Exelon Corp.

Solid 2Q results; full-year guidance reaffirmed - Reported adjusted operating earnings of $0.43/share in 2Q’26, slightly up YoY from $0.39 (about + $0.04/share). - Reaffirmed 2026 full-year guidance of $2.81–$2.91/share (targeting midpoint “or better”). - 3Q shaping: company expects ~27% of the full-year midpoint (includes storm/weather impacts plus the PECO employee strike at the beginning of July). - Full-year growth outlook: expects annualized earnings growth near the top end of 5%–7% from 2025–2029, supported by ~7.9% annualized rate base growth and disciplined cost/financing.

Customer reliability & storm resilience are a key “good” story—plus measurable benefits - Management emphasized top-quartile reliability leadership; ComEd and PHI projected in the top decile. - Storm stress in Illinois/ComEd: - 16 major weather events for ComEd so far in 2026 (more than in 2 decades). - ~530,000 customers impacted by Monday’s severe storms; power restored to 90% within 48 hours. - Monetizable reliability benefits: company cited ~$1B avoided outage costs in 2025 from top-quartile reliability and nearly 2M fewer annual customer interruptions since 2021.

Regulatory progress across the footprint—but specific filings add risk/overhang - Pepco Maryland: final order expected next month for traditional electric base rate case (recovery of reliability investments + higher financing cost impact). - BGE (Maryland): filed electric distribution rate case (7/2) seeking $156.1M revenue requirement increase; final order expected Jan 2027. Includes storm recovery mechanism and customer payment flexibility; company claims BGE’s own delay/deferral approach was partly used to reduce customer pain. - Delaware (DPL/Delmarva): seeking $45.4M revenue requirement increase; interim rates effective 7/9 subject to refund; final order expected 3Q’27. - ComEd: grid plan proceeding progressing; ~$15.3B investment through 2031, order expected by Dec 15. - Negative risk theme: regulatory outcomes remain uncertain and some jurisdictions are still grappling with affordability pressures and storm/financing cost recovery mechanisms.