Form 8-K
8-K — NEW JERSEY RESOURCES CORP
Accession: 0001140361-26-030982
Filed: 2026-08-03
Period: 2026-08-03
CIK: 0000356309
SIC: 4924 (NATURAL GAS DISTRIBUTION)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — ef20079106_8k.htm (Primary)
EX-99.1 — EXHIBIT 99.1 (ef20079106_ex99-1.htm)
EX-99.2 — EXHIBIT 99.2 (ef20079106_ex99-2.htm)
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8-K
8-K (Primary)
Filename: ef20079106_8k.htm · Sequence: 1
false0000356309NYSE00003563092026-08-032026-08-03
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 3, 2026
NEW JERSEY RESOURCES CORPORATION
(Exact Name of registrant as specified in its charter)
New Jersey
001-08359
22-2376465
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1415 Wyckoff Road
Wall, New Jersey
07719
(Address of Principal Executive Offices)
(Zip Code)
(732) 938-1480
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on
which registered
Common Stock - $2.50 par value
NJR
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02
Results of Operations and Financial Condition.
On August 3, 2026, New Jersey Resources Corporation (“NJR”) issued a press release reporting financial results for the third fiscal quarter ended June
30, 2026 (the “Press Release”). A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as
amended.
Item 7.01
Regulation FD Disclosure.
NJR will deliver a presentation via live public webcast on August 4, 2026, at 10 a.m. ET. The slides to be used for the presentation are furnished
herewith as Exhibit 99.2 and are incorporated by reference into Item 7.01 of this Current Report on Form 8-K.
The information in Item 7.01 of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as
amended.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number
Exhibit
99.1
Press Release dated August 3, 2026 (furnished, not filed)
99.2
Presentation dated August 3, 2026 (furnished, not filed)
104
Cover page in Inline XBRL format
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NEW JERSEY RESOURCES CORPORATION
Date: August 3, 2026
By:
/s/ Roberto F. Bel
Roberto F. Bel
Senior Vice President and Chief Financial
Officer
EX-99.1 — EXHIBIT 99.1
EX-99.1
Filename: ef20079106_ex99-1.htm · Sequence: 2
Exhibit 99.1
NEW JERSEY RESOURCES REPORTS FISCAL 2026 THIRD-QUARTER RESULTS
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 third-quarter
consolidated net income of $9.7 million, or $0.10 per
share, compared with net loss of $(15.1) million, or $(0.15) per
share, in the third quarter of fiscal 2025
•
Fiscal 2026 third-quarter
consolidated net financial earnings (NFE), a non-GAAP financial measure, of $11.3 million, or $0.11 per share, compared with $6.2 million, or $0.06 per share, in the third quarter of fiscal
2025
•
Fiscal 2026 year-to-date net income totaled $351.1 million, or $3.48 per share, compared with $320.6 million, or $3.20 per share, for the same period in fiscal 2025
•
Fiscal 2026 year-to-date NFE totaled $350.9 million, or $3.48 per share, compared with $313.4 million, or $3.13 per share, for the same period in fiscal 2025
Fiscal 2026 and Long-Term Outlook
•
Tightens fiscal 2026 net financial earnings per share (NFEPS) guidance to a range of $3.52 to $3.62, from its previous range of $3.48 to $3.63
•
Maintains 7 to 9 percent long-term 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 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 $3.63, subject to the risks and uncertainties identified below under "Forward-Looking Statements."
The following chart represents NJR’s current expected NFE contributions from its business segments for fiscal 2026:
Segment
Expected fiscal 2026
net financial earnings
contribution
New Jersey Natural Gas
59 to 62 percent
Clean Energy Ventures
10 to 13 percent
Storage and Transportation
8 to 11 percent
Energy Services
21 to 23 percent
Home Services and Other
0 to 1 percent
NJR Reports Fiscal 2026 Third-Quarter
Results
Page 2 of 12
In providing fiscal 2026 NFE guidance, management is aware that there could be differences between reported GAAP net income and NFE due to matters such as, but not
limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the
corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.
Financial Metrics
Three Months Ended
Nine Months Ended
June 30,
June 30,
($ in Thousands, except per share data)
2026
2025
2026
2025
Net income (loss)
$
9,689
$
(15,051
)
$
351,091
$
320,555
Basic EPS
$
0.10
$
(0.15
)
$
3.48
$
3.20
Net financial earnings*
$
11,304
$
6,198
$
350,940
$
313,388
Basic net financial earnings per share*
$
0.11
$
0.06
$
3.48
$
3.13
*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
Three Months Ended
Nine Months Ended
June 30,
June 30,
($ in Thousands)
2026
2025
2026
2025
New Jersey Natural Gas
$
6,087
$
10,079
$
238,429
$
221,518
Clean Energy Ventures
(312
)
(6,857
)
4,055
37,315
Storage and Transportation
8,762
5,898
23,833
13,905
Energy Services
(4,035
)
(3,734
)
84,531
39,400
Home Services and Other
579
481
839
418
Subtotal
11,081
5,867
351,687
312,556
Eliminations
223
331
(747
)
832
Total
$
11,304
$
6,198
$
350,940
$
313,388
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:
•
At June 30, 2026, NJNG serviced approximately 595,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 589,000 customers as of September 30, 2025.
NJR Reports Fiscal 2026 Third-Quarter
Results
Page 3 of 12
Regulatory Filings:
•
On June 1, 2026, NJNG submitted its annual Basic Gas Supply Service (BGSS), Conservation
Incentive Program (CIP) and Energy-Efficiency filings to the New Jersey Board of Public Utilities (BPU) that, taken together, would provide customers with an 8.9% reduction in customer bills in advance of the 2026-2027 winter season – a
$158 annual savings for the average residential customer – and bill 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.
•
Also, on June 1, 2026, NJNG filed a base rate case with the BPU, seeking a $157.6 million
increase to its base rates. The filing is based on an overall rate of return on rate base of 7.60 percent with a return on common equity of 10.10 percent. The proposed increase reflects a 55.50 percent common equity component.
•
Once all filings are implemented, NJNG anticipates that the overall net result will leave NJNG annualized average customer bills nearly flat compared to today’s rates. Unless
otherwise noted, NJNG cannot predict the outcome or ultimate resolution for open regulatory matters.
BGSS Incentive Programs1:
•
BGSS incentive programs contributed $20.4 million to utility gross margin during the first nine months of fiscal 2026, compared with $14.5 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 $78.8 million in the first nine 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 an annual recovery mechanism.
•
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 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:
•
During the first nine months of fiscal 2026, CEV placed eight commercial projects into service, adding 57.8 megawatts (MW)* to installed capacity.
•
As of June 30, 2026, CEV had approximately 537MW of commercial solar capacity in service across New Jersey, New York, Connecticut, Pennsylvania, Rhode Island, Indiana, and Michigan.
* All MWs noted in DC
NJR Reports Fiscal 2026 Third-Quarter
Results
Page 4 of 12
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:
•
During the first nine months of fiscal 2026, capital expenditures were $553.0 million, including accruals, compared with $456.8 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 nine months of fiscal 2026, cash flows from operations increased to $577.8 million, compared to cash flows from operations of $385.2 million in the same period in fiscal 2025, due primarily to an increase in financial margin at ES and higher base rates at NJNG.
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.
NJR Reports Fiscal 2026 Third-Quarter
Results
Page 5 of 12
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; 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.
NJR Reports Fiscal 2026 Third-Quarter
Results
Page 6 of 12
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.
