Exelon (EXC) Investor presentation summary

Business overview and scale

• Operates six T&D-only utilities across seven regulatory jurisdictions, serving major metro areas including Chicago, Philadelphia, Baltimore, and Washington D.C., with 10.9 million electric and gas customers and over 20,000 employees.

• Combined service territory covers 25,550 square miles and 185,560 circuit miles of distribution lines, with $24.3B in 2025 operating revenues and a projected $68.1B rate base for 2026.

• Largest pure T&D utility by customer count and among the largest by rate base in the U.S.

Financial performance and outlook

• Targeting 5-7% adjusted operating EPS CAGR from 2025-2029, with expectations to be near the top end of the range.

• Projected dividend payout ratio of ~60%, with 5% annual dividend growth through 2029.

• $41.7B capital investment planned from 2026-2029, supporting a 7.9% rate base CAGR and diversified investment mix.

• Strong balance sheet with credit metrics ~200 bps above Moody’s and ~100 bps above S&P downgrade thresholds.

Operational excellence and customer value

• Utilities ranked 1st, 2nd, 4th, and 7th in reliability nationwide in 2024, with a 33% improvement in reliability since 2016 and $1B+ in avoided outage costs in 2025.

• Customer rates are 19% below those in the largest U.S. cities, and average electric bills as a percent of median income are 20% below the national average.

• O&M growth remains below inflation, saving customers $580M in 2026, and $60M in direct customer assistance provided in 2025.