# EDGAR Filing Document

**Accession Number:** 0000788784
**File Stem:** 0001193125-26-073678
**Filing Date:** 2026-2
**Character Count:** 83299
**Document Hash:** e7737d1d5fc76e4b2df1bbd26eee5506
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-073678.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001193125-26-073678

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20260226

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUBLIC SERVICE ENTERPRISE GROUP INC
- **CENTRAL INDEX KEY:** 0000788784
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 222625848
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09120
- **FILM NUMBER:** 26681980

**BUSINESS ADDRESS:**
- **STREET 1:** CORPORATE ACCOUNTING SERVICES
- **STREET 2:** 80 PARK PLAZA, 9TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4194
- **BUSINESS PHONE:** 973-430-7000

**MAIL ADDRESS:**
- **STREET 1:** CORPORATE ACCOUNTING SERVICES
- **STREET 2:** 80 PARK PLAZA, 9TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4194
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUBLIC SERVICE ELECTRIC & GAS CO
- **CENTRAL INDEX KEY:** 0000081033
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 221212800
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-00973
- **FILM NUMBER:** 26681981

**BUSINESS ADDRESS:**
- **STREET 1:** CORPORATE ACCOUNTING SERVICES
- **STREET 2:** 80 PARK PLAZA, 9TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4194
- **BUSINESS PHONE:** 973-430-7000

**MAIL ADDRESS:**
- **STREET 1:** CORPORATE ACCOUTNING SERVICES
- **STREET 2:** 80 PARK PLAZA, 9TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4194

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported) February 26, 2026

## Public Service Enterprise Group Incorporated

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **New Jersey** | **001-09120** | **22-2625848** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(I.R.S. Employer**<br>**Identification Number)** |

---

#### 80 Park Plaza

#### Newark, New Jersey 07102

#### (Address of principal executive offices) (Zip Code)

#### 973 430-7000

#### (Registrant's telephone number, including area code)

## Public Service Electric and Gas Company

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **New Jersey** | **001-00973** | **22-1212800** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(I.R.S. Employer**<br>**Identification Number)** |

---

#### 80 Park Plaza

#### Newark, New Jersey 07102

#### (Address of principal executive offices) (Zip Code)

#### 973 430-7000

#### (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 (see General Instruction A.2. below):

☐ 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**<br>**Symbol(s)** | **Name of Each Exchange**<br>**On Which Registered** |
| **Public Service Enterprise Group Incorporated** | **Public Service Enterprise Group Incorporated** | **Public Service Enterprise Group Incorporated** |
| Common Stock without par value | PEG | New York Stock Exchange |
| **Public Service Electric and Gas Company** | **Public Service Electric and Gas Company** | **Public Service Electric and Gas Company** |
| 8.00% First and Refunding Mortgage Bonds, due 2037 | PEG37D | New York Stock Exchange |
| 5.00% First and Refunding Mortgage Bonds, due 2037 | PEG37J | New York Stock Exchange |

---

Indicate by check mark whether any of the registrants 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 such 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. ☐

------

The information contained in Item 2.02. Results of Operations and Financial Condition in this Form 8-K is furnished solely for Public Service Enterprise Group Incorporated (PSEG). The information contained in Item 7.01 Regulation FD Disclosure in this combined Form 8-K is separately furnished, as noted, by PSEG and Public Service Electric and Gas Company (PSE&G). Information contained herein relating to any individual company is provided by such company on its own behalf and in connection with its respective Form 8-K. PSE&G makes representations only as to itself and makes no other representations whatsoever as to any other company. The materials furnished as Exhibits 99 and 99.1 are available on the corporate.pseg.com website under the investor tab, or at https://investor.pseg.com.

---

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

---

#### PSEG
On February 26, 2026, PSEG announced financial results for the three and twelve months ended December 31, 2025. A copy of the earnings release dated February 26, 2026 is furnished as Exhibit 99 to this Form 8-K.

---

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

---

#### PSEG and PSE&G
On February 26, 2026, PSEG conducted an earnings call regarding its results for the three and twelve months ended December 31, 2025. A copy of the slideshow presentation used during the earnings call is furnished as Exhibit 99.1 to this Form 8-K.

---

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

---

---

| | |
|:---|:---|
| Exhibit 99 | [Press Release dated February 26, 2026](d57788dex99.htm) |
| Exhibit 99.1 | [Slideshow Presentation](d57788dex991.htm) |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### 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 thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.

---

| | |
|:---|:---|
| **PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED** | **PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED** |
|  | (Registrant) |
| By: | /s/ Rose M. Chernick |
|  | ROSE M. CHERNICK |
|  | Vice President and Controller |
|  | (Principal Accounting Officer) |

---

Date: February 26, 2026

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 thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.

---

| | |
|:---|:---|
| **PUBLIC SERVICE ELECTRIC AND GAS COMPANY** | **PUBLIC SERVICE ELECTRIC AND GAS COMPANY** |
|  | (Registrant) |
| By: | /s/ Rose M. Chernick |
|  | ROSE M. CHERNICK |
|  | Vice President and Controller |
|  | (Principal Accounting Officer) |

---

Date: February 26, 2026

## Ex-99

**Exhibit 99** 

---

| | |
|:---|:---|
| ![LOGO](g57788g0225123020181.jpg) | Public Service Enterprise Group<br> 80 Park Plaza<br> Newark, NJ 07102 |

---

**PSEG ANNOUNCES 2025 RESULTS** 

**$4.22 PER SHARE NET INCOME** 

**$4.05 PER SHARE NON-GAAP OPERATING EARNINGS** 

• *Initiates 2026 non-GAAP Operating Earnings Guidance of $4.28-$4.40 per share, up 7% over 2025* 

• *Increases Regulated 5-Year Capital Spending Plan to $22.5 billion - $25.5 billion through 2030* 

• *Extends Rate Base CAGR of 6% - 7.5% through 2030, from a ~7% Higher YE-2025 Balance* 

• *Updates PSEG's Long-Term, non-GAAP Operating Earnings Growth Target to 6% - 8%* 

(NEWARK, N.J. – February 26, 2026) Public Service Enterprise Group (NYSE: PEG) reported the following results for the full year and fourth quarter 2025:

**PSEG Consolidated (unaudited)** 

**Full Year Comparative Results** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income** | **Income** | **Earnings Per Share** | **Earnings Per Share** |
| ($ millions, except per share amounts) | **FY 2025** | **FY 2024** | **FY 2025** | **FY 2024** |
|  Net Income | $2111 | $1772 | $4.22 | $3.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling Items | (82) | 67 | (0.17) | 0.14 |
|  Non-GAAP Operating Earnings | $2029 | $1839 | $4.05 | $3.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Shares Outstanding (Diluted) |  |  | 501 | 500 |

---

**PSEG Consolidated (unaudited)** 

**Fourth Quarter Comparative Results** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income** | **Income** | **Earnings Per Share** | **Earnings Per Share** |
| ($ millions, except per share amounts) | **4Q 2025** | **4Q 2024** | **4Q 2025** | **4Q 2024** |
|  Net Income | $315 | $&nbsp;&nbsp;&nbsp;&nbsp;286 | $0.63 | $0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling Items | 47 | 135 | 0.09 | 0.27 |
|  Non-GAAP Operating Earnings | $362 | $421 | $0.72 | $0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Shares Outstanding (Diluted) |  |  | 501 | 500 |

---

The tables above provide a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the full year and fourth quarter. See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.

"PSEG closed 2025 with a solid operating and financial performance as results for the fourth quarter represented the high end of our narrowed full year guidance provided in November. PSEG's full year results were achieved while facing multiple severe storms and extreme weather events throughout the year that stressed our electric and gas systems, during which PSE&G demonstrated excellent operating performance in safety, reliability and customer satisfaction measures. Furthermore, on the customer front, we implemented the Summer Relief Initiative in cooperation with New Jersey regulators and policymakers to help our customers manage the

**1** 

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impact of last summer's rise in PJM-related electric supply costs. On the generating side, PSEG Nuclear posted a 91.2% capacity factor for the full year, producing 24x7, carbon-free baseload power for the grid during the intense June 2025 heatwave when New Jersey needed it most," said Ralph LaRossa, chair, president and CEO of PSEG.

