EXELON CORP Q4 FY2024 earnings call

• Reliability: All four utilities ranked highly for reliability, with three in the top five and all in the top eight.
• Financials: 2024 saw GAAP earnings of $2.45 per share and adjusted operating earnings of $2.50 per share, meeting guidance midpoints.
• Regulatory: Successfully closed busy 2024 rate cases, positioning for energy transformation.
• Investment: Plan to invest $38B from 2025-2028, with over 80% attributable to transmission, including $9.1B in 2025.
• Credit: S&P upgraded Exelon's credit rating to triple B plus.
• Dividend: Increased dividend to $1.60 per share, maintaining 60% payout ratio.
• Load Growth: High-density load pipeline up 2.5x, ComEd with 15 major projects and 1-2% load growth over four years.
• Safety: Top quartile serious injury incident rate.
• Customer Satisfaction: ComEd and PECO in first quartile, BGE and Pepco in second.

All four Exelon Utilities achieved top quartile for reliability, with three ranking in the top five among peer benchmarks and all four in the top eight. Financial performance: GAAP earnings for 2024 were $2.45 per share and adjusted operating earnings were $2.50 per share, marking the third straight year as a pure T&D company meeting the midpoint or better of guidance.

• 2025 operating earnings guidance: $2.64 to $2.74 per share.
• 2025 dividend increase to $1.60 per share.
• Annualized earnings growth expected 5%-7% through 2028, targeting midpoint or better.
• 2025 capital spend: $9.1B, with total $38B over 4 years, over 80% for transmission.

• Regulatory/legislative uncertainties affecting rate cases and cost recovery.
• Weather-related risks impacting reliability and operations.
• FERC/RTO decisions affecting energy supply and transmission investments.
• Credit/balance sheet risks if financial metrics don't meet targets.

Q: About Maryland reconciliation, future rate cases, and financial plan.

A: Collaborative process, prudent costs, expected first half 2025 outcome, with multiyear plans beneficial for predictability.

Q: On FERC 205 docket and data center deposits.

A: Awaiting FERC decision, supportive of reforms, deposits indicate load growth, ongoing discussions.

Q: Maryland/Pennsylvania legislation and generation solutions.

A: Actively working on over 45 bills, Maryland focusing on in-state generation, Pennsylvania involved in resource adequacy.

Q: FERC colocation policy and data center disclosures.

A: Seeking clarity, deposits bode well, ongoing disclosures on data center projects.

Q: Illinois CMC and DC connection speed.

A: Illinois working on energy solutions, DC connection speed depends on location and load ramp-up.