# EDGAR Filing Document

**Accession Number:** 0000356309
**File Stem:** 0001140361-23-004010
**Filing Date:** 2023-2
**Character Count:** 75183
**Document Hash:** 97092e1b0c86f2cf888bffb5a8fb17d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-004010.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001140361-23-004010

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20230202

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEW JERSEY RESOURCES CORP
- **CENTRAL INDEX KEY:** 0000356309
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS DISTRIBUTION [4924]
- **IRS NUMBER:** 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:** 23578750

**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

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, DC 20549

### FORM 8-K

#### CURRENT REPORT

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

#### SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 2, 2023

## 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 Wall,**<br> **New Jersey**<br>| **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. ☐

------

---

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

---

On February 2, 2023, New Jersey Resources Corporation ("NJR") issued a press release reporting financial results for the first fiscal quarter ended December 31, 2022 (the "Press Release"). A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

---

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

---

NJR will deliver a presentation via live public webcast on February 2, 2023, at 10 a.m. ET. The slides to be used for the presentation are furnished herewith as Exhibit 99.2 and are incorporated by reference into Item 7.01 of this Current Report on Form 8-K.

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

---

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

---

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit Number | Exhibit |
| [99.1](brhc10047273_ex99-1.htm) | Press Release dated February 2, 2023 (furnished, not filed) |
| [99.2](brhc10047273_ex99-2.htm) | Presentation dated February 2, 2023 (furnished, not filed) |
| 104 | Cover page in Inline XBRL format |

---

------

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

---

| | | |
|:---|:---|:---|
|  | NEW JERSEY RESOURCES CORPORATION | NEW JERSEY RESOURCES CORPORATION |
| Date: February 2, 2023 | By: | /s/ Roberto F. Bel |
|  |  | Roberto F. Bel |
|  |  | Senior Vice President and Chief Financial Officer |

---

------

## Exhibit 99.1

------

**Exhibit 99.1**<br>

![](image00001.jpg)

#### NEW JERSEY RESOURCES REPORTS FISCAL 2023 FIRST -QUARTER RESULTS

#### AND INCREASES NET FINANCIAL EARNINGS GUIDANCE FOR FISCAL 2023

#### Strong Operating Performance Across Organization During Winter Storm Elliott

**WALL, N.J., February 2, 2023 —** Today, New Jersey Resources Corporation (NYSE: NJR) reported results for the first quarter of fiscal 2023. Highlights include:

&nbsp;&nbsp;&nbsp;&nbsp;**•** Consolidated net income of $115.9 million for the three months ended December 31, 2022 , compared with net income of $111.3 million for the same period last year

&nbsp;&nbsp;&nbsp;&nbsp;**•** Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $110.3 million , or $1.14 per share, for the three months ended December 31, 2022 , compared to NFE of $65.8 million , or $0.69 per share, for the same period last year

&nbsp;&nbsp;&nbsp;&nbsp;**•** Increases fiscal 2023 net financial earnings per share (NFEPS) guidance to a range of $2.62 to $2.72 , from $2.42 to $2.52, a $0.20 increase, as a result of the strong performance of our business units during Winter Storm Elliott, particularly Energy Services

&nbsp;&nbsp;&nbsp;&nbsp;• Maintains long-term projected NFEPS growth rate of 7 to 9 percent<sup>(1)</sup>

First-quarter fiscal 2023 net income totaled $115.9 million, or $1.20 per share, compared with net income of $111.3 million, or $1.16 per share, during the same period in fiscal 2022. First-quarter fiscal 2023 NFE totaled $110.3 million, or $1.14 per share, compared to NFE of $65.8 million, or $0.69 per share, during the same period in fiscal 2022.

Steve Westhoven, President and CEO, stated, "NJR reported a strong first quarter of fiscal 2023, with solid operating performance during the recent winter storm event of 2022 driving better than expected results. We are raising our fiscal 2023 NFEPS guidance to a range of $2.62 to $2.72, largely driven by an exceptional quarter from Energy Services as well as favorable contributions from New Jersey Natural Gas (NJNG) and Storage and Transportation. Overall, these results reflect the strength of our complementary portfolio of businesses and the value of our physical infrastructure."

#### Key Performance Metrics

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br> **December 31,** | **Three Months Ended**<br> **December 31,** |
|  *($ in Thousands)* | **2022** | 2021 |
|  Net income | $115921 | $111312 |
|  Basic EPS | $1.20 | $1.16 |
|  Net financial earnings | $110284 | $65770 |
|  Basic net financial earnings per share | $1.14 | $0.69 |

---

<sup>(1)</sup> NFEPS long-term annual growth projections are based on the midpoint of the $2.20 - $2.30 initial guidance range for fiscal 2022, provided on February 1, 2021

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#### NJR Reports First Quarter Fiscal 2023 Results

#### Page 2 of 13
A reconciliation of net income to NFE for the three months ended December 31, 2022 and 2021, is provided below.

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br> **December 31,** | **Three Months Ended**<br> **December 31,** |
| (Thousands) | **2022** | 2021 |
| **Net income** | $115921 | $111312 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized (gain) on derivative instruments and related transactions | **(31503)** | (82191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **7487** | 19536 |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas inventory | **23972** | 23577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **(5697)** | (5603) |
| &nbsp;&nbsp;&nbsp; NFE tax adjustment | **104** | (861) |
| **Net financial earnings** | $110284 | $65770 |
| **Weighted Average Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp; Basic | **96485** | 95944 |
| &nbsp;&nbsp;&nbsp; Diluted | **97083** | 96356 |
| **Basic earnings per share** | $1.20 | $1.16 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized (gain) on derivative instruments and related transactions | **(0.33)** | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | 0.08 | 0.21 |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas inventory | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **(0.06)** | (0.06) |
| &nbsp;&nbsp;&nbsp; NFE tax adjustment | **—** | (0.01) |
| **Basic NFE per share** | $1.14 | $0.69 |

---

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.

