New Jersey Resources Reports Fiscal 2026 Second-Quarter Results

Increases Net Financial Earnings Guidance for Fiscal 2026 Due to Energy Services' Continued Outperformance

WALL, N.J.--(BUSINESS WIRE)--New Jersey Resources Corporation (NYSE: NJR) today reported financial and operating results for its fiscal 2026 second quarter ended March 31, 2026.

Financial Highlights:

• Fiscal 2026 second-quarter consolidated net income of $218.9 million, or $2.17 per share, compared with $204.3 million, or $2.04 per share, in the second quarter of fiscal 2025
• Fiscal 2026 second-quarter consolidated net financial earnings (NFE), a non-GAAP financial measure, of $221.5 million, or $2.20 per share, compared with $178.3 million, or $1.78 per share, in the second quarter of fiscal 2025
• Fiscal 2026 year-to-date net income totaled $341.4 million, or $3.39 per share, compared with $335.6 million, or $3.35 per share, for the same period in fiscal 2025
• Fiscal 2026 year-to-date NFE totaled $339.6 million, or $3.37 per share, compared with $307.2 million, or $3.07 per share, for the same period in fiscal 2025

Fiscal 2026 Outlook

• Increases fiscal 2026 net financial earnings per share (NFEPS) guidance to a range of $3.48 to $3.63, from $3.28 to $3.43, a $0.20 increase, as a result of the continued strong performance of Energy Services. This marks the second increase to fiscal 2026 guidance, following a $0.25 increase announced in February 2026.
• Maintains 7 to 9 percent long-term net financial earnings per share (NFEPS) growth target, starting from a fiscal 2025 base of $2.83 per share*
  * 7% - 9% growth would imply a NFEPS range of $3.03 - $3.08 in fiscal 2026

Management Commentary

Steve Westhoven, President and CEO of New Jersey Resources, stated, “Our exceptional operating performance throughout the winter season delivered reliable service, while New Jersey Natural Gas' strong hedging program helped mitigate costs for our customers. Additionally, as a result of Energy Services' continued outperformance, we were able to increase our fiscal 2026 NFEPS guidance for the second time this year.”

Fiscal 2026 NFEPS Guidance and Expected NFE Contributions by Segment

NJR is raising its fiscal 2026 NFEPS guidance range by $0.20 to a range of $3.48 to $3.63, subject to the risks and uncertainties identified below under "Forward-Looking Statements." The following chart represents NJR’s current expected NFE contributions from its business segments for fiscal 2026:

Segment	Expected fiscal 2026 net financial earnings contribution
New Jersey Natural Gas	58 to 62 percent
Clean Energy Ventures	9 to 13 percent
Storage and Transportation	8 to 11 percent
Energy Services	19 to 23 percent
Home Services and Other	0 to 1 percent

In providing fiscal 2026 NFE guidance, management is aware that there could be differences between reported GAAP net income and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.

Financial Metrics

	Three Months Ended				Six Months Ended
	March 31,				March 31,
($ in Thousands, except per share data)	2026		2025		2026		2025
Net income	$	218,912	$	204,287	$	341,402	$	335,606
Basic EPS	$	2.17	$	2.04	$	3.39	$	3.35
Net financial earnings*	$	221,463	$	178,296	$	339,636	$	307,190
Basic net financial earnings per share*	$	2.20	$	1.78	$	3.37	$	3.07
*A reconciliation of net income to NFE for the three and six months ended March 31, 2026 and 2025, respectively is provided in the financial statements below.

Net Financial Earnings (Loss) by Business Segment

	Three Months Ended						Six Months Ended
	March 31,						March 31,
($ in Thousands)		2026			2025			2026			2025
New Jersey Natural Gas	$	148,513		$	144,531		$	232,342		$	211,439
Clean Energy Ventures		(5,223	)		(3,958	)		4,367			44,172
Storage and Transportation		7,708			2,343			15,071			8,007
Energy Services		72,286			35,301			88,566			43,134
Home Services and Other		(219	)		(678	)		260			(63	)
Subtotal		223,065			177,539			340,606			306,689
Eliminations		(1,602	)		757			(970	)		501
Total	$	221,463		$	178,296		$	339,636		$	307,190

New Jersey Natural Gas (NJNG)

NJNG reported fiscal 2026 second-quarter NFE of $148.5 million, compared to NFE of $144.5 million during the same period in fiscal 2025. The increase in NFE for the period was driven primarily by customer growth and higher BGSS incentives.

