PSEG ANNOUNCES THIRD QUARTER 2025 RESULTS

$1.24 PER SHARE NET INCOME

$1.13 PER SHARE NON-GAAP OPERATING EARNINGS

NEWARK, N.J., Nov. 3, 2025 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported the following results for the third quarter and nine months ended September 30, 2025:

PSEG Consolidated (unaudited)

Third Quarter Comparative Results

Income

Earnings Per Share

($ millions, except per share amounts)

2025

2024

2025

2024

Net Income

$622

$520

$1.24

$1.04

Reconciling Items

(57)

(72)

(0.11)

(0.14)

Non-GAAP Operating Earnings

$565

$448

$1.13

$0.90

Average Shares Outstanding (Diluted)

501

500

See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.

PSEG Consolidated (unaudited)

Nine Months Ended September 30, Comparative Results

Income

Earnings Per Share

($ millions, except per share amounts)

2025

2024

2025

2024

Net Income

$1,796

$1,486

$3.59

$2.97

Reconciling Items

(129)

(68)

(0.26)

(0.13)

Non-GAAP Operating Earnings

$1,667

$1,418

$3.33

$2.84

Average Shares Outstanding (Diluted)

501

500

See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.

Third Quarter 2025 Highlights

"We continue executing PSEG's growth plan with a focus on operational excellence and rigorous cost discipline to maintain reliability and provide value for our customers. This summer, however, a growing generation supply-demand imbalance, along with the impact of PJM's capacity market results, which PSE&G passes through to customers, directly caused summer electric bills to rise nearly 20%. To address the growing resource adequacy imbalance in the mid-Atlantic region, we are actively collaborating with the State and other stakeholders to develop real solutions in New Jersey and ensure we can affordably meet our customers' energy needs.

We are reaffirming PSEG's five-year, non-GAAP Operating Earnings growth outlook of 5% to 7% through 2029 as we continue to pursue opportunities incremental to our long-term forecast, including the potential to contract our nuclear output under multi-year agreements and potential incremental investments to address the near-term need for additional supply due to growing customer demand. Notably, our solid balance sheet enables the funding of PSEG's five-year capital investment program of $22.5 billion to $26 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth," said Ralph LaRossa, PSEG's chair, president and CEO.

PSEG Results by Segment (unaudited)

Third Quarter and Nine Months Ended September 30, Comparative Results

($ millions)

3Q 2025

3Q 2024

YTD 2025

YTD 2024

PSE&G Net Income/Non-GAAP Operating Earnings

$515

$379

$1,393

$1,169

PSEG Power & Other Net Income

107

141

403

317

Total PSEG Net Income

$622

$520

$1,796

$1,486

PSEG Power & Other Non-GAAP Operating Earnings

$50

$69

$274

$249

Total PSEG Non-GAAP Operating Earnings

$565

$448

$1,667

$1,418

PSE&G's results for the third quarter reflect the new electric and gas rates placed into effect last October 15, 2024, following settlement of its first distribution base rate case since 2018 as well as margin from Transmission and Energy Efficiency investments. Partly offsetting this in the quarter's results was higher expected operation and maintenance costs, as well as higher depreciation and interest expenses driven by Distribution investments.

Results for PSEG Power & Other reflect higher nuclear related operation and maintenance costs from the Hope Creek refueling outage and fuel cycle extension work along with lower generation volume, partly offset by higher power pricing.

PSEG will host a conference call to review its third quarter 2025 results, earnings guidance, and other matters with the financial community at 11:00 a.m. ET today. Please register to access this event by visiting: https://investor.pseg.com/investor-news-and-events

Media Relations:

Investor Relations:

(973) 430-7734

DL-ENT-pseg.communications@pseg.com

(973) 430-6565

PSEG-IR-GeneralInquiry@pseg.com

About PSEG

Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey's largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers. PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever. PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Sustainability North America Index for 17 consecutive years. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island ( https://corporate.pseg.com).

