Exelon Corporation Q4 FY2025 earnings call

• Delivered adjusted operating earnings per share of $2.77 in 2025, exceeding expectations, with 7.4% annual earnings growth and 8% rate base growth since 2021.
• Utilities maintained top quartile reliability metrics for over a decade, showcased during Winter Storm FERN with minimal customer outages.
• Significant regulatory milestones in 2025: Atlantic City Electric and Delmarva Gas rate case settlements, final orders on BGE and ComEd reconciliations, and ComEd's multiyear grid plan filing.
• Capital plan of $41.3 billion over the next four years, with over 70% driven by transmission, leveraging size, scale, and operational expertise.
• Focus on customer affordability through $60 million customer relief fund, energy efficiency programs, and innovative transmission security agreements.

No specific product segment performance details provided with revenue contribution percentages as the transcript does not break down by product segments.

• 2026 operating earnings guidance: $2.81 to $2.91 per share.
• Expect rate base growth of approximately 8% and annualized earnings growth of 5% to 7% through 2029, near the top end of the range.
• Plan to invest $41.3 billion over the next four years, with significant transmission investment to capitalize on growing need for reliability and resiliency.

• Supply challenges impacting customer affordability and reliability.
• Regulatory uncertainties and potential delays in rate case resolutions.
• Weather-related risks that could affect grid reliability.

Q: Comment on rate base growth and EPS outlook.

A: Jeanne M. Jones notes rate base growth of about 8% since 2021 and earnings growth of 7.4%, projecting continued growth near the top end of 5%-7% through 2029, considering rate case timing and earned ROEs.

Q: Regulatory strategy in Pennsylvania.

A: Calvin G. Butler states they are in constant conversations with stakeholders, focusing on affordability and reliable grid, with plans for filings in Maryland and ongoing considerations for Pennsylvania.

Q: Supply challenges and RBA process.

A: Jeanne M. Jones mentions engagement in PJM, support for reliability backstop, and importance of driving more generation builds to lower customer costs and improve reliability.

Q: Incremental financing and upside potential.

A: Jeanne M. Jones confirms maintaining a 40% equity funding strategy, with manageable annual equity needs less than 2% of market cap, and confidence in executing the capital plan.

Q: Maryland lessons and New Jersey updates.

A: Calvin G. Butler and Michael A. Innocenzo discuss ongoing regulatory efforts in Maryland, support for New Jersey's constructive executive orders, and focus on affordability and supply solutions in both states.