New Jersey Resources Corp (NJR)

New Jersey Natural Gas Submits Filings to NJBPU for Customer Savings and Future Recovery of Reliability InvestmentsJune 1, 2026 4:05 PM
Business Wire Submissions lower natural gas bills by 8.9 percent this upcoming winter heating season while advancing review for rate recovery of critical reliability investments New Jersey Natural Gas (NJNG), the principal subsidiary of New Jersey Resources (NYSE: NJR), today announced it has submitted filings to the New Jersey Board of Public Utilities (NJBPU) that, taken together, provide customers with a 8.9% reduction in customer bills in advance of the 2026-2027 winter season – a $158 annual savings for the average residential customer – and rate 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. Once all filings are implemented, NJNG anticipates that the overall net result will leave NJNG customer rates nearly flat compared to today’s rates. "By strategically managing our gas supplies, NJNG is able to bring our customers meaningful bill savings for this upcoming winter heating season,” said Steve Westhoven, President and Chief Executive Officer of New Jersey Natural Gas. “The investments in system resiliency allow us to deliver heat to homes and businesses without disruption, especially during extreme weather, as we successfully did during this very challenging, abnormally cold, past winter.” The submissions include: NJNG’s annual Basic Gas Supply Service (BGSS) and Conservation Incentive Program (CIP) filing, its Energy Efficiency filing, and a request to adjust base rates to reflect approximately $950 million in system investments that benefit customers but are not reflected in current rates. The filings are being submitted together in a conscious way to deliver significant bill savings of approximately $158 per customer over the year beginning on October 1, 2026, or a reduction of 8.9 percent of the typical residential customer bill. At the same time, the base rate case is being intentionally timed for implementation near the end of the 2026-2027 winter period, when customer usage for home heating needs typically begins to drop. This request is the beginning of the review process with the NJBPU, which typically results in a negotiated settlement. If approved as filed, NJNG’s request to recover on investments made in the system would be an increase of 12.7 percent, for the average residential heating customer using approximately 79 therms per month. “By seeking recovery of our critical reliability investments alongside cost reductions, we are able to provide a meaningful reduction in bills for the upcoming winter and then stabilize bills to remain nearly flat with current rates after the core heating season,” continued Westhoven. 8.9% Bill Savings for the Upcoming Heating Season NJNG is positioned to deliver these savings to its customers this upcoming winter because of the responsible steps the company has taken to manage its gas portfolio ahead of and through the 2025 and early 2026 winter, along with reductions of the rate to recovery its energy efficiency program costs and its CIP rate, which normalizes customer bills and NJNG financial margins year-to-year to reflect fluctuations from weather and customer usage patterns. The total savings being delivered to customers for the upcoming winter is approximately $98 million or $158 over the year for the typical residential household. NJNG’s prudent gas purchases, hedging practices, and gas supply incentive programs allowed proactive purchases of the majority of its natural gas for the winter well in advance of the heating season, locking in prices when they are typically lower. Over the life of these incentive programs, a total of $1.6 billion has been generated in direct bill savings for customers. Recovery of System Investments The approximately $950 million of investments for which NJNG is seeking recovery include reliability and safety upgrades to the extensive 7,500-mile pipeline network operated and maintained by the company to serve approximately 600,000 homes, businesses, and critical services. It also reflects costs of workforce wages, safety and environmental compliance enhancements, and the necessary replacement of a decades-old, customer-facing technology system that is being retired by the provider. These investments in NJNG’s infrastructure and operations benefit customers, but are not reflected in current rates. “The majority of NJNG’s capital investments are to maintain the high-quality, safe and extraordinarily reliable service we provide to our customers,” added Westhoven. NJNG’s system enhancement, renewal and reinforcement investments were made to infrastructure located in over 100 municipalities. Notable investments covered in the filing include: Upgrades to critical infrastructure, including looping and reinforcement projects, trunkline replacements and the replacement of vintage distribution mains and associated service lines to ensure the safety, reliability and integrity of its delivery systems and support mandates set forth in state and federal regulation. The Jamesburg Replacement Project, a 6-mile transmission-scale project in Monmouth County that creates additional service resiliency by eliminating a single point of failure for service to more than 230,000 customers in Monmouth County. Replacement of an aging, customer-facing technology system that is being retired by its vendor – enhancements that improve our ability to service customers and that support our field, emergency response, dispatch and engineering operations. Investment in cybersecurity consistent with industry standards to safeguard proprietary, personnel and customer information, as well as the operation of NJNG’s systems. Increased labor, healthcare and other costs due to inflation that support NJNG’s union workforce. Typically, the BPU’s rigorous review of base rate filings takes between nine and twelve months. On this timeline, any final rate increase stemming from the filing will not take effect until the latter part of the 2026-2027 winter season, as customer usage begins to fall. The average customer uses approximately 80% of their annual gas usage during the winter period. As noted, NJNG anticipates that when all filings are implemented, customer rates will be nearly flat compared to where rates are today. Energy Assistance Available for Customers NJNG knows that affordability matters, and we are committed to supporting our customers with expanded bill assistance and bill management programs. Customers can visit www.njng.com/energyassistance, email

New Jersey Natural Gas Names Helen Ayotte Vice President of Engineering, Construction and Asset ManagementMay 11, 2026 4:05 PM
Business Wire New Jersey Natural Gas, (NJNG), a regulated subsidiary of New Jersey Resources (NYSE: NJR), announced the appointment of Helen Ayotte as Vice President of Engineering, Construction and Asset Management effective today. Ms. Ayotte will succeed John Wyckoff, Vice President of Energy Delivery, who is retiring on July 1, 2026. In this role, Ms. Ayotte will oversee NJNG’s engineering, construction, environmental and asset management functions, ensuring the safe and reliable operation of the natural gas distribution system. She will lead long-term system expansion and reinforcement planning, manage critical infrastructure and facilities, ensure environmental and regulatory compliance and advance asset investment strategies that support safety, reliability and customer needs. “Helen brings deep technical expertise and proven leadership essential to safely and reliably serve our customers,” said Steve Westhoven, President and CEO of New Jersey Resources. “As we continue prudent infrastructure investments in an increasingly complex regulatory and energy environment, strong execution and disciplined asset management are critical. I am confident Helen will be a valuable member of our executive team and will play a key role in advancing NJNG’s long-term infrastructure strategy.” “John Wyckoff has been a highly respected leader at NJR for more than 30 years, guiding critical energy delivery and operations functions with a strong focus on safety and reliability,” said Westhoven. “His leadership has been instrumental to our operational excellence and the trust of our customers, regulators and employees. I thank John for his many contributions and wish him well in his retirement.” NJNG is the largest stand-alone natural gas utility in New Jersey with nearly 600,000 customers. It operates one of the most environmentally sound distribution systems with the fewest leaks per mile of any natural gas utility in the state. It is also a leader in energy-efficiency with innovative programs that help customers save energy and money, including on-bill repayment plans, financing options and whole-house solutions. NJNG was named a Most Trusted Utility among residential customers, according to the 2025 Cogent Syndicated Utility Trusted Brand & Customer Engagement™: Residential study by Escalent, a leading advisory firm specializing in human behavior and data analytics. This is the 11th time out of the past 12 years the company was recognized for brand trust among its customers. Prior to joining NJR, Ms. Ayotte spent over 20 years working in the energy industry, where she held leadership roles spanning, engineering, operations and asset oversight at natural gas utility and consulting companies, including Cornerstone Energy Services, LLC, Summit Utilities Inc. and Unitil Corporation/Northern Utilities. Throughout her career, she developed broad experience managing complex infrastructure programs, leading multidisciplinary teams, and advancing safety and reliability. About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a diversified energy infrastructure and energy services company that provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses: 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 and parts of Morris, Middlesex, Sussex and Burlington counties. Clean Energy Ventures invests in, owns and operates solar projects, providing residential and commercial 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 Energy Center and the Adelphia Gateway Pipeline, as well as a 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 nearly 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 visit www.njresources.com
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“Like” us on facebook.com/NewJerseyNaturalGas. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511329585/en/ Media Contact:
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aprior@njresources.com Original: New Jersey Natural Gas Names Helen Ayotte Vice President of Engineering, Construction and Asset Management