LaRossa added, "As we begin 2026, I am proud of the work PSEG is doing in support of New Jersey's efforts to minimize utility rate increases. The latest example of these efforts occurred on February 1, when PSE&G held its residential gas rate flat for the remainder of the 2025/2026 winter heating season. Extending the stability of our gas rates further highlights PSE&G's favorable residential gas bill profile, which is not only the lowest cost in the state but in the region. We are also continuing to work with policymakers to address the resource adequacy imbalance in New Jersey and are confident in our ability to maintain system reliability as we invest in critical energy infrastructure to deliver value to our customers and meet our shareholder growth expectations.

Consistent with delivering on expectations, PSEG's full year 2025 financial results mark the 21<sup>st</sup> consecutive year that the company has delivered non-GAAP Operating Earnings at or above management's earnings guidance. Our solid balance sheet supports the continued execution of PSEG's strategy to grow our businesses without the need to issue new equity or sell assets, while providing the opportunity for consistent and sustainable dividend growth. Earlier today, PSEG reported that our Board of Directors raised the 2026 common dividend – by $0.16 per share, or approximately 6% – to the indicative annual rate of $2.68 per share. This increase reflects our confidence in PSEG's growth opportunities and is the 15<sup>th</sup> consecutive year that PSEG has raised its dividend, extending our track record of providing a shareholder dividend to 119 years."

**2025 Highlights** 

• PSE&G invested approximately $1 billion in regulated infrastructure during the fourth quarter and
$3.7 billion for the full year for the benefit of customers.

• PSE&G implemented the 2025 Summer Relief Initiative to help manage customer bills.

• PSE&G obtained regulatory approval to replace cast iron and bare steel gas main through the three-year Gas
System Modernization Program III (GSMP), covering $1.4 billion of infrastructure investment to further lower methane emissions.

• PSEG Nuclear supplied the grid with 30.9 terawatt hours (TWh) of reliable, carbon-free baseload energy.

• PSEG Nuclear's 100%-owned Hope Creek unit extended its fuel cycle from 18 to 24 months.

• The Long Island Power Authority Board of Trustees approved a five-year contract extension with PSEG Long Island
through 2030.

• PSE&G received the 2025 ReliabilityOne<sup>®</sup> Awards for
Outstanding System Resiliency; Outstanding Customer Engagement; and for the 24th year in a row, Outstanding Reliability Performance in the Mid-Atlantic Region.

• PSE&G ranked #1 in Customer Satisfaction among Large Electric Utilities in the East Region according to the
J.D. Power 2025 U.S. Electric Utility Residential Customer Satisfaction Study, marking the fourth consecutive year PSE&G earned the top position in its segment.

• PSEG Long Island ranked #1 in Customer Satisfaction among Large Electric Utilities in the East Region according
to the J.D. Power 2025 U.S. Electric Utility Business Customer Satisfaction Study, capping an 11-year rise from the bottom of the rankings since PSEG Long Island took over operation of the electric grid.

**2** 

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**2026 Outlook** 

• PSEG initiated full year 2026 non-GAAP Operating Earnings guidance in the
range of $4.28 to $4.40 per share, an increase at the midpoint of over 7% above 2025 results.

• Regulated investments are expected to total ~$4.2 billion in 2026, up ~13.5% from 2025.

• PSEG's 2026-2030 capital spending plan of $24 billion to $28 billion consists of
$22.5 billion to $25.5 billion of regulated investments.

• PSE&G's 2026-2030 capital investment plan is expected to produce compound annual growth in rate base of
6% to 7.5%, starting from a year end 2025 balance of approximately $36 billion, an increase of approximately 7% over year end 2024.

• PSEG is updating its long-term outlook for compound annual growth in non-GAAP Operating Earnings to 6% to 8% through 2030 based on the higher midpoint of 2026 guidance, rebasing higher for the second year in a row.

• PSEG's long-term earnings outlook is supported by our updated capital spending plan and projected rate base
growth, continued stringent cost control, as well as our expected nuclear output at anticipated market prices that exceed the nuclear PTC threshold price.

• Earnings growth above our long-term forecast could be achieved through contracts of our nuclear output, including
planned additions, and incremental regulated capital investments.

• PSEG raised the 2026 indicative annual common dividend by $0.16 per share to $2.68 per share, the 15<sup>th</sup> consecutive annual increase.

**PSEG Results by Segment (unaudited)** 

**Fourth Quarter and Full Year Comparative Results** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($ millions) | **4Q 2025** | **4Q 2024** | **FY 2025** | **FY 2024** |
|  PSE&G Net Income/Non-GAAP Operating Earnings | $352 | $378 | $1745 | $1547 |
|  PSEG Power & Other Net Income (Loss) | (37) | (92) | 366 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total PSEG Net Income** | $**315** | $**286** | $**2111** | $**1772** |
|  PSEG Power & Other Non-GAAP Operating Earnings | $10 | $43 | $284 | $292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total PSEG Non-GAAP Operating Earnings** | $**362** | $**421** | $**2029** | $**1839** |

---

PSE&G's results for the fourth quarter reflect higher costs related to operation and maintenance, taxes, and interest and depreciation expense that were partly offset by higher earnings from increased investment in infrastructure replacement and energy efficiency. For the full year, PSE&G's results reflect the benefit of implementing the remainder of new base rates following the October 2024 electric and gas rate case order, which followed the settlement of PSE&G's first distribution base rate case since 2018, as well as investment in Energy Efficiency, Transmission and GSMP. During the fourth quarter, PSE&G obtained approval from New Jersey regulators to invest $1.4 billion in GSMP III over a three-year period beginning January 2026.

PSEG Power & Other Net Loss and non-GAAP Operating Earnings for the quarter reflect higher nuclear-related operation and maintenance costs from the Hope Creek refueling and fuel cycle extension work, higher interest expense, lower generation volume and the absence of zero emission certificates which concluded in May, partly offset by higher capacity revenues and gas operations. Net Income and non-GAAP Operating Earnings for the full year reflect higher costs related to the Hope Creek refueling outage and fuel cycle extension, as well as higher interest, offset by higher nuclear output (30.9 TWh) that realized prices in excess of the nuclear production

**3** 

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tax credit and favorable tax items. In addition to these variances for the quarter and full year, PSEG Power & Other Net Income (Loss) also reflects lower net losses from non-trading mark-to-market activity and more favorable returns related to the Nuclear Decommissioning Trust.

**###** 

*PSEG will host a conference call to review its fourth quarter and full year 2025 results, 2026 earnings guidance, and other matters with the financial community at 11:00 a.m. ET today. Please register to access this event by visiting:* ***<u>https://investor.pseg.com/investor-news-and-events</u>*** 

---

| | |
|:---|:---|
| ***Media Relations:*** | ***Investor Relations:*** |
| (973) 430-7734<br> <u>DL-ENT-pseg.communications@pseg.com</u> | (973) 430-6565<br> <u>PSEG-IR-GeneralInquiry@pseg.com</u> |

---

**<u>About PSEG</u>**

Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey's largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers. PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. PSEG aims to power a future where people use energy more efficiently, and it's safer and delivered more reliably than ever. PSEG is a member of the S&P 500 Index and was named to the Dow Jones Sustainability North America Index for 17 consecutive years. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).

**<u>Non-GAAP Financial Measures</u>**

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items.

See Attachments 8 and 9 for a complete list of items excluded from Net Income (Loss) in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this report may not be comparable to similarly titled measures used by other companies.

Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.

