Business
New Jersey Resources Reports Fiscal 2026 Third-Quarter Results
New Jersey Resources Reports Fiscal 2026 Third-Quarter
About this update from Newjersey Resources Corporation
New Jersey Resources Corporation (NYSE: NJR) today reported financial and operating results for its fiscal 2026 third quarter and year-to-date period ended June 30, 2026. Financial Highlights Fiscal 2026 third-quarter consolidated net income of $9.7 million, or $0.10 per share, compared with net loss of $(15.1) million, or $(0.15) per share, in the third quarter of fiscal 2025 Fiscal 2026 third-quarter consolidated net financial earnings (NFE), a non-GAAP financial measure, of $11.3 million, or $0.11 per share, compared with $6.2 million, or $0.06 per share, in the third quarter of fiscal 2025 Fiscal 2026 year-to-date net income totaled $351.1 million, or $3.48 per share, compared with $320.6 million, or $3.20 per share, for the same period in fiscal 2025 Fiscal 2026 year-to-date NFE totaled $350.9 million, or $3.48 per share, compared with $313.4 million, or $3.13 per share, for the same period in fiscal 2025 Fiscal 2026 and Long-Term Outlook Tightens fiscal 2026 net financial earnings per share (NFEPS) guidance to a range of $3.52 to $3.62, from its previous range of $3.48 to $3.63 Maintains 7 to 9 percent long-term NFEPS growth target, starting from a fiscal 2025 base of $2.83 per share* * 7% - 9% growth would imply a NFEPS range of $3.03 - $3.08 in fiscal 2026 Management Commentary Steve Westhoven, President and CEO of New Jersey Resources, stated, “Our year-to-date performance reflects the continued strength of our diversified business model, supported by solid execution across our operations. We are pleased to raise the lower end of our fiscal 2026 NFEPS guidance, as we remain focused on delivering reliable, affordable energy and long-term value for our shareowners.” Fiscal 2026 NFEPS Guidance and Expected NFE Contributions by Segment NJR is tightening its fiscal 2026 NFEPS guidance to a range of $3.52 to $3.62 from $3.48 to $3.63, subject to the risks and uncertainties identified below under "Forward-Looking Statements." The following chart represents NJR’s current expected NFE contributions from its business segments for fiscal 2026: Segment Expected fiscal 2026 net financial earnings contribution New Jersey Natural Gas 59 to 62 percent Clean Energy Ventures 10 to 13 percent Storage and Transportation 8 to 11 percent Energy Services 21 to 23 percent Home Services and Other 0 to 1 percent In providing fiscal 2026 NFE guidance, management is aware that there could be differences between reported GAAP net income and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts. Financial Metrics Three Months Ended Nine Months Ended June 30, June 30, ($ in Thousands, except per share data) 2026 2025 2026 2025 Net income (loss) $ 9,689 $ (15,051 ) $ 351,091 $ 320,555 Basic EPS $ 0.10 $ (0.15 ) $ 3.48 $ 3.20 Net financial earnings* $ 11,304 $ 6,198 $ 350,940 $ 313,388 Basic net financial earnings per share* $ 0.11 $ 0.06 $ 3.48 $ 3.13 *A reconciliation of net income to NFE for the three and nine months ended June 30, 2026 and 2025, respectively is provided in the financial statements below. Net Financial Earnings (Loss) by Business Segment Three Months Ended Nine Months Ended June 30, June 30, ($ in Thousands) 2026 2025 2026 2025 New Jersey Natural Gas $ 6,087 $ 10,079 $ 238,429 $ 221,518 Clean Energy Ventures (312 ) (6,857 ) 4,055 37,315 Storage and Transportation 8,762 5,898 23,833 13,905 Energy Services (4,035 ) (3,734 ) 84,531 39,400 Home Services and Other 579 481 839 418 Subtotal 11,081 5,867 351,687 312,556 Eliminations 223 331 (747 ) 832 Total $ 11,304 $ 6,198 $ 350,940 $ 313,388 New Jersey Natural