Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Q4 2024 Earnings Presentation
24 slides from Public Service Enterprise's earnings presentation, Feb 25, 2025
Slide 1: Fourth Quarter and Full Year 2024 Financial Results Presentation
Public Service Enterprise Group FOURTH QUARTER AND FULL YEAR 2024 NYSE: PEG Financial Results Presentation February 25, 2025
Slide 2: Forward-Looking Statements
PSEG Fourth Quarter and Full Year 2024 Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries’ future performance, • development, adoption and use of Artificial Intelligence by us and our third-party vendors; including, without limitation, future re
Slide 3: GAAP Disclaimer
PSEG Fourth Quarter and Full Year 2024 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income should not be considered an alternative to, the presentation of (Loss) reported in accordance with accounting principles Net Income (Loss), which is an indicator of financial general
Slide 4: Q4 and Full Year 2024 Highlights
PSEG Fourth Quarter and Full Year 2024 PSEG Q4 and Full Year 2024 Highlights Fourth Quarter and Full Year Results • Net Income of $0.57 per share in Q4; Net Income of $3.54 per share in FY 2024 • Non-GAAP Operating Earnings of $0.84 per share in Q4; Non-GAAP Operating Earnings of $3.68 per share in
Slide 5: Initiating Full Year 2025 Guidance
PSEG Fourth Quarter and Full Year 2024 PSEG Initiating Full Year 2025 Guidance 2025 midpoint represents ~9% increase over 2024 results Key Drivers for 2025 • Initiating PSEG 2025 non-GAAP Operating Earnings guidance of $3.94 - $4.06 $3.94 - $4.06 per share • PSEG 2025E outlook driven by: + New distr
Slide 6: Extends Long-Term Growth Target of 5%-7% From Higher 2025 Midpoint
PSEG Fourth Quarter and Full Year 2024 PSEG Extends Long-Term Growth Target of 5% - 7% From Higher 2025 Midpoint Non-GAAP Operating Earnings Strong Business Mix and Predictable Growth • PSEG’s long-term non-GAAP earnings growth outlook of 5%-7% is based on the midpoint of 2025 guidance range (a 9% h
Slide 7: Q4 and FY 2024 Review
PSEG Fourth Quarter and Full Year 2024 Q4 and FY 2024 Review 7
Slide 8: Q4 Results
PSEG Fourth Quarter and Full Year 2024 PSEG Q4 Results PSEG EPS Summary – Three Months ended December 31, Net Income (Loss) 2024 2023 Change PSE&G $0.75 $0.58 $0.17 PSEG Power & Other $(0.18) $0.52 $(0.70) Total PSEG $0.57 $1.10 $(0.53) Non-GAAP Operating Earnings 2024 2023 Change PSE&G $0.75 $0.59
Slide 9: EPS Reconciliation – Q4 2024 versus Q4 2023
PSEG Fourth Quarter and Full Year 2024 PSEG EPS Reconciliation – Q4 2024 versus Q4 2023 $1.00 $1.20 $1.10 ~ ~ $0.90 $1.00 $0.14 $0.84 $0.80 $0.16 $0.70 Gross Margin and PTC $ / share 0.18 $0.60 $0.57 $0.54 O&M (0.01) Depreciation & Interest Transmission 0.02 (0.03) $0.50 Distribution: Non-Operating
Slide 10: Full Year Results
PSEG Fourth Quarter and Full Year 2024 PSEG Full Year Results PSEG EPS Summary – Years ended December 31, Net Income 2024 2023 Change PSE&G $3.09 $3.03 $0.06 PSEG Power & Other $0.45 $2.10 $(1.65) Total PSEG $3.54 $5.13 $(1.59) Non-GAAP Operating Earnings 2024 2023 Change PSE&G $3.09 $3.06 $0.03 PSE
Slide 11: EPS Reconciliation – FY 2024 versus FY 2023
PSEG Fourth Quarter and Full Year 2024 PSEG EPS Reconciliation – FY 2024 versus FY 2023 $4.50 $5.25 $5.13 ~ ~ $4.00 $5.00 $0.17 $3.68 $3.48 $0.03 $3.54 $3.50 Transmission 0.02 Gross Margin and PTC 0.44 Renewables & Energy $3.00 O&M (0.12) $ / share Efficiency 0.03 Distribution: Depreciation & Intere
Slide 12: PSE&G Q4 and Full Year 2024 Highlights
PSEG Fourth Quarter and Full Year 2024 PSE&G Q4 and Full Year 2024 Highlights Operations Regulatory and Market Environment • Residential Electric and Gas customer count, a driver of margin growth • BPU approved settlement that concluded PSE&G’s first electric and gas under the Conservation Incentive
