New Jersey Resources Corporation (NYSE:NJR) today reported financial and operating results for its fiscal 2026 third quarter and year-to-date period ended June 30, 2026.

Financial Highlights

Fiscal 2026 third-quarter consolidated net income of $9.7 million, or $0.10 per share, compared with net loss of $(15.1) million, or $(0.15) per share, in the third quarter of fiscal 2025
Fiscal 2026 third-quarter consolidated net financial earnings (NFE), a non-GAAP financial measure, of $11.3 million, or $0.11 per share, compared with $6.2 million, or $0.06 per share, in the third quarter of fiscal 2025
Fiscal 2026 year-to-date net income totaled $351.1 million, or $3.48 per share, compared with $320.6 million, or $3.20 per share, for the same period in fiscal 2025
Fiscal 2026 year-to-date NFE totaled $350.9 million, or $3.48 per share, compared with $313.4 million, or $3.13 per share, for the same period in fiscal 2025

Fiscal 2026 and Long-Term Outlook

Tightens fiscal 2026 net financial earnings per share (NFEPS) guidance to a range of $3.52 to $3.62, from its previous range of $3.48 to $3.63
Maintains 7 to 9 percent long-term 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 year-to-date performance reflects the continued strength of our diversified business model, supported by solid execution across our operations. We are pleased to raise the lower end of our fiscal 2026 NFEPS guidance, as we remain focused on delivering reliable, affordable energy and long-term value for our shareowners."

Fiscal 2026 NFEPS Guidance and Expected NFE Contributions by Segment

NJR is tightening its fiscal 2026 NFEPS guidance to a range of $3.52 to $3.62 from $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	59 to 62 percent
Clean Energy Ventures	10 to 13 percent
Storage and Transportation	8 to 11 percent
Energy Services	21 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					Nine Months Ended
	June 30,					June 30,
($ in Thousands, except per share data)		2026		2025			2026		2025
Net income (loss)	$	9,689	$	(15,051	)	$	351,091	$	320,555
Basic EPS	$	0.10	$	(0.15	)	$	3.48	$	3.20
Net financial earnings*	$	11,304	$	6,198		$	350,940	$	313,388
Basic net financial earnings per share*	$	0.11	$	0.06		$	3.48	$	3.13
*A reconciliation of net income to NFE for the three and nine months ended June 30, 2026 and 2025, respectively is provided in the financial statements below.

Net Financial Earnings (Loss) by Business Segment

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
($ in Thousands)		2026			2025			2026			2025
New Jersey Natural Gas	$	6,087		$	10,079		$	238,429		$	221,518
Clean Energy Ventures		(312	)		(6,857	)		4,055			37,315
Storage and Transportation		8,762			5,898			23,833			13,905
Energy Services		(4,035	)		(3,734	)		84,531			39,400
Home Services and Other		579			481			839			418
Subtotal		11,081			5,867			351,687			312,556
Eliminations		223			331			(747	)		832
*Total*	$	11,304		$	6,198		$	350,940		$	313,388

New Jersey Natural Gas (NJNG)

NJNG reported fiscal 2026 third-quarter NFE of $6.1 million, compared to NFE of $10.1 million during the same period in fiscal 2025. The decrease in NFE for the period was driven primarily by higher depreciation expense as a result of additional utility plant being placed into service, partially offset by higher utility gross margin.

Fiscal 2026 year-to-date NFE totaled $238.4 million, compared with NFE of $221.5 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 June 30, 2026, NJNG serviced approximately 595,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 589,000 customers as of September 30, 2025.

Regulatory Filings:

On June 1, 2026, NJNG submitted its annual Basic Gas Supply Service (BGSS), Conservation Incentive Program (CIP) and Energy-Efficiency filings to the New Jersey Board of Public Utilities (BPU) that, taken together, would provide customers with an 8.9% reduction in customer bills in advance of the 2026-2027 winter season – a $158 annual savings for the average residential customer – and bill stability while seeking recovery for investments in the continued delivery of safe, reliable natural gas service, which is the most affordable energy to heat homes and businesses.
Also, on June 1, 2026, NJNG filed a base rate case with the BPU, seeking a $157.6 million increase to its base rates. The filing is based on an overall rate of return on rate base of 7.60 percent with a return on common equity of 10.10 percent. The proposed increase reflects a 55.50 percent common equity component.
Once all filings are implemented, NJNG anticipates that the overall net result will leave NJNG annualized average customer bills nearly flat compared to today’s rates. Unless otherwise noted, NJNG cannot predict the outcome or ultimate resolution for open regulatory matters.

