Slide 1: Investor Presentation: Fiscal 2026 Second Quarter and First Half Financial Results
May 2026 Investor Presentation Fiscal 2026 Second Quarter and First Half 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 17 Appendix: Financial Statements and Additional Information Fiscal 2026 Second Quarter and First Half Conference Call 18 Fiscal 2026 Second Quarter and First Half NFE and NFEPS by Business Unit 4 Agenda 19 Reconciliation of NFE and NFEPS to Net Income 20 Other Reconciliation of Non-GAAP Me
Slide 4: Agenda and 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: Winter Review: Reliability Delivered Through Extreme Conditions
Winter Review: Reliability Delivered Through Extreme Conditions NJR recorded significant operational milestones during Winter 2025-2026 while maintaining safe, reliable operations without any service interruptions Energy Home New Jersey Natural Gas S&T CEV Services Services Highest sendouts in histo
Slide 6: NJNG: Aligned with Stakeholders on Affordability
NJNG: Aligned with Stakeholders on Affordability Natural Gas Remains the Most Affordable and Reliable Method of Heating Your Home Basic Gas Supply Service ("BGSS") Incentive Program $1.6B Customer Savings NJNG generated Over the Life of the approximately $93 million* of BGSS Incentive gross customer
Slide 7: NJNG: Customer Growth and Expanding Franchise Opportunities
NJNG: Customer Growth and Expanding Franchise Opportunities Operates and Maintains Natural Gas Transportation and Distribution Infrastructure in New Jersey (predominately in core territories of Monmouth, Ocean, and Morris Counties, but also in Middlesex, Sussex and Burlington Counties) NJNG customer
Slide 8: S&T: Short- and Long-Term Growth Drivers
S&T: Short- and Long-Term Growth Drivers Expected Construction Timeline Continues as Planned Short Term: Next 2 Years Long-Term Growth: 3 years+ Leaf River Expansion Plans S&T NFE Available Working Gas Capacity (BCF) Leaf River has Expected to Planned Multiple Sites for Potential Organic New Cavern
Slide 9: CEV: Project Pipeline
CEV: Project Pipeline CEV Owns and Operates Solar Projects with Approximately 513MW of In-Service Commercial Solar Capacity MWs ~3X of 1.2 GW Capital Plan Targets Through Capacity expected to 2030* grow over 50% Record ~33MW from 2025 - 2027 Placed In- * Solar Projects Under ~93MW Construction, Cont
Slide 10: Financial Review and Outlook
Financial Review and Outlook 10
Slide 11: Fiscal 2026 Second Quarter Highlights
Fiscal 2026 Second Quarter Highlights Strong Performance Improved Outlook Distinct Growth Drivers New Jersey Natural Gas • Rate Base Growth $2.20 Increases Fiscal 2026 NFEPS Guidance by • Customer Growth • Energy Efficiency Fiscal 2026 Second $0.20 to $3.48 to $3.63 Quarter NFEPS as a Result of S&T
Slide 12: Review of Fiscal 2026 Second Quarter and Year-to-Date Results
Review of Fiscal 2026 Second Quarter and Year-to-Date Results1 ($ in Millions) Fiscal Second Quarter Fiscal Year-to-Date Fiscal 2Q25 – Consolidated NFE ($ in millions) $ 178.3 Fiscal 2025 YTD – Consolidated NFE ($ in millions) $ 307.2 NJNG $ 4.0 NJNG $ 20.9 Utility Gross Margin1 $ 10.3 Utility Gross
Slide 13: Capital Investment (CAPEX) Outlook
Capital Investment1 (CAPEX) Outlook Actuals Estimates (No Change from Prior Quarter) ($ in Millions) $4.8 - $5.2B Through 2030 $870 - $1.0B NJNG Expected to $850M $775 - $930 $60 - $75 Represent Over $45 - $60 60% of Capital $644M $270 -$370 Investment $210 - $290 $399M $520 - $580 $540 -$600 1. The
Slide 14: 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 15: Fiscal 2026: NFEPS Guidance and Segment %
Fiscal 2026: NFEPS Guidance and Segment % Net Financial Earnings Per Share Estimated Fiscal 2026 Segment % Utility To Represent Increased Guidance ~60% of Earnings Contribution to a Range of (updated to reflect guidance raise) $3.48 - $3.63 Strong $2.83 Contribution from Energy Services During Winte
Slide 16: 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 - $5.2 Billion NFE expected to more than double by 2027 Through FY 2030 Over 60% in Utility Investment S&T Leaf River capacity expected to grow by over 70% t
Slide 17: Appendix: Financial Statements and Additional Information
Appendix: Financial Statements and Additional Information 18 Fiscal 2026 Second Quarter and First Half NFE and NFEPS by Business Unit 19 Reconciliation of NFE and NFEPS to Net Income 20 Other Reconciliation of Non-GAAP Measures 21 Reconciliation of Adjusted Funds from Operations to Cash Flow from Op
Slide 18: Fiscal 2026 Second Quarter and First Half NFE and NFEPS by Business Unit
Fiscal 2026 Second Quarter and First Half NFE and NFEPS by Business Unit1 ($ in 000s) Net Financial Earnings (NFE) (Thousands) Three Months Ended March 31, Six Months Ended March 31, 2026 2025 Change 2026 2025 Change New Jersey Natural Gas $148,513 $144,531 $3,982 $232,342 $211,439 $20,903 Clean Ene
Slide 19: Reconciliation of NFE and NFEPS to Net Income
