EX-99.2 3 ef20053006_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2
Fiscal 2025 Third Quarter and Year-to-Date Financial Results August 2025 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, long term growth targets and guidance range, long term annual growth projections and targets, our CIP, IIP and Savegreen programs, NFEPS expectations from utility operations, Capital Plan expectations, our credit metrics, projections of dividend and financing activities, customer growth at NJNG, future NJR and NJNG capital expenditures, potential CEV capital projects, project pipeline, changes to tax laws and regulations, including those changes brought about by the passage of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act, total shareholder return projections, dividend growth, CEV revenue and service projections, our debt repayment schedule, contributions from Leaf River as well as its potential cavern expansion, Steckman Ridge and Adelphia Gateway, SREC Hedging and long option strategies and Asset Management Agreements, our Energy Efficiency Expansion as approved by the BPU, our current and future base rate cases, our solar project pipeline and commercial solar growth goals, the outcome or timing of Adelphia's rate case with FERC, emissions reduction strategies and clean energy goals, 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 2025 Third Quarter and Year-to-Date Conference Call 4 Fiscal 2025 Third Quarter and Year-to-Date Highlights 5 Raises Lower End of Fiscal 2025 NFEPS Guidance by $0.05 to $3.20 to $3.30 6 NFEPS Guidance by Segment 7 New Jersey Natural Gas (NJNG): Customer Growth 8 NJNG: Increasing Energy Efficiency CAPEX 9 NJNG: Year to Date CAPEX 10 Clean Energy Ventures (CEV): Strong Investment Options 11 Storage and Transportation (S&T): Maximizing Existing Assets 12 Financial Review 13 Review of Fiscal 2025 Third Quarter and Year-to-Date Results 14 NJR Capital Plan: Chart 15 Superior Credit Metrics, Balance Sheet and Cash Flows 16 Investment Considerations Appendix: Financial Statements and Additional Information – 17 18 Reconciliation of NFE and NFEPS to Net Income 19 Other Reconciliation of Non-GAAP Measures 20 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 21 Fiscal 2025 Third Quarter and Year-to-Date NFE and NFEPS by Business Unit 22 NJR Capital Plan: Table 23 Debt Repayment Schedule 24 Projected Cash Flows Business Overview – 25 26 NJR: Business Portfolio 27 NJNG: High Quality Utility in Favorable Favorable Regulatory Environment 28 NJNG: Supportive Regulatory Construct 29 CEV: Overview 30 CEV: SREC Hedging Strategy Stabilizes Revenue 31 Storage and Transportation (S&T): Overview 32 Energy Services (ES): Overview 33 Dividend Growth: Committed to Building Shareholder Value 34 Industry Leading Long-Term Growth Rate of 7-9% 35 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 $45.76 Shares Outstanding 100.4M Market Cap $4.6B Dividend Information Annual Dividend $1.80 Dividend Yield 3.93% All daily trading information/multiples as of 8/1/2025

Fiscal 2025 Third Quarter and Year-to-Date Highlights Executing on our Strategic Plan to Drive Growth New Jersey Natural Gas Clean Energy Ventures Storage and Transportation Adelphia: Rate Case Resolution by the End of 2025 Leaf River: Assessing Potential Expansion Opportunities ~63MW2 placed into service in FY 2025 Record Investment Under New SAVEGREEN® Program 1. A reconciliation from NFE to net income can be found in the Appendix. 2. As of July 31, 2025 Solid Execution Across all of NJR's Complementary Portfolio of Businesses Raised Lower End of FY 2025 NFEPS1 Guidance Range Increased Capex Range Driven by Strong Utility Investments

Raises Lower End of Fiscal 2025 NFEPS Guidance by $0.05 to $3.20 to $3.30 Net Financial Earnings per Share Guidance Range Above 7% - 9% Long-term Projected NFEPS Growth Guidance Range $3.20 - $3.30 7-9% Long-Term Annual Growth $2.50 $2.70 Outperformance Above Long-Term Growth Rate $2.20 - $2.30 $2.42 - $2.52 Strong energy prices(NJNG, CEV, ES) Winter Storm Elliot January 2024 weather event Initial Guidance Range Represents the midpoint of NJR's Long-Term Growth Rate $2.70 - $2.85 Base of $2.83 Per Share $2.95 Sale of Residential Solar Portfolio Energy Services Strong Performance during the 2025 Winter Season Actuals Estimates

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 64% - 67% Energy Services 10% - 12% Home Services 0% - 1% S&T 4% - 6% CEV 20% - 22% 68% - 73% 30% - 35% Q3 2025: Consistent Performance From All Business Units No Significant Changes from Q2 ~65% of Fiscal 2025 NFEPS Expected from Utility Operations Over 70% Excluding the Gain from the Sale of the Residential Solar Portfolio

