EX-99.2 3 ef20039188_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2
Fiscal 2024 Financial Results November 2024 Investor Presentation

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 presentation include, but are not limited to, statements regarding NJR’s NFEPS guidance for fiscal 2025, including NFEPS guidance by Segment and EPS, long term growth targets and guidance range, long term annual growth projections and targets, Capital Plan expectations, projections of dividend and financing activities, customer growth at NJNG, future NJR and NJNG capital expenditures, potential CEV capital projects, project pipeline (under construction, contract or exclusivity) through Fiscal 2029, total expected shareholder return projections, dividend growth, CEV revenue and service projections, our debt repayment schedule, contributions from Leaf River, Steckman Ridge and Adelphia Gateway, SREC Hedging strategies and Asset Management Agreements, the financial impact of the outcome of Base Rate Cases with the BPU, the gain on the sale of CEV’s residential portfolio, impact of the sale of CEV's residential solar portfolio and expected use of proceeds from the sale, the outcome or timing of Adelphia's rate case with FERC, emissions reduction strategies and clean energy goals, environmental social and governance efforts, changing interest rates, and other legal and regulatory expectations, and statements that include other projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the SEC, including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this presentation is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of new information future events or otherwise, except as required by law. Non-GAAP Measures 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, 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. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments. 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.

Contents NJR At a Glance Fiscal 2024 Fourth Quarter and Year-End Conference Call 4 Fiscal 2024 Highlights: An Excellent Year 5 NJR Positioned for Future Growth 6 Fiscal 2025 NFEPS Guidance of $3.05 to $3.20 7 Industry Leading Long-Term Growth Rate of 7-9% 8 NFEPS Guidance by Segment 9 New Jersey Natural Gas (NJNG) 10 Clean Energy Ventures (CEV): Investment Opportunities 11 Storage and Transportation (S&T): Organic Growth Initiatives 12 Financial Review 13 Review of Fiscal 2024 Year-End Results 14 NJNG: New Base Rates 15 NJR Capital Plan 16 Superior Credit Metrics, Balance Sheet and Cash Flows 17 Positioned for Future Growth and Value Creation Appendix: Financial Statements and Additional Information – 18 19 Reconciliation of NFE and NFEPS to Net Income 20 Other Reconciliation of Non-GAAP Measures 21 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 22 Fiscal 2024 Fourth Quarter and Year-End NFE and NFEPS by Business Unit 23 Review of Fiscal 2024 Fourth Quarter Results 24 Capital Plan Table 25 Debt Repayment Schedule 26 Projected Cash Flows Business Overview - 27 28 NJR: Business Portfolio 29 NJNG: High Quality Utility in Favorable Favorable Regulatory Environment 30 NJNG: Supportive Regulatory Construct 31 CEV: Overview 32 CEV: SREC Hedging Strategy Stabilizes Revenue 33 Storage and Transportation (S&T): Overview 34 Energy Services (ES): Overview 35 Dividend Growth: Committed to Building Shareholder Value 36 Environmental, Social and Governance Efforts 37 Shareholder and Contact Information Corporate Information Ticker NYSE: NJR Corporate Headquarters Wall, NJ Incorporated New Jersey Website www.njresources.com IPO 1982 Share Information Share Price $51.04 Shares Outstanding 99.5M Market Cap $5.1B Dividend Information Annual Dividend $1.80 Dividend Yield 3.53% All daily trading information/multiples as of 11/22/2024

Derived significant value from pipeline capacity during brief periods of strong demand in an otherwise warmer than historical winter period Outsized contribution from the fixed payments associated with the Asset Management Agreements announced in 2020 Fiscal 2024 Highlights: An Excellent Year Contribution from All of NJR's Complementary Portfolio of Businesses A reconciliation from NFE to net income can be found in the Appendix. Grew Customers to ~583,000 SAVEGREEN celebrated its 100,000th customer ~70 megawatts under construction or placed into service Total solar portfolio operated at ~99% availability Adelphia Gateway recognized by the Pennsylvania Department of Labor & Industry with the Governor’s Award for Safety Excellence Leaf River completed booster compression project Fiscal 2024 NFEPS of $2.951 Raised NFEPS Guidance by $0.15 During Fiscal 2024; Finished in the Higher End of Revised Range 4th Consecutive Year of Exceeding Initial Guidance and 7 - 9% Long-term Growth Rate New Jersey Natural Gas Clean Energy Ventures Storage and Transportation Energy Services

