Exelon (EXC) official guidance

Importantly, our $41 billion of capital between now and 2029 remains unchanged due to this update because we have not put in speculative projects.

Our revised four-year capital plan reflects these priorities by rebalancing investment, enabling us to invest nearly $10 billion in 2026 and a total of $41.7 billion over the next four years for the benefit of our customers.

“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.

Looking ahead, we now expect to invest $41.3 billion of capital to support our customers, with more than 70% of the plan over plan increase driven by transmission, where we continue to have a unique opportunity and significant momentum.

•Projecting $41.3 billion of capital expenditures over the next four years to support customer needs and grid reliability, resulting in expected rate base growth of 7.9% and operating EPS compounded annual growth near the top end of 5-7% from 2025-2029

Our credit metric outlook also remains strong, with expected average credit metrics of approximately 14% through 2029, supporting the strategic and financial flexibility needed to advance our capital plan and capture additional customer-driven growth opportunities.

We are committed to ensuring that we maintain financial flexibility and strong credit metrics over the guidance period, targeting approximately 14% at Moody's and S&P.

With our balanced funding strategy in place, we target credit metrics of 14% over the planning period, providing 100-200 basis points of financial flexibility on average over our downgrade thresholds at S&P and Moody's throughout our guidance period.

This morning, we reported adjusted operating earnings of $0.43 per share, consistent with expectations, and are reaffirming our full-year guidance of $2.81-$2.91 per share.

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

We are also affirming our 2026 operating earnings guidance of $2.81-$2.91 per share.

•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

Exelon introduced a guidance range for 2026 Adjusted (non-GAAP) operating earnings of $2.81-$2.91 per share.

We have already made progress on approximately 37% of these equity needs, with all of our $850 million in equity needs for 2026 and over $400 million in 2027 priced using forward contracts under our ATM.

The balance will be funded with $3.4 billion of equity, approximately 40% of our incremental capital plan from last year's plan and representing less than 2% of Exelon's annual market cap.

•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

Specifically, our total equity needs of $3.4 billion over the 4-year plan implies approximately $850 million of annualized equity needs, less than 2% of Exelon's annual market cap.

•Updating 4-year financing plan to include $3.4 billion of equity to fund capital expenditures, in line with a balanced funding strategy of funding incremental capital with approximately 40% equity, implying $850 million in annualized equity needs per year, with 82% of 2026 needs priced under forwards

The balance will be funded with $3.4 billion of equity, approximately 40% of our incremental capital plan from last year's plan and representing less than 2% of Exelon's annual market cap.

As a reminder, our policy is to fund incremental capital needs with approximately 40% of equity.

•Updating 4-year financing plan to include $3.4 billion of equity to fund capital expenditures, in line with a balanced funding strategy of funding incremental capital with approximately 40% equity, implying $850 million in annualized equity needs per year, with 82% of 2026 needs priced under forwards

We now anticipate transmission rate base growing at 16% through 2029 and are maintaining our previous upside guidance of $12 billion-$17 billion, which doesn't include our recent competitive transmission bids in MISO or potential solar or storage opportunities.

Moving to slide 11, our size and scale, award-winning reliability, and expertise in owning and operating 765 kV lines, uniquely position us to capitalize on additional transition opportunities that enable us to grow our transmission rate base CAGR by over 15% from 2025 through the end of the guidance period.

We remain on track to deliver full-year operating earnings of $2.81-$2.91 per share, with the goal to be at the midpoint or better. Finally, we reaffirm our expectation to deliver annualized earnings growth near the top end of 5%-7% from 2025 through 2029, supported by 7.9% annualized rate base growth, disciplined cost management, and a balanced financing plan that maintains strong investment-grade credit metrics.

Despite the rebalance of capital, we are maintaining our revised annualized rate base growth of 7.9% over the next four years, reflecting the substantial and accelerating transmission growth opportunities we are experiencing across our service territory.

“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.

With continued returns on equity in the 9%-10% range, we expect rate base growth of approximately 8% and annualized earnings growth of 5%-7% through 2029, with the expectation of being near the top end of that range.

•Projecting $41.3 billion of capital expenditures over the next four years to support customer needs and grid reliability, resulting in expected rate base growth of 7.9% and operating EPS compounded annual growth near the top end of 5-7% from 2025-2029

In 2026, we expect to deploy approximately $10 billion of capital for the benefit of our customers, earn a consolidated 9%-10% ROE, and deliver operating earnings of $2.81-$2.91 per share, with a goal of achieving midpoint or better while maintaining a strong and resilient balance sheet.

We plan to invest almost $10 billion in 2026 and a total of $41.3 billion over the next four years, an increase of $3.3 billion or 9% from the prior four-year planning period.

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

With these actions in place, we are reaffirming our 2026 Adjusted operating earnings guidance of $2.81-$2.91 per share and our long-term operating earnings growth outlook from 2025-2029 near the top end of the 5%-7% range.

•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

With continued returns on equity in the 9%-10% range, we expect rate base growth of approximately 8% and annualized earnings growth of 5%-7% through 2029, with the expectation of being near the top end of that range.

•Projecting $41.3 billion of capital expenditures over the next four years to support customer needs and grid reliability, resulting in expected rate base growth of 7.9% and operating EPS compounded annual growth near the top end of 5-7% from 2025-2029

In 2026, we expect to deploy approximately $10 billion of capital for the benefit of our customers, earn a consolidated 9%-10% ROE, and deliver operating earnings of $2.81-$2.91 per share, with a goal of achieving midpoint or better while maintaining a strong and resilient balance sheet.

In 2026, we expect to deploy $10 billion in capital, earning a consolidated 9%-10% operating return on equity.

Through 2029, we expect to fund the $41.3 billion capital plan, with $22 billion of internally generated cash flow, $13 billion of debt at the utilities, and $3 billion of total debt at the holding company, with the balance funded with a modest amount of equity.

Through 2029, we expect to fund the $41.3 billion capital plan, with $22 billion of internally generated cash flow, $13 billion of debt at the utilities, and $3 billion of total debt at the holding company, with the balance funded with a modest amount of equity.

Through 2029, we expect to fund the $41.3 billion capital plan, with $22 billion of internally generated cash flow, $13 billion of debt at the utilities, and $3 billion of total debt at the holding company, with the balance funded with a modest amount of equity.