# EDGAR Filing Document

**Accession Number:** 0000356309
**File Stem:** 0001140361-26-003240
**Filing Date:** 2026-2
**Character Count:** 89150
**Document Hash:** 90c0534b180362ed83325c0e9061e867
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-003240.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001140361-26-003240

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20260202

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEW JERSEY RESOURCES CORP
- **CENTRAL INDEX KEY:** 0000356309
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS DISTRIBUTION [4924]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 222376465
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08359
- **FILM NUMBER:** 26588333

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 WYCKOFF RD
- **STREET 2:** PO BOX 1468
- **CITY:** WALL
- **STATE:** NJ
- **ZIP:** 07719
- **BUSINESS PHONE:** 7329381000

**MAIL ADDRESS:**
- **STREET 1:** 1415 WYCKOFF ROAD
- **STREET 2:** P O BOX 1468
- **CITY:** WALL
- **STATE:** NJ
- **ZIP:** 07719

?xml version='1.0' encoding='ASCII'?

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, DC 20549

### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d) OF THE

#### SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 2, 2026

## NEW JERSEY RESOURCES CORPORATION
(Exact Name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **New Jersey**<br>| **001-08359**<br>| **22-2376465**<br>|
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **1415 Wyckoff Road**<br>**Wall, New Jersey** | **07719**<br>|
| (Address of Principal Executive Offices) | (Zip Code) |

---

(732) 938-1480

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

#### Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on**<br> **which registered** |
| Common Stock - $2.50 par value<br>| NJR<br>| New York Stock Exchange<br>|

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On February 2, 2026, New Jersey Resources Corporation ("NJR") issued a press release reporting financial results for the first fiscal quarter ended December 31, 2025 (the "Press Release"). A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

NJR will deliver a presentation via live public webcast on February 3, 2026, at 10 a.m. ET. The slides to be used for the presentation are furnished herewith as Exhibit 99.2 and are incorporated by reference into Item 7.01 of this Current Report on Form 8-K.

The information in Item 7.01 of this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

------

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit Number | Exhibit |
| [99.1](ef20063047_ex99-1.htm) | Press Release dated February 2, 2026 (furnished, not filed) |
| [99.2](ef20063047_ex99-2.htm) | Presentation dated February 2, 2026 (furnished, not filed) |
| 104 | Cover page in Inline XBRL format |

---

------

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | NEW JERSEY RESOURCES CORPORATION | NEW JERSEY RESOURCES CORPORATION |
| Date: February 2, 2026 | By: | /s/ Roberto F. Bel |
|  |  | Roberto F. Bel |
|  |  | Senior Vice President and Chief Financial Officer |

---

------

## Exhibit 99.1

------

#### Exhibit 99.1

![](image1.jpg)

#### NEW JERSEY RESOURCES REPORTS FISCAL 2026 FIRST -QUARTER RESULTS;

#### INCREASES NET FINANCIAL EARNINGS GUIDANCE FOR FISCAL 2026

**WALL, N.J., February 2, 2026 —** New Jersey Resources Corporation (NYSE: NJR) today reported financial and operating results for its fiscal 2026 first quarter ended December 31, 2025.

#### Financial Highlights:
&nbsp;&nbsp;&nbsp;&nbsp;*•* Fiscal 2026 first-quarter c onsolidated net income of $122.5 million , or $1.22 per share, compared with $131.3 million , or $1.32 per share, in the first quarter of fiscal 2025

&nbsp;&nbsp;&nbsp;&nbsp;*•* Fiscal 2026 first-quarter c onsolidated net financial earnings (NFE), a non-GAAP financial measure, of $118.2 million , or $1.17 per share, compared with $128.9 million , or $1.29 per share, in the first quarter of fiscal 2025 . The decrease was
 primarily due to a gain on sale of Clean Energy Ventures' (CEV) residential solar portfolio assets that was recognized in the prior-year period, partially offset by higher

 year-over-year NFE from New Jersey Natural Gas (NJNG), Storage and Transportation (S&T), and Energy Services (ES).

#### Fiscal 2026 Outlook
&nbsp;&nbsp;&nbsp;&nbsp;**•** Increases fiscal 2026 net financial earnings per share (NFEPS) guidance to a range of $3.28 to $3.43 , from $3.03 to $3.18 , a $0.25 increase, as a result of the strong performance of Energy Services in January 2026

&nbsp;&nbsp;&nbsp;&nbsp;• Maintains 7 to 9 percent long-term net
 financial earnings per share (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, "NJR is off to a strong start in fiscal 2026. Our performance in the beginning of our fiscal second quarter has exceeded our original projections, as Energy Services benefited from natural gas price volatility. As a result, we are raising our fiscal 2026 NFEPS guidance range by $0.25 to $3.28 to $3.43. This represents the sixth consecutive year in which NJR has raised its guidance as a result of the benefits of our diversified energy platform."

Mr. Westhoven continued, "We are focused on delivering reliable, affordable energy to our New Jersey Natural Gas customers, pursuing growth opportunities across our Storage and Transportation business, and expanding capacity at Clean Energy Ventures. As we look ahead, we remain committed to disciplined execution and creating long-term value for our shareowners."

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#### NJR Reports Fiscal 2026 First Quarter Results

#### Page 2 of 12

#### Fiscal 2026 NFEPS Guidance
NJR is raising its fiscal 2026 NFEPS guidance range by $0.25 to a range of $3.28 to $3.43, 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**<br> **net financial earnings contribution** |
| New Jersey Natural Gas | 62 to 67 percent |
| Clean Energy Ventures | 9 to 14 percent |
| Storage and Transportation | 7 to 12 percent |
| Energy Services | 12 to 17 percent |
| Home Services and Other | 1 to 2 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** | **Three Months Ended** |
|  | **December 31,** | **December 31,** |
|  *($ in Thousands, except per share data)* | **2025** | 2024 |
|  Net income | $122490 | $131319 |
|  Basic EPS | $1.22 | $1.32 |
|  Net financial earnings\* | $118173 | $128894 |
|  Basic net financial earnings per share\* | $1.17 | $1.29 |
| \*A reconciliation of net income to NFE for the three months ended December 31, 2025 and 2024, respectively is provided in the financial statements below. | \*A reconciliation of net income to NFE for the three months ended December 31, 2025 and 2024, respectively is provided in the financial statements below. | \*A reconciliation of net income to NFE for the three months ended December 31, 2025 and 2024, respectively is provided in the financial statements below. |

---

#### Net Financial Earnings (Loss) by Business Segment

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,** | **December 31,** |
| (Thousands) | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp; New Jersey Natural Gas | $83829 | $66908 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **9590** | 48130 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **7363** | 5664 |
| &nbsp;&nbsp;&nbsp; Energy Services | **16280** | 7833 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **479** | 615 |
| &nbsp;&nbsp;&nbsp; **Subtotal** | **117541** | 129150 |
| &nbsp;&nbsp;&nbsp; Eliminations | **632** | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $118173 | $128894 |

---

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#### NJR Reports Fiscal 2026 First Quarter Results

#### Page 3 of 12

#### New Jersey Natural Gas (NJNG)
NJNG reported fiscal 2026 first-quarter NFE of $83.8 million, compared to NFE of $66.9 million during the same period in fiscal 2025. The improvement in NFE was primarily driven by NJNG's base rate case settlement fully impacting utility gross margin for the first-quarter of 2026 while only partially affecting it during the first-quarter of last year. This improvement was partially offset by higher depreciation expense.

