exelon's Compliance & Ethics program. It is the primary resource for seeking guidance about the Code and is responsible for ensuring that all reports of potential violations are properly investigated and resolved. The Importance of Speaking Up and Seeking Help©Exelon Corporation. 2026. All rights reserved. 8 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Exelon Help Line and Web Portal The Ethics Help Line and web portal are available 24 hours a day, every day of the year. Both have an anonymous reporting option. The Help Line is a dedicated resource for asking compliance and ethics questions, raising compliance and ethics concerns, and reporting suspected violations of the law or the Code. No attempt is made to identify individuals who choose to remain anonymous. All calls to the Help Line are answered by an independent third-party vendor that offers multilingual service. Caller ID is not used. A report of each call is forwarded to Compliance & Ethics for assessment and appropriate follow-up action. All reporters are issued a case number and a confidential Report Key and password that allows the reporter to follow up on a report, even if the reporter has chosen to remain anonymous. During a follow up, a reporter can access responses from Compliance & Ethics, including requests for additional information that may be required to investigate. The Ethics Help Line (with anonymous reporting option) can be reached: By phone: 1-800-23ETHIC (1-800-233-8442) Via web portal: On your Exelon Connect home page, click the Ethics Help Line tab located in the footer, and follow the prompts, or enter the following address into your browser: https://secure. ethicspoint.com/domain/media/ en/gui/71992/index.html 9Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Ethical, legal, and regulatory lapses can harm many Exelon stakeholders – including employees, customers, investors, and the communities we serve. They can also negatively impact our hard- earned reputation as an energy industry leader. We all have the responsibility to report promptly – and in good faith – any activity that may violate the Code or applicable laws, rules, or regulations. As noted in the Resources section, there are multiple options for reporting possible violations. Note that these options do not restrict employees in the exercise of their rights to report a concern to regulatory and law enforcement authorities including, but not limited to, the Equal Employment Opportunity Commission, Reporting Possible Violations the Federal Energy Regulatory Commission, the Department of Justice, and the Securities and Exchange Commission. All reports will be treated confidentially, to the fullest extent possible under the circumstances. Employees must cooperate completely and honestly in any investigation. When an allegation is substantiated Exelon will take appropriate corrective action, including measures to prevent similar issues from occurring in the future. For more information, see LE-AC-204, Reporting Potential Violations of the Code of Business Conduct.©Exelon Corporation. 2026. All rights reserved. 10 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Exelon will not tolerate retaliation against anyone who, in good faith, raises a question or concern about a potential violation of the Code or potential non-compliance with applicable laws or regulations. Retaliation in any form – threats, harassment, intimidation, violence, reassignment, demotion, or firing – has no place in our organization. No Tolerance for Retaliation If any employee believes they have been subjected to retaliation for reporting a potential violation or participating in an investigation, the employee should promptly contact one of the entities listed in the Resources section. Anyone who threatens or engages in any act of retaliation is subject to discipline, up to and including termination. 11Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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How we make decisions says as much about who we are as a company as the decision itself. It is important to make decisions we can be proud of. Making Ethical Decisions Could I defend my action in front of supervisors, fellow employees, the general public, and my family? Does it conform to Exelon's policies and procedures? Would I mind my action being reported in media channels? Is my action legal? Is my action honest in every respect? Will my action comply with the intent and purpose of the Code? Do I feel comfortable taking the action? Do I have all the information I need to make a good decision? If I am not sure, have I sought advice? Asking ourselves the following questions before acting can help ensure we make the best decisions choices for Exelon.©Exelon Corporation. 2026. All rights reserved. 12 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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How We Uphold the Code05©Exelon Corporation. 2026. All rights reserved. 13Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026

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Exelon takes each report seriously, no matter how the report is received. Our procedures are designed to promptly review and address each issue. The Code requires us to participate completely and honestly in any investigation conducted by the company. Withholding information, being untruthful in an investigation, or intentionally obstructing an investigation can lead to discipline, up to and including termination. Investigations Certification of Compliance For more information, see LE-AC-205, Investigating and Resolving Alleged Violations of the Code of Business Conduct. All non-represented employees, officers, and directors of Exelon and its subsidiaries must complete a certification of compliance questionnaire each year, which is reviewed and followed up on, as appropriate, by Compliance & Ethics. Responses that identify potential violations of the law or Code will be appropriately investigated.©Exelon Corporation. 2026. All rights reserved. 14 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Disciplinary Action The Code is important to the company and violations will not be tolerated. The Code must be appropriately enforced, regardless of the seniority, role, or location of those involved in misconduct. Exelon will consider matters involving potential criminal conduct for referral to law enforcement. Disciplinary action may be taken against any Exelon employee, officer, or director who: • Authorizes or participates in actions that violate the Code or the law • Fails to report or discourage the reporting of a Code violation • Fails to cooperate with an investigation, conceals information, or otherwise intentionally obstructs an investigation by the company • Retaliates or discriminates in any way against anyone who, in good faith, reports a suspected Code or legal violation or cooperates in an investigation of a suspected violation • Fails to complete or falsely completes a certification of compliance or related questionnaire Discipline may include: • Reprimand or warning • Suspension or other administrative leave • Demotion • Reduction of bonus or incentive award • Required restitution for losses or damages • Termination of employment 15Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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A waiver of any provision of the Code will be made only in exceptional circumstances. Requests for waivers must be submitted to the Chief Compliance and Ethics Officer for review and resolution. Any request for a waiver by any director or executive officer must be submitted to Exelon's Board of Directors or a Board committee. In addition, any waiver of a provision in the Code for any director or executive officer must be disclosed to shareholders. Waivers©Exelon Corporation. 2026. All rights reserved. 16 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Our People06©Exelon Corporation. 2026. All rights reserved. 17Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026

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Promoting a Safe and Healthy Workplace We must maintain the highest standards of safety and reliability for our people, our customers, and the public. How We Live Our Values©Exelon Corporation. 2026. All rights reserved. 18 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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"Safety first" requires us to: • Not engage in any behavior that poses a risk to the safety of our coworkers, customers, or communities • Report to work fit for duty, take responsibility for our own safety and look out for the safety of others • Follow all applicable health and safety laws and regulations, as well as Exelon policies, procedures, and established practices • Eliminate potential hazards and continually improve safety performance in all areas of the company • Not take unnecessary risks on the job • Stop work immediately if it cannot be done safely • Speak up immediately if we: – See a health or safety hazard – Have a safety incident or near-miss – Observe threatening or violent behavior – Observe any other behavior or event that could indicate a safety risk • Not possess any weapons, explosives, or incapacitating devices while on duty, on company property or job sites, or in company vehicles (unless specifically authorized by company policies) What's Expected We are dedicated to safety – this is an Exelon value. Our people do complicated work that can be dangerous if not performed in a safe manner. Maintaining the highest standards of safety and reliability helps keep our people, customers, and the public free from harm, our job sites secure, and our productivity levels high. No job is so important and no schedule so urgent that we can't take the time to plan, perform, and supervise work in a safe and compliant manner. We seek to prevent all accidents and injuries, and Exelon will provide the resources needed to keep our work sites safe and healthy. In turn, we are all accountable for properly using these resources to eliminate health and safety hazards. Our commitment to safety also includes protecting our employees from the risk of violence in the workplace. Acts of violence, threats, and physical intimidation are strictly prohibited at any Exelon work location. Why It's Important 19Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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The Right Decisions A co-worker recently challenged our supervisor regarding a work plan for a new project, suggesting we consider a different approach because of concerns for the safety of the employees performing the work. The suggested alternative would lengthen the time to complete the project and the supervisor rejected it without discussion. Should I pursue the issue further? Yes. Our commitment to employee safety must come first. You and your co-workers may be able to get your supervisor to reconsider and discuss the safety issue. If you're not comfortable having that conversation and the concerns persist, the situation must be reported either up the management chain or to Compliance & Ethics, the Legal Department, or Human Resources. A Q©Exelon Corporation. 2026. All rights reserved. 20 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Maintaining a Drug-Free and Alcohol-Free Workplace How We Live Our Values We require a drug-free and alcohol-free workplace to support Exelon's commitment to the safety and health of our people and the public. Safety is our priority. To do our work safely and effectively, we must be able to think clearly and react quickly. The health, safety, and performance of everyone at Exelon demands that we are free from any substances – including drugs and alcohol – that could prevent us from doing our jobs properly. Maintaining a drug- and alcohol-free workplace requires that we must: • Not use, possess, or be impaired by drugs or alcohol while on duty, on company property or job sites, or in company vehicles • Follow HR-AC-16, Exelon's Drug and Alcohol Policy • Speak up immediately if we observe a colleague who may be impaired by alcohol or drugs while at work • Use good judgment when alcohol is served at Exelon-sponsored events • Inform Exelon's Occupational Health and Safety Department if using, for medical reasons, any prescription or non-prescription drug that may impair alertness or judgmentWhy It's Important What's Expected For more information, see HR-AC-16, our Drug and Alcohol Policy. 21Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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The Right Decisions I recently noticed that a co-worker had alcohol on his breath while at work the last few mornings. Do I need to report it to someone? Yes. We can't ignore potential violations of our Drug and Alcohol policies. Employees under the influence of drugs or alcohol pose a safety risk to themselves, other employees, and customers. We also want to encourage employees who may be suffering from substance abuse to use the resources provided by the company, such as the Employee Assistance Program (EAP). You must immediately report your observations to your supervisor or, if that is uncomfortable or impractical, to Human Resources or Compliance & Ethics. A Q©Exelon Corporation. 2026. All rights reserved. 22 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Living Diversity, Equity, and Inclusion How We Live Our Values At Exelon, we value our differences in background, skills, perspectives, and thinking. We must make the most of everyone's contribution to collaborate, innovate, and perform to our full potential. Exelon operates in a world that's extremely diverse. Valuing individual differences in race, color, national origin, ethnicity, gender, sexual orientation, gender identity, disability, religious affiliation, experience and thought makes us a stronger, more successful organization. When we're inclusive, we all contribute to solving problems, overcoming challenges, and achieving our vision of performance that drives progress. Diversity, Equity, and Inclusion at Exelon strengthen us because they: • Foster an environment of mutual respect and trust, in which each of us has the opportunity to grow and contribute • Enable us to attract, retain, and develop colleagues who will best serve and represent our customers, shareholders, partners, and communities • Provide different viewpoints that promote innovation, drive powerful outcomes, and ultimately make the company more successful We must: • Welcome and respect people with different perspectives, backgrounds, and traits • Evaluate individuals based on qualifications and demonstrated skills and achievements without regard to personal characteristics, including, race, color, national origin, ethnicity, gender, sexual orientation, gender identity, disability, or religious affiliation • Consider a diverse range of candidates in hiring, promotion, and other employment decisions • Promote communication that is open, direct, honest, and respectful For more information, see our Diversity, Equity & Inclusion page on Exelon Connect and Diversity, Equity & Inclusion Annual Report. Why It's Important What's Expected 23Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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The Right Decisions We are looking for a new technician at one of our facilities. One of the applicants is missing a limb. He has a prosthetic and has the right training, but some people on the hiring team have questioned whether his disability will limit his ability to complete his job duties in an effective and timely manner. How should this situation be handled? We succeed as an inclusive and diverse team. Basing a hiring decision in whole or in part on an applicant's disability may violate the law. An applicant with a disability should not be excluded from consideration based on assumptions or misperceptions. Talent Acquisition, Human Resources, Occupational Health and Safety, and the Legal Department should be consulted so they can work collaboratively with management and the applicant to determine whether the applicant's disability restricts his ability to perform the essential functions of his job and, if so, whether reasonable accommodations exist that will permit him to perform those essential functions. The fact that a reasonable accommodation may be required should not affect our evaluation of his candidacy. If this candidate can perform all the essential functions of the position with reasonable accommodation, hiring him offers the benefits that a different perspective and experience will bring to the team. A Q Calvin Butler Incorporating diverse perspectives into our thinking leads to greater innovation, increased employee engagement and better solutions to take advantage of opportunities and overcome challenges.©Exelon Corporation. 2026. All rights reserved. 24 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Promoting a Respectful Workplace How We Live Our Values At Exelon, we thrive by treating each other with respect, fairness, and dignity. Our people have the right to work in an atmosphere free from harassment. A respectful workplace allows us to focus on what's important: collaborating with each other to provide reliable, clean, and affordable energy. The Code prohibits harassment in connection with any interaction with coworkers or customers or any time we are representing the company in any way. Harassment also violates, our values and often the law – and it won't be tolerated. A respectful workplace requires that we: • Deal with others in a considerate, courteous, and respectful manner • Think about how our actions and comments might be received by others before we act or speak For more information, see HR-AC-72, our Policy Against Discrimination, Harassment, and Retaliation, and HR-AC-73, our Policy Against Sexual Harassment. Why It's Important What's Expected • Not make – or tolerate – comments, insults, jokes, or slurs with sexual, racial, gender, or ethnic innuendo • Not engage in conduct, whether verbal or physical, that another person would reasonably find threatening or humiliating • Not display or share images that contain stereotypes or insults based on race, color, religion, sex, gender identity, sexual orientation, national origin, age, or disability • Provide a work environment free of unwelcome sexual advances and requests for sexual favors, and not engage in other unwelcome verbal or physical conduct of a sexual nature toward coworkers, customers, or others while representing the company • Report harassment we experience or observe • Not retaliate against anyone who, in good faith, reports potential harassment or other misconduct 25Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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The Right Decisions After completing a large project, our team celebrated with a company-sponsored dinner at a local restaurant. After several drinks, one of my co-workers told several sexually suggestive jokes and made a similarly themed comment about one of our female co-workers who was present, but out of earshot. Several other employees looked uncomfortable, but no one said anything. Shortly afterward, I noticed one female co- worker leave the restaurant abruptly. What should I do? You should speak up. If you are comfortable doing so, tell your co-worker that the jokes and comments are unwelcome and inappropriate. Whether you address it directly or not, you must report the incident to your supervisor, HR, and/or Compliance & Ethics. Although the dinner was off company premises, it was a work-related event and Exelon's expectations regarding values and acceptable behavior apply. Fostering a culture of trust, collaboration, and performance means that no employee should be made to feel uncomfortable, even in a more informal "social" setting with co-workers. A Q©Exelon Corporation. 2026. All rights reserved. 26 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Our Company07©Exelon Corporation. 2026. All rights reserved. 27Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026

