ATLANTIC CITY ELECTRIC CO

For the period ended Sep 30, 2026. Filed Oct 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.

Sep 30, 2026 · Filed Oct 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

	Nine Months Ended September 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
Net income	—	—	—	729	—	729
Long-term incentive plan activity	13	7	—	—	—	7
Employee stock purchase plan activity	302	15	—	—	—	15
Issuance of common stock	2,327	101	—	—	—	101
Common stock dividends($0.42/common share)	—	—	—	(435)	—	(435)
Other comprehensive income, net of income taxes	—	—	—	—	17	17
Balance at September 30, 2026	1,036,733	$22,663	$(123)	$8,325	$(733)	$30,132

	Nine Months Ended September 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
Net Income	—	—	—	875	—	875
Long-term incentive plan activity	4	6	—	—	—	6
Employee stock purchase plan activity	299	14	—	—	—	14
Common stock dividends($0.40/common share)	—	—	—	(405)	—	(405)
Other comprehensive income, net of income taxes	—	—	—	—	3	3
Balance at September 30, 2025	1,012,123	$21,564	$(123)	$7,387	$(715)	$28,113

	Three Months Ended September 30,		Nine Months EndedSeptember 30,
(In millions)	2026	2025	2026	2025
Operating revenues
Electric operating revenues	$2,483	$2,479	$6,415	$6,682
Revenues from alternative revenue programs	(15)	(206)	(62)	(525)
Operating revenues from affiliates	2	2	15	19
Total operating revenues	2,470	2,275	6,368	6,176
Operating expenses
Purchased power	783	806	1,814	2,044
Operating and maintenance	359	313	1,033	958
Operating and maintenance from affiliates	105	96	317	296
Depreciation and amortization	438	395	1,258	1,162
Taxes other than income taxes	133	107	345	303
Total operating expenses	1,818	1,717	4,767	4,763
Operating income	652	558	1,601	1,413
Other income and (deductions)
Interest expense, net	(146)	(132)	(418)	(385)
Interest expense to affiliates, net	(3)	(3)	(10)	(10)
Other, net	43	33	116	86
Total other income and (deductions)	(106)	(102)	(312)	(309)
Income before income taxes	546	456	1,289	1,104
Income taxes	140	83	324	201
Net income	$406	$373	$965	$903
Comprehensive income	$406	$373	$965	$903

	Nine Months EndedSeptember 30,
(In millions)	2026	2025
Cash flows from operating activities
Net income	$965	$903
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	1,258	1,162
Deferred income taxes and amortization of investment tax credits	220	21
Other non-cash operating activities	159	634
Changes in assets and liabilities:
Accounts receivable	595	(347)
Receivables from and payables to affiliates, net	(13)	(16)
Inventories	(39)	12
Accounts payable and accrued expenses	138	112
Collateral paid, net	(9)	(31)
Income taxes	6	66
Regulatory assets and liabilities, net	(1,026)	(128)
Pension and non-pension postretirement benefit contributions	(223)	(192)
Other assets and liabilities	63	(136)
Net cash flows provided by operating activities	2,094	2,060
Cash flows from investing activities
Capital expenditures	(2,522)	(1,970)
Other investing activities	8	5
Net cash flows used in investing activities	(2,514)	(1,965)
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	(654)	(610)
Contributions from parent	380	108
Other financing activities	(15)	(7)
Net cash flows provided by financing activities	636	180
Increase in cash, restricted cash, and cash equivalents	216	275
Cash, restricted cash, and cash equivalents at beginning of period	663	632
Cash, restricted cash, and cash equivalents at end of period	$879	$907
Supplemental cash flow information
Increase in capital expenditures not paid	$46	$74

(In millions)	September 30, 2026	December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$300	$159
Restricted cash and cash equivalents	530	454
Accounts receivable
Customer accounts receivable	1,093	1,058
Customer allowance for credit losses	(105)	(115)
Customer accounts receivable, net	988	943
Other accounts receivable	475	1,155
Other allowance for credit losses	(26)	(23)
Other accounts receivable, net	449	1,132
Receivables from affiliates	5	5
Inventories, net	305	268
Regulatory assets	602	595
Other	296	217
Total current assets	3,475	3,773
Property, plant, and equipment (net of accumulated depreciation and amortization of $8,825 and $8,291 as of September 30, 2026 and December 31, 2025, respectively)	33,977	32,255
Deferred debits and other assets
Regulatory assets	2,970	2,687
Goodwill	2,625	2,625
Receivable related to Regulatory Agreement Units	4,598	4,313
Investments	7	6
Prepaid pension asset	1,436	1,284
Other	1,450	1,342
Total deferred debits and other assets	13,086	12,257
Total assets	$50,538	$48,285

(In millions)	September 30, 2026	December 31, 2025
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Long-term debt due within one year	$350	$500
Accounts payable	1,255	1,033
Accrued expenses	451	474
Payables to affiliates	68	81
Customer deposits	246	192
Regulatory liabilities	197	846
Mark-to-market derivative liabilities	21	25
Other	344	288
Total current liabilities	2,932	3,439
Long-term debt	13,317	12,253
Long-term debt to financing trust	206	206
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	6,107	5,828
Regulatory liabilities	9,726	9,163
Asset retirement obligations	199	193
Non-pension postretirement benefit obligations	160	151
Mark-to-market derivative liabilities	96	106
Other	1,499	1,341
Total deferred credits and other liabilities	17,787	16,782
Total liabilities	34,242	32,680
Commitments and contingencies
Shareholders’ equity
Common stock	1,588	1,588
Other paid-in capital	11,399	11,019
Retained earnings	3,309	2,998
Total shareholders’ equity	16,296	15,605
Total liabilities and shareholders’ equity	$50,538	$48,285

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