NJR Reports Fiscal 2026 Third-Quarter
Results
Page 7 of 12
NEW JERSEY RESOURCES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Nine Months Ended
June 30,
June 30,
(Thousands, except per share data)
2026
2025
2026
2025
OPERATING REVENUES
Utility
$
200,869
$
204,790
$
1,251,692
$
1,156,558
Nonutility
148,311
94,156
641,743
543,776
Total operating revenues
349,180
298,946
1,893,435
1,700,334
OPERATING EXPENSES
Gas purchases
Utility
64,255
73,321
508,306
473,975
Nonutility
82,200
67,852
308,164
287,277
Related parties
1,280
1,268
3,799
4,652
Operation and maintenance
105,574
100,133
304,751
299,806
Regulatory rider expenses
10,434
10,979
103,038
81,956
Depreciation and amortization
53,545
47,000
153,250
140,296
Gain on sale of assets
—
(545
)
—
(56,092
)
Total operating expenses
317,288
300,008
1,381,308
1,231,870
OPERATING INCOME (LOSS)
31,892
(1,062
)
512,127
468,464
Other income, net
14,772
11,040
42,427
39,663
Interest expense, net of capitalized interest
35,199
31,694
105,850
98,112
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
11,465
(21,716
)
448,704
410,015
Income tax provision (benefit)
3,353
(5,142
)
103,754
93,835
Equity in earnings of affiliates
1,577
1,523
6,141
4,375
NET INCOME (LOSS)
$
9,689
$
(15,051
)
$
351,091
$
320,555
EARNINGS (LOSS) PER COMMON SHARE
Basic
$
0.10
$
(0.15
)
$
3.48
$
3.20
Diluted
$
0.10
$
(0.15
)
$
3.46
$
3.18
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic
101,092
100,373
100,881
100,173
Diluted
101,780
100,373
101,526
100,813
NJR Reports Fiscal 2026 Third-Quarter
Results
Page 8 of 12
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES
(Unaudited)
Three Months Ended
Nine Months Ended
June 30,
June 30,
(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 (loss)
$
9,689
$
(15,051
)
$
351,091
$
320,555
Add:
Unrealized loss (gain) on derivative instruments and related transactions
2,749
10,766
4,460
(10,072
)
Tax effect
(653
)
(2,559
)
(1,060
)
2,394
Effects of economic hedging related to natural gas inventory
(654
)
16,924
(4,657
)
747
Tax effect
156
(4,022
)
1,107
(178
)
NFE tax adjustment
17
140
(1
)
(58
)
Net financial earnings
$
11,304
$
6,198
$
350,940
$
313,388
Weighted Average Shares Outstanding
Basic
101,092
100,373
100,881
100,173
Diluted
101,780
100,373
101,526
100,813
A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per
share is as follows:
Basic earnings (loss) per share
$
0.10
$
(0.15
)
$
3.48
$
3.20
Add:
Unrealized loss (gain) on derivative instruments and related transactions
0.02
0.11
0.04
(0.10
)
Tax effect
—
(0.03
)
(0.01
)
0.02
Effects of economic hedging related to natural gas inventory
(0.01
)
0.17
(0.04
)
0.01
Tax effect
—
(0.04
)
0.01
—
Basic net financial earnings per share
$
0.11
$
0.06
$
3.48
$
3.13
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.
NJR Reports Fiscal 2026 Third-Quarter
Results
Page 9 of 12
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)
(Unaudited)
Three Months Ended
Nine Months Ended
June 30,
June 30,
(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
$
201,107
$
205,029
$
1,252,405
$
1,157,439
Less:
Natural gas purchases
65,875
74,941
513,166
480,244
Operating and maintenance (1)
36,854
34,719
96,463
90,238
Regulatory rider expense
10,434
10,979
103,038
81,956
Depreciation and amortization
40,385
35,987
114,854
103,784
Gross margin
47,559
48,403
424,884
401,217
Add:
Operating and maintenance (1)
36,854
34,719
96,463
90,238
Depreciation and amortization
40,385
35,987
114,854
103,784
Utility gross margin
$
124,798
$
119,109
$
636,201
$
595,239
(1) Excludes selling, general and administrative
expenses of $27.8 million and $27.1 million for the three months ended June 30, 2026 and 2025, respectively, and $82.9 million and $85.0 million for
the nine months ended June 30, 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
$
79,962
$
38,850
$
443,224
$
371,548
Less:
Natural Gas purchases
82,091
67,781
307,803
287,496
Operation and maintenance (1)
2,841
1,020
15,316
13,482
Depreciation and amortization
41
30
125
139
Gross margin
(5,011
)
(29,981
)
119,980
70,431
Add:
Operation and maintenance (1)
2,841
1,020
15,316
13,482
Depreciation and amortization
41
30
125
139
Unrealized loss (gain) on derivative instruments and related transactions
2,749
10,766
4,460
(10,072
)
Effects of economic hedging related to natural gas inventory
(654
)
16,924
(4,657
)
747
Financial margin
$
(34
)
$
(1,241
)
$
135,224
$
74,727
(1) Excludes selling, general and administrative
expenses of $0.2 million and $0.3 million during the three months ended June 30, 2026 and 2025, respectively, and $0.7 million and $0.9 million during the nine months ended June 30, 2026 and 2025, respectively.