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Avoiding Conflicts of Interest We must make decisions and act in the best interests of Exelon, not allowing our personal interests to get in the way of what's right for our business, customers, or shareholders. How We Live Our Values©Exelon Corporation. 2026. All rights reserved. 28 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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To avoid conflicts of interest or the appearance of a conflict, you should: • Not participate in any activity, interest, or association that could compromise your objective judgment or prevent you from acting in the best interests of the company • Avoid actions that could cause an uninvolved observer to reasonably question your objectivity • Seek guidance from a manager or Compliance & Ethics whenever there is a question concerning an actual or potential conflict of interest • Promptly disclose all potential conflicts to Compliance & Ethics • Remove yourself from the decision-making process in any situation that might present even the appearance of a conflict of interest What's Expected Conflict of Interest Quick Test If I take this course of action: 1. Will I feel obligated to someone else? 2. Am I acting inconsistently with Exelon's best interests? 3. Could my independent judgment be compromised? 4. Could an uninvolved observer reasonably question my objectivity? If you answer "yes" to any of these questions, a real or perceived conflict of interest may exist. Promptly seek guidance from a manager or Compliance & Ethics. With every business decision and choice that we make, we have an impact on the performance and reputation of Exelon. Our decisions must be based on the facts and our best judgment, while being mindful of our values and what's best for the company. Allowing personal interests, relationships, or activities outside of work to interfere with our jobs or our ability to make objective business decisions for the good of Exelon is a conflict of interest. Such conflicts must be avoided because they can harm our effectiveness as well as our reputation for integrity. Even the appearance of a conflict of interest can make others think we are acting improperly. Many conflicts of interest can be avoided or addressed if promptly disclosed and properly managed. This section provides guidance on some of the more common conflicts of interest, but it cannot cover every situation we may face. Why It's Important 29Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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To avoid conflicts of interest or the appearance of a conflict, we must: • Make decisions objectively, without favoritism and in the best interest of Exelon • Promptly disclose to Compliance & Ethics or Human Resources any personal relationships that might create or appear to create a conflict of interest • Not manage any business relationship if the business partner employs someone with whom we have a close personal or family relationship • Recuse ourselves from employment decisions (including interviewing, hiring, promoting, or disciplining) that involve anyone with whom we have a close personal or family relationship • Recuse ourselves from any procurement decision involving a vendor or supplier that employs someone with whom we have a close personal or family relationship • Not supervise, directly or indirectly, anyone with whom we have a close personal or family relationship We must avoid conflicts of interest by: • Ensuring that our own investments and business relationships do not conflict with our obligation to act in the best interests of Exelon • Promptly disclosing to Compliance & Ethics any investments or business or personal relationships that might create, or appear to create, a conflict of interest • Disclosing any material financial interest in any organization that does business, seeks to do business, or competes with Exelon to Compliance & Ethics to determine whether a potential conflict of interest can be appropriately managed What does "material financial interest" mean? "Material financial interest" means having any financial involvement or ownership interest that might influence or reasonably be thought by others to influence an employee's judgment or action in the conduct of Exelon's business. You should consult Compliance & Ethics for guidance regarding whether specific financial interests are material. Personal Relationships Personal relationships with family members, close friends or romantic partners must not impact, or even appear to impact, our judgment and decision making for Exelon. Personal or Family Financial Interests Considerations of personal finances (or those of family and friends) must not impair our ability to make objective decisions on behalf of and in the best interests of the company. This may include investment in, or ownership of, an Exelon competitor, supplier, contractor, or partner.©Exelon Corporation. 2026. All rights reserved. 30 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Gifts and Business Entertainment To maintain integrity in our business relationships, you must not offer or accept a gift, entertainment, or anything of value that is intended to influence a business decision or official action relating to Exelon or might be perceived that way by others. Avoid conflicts of interest in business relationships by recognizing your obligation to: • Not offer or accept any gift of more than modest value • Not accept any monetary gifts, such as cash, gift cards, or personal discounts • Ensure that all business entertainment has a legitimate business purpose • Decline lavish or extravagant gifts or offers of entertainment and explain that company policy prohibits accepting them (see examples below) • Decline offers of business entertainment from any third party where significant decisions about the third party are pending (e.g., a vendor is on a Supplier Performance Improvement Plan or engaged in a significant dispute with Exelon or there is a pending business transaction of particular significance to Exelon or the third party) • Obtain prior guidance from Compliance & Ethics if there is any question whether it is appropriate to accept a particular gift or offer of business entertainment • Accurately account for any gifts or entertainment given to third parties in expense records • Consider the nature of the event and consult Compliance & Ethics before accepting offers of travel or lodging from a third-party • Ensure that any offer or gift of anything of value to a government official or employee complies with LE-AC-POL8-001, Exelon's Interactions with Public Officials policy. If there is any question whether a gift, offer of entertainment, or anything else of value may be offered or provided consistent with this policy, seek advice and advance approval from Compliance & Ethics. The Right Decisions I have been working with a certain vendor for years. I know the owners and most of their employees pretty well. I am often asked by others at Exelon for input on the vendor's performance, although I don't have direct involvement in payment issues or renewal decisions. During the holidays, they usually send me a gift basket of food that I set out for my team to share. This year, the vendor included a $50 gift card, sent to me personally, with a nice note. I am certain the gift card won't influence my treatment of the vendor and I don't want to insult them. Can I keep the gift card? No. A gift card for any amount is no different from cash and accepting it sends the wrong message, even if the sender is well-intentioned. All cash and cash equivalents received from third parties must be declined. You should return it with a polite note explaining that company policy prevents you from accepting. A Q 31Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Here are some examples of generally acceptable gifts and business entertainment, as well as some examples of gifts and entertainment that are generally unacceptable and must be declined or reviewed by management and Compliance & Ethics to determine if the circumstances allow for acceptance: Generally Acceptable Entertainment • Infrequent meals of reasonable value at business-appropriate locations • Providing third parties with occasional meals, entertainment, refreshments, or incidental hospitality Gifts • Mementos, advertising novelties and souvenirs, and promotional or logoed items of modest value • Small personal gifts or expressions of gratitude, such as flowers • Holiday gifts of modest value, such as fruit, candy, or other food items Educational and Training Programs • Participation in routine training and professional development opportunities offered by vendors, such as seminars and panel presentations, that do not involve lavish meals or entertainment Generally Unacceptable Entertainment • Tickets to a playoff game, championship or other high profile sporting event (for example, the Super Bowl, the Stanley Cup Finals, the World Series, the World Cup, etc.) • Any entertainment offered by a supplier if significant decisions about the supplier are pending and the recipient will play a direct or indirect role in that decision • All-expenses-paid trips sponsored by a supplier • Lavish entertainment or meals at expensive restaurants • Visiting an adult entertainment venue or other questionable locale • Frequent meals and entertainment from a continuing business supplier Gifts • Cash, gift certificates or cash equivalents • Personal discounts or loans • Lavish or extravagant personal gifts What does "lavish" or "extravagant" mean: Whether a gift or offer of entertainment is "lavish" or "extravagant" is a common- sense determination of reasonableness based on all the circumstances. If you have any question at all about whether it is appropriate to accept a particular gift or offer of entertainment, you should consult Compliance & Ethics.©Exelon Corporation. 2026. All rights reserved. 32 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Outside Employment and Other Activities Exelon encourages our people to lead full and productive lives outside of work. While at work, we must give our best effort every day, not allowing outside jobs or other activities to hinder our contributions to Exelon and our customers. Outside activities – such as community work or serving on the board of a non-profit, or on an educational or residential board – are encouraged as long as they do not interfere with our ability to fulfill our Exelon responsibilities. Corporate Opportunities We must always put Exelon's interests ahead of our own. Any business opportunities we discover, through our work or the use of company property or information, belong to Exelon and must not be used for our personal benefit. To avoid conflicts of interest: • Employees must disclose and obtain prior approval for all outside employment or consulting opportunities (even short-term or hourly consulting engagements) • Employees must not work for a competitor, supplier, or other entity likely to do business with the company • We must not use Exelon resources to conduct activities unrelated to company business • We must ensure that outside activities do not interfere or create conflicts of interest with our Exelon job responsibilities or performance • We must obtain approval from the Office of Corporate Governance before serving on any board or advisory board of any for-profit organization • We must not conduct outside business, political campaigns, or other similar activities while working on company time To avoid conflicts of interest we must: • Not take for ourselves opportunities discovered through the use of company property, company information, or our position with the company • Not compete against Exelon or assist others in doing so 33Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Creating, Maintaining, and Disclosing Accurate Books and Records We must maintain complete and accurate records to make responsible business decisions and provide truthful and timely information to Exelon shareholders, investors, regulators, and other stakeholders. How We Live Our Values Business and financial records are essential to our business operations. Exelon relies on the integrity and accuracy of these records to make strategic decisions. Similarly, investors, government agencies, regulators, and others rely on the integrity and accuracy of our records and disclosures. Each of us is responsible for the accuracy of all the records we generate and data we input – from individual timecards to corporate balance sheets to equipment maintenance records. Accurate and transparent record keeping protects our reputation, promotes organizational efficiency and safety, and helps us meet our legal and regulatory obligations. It's also essential in helping our business better serve our customers. Creating and maintaining accurate books and records and ensuring accurate disclosures requires that we: • Follow generally accepted accounting principles and all procedures and guidelines in our internal control systems • Not keep off-the-books accounts or false or incomplete records Why It's Important What's Expected • Not make an entry in any record that misrepresents, conceals, or disguises the true nature of any transaction, event, or condition • Record all business transactions, events, and conditions accurately, completely, and in a timely fashion • Ensure there is clear, complete, fair, and accurate reporting of financial and non- financial information pertaining to business transactions • Follow all delegation of authority and segregation of duties requirements established by the company involving the authorization, creation, approval, and reconciliation of transactions • Provide receipts and back-up documentation when required • Not mislead or misinform anyone about our business operations or finances • Promptly report any requests to manipulate accounts, books and records, or financial reports, and any suspected misconduct regarding accounting, internal controls, or auditing matters to Compliance & Ethics, Exelon Audit Services, or the Legal Department • Report to Exelon Audit Services any accounting or internal control deficiencies that could adversely affect Exelon's ability to accurately record, process, or report financial or operations data©Exelon Corporation. 2026. All rights reserved. 34 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Managing Our Records Appropriately How We Live Our Values We must accurately manage our records to protect Exelon's proprietary and confidential information and meet our legal and regulatory obligations. Proper records management is essential to the vital flow of information within Exelon. It also reduces risks associated with outdated information and helps us meet our legal obligations and respond appropriately in legal and regulatory proceedings. Why It's Important Proper records management requires that we: • Maintain, retain and dispose of business records in accordance with LE-AC-4, Exelon's Records Management Policy • Abide by all notices for the retention of documents issued by the Legal Department • Contact Compliance & Ethics or the Legal Department with any questions about what to retain or discard, or for help understanding or complying with any record hold or retention notice What's Expected For more information see LE-AC-4, our Policy on Records and Information Management, Retention and Disposition, and LE-AC-401, our Procedure on Records and Information Management, Retention, and Disposition. 35Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Company records can include: • Communications in any form or media • Policies and procedures • Purchase orders and invoices • Contracts • Reports, memos, analyses, maps, schedules, tables, presentations, and financial models • Personnel files • Production reports Company records come in all formats and media, including: • Paper documents, including correspondence, engineering drawings, architectural plans, charts, records, sketches, and maps • Photographs, prints, and electronic media files • Electronic records, including databases, email, chat and text messages and other forms of electronic communication, and documents such as spreadsheets, presentation decks, and written materials • Audio and video recordings, including voice mail • Microfilm, microfiche, aperture cards, and other microform media Note that whether something is a company record is determined by its content, not where and how it is stored.©Exelon Corporation. 2026. All rights reserved. 36 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Protecting Company Assets How We Live Our Values We must protect Exelon's assets and use them responsibly so we can better serve our customers and thrive in a dynamic industry. Exelon's assets are essential to running our company efficiently, effectively, and profitably. They are the resources we use to drive progress. While our responsibilities will vary depending on the type of asset and our individual roles within Exelon, one thing remains the same – each of us is responsible for protecting and not misappropriating or misusing company assets. • Physical assets include anything tangible that we use to conduct our business, from computers, office supplies, and furnishings, to transmission lines, substations, and natural gas mains. The land, buildings, vehicles, and inventory Exelon owns or has interests in are also physical assets. • Information assets include any data relating to Exelon's business, no matter how it is created, distributed, used, or stored. This includes computer software and data in our files and on our servers. • Intangible assets include Exelon's ideas, inventions, improvements, intellectual property, designs, copyrights, licenses, trademarks, patents, and trade secrets. This includes our own work product and on-the-job innovations and discoveries. • Financial assets include money and anything that can be converted to money, such as stocks, bonds, loans, and deposits. • Employee and contractor work time is an Exelon asset. Intentional misrepresentation of time worked may be considered misuse or misapproopriation of Exelon assets. Why It's Important To protect Exelon's assets, we must: • Use them prudently, carefully, and efficiently • Take reasonable steps to protect company assets, ensuring they are not damaged, abused, destroyed, wasted, lost, or stolen • Use company assets only for Exelon business purposes, regardless of condition or value, except for incidental personal use of computers and mobile devices (see page 40) • Not take, sell, lend, borrow, give away, or dispose of company assets without proper authorization • Promptly report any abuse or misuse of Exelon assets • Bring any on-the-job discoveries or innovations related to Exelon's business to the company's attention • Not use proprietary information acquired on the job for personal gain or any other purpose not in furtherance of our job duties What's Expected 37Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Protecting Our Confidential Information Business information is a critical Exelon asset. We must closely protect the company's confidential information and intellectual property against unauthorized disclosure and misuse, which could limit our growth and threaten our ability to compete in the future. Protecting Exelon's confidential information requires that we: • Not share confidential information outside Exelon without a valid business reason or authorization • Not email confidential information to any unauthorized recipient, including our own personal email accounts • Not store confidential information on external storage devices such as thumb drives or hard drives without specific authorization to do so • Not post confidential information on any social media sites • Not work with or discuss confidential information in public areas, such as airplanes, elevators, or restaurants, where your conversations may be overheard or confidential information may be viewed by others • Not leave confidential information where others could access it • Share sensitive information only with authorized co-workers or business partners who have a legitimate need to know For more information, see our LE-AC-301, Protecting Exelon Information and related procedures and policies. • Not divulge confidential information to persons outside of the Exelon business, except where such disclosure is appropriately authorized, legally mandated, or done in accordance with a confidentiality or a non-disclosure agreement • Continue to protect Exelon confidential information, including non-written information and our own work product, even if we leave the company • Protect our customers' and suppliers' confidential information as we would protect Exelon's confidential information, and consistent with any additional legal and contractual requirements. • Promptly report any unauthorized disclosure or loss of confidential information to Corporate Security or Compliance & Ethics©Exelon Corporation. 2026. All rights reserved. 38 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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The Right Decisions A peer utility asked for copies of specific Management Model policies and procedures. Can I share them with another company? There is tension between the company's inclination to share best practices for the benefit of the industry – particularly through industry groups such as EEI, EPRI, or AGA – and our need to control Exelon's proprietary information. In most situations, the right balance is to not hand over our policies and procedures, but rather to provide the other company's personnel with a verbal overview. Contact your management team, the Legal Department, or the functional area that has governance over specific documents with questions. A Q What are some examples of confidential information? • Business plans, reports, and projections (including estimates or reports of production, reserves, and resources) • Company policies and procedures that are not publicly available • Marketing and sales strategies • Patents, trademarks, and other intellectual property • Inventions, ideas, proprietary information, and trade secrets • Estimates and non-public reports of resources, reserves, exploration results, and productivity • Applications, proposals, and contracts • Unpublished financial information • Confidential information belonging to other parties with which we do business, such as prices charged or proposed to Exelon for goods and/or services • Technological developments and designs • Computer software • Customer or supplier lists • Customer information 39Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Using Information and Communications Systems Responsibly Exelon's information and communications systems are critical to providing reliable, clean, and affordable energy. We all must be prudent and responsible in our use of these systems. Our information and communications equipment and systems include mobile devices, computers, and networks. They are the property of Exelon, as are the contents of communications shared over these systems, such as email, voicemail, social media posts, instant messages, recordings, texts, and any other electronic messages. Incidental personal use of these resources is permitted if it's reasonable and does not interfere with work responsibilities or expose Exelon to potential liability. Responsible use of Exelon's information and communications systems requires that we: • Grant access only to authorized individuals • Not share login credentials to Exelon systems with others or use login credentials other than those assigned to us to access company systems and networks • Take precautions to ensure company systems and devices are not compromised by malicious electronic threats, such as viruses and phishing schemes • Acknowledge that there is no expectation of privacy when using company-provided information technology and equipment • Take the same care composing any electronic message that we would when writing a letter on company letterhead • Not use Exelon information, communications systems, or equipment for illegal or unethical activities, such as viewing or sending content that is pornographic, obscene, sexually oriented, harassing, violent, discriminatory, likely to incite hatred or otherwise offensive • Substantivee written business communications should be conducted on Exelon networks and communication platforms, not on personal accounts, absent special circumstances For more information regarding acceptable use of Exelon systems, including the company guidelines for text communications, see SY-AC-6, Exelon's Acceptable Use Policy. What is "acceptable use"? Incidental, infrequent, and reasonable personal use of Exelon mobile devices, computers, and related resources is acceptable. Limited personal use of the company's electronic information assets is permitted if it is not detrimental to the productivity of the employee or co-workers, does not cause liability or additional costs to the company, and is not otherwise prohibited by management.©Exelon Corporation. 2026. All rights reserved. 40 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Avoiding Insider Trading How We Live Our Values Exelon supports fair and open markets for buying and selling securities. Insider trading is illegal and distorts financial markets. Insider trading is illegal and damages the trust we have with our investors, the government, and the marketplace. Insider trading is committed when people who have material nonpublic information trade in shares or other securities of a company before the information becomes available to the public. Because of our roles at Exelon, many of us have that kind of "inside information" – information that is not known to the public that might be important to someone considering buying or selling shares in Exelon or another company. Why It's Important To avoid insider trading, we must: • Not buy, sell, or trade the stock or other securities of Exelon or any other company while we have inside information What's Expected • Prevent inside information from being disclosed to people outside Exelon. This means: – Keep it secure – whether it's a physical lock on a file drawer or a password on a laptop or cell phone – Share it only with those within the company who have a legitimate business need to know – Don't share it with family or friends – Never discuss it in public or on social media • Abstain from making buy or sell recommendations to anyone else while in possession of inside information • Not engage in "short sales" or trading in market options such as puts or calls on Exelon securities • Promptly report to Compliance & Ethics or the Legal Department any inside information that has been mistakenly provided to unauthorized individuals For more information, see LE-AC-202, Insider Trading Compliance. 41Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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The Right Decisions I was part of a team that recently completed a very significant transaction. As a result, I had access to communications that indicated company earnings would exceed expectations this quarter. I was planning to make some adjustments to my 401(k) account, including an increase in the percentage of company stock included in my contribution, before I saw the earnings communication. Can I still make that adjustment? No, not until the earnings results become public. Even when information does not actually influence you, trading after the receipt of insider information and prior to that information becoming public is prohibited by law. This might result in criminal charges and civil penalties against you. A Q Examples of inside information include: • Unreleased company financial results and dividends • Detailed business plans or marketing strategies • Anticipated mergers, acquisitions, divestitures, or joint ventures • A significant change in corporate strategy • Significant management changes • Important developments in legal proceedings©Exelon Corporation. 2026. All rights reserved. 42 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Our Customers and Business Partners08©Exelon Corporation. 2026. All rights reserved. 43Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026