NJR Positioned for Future Growth Focus on Core Business Drivers New Jersey Natural Gas NJR Base Rate Case Settled: Received NJ BPU approval to recover $850 million of investments Energy Efficiency Expansion Received NJ BPU approval for a new $385.6 million SAVEGREEN® program. Expects to Deliver Peer Leading 7-9% NFEPS Long-Term Growth Rate Supported by Strong Balance Sheet and Steady Cash Flows Clean Energy Ventures Record 1.1GWs solar project pipeline Sale of Sunlight Advantage sharpens focus on commercial solar growth; further strengthens balance sheet Storage and Transportation Adelphia: filed a Section 4 rate case with FERC Leaf River: Additional working capacity following capacity recovery project Energy Services AMA stability with approximately $19.7 million in revenue annually from fiscal 2025 - 2031 Retained upside from strategically positioned assets Maximize the value of existing assets through organic growth opportunities to produce “utility-like” returns

Fiscal 2025 NFEPS Guidance of $3.05 to $3.20 Net Financial Earnings per Share The starting point for our previously communicated long-term growth guidance was the midpoint of our FY 2022 initial NFEPS guidance of $2.20 - $2.30. This compounded for three years using the mid-point of our NFEPS 7 to 9 percent long-term annual growth projections is $2.83. Initial fiscal 2023 NFEPS guidance was $2.42 - $2.52; initial fiscal 2024 NFEPS guidance was $2.70 - $2.85 Guidance Range Above 7% - 9% Long-term Projected NFEPS Growth Due to One-time Gain from Sunlight Advantage Transaction Guidance Range $3.05 - $3.20 Maintaining 7-9% Long-Term Annual Growth $2.50 $2.70 Outperformance Above Long-Term Growth Rate and Initial Guidance Range1 $2.20 - $2.301 $2.42 - $2.521 Strong energy prices(NJNG, CEV, ES) Winter Storm Elliot January 2024 weather event Initial Guidance Range1 Represents the midpoint of NJR's Long-Term Growth Rate $2.70 - $2.851 New Base of $2.831 Per Share After multiple years of outperformance, NJR is re-basing its long-term NFEPS 7 to 9 percent growth targets $2.95 Sunlight Advantage Actuals Estimates

Industry Leading Long-Term Growth Rate of 7-9% Net Financial Earnings per Share Highly Visible 7% - 9% NFEPS Growth with Potential for Additional Upside 7-9% LONG-TERM ANNUAL GROWTH NJNG CEV S&T Energy Services Improved Gross Margin after Successful Rate Case Continued Customer Growth Energy Efficiency Efforts Drivers of 7-9% Growth Rate Potential Upside Drivers Above 7-9% Contracted REC Revenue High Operational Availability Extensive Project Pipeline Stronger than expected BGSS incentives margin from optimization of supply portfolio Upside from power demand growth + one-time gain from sale of residential portfolio Long-term Contracted Capacity Organic Capacity Expansion Projects Successful Recontracting Driven by Improving Storage Market Short-term capacity optimization Stable Cash Flows from AMA Fixed Payments Normalized Contribution from "Long-Option" Strategy1 Natural gas price volatility due to weather events Guidance Range $3.05 - $3.20 Does not consider potential positive impacts from significant weather events.

~70% Fiscal 2025 NFEPS Expected from Utility Operations NFEPS Guidance by Segment NJNG Remains the Largest Contributor to NFEPS following the conclusion of its Base Rate Case Fiscal 2025 NFEPS Guidance by Segment New Jersey Natural Gas 65% - 75% Energy Services 3% - 7% Home Services 0% - 1% S&T 3% - 7% CEV 20% - 25% ~75% Fiscal 2025 NFEPS Expected from Regulated Operations (NJNG / S&T) ~75% Excluding the One-Time Gain from the Sunlight Advantage Transaction 68% -82% 23% - 33%

New Jersey Natural Gas (NJNG) ~42% of capital expenditures earning a near real-time return NJNG Total Customers Fiscal 2024 Capital Expenditures1,2,3 (Actuals) ~$503M Strong Trend of Customer Growth Through a Mix of New Construction and Conversions Across New Jersey (in thousands) 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 included in “Other”. The sum of actual amounts may not equal due to rounding.

