# EDGAR Filing Document

**Accession Number:** 0000356309
**File Stem:** 0001140361-25-042738
**Filing Date:** 2025-11
**Character Count:** 108793
**Document Hash:** 8f032fe16a830015cd2b13f5cf14123c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-042738.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001140361-25-042738

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20251119

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**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:** 251499669

**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): November 19, 2025

## 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** |
| (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. ☐

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

---

On November 19, 2025, the Company issued a press release reporting financial results for the fourth fiscal quarter and fiscal year ended September 30, 2025 (the "Earnings Release"). A copy of the Earnings 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.** |

---

*Earnings Presentation*

The Company will deliver a presentation via live public webcast on November 20, 2025, at 10:00 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, including the press release furnished herewith as Exhibit 99.2, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such exhibits be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be set forth expressly by specific reference in such a filing.

------

#### Cautionary Statements Regarding Forward-Looking Statements
This filing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond the Company's ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes," "may," "should" and similar expressions may identify forward-looking information and such forward-looking statements are made based upon management's current expectations and beliefs as of this date concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management. Forward-looking information in this filing includes, but is not limited to, certain statements regarding the use of proceeds.

Additional information and factors that could cause actual results to differ materially from the Company's expectations are contained in the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including the Company'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 filing is representative as of today only and while the Company periodically reassesses material trends and uncertainties affecting the Company'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, the Company does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

------

---

| | |
|:---|:---|
| **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.

---

| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Exhibit</u> |
| [99.1](ef20059181_ex99-1.htm) | Earnings Release dated November 19, 2025 (furnished, not filed) |
| [99.2](ef20059181_ex99-2.htm) | Presentation dated November 19, 2025 (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: November 19, 2025 | By: | /s/ Roberto F. Bel |
|  |  | Roberto F. Bel |
|  |  | Senior Vice President and Chief Financial Officer |

---

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## Exhibit 99.1

------

**Exhibit 99.1**<br>

**** <br> ![](image00002.jpg)

#### <br>

#### NEW JERSEY RESOURCES REPORTS FISCAL 2025

### FOURTH -QUARTER AND YEAR-END RESULTS

**WALL, N.J., November 19, 2025 —** New Jersey Resources Corporation (NYSE: NJR) today reported financial and operating results for its fiscal 2025 fourth quarter and year-ended September 30, 2025.

#### Financial Highlights:
*Annual*

&nbsp;&nbsp;&nbsp;&nbsp;***•*** Fiscal 2025 net income totaled $335.6 million , or $3.35 per share, compared with $289.8 million , or $2.94 per share, in fiscal 2024

&nbsp;&nbsp;&nbsp;&nbsp;**•** Fiscal 2025 consolidated net financial earnings (NFE), a
 non-GAAP financial measure, totaled $329.6 million , or $3.29 per share, compared with $290.8 million , or $2.95 per share, in fiscal 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Achieved high end of fiscal 2025 net financial earnings per share (NFEPS) guidance range of $3.20 to $3.30 , which was increased in the second quarter of fiscal 2025

&nbsp;&nbsp;&nbsp;&nbsp;• Fiscal 2025 marks the fifth consecutive year that NJR has
 outperformed its initial annual NFEPS guidance

*Quarterly*

&nbsp;&nbsp;&nbsp;&nbsp;*•* Fiscal 2025 fourth-quarter c onsolidated net income of $15.1 million , or $0.15 per share, compared with $91.1 million , or $0.92 per share, in the fourth quarter of fiscal 2024

&nbsp;&nbsp;&nbsp;&nbsp;*•* Fiscal 2025 fourth-quarter c onsolidated NFE of $16.2 million , or $0.16 per
 share, compared with $88.7 million , or $0.89 per share, in the fourth quarter of fiscal 2024 . The decrease reflects higher operating revenue in the prior
 year period at Energy Services from the Asset Management Agreements (AMAs) signed in December 2020.

#### Operating Highlights
&nbsp;&nbsp;&nbsp;&nbsp;• New Jersey Natural Gas (NJNG): Record investment under SAVEGREEN<sup>®</sup> energy efficiency program of $98 million

&nbsp;&nbsp;&nbsp;&nbsp;• Clean Energy Ventures (CEV): Placed a record 93 megawatts (MW\*) of in-service capacity in fiscal 2025, the highest annual installed capacity in its history

&nbsp;&nbsp;&nbsp;&nbsp;• Storage and Transportation (S&T):

<br> – Adelphia Gateway (Adelphia): Filed an offer of settlement with the Federal Energy Regulatory Commission (FERC) during the fourth quarter of fiscal 2025, and received the order approving settlement on November 4, 2025.

<br> – Leaf River Energy Center (Leaf River): Submitted an application to FERC on October 31, 2025 to increase its certificated natural gas storage capacity by 17.6 BCF

&nbsp;&nbsp;&nbsp;&nbsp;• Energy Services (ES): Benefitted from natural gas volatility during the 2025 winter period, contributing to NFEPS guidance increase

&nbsp;&nbsp;&nbsp;&nbsp;• Home Services: Reported higher revenues in fiscal 2025 and was named a Ruud Top Twenty Pro Partner Contractor for the 9<sup>th</sup>
 consecutive year

#### Fiscal 2026 Outlook
&nbsp;&nbsp;&nbsp;&nbsp;**•** Maintains 7 to 9 percent long-term NFEPS growth
 target, starting from a fiscal 2025 base of $2.83 per share\*\*

&nbsp;&nbsp;&nbsp;&nbsp;• Introduces fiscal 2026 NFEPS guidance range of $3.03 to $3.18

\* All MWs noted in DC

\*\* 7% - 9% growth would imply a NFEPS range of $3.03 - $3.08

------

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| |
|:---|
| **NJR Reports Fiscal 2025 Fourth Quarter and Year-End Results** |
| **Page 2 of 12** |

---

#### Management Commentary
Steve Westhoven, President and CEO of New Jersey Resources, stated, "Fiscal 2025 was another strong year for NJR. We delivered NFEPS at the high end of our guidance range, surpassing our initial annual NFEPS guidance for the fifth consecutive year. We believe our performance reflects the strength of our complementary businesses, including record investments at NJNG, the highest annual installed capacity additions by CEV in our history, and strategic milestones at Adelphia Gateway and Leaf River."

Mr. Westhoven continued, "Looking ahead, we remain focused on delivering long-term value for our shareowners. Our fiscal 2026 NFEPS guidance of $3.03 to $3.18 reflects our confidence in achieving our 7 to 9 percent long-term NFEPS growth target. We believe our capital plan through 2030—driven by investment in our natural gas utility, disciplined capital deployment at CEV, and expansion opportunities at S&T—demonstrates a long-term vision for sustaining performance and creating enduring value. We believe this balanced, forward-looking strategy positions NJR to deliver consistent results and strengthen shareholder value."