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Competing with Integrity At Exelon, we must conduct business honestly, fairly, and lawfully. We must compete vigorously for business opportunities, distinguishing ourselves through integrity, superior performance, and value. How We Live Our Values©Exelon Corporation. 2026. All rights reserved. 44 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Healthy competition is good for our customers and the communities we serve. Our commitment to fair competition and responsible third- party sourcing policies and practices helps drive progress and value for our customers, communities, and shareholders. We must avoid even the appearance of restraining trade or reducing competition. It's therefore essential that we follow all applicable laws that govern the way companies compete, wherever we do business. These laws are complex, and the consequences of violations can be serious for the individuals and companies involved. In our dealings with competitors, we must avoid even the appearance of restraining trade or reducing competition. Why It's Important As regulated utilities, Exelon and its operating companies have few direct "competitors." However, Exelon and its affiliates participate in many competitive markets including but not limited to markets for labor, materials, and services. Exelon also participates in competitive bidding processes, such as bidding for the right to construct certain transmission facilities. When participating in competitive markets, we must: • Comply with antitrust laws and similar laws in any jurisdiction where we conduct business What's Expected • Ensure Exelon's business activities do not (and do not appear to) fix prices or costs between competitors, restrict output, divide markets, or force a competitor out of business • Protect from improper disclosure confidential information regarding pricing (past, present, or future), terms and conditions of business, contracts and bids, markets and territories, customers, costs, production, and distribution • Not enter into agreements that improperly restrain competition for labor • Not disclose one bidder's confidential information to another bidder or otherwise undermine the integrity of bidding processes that we run or compete in • Remove ourselves from any conversation that could restrain trade or reduce competition, indicate our reason for doing so, and promptly report the matter to the Legal Department or Compliance & Ethics • Always remain aware of how conversations with peer utilities may be perceived, and avoid the appearance of misconduct When dealing with customers, fair competition requires that we: • Describe what we do and sell honestly and accurately • Not make false claims or spread false or misleading information about our competitors or their services • Not interfere with a customer's or competitor's existing business contracts 45Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Our suppliers often are an extension of Exelon. We count on them to help us deliver the best service for our customers. We work with a diverse group of suppliers and contractors who share our commitment to the highest standards in quality, price, service, reliability, availability, technical excellence, and delivery. Why It's Important Those involved in purchasing and relationship management with suppliers have the responsibility to: • Make procurement decisions with integrity, based on objective, fair, and reasonable criteria • Follow Exelon's third-party sourcing policies, procedures, and processes and properly document and seek approval for any exceptions What's Expected Promoting Fair Purchasing Practices We must select suppliers fairly and objectively to ensure the best value for Exelon while protecting our reputation and supporting the diverse communities we serve. How We Live Our Values • Ensure we have appropriate and properly documented justification for any sole source procurement • Avoid frequent or excessive business entertaining with any supplier, and check with Compliance & Ethics if you have questions • Treat all suppliers professionally, ethically, and fairly – regardless of the value of the transaction or the length of the relationship • Conduct Exelon business in good faith and resolve disputes with suppliers quickly and equitably • Administer contracts to ensure Exelon receives the materials and/or services in full compliance with the contract terms For more information, see, for example, SM-AC-POL1-001, Exelon Spending Policy and Authorization to Contract with Suppliers; SM-AC-400, Materials and Services Procurement Procedure; PC-EU-1035, Contractor Award Procedure; SM-AC-4011, Single Source Procedure; FI-AC-POL-001, Delegation of Authority Policy©Exelon Corporation. 2026. All rights reserved. 46 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Gathering Business Intelligence As we evolve our business, we constantly monitor the competitive landscape and analyze industry trends. This allows us to anticipate and respond to customer demands for clean, affordable energy and the delivery of services. We gather business intelligence properly and legally, and do not solicit or accept other companies' trade secrets or other proprietary or confidential information. Below is a list that includes some generally acceptable and generally unacceptable sources of competitive intelligence: If there is ever a doubt about how we are gathering business information, contact the Legal Department or Compliance & Ethics for guidance. Generally Acceptable • Public web sites and social media • Newspapers and trade journals • Public financial filings • Publicly available industry analyst reports • Marketing materials • Third-party market research and analysis • Governmental agency reports Generally Unacceptable • Emails intended for others • Proposals • Price sheets • Process documents • Business plans • Found documents that appear to contain confidential information • Non-public due diligence associated with M&A activity and other transactions • Materials governed by a confidentiality agreement 47Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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The Right Decisions I work in project management. A supplier who is working on a current project asked me for some detailed information about a new project that just went out for bid. What should I do? While the supplier's intent may be innocent, informally providing any information about the new project might provide that firm with an advantage over other bidders. You should not provide any information about the new project and should direct the supplier to the proper channel for obtaining information (in this case, the formal Request for Proposal information sharing protocols) and advise that they follow the process. Additionally, you should notify your manager, Compliance & Ethics, or the Legal Department that you received this request from the supplier. A Q©Exelon Corporation. 2026. All rights reserved. 48 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Ensuring Appropriate Affiliate Interactions Laws and regulations require separation between utility transmission operations and their affiliates. How We Live Our Values Regulatory authorities governing the energy industry have established affiliate rules to safeguard the fair treatment of utility rate payers. These rules guard against unfair activities, such as inappropriately sharing information or allocating costs incurred by affiliates to a utility. Where applicable, we must comply with all affiliate regulations, including: • FERC Standards of Conduct • Pennsylvania Code of Conduct • Illinois Affiliate Non-Discrimination Rules • New Jersey Affiliate Standards Rules • Maryland Electric and Gas Companies – Affiliate Regulations • Delaware Code of Conduct Governing Regulated Utility Activities and Competitive Activities • District of Columbia Affiliate Code of Conduct Why It's Important Appropriate affiliate interactions require that we must: • Properly charge or allocate costs between the regulated and other business functions of utilities and between utilities and their non- utility affiliates, as well as verifying that costs have been correctly allocated • Not provide transmission function information to Exelon marketing function personnel • Not share non-public information about a utility's market, its customers, or its transmission and distribution systems to any third parties on an unduly preferential basis • Not share utility customer information across Exelon utilities, without consent of the customer What's Expected 49Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Trading Energy Responsibly We conduct and report on our electric power and gas procurement activities in a transparent and ethical manner, complying fully with all applicable laws and regulations. How We Live Our Values The buying and selling of wholesale energy are governed by Federal Energy Regulatory Commission (FERC) rules and orders, while state laws, regulations, and utility commission orders govern the provision of retail electric and gas service to customers. Ensuring the integrity of our energy procurement activities protects the company from violating these rules, helps to ensure such activities are conducted fairly by all participants in the marketplace, and protects the company against cost disallowances. Why It's Important Responsible energy procurement practices require that we must: • Satisfy statutory and regulatory obligations to provide standard offer service (SOS), to function as the electric or gas service provider of last resort (POLR) or gas supplier of last resort (SOLR), to meet the needs of our customers What's Expected • Optimize energy procurements not utilized to meet POLR or SOLR responsibilities to benefit customers and shareholders, where applicable • Responsibly execute regulatorily-approved energy commodity supply programs for the benefit of customers and shareholders • Follow statutory, FERC, and state utility commission-sanctioned frameworks, and structures that direct utilities on how to procure energy for retail end use customers • Pursue transparent and reliable electric power supply and gas supply in full compliance with applicable statutory and regulatory mandates • Prepare and maintain accurate documentation of all energy procurement transactions consistent with applicable laws and regulations©Exelon Corporation. 2026. All rights reserved. 50 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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What is considered personal information? Personal information (sometimes known as personally identifiable information or PII) is information that can be used on its own or with other information to identify, contact, or locate a single person, or to identify an individual in context. It can include names, Social Security numbers, financial account numbers, credit card numbers with security codes, medical records, and other types of information that require protection due to regulations. Protecting Personal Information We must value and preserve the trust that fellow employees, job applicants, customers, business partners and others place in us by safeguarding their personal information consistent with regulatory requirements. How We Live Our Values To run our business effectively and comply with legal obligations, we gather, store, use, and, when appropriate, share personal information, but we must always do so in a secure, confidential manner. Why It's Important Protecting personal information requires that we must: • Collect, use, process, and access personal information for legitimate business purposes only • Restrict access to those who have both appropriate authorization and a clear business need to know • Not share personal information with anyone (inside or outside the company) who does not have a clear business need for it • Follow Exelon's information protection policies and procedures when handling personal information What's Expected For more information, see LE-AC-31, our Corporate Integrated Privacy Program. 51Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Delivering on Quality, Reliability, and Customer Service We satisfy our customers by providing reliable, clean, affordable energy and related products and services. How We Live Our Values Our customers are the heart of our business. Without them, we wouldn't exist. We must always treat them with courtesy and respect. We want them to value Exelon, and we will earn their loyalty if we understand – and even anticipate – their needs. By collaborating with each other to satisfy our customers' fundamental needs for high quality, reliable service with integrity, we will continue to earn their business. Why It's Important To meet or exceed our customers' expectations, we must: • Listen carefully and quickly respond to customer inquiries and requests • Act professionally, respectfully, and with empathy • Work safely, responsibly, and courteously when on the property of a customer or other third party • Treat customers fairly and consistently • Use fair and honest practices in advertising, marketing, sales, and customer service interactions • Not bypass quality controls or take shortcuts that compromise the quality or safety of our services What's Expected©Exelon Corporation. 2026. All rights reserved. 52 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Government Relations We must interact with governments at all levels ethically and in full compliance with the law. How We Live Our Values Much of our business is regulated by federal, local, and state governments. Government entities also are important customers. How we interact with government officials is regulated by law and has a significant impact on our credibility, reputation, and success. Why It's Important Those who interact with government agencies and officials, whether as regulators, customers or otherwise, have the responsibility to: • Comply with all applicable laws, regulations, and company policies governing interactions with public officials. This includes but is not limited to laws and policies relating to lobbying, campaign contributions, gifts and entertainment, ex parte communications, bribery, and interactions with public officials What's Expected • Promptly report to your Government and External Affairs team or Compliance & Ethics any request, recommendation, or referral from a public official for anything of value, including but not limited to personnel actions, vendor contracts, and directed charitable contributions. For more details, employees should visit the Interacting with Public Officials section of the Compliance & Ethics Connect page, and external parties should visit this overview page on the Exelon web site. • Ensure compliance with all applicable laws and regulations when a government entity is a customer, including government procurement and contracting regulations • Provide timely, responsive, and accurate information in connection with any regulatory reporting requirements, information requests, or proceedings • Cooperate fully and honestly with any government or law enforcement inquiry or investigation 53Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Fighting Bribery and Corruption Our relationships with our customers, business partners, and government officials depend on trust, transparency, and accountability. We can only succeed by acting with integrity and providing superior value. We must not request, offer, or accept any form of payment or incentive intended to improperly influence a decision. How We Live Our Values©Exelon Corporation. 2026. All rights reserved. 54 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Bribes and kickbacks of any kind are illegal, unethical, and violate our values and the Code. Employees must abide by all applicable anti- bribery and anti-corruption laws, including laws prohibiting offering and receiving bribes, kickbacks, and similar payments. These include laws from all jurisdictions in which the company operates, among them the Foreign Corrupt Practices Act and other federal, state, and foreign anti-corruption laws. Exelon prohibits any employee, officer, director, or third-party agent from providing, authorizing, offering, or promising to provide anything of value, directly or indirectly, with the intent to improperly obtain a commercial advantage with respect to any third party. Anti-bribery and anti-corruption laws: • Make it a crime to promise or offer anything of value to any government (federal, state, local, or foreign) official to obtain or retain business, secure an improper advantage, or improperly influence an official decision • Require that publicly held companies, like Exelon, have accounting controls to assure that all transactions are recorded fairly and accurately in our books and records Why It's Important • Obtain guidance from Compliance & Ethics and/or the relevant government and regulatory affairs team before offering or providing any gift, favor, or entertainment, or What's Expected For more information, see LE-AC-60, our Anti- Bribery and Anti-Corruption Corporate Policy, and LE-AC-POL8-003, our Policy on Vendors and Suppliers Affiliated with or Referred, Recommended, or Requested by Public Officials. anything of value to any government official or employee of a state-owned entity • Keep accurate and complete records so all payments are properly documented • Ensure company funds are not used for unlawful purposes • Conduct appropriate due diligence of potential lobbyists, agents, political consultants, and other business partners • Do not use or allow a third party to make payments or offers that could be improper 55Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Bribery and kickbacks can also occur in the context of private commercial relationships. Commercial bribery Occurs in the context of business transactions. It can occur when a company employee, officer, or director solicits or accepts something of value from a third party (for example, a kickback for steering a contract to a vendor) in exchange for, or to influence, actions on behalf of Exelon. It also can occur when an Exelon employee, director, or third-party intermediary provides, authorizes, offers, or promises to provide something of value to a third party with the intent to obtain an improper commercial advantage.©Exelon Corporation. 2026. All rights reserved. 56 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Our Communities09©Exelon Corporation. 2026. All rights reserved. 57Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026