Fiscal 2026 year-to-date NFE totaled $232.3 million, compared with NFE of $211.4 million for the same period in fiscal 2025. The increase in NFE for the period was due to higher base rates in October and November of fiscal 2026 compared to the same period of fiscal 2025 (new rates were effective November 21, 2024) as well as continued customer growth and higher Basic Gas Supply Service (BGSS) incentives.

Customers:

• At March 31, 2026, NJNG serviced approximately 594,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 589,000 customers as of September 30, 2025.

Basic Gas Supply Service (BGSS) Incentive Programs¹:

• BGSS incentive programs generated $93.2 million of gross customer savings during the first six months of fiscal 2026, which helped offset the unhedged portion of gas costs driven by market volatility and colder‑than‑normal weather.
• BGSS incentive programs also contributed $17.3 million to utility gross margin during the first six months of fiscal 2026, compared with $10.6 million for the same period in fiscal 2025. This increase was primarily driven by increased margins from off-system sales and capacity release due to market volatility as a result of colder weather.
  ¹ BGSS incentive savings represent value created through supply and capacity optimization and shared with customers through the BGSS clause.

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

Energy-Efficiency Programs:

• SAVEGREEN® invested $46.5 million in the first six months of fiscal 2026 in energy-efficiency upgrades for customers' homes and businesses. Investments in SAVEGREEN® are incremental to rate base and earn near-real time returns through a rider that is updated annually.
• More than 115,000 customers have taken part in SAVEGREEN® to date, with those utilizing our whole home offerings realizing bill savings of up to 30%.

Clean Energy Ventures (CEV)

CEV reported fiscal 2026 second-quarter net financial loss of $(5.2) million, compared with $(4.0) million during the same period in the second quarter of fiscal 2025, reflecting higher depreciation and interest expense associated with capital invested over the past year, partially offset by higher revenue.

Fiscal 2026 year-to-date NFE totaled $4.4 million, compared with NFE of $44.2 million for the same period in fiscal 2025. The decrease was primarily due to a gain from the sale of CEV's residential solar portfolio assets that was recognized in the prior year period.

Solar Investment Update:

• During the first six months of fiscal 2026, CEV placed three commercial projects into service, adding 13.4 megawatts (MW)* to installed capacity.
• As of March 31, 2026, CEV had approximately 493MW of commercial solar capacity in service across New Jersey, New York, Connecticut, Pennsylvania, Rhode Island, Indiana, and Michigan.
• Subsequent to quarter end, CEV placed additional projects into service, adding 19.9MW of installed capacity for a total of 512.7MW in service as of May 1, 2026.

* All MWs noted in DC

Storage and Transportation (S&T)

S&T reported fiscal 2026 second-quarter NFE of $7.7 million, compared with NFE of $2.3 million during the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $15.1 million, compared with NFE of $8.0 million for the same period in fiscal 2025.

NFE increased during both periods mainly due to higher operating income at Adelphia Gateway (Adelphia) primarily due to the impact of its Section 4 rate case settlement.

Energy Services (ES)

ES reported fiscal 2026 second-quarter NFE of $72.3 million, compared with NFE of $35.3 million for the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $88.6 million, compared with NFE of $43.1 million for the same period in fiscal 2025. The increase in NFE was primarily due to higher natural gas price volatility during both periods that allowed ES to capture additional financial margin.

Home Services and Other Operations

Home Services and Other Operations reported fiscal 2026 second-quarter net financial loss of $(0.2) million, compared with $(0.7) million for the same period in fiscal 2025.

Fiscal 2026 year-to-date NFE totaled $0.3 million, compared with a net financial loss of $(0.1) million for the same period in fiscal 2025.

Capital Expenditures and Cash Flows:

• During the first six months of fiscal 2026, capital expenditures were $353.9 million, including accruals, compared with $287.1 million during the same period in fiscal 2025. The increase in capital expenditures was primarily due to higher expenditures at NJNG and CEV.
• NJR expects to deploy between $4.8 billion and $5.2 billion in capital expenditures through 2030, with utility spending at NJNG representing over 60% of the investment, all planned CEV capital expenditures safe-harbored to preserve tax credit eligibility, and strategic growth opportunities at S&T supporting long-term value creation.
• During the first six months of fiscal 2026, cash flows from operations increased to $589.3 million, compared to cash flows from operations of $414.1 million in the same period in fiscal 2025, due primarily to an increase in base rates at NJNG.

