EDConsolidated Edison

Variation for the Year Ended December 31, 2025 vs. 2024 vs. 2023 Net Income for Common Stock (Net of Tax) (Millions of Dollars) Earnings per Share CECONY (a) Higher electric rate base $115 $0.33 Steam rate plan effective November 2023 72 0.21 $97 $0.28 Higher income from allowance for funds used during construction 31 0.09 Higher gas rate base 19 0.05 Change in incentives earned under the electric and gas earnings adjustment mechanisms 14 0.04 Higher electric, gas and steam operations and maintenance costs (54) (0.16) Higher regulatory commission expense and 20 0.06 Lower other corporate expenses (16) (0.04) 3 0.01 Dilutive effect of issuance of common shares — (0.18) Higher interest expense (38) (0.11) Impact of the May 2024 NYSPSC order denying an April 2023 petition by CECONY that requested permission CECONY's request to capitalize costs to implement its new customer billing and information system (10) (0.03) Accretive effect of share repurchase — 0.03 37 0.11 Other 2 — 8 0.02 Total CECONY 142 0.43 158 0.28 O&R (a) Electric base rate increase 21 0.06 Gas base rate increase 2 — 10 0.03 Higher interest expense on long-term debt (6) (0.02) Other (9) (0.02) — (0.01) Total O&R 8 0.02 Clean Energy Businesses (b) Total Clean Energy Businesses (22) (0.07) 4 — Con Edison Transmission Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (12) (0.03) Impairment loss related to investment in Honeoye (10) (0.03) Remeasurement of deferred state income taxes related to the previously recorded impairment of MVP (7) (0.02) Income tax adjustment in 2024 due to AFUDC from MVP 5 0.01 (5) (0.02) Accretion of the basis difference of Con Edison's equity investment in MVP 5 0.01 4 0.02 Other (2) — (1) (0.01) Total Con Edison Transmission 8 0.02 (31) (0.09) Other, including parent company expenses Gain (b) Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (795) (2.28) 51 0.14 Lower interest income (23) (0.07) Higher accrued commitment to Consolidated Edison Foundation, Inc. 9 0.03 Lower taxes other than income taxes (10) (0.03) Higher interest expense (3) (0.01) 5 0.01 HLBV effects 8 0.02 4 0.01 Gain on the sale of an interest in a solar electric production project 3 0.01 Other (12) (0.02) — 0.01 Total Other, including parent company expenses (c) (835) (2.39) 72 0.21 Total Reported (GAAP basis) $(699) $(1.99) a.Under $203 $0.40 (a)Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans and the weather-normalization clause applicable to their gas businesses, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. Effective November 1, 2023, revenues from The Utilities' gas and CECONY’s steam sales are also subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison’s results of operations. b. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses and therefore 2023 reflects the financial results for the two months ended February 2023. c. Other (b)Other includes the parent company, Con Edison's tax equity investments, interests, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, with the sale and transfer of which was completed in January 2025. See Note W to the financial statements in Item 8.

The Companies Face Risks Related To Supply Chain Disruptions, Inflation and the Imposition of Tariffs. Tariffs (or Subsequent Changes to the Tariffs once Announced or Implemented). The Companies have been impacted, and expect to continue to be impacted by, global and U.S. supply chain disruptions and shortages of materials, equipment, labor and other resources that are critical to the Companies’ business operations, primarily the Utilities’ electric transmission and distribution operations. Such disruptions and shortages have resulted in increased prices and lead times for critical orders of materials and equipment needed by the Companies in their operations, such as certain raw materials, microprocessors, semiconductors, microchips, vehicles and transformers. Long lead times for replacement parts could restrict the availability and delay the construction, maintenance or repair of items that are needed to support the Utilities' normal operations and may result in prolonged customer outages, which could in turn lead to unrecovered costs for such service interruptions. Demand for electric equipment is increasing due to the anticipated demand growth, in part driven by data centers, utilities’ efforts to meet clean energy goals and in order to prepare for more frequent extreme weather events at a time when manufacturing capacity and supply are decreasing. Geopolitical conflicts have also caused supply chain distributions and shortages. Prices of materials, equipment, transportation and other resources have increased as a result of these supply chain disruptions and shortages and may continue to increase as a result of inflation and the imposition of tariffs. Increases in inflation and the imposition of tariffs may raise the Companies’ costs in excess of the costs reflected in the Utilities’ rate plans and could also increase the amount of capital that needs to be raised by the Companies.

During 2024, 2025, the market price of Con Edison’s Common Shares decreased common shares increased by 1.91 11.31 percent (from $90.97 at year-end 2023 to $89.23 at year-end 2024). 2024 to $99.32 at year-end 2025). By comparison, the S&P 500 Index increased 23.31 16.39 percent and the S&P 500 Utilities Index increased 19.58 12.69 percent. The total return to Con Edison’s common shareholders during 2024, 2025, including both investment of dividends and the change in price, was 1.58 15.16 percent. By comparison, the total returns for the S&P 500 Index and the S&P 500 Utilities Index were 25.00 17.86 percent and 23.43 16.04 percent, respectively. For the five-year period 2020 2021 through 2024 2025 inclusive, Con Edison’s shareholders’ total return was 18.59 64.48 percent, compared with total returns for the S&P 500 Index and the S&P 500 Utilities Index of 96.85 95.98 percent and 37.79 59.06 percent, respectively.