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#### NJR Reports First Quarter Fiscal 2023 Results

#### Page 3 of 13
A table detailing NFE for the three months ended December 31, 2022 and 2021, is provided below.

#### Net financial earnings (loss) by Business Unit

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br> **December 31,** | **Three Months Ended**<br> **December 31,** |
| (Thousands) | **2022** | 2021 |
| &nbsp;&nbsp;&nbsp; New Jersey Natural Gas | $54664 | $51080 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures (CEV) | **(3582)** | (6821) |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **6243** | 2962 |
| &nbsp;&nbsp;&nbsp; Energy Services | **52533** | 17567 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **(29)** | 447 |
| &nbsp;&nbsp;&nbsp; **Subtotal** | **109829** | 65235 |
| &nbsp;&nbsp;&nbsp; Eliminations | **455** | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $110284 | $65770 |

---

### Fiscal 2023 NFE Guidance:

NJR is raising its fiscal 2023 NFE guidance by $0.20 to a range of $2.62 to $2.72, subject to the risks and uncertainties identified below under "Forward-Looking Statements." The following chart represents NJR's current expected contributions from its business segments for fiscal 2023:

---

| | |
|:---|:---|
| **Company** | **Expected Fiscal 2023**<br> **Net Financial Earnings** <br> **Contribution** |
| New Jersey Natural Gas | 48 to 53 percent |
| Clean Energy Ventures | 18 to 20 percent |
| Storage and Transportation | 4 to 8 percent |
| Energy Services | 20 to 25 percent |
| Home Services and Other | 0 to 1 percent |

---

In providing fiscal 2023 NFE guidance, management is aware there could be differences between reported GAAP earnings 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.

#### New Jersey Natural Gas

NJNG reported first-quarter fiscal 2023 NFE of $54.7 million, compared to NFE of $51.1 million during the same period in fiscal 2022. The improvement was due primarily to higher base rates, which became effective on December 1, 2021, as well as higher contribution from Basic Gas Supply Service incentive programs to utility gross margin.

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#### NJR Reports First Quarter Fiscal 2023 Results

#### Page 4 of 13
Customer Growth:

&nbsp;&nbsp;&nbsp;&nbsp;**•** NJNG added 2,132 new customers during first-quarter fiscal 2023 , compared with 1,730 in fiscal 2022 . NJNG expects these new customers to contribute approximately $1.8 million of incremental utility gross margin on an annualized basis.

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
 natural gas distribution system. During the first quarter of fiscal 2023 NJNG spent $8.8 million under the program on various distribution system
 reinforcement projects. On March 31, 2022, the Company filed its first rate recovery request with the BPU. On July 13, 2022, NJNG updated the filing with actual information through June 30, 2022, seeking recovery for $28.9
 million of investments, including AFUDC, from November 30, 2020 through June 30, 2022. On September 7, 2022, the BPU issued an Order approving a stipulation of settlement effective October 1,
 2022.

Basic Gas Supply Service (BGSS) Incentive Programs:

BGSS incentive programs contributed $8.7 million to utility gross margin in the first-quarter of fiscal 2023, compared with $3.8 million during the same period in fiscal 2022. The increase was due primarily to higher margins from off-system sales and the storage incentive program.

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

Energy-Efficiency Programs:

SAVEGREEN invested $10.7 million in the first quarter of fiscal 2023 in energy-efficiency upgrades for their customers' homes and businesses. NJNG recovered $2.5 million of its outstanding investments during the first quarter of fiscal 2023 through its energy efficiency rate.

#### Clean Energy Ventures

CEV reported first-quarter fiscal 2023 net financial loss of $(3.6) million, compared with net financial loss of $(6.8) million during the same period in fiscal 2022. The improvement was due primarily to higher SREC and electricity revenue and lower operating expenses, partially offset by higher depreciation expenses.

Solar Investment Update:

• During the first quarter of fiscal 2023, CEV placed 3 commercial projects into service, adding approximately 18 megawatts (MW) to total installed capacity.

<br> • As of December 31, 2022, CEV had approximately 405MW of solar capacity (including residential) in service in New Jersey, Rhode Island, New York and Connecticut.

• Subsequent to quarter end, CEV placed a 25MW commercial project into service, and now has over 430MW (including residential) of total installed capacity as of February 2, 2022.

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#### NJR Reports First Quarter Fiscal 2023 Results

#### Page 5 of 13

#### Storage and Transportation

Storage and Transportation reported first-quarter fiscal 2023 NFE of $6.2 million, compared with NFE of $3.0 million during the same period in fiscal 2022. The increase was due primarily to increased operating revenue at Leaf River and Adelphia Gateway, partially offset by increased depreciation expenses.

#### Energy Services

Energy Services reported first-quarter fiscal 2023 NFE of $52.5 million, compared with NFE of $17.6 million during the same period in fiscal 2022. The improvement for the first quarter of fiscal 2023 compared to the prior year period was due primarily to higher natural gas price volatility during periods of colder than expected weather in December, allowing Energy Services to capture additional margin.

#### Home Services and Other Operations

Home Services and Other Operations reported first-quarter fiscal 2023 net financial loss of $(0.03) million compared with NFE of $0.4 million for the same period in fiscal 2022.

#### Capital Expenditures and Cash Flows:

NJR is committed to maintaining a strong financial profile.

&nbsp;&nbsp;&nbsp;&nbsp;**•** During the first-quarter of fiscal 2023, capital expenditures were $137.0 million, including accruals, of which $80.7 million were related to NJNG, compared with $152.7
 million, of which $59.7 million were related to NJNG, during the same period in fiscal 2022. The decrease in capital expenditures was primarily due to the completion of the Adelphia Gateway Pipeline project, which was placed into service in
 September 2022.

&nbsp;&nbsp;&nbsp;&nbsp;**•** During the first-quarter of fiscal 2023, cash flows used in operations were $88.9 million, compared
 with cash flows used in operations of $37.4 million during the
 same period of fiscal 2022. The decrease in operating cash flows was due to higher working capital requirements as a result of higher energy prices.