New Jersey Natural Gas (NJNG): Customer Growth Strong Trend of Customer Growth Through a Mix of New Construction and Conversions Across New Jersey Through Q3 93% Residential 97% Located in Monmouth / Ocean / Morris Counties Favorable Demographics Innovative investments (natural gas heat pump, carbon capture) provide additional growth opportunities NJNG's service territory is experiencing significant development, driven by strong demand and a shift towards year-round living NJNG Total Customers (in thousands)

NJNG: Increasing Energy Efficiency 8 NJNG is authorized to invest $385.6 million over the 30-month period (6/30/2027) 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. FY25 SAVEGREEN® CAPEX Grows Over 30% to $90M - $95M driven by strong customer demand and operational efficiencies Investments in SAVEGREEN® are incremental to rate base and earn near-real time returns through a rider that is updated annually Favorable Construct Significant Runway for Further Investment Record Levels of Investment

NJNG: Year to Date CAPEX YTD Fiscal 2025 Capital Expenditures1,2,3 (Actuals, $ in M) 47% of NJNG Capital Expenditures Earnings a Near Real-Time Return 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. ~47% Capital Expenditures Earning a Near Real-time Return ~$383M

Clean Energy Ventures (CEV): Strong Investment Options CEV Owns and Operates Solar Projects with Approximately 449MW of Commercial Solar Capacity MWs ~38% of pipeline located in NJ ~62% of pipeline located outside of NJ ~63MW New In-Service in Fiscal 2025 "Big Beautiful Bill" Enacted: Proactive Positioning Preserved Pipeline 131MW expected in service in the next two years Total size of the solar pipeline remains consistent, with ~1GW of solar opportunities CEV project pipeline is generally structured to preserve NJR’s returns -- we have grown our pipeline through structured investments and partnerships that provide optionality while limiting at-risk capital CEV has delivered strong returns on solar projects through multiple legislative cycles, including changes to the ITC 1.0 GW Investment Options for Future Solar Growth (including projects under contract or exclusivity) Expected In-Service Over the Next Two Years; Representing Over $350 Million in Investment

Storage and Transportation (S&T): Maximizing Existing Assets 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, and regulatory driven projects What's New: On June 26, 2025, Adelphia reached a settlement in principle with customers participating in the rate case. Adelphia and the rate case participants plan to file an offer of settlement with the FERC during the fourth quarter of fiscal 2025. Leaf River Energy Center: Maximizing Existing Asset Capacity Recovery Project Ongoing Salt cavern leaching is a process used to regain capacity lost to salt creep over time Potential Cavern Expansion Currently Examining Design Optimization Throughout Facility for Existing or New Cavern Capacity Expansion Favorable Market Conditions Provide Optionality to Seek Superior Risk-Adjusted Returns

12 12 Financial Review

Fiscal 2024 YTD – Consolidated NFE ($ in millions) $ 202.1 NJNG $ 69.1 Utility Gross Margin1 $ 118.1 Depreciation & Amortization (D&A) $ (20.9) Interest Expense, O&M, AFUDC and Income Tax $ (28.1) Clean Energy Ventures $ 39.1 Revenue $ (12.9) D&A and Interest Expense $ 5.8 Gain on Sale of Assets $ 56.1 Other (including ITC recognition) $ (9.9) Storage & Transportation $ 4.1 Revenue $ 7.7 D&A and Interest Expense $ 0.8 AFUDC & Other $ (4.4) Energy Services $ (3.8) Financial Margin1 $ (14.7) Interest Expense, Income Tax and Other $ 10.9 Home Services and Other $ 2.7 Fiscal 2025 YTD – Consolidated NFE ($ in millions)2 $ 313.4 Fiscal 3Q24 – Consolidated NFE ($ in millions) $ (8.9) NJNG $ 16.2 Utility Gross Margin1 $ 25.0 Depreciation & Amortization (D&A) $ (7.5) Interest Expense, O&M, AFUDC, Income Tax $ (1.3) Clean Energy Ventures $ (0.1) Revenue $ (2.6) D&A and Interest Expense $ 1.6 Gain on Sale of Assets $ 0.5 Other (including ITC recognition) $ 0.3 Storage & Transportation $ 1.8 Revenue $ 2.7 D&A and Interest Expense $ 1.5 O&M, AFUDC & Other $ (2.4) Energy Services $ (1.5) Financial Margin1 $ (6.1) Interest Expense, Income Tax and Other $ 4.6 Home Services and Other $ (1.2) Fiscal 3Q25 – Consolidated NFE ($ in millions)2 $ 6.2 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. Review of Fiscal 2025 Third Quarter and Year-to-Date Results1 ($ in Millions) Fiscal Third Quarter Fiscal Year-to-Date