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
Net (loss) income
$
(5,650
)
$
(24,983
)
$
84,682
$
46,567
Add:
Unrealized loss (gain) on derivative instruments and related transactions
2,749
10,766
4,460
(10,072
)
Tax effect
(653
)
(2,559
)
(1,060
)
2,394
Effects of economic hedging related to natural gas
(654
)
16,924
(4,657
)
747
Tax effect
156
(4,022
)
1,107
(178
)
NFE tax adjustment
17
140
(1
)
(58
)
Net financial (loss) earnings
$
(4,035
)
$
(3,734
)
$
84,531
$
39,400
NJR Reports Fiscal 2026 Third-Quarter
Results
Page 10 of 12
FINANCIAL STATISTICS BY BUSINESS UNIT
(Unaudited)
Three Months Ended
Nine Months Ended
June 30,
June 30,
(Thousands, except per share data)
2026
2025
2026
2025
NEW JERSEY RESOURCES
Operating Revenues
Natural Gas Distribution
$
201,107
$
205,029
$
1,252,405
$
1,157,439
Clean Energy Ventures
19,178
12,030
60,870
46,403
Energy Services
79,962
38,850
443,224
371,548
Storage and Transportation
31,388
27,129
88,902
79,064
Home Services and Other
17,758
16,177
48,722
47,089
Sub-total
349,393
299,214
1,894,123
1,701,543
Eliminations
(213
)
(268
)
(688
)
(1,209
)
Total
$
349,180
$
298,946
$
1,893,435
$
1,700,334
Operating Income (Loss)
Natural Gas Distribution
$
19,731
$
21,273
$
341,962
$
316,255
Clean Energy Ventures
1,156
(4,353
)
8,806
52,368
Energy Services
(5,229
)
(30,240
)
119,282
69,561
Storage and Transportation
14,356
10,544
37,913
26,113
Home Services and Other
1,219
1,065
2,198
1,667
Sub-total
31,233
(1,711
)
510,161
465,964
Eliminations
659
649
1,966
2,500
Total
$
31,892
$
(1,062
)
$
512,127
$
468,464
Equity in Earnings of Affiliates
Storage and Transportation
$
1,039
$
908
$
4,561
$
3,030
Eliminations
538
615
1,580
1,345
Total
$
1,577
$
1,523
$
6,141
$
4,375
Net Income (Loss)
Natural Gas Distribution
$
6,087
$
10,079
$
238,429
$
221,518
Clean Energy Ventures
(312
)
(6,857
)
4,055
37,315
Energy Services
(5,650
)
(24,983
)
84,682
46,567
Storage and Transportation
8,762
5,898
23,833
13,905
Home Services and Other
579
481
839
418
Sub-total
9,466
(15,382
)
351,838
319,723
Eliminations
223
331
(747
)
832
Total
$
9,689
$
(15,051
)
$
351,091
$
320,555
Net Financial Earnings (Loss)
Natural Gas Distribution
$
6,087
$
10,079
$
238,429
$
221,518
Clean Energy Ventures
(312
)
(6,857
)
4,055
37,315
Energy Services
(4,035
)
(3,734
)
84,531
39,400
Storage and Transportation
8,762
5,898
23,833
13,905
Home Services and Other
579
481
839
418
Sub-total
11,081
5,867
351,687
312,556
Eliminations
223
331
(747
)
832
Total
$
11,304
$
6,198
$
350,940
$
313,388
Throughput (Bcf)
NJNG, Core Customers
14.6
19.2
86.1
82.1
NJNG, Off System/Capacity Management
10.7
15.1
60.3
51.6
Energy Services Fuel Mgmt. and Wholesale Sales
25.7
18.6
82.7
82.1
Total
51.0
52.9
229.1
215.8
Common Stock Data
Yield at June 30,
3.4
%
4.0
%
3.4
%
4.0
%
Market Price at June 30,
$
56.04
$
44.82
$
56.04
$
44.82
Shares Out. at June 30,
101,411
100,378
101,411
100,378
Market Cap. at June 30,
$
5,683,070
$
4,498,953
$
5,683,070
$
4,498,953
NJR Reports Fiscal 2026 Third-Quarter
Results
Page 11 of 12
Three Months Ended
Nine Months Ended
(Unaudited)
June 30,
June 30,
(Thousands, except customer and weather data)
2026
2025
2026
2025
NATURAL GAS DISTRIBUTION
Utility Gross Margin
Operating revenues
$
201,107
$
205,029
$
1,252,405
$
1,157,439
Less:
Natural gas purchases
65,875
74,941
513,166
480,244
Operating and maintenance (1)
36,854
34,719
96,463
90,238
Regulatory rider expense
10,434
10,979
103,038
81,956
Depreciation and amortization
40,385
35,987
114,854
103,784
Gross margin
47,559
48,403
424,884
401,217
Add:
Operating and maintenance (1)
36,854
34,719
96,463
90,238
Depreciation and amortization
40,385
35,987
114,854
103,784
Total Utility Gross Margin
$
124,798
$
119,109
$
636,201
$
595,239
(1) Excludes selling, general and administrative
expenses of $27.8 million and $27.1 million for the three months ended June 30, 2026 and 2025, respectively, and $82.9 million and $85.0 million for
the nine months ended June 30, 2026 and 2025, respectively.
Utility Gross Margin, Operating Income and Net Income
Residential
$
76,156
$
74,131
$
441,829
$
419,817
Commercial, Industrial & Other
19,945
19,924
85,144
80,901
Firm Transportation
24,386
19,666
85,977
76,750
Total Firm Margin
120,487
113,721
612,950
577,468
Interruptible
1,223
1,462
2,884
3,236
Total System Margin
121,710
115,183
615,834
580,704
Basic Gas Supply Service Incentive
3,088
3,926
20,367
14,535
Total Utility Gross Margin
124,798
119,109
636,201
595,239
Operation and maintenance expense
64,682
61,849
179,385
175,200
Depreciation and amortization
40,385
35,987
114,854
103,784
Operating Income
$
19,731
$
21,273
$
341,962
$
316,255
Net Income
$
6,087
$
10,079
$
238,429
$
221,518
Net Financial Earnings
$
6,087
$
10,079
$
238,429
$
221,518
Throughput (Bcf)
Residential
6.1
6.2
48.6
44.3
Commercial, Industrial & Other
1.2
1.2
9.0
8.3
Firm Transportation
1.8
1.9
10.9
10.3
Total Firm Throughput
9.1
9.3
68.5
62.9
Interruptible
5.5
9.9
17.6
19.2
Total System Throughput
14.6
19.2
86.1
82.1
Off System/Capacity Management
10.7
15.1
60.3
51.6
Total Throughput
25.3
34.3
146.4
133.7
Customers
Residential
540,569
534,561
540,569
534,561
Commercial, Industrial & Other
33,174
32,464
33,174
32,464
Firm Transportation
20,847
21,163
20,847
21,163
Total Firm Customers
594,590
588,188
594,590
588,188
Interruptible
31
87
31
87
Total System Customers
594,621
588,275
594,621
588,275
Off System/Capacity Management*
25
30
25
30
Total Customers
594,646
588,305
594,646
588,305
*The number of customers represents those active during the last month of the period.
Degree Days
Actual
437
373
4,587
4,147
Normal
452
454
4,347
4,361
Percent of Normal
96.7
%
82.2
%
105.5
%
95.1
%
NJR Reports Fiscal 2026 Third-Quarter
Results
Page 12 of 12
Three Months Ended
Nine Months Ended
(Unaudited)
June 30,
June 30,
(Thousands, except customer, RECs and megawatt data)
2026
2025
2026
2025
CLEAN ENERGY VENTURES
Operating Revenues
SREC sales
$
154
$
179
$
23,611
$
17,997
TREC sales
7,278
4,522
13,407
9,581
SREC II sales
1,190
442
2,178
1,145
Merchant Power
4,497
3,360
9,706
7,709
PPA / Other
6,059
3,527
11,968
8,101
Residential solar portfolio
—
—
—
1,870
Total Operating Revenues
$
19,178
$
12,030
$
60,870
$
46,403
Depreciation and Amortization
$
7,664
$
5,772
$
21,817
$
17,701
Operating Income (Loss)
$
1,156
$
(4,353
)
$
8,806
$
52,368
Income Tax (Benefit) Provision
$
(31
)
$
(2,068
)
$
879
$
10,994
Net (Loss) Income
$
(312
)
$
(6,857
)
$
4,055
$
37,315
Net Financial (Loss) Earnings
$
(312
)
$
(6,857
)
$
4,055
$
37,315
Solar Renewable Energy Certificates Generated
93,879
92,508
203,201
231,877
Solar Renewable Energy Certificates Sold
996
1,155
122,119
87,657
Transition Renewable Energy Certificates Generated
49,093
30,569
89,915
65,257
Solar Renewable Energy Certificates II Generated
12,126
4,743
23,235
12,519
ENERGY SERVICES
Operating Income
Operating revenues
$
79,962
$
38,850
$
443,224
$
371,548
Less:
Gas purchases
82,091
67,781
307,803
287,496
Operation and maintenance expense
3,059
1,279
16,014
14,352
Depreciation and amortization
41
30
125
139
Operating (Loss) Income
$
(5,229
)
$
(30,240
)
$
119,282
$
69,561
Net (Loss) Income
$
(5,650
)
$
(24,983
)
$
84,682
$
46,567
Financial Margin