Non-GAAP Financial Measures

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items.

See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this report may not be comparable to similarly titled measures used by other companies.

Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.

Forward-Looking Statements

Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage here. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein

and is not part of this press release or the Form 8-K to which it is an exhibit.

Public Service Enterprise Group Incorporated

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)

Three Months Ended September 30, 2025

PSEG

Eliminations

PSE&G

PSEG Power

& Other (a)

OPERATING REVENUES

$ 3,226

$ (58)

$ 2,535

$ 749

OPERATING EXPENSES

Energy Costs

1,133

(58)

1,013

178

Operation and Maintenance

927

543

384

Depreciation and Amortization

311

277

Total Operating Expenses

2,371

(58)

1,833

596

OPERATING INCOME

855

702

153

Net Gains (Losses) on Trust Investments

Net Other Income (Deductions)

(1)

Net Non-Operating Pension and OPEB Credits (Costs)

Interest Expense

(253)

(162)

(92)

INCOME BEFORE INCOME TAXES

720

573

147

Income Tax Expense

(98)

(58)

(40)

NET INCOME

$ 622

$ -

$ 515

$ 107

Reconciling Items Excluded from Net Income (b)

(57)

OPERATING EARNINGS (non-GAAP)

$ 565

$ -

$ 515

$ 50

Earnings Per Share

NET INCOME

$ 1.24

Reconciling Items Excluded from Net Income (b)

(0.11)

OPERATING EARNINGS (non-GAAP)

$ 1.13

Three Months Ended September 30, 2024

PSEG

Eliminations

PSE&G

PSEG Power

& Other (a)

OPERATING REVENUES

$ 2,642

$ (80)

$ 2,139

$ 583

OPERATING EXPENSES

Energy Costs

899

(80)

839

140

Operation and Maintenance

808

464

344

Depreciation and Amortization

294

254

Total Operating Expenses

2,001

(80)

1,557

524

OPERATING INCOME

641

582

Income from Equity Method Investments

Net Gains (Losses) on Trust Investments

Net Other Income (Deductions)

(1)

Net Non-Operating Pension and OPEB Credits (Costs)

(2)

Interest Expense

(227)

(151)

(77)

INCOME BEFORE INCOME TAXES

559

469

Income Tax (Expense) Benefit

(39)

(90)

NET INCOME

$ 520

$ -

$ 379

$ 141

Reconciling Items Excluded from Net Income (b)

(72)

OPERATING EARNINGS (non-GAAP)

$ 448

$ -

$ 379

$ 69

Earnings Per Share

NET INCOME

$ 1.04

Reconciling Items Excluded from Net Income (b)

(0.14)

OPERATING EARNINGS (non-GAAP)

$ 0.90

(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.

(b) See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).

Public Service Enterprise Group Incorporated

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)

Nine Months Ended September 30, 2025

PSEG

Eliminations

PSE&G

PSEG Power

& Other (a)

OPERATING REVENUES

$ 9,253

$ (738)

$ 7,230

$ 2,761

OPERATING EXPENSES

Energy Costs

3,145

(738)

2,867

1,016

Operation and Maintenance

2,700

1,623

1,077

Depreciation and Amortization

939

832

107

Total Operating Expenses

6,784

(738)

5,322

2,200

OPERATING INCOME

2,469

1,908

561

Net Gains (Losses) on Trust Investments

165

Net Other Income (Deductions)

122

(3)

Net Non-Operating Pension and OPEB Credits (Costs)

(3)

Interest Expense

(742)

(480)

(265)

INCOME BEFORE INCOME TAXES

2,063

1,528

535

Income Tax Expense

(267)

(135)

(132)

NET INCOME

$ 1,796

$ -

$ 1,393

$ 403

Reconciling Items Excluded from Net Income (b)

(129)

OPERATING EARNINGS (non-GAAP)

