ATLANTIC CITY ELECTRIC CO

For the period ended Jun 30, 2026. Filed Jul 30, 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.

Jun 30, 2026 · Filed Jul 30, 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

	Six Months Ended June 30, 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
Net income		109		109
Distributions to member		(108)		(108)
Contributions from member	131			131
Balance at June 30, 2026	$13,536		$(120)		$13,416

	Six Months Ended June 30, 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
Net income	—	143	143
Distributions to member	—	(160)	(160)
Contributions from member	170	—	170
Balance at June 30, 2025	$13,084	$(195)	$12,889

	Three Months Ended June 30,		Six Months EndedJune 30,
(In millions)	2026	2025	2026	2025
Operating revenues
Electric operating revenues	$873	$791	$1,859	$1,645
Revenues from alternative revenue programs	(15)	(16)	(14)	(14)
Operating revenues from affiliates	1	1	4	4
Total operating revenues	859	776	1,849	1,635
Operating expenses
Purchased power	316	256	727	574
Operating and maintenance	118	91	270	187
Operating and maintenance from affiliates	72	64	139	126
Depreciation and amortization	114	107	228	212
Taxes other than income taxes	113	109	231	222
Total operating expenses	733	627	1,595	1,321
Gain on sale of assets	—	2	—	1
Operating income	126	151	254	315
Other income and (deductions)
Interest expense, net	(56)	(54)	(111)	(106)
Other, net	12	9	23	20
Total other income and (deductions)	(44)	(45)	(88)	(86)
Income before income taxes	82	106	166	229
Income taxes	17	22	33	48
Net income	$65	$84	$133	$181
Comprehensive income	$65	$84	$133	$181

	Six Months EndedJune 30,
(In millions)	2026	2025
Cash flows from operating activities
Net income	$133	$181
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion	228	212
Deferred income taxes and amortization of investment tax credits	43	14
Other non-cash operating activities	57	46
Changes in assets and liabilities:
Accounts receivable	(25)	(73)
Receivables from and payables to affiliates, net	4	—
Inventories	(13)	(18)
Accounts payable and accrued expenses	37	17
Collateral received, net	—	2
Income taxes	(19)	(38)
Regulatory assets and liabilities, net	12	(27)
Pension and non-pension postretirement benefit contributions	(4)	(6)
Other assets and liabilities	16	6
Net cash flows provided by operating activities	469	316
Cash flows from investing activities
Capital expenditures	(517)	(469)
Proceeds from sales of long-lived assets	—	2
Changes in PHI intercompany money pool	(95)	—
Net cash flows used in investing activities	(612)	(467)
Cash flows from financing activities
Changes in short-term borrowings	(303)	(51)
Issuance of long-term debt	300	200
Dividends paid on common stock	(121)	(158)
Contributions from parent	270	157
Other financing activities	(6)	(4)
Net cash flows provided by financing activities	140	144
Decrease in cash, restricted cash, and cash equivalents	(3)	(7)
Cash, restricted cash, and cash equivalents at beginning of period	55	51
Cash, restricted cash, and cash equivalents at end of period	$52	$44
Supplemental cash flow information
Decrease in capital expenditures not paid	$(68)	$(64)

(In millions)	June 30, 2026	December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$21	$22
Restricted cash and cash equivalents	31	33
Accounts receivable
Customer accounts receivable	495	484
Customer allowance for credit losses	(77)	(69)
Customer accounts receivable, net	418	415
Other accounts receivable	165	154
Other allowance for credit losses	(25)	(26)
Other accounts receivable, net	140	128
Receivable from PHI intercompany money pool	95	—
Inventories, net	186	174
Regulatory assets	162	182
Prepaid renewable energy credits	89	171
Other	17	59
Total current assets	1,159	1,184
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,933 and $4,784 as of June 30, 2026 and December 31, 2025, respectively)	11,007	10,747
Deferred debits and other assets
Regulatory assets	391	405
Investments	144	141
Prepaid pension asset	182	194
Other	68	57
Total deferred debits and other assets	785	797
Total assets	$12,951	$12,728

(In millions)	June 30, 2026	December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$303
Long-term debt due within one year	7	6
Accounts payable	383	418
Accrued expenses	172	173
Payables to affiliates	41	37
Customer deposits	65	61
Regulatory liabilities	14	13
Renewable energy credit obligations	90	174
Other	86	84
Total current liabilities	858	1,269
Long-term debt	4,924	4,626
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,664	1,604
Regulatory liabilities	279	268
Asset retirement obligations	39	45
Other	203	214
Total deferred credits and other liabilities	2,185	2,131
Total liabilities	7,967	8,026
Commitments and contingencies
Shareholder's equity
Common stock	3,798	3,528
Retained earnings	1,186	1,174
Total shareholder's equity	4,984	4,702
Total liabilities and shareholder's equity	$12,951	$12,728

ContentsView on SEC.gov

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