$
(34
)
$
(1,241
)
$
135,224
$
74,727
Net Financial (Loss) Earnings
$
(4,035
)
$
(3,734
)
$
84,531
$
39,400
Gas Sold and Managed (Bcf)
25.7
18.6
82.7
82.1
STORAGE AND TRANSPORTATION
Operating Revenues
$
31,388
$
27,129
$
88,902
$
79,064
Equity in Earnings of Affiliates
$
1,039
$
908
$
4,561
$
3,030
Operation and Maintenance Expense
$
11,439
$
11,410
$
34,127
$
34,403
Other Income, Net
$
1,421
$
2,059
$
5,271
$
6,384
Interest Expense
$
5,383
$
5,741
$
16,397
$
17,527
Income Tax Provision
$
2,671
$
1,872
$
7,515
$
4,095
Net Income
$
8,762
$
5,898
$
23,833
$
13,905
Net Financial Earnings
$
8,762
$
5,898
$
23,833
$
13,905
HOME SERVICES AND OTHER
Operating Revenues
$
17,753
$
16,177
$
48,722
$
47,089
Operating Income
$
1,219
$
1,065
$
2,198
$
1,667
Net Income
$
579
$
481
$
839
$
418
Net Financial Earnings
$
579
$
481
$
839
$
418
Total Service Contract Customers at June 30
97,366
98,653
97,366
98,653
EX-99.2 — EXHIBIT 99.2
EX-99.2
Filename: ef20079106_ex99-2.htm · Sequence: 3
Exhibit 99.2
Fiscal 2026 Third Quarter and Year-to-Date Financial Results August 2026
Investor Presentation
Forward-Looking Statements and Non-GAAP Measures Forward-Looking
Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as 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 presentation include, but are not limited to, statements regarding NJR’s NFEPS guidance for fiscal 2026, including NFEPS guidance by Segment, long-term growth targets and guidance range and anticipated drivers of such growth targets,
long-term annual growth projections and targets, our CIP, IIP and SAVEGREEN programs, NFEPS expectations from utility operations, Capital Plan expectations, the inclusion of our 5-year capital expenditure projections through 2030, our credit
metrics, projections of dividend and financing activities, customer growth at NJNG, future NJR and NJNG capital expenditures, potential CEV capital projects, project pipeline, changes to tax laws and regulations, including those changes
brought about by the passage of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act, total shareholder return projections, dividend growth, CEV revenue and service projections, our debt repayment schedule, contributions
from Leaf River as well as its potential cavern expansion, Steckman Ridge and Adelphia Gateway, SREC Hedging and long option strategies and Asset Management Agreements, our Energy Efficiency Expansion as approved by the BPU, our current and
future base rate cases, our solar project pipeline and commercial solar growth goals, emissions reduction strategies and clean energy goals, changing interest rates, and other legal and regulatory expectations, and statements that include
other projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Additional information and factors that could cause actual results to differ materially from NJR’s
expectations are contained in NJR’s filings with the SEC, including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s
web site, http://www.sec.gov. Information included in this presentation is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition
in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume
any obligation to review or revise any particular forward-looking statement referenced herein in light of new information future events or otherwise, except as required by law. Non-GAAP Measures This presentation includes the non-GAAP
financial measures NFE/net financial loss, NFE per basic share, financial margin, utility gross margin, adjusted funds from operations, adjusted debt, and adjusted EBITDA. 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 in the appendix to this presentation. 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 expense. This measure differs from gross margin as presented on a GAAP basis as it
excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other
industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to
customers and, therefore, have no effect on utility gross margin. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized
interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding solar asset
financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments. Adjusted EBITDA is earnings, including equity in earnings of affiliates, before
interest, income taxes, depreciation and amortization, and Other Income, net, which includes non-cash earnings of AFUDC from our wholly owned subsidiaries Leaf River and Adelphia Gateway. Management uses NFE/net financial loss, utility gross
margin, financial margin, adjusted funds from operations and adjusted debt as supplemental measures to other GAAP results to provide a more complete understanding of the Company’s performance. Management believes these non-GAAP measures are
more reflective of the Company’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. In providing NFE guidance, management is aware that there could be differences between
reported GAAP earnings and NFE/net financial loss due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items
on reported earnings and therefore is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts. In addition, in making forecasts relating to S&T’s Adjusted
EBITDA and adjusted funds from operations and adjusted debt, management is aware that there could be differences between reported GAAP earnings, cash flows from operations and total long-term and short-term debt due to matters such as, but
not limited to, the unpredictability and variability of future earnings, working capital and cash positions. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported GAAP measures and
therefore is not able to provide a reconciliation to the corresponding GAAP equivalent for such forecasts without unreasonable efforts. NFE/net financial loss, utility gross margin and financial margin are discussed more fully in Item 7 of
our Report on Form 10-K and, we have provided presentations of the most directly comparable GAAP financial measure and a reconciliation of our non-GAAP financial measures, NFE/net financial loss, utility gross margin, financial margin,
adjusted funds from operations, adjusted debt, and adjusted EBITDA to the most directly comparable GAAP financial measures, in the appendix to this presentation. This information has been provided pursuant to the requirements of SEC
Regulation G.
Contents Fiscal 2026 Third Quarter and Year-to-Date Conference
Call 4 Agenda 5 NJR: Key Highlights 6 NJNG: Delivering Customer Savings + Investing in Reliability 7 S&T: Short and Long-Term Growth Drivers 8 CEV: Project Pipeline 9 Financial Review and Outlook 10 Fiscal 2026 Third Quarter
and Year-to-Date Financial Highlights 11 Review of Fiscal 2026 Third Quarter and Year-to-Date Results 12 Capital Investment (CAPEX): Increased FY 2026 from Last Quarter 13 Strong Credit Metrics 14 Fiscal 2026: NFEPS Guidance and
Segment % 15 7-9% NFEPS Growth Rate Supported by Complementary Businesses 16 Appendix: Financial Statements and Additional Information 17 Fiscal 2026 Third Quarter and Year-to-Date NFE and NFEPS by Business Unit 18 Reconciliation of
NFE and NFEPS to Net Income 19 Other Reconciliation of Non-GAAP Measures 20 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 21 Capital Plan Table 22 Cash Flows Table 23 Debt Repayment
