Newjersey Resources Corporation · NYSE:NJR
Newjersey Resources — Q3 2026 Earnings Presentation
39 slides from Newjersey Resources's earnings presentation, Aug 4, 2026
Slide 1: Investor Presentation: Fiscal 2026 Third Quarter and Year-to-Date Financial Results
August 2026 Investor Presentation Fiscal 2026 Third Quarter and Year-to-Date Financial Results
Slide 2: Forward-Looking Statements and Non-GAAP Measures
Forward-Looking Statements and Non-GAAP Measures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Li
Slide 3: Contents
Contents 16 Appendix: Financial Statements and Additional Information Fiscal 2026 Third Quarter and Year-to-Date Conference Call 17 Fiscal 2026 Third Quarter and Year-to-Date NFE and NFEPS by Business Unit 4 Agenda 18 Reconciliation of NFE and NFEPS to Net Income 19 Other Reconciliation of Non-GAAP
Slide 4: Agenda; NJR At a Glance
Agenda NJR At a Glance Corporate Information Ticker NYSE: NJR Corporate Headquarters Wall, NJ Overview Incorporated New Jersey Steve Westhoven, President and CEO Website www.njresources.com IPO 1982 NJR Business Units (abbreviation) New Jersey Natural Gas NJNG Clean Energy Ventures CEV Financial Hig
Slide 5: NJR: Key Highlights
NJR: Key Highlights NJNG S&T CEV Regulatory Filings Aimed Received FERC at Addressing Certificate on Leaf River Added ~58MW of Affordability for Expansion Ahead of In-Service Capacity YTD Customers with Critical Schedule Infrastructure Recovery Raises FY 2026 CAPEX Range Tightens FY 2026 NFEPS by $4
Slide 6: NJNG: Delivering Customer Savings + Investing in Reliability
NJNG: Delivering Customer Savings + Investing in Reliability June 1st filings with the NJBPU* expected to lower natural gas bills this upcoming winter heating season while advancing review for rate recovery of critical reliability investments Customer Savings in Advance of Rate Case Filing 2026 Wint
Slide 7: S&T: Short- and Long-Term Growth Drivers
S&T: Short- and Long-Term Growth Drivers Expected Construction Timeline Continues as Planned S&T NFE on Track to More Than Double from 2025 to 2027 Short Term: Next 2 Years Due to Favorable Re-Contracting at Adelphia and Leaf River (from $18.5 Million to Estimated $42 - $47 Million; FY 2026 YTD: $24
Slide 8: CEV: Project Pipeline
CEV: Project Pipeline CEV Owns and Operates Solar Projects with Approximately 537MW of In-Service Commercial Solar Capacity MWs 1.1 GW ~3X of Capital Plan Targets Through Capacity 2030* expected to ~58MW grow over 50% Placed In- from 2025 - 2027 * Solar Projects Under Construction, Contract or Servi
Slide 9: Financial Review and Outlook
Financial Review and Outlook 9
Slide 10: Fiscal 2026 Third Quarter and Year-to-Date Financial Highlights
Fiscal 2026 Third Quarter and Year-to-Date Financial Highlights Strong Performance Improved Outlook Distinct Growth Drivers New Jersey Natural Gas • Rate Base Growth $0.11 Tightens Fiscal 2026 • Customer Growth • Energy Efficiency Fiscal 2026 Third Quarter NFEPS Guidance NFEPS S&T to $3.52 to $3.62
Slide 11: Review of Fiscal 2026 Third Quarter and Year-to-Date Results
Review of Fiscal 2026 Third Quarter and Year-to-Date Results1 ($ in Millions) Fiscal Third Quarter Fiscal Year-to-Date Fiscal 3Q25 – Consolidated NFE ($ in millions) $ 6.2 Fiscal 2025 YTD – Consolidated NFE ($ in millions) $ 313.4 NJNG $ (4.0) NJNG $ 16.9 Utility Gross Margin1 $ 5.7 Utility Gross Ma
Slide 12: Capital Investment (CAPEX): Increased FY 2026 from Last Quarter
Capital Investment1 (CAPEX): Increased FY 2026 from Last Quarter Actuals Estimates ($ in Millions) $4.8 - $5.2B Through 2030 Increased FY 2026 CAPEX Range $870 - $1.0B $815 - $950 NJNG Expected to $850M $60 - $75 $45 - $60 Represent Over 60% of Capital $644M $270 -$370 Investment $630M $210 - $290 $
Slide 13: Strong Credit Metrics
Strong Credit Metrics Adjusted FFO / Adjusted Debt NJNG NJR (Secured Rating) (Unsecured Rating) Actuals Estimated NAIC NAIC-1.E NAIC-2.A Moody's A1 (Stable) 20 - 22% 19 - 20% Fitch A+ (Stable) ▪ No Block Equity Needs ▪ Cash Flow from Operations of $1.1B - $1.2B in FY 2026 and FY 2027 ▪ Staggered Deb
Slide 14: Fiscal 2026: NFEPS Guidance and Segment %
Fiscal 2026: NFEPS Guidance and Segment % Estimated Fiscal 2026 Segment % Net Financial Earnings Per Share Utility To Represent ~60% of Earnings Contribution $3.52 - $3.62 Strong Contribution from Energy Services NJNG During Winter Season $2.83 Contributed to 59 - 62% Outperformance Above 7-9% State
