Newjersey Resources Corporation · NYSE:NJR
Newjersey Resources — Q4 2025 Earnings Presentation
49 slides from Newjersey Resources's earnings presentation, Nov 20, 2025
Slide 1: Investor Presentation
November 2025 Investor Presentation Fiscal 2025 Fourth Quarter and Year End 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 Fiscal 2025 Fourth Quarter and Year End Conference Call 23 Appendix: Financial Statements and Additional Information 24 Fiscal 2025 Fourth Quarter and Year End NFE and NFEPS by Business Unit 4 Agenda 25 Fiscal 2025 Fourth Quarter and Year End Results - Walk 5 Key Considerations 26 Reconcili
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: Key Considerations
Key Considerations Execution Fiscal 2026 NFEPS1 Guidance Range 5 Years of Exceeding Initial Guidance of $3.03 - $3.18 Organic Capital Strong Financial Peer Leading Growth Investment Metrics CAPEX of $4.8 - $5.2 Billion 7-9 % No Block Equity Through FY 2030 Long-Term NFEPS 19% - 20% Adjusted FFO / Ad
Slide 6: Business Unit Drivers
Business Unit Drivers NJNG S&T CEV High single digit NFE expected to Installed capacity rate base growth more than double expected to grow expected by 2027 over 50% by 2027 through 2030 6
Slide 7: NJNG: Future Rate Base Growth Expected in the 7-9% Range
NJNG: Future Rate Base Growth Expected in the 7-9% Range ($ in B) NJNG Rate Base $6.0 $4.7 - $5.2B Expanding Rate Base Growth Rate Base CAGR Through 2030 $5.0 of ~7 - 9% $4.0 • History of Consistent Rate Case Outcomes $3.0 $3.2 $2.5 • Additional Investments from $2.0 Energy Efficiency Investments $1
Slide 8: S&T: Driving Near Term NFE Growth
S&T: Driving Near Term NFE Growth S&T NFE Expected to More Than Double by 2027 Constructive Outcome in Adelphia Gateway Rate Case; Future Expansion Opportunities Highly Favorable Re-Contracting at both Adelphia and Leaf River Estimated $42 - $47 $19 Fiscal 2025 Fiscal 2027 Fiscal 2030 NFE 8
Slide 9: S&T: Leaf River Growth Opportunities
S&T: Leaf River Growth Opportunities Expansion Plans To Increase Working Gas Capacity Leaf River Expansion Available Working Gas Capacity (BCF) Leaf River has Multiple Sites for Organic 60 Cavern Expansion Planned New Cavern Beyond this 55 BCF 55 55.2 50 Expansion of S&T Earnings Existing FERC Filin
Slide 10: CEV: Project Pipeline
CEV: Project Pipeline CEV Owns and Operates Solar Projects with Approximately 479MW of In-Service Commercial Solar Capacity 1750 1.2 GW 1500 1250 Diverse pipeline – Capacity preserved ITC through expected to 1,161 proactive safe 1000 grow over harboring Record 50% by 2027 750 ~93MW Placed In-Service
Slide 11: Financial Review
Financial Review 1111
Slide 12: Fiscal 2025: Accomplishments
Fiscal 2025: Accomplishments Solid Execution Across NJR's Complementary Portfolio of Businesses New Jersey Natural Gas Clean Energy Ventures Settlement of Base Rate Case, with new Record ~93MW Placed into Service rates in place on November 21, 2024 in FY2025 Record Investment Under SAVEGREEN® Energy
Slide 13: Fiscal 2025: Financial Performance
Fiscal 2025: Financial Performance Net Financial Earnings per Share $3.50 Raised NFEPS Guidance by $0.10 $3.29 $3.00 $2.95 Finished at the Top $2.70 of Revised Range $2.50 $2.50 Utility Represented ~65% of NFEPS (over 70% excluding the gain from the $2.16 sale of the Residential Solar Portfolio) $2.