#### Fiscal 2026 NFEPS Guidance
NJR is introducing its fiscal 2026 NFEPS guidance range of $3.03 to $3.18, 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** <br> **contribution** |
| New Jersey Natural Gas | 67 to 72 percent |
| Clean Energy Ventures | 10 to 15 percent |
| Storage and Transportation | 8 to 12 percent |
| Energy Services | 5 to 10 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** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  *($ in Thousands, except per share data)* | **2025** | 2024 | **2025** | 2024 |
|  Net income | $15072 | $91126 | $335627 | $289775 |
|  Basic EPS | $0.15 | $0.92 | $3.35 | $2.94 |
|  Net financial earnings\* | $16229 | $88707 | $329617 | $290828 |
|  Basic net financial earnings per share\* | $0.16 | $0.89 | $3.29 | $2.95 |

---

\*A reconciliation of net income to NFE for the three and twelve months ended September 30, 2025 and 2024, respectively is provided in the financial statements below.

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| |
|:---|
| **NJR Reports Fiscal 2025 Fourth Quarter and Year-End Results** |
| **Page 3 of 12** |

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| (Thousands) | **2025** | 2024 | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp; New Jersey Natural Gas | $(7977) | $(19000) | $213541 | $133400 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **23841** | 35470 | **61156** | 33662 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **4636** | 2468 | **18541** | 12229 |
| &nbsp;&nbsp;&nbsp; Energy Services | **(4532)** | 68284 | **34868** | 111515 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **(825)** | (639) | **(407)** | 26 |
| &nbsp;&nbsp;&nbsp; **Subtotal** | **15143** | 86583 | **327699** | 290832 |
| &nbsp;&nbsp;&nbsp; Eliminations | **1086** | 2124 | **1918** | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $16229 | $88707 | $329617 | $290828 |

---

#### New Jersey Natural Gas (NJNG)
NJNG reported fourth-quarter fiscal 2025 net financial loss of $(8.0) million, compared to net financial loss of $(19.0) million during the same period in fiscal 2024. Fiscal 2025 NFE totaled $213.5 million, compared with NFE of $133.4 million in fiscal 2024. The improvement in NFE for both the quarter and full year was primarily driven by higher utility gross margin resulting from NJNG's recent base rate case settlement, partially offset by higher depreciation expense.

Customers:

&nbsp;&nbsp;&nbsp;&nbsp;• At September 30, 2025 , NJNG serviced approximately 589,000 customers in New Jersey's Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 583,000 customers at September 30, 2024 .

Infrastructure Update:

&nbsp;&nbsp;&nbsp;&nbsp;*•* NJNG's Infrastructure Investment Program (IIP) is a five-year, $150 million accelerated recovery
 program that began in fiscal 2021. IIP consists of a series of infrastructure projects designed to enhance the safety and reliability of NJNG's nat ural gas distribution system. During fiscal 2025 , NJNG invested $40.0 million under the program on various distribution system
 reinforcement projects.

Basic Gas Supply Service (BGSS) Incentive Programs:

&nbsp;&nbsp;&nbsp;&nbsp;***•*** BGSS incentive programs contributed $18.4 million to utility gross margin during fiscal 2025 , compared with $17.9 million in fiscal 2024 .
 This increase was primarily driven by higher margins from storage incentives.

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 a record $98.0 million in
 fiscal 2025 in energy-efficiency upgrades for customers' homes and businesses. During fiscal 2025 , NJNG recovered $15.7 million of its outstanding investments (program expenses, eligible for recovery) through its energy-efficiency rate. Investments in SAVEGREEN<sup>®</sup> are incremental to rate base and earn
 near-real time returns through a rider that is updated annually.

------

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| |
|:---|
| **NJR Reports Fiscal 2025 Fourth Quarter and Year-End Results** |
| **Page 4 of 12** |

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#### Clean Energy Ventures (CEV)
CEV reported fourth-quarter fiscal 2025 NFE of $23.8 million, compared with $35.5 million during the same period in fiscal 2024. The decrease was primarily due to lower Solar Renewable Energy Certificate (SREC) sales and the absence of contributions from the residential solar portfolio, which was sold in November 2024.

Fiscal 2025 NFE totaled $61.2 million, compared with NFE of $33.7 million in fiscal 2024. The year-over-year increase was largely driven by the gain on the sale of its residential solar portfolio.

Solar Investment Update:

<br> • In fiscal 2025, CEV placed eleven commercial projects into service, adding 93.6 MW to installed capacity.

**•** As of September 30, 2025, CEV had approximately 479 MW of commercial solar capacity in service across New Jersey, New York, Connecticut, Pennsylvania, Rhode Island, Indiana, and Michigan.

#### Storage and Transportation (S&T)
S&T reported fourth-quarter fiscal 2025 NFE of $4.6 million, compared with NFE of $2.5 million during the same period in fiscal 2024. Fiscal 2025 NFE totaled $18.5 million, compared with NFE of $12.2 million in fiscal 2024. NFE increased during both periods mainly due to an increase in operating revenues at Leaf River.

&nbsp;&nbsp;&nbsp;&nbsp;• Adelphia: On September 30, 2024, Adelphia filed a Section 4 rate case with the FERC seeking approval to revise its transportation cost-of-service rates to reflect investments made in its pipeline
 system. On June 26, 2025, Adelphia reached a settlement in principle with customers participating in the rate case. Adelphia filed an offer of settlement with the FERC during the fourth quarter of fiscal 2025, and received the order
 approving settlement on November 4, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• Leaf River: On October 31, 2025 Leaf River submitted an application to FERC to increase its certificated natural gas storage capacity by 17.6 BCF.

#### Energy Services (ES)
ES reported fourth-quarter fiscal 2025 net financial loss of $(4.5) million, compared with NFE of $68.3 million for the same period in fiscal 2024. Fiscal 2025 NFE totaled $34.9 million, compared with NFE of $111.5 million in fiscal 2024. The decrease in NFE for both the fiscal 2025 fourth quarter and year was due to expected lower contribution from the AMAs signed in December 2020 compared to the prior year.

#### Home Services and Other Operations
Home Services and Other Operations reported fourth-quarter fiscal 2025 net financial loss of $(0.8) million, compared to a net financial loss of $(0.6) million for the same period in fiscal 2024. Fiscal 2025 net financial loss totaled $(0.4) million, compared with breakeven NFE in fiscal 2024.

#### Capital Expenditures and Cash Flows:
&nbsp;&nbsp;&nbsp;&nbsp;**•** During fiscal 2025 , capital expenditures were $752.5
 million , including accruals, compared with $575.1 million in fiscal 2024 . 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 fiscal 2025 , cash flows from operations increased to $466.3 million , compared to cash flows from operations of $427.4 million in fiscal 2024 , due primarily to an increase in base rates at NJNG.