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Protecting the Environment At Exelon, our commitment to the environment is integral to meeting our customers' expectations and reducing our impact on future generations. How We Live Our Values©Exelon Corporation. 2026. All rights reserved. 58 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Since its formation, Exelon has focused on the business value of reducing our impact on the environment and better meeting the needs of our customers, our employees, and the communities we serve. In all that we do, we seek to exceed the standards of our industry – as well as the standards we set for ourselves. We believe it's our responsibility to lead the industry in shaping public policy on strategic environmental issues. Our values include the following environmental commitments: • We will actively pursue excellence by reaching beyond compliance to reduce our impact on the environment, address climate change, Why It's Important improve energy and resource efficiency, and provide our customers with clean, safe, and affordable energy • We will innovate to better serve our customers through smart meters, energy efficiency programs for homes and businesses, transportation electrification options, and other methods of enabling and delivering clean energy • We will act with integrity and be accountable to our communities and the environment We must ensure that our actions are consistent with environmental stewardship and demonstrate environmental leadership through full legal compliance, pollution prevention, and continuous improvement. Our commitment to environmental stewardship stretches across the entire energy value chain. We proactively manage our environmental footprint, not only because we care about protecting the environment, but also to improve operational efficiency, maintain our license to operate, and enhance our competitive position. As a result, we are able to better serve our customers, create value for our shareholders and employees, and enhance communities. Calvin Butler 59Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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We must: • Meet or exceed all applicable environmental laws, regulations, and voluntary commitments • Use natural resources efficiently to reduce environmental impacts and operating costs • Partner with the communities where we operate to enhance the environment, combat climate change, and build resilience for the future What's Expected • Report any spills, releases, or other environmental hazards or accidents to our supervisors immediately • Provide accurate and complete information on all environmental monitoring or sampling reports both internally and to government officials©Exelon Corporation. 2026. All rights reserved. 60 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Contributing to Our Communities The energy we deliver to our customers is important, but so too is the human energy Exelon's people bring to the communities where we operate. How We Live Our Values Exelon has a strong tradition of community involvement. Through various Exelon programs, our employees are strong ambassadors for corporate giving and community service to improve the quality of life in our communities. Our vision includes the following goals: • Advance our strong tradition of community service by improving the quality of life of the people in the communities we serve and where we work • Strengthen and enrich our communities through corporate giving in four areas – education, environment, neighborhood and workforce development, and arts and culture – and encourage our people to support the organizations that they value Why It's Important We encourage employees to: • Participate in Exelon's matching funds program for donations to charitable or civic organizations that enrich our communities • Give time generously to our communities, so long as those activities don't interfere with job performance Employees must avoid pressuring other employees or suppliers to contribute to charitable or civic organizations or causes. What's Expected 61Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Participating in Political Activities At Exelon, we are committed to engage constructively with governments where we operate. Likewise, we encourage employees to participate in the political process. How We Live Our Values©Exelon Corporation. 2026. All rights reserved. 62 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Exelon believes that an active, inclusive, and fair political process promotes open government, sound policy decisions, and safe, healthy, and productive communities. We recognize that public policy decisions can greatly impact our customers, our business, and our industry, now and in the future. As individuals, we all have a right to participate in civic activities and the political process. However, we always need to make it clear that our views and actions are our own – not those of Exelon. Why It's Important Responsible company participation in political activities requires that we: • Follow established procedures for making corporate contributions and conducting activities to support state or local candidates – see LE-AC-23, Corporate Political Contributions Guidelines • Not coerce or pressure others to make contributions to any political candidate, party, advocacy group, political action committee, or political entity, or to support or oppose any political candidate or election. Exelon and its employees, officers, directors, and lobbyists may not solicit employees for political contributions other than voluntary contributions to Exelon-affiliated political action committees • Ensure that any offer or gift of anything of value to a government official or employee complies with LE-AC-POL8-001, Exelon's What's Expected Interactions with Public Officials policy. If there is any question whether a gift, offer of entertainment, or anything else of value may be offered or provided consistent with this policy, we must seek advice and advance approval from Compliance & Ethics • Obtain prior guidance from Compliance & Ethics and/or the relevant government and regulatory affairs team before offering or providing any gift, entertainment, or anything of value to any government official or employee of a state-owned entity. When participating in political activities as individuals, we must: • Make personal political contributions with the understanding that we will not be reimbursed by the company • Understand that only where state law permits, minimal use of company resources – such as phones, computers, email, fax machines, or office supplies – is allowed for personal political purposes (consult the Legal Department for additional guidance on this issue) • Not ask or require other employees, including administrative or support staff, to perform tasks in support of our personal political activities • Make it clear that our personal political views and actions are our own, and not those of the company 63Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Lobbying Exelon, like many other companies, advocates for legislation we believe will enhance value for our customers, communities, employees, and shareholders. Those of us who have contact with legislators, regulators, executive branch officials, or their staffs may be involved in lobbying and must take care to comply with the laws applicable to these activities. Only Exelon employees who have been approved to lobby, and contract lobbyists retained and overseen pursuant to LE-AC-PCD8-001, the company's Due Diligence and Monitoring Procedure for Third Parties Engaged in Political Consulting and Lobbying Activities, may engage in lobbying activities.©Exelon Corporation. 2026. All rights reserved. 64 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Communicating Publicly About Exelon At Exelon, we must speak with one voice when communicating publicly to all audiences, including customers, investors, financial analysts, and the media. How We Live Our Values Our customers, consumers, investors, industry analysts, journalists, public interest groups, and others deserve accurate, clear, complete, and consistent communications from Exelon. Because these interactions require careful consideration and an expert understanding of legal, regulatory, financial, and media issues, only designated Exelon spokespersons are authorized speak on the company's behalf. Why It's Important If you receive an inquiry from outside the company and are not authorized to respond on behalf of the company, you should: • Refer all media-related inquiries to Exelon Corporate Communications • Refer all investor-related inquiries to the Investor Relations Department What's Expected 65Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026©Exelon Corporation. 2026. All rights reserved.