New Jersey Resources Reports Fiscal 2026 Second-Quarter ResultsMay 4, 2026 4:30 PM
Business Wire Increases Net Financial Earnings Guidance for Fiscal 2026 Due to Energy Services' Continued Outperformance New Jersey Resources Corporation (NYSE: NJR) today reported financial and operating results for its fiscal 2026 second quarter ended March 31, 2026. Financial Highlights: Fiscal 2026 second-quarter consolidated net income of $218.9 million, or $2.17 per share, compared with $204.3 million, or $2.04 per share, in the second quarter of fiscal 2025 Fiscal 2026 second-quarter consolidated net financial earnings (NFE), a non-GAAP financial measure, of $221.5 million, or $2.20 per share, compared with $178.3 million, or $1.78 per share, in the second quarter of fiscal 2025 Fiscal 2026 year-to-date net income totaled $341.4 million, or $3.39 per share, compared with $335.6 million, or $3.35 per share, for the same period in fiscal 2025 Fiscal 2026 year-to-date NFE totaled $339.6 million, or $3.37 per share, compared with $307.2 million, or $3.07 per share, for the same period in fiscal 2025 Fiscal 2026 Outlook Increases fiscal 2026 net financial earnings per share (NFEPS) guidance to a range of $3.48 to $3.63, from $3.28 to $3.43, a $0.20 increase, as a result of the continued strong performance of Energy Services. This marks the second increase to fiscal 2026 guidance, following a $0.25 increase announced in February 2026. Maintains 7 to 9 percent long-term net financial earnings per share (NFEPS) growth target, starting from a fiscal 2025 base of $2.83 per share*
* 7% - 9% growth would imply a NFEPS range of $3.03 - $3.08 in fiscal 2026 Management Commentary Steve Westhoven, President and CEO of New Jersey Resources, stated, “Our exceptional operating performance throughout the winter season delivered reliable service, while New Jersey Natural Gas' strong hedging program helped mitigate costs for our customers. Additionally, as a result of Energy Services' continued outperformance, we were able to increase our fiscal 2026 NFEPS guidance for the second time this year.” Fiscal 2026 NFEPS Guidance and Expected NFE Contributions by Segment NJR is raising its fiscal 2026 NFEPS guidance range by $0.20 to a range of $3.48 to $3.63, subject to the risks and uncertainties identified below under "Forward-Looking Statements." The following chart represents NJR’s current expected NFE contributions from its business segments for fiscal 2026: Segment Expected fiscal 2026 net financial earnings
contribution New Jersey Natural Gas 58 to 62 percent Clean Energy Ventures 9 to 13 percent Storage and Transportation 8 to 11 percent Energy Services 19 to 23 percent Home Services and Other 0 to 1 percent In providing fiscal 2026 NFE guidance, management is aware that there could be differences between reported GAAP net income and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts. Financial Metrics   Three Months Ended   Six Months Ended   March 31,   March 31, ($ in Thousands, except per share data) 2026   2025   2026   2025 Net income $ 218,912   $ 204,287   $ 341,402   $ 335,606 Basic EPS $ 2.17   $ 2.04   $ 3.39   $ 3.35 Net financial earnings* $ 221,463   $ 178,296   $ 339,636   $ 307,190 Basic net financial earnings per share* $ 2.20   $ 1.78   $ 3.37   $ 3.07 *A reconciliation of net income to NFE for the three and six months ended March 31, 2026 and 2025, respectively is provided in the financial statements below. Net Financial Earnings (Loss) by Business Segment   Three Months Ended   Six Months Ended   March 31,   March 31, ($ in Thousands)   2026       2025       2026       2025   New Jersey Natural Gas $ 148,513     $ 144,531     $ 232,342     $ 211,439   Clean Energy Ventures   (5,223 )     (3,958 )     4,367       44,172   Storage and Transportation   7,708       2,343       15,071       8,007   Energy Services   72,286       35,301       88,566       43,134   Home Services and Other   (219 )     (678 )     260       (63 ) Subtotal   223,065       177,539       340,606       306,689   Eliminations   (1,602 )     757       (970 )     501   Total $ 221,463     $ 178,296     $ 339,636     $ 307,190   New Jersey Natural Gas (NJNG) NJNG reported fiscal 2026 second-quarter NFE of $148.5 million, compared to NFE of $144.5 million during the same period in fiscal 2025. The increase in NFE for the period was driven primarily by customer growth and higher BGSS incentives. Fiscal 2026 year-to-date NFE totaled $232.3 million, compared with NFE of $211.4 million for the same period in fiscal 2025. The increase in NFE for the period was due to higher base rates in October and November of fiscal 2026 compared to the same period of fiscal 2025 (new rates were effective November 21, 2024) as well as continued customer growth and higher Basic Gas Supply Service (BGSS) incentives. Customers: At March 31, 2026, NJNG serviced approximately 594,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 589,000 customers as of September 30, 2025. Basic Gas Supply Service (BGSS) Incentive Programs1: BGSS incentive programs generated $93.2 million of gross customer savings during the first six months of fiscal 2026, which helped offset the unhedged portion of gas costs driven by market volatility and colder-than-normal weather. BGSS incentive programs also contributed $17.3 million to utility gross margin during the first six months of fiscal 2026, compared with $10.6 million for the same period in fiscal 2025. This increase was primarily driven by increased margins from off-system sales and capacity release due to market volatility as a result of colder weather.
1 BGSS incentive savings represent value created through supply and capacity optimization and shared with customers through the BGSS clause. For more information on utility gross margin, please see "Non-GAAP Financial Information" below. Energy-Efficiency Programs: SAVEGREEN® invested $46.5 million in the first six months of fiscal 2026 in energy-efficiency upgrades for customers' homes and businesses. Investments in SAVEGREEN® are incremental to rate base and earn near-real time returns through a rider that is updated annually. More than 115,000 customers have taken part in SAVEGREEN® to date, with those utilizing our whole home offerings realizing bill savings of up to 30%. Clean Energy Ventures (CEV) CEV reported fiscal 2026 second-quarter net financial loss of $(5.2) million, compared with $(4.0) million during the same period in the second quarter of fiscal 2025, reflecting higher depreciation and interest expense associated with capital invested over the past year, partially offset by higher revenue. Fiscal 2026 year-to-date NFE totaled $4.4 million, compared with NFE of $44.2 million for the same period in fiscal 2025. The decrease was primarily due to a gain from the sale of CEV's residential solar portfolio assets that was recognized in the prior year period. Solar Investment Update: During the first six months of fiscal 2026, CEV placed three commercial projects into service, adding 13.4 megawatts (MW)* to installed capacity. As of March 31, 2026, CEV had approximately 493MW of commercial solar capacity in service across New Jersey, New York, Connecticut, Pennsylvania, Rhode Island, Indiana, and Michigan. Subsequent to quarter end, CEV placed additional projects into service, adding 19.9MW of installed capacity for a total of 512.7MW in service as of May 1, 2026. * All MWs noted in DC Storage and Transportation (S&T) S&T reported fiscal 2026 second-quarter NFE of $7.7 million, compared with NFE of $2.3 million during the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $15.1 million, compared with NFE of $8.0 million for the same period in fiscal 2025. NFE increased during both periods mainly due to higher operating income at Adelphia Gateway (Adelphia) primarily due to the impact of its Section 4 rate case settlement. Energy Services (ES) ES reported fiscal 2026 second-quarter NFE of $72.3 million, compared with NFE of $35.3 million for the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $88.6 million, compared with NFE of $43.1 million for the same period in fiscal 2025. The increase in NFE was primarily due to higher natural gas price volatility during both periods that allowed ES to capture additional financial margin. Home Services and Other Operations Home Services and Other Operations reported fiscal 2026 second-quarter net financial loss of $(0.2) million, compared with $(0.7) million for the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $0.3 million, compared with a net financial loss of $(0.1) million for the same period in fiscal 2025. Capital Expenditures and Cash Flows: During the first six months of fiscal 2026, capital expenditures were $353.9 million, including accruals, compared with $287.1 million during the same period in fiscal 2025. The increase in capital expenditures was primarily due to higher expenditures at NJNG and CEV. NJR expects to deploy between $4.8 billion and $5.2 billion in capital expenditures through 2030, with utility spending at NJNG representing over 60% of the investment, all planned CEV capital expenditures safe-harbored to preserve tax credit eligibility, and strategic growth opportunities at S&T supporting long-term value creation. During the first six months of fiscal 2026, cash flows from operations increased to $589.3 million, compared to cash flows from operations of $414.1 million in the same period in fiscal 2025, due primarily to an increase in base rates at NJNG. Conference Call to be Webcast on May 5, 2026 New Jersey Resources will host a live webcast of its fiscal 2026 second quarter financial results on Tuesday, May 5, 2026, at 10 a.m. ET. A few minutes prior to the webcast, visit www.njresources.com and select “Investor Relations.” Scroll down and click the webcast link under “Latest Events” on the right side of the page. About New Jersey Resources New Jersey Resources (NYSE: NJR) is a diversified energy infrastructure and energy services company headquartered in Wall, New Jersey. NJR is composed of five primary businesses: New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties. Clean Energy Ventures invests in, owns and operates solar projects, providing customers with low-carbon solutions. Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America. Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility. Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators and other indoor and outdoor comfort products to residential homes throughout New Jersey. NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as SAVEGREEN®. For more information about NJR:
www.njresources.com. Follow us on X.com (Twitter) @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas. Forward-Looking Statements: This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as expectations regarding future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, statements regarding NJR’s NFEPS guidance for fiscal 2026, projected NFEPS growth rates and our guidance range, forecasted contributions of business segments to NJR’s NFE for fiscal 2026, our capital plan through 2030, including our capital expenditure projections through 2030, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs; and other legal and regulatory expectations, and statements that include other projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (SEC), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s website, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of new information, future events or otherwise, except as required by law. Non-GAAP Financial Information: This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G. NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at ES, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization expenses as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to ES. NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expenses. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin. Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Annual Report on Form 10-K, Item 7. NEW JERSEY RESOURCES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)                       Three Months Ended   Six Months Ended     March 31,   March 31, (Thousands, except per share data)     2026     2025       2026     2025   OPERATING REVENUES                 Utility   $ 640,922   $ 618,341     $ 1,050,823   $ 951,768   Nonutility     298,479     294,686       493,432     449,620   Total operating revenues     939,401     913,027       1,544,255     1,401,388   OPERATING EXPENSES                 Gas purchases                 Utility     274,947     272,974       444,051     400,654   Nonutility     140,110     151,617       225,964     219,425   Related parties     1,242     1,666       2,519     3,384   Operation and maintenance     112,496     111,041       199,177     199,673   Regulatory rider expenses     59,450     48,501       92,604     70,977   Depreciation and amortization     50,129     47,967       99,705     93,296   Gain on sale of assets     —     (688 )     —     (55,547 ) Total operating expenses     638,374     633,078       1,064,020     931,862   OPERATING INCOME     301,027     279,949       480,235     469,526   Other income, net     16,295     17,006       27,655     28,623   Interest expense, net of capitalized interest     34,975     32,527       70,651     66,418   INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES     282,347     264,428       437,239     431,731   Income tax provision     66,176     61,593       100,401     98,977   Equity in earnings of affiliates     2,741     1,452       4,564     2,852   NET INCOME   $ 218,912   $ 204,287     $ 341,402   $ 335,606                     EARNINGS PER COMMON SHARE                 Basic   $ 2.17   $ 2.04     $ 3.39   $ 3.35   Diluted   $ 2.16   $ 2.02     $ 3.37   $ 3.33                     WEIGHTED AVERAGE SHARES OUTSTANDING                 Basic     100,849     100,291       100,775     100,073   Diluted     101,482     100,933       101,388     100,705                     RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (Unaudited)     Three Months Ended   Six Months Ended     March 31,   March 31, (Thousands)     2026       2025       2026       2025   NEW JERSEY RESOURCES           A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:                   Net income   $ 218,912     $ 204,287     $ 341,402     $ 335,606   Add:                 Unrealized (gain) loss on derivative instruments and related transactions     (1,285 )     (27,206 )     1,711       (20,838 ) Tax effect     305       6,466       (407 )     4,953   Effects of economic hedging related to natural gas inventory     4,564       (6,650 )     (4,003 )     (16,177 ) Tax effect     (1,085 )     1,580       951       3,844   NFE tax adjustment     52       (181 )     (18 )     (198 ) Net financial earnings   $ 221,463     $ 178,296     $ 339,636     $ 307,190                     Weighted Average Shares Outstanding                 Basic     100,849       100,291       100,775       100,073   Diluted     101,482       100,933       101,388       100,705                     A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:                   Basic earnings per share   $ 2.17     $ 2.04     $ 3.39     $ 3.35   Add:                 Unrealized (gain) loss on derivative instruments and related transactions   $ (0.01 )   $ (0.27 )   $ 0.02     $ (0.21 ) Tax effect   $ —     $ 0.06     $ (0.01 )   $ 0.05   Effects of economic hedging related to natural gas inventory   $ 0.05     $ (0.06 )   $ (0.04 )   $ (0.16 ) Tax effect   $ (0.01 )   $ 0.01     $ 0.01     $ 0.04   Basic net financial earnings per share   $ 2.20     $ 1.78     $ 3.37     $ 3.07                     NFE is a measure of earnings based on the elimination of timing differences surrounding the recognition of certain gains or losses to effectively match the earnings effects of the economic hedges with the physical sale of natural gas and, therefore, eliminate the impact of volatility to GAAP earnings associated with the derivative instruments. To the extent we utilize forwards, future or other derivatives to hedge natural gas transactions and forecasted SREC production, the resulting unrealized gains and losses are also eliminated from NFE. ES economically hedges its natural gas inventory with financial derivative instruments and calculates the related tax effect based on the statutory rate. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.   RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued) (Unaudited)     Three Months Ended   Six Months Ended     March 31,   March 31, (Thousands)     2026       2025       2026       2025   NATURAL GAS DISTRIBUTION                           A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:                   Operating revenues   $ 641,160     $ 618,645     $ 1,051,298     $ 952,410   Less:                 Natural gas purchases     276,567       275,298       447,291       405,303   Operating and maintenance (1)     14,667       29,510       59,609       55,519   Regulatory rider expense     59,450       48,501       92,604       70,977   Depreciation and amortization     37,509       35,713       74,469       67,797   Gross margin     252,967       229,623       377,325       352,814   Add:                 Operating and maintenance (1)     14,667       29,510       59,609       55,519   Depreciation and amortization     37,509       35,713       74,469       67,797   Utility gross margin   $ 305,143     $ 294,846     $ 511,403     $ 476,130   (1) Excludes selling, general and administrative expenses of $51.0 million and $31.7 million for the three months ended March 31, 2026 and 2025, respectively, and $55.1 million and $57.8 million for the six months ended March 31, 2026 and 2025, respectively.                   ENERGY SERVICES                                   A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:                   Operating revenues   $ 244,155     $ 246,390     $ 363,262     $ 332,698   Less:                 Natural Gas purchases     139,938       151,847       225,712       219,715   Operation and maintenance (1)     9,560       10,866       12,475       12,463   Depreciation and amortization     43       62       84       109   Gross margin     94,614       83,615       124,991       100,411   Add:                 Operation and maintenance (1)     9,560       10,866       12,475       12,463   Depreciation and amortization     43       62       84       109   Unrealized (gain) loss on derivative instruments and related transactions     (1,285 )     (27,206 )     1,711       (20,838 ) Effects of economic hedging related to natural gas inventory     4,564       (6,650 )     (4,003 )     (16,177 ) Financial margin   $ 107,496     $ 60,687     $ 135,258     $ 75,968   (1) Excludes selling, general and administrative expenses of $0.2 million and $0.3 million during the three months ended March 31, 2026 and 2025, respectively, and $0.5 million and $0.6 million during the six months ended March 31, 2026 and 2025, respectively.                   A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:                       Net income   $ 69,735     $ 61,292     $ 90,332     $ 71,550   Add:                 Unrealized (gain) loss on derivative instruments and related transactions     (1,285 )     (27,206 )     1,711       (20,838 ) Tax effect     305       6,466       (407 )     4,953   Effects of economic hedging related to natural gas     4,564       (6,650 )     (4,003 )     (16,177 ) Tax effect     (1,085 )     1,580       951       3,844   NFE tax adjustment     52       (181 )     (18 )     (198 ) Net financial earnings   $ 72,286     $ 35,301     $ 88,566     $ 43,134                     FINANCIAL STATISTICS BY BUSINESS UNIT (Unaudited)                       Three Months Ended   Six Months Ended     March 31,   March 31, (Thousands, except per share data)     2026       2025       2026       2025   NEW JERSEY RESOURCES                                   Operating Revenues                 Natural Gas Distribution   $ 641,160     $ 618,645     $ 1,051,298     $ 952,410   Clean Energy Ventures     9,932       7,967       41,692       34,373   Energy Services     244,155       246,390       363,262       332,698   Storage and Transportation     29,434       25,307       57,514       51,935   Home Services and Other     14,958       15,118       30,964       30,912   Sub-total     939,639       913,427       1,544,730       1,402,328   Eliminations     (238 )     (400 )     (475 )     (940 ) Total   $ 939,401     $ 913,027     $ 1,544,255     $ 1,401,388                                       Operating Income (Loss)                 Natural Gas Distribution   $ 201,919     $ 197,876     $ 322,231     $ 294,982   Clean Energy Ventures     (7,738 )     (7,553 )     7,650       56,721   Energy Services     