BGSS Incentive Programs¹:

BGSS incentive programs contributed $20.4 million to utility gross margin during the first nine months of fiscal 2026, compared with $14.5 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 $78.8 million in the first nine 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 an annual recovery mechanism.
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 third-quarter net financial loss of $(0.3) million, compared with $(6.9) million during the third quarter of fiscal 2025, reflecting higher revenue, partially offset by higher depreciation and interest expense associated with capital invested over the past year.

Fiscal 2026 year-to-date NFE totaled $4.1 million, compared with NFE of $37.3 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 nine months of fiscal 2026, CEV placed eight commercial projects into service, adding 57.8 megawatts (MW)* to installed capacity.
As of June 30, 2026, CEV had approximately 537MW of commercial solar capacity in service across New Jersey, New York, Connecticut, Pennsylvania, Rhode Island, Indiana, and Michigan.

* All MWs noted in DC

Storage and Transportation (S&T)

S&T reported fiscal 2026 third-quarter NFE of $8.8 million, compared with NFE of $5.9 million during the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $23.8 million, compared with NFE of $13.9 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 and higher firm storage rates at Leaf River.

Energy Services (ES)

ES reported fiscal 2026 third-quarter net financial loss of $(4.0) million, remaining largely flat compared with net financial loss of $(3.7) million for the same period in fiscal 2025.

Fiscal 2026 year-to-date NFE totaled $84.5 million, compared with NFE of $39.4 million for the same period in fiscal 2025. The increase in NFE was primarily due to higher natural gas price volatility that allowed ES to capture additional financial margin.

Home Services and Other Operations

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

Fiscal 2026 year-to-date NFE totaled $0.8 million, compared with NFE of $0.4 million for the same period in fiscal 2025.

Capital Expenditures and Cash Flows:

During the first nine months of fiscal 2026, capital expenditures were $553.0 million, including accruals, compared with $456.8 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 nine months of fiscal 2026, cash flows from operations increased to $577.8 million, compared to cash flows from operations of $385.2 million in the same period in fiscal 2025, due primarily to an increase in financial margin at ES and higher base rates at NJNG.

Conference Call to be Webcast on August 4, 2026

New Jersey Resources will host a live webcast of its fiscal 2026 third quarter financial results on Tuesday, August 4, 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.

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; the outcome or timing of our Base Rate Case and other filings with the BPU, 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					Nine Months Ended
	June 30,					June 30,
(Thousands, except per share data)		2026		2025			2026		2025
OPERATING REVENUES
Utility	$	200,869	$	204,790		$	1,251,692	$	1,156,558
Nonutility		148,311		94,156			641,743		543,776
Total operating revenues		349,180		298,946			1,893,435		1,700,334
OPERATING EXPENSES
Gas purchases
Utility		64,255		73,321			508,306		473,975
Nonutility		82,200		67,852			308,164		287,277
Related parties		1,280		1,268			3,799		4,652
Operation and maintenance		105,574		100,133			304,751		299,806
Regulatory rider expenses		10,434		10,979			103,038		81,956
Depreciation and amortization		53,545		47,000			153,250		140,296
Gain on sale of assets		—		(545	)		—		(56,092	)
Total operating expenses		317,288		300,008			1,381,308		1,231,870
OPERATING INCOME (LOSS)		31,892		(1,062	)		512,127		468,464
Other income, net		14,772		11,040			42,427		39,663
Interest expense, net of capitalized interest		35,199		31,694			105,850		98,112
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES		11,465		(21,716	)		448,704		410,015
Income tax provision (benefit)		3,353		(5,142	)		103,754		93,835
Equity in earnings of affiliates		1,577		1,523			6,141		4,375
NET INCOME (LOSS)	$	9,689	$	(15,051	)	$	351,091	$	320,555

EARNINGS (LOSS) PER COMMON SHARE
Basic	$	0.10	$	(0.15	)	$	3.48	$	3.20
Diluted	$	0.10	$	(0.15	)	$	3.46	$	3.18

WEIGHTED AVERAGE SHARES OUTSTANDING
Basic		101,092		100,373			100,881		100,173
Diluted		101,780		100,373			101,526		100,813

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (Unaudited)

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(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 (loss)	$	9,689		$	(15,051	)	$	351,091		$	320,555
Add:
Unrealized loss (gain) on derivative instruments and related transactions		2,749			10,766			4,460			(10,072	)
Tax effect		(653	)		(2,559	)		(1,060	)		2,394
Effects of economic hedging related to natural gas inventory		(654	)		16,924			(4,657	)		747
Tax effect		156			(4,022	)		1,107			(178	)
NFE tax adjustment		17			140			(1	)		(58	)
Net financial earnings	$	11,304		$	6,198		$	350,940		$	313,388