**<u>Forward-Looking Statements</u>**

Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

• any inability to successfully develop, obtain regulatory approval for, or construct transmission and
distribution, and our nuclear generation projects;

**4** 

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• significant resource adequacy challenges that present affordability and reliability concerns and that could cause
policymakers to implement responsive measures that could have a material, adverse impact on our business, strategy, growth rates, cash flows, results of operation, and financial condition and increase regulatory uncertainty for utility investment
initiatives and programs;

• the physical, financial and transition risks related to climate change, including risks relating to potentially
increased legislative and regulatory burdens, changing customer preferences and lawsuits;

• any equipment failures, gas explosions, accidents, critical operating technology or business system failures,
natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our
customers;

• any inability to recover the carrying amount of our long-lived assets;

• disruptions or cost increases in our supply chain, including labor shortages;

• any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;

• the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational
or other systems;

• failure to attract and retain a qualified workforce;

• increases in the costs of equipment, materials, fuel, services and labor;

• the impact of our covenants in our debt instruments and credit agreements on our business;

• adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases
in funding requirements;

• any inability to enter into or extend certain significant contracts;

• development, adoption and use of Artificial Intelligence by us and our third-party vendors;

• fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential
impacts on the economic viability of our generation units;

• our ability to obtain adequate nuclear fuel supply;

• changes in technology related to energy generation, distribution and consumption and changes in customer usage
patterns;

• third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;

• any inability to meet our commitments under forward sale obligations and Regional Transmission Organization
rules;

• risks associated with generation activities at, and operation of, the Peach Bottom plants, which are similar to
those to which nuclear generation plants that we operate are subject;

• the impact of changes in state and federal legislation and regulations on our business, including
PSE&G's ability to recover costs and earn returns on authorized investments;

• PSE&G's proposed investment projects or programs may not be fully approved by regulators and its
capital investment may be lower than planned;

• our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, and/or
production tax credits;

• adverse changes in and non-compliance with energy industry laws,
policies, regulations and standards, including market structures and transmission planning and transmission returns;

• risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage
costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks;

• changes in or violation of federal, state and local environmental laws and regulations and enforcement;

• delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and

• changes in tax laws and regulations.

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

**5** 

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From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at <u>https://investor.pseg.com</u>. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at <u>https://investor.pseg.com</u> or by navigating to the Email Alerts webpage <u>here</u>. The information on <u>https://investor.pseg.com</u> and <u>https://investor.pseg.com/resources/email-alerts/default.aspx</u> is not incorporated herein and is not part of this press release or the Form 8-K to which it is an exhibit.

**6** 

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**Attachment 1** 

**Public Service Enterprise Group Incorporated** 

**Consolidating Statements of Operations** 

**(Unaudited, $ millions, except per share data)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |
|  | **PSEG** | **Eliminations** | **PSE&G** | **PSEG Power<br>& Other<sup>(a)</sup>** |
|  OPERATING REVENUES | $2915 | $(374) | $2328 | $961 |
|  OPERATING EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Costs | 1014 | (374) | 915 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operation and Maintenance | 1072 |  | 630 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and Amortization | 318 |  | 284 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operating Expenses | 2404 | (374) | 1829 | 949 |
|  OPERATING INCOME | 511 |  | 499 | 12 |
|  Net Gains (Losses) on Trust Investments | 24 |  |  | 24 |
|  Net Other Income (Deductions) | 23 |  | 16 | 7 |
|  Net Non-Operating Pension and OPEB Credits (Costs) | 16 |  | 18 | (2) |
|  Interest Expense | (263) |  | (164) | (99) |
|  INCOME BEFORE INCOME TAXES | 311 |  | 369 | (58) |
|  Income Tax Expense | 4 |  | (17) | 21 |
|  **NET INCOME (LOSS)** | $**315** | $**—** | $**352** | $**(37)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling Items Excluded from Net Income<sup>(b)</sup> | 47 |  |  | 47 |
|  **OPERATING EARNINGS (non-GAAP)** | $**362** | $**—** | $**352** | $**10** |
|  **Earnings Per Share** |  |  |  |  |
|  **NET INCOME** | $**0.63** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling Items Excluded from Net Income<sup>(b)</sup> | 0.09 |  |  |  |
|  **OPERATING EARNINGS (non-GAAP)** | $**0.72** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
|  | **PSEG** | **Eliminations** | **PSE&G** | **PSEG Power<br>& Other<sup>(a)</sup>** |
|  OPERATING REVENUES | $2465 | $(316) | $2114 | $667 |
|  OPERATING EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Costs | 765 | (316) | 739 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operation and Maintenance | 947 |  | 554 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and Amortization | 308 |  | 267 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operating Expenses | 2020 | (316) | 1560 | 776 |
|  OPERATING INCOME | 445 |  | 554 | (109) |
|  Net Gains (Losses) on Trust Investments | (64) |  |  | (64) |
|  Net Other Income (Deductions) | 33 | (1) | 14 | 20 |
|  Net Non-Operating Pension and OPEB Credits (Costs) | 18 |  | 19 | (1) |
|  Interest Expense | (232) | 1 | (152) | (81) |
|  INCOME (LOSS) BEFORE INCOME TAXES | 200 |  | 435 | (235) |
|  Income Tax (Expense) Benefit | 86 |  | (57) | 143 |
|  **NET INCOME (LOSS)** | $**286** | $**—** | $**378** | $**(92)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling Items Excluded from Net Income (Loss)<sup>(b)</sup> | 135 |  |  | 135 |
|  **OPERATING EARNINGS (non-GAAP)** | $**421** | $**—** | $**378** | $**43** |
|  **Earnings Per Share** |  |  |  |  |
|  **NET INCOME** | $**0.57** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling Items Excluded from Net Income (Loss)<sup>(b)</sup> | 0.27 |  |  |  |
|  **OPERATING EARNINGS (non-GAAP)** | $**0.84** |  |  |  |

---

(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.

(b) See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).

------

**Attachment 2**

**Public Service Enterprise Group Incorporated** 

**Consolidating Statements of Operations** 

**(Unaudited, $ millions, except per share data)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **PSEG** | **Eliminations** | **PSE&G** | **PSEG Power<br>& Other<sup>(a)</sup>** |
|  OPERATING REVENUES | $12168 | $(1112) | $9558 | $3722 |
|  OPERATING EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Costs | 4159 | (1112) | 3782 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operation and Maintenance | 3772 |  | 2253 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and Amortization | 1257 |  | 1116 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operating Expenses | 9188 | (1112) | 7151 | 3149 |
|  OPERATING INCOME | 2980 |  | 2407 | 573 |
|  Net Gains (Losses) on Trust Investments | 189 |  |  | 189 |
|  Net Other Income (Deductions) | 145 | (3) | 64 | 84 |
|  Net Non-Operating Pension and OPEB Credits (Costs) | 65 |  | 70 | (5) |
|  Interest Expense | (1005) | 3 | (644) | (364) |
|  INCOME BEFORE INCOME TAXES | 2374 |  | 1897 | 477 |
|  Income Tax Expense | (263) |  | (152) | (111) |
|  **NET INCOME** | $**2111** | $**—** | $**1745** | $**366** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling Items Excluded from Net Income<sup>(b)</sup> | (82) |  |  | (82) |
|  **OPERATING EARNINGS (non-GAAP)** | $**2029** | $**—** | $**1745** | $**284** |
|  **Earnings Per Share** |  |  |  |  |
|  **NET INCOME** | $**4.22** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling Items Excluded from Net Income<sup>(b)</sup> | (0.17) |  |  |  |
|  **OPERATING EARNINGS (non-GAAP)** | $**4.05** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **PSEG** | **Eliminations** | **PSE&G** | **PSEG Power<br>& Other<sup>(a)</sup>** |
|  OPERATING REVENUES | $10290 | $(966) | $8449 | $2807 |
|  OPERATING EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Costs | 3393 | (966) | 3189 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operation and Maintenance | 3362 |  | 1949 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and Amortization | 1182 |  | 1025 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operating Expenses | 7937 | (966) | 6163 | 2740 |
|  OPERATING INCOME | 2353 |  | 2286 | 67 |
|  Net Gains (Losses) on Trust Investments | 127 |  |  | 127 |
|  Net Other Income (Deductions) | 154 | (5) | 64 | 95 |
|  Net Non-Operating Pension and OPEB Credits (Costs) | 73 |  | 77 | (4) |
|  Interest Expense | (882) | 5 | (582) | (305) |
|  INCOME (LOSS) BEFORE INCOME TAXES | 1825 |  | 1845 | (20) |
|  Income Tax (Expense) Benefit | (53) |  | (298) | 245 |
|  **NET INCOME** | $**1772** | $**—** | $**1547** | $**225** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling Items Excluded from Net Income<sup>(b)</sup> | 67 |  |  | 67 |
|  **OPERATING EARNINGS (non-GAAP)** | $**1839** | $**—** | $**1547** | $**292** |
|  **Earnings Per Share** |  |  |  |  |
|  **NET INCOME** | $**3.54** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling Items Excluded from Net Income<sup>(b)</sup> | 0.14 |  |  |  |
|  **OPERATING EARNINGS (non-GAAP)** | $**3.68** |  |  |  |

---

(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.

