Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Q2 2025 Earnings Presentation
20 slides from Public Service Enterprise's earnings presentation, Aug 5, 2025
Slide 1: Public Service Enterprise Group Second Quarter 2025 Financial Results Presentation
Public Service Enterprise Group SECOND QUARTER 2025 NYSE: PEG Financial Results Presentation August 5, 2025
Slide 2: Forward-Looking Statements
PSEG Second 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 Second 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 Uni
Slide 4: Q2 2025 Highlights
PSEG Second Quarter 2025 PSEG Q2 2025 Highlights Second Quarter Results • Net Income of $1.17 per share in Q2 2025 • Non-GAAP Operating Earnings of $0.77 per share in Q2 2025 Operational Excellence • System investments and well executed storm restoration benefited customers following extreme 4-day h
Slide 5: Reaffirms Full Year 2025 Outlook
PSEG Second Quarter 2025 PSEG Reaffirms Full Year 2025 Outlook • 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 - $4.06 • Key drivers and assumptions for 2025 include: + New distribution base rat
Slide 6: PSEG: Strong Business Mix and Predictable Growth
PSEG Second Quarter 2025 PSEG: Strong Business Mix and Predictable Growth Non-GAAP Operating Earnings • PSEG’s long-term non-GAAP earnings growth outlook of 5%-7% is based on the midpoint of 2025 guidance range (a 9% higher baseline) • ~90% of PSEG’s projected non-GAAP Operating Earnings over the 20
Slide 7: Q2 2025 Review
PSEG Second Quarter 2025 Q2 2025 Review 7
Slide 8: Q2 Results
PSEG Second Quarter 2025 PSEG Q2 Results PSEG Summary – Three Months ended June 30, Net Income ($ in millions) 2025 2024 Change PSE&G $332 $302 $30 PSEG Power & Other $253 $132 $121 Total PSEG $585 $434 $151 Non-GAAP Operating Earnings ($ in millions) 2025 2024 Change PSE&G $332 $302 $30 PSEG Power
Slide 9: EPS Reconciliation – Q2 Results
PSEG Second Quarter 2025 PSEG EPS Reconciliation – Q2 Results $1.17 $1.20 $1.10 $1.00 $1.10 ~ ~ $0.87 $0.90 $0.08 $0.77 $0.80 $ / share $0.06 $0.70 $0.63 Gross Margin 0.04 $0.60 Transmission 0.01 O&M 0.03 Distribution: Interest (0.02) $0.50 Margin 0.10 Taxes & Other 0.03 O&M 0.01 $0.40 Depreciation
Slide 10: First Half Results
PSEG Second Quarter 2025 PSEG First Half Results PSEG Summary – Six Months ended June 30, Net Income ($ in millions) 2025 2024 Change PSE&G $878 $790 $88 PSEG Power & Other $296 $176 $120 Total PSEG $1,174 $966 $208 Non-GAAP Operating Earnings ($ in millions) 2025 2024 Change PSE&G $878 $790 $88 PSE
Slide 11: EPS Reconciliation – First Half Results
PSEG Second Quarter 2025 PSEG EPS Reconciliation – First Half Results $2.50 $2.35 $0.09 $2.20 $2.25 $0.17 $1.93 $1.94 Gross Margin 0.06 $2.00 Transmission 0.01 Interest (0.04) $1.75 Distribution: Taxes & Other 0.07 $ / share Margin 0.29 $1.50 O&M (0.04) Depreciation & Interest $1.25 (0.06) Taxes & O
Slide 12: PSE&G Q2 and Year-to-Date 2025 Highlights
PSEG Second Quarter 2025 PSE&G Q2 and Year-to-Date 2025 Highlights Operations Regulatory and Market Environment • PSE&G maintained exceptional levels of reliability and outstanding customer • Implemented Summer Relief Initiative providing support to customers response following extreme heat wave and
Slide 13: PSE&G Relief Measures Help Protect Customers from Higher Pass-Through Energy Supply Costs
PSEG Second Quarter 2025 PSE&G Relief Measures Help Protect Customers from Higher Pass-Through Energy Supply Costs Summer Moratorium • Extension of Winter Termination Program providing utility shut-off protection to low-income and qualified individuals through 9/30/2025 • Residential reconnection fe
Slide 14: Power & Other
PSEG Second Quarter 2025 PSEG Power & Other Nuclear Generation Measures Other Financial Considerations Three Months Ended Six Months Ended • For 2025, total nuclear generation is forecasted to be 30-32 TWh June 30, June 30, • Realized energy price historically aligned with the PECO hub 2025 2024 202
Slide 15: Appendix
PSEG Second Quarter 2025 Appendix 15
Slide 16: Maintains a Solid Financial Position
PSEG Second Quarter 2025 PSEG Maintains a Solid Financial Position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outlook = Stable PSE
Slide 17: Liquidity as of June 30, 2025
PSEG Second Quarter 2025 PSEG Liquidity as of June 30, 2025 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2029 $1,000 $225 $775 PSEG Money Pool (A,B) PSEG/PSEG Power Revolving Credit Facility (PSEG) March 2029 $1,500 $64
Slide 18: Glossary of Terms
PSEG Second Quarter 2025 Glossary of Terms AFUDC Allowance For Funds Used During Construction IAP Infrastructure Advancement Program PSEG Investor Relations AMI Automated Metering Infrastructure ICAP Installed Capacity 80 Park Plaza BGSS Basic Gas Supply Service LIHEAP Low Income Home Energy Assista
Slide 19: Reconciliation of Non-GAAP Operating Earnings
PSEG Second Quarter 2025 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended Six Months Ended (a) Includes the financial impact from positions with forward delivery months. Reconcili
Slide 20: Reconciliation of Non-GAAP Operating Earnings (Other)
PSEG Second Quarter 2025 Reconciliation of Non-GAAP Operating Earnings PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation Three Months Ended Six Months Ended (a) Includes the financial impact from positions with forward delivery months. Reconciling Items June 30, June 30, 2025 2024 2025
Public Service Enterprise Group — Q2 2025 Earnings Presentation on 6ix