Clean Energy Ventures (CEV): Investment Opportunities CEV owns and operates solar projects with approximately 386MW of commercial solar capacity1 Total ~1.4GW MWs Pipeline of ~1.1GW including projects under construction, contract, or exclusivity ~386MW of commercial projects in-service ~41% of pipeline located in NJ ~59% of pipeline located outside of NJ CEV to focus on commercial solar growth potential Sale of Residential Solar Business (Sunlight Advantage) In November 2024, CEV announced the sale of its 91 megawatt (MW) residential solar portfolio for a total of $132.5 million Represents Commercial Solar

Storage and Transportation (S&T): Organic Growth Initiatives Leaf River (storage) and Adelphia Gateway (transportation) Adelphia Section 4 Base Rate Case Filed in Fiscal 2024 Fourth Quarter Considered numerous investments made in rate base, expenses of pipeline operations, system modernization, and regulatory driven projects Adelphia anticipates that FERC will allow it to place the rates into effect during the second half of 2025, subject to refund and the outcome of a hearing to be established by FERC. Leaf River Energy Center: Maximizing Existing Asset S&T to expand leaching plant facilities Salt cavern leaching is a process used to regain capacity lost to salt creep over time Successful completion of open season with investment to continue throughout fiscal 2025

12 12 Financial Review

Review of Fiscal 2024 Year-End Results1 ($ in Millions) A reconciliation of these non-GAAP measures can be found in the Appendix. The sum of actual amounts may not equal to total due to rounding. Fiscal 2023 – Consolidated NFE ($ in millions) $ 261.8 NJNG $ 2.0 Utility Gross Margin1 $ 8.2 Depreciation & Amortization (D&A) $ (10.2) Interest expense, O&M, AFUDC, Income Tax $ 4.0 Clean Energy Ventures $ (10.8) Revenue $ 6.4 D&A and Interest Expense $ (2.5) Other (including ITC recognition) $ (14.7) Storage & Transportation $ (0.6) Revenue $ 3.4 D&A and Interest Expense $ 1.6 O&M, AFUDC & Other $ (5.6) Energy Services $ 43.0 Financial Margin1 $ 66.6 Interest Expense, Income Tax and Other $ (23.6) Home Services and Other $ (4.6) Fiscal 2024 – Consolidated NFE ($ in millions)2 $ 290.8

NJNG: New Base Rates NJNG announced the conclusion of its Base Rate Case in November 2024 Overall Cost of Capital and Weighted Return Percent Approved Return Weighted Cost TOTAL 100.0% 7.08% Long-Term Debt Common Equity 46.0% 54.0% 4.11% 9.60% 1.89% 5.18% Settlement (millions) Rate Base Rate of Return Operating Income Requirement Test Year Operating Income Operating Income Deficiency Revenue Factor $3.245 X 7.08% $229.6 $117.7 $111.9 X 1.4029 $157.0 Settlement Amount Rate base of $3.2 Billion as of November 2024 29% increase from prior rate base WACC of 7.08% ROE of 9.60% and equity layer of 54% (unchanged) New rates effective November 21, 2024 2024 Rate Case Settlement

NJR Capital Plan1,2 Includes SAVEGREEN Investments. Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations. The sum of actual amounts may not equal due to rounding. $622 $596 $610 - $790 $655 - $835 ($ in Millions) Capital plan supports long-term NFEPS growth targets of 7-9%; Increases in Fiscal 2025 / Introduction of Fiscal 2026 Range $430 - $490 $470 - $535 $160 - $265 $20 - $35 $10 - $25 $175 - $275 Actuals Estimates $644 ~$1.3B - $1.6B Planned CAPEX Over the Next 2 Years

Well Positioned to Achieve Higher than Peer Growth with No Need for Block Equity Superior Credit Metrics, Balance Sheet and Cash Flows 1. Internal estimates based on Fitch Ratings methodology. Ratio represents inverse of FFO-adjusted leverage ratio. A reconciliation from adjusted funds from operations to cash flows from operating activities and adjusted debt to long-term and short-term debt can be found in the Appendix. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments. NJR Adjusted FFO / Adjusted Debt1 NJNG (Secured Rating) NJR (Unsecured Rating) NAIC NAIC-1.E NAIC-2.A Moody's A1 (Stable) Fitch A+ (Stable) Actuals Estimates Superior Credit Metrics No Block Equity Needs Cash Flow from Operations of $900 million - $1 billion in the Next Two Years Staggered Debt Maturity Stack Substantial liquidity at both NJNG and NJR $825M of credit facilities available through FY2029 18-20%