(b) See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).

------

**Attachment 3** 

**Public Service Enterprise Group Incorporated** 

**Capitalization Schedule** 

**(Unaudited, $ millions)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  DEBT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper and Loans | $1529 | $1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Debt\* | 22545 | 21114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Debt | 24074 | 22707 |
|  STOCKHOLDERS' EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | 5062 | 5057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Stock | (1435) | (1403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained Earnings | 13446 | 12593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated Other Comprehensive Loss | (91) | (133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Stockholders' Equity | 16982 | 16114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Capitalization | $41056 | $38821 |

---

\* Includes current portion of Long-Term Debt

------

**Attachment 4**

**Public Service Enterprise Group Incorporated** 

**Condensed Consolidated Statements of Cash Flows** 

**(Unaudited, $ millions)** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **Cash Flows From Operating Activities** |  |  |
|  Net Income | $2111 | $1772 |
|  Adjustments to Reconcile Net Income to Net Cash Flows From Operating Activities | 1187 | 361 |
|  **Net Cash Provided By (Used In) Operating Activities** | 3298 | 2133 |
|  **Net Cash Provided By (Used In) Investing Activities** | (3308) | (3306) |
|  **Net Cash Provided By (Used In) Financing Activities** | 12 | 1228 |
|  **Net Change in Cash, Cash Equivalents and Restricted Cash** | 2 | 55 |
|  **Cash, Cash Equivalents and Restricted Cash at Beginning of Period** | 154 | 99 |
|  **Cash, Cash Equivalents and Restricted Cash at End of Period** | $156 | $154 |

---

------

**Attachment 5**

**Public Service Electric & Gas Company** 

**Retail Sales** 

**(Unaudited)** 

**December 31, 2025** 

**Electric Sales** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sales (millions kWh)** | **Three Months<br>Ended** | **Change vs.<br>2024** | **Year<br>Ended** | **Change vs.<br>2024** |
|  Residential | 2920 | 4% | 13891 | (0%) |
|  Commercial & Industrial | 6323 | 1% | 26334 | (0%) |
|  Other | 97 | 2% | 343 | 2% |
|  **Total** | **9340** | **2%** | **40568** | **(0%)** |

---

**Gas Sold and Transported** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sales (millions therms)** | **Three Months<br>Ended** | **Change vs.<br>2024** | **Year**<br>**Ended** | **Change vs.<br>2024** |
|  Firm Sales |  |  |  |  |
|  Residential Sales | 506 | 18% | 1537 | 12% |
|  Commercial & Industrial | 334 | 14% | 1096 | 10% |
|  **Total Firm Sales** | **840** | **16%** | **2633** | **11%** |
|  **Non-Firm Sales\*** |  |  |  |  |
|  Commercial & Industrial | 201 | 14% | 886 | 12% |
|  **Total Non-Firm Sales** | **201** |  | **886** |  |
|  **Total Sales** | **1041** | **16%** | **3519** | **11%** |

---

\* Contract Service Gas rate included in non-firm sales

**Weather Data\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months<br>Ended** | **Change vs.<br>2024** | **Year**<br>**Ended** | **Change vs.<br>2024** |
|  THI Hours - Actual | 367 | (29%) | 17948 | (10%) |
|  THI Hours - Normal | 457 |  | 17558 |  |
|  Degree Days - Actual | 1673 | 23% | 4422 | 14% |
|  Degree Days - Normal | 1535 |  | 4511 |  |

---

\* Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – the average hourly daily temperature. Summer weather is measured by the temperature-humidity index (THI), which takes into account both the temperature and the humidity to measure the need for air conditioning. Both measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to normal are based on twenty years of historic data. 

------

**Attachment 6**

**Nuclear Generation Measures** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GWh Breakdown** | **GWh Breakdown** | **GWh Breakdown** | **GWh Breakdown** |
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Nuclear - NJ | 4625 | 4737 | 19948 | 19708 |
|  Nuclear - PA | 2526 | 2599 | 10972 | 10922 |
|  | **7151** | **7336** | **30920** | **30630** |

---

------

**Attachment 7**

**Public Service Enterprise Group Incorporated** 

**Statistical Measures** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Weighted Average Common Shares Outstanding (millions) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 499 | 498 | 499 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 501 | 500 | 501 | 500 |
|  Stock Price at End of Period |  |  | $80.30 | $84.49 |
|  Dividends Paid per Share of Common Stock | $0.63 | $0.60 | $2.52 | $2.40 |
|  Dividend Yield |  |  | 3.1% | 2.8% |
|  Book Value per Common Share |  |  | $34.10 | $32.36 |
|  Market Price as a Percent of Book Value |  |  | 235% | 261% |

---

------

**Attachment 8**

**Public Service Enterprise Group Incorporated** 

**Consolidated Operating Earnings (non-GAAP) Reconciliation** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Reconciling Items</u>** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **($ millions, Unaudited)** | **($ millions, Unaudited)** | **($ millions, Unaudited)** | **($ millions, Unaudited)** |
|  **Net Income** | $**315** | $**286** | $**2111** | $**1772** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) Loss on Nuclear Decommissioning Trust (NDT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Related Activity, pre-tax | (33) | 62 | (223) | (137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) Loss on Mark-to-Market (MTM), pre-tax<sup>(a)</sup> | 97 | 134 | 75 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease Related Activity, pre-tax |  |  |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Taxes related to Operating Earnings (non-GAAP) reconciling items<sup>(b)</sup> | (17) | (61) | 66 | (2) |
|  **Operating Earnings (non-GAAP)** | $**362** | $**421** | $**2029** | $**1839** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PSEG Fully Diluted Average Shares Outstanding (in millions)** | **501** | **500** | **501** | **500** |
|  | **($ Per Share Impact - Diluted, Unaudited)** | **($ Per Share Impact - Diluted, Unaudited)** | **($ Per Share Impact - Diluted, Unaudited)** | **($ Per Share Impact - Diluted, Unaudited)** |
|  **Net Income** | $**0.63** | $**0.57** | $**4.22** | $**3.54** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) Loss on NDT Fund Related Activity, pre-tax | (0.07) | 0.12 | (0.45) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) Loss on MTM, pre-tax<sup>(a)</sup> | 0.19 | 0.27 | 0.15 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease Related Activity, pre-tax |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Taxes related to Operating Earnings (non-GAAP) reconciling items<sup>(b)</sup> | (0.03) | (0.12) | 0.13 |  |
|  **Operating Earnings (non-GAAP)** | $**0.72** | $**0.84** | $**4.05** | $**3.68** |

---

(a) Includes the financial impact from positions with forward delivery months.

(b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an
additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity.

------

**Attachment 9**

**PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciling Items** | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **($ millions, Unaudited)** | **($ millions, Unaudited)** | **($ millions, Unaudited)** | **($ millions, Unaudited)** |
|  **Net Income (Loss)** | $**(37)** | $**(92)** | $**366** | $**225** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) Loss on NDT Fund Related Activity, pre-tax | (33) | 62 | (223) | (137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) Loss on MTM, pre-tax<sup>(a)</sup> | 97 | 134 | 75 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease Related Activity, pre-tax |  |  |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Taxes related to Operating Earnings (non-GAAP) reconciling items<sup>(b)</sup> | (17) | (61) | 66 | (2) |
|  **Operating Earnings (non-GAAP)** | $**10** | $**43** | $**284** | $**292** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PSEG Fully Diluted Average Shares Outstanding (in millions)** | **501** | **500** | **501** | **500** |

---

(a) Includes the financial impact from positions with forward delivery months.

