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 Shareholder's Equity

(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2022	$3,702	$1,861	$5,563
Net income	—	563	563
Common stock dividends	—	(405)	(405)
Contributions from parent	348	—	348
Balance at December 31, 2023	$4,050	$2,019	$6,069
Net income	—	551	551
Common stock dividends	—	(400)	(400)
Contributions from parent	595	—	595
Balance at December 31, 2024	$4,645	$2,170	$6,815
Net income	—	814	814
Common stock dividends	—	(546)	(546)
Contributions from parent	577	—	577
Balance at December 31, 2025	$5,222	$2,438	$7,660

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Operating revenues
Electric operating revenues	$4,037	$3,407	$3,065
Natural gas operating revenues	1,264	957	869
Revenues from alternative revenue programs	(87)	52	84
Operating revenues from affiliates	8	10	9
Total operating revenues	5,222	4,426	4,027
Operating expenses
Purchased power	1,890	1,460	1,311
Purchased fuel	331	191	220
Operating and maintenance	815	790	520
Operating and maintenance from affiliates	251	246	221
Depreciation and amortization	632	638	654
Taxes other than income taxes	370	345	319
Total operating expenses	4,289	3,670	3,245
Operating income	933	756	782
Other income and (deductions)
Interest expense, net	(247)	(216)	(182)
Other, net	51	36	18
Total other income and (deductions)	(196)	(180)	(164)
Income before income taxes	737	576	618
Income taxes	159	49	133
Net income	$578	$527	$485
Comprehensive income	$578	$527	$485

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Cash flows from operating activities
Net income	$578	$527	$485
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	632	638	654
Deferred income taxes and amortization of investment tax credits	86	5	66
Other non-cash operating activities	170	38	(1)
Changes in assets and liabilities:
Accounts receivable	(244)	(142)	89
Receivables from and payables to affiliates, net	(9)	14	(5)
Inventories	3	(5)	47
Accounts payable and accrued expenses	(18)	35	(75)
Collateral received (paid), net	4	(1)	(22)
Income taxes	169	(54)	37
Regulatory assets and liabilities, net	(97)	(84)	(292)
Pension and non-pension postretirement benefit contributions	(44)	(37)	(19)
Other assets and liabilities	(1)	(39)	(13)
Net cash flows provided by operating activities	1,229	895	951
Cash flows from investing activities
Capital expenditures	(1,657)	(1,420)	(1,367)
Other investing activities	9	12	7
Net cash flows used in investing activities	(1,648)	(1,408)	(1,360)
Cash flows from financing activities
Changes in short-term borrowings	(175)	(161)	(72)
Issuance of long-term debt	650	800	700
Retirement of long-term debt	—	—	(300)
Dividends paid on common stock	(393)	(368)	(316)
Contributions from parent	531	237	385
Other financing activities	(8)	(9)	(7)
Net cash flows provided by financing activities	605	499	390
Increase (decrease) in cash, restricted cash, and cash equivalents	186	(14)	(19)
Cash, restricted cash, and cash equivalents at beginning of period	34	48	67
Cash, restricted cash, and cash equivalents at end of period	$220	$34	$48
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$153	$156	$(44)

	December 31,
(In millions)	2025	2024
ASSETS
Current assets
Cash and cash equivalents	$217	$33
Restricted cash and cash equivalents	3	1
Accounts receivable
Customer accounts receivable	887	654
Customer allowance for credit losses	(68)	(56)
Customer accounts receivable, net	819	598
Other accounts receivable	100	113
Other allowance for credit losses	(4)	(6)
Other accounts receivable, net	96	107
Receivables from affiliates	1	—
Inventories, net
Fossil fuel	36	29
Materials and supplies	74	84
Prepaid utility taxes	126	115
Regulatory assets	175	207
Prepaid renewable energy credits	189	157
Other	14	17
Total current assets	1,750	1,348
Property, plant, and equipment (net of accumulated depreciation and amortization of $5,234 and $5,005 as of December 31, 2025 and 2024, respectively)	14,385	13,134
Deferred debits and other assets
Regulatory assets	804	788
Investments	10	10
Prepaid pension asset	194	218
Other	41	44
Total deferred debits and other assets	1,049	1,060
Total assets	$17,184	$15,542

	December 31,
(In millions)	2025	2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$175
Long-term debt due within one year	350	—
Accounts payable	640	515
Accrued expenses	352	176
Payables to affiliates	39	48
Customer deposits	125	118
Regulatory liabilities	31	12
Renewable energy credit obligations	194	160
Other	39	39
Total current liabilities	1,770	1,243
Long-term debt	5,691	5,395
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,242	2,099
Regulatory liabilities	595	636
Asset retirement obligations	36	36
Non-pension postretirement benefit obligations	144	150
Other	104	97
Total deferred credits and other liabilities	3,121	3,018
Total liabilities	10,582	9,656
Commitments and contingencies
Shareholder's equity
Common stock (No par value, 0 shares(a) authorized, 0 shares(a) outstanding as of December 31, 2025 and 2024)	4,014	3,483
Retained earnings	2,588	2,403
Total shareholder's equity	6,602	5,886
Total liabilities and shareholder's equity	$17,184	$15,542

(a)In millions, shares round to zero. Number of shares is 1,500 authorized and 1,000 outstanding as of December 31, 2025 and 2024.