Schedule 24 NJR: Complementary Energy Infrastructure Platform 25 NJR: Business Portfolio 26 NJR: Dividend Raised for 30 Consecutive Years 27 NJR: Drivers of Long-Term Growth Rate of 7-9% 28 NJNG: Customer Growth and Expanded
Franchise Opportunities 29 NJNG: Growing Rate Base Expected in the 7-9% Range 30 S&T: Storage Becomes a Key Value Driver as Pipeline Capacity Tightens 31 S&T: Transportation Infrastructure Drives Value in a Constrained
Market 32 S&T: Adjusted EBITDA 33 CEV: Diverse Commercial Solar Portfolio 34 CEV: “Utility Like” Revenue Stack with Optionality 35 Energy Services: Overview 36 Energy Services: Strong NFE Contribution 37 Energy Services: Asset
Management Agreements 38 Home Services (NJRHS) 39 Shareholder and Online Information
Overview Steve Westhoven, President and CEO Financial Highlights and
Outlook Roberto Bel | SVP and CFO Conclusion Steve Westhoven, President and CEO Q&A Session Agenda NJR At a Glance Corporate Information Ticker NYSE: NJR Corporate Headquarters Wall, NJ Incorporated New
Jersey Website www.njresources.com IPO 1982 NJR Business Units (abbreviation) New Jersey Natural Gas NJNG Clean Energy Ventures CEV Storage & Transportation S&T Energy Services NJRES Home Services NJRHS Share
Information Share Price $57.89 Shares Outstanding 101.4M Market Cap $5.7B Dividend Information Annual Dividend $1.90 Dividend Yield 3.3% All daily trading information as of 7/31/2026
NJR: Key Highlights Raises FY 2026 CAPEX Range by $40 Million ($815M to
$950M) NJNG Received FERC Certificate on Leaf River Expansion Ahead of Schedule S&T Regulatory Filings Aimed at Addressing Affordability for Customers with Critical Infrastructure Recovery CEV Added ~58MW of In-Service Capacity
YTD Tightens FY 2026 NFEPS Guidance Range to $3.52 - $3.62
NJNG: Delivering Customer Savings + Investing in Reliability June 1st filings
with the NJBPU* expected to lower natural gas bills this upcoming winter heating season while advancing review for rate recovery of critical reliability investments Rate Case Filing Customer Savings in Advance of 2026 Winter
Season Delivering ~9% bill reduction ahead of the 2026-2027 winter heating season Total savings for the upcoming winter is approximately $98 million ~$158/year in annual bill relief for the average residential customer Bills expected to
remain nearly flat compared to present amounts after implementation Requested an increase to base rates of $157.6 million to recover reliability and safety upgrades Proposed Rate Base of $4.0 Billion BPU review of base rate filings
typically takes between 9 - 12 months Press Release Link: NEW JERSEY NATURAL GAS SUBMITS FILINGS TO NJBPU FOR CUSTOMER SAVINGS AND FUTURE RECOVERY OF RELIABILITY INVESTMENTS White Paper Link: 2026 Rate Case Filing Information * NJBPU -
New Jersey Board of Public Utilities
S&T: Short- and Long-Term Growth Drivers Expected Construction Timeline
Continues as Planned Leaf River Expansion Plans Expansion of Existing Cavern Locations Executed a long-term agreement for this capacity Planned New Cavern July 2026: Receives FERC Certificate S&T NFE on Track to More Than Double
from 2025 to 2027 Due to Favorable Re-Contracting at Adelphia and Leaf River (from $18.5 Million to Estimated $42 - $47 Million; FY 2026 YTD: $24 million) Short Term: Next 2 Years Long-Term Growth: 3 years+ Available Working Gas
Capacity (BCF) Leaf River has Multiple Sites for Potential Organic Cavern Expansion Beyond this 55 BCF
CEV: Project Pipeline CEV Owns and Operates Solar Projects with Approximately
537MW of In-Service Commercial Solar Capacity MWs 1.1 GW ~3X of Capital Plan Targets Through 2030* * Solar Projects Under Construction, Contract or Exclusivity Capacity expected to grow over 50% from 2025 - 2027 1 From 9/30/2025 to
9/30/2027 ~2501 ~58MW Placed In-Service YTD Fiscal 2026 In-Service Capacity All MWs noted in DC Project Pipeline of Solar Investment Opportunities
9 Financial Review and Outlook
Fiscal 2026 Third Quarter and Year-to-Date Financial Highlights Strong
Performance Improved Outlook Distinct Growth Drivers $0.11 Fiscal 2026 Third Quarter NFEPS $3.48 Fiscal 2026 YTD NFEPS Tightens Fiscal 2026 NFEPS Guidance to $3.52 to $3.62 (Midpoint $3.57) from $3.48 to $3.63 (Midpoint
$3.55) New Jersey Natural Gas Rate Base Growth Customer Growth Energy Efficiency S&T Recontracting Expansion at Leaf River CEV $1.2B Project Pipeline New Technology Investments
Fiscal 2025 YTD – Consolidated NFE ($ in millions) $ 313.4 NJNG $ 16.9
Utility Gross Margin1 $ 41.0 Depreciation & Amortization (D&A) $ (11.1) Interest Expense, O&M, AFUDC and Income Tax $ (13.0) Clean Energy Ventures $ (33.3) Revenue $ 14.5 D&A and Interest Expense $ (10.6) Gain
on Sale of Assets $ (56.1) Other (including ITC recognition) $ 18.9 Storage & Transportation $ 9.9 Revenue $ 9.8 D&A and Interest Expense $ 3.3 AFUDC & Other $ (3.2) Energy Services $ 45.1 Financial Margin1 $
60.5 Interest Expense, Income Tax and Other $ (15.4) Home Services and Other $ (1.2) Fiscal 2026 YTD – Consolidated NFE ($ in millions)2 $ 350.9 Fiscal 3Q25 – Consolidated NFE ($ in millions) $ 6.2 NJNG $ (4.0) Utility Gross
Margin1 $ 5.7 Depreciation & Amortization (D&A) $ (4.4) Interest Expense, O&M, AFUDC, Income Tax $ (5.3) Clean Energy Ventures $ 6.5 Revenue $ 7.1 D&A and Interest Expense $ (4.1) Gain on Sale of Assets $
(0.5) Other (including ITC recognition) $ 4.1 Storage & Transportation $ 2.9 Revenue $ 4.3 D&A and Interest Expense $ — O&M, AFUDC & Other $ (1.4) Energy Services $ (0.3) Financial Margin1 $ 1.2 Interest
Expense, Income Tax and Other $ (1.5) Home Services and Other $ — Fiscal 3Q26 – Consolidated NFE ($ in millions)2 $ 11.3 A reconciliation of these non-GAAP measures can be found in the Appendix. The sum of actual amounts may not
equal to total due to rounding. Review of Fiscal 2026 Third Quarter and Year-to-Date Results1 ($ in Millions) Fiscal Third Quarter Fiscal Year-to-Date
Capital Investment1 (CAPEX): Increased FY 2026 from Last Quarter Increased FY
2026 CAPEX Range $815 - $950 Actuals $4.8 - $5.2B Through 2030 $870 - $1.0B NJNG Expected to Represent Over 60% of Capital Investment $45 - $60 $60 - $75 $210 - $290 $270 -$370 $560 - $600 $540 -$600 $630M $850M ($ in
Millions) The sum of actual amounts may not equal due to rounding. $644M Estimates
No Block Equity Needs Cash Flow from Operations of $1.1B - $1.2B in FY 2026 and
FY 2027 Staggered Debt Maturity Stack Substantial liquidity at both NJNG and NJR $825M of credit facilities available through FY 2029 Strong Credit Metrics Adjusted FFO / Adjusted Debt NJNG (Secured Rating) NJR (Unsecured
Rating) NAIC NAIC-1.E NAIC-2.A Moody's A1 (Stable) Fitch A+ (Stable) Internal estimates based on Fitch Ratings methodology. Ratio represents inverse of FFO-adjusted leverage ratio. A reconciliation from adjusted funds from operations
to cash flows from operating activities and adjusted debt to long-term and short-term debt can be found in the Appendix. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for
interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long-term and short-term debt, net of cash