Weighted Average Shares Outstanding
Basic		101,092			100,373			100,881			100,173
Diluted		101,780			100,373			101,526			100,813

A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:

Basic earnings (loss) per share	$	0.10		$	(0.15	)	$	3.48		$	3.20
Add:
Unrealized loss (gain) on derivative instruments and related transactions		0.02			0.11			0.04			(0.10	)
Tax effect		—			(0.03	)		(0.01	)		0.02
Effects of economic hedging related to natural gas inventory		(0.01	)		0.17			(0.04	)		0.01
Tax effect		—			(0.04	)		0.01			—
Basic net financial earnings per share	$	0.11		$	0.06		$	3.48		$	3.13

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						Nine Months Ended
	June 30,						June 30,
(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	$	201,107		$	205,029		$	1,252,405		$	1,157,439
Less:
Natural gas purchases		65,875			74,941			513,166			480,244
Operating and maintenance ⁽¹⁾		36,854			34,719			96,463			90,238
Regulatory rider expense		10,434			10,979			103,038			81,956
Depreciation and amortization		40,385			35,987			114,854			103,784
Gross margin		47,559			48,403			424,884			401,217
Add:
Operating and maintenance ⁽¹⁾		36,854			34,719			96,463			90,238
Depreciation and amortization		40,385			35,987			114,854			103,784
Utility gross margin	$	124,798		$	119,109		$	636,201		$	595,239
(1) Excludes selling, general and administrative expenses of $27.8 million and $27.1 million for the three months ended June 30, 2026 and 2025, respectively, and $82.9 million and $85.0 million for the nine months ended June 30, 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	$	79,962		$	38,850		$	443,224		$	371,548
Less:
Natural Gas purchases		82,091			67,781			307,803			287,496
Operation and maintenance ⁽¹⁾		2,841			1,020			15,316			13,482
Depreciation and amortization		41			30			125			139
Gross margin		(5,011	)		(29,981	)		119,980			70,431
Add:
Operation and maintenance ⁽¹⁾		2,841			1,020			15,316			13,482
Depreciation and amortization		41			30			125			139
Unrealized loss (gain) on derivative instruments and related transactions		2,749			10,766			4,460			(10,072	)
Effects of economic hedging related to natural gas inventory		(654	)		16,924			(4,657	)		747
Financial margin	$	(34	)	$	(1,241	)	$	135,224		$	74,727
(1) Excludes selling, general and administrative expenses of $0.2 million and $0.3 million during the three months ended June 30, 2026 and 2025, respectively, and $0.7 million and $0.9 million during the nine months ended June 30, 2026 and 2025, respectively.

A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:

Net (loss) income	$	(5,650	)	$	(24,983	)	$	84,682		$	46,567
Add:
Unrealized loss (gain) on derivative instruments and related transactions		2,749			10,766			4,460			(10,072	)
Tax effect		(653	)		(2,559	)		(1,060	)		2,394
Effects of economic hedging related to natural gas		(654	)		16,924			(4,657	)		747
Tax effect		156			(4,022	)		1,107			(178	)
NFE tax adjustment		17			140			(1	)		(58	)
Net financial (loss) earnings	$	(4,035	)	$	(3,734	)	$	84,531		$	39,400

FINANCIAL STATISTICS BY BUSINESS UNIT *(Unaudited)*


	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(Thousands, except per share data)		2026			2025			2026			2025
NEW JERSEY RESOURCES

Operating Revenues
Natural Gas Distribution	$	201,107		$	205,029		$	1,252,405		$	1,157,439
Clean Energy Ventures		19,178			12,030			60,870			46,403
Energy Services		79,962			38,850			443,224			371,548
Storage and Transportation		31,388			27,129			88,902			79,064
Home Services and Other		17,758			16,177			48,722			47,089
*Sub-total*		349,393			299,214			1,894,123			1,701,543
Eliminations		(213	)		(268	)		(688	)		(1,209	)
*Total*	$	349,180		$	298,946		$	1,893,435		$	1,700,334


Operating Income (Loss)
Natural Gas Distribution	$	19,731		$	21,273		$	341,962		$	316,255
Clean Energy Ventures		1,156			(4,353	)		8,806			52,368
Energy Services		(5,229	)		(30,240	)		119,282			69,561
Storage and Transportation		14,356			10,544			37,913			26,113
Home Services and Other		1,219			1,065			2,198			1,667
*Sub-total*		31,233			(1,711	)		510,161			465,964
Eliminations		659			649			1,966			2,500
*Total*	$	31,892		$	(1,062	)	$	512,127		$	468,464