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. $596 $644 $650 - $770 $655 - $835 ($ in Millions) Capital plan supports long-term NFEPS growth targets of 7-9% $465 - $515 $470 - $535 $165 - $220 $20 - $35 $10 - $25 $175 - $275 Actuals Estimates $529 ~$1.3B - $1.6B Planned CAPEX Over the Next 2 Years YTD

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 Estimated 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 19 - 21%

Investment Considerations Complementary Energy Infrastructure Platform with Predictable Net Financial Earnings and Incremental Growth Opportunities * Net Financial Earnings Per Share Consistent Outperformance Guidance Increases in Each of the Past 5 Years Industry Leading Growth Rate Stated 7-9% long-term annual NFEPS* growth rate is at the highest end of the utility industry. NJR has exceeded this growth rate in each of the last 5 years. Clear Regulatory Visibility NJR’s largest business unit is New Jersey Natural Gas, which completed its most recent base rate case in November 2024, securing recovery for investments that ensure safe and reliable service for our roughly 588,000 customers. This provides NJR with strong visibility into its long-term growth trajectory Strong Balance Sheet Long-term debt is well staggered with no significant maturities in any particular year. This provides financial flexibility and reduced risk, especially in an evolving interest rate environment. No need for block equity issuances to achieve growth targets

Appendix: Financial Statements and Additional Information 17 18 Reconciliation of NFE and NFEPS to Net Income 19 Other Reconciliation of Non-GAAP Measures 20 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 21 Fiscal 2025 Third Quarter and Year-to-Date NFE and NFEPS by Business Unit 22 NJR Capital Plan: Table 23 Debt Repayment Schedule 24 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 June 30, Nine Months Ended June 30, 2025 2024 2025 2024 NEW JERSEY RESOURCES A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: Net (loss) income $ (15,051) $ (11,574) $ 320,555 $ 198,649 Add: Unrealized loss (gain) on derivative instruments and related transactions 10,766 3,803 (10,072) 23,860 Tax effect (2,559) (903) 2,394 (5,670) Effects of economic hedging related to natural gas inventory 16,924 (385) 747 (19,458) Tax effect (4,022) 91 (178) 4,624 NFE tax adjustment 140 69 (58) 116 Net financial earnings (loss) $ 6,198 $ (8,899) $ 313,388 $ 202,121 Weighted Average Shares Outstanding Basic 100,373 98,983 100,173 98,409 Diluted 100,373 98,983 100,813 99,213 A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: Basic (loss) earnings per share $ (0.15) $ (0.12) $ 3.20 $ 2.02 Add: Unrealized loss (gain) on derivative instruments and related transactions 0.11 0.04 (0.10) 0.24 Tax effect (0.03) (0.01) 0.02 (0.06) Effects of economic hedging related to natural gas inventory 0.17 — 0.01 (0.20) Tax effect (0.04) — — 0.05 Basic net financial earnings (loss) per share $ 0.06 $ (0.09) $ 3.13 $ 2.05

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 Nine Months Ended June 30, June 30, 2025 2024 2025 2024 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: Operating revenues $ 205,029 $ 158,110 $ 1,157,439 $ 914,741 Less: Natural gas purchases 74,941 55,699 480,244 380,818 Operating and maintenance1 34,719 35,709 90,238 91,050 Regulatory rider expense 10,979 8,343 81,956 56,761 Depreciation and amortization 35,987 28,491 103,784 82,872 Gross margin 48,403 29,868 401,217 303,240 Add: Operating and maintenance1 34,719 35,709 90,238 91,050 Depreciation and amortization 35,987 28,491 103,784 82,872 Utility gross margin $ 119,109 $ 94,068 $ 595,239 $ 477,162 A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows: Operating revenues $ 38,850 $ 62,441 $ 371,548 $ 306,971 Less: Natural Gas purchases 67,781 61,041 287,496 226,841 Operating and maintenance1 1,020 3,814 13,482 21,605 Depreciation and amortization 30 45 139 158 Gross margin (29,981) (2,459) 70,431 58,367 Add: Operating and maintenance1 1,020 3,814 13,482 21,605 Depreciation and amortization 30 45 139 158 Unrealized loss (gain) on derivative instruments and related transactions 10,766 3,804 (10,072) 28,736 Effects of economic hedging related to natural gas inventory 16,924 (385) 747 (19,458) Financial margin $ (1,241) $ 4,819 $ 74,727 $ 89,408 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 $385.2 Add back Components of working capital $50.2 Cash paid for interest (net of amounts capitalized) $98.9 Capitalized Interest $8.2 SAVEGREEN loans, grants, rebates and related investments $72.9 Operating cash flows from operating leases $6.7 Adjusted FFO (Non-GAAP) $622.1 Long-Term Debt (including current maturities) $3,076.7 Short-Term Debt $306.7 Exclude Cash on Hand ($2.0) CEV Sale-Leaseback Debt ($336.9) Include CEV Sale lease-back Contractual Commitments $231.2 Debt Issuance Costs $13.6 Operating Lease Debt estimate (8x lease expense) $66.8 Adjusted Debt (Non-GAAP) $3,356.1 Adjusted Debt, YTD FY2025 (Millions) Adjusted Funds from Operations, YTD FY2025 (Millions)