Conference Call to be Webcast on May 5, 2026

New Jersey Resources will host a live webcast of its fiscal 2026 second quarter financial results on Tuesday, May 5, 2026, at 10 a.m. ET. A few minutes prior to the webcast, visit www.njresources.com and select “Investor Relations.” Scroll down and click the webcast link under “Latest Events” on the right side of the page.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a diversified energy infrastructure and energy services company headquartered in Wall, New Jersey.

NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties.
• Clean Energy Ventures invests in, owns and operates solar projects, providing customers with low-carbon solutions.
• 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.
• 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.
• Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as SAVEGREEN®.

For more information about NJR:
www.njresources.com.

Follow us on X.com (Twitter) @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.

Forward-Looking Statements:

This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as expectations regarding future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, statements regarding NJR’s NFEPS guidance for fiscal 2026, projected NFEPS growth rates and our guidance range, forecasted contributions of business segments to NJR’s NFE for fiscal 2026, our capital plan through 2030, including our capital expenditure projections through 2030, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs; and other legal and regulatory expectations, and statements that include other projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (SEC), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s website, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Information:

This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.

NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at ES, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization expenses as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to ES.

NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expenses. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin.

Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Annual Report on Form 10-K, Item 7.

NEW JERSEY RESOURCES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
	Three Months Ended					Six Months Ended
	March 31,					March 31,
(Thousands, except per share data)		2026		2025			2026		2025
OPERATING REVENUES
Utility	$	640,922	$	618,341		$	1,050,823	$	951,768
Nonutility		298,479		294,686			493,432		449,620
Total operating revenues		939,401		913,027			1,544,255		1,401,388
OPERATING EXPENSES
Gas purchases
Utility		274,947		272,974			444,051		400,654
Nonutility		140,110		151,617			225,964		219,425
Related parties		1,242		1,666			2,519		3,384
Operation and maintenance		112,496		111,041			199,177		199,673
Regulatory rider expenses		59,450		48,501			92,604		70,977
Depreciation and amortization		50,129		47,967			99,705		93,296
Gain on sale of assets		—		(688	)		—		(55,547	)
Total operating expenses		638,374		633,078			1,064,020		931,862
OPERATING INCOME		301,027		279,949			480,235		469,526
Other income, net		16,295		17,006			27,655		28,623
Interest expense, net of capitalized interest		34,975		32,527			70,651		66,418
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES		282,347		264,428			437,239		431,731
Income tax provision		66,176		61,593			100,401		98,977
Equity in earnings of affiliates		2,741		1,452			4,564		2,852
NET INCOME	$	218,912	$	204,287		$	341,402	$	335,606
EARNINGS PER COMMON SHARE
Basic	$	2.17	$	2.04		$	3.39	$	3.35
Diluted	$	2.16	$	2.02		$	3.37	$	3.33
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic		100,849		100,291			100,775		100,073
Diluted		101,482		100,933			101,388		100,705

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES
(Unaudited)
	Three Months Ended						Six Months Ended
	March 31,						March 31,
(Thousands)		2026			2025			2026			2025
NEW JERSEY RESOURCES
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
Net income	$	218,912		$	204,287		$	341,402		$	335,606
Add:
Unrealized (gain) loss on derivative instruments and related transactions		(1,285	)		(27,206	)		1,711			(20,838	)
Tax effect		305			6,466			(407	)		4,953
Effects of economic hedging related to natural gas inventory		4,564			(6,650	)		(4,003	)		(16,177	)
Tax effect		(1,085	)		1,580			951			3,844
NFE tax adjustment		52			(181	)		(18	)		(198	)
Net financial earnings	$	221,463		$	178,296		$	339,636		$	307,190
Weighted Average Shares Outstanding
Basic		100,849			100,291			100,775			100,073
Diluted		101,482			100,933			101,388			100,705
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	$	2.17		$	2.04		$	3.39		$	3.35
Add:
Unrealized (gain) loss on derivative instruments and related transactions	$	(0.01	)	$	(0.27	)	$	0.02		$	(0.21	)
Tax effect	$	—		$	0.06		$	(0.01	)	$	0.05
Effects of economic hedging related to natural gas inventory	$	0.05		$	(0.06	)	$	(0.04	)	$	(0.16	)
Tax effect	$	(0.01	)	$	0.01		$	0.01		$	0.04
Basic net financial earnings per share	$	2.20		$	1.78		$	3.37		$	3.07

NFE is a measure of earnings based on the elimination of timing differences surrounding the recognition of certain gains or losses to effectively match the earnings effects of the economic hedges with the physical sale of natural gas and, therefore, eliminate the impact of volatility to GAAP earnings associated with the derivative instruments. To the extent we utilize forwards, future or other derivatives to hedge natural gas transactions and forecasted SREC production, the resulting unrealized gains and losses are also eliminated from NFE. ES economically hedges its natural gas inventory with financial derivative instruments and calculates the related tax effect based on the statutory rate. 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.