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Engaging in Social Media Responsibly Social media – networking sites, video/photo sharing, blogs, online discussion forums, and others – are powerful forms of communication that are widely used by consumers, investors, and other audiences to share opinions and seek information. When we use social media, what we say or share can affect: • Our colleagues in the workplace • Exelon's reputation with the customers and communities we serve • Exelon's ability to compete in the marketplace • Exelon's compliance with laws and regulations Appropriate use of social media means: • Adhering to Exelon's values in all authorized business communications • Not creating the impression that our personal opinions are those of Exelon • Not identifying ourselves as an Exelon representative without authorization • Ensuring that time and effort spent on social media does not interfere with our job responsibilities • Not disclosing proprietary company information • Not divulging the personal information of others, especially personal data obtained as part of your job duties or our company relationships For more information see CP-AC-72, Social Media and On-Line Posting Guidelines.©Exelon Corporation. 2026. All rights reserved. 66 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Conclusion10©Exelon Corporation. 2026. All rights reserved. 67Code of Business Conduct 2026 Approved by the Exelon Board of Directors; Effective January 5, 2026

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At Exelon, our values demand a commitment to ethical behavior that goes beyond the letter of the law, and includes respecting our diverse and inclusive stakeholders, promoting a culture of safety, respecting the environment, and avoiding any business activity that could tarnish the company's reputation. Living this commitment, living our values, is how we will achieve our vision.©Exelon Corporation. 2026. All rights reserved. 68 Code of Business Conduct 2026Approved by the Exelon Board of Directors; Effective January 5, 2026

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Compliance and Ethics Department Directly: EthicsOffice2@Exeloncorp.com Exelon Help Line By phone: 1-800-23ETHIC (1-800-233-8442) Online: https://secure.ethicspoint.com/domain/media/en/gui/71992/index.html Security Incident? Contact the ESOC for 24-hour assistance at: 1-800-550-6154©Exelon Corporation. 2026. All rights reserved. Approved by the Exelon Board of Directors; TBD

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## Exhibit 19.1

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&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading Policy Exelon Policy LE-AC-202 1. Policy Statement 1.1. The purpose of this Insider Trading Policy (the "Policy") is to promote compliance with applicable securities laws to prevent Insider Trading violations by Covered Persons of Exelon Corporation (including its subsidiaries, hereafter the "Company" or "Exelon"). 2. Precautions and Limitations 2.1. N/A 3. Applicability 3.1. This Policy applies to all Exelon employees, officers, and directors of the Company, as well as third-party contractors and consultants engaged by the Company. 4. Implementation 4.1. General Rules Applicable to All Covered Persons 4.1.1 Prohibition Against Insider Trading. Insider Trading is a criminal offense and a violation of Company policy, including the Code of Business Conduct. If a Covered Person has Material Non-Public Information (MNPI) about the Company, he or she may not buy or sell Exelon Securities until the Company has broadly disseminated the MNPI to the public. In the event the Company issues a press release or makes an SEC filing disclosing all of the MNPI known to a Covered Person, the Covered Person may only trade in Exelon Securities beginning on the second full trading day after such release or filing is made public. 4.1.2 Non-Disclosure of Material Non-Public Information; "Tipping". A Covered Person must not share MNPI with persons within the Company whose jobs do not require them to have that information or anyone outside the Company (including family members) unless any such disclosure is made in accordance with the Company's policies and practices regarding the protection or authorized external disclosure of information regarding the Company. If a person receives MNPI from a Covered Person and buys or sells securities on the basis of that information, both the Covered Person and the person who used it may be deemed to have committed illegal Insider Trading, regardless of whether the Covered Person benefited personally from the other person's trading (commonly referred to as "tipping"). 4.1.3 Recommendations Regarding Company Securities. A Covered Person must not recommend that another person hold or transact in Exelon Securities while in possession of MNPI about the Company. 4.1.4 Prohibition Against Short Sales and Put and Call Options. Covered Persons are prohibited from engaging in short sales and the purchase or sale of put and call options on Exelon Securities.

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![](exc-20251231x10kxexh191a002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading Policy Exelon Policy LE-AC-202 4.1.5 Prohibition Against Hedging and Derivative Transactions. Covered Persons are prohibited from engaging in hedging or monetization transactions, including through the use of financial instruments such as prepaid variable forwards, equity swaps, spread bets, contracts for difference, collars and exchange funds, with respect to Exelon Securities. 4.1.6 Prohibition Against Holding Exelon Securities in Margin Accounts or Using Exelon Securities as Collateral for a Loan. Covered Persons are prohibited from holding Exelon Securities in a margin account or otherwise pledging Exelon Securities as collateral for a loan. 4.1.7 Gifts. Gifts of Exelon Securities made by Covered Persons, including those made to relatives or charitable organizations or for establishing a donor-advised account, are subject to this Policy. Certain acquisitions, dispositions, or transfers of Exelon Securities for no consideration, other than charitable donations, may be exempt from the general policy prohibiting transactions in Exelon Securities while in possession of MNPI and, to the extent applicable, outside of Trading Windows. Examples of such transfers include bona fide gifts, inheritances, and changes in the nature of your ownership including transferring stock held in your name to a broker, family member, or family trust. Covered Persons must consult with and obtain approval from OCG prior to effecting such an exempt acquisition, disposition, or transfer of Exelon Securities. 4.1.8 Prohibition Against the Insider Trading of Securities of Other Companies. Covered Persons are prohibited from trading in the securities of any other company on the basis of MNPI acquired while providing services to, or on behalf of, the Company. The preceding rules in this Section 4 apply to the securities of other companies where the Covered Person is acting on the basis of MNPI. 4.1.9 Private Brokerage Accounts. All Covered Persons are strongly encouraged to hold Exelon Securities in accounts with Exelon's equity administrator or in registered book entry accounts with Exelon's transfer agent, and not in private brokerage accounts. (Additional rules apply to Tier 2 Persons; see Section 4.4.4 below.) 4.1.10 Special Blackout Periods. The Company may establish Special Blackout Periods during which designated Covered Persons will not be permitted to trade in Exelon Securities. OCG will determine the persons subject to Special Blackout Periods and will provide notice to such individuals. Special Blackout Periods may be established in connection with a significant event, including, but not limited to: • a pending or proposed merger, acquisition or tender offer, • a significant cybersecurity incident, • financial or accounting developments, • significant operational events, • legal or regulatory developments or proceedings, or • pending senior management changes.

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![](exc-20251231x10kxexh191a003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading Policy Exelon Policy LE-AC-202 4.1.11 Prohibition Against Discussing Special Blackout Period. Individuals subject to Special Blackout Periods may not discuss the existence of the Special Blackout Period or the identity of any individuals subject to the Special Blackout Period with any other person not also subject to the Special Blackout Period. 4.1.12 Post-Separation Transactions. This Policy continues to apply to transactions in Exelon Securities even after termination of your service to the Company. If you are in possession of MNPI when your service terminates, you may not trade in Exelon Securities until that information has become public or is no longer material. (See Sections 4.4.5 and 4.5.3 for related provisions applicable to Tier 2 Persons and Section 16 Insiders post-separation.) 4.2. Benefit Plan Transactions 4.2.1 Benefit Plan Transactions Subject to Policy. Certain discretionary transactions effected through Benefit Plans or other Company plans are subject to this Policy and should only occur when a Covered Person has no MNPI (and subject to any other applicable restrictions set forth in this Policy). These include: 4.2.1.1 Employee Savings Plan (401(k) Plan) – Elections made under the 401(k) plan to: (a) initially participate, or increase or decrease the percentage of periodic contributions allocated to the Company stock fund; (b) make an intra- plan transfer of an existing account balance into or out of the Company stock fund; (c) borrow money against a 401(k) plan account if the loan will result in a liquidation of some or all of the Company stock fund balance therein; and (d) pre-pay a plan loan if the pre-payment will result in allocation of loan proceeds to the Company stock fund. 4.2.1.2 ESPP – An initial election to participate, any changes to the participation amount or type for any enrollment period, and market sales of Exelon Securities acquired under the ESPP or through related dividend reinvestment. 4.2.1.3 Automatic Dividend Reinvestment – An initial election to participate in any dividend reinvestment plan, any change to participation including any market sale of Exelon Securities acquired under the plan, or any voluntary purchases of Exelon Securities resulting from additional contributions made under the plan. 4.2.1.4 Equity Awards – Any market sale of equity securities acquired through Company awards. 4.2.2 Benefit Plan Transactions NOT Subject to Policy. Certain Benefit Plan or other Company plan transactions are not subject to this Policy and can occur at any time. These include the following transactions executed on a Covered Person's behalf by Company or other Benefit Plan administrators: • Employee Savings Plans (401(k) Plans) – Acquisitions of Exelon Securities through one of the Exelon-sponsored 401(k) plans resulting from periodic, ongoing contributions of money pursuant to payroll deduction.

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![](exc-20251231x10kxexh191a004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading Policy Exelon Policy LE-AC-202 • ESPP – Acquisitions of Exelon Securities through ongoing participation in the ESPP pursuant to and consistent with a prior election to participate. • Dividend Reinvestment – Exelon Securities acquired through the automatic dividend reinvestment plan pursuant to a prior election to participate. • Equity Awards – Vesting of company-awarded equity, or the election to exercise tax withholding rights pursuant to which the Company withholds shares equal in value to satisfy tax withholding obligations upon vesting of any equity award. 4.3. Additional Rules Applicable to Tier 1 and Tier 2 Persons 4.3.1 Approved Trading Limited to Trading Windows. Tier 1 and Tier 2 Persons may only engage in transactions involving Exelon Securities during a Trading Window unless trading is executed pursuant to an approved Trading Plan. Trading Windows generally begin in each calendar quarter at the beginning of the second trading day after the release of earnings for the prior quarter and continue for approximately four to six weeks unless otherwise specified by OCG. Trading Windows may open later or close earlier than described above at the discretion of OCG for various reasons. 4.4. Additional Rules Applicable to Tier 2 Persons 4.4.1 Prior Approval Required. Tier 2 Persons are required to obtain approval from OCG prior to any transaction involving any Exelon Securities subject to the exceptions noted in Section 4.4.2. Trading approval is valid for three business days. If a transaction is not completed within that time, the person wishing to trade must contact OCG to obtain new approval. For the avoidance of doubt, if OCG approves a person to trade and the person obtains MNPI prior to completing the transaction, such person is prohibited from executing such transaction. Examples of transactions for which prior approval is required include, but are not limited to: • Open market purchases or sales of Exelon Securities, • Exercising stock options involving Exelon Securities, • Any Benefit Plan transactions subject to this Policy and listed in Section 4.2.1, • Transactions or transfers of Exelon Securities between accounts pursuant to which there is a financial benefit, including but not limited to a tax benefit, and • Gifts of Exelon Securities. 4.4.2 Transactions Exempt from Prior Approval Requirement. The following transactions do not require prior approval:

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![](exc-20251231x10kxexh191a005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading Policy Exelon Policy LE-AC-202 • Any purchase or sale of Exelon Securities made pursuant to a Trading Plan approved in advance by OCG, • Any Benefit Plan transactions exempted from this Policy and listed in Section 4.2.2, • Company matching contributions under the Employee Savings Plan or other Benefit Plans, and • Any transaction specifically approved in advance in writing by OCG. 4.4.3 Approval Procedures. OCG has established and maintains procedures for the approval of transactions and maintains controls to ensure compliance with this Policy. These procedures are communicated to all Tier 1 and Tier 2 Persons at the beginning of each Trading Window. Approval by OCG of any transaction does not relieve anyone of the responsibility for compliance with federal securities laws and does not constitute legal or investment advice. 4.4.4 Broker Letters. Any Tier 2 Person who holds Exelon Securities in a private brokerage account must enter into an agreement with his/her broker that (a) requires the broker to obtain authorization from OCG before executing any trade and (b) authorizes the broker to provide immediate notice to OCG of all trades in Exelon Securities, and to confirm balances and provide other information as needed to OCG. 4.4.5 Rules Remain in Effect for 90 Days after Separation. Tier 2 Persons remain subject to pre-approval of trading for 90 days after ceasing to serve in such role for any reason. However, in this case, the trading of Exelon Securities need not be limited to the Trading Windows. The 90-day period will be measured from the date the person officially terminates employment. (See Section 4.5.3 for related provision applicable to Section 16 Insiders.) 4.5. Additional Rules Applicable to Section 16 Insiders 4.5.1 Reporting Requirements. All Section 16 Insiders are required by federal securities laws to file reports with the SEC disclosing initial beneficial ownership of, and any transactions in Exelon Securities. OCG maintains procedures to assist Section 16 Insiders with compliance with this requirement and to facilitate the reporting obligations of these individuals. 4.5.2 Prohibition Against Trading During Benefit Plan Blackout Periods. During a Benefit Plan Blackout Period, Section 16 Insiders may not buy or sell any Exelon common stock in any other account or in any other Benefit Plan. Any profit obtained by a Section 16 Insider from trades during a Benefit Plan Blackout Period must be returned to the Company. OCG maintains procedures for communicating to Section 16 Insiders about any Benefit Plan Blackout Periods pursuant to the U.S. Sarbanes-Oxley Act of 2002 and related rules.