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| |
|:---|
| **NJR Reports Fiscal 2025 Fourth Quarter and Year-End Results** |
| **Page 5 of 12** |

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#### Conference Call to be Webcast on November 20, 2025
New Jersey Resources will host a live webcast of its fiscal 2025 fourth quarter and year-end financial results on Thursday, November 20, 2025, 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.*

#### 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.*

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| |
|:---|
| **NJR Reports Fiscal 2025 Fourth Quarter and Year-End Results** |
| **Page 6 of 12** |

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*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.*

#### 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 2025 Fourth Quarter and Year-End Results** |
| **Page 7 of 12** |

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#### NEW JERSEY RESOURCES

#### CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  *(Thousands, except per share data)* | **2025** | 2024 | **2025** | 2024 |
|  **OPERATING REVENUES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utility | $144938 | $104753 | $1301496 | $1018482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonutility | **191140** | 291027 | **734916** | 778057 |
|  Total operating revenues | **336078** | 395780 | **2036412** | 1796539 |
|  **OPERATING EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gas purchases |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utility | **47128** | 31493 | **521103** | 405332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonutility | **84934** | 78960 | **372211** | 304426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related parties | **1300** | 1740 | **5952** | 7147 |
| &nbsp;&nbsp;&nbsp; Operation and maintenance | **110700** | 88596 | **410506** | 394636 |
| &nbsp;&nbsp;&nbsp; Regulatory rider expenses | **5243** | 3566 | **87199** | 60327 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **48478** | 45298 | **188774** | 166567 |
| &nbsp;&nbsp;&nbsp; Gain on sale of assets | **(2108)** |  | **(58200)** |  |
|  Total operating expenses | **295675** | 249653 | **1527545** | 1338435 |
|  **OPERATING INCOME** | **40403** | 146127 | **508867** | 458104 |
|  Other income, net | **6581** | 10237 | **46244** | 41553 |
|  Interest expense, net of capitalized interest | **30483** | 36012 | **128595** | 130275 |
|  **INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES** | **16501** | 120352 | **426516** | 369382 |
|  Income tax provision | **3121** | 30787 | **96956** | 84906 |
|  Equity in earnings of affiliates | **1692** | 1561 | **6067** | 5299 |
|  **NET INCOME** | $15072 | $91126 | $335627 | $289775 |
|  **EARNINGS PER COMMON SHARE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.15 | $0.92 | $3.35 | $2.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.15 | $0.91 | $3.33 | $2.92 |
|  **WEIGHTED AVERAGE SHARES OUTSTANDING** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | **100458** | 99308 | **100244** | 98634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | **101024** | 99964 | **100788** | 99289 |

---

------

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| |
|:---|
| **NJR Reports Fiscal 2025 Fourth Quarter and Year-End Results** |
| **Page 8 of 12** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| (Thousands) | **2025** | 2024 | **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:** | **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 | $15072 | $91126 | $335627 | $289775 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized (gain) loss on derivative instruments and related transactions | **(2054)** | (4286) | **(12126)** | 19574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **488** | 1018 | **2882** | (4652) |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas inventory | **3495** | 1266 | **4242** | (18192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **(830)** | (301) | **(1008)** | 4323 |
| &nbsp;&nbsp;&nbsp; NFE tax adjustment | **58** | (116) | **—** |  |
|  **Net financial earnings** | $16229 | $88707 | $329617 | $290828 |
|  **Weighted Average Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | **100458** | 99308 | **100244** | 98634 |
| &nbsp;&nbsp;&nbsp; Diluted | **101024** | 99964 | **100788** | 99289 |
| **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:** | **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** | $0.15 | $0.92 | $3.35 | $2.94 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized (gain) loss on derivative instruments and related transactions | $(0.02) | $(0.04) | $(0.12) | $0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | $0.01 | $— | $0.03 | $(0.05) |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas inventory | $0.03 | $0.01 | $0.04 | $(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | $(0.01) | $— | $(0.01) | $0.04 |
|  **Basic net financial earnings per share** | $0.16 | $0.89 | $3.29 | $2.95 |

---

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 2025 Fourth Quarter and Year-End Results** |
| **Page 9 of 12** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| (Thousands) | **2025** | 2024 | **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:** | **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 | $145178 | $105091 | $1302617 | $1019832 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Natural gas purchases | **48748** | 33817 | **528992** | 414635 |
| &nbsp;&nbsp;&nbsp; Operating and maintenance <sup>(1)</sup> | **29938** | 22935 | **120175** | 113984 |
| &nbsp;&nbsp;&nbsp; Regulatory rider expense | **5243** | 3566 | **87199** | 60327 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **36584** | 29620 | **140368** | 112492 |
|  Gross margin | **24665** | 15153 | **425883** | 318394 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating and maintenance <sup>(1)</sup> | **29938** | 22935 | **120175** | 113984 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **36584** | 29620 | **140368** | 112492 |
|  **Utility gross margin** | $91187 | $67708 | $686426 | $544870 |
| *(1)* Excludes selling, general and administrative expenses of $25.7 million and $23.6 million for the three months ended September 30, 2025 and 2024, respectively, and $110.7 million and $111.3 million for the fiscal years ended September 30, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $25.7 million and $23.6 million for the three months ended September 30, 2025 and 2024, respectively, and $110.7 million and $111.3 million for the fiscal years ended September 30, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $25.7 million and $23.6 million for the three months ended September 30, 2025 and 2024, respectively, and $110.7 million and $111.3 million for the fiscal years ended September 30, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $25.7 million and $23.6 million for the three months ended September 30, 2025 and 2024, respectively, and $110.7 million and $111.3 million for the fiscal years ended September 30, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $25.7 million and $23.6 million for the three months ended September 30, 2025 and 2024, respectively, and $110.7 million and $111.3 million for the fiscal years ended September 30, 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:** | **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 | $81909 | $178420 | $453457 | $485391 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas purchases | **84935** | 79097 | **372431** | 305938 |
| &nbsp;&nbsp;&nbsp; Operation and maintenance <sup>(1)</sup> | **1478** | 1583 | **14959** | 23189 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **48** | 47 | **187** | 205 |
|  Gross margin | **(4552)** | 97693 | **65880** | 156059 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operation and maintenance <sup>(1)</sup> | **1478** | 1583 | **14959** | 23189 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **48** | 47 | **187** | 205 |
| &nbsp;&nbsp;&nbsp; Unrealized (gain) loss on derivative instruments and related transactions | **(2054)** | (4287) | **(12126)** | 24449 |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas inventory | **3495** | 1266 | **4242** | (18192) |
|  **Financial margin** | $(1585) | $96302 | $73142 | $185710 |
| *(1)* Excludes selling, general and administrative expenses of $0.3 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and $1.1 million and $1.8 million for the fiscal years ended September 30, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $0.3 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and $1.1 million and $1.8 million for the fiscal years ended September 30, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $0.3 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and $1.1 million and $1.8 million for the fiscal years ended September 30, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $0.3 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and $1.1 million and $1.8 million for the fiscal years ended September 30, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $0.3 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and $1.1 million and $1.8 million for the fiscal years ended September 30, 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:** | **A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:** |  |
|  Net (loss) income | $(5689) | $70703 | $40878 | $106745 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized (gain) loss on derivative instruments and related transactions | **(2054)** | (4287) | **(12126)** | 24449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **488** | 1019 | **2882** | (5810) |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas | **3495** | 1266 | **4242** | (18192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **(830)** | (301) | **(1008)** | 4323 |
| &nbsp;&nbsp;&nbsp; NFE tax adjustment | **58** | (116) | **—** |  |
|  **Net financial (loss) earnings** | $(4532) | $68284 | $34868 | $111515 |