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)
(Unaudited)
	Three Months Ended						Six Months Ended
	March 31,						March 31,
(Thousands)		2026			2025			2026			2025
NATURAL GAS DISTRIBUTION
A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:
Operating revenues	$	641,160		$	618,645		$	1,051,298		$	952,410
Less:
Natural gas purchases		276,567			275,298			447,291			405,303
Operating and maintenance ^(1)		14,667			29,510			59,609			55,519
Regulatory rider expense		59,450			48,501			92,604			70,977
Depreciation and amortization		37,509			35,713			74,469			67,797
Gross margin		252,967			229,623			377,325			352,814
Add:
Operating and maintenance ^(1)		14,667			29,510			59,609			55,519
Depreciation and amortization		37,509			35,713			74,469			67,797
Utility gross margin	$	305,143		$	294,846		$	511,403		$	476,130
(1) Excludes selling, general and administrative expenses of $51.0 million and $31.7 million for the three months ended March 31, 2026 and 2025, respectively, and $55.1 million and $57.8 million for the six months ended March 31, 2026 and 2025, respectively.
ENERGY SERVICES
A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:
Operating revenues	$	244,155		$	246,390		$	363,262		$	332,698
Less:
Natural Gas purchases		139,938			151,847			225,712			219,715
Operation and maintenance ^(1)		9,560			10,866			12,475			12,463
Depreciation and amortization		43			62			84			109
Gross margin		94,614			83,615			124,991			100,411
Add:
Operation and maintenance ^(1)		9,560			10,866			12,475			12,463
Depreciation and amortization		43			62			84			109
Unrealized (gain) loss on derivative instruments and related transactions		(1,285	)		(27,206	)		1,711			(20,838	)
Effects of economic hedging related to natural gas inventory		4,564			(6,650	)		(4,003	)		(16,177	)
Financial margin	$	107,496		$	60,687		$	135,258		$	75,968
(1) Excludes selling, general and administrative expenses of $0.2 million and $0.3 million during the three months ended March 31, 2026 and 2025, respectively, and $0.5 million and $0.6 million during the six months ended March 31, 2026 and 2025, respectively.
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
Net income	$	69,735		$	61,292		$	90,332		$	71,550
Add:
Unrealized (gain) loss on derivative instruments and related transactions		(1,285	)		(27,206	)		1,711			(20,838	)
Tax effect		305			6,466			(407	)		4,953
Effects of economic hedging related to natural gas		4,564			(6,650	)		(4,003	)		(16,177	)
Tax effect		(1,085	)		1,580			951			3,844
NFE tax adjustment		52			(181	)		(18	)		(198	)
Net financial earnings	$	72,286		$	35,301		$	88,566		$	43,134

