Shares fell 3.8% as investors reacted negatively to a more cautious outlook marked by the withdrawal of key rate cases and significant capital reprioritization amid affordability challenges and shifting market dynamics.

• Exelon withdrew recently filed electric and gas rate cases at PICO, citing customer affordability and stakeholder feedback, signaling near-term funding pressure.
• Management announced $350 million in incremental O&M savings in 2027 by pulling back on certain projects and reprioritizing capital expenditures.
• The company reaffirmed full-year 2026 adjusted operating earnings guidance at $2.81 to $2.91 per share despite headwinds.
• Utilities maintained top-tier reliability performance despite high-wind storm events, with ComEd ranked in the top decile for reliability.
• Regulatory and legislative developments remain critical, with unresolved energy supply constraints in Maryland presenting ongoing affordability and reliability risks.