---

------

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| |
|:---|
| **NJR Reports Fiscal 2025 Fourth Quarter and Year-End Results** |
| **Page 10 of 12** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  *(Thousands, except per share data)* | **2025** | 2024 | **2025** | 2024 |
|  **NEW JERSEY RESOURCES** |  |  |  |  |
|  **Operating Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas Distribution | $145178 | $105091 | $1302617 | $1019832 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **66098** | 71295 | **112501** | 130563 |
| &nbsp;&nbsp;&nbsp; Energy Services | **81909** | 178420 | **453457** | 485391 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **27349** | 24830 | **106413** | 96209 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **15799** | 16540 | **62888** | 62635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Sub-total*** | **336333** | 396176 | **2037876** | 1794630 |
| &nbsp;&nbsp;&nbsp; Eliminations | **(255)** | (396) | **(1464)** | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $336078 | $395780 | $2036412 | $1796539 |
|  **Operating (Loss) Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas Distribution | $(1073) | $(8399) | $315182 | $207118 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **36048** | 51637 | **88416** | 58652 |
| &nbsp;&nbsp;&nbsp; Energy Services | **(4811)** | 97241 | **64750** | 154279 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **9354** | 6027 | **35467** | 27198 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **(1748)** | 684 | **(81)** | 2642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Sub-total*** | **37770** | 147190 | **503734** | 449889 |
| &nbsp;&nbsp;&nbsp; Eliminations | **2633** | (1063) | **5133** | 8215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $40403 | $146127 | $508867 | $458104 |
|  **Equity in Earnings of Affiliates** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | $783 | $956 | $3813 | $2816 |
| &nbsp;&nbsp;&nbsp; Eliminations | **909** | 605 | **2254** | 2483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $1692 | $1561 | $6067 | $5299 |
|  **Net (Loss) Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas Distribution | $(7977) | $(19000) | $213541 | $133400 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **23841** | 35470 | **61156** | 33662 |
| &nbsp;&nbsp;&nbsp; Energy Services | **(5689)** | 70703 | **40878** | 106745 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **4636** | 2468 | **18541** | 12229 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **(825)** | (639) | **(407)** | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Sub-total*** | **13986** | 89002 | **333709** | 286062 |
| &nbsp;&nbsp;&nbsp; Eliminations | **1086** | 2124 | **1918** | 3713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $15072 | $91126 | $335627 | $289775 |
|  **Net Financial (Loss) Earnings** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas Distribution | $(7977) | $(19000) | $213541 | $133400 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **23841** | 35470 | **61156** | 33662 |
| &nbsp;&nbsp;&nbsp; Energy Services | **(4532)** | 68284 | **34868** | 111515 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **4636** | 2468 | **18541** | 12229 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **(825)** | (639) | **(407)** | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Sub-total*** | **15143** | 86583 | **327699** | 290832 |
| &nbsp;&nbsp;&nbsp; Eliminations | **1086** | 2124 | **1918** | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $16229 | $88707 | $329617 | $290828 |
|  **Throughput (Bcf)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NJNG, Core Customers | 17.5 | 15.1 | 99.6 | 90.5 |
| &nbsp;&nbsp;&nbsp; NJNG, Off System/Capacity Management | 14.8 | 8.4 | 66.4 | 85.0 |
| &nbsp;&nbsp;&nbsp; Energy Services Fuel Mgmt. and Wholesale Sales | 26.5 | 33.3 | 108.6 | 125.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | 58.8 | 56.8 | 274.6 | 300.8 |
|  **Common Stock Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Yield at September 30, | **4.0**% | 3.8% | **4.0**% | 3.8% |
| &nbsp;&nbsp;&nbsp; Market Price at September 30, | $48.15 | $47.20 | $48.15 | $47.20 |
| &nbsp;&nbsp;&nbsp; Shares Out. at September 30, | **100479** | 99461 | **100479** | 99461 |
| &nbsp;&nbsp;&nbsp; Market Cap. at September 30, | $4838044 | $4694580 | $4838044 | $4694580 |

---

------

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| |
|:---|
| **NJR Reports Fiscal 2025 Fourth Quarter and Year-End Results** |
| **Page 11 of 12** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (Unaudited) | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  *(Thousands, except customer and weather data)* | **2025** | 2024 | **2025** | 2024 |
|  **NATURAL GAS DISTRIBUTION** |  |  |  |  |
|  **Utility Gross Margin** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating revenues | $145178 | $105091 | $1302617 | $1019832 |
| &nbsp;&nbsp;&nbsp; Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas purchases | **48748** | 33817 | **528992** | 414635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating and maintenance <sup>(1)</sup> | **29938** | 22935 | **120175** | 113984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory rider expense | **5243** | 3566 | **87199** | 60327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | **36584** | 29620 | **140368** | 112492 |
| &nbsp;&nbsp;&nbsp; Gross margin | **24665** | 15153 | **425883** | 318394 |
| &nbsp;&nbsp;&nbsp; Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating and maintenance <sup>(1)</sup> | **29938** | 22935 | **120175** | 113984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | **36584** | 29620 | **140368** | 112492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Utility Gross Margin*** | $91187 | $67708 | $686426 | $544870 |
| *(1)* Excludes selling, general and administrative expenses of $25.7 million and $23.6 million for the three months ended September 30, 2025 and 2024, respectively, and $110.7 million and $111.3 million for the fiscal years ended September 30, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $25.7 million and $23.6 million for the three months ended September 30, 2025 and 2024, respectively, and $110.7 million and $111.3 million for the fiscal years ended September 30, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $25.7 million and $23.6 million for the three months ended September 30, 2025 and 2024, respectively, and $110.7 million and $111.3 million for the fiscal years ended September 30, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $25.7 million and $23.6 million for the three months ended September 30, 2025 and 2024, respectively, and $110.7 million and $111.3 million for the fiscal years ended September 30, 2025 and 2024, respectively. | *(1)* Excludes selling, general and administrative expenses of $25.7 million and $23.6 million for the three months ended September 30, 2025 and 2024, respectively, and $110.7 million and $111.3 million for the fiscal years ended September 30, 2025 and 2024, respectively. |
|  **Utility Gross Margin, Operating Income and Net Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Residential | $51916 | $38954 | $471733 | $369522 |
| &nbsp;&nbsp;&nbsp; Commercial, Industrial & Other | **17079** | 13058 | **97980** | 78033 |
| &nbsp;&nbsp;&nbsp; Firm Transportation | **16793** | 12888 | **93543** | 75641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Firm Margin*** | **85788** | 64900 | **663256** | 523196 |
| &nbsp;&nbsp;&nbsp; Interruptible | **1507** | 1118 | **4743** | 3798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total System Margin*** | **87295** | 66018 | **667999** | 526994 |
| &nbsp;&nbsp;&nbsp; Basic Gas Supply Service Incentive | **3892** | 1690 | **18427** | 17876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Utility Gross Margin*** | **91187** | 67708 | **686426** | 544870 |
| &nbsp;&nbsp;&nbsp; Operation and maintenance expense | **55676** | 46487 | **230876** | 225260 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **36584** | 29620 | **140368** | 112492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Operating (Loss) Income*** | $(1073) | $(8399) | $315182 | $207118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Net (Loss) Income*** | $(7977) | $(19000) | $213541 | $133400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Net Financial (Loss) Earnings*** | $(7977) | $(19000) | $213541 | $133400 |
|  **Throughput (Bcf)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Residential | 3.5 | 3.4 | 47.8 | 44.5 |
| &nbsp;&nbsp;&nbsp; Commercial, Industrial & Other | 0.8 | 0.8 | 9.1 | 8.5 |
| &nbsp;&nbsp;&nbsp; Firm Transportation | 1.4 | 1.4 | 11.7 | 11.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Firm Throughput*** | 5.7 | 5.6 | 68.6 | 64.7 |
| &nbsp;&nbsp;&nbsp; Interruptible | 11.8 | 9.5 | 31.0 | 25.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total System Throughput*** | 17.5 | 15.1 | 99.6 | 90.5 |
| &nbsp;&nbsp;&nbsp; Off System/Capacity Management | 14.8 | 8.4 | 66.4 | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Throughput*** | 32.3 | 23.5 | 166.0 | 175.5 |
|  **Customers** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Residential | **535852** | 528502 | **535852** | 528502 |
| &nbsp;&nbsp;&nbsp; Commercial, Industrial & Other | **32051** | 31927 | **32051** | 31927 |
| &nbsp;&nbsp;&nbsp; Firm Transportation | **20967** | 22442 | **20967** | 22442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Firm Customers*** | **588870** | 582871 | **588870** | 582871 |
| &nbsp;&nbsp;&nbsp; Interruptible | **85** | 31 | **85** | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total System Customers*** | **588955** | 582902 | **588955** | 582902 |
| &nbsp;&nbsp;&nbsp; Off System/Capacity Management\* | **20** | 14 | **20** | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Customers*** | **588975** | 582916 | **588975** | 582916 |
| *\*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 | **5** | 8 | **4152** | 3960 |
| &nbsp;&nbsp;&nbsp; Normal | **25** | 25 | **4395** | 4463 |
| &nbsp;&nbsp;&nbsp; Percent of Normal | **20.0**% | 32.0% | **94.5**% | 88.7% |

