PSEG ANNOUNCES FIRST QUARTER 2026 RESULTS

PSEG ANNOUNCES FIRST QUARTER 2026 RESULTS $1.48 PER SHARE NET INCOME

$1.55 PER SHARE NON-GAAP OPERATING EARNINGS

Maintains 2026 Non-GAAP Operating Earnings Guidance of $4.28 - $4.40 Per Share

NEWARK, N.J., May 5, 2026 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported the following results for the first quarter 2026:

PSEG Consolidated (unaudited)

First Quarter Comparative Results

Income

Earnings Per Share

($ millions, except per share amounts)

1Q 2026

1Q 2025

1Q 2026

1Q 2025

Net Income

$741

$589

$1.48

$1.18

Reconciling Items

129

0.07

0.25

Non-GAAP Operating Earnings

$778

$718

$1.55

$1.43

Average Shares Outstanding (Diluted)

500

See Attachments 7 and 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.

"PSEG delivered a solid operating and financial performance to begin the year," said Ralph LaRossa, PSEG's chair, president and CEO. "Our teams across PSE&G and PSEG Power successfully responded to multiple extreme weather events during the first quarter. These included the worst winter storm to hit our service territory in the past 30 years and several days of single digit temperatures that prompted our highest gas send-out since 2019. PSEG's investments in critical energy infrastructure and our dedicated workforce that worked tirelessly to restore service in frigid conditions proved to be the key factors in our ability to deliver best-in-class storm response and reliability."

"PSEG has worked with the Governor's Office and the New Jersey Board of Public Utilities to keep electric rates flat in 2026, in keeping with Governor Sherrill's Executive Orders 1 & 2 addressing utility costs and generation supply. PSE&G rates will also benefit from the update to reflect the latest Basic Generation Service auction results effective on June 1. On February 1 st, we also kept our residential natural gas rate flat for the remainder of the 2025-2026 winter heating season, providing our customers with the lowest gas bills in New Jersey and in the region. PSEG Nuclear also had a strong first quarter, supplying 8 TWh of reliable, carbon-free baseload energy to New Jersey and the grid."

LaRossa added, "We continue to execute on our long-term strategy to grow PSEG's non-GAAP Operating Earnings by a compound annual rate of 6% to 8% through 2030 – without the need to issue new equity or sell assets – which remains a core differentiator from our peers."

PSEG Results by Segment (unaudited)

First Quarter Comparative Results

($ millions)

1Q 2026

1Q 2025

PSE&G Net Income/Non-GAAP Operating Earnings

$577

$546

PSEG Power & Other Net Income

164

Total PSEG Net Income

$741

$589

PSEG Power & Other Non-GAAP Operating Earnings

$201

$172

Total PSEG Non-GAAP Operating Earnings

$778

$718

PSE&G's results for the first quarter reflect ongoing investments in Energy Efficiency, Gas System Modernization and Transmission; the seasonality of gas demand during the winter months; and the continued, gradual increase in the number of electric and gas customers. These results were partially offset by higher operation and maintenance costs as well as higher depreciation and interest expense related to incremental investments.

PSEG Power & Other results for the quarter reflect higher realized prices and lower operation and maintenance costs, partly offset by lower generating volume and the absence of zero emission certificates.

PSEG will host a conference call to review its first quarter 2026 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

(973) 430-6565

[email protected]

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. PSEG aims to power a future where people use energy more efficiently, and it's 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 Best-in-Class North America Index for 18 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. Operating Earnings is a non-GAAP financial measure that differs from Net Income. 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 7 and 8 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.

Attachment 1

Public Service Enterprise Group Incorporated

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)

Three Months Ended March 31, 2026

PSEG

Eliminations

PSE&G

PSEG Power

& Other (a)

OPERATING REVENUES

$ 3,848

$ (653)

$ 3,085

$ 1,416

OPERATING EXPENSES

Energy Costs

1,507

(653)

1,358

802

Operation and Maintenance

937

637

300

Depreciation and Amortization

329

295

Total Operating Expenses

2,773

(653)

2,290

1,136

OPERATING INCOME

1,075

795

280

Net Gains (Losses) on Trust Investments

(17)

Net Other Income (Deductions)

Net Non-Operating Pension and OPEB Credits (Costs)

Interest Expense

(272)

(175)

(97)

INCOME BEFORE INCOME TAXES

848

656

192

Income Tax Expense

(107)

(79)

(28)

NET INCOME

$ 741

$ -

$ 577

$ 164

Reconciling Items Excluded from Net Income (b)

OPERATING EARNINGS (non-GAAP)

$ 778

$ -

$ 577

$ 201

Earnings Per Share

NET INCOME

$ 1.48

Reconciling Items Excluded from Net Income (b)

0.07

OPERATING EARNINGS (non-GAAP)

$ 1.55

Three Months Ended March 31, 2025

PSEG

Eliminations

PSE&G

PSEG Power

& Other (a)

OPERATING REVENUES

$ 3,222

$ (534)

$ 2,664

$ 1,092

OPERATING EXPENSES

Energy Costs

1,186

(534)

1,094

626

Operation and Maintenance

919

576

343

Depreciation and Amortization

320

280

Total Operating Expenses

2,425

(534)