#### 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 estimates of 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, certain statements regarding NJR's NFEPS guidance for fiscal 2023, projected NFEPS growth rates, forecasted contribution of business segments to NJR's NFE for fiscal 2023, customer growth at NJNG, potential CEV capital projects, infrastructure programs and investments future decarbonization opportunities including IIP, the outcome of future Base Rate Cases with the BPU, and other legal and regulatory expectations.*

*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 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 future events.*

** 

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#### NJR Reports First Quarter Fiscal 2023 Results

#### Page 6 of 13

#### 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 and certain transactions related to NJR's investments in the PennEast Project, 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 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.*

*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 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 over 7,700 miles of natural gas transportation and distribution
 infrastructure to serve over 570,000 customers in New Jersey's Monmouth, Ocean and parts of Morris, Middlesex, Sussex and Burlington counties.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Clean Energy Ventures** invests in, owns and operates solar
 projects with a total capacity of more than 430 megawatts, providing residential and commercial 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.

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#### NJR Reports First Quarter Fiscal 2023 Results

#### Page 7 of 13
&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, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its over 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.

For more information about NJR:

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

Follow us on Twitter <u>@NJNaturalGas</u>.

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

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#### NJR Reports First Quarter Fiscal 2023 Results

#### Page 8 of 13

#### NEW JERSEY RESOURCES

#### CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br> **December 31,** | **Three Months Ended**<br> **December 31,** |
| *(Thousands, except per share data)* | **2022** | 2021 |
| **OPERATING REVENUES** |  |  |
| &nbsp;&nbsp;&nbsp; Utility | $357409 | $274435 |
| &nbsp;&nbsp;&nbsp; Nonutility | **366158** | 401407 |
| Total operating revenues | **723567** | 675842 |
| **OPERATING EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp; Gas purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utility | **182446** | 122269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonutility | **232070** | 278794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related parties | **1827** | 1846 |
| &nbsp;&nbsp;&nbsp; Operation and maintenance | **79501** | 68984 |
| &nbsp;&nbsp;&nbsp; Regulatory rider expenses | **18251** | 16671 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **36683** | 30393 |
| Total operating expenses | **550778** | 518957 |
| **OPERATING INCOME** | **172789** | 156885 |
| Other income, net | **4655** | 4136 |
| Interest expense, net of capitalized interest | **29491** | 19477 |
| **INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES** | **147953** | 141544 |
| Income tax provision | **32978** | 30807 |
| Equity in earnings of affiliates | **946** | 575 |
| **NET INCOME** | $115921 | $111312 |
| **EARNINGS PER COMMON SHARE** |  |  |
| &nbsp;&nbsp;&nbsp; Basic | $1.20 | $1.16 |
| &nbsp;&nbsp;&nbsp; Diluted | $1.19 | $1.16 |
| **WEIGHTED AVERAGE SHARES OUTSTANDING** |  |  |
| &nbsp;&nbsp;&nbsp; Basic | **96485** | 95944 |
| &nbsp;&nbsp;&nbsp; Diluted | **97083** | 96356 |

---

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#### NJR Reports First Quarter Fiscal 2023 Results

#### Page 9 of 13

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

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br> **December 31,** | **Three Months Ended**<br> **December 31,** |
| (Thousands) | **2022** | 2021 |
| **NEW JERSEY RESOURCES** |  |  |
| **A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:** | **A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:** | **A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:** |
| Net income | $115921 | $111312 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized (gain) on derivative instruments and related transactions | **(31503)** | (82191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **7487** | 19536 |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas inventory | **23972** | 23577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **(5697)** | (5603) |
| &nbsp;&nbsp;&nbsp; NFE tax adjustment | **104** | (861) |
| **Net financial earnings** | $110284 | $65770 |
| **Weighted Average Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp; Basic | **96485** | 95944 |
| &nbsp;&nbsp;&nbsp; Diluted | **97083** | 96356 |
| **A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:** | **A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:** | **A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:** |
| **Basic earnings per share** | $1.20 | $1.16 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized (gain) on derivative instruments and related transactions | $(0.33) | $(0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | $0.08 | $0.21 |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas inventory | $0.25 | $0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | $(0.06) | $(0.06) |
| &nbsp;&nbsp;&nbsp; NFE tax adjustment | $— | $(0.01) |
| **Basic NFE per share** | $1.14 | $0.69 |
| **NATURAL GAS DISTRIBUTION** |  |  |
| **A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:** | **A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:** | **A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:** |
| Operating revenues | $357746 | $274772 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp; Natural gas purchases | **184771** | 124594 |
| &nbsp;&nbsp;&nbsp; Operating and maintenance <sup>(1)</sup> | **26294** | 13141 |
| &nbsp;&nbsp;&nbsp; Regulatory rider expense | **18251** | 16671 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **24890** | 22893 |
| Gross margin | **103540** | 97473 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp; Operating and maintenance <sup>(1)</sup> | **26294** | 13141 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **24890** | 22893 |
| **Utility gross margin** | $154724 | $133507 |

---

*(1)* Excludes selling, general and administrative expenses of approximately $23.4 million and $23.3 million for the three months ended December 31, 2022 and 2021, respectively

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#### NJR Reports First Quarter Fiscal 2023 Results

#### Page 10 of 13

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

---

| | | |
|:---|:---|:---|
| (Unaudited) | **Three Months Ended<br> December 31,** | **Three Months Ended<br> December 31,** |
| (Thousands) | **2022** | 2021 |
| **ENERGY SERVICES** |  |  |
| **A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:** | **A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:** | **A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:** |
| Operating revenues | $**321782** | $369244 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas purchases | **233287** | 278687 |
| &nbsp;&nbsp;&nbsp; Operation and maintenance <sup>(1)</sup> | **3455** | (13871) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **57** | 28 |
| Gross margin | **84983** | 104400 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp; Operation and maintenance <sup>(1)</sup> | **3455** | (13871) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **57** | 28 |
| &nbsp;&nbsp;&nbsp; Unrealized (gain) on derivative instruments and related transactions | **(39886)** | (85647) |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas inventory | **23972** | 23577 |
| **Financial margin** | $**72581** | $28487 |

