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

Statements of Changes in Shareholder’s Equity

	Three Months Ended March 31, 2026
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2025	$1,722	$649	$2,371
Net income	—	77	77
Common stock dividends	—	(50)	(50)
Contributions from parent	45	—	45
Balance at March 31, 2026	$1,767	$676	$2,443

	Three Months Ended March 31, 2025
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2024	$1,615	$627	$2,242
Net income	—	69	69
Common stock dividends	—	(46)	(46)
Contributions from parent	99	—	99
Balance at March 31, 2025	$1,714	$650	$2,364

	Three Months EndedMarch 31,
(In millions)	2026	2025
Operating revenues
Electric operating revenues	$438	$372
Revenues from alternative revenue programs	(18)	—
Operating revenues from affiliates	1	1
Total operating revenues	421	373
Operating expenses
Purchased power	205	157
Operating and maintenance	50	51
Operating and maintenance from affiliates	43	39
Depreciation and amortization	65	64
Taxes other than income taxes	2	2
Total operating expenses	365	313
Operating income	56	60
Other income and (deductions)
Interest expense, net	(22)	(21)
Other, net	2	3
Total other income and (deductions)	(20)	(18)
Income before income taxes	36	42
Income taxes	9	11
Net income	$27	$31
Comprehensive income	$27	$31

	Three Months EndedMarch 31,
(In millions)	2026	2025
Cash flows from operating activities
Net income	$27	$31
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	65	64
Deferred income taxes and amortization of investment tax credits	30	8
Other non-cash operating activities	34	25
Changes in assets and liabilities:
Accounts receivable	15	21
Receivables from and payables to affiliates, net	(4)	(2)
Inventories	(2)	—
Accounts payable and accrued expenses	(1)	(8)
Collateral (paid) received, net	(5)	6
Income taxes	(21)	3
Regulatory assets and liabilities, net	(32)	(28)
Pension and non-pension postretirement benefit contributions	(13)	(3)
Other assets and liabilities	1	(5)
Net cash flows provided by operating activities	94	112
Cash flows from investing activities
Capital expenditures	(122)	(105)
Net cash flows used in investing activities	(122)	(105)
Cash flows from financing activities
Changes in short-term borrowings	(148)	(186)
Issuance of long-term debt	100	100
Changes in PHI intercompany money pool	—	12
Dividends paid on common stock	(25)	(20)
Contributions from parent	91	94
Other financing activities	(1)	(2)
Net cash flows provided by (used in) financing activities	17	(2)
(Decrease) increase in cash and cash equivalents	(11)	5
Cash and cash equivalents at beginning of period	24	14
Cash and cash equivalents at end of period	$13	$19
Supplemental cash flow information
Decrease in capital expenditures not paid	$(8)	$(12)

(In millions)	March 31, 2026	December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$12	$22
Restricted cash and cash equivalents	1	2
Accounts receivable
Customer accounts receivable	216	239
Customer allowance for credit losses	(31)	(27)
Customer accounts receivable, net	185	212
Other accounts receivable	80	64
Other allowance for credit losses	(12)	(13)
Other accounts receivable, net	68	51
Receivables from affiliates	12	12
Inventories, net	78	76
Regulatory assets	74	93
Other	8	8
Total current assets	438	476
Property, plant, and equipment (net of accumulated depreciation and amortization of $2,003 and $1,956 as of March 31, 2026 and December 31, 2025, respectively)	4,615	4,556
Deferred debits and other assets
Regulatory assets	582	559
Other	50	41
Total deferred debits and other assets	632	600
Total assets	$5,685	$5,632

(In millions)	March 31, 2026	December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$148
Long-term debt due within one year	5	5
Accounts payable	180	168
Accrued expenses	43	64
Payables to affiliates	20	24
Customer deposits	26	26
Regulatory liabilities	52	48
Other	9	13
Total current liabilities	335	496
Long-term debt	2,128	2,028
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	900	869
Regulatory liabilities	135	137
Other	66	74
Total deferred credits and other liabilities	1,101	1,080
Total liabilities	3,564	3,604
Commitments and contingencies
Shareholder's equity
Common stock	2,104	2,013
Retained earnings	17	15
Total shareholder's equity	2,121	2,028
Total liabilities and shareholder's equity	$5,685	$5,632

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