Customers:

&nbsp;&nbsp;&nbsp;&nbsp;• At December 31, 2025 , NJNG serviced approximately 592,000 customers in New Jersey's Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 589,000 customers as of September 30, 2025 .

Basic Gas Supply Service (BGSS) Incentive Programs:

&nbsp;&nbsp;&nbsp;&nbsp;***•*** BGSS incentive programs contributed $5.6 million to utility gross margin during the first quarter of fiscal 2026 , compared with $3.2 million in the first quarter of 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.

For more information on utility gross margin, please see "Non-GAAP Financial Information" below.

Energy-Efficiency Programs:

&nbsp;&nbsp;&nbsp;&nbsp;• SAVEGREEN<sup>®</sup> invested $26.7 million in the
 first quarter of fiscal 2026 in energy-efficiency upgrades for customers' homes and businesses. Investments in SAVEGREEN<sup>®</sup> are incremental to rate base and earn near-real time returns through a rider that is updated
 annually.

#### Clean Energy Ventures (CEV)
CEV reported fiscal 2026 first-quarter NFE of $9.6 million, compared with $48.1 million during the same period in the first quarter of fiscal 2025. The decrease was primarily due to a one-time gain on sale of CEV's residential solar portfolio assets in November 2024.

Solar Investment Update:

<br> • During the first quarter of fiscal 2026, CEV placed two commercial projects into service, adding 9.7 megawatts (MW)\* to installed capacity.

**•** As of December 31, 2025, CEV had approximately 489MW 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 first-quarter NFE of $7.4 million, compared with NFE of $5.7 million during the same period in fiscal 2025. NFE increased during the period mainly due to higher operating income at Adelphia Gateway (Adelphia) due to the impact of its recent Section 4 rate case settlement.

&nbsp;&nbsp;&nbsp;&nbsp;• Adelphia: On November 4, 2025, Adelphia completed its Section 4 rate case process with the Federal Energy Regulatory Commission (FERC), receiving an order approving settlement.

&nbsp;&nbsp;&nbsp;&nbsp;• Leaf River Energy Center (Leaf River): On October 31, 2025 Leaf River submitted an application to FERC to increase its natural gas storage capacity by 17.6 BCF through expansion of existing caverns
 and the development of an additional fourth cavern.

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#### NJR Reports Fiscal 2026 First Quarter Results

#### Page 4 of 12

#### Energy Services (ES)
ES reported fiscal 2026 first-quarter NFE of $16.3 million, compared with NFE of $7.8 million for the same period in fiscal 2025. The increase in NFE was primarily due to higher natural gas price volatility during the period that allowed ES to capture additional financial margin.

#### Home Services and Other Operations
Home Services and Other Operations reported fiscal 2026 first-quarter NFE of $0.5 million, compared with NFE of $0.6 million for the same period in fiscal 2025..

#### Capital Expenditures and Cash Flows:
&nbsp;&nbsp;&nbsp;&nbsp;**•** During the first quarter of fiscal 2026 , capital expenditures were $163.6 million , including accruals, compared with $149.6 million during the same period in fiscal 2025 . The increase in capital expenditures was primarily due to higher expenditures at NJNG and CEV.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;***•*** During the first quarter of fiscal 2026 , cash flows from operations increased to $26.7 million , compared to cash flows used in operations of $9.0 million in the same period in fiscal 2025 , due primarily to an increase in base rates at NJNG.

#### Conference Call to be Webcast on February 3, 2026
New Jersey Resources will host a live webcast of its fiscal 2026 first quarter financial results on Tuesday, February 3, 2026, at 10 a.m. ET. A few minutes prior to the webcast, visit <u>www.njresources.com</u> and select "<u>Investor Relations</u>." Scroll down and click the webcast link under "<u>Latest Events</u>" on the right side of the page.

#### 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; 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.*

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#### NJR Reports Fiscal 2026 First Quarter Results

#### Page 5 of 12

#### 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 Energy Services, 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 NJR Energy Services Company.*

*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.*

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#### NJR Reports Fiscal 2026 First Quarter Results

#### Page 6 of 12

#### About New Jersey Resources

**New Jersey Resources** (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;***•*** **Clean Energy Ventures** invests in, owns and operates solar
 projects, providing customers with low-carbon solutions.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **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<sup>®</sup> and initiatives such as SAVEGREEN<sup>®</sup>.

For more information about NJR:

<u>www.njresources.com</u>.

Follow us on X.com (Twitter) <u>@NJNaturalGas</u>.

"Like" us on <u>facebook.com/NewJerseyNaturalGas</u>.

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#### NJR Reports Fiscal 2026 First Quarter Results

#### Page 7 of 12

#### NEW JERSEY RESOURCES

#### CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,** | **December 31,** |
|  *(Thousands, except per share data)* | **2025** | 2024 |
|  **OPERATING REVENUES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utility | $409901 | $333427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonutility | **194953** | 154934 |
|  Total operating revenues | **604854** | 488361 |
|  **OPERATING EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp; Gas purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utility | **169104** | 127680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonutility | **85854** | 67808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related parties | **1277** | 1718 |
| &nbsp;&nbsp;&nbsp; Operation and maintenance | **86681** | 88632 |
| &nbsp;&nbsp;&nbsp; Regulatory rider expenses | **33154** | 22476 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **49576** | 45329 |
| &nbsp;&nbsp;&nbsp; Gain on sale of assets | **—** | (54859) |
|  Total operating expenses | **425646** | 298784 |
|  **OPERATING INCOME** | **179208** | 189577 |
|  Other income, net | **11360** | 11617 |
|  Interest expense, net of capitalized interest | **35676** | 33891 |
|  **INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES** | **154892** | 167303 |
|  Income tax provision | **34225** | 37384 |
|  Equity in earnings of affiliates | **1823** | 1400 |
|  **NET INCOME** | $122490 | $131319 |
|  **EARNINGS PER COMMON SHARE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $1.22 | $1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $1.21 | $1.31 |
|  **WEIGHTED AVERAGE SHARES OUTSTANDING** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | **100701** | 99855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | **101229** | 100478 |

---

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#### NJR Reports Fiscal 2026 First Quarter Results

#### Page 8 of 12

#### RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,** | **December 31,** |
| (Thousands) | **2025** | 2024 |
| **NEW JERSEY RESOURCES** | **NEW JERSEY RESOURCES** | **NEW JERSEY RESOURCES** |
| **A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:** | **A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:** | **A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:** |
| Net income | $122490 | $131319 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized loss on derivative instruments and related transactions | **2996** | 6368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **(712)** | (1513) |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas inventory | **(8567)** | (9527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **2036** | 2264 |
| &nbsp;&nbsp;&nbsp; NFE tax adjustment | **(70)** | (17) |
| **Net financial earnings** | $118173 | $128894 |
| **Weighted Average Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp; Basic | **100701** | 99855 |
| &nbsp;&nbsp;&nbsp; Diluted | **101229** | 100478 |
| **A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:** | **A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:** | **A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:** |
| **Basic earnings per share** | $1.22 | $1.32 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized loss on derivative instruments and related transactions | $0.03 | $0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | $(0.01) | $(0.01) |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas inventory | $(0.09) | $(0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | $0.02 | $0.02 |
| **Basic net financial earnings per share** | $1.17 | $1.29 |

---

NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, SRECs and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. 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.

