Exelon (EXC) Investor presentation summary

Business overview and operational scale

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

• Employs over 20,000 people, with a combined service territory of 25,550 square miles and 185,560 circuit miles of distribution lines.

• Recorded $24.3 billion in operating revenues for 2025, with a projected 2026 rate base of $68.1 billion and $41.3 billion in capital investment planned from 2026 to 2029.

Financial performance and outlook

• Targeting 5-7% adjusted operating earnings CAGR from 2025-2029, with a projected dividend payout ratio of ~60% and 5% annual dividend growth.

• Delivered a 2025 operating ROE within the 9-10% targeted range, maintaining this level since 2021.

• Maintains strong investment grade credit ratings, with a balanced funding approach including $3.4B equity issuance through 2029 and $1B convertible notes issued in 2025.

Capital investment and growth strategy

• Four-year capital plan of $41.3B (2026-2029) supports customer needs, grid modernization, and reliability, with no single project exceeding 3% of the plan.

• Transmission investment is a key focus, with $12-17B of additional opportunity identified beyond the current plan and a 70% increase in transmission capital spend plan-over-plan.

• 89% of expected rate base growth through 2029 is recoverable through established alternative regulatory mechanisms.