Form 8-K - Current report

Share Name	Share Symbol	Market	Type
New Jersey Resources Corp	NYSE:NJR	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	1.05	2.19%	49.00	48.30	47.03	47.16	511,354	01:00:00

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): February 3, 2025

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 February 3, 2025, New Jersey Resources Corporation (“NJR”) issued a press release reporting financial results for the first fiscal quarter ended December 31, 2024 (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 February 4, 2025, 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 February 3, 2025 (furnished, not filed)
99.2	Presentation dated February 3, 2025 (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: February 3, 2025	By:	/s/ Roberto F. Bel
		Roberto F. Bel
		Senior Vice President and Chief Financial Officer

Exhibit 99.1

NEW JERSEY RESOURCES REPORTS FISCAL 2025 FIRST-QUARTER RESULTS

WALL, N.J., February 3, 2025 — New Jersey Resources Corporation (NYSE: NJR) today reported financial and operating results for its fiscal 2025 first quarter ended December 31, 2024.

Regulatory and Operating Highlights

•	During the first quarter of fiscal 2025, New Jersey Natural Gas (NJNG) received approval from the New Jersey Board of Public Utilities (BPU) on the settlement of its base rate case, authorizing a $157.0 million annual increase to its base rates, with rates effective on November 21, 2024

•	On October 30, 2024, NJNG received approval from the BPU for the next generation of SAVEGREEN®, a new $385.6 million energy efficiency program that began on January 1, 2025 and continues through June 30, 2027

•	On November 25, 2024, Clean Energy Ventures (CEV) completed the sale of its 91 megawatt (MW) residential solar portfolio for a total purchase price of $132.5 million

Financial Highlights

•	Fiscal 2025 first-quarter consolidated net income of $131.3 million, or $1.32 per share, compared with net income of $89.4 million, or $0.91 per share, in the first quarter of fiscal 2024

•

Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $128.9 million, or $1.29 per share, in the first-quarter of fiscal 2025, compared to NFE of $72.4 million, or $0.74 per share, in the first quarter of fiscal 2024. The increase was largely due to favorable NFE contributions from all of NJR’s business segments, highlighted by new base rates in place at NJNG and a gain on sale of assets from CEV’s residential solar portfolio

Fiscal 2025 Outlook

•	Maintains 7 to 9 percent long-term net financial earnings per share (NFEPS) growth target, based off of a target of $2.83 per share for fiscal 2025

•	Maintains fiscal 2025 NFEPS guidance range of $3.05 to $3.20, which is higher than the range implied by our long-term NFEPS growth target as a result of the one-time gain from the sale of CEV’s residential solar portfolio

Management Commentary

Steve Westhoven, President and CEO of New Jersey Resources, stated, “NJR is off to a good start in fiscal 2025 with new base rates at NJNG and solid financial performance across all business segments. Overall, these results reflect the strength of our complementary portfolio of businesses and the value of our physical infrastructure. We remain well-positioned to deliver on our fiscal 2025 net financial earnings guidance.”

Performance Metrics

	Three Months Ended
	December 31,
($ in Thousands)	2024		2023
Net income	$	131,319	$	89,411
Basic EPS	$	1.32	$	0.91
Net financial earnings*	$	128,894	$	72,444
Basic net financial earnings per share*	$	1.29	$	0.74

*A reconciliation of net income to NFE for the three months ended December 31, 2024 and 2023 is provided in the financial statements below.

NJR Reports Fiscal 2025 First Quarter Results

Page 2 of 12

Net financial earnings (loss) by business segment

	Three Months Ended
	December 31,
(Thousands)	2024			2023
New Jersey Natural Gas	$	66,908		$	51,444
Clean Energy Ventures		48,130			10,522
Storage and Transportation		5,664			3,640
Energy Services		7,833			7,831
Home Services and Other		615			(600	)
Subtotal		129,150			72,837
Eliminations		(256	)		(393	)
Total	$	128,894		$	72,444

Fiscal 2025 NFE Guidance:

NJR maintained its fiscal 2025 NFEPS guidance range of $3.05 to $3.20, subject to the risks and uncertainties identified below under “Forward-Looking Statements.” Fiscal 2025 NFEPS guidance is higher than the range implied by our 7 to 9 percent long-term NFEPS growth target as a result of the one-time gain from the sale of NJR’s residential solar portfolio.