94,404       83,273       124,511       99,801   Storage and Transportation     11,582       5,800       23,557       15,569   Home Services and Other     192       (393 )     979       602   Sub-total     300,359       279,003       478,928       467,675   Eliminations     668       946       1,307       1,851   Total   $ 301,027     $ 279,949     $ 480,235     $ 469,526                                       Equity in Earnings of Affiliates                 Storage and Transportation   $ 2,282     $ 1,161     $ 3,522     $ 2,122   Eliminations     459       291       1,042       730   Total   $ 2,741     $ 1,452     $ 4,564     $ 2,852                                       Net Income (Loss)                 Natural Gas Distribution   $ 148,513     $ 144,531     $ 232,342     $ 211,439   Clean Energy Ventures     (5,223 )     (3,958 )     4,367       44,172   Energy Services     69,735       61,292       90,332       71,550   Storage and Transportation     7,708       2,343       15,071       8,007   Home Services and Other     (219 )     (678 )     260       (63 ) Sub-total     220,514       203,530       342,372       335,105   Eliminations     (1,602 )     757       (970 )     501   Total   $ 218,912     $ 204,287     $ 341,402     $ 335,606                                       Net Financial Earnings (Loss)                 Natural Gas Distribution   $ 148,513     $ 144,531     $ 232,342     $ 211,439   Clean Energy Ventures     (5,223 )     (3,958 )     4,367       44,172   Energy Services     72,286       35,301       88,566       43,134   Storage and Transportation     7,708       2,343       15,071       8,007   Home Services and Other     (219 )     (678 )     260       (63 ) Sub-total     223,065       177,539       340,606       306,689   Eliminations     (1,602 )     757       (970 )     501   Total   $ 221,463     $ 178,296     $ 339,636     $ 307,190                                       Throughput (Bcf)                 NJNG, Core Customers     39.8       35.7       71.5       62.9   NJNG, Off System/Capacity Management     24.9       22.1       49.6       36.5   Energy Services Fuel Mgmt. and Wholesale Sales     28.6       35.2       57.0       63.5   Total     93.3       93.0       178.1       162.9                                       Common Stock Data                 Yield at March 31,     3.5 %     3.7 %     3.5 %     3.7 % Market Price at March 31,   $ 54.92     $ 49.06     $ 54.92     $ 49.06   Shares Out. at March 31,     100,862       100,303       100,862       100,303   Market Cap. at March 31,   $ 5,539,336     $ 4,920,847     $ 5,539,336     $ 4,920,847                             Three Months Ended   Six Months Ended (Unaudited)   March 31,   March 31, (Thousands, except customer and weather data)     2026       2025       2026       2025   NATURAL GAS DISTRIBUTION                                   Utility Gross Margin                 Operating revenues   $ 641,160     $ 618,645     $ 1,051,298     $ 952,410   Less:                 Natural gas purchases     276,567       275,298       447,291       405,303   Operating and maintenance (1)     14,667       29,510       59,609       55,519   Regulatory rider expense     59,450       48,501       92,604       70,977   Depreciation and amortization     37,509       35,713       74,469       67,797   Gross margin     252,967       229,623       377,325       352,814   Add:                 Operating and maintenance (1)     14,667       29,510       59,609       55,519   Depreciation and amortization     37,509       35,713       74,469       67,797   Total Utility Gross Margin   $ 305,143     $ 294,846     $ 511,403     $ 476,130   (1) Excludes selling, general and administrative expenses of $51.0 million and $31.7 million for the three months ended March 31, 2026 and 2025, respectively, and $55.1 million and $57.8 million for the six months ended March 31, 2026 and 2025, respectively.                   Utility Gross Margin, Operating Income and Net Income                 Residential   $ 220,575     $ 215,668     $ 365,673     $ 345,686   Commercial, Industrial & Other     38,007       37,108       65,199       60,977   Firm Transportation     34,226       33,908       61,591       57,084   Total Firm Margin     292,808       286,684       492,463       463,747   Interruptible     643       800       1,661       1,774   Total System Margin     293,451       287,484       494,124       465,521   Basic Gas Supply Service Incentive     11,692       7,362       17,279       10,609   Total Utility Gross Margin     305,143       294,846       511,403       476,130   Operation and maintenance expense     65,715       61,257       114,703       113,351   Depreciation and amortization     37,509       35,713       74,469       67,797   Operating Income   $ 201,919     $ 197,876     $ 322,231     $ 294,982                     Net Income   $ 148,513     $ 144,531     $ 232,342     $ 211,439                     Net Financial Earnings   $ 148,513     $ 144,531     $ 232,342     $ 211,439                     Throughput (Bcf)                 Residential     26.0       24.0       42.5       38.1   Commercial, Industrial & Other     4.8       4.5       7.8       7.1   Firm Transportation     5.2       5.0       9.1       8.4   Total Firm Throughput     36.0       33.5       59.4       53.6   Interruptible     3.8       2.2       12.1       9.3   Total System Throughput     39.8       35.7       71.5       62.9   Off System/Capacity Management     24.9       22.1       49.6       36.5   Total Throughput     64.7       57.8       121.1       99.4                     Customers                 Residential     539,413       532,699       539,413       532,699   Commercial, Industrial & Other     33,712       33,291       33,712       33,291   Firm Transportation     21,047       22,060       21,047       22,060   Total Firm Customers     594,172       588,050       594,172       588,050   Interruptible     30       88       30       88   Total System Customers     594,202       588,138       594,202       588,138   Off System/Capacity Management*     25       26       25       26   Total Customers     594,227       588,164       594,227       588,164   *The number of customers represents those active during the last month of the period.         Degree Days                 Actual     2,493       2,375       4,150       3,774   Normal     2,384       2,384       3,895       3,907   Percent of Normal     104.6 %     99.6 %     106.5 %     96.6 %                         Three Months Ended   Six Months Ended (Unaudited)   March 31,   March 31, (Thousands, except customer, RECs and megawatt data)     2026       2025       2026     2025   CLEAN ENERGY VENTURES                                   Operating Revenues                 SREC sales   $ 1,049     $ 134     $ 23,457   $ 17,818   TREC sales     2,907       2,554       6,129     5,059   SREC II sales     473       312       988     703   Merchant Power     2,424       2,613       5,209     4,349   PPA / Other     3,079       2,355       5,909     4,574   Residential solar portfolio     —       (1 )     —     1,870   Total Operating Revenues   $ 9,932     $ 7,967     $ 41,692   $ 34,373   Depreciation and Amortization   $ 7,121     $ 5,504     $ 14,153   $ 11,929                     Operating (Loss) Income   $ (7,738 )   $ (7,553 )   $ 7,650   $ 56,721                     Income Tax (Benefit) Provision   $ (1,828 )   $ (1,079 )   $ 910   $ 13,062                     Net (Loss) Income   $ (5,223 )   $ (3,958 )   $ 4,367   $ 44,172                     Net Financial (Loss) Earnings   $ (5,223 )   $ (3,958 )   $ 4,367   $ 44,172                     Solar Renewable Energy Certificates Generated     36,949       50,662       109,322     139,369                     Solar Renewable Energy Certificates Sold     5,603       809       121,123     86,502                     Transition Renewable Energy Certificates Generated     19,335       17,244       40,822     34,688                     Solar Renewable Energy Certificates II Generated     5,700       3,372       11,109     7,776                     ENERGY SERVICES                                   Operating Income                 Operating revenues   $ 244,155     $ 246,390     $ 363,262   $ 332,698   Less:                 Gas purchases     139,938       151,847       225,712     219,715   Operation and maintenance expense     9,770       11,208       12,955     13,073   Depreciation and amortization     43       62       84     109   Operating Income   $ 94,404     $ 83,273     $ 124,511   $ 99,801                     Net Income   $ 69,735     $ 61,292     $ 90,332   $ 71,550                     Financial Margin   $ 107,496     $ 60,687     $ 135,258   $ 75,968                     Net Financial Earnings   $ 72,286     $ 35,301     $ 88,566   $ 43,134                     Gas Sold and Managed (Bcf)     28.6       35.2       57.0     63.5                     STORAGE AND TRANSPORTATION                                   Operating Revenues   $ 29,434     $ 25,307     $ 57,514   $ 51,935                     Equity in Earnings of Affiliates   $ 2,282     $ 1,161     $ 3,522   $ 2,122                     Operation and Maintenance Expense   $ 12,222     $ 12,910     $ 22,688   $ 22,993                     Other Income, Net   $ 1,863     $ 1,933     $ 3,850   $ 4,325                     Interest Expense   $ 5,448     $ 5,817     $ 11,014   $ 11,786                     Income Tax Provision   $ 2,571     $ 734     $ 4,844   $ 2,223                     Net Income   $ 7,708     $ 2,343     $ 15,071   $ 8,007                     Net Financial Earnings   $ 7,708     $ 2,343     $ 15,071   $ 8,007                     HOME SERVICES AND OTHER                                   Operating Revenues   $ 14,958     $ 15,118     $ 30,964   $ 30,912                     Operating Income (Loss)   $ 192     $ (393 )   $ 979   $ 602                     Net (Loss) Income   $ (219 )   $ (678 )   $ 260   $ (63 )                   Net Financial (Loss) Earnings   $ (219 )   $ (678 )   $ 260   $ (63 )                   Total Service Contract Customers at March 31     97,634       99,121       97,634     99,121                       View source version on businesswire.com: https://www.businesswire.com/news/home/20260504767780/en/ Media Contact:
Mike Kinney
732-938-1031
mkinney @hrhale-1145
aprior@njresources.com Original: New Jersey Resources Reports Fiscal 2026 Second-Quarter Results