Equity in Earnings of Affiliates
Storage and Transportation	$	1,039		$	908		$	4,561		$	3,030
Eliminations		538			615			1,580			1,345
*Total*	$	1,577		$	1,523		$	6,141		$	4,375


Net Income (Loss)
Natural Gas Distribution	$	6,087		$	10,079		$	238,429		$	221,518
Clean Energy Ventures		(312	)		(6,857	)		4,055			37,315
Energy Services		(5,650	)		(24,983	)		84,682			46,567
Storage and Transportation		8,762			5,898			23,833			13,905
Home Services and Other		579			481			839			418
*Sub-total*		9,466			(15,382	)		351,838			319,723
Eliminations		223			331			(747	)		832
*Total*	$	9,689		$	(15,051	)	$	351,091		$	320,555


Net Financial Earnings (Loss)
Natural Gas Distribution	$	6,087		$	10,079		$	238,429		$	221,518
Clean Energy Ventures		(312	)		(6,857	)		4,055			37,315
Energy Services		(4,035	)		(3,734	)		84,531			39,400
Storage and Transportation		8,762			5,898			23,833			13,905
Home Services and Other		579			481			839			418
*Sub-total*		11,081			5,867			351,687			312,556
Eliminations		223			331			(747	)		832
*Total*	$	11,304		$	6,198		$	350,940		$	313,388


Throughput (Bcf)
NJNG, Core Customers		14.6			19.2			86.1			82.1
NJNG, Off System/Capacity Management		10.7			15.1			60.3			51.6
Energy Services Fuel Mgmt. and Wholesale Sales		25.7			18.6			82.7			82.1
*Total*		51.0			52.9			229.1			215.8


Common Stock Data
Yield at June 30,		3.4	%		4.0	%		3.4	%		4.0	%
Market Price at June 30,	$	56.04		$	44.82		$	56.04		$	44.82
Shares Out. at June 30,		101,411			100,378			101,411			100,378
Market Cap. at June 30,	$	5,683,070		$	4,498,953		$	5,683,070		$	4,498,953

	Three Months Ended						Nine Months Ended
(Unaudited)	June 30,						June 30,
(Thousands, except customer and weather data)		2026			2025			2026			2025
NATURAL GAS DISTRIBUTION

Utility Gross Margin
Operating revenues	$	201,107		$	205,029		$	1,252,405		$	1,157,439
Less:
Natural gas purchases		65,875			74,941			513,166			480,244
Operating and maintenance ⁽¹⁾		36,854			34,719			96,463			90,238
Regulatory rider expense		10,434			10,979			103,038			81,956
Depreciation and amortization		40,385			35,987			114,854			103,784
Gross margin		47,559			48,403			424,884			401,217
Add:
Operating and maintenance ⁽¹⁾		36,854			34,719			96,463			90,238
Depreciation and amortization		40,385			35,987			114,854			103,784
*Total Utility Gross Margin*	$	124,798		$	119,109		$	636,201		$	595,239
(1) Excludes selling, general and administrative expenses of $27.8 million and $27.1 million for the three months ended June 30, 2026 and 2025, respectively, and $82.9 million and $85.0 million for the nine months ended June 30, 2026 and 2025, respectively.

Utility Gross Margin, Operating Income and Net Income
Residential	$	76,156		$	74,131		$	441,829		$	419,817
Commercial, Industrial & Other		19,945			19,924			85,144			80,901
Firm Transportation		24,386			19,666			85,977			76,750
*Total Firm Margin*		120,487			113,721			612,950			577,468
Interruptible		1,223			1,462			2,884			3,236
*Total System Margin*		121,710			115,183			615,834			580,704
Basic Gas Supply Service Incentive		3,088			3,926			20,367			14,535
*Total Utility Gross Margin*		124,798			119,109			636,201			595,239
Operation and maintenance expense		64,682			61,849			179,385			175,200
Depreciation and amortization		40,385			35,987			114,854			103,784
*Operating Income*	$	19,731		$	21,273		$	341,962		$	316,255
*Net Income*	$	6,087		$	10,079		$	238,429		$	221,518
*Net Financial Earnings*	$	6,087		$	10,079		$	238,429		$	221,518

Throughput (Bcf)
Residential		6.1			6.2			48.6			44.3
Commercial, Industrial & Other		1.2			1.2			9.0			8.3
Firm Transportation		1.8			1.9			10.9			10.3
*Total Firm Throughput*		9.1			9.3			68.5			62.9
Interruptible		5.5			9.9			17.6			19.2
*Total System Throughput*		14.6			19.2			86.1			82.1
Off System/Capacity Management		10.7			15.1			60.3			51.6
*Total Throughput*		25.3			34.3			146.4			133.7