Reconciliation of NFE and NFEPS to Net Income ($ in 000s) (Unaudited) Three Months Ended Six Months Ended March 31, March 31, 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
Slide 20: Other Reconciliation of Non-GAAP Measures
Other Reconciliation of Non-GAAP Measures ($ in 000s) (Unaudited) Three Months Ended Six Months Ended March 31, March 31, 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 gr
Slide 21: 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 $589.3 • Adjusted funds from operations is Add back cash flows from operating activities, Components of working capital ($32.5) plus component
Slide 22: Capital Plan Table
Capital Plan Table1,2 ($ in Millions) Actuals Estimates No Change From Prior Quarter Near Real FY2026A FY2024A FY2025A FY2026E FY2027E Time YTD Return? New Jersey Natural Gas New Customer $100 $119 $64 $120 - $130 $130 - $140 Yes SAVEGREEN $71 $98 $47 $90 - $100 $90 - $100 Yes Safety and Reliability
Slide 23: Cash Flows Table
Cash Flows Table1 ($ in Millions) Actuals Estimates CFFO Increased From Prior Quarter 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 F
Slide 24: 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 March 31, 2026 / $ in Millions, unless
Slide 25: NJR: Complementary Energy Infrastructure Platform
NJR: Complementary Energy Infrastructure Platform Predictable Net Financial Earnings and Incremental Organic Growth Opportunities 26 NJR: Business Portfolio Originated from Expertise in Energy Value Chain 27 NJR: Dividend Growth: Raised for 30 Consecutive Years 28 NJR: Drivers of Long-Term Growth Ra
Slide 26: 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 27: NJR Dividend Growth: Raised for 30 Consecutive Years
NJR Dividend Growth: 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 3/11/2026 Payable Date 4/1/2026 Amount Per Share $0.475 FY 2026 Dividend 12/12/2025
Slide 28: NJR: Drivers of Long-Term Growth Rate of 7-9%
NJR: Drivers of Long-Term Growth Rate of 7-9% Highly Visible NFEPS Growth with Potential for Additional Upside, No Block Equity Needs, "Utility-like" Earnings Contribution NJNG CEV S&T Energy Services Stronger than expected BGSS Potential Upside incentives margin from Upside from power demand Short-
Slide 29: NJNG: Future Rate Base Growth Expected in the 7-9% Range
NJNG: Future Rate Base Growth Expected in the 7-9% Range ($ in B) $4.7 - $5.2B Expanding Rate Base Growth Rate Base CAGR Through 2030 of ~7 - 9% • History of Consistent Rate Case Outcomes • Additional Investments from Energy Efficiency Investments (SAVEGREEN) are Incremental to Current Rate Base Fig
Slide 30: S&T: Strategically Located Assets
S&T: Strategically Located Assets Leaf River (storage), Steckman Ridge (storage), and Adelphia Gateway (transportation) Maximize capabilities of existing assets as ▪ 0.9 mmdth/d interstate ▪ 32.2 mmdth high deliverability pipeline and storage pipeline from NE PA to salt cavern storage facility in co
Slide 31: S&T: Adjusted EBITDA
S&T: Adjusted EBITDA • Adjusted EBITDA is net income before interest, income taxes, depreciation and amortization, corporate overhead and ($ in M) other income, net. $95 - $105 S&T Reconciliation of Adjusted EBITDA FY2026 YTD ($ in 000s) S&T's Net Income (GAAP) $ 15,071 Add Interest expense, net 11,
Slide 32: CEV: Diverse Commercial Solar Portfolio
CEV: Diverse Commercial Solar Portfolio Diverse and Innovative Commercial Solar Projects Throughout Seven States; Largest Solar Owner-Operator in New Jersey Over $1 billion invested in the Over 80 commercial projects solar marketplace in service Woodstock Solar One Placed into Service in Q2 2026 Win
Slide 33: CEV: "Utility Like" Revenue Stack with Optionality
CEV: “Utility Like” Revenue Stack with Optionality Fixed Component Provides Stable Earnings Contribution With High Visibility CEV Revenue YTD Fiscal 2026 Fixed Revenue Component Consists of: Threshold: • State sponsored subsidy Monetization High Merchant programs or feed-in Tariff + of Investment +
Slide 34: Energy Services (ES)
Energy Services (ES) Operates in key market zones across the U.S., utilizing pipeline and storage assets to create geographic and seasonal optimization opportunities Maintains a long-option position to generate value Capital-light, Fee-based earnings Cash Generating Service Businesses Support Growth
Slide 35: Energy Services: Strong NFE Contribution
Energy Services: Strong NFE Contribution Managing a Diversified Portfolio of Physical Natural Gas Transportation and Storage Assets to Serve Customers Across North America; Fee-based Revenue through Asset Management Agreements Strong Energy Service NFE Contribution ($ in Millions) Fiscal 2022 - 2025
Slide 36: 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 37: Home Services (NJRHS)
Home Services (NJRHS) Delivering Home Comfort Solutions ~ 150 licensed technicians, installers, plumbers, Responding to the Storm: Proactively Addressing Common Problems with Digital Marketing electricians and skilled workers • Provides residential service contracts for heating, Optimized contact st
Slide 38: 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