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| |
|:---|
| **NJR Reports Fiscal 2025 Fourth Quarter and Year-End Results** |
| **Page 12 of 12** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (Unaudited) | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  *(Thousands, except customer, RECs and megawatt)* | **2025** | 2024 | **2025** | 2024 |
|  **CLEAN ENERGY VENTURES** |  |  |  |  |
|  **Operating Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SREC sales | $49689 | $56307 | $67686 | $82539 |
| &nbsp;&nbsp;&nbsp; TREC sales | **6095** | 4296 | **15676** | 13396 |
| &nbsp;&nbsp;&nbsp; SREC II sales | **754** | 621 | **1899** | 1715 |
| &nbsp;&nbsp;&nbsp; Merchant Power | **5080** | 3548 | **12789** | 9024 |
| &nbsp;&nbsp;&nbsp; PPA / Other | **4480** | 3464 | **12581** | 11910 |
| &nbsp;&nbsp;&nbsp; Residential solar portfolio | **—** | 3059 | **1870** | 11979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Operating Revenues*** | $66098 | $71295 | $112501 | $130563 |
|  **Depreciation and Amortization** | $6404 | $7035 | $24105 | $27869 |
|  **Operating Income** | $36048 | $51637 | $88416 | $58652 |
|  **Income Tax Provision** | $7220 | $11877 | $18214 | $11406 |
|  **Net Income** | $23841 | $35470 | $61156 | $33662 |
|  **Net Financial Earnings** | $23841 | $35470 | $61156 | $33662 |
|  **Solar Renewable Energy Certificates Generated** | **125100** | 134901 | **356977** | 402056 |
|  **Solar Renewable Energy Certificates Sold** | **241119** | 294943 | **328776** | 419266 |
|  **Transition Renewable Energy Certificates Generated** | **41077** | 30114 | **106334** | 93913 |
|  **Solar Renewable Energy Certificates II Generated** | **8264** | 6828 | **20783** | 19087 |
|  **ENERGY SERVICES** |  |  |  |  |
|  **Operating Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating revenues | $81909 | $178420 | $453457 | $485391 |
| &nbsp;&nbsp;&nbsp; Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas purchases | **84935** | 79097 | **372431** | 305938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operation and maintenance expense | **1737** | 2035 | **16089** | 24969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | **48** | 47 | **187** | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Operating (Loss) Income*** | $(4811) | $97241 | $64750 | $154279 |
|  **Net (Loss) Income** | $(5689) | $70703 | $40878 | $106745 |
|  **Financial Margin** | $(1585) | $96302 | $73142 | $185710 |
|  **Net Financial (Loss) Earnings** | $(4532) | $68284 | $34868 | $111515 |
|  **Gas Sold and Managed (Bcf)** | 26.5 | 33.3 | 108.6 | 125.3 |
|  **STORAGE AND TRANSPORTATION** |  |  |  |  |
|  **Operating Revenues** | $27349 | $24830 | $106413 | $96209 |
|  **Equity in Earnings of Affiliates** | $783 | $956 | $3813 | $2816 |
|  **Operation and Maintenance Expense** | $12527 | $12341 | $46930 | $43083 |
|  **Other Income, Net** | $2032 | $2907 | $8416 | $10207 |
|  **Interest Expense** | $5643 | $5867 | $23170 | $23441 |
|  **Income Tax Provision** | $1890 | $1555 | $5985 | $4551 |
|  **Net Income** | $4636 | $2468 | $18541 | $12229 |
|  **Net Financial Earnings** | $4636 | $2468 | $18541 | $12229 |
|  **HOME SERVICES AND OTHER** |  |  |  |  |
|  **Operating Revenues** | $15799 | $16540 | $62888 | $62635 |
|  **Operating (Loss) Income** | $(1748) | $684 | $(81) | $2642 |
|  **Net (Loss) Income** | $(825) | $(639) | $(407) | $26 |
|  **Net Financial (Loss) Earnings** | $(825) | $(639) | $(407) | $26 |
|  **Total Service Contract Customers at September 30** | **98120** | 99753 | **98120** | 99753 |

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## Exhibit 99.2

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**Exhibit 99.2**<br>

![](ef20059181_ex99-2slide1.jpg)

Fiscal 2025 Fourth Quarter and Year End Financial Results November 2025 Investor Presentation

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![](ef20059181_ex99-2slide2.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 and adjusted debt. 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 and adjusted debt, 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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![](ef20059181_ex99-2slide3.jpg)

Contents Fiscal 2025 Fourth Quarter and Year End Conference Call 4 Agenda 5 Key Considerations 6 Business Unit Drivers 7 NJNG: Growing Rate Base 8 S&T: Driving Near Term NFE Growth 9 S&T: Leaf River Growth Opportunities 10 CEV: Project Pipeline 11 Financial Review and Outlook 12 Fiscal 2025: Accomplishments 13 Fiscal 2025: Financial Performance 14 Fiscal 2025: Capital Investment (CAPEX) 15 Fiscal 2025: NJNG: Represented 64% of NJR Total CAPEX 16 Fiscal 2025: CEV: Represented 32% of NJR Total CAPEX 17 Capital Investment (CAPEX) Outlook 18 Strong Financial Metrics 19 Fiscal 2026: NFEPS Guidance and Segment % 20 Closing 21 NJR: Diversified Platform Drives Shareholder Value 22 7-9% Long Term NFEPS Growth Rate 23 Appendix: Financial Statements and Additional Information 24 Fiscal 2025 Fourth Quarter and Year End NFE and NFEPS by Business Unit 25 Fiscal 2025 Fourth Quarter and Year End Results - Walk 26 Reconciliation of NFE and NFEPS to Net Income 27 Other Reconciliation of Non-GAAP Measures 28 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 29 Capital Plan Table 30 Cash Flows Table 31 Debt Repayment Schedule 32 NJR: Complementary Energy Infrastructure Platform 33 NJR: Business Portfolio 34 NJR: Dividend Growth: Raised for 30 Consecutive Years 35 NJR: Drivers of Long-Term Growth Rate of 7-9% 36 NJNG: Regulatory Environment 37 NJNG: Customer Growth 38 NJNG: Commitment to Affordability 39 S&T: Strategically Located Assets 40 S&T: Adelphia Gateway 41 S&T: Adjusted EBITDA 42 CEV: Diverse Commercial Solar Portfolio 43 CEV: "Utility Like" Revenue Stack with Optionality 44 CEV: SREC Hedging Strategy Stabilizes Revenue 45 Energy Services: Overview 46 Energy Services: Long-Option Strategy 47 Energy Services: Asset Management Agreements 48 Home Services (NJRHS) 49 Shareholder and Online Information

