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EX-99.1

2 exc-20260506ex991.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contact:  Khanya Brann Corporate Communications 301-535-3292

Ryan Brown Investor Relations 779-231-0017

EXELON REPORTS FIRST QUARTER 2026 RESULTS

Earnings Release Highlights

•GAAP net income of $0.90 per share and Adjusted (non-GAAP) operating earnings of $0.91 per share for the first quarter of 2026

•Affirming full year 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share and operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029

•Projecting $41.7 billion of capital expenditures over the next four years, resulting in expected rate base growth of 7.9%

•All utilities sustained top quartile in reliability performance, with ComEd in top decile

•Through March 31, completed approximately 43% of planned debt financings, including all of its Holding Company issuances, and priced approximately 37% of its $3.4 billion of equity needs through 2029

CHICAGO (May 6, 2026) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2026.

“Exelon is on track for another year of consistent operational and financial performance. Our scale, platform, and disciplined execution allow us to adapt as conditions evolve to continue delivering on our commitments over the long term,” said Exelon President and Chief Executive Officer Calvin Butler. “Through The Exelon Promise, we are committed to balancing affordability while advancing safety, reliability, and investments that strengthen the grid and support the communities we serve – today and in the future.”

“We delivered first quarter 2026 adjusted operating earnings of $0.91 per share while maintaining strong operational performance, continuing our track record of execution as a standalone utility,” said Exelon Chief Financial Officer Jeanne Jones. “With a revised $41.7 billion four-year capital plan, 7.9% rate base growth, and a disciplined focus on cost management, we remain well-positioned to deliver annualized earnings growth near the top end of 5% to 7% through 2029. Our results and outlook underscore the durability of our business and our ability to adapt and execute while continuing to invest in a way that balances the needs of our customers with the grid of the future.”

1

First Quarter 2026

Exelon's GAAP net income for the first quarter of 2026 remained relatively consistent with the prior period at $0.90 per share. Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $0.91 per share from $0.92 per share in the first quarter of 2025. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4.

The GAAP net income and Adjusted (non-GAAP) operating earnings in the first quarter of 2026 primarily reflect:

•Higher costs at the Exelon holding company primarily due to higher income taxes and higher interest expense.

•Higher utility earnings primarily due to approved distribution and transmission rates at ComEd and PHI, approved distribution rates at BGE, absence of customer surcharge credits at PECO, higher allowance for funds used during construction (AFUDC) at ComEd, and favorable weather and lower income taxes at PECO. This was partially offset by timing of distribution earnings at ComEd, higher depreciation expense at PECO and PHI, higher interest expense at PECO, higher credit loss expense at BGE, and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. Note that rate increases are associated with updated recovery rates for costs and investments to serve customers, driving top quartile reliability and avoiding outage costs.

Operating Company Results1

ComEd

ComEd's first quarter of 2026 GAAP net income increased to $310 million from $302 million in the first quarter of 2025. ComEd's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $310 million from $325 million in the first quarter of 2025, primarily due to timing of distribution earnings, partially offset by an increase in AFUDC and higher distribution and transmission rate base driven by incremental investments to serve customers, driving top quartile reliability and avoiding outage costs. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

PECO

PECO’s first quarter of 2026 GAAP net income increased to $278 million from $266 million in the first quarter of 2025. PECO's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 increased to $278 million from $265 million in the first quarter of 2025, primarily due to absence of customer surcharge credits, favorable weather, and lower income taxes due to tax repairs, some of which is timing, partially offset by an increase in depreciation and interest expense.

