WALL, N.J., August 3, 2026 — New Jersey Resources Corporation (NYSE: NJR) today reported financial and operating results for its fiscal 2026 third quarter and year-to-date period ended June 30, 2026.

Financial Highlights

Fiscal 2026 and Long-Term Outlook

Management Commentary

Steve Westhoven, President and CEO of New Jersey Resources, stated, “Our year-to-date performance reflects the continued strength of our diversified business model, supported by solid execution across our operations. We are pleased to raise the lower end of our fiscal 2026 NFEPS guidance, as we remain focused on delivering reliable, affordable energy and long-term value for our shareowners.”

Fiscal 2026 NFEPS Guidance and Expected NFE Contributions by Segment

NJR is tightening its fiscal 2026 NFEPS guidance to a range of $3.52 to $3.62 from $3.48 to $3.63, subject to the risks and uncertainties identified below under "Forward-Looking Statements."

The following chart represents NJR’s current expected NFE contributions from its business segments for fiscal 2026:

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

 

*A reconciliation of net income to NFE for the three and nine months ended June 30, 2026 and 2025, respectively is provided in the financial statements below.

 

Net Financial Earnings (Loss) by Business Segment

 

 

New Jersey Natural Gas (NJNG)

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

Fiscal 2026 year-to-date NFE totaled $238.4 million, compared with NFE of $221.5 million for the same period in fiscal 2025. The increase in NFE for the period was due to higher base rates in October and November of fiscal 2026 compared to the same period of fiscal 2025 (new rates were effective November 21, 2024) as well as continued customer growth and higher Basic Gas Supply Service (BGSS) incentives.

Customers:

Regulatory Filings:

BGSS Incentive Programs¹:

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:

Clean Energy Ventures (CEV)

CEV reported fiscal 2026 third-quarter net financial loss of $(0.3) million, compared with $(6.9) million during the the third quarter of fiscal 2025, reflecting higher revenue, partially offset by higher depreciation and interest expense associated with capital invested over the past year.

Fiscal 2026 year-to-date NFE totaled $4.1 million, compared with NFE of $37.3 million for the same period in

fiscal 2025. The decrease was primarily due to a gain from the sale of CEV's residential solar portfolio assets that was recognized in the prior year period.

Solar Investment Update:

* All MWs noted in DC

Storage and Transportation (S&T)

S&T reported fiscal 2026 third-quarter NFE of $8.8 million, compared with NFE of $5.9 million during the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $23.8 million, compared with NFE of $13.9 million for the same period in fiscal 2025.

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

Energy Services (ES)

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

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

Home Services and Other Operations

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

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

Capital Expenditures and Cash Flows:

Conference Call to be Webcast on August 4, 2026

New Jersey Resources will host a live webcast of its fiscal 2026 third quarter financial results on Tuesday, August 4, 2026, at 10 a.m. ET. A few minutes prior to the webcast, visit www.njresources.com and select “Investor Relations.” Scroll down and click the webcast link under “Latest Events” on the right side of the page.

About New Jersey Resources

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

NJR is composed of five primary businesses:

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:

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; the outcome or timing of our Base Rate Case and other filings with the BPU, and other legal and regulatory expectations and statements that include other projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact.

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)

 

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES

(Unaudited)

 

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)

 

FINANCIAL STATISTICS BY BUSINESS UNIT

(Unaudited)