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 Shareholders’ Equity

	Six Months Ended June 30, 2026
(In millions, sharesin thousands)	IssuedShares	CommonStock	TreasuryStock	RetainedEarnings	AccumulatedOtherComprehensiveLoss, net	Total Shareholders'Equity
Balance at December 31, 2025	1,024,401	$22,106	$(123)	$7,577	$(762)	$28,798
Net income	—	—	—	919	—	919
Long-term incentive plan activity	338	10	—	—	—	10
Employee stock purchase plan activity	302	13	—	—	—	13
Common stock dividends($0.42/common share)	—	—	—	(431)	—	(431)
Other comprehensive income, net of income taxes	—	—	—	—	6	6
Balance at March 31, 2026	1,025,041	$22,129	$(123)	$8,065	$(756)	$29,315
Net income	—	—	—	396	—	396
Long-term incentive plan activity	51	14	—	—	—	14
Employee stock purchase plan activity	317	15	—	—	—	15
Issuance of Common Stock	8,682	382	—	—	—	382
Common stock dividends($0.42/common share)	—	—	—	(430)	—	(430)
Other comprehensive income, net of income taxes	—	—	—	—	6	6
Balance at June 30, 2026	1,034,091	$22,540	$(123)	$8,031	$(750)	$29,698

	Six Months Ended June 30, 2025
(In millions, sharesin thousands)	IssuedShares	CommonStock	TreasuryStock	RetainedEarnings	AccumulatedOtherComprehensiveLoss, net	Total Shareholders'Equity
Balance at December 31, 2024	1,007,046	$21,338	$(123)	$6,426	$(720)	$26,921
Net income	—	—	—	908	—	908
Long-term incentive plan activity	299	4	—	—	—	4
Employee stock purchase plan activity	(8)	2	—	—	—	2
Issuance of Common Stock	4,031	173	—	—	—	173
Common stock dividends($0.40/common share)	—	—	—	(403)	—	(403)
Other comprehensive income, net of income taxes	—	—	—	—	2	2
Balance at March 31, 2025	1,011,368	$21,517	$(123)	$6,931	$(718)	$27,607
Net income	—	—	—	391	—	391
Long-term incentive plan activity	118	14	—	—	—	14
Employee stock purchase plan activity	334	13	—	—	—	13
Common stock dividends($0.40/common share)	—	—	—	(405)	—	(405)
Balance at June 30, 2025	1,011,820	$21,544	$(123)	$6,917	$(718)	$27,620

	Three Months Ended June 30,		Six Months EndedJune 30,
(In millions)	2026	2025	2026	2025
Operating revenues
Electric operating revenues	$2,038	$2,060	$3,931	$4,203
Revenues from alternative revenue programs	(55)	(234)	(46)	(319)
Operating revenues from affiliates	2	10	13	17
Total operating revenues	1,985	1,836	3,898	3,901
Operating expenses
Purchased power	579	550	1,031	1,239
Operating and maintenance	339	322	674	645
Operating and maintenance from affiliates	110	100	212	200
Depreciation and amortization	416	387	820	767
Taxes other than income taxes	107	97	212	196
Total operating expenses	1,551	1,456	2,949	3,047
Operating income	434	380	949	854
Other income and (deductions)
Interest expense, net	(140)	(128)	(272)	(253)
Interest expense to affiliates, net	(3)	(3)	(7)	(7)
Other, net	41	31	73	53
Total other income and (deductions)	(102)	(100)	(206)	(207)
Income before income taxes	332	280	743	647
Income taxes	83	52	184	117
Net income	$249	$228	$559	$530
Comprehensive income	$249	$228	$559	$530

	Six Months EndedJune 30,
(In millions)	2026	2025
Cash flows from operating activities
Net income	$559	$530
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	820	767
Deferred income taxes and amortization of investment tax credits	126	6
Other non-cash operating activities	115	401
Changes in assets and liabilities:
Accounts receivable	748	(252)
Receivables from and payables to affiliates, net	(6)	(19)
Inventories	(15)	8
Accounts payable and accrued expenses	102	(31)
Collateral received (paid), net	81	(3)
Income taxes	(4)	7
Regulatory assets and liabilities, net	(862)	(158)
Pension and non-pension postretirement benefit contributions	(222)	(190)
Other assets and liabilities	79	(25)
Net cash flows provided by operating activities	1,521	1,041
Cash flows from investing activities
Capital expenditures	(1,671)	(1,189)
Other investing activities	3	1
Net cash flows used in investing activities	(1,668)	(1,188)
Cash flows from financing activities
Changes in short-term borrowings	—	(36)
Issuance of long-term debt	1,425	725
Retirement of long-term debt	(500)	—
Dividends paid on common stock	(437)	(407)
Contributions from parent	256	87
Other financing activities	(14)	(7)
Net cash flows provided by financing activities	730	362
Increase in cash, restricted cash, and cash equivalents	583	215
Cash, restricted cash, and cash equivalents at beginning of period	663	632
Cash, restricted cash, and cash equivalents at end of period	$1,246	$847
Supplemental cash flow information
(Decrease) increase in capital expenditures not paid	$(54)	$17

(In millions)	June 30, 2026	December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$704	$159
Restricted cash and cash equivalents	533	454
Accounts receivable
Customer accounts receivable	972	1,058
Customer allowance for credit losses	(102)	(115)
Customer accounts receivable, net	870	943
Other accounts receivable	458	1,155
Other allowance for credit losses	(25)	(23)
Other accounts receivable, net	433	1,132
Receivables from affiliates	5	5
Inventories, net	282	268
Regulatory assets	644	595
Other	196	217
Total current assets	3,667	3,773
Property, plant, and equipment (net of accumulated depreciation and amortization of $8,731 and $8,291 as of June 30, 2026 and December 31, 2025, respectively)	33,316	32,255
Deferred debits and other assets
Regulatory assets	2,861	2,687
Goodwill	2,625	2,625
Receivable related to Regulatory Agreement Units	4,638	4,313
Investments	7	6
Prepaid pension asset	1,458	1,284
Other	1,375	1,342
Total deferred debits and other assets	12,964	12,257
Total assets	$49,947	$48,285

(In millions)	June 30, 2026	December 31, 2025
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Long-term debt due within one year	$—	$500
Accounts payable	1,146	1,033
Accrued expenses	415	474
Payables to affiliates	75	81
Customer deposits	230	192
Regulatory liabilities	243	846
Mark-to-market derivative liabilities	23	25
Other	338	288
Total current liabilities	2,470	3,439
Long-term debt	13,665	12,253
Long-term debt to financing trust	206	206
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	5,988	5,828
Regulatory liabilities	9,694	9,163
Asset retirement obligations	197	193
Non-pension postretirement benefit obligations	157	151
Mark-to-market derivative liabilities	105	106
Other	1,482	1,341
Total deferred credits and other liabilities	17,623	16,782
Total liabilities	33,964	32,680
Commitments and contingencies
Shareholders’ equity
Common stock	1,588	1,588
Other paid-in capital	11,275	11,019
Retained earnings	3,120	2,998
Total shareholders’ equity	15,983	15,605
Total liabilities and shareholders’ equity	$49,947	$48,285

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.