Gas (NJNG) NJNG reported fiscal 2026 third-quarter NFE of $6.1 million, compared to NFE of $10.1 million during the same period in fiscal 2025. The decrease in NFE for the period was driven primarily by higher depreciation expense as a result of additional utility plant being placed into service, partially offset by higher utility gross margin. Fiscal 2026 year-to-date NFE totaled $238.4 million, compared with NFE of $221.5 million for the same period in fiscal 2025. The increase in NFE for the period was due to higher base rates in October and November of fiscal 2026 compared to the same period of fiscal 2025 (new rates were effective November 21, 2024) as well as continued customer growth and higher Basic Gas Supply Service (BGSS) incentives. Customers: At June 30, 2026, NJNG serviced approximately 595,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 589,000 customers as of September 30, 2025. Regulatory Filings: On June 1, 2026, NJNG submitted its annual Basic Gas Supply Service (BGSS), Conservation Incentive Program (CIP) and Energy-Efficiency filings to the New Jersey Board of Public Utilities (BPU) that, taken together, would provide customers with an 8.9% reduction in customer bills in advance of the 2026-2027 winter season – a $158 annual savings for the average residential customer – and bill stability while seeking recovery for investments in the continued delivery of safe, reliable natural gas service, which is the most affordable energy to heat homes and businesses. Also, on June 1, 2026, NJNG filed a base rate case with the BPU, seeking a $157.6 million increase to its base rates. The filing is based on an overall rate of return on rate base of 7.60 percent with a return on common equity of 10.10 percent. The proposed increase reflects a 55.50 percent common equity component. Once all filings are implemented, NJNG anticipates that the overall net result will leave NJNG annualized average customer bills nearly flat compared to today’s rates. Unless otherwise noted, NJNG cannot predict the outcome or ultimate resolution for open regulatory matters. BGSS Incentive Programs 1 : BGSS incentive programs contributed $20.4 million to utility gross margin during the first nine months of fiscal 2026, compared with $14.5 million for the same period in fiscal 2025. This increase was primarily driven by increased margins from off-system sales and capacity release due to market volatility as a result of colder weather. 1 BGSS incentive savings represent value created through supply and capacity optimization and shared with customers through the BGSS clause. For more information on utility gross margin, please see "Non-GAAP Financial Information" below. Energy-Efficiency Programs: SAVEGREEN ® invested $78.8 million in the first nine months of fiscal 2026 in energy-efficiency upgrades for customers' homes and businesses. Investments in SAVEGREEN ® are incremental to rate base and earn near-real time returns through an annual recovery mechanism. More than 115,000 customers have taken part in SAVEGREEN ® to date, with those utilizing our whole home offerings realizing bill savings of up to 30%. Clean Energy Ventures (CEV) CEV reported fiscal 2026 third-quarter net financial loss of $(0.3) million, compared with $(6.9) million during the third quarter of fiscal 2025, reflecting higher revenue, partially offset by higher depreciation and interest expense associated with capital invested over the past year. Fiscal 2026 year-to-date NFE totaled $4.1 million, compared with NFE of $37.3 million for the same period in fiscal 2025. The decrease was primarily due to a gain from the sale of CEV's residential solar portfolio assets that was recognized in the prior year period. Solar Investment