ATLANTIC CITY ELECTRIC CO

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

About this filing

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)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2025	$4,014	$2,588	$6,602
Net income	—	298	298
Common stock dividends	—	(114)	(114)
Balance at March 31, 2026	$4,014	$2,772	$6,786
	Three Months Ended March 31, 2025
(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2024	$3,483	$2,403	$5,886
Net income	—	260	260
Common stock dividends	—	(98)	(98)
Balance at March 31, 2025	$3,483	$2,565	$6,048

	Three Months EndedMarch 31,
(In millions)	2026	2025
Operating revenues
Electric operating revenues	$1,934	$1,691
Natural gas operating revenues	116	88
Revenues from alternative revenue programs	(23)	(3)
Operating revenues from affiliates	3	2
Total operating revenues	2,030	1,778
Operating expenses
Purchased power	850	684
Purchased fuel	55	38
Operating and maintenance	365	296
Operating and maintenance from affiliates	59	53
Depreciation and amortization	246	234
Taxes other than income taxes	151	140
Total operating expenses	1,726	1,445
Loss on sale of assets	—	(1)
Operating income	304	332
Other income and (deductions)
Interest expense, net	(105)	(99)
Interest expense to affiliates, net	(1)	(1)
Other, net	18	19
Total other income and (deductions)	(88)	(81)
Income before income taxes	216	251
Income taxes	47	57
Net income	$169	$194
Comprehensive income	$169	$194

	Three Months EndedMarch 31,
(In millions)	2026	2025
Cash flows from operating activities
Net income	$169	$194
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion	246	234
Loss on sales of assets	—	1
Deferred income taxes and amortization of investment tax credits	92	32
Other non-cash operating activities	86	69
Changes in assets and liabilities:
Accounts receivable	62	6
Receivables from and payables to affiliates, net	(28)	(9)
Inventories	(9)	(24)
Accounts payable and accrued expenses	(54)	(84)
Collateral (paid) received, net	(10)	27
Income taxes	(45)	25
Regulatory assets and liabilities, net	9	(14)
Pension and non-pension postretirement benefit contributions	(52)	(42)
Other assets and liabilities	10	(13)
Net cash flows provided by operating activities	476	402
Cash flows from investing activities
Capital expenditures	(558)	(513)
Net cash flows used in investing activities	(558)	(513)
Cash flows from financing activities
Changes in short-term borrowings	(493)	(530)
Issuance of long-term debt	345	425
Changes in Exelon intercompany money pool	40	11
Distributions to member	(139)	(132)
Contributions from member	275	352
Other financing activities	(7)	(8)
Net cash flows provided by financing activities	21	118
(Decrease) increase in cash, restricted cash, and cash equivalents	(61)	7
Cash, restricted cash, and cash equivalents at beginning of period	141	163
Cash, restricted cash, and cash equivalents at end of period	$80	$170
Supplemental cash flow information
Decrease in capital expenditures not paid	$(117)	$(109)

(In millions)	March 31, 2026	December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$49	$103
Restricted cash and cash equivalents	31	38
Accounts receivable
Customer accounts receivable	897	975
Customer allowance for credit losses	(131)	(115)
Customer accounts receivable, net	766	860
Other accounts receivable	319	292
Other allowance for credit losses	(49)	(49)
Other accounts receivable, net	270	243
Receivables from affiliates	15	14
Inventories, net
Fossil fuel	4	9
Materials and supplies	371	357
Prepaid utility taxes	43	77
Regulatory assets	302	352
Prepaid renewable energy credits	59	201
Other	46	34
Total current assets	1,956	2,288
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,529 and $4,350 as of March 31, 2026 and December 31, 2025, respectively)	21,605	21,377
Deferred debits and other assets
Regulatory assets	1,560	1,556
Goodwill	4,005	4,005
Investments	159	158
Prepaid pension asset	227	199
Other	145	132
Total deferred debits and other assets	6,096	6,050
Total assets	$29,657	$29,715

(In millions)	March 31, 2026	December 31, 2025
LIABILITIES AND MEMBER'S EQUITY
Current liabilities
Short-term borrowings	$119	$612
Long-term debt due within one year	75	64
Accounts payable	707	816
Accrued expenses	277	359
Payables to affiliates	44	71
Borrowings from Exelon intercompany money pool	120	80
Customer deposits	128	123
Regulatory liabilities	115	103
Unamortized energy contract liabilities	5	5
Renewable energy credit obligations	87	223
Other	102	121
Total current liabilities	1,779	2,577
Long-term debt	9,853	9,526
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	3,500	3,391
Regulatory liabilities	726	722
Asset retirement obligations	60	62
Non-pension postretirement benefit obligations	20	24
Unamortized energy contract liabilities	15	16
Other	420	418
Total deferred credits and other liabilities	4,741	4,633
Total liabilities	16,373	16,736
Commitments and contingencies
Member's equity
Membership interest	13,405	13,130
Undistributed losses	(121)	(151)
Total member's equity	13,284	12,979
Total liabilities and member's equity	$29,657	$29,715

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