(b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an
additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity.

## Exhibit 99.1

![](g57788ex99_1p1g1.jpg)

Exhibit 99.1 Public Service Enterprise Group FOURTH QUARTER AND FULL YEAR 2025 NYSE: PEG Financial Results Presentation February 26, 2026

------

![](g57788ex99_1p2g1.jpg)

PSEG Fourth Quarter and Full Year 2025 Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries' future performance, • fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units; including, without limitation, future revenues, earnings, strategies, prospects, consequences, and • our ability to obtain adequate nuclear fuel supply; all other statements that are not purely historical constitute "forward-looking statements" within • changes in technology related to energy generation, distribution and consumption and the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking changes in customer usage patterns; statements are subject to risks and uncertainties, which could cause actual results to differ • third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel; materially from those anticipated. Such statements are based on management's beliefs as well as • any inability to meet our commitments under forward sale obligations and Regional assumptions made by and information currently available to management. When used herein, the Transmission Organization rules; words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," • risks associated with generation activities at, and operation of, the Peach Bottom plants, "potential," "forecast," "project," variations of such words and similar expressions are intended to which are similar to those to which nuclear generation plants that we operate are subject; • the impact of changes in state and federal legislation and regulations on our business, identify forward-looking statements. Factors that may cause actual results to differ are often including PSE&G's ability to recover costs and earn returns on authorized investments; presented with the forward-looking statements themselves. Other factors that could cause actual • PSE&G's proposed investment projects or programs may not be fully approved by regulators results to differ materially from those contemplated in any forward-looking statements made by us and its capital investment may be lower than planned; herein are discussed in filings we make with the United States Securities and Exchange • our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, and/or production tax credits; Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form • adverse changes in and non-compliance with energy industry laws, policies, regulations and 10-Q and Form 8-K. These factors include, but are not limited to: standards, including market structures and transmission planning and transmission returns; • any inability to successfully develop, obtain regulatory approval for, or construct transmission • risks associated with our ownership and operation of nuclear facilities including increased and distribution, and our nuclear generation projects; nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act • significant resource adequacy challenges that present affordability and reliability concerns and trade control, environmental and other regulations, as well as operational, financial, and that could cause policymakers to implement responsive measures that could have a environmental and health and safety risks; material, adverse impact on our business, strategy, growth rates, cash flows, results of • changes in or violation of federal, state and local environmental laws and regulations and operation, and financial condition and increase regulatory uncertainty for utility investment enforcement; initiatives and programs; • delays in receipt of, or an inability to receive, necessary licenses and permits and siting • the physical, financial and transition risks related to climate change, including risks relating to approvals; and potentially increased legislative and regulatory burdens, changing customer preferences and • changes in tax laws and regulations. lawsuits; • any equipment failures, gas explosions, accidents, critical operating technology or business All of the forward-looking statements made in this report are qualified by these cautionary system failures, natural disasters, severe weather events, acts of war, terrorism or other acts statements and we cannot assure you that the results or developments anticipated by of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents management will be realized or even if realized, will have the expected consequences to, or that may impact our ability to provide safe and reliable service to our customers; • any inability to recover the carrying amount of our long-lived assets; effects on, us or our business, prospects, financial condition, results of operations or cash flows. • disruptions or cost increases in our supply chain, including labor shortages; Readers are cautioned not to place undue reliance on these forward-looking statements in • any inability to maintain sufficient liquidity or access sufficient capital on commercially making any investment decision. Forward-looking statements made in this report apply only as reasonable terms; of the date of this report. While we may elect to update forward-looking statements from time to • the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems; time, we specifically disclaim any obligation to do so, even in light of new information or future • failure to attract and retain a qualified workforce; events, unless otherwise required by applicable securities laws. • increases in the costs of equipment, materials, fuel, services and labor; • the impact of our covenants in our debt instruments and credit agreements on our business; The forward-looking statements contained in this report are intended to qualify for the safe • adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of Trust Fund and increases in funding requirements; the Securities Exchange Act of 1934, as amended. • any inability to enter into or extend certain significant contracts; • development, adoption and use of Artificial Intelligence by us and our third-party vendors; 2 2

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PSEG Fourth Quarter and Full Year 2025 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income/(Loss) reported in Non-GAAP FFO reflects cash from operations excluding working capital and accordance with accounting principles generally accepted in the United States adjusts for certain items including taxes on asset sales, cost of removal and energy (GAAP). Operating Earnings is a non-GAAP financial measure that differs from Net efficiency investments. Non-GAAP Debt consists of long-term debt, short-term debt Income/(Loss). Non-GAAP Operating Earnings exclude the impact of gains (losses) and other imputed debt primarily related to an unfunded pension obligation. Non- associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) GAAP FFO, as referenced in this presentation, may not be comparable to similarly accounting and other material infrequent items. The last three slides in this titled measures used by other companies. Given the forward-looking nature of non- presentation (Slides A, B and C) include a list of items excluded from Net GAAP Operating Earnings and non-GAAP FFO estimates and our inability to Income/(Loss) to reconcile to non-GAAP Operating Earnings. project certain reconciling items that would be excluded from the most directly comparable GAAP measures – such as MTM and NDT gains (losses), with respect Management uses non-GAAP Operating Earnings in its internal analysis, and in non-GAAP Operating Earnings; working capital (including accounts communications with investors and analysts, as a consistent measure for receivable/payable, cash collateral), adjustments to Net Income/(Loss) (including comparing PSEG's financial performance to previous financial results. The changes in regulatory assets/liabilities, deferred taxes) with respect to non-GAAP presentation of non-GAAP Operating Earnings is intended to complement, and FFO and non-GAAP debt and imputed debt (including unfunded pension obligation) should not be considered an alternative to, the presentation of Net Income/(Loss), with respect to non-GAAP debt - due to the volatility, complexity and low visibility of which is an indicator of financial performance determined in accordance with these items, PSEG is unable to reconcile these non-GAAP financial measures to GAAP. In addition, non-GAAP Operating Earnings as presented in this release may the most directly comparable GAAP financial measure. These items are uncertain, not be comparable to similarly titled measures used by other companies. depend on various factors, and may have a material impact on our future GAAP PSEG also includes forward-looking estimates of non-GAAP Operating Earnings results. Guidance included herein is as of February 26, 2026. and non-GAAP Funds From Operations (FFO), including the forward-looking non- GAAP FFO/Debt ratio target, in this presentation. From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage here. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this communication. 3 3

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PSEG Fourth Quarter and Full Year 2025 PSEG Q4 and Full Year 2025 Highlights Fourth Quarter and Full Year Results • Net Income of $0.63 per share in Q4; Net Income of $4.22 per share in FY 2025 • Non-GAAP Operating Earnings of $0.72 per share in Q4; Non-GAAP Operating Earnings of $4.05 per share in FY 2025 ➢ FY 2025 Net Income up ~19% from FY 2024; Non-GAAP Operating Earnings increased ~10% from FY 2024 st • 2025 marks the 21 consecutive year PSEG has met or exceeded management's non-GAAP Operating Earnings guidance Operational Excellence th • 2025 ReliabilityOne® Award for Outstanding Reliability Performance in the Mid-Atlantic Region for 24 consecutive year • PSE&G ranked #1 in Customer Satisfaction among Large Electric Utilities in the East Region according to the J.D. Power 2025 U.S. Electric Utility Residential Customer Satisfaction Study • PSEG Long Island ranked #1 in Customer Satisfaction among Large Electric Utilities in the East Region according to the J.D. Power 2025 U.S. Electric Utility Business Customer Satisfaction Study • Nuclear capacity factor was 91.2% for full year 2025, and included a breaker-to-breaker run at Hope Creek Disciplined Investment • PSE&G successfully executed ~$3.7 billion capital investment program in 2025, including ~$1 billion in Q4 • GSMP III authorized to invest $1.4 billion over three years beginning January 2026 See Slides A, B and C for Items excluded from Net Income (Loss) to reconcile to Operating Earnings (non-GAAP). 4 4 Note: PSEG Power & Other includes nuclear generating fleet, gas supply operations, PSEG Long Island, competitively bid regulated transmission investments, Parent and Other.

