Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Q1 2026 Earnings Presentation
17 slides from Public Service Enterprise's earnings presentation, May 5, 2026
Slide 1: Public Service Enterprise Group First Quarter 2026 Financial Results Presentation
Public Service Enterprise Group FIRST QUARTER 2026 NYSE: PEG Financial Results Presentation May 5, 2026
Slide 2: Forward-Looking Statements
PSEG First Quarter 2026 Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries’ future performance, • any inability to enter into or extend certain significant contracts; including, without limitation, future revenues, earnings, strategies, prospect
Slide 3: GAAP Disclaimer
PSEG First Quarter 2026 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income 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 certain items includin
Slide 4: Q1 2026 Highlights
PSEG First Quarter 2026 PSEG Q1 2026 Highlights First Quarter Results • Net Income of $1.48 per share in Q1 2026 vs. $1.18 per share in Q1 2025 • Non-GAAP Operating Earnings of $1.55 per share in Q1 2026 vs. $1.43 per share in Q1 2025 • First quarter dividend increased ~6% to annualized indicative r
Slide 5: Outlook Maintained
PSEG First Quarter 2026 PSEG Outlook Maintained 2026 guidance midpoint represents ~7% increase over 2025 results Continuing Execution of PSEG Strategic Plan • PSEG maintained 2026 non-GAAP Operating Earnings guidance of $4.28 - $4.40 per share • 2026 outlook driven by: o Regulated rate base increase
Slide 6: Strong Business Mix, Predictable Growth and Nuclear Upside
PSEG First Quarter 2026 Strong Business Mix, Predictable Growth and Nuclear Upside • PSEG’s long-term, non-GAAP earnings growth outlook is 6%-8% through 2030 • Total PSEG capital program of $24B - $28B for 2026-2030, >90% regulated investments • $22.5B - $25.5B regulated capital spending plan for 20
Slide 7: Q1 2026 Review
PSEG First Quarter 2026 Q1 2026 Review 7
Slide 8: Q1 Results
PSEG First Quarter 2026 PSEG Q1 Results PSEG Summary – Three Months ended March 31, Net Income ($ in millions) 2026 2025 Change PSE&G $577 $546 $31 PSEG Power & Other $164 $43 $121 Total PSEG $741 $589 $152 Non-GAAP Operating Earnings ($ in millions) 2026 2025 Change PSE&G $577 $546 $31 PSEG Power &
Slide 9: EPS Reconciliation – Q1 2026 versus Q1 2025
PSEG First Quarter 2026 PSEG EPS Reconciliation – Q1 2026 versus Q1 2025 $1.75 $0.06 $1.55 $0.06 $1.48 $1.50 $1.43 Gross Margin -- Transmission 0.01 O&M 0.06 Distribution: $1.25 $1.18 Depreciation & Interest Margin 0.07 (0.01) $ / share O&M (0.01) Taxes & Other 0.01 $1.00 Depreciation & Interest (0.
Slide 10: PSE&G Q1 2026 Highlights
PSEG First Quarter 2026 PSE&G Q1 2026 Highlights Operations Regulatory and Market Environment • Residential Electric and Gas customer count each grew by ~1% • BPU approved annual revenue increase of $23 million for investments under for the trailing 12 months ended March 31, 2026 GSMP II Extension e
Slide 11: Power & Other
PSEG First Quarter 2026 PSEG Power & Other Financial Considerations Nuclear Generation Measures • For 2026, total nuclear generation is forecasted to be 30-32 TWh Three Months Ended Three Months Ended • Realized energy price historically aligned with the PECO hub March 31, 2026 March 31, 2025 • ~95%
Slide 12: Appendix
PSEG First Quarter 2026 Appendix 12
Slide 13: Maintains a Solid Financial Position
PSEG First Quarter 2026 PSEG Maintains a Solid Financial Position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outlook = Stable PSEG
Slide 14: Liquidity as of March 31, 2026
PSEG First Quarter 2026 PSEG Liquidity as of March 31, 2026 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2031 $1,000 $26 $974 PSEG Money Pool (A) PSEG/PSEG Power Revolving Credit Facility (PSEG) March 2031 $1,500 $179 $1
Slide 15: Glossary of Terms
PSEG First Quarter 2026 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 Regulating Newark N
Slide 16: Reconciliation of Non-GAAP Operating Earnings
PSEG First Quarter 2026 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended (a) Includes the financial impact from positions with forward delivery months. Reconciling Items March 31,
Slide 17: Reconciliation of Non-GAAP Operating Earnings
PSEG First Quarter 2026 Reconciliation of Non-GAAP Operating Earnings PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation (a) Includes the financial impact from positions with Three Months Ended forward delivery months. Reconciling Items March 31, (b) Income tax effect calculated at the
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