ATLANTIC CITY ELECTRIC CO

For the period ended Dec 31, 2025. Filed Feb 12, 2026.

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FY2025 · Filed Feb 12, 2026

EXC$45.65+0.1%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Changes in Member's Equity

(In millions)	Membership Interest	Undistributed (Losses)/Gains	Total Member's Equity
Balance at December 31, 2022	$11,582	$(352)	$11,230
Net income	—	590	590
Distribution to member	—	(513)	(513)
Contributions from member	475	—	475
Balance at December 31, 2023	$12,057	$(275)	$11,782
Net income	—	741	741
Distribution to member	—	(706)	(706)
Contributions from member	505	—	505
Balance at December 31, 2024	$12,562	$(240)	$12,322
Net income	—	799	799
Distribution to member	—	(710)	(710)
Contributions from member	568	—	568
Balance at December 31, 2025	$13,130	$(151)	$12,979

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Operating revenues
Electric operating revenues	$3,497	$3,017	$2,793
Revenues from alternative revenue programs	(49)	15	22
Operating revenues from affiliates	6	7	9
Total operating revenues	3,454	3,039	2,824
Operating expenses
Purchased power	1,262	1,055	974
Operating and maintenance	379	283	336
Operating and maintenance from affiliates	246	251	236
Depreciation and amortization	433	407	441
Taxes other than income taxes	455	424	390
Total operating expenses	2,775	2,420	2,377
Gain (loss) on sales of assets	1	(1)	9
Operating income	680	618	456
Other income and (deductions)
Interest expense, net	(214)	(195)	(165)
Interest income from affiliates, net	—	3	—
Other, net	41	54	66
Total other income and (deductions)	(173)	(138)	(99)
Income before income taxes	507	480	357
Income taxes	106	90	51
Net income	$401	$390	$306
Comprehensive income	$401	$390	$306

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Cash flows from operating activities
Net income	$401	$390	$306
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion	435	407	441
(Gain) loss on sales of assets	(1)	1	(9)
Deferred income taxes and amortization of investment tax credits	51	24	(15)
Other non-cash operating activities	111	33	53
Changes in assets and liabilities:
Accounts receivable	(121)	(26)	(29)
Receivables from and payables to affiliates, net	4	6	(3)
Inventories	(4)	(10)	(24)
Accounts payable and accrued expenses	1	67	6
Collateral received (paid), net	12	—	(25)
Income taxes	(33)	(30)	60
Regulatory assets and liabilities, net	(93)	(85)	(45)
Pension and non-pension postretirement benefit contributions	(9)	(9)	(12)
Other assets and liabilities	(29)	(84)	(5)
Net cash flows provided by operating activities	725	684	699
Cash flows from investing activities
Capital expenditures	(957)	(929)	(957)
Proceeds from sale of long-lived assets	2	—	10
Other investing activities	—	—	8
Net cash flows used in investing activities	(955)	(929)	(939)
Cash flows from financing activities
Changes in short-term borrowings	103	68	(167)
Issuance of long-term debt	275	675	350
Retirement of long-term debt	—	(400)	—
Dividends paid on common stock	(327)	(359)	(252)
Contributions from parent	193	260	308
Other financing activities	(10)	(20)	(26)
Net cash flows provided by financing activities	234	224	213
Increase (decrease) in cash, restricted cash, and cash equivalents	4	(21)	(27)
Cash, restricted cash, and cash equivalents at beginning of period	51	72	99
Cash, restricted cash, and cash equivalents at end of period	$55	$51	$72
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$56	$30	$(55)

	December 31,
(In millions)	2025	2024
ASSETS
Current assets
Cash and cash equivalents	$22	$30
Restricted cash and cash equivalents	33	21
Accounts receivable
Customer accounts receivable	484	395
Customer allowance for credit losses	(69)	(59)
Customer accounts receivable, net	415	336
Other accounts receivable	154	142
Other allowance for credit losses	(26)	(27)
Other accounts receivable, net	128	115
Receivables from affiliates	—	1
Inventories, net	174	169
Regulatory assets	182	157
Prepaid renewable energy credits	171	165
Other	59	55
Total current assets	1,184	1,049
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,784 and $4,522 as of December 31, 2025 and 2024, respectively)	10,747	10,097
Deferred debits and other assets
Regulatory assets	405	446
Investments	141	135
Prepaid pension asset	194	222
Other	57	51
Total deferred debits and other assets	797	854
Total assets	$12,728	$12,000