and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments. Actuals Estimated 19 - 20% 20 -
22%
Fiscal 2026: NFEPS Guidance and Segment % Net Financial Earnings Per
Share $3.52 - $3.62 $2.83 * Our current earnings base represents the midpoint of initial Fiscal 2025 NFEPS guidance, excluding the net impact of the sale of our residential solar assets. Estimated Fiscal 2026 Segment % Utility To
Represent ~60% of Earnings Contribution NJNG 59 - 62% S&T 8-11% CEV 10-13% ES 21 - 23% HS 0-1% Strong Contribution from Energy Services During Winter Season Contributed to Outperformance Above 7-9% Stated Growth Rate
7-9% NFEPS Growth Rate Supported by Complementary Businesses Total CAPEX of
$4.8 - $5.2 Billion Through FY 2030 Over 60% in Utility Investment No Block Equity NJNG High single digit rate base growth expected through 2030 S&T NFE expected to more than double by 2027 Leaf River capacity expected to grow
by over 70% through 2030 CEV Installed capacity expected to grow over 50% from 2025 to 2027
Appendix: Financial Statements and Additional Information 16 17 Fiscal 2026
Third Quarter and Year-to-Date NFE and NFEPS by Business Unit 18 Reconciliation of NFE and NFEPS to Net Income 19 Other Reconciliation of Non-GAAP Measures 20 Reconciliation of Adjusted Funds from Operations to Cash Flow from
Operations 21 Capital Plan Table 22 Cash Flows Table 23 Debt Repayment Schedule
Fiscal 2026 Third Quarter and Year-to-Date NFE and NFEPS by Business Unit1 ($
in 000s) Net Financial Earnings (NFE) Net Financial Earnings per Share (NFEPS) (Thousands) Three Months Ended June 30, Nine Months Ended June 30, 2026 2025 Change 2026 2025 Change New Jersey Natural
Gas $6,087 $10,079 $(3,992) $238,429 $221,518 $16,911 Clean Energy Ventures $(312) $(6,857) $6,545 $4,055 $37,315 $(33,260) Storage and Transportation $8,762 $5,898 $2,864 $23,833 $13,905 $9,928 Energy
Services $(4,035) $(3,734) $(301) $84,531 $39,400 $45,131 Home Services and Other $802 $812 $(10) $92 $1,250 $(1,158) Total $11,304 $6,198 $5,106 $350,940 $313,388 $37,552 Three Months Ended June 30, Nine Months Ended
June 30, 2026 2025 Change 2026 2025 Change New Jersey Natural Gas $0.05 $0.10 $(0.05) $2.36 $2.21 $0.15 Clean Energy Ventures $— $(0.06) $0.06 $0.04 $0.38 $(0.34) Storage and
Transportation $0.09 $0.05 $0.04 $0.24 $0.14 $0.10 Energy Services $(0.04) $(0.04) $— $0.84 $0.39 $0.45 Home Services and Other $0.01 $0.01 $— $0.00 $0.01 $(0.01) Total $0.11 $0.06 $0.05 $3.48 $3.13 $0.35 1 The sum
of actual amounts may not equal due to rounding.
Reconciliation of NFE and NFEPS to Net Income ($ in 000s) 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. NFE eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on
derivative instruments in the current period. (Unaudited) Three Months Ended June 30, Nine Months Ended June 30, 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 (loss) $ 9,689 $ (15,051) $ 351,091 $ 320,555 Add: Unrealized loss (gain) on derivative instruments and related transactions 2,749 10,766 4,460 (10,072) Tax effect (653)
(2,559) (1,060) 2,394 Effects of economic hedging related to natural gas inventory (654) 16,924 (4,657) 747 Tax effect 156 (4,022) 1,107 (178) NFE tax adjustment 17 140 (1) (58) Net financial earnings $
11,304 $ 6,198 $ 350,940 $ 313,388 Weighted Average Shares Outstanding Basic 101,092 100,373 100,881 100,173 Diluted 101,780 100,373 101,526 100,813 A reconciliation of basic earnings per share, the closest
GAAP financial measure, to basic net financial earnings per share is as follows: Basic earnings (loss) per share $ 0.10 $ (0.15) $ 3.48 $ 3.20 Add: Unrealized loss (gain) on derivative instruments and related transactions 0.02
0.11 0.04 (0.10) Tax effect — (0.03) (0.01) 0.02 Effects of economic hedging related to natural gas inventory (0.01) 0.17 (0.04) 0.01 Tax effect — (0.04) 0.01 — Basic net financial earnings per
share $ 0.11 $ 0.06 $ 3.48 $ 3.13
Other Reconciliation of Non-GAAP Measures NJNG Utility Gross Margin NJNG's
utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expenses. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance
expense and depreciation and amortization. Energy Services Financial Margin Financial margin removes the timing differences associated with certain derivative and hedging transactions. Financial margin differs from gross margin as defined
on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization expenses as well as the effects of derivatives instruments on earnings. ($ in 000s) (Unaudited) Three Months Ended Nine Months
Ended June 30, June 30, 2026 2025 2026 2025 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: Operating revenues $ 201,107 $ 205,029 $ 1,252,405 $ 1,157,439
Less: Natural gas purchases 65,875 74,941 513,166 480,244 Operating and maintenance1 36,854 34,719 96,463 90,238 Regulatory rider expense 10,434 10,979 103,038 81,956 Depreciation and amortization
40,385 35,987 114,854 103,784 Gross margin 47,559 48,403 424,884 401,217 Add: Operating and maintenance1 36,854 34,719 96,463 90,238 Depreciation and amortization 40,385 35,987 114,854 103,784
Utility gross margin $ 124,798 $ 119,109 $ 636,201 $ 595,239 A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows: Operating revenues $ 79,962 $ 38,850 $ 443,224 $
371,548 Less: Natural Gas purchases 82,091 67,781 307,803 287,496 Operating and maintenance1 2,841 1,020 15,316 13,482 Depreciation and amortization 41 30 125 139 Gross margin (5,011) (29,981)
119,980 70,431 Add: Operating and maintenance1 2,841 1,020 15,316 13,482 Depreciation and amortization 41 30 125 139 Unrealized loss (gain) on derivative instruments and related transactions 2,749 10,766
4,460 (10,072) Effects of economic hedging related to natural gas inventory (654) 16,924 (4,657) 747 Financial margin $ (34) $ (1,241) $ 135,224 $ 74,727 Excludes selling, general and administrative expenses
Reconciliation of Adjusted Funds from Operations to Cash Flow from
Operations Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans,
grants, rebates, and related investments, and other Fitch credit metric adjustments. Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding capitalized leases, solar asset financing obligations but
including solar contractually committed payments for sale lease backs, debt issuance costs. Cash Flow from Operations $577.8 Add back Components of working capital ($6.6) Cash paid for interest (net of amounts capitalized) $108.3
Capitalized Interest $9.6 SAVEGREEN loans, grants, rebates and related investments $78.8 Other adjustments ($1.4) Adjusted FFO (Non-GAAP) $766.5 Long-Term Debt (including current maturities) $3,483.0 Short-Term Debt
$220.0 Exclude Cash on Hand ($35.1) CEV Sale-Leaseback Debt ($537.4) Lease adjusted debt ($11.6) Include CEV Sale lease-back Contractual Commitments $355.3 Debt Issuance Costs $13.5 Adjusted Debt (Non-GAAP) $3,487.7
Adjusted Debt, FY2026 YTD (Millions) Adjusted Funds from Operations, FY2026 YTD (Millions)
Capital Plan Table1,2 ($ in Millions) Total change in PP&E (cash spent,
CAPEX accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations. The sum of actual amounts may not equal due to rounding. Safety and reliability includes system integrity, IT, Cost of