1 Exelon’s four business units include ComEd, which consists of electricity

exc-20260212Pennsylvania10 South Dearborn StreetP.O. Box 805379ChicagoIllinois60680-5379(800)483-3220Illinois10 South Dearborn StreetChicagoIllinois60603-2300(312)394-4321PennsylvaniaP.O. Box 86992301 Market StreetPhiladelphiaPennsylvania19101-8699(215)841-4000Cumulative Preferred Security, Series DMaryland2 Center Plaza110 West Fayette StreetBaltimoreMaryland21201-3708(410)234-5000Delaware701 Ninth Street, N.W.WashingtonDistrict of Columbia20068-0001(202)872-2000District of ColumbiaVirginia701 Ninth Street, N.W.WashingtonDistrict of Columbia20068-0001(202)872-2000DelawareVirginia500 North Wakefield DriveNewarkDelaware19702-5440(202)872-2000New Jersey500 North Wakefield DriveNewarkDelaware19702-5440(202)872-2000☐☐☐☐☐☐☐☐00011093570000022606000007810000000094660001135971000007973200000278790000008192FalseFalseFalseFalseFalseFalseFalseFalse0001109357exc:CommonwealthEdisonCoMember2025-02-122025-02-120001109357exc:BaltimoreGasAndElectricCompanyMember2025-02-122025-02-120001109357exc:DelmarvaPowerandLightCompanyMember2025-02-122025-02-120001109357exc:PepcoHoldingsLLCMember2025-02-122025-02-120001109357exc:PecoEnergyCoMember2025-02-122025-02-120001109357exc:PotomacElectricPowerCompanyMember2025-02-122025-02-120001109357exc:AtlanticCityElectricCompanyMember2025-02-122025-02-1200011093572025-02-122025-02-120001109357stpr:DCexc:PotomacElectricPowerCompanyMember2025-02-122025-02-120001109357stpr:VAexc:PotomacElectricPowerCompanyMember2025-02-122025-02-120001109357stpr:DEexc:DelmarvaPowerandLightCompanyMember2025-02-122025-02-120001109357stpr:VAexc:DelmarvaPowerandLightCompanyMember2025-02-122025-02-12

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 February 12, 2026 Date of Report (Date of earliest event reported)

Commission File NumberName of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone NumberIRS Employer Identification Number

001-16169EXELON CORPORATION23-2990190

(a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (800) 483-3220

001-01839COMMONWEALTH EDISON COMPANY36-0938600

(an Illinois corporation) 10 South Dearborn Street Chicago, Illinois 60603-2300 (312) 394-4321

000-16844PECO ENERGY COMPANY23-0970240

(a Pennsylvania corporation) 2301 Market Street P.O. Box 8699 Philadelphia, Pennsylvania 19101-8699 (215) 841-4000

001-01910BALTIMORE GAS AND ELECTRIC COMPANY52-0280210

(a Maryland corporation) 2 Center Plaza 110 West Fayette Street Baltimore, Maryland 21201-3708 (410) 234-5000

001-31403PEPCO HOLDINGS LLC52-2297449

(a Delaware limited liability company) 701 Ninth Street, N.W. Washington, District of Columbia 20068-0001 (202) 872-2000

001-01072POTOMAC ELECTRIC POWER COMPANY53-0127880

(a District of Columbia and Virginia corporation) 701 Ninth Street, N.W. Washington, District of Columbia 20068-0001 (202) 872-2000

001-01405DELMARVA POWER & LIGHT COMPANY51-0084283

(a Delaware and Virginia corporation) 500 North Wakefield Drive Newark, Delaware 19702-5440 (202) 872-2000

001-03559ATLANTIC CITY ELECTRIC COMPANY21-0398280

(a New Jersey corporation) 500 North Wakefield Drive Newark, Delaware 19702-5440 (202) 872-2000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registered

EXELON CORPORATION:

Common Stock, without par valueEXCThe Nasdaq Stock Market LLC

Indicate by check mark whether any of the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if any of the registrants have 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. ☐

Item 2.02. Results of Operations and Financial Condition. Item 7.01. Regulation FD Disclosure.

On February 12, 2026, Exelon Corporation (Exelon) announced via press release its results for the fourth quarter ended December 31, 2025. A copy of the press release and related attachments are attached hereto as Exhibit 99.1. Also attached as Exhibit 99.2 to this Current Report on For