New Jersey Resources Board of Directors Declares Quarterly DividendApril 15, 2026 11:15 AM
Business Wire
The board of directors (the “Board”) of New Jersey Resources Corporation (NYSE: NJR) unanimously declared a quarterly dividend on its common stock of $0.475 per share. The dividend will be payable on July 1, 2026, to shareowners of record as of June 10, 2026.


NJR has paid quarterly dividends continuously since its inception in 1952, and has raised the dividend every year for the last 30 years.


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.




NJR Clean Energy Ventures invests in, owns and operates solar projects, providing customers with low-carbon solutions.




NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.




Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.




Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators and other indoor and outdoor comfort products to residential homes throughout New Jersey.



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


For more information about NJR:

www.njresources.com.


Follow us on X.com (Twitter) @NJNaturalGas.

“Like” us on facebook.com/NewJerseyNaturalGas.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260413743901/en/
Media Contact:

Mike Kinney

732-938-1031

mkinney@njresources.com
Investor Contact:

Adam Prior

732-938-1145

aprior@njresources.com


Original: New Jersey Resources Board of Directors Declares Quarterly Dividend

New Jersey Resources Reports Fiscal 2026 First-Quarter Results; Increases Net Financial Earnings Guidance for Fiscal 2026February 2, 2026 4:31 PM
Business Wire
New Jersey Resources Corporation (NYSE: NJR) today reported financial and operating results for its fiscal 2026 first quarter ended December 31, 2025.


Financial Highlights:



Fiscal 2026 first-quarter consolidated net income of $122.5 million, or $1.22 per share, compared with $131.3 million, or $1.32 per share, in the first quarter of fiscal 2025



Fiscal 2026 first-quarter consolidated net financial earnings (NFE), a non-GAAP financial measure, of $118.2 million, or $1.17 per share, compared with $128.9 million, or $1.29 per share, in the first quarter of fiscal 2025. The decrease was primarily due to a gain on sale of Clean Energy Ventures' (CEV) residential solar portfolio assets that was recognized in the prior-year period, partially offset by higher year-over-year NFE from New Jersey Natural Gas (NJNG), Storage and Transportation (S&T), and Energy Services (ES).



Fiscal 2026 Outlook



Increases fiscal 2026 net financial earnings per share (NFEPS) guidance to a range of $3.28 to $3.43, from $3.03 to $3.18, a $0.25 increase, as a result of the strong performance of Energy Services in January 2026



Maintains 7 to 9 percent long-term net financial earnings per share (NFEPS) growth target, starting from a fiscal 2025 base of $2.83 per share*

* 7% - 9% growth would imply a NFEPS range of $3.03 - $3.08 in fiscal 2026



Management Commentary


Steve Westhoven, President and CEO of New Jersey Resources, stated, “NJR is off to a strong start in fiscal 2026. Our performance in the beginning of our fiscal second quarter has exceeded our original projections, as Energy Services benefited from natural gas price volatility. As a result, we are raising our fiscal 2026 NFEPS guidance range by $0.25 to $3.28 to $3.43. This represents the sixth consecutive year in which NJR has raised its guidance as a result of the benefits of our diversified energy platform."