Slide 14: Fiscal 2025: Capital Investment (CAPEX)
Fiscal 2025: Capital Investment1 (CAPEX) NJNG CEV S&T $900 $850M $30 NJNG: Strong capital deployment $800 supported by "Near Real Time" returns $700 $644M $271 $596M $46 $600 $31 $96 $500 $110 CEV: Well positioned with safe-harbored projects to support long-term capital plans $400 $300 $548 $503 $45
Slide 15: Fiscal 2025: NJNG Represented 64% of NJR Total CAPEX
Fiscal 2025: NJNG: Represented 64% of NJR Total CAPEX Stable Utility Investment with Minimal Regulatory Lag NJR Fiscal 2025 Capital Expenditures1 (% of NJR CAPEX) NJNG Safety and Reliability 34% ~47% of NJNG Capital Expenditures NJNG SAVEGREEN 12% ~$850M NJNG IIP ( $548M NJNG) Earned a Near 5% Real-
Slide 16: Fiscal 2025: CEV Represented 32% of NJR Total CAPEX
Fiscal 2025: CEV Represented 32% of NJR Total CAPEX NJR Fiscal 2025 Capital Expenditures (% of NJR CAPEX) $271M Capital Expenditures Above Top End of the Previously NJNG + S&T Announced Range CEV ~$850M 32% ( $271M CEV) CEV has safe-harbored all of its planned capital investments 16
Slide 17: Capital Investment (CAPEX) Outlook
Capital Investment1 (CAPEX) Outlook Actuals Estimates ~40% Increase Over $4.8 - $5.2B Through 2030 Previous 5 Years $1,200 ($ in Millions) of CAPEX $870 - $1.0B $1,000 $850M $775 - $930 $60 - $75 $30 $45 - $60 $800 $644M $271 $210 - $290 $270 -$370 NJNG (utility spending) $600 $46 to Represent Over
Slide 18: 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 21.2% Moody's A1 (Stable) 20.6% 19 - 20% Fitch A+ (Stable) 20.0% 19.0% 18.1% 17.4% ▪ No Block Equity Needs 15.0% ▪ Cash Flow from Operations of $466 million in Fis
Slide 19: Fiscal 2026: NFEPS Guidance and Segment %
Fiscal 2026: NFEPS Guidance and Segment % Fiscal 2026 Net Financial Earnings per Share Fiscal 2026 3.20 Utility To Represent 7-9% $3.03 - $3.18 ~70% of Earnings Contribution 3.00 Long-Term $2.83 Annual 2.80 Growth NJNG HS 67 - 72% 1-2% 2.60 ES 5-10% 2.40 CEV 10-15% 2.20 S&T 8-12% 2.00 Earnings Base*
Slide 20: Closing
0) £ ui © O New Jersey (\ Resources
Slide 21: NJR: Diversified Platform Drives Shareholder Value
NJR: Diversified Platform Drives Shareholder Value NJR’s ROE is Among the Highest in the Utility Sector 16 NJR 14.8% Average Annual 14 Return on Equity (ROE) 12 Last 25 Years 10 NJR leverages strong cash flows and a 8 solid balance sheet— allowing us to fund 6 growth without block equity issuance, p
Slide 22: 7-9% Long-Term NFEPS Growth Rate
7-9% Long-Term NFEPS Growth Rate Consistent Organic Capital Investment Equity Needs Execution 5 Straight Years Total CAPEX of $4.8 - $5.2 Billion of Exceeding Through FY 2030 No Block Equity Initial Guidance Over 60% in Utility Investment NJNG S&T CEV High single digit NFE expected to more Installed
Slide 23: Appendix: Financial Statements and Additional Information
Appendix: Financial Statements and Additional Information 24 Fiscal 2025 Fourth Quarter and Year End NFE and NFEPS by Business Unit 25 Fiscal 2025 Fourth Quarter and Year End Results - Walk 26 Reconciliation of NFE and NFEPS to Net Income 27 Other Reconciliation of Non-GAAP Measures 28 Reconciliatio
Slide 24: NFE and NFEPS by Business Unit
Fiscal 2025 Fourth Quarter and Year End NFE and NFEPS by Business Unit1 ($ in 000s) Net Financial Earnings (NFE) (Thousands) Three Months Ended September 30, Twelve Months Ended September 30, 2025 2024 Change 2025 2024 Change New Jersey Natural Gas $(7,977) $(19,000) $11,023 $213,541 $133,400 $80,14
Slide 25: Fourth Quarter and Year End Results Walk
Fiscal 2025 Fourth Quarter and Year End Results1 - Walk ($ in Millions) Fiscal Fourth Quarter Fiscal Year The decrease reflects higher prior-year operating revenue at Energy Services from Asset Management Agreements $27.5 $6.3 $11.0 signed in December 2020. $80.1 $88.7 $2.2 $1.5 $329.6 $290.8 $(11.6
Slide 26: Reconciliation of NFE and NFEPS to Net Income
Reconciliation of NFE and NFEPS to Net Income ($ in 000s) (Unaudited) Three Months Ended Twelve Months Ended September 30, September 30, • NFE is a measure of earnings based on the 2025 2024 2025 2024 elimination of timing differences to NEW JERSEY RESOURCES effectively match the earnings effects of
Slide 27: Other Reconciliation of Non-GAAP Measures
Other Reconciliation of Non-GAAP Measures ($ in 000s) (Unaudited) Three Months Ended Twelve Months Ended September 30, September 30, 2025 2024 2025 2024 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: NJNG Utility Gross Margin Operatin