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![](exc-20251231x10kxexh191a006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading Policy Exelon Policy LE-AC-202 4.5.3 Rules Remain in Effect for Six Months after Separation. Certain reporting requirements under federal securities laws remain in effect for Section 16 Insiders for six months after the termination of employment or cessation of serving in a Section 16 Insider role (i.e., serving as an Exelon Director or Executive Officer) for any reason, and, therefore prior approval for trading also remains in effect for six months. However, trading of Exelon Securities need not be limited to Trading Windows. The six-month period will be measured from the date the person officially terminates employment. 4.6. 10b5-1 Trading Plans 4.6.1 Trading Through Approved Trading Plans. The Company allows individuals to enter into pre-set Trading Plans designed to meet the requirements of the SEC's Rule 10b5-1(c) (the "Rule") pursuant to which trades in Exelon Securities may be executed. Entry into a Trading Plan may only be made in good faith and during an open Trading Window and so long as the individual establishing the plan has no MNPI and receives pre-clearance from OCG. See Attachment 4.6.1 for additional details and requirements about the design, approval, and execution of such Trading Plans. 4.6.2 Multiple Plans Prohibited. Subject to certain limited exceptions specified in the Rule, individuals may not have multiple Trading Plans in place at any one period of time; however, an individual may enter a new Trading Plan (subject to the same timing and pre-clearance requirements set forth in Section 4.6.1) that will take effect after the expiration or termination of a then-effective Trading Plan. An Individual with a Trading Plan in effect may not buy or sell Exelon Securities outside of that Trading Plan until the expiration or termination of that Trading Plan. 4.6.3 Single Trade Plans. Subject to certain limited exceptions specified in the Rule, in any twelve-month period, individuals are limited to one Trading Plan that is designed to effect an open market purchase or sale as a single transaction. 4.6.4 Amending Trading Plans. Trading Plans may not be amended; however, individuals may terminate an existing Trading Plan in accordance with Section 4.6.5 and commence a new Trading Plan subject to the same timing and pre- clearance requirements set forth in Section 4.6.1. 4.6.5 Terminating Trading Plans. Individuals may terminate an existing Trading Plan by providing notice to OCG and the executing broker prior to termination. 5. Terms and Definitions 5.1. Benefit Plan means any Exelon sponsored employee benefit plan or deferred compensation plan, as amended in accordance with their terms, whether tax qualified or not, including, but not limited to, the Exelon Corporation Employee Savings Plan, the ESPP, and the Exelon Corporation Deferred Compensation Plan.

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![](exc-20251231x10kxexh191a007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading Policy Exelon Policy LE-AC-202 5.2. Benefit Plan Blackout Period means any period of more than three consecutive business days during which the ability to purchase, sell, or otherwise acquire or transfer an interest in any Exelon Security held in a Benefit Plan is temporarily suspended by Exelon or by a fiduciary of the plan with respect to at least 50% of the participants or beneficiaries under such Benefit Plan. 5.3. Company means Exelon Corporation and its subsidiaries. 5.4. Company Covered Persons means all Directors, officers, employees, trustees, agents or fiduciaries, independent contractors, and consultants of the Company. 5.5. Covered Persons means all Directors, officers, employees, trustees, agents or fiduciaries, independent contractors, and consultants of the Company, and their Related Persons. 5.6. Directors means the members of the Board of Directors of Exelon (each, an "Exelon Director") and the members of the respective Board of Directors of each OpCo (each, an "OpCo Director"). 5.7. ESPP means the Exelon Corporation Employee Stock Purchase Plan. 5.8. Executive Officer means an employee of the Company who has been designated by the Board of Directors of Exelon or one of its committees to be an executive officer for purposes of reporting to the SEC. 5.9. Exelon Securities means any debt or equity securities issued by Exelon or any direct or indirect subsidiary of Exelon, including but not limited to common stock, options, preferred stock, convertible debentures, senior notes, first mortgage bonds or other debt securities, warrants, tax-exempt bonds or other debt securities issued for the benefit of direct and indirect subsidiaries of Exelon, as well as derivative securities that are not issued by Exelon or its direct or indirect subsidiaries, such as exchange-traded put options and call options or swaps relating to any of the foregoing securities. 5.10. Insider Trading is buying or selling securities "on the basis of" Material Non-Public Information (defined below) obtained through employment or other involvement with a company, or by providing MNPI to others outside the company ("tipping"). Buying or selling securities "on the basis of" Material Non-Public Information means that the person trading is aware of the information at the time of purchase or sale (regardless of whether the MNPI is a contributing factor in the decision to trade). 5.11. Material Non-Public Information or MNPI means information which is both "material," and "non-public." Information is material if there is a substantial likelihood that, considering all of the surrounding facts and circumstances, a reasonable investor would consider such information important to a decision to buy, sell, or hold a security. Information is deemed to be "non-public" until it has been disseminated by a method that is reasonably designed to provide broad distribution of the information to the public, usually by means of a press release, earnings call, or SEC filing.

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![](exc-20251231x10kxexh191a008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading Policy Exelon Policy LE-AC-202 MNPI may include, but is not limited to: information concerning earnings and earnings estimates or targets; significant operational problems; a significant cybersecurity event; dividends and changes to the dividend policy; offerings or repurchases of Exelon equity securities (excluding benefit plan transactions) or stock splits; liquidity and cash flow; proposals or agreements for significant mergers, acquisitions or divestitures; capital market transactions; significant capital investments; significant litigation developments; changes in credit ratings; management changes; and pending significant regulatory actions. 5.12. OCG means the in-house attorneys comprising Exelon's Office of Corporate Governance. 5.13. OpCo means each of Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, and Pepco Holdings LLC. 5.14. Related Persons means: (a) family members who reside with a Company Covered Person (including a spouse, partner, a child, a child away at college, stepchildren, grandchildren, parents, stepparents, grandparents, siblings, and in-laws), anyone else who lives in a Company Covered Person's household, and any family members who do not live in a Company Covered Person's household but whose transactions in securities are directed by a Company Covered Person or subject to a Company Covered Person's influence or control, such as parents or children who consult with a Company Covered Person before they trade in securities and, when used in reference to an entity; and (b) any entities that a Company Covered Person influences or controls, including any corporations, partnerships or trusts ("Controlled Entities"). 5.15. SEC means the United States Securities and Exchange Commission. 5.16. Section 16 Insiders means all Exelon Directors and Executive Officers of Exelon. 5.17. Short Sale means a sale of stock not then owned by the seller (in effect betting that the stock price will drop and that the seller can later buy at a lower price the shares necessary to complete the sale). 5.18. Special Blackout Period means a blackout period in which Covered Persons have MNPI related to a special project, transaction or business development and will not be permitted to trade in Exelon Securities. 5.19. Tier 1 Persons means (a) certain employees determined by the OCG likely to have access to MNPI that is routinely disclosed in quarterly and annual filings, and (b) the Related Persons for each person described in clause (a) of this Section 5.19. 5.20. Tier 2 Persons means (a) all Section 16 Insiders, OpCo Directors, and certain other employees determined by the OCG to regularly have access to MNPI, and (b) the Related Persons for each person described in clause (a) of this Section 5.20. 5.21. Trading Plan means a pre-determined schedule of one or more trades to be executed under the terms and conditions established in a written document designed to conform to the provisions of SEC Rule 10b5-1. 5.22. Trading Window means a specified period of time determined by OCG during which Tier 1 and Tier 2 Persons may execute approved transactions involving Exelon Securities or enter into a Trading Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading Policy Exelon Policy LE-AC-202 6. Roles and Responsibilities; Scope 6.1. Personal Responsibility. Each Covered Person is responsible for compliance with this Policy and must not engage in illegal trading and avoid any appearance of improper trading. Legal pre-clearance of trades or the approval of a Trading Plan does not constitute legal advice or insulate a Covered Person from liability under the applicable securities laws. Each individual Covered Person is responsible for ensuring that each of his or her Related Persons also comply with the Policy. Before engaging in any transaction, individuals should consider how enforcement authorities, regulators, the media, and others might view the transaction in hindsight. 6.2. OCG Responsibility. Questions about whether information may be regarded as MNPI or other questions related to this Policy should be directed to OCG (OCGAttorneys@exeloncorp.com). Additionally, OCG is responsible for establishing and maintaining procedures for: 6.2.1 Communicating each quarter to Tier 1 and Tier 2 Persons about the restrictions applicable to each group and about the expected opening and closing dates of the Trading Window and announcing any changes to such dates, 6.2.2 Reviewing, and granting or denying, pre-clearance trading requests, 6.2.3 Reviewing and approving appropriate Trading Plans, 6.2.4 Determining, and periodically updating, individuals classified as "Tier 1 Persons" and "Tier 2 Persons," 6.2.5 Determining, and periodically communicating to individuals subject to, Special Blackout Periods, and 6.2.6 Developing and implementing training plans and/or processes for Tier 1 and Tier 2 Persons regarding Insider Trading and the requirements of this Policy. 6.3. Beneficial Ownership. All Covered Persons are subject to this Policy to the extent that that they hold, or seek to acquire, Exelon Securities as a beneficial owner. A beneficial owner is any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in Exelon Securities. Pecuniary interest is the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction. Examples of beneficial ownership include, but are not limited to, shares held (a) in the name of immediate family members in the Covered Person's household; (b) for a Covered Person in the names of nominees, such as brokers, in "street name"; (c) by a partnership in which a Covered Person is a partner; (d) by a Controlled Entity; (e) by a trust of which a Covered Person is a trustee or beneficiary; and (f) by custodian accounts.

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![](exc-20251231x10kxexh191a010.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading Policy Exelon Policy LE-AC-202 6.4. Transactions Not Subject to Influence or Control of Covered Persons. This Policy does not apply to transactions in Exelon Securities where such transactions are not initiated or approved by a Covered Person or are not subject to a Covered Person's influence or control, such as transactions in mutual funds that are invested in Exelon Securities. For avoidance of doubt, managed accounts (i.e., personalized investment portfolios managed on a Covered Person's behalf) remain subject to this Policy. 7. References 7.1. Exelon Code of Business Conduct

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![](exc-20251231x10kxexh191a011.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading Policy Exelon Policy LE-AC-202 ATTACHMENT 4.6.1 DESIGN, APPROVAL AND EXECUTION OF TRADING PLANS DESIGNED TO COMPLY WITH THE PROVISIONS OF SEC RULE 10b5-1 The procedures for establishing a 10b5-1 Trading Plans set forth below are supplementary to the provisions of LE-AC-202, Insider Trading Compliance Policy. Unless otherwise defined in these procedures, defined terms have their meanings as set forth in the Insider Trading Compliance Policy. Plan Provider • Exelon works with an equity administration vendor to make Trading Plans available to Exelon incentive plan participants. • Individuals may use Trading Plans established by other financial advisors/brokers subject to approval by OCG. Establishing a Plan • Individuals wishing to enter a Trading Plan should contact Exelon's equity administration vendor to discuss the design and parameters of the plan. • Trading Plans may only be entered into in good faith and during an open Trading Window when the individual has no MNPI. • Any Covered Person may adopt a Trading Plan. Trading Plans are strongly encouraged for Section 16 Insiders wishing to engage in long-term trading to meet wealth management or estate planning goals. Plan Requirements and Approval • For Directors and Executive Officers, the first trade under a Trading Plan may not be executed until the later of (a) 90 days after adoption of the Trading Plan or (b) two business days following the filing of the Form 10-Q or Form 10-K for the fiscal quarter in which the plan was adopted. • For all other Covered Persons, the first trade under a Trading Plan may not be executed until 30 days after adoption of the Trading Plan. • The plan must specify a maximum number of securities, a minimum price (in case of a sale transaction), a maximum price (in case of a purchase transaction), and a time period during which transaction(s) may be executed under the plan. Subject to approval by the broker that will execute the transaction, there is no minimum transaction size. • Trades under a Trading Plan may occur at any time, including outside of an open Trading Window. • The terms of any Trading Plan are generally subject to approval by the broker that will execute the transactions. Any questions about Trading Plans should be sent to OCG (OCGAttorneys@exeloncorp.com).