Mr. Westhoven continued, "We are focused on delivering reliable, affordable energy to our New Jersey Natural Gas customers, pursuing growth opportunities across our Storage and Transportation business, and expanding capacity at Clean Energy Ventures. As we look ahead, we remain committed to disciplined execution and creating long-term value for our shareowners.”


Fiscal 2026 NFEPS Guidance


NJR is raising its fiscal 2026 NFEPS guidance range by $0.25 to a range of $3.28 to $3.43, 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






62 to 67 percent





 


 

Clean Energy Ventures






9 to 14 percent





 


 

Storage and Transportation






7 to 12 percent





 


 

Energy Services






12 to 17 percent





 


 

Home Services and Other






1 to 2 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








 






December 31,








($ in Thousands, except per share data)






2025






 






2024








Net income






$






122,490






 






$






131,319








Basic EPS






$






1.22






 






$






1.32








Net financial earnings*






$






118,173






 






$






128,894








Basic net financial earnings per share*






$






1.17






 






$






1.29








*A reconciliation of net income to NFE for the three months ended December 31, 2025 and 2024, respectively is provided in the financial statements below.







Net Financial Earnings (Loss) by Business Segment




 






Three Months Ended








 






December 31,








(Thousands)






2025






 






2024








New Jersey Natural Gas






$






83,829






 






$






66,908






 








Clean Energy Ventures






 






9,590






 






 






48,130






 








Storage and Transportation






 






7,363






 






 






5,664






 








Energy Services






 






16,280






 






 






7,833






 








Home Services and Other






 






479






 






 






615






 








Subtotal






 






117,541






 






 






129,150






 








Eliminations






 






632






 






 






(256






)








Total






$






118,173






 






$






128,894






 







New Jersey Natural Gas (NJNG)


NJNG reported fiscal 2026 first-quarter NFE of $83.8 million, compared to NFE of $66.9 million during the same period in fiscal 2025. The improvement in NFE was primarily driven by NJNG's base rate case settlement fully impacting utility gross margin for the first-quarter of 2026 while only partially affecting it during the first-quarter of last year. This improvement was partially offset by higher depreciation expense.


Customers:



At December 31, 2025, NJNG serviced approximately 592,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 589,000 customers as of September 30, 2025.



Basic Gas Supply Service (BGSS) Incentive Programs:



BGSS incentive programs contributed $5.6 million to utility gross margin during the first quarter of fiscal 2026, compared with $3.2 million in the first quarter of 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.



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


Energy-Efficiency Programs:



SAVEGREEN® invested $26.7 million in the first quarter of fiscal 2026 in energy-efficiency upgrades for customers' homes and businesses. Investments in SAVEGREEN® are incremental to rate base and earn near-real time returns through a rider that is updated annually.



Clean Energy Ventures (CEV)


CEV reported fiscal 2026 first-quarter NFE of $9.6 million, compared with $48.1 million during the same period in the first quarter of fiscal 2025. The decrease was primarily due to a one-time gain on sale of CEV's residential solar portfolio assets in November 2024.


Solar Investment Update:



During the first quarter of fiscal 2026, CEV placed two commercial projects into service, adding 9.7 megawatts (MW)* to installed capacity.



As of December 31, 2025, CEV had approximately 489MW 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 first-quarter NFE of $7.4 million, compared with NFE of $5.7 million during the same period in fiscal 2025. NFE increased during the period mainly due to higher operating income at Adelphia Gateway (Adelphia) due to the impact of its recent Section 4 rate case settlement.



Adelphia: On November 4, 2025, Adelphia completed its Section 4 rate case process with the Federal Energy Regulatory Commission (FERC), receiving an order approving settlement. 



Leaf River Energy Center (Leaf River): On October 31, 2025 Leaf River submitted an application to FERC to increase its natural gas storage capacity by 17.6 BCF through expansion of existing caverns and the development of an additional fourth cavern.



Energy Services (ES)


ES reported fiscal 2026 first-quarter NFE of $16.3 million, compared with NFE of $7.8 million for the same period in fiscal 2025. The increase in NFE was primarily due to higher natural gas price volatility during the period that allowed ES to capture additional financial margin.


Home Services and Other Operations


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


Capital Expenditures and Cash Flows:



During the first quarter of fiscal 2026, capital expenditures were $163.6 million, including accruals, compared with $149.6 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 quarter of fiscal 2026, cash flows from operations increased to $26.7 million, compared to cash flows used in operations of $9.0 million in the same period in fiscal 2025, due primarily to an increase in base rates at NJNG.



Conference Call to be Webcast on February 3, 2026


New Jersey Resources will host a live webcast of its fiscal 2026 first quarter financial results on Tuesday, February 3, 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.


Forward-Looking Statements:


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


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


Non-GAAP Financial Information:


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


NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at 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 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 NJR Energy Services Company.


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.


About New Jersey Resources


New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:



New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties.



Clean Energy Ventures invests in, owns and operates solar projects, providing customers with low-carbon solutions.



Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.



Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.



Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators and other indoor and outdoor comfort products to residential homes throughout New Jersey.



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


For more information about NJR:

www.njresources.com.


Follow us on X.com (Twitter) @NJNaturalGas.

“Like” us on facebook.com/NewJerseyNaturalGas.




NEW JERSEY RESOURCES








CONSOLIDATED STATEMENTS OF OPERATIONS








(Unaudited)








 






 






 






 






 








 






 






Three Months Ended








 






 






December 31,








(Thousands, except per share data)






 






2025






 






 






2024






 








OPERATING REVENUES






 






 






 






 








Utility






 






$






409,901






 






$






333,427






 








Nonutility






 






 






194,953






 






 






154,934






 








Total operating revenues






 






 






604,854






 






 






488,361






 








OPERATING EXPENSES






 






 






 






 








Gas purchases






 






 






 






 








Utility






 






 






169,104






 






 






127,680






 








Nonutility






 






 






85,854






 






 






67,808






 








Related parties






 






 






1,277






 






 






1,718






 








Operation and maintenance






 






 






86,681






 






 






88,632






 








Regulatory rider expenses






 






 






33,154






 






 






22,476






 








Depreciation and amortization






 






 






49,576






 






 






45,329






 








Gain on sale of assets






 






 






—






 






 






(54,859






)








Total operating expenses






 






 






425,646






 






 






298,784






 








OPERATING INCOME






 






 






179,208






 






 






189,577






 








Other income, net






 






 






11,360






 






 






11,617






 








Interest expense, net of capitalized interest






 






 






35,676






 






 






33,891






 








INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES






 






 






154,892






 






 






167,303






 








Income tax provision






 






 






34,225






 






 






37,384






 








Equity in earnings of affiliates






 






 






1,823






 






 






1,400






 








NET INCOME






 






$






122,490






 






$






131,319






 








 






 






 






 






 








EARNINGS PER COMMON SHARE






 






 






 






 








Basic






 






$






1.22






 






$






1.32






 








Diluted






 






$






1.21






 






$






1.31






 








 






 






 






 






 








WEIGHTED AVERAGE SHARES OUTSTANDING






 






 






 






 








Basic






 






 






100,701






 






 






99,855






 








Diluted






 






 






101,229






 






 






100,478






 








 






 






 






 






 









RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES








(Unaudited)








 






 






Three Months Ended








 






 






December 31,








(Thousands)






 






 






2025






 






 






 






2024






 








NEW JERSEY RESOURCES








 








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








 






 






 






 






 








Net income






 






$






122,490






 






 






$






131,319






 








Add:






 






 






 






 








Unrealized loss on derivative instruments and related transactions






 






 






2,996






 






 






 






6,368






 








Tax effect






 






 






(712






)






 






 






(1,513






)








Effects of economic hedging related to natural gas inventory






 






 






(8,567






)






 






 






(9,527






)








Tax effect






 






 






2,036






 






 






 






2,264






 








NFE tax adjustment






 






 






(70






)






 






 






(17






)








Net financial earnings






 






$






118,173






 






 






$






128,894






 








 






 






 






 






 








Weighted Average Shares Outstanding






 






 






 






 








Basic






 






 






100,701






 






 






 






99,855






 








Diluted






 






 






101,229






 






 






 






100,478






 








 






 






 






 






 








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








 






 






 






 






 








Basic earnings per share






 






$






1.22






 






 






$






1.32






 








Add:






 






 






 






 








Unrealized loss on derivative instruments and related transactions






 






$






0.03






 






 






$






0.06






 








Tax effect






 






$






(0.01






)






 






$






(0.01






)








Effects of economic hedging related to natural gas inventory






 






$






(0.09






)






 






$






(0.10






)








Tax effect






 






$






0.02






 






 






$






0.02






 








Basic net financial earnings per share






 






$






1.17






 






 






$






1.29






 








 






 






 






 






 







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, 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.




RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)








(Unaudited)








 






 






Three Months Ended








 






 






December 31,








(Thousands)






 






 






2025






 






 






 






2024






 








NATURAL GAS DISTRIBUTION








 






 






 






 






 








A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:








 






 






 






 






 








Operating revenues






 






$






410,138






 






 






$






333,765






 








Less:






 






 






 






 








Natural gas purchases






 






 






170,724






 






 






 






130,005






 








Operating and maintenance (1)






 






 






25,336






 






 






 






26,009






 








Regulatory rider expense






 






 






33,154






 






 






 






22,476






 








Depreciation and amortization






 






 






36,960






 






 






 






32,084






 








Gross margin






 






 






143,964






 






 






 






123,191






 








Add:






 






 






 






 








Operating and maintenance (1)






 






 






25,336






 






 






 






26,009






 








Depreciation and amortization






 






 






36,960






 






 






 






32,084






 








Utility gross margin






 






$






206,260






 






 






$






181,284






 








(1) Excludes selling, general and administrative expenses of $23.7 million and $26.1 million for the three months ended December 31, 2025 and 2024, respectively.








 






 






 






 






 








ENERGY SERVICES






 






 






 






 








 






 






 






 






 








A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:








 






 






 






 






 








Operating revenues






 






$






119,107






 






 






$






86,308






 








Less:






 






 






 






 








Natural Gas purchases






 






 






85,774






 






 






 






67,868






 








Operation and maintenance (1)






 






 






2,916






 






 






 






1,597






 








Depreciation and amortization






 






 






41






 






 






 






47






 








Gross margin






 






 






30,376






 






 






 






16,796






 








Add:






 






 






 






 








Operation and maintenance (1)






 






 






2,916






 






 






 






1,597






 








Depreciation and amortization






 






 






41






 






 






 






47






 








Unrealized loss on derivative instruments and related transactions






 






 






2,996






 






 






 






6,368






 








Effects of economic hedging related to natural gas inventory






 






 






(8,567






)






 






 






(9,527






)








Financial margin






 






$






27,762






 






 






$






15,281






 








(1) Excludes selling, general and administrative expenses of $0.3 million for both the three months ended December 31, 2025 and 2024, respectively.








 






 






 






 






 








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








 






 






 






 






 








Net income






 






$






20,597






 






 






$






10,258






 








Add:






 






 






 






 








Unrealized loss on derivative instruments and related transactions






 






 






2,996






 






 






 






6,368






 








Tax effect






 






 






(712






)






 






 






(1,513






)








Effects of economic hedging related to natural gas






 






 






(8,567






)






 






 






(9,527






)








Tax effect






 






 






2,036






 






 






 






2,264






 








NFE tax adjustment






 






 






(70






)






 






 






(17






)








Net financial earnings






 






$






16,280






 






 






$






7,833






 








 






 






 






 






 









FINANCIAL STATISTICS BY BUSINESS UNIT








(Unaudited)








 






 






 






 






 








 






 






Three Months Ended








 






 






December 31,








(Thousands, except per share data)






 






 






2025






 






 






 






2024






 








NEW JERSEY RESOURCES






 






 






 






 








 






 






 






 






 








Operating Revenues






 






 






 






 








Natural Gas Distribution






 






$






410,138






 






 






$






333,765






 








Clean Energy Ventures






 






 






31,760






 






 






 






26,406






 








Energy Services






 






 






119,107






 






 






 






86,308






 








Storage and Transportation






 






 






28,080






 






 






 






26,628






 








Home Services and Other






 






 






16,005






 






 






 






15,794






 








Sub-total






 






 






605,090






 






 






 






488,901






 








Eliminations






 






 






(236






)






 






 






(540






)








Total






 






$






604,854






 






 






$






488,361






 








 






 






 






 






 








 






 






 






 






 








Operating Income






 






 






 






 








Natural Gas Distribution






 






$






120,312






 






 






$






97,106






 








Clean Energy Ventures






 






 






15,388






 






 






 






64,274






 








Energy Services






 






 






30,107






 






 






 






16,528






 








Storage and Transportation






 






 






11,975






 






 






 






9,769






 








Home Services and Other






 






 






787






 






 






 






995






 








Sub-total






 






 






178,569






 






 






 






188,672






 








Eliminations






 






 






639






 






 






 






905






 








Total






 






$






179,208






 






 






$






189,577






 








 






 






 






 






 








 






 






 






 






 








Equity in Earnings of Affiliates






 






 






 






 








Storage and Transportation






 






$






1,240






 






 






$






961






 








Eliminations






 






 






583






 






 






 






439






 








Total






 






$






1,823






 






 






$






1,400






 








 






 






 






 






 








 






 






 






 






 








Net Income






 






 






 






 








Natural Gas Distribution






 






$






83,829






 






 






$






66,908






 








Clean Energy Ventures






 






 






9,590






 






 






 






48,130






 








Energy Services






 






 






20,597






 






 






 






10,258






 








Storage and Transportation






 






 






7,363






 






 






 






5,664






 








Home Services and Other






 






 






479






 






 






 






615






 








Sub-total






 






 






121,858






 






 






 






131,575






 








Eliminations






 






 






632






 






 






 






(256






)








Total






 






$






122,490






 






 






$






131,319






 








 






 






 






 






 








 






 






 






 






 








Net Financial Earnings






 






 






 






 








Natural Gas Distribution






 






$






83,829






 






 






$






66,908






 








Clean Energy Ventures






 






 






9,590






 






 






 






48,130






 








Energy Services






 






 






16,280






 






 






 






7,833






 








Storage and Transportation






 






 






7,363






 






 






 






5,664






 








Home Services and Other






 






 






479






 






 






 






615






 








Sub-total






 






 






117,541






 






 






 






129,150






 








Eliminations






 






 






632






 






 






 






(256






)








Total






 






$






118,173






 






 






$






128,894






 








 






 






 






 






 








 






 






 






 






 








Throughput (Bcf)






 






 






 






 








NJNG, Core Customers






 






 






31.7






 






 






 






27.2






 








NJNG, Off System/Capacity Management






 






 






24.7






 






 






 






14.4






 








Energy Services Fuel Mgmt. and Wholesale Sales






 






 






28.4






 






 






 






28.3






 








Total






 






 






84.8






 






 






 






69.9






 








 






 






 






 






 








 






 






 






 






 








Common Stock Data






 






 






 






 








Yield at December 31,






 






 






4.2






%






 






 






3.9






%








Market Price at December 31,






 






$






46.12






 






 






$






46.65






 








Shares Out. at December 31,






 






 






100,750






 






 






 






100,191






 








Market Cap. at December 31,






 






$






4,646,595






 