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#### NJR Reports Fiscal 2026 First Quarter Results

#### Page 9 of 12

#### RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,** | **December 31,** |
| (Thousands) | **2025** | 2024 |
| **NATURAL GAS DISTRIBUTION** | **NATURAL GAS DISTRIBUTION** | **NATURAL GAS DISTRIBUTION** |
| **A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:** | **A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:** | **A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:** |
| Operating revenues | $410138 | $333765 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp; Natural gas purchases | **170724** | 130005 |
| &nbsp;&nbsp;&nbsp; Operating and maintenance <sup>(1)</sup> | **25336** | 26009 |
| &nbsp;&nbsp;&nbsp; Regulatory rider expense | **33154** | 22476 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **36960** | 32084 |
| Gross margin | **143964** | 123191 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp; Operating and maintenance <sup>(1)</sup> | **25336** | 26009 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **36960** | 32084 |
| **Utility gross margin** | $206260 | $181284 |
| *(1)* Excludes selling, general and administrative expenses of $23.7 million and $26.1 million for the three months ended December 31, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $23.7 million and $26.1 million for the three months ended December 31, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $23.7 million and $26.1 million for the three months ended December 31, 2025 and 2024, respectively. |
| **ENERGY SERVICES** |  |  |
| **A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:** | **A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:** | **A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:** |
| Operating revenues | $119107 | $86308 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas purchases | **85774** | 67868 |
| &nbsp;&nbsp;&nbsp; Operation and maintenance <sup>(1)</sup> | **2916** | 1597 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **41** | 47 |
| Gross margin | **30376** | 16796 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp; Operation and maintenance <sup>(1)</sup> | **2916** | 1597 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **41** | 47 |
| &nbsp;&nbsp;&nbsp; Unrealized loss on derivative instruments and related transactions | **2996** | 6368 |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas inventory | **(8567)** | (9527) |
| **Financial margin** | $27762 | $15281 |
| *(1)* Excludes selling, general and administrative expenses of $0.3 million for both the three months ended December 31, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $0.3 million for both the three months ended December 31, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $0.3 million for both the three months ended December 31, 2025 and 2024, respectively. |
| **A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:** | **A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:** | **A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:** |
| Net income | $20597 | $10258 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized loss on derivative instruments and related transactions | **2996** | 6368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **(712)** | (1513) |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas | **(8567)** | (9527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **2036** | 2264 |
| &nbsp;&nbsp;&nbsp; NFE tax adjustment | **(70)** | (17) |
| **Net financial earnings** | $16280 | $7833 |

---

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#### NJR Reports Fiscal 2026 First Quarter Results

#### Page 10 of 12

#### FINANCIAL STATISTICS BY BUSINESS UNIT
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,** | **December 31,** |
|  *(Thousands, except per share data)* | **2025** | 2024 |
|  **NEW JERSEY RESOURCES** |  |  |
|  **Operating Revenues** |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas Distribution | $410138 | $333765 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **31760** | 26406 |
| &nbsp;&nbsp;&nbsp; Energy Services | **119107** | 86308 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **28080** | 26628 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **16005** | 15794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Sub-total*** | **605090** | 488901 |
| &nbsp;&nbsp;&nbsp; Eliminations | **(236)** | (540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $604854 | $488361 |
|  **Operating Income** |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas Distribution | $120312 | $97106 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **15388** | 64274 |
| &nbsp;&nbsp;&nbsp; Energy Services | **30107** | 16528 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **11975** | 9769 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **787** | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Sub-total*** | **178569** | 188672 |
| &nbsp;&nbsp;&nbsp; Eliminations | **639** | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $179208 | $189577 |
|  **Equity in Earnings of Affiliates** |  |  |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | $1240 | $961 |
| &nbsp;&nbsp;&nbsp; Eliminations | **583** | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $1823 | $1400 |
|  **Net Income** |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas Distribution | $83829 | $66908 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **9590** | 48130 |
| &nbsp;&nbsp;&nbsp; Energy Services | **20597** | 10258 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **7363** | 5664 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **479** | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Sub-total*** | **121858** | 131575 |
| &nbsp;&nbsp;&nbsp; Eliminations | **632** | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $122490 | $131319 |
|  **Net Financial Earnings** |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas Distribution | $83829 | $66908 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **9590** | 48130 |
| &nbsp;&nbsp;&nbsp; Energy Services | **16280** | 7833 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **7363** | 5664 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **479** | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Sub-total*** | **117541** | 129150 |
| &nbsp;&nbsp;&nbsp; Eliminations | **632** | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $118173 | $128894 |
|  **Throughput (Bcf)** |  |  |
| &nbsp;&nbsp;&nbsp; NJNG, Core Customers | 31.7 | 27.2 |
| &nbsp;&nbsp;&nbsp; NJNG, Off System/Capacity Management | 24.7 | 14.4 |
| &nbsp;&nbsp;&nbsp; Energy Services Fuel Mgmt. and Wholesale Sales | 28.4 | 28.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | 84.8 | 69.9 |
|  **Common Stock Data** |  |  |
| &nbsp;&nbsp;&nbsp; Yield at December 31, | **4.2**% | 3.9% |
| &nbsp;&nbsp;&nbsp; Market Price at December 31, | $46.12 | $46.65 |
| &nbsp;&nbsp;&nbsp; Shares Out. at December 31, | **100750** | 100191 |
| &nbsp;&nbsp;&nbsp; Market Cap. at December 31, | $4646595 | $4673918 |

---

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#### NJR Reports Fiscal 2026 First Quarter Results

#### Page 11 of 12

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| (Unaudited) | **December 31,** | **December 31,** |
| *(Thousands, except customer and weather data)* | **2025** | 2024 |
| **NATURAL GAS DISTRIBUTION** |  |  |
| **Utility Gross Margin** |  |  |
| &nbsp;&nbsp;&nbsp; Operating revenues | $410138 | $333765 |
| &nbsp;&nbsp;&nbsp; Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas purchases | **170724** | 130005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating and maintenance <sup>(1)</sup> | **25336** | 26009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory rider expense | **33154** | 22476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | **36960** | 32084 |
| &nbsp;&nbsp;&nbsp; Gross margin | **143964** | 123191 |
| &nbsp;&nbsp;&nbsp; Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating and maintenance <sup>(1)</sup> | **25336** | 26009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | **36960** | 32084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Utility Gross Margin*** | $206260 | $181284 |
| *(1)* Excludes selling, general and administrative expenses of $23.7 million and $26.1 million for the three months ended December 31, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $23.7 million and $26.1 million for the three months ended December 31, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $23.7 million and $26.1 million for the three months ended December 31, 2025 and 2024, respectively. |
| **Utility Gross Margin, Operating Income and Net Income** |  |  |
| &nbsp;&nbsp;&nbsp; Residential | $145098 | $130018 |
| &nbsp;&nbsp;&nbsp; Commercial, Industrial & Other | **27192** | 23869 |
| &nbsp;&nbsp;&nbsp; Firm Transportation | **27365** | 23176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Firm Margin*** | **199655** | 177063 |
| &nbsp;&nbsp;&nbsp; Interruptible | **1018** | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total System Margin*** | **200673** | 178037 |
| &nbsp;&nbsp;&nbsp; Basic Gas Supply Service Incentive | **5587** | 3247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Utility Gross Margin*** | **206260** | 181284 |
| &nbsp;&nbsp;&nbsp; Operation and maintenance expense | **48988** | 52094 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **36960** | 32084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Operating Income*** | $120312 | $97106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Net Income*** | $83829 | $66908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Net Financial Earnings*** | $83829 | $66908 |
| **Throughput (Bcf)** |  |  |
| &nbsp;&nbsp;&nbsp; Residential | 16.5 | 14.1 |
| &nbsp;&nbsp;&nbsp; Commercial, Industrial & Other | 3.0 | 2.6 |
| &nbsp;&nbsp;&nbsp; Firm Transportation | 3.9 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Firm Throughput*** | 23.4 | 20.1 |
| &nbsp;&nbsp;&nbsp; Interruptible | 8.3 | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total System Throughput*** | 31.7 | 27.2 |
| &nbsp;&nbsp;&nbsp; Off System/Capacity Management | 24.7 | 14.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Throughput*** | 56.4 | 41.6 |
| **Customers** |  |  |
| &nbsp;&nbsp;&nbsp; Residential | **537850** | 530760 |
| &nbsp;&nbsp;&nbsp; Commercial, Industrial & Other | **33279** | 33149 |
| &nbsp;&nbsp;&nbsp; Firm Transportation | **21268** | 22068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Firm Customers*** | **592397** | 585977 |
| &nbsp;&nbsp;&nbsp; Interruptible | **30** | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total System Customers*** | **592427** | 586065 |
| &nbsp;&nbsp;&nbsp; Off System/Capacity Management\* | **28** | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Customers*** | **592455** | 586092 |
| *\*The number of customers represents those active during the last month of the period.* | *\*The number of customers represents those active during the last month of the period.* | *\*The number of customers represents those active during the last month of the period.* |
| **Degree Days** |  |  |
| &nbsp;&nbsp;&nbsp; Actual | **1657** | 1399 |
| &nbsp;&nbsp;&nbsp; Normal | **1511** | 1523 |
| &nbsp;&nbsp;&nbsp; Percent of Normal | 109.7<br> **%** | 91.9% |