Slide 28: 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, FY2025 (Millions) Cash Flow from Operations $466.3 • Adjusted funds from operations is cash Add back flows from operating activities, plus Components of working capital $24.6 components of w
Slide 29: Capital Plan Table
Capital Plan Table1,2 ($ in Millions) Actuals Estimates Near Real FY2024A FY2025A FY2026E FY2027E Time Return? New Jersey Natural Gas New Customer $100 $119 $120 - $130 $130 - $140 Yes IIP $42 $40 $10 - $15 $— - $— Yes SAVEGREEN $71 $98 $90 - $100 $90 - $100 Yes Safety and Reliability3 $290 $291 $30
Slide 30: Cash Flows Table
Cash Flows Table1 ($ in Millions) Actuals Estimates Operating cash flows are primarily FY FY affected by variations in working FY 2026E FY 2027E 2024A 2025A capital, which can be impacted by several factors, including: • seasonality of our business; Cash Flows from Operations $427 $466 $510 - $550 $
Slide 31: 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 Term Debt1 Maturity Schedule 3.96% 3.29% 2028 2029 $100,000 $150,000 as of September 30, 2025 / $ in Millions, unless otherwise noted
Slide 32: NJR: Complementary Energy Infrastructure Platform
NJR: Complementary Energy Infrastructure Platform Predictable Net Financial Earnings and Incremental Organic Growth Opportunities 32 NJR: Complementary Energy Infrastructure Platform 33 NJR: Business Portfolio 34 NJR: Dividend Growth: Raised for 30 Consecutive Years Originated from Expertise in Ener
Slide 33: 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 34: 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 9/22/2025 Payable Date 10/1/2025 Amount Per Share $0.475 FY 2026 Dividend 6/10/2025
Slide 35: 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 36: 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 appro
Slide 37: 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, growing bet
Slide 38: NJNG: Commitment to Affordability
NJNG: Commitment to Affordability Customer Affordability remains a central priority for NJNG amid rising energy costs and economic pressures Average customer bill <1.5% total share of wallet1 Average Share of Wallet in NJR's Core Territories NJNG offers financial (Monmouth, Ocean, Morris: 2000-2024)
Slide 39: 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 40: S&T: Adelphia Gateway
S&T: Adelphia Gateway Strategically Positioned with Existing Capability to Serve Growing Northeast Market Areas Adelphia Section 4 Base Rate Case Tailwinds for Adelphia Business • Constructive Adelphia rate case Development outcome provides incremental NFE; lower depreciation rate leads to an • Eval
Slide 41: 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) Adjusted EBITDA other income, net. $120 $95 - $105 S&T Reconciliation of Adjusted EBITDA FY2025 $100 ($ in 000s) $80 S&T's Net Income (GAAP) $ 18,541 $72
Slide 42: 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 Parker Road Placed in Service in Fiscal 2025 Parker Ro
Slide 43: 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 Fiscal 20251 Fixed Revenue Component Consists of: Threshold: • State sponsored subsidy Monetization High Subsidy / PPA Merchant Revenue, 87% programs or feed-in T
Slide 44: CEV: SREC Hedging Strategy Stabilizes Revenue
CEV: SREC Hedging Strategy Stabilizes Revenue Based on Energy Year1, as of September 30, 2025 Represents CEV Commercial Solar Business Hedged Unhedged Current Price Percent Hedged Average Price (EY) EY 2026 295 21 93% $179 $192 70% Thousands EY 2027 214 93 70% $166 $175 Hedged Through EY 2028 169 90
Slide 45: Energy Services (ES)
Energy Services (ES) Operates in key market zones across the U.S., utilizing pipeline and storage assets to create geographic and seasonal optimization opportunities Maintains a long-option position to generate value Capital-light, Fee-based earnings Cash Generating Service Businesses Support Growth
Slide 46: Energy Services: Long-Option Strategy
Energy Services: Long-Option Strategy Managing a Diversified Portfolio of Physical Natural Gas Transportation and Storage Assets to Serve Customers Across North America; Fee-based Revenue through Asset Management Agreements Strong Energy Service NFE Contribution Over the Past 5 Years ($ in Millions)
Slide 47: 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 48: Home Services (NJRHS)
Home Services (NJRHS) Delivering Home Comfort Solutions Celebrating its 25th Anniversary! ~ 150 licensed technicians, installers, plumbers, electricians and skilled workers • Provides residential service contracts for heating, cooling, water heating, electrical and standby generators • Equipment sal
Slide 49: 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