$ 1,667

$ -

$ 1,393

$ 274

Earnings Per Share

NET INCOME

$ 3.59

Reconciling Items Excluded from Net Income (b)

(0.26)

OPERATING EARNINGS (non-GAAP)

$ 3.33

Nine Months Ended September 30, 2024

PSEG

Eliminations

PSE&G

PSEG Power

& Other (a)

OPERATING REVENUES

$ 7,825

$ (650)

$ 6,335

$ 2,140

OPERATING EXPENSES

Energy Costs

2,628

(650)

2,450

828

Operation and Maintenance

2,415

1,395

1,020

Depreciation and Amortization

874

758

116

Total Operating Expenses

5,917

(650)

4,603

1,964

OPERATING INCOME

1,908

1,732

176

Income from Equity Method Investments

Net Gains (Losses) on Trust Investments

191

Net Other Income (Deductions)

119

(4)

Net Non-Operating Pension and OPEB Credits (Costs)

(3)

Interest Expense

(650)

(430)

(224)

INCOME BEFORE INCOME TAXES

1,625

1,410

215

Income Tax (Expense) Benefit

(139)

(241)

102

NET INCOME

$ 1,486

$ -

$ 1,169

$ 317

Reconciling Items Excluded from Net Income (b)

(68)

OPERATING EARNINGS (non-GAAP)

$ 1,418

$ -

$ 1,169

$ 249

Earnings Per Share

NET INCOME

$ 2.97

Reconciling Items Excluded from Net Income (b)

(0.13)

OPERATING EARNINGS (non-GAAP)

$ 2.84

(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.

(b) See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).

Public Service Enterprise Group Incorporated

Capitalization Schedule

(Unaudited, $ millions)

September 30,

December 31,

2025

2024

DEBT

Commercial Paper and Loans

$ 829

$ 1,593

Long-Term Debt*

22,541

21,114

Total Debt

23,370

22,707

STOCKHOLDERS' EQUITY

Common Stock

5,045

5,057

Treasury Stock

(1,370)

(1,403)

Retained Earnings

13,446

12,593

Accumulated Other Comprehensive Loss

(112)

(133)

Total Stockholders' Equity

17,009

16,114

Total Capitalization

$ 40,379

$ 38,821

*Includes current portion of Long-Term Debt

Public Service Enterprise Group Incorporated

Condensed Consolidated Statements of Cash Flows

(Unaudited, $ millions)

Nine Months Ended September 30,

2025

2024

Cash Flows From Operating Activities

Net Income

$ 1,796

$ 1,486

Adjustments to Reconcile Net Income to Net Cash Flows

From Operating Activities

781

280

Net Cash Provided By (Used In) Operating Activities

2,577

1,766

Net Cash Provided By (Used In) Investing Activities

(2,060)

(2,363)

Net Cash Provided By (Used In) Financing Activities

(311)

726

Net Change in Cash, Cash Equivalents and Restricted Cash

206

129

Cash, Cash Equivalents and Restricted Cash at Beginning of Period

154

Cash, Cash Equivalents and Restricted Cash at End of Period

$ 360

$ 228

Public Service Electric & Gas Company

Retail Sales

(Unaudited)

September 30, 2025

Electric Sales

Three Months

Change vs.

Nine Months

Change vs.

Sales (millions kWh)

Ended

2024

Ended

2024

Residential

4,539

(2 %)

10,971

(1 %)

Commercial & Industrial

7,181

(1 %)

20,011

(1 %)

Other

18 %

246

2 %

Total

11,804

(1 %)

31,228

(1 %)

Gas Sold and Transported

Three Months

Change vs.

Nine Months

Change vs.

