Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Q3 2025 Earnings Presentation
18 slides from Public Service Enterprise's earnings presentation, Nov 3, 2025
Slide 1: Public Service Enterprise Group Third Quarter 2025 Financial Results Presentation
Public Service Enterprise Group THIRD QUARTER 2025 NYSE: PEG Financial Results Presentation November 3, 2025
Slide 2: Forward-Looking Statements
PSEG Third Quarter 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 revenues, earnings,
Slide 3: GAAP Disclaimer
PSEG Third Quarter 2025 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income Net Income, which is an indicator of financial performance reported in accordance with accounting principles generally determined in accordance with GAAP. In addition, non-GAAP accepted in the Unit
Slide 4: Q3 and Year-to-Date 2025 Highlights
PSEG Third Quarter 2025 PSEG Q3 and Year-to-Date 2025 Highlights Third Quarter and YTD Results • Net Income of $1.24 per share in Q3 2025 and $3.59 per share YTD • Non-GAAP Operating Earnings of $1.13 per share in Q3 2025 and $3.33 per share YTD – up ~26% and ~17%, respectively Operational Excellenc
Slide 5: Updates Full-Year 2025 Outlook to Upper Half of Guidance
PSEG Third Quarter 2025 PSEG Updates Full-Year 2025 Outlook to Upper Half of Guidance • PSEG narrows 2025 non-GAAP Operating Earnings guidance to $4.00 - $4.06 $4.00 - $4.06 per share (from $3.94 - $4.06 per share prior) • Regulated capital spending plan of ~$3.8 billion for 2025 focused on continue
Slide 6: Q3 2025 Review
PSEG Third Quarter 2025 Q3 2025 Review 6
Slide 7: Q3 Results
PSEG Third Quarter 2025 PSEG Q3 Results PSEG Summary – Three Months ended September 30, Net Income ($ in millions) 2025 2024 Change PSE&G $515 $379 $136 PSEG Power & Other $107 $141 $(34) Total PSEG $622 $520 $102 Non-GAAP Operating Earnings ($ in millions) 2025 2024 Change PSE&G $515 $379 $136 PSEG
Slide 8: EPS Reconciliation – Q3 Results
PSEG Third Quarter 2025 PSEG EPS Reconciliation – Q3 Results $1.40 $1.24 $1.20 $0.27 $(0.04) $1.13 $1.04 Gross Margin 0.01 $1.00 O&M (0.05) $0.90 $ / share Interest (0.02) Distribution: Depreciation 0.01 $0.80 Margin 0.30 Taxes & Other 0.01 O&M (0.02) Depreciation & Interest $0.60 (0.03) Taxes & Oth
Slide 9: YTD Results
PSEG Third Quarter 2025 PSEG YTD Results PSEG Summary – Nine Months ended September 30, Net Income ($ in millions) 2025 2024 Change PSE&G $1,393 $1,169 $224 PSEG Power & Other $403 $317 $86 Total PSEG $1,796 $1,486 $310 Non-GAAP Operating Earnings ($ in millions) 2025 2024 Change PSE&G $1,393 $1,169
Slide 10: EPS Reconciliation – YTD Results
PSEG Third Quarter 2025 PSEG EPS Reconciliation – YTD Results $3.59 $3.60 $0.05 $3.33 $0.44 $3.20 Gross Margin 0.07 $2.97 $2.84 O&M (0.05) $2.80 Distribution: Depreciation 0.01 Margin 0.61 $ / share Interest (0.06) $2.40 O&M (0.06) Taxes & Other 0.08 Depreciation & Interest $2.00 (0.10) Taxes & Othe
Slide 11: PSE&G Q3 and Year-to-Date 2025 Highlights
PSEG Third Quarter 2025 PSE&G Q3 and Year-to-Date 2025 Highlights Operations Regulatory and Market Environment • Residential Electric and Gas customer count, a driver of margin growth • Implemented 2025 Summer Relief Initiative providing support to customers under the Conservation Incentive Program
Slide 12: Power & Other
PSEG Third Quarter 2025 PSEG Power & Other Other Financial Considerations Nuclear Generation Measures Three Months Ended Nine Months Ended • For 2025, total nuclear generation is forecasted to be 30-32 TWh September 30, September 30, • Realized energy price historically aligned with the PECO hub 202
Slide 13: Appendix
PSEG Third Quarter 2025 Appendix 13
Slide 14: Maintains a Solid Financial Position
PSEG Third Quarter 2025 PSEG Maintains a Solid Financial Position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outlook = Stable PSEG
Slide 15: Liquidity as of September 30, 2025
PSEG Third Quarter 2025 PSEG Liquidity as of September 30, 2025 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2029 $1,000 $25 $975 PSEG Money Pool (A,B) PSEG/PSEG Power Revolving Credit Facility (PSEG) March 2029 $1,500 $
Slide 16: Glossary of Terms
PSEG Third Quarter 2025 PSEG Glossary of Terms AFUDC Allowance For Funds Used During Construction LIHEAP Low Income Home Energy Assistance Program PSEG Investor Relations AMI Automated Metering Infrastructure LIPA Long Island Power Authority 80 Park Plaza BGSS Basic Gas Supply Service M&R Metering a
Slide 17: Reconciliation of Non-GAAP Operating Earnings
PSEG Third Quarter 2025 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended Nine Months Ended (a) Includes the financial impact from positions with Reconciling Items September 30, Se
Slide 18: Reconciliation of Non-GAAP Operating Earnings
PSEG Third Quarter 2025 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 Nine Months Ended forward delivery months. Reconciling Items September 30, September 30, (b)
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