Overview

• US utility operator's Q1 revenue rose yr/yr, adjusted EPS declined slightly

• Company affirmed full-year 2026 adjusted EPS guidance range

• Q1 results reflect higher holding company costs, offset by higher utility earnings from rate increases

Outlook

• Exelon affirms 2026 adj operating EPS guidance range of $2.81-$2.91

• Company expects annualized EPS growth near top end of 5-7% through 2029

• Exelon projects $41.7 bln capital expenditures over next four years, rate base growth of 7.9%

Result Drivers

• RATE INCREASES - Higher utility earnings driven by approved distribution and transmission rates at ComEd, PHI, and BGE

• PECO DRIVERS - Absence of customer surcharge credits, favorable weather, and lower income taxes at PECO supported earnings

• HOLDING COMPANY COSTS - Higher income taxes and interest expense at the holding company weighed on overall results

Company press release: ID:nBw56GLFza

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$7.24 bln
Q1 Adjusted EPS		$0.91
Q1 EPS		$0.90

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 16 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the electric utilities peer group is "buy."

• Wall Street's median 12-month price target for Exelon Corp is $49.50, about 7.2% above its May 5 closing price of $46.18

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 16 three months ago

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