	December 31,
(In millions)	2025	2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$303	$200
Long-term debt due within one year	6	6
Accounts payable	418	360
Accrued expenses	173	201
Payables to affiliates	37	37
Customer deposits	61	55
Regulatory liabilities	13	17
Merger related obligation	20	22
Renewable energy credit obligations	174	169
Other	64	51
Total current liabilities	1,269	1,118
Long-term debt	4,626	4,356
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,604	1,509
Regulatory liabilities	268	310
Asset retirement obligations	45	49
Other	214	223
Total deferred credits and other liabilities	2,131	2,091
Total liabilities	8,026	7,565
Commitments and contingencies
Shareholder's equity
Common stock ($0.01 par value, 200 shares authorized, 0 shares(a) outstanding as of December 31, 2025 and 2024)	3,528	3,335
Retained earnings	1,174	1,100
Total shareholder's equity	4,702	4,435
Total liabilities and shareholder's equity	$12,728	$12,000

(a)In millions, shares round to zero. Number of shares is 100 outstanding as of December 31, 2025 and 2024.

(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2022	$2,767	$1,015	$3,782
Net income	—	306	306
Common stock dividends	—	(252)	(252)
Contributions from parent	308	—	308
Balance at December 31, 2023	$3,075	$1,069	$4,144
Net income	—	390	390
Common stock dividends	—	(359)	(359)
Contributions from parent	260	—	260
Balance at December 31, 2024	$3,335	$1,100	$4,435
Net income	—	401	401
Common stock dividends	—	(327)	(327)
Contributions from parent	193	—	193
Balance at December 31, 2025	$3,528	$1,174	$4,702

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Operating revenues
Electric operating revenues	$1,747	$1,602	$1,460
Natural gas operating revenues	231	180	205
Revenues from alternative revenue programs	(16)	(2)	15
Operating revenues from affiliates	9	7	8
Total operating revenues	1,971	1,787	1,688
Operating expenses
Purchased power	766	694	639
Purchased fuel	95	66	98
Operating and maintenance	213	196	193
Operating and maintenance from affiliates	178	181	171
Depreciation and amortization	252	245	244
Taxes other than income taxes	88	79	75
Total operating expenses	1,592	1,461	1,420
Operating income	379	326	268
Other income and (deductions)
Interest expense, net	(102)	(94)	(74)
Interest income from affiliates, net	—	1	—
Other, net	16	25	18
Total other income and (deductions)	(86)	(68)	(56)
Income before income taxes	293	258	212
Income taxes	69	49	35
Net income	$224	$209	$177
Comprehensive income	$224	$209	$177

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Cash flows from operating activities
Net income	$224	$209	$177
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	252	245	244
Deferred income taxes and amortization of investment tax credits	32	16	4
Other non-cash operating activities	57	40	13
Changes in assets and liabilities:
Accounts receivable	(70)	(46)	6
Receivables from and payables to affiliates, net	(3)	2	2
Inventories	(14)	(20)	(5)
Accounts payable and accrued expenses	20	22	(7)
Collateral received (paid), net	2	2	(121)
Income taxes	16	(24)	26
Regulatory assets and liabilities, net	(35)	(51)	25
Pension and non-pension postretirement benefit contributions	(1)	(3)	(4)
Other assets and liabilities	6	16	13
Net cash flows provided by operating activities	486	408	373
Cash flows from investing activities
Capital expenditures	(534)	(556)	(562)
Net cash flows used in investing activities	(534)	(556)	(562)
Cash flows from financing activities
Changes in short-term borrowings	17	81	(52)
Issuance of long-term debt	125	175	650
Retirement of long-term debt	—	(33)	(500)
Dividends paid on common stock	(202)	(220)	(133)
Contributions from parent	107	160	99
Other financing activities	(10)	(8)	(11)
Net cash flows provided by financing activities	37	155	53
(Decrease) increase in cash, restricted cash, and cash equivalents	(11)	7	(136)
Cash, restricted cash, and cash equivalents at beginning of period	23	16	152
Cash, restricted cash, and cash equivalents at end of period	$12	$23	$16
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$13	$41	$(6)

	December 31,
(In millions)	2025	2024
ASSETS
Current assets
Cash and cash equivalents	$9	$21
Restricted cash and cash equivalents	3	2
Accounts receivable
Customer accounts receivable	253	210
Customer allowance for credit losses	(19)	(17)
Customer accounts receivable, net	234	193
Other accounts receivable	75	63
Other allowance for credit losses	(10)	(9)
Other accounts receivable, net	65	54
Receivables from affiliates	2	—
Inventories, net
Fossil fuel	9	6
Materials and supplies	107	95
Prepaid utility taxes	29	26
Regulatory assets	72	60
Prepaid renewable energy credits	30	29
Other	13	16
Total current assets	573	502
Property, plant, and equipment, (net of accumulated depreciation and amortization of $2,241 and $2,075 as of December 31, 2025 and 2024, respectively)	5,855	5,540
Deferred debits and other assets
Regulatory assets	214	215
Other	147	164
Total deferred debits and other assets	361	379
Total assets	$6,789	$6,421

