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 Shareholders' Equity

(In millions)	CommonStock	OtherPaid-InCapital	RetainedEarnings	TotalShareholders’Equity
Balance at December 31, 2022	$1,588	$9,746	$2,030	$13,364
Net income	—	—	1,090	1,090
Common stock dividends	—	—	(746)	(746)
Contributions from parent	—	655	—	655
Balance at December 31, 2023	$1,588	$10,401	$2,374	$14,363
Net income	—	—	1,066	1,066
Common stock dividends	—	—	(776)	(776)
Contributions from parent	—	227	—	227
Balance at December 31, 2024	$1,588	$10,628	$2,664	$14,880
Net income	—	—	1,147	1,147
Common stock dividends	—	—	(813)	(813)
Contributions from parent	—	391	—	391
Balance at December 31, 2025	$1,588	$11,019	$2,998	$15,605

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Operating revenues
Electric operating revenues	$3,818	$3,312	$3,202
Natural gas operating revenues	854	645	690
Revenues from alternative revenue programs	—	6	(7)
Operating revenues from affiliates	12	10	9
Total operating revenues	4,684	3,973	3,894
Operating expenses
Purchased power	1,436	1,265	1,270
Purchased fuel	297	212	274
Operating and maintenance	946	875	786
Operating and maintenance from affiliates	249	245	217
Depreciation and amortization	454	428	397
Taxes other than income taxes	240	218	202
Total operating expenses	3,622	3,243	3,146
Gain on sale of assets	—	4	—
Operating income	1,062	734	748
Other income and (deductions)
Interest expense, net	(249)	(221)	(192)
Interest expense to affiliates, net	(11)	(11)	(9)
Other, net	41	37	36
Total other income and (deductions)	(219)	(195)	(165)
Income before income taxes	843	539	583
Income taxes	29	(12)	20
Net income	$814	$551	$563
Comprehensive income	$814	$551	$563

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Cash flows from operating activities
Net income	$814	$551	$563
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	454	428	397
Gain on sales of assets	—	(4)	—
Deferred income taxes and amortization of investment tax credits	(69)	(63)	(43)
Other non-cash operating activities	78	59	13
Changes in assets and liabilities:
Accounts receivable	(238)	(210)	67
Receivables from and payables to affiliates, net	(6)	4	(1)
Inventories	(12)	1	34
Accounts payable and accrued expenses	118	23	(78)
Collateral received, net	6	—	—
Income taxes	283	(76)	86
Regulatory assets and liabilities, net	(33)	27	(31)
Pension and non-pension postretirement benefit contributions	(13)	(4)	(1)
Other assets and liabilities	21	18	13
Net cash flows provided by operating activities	1,403	754	1,019
Cash flows from investing activities
Capital expenditures	(1,867)	(1,553)	(1,426)
Other investing activities	3	6	2
Net cash flows used in investing activities	(1,864)	(1,547)	(1,424)
Cash flows from financing activities
Change in short-term borrowings	(192)	27	(74)
Issuance of long-term debt	1,050	575	575
Retirement of long-term debt	(350)	—	(50)
Dividends paid on common stock	(546)	(400)	(405)
Contributions from parent	577	595	348
Other financing activities	(10)	(7)	(6)
Net cash flows provided by financing activities	529	790	388
Increase (decrease) in cash, restricted cash, and cash equivalents	68	(3)	(17)
Cash, restricted cash, and cash equivalents at beginning of period	48	51	68
Cash, restricted cash, and cash equivalents at end of period	$116	$48	$51
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$94	$103	$(56)

	December 31,
(In millions)	2025	2024
ASSETS
Current assets
Cash and cash equivalents	$116	$48
Accounts receivable
Customer accounts receivable	811	670
Customer allowance for credit losses	(137)	(133)
Customer accounts receivable, net	674	537
Other accounts receivable	144	145
Other allowance for credit losses	(18)	(18)
Other accounts receivable, net	126	127
Inventories, net
Fossil fuel	43	37
Materials and supplies	83	79
Prepaid renewable energy credits	55	51
Regulatory assets	72	65
Other	34	29
Total current assets	1,203	973
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,131 and $4,042 as of December 31, 2025 and 2024, respectively)	15,922	14,392
Deferred debits and other assets
Regulatory assets	1,275	1,003
Receivable related to Regulatory Agreement Units	442	247
Investments	45	41
Prepaid pension asset	441	435
Other	34	32
Total deferred debits and other assets	2,237	1,758
Total assets	$19,362	$17,123

	December 31,
(In millions)	2025	2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$192
Long-term debt due within one year	—	350
Accounts payable	811	639
Accrued expenses	483	166
Payables to affiliates	35	41
Customer deposits	93	80
Renewable energy credit obligations	56	52
Regulatory liabilities	140	122
Other	40	28
Total current liabilities	1,658	1,670
Long-term debt	6,396	5,354
Long-term debt to financing trusts	184	184
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,594	2,433
Regulatory liabilities	449	253
Asset retirement obligations	26	27
Non-pension postretirement benefit obligations	286	287
Other	109	100
Total deferred credits and other liabilities	3,464	3,100
Total liabilities	11,702	10,308
Commitments and contingencies
Shareholder's equity
Common stock (No par value, 500 shares authorized, 170 shares outstanding as of December 31, 2025 and 2024)	5,222	4,645
Retained earnings	2,438	2,170
Total shareholder's equity	7,660	6,815
Total liabilities and shareholder's equity	$19,362	$17,123

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