Slide 1: Investor Presentation: Fiscal 2026 First Quarter Financial Results
February 2026 Investor Presentation Fiscal 2026 First Quarter 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 18 Appendix: Financial Statements and Additional Information Fiscal 2026 First Quarter Conference Call 19 Fiscal 2026 First Quarter NFE and NFEPS by Business Unit 4 Agenda 20 Reconciliation of NFE and NFEPS to Net Income 21 Other Reconciliation of Non-GAAP Measures 5 Winter Storm Fern 22 Re
Slide 4: Agenda; NJR At a Glance
Agenda NJR At a Glance Corporate Information Ticker NYSE: NJR Corporate Headquarters Wall, NJ Strategic Review 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 Finan
Slide 5: Winter Storm Fern
Winter Storm Fern Strong Operating Performance During Storm Event Across all of NJR's Businesses NJR delivered reliable performance during Winter Storm Fern and the prolonged period of cold weather, underscoring the resiliency of our lifeline systems and the effectiveness of our supply and risk-mana
Slide 6: NJNG: System and Structure Ensures Reliability and Affordability
NJNG: System and Structure Ensures Reliability and Affordability Critical system reliability plus customer affordability remains a priority for NJNG amid rising energy costs and economic pressures Reliable + Affordable 1 up to $135 Nearly 90% Hedged Physical Highest 7 Day Prior to hedging Winter pro
Slide 7: NJNG: Customer Growth
NJNG: Customer Growth Operates and Maintains Natural Gas Transportation and Distribution Infrastructure in New Jersey (predominately in core territories of Monmouth, Ocean, and Morris Counties, but also in Middlesex, Sussex and Burlington Counties) NJNG customer base continues to expand, adding betw
Slide 8: S&T: Short- and Long-Term Growth Drivers
S&T: Short- and Long-Term Growth Drivers Expansion Plans To Increase Working Gas Capacity Leaf River Expansion S&T NFE Leaf River has Multiple Sites for Expected to Planned Potential Organic Cavern Expansion Expansion of New Cavern More Than Existing Cavern Locations Beyond this 55 BCF Double from E
Slide 9: CEV: Project Pipeline
CEV: Project Pipeline CEV Owns and Operates Solar Projects with Approximately 489MW of In-Service Commercial Solar Capacity 1.2 GW Diverse pipeline – preserved ITC through Capacity proactive safe harboring expected to grow over 50% (from 2025 to 2027) Record ~93MW ~9.7MW Placed In-Service Placed In-
Slide 10: Financial Review and Outlook
Financial Review and Outlook 10
Slide 11: Fiscal 2026 First Quarter Results - Walk
Fiscal 2026 First Quarter Results1 - Walk ($ in Millions) Decline was due to a gain on the sale of Fiscal 1Q25 – Consolidated NFE ($ in millions) $ 128.9 CEV's residential solar business in the NJNG $ 16.9 prior year period Utility Gross Margin1 $ 25.0 Depreciation & Amortization (D&A) $ (4.9) Inter
Slide 12: Capital Investment (CAPEX) Outlook
Capital Investment1 (CAPEX) Outlook Actuals Estimates ($ in Millions) $4.8 - $5.2B Through 2030 $870 - $1.0B $850M $775 - $930 $60 - $75 NJNG Expected to $45 - $60 Represent Over $644M $270 -$370 60% of Capital $210 - $290 Investment $520 - $580 $540 -$600 $190M 1. The sum of actual amounts may not
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) 19 - 20% Fitch A+ (Stable) ▪ No Block Equity Needs ▪ Cash Flow from Operations of $1.1B - $1.2B in the next two years ▪ Staggered Debt Maturity
Slide 14: 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 Majority of Earnings Contribution Guidance to (updated to reflect guidance raise) a Range of $3.28 - $3.43 Strong $2.83 Contribution from Energy Services During J
Slide 15: 2025 Sustainability Report
2025 Sustainability Report 17th Corporate Sustainability Report Dating Back to 2008 Highlights • Record $98M investment in energy efficiency: SAVEGREEN® Link to: programs helped customers reduce energy usage and cut CO₂ emissions. 2025 Sustainability Report • Expanded renewable energy portfolio: NJR
Slide 16: NJR: Aligned with New Jersey's Affordability Initiatives
NJR: Aligned with New Jersey’s Affordability Initiatives Governor Sherrill was sworn in on January 20, 2026 and immediately issued two Executive Orders focused on affordability of electric bills NJR Well-Positioned for Opportunities from EOs Executive Order 1 Electric Affordability • Natural gas rem
Slide 17: 7-9% NFEPS Growth Rate Supported by Complementary Businesses
7-9% NFEPS Growth Rate Supported by Complementary Businesses NJNG S&T CEV High single digit NFE expected to more Installed capacity rate base growth than double by 2027 expected to grow over expected 50% by 2027 through 2030 Leaf River capacity expected to grow by over 70% through 2030 Total CAPEX o
Slide 18: Appendix: Financial Statements and Additional Information
Appendix: Financial Statements and Additional Information 19 Fiscal 2026 First Quarter NFE and NFEPS by Business Unit 20 Reconciliation of NFE and NFEPS to Net Income 21 Other Reconciliation of Non-GAAP Measures 22 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 23 Capi
Slide 19: Fiscal 2026 First Quarter NFE and NFEPS by Business Unit
Fiscal 2026 First Quarter NFE and NFEPS by Business Unit1 ($ in 000s) Net Financial Earnings (NFE) (Thousands) Three Months Ended December 31, 2025 2024 Change New Jersey Natural Gas $83,829 $66,908 $16,921 Clean Energy Ventures $9,590 $48,130 $(38,540) Storage and Transportation $7,363 $5,664 $1,69