	December 31,
(In millions)	2025	2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$161	$144
Long-term debt due within one year	53	130
Accounts payable	218	187
Accrued expenses	70	55
Payables to affiliates	25	26
Customer deposits	36	34
Regulatory liabilities	42	42
Renewable energy credit obligations	49	48
Other	22	22
Total current liabilities	676	688
Long-term debt	2,291	2,090
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	996	946
Regulatory liabilities	316	325
Asset retirement obligations	12	13
Other	127	117
Total deferred credits and other liabilities	1,451	1,401
Total liabilities	4,418	4,179
Commitments and contingencies
Shareholder's equity
Common stock ($2.25 par value, 0 shares(a) authorized, 0 shares(a) outstanding as of December 31, 2025 and 2024, respectively)	1,722	1,615
Retained earnings	649	627
Total shareholder's equity	2,371	2,242
Total liabilities and shareholder's equity	$6,789	$6,421

(a)In millions, shares round to zero. Number of shares is 1,000 authorized and outstanding as of December 31, 2025 and 2024.

(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2022	$1,356	$594	$1,950
Net income	—	177	177
Common stock dividends	—	(133)	(133)
Contributions from parent	99	—	99
Balance at December 31, 2023	$1,455	$638	$2,093
Net income	—	209	209
Common stock dividends	—	(220)	(220)
Contributions from parent	160	—	160
Balance at December 31, 2024	$1,615	$627	$2,242
Net income	—	224	224
Common stock dividends	—	(202)	(202)
Contributions from parent	107	—	107
Balance at December 31, 2025	$1,722	$649	$2,371

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Operating revenues
Electric operating revenues	$1,712	$1,638	$1,493
Revenues from alternative revenue programs	2	(12)	27
Operating revenues from affiliates	4	2	2
Total operating revenues	1,718	1,628	1,522
Operating expenses
Purchased power	808	698	637
Operating and maintenance	173	206	233
Operating and maintenance from affiliates	155	162	153
Depreciation and amortization	248	278	283
Taxes other than income taxes	9	9	8
Total operating expenses	1,393	1,353	1,314
Gain on sale of assets	2	—	—
Operating income	327	275	208
Other income and (deductions)
Interest expense, net	(82)	(74)	(72)
Interest expense to affiliates, net	—	(5)	—
Other, net	10	14	20
Total other income and (deductions)	(72)	(65)	(52)
Income before income taxes	255	210	156
Income taxes	67	55	36
Net income	$188	$155	$120
Comprehensive income	$188	$155	$120

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Cash flows from operating activities
Net income	$188	$155	$120
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	248	278	283
Gain on sales of assets	(2)	—	—
Deferred income taxes and amortization of investment tax credits	47	39	27
Other non-cash operating activities	38	70	—
Changes in assets and liabilities:
Accounts receivable	(14)	(35)	(57)
Receivables from and payables to affiliates, net	(3)	(8)	(4)
Inventories	(13)	(8)	(12)
Accounts payable and accrued expenses	(8)	(18)	27
Collateral received (paid), net	5	—	(50)
Income taxes	9	(5)	—
Regulatory assets and liabilities, net	(62)	(88)	(47)
Pension and non-pension postretirement benefit contributions	(4)	(9)	(3)
Other assets and liabilities	(1)	(44)	(83)
Net cash flows provided by operating activities	428	327	201
Cash flows from investing activities
Capital expenditures	(390)	(373)	(460)
Proceeds from sale of long-lived assets	2	—	—
Net cash flows used in investing activities	(388)	(373)	(460)
Cash flows from financing activities
Changes in short-term borrowings	(38)	(13)	199
Issuance of long-term debt	250	250	75
Retirement of long-term debt	(150)	(150)	—
Dividends paid on common stock	(183)	(127)	(126)
Contributions from parent	98	85	65
Other financing activities	(7)	(6)	(5)
Net cash flows (used in) provided by financing activities	(30)	39	208
Increase (decrease) in cash, restricted cash, and cash equivalents	10	(7)	(51)
Cash, restricted cash, and cash equivalents at beginning of period	14	21	72
Cash, restricted cash, and cash equivalents at end of period	$24	$14	$21
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$11	$4	$(47)

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