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

Statements of Changes in Shareholder’s Equity

	Six Months Ended June 30, 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
Net income	—	26	26
Common stock dividends	—	(36)	(36)
Contributions from parent	—	—	—
Balance at June 30, 2026	$1,767	$666	$2,433

	Six Months Ended June 30, 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
Net income	—	39	39
Common stock dividends	—	(44)	(44)
Contributions from parent	—	—	$—
Balance at June 30, 2025	$1,714	$645	$2,359

	Three Months Ended June 30,		Six Months EndedJune 30,
(In millions)	2026	2025	2026	2025
Operating revenues
Electric operating revenues	$411	$397	$849	$769
Revenues from alternative revenue programs	(11)	(13)	(29)	(13)
Operating revenues from affiliates	1	—	2	1
Total operating revenues	401	384	822	757
Operating expenses
Purchased power	187	173	392	329
Operating and maintenance	55	55	105	106
Operating and maintenance from affiliates	44	40	87	79
Depreciation and amortization	63	62	128	127
Taxes other than income taxes	3	3	5	5
Total operating expenses	352	333	717	646
Operating income	49	51	105	111
Other income and (deductions)
Interest expense, net	(22)	(20)	(44)	(41)
Other, net	3	2	5	6
Total other income and (deductions)	(19)	(18)	(39)	(35)
Income before income taxes	30	33	66	76
Income taxes	8	9	17	20
Net income	$22	$24	$49	$56
Comprehensive income	$22	$24	$49	$56

	Six Months EndedJune 30,
(In millions)	2026	2025
Cash flows from operating activities
Net income	$49	$56
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	128	127
Deferred income taxes and amortization of investment tax credits	35	13
Other non-cash operating activities	48	33
Changes in assets and liabilities:
Accounts receivable	(9)	(18)
Receivables from and payables to affiliates, net	10	(4)
Inventories	(4)	(9)
Accounts payable and accrued expenses	6	37
Collateral (paid) received, net	(5)	4
Income taxes	(11)	(2)
Regulatory assets and liabilities, net	(2)	(27)
Pension and non-pension postretirement benefit contributions	(14)	(2)
Other assets and liabilities	(48)	(49)
Net cash flows provided by operating activities	183	159
Cash flows from investing activities
Capital expenditures	(240)	(196)
Other investing activities	1	—
Net cash flows used in investing activities	(239)	(196)
Cash flows from financing activities
Changes in short-term borrowings	(148)	(107)
Issuance of long-term debt	100	100
Changes in PHI intercompany money pool	48	—
Dividends paid on common stock	(40)	(44)
Contributions from parent	91	94
Other financing activities	(4)	(3)
Net cash flows provided by financing activities	47	40
(Decrease) increase in cash and cash equivalents	(9)	3
Cash and cash equivalents at beginning of period	24	14
Cash and cash equivalents at end of period	$15	$17
Supplemental cash flow information
Decrease in capital expenditures not paid	$(28)	$(28)

(In millions)	June 30, 2026	December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$13	$22
Restricted cash and cash equivalents	2	2
Accounts receivable
Customer accounts receivable	236	239
Customer allowance for credit losses	(30)	(27)
Customer accounts receivable, net	206	212
Other accounts receivable	70	64
Other allowance for credit losses	(12)	(13)
Other accounts receivable, net	58	51
Receivables from affiliates	1	12
Inventories, net	80	76
Prepaid utility taxes	48	—
Regulatory assets	75	93
Other	8	8
Total current assets	491	476
Property, plant, and equipment (net of accumulated depreciation and amortization of $2,037 and $1,956 as of June 30, 2026 and December 31, 2025, respectively)	4,657	4,556
Deferred debits and other assets
Regulatory assets	588	559
Other	59	41
Total deferred debits and other assets	647	600
Total assets	$5,795	$5,632

(In millions)	June 30, 2026	December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$148
Long-term debt due within one year	4	5
Accounts payable	164	168
Accrued expenses	54	64
Payables to affiliates	23	24
Borrowings from PHI intercompany money pool	48	—
Customer deposits	27	26
Regulatory liabilities	102	48
Other	11	13
Total current liabilities	433	496
Long-term debt	2,130	2,028
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	906	869
Regulatory liabilities	129	137
Other	69	74
Total deferred credits and other liabilities	1,104	1,080
Total liabilities	3,667	3,604
Commitments and contingencies
Shareholder's equity
Common stock	2,104	2,013
Retained earnings	24	15
Total shareholder's equity	2,128	2,028
Total liabilities and shareholder's equity	$5,795	$5,632

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