---

*(1)* Excludes selling, general and administrative expenses of approximately $(2.3) million and $17.6 million for the three months ended December 31, 2022 and 2021, 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:** | |
| Net income | $**64561** | $65744 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized (gain) on derivative instruments and related transactions | **(39886)** | (85647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **9479** | 20357 |
| &nbsp;&nbsp;&nbsp; Effects of economic hedging related to natural gas | **23972** | 23577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect | **(5697)** | (5603) |
| &nbsp;&nbsp;&nbsp; NFE tax adjustment | **104** | (861) |
| **Net financial earnings** | $**52533** | $17567 |

---

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#### NJR Reports First Quarter Fiscal 2023 Results

#### Page 11 of 13

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

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br> **December 31,** | **Three Months Ended**<br> **December 31,** |
| *(Thousands, except per share data)* | **2022** | 2021 |
| **NEW JERSEY RESOURCES** |  |  |
| **Operating Revenues** |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas Distribution | $357746 | $274772 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **12792** | 10183 |
| &nbsp;&nbsp;&nbsp; Energy Services | **321782** | 369244 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **26838** | 12143 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **14266** | 13951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Sub-total*** | **733424** | 680293 |
| &nbsp;&nbsp;&nbsp; Eliminations | **(9857)** | (4451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $723567 | $675842 |
| **Operating Income (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas Distribution | $80113 | $74183 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **(321)** | (3972) |
| &nbsp;&nbsp;&nbsp; Energy Services | **87315** | 86778 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **12617** | 1876 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **51** | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Sub-total*** | **179775** | 159727 |
| &nbsp;&nbsp;&nbsp; Eliminations | **(6986)** | (2842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $172789 | $156885 |
| **Equity in Earnings of Affiliates** |  |  |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | $909 | $1056 |
| &nbsp;&nbsp;&nbsp; Eliminations | **37** | (481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $946 | $575 |
| **Net Income (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas Distribution | $54664 | $51080 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **(3582)** | (6821) |
| &nbsp;&nbsp;&nbsp; Energy Services | **64561** | 65744 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **6243** | 2962 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **(29)** | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Sub-total*** | **121857** | 113412 |
| &nbsp;&nbsp;&nbsp; Eliminations | **(5936)** | (2100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $115921 | $111312 |
| **Net Financial Earnings (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas Distribution | $54664 | $51080 |
| &nbsp;&nbsp;&nbsp; Clean Energy Ventures | **(3582)** | (6821) |
| &nbsp;&nbsp;&nbsp; Energy Services | **52533** | 17567 |
| &nbsp;&nbsp;&nbsp; Storage and Transportation | **6243** | 2962 |
| &nbsp;&nbsp;&nbsp; Home Services and Other | **(29)** | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Sub-total*** | **109829** | 65235 |
| &nbsp;&nbsp;&nbsp; Eliminations | **455** | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | $110284 | $65770 |
| **Throughput (Bcf)** |  |  |
| &nbsp;&nbsp;&nbsp; NJNG, Core Customers | 25.0 | 24.6 |
| &nbsp;&nbsp;&nbsp; NJNG, Off System/Capacity Management | 17.9 | 25.1 |
| &nbsp;&nbsp;&nbsp; Energy Services Fuel Mgmt. and Wholesale Sales | 44.2 | 63.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total*** | 87.1 | 113.2 |
| **Common Stock Data** |  |  |
| &nbsp;&nbsp;&nbsp; Yield at December 31, | **3.1**% | 3.5% |
| &nbsp;&nbsp;&nbsp; Market Price at December 31, | $49.62 | $41.06 |
| &nbsp;&nbsp;&nbsp; Shares Out. at December 31, | **96803** | 95962 |
| &nbsp;&nbsp;&nbsp; Market Cap. at December 31, | $4803389 | $3940188 |

---

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#### NJR Reports First Quarter Fiscal 2023 Results

#### Page 12 of 13

---

| | | |
|:---|:---|:---|
| (Unaudited) | **Three Months Ended<br> December 31,** | **Three Months Ended<br> December 31,** |
| *(Thousands, except customer and weather data)* | **2022** | 2021 |
| **NATURAL GAS DISTRIBUTION** |  |  |
| **Utility Gross Margin** |  |  |
| &nbsp;&nbsp;&nbsp; Operating revenues | $357746 | $274772 |
| &nbsp;&nbsp;&nbsp; Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas purchases | **184771** | 124594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating and maintenance <sup>(1)</sup> | **26294** | 13141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory rider expense | **18251** | 16671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | **24890** | 22893 |
| &nbsp;&nbsp;&nbsp; Gross margin | **103540** | 97473 |
| &nbsp;&nbsp;&nbsp; Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating and maintenance <sup>(1)</sup> | **26294** | 13141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | **24890** | 22893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Utility Gross Margin*** | $154724 | $133507 |
| *(1)* Excludes selling, general and administrative expenses of approximately $23.4 million and $23.3 million for the three months ended December 31, 2022 and 2021, respectively | *(1)* Excludes selling, general and administrative expenses of approximately $23.4 million and $23.3 million for the three months ended December 31, 2022 and 2021, respectively | *(1)* Excludes selling, general and administrative expenses of approximately $23.4 million and $23.3 million for the three months ended December 31, 2022 and 2021, respectively |
| **Utility Gross Margin, Operating Income and Net Income** |  |  |
| &nbsp;&nbsp;&nbsp; Residential | $104018 | $92605 |
| &nbsp;&nbsp;&nbsp; Commercial, Industrial & Other | **20779** | 19102 |
| &nbsp;&nbsp;&nbsp; Firm Transportation | **20480** | 17282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Firm Margin*** | **145277** | 128989 |
| &nbsp;&nbsp;&nbsp; Interruptible | **761** | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total System Margin*** | **146038** | 129743 |
| &nbsp;&nbsp;&nbsp; Off System/Capacity Management/FRM/Storage Incentive | **8686** | 3764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Utility Gross Margin*** | **154724** | 133507 |
| &nbsp;&nbsp;&nbsp; Operation and maintenance expense | **49721** | 36431 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **24890** | 22893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Operating Income*** | $80113 | $74183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Net Income*** | $54664 | $51080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Net Financial Earnings*** | $54664 | $51080 |
| **Throughput (Bcf)** |  |  |
| &nbsp;&nbsp;&nbsp; Residential | 14.7 | 12.6 |
| &nbsp;&nbsp;&nbsp; Commercial, Industrial & Other | 2.7 | 2.3 |
| &nbsp;&nbsp;&nbsp; Firm Transportation | 4.0 | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Firm Throughput*** | 21.4 | 18.5 |
| &nbsp;&nbsp;&nbsp; Interruptible | 3.6 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total System Throughput*** | 25.0 | 24.6 |
| &nbsp;&nbsp;&nbsp; Off System/Capacity Management | 17.9 | 25.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Throughput*** | 42.9 | 49.7 |
| **Customers** |  |  |
| &nbsp;&nbsp;&nbsp; Residential | **514452** | 506677 |
| &nbsp;&nbsp;&nbsp; Commercial, Industrial & Other | **32302** | 31756 |
| &nbsp;&nbsp;&nbsp; Firm Transportation | **25628** | 28073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Firm Customers*** | **572382** | 566506 |
| &nbsp;&nbsp;&nbsp; Interruptible | **88** | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total System Customers*** | **572470** | 566537 |
| &nbsp;&nbsp;&nbsp; Off System/Capacity Management\* | **30** | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Customers*** | **572500** | 566561 |
| *\*The number of customers represents those active during the last month of the period.* |  |  |
| **Degree Days** |  |  |
| &nbsp;&nbsp;&nbsp; Actual | **1543** | 1274 |
| &nbsp;&nbsp;&nbsp; Normal | **1547** | 1550 |
| &nbsp;&nbsp;&nbsp; Percent of Normal | **99.7**% | 82.2% |