Slide 15: 7-9% NFEPS Growth Rate Supported by Complementary Businesses
7-9% NFEPS Growth Rate Supported by Complementary Businesses High single digit rate base NJNG growth expected through 2030 Total CAPEX of $4.8 - $5.2 Billion NFE expected to more than double by 2027 Through FY 2030 Over 60% in Utility Investment S&T Leaf River capacity expected to grow by over 70% t
Slide 16: Appendix: Financial Statements and Additional Information
Appendix: Financial Statements and Additional Information 17 Fiscal 2026 Third Quarter and Year-to-Date NFE and NFEPS by Business Unit 18 Reconciliation of NFE and NFEPS to Net Income 19 Other Reconciliation of Non-GAAP Measures 20 Reconciliation of Adjusted Funds from Operations to Cash Flow from O
Slide 17: Fiscal 2026 Third Quarter and Year-to-Date NFE and NFEPS by Business Unit
Fiscal 2026 Third Quarter and Year-to-Date NFE and NFEPS by Business Unit1 ($ in 000s) Net Financial Earnings (NFE) (Thousands) Three Months Ended June 30, Nine Months Ended June 30, 2026 2025 Change 2026 2025 Change New Jersey Natural Gas $6,087 $10,079 $(3,992) $238,429 $221,518 $16,911 Clean Ener
Slide 18: Reconciliation of NFE and NFEPS to Net Income
Reconciliation of NFE and NFEPS to Net Income ($ in 000s) (Unaudited) Three Months Ended Nine Months Ended June 30, June 30, 2026 2025 2026 2025 • NFE is a measure of earnings based on the elimination of timing differences NEW JERSEY RESOURCES surrounding the recognition of certain gains or losses t
Slide 19: Other Reconciliation of Non-GAAP Measures
Other Reconciliation of Non-GAAP Measures ($ in 000s) (Unaudited) Three Months Ended Nine Months Ended June 30, June 30, 2026 2025 2026 2025 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: NJNG Utility Gross Margin • NJNG's utility gro
Slide 20: Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations
Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations Adjusted Funds from Operations, FY2026 YTD (Millions) Cash Flow from Operations $577.8 • Adjusted funds from operations is Add back cash flows from operating activities, Components of working capital ($6.6) plus components
Slide 21: Capital Plan Table
Capital Plan Table1,2 ($ in Millions) Actuals Estimates Near Real FY2026A FY2024A FY2025A FY2026E FY2027E Time YTD Return? New Jersey Natural Gas New Customer $100 $119 $97 $120 - $130 $130 - $140 Yes SAVEGREEN $71 $98 $79 $90 - $100 $90 - $100 Yes Safety and Reliability3 $332 $331 $258 $350 - $370
Slide 22: Cash Flows Table
Cash Flows Table1 ($ in Millions) Actuals Estimates Operating cash flows are primarily FY FY YTD affected by variations in working FY2026E FY2027E capital, which can be impacted by 2024A 2025A FY2026A several factors, including: • seasonality of our business; Cash Flows from $427 $466 $578 $550 - $5
Slide 23: Debt Repayment Schedule
Debt Repayment Schedule No Significant Maturity Towers in Any Particular Year NJR Unsecured Senior Notes FY Maturity Principal 3.54% 2026 $100,000 4.38% 2027 $110,000 3.96% 2028 $100,000 Term Debt1 Maturity Schedule 3.29% 2029 $150,000 3.50% 2030 $130,000 as of June 30, 2026 / $ in Millions, unless
Slide 24: NJR: Complementary Energy Infrastructure Platform
NJR: Complementary Energy Infrastructure Platform Predictable Net Financial Earnings and Incremental Organic Growth Opportunities 25 NJR: Business Portfolio Originated from Expertise in Energy Value Chain 26 NJR: Dividend Raised for 30 Consecutive Years 27 NJR: Drivers of Long-Term Growth Rate of 7-
Slide 25: NJR: Business Portfolio
NJR: Business Portfolio Natural Gas and Renewable Fuel Distribution; Solar Investments; Wholesale Energy Markets; Storage & Transportation Infrastructure; Retail Operations New Jersey Natural Gas Operates and maintains Natural Gas transportation and (NJNG) distribution infrastructure. Clean Energy V
Slide 26: NJR: Dividend Raised for 30 Consecutive Years
NJR: Dividend Raised for 30 Consecutive Years Committed to Returning Capital to Shareholders Dividends per Share Dividend History Highlighted Rows Reflect Changes in Quarterly Cash Dividends $1.90 Record Date 6/10/2026 Payable Date 7/1/2026 Amount Per Share $0.475 FY 2026 Dividend 3/11/2026 4/1/2026
Slide 27: NJR: Drivers of Long-Term Growth Rate of 7-9%