Update: During the first nine months of fiscal 2026, CEV placed eight commercial projects into service, adding 57.8 megawatts (MW)* to installed capacity. As of June 30, 2026, CEV had approximately 537MW of commercial solar capacity in service across New Jersey, New York, Connecticut, Pennsylvania, Rhode Island, Indiana, and Michigan. * All MWs noted in DC Storage and Transportation (S&T) S&T reported fiscal 2026 third-quarter NFE of $8.8 million, compared with NFE of $5.9 million during the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $23.8 million, compared with NFE of $13.9 million for the same period in fiscal 2025. NFE increased during both periods mainly due to higher operating income at Adelphia Gateway (Adelphia) primarily due to the impact of its Section 4 rate case settlement and higher firm storage rates at Leaf River. Energy Services (ES) ES reported fiscal 2026 third-quarter net financial loss of $(4.0) million, remaining largely flat compared with net financial loss of $(3.7) million for the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $84.5 million, compared with NFE of $39.4 million for the same period in fiscal 2025. The increase in NFE was primarily due to higher natural gas price volatility that allowed ES to capture additional financial margin. Home Services and Other Operations Home Services and Other Operations reported fiscal 2026 third-quarter NFE of $0.6 million, compared with $0.5 million for the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $0.8 million, compared with NFE of $0.4 million for the same period in fiscal 2025. Capital Expenditures and Cash Flows: During the first nine months of fiscal 2026, capital expenditures were $553.0 million, including accruals, compared with $456.8 million during the same period in fiscal 2025. The increase in capital expenditures was primarily due to higher expenditures at NJNG and CEV. NJR expects to deploy between $4.8 billion and $5.2 billion in capital expenditures through 2030, with utility spending at NJNG representing over 60% of the investment, all planned CEV capital expenditures safe-harbored to preserve tax credit eligibility, and strategic growth opportunities at S&T supporting long-term value creation. During the first nine months of fiscal 2026, cash flows from operations increased to $577.8 million, compared to cash flows from operations of $385.2 million in the same period in fiscal 2025, due primarily to an increase in financial margin at ES and higher base rates at NJNG. Conference Call to be Webcast on August 4, 2026 New Jersey Resources will host a live webcast of its fiscal 2026 third quarter financial results on Tuesday, August 4, 2026, at 10 a.m. ET. A few minutes prior to the webcast, visit www.njresources.com and select “ Investor Relations .” Scroll down and click the webcast link under “ Latest Events ” on the right side of the page. About New Jersey Resources New Jersey Resources (NYSE: NJR) is a diversified energy infrastructure and energy services company headquartered in Wall, New Jersey. NJR is composed of five primary businesses: New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties. Clean Energy Ventures invests in, owns and operates solar projects, providing customers with low-carbon solutions. Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America. Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility. Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators and other indoor and outdoor comfort products to residential homes throughout New Jersey. NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve ® and initiatives such as SAVEGREEN ® . For more information about NJR: www.njresources.com . Follow us on X.com (Twitter) @NJNaturalGas . “Like” us on facebook.com/NewJerseyNaturalGas . Forward-Looking Statements: This earnings release 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 Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as expectations regarding future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, statements regarding NJR’s NFEPS guidance for fiscal 2026, projected NFEPS growth rates and our guidance range, forecasted contributions of business segments to NJR’s NFE for fiscal 2026, our capital plan through 2030, including our capital expenditure projections through 2030, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs; the outcome or timing of our Base Rate Case and other filings with the BPU, and other legal and regulatory expectations and statements that include other projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (SEC), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s website, http://www.sec.gov . Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of new information, future events or otherwise, except as required by law. Non-GAAP Financial Information: This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G. NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at ES, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization expenses as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to ES. NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expenses. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin. Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Annual Report on Form 10-K, Item 7. NEW JERSEY RESOURCES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended June 30, June 30, (Thousands, except per share data) 2026 2025 2026 2025 OPERATING REVENUES Utility $ 200,869 $ 204,790 $ 1,251,692 $ 1,156,558 Nonutility 148,311 94,156 641,743 543,776 Total operating revenues 349,180 298,946 1,893,435 1,700,334 OPERATING EXPENSES Gas purchases Utility 64,255 73,321 508,306 473,975 Nonutility 82,200 67,852 308,164 287,277 Related parties 1,280 1,268 3,799 4,652 Operation and maintenance 105,574 100,133 304,751 299,806 Regulatory rider expenses 10,434 10,979 103,038 81,956 Depreciation and amortization 53,545 47,000 153,250 140,296 Gain on sale of assets — (545 ) — (56,092 ) Total operating expenses 317,288 300,008 1,381,308 1,231,870 OPERATING INCOME (LOSS) 31,892 (1,062 ) 512,127 468,464 Other income, net 14,772 11,040 42,427 39,663 Interest expense, net of capitalized interest 35,199 31,694 105,850 98,112 INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES 11,465 (21,716 ) 448,704 410,015 Income tax provision (benefit) 3,353 (5,142 ) 103,754 93,835 Equity in earnings of affiliates 1,577 1,523 6,141 4,375 NET INCOME (LOSS) $ 9,689 $ (15,051 ) $ 351,091 $ 320,555 EARNINGS (LOSS) PER COMMON SHARE Basic $ 0.10 $ (0.15 ) $ 3.48 $ 3.20 Diluted $ 0.10 $ (0.15 ) $ 3.46 $ 3.18 WEIGHTED AVERAGE SHARES OUTSTANDING Basic 101,092 100,373 100,881 100,173 Diluted 101,780 100,373 101,526 100,813 RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (Unaudited) Three Months Ended Nine Months Ended June 30, June 30, (Thousands) 2026 2025 2026 2025 NEW JERSEY RESOURCES A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: Net income (loss) $ 9,689 $ (15,051 ) $ 351,091 $ 320,555 Add: Unrealized loss (gain) on derivative instruments and related transactions 2,749 10,766 4,460 (10,072 ) Tax effect (653 ) (2,559 ) (1,060 ) 2,394 Effects of economic hedging related to natural gas inventory (654 ) 16,924 (4,657 ) 747 Tax effect 156 (4,022 ) 1,107 (178 ) NFE tax adjustment 17 140 (1 ) (58 ) Net financial earnings $ 11,304 $ 6,198 $ 350,940 $ 313,388 Weighted Average Shares Outstanding Basic 101,092 100,373 100,881 100,173 Diluted 101,780 100,373 101,526 100,813 