Fiscal 2025 Third Quarter and Year-to-Date NFE and NFEPS by Business Unit1 ($ in 000s) (Thousands) Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 Change 2025 2024 Change New Jersey Natural Gas $10,079 $(6,139) $16,218 $221,518 $152,400 $69,118 Clean Energy Ventures $(6,857) $(6,714) $(143) $37,315 $(1,808) $39,123 Storage and Transportation $5,898 $4,140 $1,758 $13,905 $9,761 $4,144 Energy Services $(3,734) $(2,244) $(1,490) $39,400 $43,231 $(3,831) Home Services and Other $812 $2,058 $(1,246) $1,250 $(1,463) $2,713 Total $6,198 $(8,899) $15,097 $313,388 $202,121 $111,267 (Thousands) Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 Change 2025 2024 Change New Jersey Natural Gas $0.10 $(0.07) $0.17 $2.21 $1.55 $0.66 Clean Energy Ventures $(0.06) $(0.07) $0.01 $0.38 $(0.02) $0.40 Storage and Transportation $0.05 $0.04 $0.01 $0.14 $0.10 $0.04 Energy Services $(0.04) $(0.02) $(0.02) $0.39 $0.44 $(0.05) Home Services and Other $0.01 $0.03 $(0.02) $0.01 $(0.02) $0.03 Total $0.06 $(0.09) $0.15 $3.13 $2.05 $1.08 Net Financial Earnings (NFE) Net Financial Earnings per Share (NFEPS) The sum of actual amounts may not equal due to rounding.

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. FY2024A FY2025A FY2025E FY2026E Near Real Time Return? New Jersey Natural Gas New Customer $100 $83 $110 - $115 $100 - $110 Yes IIP $42 $24 $25 - $35 $— - $— Yes SAVEGREEN $71 $73 $90 - $95 $70 - $80 Yes IT $60 $42 $45 - $55 $5 - $15 System Integrity $172 $122 $135 - $145 $200 - $220 Cost of Removal $51 $33 $35 - $40 $50 - $55 Other $7 $7 $25 - $30 $45 - $55 $503 $383 $465 - $515 $470 - $535 Clean Energy Ventures $96 $130 $165 - $220 $175 - $275 Storage and Transportation Adelphia Gateway $7 $5 $5 - $15 $5 - $15 Leaf River $39 $11 $15 - $20 $5 - $10 $46 $16 $20 - $35 $10 - $25 Total $644 $529 $650 - $770 $655 - $835 Actuals Estimates YTD

Debt Repayment Schedule No Significant Maturity Towers in Any Particular Year Term debt only (excludes short-term debt of $306.7 million, capital leases of $35.4 million and solar financing obligations of $336.9 million). Term Debt1 Maturity Schedule as of June 30, 2025 / $ in Millions, unless otherwise noted $1.3B NJR Unsecured Senior Notes FY Maturity Principal 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 5.55% 2035 $100,000 Total NJR LT Debt $1,120,000 NJNG First Mortgage Bonds FY Maturity Principal 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 $1,597,845 Substantial liquidity at both NJNG and NJR - $825M of credit facilities available through FY2029 No Debt Maturities Remaining in FY 2025

