Exelon Corp

Equity Research 31 July 2026 | 5:05PM EDT

Exelon Corp. (EXC) Regulatory risk and downward data center pipeline revision offset potential storage opportunity update; Sell

EXC 12m Price Target: $45.00 Price: $45.58 Downside: 1.3% SELL Carly Davenport We update our estimates for Exelon Corp (EXC, Sell) following 2Q26 | Goldman Sachs & Co. LLC results. In our view, the quarter was mixed. While we do not see high Beatriz Abreu, CFA risk to EXC’s execution on the base plan, we see more limited upside | Goldman Sachs & Co. LLC opportunities for earnings growth, in part due to regulatory risk across their PJM service territories given affordability constraints, Jaya Patel | Goldman Sachs & Co. LLC and also following a downward revision to the high confidence data center pipeline. In addition, our base case earnings growth outlook for EXC is ~6%, below our coverage average of 8% through 2030. Key Data _____________________________________ Market cap: $45.4bn That said, we are watching potential opportunities around battery Enterprise value: $97.9bn 3m ADTV: $407.5mn storage as a resiliency asset in New Jersey, with potential for United States exploration of future projects in MD and DE. Our price target Americas Utilities M&A Rank: 3 remains $45, representing a 2% total return from current price GS Forecast __________________________________ levels. 12/25 12/26E 12/27E 12/28E Revenue ($ mn) 24,258.0 25,859.1 26,855.3 27,915.8 EBITDA ($ mn) 8,786.0 9,637.3 10,590.7 11,428.0

Key Takeaways from Earnings EBIT ($ mn) EPS ($) 5,146.0 2.77 5,509.4 2.86 5,856.2 3.03 6,301.5 3.23 Macro uncertainty in PJM presents risk to earnings growth P/E (X) EV/EBITDA (X) visibility, though some opportunities for reliability investments. FCF yield (%) (5.1) (4.7) (4.6) (2.9) Management addressed the growing supply-demand imbalance Dividend yield (%) 3.6 3.7 3.9 4.2 Net debt/EBITDA (X) 5.6 5.4 5.3 5.1 across PJM and emphasized the need for investment in transmission, battery storage, and other grid solutions to improve reliability and 6/26 9/26E 12/26E 3/27E EPS ($) alleviate long-term cost pressures. The company highlighted the GS Factor Profile ______________________________ proposed 500 MW New Jersey battery project, MISO transmission Growth bids, and state level storage initiatives as investments that could address reliability needs. However, we continue to view affordability Financial Returns

concerns as a growing risk across EXC’s footprint especially given its Multiple

PJM exposure, and believe it limits visibility into its earnings growth Integrated

trajectory, and potential upside, where its 5%-7% long-term EPS CAGR is at the lower end of our coverage average of 8%. Percentile 20th 40th 60th 80th 100th

EXC relative to Americas Coverage High probability load pipeline revised to ~11 GW, with ~4 GW EXC relative to Americas Utilities

classified as load under TSA with the supporting collateral. EXC Source: Company data, Goldman Sachs Research estimates. reduced its high-probability load pipeline to ~11 GW from ~18 GW See disclosures for details. last quarter, 40% of which is supported by TSAs. The lower load is a

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Exelon Corp. (EXC)

Exelon Corp. (EXC) Balance Sheet ($ mn) _______________________________________ SELL Rating since Jun 7, 2023 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 626.0 1, Accounts receivable 5,082.0 4,259.0 4,259.0 4,259.0 Inventory Ratios & Valuation __________________________________________ Other current assets 2,970.0 2,831.0 2,831.0 2,831.0 12/25 12/26E 12/27E 12/28E Total current assets 9,546.0 9,969.3 8,980.0 8,733.6 P/E (X) Net PP&E 84,318.0 90,615.4 97,248.9 103,365.4 EV/EBITDA (X) Net…