---

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#### NJR Reports Fiscal 2026 First Quarter Results

#### Page 12 of 12

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| (Unaudited) | **December 31,** | **December 31,** |
|  *(Thousands, except customer, RECs and megawatt data)* | **2025** | 2024 |
|  **CLEAN ENERGY VENTURES** |  |  |
|  **Operating Revenues** |  |  |
| &nbsp;&nbsp;&nbsp; SREC sales | $22408 | $17684 |
| &nbsp;&nbsp;&nbsp; TREC sales | **3222** | 2505 |
| &nbsp;&nbsp;&nbsp; SREC II sales | **515** | 391 |
| &nbsp;&nbsp;&nbsp; Merchant Power | **2785** | 1736 |
| &nbsp;&nbsp;&nbsp; PPA / Other | **2830** | 2219 |
| &nbsp;&nbsp;&nbsp; Residential solar portfolio | **—** | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Operating Revenues*** | $31760 | $26406 |
|  **Depreciation and Amortization** | $7032 | $6425 |
|  **Operating Income** | $15388 | $64274 |
|  **Income Tax Provision** | $2738 | $14141 |
|  **Net Income** | $9590 | $48130 |
|  **Net Financial Earnings** | $9590 | $48130 |
|  **Solar Renewable Energy Certificates Generated** | **72373** | 88707 |
|  **Solar Renewable Energy Certificates Sold** | **115520** | 85693 |
|  **Transition Renewable Energy Certificates Generated** | **21487** | 17444 |
|  **Solar Renewable Energy Certificates II Generated** | **5409** | 4404 |
|  **ENERGY SERVICES** |  |  |
|  **Operating Income** |  |  |
| &nbsp;&nbsp;&nbsp; Operating revenues | $119107 | $86308 |
| &nbsp;&nbsp;&nbsp; Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas purchases | **85774** | 67868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operation and maintenance expense | **3185** | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | **41** | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Operating Income*** | $30107 | $16528 |
|  **Net Income** | $20597 | $10258 |
|  **Financial Margin** | $27762 | $15281 |
|  **Net Financial Earnings** | $16280 | $7833 |
|  **Gas Sold and Managed (Bcf)** | 28.4 | 28.3 |
|  **STORAGE AND TRANSPORTATION** |  |  |
|  **Operating Revenues** | $28080 | $26628 |
|  **Equity in Earnings of Affiliates** | $1240 | $961 |
|  **Operation and Maintenance Expense** | $10466 | $10083 |
|  **Other Income, Net** | $1987 | $2392 |
|  **Interest Expense** | $5566 | $5969 |
|  **Income Tax Provision** | $2273 | $1489 |
|  **Net Income** | $7363 | $5664 |
|  **Net Financial Earnings** | $7363 | $5664 |
|  **HOME SERVICES AND OTHER** |  |  |
|  **Operating Revenues** | $16005 | $15794 |
|  **Operating Income** | $787 | $995 |
|  **Net Income** | $479 | $615 |
|  **Net Financial Earnings** | $479 | $615 |
|  **Total Service Contract Customers at December 31** | **97793** | 99604 |

---

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## Exhibit 99.2

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**Exhibit 99.2**<br>

![](ef20063047_ex99-2slide41.jpg)

Fiscal 2026 First Quarter Financial Results February 2026 Investor Presentation

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![](ef20063047_ex99-2slide42.jpg)

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 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 presentation include, but are not limited to, statements regarding NJR's NFEPS guidance for fiscal 2026, including NFEPS guidance by Segment, long-term growth targets and guidance range and anticipated drivers of such growth targets, long-term annual growth projections and targets, our CIP, IIP and SAVEGREEN programs, NFEPS expectations from utility operations, Capital Plan expectations, the inclusion of our 5-year capital expenditure projections through 2030, our credit metrics, projections of dividend and financing activities, customer growth at NJNG, future NJR and NJNG capital expenditures, potential CEV capital projects, project pipeline, changes to tax laws and regulations, including those changes brought about by the passage of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act, total shareholder return projections, dividend growth, CEV revenue and service projections, our debt repayment schedule, contributions from Leaf River as well as its potential cavern expansion, Steckman Ridge and Adelphia Gateway, SREC Hedging and long option strategies and Asset Management Agreements, our Energy Efficiency Expansion as approved by the BPU, our current and future base rate cases, our solar project pipeline and commercial solar growth goals, emissions reduction strategies and clean energy goals, changing interest rates, 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 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 web site, http://www.sec.gov. Information included in this presentation 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 Measures This presentation includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin, utility gross margin, adjusted funds from operations, adjusted debt, and adjusted EBITDA. 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 in the appendix to this presentation. 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 Energy Services, 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 NJR Energy Services Company. NJNG's utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. 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. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments. Adjusted EBITDA is earnings, including equity in earnings of affiliates, before interest, income taxes, depreciation and amortization, and Other Income, net, which includes non-cash earnings of AFUDC from our wholly owned subsidiaries Leaf River and Adelphia Gateway. Management uses NFE/net financial loss, utility gross margin, financial margin, adjusted funds from operations and adjusted debt as supplemental measures to other GAAP results to provide a more complete understanding of the Company's performance. Management believes these non-GAAP measures are more reflective of the Company's business model, provide transparency to investors and enable period-to-period comparability of financial performance. In providing NFE guidance, management is aware that there could be differences between reported GAAP earnings and NFE/net financial loss 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. In addition, in making forecasts relating to S&T's Adjusted EBITDA and adjusted funds from operations and adjusted debt, management is aware that there could be differences between reported GAAP earnings, cash flows from operations and total long-term and short-term debt due to matters such as, but not limited to, the unpredictability and variability of future earnings, working capital and cash positions. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported GAAP measures and therefore is not able to provide a reconciliation to the corresponding GAAP equivalent for such forecasts without unreasonable efforts. NFE/net financial loss, utility gross margin and financial margin are discussed more fully in Item 7 of our Report on Form 10-K and, we have provided presentations of the most directly comparable GAAP financial measure and a reconciliation of our non-GAAP financial measures, NFE/net financial loss, utility gross margin, financial margin, adjusted funds from operations, adjusted debt, and adjusted EBITDA to the most directly comparable GAAP financial measures, in the appendix to this presentation. This information has been provided pursuant to the requirements of SEC Regulation G.