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PSEG Fourth Quarter and Full Year 2025 Continuing Execution of PSEG Strategic Plan PSEG Initiates Full Year 2026 Guidance • 2026 non-GAAP Operating Earnings guidance of 2026 midpoint represents ~7% increase over 2025 results $4.28 - $4.40 per share • 2026 outlook driven by: o Higher regulated rate base, increased ~7% at YE 2025 over YE 2024 o Clause-based investment recoveries for infrastructure modernization and EE o Higher annual FERC transmission formula rate $4.28 - $4.40 o Distribution rates projected to be stable for 2026, consistent with January 2026 NJ executive orders $4.05 o Hedged ~95% of expected nuclear output in 2026; market prices for energy and capacity above PTC threshold o Higher costs, including interest and depreciation, based on higher capital spend • Regulated capital spending plan for 2026 of ~$4.2 billion focused on continued investments in infrastructure modernization, energy efficiency, electrification initiatives and load growth • PSEG raised 2026 indicative annual common dividend 2025 Non-GAAP 2026E Non-GAAP by $0.16 per share (vs. 2025 increase of $0.12 per share) th Operating Earnings Operating Earnings to $2.68 per share, the 15 consecutive annual increase Guidance See Slide A for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP). 5 All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.

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PSEG Fourth Quarter and Full Year 2025 Strong Business Mix, Predictable Growth and Nuclear Upside PSEG Updates • PSEG's long-term, non-GAAP earnings growth outlook updated to 6%-8% through 2030 Long-Term Growth • Total PSEG capital program of $24B - $28B for 2026-2030 with >90% focused on Target to regulated investments • $22.5B - $25.5B regulated capital investment program for 2026-2030, supports Rate Base CAGR of 6%-7.5% over same period • Stringent cost control supports customer affordability 6%-8% • Expected nuclear output at anticipated market prices that exceed the nuclear PTC threshold price Forecast based on the higher midpoint • Opportunistically hedging nuclear output to support long-term earnings CAGR of 2026 guidance range (rebasing higher • Solid balance sheet supports execution of robust 5-year capital plan still for the second year in a row) without the need to issue equity or sell assets (1) • Non-GAAP FFO/Debt target in the mid-teens through 2030 • Potential growth beyond forecasted 6%-8% CAGR range could be achieved through opportunities to contract existing and planned additions of nuclear output, and incremental regulated capital investments (1) FFO/Debt is an internal estimate of a non-GAAP measure. FFO reflects cash from operations excluding working capital and adjusts for certain items including taxes on asset sales, cost of removal and energy efficiency investments. Debt consists of long-term debt, short-term debt and 6 other imputed debt primarily related to an unfunded pension obligation.

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PSEG Fourth Quarter and Full Year 2025 Q4 and FY 2025 Review 7

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PSEG Fourth Quarter and Full Year 2025 PSEG Q4 Results PSEG Summary – Three Months ended December 31, Net Income (Loss) ($ in millions) 2025 2024 Change PSE&G $352 $378 $(26) PSEG Power & Other $(37) $(92) $55 Total PSEG $315 $286 $29 Non-GAAP Operating Earnings ($ in millions) 2025 2024 Change PSE&G $352 $378 $(26) PSEG Power & Other $10 $43 $(33) Total PSEG $362 $421 $(59) 8 8 See Slides A and B for Items excluded from Net Income (Loss) to reconcile to Operating Earnings (non-GAAP).

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PSEG Fourth Quarter and Full Year 2025 PSEG EPS Reconciliation – Q4 2025 versus Q4 2024 $0.90 $0.84 $(0.04) $(0.08) $0.80 Distribution: $0.72 Margin 0.07 $0.70 Gross Margin -- O&M (0.04) $0.63 O&M (0.04) Depreciation & Interest (0.02) $0.60 $0.57 Depreciation & Interest (0.03) Taxes & Other (0.05) Non-Operating $0.50 Expense (0.02) Taxes & Other 0.01 $0.40 $0.30 $0.20 $0.10 $0.00 Q4 2024 Q4 2024 PSE&G PSEG Power & Other Q4 2025 Q4 2025 Net Income Operating Earnings Operating Earnings Net Income (non-GAAP) (non-GAAP) 9 9 See Slides A and B for Items excluded from Net Income (Loss) to reconcile to Operating Earnings (non-GAAP). Results may not add due to rounding. $/ share

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PSEG Fourth Quarter and Full Year 2025 PSEG Full Year Results PSEG Summary – Years ended December 31, Net Income ($ in millions) 2025 2024 Change PSE&G $1,745 $1,547 $198 PSEG Power & Other $366 $225 $141 Total PSEG $2,111 $1,772 $339 Non-GAAP Operating Earnings ($ in millions) 2025 2024 Change PSE&G $1,745 $1,547 $198 PSEG Power & Other $284 $292 $(8) Total PSEG $2,029 $1,839 $190 10 10 See Slides A, B and C for Items excluded from Net Income (Loss) to reconcile to Operating Earnings (non-GAAP).

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PSEG Fourth Quarter and Full Year 2025 PSEG EPS Reconciliation – FY 2025 versus FY 2024 $4.50 $4.22 $0.40 $4.05 $(0.03) $4.00 Gross Margin 0.07 $3.68 $3.54 O&M (0.09) Distribution: $3.50 Depreciation & Interest Margin 0.67 (0.08) O&M (0.10) Non-Operating Expense $3.00 (0.02) Depreciation & Interest (0.11) Taxes & Other 0.09 $2.50 Taxes & Other (0.06) $2.00 $1.50 $1.00 $0.50 $0.00 FY 2024 FY 2024 PSE&G PSEG Power & Other FY 2025 FY 2025 Net Income Operating Earnings Operating Earnings Net Income (non-GAAP) (non-GAAP) 11 11 See Slides A, B and C for Items excluded from Net Income (Loss) to reconcile to Operating Earnings (non-GAAP). Results may not add due to rounding. $/ share

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PSEG Fourth Quarter and Full Year 2025 PSE&G Q4 and Full Year 2025 Highlights Operations Regulatory and Market Environment • Residential Electric and Gas customer count each grew by ~1% for the trailing • BPU approved three-year, $1.4 billion GSMP III settlement covering 12 months ended December 31, 2025 investments starting January 2026 • Weather-normalized sales for the trailing 12 months ended December 31: • Implemented annual FERC regulated transmission formula rate resulting in ~$82 million in additional revenue effective January 1, 2026, subject to true-up - Electric sales were flat - Gas sales decreased by 1% • PSE&G large load inquiries for new service connections rose to ~11,800 megawatts as of December 31, 2025 • PSE&G replaced ~209 miles of gas main and ~33,000 associated gas services to homes and businesses in 2025 under gas main replacement program • ZEC II awards of ~$200 million to be refunded to customers - Reduced reported methane emissions by over 30% system wide Financial since 2018 through GSMP • PSE&G invested ~$1 billion in Q4 and ~$3.7 billion for full-year 2025 • Regulated capital investments for 2026 are expected to total ~$4.2 billion, an increase of ~13.5% from 2025 12

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PSEG Fourth Quarter and Full Year 2025 Regulated 5-Year Capital Investment Plan of $22.5B-$25.5B 2026E – 2030E 6 Driven by infrastructure 5 modernization, 4 energy efficiency, and growing 3 customer demand 2 1 0 2025 2026E 2027E 2028E 2029E 2030E Transmission Electric Distribution Gas Distribution Clean Energy Transmission Non-PSE&G Low to High Investment Range Includes AFUDC. Note: The Maryland Piedmont Reliability Project that was awarded to PSEG by PJM in December 2023 will be managed and owned outside of PSE&G but is included here given FERC regulated rate base formula rate recovery. The low end of the range includes extensions of GSMP and CEF-EE. The hashed portion of the chart represents incremental regulated investment that 13 may occur for programs related to gas and electric modernization, energy efficiency, energy storage, electric vehicles, load growth and solar. ($ Billions)