---

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#### NJR Reports First Quarter Fiscal 2023 Results

#### Page 13 of 13

---

| | | |
|:---|:---|:---|
| (Unaudited) | **Three Months Ended<br> December 31,** | **Three Months Ended<br> December 31,** |
| *(Thousands, except customer, SREC, TREC and megawatt)* | **2022** | 2021 |
| **CLEAN ENERGY VENTURES** |  |  |
| **Operating Revenues** |  |  |
| &nbsp;&nbsp;&nbsp; SREC sales | $3886 | $2867 |
| &nbsp;&nbsp;&nbsp; TREC sales | **1202** | 846 |
| &nbsp;&nbsp;&nbsp; Solar electricity sales and other | **4767** | 3654 |
| &nbsp;&nbsp;&nbsp; Sunlight Advantage | **2937** | 2816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Operating Revenues*** | $12792 | $10183 |
| **Depreciation and Amortization** | $5576 | $5233 |
| **Operating Loss** | $(321) | $(3972) |
| **Income Tax Benefit** | $(1837) | $(2046) |
| **Net Loss** | $(3582) | $(6821) |
| **Net Financial Loss** | $(3582) | $(6821) |
| **Solar Renewable Energy Certificates Generated** | **98462** | 92172 |
| **Solar Renewable Energy Certificates Sold** | **16812** | 12200 |
| **Transition Renewable Energy Certificates Generated** | **8345** | 6085 |
| **Solar Renewable Energy Certificates II Generated** | **1784** |  |
| **Solar Megawatts Under Construction** | 45.5 | 77.1 |
| **ENERGY SERVICES** |  |  |
| **Operating Income** |  |  |
| &nbsp;&nbsp;&nbsp; Operating revenues | $321782 | $369244 |
| &nbsp;&nbsp;&nbsp; Less: |  |  |
| &nbsp;&nbsp;&nbsp; Gas purchases | **233287** | 278687 |
| &nbsp;&nbsp;&nbsp; Operation and maintenance expense | **1123** | 3751 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **57** | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Total Operating Income*** | $87315 | $86778 |
| **Net Income** | $64561 | $65744 |
| **Financial Margin** | $72581 | $28487 |
| **Net Financial Earnings** | $52533 | $17567 |
| **Gas Sold and Managed (Bcf)** | 44.2 | 63.5 |
| **STORAGE AND TRANSPORTATION** |  |  |
| **Operating Revenues** | $26838 | $12143 |
| **Equity in Earnings of Affiliates** | $909 | $1056 |
| **Operation and Maintenance Expense** | $7474 | $7430 |
| **Other Income, Net** | $1367 | $2509 |
| **Interest Expense** | $6707 | $2136 |
| **Income Tax Provision** | $1943 | $343 |
| **Net Income** | $6243 | $2962 |
| **Net Financial Earnings** | $6243 | $2962 |
| **HOME SERVICES AND OTHER** |  |  |
| **Operating Revenues** | $14266 | $13951 |
| **Operating Income** | $51 | $862 |
| **Net (Loss) Income** | $(29) | $447 |
| **Net Financial (Loss) Earnings** | $(29) | $447 |
| **Total Service Contract Customers at Dec 31** | **102600** | 105373 |

---

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## Exhibit 99.2

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**Exhibit 99.2**<br>

![](brhc10047273_ex99-2slide1.jpg)

February 2, 2023 First Quarter FY 2023 Financial Results

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![](brhc10047273_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 estimates of 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, certain statements regarding NJR's NFEPS guidance for fiscal 2023, including NFEPS guidance by Segment, fiscal 2024 long term growth range, long term annual growth projections and targets, projections of dividend and financing activities, forecasted contribution of business segments to NJR's NFE for fiscal 2023, customer growth at NJNG, future NJR and NJNG capital expenditures, potential CEV capital projects, announced charitable endowment, project pipeline through Fiscal 2027, total expected shareholder return projections, CEV revenue and service projections, SREC Hedging strategies and Asset Management Agreements, the outcome and timing of future Base Rate Cases with the BPU, emissions reduction strategies and clean energy goals, environmental social and governance efforts, outcome of the Inflation Reduction Act, rising interest rates and ITCs, and other legal and regulatory expectations. 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 future events. Non-GAAP Measures 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 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 and certain transactions related to NJR's investments in the PennEast Project, 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 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. 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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![](brhc10047273_ex99-2slide3.jpg)

2 1 First Quarter FY 2023 HighlightsSteve Westhoven \| President and CEO 2 Financial HighlightsRoberto Bel \| SVP and CFO 3 Q&A Session Agenda

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![](brhc10047273_ex99-2slide4.jpg)