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![](ef20063047_ex99-2slide43.jpg)

Contents Fiscal 2026 First Quarter Conference Call 4 Agenda 5 Winter Storm Fern 6 NJNG: Focused on Affordability 7 NJNG: Customer Growth 8 S&T: Short and Long-Term Growth Drivers 9 CEV: Project Pipeline 10 Financial Review and Outlook 11 Fiscal 2026 First Quarter Results - Walk 12 Capital Investment (CAPEX) Outlook 13 Strong Credit Metrics 14 Fiscal 2026: NFEPS Guidance and Segment % 15 2025 Sustainability Report 16 NJR: Aligned with New Jersey's Affordability Initiatives 17 7-9% NFEPS Growth Rate Supported by Complementary Businesses 18 Appendix: Financial Statements and Additional Information 19 Fiscal 2026 First Quarter NFE and NFEPS by Business Unit 20 Reconciliation of NFE and NFEPS to Net Income 21 Other Reconciliation of Non-GAAP Measures 22 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 23 Capital Plan Table 24 Cash Flows Table 25 Debt Repayment Schedule 26 NJR: Complementary Energy Infrastructure Platform 27 NJR: Business Portfolio 28 NJR: Dividend Growth: Raised for 30 Consecutive Years 29 NJR: Drivers of Long-Term Growth Rate of 7-9% 30 NJNG: Regulatory Environment 31 NJNG: Growing Rate Base 32 S&T: Strategically Located Assets 33 S&T: Adjusted EBITDA 34 CEV: Diverse Commercial Solar Portfolio 35 CEV: "Utility Like" Revenue Stack with Optionality 36 Energy Services: Overview 37 Energy Services: Strong NFE Contribution 38 Energy Services: Asset Management Agreements 39 Home Services (NJRHS) 40 Shareholder and Online Information

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![](ef20063047_ex99-2slide44.jpg)

Strategic Review Steve Westhoven, President and CEO Financial Highlights and Outlook Roberto Bel \| SVP and CFO Conclusion Steve Westhoven, President and CEO Q&A Session Agenda NJR At a Glance Corporate Information Ticker NYSE: NJR Corporate Headquarters Wall, NJ Incorporated New Jersey Website www.njresources.com IPO 1982 NJR Business Units (abbreviation) New Jersey Natural Gas NJNG Clean Energy Ventures CEV Storage & Transportation S&T Energy Services NJRES Home Services NJRHS Share Information Share Price $49.48 Shares Outstanding 100.8M Market Cap $5.0B Dividend Information Annual Dividend $1.90 Dividend Yield 3.8% All daily trading information/multiples as of 1/30/2026

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![](ef20063047_ex99-2slide45.jpg)

Strong Operating Performance During Storm Event Across all of NJR's Businesses New Jersey Natural Gas: Uninterrupted service during a period of record sendout Storage & Transportation: Continued strong execution at Adelphia Gateway and Leaf River Energy Services: Leveraged geographically diverse storage and transportation assets throughout the U.S. to capture significant value during heightened nationwide demand and volatility Winter Storm Fern NJR delivered reliable performance during Winter Storm Fern and the prolonged period of cold weather, underscoring the resiliency of our lifeline systems and the effectiveness of our supply and risk-management strategies NJR Raises Fiscal 2026 NFEPS1 Guidance by $0.25 to a Range of $3.28 to $3.43 as a Result of Energy Services Outperformance 1. A reconciliation from NFE to net income can be found in the Appendix.

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![](ef20063047_ex99-2slide46.jpg)

NJNG: System and Structure Ensures Reliability and Affordability Highest 7 Day Sendout in NJNG History1 From January 26, 2026 to February 1, 2026 NJNG policy requires at least 75% of projected winter gas needs to be hedged prior to winter Affordable Reliable + Physical hedging program provides reliability and protects customers against high prices and volatility Nearly 90% Hedged Prior to Winter Over 75% of Supply from LNG and Storage1 1 up to $135 ~$2.25 Critical system reliability plus customer affordability remains a priority for NJNG amid rising energy costs and economic pressures

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![](ef20063047_ex99-2slide47.jpg)

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) 592,455 Total Customers 6 Counties Across New Jersey NJNG Total Customers (in 000s) 630 - 640 NJNG customer base continues to expand, adding between 7,000 - 9,000 new customers a year New Customer Growth Driven by New Construction and Conversions As of 12/31 At September 30

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![](ef20063047_ex99-2slide48.jpg)

Driven by: Constructive Outcome in Adelphia Gateway Rate Case Highly Favorable Re-Contracting at both Adelphia and Leaf River S&T: Short- and Long-Term Growth Drivers Expansion Plans To Increase Working Gas Capacity Leaf River Expansion Expansion of Existing Cavern Locations Executed a long-term agreement for this capacity post-FERC filing Planned New Cavern Leaf River has Multiple Sites for Potential Organic Cavern Expansion Beyond this 55 BCF FERC Filing October 31, 2025 Expects to increase working gas capacity by over 70% in the coming years S&T NFE Expected to More Than Double from 2025 to 2027 (from $18.5 Million to Estimated $42 - $47 Million)

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CEV: Project Pipeline CEV Owns and Operates Solar Projects with Approximately 489MW of In-Service Commercial Solar Capacity MWs Record ~93MW Placed In-Service in Fiscal 2025 1.2 GW Diverse pipeline – preserved ITC through proactive safe harboring Capacity expected to grow over 50% (from 2025 to 2027) All MWs noted in DC ~250 ~9.7MW Placed In-Service YTD Fiscal 2026

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10 Financial Review and Outlook

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A reconciliation of these non-GAAP measures can be found in the Appendix. The sum of actual amounts may not equal to total due to rounding. Fiscal 2026 First Quarter Results1 - Walk ($ in Millions) Fiscal 1Q25 – Consolidated NFE ($ in millions) $128.9 NJNG $16.9 Utility Gross Margin1 $25.0 Depreciation & Amortization (D&A) $(4.9) Interest Expense, O&M, AFUDC, Income Tax $(3.2) Clean Energy Ventures $(38.5) Revenue $5.4 D&A and Interest Expense $(2.6) Other (including ITC recognition and sale of residential assets in fiscal 2025) $(41.3) Storage & Transportation $1.7 Revenue $1.5 D&A and Interest Expense $1.6 O&M, AFUDC & Other $(1.4) Energy Services $8.4 Financial Margin1 $12.5 Interest Expense, Income Tax and Other $(4.1) Home Services and Other $0.8 Fiscal 1Q26 – Consolidated NFE ($ in millions)2 $118.2 Decline was due to a gain on the sale of CEV's residential solar business in the prior year period

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Capital Investment1 (CAPEX) Outlook $775 - $930 Actuals Estimates $4.8 - $5.2B Through 2030 $870 - $1.0B NJNG Expected to Represent Over 60% of Capital Investment $45 - $60 $60 - $75 $210 - $290 $270 -$370 $520 - $580 $540 -$600 $190M $850M ($ in Millions) The sum of actual amounts may not equal due to rounding. $644M

