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- **Earnings Beat**: Q3 EPS of $0.86 vs. $0.71 YoY, driven by favorable weather and rate increases.
- **Operational Excellence**: 4 utilities ranked top 7 in reliability, with O&M growth below inflation.
- **Regulatory Momentum**: Illinois立法通过3GW储能目标，Maryland RFP吸引3GW提案但未达标。
- **Transmission Growth**: 27GW+ signed large load pipeline, first 1.2GW Amazon数据中心TSA执行。
- **Financial Discipline**: 2025-2028年7.4% rate base growth, targeting 14% credit metrics by end of period.

**【CEO Opening Remarks】**
- Reported Q3 earnings of $0.86 per share, exceeding expectations due to favorable weather and storm conditions.
- Reaffirmed 2025 operating earnings guidance of $2.64-$2.74 per share, targeting midpoint delivery.
- Highlighted industry-leading operational performance: 4 utility companies ranked 1, 2, 4, and 7 in reliability benchmarking.
- Emphasized focus on cost containment (O&M growth below inflation) and disciplined capital allocation (9%-10% ROE target).

**【CEO Strategic Updates】**
- **Regulatory Progress**: 
  - Delmarva gas rate case settlement expected Q1 2026.
  - Pepco Maryland rate case filed with $133M net revenue request, supported by $262M customer benefit analysis.
  - ComEd reconciliation under multi-year plan with ALJ order pending.
- **Legislative Wins**: 
  - Illinois passed Clean and Reliable Grid Affordability Act, expanding energy efficiency and storage targets.
  - Maryland issued RFP for 3GW new generation, though initial responses fell short of targets.
- **Transmission Growth**: 
  - 27GW+ signed or studied large load pipeline, with first TSA executed for 1.2GW Amazon data center.
  - PJM open window proposals expected to clarify transmission needs by end of year.

**【CFO Financial Update】**
- **Q3 Financials**: 
  - Adjusted operating earnings $0.86 vs. $0.71 YoY, driven by rate increases and storm deferrals.
  - Non-GAAP EPS beat expectations, supported by strong cost control.
- **Balance Sheet Management**: 
  - Issued $1B debt in Q3, completing 2025 long-term debt plan.
  - 95% of 2026 equity needs hedged via ATM program.
  - Target 14% consolidated credit metrics by end of guidance period.
- **Regulatory Outlook**: 
  - PJM multi-year plan rate base growth of 7.4% through 2028.
  - Advocating for CAMT reforms to include all tax repairs, potentially adding 50bps to credit metrics.

**【Q&A Highlights】**
- **Maryland Resource Adequacy**: 
  - Exelon filed 3GW generation proposal, but state RFP responses fell short of 3GW target.
  - Company remains open to competitive market solutions but emphasizes need for regulatory certainty.
- **Pennsylvania Policy**: 
  - Actively engaging in legislative discussions around long-term PPAs and resource adequacy.
  - PUC third-party study expected to inform spring 2026 policy decisions.
- **Transmission Pipeline**: 
  - 47GW pipeline includes 6GW awaiting TSA execution and 20GW in active cluster studies.
  - Cluster study approach prioritizes grid capacity and customer timelines.
- **Amazon TSA Execution**: 
  - First 1.2GW data center connected within 6 months, leveraging existing infrastructure.
  - ComEd tariff filing requires 50MW+ loads to sign TSA agreements.


Exelon Corporation (EXC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EXC

EXC fundamentals

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