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## Exhibit 21.1

**Exhibit 21.1**

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| | |
|:---|:---|
| **Exelon Corporation (50% and Greater)<br>12/31/2025**<br>**Subsidiary** |<br>**Jurisdiction** |
| AMP Funding, L.L.C. | Delaware |
| Atlantic City Electric Company | New Jersey |
| Atlantic City Electric Transition Funding LLC | Delaware |
| Atlantic Generation, Inc. | New Jersey |
| Atlantic Southern Properties, Inc. | New Jersey |
| ATNP Finance Company | Delaware |
| Baltimore Gas and Electric Company | Maryland |
| Clean Jobs for Pennsylvania, LLC | Delaware |
| ComEd Financing III | Delaware |
| Commonwealth Edison Company | Illinois |
| Commonwealth Edison Company of Indiana, Inc. | Indiana |
| Conectiv Communications, Inc. | Delaware |
| Conectiv Energy Supply, Inc. | Delaware |
| Conectiv Properties and Investments, Inc. | Delaware |
| Conectiv Solutions LLC | Delaware |
| Conectiv, LLC | Delaware |
| Data Center Enterprise, LLC | Delaware |
| Delaware Operating Services Company, LLC | Delaware |
| Delmarva Power & Light Company | Delaware & Virginia |
| E&W Development Corporation | Florida |
| EdiSun, LLC | Delaware |
| ETT Canada, Inc. | New Brunswick |
| Exelon Business Services Company, LLC | Delaware |
| Exelon Energy Delivery Company, LLC | Delaware |
| Exelon Enterprises Company, LLC | Pennsylvania |
| Exelon Genesis, LLC | Delaware |
| Exelon InQB8R, LLC | Delaware |
| Exelon Mechanical, LLC | Delaware |
| Exelon Microgrid, LLC | Delaware |
| Exelon Transmission Company, LLC | Delaware |
| Exelorate Enterprises, LLC | Delaware |
| Ex-FM, Inc. | New York |
| Ex-FME, Inc. | Delaware |
| ExTel Corporation, LLC | Delaware |
| F & M Holdings Company, L.L.C. | Delaware |
| Friendly Skies, Inc. | Virgin Islands (U.S.) |
| Millennium Account Services, LLC | Delaware |
| Northwind Thermal Technologies Canada Inc. | New Brunswick |
| PCI - BT Investing, L.L.C. | Delaware |
| PCI Air Management Corporation | Nevada |
| PCI Air Management Partners, L.L.C. | Delaware |
| PEC Financial Services, LLC | Pennsylvania |
| PECO Energy Capital Corp. | Delaware |
| PECO Energy Capital Trust III | Delaware |
| PECO Energy Capital Trust IV | Delaware |

---

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**Exhibit 21.1**

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| | |
|:---|:---|
| PECO Energy Capital, L.P. | Delaware |
| PECO Energy Company | Pennsylvania |
| PECO Wireless, LLC | Delaware |
| Pepco Holdings LLC | Delaware |
| PH Holdco LLC | Delaware |
| PHI Service Company | Delaware |
| Potomac Capital Investment Corporation | Delaware |
| Potomac Delaware Leasing Corporation | Delaware |
| Potomac Electric Power Company | District of Columbia & Virginia |
| Potomac Leasing Associates, L.P. | Delaware |
| Ramp Investments, L.L.C. | Delaware |
| RF HoldCo LLC | Delaware |
| RITELine Illinois, LLC | Illinois |
| RITELine Transmission Development, LLC | Delaware |
| Scherer Holdings 1, LLC | Delaware |
| Scherer Holdings 2, LLC | Delaware |
| Scherer Holdings 3, LLC | Delaware |
| UII, LLC | Illinois |
| Wansley Holdings 1, LLC | Delaware |
| Wansley Holdings 2, LLC | Delaware |

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## Exhibit 21.2

**Exhibit 21.2**

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| | |
|:---|:---|
| **Commonwealth Edison Company (50% and Greater)<br>12/31/2025**<br>**Subsidiary** |<br>**Jurisdiction** |
| Commonwealth Edison Company of Indiana, Inc. | Indiana |
| ComEd Financing III | Delaware |
| EdiSun, LLC | Delaware |
| RITELine Illinois, LLC | Illinois |

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## Exhibit 21.3

**Exhibit 21.3**

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| | |
|:---|:---|
| **PECO Energy Company (50% and Greater)<br>12/31/2025**<br>**Subsidiary** |<br>**Jurisdiction** |
| ATNP Finance Company | Delaware |
| ExTel Corporation, LLC | Delaware |
| PEC Financial Services, LLC | Pennsylvania |
| PECO Energy Capital Corp. | Delaware |
| PECO Energy Capital Trust III | Delaware |
| PECO Energy Capital Trust IV | Delaware |
| PECO Energy Capital, L.P. | Delaware |
| PECO Wireless, LLC | Delaware |

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## Exhibit 21.4

**Exhibit 21.4**

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| | |
|:---|:---|
| **Baltimore Gas and Electric Company (50% and Greater)<br>12/31/2025** |  |
| **Subsidiary** | **Jurisdiction** |

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## Exhibit 21.5

**Exhibit 21.5**

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| | |
|:---|:---|
| **Pepco Holdings LLC (50% and Greater)<br>12/31/2025**<br>**Subsidiary** |<br>**Jurisdiction** |
| Atlantic City Electric Company | New Jersey |
| Atlantic City Electric Transition Funding LLC | Delaware |
| Delmarva Power & Light Company | Delaware & Virginia |
| Millennium Account Services, LLC | Delaware |
| PHI Service Company | Delaware |
| Potomac Electric Power Company | District of Columbia & Virginia |

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## Exhibit 21.6

**Exhibit 21.6**

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| | |
|:---|:---|
| **Potomac Electric Power Company (50% and Greater)<br>12/31/2025** |  |
| **Subsidiary** | **Jurisdiction** |

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## Exhibit 21.7

**Exhibit 21.7**

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| | |
|:---|:---|
| **Delmarva Power & Light Company (50% and Greater)<br>12/31/2025** |  |
| **Subsidiary** | **Jurisdiction** |

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## Exhibit 21.8

**Exhibit 21.8**

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| | |
|:---|:---|
| **Atlantic City Electric Company (50% and Greater)<br>12/31/2025**<br>**Subsidiary** |<br>**Jurisdiction** |
| Atlantic City Electric Transition Funding LLC | Delaware |

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## Exhibit 23.1

**Exhibit 23.1**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-284911 and No. 333-266487) and Form S-8 (No. 333-219037, No. 333-238720, and No. 333-238747) of Exelon Corporation of our report dated February 12, 2026 relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

---

| |
|:---|
| /s/ PricewaterhouseCoopers LLP |
| Chicago, Illinois |
| February 12, 2026 |

---

## Exhibit 23.2

**Exhibit 23.2**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (No.333-284911-01) of Commonwealth Edison Company of our report dated February 12, 2026 relating to the financial statements and financial statement schedule, which appears in this Form 10-K.

---

| |
|:---|
| /s/ PricewaterhouseCoopers LLP |
| Chicago, Illinois |
| February 12, 2026 |

---

## Exhibit 23.3

**Exhibit 23.3**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (No. 333-277223) of PECO Energy Company of our report dated February 12, 2026 relating to the financial statements and financial statement schedule, which appears in this Form 10-K.

---

| |
|:---|
| /s/ PricewaterhouseCoopers LLP |
| Philadelphia, Pennsylvania |
| February 12, 2026 |

---

## Exhibit 23.4

**Exhibit 23.4**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (No. 333-277223-01) of Baltimore Gas and Electric Company of our report dated February 12, 2026 relating to the financial statements and financial statement schedule, which appears in this Form 10-K.

---

| |
|:---|
| /s/ PricewaterhouseCoopers LLP |
| Baltimore, Maryland |
| February 12, 2026 |

---

## Exhibit 24.01

**Exhibit 24.1**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Anna Richo**, do hereby appoint Calvin G. Butler, Jr. and Colette D. Honorable, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ ANNA RICHO |
| **Anna Richo** |

---

**DATE: February 3, 2026**

## Exhibit 24.02

**Exhibit 24.2**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Calvin G. Butler Jr.,** do hereby appoint Colette D. Honorable attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ CALVIN G. BUTLER JR. |
| **Calvin G. Butler Jr.** |

---

**DATE: February 11, 2026**

## Exhibit 24.03

**Exhibit 24.3**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **W. Paul Bowers**, do hereby appoint Calvin G. Butler, Jr. and Colette D Honorable, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ W. PAUL BOWERS |
| **W. Paul Bowers** |

---

**DATE: February 3, 2026**

## Exhibit 24.04

**Exhibit 24.4**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Marjorie Rodgers Cheshire**, do hereby appoint Calvin G. Butler, Jr. and Colette D. Honorable, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ MARJORIE RODGERS CHESHIRE |
| **Marjorie Rodgers Cheshire** |

---

**DATE: February 3, 2026**

## Exhibit 24.05

**Exhibit 24.5**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Matthew Rogers**, do hereby appoint Calvin G. Butler, Jr. and Colette D. Honorable, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ MATTHEW ROGERS |
| **Matthew Rogers** |

---

**DATE: February 3, 2026**

## Exhibit 24.06

**Exhibit 24.6**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Linda P. Jojo**, do hereby appoint Calvin G. Butler, Jr. and Colette D. Honorable, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ LINDA P. JOJO |
| **Linda P. Jojo** |

---

**DATE: February 3, 2026**

## Exhibit 24.07

**Exhibit 24.7**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Charisse R. Lillie**, do hereby appoint Calvin G. Butler, Jr. and Colette D. Honorable, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ CHARISSE R. LILLIE |
| **Charisse R. Lillie** |

---

**DATE: February 3, 2026**

## Exhibit 24.08

**Exhibit 24.8**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Bryan Segedi**, do hereby appoint Calvin G. Butler, Jr. and Colette D. Honorable, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ BRYAN SEGEDI |
| **Bryan Segedi** |

---

**DATE: February 3, 2026**

## Exhibit 24.09

**Exhibit 24.9**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **David G. DeWalt**, do hereby appoint Calvin G. Butler, Jr. and Colette D. Honorable, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ DAVID G. DEWALT |
| **David G. DeWalt** |

---

**DATE: February 3, 2026**

## Exhibit 24.10

**Exhibit 24.10**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Michael A. Innocenzo**, do hereby appoint Gil C. Quiniones and Glenn E. Rippie, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ MICHAEL A. INNOCENZO |
| **Michael A. Innocenzo** |

---

**DATE: February 6, 2026**

## Exhibit 24.11

**Exhibit 24.11**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Elizabeth Buchanan**, do hereby appoint Gil C. Quiniones and Glenn E. Rippie, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ ELIZABETH BUCHANAN |
| **Elizabeth Buchanan** |

---

**DATE: February 2, 2026**

## Exhibit 24.12

**Exhibit 24.12**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Stephen Bowman**, do hereby appoint Gil C. Quiniones and Glenn E. Rippie, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ STEPHEN BOWMAN |
| **Stephen Bowman** |

---

**DATE: February 9. 2026**

## Exhibit 24.13

**Exhibit 24.13**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Ricardo Estrada**, do hereby appoint Gil C. Quiniones and Glenn E. Rippie, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ RICARDO ESTRADA |
| **Ricardo Estrada** |

---

**DATE: February 2, 2026**

## Exhibit 24.14

**Exhibit 24.14**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Zaldwaynaka Scott**, do hereby appoint Gil C. Quiniones and Glenn E. Rippie, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ ZALDWAYNAKA SCOTT |
| **Zaldwaynaka Scott** |

---

**DATE: February 4, 2026**

## Exhibit 24.15

**Exhibit 24.15**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Smita Shah**, do hereby appoint Gil C. Quiniones and Glenn E. Rippie, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ SMITA SHAH |
| **Smita Shah** |