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PSEG Fourth Quarter and Full Year 2025 Regulated Capital Investment Plan ~$1.5B Higher for 2026-2030 2024-2028E 2025-2029E 2026E-2030E $18B-$21B $21B-$24B $22.5B-$25.5B Rate Base CAGR Rate Base CAGR Rate Base CAGR 6% - 7.5% 6% - 7.5% 6% - 7.5% 26 24 22 20 18 16 14 12 10 8 6 4 2 0 Transmission Electric Distribution Gas Distribution Clean Energy Transmission Non-PSE&G Low to High Investment Range Consistent rate base CAGR reflects ~7% higher rate base at year-end 2025 versus year-end 2024 Includes AFUDC. Note: The Maryland Piedmont Reliability Project that was awarded to PSEG by PJM in December 2023 will be managed and owned outside of PSE&G but is included here given FERC regulated rate base formula rate recovery. The low end of the range includes extensions of GSMP and CEF-EE. The hashed portion of the chart represents incremental regulated investment that may occur for programs related to gas and electric modernization, 14 energy efficiency, energy storage, electric vehicles, load growth and solar. ($ Billions)

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PSEG Fourth Quarter and Full Year 2025 Robust Investment Opportunities Offer Continued Rate Base Growth Regulated Year-End Rate Base 55 50 45 40 35 30 25 20 15 10 5 0 2024 2025 2026E 2027E 2028E 2029E 2030E Transmission Electric Distribution Gas Distribution Clean Energy Transmission Non-PSE&G Low to High Investment Range Includes CWIP and AFUDC. Note: The Maryland Piedmont Reliability Project that was awarded to PSEG by PJM in December 2023 will be managed and owned outside of PSE&G but is included here given FERC regulated rate base formula rate recovery. The low end of the range includes extensions of GSMP and CEF-EE. The hashed portion of the chart represents incremental regulated investment that may occur for programs related to gas and electric modernization, 15 energy efficiency, energy storage, electric vehicles, load growth and solar. ($ Billions)

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PSEG Fourth Quarter and Full Year 2025 PSEG Power & Other Nuclear Generation Measures Other Financial Considerations Three Months Ended Twelve Months Ended • For 2026, total nuclear generation is forecasted to be 30-32 TWh December 31, December 31, • Realized energy price historically aligned with the PECO hub 2025 2024 2025 2024 • ~95% of expected nuclear output hedged for 2026 Capacity Factor 83.7% 85.7% 91.2% 89.9% • Hope Creek extended fuel cycle from 18 months to 24 months in fall 2025 Fuel Cost ($ millions) $48 $46 $202 $191 • PSEG Long Island OSA to manage LIPA's T&D utility was extended for five Generation (GWh) 7,151 7,336 30,920 30,630 years through 2030 Fuel Cost ($/MWh) $6.71 $6.27 $6.53 $6.24 2026: Spring – S2 Fall – S1, PB2 Refueling Outages: 2025: Spring – S1 Fall – HC, PB3 2024: Spring – HC Fall – S2, PB2 PJM Capacity Auction Results Illustrative Gross Margin Change Above PTC Delivery Period PSEG's Average Prices PSEG's Cleared Capacity Output $10/MWh $25/MWh $50/MWh June 2024 – May 2025 $61/MW-Day 3,700 MW 10 TWh $100M $250M $500M June 2025 – May 2026 $270/MW-Day 3,500 MW 20 TWh $200M $500M $1,000M June 2026 – May 2027 $329/MW-Day 3,500 MW 30 TWh $300M $750M $1,500M June 2027 – May 2028 $333/MW-Day 3,500 MW Note: Generation indicates net generation. Average Prices and Cleared Capacity reflect base and incremental auctions. 16 16 PJM's new conversion of ICAP (installed capacity) to UCAP (unforced capacity, which is what is bid), has resulted in less UCAP per MW of ICAP. PSEG Nuclear sold the full UCAP value of the units.

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PSEG Fourth Quarter and Full Year 2025 Appendix 17

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PSEG Fourth Quarter and Full Year 2025 PSEG's 2026 Indicative Annual Dividend Increase of ~6% th Marks 15 Consecutive Annual Increase Annual PSEG Dividend Per Share $2.68\* $2.52 $2.40 $2.28 $2.16 $2.04 $1.96 $1.88 $1.80 $1.72 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 59% 58% 57% 57% 56% 62% 66% 65% 62% Payout Ratio\*\* PSEG has a 119-year history of paying dividends to shareholders \* Indicative annual 2026 common dividend rate per share. \*\* Payout Ratios reflect the dividend rate divided by non-GAAP Operating Earnings. See Slide C for Items excluded from Net Income (Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG. 18 Note: All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.

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PSEG Fourth Quarter and Full Year 2025 PSEG Maintains a Solid Financial Position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody's = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody's = A1 / Outlook = Stable S&P = A / Outlook = Stable PSEG Long-term Debt Outstanding $5.31B PSE&G Long-term Debt Outstanding $15.99B PSEG Consolidated Debt to Capitalization 59% PSEG Maturity Profile 2026 - 2030 PSEG Power Senior Unsecured Credit Ratings 2,500 Moody's = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable 2,000 (1) PSEG Power 364-Day Term Loan Outstanding $0.50B 1,500 PSEG Power Long-term Debt Outstanding $1.24B 1,000 PSEG Liquidity 500 PSEG Liquidity and Net Cash Collateral Postings • PSEG had approximately $2.8B of total available liquidity, including $132M 0 of cash and cash equivalents, at December 31, 2025 2026 2027 2028 2029 2030 • As of December 31, 2025, PSEG's variable rate debt was ~6% of total debt PSE&G PSEG Power PSEG • PSEG Power had net cash collateral postings of $222M at December 31, 2025 All data is as of December 31, 2025 unless otherwise noted. (1) 364-Day Term Loan is at a variable rate and is included in Short-Term Debt as Commercial Paper & Loans. In December 2025, PSEG Power amended its existing $400 million 364-day variable rate term loan, which increased the balance to $500 million and extended the maturity to December 2026. 19 19 Note: Total long-term debt outstanding amounts may not add to PSEG Consolidated total long-term debt outstanding due to rounding. Amounts on slide are rounded up to two decimal places. Principal Maturing ($ Millions)

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PSEG Fourth Quarter and Full Year 2025 PSEG Liquidity as of December 31, 2025 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2029 $1,000 $351 $649 PSEG Money Pool (A,B) PSEG/PSEG Power Revolving Credit Facility (PSEG) March 2029 $1,500 $719 $781 (A) Revolving Credit Facility (PSEG Power) March 2029 1,250 37 1,213 (C) Letter of Credit Facility (PSEG Power) April 2026 75 45 30 $2,825 $801 $2,024 Total Facilities $3,825 $1,152 $2,673 PSEG Money Pool Cash and Short-term Investments $35 PSE&G Cash and Short-term Investments $97 Total Liquidity Available $2,805 Total Money Pool Liquidity Available $2,059 (A) Master Facility of $2.75B with a PSEG sub-limit of $1.5B and PSEG Power sub-limit of $1.25B, which can be adjusted subject to terms within the credit agreement. (B) The PSEG sub-limit includes a sustainability linked pricing-based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. (C) PSEG Power has $425 million in uncommitted credit facilities with $243 million in letters of credit outstanding under these facilities. PSE&G has $30 million in uncommitted credit facilities with an immaterial amount of letters of credit 20 20 outstanding under these facilities.