Slide 13: Regulated 5-Year Capital Investment Plan of $21B-$24B
PSEG Fourth Quarter and Full Year 2024 Regulated 5-Year Capital Investment Plan of $21B-$24B 2025E – 2029E 6 5 4 Driven by Infrastructure ($ Billions) 3 Modernization and Energy Efficiency 2 1 0 2024 2025E 2026E 2027E 2028E 2029E Transmission Electric Distribution Gas Distribution Clean Energy Trans
Slide 14: Regulated Capital Investment Plan ~$3B Higher for 2025-2029
PSEG Fourth Quarter and Full Year 2024 Regulated Capital Investment Plan ~$3B Higher for 2025-2029 2023-2027E: $15.5B-$18B 2024-2028E: $18B-$21B 2025E-2029E: $21B-$24B Rate Base CAGR: 6%-7.5% Rate Base CAGR: 6%-7.5% Rate Base CAGR: 6%-7.5% 24 22 20 18 16 ($ Billions) 14 12 10 8 6 4 2 0 Transmission
Slide 15: Robust Investment Opportunities
PSEG Fourth Quarter and Full Year 2024 Robust Investment Opportunities Regulated Year-End Rate Base 50 45 40 35 Provide Consistent Long-Term Rate ($ Billions) 30 Base Growth 25 20 15 10 5 0 2023 2024 2025E 2026E 2027E 2028E 2029E Transmission Electric Distribution Gas Distribution Clean Energy Trans
Slide 16: PSEG Power & Other
PSEG Fourth Quarter and Full Year 2024 PSEG Power & Other Nuclear Generation Measures Other Financial Considerations Three Months Ended Twelve Months Ended • For 2025, total nuclear generation is forecasted to be 30-32 TWh December 31, December 31, of reliable, carbon-free energy 2024 2023 2024 2023
Slide 17: Appendix
PSEG Fourth Quarter and Full Year 2024 Appendix 17
Slide 18: 2025 Indicative Annual Dividend Increase of 5%
PSEG Fourth Quarter and Full Year 2024 PSEG’s 2025 Indicative Annual Dividend Increase of 5% Supported by Predictable Earnings Annual PSEG Dividend Per Share $2.52** $2.40 $2.28 $2.16 $2.04 $1.96 $1.88 $1.80 $1.72 $1.64 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 57% 59% 58% 57% 57% 56% 62% 6
Slide 19: PSEG Maintains a Solid Financial Position
PSEG Fourth Quarter and Full Year 2024 PSEG Maintains a Solid Financial Position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outloo
Slide 20: Liquidity as of December 31, 2024
PSEG Fourth Quarter and Full Year 2024 PSEG Liquidity as of December 31, 2024 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2028 $1,000 $468 $532 PSEG Money Pool (A,B) PSEG/PSEG Power Revolving Credit Facility (PSEG) Marc
Slide 21: Glossary of Terms
PSEG Fourth Quarter and Full Year 2024 Glossary of Terms AFUDC Allowance For Funds Used During Construction GSMP Gas System Modernization Program PSEG Investor Relations AMI Automated Metering Infrastructure HC Hope Creek 80 Park Plaza BGSS Basic Gas Supply Service IAP Infrastructure Advancement Pro
Slide 22: Reconciliation of Non-GAAP Operating Earnings
PSEG Fourth Quarter and Full Year 2024 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended Year Ended (a) Includes the financial impact from positions with Reconciling Items December
Slide 23: Reconciliation of Non-GAAP Operating Earnings
PSEG Fourth Quarter and Full Year 2024 Reconciliation of Non-GAAP Operating Earnings PSE&G Operating Earnings (non-GAAP) Reconciliation Three Months Ended Year Ended Reconciling Items December 31, December 31, 2024 2023 2024 2023 ($ millions, Unaudited) Net Income $ 378 $ 291 $ 1,547 $ 1,515 EIP, pr
Slide 24: Reconciliation of Non-GAAP Operating Earnings
PSEG Fourth Quarter and Full Year 2024 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Year Ended December 31, (a) Effective January 1, 2018, unrealized gains (losses) on equity Reconciling Items s
Public Service Enterprise Group — Q4 2024 Earnings Presentation on 6ix