New Jersey Resources : 6/30/2026 Financial Report

About this update from Newjersey Resources Corporation

QUARTERLY FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED JUNE 30, 2026 AND 2025 (Unaudited) CONDENSED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended June 30, June 30, (Thousands) 2026 2025 2026 2025 OPERATING REVENUES $ 201,107 $ 205,029 $ 1,252,405 $ 1,157,439 OPERATING EXPENSES Natural gas purchases 65,875 74,941 513,166 480,244 Operation and maintenance 64,682 61,849 179,385 175,200 Regulatory rider expenses 10,434 10,979 103,038 81,956 Depreciation and amortization 40,385 35,987 114,854 103,784 Total operating expenses 181,376 183,756 910,443 841,184 OPERATING INCOME 19,731 21,273 341,962 316,255 Other income, net 7,511 7,479 21,010 20,140 Interest expense, net of capitalized interest 19,029 16,184 57,508 50,897 INCOME BEFORE INCOME TAXES 8,213 12,568 305,464 285,498 Income tax provision 2,126 2,489 67,035 63,980 NET INCOME $ 6,087 $ 10,079 $ 238,429 $ 221,518 See Note to Unaudited Condensed Financial Statements CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended June 30, (Thousands) 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 238,429 $ 221,518 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 114,854 103,784 Allowance for equity used during construction (10,688) (6,668) Allowance for doubtful accounts 6,124 8,321 Deferred income taxes (3,236) 25,345 Manufactured gas plant remediation costs (3,321) (7,289) Cost of removal - asset retirement obligations (1,533) (1,295) Contributions to postemployment benefit plans (557) (402) Changes in: Components of working capital 63,817 (32,173) Other noncurrent assets and liabilities 5,454 (14,174) Cash flows from operating activities 409,343 296,967 CASH FLOWS USED IN INVESTING ACTIVITIES Expenditures for: Utility plant (315,256) (274,028) Cost of removal (30,600) (32,610) Cash flows used in investing activities (345,856) (306,638) CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES Proceeds from long-term debt 15,000 - Payments of long-term debt (22,566) (57,757) (Payments of) proceeds from short-term debt, net (43,000) 51,600 Proceeds from sale-leaseback transactions 15,016 11,714 Contribution from Parent - 50,000 Payment of common stock dividends to Parent - (45,135) Tax withholding payments related to net settled stock compensation (904) (57) Cash flows (used in) from financing activities (36,454) 10,365 Change in cash, cash equivalents and restricted cash 27,033 694 Cash, cash equivalents and restricted cash at beginning of period 1,394 1,175 Cash, cash equivalents and restricted cash at end of period $ 28,427 $ 1,869 CHANGES IN COMPONENTS OF WORKING CAPITAL Receivables $ (59,185) $ (82,545) Inventories 62,289 43,715 Recovery of natural gas costs 80,190 5,589 Natural gas purchases payable 1,697 8,324 Accounts payable and other (10,192) (18,869) Prepaid expenses (5,354) (2,855) Prepaid and accrued taxes 2,137 (10,287) Restricted broker margin accounts (7,065) 16,342 Customers' credit balances and deposits (15,082) (14,763) Other current assets and liabilities 14,382 23,176 Total $ 63,817 $ (32,173) SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION Cash paid for: Interest (net of amounts capitalized) $ 56,563 $ 58,202 Income taxes $ 38,889 $ 45 Accrued capital expenditures $ 10,066 $ 7,425 See Note to Unaudited Condensed Financial Statements CONDENSED BALANCE SHEETS ASSETS (Unaudited) (Thousands) June 30, 2026 September 30, 2025 PROPERTY, PLANT AND EQUIPMENT Utility plant, at cost $ 4,766,529 $ 4,433,720 Construction work in progress 378,763 395,943 Nonutility plant and equipment, at cost 500 500 Total property, plant and equipment 5,145,792 4,830,163 Accumulated depreciation and amortization (919,587) (850,757) Property, plant and equipment, net 4,226,205 3,979,406 CURRENT ASSETS Cash and cash equivalents 27,269 335 Customer accounts receivable: Billed 136,646 75,789 Unbilled 12,211 14,817 Allowance for doubtful accounts (15,882) (10,692) Regulatory assets 31,733 48,898 Natural gas in storage, at average cost 118,286 184,099 Materials and supplies, at average cost 39,949 36,425 Prepaid expenses 8,364 3,010 Prepaid taxes 36,660 34,347 Derivatives, at fair value 71 379 Restricted broker margin account 5,614 5,480 Other current assets 43,462 57,971 Total current assets 444,383 450,858 NONCURRENT ASSETS Regulatory assets 645,147 667,308 Derivatives, at fair value - 1 Postemployment employee benefit assets 59,618 55,881 Other noncurrent assets 86,560 73,178 Total noncurrent assets 791,325 796,368 Total assets $ 5,461,913 $ 5,226,632 See Note to Unaudited Condensed Financial Statements CONDENSED BALANCE SHEETS (Continued) CAPITALIZATION AND LIABILITIES (Unaudited) (Thousands) June 30, 2026 September 30, 2025 CAPITALIZATION Common stock equity $ 2,430,072 $ 2,191,643 Long-term debt 1,818,903 1,811,798 Total capitalization 4,248,975 4,003,441 CURRENT LIABILITIES Current maturities of long-term debt 9,038 8,228 Short-term debt - 43,000 Natural gas purchases payable 36,758 35,061 Natural gas purchases payable to related party 540 540 Accounts payable and other 97,099 109,620 Accrued taxes 4,234 - Regulatory liabilities 68,136 10,643 New Jersey Clean Energy Program 14,588 17,171 Derivatives, at fair value 43 6 Customers' credit balances and deposits 16,175 31,257 Total current liabilities 246,611 255,526 NONCURRENT LIABILITIES Deferred income taxes 524,542 520,518 Deferred investment tax credits 1,669 1,878 Manufactured gas plant remediation 165,170 166,990 Postemployment employee benefit liability 35,345 36,028 Regulatory liabilities 167,403 171,177 Asset retirement obligations 69,591 68,413 Other noncurrent liabilities 2,607 2,661 Total noncurrent liabilities 966,327 967,665 Total capitalization and liabilities $ 5,461,913 $ 5,226,632 See Note to Unaudited Condensed Financial Statements

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