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![](ef20059181_ex99-2slide4.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 $46.62 Shares Outstanding 100.5M Market Cap $4.7B Dividend Information Annual Dividend $1.90 Dividend Yield 4.1% All daily trading information/multiples as of 11/14/2025

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![](ef20059181_ex99-2slide5.jpg)

Key Considerations 1. A reconciliation from NFE to net income and Adjusted FFO / Adjusted Debt can be found in the Appendix. 5 Years of Exceeding Initial Guidance 7-9% Long-Term NFEPS Growth Rate CAPEX of $4.8 - $5.2 Billion Through FY 2030 Over 60% in Utility Investment No Block Equity 19% - 20% Adjusted FFO / Adjusted Debt Through 20301 Peer Leading Growth Organic Capital Investment Strong Financial Metrics Fiscal 2026 NFEPS1 Guidance Range of $3.03 - $3.18 Execution

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![](ef20059181_ex99-2slide6.jpg)

Business Unit Drivers 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

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![](ef20059181_ex99-2slide7.jpg)

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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![](ef20059181_ex99-2slide8.jpg)

S&T: Driving Near Term NFE Growth Constructive Outcome in Adelphia Gateway Rate Case; Highly Favorable Re-Contracting at both Adelphia and Leaf River S&T NFE Expected to More Than Double by 2027 Estimated $42 - $47 Future Expansion Opportunities

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![](ef20059181_ex99-2slide9.jpg)

S&T: Leaf River Growth Opportunities Expansion Plans To Increase Working Gas Capacity Leaf River Expansion Expansion of Existing Cavern Locations Planned New Cavern Leaf River has Multiple Sites for Organic Cavern Expansion Beyond this 55 BCF S&T Earnings to Double Prior to New Expansions FERC Filing October 31, 2025 Expects to increase working gas capacity by over 70% in the coming years

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![](ef20059181_ex99-2slide10.jpg)

CEV: Project Pipeline CEV Owns and Operates Solar Projects with Approximately 479MW 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% by 2027 All MWs noted in DC ~250

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![](ef20059181_ex99-2slide11.jpg)

11 11 Financial Review

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![](ef20059181_ex99-2slide12.jpg)

Fiscal 2025: Accomplishments Solid Execution Across NJR's Complementary Portfolio of Businesses New Jersey Natural Gas Settlement of Base Rate Case, with new rates in place on November 21, 2024 Record Investment Under SAVEGREEN® Energy Efficiency Program Clean Energy Ventures Record ~93MW Placed into Service in FY2025 Completed sale of residential solar portfolio Storage and Transportation Adelphia: Received approval of settlement for its Section 4 rate case Leaf River: Storage Capacity Increased; Expansion Initiatives filed with FERC Energy Services Strong Cash Flow Generation Fiscal 2025 NFEPS $3.29 (up 11.5% compared to prior year) NJR: Raised Dividend for 30th Consecutive Year Home Services Named a Ruud Top 20 Pro Partner for the 9th Consecutive Year

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![](ef20059181_ex99-2slide13.jpg)

Fiscal 2025: Financial Performance Net Financial Earnings per Share $3.29 $2.95 Raised NFEPS Guidance by $0.10 Finished at the Top of Revised Range $2.16 Utility Represented ~65% of NFEPS (over 70% excluding the gain from the sale of the Residential Solar Portfolio) $2.50 $2.70

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![](ef20059181_ex99-2slide14.jpg)

Fiscal 2025: Capital Investment1 (CAPEX) NJNG: Strong capital deployment supported by "Near Real Time" returns CEV: Well positioned with safe-harbored projects to support long-term capital plans S&T: Initiated capacity expansion of existing caverns $596M $644M $850M The sum of actual amounts may not equal due to rounding.

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![](ef20059181_ex99-2slide15.jpg)

Fiscal 2025: NJNG: Represented 64% of NJR Total CAPEX Stable Utility Investment with Minimal Regulatory Lag NJR Fiscal 2025 Capital Expenditures1 (% of NJR CAPEX) ~47% of NJNG Capital Expenditures Earned a Near Real-time Return2 Record SAVEGREEN Investment in Fiscal 2025 ~$850M CEV + S&T ($548M NJNG) The sum of actual amounts may not equal due to rounding. The sum of Fiscal 2025 New Customer, IIP, and SAVEGREEN CAPEX was $257 million, or 47% of NJNG's $548 million.

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![](ef20059181_ex99-2slide16.jpg)

~$850M Fiscal 2025: CEV Represented 32% of NJR Total CAPEX NJR Fiscal 2025 Capital Expenditures (% of NJR CAPEX) $271M Capital Expenditures Above Top End of the Previously Announced Range CEV has safe-harbored all of its planned capital investments NJNG + S&T ($271M CEV)

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![](ef20059181_ex99-2slide17.jpg)

Capital Investment1 (CAPEX) Outlook $775 - $930 Actuals Estimates $4.8 - $5.2B Through 2030 $870 - $1.0B NJNG (utility spending) to Represent Over 60% of Capital Investment $45 - $60 $60 - $75 $210 - $290 $270 -$370 $520 - $580 $540 -$600 $850M $644M ($ in Millions) ~40% Increase Over Previous 5 Years of CAPEX The sum of actual amounts may not equal due to rounding.

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![](ef20059181_ex99-2slide18.jpg)

No Block Equity Needs Cash Flow from Operations of $466 million in Fiscal 2025 Over $1 billion expected 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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![](ef20059181_ex99-2slide19.jpg)

Fiscal 2026: NFEPS Guidance and Segment % Fiscal 2026 Net Financial Earnings per Share 7-9% Long-Term Annual Growth $3.03 - $3.18 Fiscal 2026 Utility To Represent ~70% of Earnings Contribution NJNG 67 - 72% S&T 8-12% CEV 10-15% ES 5-10% HS 1-2% $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.