Removal, IIP, and other miscellaneous capital investments. Actuals Estimates FY2024A FY2025A FY2026A YTD FY2026E FY2027E Near Real Time Return? New Jersey Natural Gas New
Customer $100 $119 $97 $120 - $130 $130 - $140 Yes SAVEGREEN $71 $98 $79 $90 - $100 $90 - $100 Yes Safety and
Reliability3 $332 $331 $258 $350 - $370 $320 - $360 $503 $548 $434 $560 - $600 $540 - $600 Clean Energy Ventures $96 $271 $148 $210 - $290 $270 - $370 Storage and Transportation Adelphia
Gateway $7 $11 $3 $5 - $10 $5 - $10 Leaf River $39 $19 $45 $40 - $50 $55 - $65 $46 $30 $48 $45 - $60 $60 - $75 Total $644 $850 $630 $815 - $950 $870 - $1,045
The sum of actual amounts may not equal due to rounding. Excludes accrual for
AFUDC and SAVEGREEN investments (for GAAP purposes, SAVEGREEN investments are included in Cash Flow from Operations). Cash Flows Used in Investing Activities in fiscal 2025 include $137.2 million in net proceeds from the sale of the
residential solar portfolio. Cash Flows Table1 ($ in Millions) Actuals Estimates Operating cash flows are primarily affected by variations in working capital, which can be impacted by several factors, including: seasonality of our
business; fluctuations in wholesale natural gas prices and other energy prices, including changes in derivative asset and liability values; timing of storage injections and withdrawals; the deferral and recovery of natural gas costs;
changes in contractual assets utilized to optimize margins related to natural gas transactions; broker margin requirements; impact of unusual weather patterns on our wholesale business; timing of the collections of receivables and
payments of current liabilities; volumes of natural gas purchased and sold; and and timing of SREC deliveries. FY 2024A FY 2025A YTD FY2026A FY2026E FY2027E Cash Flows from
Operations $427 $466 $578 $550 - $590 $540 - $580 Uses of Funds Cash Flows Used in Investing Activities2, 3 $569 $568 $553 $700 - $800 $800 - $900 Dividends $165 $180 $143 $188 - $192 $198 - $202 Total Uses of
Funds $734 $748 $696 $888 - $992 $998 - $1,102 Financing Activities Common Stock Proceeds – DRIP $74 $35 $38 $45 - $47 $18 - $20 Debt Proceeds/ (Repayments)/Other $232 $247 $80 $293 - $355 $440 - $502 Total
Financing Activities $307 $282 $118 $338 - $402 $458 - $522
Debt Repayment Schedule No Significant Maturity Towers in Any Particular
Year Term debt only (excludes short-term debt of $220.0 million, capital leases of $41.2 million and solar financing obligations of $538.0 million). NJR Unsecured Senior Notes FY Maturity Principal 3.54% 2026 $100,000 4.38% 2027
$110,000 3.96% 2028 $100,000 3.29% 2029 $150,000 3.50% 2030 $130,000 3.13% 2031 $120,000 3.60% 2032 $130,000 6.14% 2032 $50,000 3.25% 2033 $80,000 3.64% 2034 $50,000 5.55% 2034 $100,000 Total NJR
LT Debt $1,120,000 NJNG First Mortgage Bonds FY Maturity Principal 3.15% 2028 $50,000 5.56% 2033 $50,000 5.49% 2034 $75,000 5.16% 2035 $100,000 4.37% 2037 $50,000 3.38% 2038 $10,500 2.75% 2039 $9,545
3.00% 2041 $46,500 3.50% 2042 $10,300 3.00% 2043 $41,000 4.61% 2044 $55,000 3.66% 2045 $100,000 3.63% 2046 $125,000 4.01% 2048 $125,000 3.76% 2049 $100,000 3.13% 2050 $50,000 3.13% 2050
$50,000 2.87% 2050 $25,000 2.97% 2051 $50,000 4.71% 2052 $50,000 5.47% 2052 $125,000 5.85% 2053 $50,000 5.82% 2054 $125,000 5.85% 2055 $100,000 3.75% 2059 $15,000 3.86% 2059 $85,000 3.33% 2060
$25,000 2.97% 2060 $50,000 3.07% 2061 $50,000 Total NJNG LT Debt $1,797,845 Substantial liquidity at both NJNG and NJR - $825M of credit facilities available through FY2029 Term Debt1 Maturity Schedule as of June 30, 2026
/ $ in Millions, unless otherwise noted $1.4B Will Not Re-finance FY 2026 NJR Term Debt due to Strong Cash Generation
Originated from Expertise in Energy Value Chain Clean Energy
Ventures (CEV) Flexible Renewable Project Platform Storage and Transportation (S&T) Long-Term Energy Infrastructure Energy Services (ES) Capital-light Cash Generator NJR Home Services (NJRHS) Customer Focused Field
Services New Jersey Natural Gas (NJNG) Stable, Regulated Utility Growth NJR: Complementary Energy Infrastructure Platform Predictable Net Financial Earnings and Incremental Organic Growth Opportunities 25 NJR: Business Portfolio
26 NJR: Dividend Raised for 30 Consecutive Years 27 NJR: Drivers of Long-Term Growth Rate of 7-9% 28 NJNG: Customer Growth and Expanded Franchise Opportunities 29 NJNG: Growing Rate Base Expected in the 7-9% Range 30 S&T:
Storage Becomes a Key Value Driver as Pipeline Capacity Tightens 31 S&T: Transportation Infrastructure Drives Value in a Constrained Market 32 S&T: Adjusted EBITDA 33 CEV: Diverse Commercial Solar Portfolio 34 CEV: “Utility
Like” Revenue Stack with Optionality 35 Energy Services: Overview 36 Energy Services: Strong NFE Contribution 37 Energy Services: Asset Management Agreements 38 Home Services (NJRHS) 39 Shareholder and Online Information
NJR Home Services offers customers home comfort solutions. NJR: Business
Portfolio Natural Gas and Renewable Fuel Distribution; Solar Investments; Wholesale Energy Markets; Storage & Transportation Infrastructure; Retail Operations Operates and maintains Natural Gas transportation and distribution
infrastructure. New Jersey Natural Gas (NJNG) Clean Energy Ventures (CEV) Storage and Transportation (S&T) Energy Services (ES) NJR Home Services (NJRHS) CEV develops, invests in, owns and operates energy projects that generate
clean power and provide low carbon energy solutions. Invests in, owns and operates midstream assets including natural gas pipeline and storage facilities. Provides unregulated, wholesale natural gas to consumers across the Gulf Coast,
Eastern Seaboard, Southwest, Mid-continent and Canada. Demonstrated leadership as a premier energy infrastructure and environmentally-forward thinking company
NJR: Dividend Raised for 30 Consecutive Years Committed to Returning Capital to
Shareholders Dividend History Dividends per Share Record Date Payable Date Amount Per
Share 6/10/2026 7/1/2026 $0.475 3/11/2026 4/1/2026 $0.475 12/12/2025 1/2/2025 $0.475 9/22/2025 10/1/2025 $0.475 6/10/2025 7/01/2025 $0.45 3/11/2025 4/01/2025 $0.45 12/11/2024 1/02/2025 $0.45 9/23/2024 10/01/2024 $0.45 6/12/2024 7/01/2024 $0.42 3/13/2024 4/01/2024 $0.42 12/13/2023 1/02/2024 $0.42 9/20/2023 10/02/2023 $0.42 6/14/2023 7/03/2023 $0.39 3/15/2023 4/03/2023 $0.39 12/14/2022 1/03/2023 $0.39 9/26/2022 10/03/2022 $0.39 6/15/2022 7/01/2022 $0.3625 3/16/2022 4/01/2022 $0.3625 12/15/2021 1/03/2022 $0.3625 9/20/2021 10/01/2021 $0.3625 6/16/2021 7/01/2021 $0.3325 Highlighted
Rows Reflect Changes in Quarterly Cash Dividends $1.90 FY 2026 Dividend
NJR: Drivers of Long-Term Growth Rate of 7-9% Highly Visible NFEPS Growth with
Potential for Additional Upside, No Block Equity Needs, "Utility-like" Earnings Contribution NJNG CEV S&T Energy Services Improved Utility Gross Margin after Successful Rate Case Continued Customer Growth Energy Efficiency
Efforts Drivers of 7-9% Growth Rate Potential Upside Drivers Above 7-9% Contracted REC Revenue High Operational Availability Extensive Project Pipeline Stronger than expected BGSS incentives margin from optimization of supply