Positioned for Future Growth and Value Creation Implementing Strategic Plan to Drive Continued, Organic Growth Across Portfolio Successful resolution of base rate case and energy efficiency program NJNG primary driver of NFE contribution for the foreseeable future CEV and S&T benefit from long-term contracted revenue structures NJR Capital investment of ~$1.4 Billion over the next 2 years Maximizing capabilities at existing assets to deliver strong, risk-adjusted returns Strong balance sheet and superior credit metrics 7-9% LONG-TERM ANNUAL GROWTH High Earnings Visibility Disciplined Capital Plan Deliver Superior Investment Returns 4% DIVIDEND YIELD1 Expected shareholder return includes projected NFEPS long-term growth rate of 7 – 9% in addition to an annualized dividend yield of 3.5%, based on dividend per share of $1.80 and closing share price of $51.04 on November 22, 2024. 11 - 13% Expected Shareholder Return1 Invest in the clean energy future in a manner that is affordable and reliable Leverage NJNG's infrastructure to capitalize on decarbonization opportunities Opportunities to Invest in Energy Transition

Appendix: Financial Statements and Additional Information 18 Appendix: Financial Statements and Additional Information – 18 19 Reconciliation of NFE and NFEPS to Net Income 20 Other Reconciliation of Non-GAAP Measures 21 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 22 Fiscal 2024 Fourth Quarter and Year-End NFE and NFEPS by Business Unit 23 Review of Fiscal 2024 Fourth Quarter Results 24 Capital Plan Table 25 Debt Repayment Schedule 26 Projected Cash Flows

Reconciliation of NFE and NFEPS to Net Income ($ in 000s) NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE. NFE eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 NEW JERSEY RESOURCES A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: Net income $ 91,126 $ 37,024 $ 289,775 $ 264,724 Add: Unrealized (gain) loss on derivative instruments and related transactions (4,286) (7,579) 19,574 (38,081) Tax effect 1,018 1,800 (4,652) 9,050 Effects of economic hedging related to natural gas inventory 1,266 (2,186) (18,192) 34,699 Tax effect (301) 520 4,323 (8,246) Gain on equity method investment — — — (300) Tax effect — (93) — (19) NFE tax adjustment (116) 77 — — Net financial earnings $ 88,707 $ 29,563 $ 290,828 $ 261,827 Weighted Average Shares Outstanding Basic 99,308 97,568 98,634 97,028 Diluted 99,964 98,192 99,289 97,627 A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: Basic earnings per share $ 0.92 $ 0.38 $ 2.94 $ 2.73 Add: Unrealized (gain) loss on derivative instruments and related transactions (0.04) (0.08) 0.20 (0.39) Tax effect — 0.02 (0.05) 0.09 Effects of economic hedging related to natural gas inventory 0.01 (0.02) (0.18) 0.36 Tax effect — — 0.04 (0.09) Basic net financial earnings per share $ 0.89 $ 0.30 $ 2.95 $ 2.70

Other Reconciliation of Non-GAAP Measures NJNG Utility Gross Margin NJNG's utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expenses. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Energy Services Financial Margin Financial margin removes the timing differences associated with certain derivative and hedging transactions. Financial margin differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization expenses as well as the effects of derivatives instruments on earnings. (Unaudited) Three Months Ended Twelve Months Ended September 30, September 30, 2024 2023 2024 2023 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: Operating revenues $ 105,091 $ 108,741 $ 1,019,832 $ 1,012,633 Less: Natural gas purchases 33,817 37,323 414,635 425,457 Operating and maintenance1 22,935 31,605 113,984 115,292 Regulatory rider expense 3,566 3,017 60,327 50,542 Depreciation and amortization 29,620 26,292 112,492 102,326 Gross margin 15,153 10,504 318,394 319,016 Add: Operating and maintenance1 22,935 31,605 113,984 115,292 Depreciation and amortization 29,620 26,292 112,492 102,326 Utility gross margin $ 67,708 $ 68,401 $ 544,870 $ 536,634 A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows: Operating revenues $ 178,420 $ 102,932 $ 485,391 $ 691,616 Less: Natural Gas purchases 79,097 87,932 305,938 558,932 Operating and maintenance1 1,583 5,833 23,189 20,199 Depreciation and amortization 47 51 205 221 Gross margin 97,693 9,116 156,059 112,264 Add: Operating and maintenance1 1,583 5,833 23,189 20,199 Depreciation and amortization 47 51 205 221 Unrealized (gain) loss on derivative instruments and related transactions (4,287) (8,559) 24,449 (48,251) Effects of economic hedging related to natural gas inventory 1,266 (2,186) (18,192) 34,699 Financial margin $ 96,302 $ 4,255 $ 185,710 $ 119,132 Excludes selling, general and administrative expenses ($ in 000s)

Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense Adjusted debt is total long term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease backs, debt issuance costs, and other Fitch credit metric adjustments Cash Flow from Operations $427.4 Add back Components of working capital $61.1 Cash paid for interest (net of amounts capitalized) $120.2 Capitalized Interest $7.5 SAVEGREEN loans, grants, rebates and related investments $71.3 Operating cash flows from operating leases $7.9 Adjusted FFO (Non-GAAP) $695.4 Long-Term Debt (including current maturities) $3,068.5 Short-Term Debt $291.8 Exclude Cash on Hand ($1.6) CEV Sale-Leaseback Debt ($283.0) Include CEV Sale lease-back Contractual Commitments $205.7 Debt Issuance Costs $13.9 Operating Lease Debt estimate (8x lease expense) $82.9 Adjusted Debt (Non-GAAP) $3,378.2 Adjusted Debt, FY2024 (Millions) Adjusted Funds from Operations, FY2024 (Millions)

Fiscal 2024 Q4 and Year-End NFE and NFEPS by Business Unit1 ($ in 000s) (Thousands) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 Change 2024 2023 Change New Jersey Natural Gas $(19,000) $(24,838) $5,838 $133,400 $131,414 $1,986 Clean Energy Ventures $35,470 $50,152 $(14,682) $33,662 $44,458 $(10,796) Storage and Transportation $2,468 $1,784 $684 $12,229 $12,835 $(606) Energy Services $68,284 $(3,537) $71,821 $111,515 $68,517 $42,998 Home Services and Other $1,485 $6,002 $(4,517) $22 $4,603 $(4,581) Total $88,707 $29,563 $59,144 $290,828 $261,827 $29,001 (Thousands) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 Change 2024 2023 Change New Jersey Natural Gas $(0.20) $(0.26) $0.06 $1.35 $1.35 $— Clean Energy Ventures $0.36 $0.52 $(0.16) $0.35 $0.46 $(0.11) Storage and Transportation $0.02 $0.01 $0.01 $0.12 $0.13 $(0.01) Energy Services $0.69 $(0.03) $0.72 $1.13 $0.71 $0.42 Home Services and Other $0.02 $0.06 $(0.04) $— $0.05 $(0.05) Total $0.89 $0.30 $0.59 $2.95 $2.70 $0.25 Net Financial Earnings (NFE) Net Financial Earnings per Share (NFEPS) The sum of actual amounts may not equal due to rounding

Review of Fiscal 2024 Fourth Quarter Results1 ($ in Millions) A reconciliation of these non-GAAP measures can be found in the Appendix. The sum of actual amounts may not equal to total due to rounding. Fiscal 4Q23 – Consolidated NFE ($ in millions) $ 29.6 NJNG $ 5.8 Utility Gross Margin1 $ (0.7) Depreciation & Amortization (D&A) $ (3.3) Interest expense,O&M, AFUDC, Income Tax $ 9.8 Clean Energy Ventures $ (14.7) Revenue $ (12.5) D&A and Interest Expense $ 0.2 Other (including ITC recognition) $ (2.4) Storage & Transportation $ 0.7 Revenue $ 1.9 D&A and Interest Expense $ 0.5 O&M, AFUDC & Other $ (1.7) Energy Services $ 71.8 Financial Margin1 $ 92.0 Interest Expense, Income Tax and Other $ (20.2) Home Services and Other $ (4.5) Fiscal 4Q24 – Consolidated NFE ($ in millions)2 $ 88.7