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No Block Equity Needs Cash Flow from Operations of $1.1B - $1.2B in the next two years Staggered Debt Maturity Stack Substantial liquidity at both NJNG and NJR $825M of credit facilities available through FY2029 Strong Credit Metrics Adjusted FFO / Adjusted Debt NJNG (Secured Rating) NJR (Unsecured Rating) NAIC NAIC-1.E NAIC-2.A Moody's A1 (Stable) Fitch A+ (Stable) Internal estimates based on Fitch Ratings methodology. Ratio represents inverse of FFO-adjusted leverage ratio. A reconciliation from adjusted funds from operations to cash flows from operating activities and adjusted debt to long-term and short-term debt can be found in the Appendix. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments. Actuals Estimated 19 - 20%

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Fiscal 2026: NFEPS Guidance and Segment % Net Financial Earnings Per Share Increased Guidance to a Range of $3.28 - $3.43 $2.83 \* Our current earnings base represents the midpoint of initial Fiscal 2025 NFEPS guidance, excluding the net impact of the sale of our residential solar assets. $1.17 Estimated Fiscal 2026 Segment % Utility To Represent Majority of Earnings Contribution (updated to reflect guidance raise) NJNG 62-67% S&T 7-12% CEV 9-14% ES 12-17% HS 1-2% Strong Contribution from Energy Services During January 2026 Winter Event

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17th Corporate Sustainability Report Dating Back to 2008 Link to: 2025 Sustainability Report Record $98M investment in energy efficiency: SAVEGREEN® programs helped customers reduce energy usage and cut CO₂ emissions. Expanded renewable energy portfolio: NJR Clean Energy Ventures added 93 MW of solar, powering 73,000+ homes and avoiding 340,000+ metric tons of CO₂ annually. Industry-leading pipeline modernization: Achieved just 0.06 leaks per mile and used advanced methane detection and cross-compression to further reduce emissions. Coastal Climate Initiative for resilience: Funded nature-based projects to protect communities from extreme weather and enhance local ecosystems. Significant social impact: Provided $16.5M in energy assistance, supported 2,000+ organizations, and unified educational outreach for 800+ students. Highlights 2025 Sustainability Report

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NJR: Aligned with New Jersey's Affordability Initiatives Governor Sherrill was sworn in on January 20, 2026 and immediately issued two Executive Orders focused on affordability of electric bills Executive Order 1 Electric Affordability and Rate Relief Directive to pause or offset 2026 electric rate increases Executive Order 2 Accelerating In-State Energy Supply Directive to rapidly expand solar, storage, and distributed resources NJR Well-Positioned for Opportunities from EOs Natural gas remains New Jersey's most affordable and reliable energy option NJR's diversified model supports growth in in-state energy supply Energy-efficiency programs continue lowering customer bills for 110,000+ customers CEV is well aligned with the state's accelerated solar and storage development

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7-9% NFEPS Growth Rate Supported by Complementary Businesses Total CAPEX of $4.8 - $5.2 Billion Through FY 2030 Over 60% in Utility Investment No Block Equity NJNG High single digit rate base growth expected through 2030 CEV Installed capacity expected to grow over 50% by 2027 S&T NFE expected to more than double by 2027 Leaf River capacity expected to grow by over 70% through 2030

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Appendix: Financial Statements and Additional Information 18 19 Fiscal 2026 First Quarter NFE and NFEPS by Business Unit 20 Reconciliation of NFE and NFEPS to Net Income 21 Other Reconciliation of Non-GAAP Measures 22 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 23 Capital Plan Table - Two Year Detailed 24 Cash Flows - Two Year Projected 25 Debt Repayment Schedule

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Fiscal 2026 First Quarter NFE and NFEPS by Business Unit1 ($ in 000s) Net Financial Earnings (NFE) Net Financial Earnings per Share (NFEPS) (Thousands) Three Months Ended December 31, 2025 2024 Change New Jersey Natural Gas $83,829 $66,908 $16,921 Clean Energy Ventures $9,590 $48,130 $(38,540) Storage and Transportation $7,363 $5,664 $1,699 Energy Services $16,280 $7,833 $8,447 Home Services and Other $1,111 $359 $752 Total $118,173 $128,894 $(10,721) (Thousands) Three Months Ended December 31, 2025 2024 Change New Jersey Natural Gas $0.83 $0.67 $0.16 Clean Energy Ventures $0.10 $0.48 $(0.38) Storage and Transportation $0.07 $0.06 $0.01 Energy Services $0.16 $0.08 $0.08 Home Services and Other $0.01 $— $0.01 Total $1.17 $1.29 $(0.12) 1 The sum of actual amounts may not equal due to rounding.

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Reconciliation of NFE and NFEPS to Net Income ($ in 000s) NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. 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. NFE eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period. (Unaudited) Three Months Ended December 31, 2025 2024 NEW JERSEY RESOURCES A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: Net income $122,490 $131,319 Add: Unrealized loss on derivative instruments and related transactions 2,996 6,368 Tax effect (712) (1,513) Effects of economic hedging related to natural gas inventory (8,567) (9,527) Tax effect 2,036 2,264 NFE tax adjustment (70) (17) Net financial earnings $118,173 $128,894 Weighted Average Shares Outstanding Basic 100,701 99,855 Diluted 101,229 100,478 A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: Basic earnings per share $1.22 $1.32 Add: Unrealized loss on derivative instruments and related transactions 0.03 0.06 Tax effect (0.01) (0.01) Effects of economic hedging related to natural gas inventory (0.09) (0.10) Tax effect 0.02 0.02 Basic net financial earnings per share $1.17 $1.29

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Other Reconciliation of Non-GAAP Measures NJNG Utility Gross Margin 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. Energy Services Financial Margin Financial margin removes the timing differences associated with certain derivative and hedging transactions. Financial margin 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 instruments on earnings. ($ in 000s) (Unaudited) Three Months Ended December 31, 2025 2024 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: Operating revenues $410,138 $333,765 Less: Natural gas purchases 170,724 130,005 Operating and maintenance1 25,336 26,009 Regulatory rider expense 33,154 22,476 Depreciation and amortization 36,960 32,084 Gross margin 143,964 123,191 Add: Operating and maintenance1 25,336 26,009 Depreciation and amortization 36,960 32,084 Utility gross margin $206,260 $181,284 A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows: Operating revenues $119,107 $86,308 Less: Natural Gas purchases 85,774 67,868 Operating and maintenance1 2,916 1,597 Depreciation and amortization 41 47 Gross margin 30,376 16,796 Add: Operating and maintenance1 2,916 1,597 Depreciation and amortization 41 47 Unrealized loss on derivative instruments and related transactions 2,996 6,368 Effects of economic hedging related to natural gas inventory (8,567) (9,527) Financial margin $27,762 $15,281 Excludes selling, general and administrative expenses

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Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and other Fitch credit metric adjustments. Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding capitalized leases, solar asset financing obligations but including solar contractually committed payments for sale lease backs, debt issuance costs. Cash Flow from Operations $26.7 Add back Components of working capital $217.8 Cash paid for interest (net of amounts capitalized) $35.8 Capitalized Interest $3.1 SAVEGREEN loans, grants, rebates and related investments $26.7 Other adjustments ($0.5) Adjusted FFO (Non-GAAP) $309.6 Long-Term Debt (including current maturities) $3,435.7 Short-Term Debt $369.0 Exclude Cash on Hand ($3.6) CEV Sale-Leaseback Debt ($485.9) Lease adjusted debt ($14.0) Include CEV Sale lease-back Contractual Commitments $326.2 Debt Issuance Costs $13.9 Adjusted Debt (Non-GAAP) $3,641.3 Adjusted Debt, FY2026 YTD (Millions) Adjusted Funds from Operations, FY2026 YTD (Millions)

