Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Q4 2025 Earnings Presentation
24 slides from Public Service Enterprise's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results Presentation
Public Service Enterprise Group FOURTH QUARTER AND FULL YEAR 2025 NYSE: PEG Financial Results Presentation February 26, 2026
Slide 2: Forward-Looking Statements
PSEG Fourth Quarter and Full Year 2025 Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries’ future performance, • fluctuations in, or third-party default risk in wholesale power and natural gas markets, including, without limitation, future reven
Slide 3: GAAP Disclaimer
PSEG Fourth Quarter and Full Year 2025 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income/(Loss) reported in Non-GAAP FFO reflects cash from operations excluding working capital and accordance with accounting principles generally accepted in the United States adjusts for
Slide 4: Q4 and Full Year 2025 Highlights
PSEG Fourth Quarter and Full Year 2025 PSEG Q4 and Full Year 2025 Highlights Fourth Quarter and Full Year Results • Net Income of $0.63 per share in Q4; Net Income of $4.22 per share in FY 2025 • Non-GAAP Operating Earnings of $0.72 per share in Q4; Non-GAAP Operating Earnings of $4.05 per share in
Slide 5: Initiates Full Year 2026 Guidance
PSEG Fourth Quarter and Full Year 2025 PSEG Initiates Full Year 2026 Guidance Continuing Execution of PSEG Strategic Plan • 2026 non-GAAP Operating Earnings guidance of 2026 midpoint represents ~7% increase over 2025 results $4.28 - $4.40 per share • 2026 outlook driven by: o Higher regulated rate b
Slide 6: Updates Long-Term Growth Target
PSEG Fourth Quarter and Full Year 2025 PSEG Updates Strong Business Mix, Predictable Growth and Nuclear Upside Long-Term Growth • PSEG’s long-term, non-GAAP earnings growth outlook updated to 6%-8% through 2030 • Total PSEG capital program of $24B - $28B for 2026-2030 with >90% focused on Target to
Slide 7: Q4 and FY 2025 Review
PSEG Fourth Quarter and Full Year 2025 Q4 and FY 2025 Review 7
Slide 8: Q4 Results
PSEG Fourth Quarter and Full Year 2025 PSEG Q4 Results PSEG Summary – Three Months ended December 31, Net Income (Loss) ($ in millions) 2025 2024 Change PSE&G $352 $378 $(26) PSEG Power & Other $(37) $(92) $55 Total PSEG $315 $286 $29 Non-GAAP Operating Earnings ($ in millions) 2025 2024 Change PSE&
Slide 9: EPS Reconciliation – Q4 2025 versus Q4 2024
PSEG Fourth Quarter and Full Year 2025 PSEG EPS Reconciliation – Q4 2025 versus Q4 2024 $0.90 $0.84 $(0.04) $(0.08) $0.80 Distribution: $0.72 Margin 0.07 $0.70 Gross Margin -- O&M (0.04) $0.63 Depreciation & Interest O&M (0.04) $0.60 $0.57 (0.02) Depreciation & $ / share Taxes & Other (0.05) Interes
Slide 10: Full Year Results
PSEG Fourth Quarter and Full Year 2025 PSEG Full Year Results PSEG Summary – Years ended December 31, Net Income ($ in millions) 2025 2024 Change PSE&G $1,745 $1,547 $198 PSEG Power & Other $366 $225 $141 Total PSEG $2,111 $1,772 $339 Non-GAAP Operating Earnings ($ in millions) 2025 2024 Change PSE&
Slide 11: EPS Reconciliation – FY 2025 versus FY 2024
PSEG Fourth Quarter and Full Year 2025 PSEG EPS Reconciliation – FY 2025 versus FY 2024 $4.50 $4.22 $0.40 $(0.03) $4.05 $4.00 Gross Margin 0.07 $3.68 $3.54 O&M (0.09) Distribution: $3.50 Depreciation & Interest Margin 0.67 (0.08) O&M (0.10) Non-Operating Expense $3.00 $ / share (0.02) Depreciation &
Slide 12: PSE&G Q4 and Full Year 2025 Highlights
