New Jersey Resources (NJR) investor relations material

Executive summary

• Fiscal 2026 third quarter and year-to-date results showed strong performance, with net income for the nine months reaching $351.1 million, up from $320.6 million year-over-year, driven by higher base rates, customer growth, and favorable market conditions in Energy Services and Storage & Transportation.

• Net financial earnings (NFE) for Q3 were $11.3 million ($0.11/share), up from $6.2 million ($0.06/share) in Q3 2025; year-to-date NFE was $350.9 million ($3.48/share), up from $313.4 million ($3.13/share).

• Consolidated assets increased to $8.02 billion as of June 30, 2026, primarily due to utility plant and solar project investments.

• Cash flows from operating activities rose to $577.8 million, reflecting improved working capital and higher margins.

• Dividend was raised for the 30th consecutive year, with FY2026 dividend at $1.90 per share.

Financial highlights

• Operating revenues for the nine months ended June 30, 2026, were $1.89 billion, up from $1.70 billion year-over-year.

• Diluted EPS for the nine months was $3.46, compared to $3.18 in the prior year.

• Fiscal 2026 Q3 consolidated net financial earnings were $11.3 million ($0.11/share), up from $6.2 million ($0.06/share) in Q3 2025.

• Utility Gross Margin increased by $41.0 million year-over-year, mainly from higher base rates and customer additions.

• Tightened fiscal 2026 NFEPS guidance to $3.52–$3.62 per share, raising the midpoint.

Outlook and guidance

• Fiscal 2026 NFEPS guidance range narrowed to $3.52–$3.62 per share, reflecting improved performance and visibility.

• Long-term NFEPS growth target maintained at 7–9% annually from a 2025 base of $2.83/share.

• Five-year CapEx outlook reaffirmed at $4.8–$5.2 billion through fiscal 2030, supporting 7–9% long-term NFEPS growth target.

• Guidance for fiscal 2027 and segment mix to be updated in November.

• Projected capital expenditures for fiscal 2026 are $470 million–$500 million for utility operations and $210 million–$290 million for solar projects.