Highlighting our accomplishments: Invested more than $53 million in NJNG's energy-efficiency programs in fiscal year 2022, the highest single-year investment of this type in our company's history Advanced our leadership in renewable development by constructing milestone solar projects of national significance Including one of the largest capped landfill solar arrays and the largest floating solar installation in the United States New Jersey Natural Gas (NJNG) became the first natural gas utility in New Jersey to eliminate all unprotected steel and cast iron in its distribution system by the end of 2022 $20 million endowment to support our charitable foundation work 2022 Sustainability Report 14th Consecutive Year since 2008 3 Download the full report here (add link) 2022 Sustainability Report 3 This system – the first of its kind on the East Coast – will offset 180 US tons of carbon emissions per year, the equivalent of eliminating 90 tons of coal, or over 400,000 miles driven

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![](brhc10047273_ex99-2slide5.jpg)

First Quarter 2023 Summary Successful Operations During Winter Storm Elliot NJNG Improved NFE by ~7% from the prior year period, as a result of higher base rates, higher utility gross margin contribution from our BGSS incentive programs, and customer growth CEV Placed ~43MW into service since FYE 2022 Project pipeline of ~640MW (under contract or exclusivity) through Fiscal 2027 S&T Adelphia Gateway operated successfully during Winter Storm Elliott2 Strong NFEPS contribution from Leaf River Energy Center Energy Services Stronger than expected results from long-option strategy Continued contribution from Asset Management Agreements (AMA) with investment grade utility Continued Execution Throughout Fall/Winter Quarter A reconciliation from NFE to net income can be found in the Appendix. Winter Storm Elliott, which included temperatures in Monmouth County falling from ~60º to ~10º in 12 hours on December 23, 2022 First Quarter NFEPS1 Successfully delivered energy to customers during Winter Storm Elliott Exceptional performance with no supply interruptions at NJNG and S&T Significant uptick in natural gas price volatility through the event allowed the Energy Services team to generate additional value from our physical assets Winter Storm Elliott

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![](brhc10047273_ex99-2slide6.jpg)

Increasing Fiscal 2023 NFEPS Guidance by $0.20 to $2.62 to $2.72 Net Financial Earnings per Share NFEPS long-term annual growth projections are based on the midpoint of the $2.20 - $2.30 initial guidance range for fiscal 2022, provided on February 1, 2021 7-9% LONG-TERM ANNUAL GROWTH1 Fiscal 2023 NFEPS Guidance by Segment 8.1% Increase from Midpoint of FY 2023 Initial Guidance Range FY2024 EXPECTED TO BE AT OR ABOVE THE TOP END OF THE LONG-TERM ANNUAL GROWTH RANGE DUE TO IMPACT OF THE AMA 15.3% NFEPS CAGR THROUGH FY2023E Q1 2023 NFEPS $1.14

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![](brhc10047273_ex99-2slide7.jpg)

New Jersey Natural Gas Solid Performance Due to Higher Base Rates / Favorable Customer Growth ~$91M Total change in PP&E (cash spent, capex accrued and AFUDC). Includes SAVEGREEN investments, which for GAAP purposes are included as part of cash flows from operations Facilities and RNG & P2G included in "Other" ~36% of capital expenditures earned a near real-time return NJNG Customers (in thousands) 572.5 Added 2,132 new customers in Q1 fiscal 2023 compared to 1,730 in Q1 fiscal 2022 Timing of Next Rate Case Filing Expected in Fiscal 2024 Q1 Fiscal 2023 Capital Expenditures1 Furthers our commitment to energy efficiency

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![](brhc10047273_ex99-2slide8.jpg)

Clean Energy Ventures (CEV): Growing Capacity with a Robust Pipeline CEV owns and operates solar projects in New Jersey, Rhode Island, New York and Connecticut with approximately 430MW of capacity Total ~1.1 GW MWs Pipeline of ~659MW including projects under construction, contract, or exclusivity ~430MW of projects in-service ~60% of pipeline located in NJ ~40% located outside of NJ New In-Service since FYE 2022 ~43MW

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![](brhc10047273_ex99-2slide9.jpg)

Financial Review Roberto Bel SVP and Chief Financial Officer 8

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![](brhc10047273_ex99-2slide10.jpg)

NJR Review of Q1 Fiscal 2023 NFE Changes A reconciliation of these non-GAAP measures can be found in the Appendix O&M expense increased $13.3 million during the three months ended December 31, 2022, compared with the three months ended December 31, 2021, due primarily to the deferral of $10.7 million in pandemic-related costs in December 2021 that did not reoccur. ($ in Millions) Fiscal 1Q22 – Consolidated NFE ($ in millions) $65.8 NJNG $3.6 Utility Gross Margin1 $21.2 O&M2 $(13.3) Depreciation & Amortization (D&A) $(2.0) Interest expense, AFUDC, Income Tax $(2.3) Clean Energy Ventures $3.2 Revenue $2.6 O&M $1.4 D&A, Interest Expense and Other $(0.8) Storage & Transportation $3.3 Operating Income $10.7 Equity in Earnings of Affiliates $(0.1) Other $(7.3) Energy Services $35.0 Financial Margin1 $44.1 Interest Expense, Income Tax and Other $(9.1) Home Services and Other $(0.6) Fiscal 1Q23 – Consolidated NFE ($ in millions) $110.3

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![](brhc10047273_ex99-2slide11.jpg)

NJR Capital Plan1 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 $529 $712 $622 $520 - $658 $542 - $728 ($ in Millions) Capital plan supports long-term NFEPS growth targets of 7 – 9%

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Well Positioned in a Rising Interest Rate Environment ($ in Millions) Term debt only (excludes short-term debt of $464.5 million, capital leases of $37 million and solar asset financing obligations of $160 million). Grouped by fiscal years. Impact of high interest rate environment included in FY2023 and long-term NFEPS guidance Interest rate impact mitigated by predominately fixed-rate debt Manageable debt repayment schedule with no significant maturity towers in any particular year Substantial liquidity at both NJNG and NJR - $900M of credit facilities available through FY2027 Term Debt Maturity Schedule as of December 31, 2022