PSEG Fourth Quarter and Full Year 2025 PSE&G Q4 and Full Year 2025 Highlights Operations Regulatory and Market Environment • Residential Electric and Gas customer count each grew by ~1% for the trailing • BPU approved three-year, $1.4 billion GSMP III settlement covering 12 months ended December 31,
Slide 13: Regulated 5-Year Capital Investment Plan
PSEG Fourth Quarter and Full Year 2025 Regulated 5-Year Capital Investment Plan of $22.5B-$25.5B 2026E – 2030E 6 Driven by 5 infrastructure modernization, ($ Billions) 4 energy efficiency, 3 and growing customer demand 2 1 0 2025 2026E 2027E 2028E 2029E 2030E Transmission Electric Distribution Gas D
Slide 14: Regulated Capital Investment Plan ~$1.5B Higher for 2026-2030
PSEG Fourth Quarter and Full Year 2025 Regulated Capital Investment Plan ~$1.5B Higher for 2026-2030 2024-2028E 2025-2029E 2026E-2030E $18B-$21B $21B-$24B $22.5B-$25.5B Rate Base CAGR Rate Base CAGR Rate Base CAGR 6% - 7.5% 6% - 7.5% 6% - 7.5% 26 24 22 20 ($ Billions) 18 16 14 12 10 8 6 4 2 0 Transm
Slide 15: Robust Investment Opportunities Offer Continued Rate Base Growth
PSEG Fourth Quarter and Full Year 2025 Robust Investment Opportunities Offer Continued Rate Base Growth Regulated Year-End Rate Base 55 50 45 40 ($ Billions) 35 30 25 20 15 10 5 0 2024 2025 2026E 2027E 2028E 2029E 2030E Transmission Electric Distribution Gas Distribution Clean Energy Transmission No
Slide 16: Power & Other
PSEG Fourth Quarter and Full Year 2025 PSEG Power & Other Nuclear Generation Measures Other Financial Considerations Three Months Ended Twelve Months Ended • For 2026, total nuclear generation is forecasted to be 30-32 TWh December 31, December 31, 2025 2024 2025 2024 • Realized energy price histori
Slide 17: Appendix
PSEG Fourth Quarter and Full Year 2025 Appendix 17
Slide 18: 2026 Indicative Annual Dividend Increase of ~6%
PSEG Fourth Quarter and Full Year 2025 PSEG’s 2026 Indicative Annual Dividend Increase of ~6% Marks 15th Consecutive Annual Increase Annual PSEG Dividend Per Share $2.68* $2.52 $2.40 $2.28 $2.16 $2.04 $1.96 $1.88 $1.80 $1.72 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 59% 58% 57% 57% 56% 62%
Slide 19: Maintains a Solid Financial Position
PSEG Fourth Quarter and Full Year 2025 PSEG Maintains a Solid Financial Position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outloo
Slide 20: Liquidity as of December 31, 2025
PSEG Fourth Quarter and Full Year 2025 PSEG Liquidity as of December 31, 2025 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2029 $1,000 $351 $649 PSEG Money Pool (A,B) PSEG/PSEG Power Revolving Credit Facility (PSEG) Marc
Slide 21: Glossary of Terms
PSEG Fourth Quarter and Full Year 2025 PSEG Glossary of Terms AFUDC Allowance For Funds Used During Construction ICAP Installed Capacity PSEG Investor Relations BGSS Basic Gas Supply Service LIPA Long Island Power Authority 80 Park Plaza BPU New Jersey Board of Public Utilities M&R Metering and Regu
Slide 22: Reconciliation of Non-GAAP Operating Earnings
PSEG Fourth Quarter and Full Year 2025 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 2025 Reconciliation of Non-GAAP Operating Earnings PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation Three Months Ended Year Ended (a) Includes the financial impact from positions with Reconciling Items December 31, December 31, forward delivery months
Slide 24: Reconciliation of Non-GAAP Operating Earnings
PSEG Fourth Quarter and Full Year 2025 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 2025 Earnings Presentation on 6ix