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PSEG Fourth Quarter and Full Year 2025 PSEG Glossary of Terms AFUDC Allowance For Funds Used During Construction ICAP Installed Capacity PSEG Investor Relations 80 Park Plaza BGSS Basic Gas Supply Service LIPA Long Island Power Authority Newark NJ 07102 M&R Metering and Regulating BPU New Jersey Board of Public Utilities PSEG-IR-GeneralInquiry@pseg.com MW Megawatt CAGR Compound Annual Growth Rate O&M Operation & Maintenance CEF Clean Energy Future Link to PSEG Investor Relations Website OSA Operations Services Agreement CIP Conservation Incentive Program PB Peach Bottom CWIP Construction Work In Progress E Estimate PECO PECO Energy Company Link to PSEG ESG Webpages PJM Pennsylvania New Jersey Maryland EE Energy Efficiency PPA Power Purchase Agreement EPS Earnings Per Share The information on the PSEG Investor PTC Production Tax Credit ESG Environmental, Social and Governance Relations Website and the PSEG ESG ROE Return on Equity FERC Federal Energy Regulatory Commission Webpages is not incorporated herein and is S Salem FFO Funds From Operations not part of this slide presentation or the Form T&D Transmission and Distribution FY Full Year 8-K to which it is an exhibit. UCAP Unforced Capacity GAAP Generally Accepted Accounting Principles YE Year End GSMP Gas System Modernization Program YTD Year to Date HC Hope Creek ZEC Zero Emission Certificate IAP Infrastructure Advancement Program 21 21

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PSEG Fourth Quarter and Full Year 2025 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended Year Ended (a) Includes the financial impact from positions with December 31, December 31, forward delivery months. Reconciling Items 2025 2024 2025 2024 (b) Income tax effect calculated at the statutory rate ($ millions, Unaudited) except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease Net Income $315 $286 $2,111 $1 ,772 related activity. (Gain) Loss on Nuclear Decommissioning Trust (NDT) Please see Slide 3 for an explanation of PSEG's use of Fund Related Activity, pre-tax (33) 62 (223) (137) Operating Earnings as a non-GAAP financial measure (a) and how it differs from Net Income. 97 134 75 210 (Gain) Loss on Mark-to-Market (MTM), pre-tax Lease Related Activity, pre-tax - - - (4) (b) (17) (61) 66 (2) Income Taxes related to Operating Earnings (non-GAAP) reconciling items Operating Earnings (non-GAAP) $362 $421 $2,029 $1 ,839 PSEG Fully Diluted Average Shares Outstanding (in millions) 501 500 501 500 ($ Per Share Impact - Diluted, Unaudited) Net Income $0.63 $0.57 $4.22 $3.54 (Gain) Loss on NDT Fund Related Activity, pre-tax (0.07) 0.12 (0.45) (0.27) (a) (Gain) Loss on MTM, pre-tax 0 .19 0.27 0.15 0.42 Lease Related Activity, pre-tax - - - (0.01) (b) (0.03) (0.12) 0.13 - Income Taxes related to Operating Earnings (non-GAAP) reconciling items Operating Earnings (non-GAAP) $0.72 $0.84 $4.05 $3.68 A 22 22

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PSEG Fourth Quarter and Full Year 2025 Reconciliation of Non-GAAP Operating Earnings PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation Three Months Ended Year Ended (a) Includes the financial impact from positions with forward delivery months. Reconciling Items December 31, December 31, 2025 2024 2025 2024 (b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which ($ millions, Unaudited) records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity. Net Income (Loss) $(37) $(92) $366 $225 (Gain) Loss on NDT Fund Related Activity, pre-tax (33) 62 (223) (137) Please see Slide 3 for an explanation of PSEG's use of Operating Earnings as a non-GAAP financial measure (a) 97 134 75 210 (Gain) Loss on MTM, pre-tax and how it differs from Net Income (Loss). Lease Related Activity, pre-tax - - - (4) (b) (17) (61) 66 (2) Income Taxes related to Operating Earnings (non-GAAP) reconciling items Operating Earnings (non-GAAP) $10 $43 $284 $292 PSEG Fully Diluted Average Shares Outstanding (in millions) 501 500 501 500 B 23 23

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PSEG Fourth Quarter and Full Year 2025 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation (a) Effective January 1, 2018, unrealized gains (losses) on equity Year Ended December 31, Reconciling Items securities are recorded in Net Income (Loss) instead of Other 2025 2024 2023 2022 2021 2020 2019 2018 2017 Comprehensive Income (Loss). ($ millions, Unaudited) (b) Includes the financial impact from positions with forward $2,111 $1,772 $2,563 $1,031 ($648) $1,905 $1,693 $1,438 $1,574 Net Income (Loss) delivery months. (a) (Gain) Loss on Nuclear Decommissioning Trust (NDT) Fund Related Activity, pre-tax (223) (137) (184) 270 (178) (231) (255) 144 (133) (b) (c) 2022 includes the results for fossil generation sold in February (Gain) Loss on Mark-to-Market (MTM), pre-tax 75 210 (1,334) 635 620 81 (285) 117 167 2022. 2021 amounts include a pre-tax loss of $298 million for Pension Settlement Charges, pre-tax - - 338 - - - - - - the make-whole premium paid upon the early redemption of (c) Plant Retirements, Dispositions and Impairments, pre-tax - - - 31 2,940 (122) 402 (51) 975 PSEG Power's debt and other non-cash debt extinguishment costs. Oil Lower of Cost or Market adjustment, pre-tax - - - - - 2 - - - Goodwill Impairment, pre-tax - - - - - - 16 - - (d) Income tax effect calculated at 28.11% statutory rate for 2018 through 2025 and 40.85% statutory rate for 2017, except for Lease Related Activity, pre-tax - (4) 7 78 10 - 58 8 77 qualified NDT related activity, which records an additional Exit Incentive Program (EIP), pre-tax - - 29 - - - - - - 20% trust tax on income (loss) from qualified NDT Funds, the Income Taxes related to Operating Earnings (non-GAAP) reconciling items, excluding additional investment tax credit recapture related to the sale of 66 (2) 323 (306) (891) 106 37 (74) (427) (d) Tax Reform PSEG Solar Source in 2021 and lease related activity. Tax Reform - - - - - - - - (745) (e) Approximately three million potentially dilutive shares were Operating Earnings (non-GAAP) $2,029 $1,839 $1,742 $1,739 $1,853 $1,741 $1,666 $1,582 $1,488 excluded from fully diluted average shares outstanding used (e) PSEG Fully Diluted Average Shares Outstanding (in millions) 501 500 500 501 504 507 507 507 507 to calculate the diluted GAAP loss per share for the year ($ Per Share Impact – Diluted, Unaudited) ended December 31, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used $4.22 $3.54 $5.13 $2.06 ($1.29) $3.76 $3.33 $2.83 $3.10 Net Income (Loss) fully diluted average shares outstanding of 507 million, (a) (Gain) Loss on NDT Fund Related Activity, pre-tax (0.45) (0.27) (0.37) 0.54 (0.35) (0.46) (0.50) 0.28 (0.26) including the three million potentially dilutive shares as they (b) (Gain) Loss on MTM, pre-tax 0.15 0.42 (2.67) 1.27 1.23 0.16 (0.56) 0.23 0.33 were dilutive to non-GAAP results. As a result of the use of different denominators for non-GAAP Operating Earnings and Pension Settlement Charges, pre-tax - - 0.68 - - - - - - GAAP Net Loss, a reconciling line item, "Share Differential," (c) Plant Retirements, Dispositions and Impairments, pre-tax - - - 0.06 5.83 (0.24) 0.79 (0.10) 1.92 has been added to the 2021 results to reconcile the two Goodwill Impairment, pre-tax - - - - - - 0.03 - - Earnings/(Loss) per share calculations. Lease Related Activity, pre-tax - (0.01) 0.01 0.15 0.02 - 0.11 0.02 0.15 Please see Slide 3 for an explanation of PSEG's use of Operating EIP, pre-tax - - 0.06 - - - - - - Earnings as a non-GAAP financial measure and how it differs from Income Taxes related to Operating Earnings (non-GAAP) reconciling items, excluding 0.13 - 0.64 (0.61) (1.77) 0.21 0.08 (0.14) (0.84) (d) Net Income (Loss). Tax Reform Tax Reform - - - - - - - - (1.47) (e) Share Differential - - - - (0.02) - - - - Operating Earnings (non-GAAP) $4.05 $3.68 $3.48 $3.47 $3.65 $3.43 $3.28 $3.12 $2.93 C 24 24