“By earning a fair return on equity of 9% to 10% on a rate base growing at 7.4% through 2028 and financing that with a balanced capital strategy, we expect to grow our earnings at an annualized rate of 5% to 7%, with the expectation of delivering at the midpoint or better of that range.”

In context

“d are also advancing. We continue to be well positioned to be assigned over $1 billion of transmission work associated with the MISO Tranche 2.1 set of projects. And we now have the organizational structure and are developing strategic and financial partnerships necessary to take further advantage of our industry- leading position in transmission. The expansive work needed across all aspects of the grid gives us strong confidence in our 4-year outlook and beyond, investing $38 billion through 2028 with an additional $10 billion to $15 billion of transmission work identified beyond that to support our jurisdictions and most importantly, our customers. Success in winning competitively bid projects, which we have already proven we can do with the Tri-County line would offer even more upside. By earning a fair return on equity of 9% to 10% on a rate base growing at 7.4% through 2028 and financing that with a balanced capital strategy, we expect to grow our earnings at an annualized rate of 5% to 7%, with the expectation of delivering at the midpoint or better of that range. I will now turn it over to Jeanne to provide a more detailed update on our financial outlook and rate case activity. Jeanne? Jeanne M. Jones: Thank you, Calvin, and good morning, everyone. Today, I will cover our financial update for the second quarter and the progress on our current regulatory activity. Starting on Slide 5, we present our quarter-over-quarter adjusted operating earnings block. Exelon earned $0.39 per share in the second quarter of 2025 compared to $0.47 per share in the same period in 2024, reflecting lower results of $0.08 per share over the same period. Earnings are lower in the second quarter relative to the same period last year, primarily driven by $0.13 of higher distribution and transmission rates driven by new rates in effect. This favorability was offset by $0.0”