ATLANTIC CITY ELECTRIC CO

For the period ended Mar 31, 2026. Filed May 6, 2026.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 6, 2026

EXC$45.62-2.0%Stored close · as of Nov 6, 2026

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Contents

Consolidated Statements of Changes in Member's Equity

	Three Months Ended March 31, 2026
(In millions)	Membership Interest	Undistributed (Losses)/Gains	Total Member's Equity
Balance at December 31, 2025	$13,130	$(151)	$12,979
Net income	—	169	169
Distributions to member	—	(139)	(139)
Contributions from member	275	—	275
Balance at March 31, 2026	$13,405	$(121)	$13,284

	Three Months Ended March 31, 2025
(In millions)	Membership Interest	Undistributed (Losses)/Gains	Total Member's Equity
Balance at December 31, 2024	$12,562	$(240)	$12,322
Net income	—	194	194
Distributions to member	—	(132)	(132)
Contributions from member	352	—	352
Balance at March 31, 2025	$12,914	$(178)	$12,736

	Three Months EndedMarch 31,
(In millions)	2026	2025
Operating revenues
Electric operating revenues	$986	$855
Revenues from alternative revenue programs	1	2
Operating revenues from affiliates	2	2
Total operating revenues	989	859
Operating expenses
Purchased power	411	318
Operating and maintenance	151	96
Operating and maintenance from affiliates	67	63
Depreciation and amortization	114	105
Taxes other than income taxes	118	113
Total operating expenses	861	695
Loss on sale of assets	—	(1)
Operating income	128	163
Other income and (deductions)
Interest expense, net	(55)	(52)
Other, net	11	11
Total other income and (deductions)	(44)	(41)
Income before income taxes	84	122
Income taxes	16	25
Net income	$68	$97
Comprehensive income	$68	$97

	Three Months EndedMarch 31,
(In millions)	2026	2025
Cash flows from operating activities
Net income	$68	$97
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion	114	105
Loss on sales of assets	—	1
Deferred income taxes and amortization of investment tax credits	44	10
Other non-cash operating activities	27	12
Changes in assets and liabilities:
Accounts receivable	24	(14)
Receivables from and payables to affiliates, net	(6)	(2)
Inventories	(14)	(20)
Accounts payable and accrued expenses	4	(28)
Collateral (paid) received, net	(12)	10
Income taxes	(28)	15
Regulatory assets and liabilities, net	35	13
Pension and non-pension postretirement benefit contributions	(4)	(4)
Other assets and liabilities	6	(3)
Net cash flows provided by operating activities	258	192
Cash flows from investing activities
Capital expenditures	(285)	(240)
Net cash flows used in investing activities	(285)	(240)
Cash flows from financing activities
Changes in short-term borrowings	(230)	(200)
Issuance of long-term debt	170	200
Dividends paid on common stock	(64)	(66)
Contributions from parent	139	157
Other financing activities	(3)	(5)
Net cash flows provided by financing activities	12	86
(Decrease) increase in cash, restricted cash, and cash equivalents	(15)	38
Cash, restricted cash, and cash equivalents at beginning of period	55	51
Cash, restricted cash, and cash equivalents at end of period	$40	$89
Supplemental cash flow information
Decrease in capital expenditures not paid	$(83)	$(49)

(In millions)	March 31, 2026	December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$20	$22
Restricted cash and cash equivalents	20	33
Accounts receivable
Customer accounts receivable	454	484
Customer allowance for credit losses	(76)	(69)
Customer accounts receivable, net	378	415
Other accounts receivable	173	154
Other allowance for credit losses	(26)	(26)
Other accounts receivable, net	147	128
Receivables from affiliates	1	—
Inventories, net	188	174
Regulatory assets	145	182
Prepaid renewable energy credits	49	171
Other	40	59
Total current assets	988	1,184
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,861 and $4,784 as of March 31, 2026 and December 31, 2025, respectively)	10,850	10,747
Deferred debits and other assets
Regulatory assets	400	405
Investments	142	141
Prepaid pension asset	189	194
Other	63	57
Total deferred debits and other assets	794	797
Total assets	$12,632	$12,728

(In millions)	March 31, 2026	December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$73	$303
Long-term debt due within one year	7	6
Accounts payable	352	418
Accrued expenses	149	173
Payables to affiliates	32	37
Customer deposits	64	61
Regulatory liabilities	13	13
Renewable energy credit obligations	50	174
Other	62	84
Total current liabilities	802	1,269
Long-term debt	4,795	4,626
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,658	1,604
Regulatory liabilities	271	268
Asset retirement obligations	42	45
Other	219	214
Total deferred credits and other liabilities	2,190	2,131
Total liabilities	7,787	8,026
Commitments and contingencies
Shareholder's equity
Common stock	3,667	3,528
Retained earnings	1,178	1,174
Total shareholder's equity	4,845	4,702
Total liabilities and shareholder's equity	$12,632	$12,728

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