A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: Basic earnings (loss) per share $ 0.10 $ (0.15 ) $ 3.48 $ 3.20 Add: Unrealized loss (gain) on derivative instruments and related transactions 0.02 0.11 0.04 (0.10 ) Tax effect — (0.03 ) (0.01 ) 0.02 Effects of economic hedging related to natural gas inventory (0.01 ) 0.17 (0.04 ) 0.01 Tax effect — (0.04 ) 0.01 — Basic net financial earnings per share $ 0.11 $ 0.06 $ 3.48 $ 3.13 NFE is a measure of earnings based on the elimination of timing differences surrounding the recognition of certain gains or losses to effectively match the earnings effects of the economic hedges with the physical sale of natural gas and, therefore, eliminate the impact of volatility to GAAP earnings associated with the derivative instruments. To the extent we utilize forwards, future or other derivatives to hedge natural gas transactions and forecasted SREC production, the resulting unrealized gains and losses are also eliminated from NFE. ES economically hedges its natural gas inventory with financial derivative instruments and calculates the related tax effect based on the statutory rate. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE. RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued) (Unaudited) Three Months Ended Nine Months Ended June 30, June 30, (Thousands) 2026 2025 2026 2025 NATURAL GAS DISTRIBUTION A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows: Operating revenues $ 201,107 $ 205,029 $ 1,252,405 $ 1,157,439 Less: Natural gas purchases 65,875 74,941 513,166 480,244 Operating and maintenance (1) 36,854 34,719 96,463 90,238 Regulatory rider expense 10,434 10,979 103,038 81,956 Depreciation and amortization 40,385 35,987 114,854 103,784 Gross margin 47,559 48,403 424,884 401,217 Add: Operating and maintenance (1) 36,854 34,719 96,463 90,238 Depreciation and amortization 40,385 35,987 114,854 103,784 Utility gross margin $ 124,798 $ 119,109 $ 636,201 $ 595,239 (1) Excludes selling, general and administrative expenses of $27.8 million and $27.1 million for the three months ended June 30, 2026 and 2025, respectively, and $82.9 million and $85.0 million for the nine months ended June 30, 2026 and 2025, respectively. ENERGY SERVICES A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows: Operating revenues $ 79,962 $ 38,850 $ 443,224 $ 371,548 Less: Natural Gas purchases 82,091 67,781 307,803 287,496 Operation and maintenance (1) 2,841 1,020 15,316 13,482 Depreciation and amortization 41 30 125 139 Gross margin (5,011 ) (29,981 ) 119,980 70,431 Add: Operation and maintenance (1) 2,841 1,020 15,316 13,482 Depreciation and amortization 41 30 125 139 Unrealized loss (gain) on derivative instruments and related transactions 2,749 10,766 4,460 (10,072 ) Effects of economic hedging related to natural gas inventory (654 ) 16,924 (4,657 ) 747 Financial margin $ (34 ) $ (1,241 ) $ 135,224 $ 74,727 (1) Excludes selling, general and administrative expenses of $0.2 million and $0.3 million during the three months ended June 30, 2026 and 2025, respectively, and $0.7 million and $0.9 million during the nine months ended June 30, 2026 and 2025, respectively . A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: Net (loss) income $ (5,650 ) $ (24,983 ) $ 84,682 $ 46,567 Add: Unrealized loss (gain) on derivative instruments and related transactions 2,749 10,766 4,460 (10,072 ) Tax effect (653 ) (2,559 ) (1,060 ) 2,394 Effects of economic hedging related to natural gas (654 ) 16,924 (4,657 ) 747 Tax effect 156 (4,022 ) 1,107 (178 ) NFE tax adjustment 17 140 (1 ) (58 ) Net financial (loss) earnings $ (4,035 ) $ (3,734 ) $ 84,531 $ 39,400 FINANCIAL STATISTICS BY BUSINESS UNIT (Unaudited) Three Months Ended Nine Months Ended June 30, June 