Slide 20: Reconciliation of NFE and NFEPS to Net Income
Reconciliation of NFE and NFEPS to Net Income ($ in 000s) (Unaudited) Three Months Ended December 31, • NFE is a measure of earnings based on the 2025 2024 elimination of timing differences to effectively match the earnings effects of the NEW JERSEY RESOURCES economic hedges with the physical sale o
Slide 21: Other Reconciliation of Non-GAAP Measures
Other Reconciliation of Non-GAAP Measures ($ in 000s) (Unaudited) Three Months Ended December 31, 2025 2024 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is NJNG Utility Gross Margin as follows: • NJNG's utility gross margin is defined Operating re
Slide 22: 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 $26.7 • Adjusted funds from operations is Add back cash flows from operating activities, Components of working capital $217.8 plus components
Slide 23: Capital Plan Table
Capital Plan Table1,2 ($ in Millions) Actuals Estimates Near Real FY2026A FY2024A FY2025A FY2026E FY2027E Time YTD Return? New Jersey Natural Gas New Customer $100 $119 $32 $120 - $130 $130 - $140 Yes SAVEGREEN $71 $98 $27 $90 - $100 $90 - $100 Yes Safety and Reliability3 $332 $331 $74 $310 - $350 $
Slide 24: 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 $27 $535 - $57
Slide 25: 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 December 31, 2025 / $ in Millions, unl
Slide 26: NJR: Complementary Energy Infrastructure Platform
NJR: Complementary Energy Infrastructure Platform Predictable Net Financial Earnings and Incremental Organic Growth Opportunities 27 NJR: Business Portfolio Originated from Expertise in Energy Value Chain 28 NJR: Dividend Growth: Raised for 30 Consecutive Years 29 NJR: Drivers of Long-Term Growth Ra
Slide 27: 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 28: 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 12/12/2025 Payable Date 1/2/2025 Amount Per Share $0.475 FY 2026 Dividend 9/22/2025
Slide 29: 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 30: NJNG: Regulatory Environment
NJNG: Regulatory Environment Supportive Regulatory Construct $3.2B1 Settlement of Most Recent Rate Case Rate Base • Filed with the New Jersey Board of Public Utilities in January 2024 Stable Rate 9.6% Approved ROE • Settlement approved in November 2024 Case Results 54% • Base rate increase of approx
Slide 31: NJNG: Future Rate Base Growth Expected in the 7-9% Range
NJNG: Future Rate Base Growth Expected in the 7-9% Range ($ in B) $4.7 - $5.2B Expanding Rate Base Growth Rate Base CAGR Through 2030 of ~7 - 9% • History of Consistent Rate Case Outcomes • Additional Investments from Energy Efficiency Investments (SAVEGREEN) are Incremental to Current Rate Base Fig
Slide 32: S&T: Strategically Located Assets
S&T: Strategically Located Assets Leaf River (storage), Steckman Ridge (storage), and Adelphia Gateway (transportation) Maximize capabilities of existing assets as ▪ 0.9 mmdth/d interstate ▪ 32.2 mmdth high deliverability pipeline and storage pipeline from NE PA to salt cavern storage facility in co
Slide 33: S&T: Adjusted EBITDA
S&T: Adjusted EBITDA • Adjusted EBITDA is net income before interest, income taxes, depreciation and amortization, corporate overhead and ($ in M) other income, net. $95 - $105 S&T Reconciliation of Adjusted EBITDA FY2026 Q1 ($ in 000s) S&T's Net Income (GAAP) $ 7,363 Add Interest expense, net 5,566
Slide 34: 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 $1 billion invested in the Over 80 commercial projects solar marketplace in service Windsor Solar One Placed into Service in Q1 2026 Winds
Slide 35: CEV: Utility Like Revenue Stack with Optionality
CEV: “Utility Like” Revenue Stack with Optionality Fixed Component Provides Stable Earnings Contribution With High Visibility CEV Revenue Q1 Fiscal 2026 Fixed Revenue Component Consists of: Threshold: • State sponsored subsidy Monetization High Merchant programs or feed-in Tariff + of Investment + S
Slide 36: Energy Services (ES)
Energy Services (ES) Operates in key market zones across the U.S., utilizing pipeline and storage assets to create geographic and seasonal optimization opportunities Maintains a long-option position to generate value Capital-light, Fee-based earnings Cash Generating Service Businesses Support Growth
Slide 37: Energy Services: Strong NFE Contribution
Energy Services: Strong NFE Contribution Managing a Diversified Portfolio of Physical Natural Gas Transportation and Storage Assets to Serve Customers Across North America; Fee-based Revenue through Asset Management Agreements Strong Energy Service NFE Contribution ($ in Millions) Fiscal 2022 - 2025
Slide 38: 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 39: Home Services (NJRHS)
Home Services (NJRHS) Delivering Home Comfort Solutions ~ 150 licensed technicians, installers, plumbers, electricians and skilled workers • Provides residential service contracts for heating, cooling, water heating, electrical and standby generators • Equipment sales and installations, plumbing and
Slide 40: 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