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![](ef20059181_ex99-2slide20.jpg)

20 20 Closing

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![](ef20059181_ex99-2slide21.jpg)

NJR: Diversified Platform Drives Shareholder Value NJR's ROE is Among the Highest in the Utility Sector NJR FISCAL 2025 ROE: 14.0% NJR leverages strong cash flows and a solid balance sheet—allowing us to fund growth without block equity issuance, preserving shareholder value NJR 14.8% Average Annual Return on Equity (ROE) Last 25 Years Source: Bloomberg. Average Annual ROE (Net Income / Shareholders Equity) from 2000 – 2024. 2025: Net Income / Common Stock Equity

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![](ef20059181_ex99-2slide22.jpg)

7-9% Long-Term NFEPS Growth Rate 5 Straight Years of Exceeding Initial Guidance Total CAPEX of $4.8 - $5.2 Billion Through FY 2030 Over 60% in Utility Investment No Block Equity Consistent Execution Organic Capital Investment Equity Needs 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 to grow by over 70% through 2030

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![](ef20059181_ex99-2slide23.jpg)

Appendix: Financial Statements and Additional Information 23 24 Fiscal 2025 Fourth Quarter and Year End NFE and NFEPS by Business Unit 25 Fiscal 2025 Fourth Quarter and Year End Results - Walk 26 Reconciliation of NFE and NFEPS to Net Income 27 Other Reconciliation of Non-GAAP Measures 28 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 29 Capital Plan Table - Two Year Detailed 30 Cash Flows - Two Year Projected 31 Debt Repayment Schedule

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![](ef20059181_ex99-2slide24.jpg)

Fiscal 2025 Fourth Quarter and Year End NFE and NFEPS by Business Unit1 ($ in 000s) Net Financial Earnings (NFE) Net Financial Earnings per Share (NFEPS) (Thousands) Three Months Ended September 30, Twelve Months Ended September 30, 2025 2024 Change 2025 2024 Change New Jersey Natural Gas $(7,977) $(19,000) $11,023 $213,541 $133,400 $80,141 Clean Energy Ventures $23,841 $35,470 $(11,629) $61,156 $33,662 $27,494 Storage and Transportation $4,636 $2,468 $2,168 $18,541 $12,229 $6,312 Energy Services $(4,532) $68,284 $(72,816) $34,868 $111,515 $(76,647) Home Services and Other $261 $1,485 $(1,224) $1,511 $22 $1,489 Total $16,229 $88,707 $(72,478) $329,617 $290,828 $38,789 (Thousands) Three Months Ended September 30, Twelve Months Ended September 30, 2025 2024 Change 2025 2024 Change New Jersey Natural Gas $(0.08) $(0.20) $0.12 $2.13 $1.35 $0.78 Clean Energy Ventures $0.23 $0.36 $(0.13) $0.61 $0.35 $0.26 Storage and Transportation $0.04 $0.02 $0.02 $0.18 $0.12 $0.06 Energy Services $(0.04) $0.69 $(0.73) $0.35 $1.13 $(0.78) Home Services and Other $0.01 $0.02 $(0.01) $0.02 $— $0.02 Total $0.16 $0.89 $(0.73) $3.29 $2.95 $0.34 1 The sum of actual amounts may not equal due to rounding.

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![](ef20059181_ex99-2slide25.jpg)

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 2025 Fourth Quarter and Year End Results1 - Walk ($ in Millions) Fiscal Fourth Quarter Fiscal Year Fiscal 2024 – Consolidated NFE ($ in millions) $290.8 NJNG $80.1 Utility Gross Margin1 $141.6 Depreciation & Amortization (D&A) $(27.9) Interest Expense, O&M, AFUDC and Income Tax $(33.6) Clean Energy Ventures $27.5 Revenue $(18.1) D&A and Interest Expense $5.6 Gain on Sale of Assets $56.2 Other (including ITC recognition) $(16.2) Storage & Transportation $6.3 Revenue $10.2 D&A and Interest Expense $2.2 AFUDC & Other $(6.1) Energy Services $(76.6) Financial Margin1 $(112.6) Interest Expense, Income Tax and Other $36.0 Home Services and Other $1.5 Fiscal 2025 – Consolidated NFE ($ in millions)2 $329.6 Fiscal 4Q24 – Consolidated NFE ($ in millions) $88.7 NJNG $11.0 Utility Gross Margin1 $23.5 Depreciation & Amortization (D&A) $(7.0) Interest Expense, O&M, AFUDC, Income Tax $(5.5) Clean Energy Ventures $(11.6) Revenue $(5.2) D&A and Interest Expense $(0.2) Gain on Sale of Assets $0.1 Other (including ITC recognition) $(6.3) Storage & Transportation $2.2 Revenue $2.5 D&A and Interest Expense $1.3 O&M, AFUDC & Other $(1.6) Energy Services $(72.8) Financial Margin1 $(97.9) Interest Expense, Income Tax and Other $25.1 Home Services and Other $(1.2) Fiscal 4Q25 – Consolidated NFE ($ in millions)2 $16.2 The decrease reflects higher prior-year operating revenue at Energy Services from Asset Management Agreements signed in December 2020.

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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 September 30, Twelve Months Ended September 30, 2025 2024 2025 2024 NEW JERSEY RESOURCES A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: Net income $15,072 $91,126 $335,627 $289,775 Add: Unrealized (loss) gain on derivative instruments and related transactions (2,054) (4,286) (12,126) 19,574 Tax effect 488 1,018 2,882 (4,652) Effects of economic hedging related to natural gas inventory 3,495 1,266 4,242 (18,192) Tax effect (830) (301) (1,008) 4,323 NFE tax adjustment 58 (116) — — Net financial earnings $16,229 $88,707 $329,617 $290,828 Weighted Average Shares Outstanding Basic 100,458 99,308 100,244 98,634 Diluted 101,024 99,964 100,788 99,289 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 $0.15 $0.92 $3.35 $2.94 Add: Unrealized (gain) loss on derivative instruments and related transactions (0.02) (0.04) (0.12) 0.20 Tax effect 0.01 — 0.03 (0.05) Effects of economic hedging related to natural gas inventory 0.03 0.01 0.04 (0.18) Tax effect (0.01) — (0.01) 0.04 Basic net financial earnings per share $0.16 $0.89 $3.29 $2.95