30, (Thousands, except per share data) 2026 2025 2026 2025 NEW JERSEY RESOURCES Operating Revenues Natural Gas Distribution $ 201,107 $ 205,029 $ 1,252,405 $ 1,157,439 Clean Energy Ventures 19,178 12,030 60,870 46,403 Energy Services 79,962 38,850 443,224 371,548 Storage and Transportation 31,388 27,129 88,902 79,064 Home Services and Other 17,758 16,177 48,722 47,089 Sub-total 349,393 299,214 1,894,123 1,701,543 Eliminations (213 ) (268 ) (688 ) (1,209 ) Total $ 349,180 $ 298,946 $ 1,893,435 $ 1,700,334 Operating Income (Loss) Natural Gas Distribution $ 19,731 $ 21,273 $ 341,962 $ 316,255 Clean Energy Ventures 1,156 (4,353 ) 8,806 52,368 Energy Services (5,229 ) (30,240 ) 119,282 69,561 Storage and Transportation 14,356 10,544 37,913 26,113 Home Services and Other 1,219 1,065 2,198 1,667 Sub-total 31,233 (1,711 ) 510,161 465,964 Eliminations 659 649 1,966 2,500 Total $ 31,892 $ (1,062 ) $ 512,127 $ 468,464 Equity in Earnings of Affiliates Storage and Transportation $ 1,039 $ 908 $ 4,561 $ 3,030 Eliminations 538 615 1,580 1,345 Total $ 1,577 $ 1,523 $ 6,141 $ 4,375 Net Income (Loss) Natural Gas Distribution $ 6,087 $ 10,079 $ 238,429 $ 221,518 Clean Energy Ventures (312 ) (6,857 ) 4,055 37,315 Energy Services (5,650 ) (24,983 ) 84,682 46,567 Storage and Transportation 8,762 5,898 23,833 13,905 Home Services and Other 579 481 839 418 Sub-total 9,466 (15,382 ) 351,838 319,723 Eliminations 223 331 (747 ) 832 Total $ 9,689 $ (15,051 ) $ 351,091 $ 320,555 Net Financial Earnings (Loss) Natural Gas Distribution $ 6,087 $ 10,079 $ 238,429 $ 221,518 Clean Energy Ventures (312 ) (6,857 ) 4,055 37,315 Energy Services (4,035 ) (3,734 ) 84,531 39,400 Storage and Transportation 8,762 5,898 23,833 13,905 Home Services and Other 579 481 839 418 Sub-total 11,081 5,867 351,687 312,556 Eliminations 223 331 (747 ) 832 Total $ 11,304 $ 6,198 $ 350,940 $ 313,388 Throughput (Bcf) NJNG, Core Customers 14.6 19.2 86.1 82.1 NJNG, Off System/Capacity Management 10.7 15.1 60.3 51.6 Energy Services Fuel Mgmt. and Wholesale Sales 25.7 18.6 82.7 82.1 Total 51.0 52.9 229.1 215.8 Common Stock Data Yield at June 30, 3.4 % 4.0 % 3.4 % 4.0 % Market Price at June 30, $ 56.04 $ 44.82 $ 56.04 $ 44.82 Shares Out. at June 30, 101,411 100,378 101,411 100,378 Market Cap. at June 30, $ 5,683,070 $ 4,498,953 $ 5,683,070 $ 4,498,953 Three Months Ended Nine Months Ended (Unaudited) June 30, June 30, (Thousands, except customer and weather data) 2026 2025 2026 2025 NATURAL GAS DISTRIBUTION Utility Gross Margin Operating revenues $ 201,107 $ 205,029 $ 1,252,405 $ 1,157,439 Less: Natural gas purchases 65,875 74,941 513,166 480,244 Operating and maintenance (1) 36,854 34,719 96,463 90,238 Regulatory rider expense 10,434 10,979 103,038 81,956 Depreciation and amortization 40,385 35,987 114,854 103,784 Gross margin 47,559 48,403 424,884 401,217 Add: Operating and maintenance (1) 36,854 34,719 96,463 90,238 Depreciation and amortization 40,385 35,987 114,854 103,784 Total Utility Gross Margin $ 124,798 $ 119,109 $ 636,201 $ 595,239 (1) Excludes selling, general and administrative expenses of $27.8 million and $27.1 million for the three months ended June 30, 2026 and 2025, respectively, and $82.9 million and $85.0 million for the nine months ended June 30, 2026 and 2025, respectively. Utility Gross Margin, Operating Income and Net Income Residential $ 76,156 $ 74,131 $ 441,829 $ 419,817 Commercial, Industrial & Other 19,945 19,924 85,144 80,901 Firm Transportation 24,386 19,666 85,977 76,750 Total Firm Margin 120,487 113,721 612,950 577,468 Interruptible 1,223 1,462 2,884 3,236 Total System Margin 121,710 115,183 615,834 580,704 Basic Gas Supply Service Incentive 3,088 3,926 20,367 14,535 Total Utility Gross Margin 124,798 119,109 