(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2022	$2,861	$2,075	$4,936
Net income	—	485	485
Common stock dividends	—	(316)	(316)
Contributions from parent	385	—	385
Balance at December 31, 2023	$3,246	$2,244	$5,490
Net income	—	527	527
Common stock dividends	—	(368)	(368)
Contributions from parent	237	—	237
Balance at December 31, 2024	$3,483	$2,403	$5,886
Net income	—	578	578
Common stock dividends	—	(393)	(393)
Contributions from parent	531	—	531
Balance at December 31, 2025	$4,014	$2,588	$6,602

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Operating revenues
Electric operating revenues	$6,957	$6,257	$5,748
Natural gas operating revenues	231	180	205
Revenues from alternative revenue programs	(63)	1	64
Operating revenues from affiliates	10	10	9
Total operating revenues	7,135	6,448	6,026
Operating expenses
Purchased power	2,836	2,447	2,250
Purchased fuel	95	66	98
Operating and maintenance	1,123	1,046	1,110
Operating and maintenance from affiliates	204	204	179
Depreciation and amortization	935	947	990
Taxes other than income taxes	568	528	487
Total operating expenses	5,761	5,238	5,114
Gain (loss) on sales of assets	3	(1)	9
Operating income	1,377	1,209	921
Other income and (deductions)
Interest expense, net	(408)	(373)	(323)
Interest expense to affiliates, net	(3)	(3)	—
Other, net	72	97	108
Total other income and (deductions)	(339)	(279)	(215)
Income before income taxes	1,038	930	706
Income taxes	239	189	116
Net income	$799	$741	$590
Comprehensive income	$799	$741	$590

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Cash flows from operating activities
Net income	$799	$741	$590
Adjustments to reconcile net income to net cash flows used in operating activities:
Depreciation, amortization, and accretion	937	947	990
(Gain) loss on sales of assets	(3)	1	(9)
Deferred income taxes and amortization of investment tax credits	132	73	29
Other non-cash operating activities	241	188	110
Changes in assets and liabilities:
Accounts receivable	(204)	(110)	(79)
Receivables from and payables to affiliates, net	(1)	2	(8)
Inventories	(32)	(37)	(42)
Accounts payable and accrued expenses	8	66	40
Collateral received (paid), net	17	—	(196)
Income taxes	(7)	(33)	65
Regulatory assets and liabilities, net	(192)	(223)	(61)
Pension and non-pension postretirement benefit contributions	(50)	(86)	(24)
Other assets and liabilities	(47)	(119)	(101)
Net cash flows provided by operating activities	1,598	1,410	1,304
Cash flows from investing activities
Capital expenditures	(2,056)	(1,863)	(1,988)
Proceeds from sales of long-lived assets	4	—	10
Other investing activities	—	—	8
Net cash flows used in investing activities	(2,052)	(1,863)	(1,970)
Cash flows from financing activities
Changes in short-term borrowings	82	136	(20)
Issuance of long-term debt	650	1,100	1,075
Retirement of long-term debt	(150)	(583)	(500)
Change in Exelon intercompany money pool	17	(2)	21
Distributions to member	(710)	(706)	(513)
Contributions from member	568	505	475
Other financing activities	(25)	(38)	(41)
Net cash flows provided by financing activities	432	412	497
Decrease in cash, restricted cash, and cash equivalents	(22)	(41)	(169)
Cash, restricted cash, and cash equivalents at beginning of period	163	204	373
Cash, restricted cash, and cash equivalents at end of period	$141	$163	$204
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$79	$76	$(109)

	December 31,
(In millions)	2025	2024
ASSETS
Current assets
Cash and cash equivalents	$103	$139
Restricted cash and cash equivalents	38	24
Accounts receivable
Customer accounts receivable	975	827
Customer allowance for credit losses	(115)	(108)
Customer accounts receivable, net	860	719
Other accounts receivable	292	284
Other allowance for credit losses	(49)	(49)
Other accounts receivable, net	243	235
Receivable from affiliates	14	8
Inventories, net
Fossil fuel	9	7
Materials and supplies	357	325
Prepaid utility taxes	77	70
Regulatory assets	352	323
Prepaid renewable energy credits	201	194
Other	34	36
Total current assets	2,288	2,080
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,350 and $3,728 as of December 31, 2025 and 2024, respectively)	21,377	20,053
Deferred debits and other assets
Regulatory assets	1,556	1,570
Goodwill	4,005	4,005
Investments	158	152
Prepaid pension asset	199	252
Other	132	185
Total deferred debits and other assets	6,050	6,164
Total assets	$29,715	$28,297

	December 31,
(In millions)	2025	2024
LIABILITIES AND MEMBER'S EQUITY
Current liabilities
Short-term borrowings	$612	$530
Long-term debt due within one year	64	290
Accounts payable	816	721
Accrued expenses	359	367
Payables to affiliates	71	66
Borrowings from Exelon intercompany money pool	80	63
Customer deposits	123	113
Regulatory liabilities	103	69
Unamortized energy contract liabilities	5	5
Renewable energy credit obligations	223	217
Other	121	124
Total current liabilities	2,577	2,565
Long-term debt	9,526	8,834
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	3,391	3,190
Regulatory liabilities	722	794
Asset retirement obligations	62	67
Non-pension postretirement benefit obligations	24	31
Unamortized energy contract liabilities	16	21
Other	418	473
Total deferred credits and other liabilities	4,633	4,576
Total liabilities	16,736	15,975
Commitments and contingencies
Member's equity
Membership interest	13,130	12,562
Undistributed losses	(151)	(240)
Total member's equity	12,979	12,322
Total liabilities and member's equity	$29,715	$28,297

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.