1,950

1,009

OPERATING INCOME

797

714

Net Gains (Losses) on Trust Investments

Net Other Income (Deductions)

(1)

Net Non-Operating Pension and OPEB Credits (Costs)

(1)

Interest Expense

(241)

(157)

(85)

INCOME BEFORE INCOME TAXES

617

590

Income Tax (Expense) Benefit

(28)

(44)

NET INCOME

$ 589

$ -

$ 546

$ 43

Reconciling Items Excluded from Net Income (b)

129

OPERATING EARNINGS (non-GAAP)

$ 718

$ -

$ 546

$ 172

Earnings Per Share

NET INCOME

$ 1.18

Reconciling Items Excluded from Net Income (b)

0.25

OPERATING EARNINGS (non-GAAP)

$ 1.43

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

(b) See Attachments 7 and 8 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).

Attachment 2

Public Service Enterprise Group Incorporated

Capitalization Schedule

(Unaudited, $ millions)

March 31,

December 31,

2026

2025

DEBT

Commercial Paper and Loans

$ 1,165

$ 1,529

Long-Term Debt*

23,090

22,545

Total Debt

24,255

24,074

STOCKHOLDERS' EQUITY

Common Stock

5,010

5,062

Treasury Stock

(1,475)

(1,435)

Retained Earnings

13,853

13,446

Accumulated Other Comprehensive Loss

(85)

(91)

Total Stockholders' Equity

17,303

16,982

Total Capitalization

$ 41,558

$ 41,056

*Includes current portion of Long-Term Debt

Attachment 3

Public Service Enterprise Group Incorporated

Condensed Consolidated Statements of Cash Flows

(Unaudited, $ millions)

Three Months Ended March 31,

2026

2025

Cash Flows From Operating Activities

Net Income

$ 741

$ 589

Adjustments to Reconcile Net Income to Net Cash Flows

From Operating Activities

530

460

Net Cash Provided By (Used In) Operating Activities

1,271

1,049

Net Cash Provided By (Used In) Investing Activities

(736)

(618)

Net Cash Provided By (Used In) Financing Activities

(263)

345

Net Change in Cash, Cash Equivalents and Restricted Cash

272

776

Cash, Cash Equivalents and Restricted Cash at Beginning of Period

156

154

Cash, Cash Equivalents and Restricted Cash at End of Period

$ 428

$ 930

Attachment 4

Public Service Electric & Gas Company

Retail Sales

(Unaudited)

March 31, 2026

Electric Sales

Three Months

Change vs.

Sales (millions kWh)

Ended

2025

Residential

3,490

6 %

Commercial & Industrial

6,784

3 %

Other

(4 %)

Total

10,371

4 %

Gas Sold and Transported

Three Months

Change vs.

Sales (millions therms)

Ended

2025

Firm Sales

Residential Sales

792

6 %

Commercial & Industrial

511

3 %

Total Firm Sales

1,303

5 %

Non-Firm Sales*

Commercial & Industrial

161

24 %

Total Non-Firm Sales

161

Total Sales

1,464

7 %

*Contract Service Gas rate included in non-firm sales

Weather Data*

Three Months

Change vs.

Ended

2025

Degree Days - Actual

2,561

8 %

Degree Days - Normal

2,451

*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.

Attachment 5

Nuclear Generation Measures

(Unaudited)

GWh Breakdown

Three Months Ended

March 31,

2026

2025

Nuclear - NJ

5,092

5,464

Nuclear - PA

2,897

2,891

7,989

8,355

Attachment 6

Public Service Enterprise Group Incorporated

Statistical Measures

(Unaudited)

Three Months Ended March 31,

2026

2025

Weighted Average Common Shares Outstanding (millions)

Basic

499

498

Diluted

500

Stock Price at End of Period

$80.95

$82.30

Dividends Paid per Share of Common Stock

$0.67

$0.63

Dividend Yield

3.3 %

3.1 %

Book Value per Common Share

$34.75

$32.83

Market Price as a Percent of Book Value

233 %

251 %

Attachment 7

Public Service Enterprise Group Incorporated

Consolidated Operating Earnings (non-GAAP) Reconciliation

Reconciling Items

Three Months Ended

March 31,

2026

2025

($ millions, Unaudited)

Net Income

$ 741

$ 589

(Gain) Loss on Nuclear Decommissioning Trust (NDT)

Fund Related Activity, pre-tax

(12)

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

188

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

(10)

(47)

Operating Earnings (non-GAAP)

$ 778

$ 718

PSEG Fully Diluted Average Shares Outstanding (in millions)

500

($ Per Share Impact -

Diluted, Unaudited)

Net Income

$ 1.48

$ 1.18

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

0.01

(0.03)

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

0.08

0.38

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

(0.02)

(0.10)

Operating Earnings (non-GAAP)

$ 1.55

$ 1.43

(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.

Attachment 8

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

Three Months Ended

Reconciling Items

March 31,

2026

2025

($ millions, Unaudited)

Net Income

$ 164

$ 43

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

(12)

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

188

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

(10)

(47)

Operating Earnings (non-GAAP)

$ 201

$ 172

PSEG Fully Diluted Average Shares Outstanding (in millions)

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.

SOURCE PSEG