portfolio Upside from power demand growth Long-term Contracted Capacity Organic Capacity Expansion Projects Successful Recontracting Driven by Improving Storage Market Short-term capacity optimization Stable Cash Flows from AMA Fixed
Payments Normalized Contribution from "Long-Option" Strategy (Does not consider potential positive impacts from significant weather events.) Natural gas price volatility due to weather events
NJNG: Customer Growth Core territories of Monmouth, Ocean, and Morris
Counties (smaller customer totals in Middlesex, Sussex and Burlington Counties) 594,646 Total Customers 6 Counties Across New Jersey NJNG Total Customers (in 000s) ~630 - 640 YTD As of 6/30 At September 30
NJNG: Future Rate Base Growth Expected in the 7-9% Range Expanding Rate Base
Growth Through 2030 History of Consistent Rate Case Outcomes Additional Investments from Energy Efficiency Investments (SAVEGREEN) are Incremental to Current Rate Base Figure Last Four Rate Cases $4.7 - $5.2B ($ in B) Rate Base CAGR of
~7 - 9% Reported Record $98 Million of Investment in Fiscal 2025
S&T: Storage Becomes a Key Value Driver as Pipeline Capacity Tightens Leaf
River (storage), Steckman Ridge (storage) 32.2 mmdth high deliverability salt cavern storage facility in southeastern Mississippi Acquired October 2019 100% owner & operator Serves the fastest growing natural gas market in North
America 12.6 mmdth reservoir storage facility in southern PA Placed in service April 2009 50% ownership interest Serving the Northeast Region with a high dependence on storage and increasingly constrained pipeline capacity
S&T: Transportation Infrastructure Drives Value in a Constrained
Market Adelphia Gateway (transportation) 93 mile, 0.9 mmdth/d interstate pipeline extending between NE PA basin and the Philadelphia region 100 percent NJR owned/operated - FERC regulated Acquired January 2020 / Placed in-service
September 2022 Serving PA power, industrial and SE PA, NJ, DE utility markets
S&T: Adjusted EBITDA Adjusted EBITDA is net income before interest, income
taxes, depreciation and amortization, corporate overhead and other income, net. S&T's Net Income (GAAP) $ 23,833 Add Interest expense, net 16,397 Income tax expense 7,515 Depreciation and amortization 15,628 Corporate
overhead 7,070 Less: Other Income, net 5,271 Adjusted EBITDA (Non-GAAP) $ 65,172 S&T Reconciliation of Adjusted EBITDA FY2026 YTD ($ in 000s) ($ in M) $95 - $105
CEV: Diverse Commercial Solar Portfolio Diverse and Innovative Commercial Solar
Projects Throughout Seven States; Largest Solar Owner-Operator in NJ CEV owns and operates commercial solar projects in New Jersey, Rhode Island, New York, Connecticut, Pennsylvania, Indiana, and Michigan with approximately 537MW of
installed capacity Over $1 billion invested in the solar marketplace Over 80 commercial projects in service Changewater Project Placed into Service in Q3 2026 14.85 MW grid-connected project located on brownfield site in Washington
Township, Gloucester County, New Jersey
CEV: “Utility Like” Revenue Stack with Optionality Fixed Component Provides
Stable Earnings Contribution With High Visibility CEV Revenue YTD Fiscal 2026 Majority of CEV revenue is contracted Fixed Revenue Component Consists of: State sponsored subsidy programs or feed-in Tariff agreements Power Purchase
Agreements (PPAs) Monetization of Investment Tax Credits Merchant Power Threshold: High Single-Digit Unlevered IRR + + Option Value Incremental to Initial Investment Decision Emerging Technologies Exploring firming generation
throughout solar assets Advancing distributed generation strategy Repowering Maximizing power generation Future Option Value Load to Generation Focus on repositioning existing wholesale assets to support large retail loads (i.e.,
datacenters) $60.9M
35 35 Energy Services (ES) Operates in key market zones across the U.S.,
utilizing pipeline and storage assets to create geographic and seasonal optimization opportunities Maintains a long-option position to generate value Capital-light, Fee-based earnings Cash Generating Service Businesses Support Growth of
Capital Investment 35
Energy Services: Strong NFE Contribution Managing a Diversified Portfolio of
Physical Natural Gas Transportation and Storage Assets to Serve Customers Across North America; Fee-based Revenue through Asset Management Agreements Proven track record of success, leveraging natural gas market volatility to drive
value Minimal long-term capital commitments and significant cash generation during outperformance years has significantly reduced NJR equity needs A reconciliation of Financial Margin to Operating Income can be found in the Appendix Strong
Energy Service NFE Contribution ($ in Millions) Fiscal 2022 - YTD 2026 included revenue recognition from Asset Management Agreements ES has Reported Positive Financial Margin1 in Every Year Since Inception Max: 2014 - $172.4M Min:
2020 - $9.9M Over $1 billion ($1.6B) of financial margin over last 20 years (average of ~$80 million per year) ($ in Millions)
Energy Services: Asset Management Agreements De-risking transaction for Energy
Services business by securing 10 years of contracted cash payments with minimal counterparty credit risk NJR expects to recognize approximately $19.7 million annually in revenues between FY 2025 - FY 2031; recognized ratably across each
quarter ($ in Millions)
Home Services (NJRHS) Delivering Home Comfort Solutions Provides residential
service contracts for heating, cooling, water heating, electrical and whole home generators Equipment sales and installations, plumbing and electrical services and repairs and indoor air quality products Ruud Top Twenty Pro Partner
Contractor for the 9th consecutive year Completed 80,000 service calls and 4,000 HVAC, plumbing and generator installations in Fiscal 2025 Maintains a nearly five-star customer satisfaction rating* * Rating determined by Google. See
njrhomeservices.com/reviews for more information. Cash Generating Service Businesses Support Growth of Capital Investment Working Tirelessly to Service Customers During Record Breaking Heat July 2026 Message to Customers
The Transfer Agent and Registrar for the company’s common stock is Broadridge
Corporate Issuer Solutions, Inc. (Broadridge). Shareowners with questions about account activity should contact Broadridge investor relations representatives between 9 a.m. and 6 p.m. ET, Monday through Friday, by calling toll-free
800-817-3955. General written inquiries and address changes may be sent to: Broadridge Corporate Issuer Solutions P.O. Box 1342, Brentwood, NY 11717 or For certified and overnight delivery: Broadridge Corporate Issuer Solutions, ATTN:
IWS 1155 Long Island Avenue, Edgewood, NY 11717 Shareowners can view their account information online at shareholder.broadridge.com/NJR. Website: www.njresources.com Investor Relations: New Jersey Resources Investor Relations Contact
Information Adam Prior Director, Investor Relations 732-938-1145 aprior@njresources.com 1415 Wyckoff Road Wall, NJ 07719 (732) 938-1000 www.njresources.com Corporate Headquarters Online Information Shareholder and Online
Information Stock Transfer Agent and Registrar
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