 






$






4,673,918






 








 






 






 






 






 




 









 






 






Three Months Ended








(Unaudited)






 






December 31,








(Thousands, except customer and weather data)






 






 






2025






 






 






 






2024






 








NATURAL GAS DISTRIBUTION






 






 






 






 








 






 






 






 






 








Utility Gross Margin






 






 






 






 








Operating revenues






 






$






410,138






 






 






$






333,765






 








Less:






 






 






 






 








Natural gas purchases






 






 






170,724






 






 






 






130,005






 








Operating and maintenance (1)






 






 






25,336






 






 






 






26,009






 








Regulatory rider expense






 






 






33,154






 






 






 






22,476






 








Depreciation and amortization






 






 






36,960






 






 






 






32,084






 








Gross margin






 






 






143,964






 






 






 






123,191






 








Add:






 






 






 






 








Operating and maintenance (1)






 






 






25,336






 






 






 






26,009






 








Depreciation and amortization






 






 






36,960






 






 






 






32,084






 








Total Utility Gross Margin






 






$






206,260






 






 






$






181,284






 








(1) Excludes selling, general and administrative expenses of $23.7 million and $26.1 million for the three months ended December 31, 2025 and 2024, respectively.








 






 






 






 






 








Utility Gross Margin, Operating Income and Net Income






 






 






 






 








Residential






 






$






145,098






 






 






$






130,018






 








Commercial, Industrial & Other






 






 






27,192






 






 






 






23,869






 








Firm Transportation






 






 






27,365






 






 






 






23,176






 








Total Firm Margin






 






 






199,655






 






 






 






177,063






 








Interruptible






 






 






1,018






 






 






 






974






 








Total System Margin






 






 






200,673






 






 






 






178,037






 








Basic Gas Supply Service Incentive






 






 






5,587






 






 






 






3,247






 








Total Utility Gross Margin






 






 






206,260






 






 






 






181,284






 








Operation and maintenance expense






 






 






48,988






 






 






 






52,094






 








Depreciation and amortization






 






 






36,960






 






 






 






32,084






 








Operating Income






 






$






120,312






 






 






$






97,106






 








 






 






 






 






 








Net Income






 






$






83,829






 






 






$






66,908






 








 






 






 






 






 








Net Financial Earnings






 






$






83,829






 






 






$






66,908






 








 






 






 






 






 








Throughput (Bcf)






 






 






 






 








Residential






 






 






16.5






 






 






 






14.1






 








Commercial, Industrial & Other






 






 






3.0






 






 






 






2.6






 








Firm Transportation






 






 






3.9






 






 






 






3.4






 








Total Firm Throughput






 






 






23.4






 






 






 






20.1






 








Interruptible






 






 






8.3






 






 






 






7.1






 








Total System Throughput






 






 






31.7






 






 






 






27.2






 








Off System/Capacity Management






 






 






24.7






 






 






 






14.4






 








Total Throughput






 






 






56.4






 






 






 






41.6






 








 






 






 






 






 








Customers






 






 






 






 








Residential






 






 






537,850






 






 






 






530,760






 








Commercial, Industrial & Other






 






 






33,279






 






 






 






33,149






 








Firm Transportation






 






 






21,268






 






 






 






22,068






 








Total Firm Customers






 






 






592,397






 






 






 






585,977






 








Interruptible






 






 






30






 






 






 






88






 








Total System Customers






 






 






592,427






 






 






 






586,065






 








Off System/Capacity Management*






 






 






28






 






 






 






27






 








Total Customers






 






 






592,455






 






 






 






586,092






 








*The number of customers represents those active during the last month of the period.








Degree Days






 






 






 






 








Actual






 






 






1,657






 






 






 






1,399






 








Normal






 






 






1,511






 






 






 






1,523






 








Percent of Normal






 






 






109.7






%






 






 






91.9






%








 






 






 






 






 









 






 






Three Months Ended








(Unaudited)






 






December 31,








(Thousands, except customer, RECs and megawatt data)






 






2025






 






2024








CLEAN ENERGY VENTURES






 






 






 






 








 






 






 






 






 








Operating Revenues






 






 






 






 








SREC sales






 






$






22,408






 






$






17,684








TREC sales






 






 






3,222






 






 






2,505








SREC II sales






 






 






515






 






 






391








Merchant Power






 






 






2,785






 






 






1,736








PPA / Other






 






 






2,830






 






 






2,219








Residential solar portfolio






 






 






—






 






 






1,871








Total Operating Revenues






 






$






31,760






 






$






26,406








Depreciation and Amortization






 






$






7,032






 






$






6,425








 






 






 






 






 








Operating Income






 






$






15,388






 






$






64,274








 






 






 






 






 








Income Tax Provision






 






$






2,738






 






$






14,141








 






 






 






 






 








Net Income






 






$






9,590






 






$






48,130








 






 






 






 






 








Net Financial Earnings






 






$






9,590






 






$






48,130








 






 






 






 






 








Solar Renewable Energy Certificates Generated






 






 






72,373






 






 






88,707








 






 






 






 






 








Solar Renewable Energy Certificates Sold






 






 






115,520






 






 






85,693








 






 






 






 






 








Transition Renewable Energy Certificates Generated






 






 






21,487






 






 






17,444








 






 






 






 






 








Solar Renewable Energy Certificates II Generated






 






 






5,409






 






 






4,404








 






 






 






 






 








ENERGY SERVICES






 






 






 






 








 






 






 






 






 








Operating Income






 






 






 






 








Operating revenues






 






$






119,107






 






$






86,308








Less:






 






 






 






 








Gas purchases






 






 






85,774






 






 






67,868








Operation and maintenance expense






 






 






3,185






 






 






1,865








Depreciation and amortization






 






 






41






 






 






47








Operating Income






 






$






30,107






 






$






16,528








 






 






 






 






 








Net Income






 






$






20,597






 






$






10,258








 






 






 






 






 








Financial Margin






 






$






27,762






 






$






15,281








 






 






 






 






 








Net Financial Earnings






 






$






16,280






 






$






7,833








 






 






 






 






 








Gas Sold and Managed (Bcf)






 






 






28.4






 






 






28.3








 






 






 






 






 








STORAGE AND TRANSPORTATION






 






 






 






 








 






 






 






 






 








Operating Revenues






 






$






28,080






 






$






26,628








 






 






 






 






 








Equity in Earnings of Affiliates






 






$






1,240






 






$






961








 






 






 






 






 








Operation and Maintenance Expense






 






$






10,466






 






$






10,083








 






 






 






 






 








Other Income, Net






 






$






1,987






 






$






2,392








 






 






 






 






 








Interest Expense






 






$






5,566






 






$






5,969








 






 






 






 






 








Income Tax Provision






 






$






2,273






 






$






1,489








 






 






 






 






 








Net Income






 






$






7,363






 






$






5,664








 






 






 






 






 








Net Financial Earnings






 






$






7,363






 






$






5,664








 






 






 






 






 








HOME SERVICES AND OTHER






 






 






 






 








 






 






 






 






 








Operating Revenues






 






$






16,005






 






$






15,794








 






 






 






 






 








Operating Income






 






$






787






 






$






995








 






 






 






 






 








Net Income






 






$






479






 






$






615








 






 






 






 






 








Net Financial Earnings






 






$






479






 






$






615








 






 






 






 






 








Total Service Contract Customers at December 31






 






 






97,793






 






 






99,604








 






 






 






 






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260131386519/en/
Media Contact:

Mike Kinney

732-938-1031

mkinney@njresources.com
Investor Contact:

Adam Prior

732-938-1145

aprior@njresources.com


Original: New Jersey Resources Reports Fiscal 2026 First-Quarter Results; Increases Net Financial Earnings Guidance for Fiscal 2026