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Expect 7% - 9% NFEPS Growth Annualized dividend yield of 3.1%1 Dividend growth in line with long-term NFEPS growth expectations Net Zero by 2050 goal for New Jersey operations Delivering Value to Shareholders Through Growth and Income The Clean Energy Future Starts at NJR Solid Long Term Growth Outlook NJR is a Premier Energy Infrastructure Company Implementing Strategic Plan to Drive Continued Organic Growth Across Portfolio Growing Dividend Based on dividend per share of $1.56 and closing share price of $49.92 on January 31, 2023 TOTAL EXPECTED SHAREHOLDER RETURN: ~10 - 12%

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Appendix Slide 14 NJR's Business Portfolio 15 Storage and Transportation (S&T) 16 Energy Services 17 CEV – SREC Hedging Strategy Stabilizes Revenue 18 First Quarter Fiscal 2023 NFE by Business Unit 19 Reconciliation of NFE and NFEPS to Net Income 20 Other Reconciliation of Non-GAAP Measures 21 NJR Capital Plan Table 22 NJR Projected Cash Flows 23 Environmental, Social and Governance Efforts 24 Shareholder and Contact Information 13

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NJR's Business Portfolio Natural Gas and Renewable Fuel Distribution; Solar Investments, Wholesale Energy Markets; Storage & Transportation Infrastructure; Retail Operations Operates and maintains approximately 7,700 miles of Natural Gas transportation and distribution infrastructure serving over 572,000 customers in New Jersey New Jersey Natural Gas (NJNG) Clean Energy Ventures (CEV) Storage and Transportation (S&T) Energy Services (ES) New Jersey Resources Home Services (NJRHS) CEV develops, invests in, owns and operates energy projects that generate clean power, provide low carbon energy solutions and help our customers save energy and money in a sustainable way Invests in, owns and operates midstream assets including natural gas pipeline and storage facilities. Our companies provide transportation and storage services to a broad range of customers in the natural gas market Provides unregulated, wholesale natural gas to consumers across the Gulf Coast, Eastern Seaboard, Southwest, Mid-continent and Canada. In addition to energy supply, NJRES provides a full-range of customized energy management services NJR Home Services offers customers home comfort solutions, including equipment sales and installations; solar lease and purchase plans; and a service contract product line, including heating, cooling, water heating, electric and standby generator contracts Demonstrated leadership as a premier energy infrastructure and environmentally-forward thinking company Utilize public policy and expand its business while taking advantage of energy efficiency Broader climate goals support continued investment across the solar market Generating stable fee-based revenue from diverse mix of high credit-quality customers Long option strategy provides significant upside potential with limited downside risk. Recognized as a Top 20 Ruud® National Pro Partner™ for 6 Consecutive Years

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FULLY OPERATIONAL FULLY OPERATIONAL FULLY OPERATIONAL SOUTH ZONE 90% COMPLETE Description 32.2 mmdth high deliverability salt cavern storage facility in southeastern Mississippi Acquired October 2019 100% owner & operator 12.6 mmdth reservoir storage facility in southern PA. Placed in-service April 2009 50% ownership interest 0.9 mmdth/d interstate pipeline from NE PA to greater Philadelphia area Acquired January 2020 / Placed in-service September 2022 100% owner & operator Market Fundamentals Serving Gulf Coast/Southeast the fastest growing natural gas market in North America with a growing reliance on regional supply imports Serving the Northeast Region with a high dependence on storage and increasingly constrained pipeline capacity Serving the Northeast region, where targeted executable pipeline transportation options that bridge the existing constrained and difficult to expand pipeline grid are required to provide end use markets access to Appalachian supply to meet demand growth Storage and Transportation (S&T) Solid Contribution from Leaf River, Steckman Ridge, and Adelphia Gateway during Q1 2023

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Asset Management Agreements1 Predictable fee-based revenues better ensure coverage of fixed costs De-risked Energy Services business by securing 10 years of contracted cash payments with minimal counterparty credit risk Energy Services AMAs feature initial and permanent capacity releases with cash payments throughout, with ASC 606 revenue recognition standard requiring that revenue be allocated to both the initial and permanent releases. As a result, disproportionate value is allocated to the permanent release periods in FY 2024 and FY 2032. ($ in Millions) Long Option Strategy Significant upside potential with limited downside risk Proven track record of success over 27 years of existence leveraging natural gas market volatility to drive value Physical storage and transportation assets provide optionality to capture location and time spreads whose value can be hedged with the use of financials instruments Downside risk, equivalent to an option's premium, equates to the difference between demand charges and the hedged value Minimal long-term capital commitments and significant cash generation during outperformance years has significantly reduced NJR equity needs Revenue recognition from the AMA for FY2023 is expected to be $48.5 million, of which ~$20.0 million was recognized in fiscal Q1 2023 NJR received this fiscal year's cash payment of $73.5 million in fiscal Q1 2023 AMA Q1 FY 2023 Contribution

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CEV – SREC Hedging Strategy Stabilizes Revenue Based on Energy Year1, as of December 31, 2022 Percent Hedged Average Price Current Price (EY) 98% $197 $215 89% $190 $201 31% $174 $189 Energy Years run from June 1 of the prior year to May 31 of the respective year; for example, Energy Year 2023 begins on June 1, 2022, and ends on May 31, 2023 17% $154 $172 95% $203 $228 Based on Fiscal Year, as of December 31, 2022 Percent Hedged Average Price Current Price (FY) 95% $194 $210 66% $190 $197 31% $174 $183 18% $154 $167 100% $204 $224 Over 95% hedged through Fiscal Year 2024 Over 95% hedged through Energy Year 2024

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Fiscal 2023 First Quarter NFE by Business Unit ($ in 000s) Three Months Ended December 31, 2022 2021 Change New Jersey Natural Gas $54,664 $51,080 $3,584 Clean Energy Ventures $(3,582) $(6,821) $3,239 Storage and Transportation $6,243 $2,962 $3,281 Energy Services $52,533 $17,567 $34,966 Home Services and Other $426 $982 $(556) Total $110,284 $65,770 $44,514 NFEPS $1.14 $0.69 $0.45

