Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Q1 2025 Earnings Presentation
17 slides from Public Service Enterprise's earnings presentation, Apr 30, 2025
Slide 1: Public Service Enterprise Group First Quarter 2025 Financial Results Presentation
Public Service Enterprise Group FIRST QUARTER 2025 NYSE: PEG Financial Results Presentation April 30, 2025
Slide 2: Forward-Looking Statements
PSEG First 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 First 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: Q1 2025 Highlights
PSEG First Quarter 2025 PSEG Q1 2025 Highlights First Quarter Results • Net Income of $1.18 per share in Q1 2025 • Non-GAAP Operating Earnings of $1.43 per share in Q1 2025 • First quarter dividend increased by 5% to annualized indicative rate of $2.52 per share for 2025 Operational Excellence • PSE
Slide 5: Outlook Maintained
PSEG First Quarter 2025 PSEG Outlook Maintained • PSEG maintained 2025 non-GAAP Operating Earnings guidance of $3.94 - $4.06 per share, representing ~9% increase at the midpoint over 2024 results $3.94 - $4.06 • Key drivers and assumptions for 2025 include: + New distribution base rates effective fo
Slide 6: Strong Business Mix and Predictable Growth
PSEG First Quarter 2025 PSEG: Strong Business Mix and Predictable Growth Non-GAAP Operating Earnings • PSEG’s long-term non-GAAP earnings growth outlook of 5%-7% is based on the midpoint of 2025 guidance range (a 9% higher baseline) • ~90% of PSEG’s projected non-GAAP Operating Earnings over the 202
Slide 7: Q1 2025 Review
PSEG First Quarter 2025 Q1 2025 Review 7
Slide 8: Q1 Results
PSEG First Quarter 2025 PSEG Q1 Results PSEG Summary – Three Months ended March 31, Net Income 2025 2024 Change PSE&G $546 $488 $58 PSEG Power & Other $43 $44 $(1) Total PSEG $589 $532 $57 Non-GAAP Operating Earnings 2025 2024 Change PSE&G $546 $488 $58 PSEG Power & Other $172 $169 $3 Total PSEG $71
Slide 9: EPS Reconciliation – Q1 2025 versus Q1 2024
PSEG First Quarter 2025 PSEG EPS Reconciliation – Q1 2025 versus Q1 2024 $1.75 $1.50 $0.01 $1.43 $0.11 $1.31 Gross Margin 0.02 Transmission (0.01) O&M (0.03) $1.25 $1.18 Distribution: Depreciation & Interest $ / share $1.06 (0.02) Margin 0.20 Taxes & Other 0.04 $1.00 O&M (0.05) Depreciation & Intere
Slide 10: PSE&G Q1 2025 Highlights
PSEG First Quarter 2025 PSE&G Q1 2025 Highlights Operations Regulatory and Market Environment • Residential Electric and Gas customer count, a driver of margin growth • Filed request for annual revenue increase of $53 million for investments under the Conservation Incentive Program (CIP), each grew
Slide 11: PSEG Power & Other
PSEG First Quarter 2025 PSEG Power & Other Nuclear Generation Measures Other Financial Considerations Three Months Ended Three Months Ended • For 2025, total nuclear generation is forecasted to be 30-32 TWh March 31, 2025 March 31, 2024 • Realized energy price historically aligned with the PECO hub
Slide 12: Appendix
PSEG First Quarter 2025 Appendix 12
Slide 13: Maintains a Solid Financial Position
PSEG First Quarter 2025 PSEG Maintains a Solid Financial Position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outlook = Stable PSEG
Slide 14: Liquidity as of March 31, 2025
PSEG First Quarter 2025 PSEG Liquidity as of March 31, 2025 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ 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 $14 $
Slide 15: Glossary of Terms
PSEG First Quarter 2025 Glossary of Terms AFUDC Allowance For Funds Used During Construction GSMP Gas System Modernization Program PSEG Investor Relations AMI Automated Metering Infrastructure HC Hope Creek 80 Park Plaza BGSS Basic Gas Supply Service IAP Infrastructure Advancement Program Newark NJ
Slide 16: Reconciliation of Non-GAAP Operating Earnings
PSEG First Quarter 2025 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 March 31, forward delivery months. Reconciling Items
Slide 17: Reconciliation of Non-GAAP Operating Earnings: PSEG Power & Other
PSEG First Quarter 2025 Reconciliation of Non-GAAP Operating Earnings PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation Three Months Ended (a) Includes the financial impact from positions with forward delivery months. Reconciling Items March 31, (b) Income tax effect calculated at the
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