---

**DATE: February 9, 2026**

## Exhibit 24.16

**Exhibit 24.16**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Gil C. Quiniones**, do hereby appoint Glenn E. Rippie attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ GIL C. QUINIONES |
| **Gil C. Quiniones** |

---

**DATE: February 11, 2026**

## Exhibit 24.17

**Exhibit 24.17**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Michael A. Innocenzo**, do hereby appoint David M. Vahos and Anthony E. Gay, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ MICHAEL A. INNOCENZO |
| **Michael A. Innocenzo** |

---

**DATE: February 6, 2026**

## Exhibit 24.18

**Exhibit 24.18**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **John S. Grady**, do hereby appoint David M. Vahos and Anthony E. Gay, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ JOHN S. GRADY |
| **John S. Grady** |

---

**DATE: February 3, 2026**

## Exhibit 24.19

**Exhibit 24.19**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **David M. Vahos**, do hereby appoint Anthony E. Gay attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ DAVID M. VAHOS |
| **David M. Vahos** |

---

**DATE: February 11, 2026**

## Exhibit 24.20

**Exhibit 24.20**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Sharmain Matlock-Turner**, do hereby appoint David M. Vahos or Anthony E. Gay attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ SHARMAIN MATLOCK-TURNER |
| **Sharmain Matlock-Turner** |

---

**DATE: February 2, 2026**

## Exhibit 24.21

**Exhibit 24.21**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Michael Nutter**, do hereby appoint David M. Vahos and Anthony E. Gay, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ MICHAEL NUTTER |
| **Michael Nutter** |

---

**DATE: February 9, 2026**

## Exhibit 24.22

**Exhibit 24.22**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Michelle Hong**, do hereby appoint David M. Vahos and Anthony E. Gay, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ MICHELLE HONG |
| **Michelle Hong** |

---

**DATE: February 3, 2026**

## Exhibit 24.23

**Exhibit 24.23**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Roberto E. Perez**, do hereby appoint David M. Vahos and Anthony E. Gay, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ ROBERTO E. PEREZ |
| **Roberto E. Perez** |

---

**DATE: February 10, 2026**

## Exhibit 24.24

**Exhibit 24.24**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Michael A. Innocenzo**, do hereby appoint Tamla A. Olivier and David E. Ralph, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ MICHAEL A. INNOCENZO |
| **Michael A. Innocenzo** |

---

**DATE: February 6, 2026**

## Exhibit 24.25

**Exhibit 24.25**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Tamla A. Olivier**, do hereby appoint David E. Ralph attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ Tamla A. Olivier |
| **Tamla A. Olivier** |

---

**DATE: February 11, 2026**

## Exhibit 24.26

**Exhibit 24.26**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Keith Lee**, do hereby appoint Tamla A. Olivier and David E. Ralph, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ KEITH LEE |
| **Keith Lee** |

---

**DATE: February 9. 2026**

## Exhibit 24.27

**Exhibit 24.27**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Rachel Garbow Monroe**, do hereby appoint Tamla A. Olivier and David E. Ralph, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ RACHEL GARBOW MONROE |
| **Rachel Garbow Monroe** |

---

**DATE: February 9, 2026**

## Exhibit 24.28

**Exhibit 24.28**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Byron Marchant**, do hereby appoint Tamla A. Olivier and David E. Ralph, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ BYRON MARCHANT |
| **Byron Marchant** |

---

**DATE: February 3, 2026**

## Exhibit 24.29

**Exhibit 24.29**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Tim Regan**, do hereby appoint Tamla A. Olivier and David E. Ralph, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ TIM REGAN |
| **Tim Regan** |

---

**DATE: February 10, 2026**

## Exhibit 24.30

**Exhibit 24.30**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Amy Seto**, do hereby appoint Tamla A. Olivier and David E. Ralph, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ AMY SETO |
| **Amy Seto** |

---

**DATE: February 3, 2026**

## Exhibit 24.31

**Exhibit 24.31**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Maria Harris Tildon**, do hereby appoint Tamla A. Olivier and David E. Ralph, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ MARIA HARRIS TILDON |
| **Maria Harris Tildon** |

---

**DATE: February 3, 2026**

## Exhibit 24.32

**Exhibit 24.32**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Antoine Allen**, do hereby appoint J. Tyler Anthony and Anne C. Bancroft, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Pepco Holdings LLC, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ ANTOINE ALLEN |
| **Antoine Allen** |

---

**DATE: February 3, 2026**

## Exhibit 24.33

**Exhibit 24.33**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **J. Tyler Anthony**, do hereby appoint Anne C. Bancroft attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Pepco Holdings LLC, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ J. TYLER ANTHONY |
| **J. Tyler Anthony** |

---

**DATE: February 11, 2026**

## Exhibit 24.34

**Exhibit 24.34**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Michael A. Innocenzo**, do hereby appoint J. Tyler Anthony and Anne C. Bancroft, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Pepco Holdings LLC, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ MICHAEL A. INNOCENZO |
| **Michael A. Innocenzo** |

---

**DATE: February 6, 2026**

## Exhibit 24.35

**Exhibit 24.35**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Debra P. DiLorenzo**, do hereby appoint J. Tyler Anthony and Anne C. Bancroft, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Pepco Holdings LLC, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ DEBRA P. DILORENZO |
| **Debra P. DiLorenzo** |

---

**DATE: February 4, 2026**

## Exhibit 24.36

**Exhibit 24.36**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Benjamin Wu**, do hereby appoint J. Tyler Anthony and Anne C. Bancroft, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Pepco Holdings LLC, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ BENJAMIN WU |
| **Benjamin Wu** |

---

**DATE: February 7, 2026**

## Exhibit 24.37

**Exhibit 24.37**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Linda W. Cropp**, do hereby appoint J. Tyler Anthony and Anne C. Bancroft, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Pepco Holdings LLC, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ LINDA W. CROPP |
| **Linda W. Cropp** |

---

**DATE: February 2, 2026**

## Exhibit 24.38

**Exhibit 24.38**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Rosie Allen-Herring**, do hereby appoint J. Tyler Anthony and Anne C. Bancroft, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Pepco Holdings LLC, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ ROSIE ALLEN-HERRING |
| **Rosie Allen-Herring** |

---

**DATE: February 3, 2026**

## Exhibit 24.39

**Exhibit 24.39**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **J. Tyler Anthony**, do hereby appoint Anne C. Bancroft attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Potomac Electric Power Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ J. TYLER ANTHONY |
| **J. Tyler Anthony** |

---

**DATE: February 11, 2026**

## Exhibit 24.40

**Exhibit 24.40**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Elizabeth Morgan Downs O'Donnell**, do hereby appoint J. Tyler Anthony and Anne C. Bancroft, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Potomac Electric Power Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ ELIZABETH MORGAN DOWNS O'DONNELL |
| **Elizabeth Morgan Downs O'Donnell** |

---

**DATE: February 11, 2026**

## Exhibit 24.41

**Exhibit 24.41**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Michael A. Innocenzo**, do hereby appoint J. Tyler Anthony and Anne C. Bancroft, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Potomac Electric Power Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ MICHAEL A. INNOCENZO |
| **Michael A. Innocenzo** |

---

**DATE: February 6, 2026**

## Exhibit 24.42

**Exhibit 24.42**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Rodney Oddoye**, do hereby appoint J. Tyler Anthony and Anne C. Bancroft, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Potomac Electric Power Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ RODNEY ODDOYE |
| **Rodney Oddoye** |

---

**DATE: February 6, 2026**

## Exhibit 24.43

**Exhibit 24.43**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Amber Perry**, do hereby appoint J. Tyler Anthony and Anne C. Bancroft, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Potomac Electric Power Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ AMBER PERRY |
| **Amber Perry** |

---

**DATE: February 9, 2026**

## Exhibit 24.44

**Exhibit 24.44**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Jaclyn Cantler**, do hereby appoint J. Tyler Anthony and Anne C. Bancroft, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Potomac Electric Power Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ JACLYN CANTLER |
| **Jaclyn Cantler** |

---

**DATE: February 9, 2026**

## Exhibit 24.45

**Exhibit 24.45**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Anne C. Bancroft**, do hereby appoint J. Tyler Anthony attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Potomac Electric Power Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ ANNE C. BANCROFT |
| **Anne C. Bancroft** |

---

**DATE: February 9, 2026**

## Exhibit 24.46

**Exhibit 24.46**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **J. Tyler Anthony**, do hereby appoint Anne C. Bancroft attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Delmarva Power & Light Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ J. TYLER ANTHONY |
| **J. Tyler Anthony** |

---

**DATE: February 11, 2026**

## Exhibit 24.47

**Exhibit 24.47**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **Michael A. Innocenzo**, do hereby appoint J. Tyler Anthony and Anne C. Bancroft, or either of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Delmarva Power & Light Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ MICHAEL A. INNOCENZO |
| **Michael A. Innocenzo** |

---

**DATE: February 6, 2026**

## Exhibit 24.48

**Exhibit 24.48**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that I, **J. Tyler Anthony**, do hereby appoint Anne C. Bancroft attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2025 of Atlantic City Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things necessary to be done in the premises as fully and effectually in all respects as I could do if personally present.

---

| |
|:---|
| /s/ J. TYLER ANTHONY |
| **J. Tyler Anthony** |

---

**DATE: February 11, 2026**

## 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 annual report on Form 10-K 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/ CALVIN G. BUTLER JR. |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 annual report on Form 10-K 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/ JEANNE M. JONES |
| Executive Vice President, Chief Finance Officer, Audit and Risk |
| (Principal Financial Officer) |

---

Date: February 12, 2026

## 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 annual report on Form 10-K 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/ GIL C. QUINIONES |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 annual report on Form 10-K 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: February 12, 2026

## 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 annual report on Form 10-K 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/ DAVID M. VAHOS |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 annual report on Form 10-K 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/ MARISSA E. HUMPHREY |
| Senior Vice President, Chief Financial Officer and Treasurer |
| (Principal Financial Officer) |

---

Date: February 12, 2026

## 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 annual report on Form 10-K 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: February 12, 2026

## 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 annual report on Form 10-K 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/ MICHAEL J. CLOYD |
| Senior Vice President, Chief Financial Officer and Treasurer |
| (Principal Financial Officer) |

---

Date: February 12, 2026

## 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 annual report on Form 10-K 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/ J. TYLER ANTHONY |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 annual report on Form 10-K 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: February 12, 2026

## 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 annual report on Form 10-K 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/ J. TYLER ANTHONY |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 annual report on Form 10-K 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: February 12, 2026

## 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 annual report on Form 10-K 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/ J. TYLER ANTHONY |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 annual report on Form 10-K 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: February 12, 2026

## 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 annual report on Form 10-K 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/ J. TYLER ANTHONY |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 annual report on Form 10-K 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: February 12, 2026

## 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 Report on Form 10-K of Exelon Corporation for the year ended December 31, 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/ CALVIN G. BUTLER JR. |
| Calvin G. Butler Jr. |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of Exelon Corporation for the year ended December 31, 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/ JEANNE M. JONES |
| Jeanne M. Jones |
| Executive Vice President, Chief Finance Officer, Audit and Risk |
| (Principal Financial Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of Commonwealth Edison Company for the year ended December 31, 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/ GIL C. QUINIONES |
| Gil C. Quiniones |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of Commonwealth Edison Company for the year ended December 31, 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 |
| (Principal Financial Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of PECO Energy Company for the year ended December 31, 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/ DAVID M. VAHOS |
| David M. Vahos |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of PECO Energy Company for the year ended December 31, 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/ MARISSA E. HUMPHREY |
| Marissa E. Humphrey |
| Senior Vice President, Chief Financial Officer and Treasurer |
| (Principal Financial Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of Baltimore Gas and Electric Company for the year ended December 31, 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 |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of Baltimore Gas and Electric Company for the year ended December 31, 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/ MICHAEL J. CLOYD |
| Michael J. Cloyd |
| Senior Vice President, Chief Financial Officer and Treasurer |
| (Principal Financial Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of Pepco Holdings LLC for the year ended December 31, 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/ J. TYLER ANTHONY |
| J. Tyler Anthony |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of Pepco Holdings LLC for the year ended December 31, 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 |
| (Principal Financial Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of Potomac Electric Power Company for the year ended December 31, 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/ J. TYLER ANTHONY |
| J. Tyler Anthony |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of Potomac Electric Power Company for the year ended December 31, 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 |
| (Principal Financial Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of Delmarva Power & Light Company for the year ended December 31, 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/ J. TYLER ANTHONY |
| J. Tyler Anthony |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of Delmarva Power & Light Company for the year ended December 31, 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 |
| (Principal Financial Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of Atlantic City Electric Company for the year ended December 31, 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/ J. TYLER ANTHONY |
| J. Tyler Anthony |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

Date: February 12, 2026

## 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 Report on Form 10-K of Atlantic City Electric Company for the year ended December 31, 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 |
| (Principal Financial Officer) |

---

Date: February 12, 2026

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