FINANCIAL STATISTICS BY BUSINESS UNIT
(Unaudited)
	Three Months Ended						Six Months Ended
	March 31,						March 31,
(Thousands, except per share data)		2026			2025			2026			2025
NEW JERSEY RESOURCES
Operating Revenues
Natural Gas Distribution	$	641,160		$	618,645		$	1,051,298		$	952,410
Clean Energy Ventures		9,932			7,967			41,692			34,373
Energy Services		244,155			246,390			363,262			332,698
Storage and Transportation		29,434			25,307			57,514			51,935
Home Services and Other		14,958			15,118			30,964			30,912
Sub-total		939,639			913,427			1,544,730			1,402,328
Eliminations		(238	)		(400	)		(475	)		(940	)
Total	$	939,401		$	913,027		$	1,544,255		$	1,401,388
Operating Income (Loss)
Natural Gas Distribution	$	201,919		$	197,876		$	322,231		$	294,982
Clean Energy Ventures		(7,738	)		(7,553	)		7,650			56,721
Energy Services		94,404			83,273			124,511			99,801
Storage and Transportation		11,582			5,800			23,557			15,569
Home Services and Other		192			(393	)		979			602
Sub-total		300,359			279,003			478,928			467,675
Eliminations		668			946			1,307			1,851
Total	$	301,027		$	279,949		$	480,235		$	469,526
Equity in Earnings of Affiliates
Storage and Transportation	$	2,282		$	1,161		$	3,522		$	2,122
Eliminations		459			291			1,042			730
Total	$	2,741		$	1,452		$	4,564		$	2,852
Net Income (Loss)
Natural Gas Distribution	$	148,513		$	144,531		$	232,342		$	211,439
Clean Energy Ventures		(5,223	)		(3,958	)		4,367			44,172
Energy Services		69,735			61,292			90,332			71,550
Storage and Transportation		7,708			2,343			15,071			8,007
Home Services and Other		(219	)		(678	)		260			(63	)
Sub-total		220,514			203,530			342,372			335,105
Eliminations		(1,602	)		757			(970	)		501
Total	$	218,912		$	204,287		$	341,402		$	335,606
Net Financial Earnings (Loss)
Natural Gas Distribution	$	148,513		$	144,531		$	232,342		$	211,439
Clean Energy Ventures		(5,223	)		(3,958	)		4,367			44,172
Energy Services		72,286			35,301			88,566			43,134
Storage and Transportation		7,708			2,343			15,071			8,007
Home Services and Other		(219	)		(678	)		260			(63	)
Sub-total		223,065			177,539			340,606			306,689
Eliminations		(1,602	)		757			(970	)		501
Total	$	221,463		$	178,296		$	339,636		$	307,190
Throughput (Bcf)
NJNG, Core Customers		39.8			35.7			71.5			62.9
NJNG, Off System/Capacity Management		24.9			22.1			49.6			36.5
Energy Services Fuel Mgmt. and Wholesale Sales		28.6			35.2			57.0			63.5
Total		93.3			93.0			178.1			162.9
Common Stock Data
Yield at March 31,		3.5	%		3.7	%		3.5	%		3.7	%
Market Price at March 31,	$	54.92		$	49.06		$	54.92		$	49.06
Shares Out. at March 31,		100,862			100,303			100,862			100,303
Market Cap. at March 31,	$	5,539,336		$	4,920,847		$	5,539,336		$	4,920,847

	Three Months Ended						Six Months Ended
(Unaudited)	March 31,						March 31,
(Thousands, except customer and weather data)		2026			2025			2026			2025
NATURAL GAS DISTRIBUTION
Utility Gross Margin
Operating revenues	$	641,160		$	618,645		$	1,051,298		$	952,410
Less:
Natural gas purchases		276,567			275,298			447,291			405,303
Operating and maintenance ^(1)		14,667			29,510			59,609			55,519
Regulatory rider expense		59,450			48,501			92,604			70,977
Depreciation and amortization		37,509			35,713			74,469			67,797
Gross margin		252,967			229,623			377,325			352,814
Add:
Operating and maintenance ^(1)		14,667			29,510			59,609			55,519
Depreciation and amortization		37,509			35,713			74,469			67,797
Total Utility Gross Margin	$	305,143		$	294,846		$	511,403		$	476,130
(1) Excludes selling, general and administrative expenses of $51.0 million and $31.7 million for the three months ended March 31, 2026 and 2025, respectively, and $55.1 million and $57.8 million for the six months ended March 31, 2026 and 2025, respectively.
Utility Gross Margin, Operating Income and Net Income
Residential	$	220,575		$	215,668		$	365,673		$	345,686
Commercial, Industrial & Other		38,007			37,108			65,199			60,977
Firm Transportation		34,226			33,908			61,591			57,084
Total Firm Margin		292,808			286,684			492,463			463,747
Interruptible		643			800			1,661			1,774
Total System Margin		293,451			287,484			494,124			465,521
Basic Gas Supply Service Incentive		11,692			7,362			17,279			10,609
Total Utility Gross Margin		305,143			294,846			511,403			476,130
Operation and maintenance expense		65,715			61,257			114,703			113,351
Depreciation and amortization		37,509			35,713			74,469			67,797
Operating Income	$	201,919		$	197,876		$	322,231		$	294,982
Net Income	$	148,513		$	144,531		$	232,342		$	211,439
Net Financial Earnings	$	148,513		$	144,531		$	232,342		$	211,439
Throughput (Bcf)
Residential		26.0			24.0			42.5			38.1
Commercial, Industrial & Other		4.8			4.5			7.8			7.1
Firm Transportation		5.2			5.0			9.1			8.4
Total Firm Throughput		36.0			33.5			59.4			53.6
Interruptible		3.8			2.2			12.1			9.3
Total System Throughput		39.8			35.7			71.5			62.9
Off System/Capacity Management		24.9			22.1			49.6			36.5
Total Throughput		64.7			57.8			121.1			99.4
Customers
Residential		539,413			532,699			539,413			532,699
Commercial, Industrial & Other		33,712			33,291			33,712			33,291
Firm Transportation		21,047			22,060			21,047			22,060
Total Firm Customers		594,172			588,050			594,172			588,050
Interruptible		30			88			30			88
Total System Customers		594,202			588,138			594,202			588,138
Off System/Capacity Management*		25			26			25			26
Total Customers		594,227			588,164			594,227			588,164
*The number of customers represents those active during the last month of the period.
Degree Days
Actual		2,493			2,375			4,150			3,774
Normal		2,384			2,384			3,895			3,907
Percent of Normal		104.6	%		99.6	%		106.5	%		96.6	%