NJR: Drivers of Long-Term Growth Rate of 7-9% Highly Visible NFEPS Growth with Potential for Additional Upside, No Block Equity Needs, "Utility-like" Earnings Contribution NJNG CEV S&T Energy Services Stronger than expected BGSS Potential Upside incentives margin from Upside from power demand Short-
Slide 28: NJNG: Customer Growth and Expanded Franchise Opportunities
NJNG: Customer Growth Core territories of Monmouth, Ocean, and Morris Counties (smaller customer totals in Middlesex, Sussex and Burlington Counties) ~630 - 640 NJNG Total Customers (in 000s) YTD 594,646 As of 6/30 Total Customers 6 Counties Across New Jersey At September 30 28
Slide 29: NJNG: Future Rate Base Growth Expected in the 7-9% Range
NJNG: Future Rate Base Growth Expected in the 7-9% Range ($ in B) $4.7 - $5.2B Expanding Rate Base Growth Rate Base CAGR Through 2030 of ~7 - 9% • History of Consistent Rate Case Outcomes • Additional Investments from Energy Efficiency Investments (SAVEGREEN) are Incremental to Current Rate Base Fig
Slide 30: S&T: Storage Becomes a Key Value Driver as Pipeline Capacity Tightens
S&T: Storage Becomes a Key Value Driver as Pipeline Capacity Tightens Leaf River (storage), Steckman Ridge (storage) ▪ 32.2 mmdth high deliverability salt cavern storage facility in southeastern Mississippi ▪ Acquired October 2019 ▪ 100% owner & operator ▪ 12.6 mmdth reservoir storage facility in so
Slide 31: S&T: Transportation Infrastructure Drives Value in a Constrained Market
S&T: Transportation Infrastructure Drives Value in a Constrained Market Adelphia Gateway (transportation) • 93 mile, 0.9 mmdth/d interstate pipeline extending between NE PA basin and the Philadelphia region • 100 percent NJR owned/operated - FERC regulated • Acquired January 2020 / Placed in-service
Slide 32: S&T: Adjusted EBITDA
S&T: Adjusted EBITDA • Adjusted EBITDA is net income before interest, income taxes, depreciation and amortization, corporate overhead and ($ in M) other income, net. $95 - $105 S&T Reconciliation of Adjusted EBITDA FY2026 YTD ($ in 000s) S&T's Net Income (GAAP) $ 23,833 Add Interest expense, net 16,
Slide 33: CEV: Diverse Commercial Solar Portfolio
CEV: Diverse Commercial Solar Portfolio Diverse and Innovative Commercial Solar Projects Throughout Seven States; Largest Solar Owner-Operator in NJ Over $1 billion invested in the Over 80 commercial projects solar marketplace in service Changewater Project Placed into Service in Q3 2026 14.85 MW gr
Slide 34: CEV: "Utility Like" Revenue Stack with Optionality
CEV: “Utility Like” Revenue Stack with Optionality Fixed Component Provides Stable Earnings Contribution With High Visibility CEV Revenue YTD Fiscal 2026 Fixed Revenue Component Consists of: Threshold: • State sponsored subsidy Monetization High Merchant programs or feed-in Tariff + of Investment +
Slide 35: Energy Services (ES)
Energy Services (ES) Operates in key market zones across the U.S., utilizing pipeline and storage assets to create geographic and seasonal optimization opportunities Maintains a long-option position to generate value Capital-light, Fee-based earnings Cash Generating Service Businesses Support Growth
Slide 36: Energy Services: Strong NFE Contribution
Energy Services: Strong NFE Contribution Managing a Diversified Portfolio of Physical Natural Gas Transportation and Storage Assets to Serve Customers Across North America; Fee-based Revenue through Asset Management Agreements Strong Energy Service NFE Contribution ($ in Millions) Fiscal 2022 - YTD
Slide 37: Energy Services: Asset Management Agreements
Energy Services: Asset Management Agreements De-risking transaction for Energy Services business by securing 10 years of contracted cash payments with minimal counterparty credit risk ($ in Millions) NJR expects to recognize approximately $19.7 million annually in revenues between FY 2025 - FY 2031;
Slide 38: Home Services (NJRHS)
Home Services (NJRHS) Delivering Home Comfort Solutions Working Tirelessly to Service Customers During Record Breaking Heat • Provides residential service contracts for heating, cooling, water heating, electrical and whole home generators • Equipment sales and installations, plumbing and electrical
Slide 39: Shareholder and Online Information
Shareholder and Online Information Stock Transfer Agent and Registrar Corporate Headquarters The Transfer Agent and Registrar for the company’s common stock 1415 Wyckoff Road is Broadridge Corporate Issuer Solutions, Inc. (Broadridge). Wall, NJ 07719 (732) 938-1000 Shareowners with questions about a