Capital Plan Table1,2 ($ in Millions) Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations. The sum of actual amounts may not equal due to rounding. FY2023A FY2024A FY2025E FY2026E Near Real Time Return? New Jersey Natural Gas New Customer $77 $100 $100 - $110 $100 - $110 Yes IIP $43 $42 $25 - $35 $— - $— Yes SAVEGREEN $60 $71 $65 - $75 $70 - $80 Yes IT $61 $60 $45 - $55 $5 - $15 System Integrity $126 $172 $135 - $145 $200 - $220 Cost of Removal $42 $51 $35 - $40 $50 - $55 Other $45 $7 $25 - $30 $45 - $55 $454 $503 $430 - $490 $470 - $535 Clean Energy Ventures $110 $96 $160 - $265 $175 - $275 Storage and Transportation Adelphia Gateway $19 $7 $5 - $15 $5 - $15 Leaf River $12 $39 $15 - $20 $5 - $10 $31 $46 $20 - $35 $10 - $25 Total $596 $644 $610 - $790 $655 - $835 Actuals Estimates

Debt Repayment Schedule No significant maturity towers in any particular year Term debt only (excludes short-term debt of $291.8 million, capital leases of $31.6 million and solar financing obligations of $283.0 million). Term Debt1 Maturity Schedule as of September 30, 2024 / $ in Millions, unless otherwise noted $1.4B NJR Unsecured Senior Notes FY Maturity Principal 3.48% 2025 $100,000 3.54% 2026 $100,000 4.38% 2027 $110,000 3.96% 2028 $100,000 3.29% 2029 $150,000 3.50% 2030 $130,000 3.13% 2031 $120,000 3.60% 2032 $130,000 3.25% 2033 $80,000 6.14% 2033 $50,000 3.64% 2034 $50,000 Total NJR LT Debt $1,120,000 NJNG First Mortgage Bonds FY Maturity Principal 2.82% 2025 $50,000 3.15% 2028 $50,000 5.56% 2033 $50,000 5.49% 2034 $75,000 4.37% 2037 $50,000 3.38% 2038 $10,500 2.75% 2039 $9,545 3.00% 2041 $46,500 3.50% 2042 $10,300 3.00% 2043 $41,000 4.61% 2044 $55,000 3.66% 2045 $100,000 3.63% 2046 $125,000 4.01% 2048 $125,000 3.76% 2049 $100,000 3.13% 2050 $50,000 3.13% 2050 $50,000 2.87% 2050 $25,000 2.97% 2052 $50,000 4.71% 2052 $50,000 5.47% 2053 $125,000 5.85% 2054 $50,000 5.82% 2054 $125,000 2.45% 2059 $15,000 3.86% 2059 $85,000 3.33% 2060 $25,000 2.97% 2060 $50,000 3.07% 2062 $50,000 Total NJNG LT Debt $1,647,845 Substantial liquidity at both NJNG and NJR - $825M of credit facilities available through FY2029

FY 2023A FY 2024A FY 2025E FY 2026E Cash Flow from Operations $479 $427 $460 - $500 $510 - $550 Uses of Funds Capital Expenditures2 $539 $569 $600 - $700 $650 - $750 Dividends3 $151 $165 $174 - $178 $188 - $192 Total Uses of Funds $690 $734 $774 - $878 $838 - $942 Financing Activities Common Stock Proceeds – DRIP $58 $74 $17 - $19 $18 - $20 Debt Proceeds /Other $153 $232 $297 - $359 $310 - $372 Total Financing Activities $211 $307 $314 - $378 $328 - $392 Projected Cash Flows1 ($ in Millions) The sum of actual amounts may not equal due to rounding. Excludes accrual for AFUDC and SAVEGREEN investments (for GAAP purposes, SAVEGREEN investments are included in Cash Flow from Operations). Dividend growth for fiscal 2025 and fiscal 2026 are based upon the midpoint of forecasted 7-9% growth rate. Actuals Estimates Operating cash flows are primarily affected by variations in working capital, which can be impacted by several factors, including: seasonality of our business fluctuations in wholesale natural gas prices and other energy prices, including changes in derivative asset and liability values; timing of storage injections and withdrawals; the deferral and recovery of natural gas costs; changes in contractual assets utilized to optimize margins related to natural gas transactions; broker margin requirements; impact of unusual weather patterns on our wholesale business; timing of the collections of receivables and payments of current liabilities; volumes of natural gas purchased and sold; and timing of SREC deliveries.