Customers
Residential		540,569			534,561			540,569			534,561
Commercial, Industrial & Other		33,174			32,464			33,174			32,464
Firm Transportation		20,847			21,163			20,847			21,163
*Total Firm Customers*		594,590			588,188			594,590			588,188
Interruptible		31			87			31			87
*Total System Customers*		594,621			588,275			594,621			588,275
Off System/Capacity Management*		25			30			25			30
*Total Customers*		594,646			588,305			594,646			588,305
*The number of customers represents those active during the last month of the period.
Degree Days
Actual		437			373			4,587			4,147
Normal		452			454			4,347			4,361
Percent of Normal		96.7	%		82.2	%		105.5	%		95.1	%

	Three Months Ended						Nine Months Ended
(Unaudited)	June 30,						June 30,
(Thousands, except customer, RECs and megawatt data)		2026			2025			2026		2025
CLEAN ENERGY VENTURES

Operating Revenues
SREC sales	$	154		$	179		$	23,611	$	17,997
TREC sales		7,278			4,522			13,407		9,581
SREC II sales		1,190			442			2,178		1,145
Merchant Power		4,497			3,360			9,706		7,709
PPA / Other		6,059			3,527			11,968		8,101
Residential solar portfolio		—			—			—		1,870
*Total Operating Revenues*	$	19,178		$	12,030		$	60,870	$	46,403
Depreciation and Amortization	$	7,664		$	5,772		$	21,817	$	17,701
Operating Income (Loss)	$	1,156		$	(4,353	)	$	8,806	$	52,368
Income Tax (Benefit) Provision	$	(31	)	$	(2,068	)	$	879	$	10,994
Net (Loss) Income	$	(312	)	$	(6,857	)	$	4,055	$	37,315
Net Financial (Loss) Earnings	$	(312	)	$	(6,857	)	$	4,055	$	37,315
Solar Renewable Energy Certificates Generated		93,879			92,508			203,201		231,877
Solar Renewable Energy Certificates Sold		996			1,155			122,119		87,657
Transition Renewable Energy Certificates Generated		49,093			30,569			89,915		65,257
Solar Renewable Energy Certificates II Generated		12,126			4,743			23,235		12,519

ENERGY SERVICES
Operating Income
Operating revenues	$	79,962		$	38,850		$	443,224	$	371,548
Less:
Gas purchases		82,091			67,781			307,803		287,496
Operation and maintenance expense		3,059			1,279			16,014		14,352
Depreciation and amortization		41			30			125		139
*Operating (Loss) Income*	$	(5,229	)	$	(30,240	)	$	119,282	$	69,561

Net (Loss) Income	$	(5,650	)	$	(24,983	)	$	84,682	$	46,567
Financial Margin	$	(34	)	$	(1,241	)	$	135,224	$	74,727
Net Financial (Loss) Earnings	$	(4,035	)	$	(3,734	)	$	84,531	$	39,400
Gas Sold and Managed (Bcf)		25.7			18.6			82.7		82.1

STORAGE AND TRANSPORTATION
Operating Revenues	$	31,388		$	27,129		$	88,902	$	79,064
Equity in Earnings of Affiliates	$	1,039		$	908		$	4,561	$	3,030
Operation and Maintenance Expense	$	11,439		$	11,410		$	34,127	$	34,403
Other Income, Net	$	1,421		$	2,059		$	5,271	$	6,384
Interest Expense	$	5,383		$	5,741		$	16,397	$	17,527
Income Tax Provision	$	2,671		$	1,872		$	7,515	$	4,095
Net Income	$	8,762		$	5,898		$	23,833	$	13,905
Net Financial Earnings	$	8,762		$	5,898		$	23,833	$	13,905

HOME SERVICES AND OTHER
Operating Revenues	$	17,753		$	16,177		$	48,722	$	47,089
Operating Income	$	1,219		$	1,065		$	2,198	$	1,667
Net Income	$	579		$	481		$	839	$	418
Net Financial Earnings	$	579		$	481		$	839	$	418
Total Service Contract Customers at June 30		97,366			98,653			97,366		98,653

View source version on businesswire.com: https://www.businesswire.com/news/home/20260802488056/en/

Media Contact:

Mike Kinney

732-938-1031

mkinney@njresources.com

Investor Contact:

Adam Prior

732-938-1145

aprior@njresources.com