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). In Fiscal 2025, year-to-date capital expenditures include $136.9 million in net proceeds from the sale of the residential solar portfolio. These proceeds, net of closing costs, are excluded from the capital expenditure estimates for Fiscal 2025 and Fiscal 2026. Dividend growth for fiscal 2025 and fiscal 2026 are based upon the midpoint of forecasted 7-9% growth rate. FY 2024A YTD FY2025A FY2025E FY2026E Cash Flows (used in) from Operations $427 $385 $460 - $500 $510 - $550 Uses of Funds Capital Expenditures2, 3 $569 $306 $600 - $700 $650 - $750 Dividends4 $165 $135 $174 - $178 $188 - $192 Total Uses of Funds $734 $441 $774 - $878 $838 - $942 Financing Activities Common Stock Proceeds – DRIP $74 $31 $37 - $39 $18 - $20 Debt Proceeds/ (Repayments)/Other $232 $25 $277 - $339 $310 - $372 Total Financing Activities $307 $56 $314 - $378 $328 - $392 Projected Cash Flows1 ($ in Millions) Actuals Estimates (unchanged from prior disclosure) 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 25 25 26 NJR: Business Portfolio 27 NJNG: High Quality Utility in Favorable Favorable Regulatory Environment 28 NJNG: Supportive Regulatory Construct 29 CEV: Overview 30 CEV: SREC Hedging Strategy Stabilizes Revenue 31 Storage and Transportation (S&T): Overview 32 Energy Services (ES): Overview 33 Dividend Growth: Committed to Building Shareholder Value 34 Industry Leading Long-Term Growth Rate of 7-9% 35 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 9 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 588,300 customers in New Jersey New Jersey Natural Gas (NJNG) Clean Energy Ventures (CEV) Storage and Transportation (S&T) Energy Services (ES) NJR 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 588,300 Customers in New Jersey (predominately located in Monmouth, Ocean, Morris Counties, as well as Middlesex, Sussex and Burlington Counties) 588,300 Total Customers 6 Counties Across New Jersey $3.2B1 Rate Base $900M - $1.1B Forecasted investments FY2025-FY2026 9.6% Approved ROE 54% Equity Layer 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. As of the most recent base rate case, settled on November 21, 2024

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. Investments in SAVEGREEN® are incremental to our rate base and earn near-real time returns through a rider that is updated annually. NJNG: Supportive Regulatory Construct 28 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 has been timely Rate Cases Completed in: 2016, 2019, 2021, and the most recent 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 fixed margin per customer1. NJNG’s natural gas commodity price is a pass-through cost in 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; Diverse and Innovative Commercial Solar Projects Throughout Six States CEV owns and operates commercial solar projects in New Jersey, Rhode Island, New York, Connecticut, Indiana, and Michigan with approximately 449MW of installed capacity ~$1 billion invested in the solar marketplace to date ~77 commercial projects in service Lansing, MI Orange County, NY Mount Olive, NJ East Hampton, CT Howard, RI Images shown are illustrative and represent a subset of CEV's broader portfolio Kokomo, IN

CEV: SREC Hedging Strategy Stabilizes Revenue Based on Energy Year1, as of June 30, 2025 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 June 30, 2025 100% Hedged Through Fiscal Year 2025 91% Hedged Through Energy Year 2025 Percent Hedged Average Price Current Price (EY) 97% $179 $181 70% $166 $169 65% $157 $155 32% $146 $143 Percent Hedged Average Price Current Price (FY) 92% $179 $177 85% $166 $164 54% $155 $103 32% $146 $95 Represents CEV Commercial Solar Business 91% $191 $206 100% $195 $198

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-risking transaction for 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 annually 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 - $172.4M2 Min: 2020 - $9.9M Over $1 billion ($1.6B) of financial margin over last 20 years (average of ~$80 million per year) A reconciliation of Financial Margin to Operating Income can be found in the Appendix Fiscal 2022 - 2024 Financial Margin included revenue recognition from those Asset Management Agreements noted above, with fiscal 2024 Financial Margin totaling $185.7 million

Dividend Growth: Committed to Building Shareholder Value Strong Track Record of Dividend Growth $1.80 FY 2025 Dividend Dividend History Dividends per Share Record Date Payable Date Amount Per Share 6/10/2025 7/01/2025 $0.45 3/11/2025 4/01/2025 $0.45 12/11/2024 1/02/2025 $0.45 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 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

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, No Block Equity Needs, "Utility-like" Earnings Contribution 7-9% LONG-TERM ANNUAL GROWTH NJNG CEV S&T Energy Services Improved Utility 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 + 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" Strategy (Does not consider potential positive impacts from significant weather events.) Natural gas price volatility due to weather events Guidance Range $3.20 - $3.30 4% DIVIDEND YIELD1 11 - 13% Expected Shareholder Return1 Expected shareholder return includes projected NFEPS long-term growth rate of 7 – 9% in addition to an annualized dividend yield of 3.9%, based on dividend per share of $1.80 and closing share price of $45.76 on August 1, 2025.

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