636,201 595,239 Operation and maintenance expense 64,682 61,849 179,385 175,200 Depreciation and amortization 40,385 35,987 114,854 103,784 Operating Income $ 19,731 $ 21,273 $ 341,962 $ 316,255 Net Income $ 6,087 $ 10,079 $ 238,429 $ 221,518 Net Financial Earnings $ 6,087 $ 10,079 $ 238,429 $ 221,518 Throughput (Bcf) Residential 6.1 6.2 48.6 44.3 Commercial, Industrial & Other 1.2 1.2 9.0 8.3 Firm Transportation 1.8 1.9 10.9 10.3 Total Firm Throughput 9.1 9.3 68.5 62.9 Interruptible 5.5 9.9 17.6 19.2 Total System Throughput 14.6 19.2 86.1 82.1 Off System/Capacity Management 10.7 15.1 60.3 51.6 Total Throughput 25.3 34.3 146.4 133.7 Customers Residential 540,569 534,561 540,569 534,561 Commercial, Industrial & Other 33,174 32,464 33,174 32,464 Firm Transportation 20,847 21,163 20,847 21,163 Total Firm Customers 594,590 588,188 594,590 588,188 Interruptible 31 87 31 87 Total System Customers 594,621 588,275 594,621 588,275 Off System/Capacity Management* 25 30 25 30 Total Customers 594,646 588,305 594,646 588,305 *The number of customers represents those active during the last month of the period. Degree Days Actual 437 373 4,587 4,147 Normal 452 454 4,347 4,361 Percent of Normal 96.7 % 82.2 % 105.5 % 95.1 % Three Months Ended Nine Months Ended (Unaudited) June 30, June 30, (Thousands, except customer, RECs and megawatt data) 2026 2025 2026 2025 CLEAN ENERGY VENTURES Operating Revenues SREC sales $ 154 $ 179 $ 23,611 $ 17,997 TREC sales 7,278 4,522 13,407 9,581 SREC II sales 1,190 442 2,178 1,145 Merchant Power 4,497 3,360 9,706 7,709 PPA / Other 6,059 3,527 11,968 8,101 Residential solar portfolio — — — 1,870 Total Operating Revenues $ 19,178 $ 12,030 $ 60,870 $ 46,403 Depreciation and Amortization $ 7,664 $ 5,772 $ 21,817 $ 17,701 Operating Income (Loss) $ 1,156 $ (4,353 ) $ 8,806 $ 52,368 Income Tax (Benefit) Provision $ (31 ) $ (2,068 ) $ 879 $ 10,994 Net (Loss) Income $ (312 ) $ (6,857 ) $ 4,055 $ 37,315 Net Financial (Loss) Earnings $ (312 ) $ (6,857 ) $ 4,055 $ 37,315 Solar Renewable Energy Certificates Generated 93,879 92,508 203,201 231,877 Solar Renewable Energy Certificates Sold 996 1,155 122,119 87,657 Transition Renewable Energy Certificates Generated 49,093 30,569 89,915 65,257 Solar Renewable Energy Certificates II Generated 12,126 4,743 23,235 12,519 ENERGY SERVICES Operating Income Operating revenues $ 79,962 $ 38,850 $ 443,224 $ 371,548 Less: Gas purchases 82,091 67,781 307,803 287,496 Operation and maintenance expense 3,059 1,279 16,014 14,352 Depreciation and amortization 41 30 125 139 Operating (Loss) Income $ (5,229 ) $ (30,240 ) $ 119,282 $ 69,561 Net (Loss) Income $ (5,650 ) $ (24,983 ) $ 84,682 $ 46,567 Financial Margin $ (34 ) $ (1,241 ) $ 135,224 $ 74,727 Net Financial (Loss) Earnings $ (4,035 ) $ (3,734 ) $ 84,531 $ 39,400 Gas Sold and Managed (Bcf) 25.7 18.6 82.7 82.1 STORAGE AND TRANSPORTATION Operating Revenues $ 31,388 $ 27,129 $ 88,902 $ 79,064 Equity in Earnings of Affiliates $ 1,039 $ 908 $ 4,561 $ 3,030 Operation and Maintenance Expense $ 11,439 $ 11,410 $ 34,127 $ 34,403 Other Income, Net $ 1,421 $ 2,059 $ 5,271 $ 6,384 Interest Expense $ 5,383 $ 5,741 $ 16,397 $ 17,527 Income Tax Provision $ 2,671 $ 1,872 $ 7,515 $ 4,095 Net Income $ 8,762 $ 5,898 $ 23,833 $ 13,905 Net Financial Earnings $ 8,762 $ 5,898 $ 23,833 $ 13,905 HOME SERVICES AND OTHER Operating Revenues $ 17,753 $ 16,177 $ 48,722 $ 47,089 Operating Income $ 1,219 $ 1,065 $ 2,198 $ 1,667 Net Income $ 579 $ 481 $ 839 $ 418 Net Financial Earnings $ 579 $ 481 $ 839 $ 418 Total Service Contract Customers at June 30 97,366 98,653 97,366 98,653 View source version on businesswire.com: https://www.businesswire.com/news/home/20260802488056/en/
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