Business Overview 27 27 Business Overview - 27 28 NJR: Business Portfolio 29 NJNG: High Quality Utility in Favorable Favorable Regulatory Environment 30 NJNG: Supportive Regulatory Construct 31 CEV: Overview 32 CEV: SREC Hedging Strategy Stabilizes Revenue 33 Storage and Transportation (S&T): Overview 34 Energy Services (ES): Overview 35 Dividend Growth: Committed to Building Shareholder Value 36 Environmental, Social and Governance Efforts 37 Shareholder and Contact Information

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 Recognized as a Top 20 Ruud® National Pro Partner™ for 8 Consecutive Years NJR: Business Portfolio Natural Gas and Renewable Fuel Distribution; Solar Investments, Wholesale Energy Markets; Storage & Transportation Infrastructure; Retail Operations Operates and maintains Natural Gas transportation and distribution infrastructure serving approximately 583,000 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 Demonstrated leadership as a premier energy infrastructure and environmentally-forward thinking company

NJNG: High Quality Utility in Favorable Regulatory Environment Operates and Maintains Natural Gas Transportation and Distribution Infrastructure Serving Approximately 583,000 Customers in Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties 583,000 Total Customers 6 Counties Across New Jersey $3.2B Rate Base $900M - $1.1B Forecasted investments FY2025-FY2026 9.6% Approved ROE Ranked highest in overall residential and business customer satisfaction among large utilities in the East according to JD Power and were named a Customer Champion, Most Trusted Brand, Easiest to Do Business with by Escalent.

Launched in 2009, SAVEGREEN™ provides energy efficiency solutions that meet the unique needs and budgets of residential and commercial customers — including low- and moderate income, multifamily, hospitals and municipalities. On October 30, 2024, NJNG received approval from the Board of Public Utilities for the next generation of SAVEGREEN™ energy-efficiency offerings, its largest filing to date. The proposal will strengthen and expand NJNG’s existing energy-efficiency offerings and provide comprehensive solutions to help participating customers save energy and reduce carbon emissions, while supporting New Jersey’s ambitious climate goals. NJNG: Supportive Regulatory Construct 30 Stable Rate Case Results Rate case results are stable Current ROE of 9.60% with a common equity ratio of 54% Full recovery of plant investments to date Rate cases are settled (generally not litigated) Resolution of cases have been timely Last completed case filed in January 2024 and rates effective in November 2024 Decoupled Rates for majority of customers Volume risk due to weather or energy conservation mitigated through the Conservation Incentive Program (CIP). This decoupling mechanism allows NJNG to earn a fix margin per customer1. NJNG’s natural gas commodity price is a pass-through cost the Basic Gas Supply Service (BGSS) program Minimization of Regulatory Lag Investments in customer growth and Infrastructure Investment Program (IIP) earn real-time recovery or accelerated recovery through annual mechanisms Through the SAVEGREEN program, energy efficiency investments also have an annual cost recovery mechanism that accelerate recovery of investments and returns Margin Sharing Incentives Like other utilities, NJNG contracts for supply and transportation to meet customer needs NJNG’s BPU-approved “BGSS Incentive Programs” allow temporary release of capacity or supply when not needed NJNG shares margin generated with customers (85% for customers/15% for NJNG) BGSS Incentive margin is not counted in NJNG’s ROE calculation for overearning For residential and small commercial customers, which make the vast majority of NJNG’s customers.

CEV: Overview Largest Solar Owner-Operator in New Jersey CEV owns and operates commercial solar projects in New Jersey, Rhode Island, New York, Connecticut, Indiana, and Michigan with approximately 386MW of installed capacity Over $1.2 billion invested in the solar marketplace to date A total of ~70 commercial projects in service History of Innovative Projects

CEV: SREC Hedging Strategy Stabilizes Revenue Based on Energy Year1, as of September 30, 2024 Energy Years run from June 1 of the prior year to May 31 of the respective year; for example, Energy Year 2025 began on June 1, 2024 and ends on May 31, 2025. Based on Fiscal Year, as of September 30, 2024 96% hedged through Fiscal Year 2025 81% hedged through Fiscal Year 2026 89% Hedged Through Energy Year 2026 Percent Hedged Average Price Current Price (EY) 90% $190 $204 89% $179 $194 51% $165 $183 39% $154 $172 Percent Hedged Average Price Current Price (FY) 96% $194 $201 81% $178 $190 62% $165 $179 30% $150 $167