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Capital Plan Table1,2 ($ in Millions) Total change in PP&E (cash spent, CAPEX accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations. The sum of actual amounts may not equal due to rounding. Safety and reliability includes system integrity, IT, Cost of Removal, IIP, and other miscellaneous capital investments. Actuals Estimates FY2024A FY2025A FY2026A YTD FY2026E FY2027E Near Real Time Return? New Jersey Natural Gas New Customer $100 $119 $32 $120 - $130 $130 - $140 Yes SAVEGREEN $71 $98 $27 $90 - $100 $90 - $100 Yes Safety and Reliability3 $332 $331 $74 $310 - $350 $320 - $360 $503 $548 $133 $520 - $580 $540 - $600 Clean Energy Ventures $96 $271 $43 $210 - $290 $270 - $370 Storage and Transportation Adelphia Gateway $7 $11 $1 $5 - $10 $5 - $10 Leaf River $39 $19 $13 $40 - $50 $55 - $65 $46 $30 $14 $45 - $60 $60 - $75 Total $644 $850 $190 $775 - $930 $870 - $1,045

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The sum of actual amounts may not equal due to rounding. Excludes accrual for AFUDC and SAVEGREEN investments (for GAAP purposes, SAVEGREEN investments are included in Cash Flow from Operations). Cash Flows Used in Investing Activities in fiscal 2025 include $137.2 million in net proceeds from the sale of the residential solar portfolio. Cash Flows Table1 ($ in Millions) Actuals Estimates Operating cash flows are primarily affected by variations in working capital, which can be impacted by several factors, including: seasonality of our business; fluctuations in wholesale natural gas prices and other energy prices, including changes in derivative asset and liability values; timing of storage injections and withdrawals; the deferral and recovery of natural gas costs; changes in contractual assets utilized to optimize margins related to natural gas transactions; broker margin requirements; impact of unusual weather patterns on our wholesale business; timing of the collections of receivables and payments of current liabilities; volumes of natural gas purchased and sold; and and timing of SREC deliveries. FY 2024A FY 2025A YTD FY2026A FY2026E FY2027E Cash Flows from Operations $427 $466 $27 $535 - $575 $540 - $580 Uses of Funds Cash Flows Used in Investing Activities2, 3 $569 $568 $180 $700 - $800 $800 - $900 Dividends $165 $180 $48 $188 - $192 $198 - $202 Total Uses of Funds $734 $748 $227 $888 - $992 $998 - $1,102 Financing Activities Common Stock Proceeds – DRIP $74 $35 $4 $18 - $20 $18 - $20 Debt Proceeds/ (Repayments)/Other $232 $247 $197 $335 - $397 $440 - $502 Total Financing Activities $307 $282 $201 $353 - $417 $458 - $522

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Debt Repayment Schedule No Significant Maturity Towers in Any Particular Year Term debt only (excludes short-term debt of $369.0 million, capital leases of $45.9 million and solar financing obligations of $485.9 million). NJR Unsecured Senior Notes FY Maturity Principal 3.54% 2026 $100,000 4.38% 2027 $110,000 3.96% 2028 $100,000 3.29% 2029 $150,000 3.50% 2030 $130,000 3.13% 2031 $120,000 3.60% 2032 $130,000 3.25% 2033 $80,000 6.14% 2033 $50,000 3.64% 2034 $50,000 5.55% 2035 $100,000 Total NJR LT Debt $1,120,000 NJNG First Mortgage Bonds FY Maturity Principal 3.15% 2028 $50,000 5.56% 2033 $50,000 5.49% 2034 $75,000 5.16% 2035 $100,000 4.37% 2037 $50,000 3.38% 2038 $10,500 2.75% 2039 $9,545 3.00% 2041 $46,500 3.50% 2042 $10,300 3.00% 2043 $41,000 4.61% 2044 $55,000 3.66% 2045 $100,000 3.63% 2046 $125,000 4.01% 2048 $125,000 3.76% 2049 $100,000 3.13% 2050 $50,000 3.13% 2050 $50,000 2.87% 2050 $25,000 2.97% 2052 $50,000 4.71% 2052 $50,000 5.47% 2053 $125,000 5.85% 2054 $50,000 5.82% 2054 $125,000 5.85% 2055 $100,000 2.45% 2059 $15,000 3.86% 2059 $85,000 3.33% 2060 $25,000 2.97% 2060 $50,000 3.07% 2062 $50,000 Total NJNG LT Debt $1,797,845 Substantial liquidity at both NJNG and NJR - $825M of credit facilities available through FY2029 Term Debt1 Maturity Schedule as of December 31, 2025 / $ in Millions, unless otherwise noted $1.4B

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Originated from Expertise in Energy Value Chain Clean Energy Ventures (CEV) Flexible Renewable Project Platform Storage and Transportation (S&T) Long-Term Energy Infrastructure Energy Services (ES) Capital-light Cash Generator NJR Home Services (NJRHS) Customer Focused Field Services New Jersey Natural Gas (NJNG) Stable, Regulated Utility Growth NJR: Complementary Energy Infrastructure Platform Predictable Net Financial Earnings and Incremental Organic Growth Opportunities 27 NJR: Business Portfolio 28 NJR: Dividend Growth: Raised for 30 Consecutive Years 29 NJR: Drivers of Long-Term Growth Rate of 7-9% 30 NJNG: Regulatory Environment 31 NJNG: Growing Rate Base 32 S&T: Strategically Located Assets 33 S&T: Adjusted EBITDA 34 CEV: Diverse Commercial Solar Portfolio 35 CEV: "Utility Like" Revenue Stack with Optionality 36 Energy Services: Overview 37 Energy Services: Strong NFE Contribution 38 Energy Services: Asset Management Agreements 39 Home Services (NJRHS) 40 Shareholder and Online Information

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NJR Home Services offers customers home comfort solutions. NJR: Business Portfolio Natural Gas and Renewable Fuel Distribution; Solar Investments; Wholesale Energy Markets; Storage & Transportation Infrastructure; Retail Operations Operates and maintains Natural Gas transportation and distribution infrastructure. New Jersey Natural Gas (NJNG) Clean Energy Ventures (CEV) Storage and Transportation (S&T) Energy Services (ES) NJR Home Services (NJRHS) CEV develops, invests in, owns and operates energy projects that generate clean power and provide low carbon energy solutions. Invests in, owns and operates midstream assets including natural gas pipeline and storage facilities. Provides unregulated, wholesale natural gas to consumers across the Gulf Coast, Eastern Seaboard, Southwest, Mid-continent and Canada. Demonstrated leadership as a premier energy infrastructure and environmentally-forward thinking company

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NJR Dividend Growth: Raised for 30 Consecutive Years Committed to Returning Capital to Shareholders Dividend History Dividends per Share Record Date Payable Date Amount Per Share 12/12/2025 1/2/2025 $0.475 9/22/2025 10/1/2025 $0.475 6/10/2025 7/01/2025 $0.45 3/11/2025 4/01/2025 $0.45 12/11/2024 1/02/2025 $0.45 9/23/2024 10/01/2024 $0.45 6/12/2024 7/01/2024 $0.42 3/13/2024 4/01/2024 $0.42 12/13/2023 1/02/2024 $0.42 9/20/2023 10/02/2023 $0.42 6/14/2023 7/03/2023 $0.39 3/15/2023 4/03/2023 $0.39 12/14/2022 1/03/2023 $0.39 9/26/2022 10/03/2022 $0.39 6/15/2022 7/01/2022 $0.3625 3/16/2022 4/01/2022 $0.3625 12/15/2021 1/03/2022 $0.3625 9/20/2021 10/01/2021 $0.3625 6/16/2021 7/01/2021 $0.3325 3/17/2021 4/01/2021 $0.3325 12/16/2020 1/04/2021 $0.3325 Highlighted Rows Reflect Changes in Quarterly Cash Dividends $1.90 FY 2026 Dividend