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Reconciliation of NFE and NFEPS to Net Income ($ in 000s) NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE. NFE eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period (Unaudited) Three Months Ended December 31, 2022 2021 NEW JERSEY RESOURCES A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: Net income $115,921 $111,312 Add: Unrealized (gain) on derivative instruments and related transactions (31,503) (82,191) Tax effect 7,487 19,536 Effects of economic hedging related to natural gas inventory 23,972 23,577 Tax effect (5,697) (5,603) NFE tax adjustment 104 (861) Net financial earnings $110,284 $65,770 Weighted Average Shares Outstanding Basic 96,485 95,944 Diluted 97,083 96,356 A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: Basic earnings per share $1.20 $1.16 Add: Unrealized (gain) on derivative instruments and related transactions $(0.33) $(0.86) Tax effect $0.08 $0.21 Effects of economic hedging related to natural gas inventory $0.25 $0.25 Tax effect $(0.06) $(0.06) NFE tax adjustment $— $(0.01) Basic NFE per share $1.14 $0.69

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Other Reconciliation of Non-GAAP Measures ($ in 000s) 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. (Unaudited) Three Months Ended December 31, 2022 2021 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: Operating revenues $357,746 $274,772 Less: Natural gas purchases 184,771 124,594 Operating and maintenance (1) 26,294 13,141 Regulatory rider expense 18,251 16,671 Depreciation and amortization 24,890 22,893 Gross margin 103,540 97,473 Add: Operating and maintenance (1) 26,294 13,141 Depreciation and amortization 24,890 22,893 Utility gross margin $154,724 $133,507 A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows: Operating revenues $321,782 $369,244 Less: Natural Gas purchases 233,287 278,687 Operating and maintenance (1) 3,455 (13,871) Depreciation and amortization 57 28 Gross margin 84,983 104,400 Add: Operating and maintenance (1) 3,455 (13,871) Depreciation and amortization 57 28 Unrealized (gain) on derivative instruments and related transactions (39,886) (85,647) Effects of economic hedging related to natural gas inventory 23,972 23,577 Financial margin $72,581 $28,487 (1) Excludes selling, general and administrative expenses

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Q FY2023A FY2022A FY2023E FY2024E Near Real Time Return? New Jersey Natural Gas New Customer $13 $54 $54 - $58 $56 - $60 Yes Maintenance & Integrity $27 $104 $109 - $113 $161 - $176 Cost of Removal / Other $9 $42 $36 - $40 $36 - $40 Facilities $9 $7 $31 - $34 $2 - $4 IT $14 $42 $65 - $69 $46 - $50 IIP $9 $32 $32 - $36 $26 - $30 Yes RNG & P2G $0 $1 $25 - $28 $25 - $28 SAVEGREEN $11 $53 $48 - $52 $48 - $52 Yes $912 $335 $400 - $430 $400 - $440 Clean Energy Ventures Sunlight Advantage $2 $13 $9 - $13 $10 - $14 Commercial Solar $42 $132 $91 - $187 $130 - $266 $44 $145 $100 - $200 $140 - $280 Storage and Transportation Adelphia Gateway $12 $124 $12 - $16 $2 - $6 Leaf River $1 $18 $8 - $12 $0 - $2 $13 $142 $20 - $28 $2 - $8 Total $148 $622 $520 - $658 $542 - $728 NJR Capital Plan1 ($ 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 Q1 2023 actual amounts may not equal due to rounding

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NJR Projected Cash Flows ($ in Millions) Excludes accrual for AFUDC and SAVEGREEN investments (for GAAP purposes, SAVEGREEN investments are included in Cash Flow from Operations) Dividend growth for fiscal 2023 and fiscal 2024 are based upon the midpoint of forecasted 7-9% growth rate FY2022A FY2023E FY2024E Cash Flow from Operations $324 $320 - $360 $450 - $490 Uses of Funds Capital Expenditures1 $590 $466 - $600 $489 - $671 Dividends2 $128 $132 - $137 $143 - $148 Total Uses of Funds $718 $598 - $737 $632 - $819 Financing Activities Common Stock Proceeds – DRIP $15 $34 - $36 $17 - $19 Debt Proceeds/Other $379 $244 - $341 $165 - $310 Total Financing Activities $394 $278 - $377 $182 - $329

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Environmental, Social and Governance Efforts Focus on Definable Accomplishments Social Established $20 million endowment fund for NJR's charities to support continued community giving long into the future Robust structure and initiatives to promote DEI at NJR including Executive DEI Council to ensure accountability Employee-led Business Resource Groups (BRGs) bring together employees with common background to promote engagement and inclusiveness – 21% of NJR workforce belongs to one or more BRGs Achieved NJ operational emissions reductions over 55% since 2006 with goal of 60% by 2030 and net zero by 2050 One of the largest owner-operators of solar assets in New Jersey, we have invested over $1 billion over the last decade building clean, emissions-free power for homes and businesses Plans to invest up to $2 million over the next five years to promote nature-based climate solutions in local communities Environmental Continued progress on reporting and transparency as through publication of 14th consecutive sustainability report Our board of directors (Board) has a broad range of skills and industry knowledge, as well as a diversity of perspectives that align with our company's long-term strategy The Board is responsible for oversight of NJR's overall strategy, including all Environmental Social and Governance (ESG) issues Governance

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Shareholder and Contact Information 1415 Wyckoff Road Wall, NJ 07719 (732) 938-1000 www.njresources.com Corporate Headquarters 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. Stock Transfer Agent and Registrar Contact Information Adam Prior – Director, Investor Relations 732-938-1145 aprior@njresources.com Last Four Dividends Paid (Quarterly Frequency) Ex-Dividend Date Record Date Payable Date Amount per share 12/13/2022 12/14/2022 1/3/2023 $0.39 9/23/2022 9/26/2022 10/3/2022 $0.391 6/14/2022 6/15/2022 7/1/2022 $0.3625 3/15/2022 3/16/2022 4/1/2022 $0.3625 Online Information Website: www.njresources.com Investor Relations: LINK Follow us: 7.6 percent increase in the quarterly dividend rate to $0.39 per share from $0.3625 per share

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