Storage and Transportation (S&T): Overview Leaf River (storage), Steckman Ridge (storage), and Adelphia Gateway (transportation) 32.2 mmdth high deliverability salt cavern storage facility in southeastern Mississippi Acquired October 2019 100% owner & operator Serving Gulf Coast/Southeast the fastest growing natural gas market in North America with a growing reliance on regional supply imports 12.6 mmdth reservoir storage facility in southern PA Placed in service April 2009 50% ownership interest Serving the Northeast Region with a high dependence on storage and increasingly constrained pipeline capacity 0.9 mmdth/d interstate pipeline from NE PA to greater Philadelphia area Acquired January 2020 / Placed in-service September 2022 100% owner & operator Serving the Northeast region, where the current pipeline grid is constrained Maximizing capabilities at existing assets as pipeline and storage constraints continue to highlight the benefit of storage and transportation assets

Energy Services (ES): Overview Managing a Diversified Portfolio of Physical Natural Gas Transportation and Storage Assets to Serve Customers Across North America; Fee-based Revenue through Asset Management Agreements Asset Management Agreements De-risked Energy Services business by securing 10 years of contracted cash payments with minimal counterparty credit risk Long Option Strategy Proven track record of success, leveraging natural gas market volatility to drive value Minimal long-term capital commitments and significant cash generation during outperformance years has significantly reduced NJR equity needs NJR expects to recognize approximately $19.7 million annual in revenues between FY 2025 - FY 2031; Recognized ratably across each quarter ES has Reported Positive Financial Margin1 in Every Year Since Inception Max: 2014 - $172.4M (Polar Vortex) Min: 2020 - $9.9M Over $1 billion ($1.03B) of long-option financial margin over last 15 years (average of $69 Million per year) A reconciliation of Financial Margin to Operating Income can be found in the Appendix

Dividend Growth: Committed to Building Shareholder Value Strong Track Record of Dividend Growth $1.80 FY 2025 Dividend (up 7.1%) 7.4% DPS CAGR Dividend History Dividends per Share Record Date Payable Date Amount Per Share 9/23/2024 10/01/2024 $0.45* 6/12/2024 7/01/2024 $0.42 3/13/2024 4/01/2024 $0.42 12/13/2023 1/02/2024 $0.42 9/20/2023 10/02/2023 $0.42 6/14/2023 7/03/2023 $0.39 3/15/2023 4/03/2023 $0.39 12/14/2022 1/03/2023 $0.39 9/26/2022 10/03/2022 $0.39 6/15/2022 7/01/2022 $0.3625 3/16/2022 4/01/2022 $0.3625 12/15/2021 1/03/2022 $0.3625 9/20/2021 10/01/2021 $0.3625 6/16/2021 7/01/2021 $0.3325 3/17/2021 4/01/2021 0.3325 12/16/2020 1/04/2021 $0.3325 9/22/2020 10/01/2020 $0.3325 Highlighted Rows Reflect Changes in Quarterly Cash Dividends * 7.1% increase in the quarterly dividend rate to $1.80 per share from $1.68 per share

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 – 25% 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 through its Coastal Climate Initiative, which has expanded to a multi-faceted environmental stewardship program; over $1.1 million of this funding is committed Environmental 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 NJR includes sustainability considerations in the performance metrics of our Commitment to Stakeholders. Actual results of these goals and metrics directly impact the compensation of corporate officers year-to-year and ensure accountability Governance What to Expect in Fiscal 2025 Fiscal 2025 ESG Report January 2025 16th Consecutive Year of our Sustainability Report (CSR)

The Transfer Agent and Registrar for the company’s common stock is Broadridge Corporate Issuer Solutions, Inc. (Broadridge). Shareowners with questions about account activity should contact Broadridge investor relations representatives between 9 a.m. and 6 p.m. ET, Monday through Friday, by calling toll-free 800-817-3955. General written inquiries and address changes may be sent to: Broadridge Corporate Issuer Solutions P.O. Box 1342, Brentwood, NY 11717 or For certified and overnight delivery: Broadridge Corporate Issuer Solutions, ATTN: IWS 1155 Long Island Avenue, Edgewood, NY 11717 Shareowners can view their account information online at shareholder.broadridge.com/NJR. Website: www.njresources.com Investor Relations: New Jersey Resources Investor Relations Contact Information Adam Prior – Director, Investor Relations 732-938-1145 aprior@njresources.com 1415 Wyckoff Road Wall, NJ 07719 (732) 938-1000 www.njresources.com Corporate Headquarters Online Information Shareholder and Online Information Stock Transfer Agent and Registrar