	Three Months Ended						Six Months Ended
(Unaudited)	March 31,						March 31,
(Thousands, except customer, RECs and megawatt data)		2026			2025			2026		2025
CLEAN ENERGY VENTURES
Operating Revenues
SREC sales	$	1,049		$	134		$	23,457	$	17,818
TREC sales		2,907			2,554			6,129		5,059
SREC II sales		473			312			988		703
Merchant Power		2,424			2,613			5,209		4,349
PPA / Other		3,079			2,355			5,909		4,574
Residential solar portfolio		—			(1	)		—		1,870
Total Operating Revenues	$	9,932		$	7,967		$	41,692	$	34,373
Depreciation and Amortization	$	7,121		$	5,504		$	14,153	$	11,929
Operating (Loss) Income	$	(7,738	)	$	(7,553	)	$	7,650	$	56,721
Income Tax (Benefit) Provision	$	(1,828	)	$	(1,079	)	$	910	$	13,062
Net (Loss) Income	$	(5,223	)	$	(3,958	)	$	4,367	$	44,172
Net Financial (Loss) Earnings	$	(5,223	)	$	(3,958	)	$	4,367	$	44,172
Solar Renewable Energy Certificates Generated		36,949			50,662			109,322		139,369
Solar Renewable Energy Certificates Sold		5,603			809			121,123		86,502
Transition Renewable Energy Certificates Generated		19,335			17,244			40,822		34,688
Solar Renewable Energy Certificates II Generated		5,700			3,372			11,109		7,776
ENERGY SERVICES
Operating Income
Operating revenues	$	244,155		$	246,390		$	363,262	$	332,698
Less:
Gas purchases		139,938			151,847			225,712		219,715
Operation and maintenance expense		9,770			11,208			12,955		13,073
Depreciation and amortization		43			62			84		109
Operating Income	$	94,404		$	83,273		$	124,511	$	99,801
Net Income	$	69,735		$	61,292		$	90,332	$	71,550
Financial Margin	$	107,496		$	60,687		$	135,258	$	75,968
Net Financial Earnings	$	72,286		$	35,301		$	88,566	$	43,134
Gas Sold and Managed (Bcf)		28.6			35.2			57.0		63.5
STORAGE AND TRANSPORTATION
Operating Revenues	$	29,434		$	25,307		$	57,514	$	51,935
Equity in Earnings of Affiliates	$	2,282		$	1,161		$	3,522	$	2,122
Operation and Maintenance Expense	$	12,222		$	12,910		$	22,688	$	22,993
Other Income, Net	$	1,863		$	1,933		$	3,850	$	4,325
Interest Expense	$	5,448		$	5,817		$	11,014	$	11,786
Income Tax Provision	$	2,571		$	734		$	4,844	$	2,223
Net Income	$	7,708		$	2,343		$	15,071	$	8,007
Net Financial Earnings	$	7,708		$	2,343		$	15,071	$	8,007
HOME SERVICES AND OTHER
Operating Revenues	$	14,958		$	15,118		$	30,964	$	30,912
Operating Income (Loss)	$	192		$	(393	)	$	979	$	602
Net (Loss) Income	$	(219	)	$	(678	)	$	260	$	(63	)
Net Financial (Loss) Earnings	$	(219	)	$	(678	)	$	260	$	(63	)
Total Service Contract Customers at March 31		97,634			99,121			97,634		99,121