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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 Improved Utility Gross Margin after Successful Rate Case Continued Customer Growth Energy Efficiency Efforts Drivers of 7-9% Growth Rate Potential Upside Drivers Above 7-9% Contracted REC Revenue High Operational Availability Extensive Project Pipeline Stronger than expected BGSS incentives margin from optimization of supply portfolio Upside from power demand growth Long-term Contracted Capacity Organic Capacity Expansion Projects Successful Recontracting Driven by Improving Storage Market Short-term capacity optimization Stable Cash Flows from AMA Fixed Payments Normalized Contribution from "Long-Option" Strategy (Does not consider potential positive impacts from significant weather events.) Natural gas price volatility due to weather events

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NJNG: Regulatory Environment $3.2B1 Rate Base 9.6% Approved ROE As of the most recent base rate case, settled on November 21, 2024 for a test year ended on June 30, 2024 54% Equity Layer Supportive Regulatory Construct Stable Rate Case Results Decoupled Rates Minimization of Regulatory Lag Margin Sharing Incentives Filed with the New Jersey Board of Public Utilities in January 2024 Settlement approved in November 2024 Base rate increase of approximately $157 million through June 30, 2024 (the end of our test year) Settlement of Most Recent Rate Case Investments in SAVEGREEN® are incremental to rate base and earn near-real time returns through a rider that is updated annually. NJNG's natural gas commodity price is a pass-through cost in the Basic Gas Supply Service (BGSS) program NJNG's "BGSS Incentive Programs" allow optimization of assets when not needed for customer requirements

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NJNG: Future Rate Base Growth Expected in the 7-9% Range Expanding Rate Base Growth Through 2030 History of Consistent Rate Case Outcomes Additional Investments from Energy Efficiency Investments (SAVEGREEN) are Incremental to Current Rate Base Figure Last Four Rate Cases $4.7 - $5.2B ($ in B) Rate Base CAGR of ~7 - 9% Reported Record $98 Million of Investment in Fiscal 2025

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S&T: Strategically Located Assets Leaf River (storage), Steckman Ridge (storage), and Adelphia Gateway (transportation) 32.2 mmdth high deliverability salt cavern storage facility in southeastern Mississippi Acquired October 2019 100% owner & operator Serves the fastest growing natural gas market in North America 12.6 mmdth reservoir storage facility in southern PA Placed in service April 2009 50% ownership interest Serving the Northeast Region with a high dependence on storage and increasingly constrained pipeline capacity 0.9 mmdth/d interstate pipeline from NE PA to greater Philadelphia area Acquired January 2020 / Placed in-service September 2022 100% owner & operator Serving the Northeast region, where the current pipeline grid is constrained Maximize capabilities of existing assets as pipeline and storage constraints highlight the benefit of storage and transportation infrastructure

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S&T: Adjusted EBITDA Adjusted EBITDA is net income before interest, income taxes, depreciation and amortization, corporate overhead and other income, net. S&T's Net Income (GAAP) $7,363 Add Interest expense, net 5,566 Income tax expense 2,273 Depreciation and amortization 5,265 Corporate overhead 2,135 Less: Other Income, net 1,987 Adjusted EBITDA (Non-GAAP) $20,615 S&T Reconciliation of Adjusted EBITDA FY2026 Q1 ($ in 000s) ($ in M) $95 - $105

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CEV: Diverse Commercial Solar Portfolio Diverse and Innovative Commercial Solar Projects Throughout Seven States; Largest Solar Owner-Operator in New Jersey CEV owns and operates commercial solar projects in New Jersey, Rhode Island, New York, Connecticut, Pennsylvania, Indiana, and Michigan with approximately 489MW of installed capacity Over $1 billion invested in the solar marketplace Over 80 commercial projects in service Windsor Solar One Placed into Service in Q1 2026 Windsor Solar One is a ~4MW feed-in tariff solar project located in Windsor, CT (Hartford County)

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CEV: "Utility Like" Revenue Stack with Optionality Fixed Component Provides Stable Earnings Contribution With High Visibility CEV Revenue Q1 Fiscal 2026 Majority of CEV revenue is contracted Fixed Revenue Component Consists of: State sponsored subsidy programs or feed-in Tariff agreements Power Purchase Agreements (PPAs) Monetization of Investment Tax Credits Merchant Power Threshold: High Single-Digit Unlevered IRR + + Option Value Incremental to Initial Investment Decision Emerging Technologies Exploring firming generation throughout NJRCEV's solar fleet Advancing distributed generation strategy Repowering Maximizing power generation Future Option Value Load to Generation Focus on repositioning existing wholesale assets to support large retail loads (i.e., datacenters) $31.8M

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36 36 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 of Capital Investment 36

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Energy Services: Strong NFE Contribution 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 Proven track record of success, leveraging natural gas market volatility to drive value Minimal long-term capital commitments and significant cash generation during outperformance years has significantly reduced NJR equity needs A reconciliation of Financial Margin to Operating Income can be found in the Appendix Strong Energy Service NFE Contribution ($ in Millions) Fiscal 2022 - 2025 included revenue recognition from Asset Management Agreements ES has Reported Positive Financial Margin1 in Every Year Since Inception Max: 2014 - $172.4M Min: 2020 - $9.9M Over $1 billion ($1.6B) of financial margin over last 20 years (average of ~$80 million per year) ($ in Millions)

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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 NJR expects to recognize approximately $19.7 million annually in revenues between FY 2025 - FY 2031; recognized ratably across each quarter ($ in Millions)

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Home Services (NJRHS) Delivering Home Comfort Solutions ~ 150 licensed technicians, installers, plumbers, electricians and skilled workers Provides residential service contracts for heating, cooling, water heating, electrical and standby generators Equipment sales and installations, plumbing and electrical services and repairs and indoor air quality products Ruud Top Twenty Pro Partner Contractor for the 9th consecutive year Completed 79,000 service calls and 4,000 HVAC, plumbing and generator installations in Fiscal 2025 Maintains a nearly five-star customer satisfaction rating\* \* Rating determined by Shopper Approved. See njrhomeservices.com/reviews for more information. Cash Generating Service Businesses Support Growth of Capital Investment

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The Transfer Agent and Registrar for the company's common stock is Broadridge Corporate Issuer Solutions, Inc. (Broadridge). Shareowners with questions about account activity should contact Broadridge investor relations representatives between 9 a.m. and 6 p.m. ET, Monday through Friday, by calling toll-free 800-817-3955. General written inquiries and address changes may be sent to: Broadridge Corporate Issuer Solutions P.O. Box 1342, Brentwood, NY 11717 or For certified and overnight delivery: Broadridge Corporate Issuer Solutions, ATTN: IWS 1155 Long Island Avenue, Edgewood, NY 11717 Shareowners can view their account information online at shareholder.broadridge.com/NJR. Website: www.njresources.com Investor Relations: New Jersey Resources Investor Relations Contact Information Adam Prior Director, Investor Relations 732-938-1145 aprior@njresources.com 1415 Wyckoff Road Wall, NJ 07719 (732) 938-1000 www.njresources.com Corporate Headquarters Online Information Shareholder and Online Information Stock Transfer Agent and Registrar

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