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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 Twelve Months Ended September 30, September 30, 2025 2024 2025 2024 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: Operating revenues $145,178 $105,091 $1,302,617 $1,019,832 Less: Natural gas purchases 48,748 33,817 528,992 414,635 Operating and maintenance1 29,938 22,935 120,175 113,984 Regulatory rider expense 5,243 3,566 87,199 60,327 Depreciation and amortization 36,584 29,620 140,368 112,492 Gross margin 24,665 15,153 425,883 318,394 Add: Operating and maintenance1 29,938 22,935 120,175 113,984 Depreciation and amortization 36,584 29,620 140,368 112,492 Utility gross margin $91,187 $67,708 $686,426 $544,870 A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows: Operating revenues $81,909 $178,420 $453,457 $485,391 Less: Natural Gas purchases 84,935 79,097 372,431 305,938 Operating and maintenance1 1,478 1,583 14,959 23,189 Depreciation and amortization 48 47 187 205 Gross margin (4,552) 97,693 65,880 156,059 Add: Operating and maintenance1 1,478 1,583 14,959 23,189 Depreciation and amortization 48 47 187 205 Unrealized (gain) loss on derivative instruments and related transactions (2,054) (4,287) (12,126) 24,449 Effects of economic hedging related to natural gas inventory 3,495 1,266 4,242 (18,192) Financial margin $(1,585) $96,302 $73,142 $185,710 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 $466.3 Add back Components of working capital $24.6 Cash paid for interest (net of amounts capitalized) $130.3 Capitalized Interest $11.5 SAVEGREEN loans, grants, rebates and related investments $98.0 Other adjustments ($2.3) Adjusted FFO (Non-GAAP) $728.4 Long-Term Debt (including current maturities) $3,408.6 Short-Term Debt $195.6 Exclude Cash on Hand ($1.6) CEV Sale-Leaseback Debt ($471.5) Lease adjusted debt ($15.9) Include CEV Sale lease-back Contractual Commitments $312.4 Debt Issuance Costs $14.2 Adjusted Debt (Non-GAAP) $3,441.8 Adjusted Debt, FY2025 (Millions) Adjusted Funds from Operations, FY2025 (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. System Integrity includes safety and reliability, IT, Cost of Removal, and other miscellaneous capital investments. Actuals Estimates FY2024A FY2025A FY2026E FY2027E Near Real Time Return? New Jersey Natural Gas New Customer $100 $119 $120 - $130 $130 - $140 Yes IIP $42 $40 $10 - $15 $— - $— Yes SAVEGREEN $71 $98 $90 - $100 $90 - $100 Yes Safery and Reliability3 $290 $291 $300 - $335 $320 - $360 $503 $548 $520 - $580 $540 - $600 Clean Energy Ventures $96 $271 $210 - $290 $270 - $370 Storage and Transportation Adelphia Gateway $7 $11 $5 - $10 $5 - $10 Leaf River $39 $19 $40 - $50 $55 - $65 $46 $30 $45 - $60 $60 - $75 Total $644 $850 $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 FY 2026E FY 2027E Cash Flows from Operations $427 $466 $510 - $550 $540 - $580 Uses of Funds Cash Flows Used in Investing Activities2, 3 $569 $568 $700 - $800 $800 - $900 Dividends $165 $180 $188 - $192 $192 - $196 Total Uses of Funds $734 $748 $888 - $992 $992 - $1,096 Financing Activities Common Stock Proceeds – DRIP $74 $35 $18 - $20 $18 - $20 Debt Proceeds/ (Repayments)/Other $232 $247 $360 - $422 $434 - $496 Total Financing Activities $307 $282 $378 - $442 $452 - $516

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Debt Repayment Schedule No Significant Maturity Towers in Any Particular Year Term debt only (excludes short-term debt of $195.6 million, capital leases of $33.5 million and solar financing obligations of $471.5 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 September 30, 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 32 NJR: Complementary Energy Infrastructure Platform 33 NJR: Business Portfolio 34 NJR: Dividend Growth: Raised for 30 Consecutive Years 35 NJR: Drivers of Long-Term Growth Rate of 7-9% 36 NJNG: Regulatory Environment 37 NJNG: Customer Growth 38 NJNG: Commitment to Affordability 39 S&T: Strategically Located Assets 40 S&T: Adelphia Gateway 41 S&T: Adjusted EBITDA 42 CEV: Diverse Commercial Solar Portfolio 43 CEV: "Utility Like" Revenue Stack with Optionality 44 CEV: SREC Hedging Strategy Stabilizes Revenue 45 Energy Services: Overview 46 Energy Services: Long-Option Strategy 47 Energy Services: Asset Management Agreements 48 Home Services (NJRHS) 49 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 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: 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) 588,975 Total Customers 6 Counties Across New Jersey NJNG Total Customers at Fiscal Year End (in 000s) 630 - 640 NJNG customer base continues to expand, growing between 7,000 - 9,000 new customers a year

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NJNG: Commitment to Affordability Customer Affordability remains a central priority for NJNG amid rising energy costs and economic pressures Average customer bill <1.5% total share of wallet1 NJNG offers financial assistance programs, equal payment plans, and energy efficiency initiatives to help customers manage bills. NJNG also maintains one of the lowest complaint rates per 1,000 customers among New Jersey utilities. NJNG Average 1.4% = State Average 1.4% Source: Company Data for Monmouth, Ocean, and Morris Counties / US Census, Population Division / Federal Reserve Economic Data: Median Household Income Data Inclusive of new rates following most recent rate case settlement

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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: Adelphia Gateway Strategically Positioned with Existing Capability to Serve Growing Northeast Market Areas Adelphia Section 4 Base Rate Case Constructive Adelphia rate case outcome provides incremental NFE; lower depreciation rate leads to an increase in NFE while preserving rate base for future rate cases Considered investments made in rate base, expenses of pipeline operations, and regulatory driven projects Tailwinds for Adelphia Business Development Evaluating new customer needs that can enhance revenue Increasing demand opportunities (Data Centers, Power Gen) Numerous re-contracting options through 2030 present potential for rate improvement under favorable market conditions Example of Long-Term Contract Incremental to NFE Following the successful rate case on Adelphia, we recently awarded one of our utility customers a 10-year firm contract effective November 1, 2025, providing incremental revenues to Adelphia of ~$1.5 million annually

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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) $18,541 Add Interest expense, net 23,170 Income tax expense 5,985 Depreciation and amortization 23,010 Corporate overhead 9,221 Less: Other Income, net 8,416 Adjusted EBITDA (Non-GAAP) $71,511 S&T Reconciliation of Adjusted EBITDA FY2025 ($ 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 479MW of installed capacity Over $1 billion invested in the solar marketplace Over 80 commercial projects in service Parker Road Placed in Service in Fiscal 2025 Parker Road is located on the Combe Fill South Landfill in Morris County, NJ, expanding CEV's portfolio of landfill/brownfield assets. This further demonstrates CEV's commitment to operating on underutilized land to provide clean energy in a land-constrained state.

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CEV: "Utility Like" Revenue Stack with Optionality Fixed Component Provides Stable Earnings Contribution With High Visibility CEV Revenue Fiscal 20251 Majority of CEV revenue is contracted Fixed Revenue Component Consists of: State sponsored subsidy programs or feed-in Tariff agreements Power Purchase Agreements (PPAs) CEV Fiscal 2025 Revenue included approximate.ly $1.1M of residential solar revenues, which was sold in November 2024 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) $112.5M1

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CEV: SREC Hedging Strategy Stabilizes Revenue Based on Energy Year1, as of September 30, 2025 Energy Years run from June 1 of the prior year to May 31 of the respective year; for example, Energy Year 2026 began on June 1, 2025 and ends on May 31, 2026. Based on Fiscal Year, as of September 30, 2025 84% Hedged Through Fiscal Year 2027 70% Hedged Through Energy Year 2027 Percent Hedged Average Price Current Price (EY) 93% $179 $192 70% $166 $175 65% $157 $161 32% $146 $150 Percent Hedged Average Price Current Price (FY) 100% $184 $187 84% $166 $170 54% $155 $107 32% $146 $100 Represents CEV Commercial Solar Business

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45 45 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

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Energy Services: Long-Option Strategy Managing a Diversified Portfolio of Physical Natural Gas Transportation and Storage Assets to Serve Customers Across North America; Fee-based Revenue through Asset Management Agreements 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 Over the Past 5 Years ($ 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, solar lease and purchase plans, 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. Celebrating its 25th Anniversary! 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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