Sales (millions therms)

Ended

2024

Ended

2024

Firm Sales

Residential Sales

0 %

1,031

9 %

Commercial & Industrial

106

8 %

762

8 %

Total Firm Sales

195

4 %

1,793

9 %

Non-Firm Sales*

Commercial & Industrial

209

(16 %)

685

12 %

Total Non-Firm Sales

209

685

Total Sales

404

(7 %)

2,478

10 %

*Contract Service Gas rate included in non-firm sales

Weather Data*

Three Months

Change vs.

Nine Months

Change vs.

Ended

2024

Ended

2024

THI Hours - Actual

12,460

(7 %)

17,581

(9 %)

THI Hours - Normal

12,909

17,101

Degree Days - Actual

(100 %)

2,749

9 %

Degree Days - Normal

2,976

*Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – the

average hourly daily temperature. The measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark

Liberty International Airport. Comparisons to normal are based on twenty years of historic data.

Nuclear Generation Measures

(Unaudited)

GWh Breakdown

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

Nuclear - NJ

5,189

5,456

15,323

14,971

Nuclear - PA

2,714

2,631

8,446

8,323

7,903

8,087

23,769

23,294

Public Service Enterprise Group Incorporated

Statistical Measures

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Weighted Average Common Shares Outstanding (millions)

Basic

499

498

499

498

Diluted

501

500

501

500

Stock Price at End of Period

$83.46

$89.21

Dividends Paid per Share of Common Stock

$0.63

$0.60

$1.89

$1.80

Dividend Yield

3.0 %

2.7 %

Book Value per Common Share

$34.10

$32.33

Market Price as a Percent of Book Value

245 %

276 %

Public Service Enterprise Group Incorporated

Consolidated Operating Earnings (non-GAAP) Reconciliation

Reconciling Items

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

($ millions, Unaudited)

Net Income

$ 622

$ 520

$ 1,796

$ 1,486

(Gain) Loss on Nuclear Decommissioning Trust (NDT)

Fund Related Activity, pre-tax

(70)

(91)

(190)

(199)

(Gain) Loss on Mark-to-Market (MTM), pre-tax (a)

(20)

(23)

(22)

Lease Related Activity, pre-tax

(4)

Income Taxes related to Operating Earnings (non-GAAP) reconciling items (b)

$ 565

$ 448

$ 1,667

$ 1,418

Operating Earnings (non-GAAP)

PSEG Fully Diluted Average Shares Outstanding (in millions)

501

500

501

500

($ Per Share Impact - Diluted, Unaudited)

Net Income

$ 1.24

$ 1.04

$ 3.59

$ 2.97

(Gain) Loss on NDT Fund Related Activity, pre-tax

(0.13)

(0.17)

(0.38)

(0.39)

(Gain) Loss on MTM, pre-tax (a)

(0.04)

(0.05)

(0.04)

0.15

Lease Related Activity, pre-tax

(0.01)

Income Taxes related to Operating Earnings (non-GAAP) reconciling items (b)

0.06

0.08

0.16

0.12

Operating Earnings (non-GAAP)

$ 1.13

$ 0.90

$ 3.33

$ 2.84

(a) Includes the financial impact from positions with forward delivery months.

(b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from

qualified NDT Funds, and lease related activity.

PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation

Three Months Ended

Nine Months Ended

Reconciling Items

September 30,

2025

2024

2025

2024

($ millions, Unaudited)

Net Income

$ 107

$ 141

$ 403

$ 317

(Gain) Loss on NDT Fund Related Activity, pre-tax

(70)

(91)

(190)

(199)

(Gain) Loss on MTM, pre-tax (a)

(20)

(23)

(22)

Lease Related Activity, pre-tax

(4)

Income Taxes related to Operating Earnings (non-GAAP) reconciling items (b)

Operating Earnings (non-GAAP)

$ 50

$ 69

$ 274

$ 249

PSEG Fully Diluted Average Shares Outstanding (in millions)

501

500

501

500

(a) Includes the financial impact from positions with forward delivery months.

(b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity.

SOURCE Public Service Enterprise Group