Exelon Corporation

Earnings / guidance (good execution) - Reported adjusted operating earnings of $0.87/share in 3Q 2026, up slightly vs $0.86/share in 3Q 2025 (largely timing/weather and rate impacts net of storm/interest/tax). - Full-year 2026 guidance narrowed to $2.85–$2.91/share with an intent to deliver at the midpoint or better. - Maintained outlook for annualized adjusted operating earnings growth near the top end of ~5%–7% (2025–2029), supported by the capital plan and execution discipline.

Reliability + affordability narrative (strong, with quantified storm performance) - Utilities achieved strong reliability benchmarking: operating companies rank 1st, 2nd, 5th, 6th in electric reliability vs peers. - During a heavy storm season: ~31 significant weather events YTD, including 3 major storms in ComEd affecting >400k customers each, plus 57 tornadoes and 2 derechos. - Company estimates storms prevented ~6.6 million customer outages; 94% of customers restored in <48 hours. - Emphasized affordability: customer rates ~19% below largest U.S. cities and bills as % of median income ~20% below national average, despite higher PJM-driven supply costs (largely outside control).

Capital plan + growth engine (durable base + upside runway) - $41.7B investment plan (no single project > 3%), driving ~7.9% rate base growth. - Mix: ~16% transmission growth plus targeted resiliency/constraints mitigation. - “Runway beyond plan”: - Transmission opportunity: +$12B to $17B over the next decade. - Regulated storage opportunity: +$3B to $7B (about 1.5 to 3.5 GW). - Management framing: the base plan is not dependent on speculative upside; storage/transmission added only with approvals and cost recovery.