The following chart represents NJR’s current expected NFE contributions from its business segments for fiscal 2025 (which takes into account the impact of the one-time gain from the sale of NJR’s residential solar portfolio):

	Segment	Expected fiscal 2025 net financial earnings contribution
	New Jersey Natural Gas	67 to 73 percent
	Clean Energy Ventures	20 to 25 percent
	Storage and Transportation	3 to 7 percent
	Energy Services	4 to 7 percent
	Home Services and Other	0 to 1 percent

In providing fiscal 2025 NFE guidance, management is aware 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.

NJR Reports Fiscal 2025 First Quarter Results

Page 3 of 12

New Jersey Natural Gas (NJNG)

NJNG reported first-quarter fiscal 2025 NFE of $66.9 million, compared to NFE of $51.4 million during fiscal 2024. The increase in NFE for the period was due primarily to higher utility gross margin due to the base rate

increase resulting from NJNG’s recent base rate case settlement, partially offset by higher depreciation expense.

Customers:

•

At December 31, 2024, NJNG serviced approximately 586,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 583,000 at September 30, 2024. NJNG expects new customers added during the first-quarter of fiscal 2025 to contribute approximately $2.0 million of incremental utility gross margin on an annualized basis.

Base Rate Case Settlement:

•

On November 21, 2024, the BPU issued an order adopting a stipulation of settlement approving a $157.0 million annual increase to base rates, effective November 21, 2024. The increase includes an overall rate of return on rate base of 7.08 percent, return on common equity of 9.60 percent, a common equity ratio of 54.0 percent and a depreciation rate of 3.21 percent.

Infrastructure Update:

•

NJNG’s Infrastructure Investment Program (IIP) is a five-year, $150 million accelerated recovery program that began in fiscal 2021. IIP consists of a series of infrastructure projects designed to enhance the safety and reliability of NJNG’s natural gas distribution system. In the first-quarter of fiscal 2025, NJNG spent $10.4 million under the program on various distribution system reinforcement projects.

Basic Gas Supply Service (BGSS) Incentive Programs:

BGSS incentive programs contributed $3.2 million to utility gross margin in the fiscal 2025 first quarter, compared with $5.4 million in the fiscal 2024 first quarter. This decline was largely due to decreased margins from storage incentives along with lower off-system sales margin due to less market volatility and lower capacity release volumes.

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

Energy-Efficiency Programs:

SAVEGREEN® invested $18.6 million in the first quarter of fiscal 2025 in energy-efficiency upgrades for customers’ homes and businesses. NJNG recovered $4.9 million of its outstanding investments during the first quarter of fiscal 2025 through its energy efficiency rate.

•	On October 30, 2024, NJNG received approval from the BPU for a new $385.6 million SAVEGREEN® program, the largest in NJNG’s history. The program is effective January 1, 2025 through June 30, 2027.

NJR Reports Fiscal 2025 First Quarter Results

Page 4 of 12

Clean Energy Ventures (CEV)

CEV reported first-quarter fiscal 2025 NFE of $48.1 million, compared with NFE of $10.5 million during the same period in fiscal 2024. The increase in NFE for the fiscal 2025 first quarter was largely due to the gain on sale of assets from CEV’s sale of its residential solar portfolio, partially offset by the timing of SREC (Solar Renewable Energy Certificates) sales for the period.

Solar Investment Update:

•

During the first-quarter of fiscal 2025, CEV placed 2 commercial projects into service, adding 10.5MW to total installed capacity.

•

As of December 31, 2024, CEV had approximately 396MW of commercial solar capacity in service in New Jersey, New York, Connecticut, Rhode Island, Indiana, and Michigan.

•

In November 2024, CEV announced the sale of its 91MW residential solar portfolio for a total of $132.5 million. The transaction generated a pre-tax gain of approximately $54.9M, which is recognized as gain on sale of assets on the Unaudited Condensed Consolidated Statements of Operations.

Storage and Transportation

Storage and Transportation reported first-quarter fiscal 2025 NFE of $5.7 million, compared with NFE of $3.6 million during the same period in fiscal 2024. NFE increased during the period due to higher operating revenues as well as lower operating and maintenance expense.

•

On September 30, 2024, Adelphia Gateway, LLC (Adelphia) filed a general Section 4 rate case with the Federal Energy Regulatory Commission (FERC). Adelphia anticipates that FERC will allow it to place new rates into effect during the second half of 2025, subject to refund and the outcome of a hearing to be established by FERC.

Energy Services

Energy Services reported first-quarter fiscal 2025 NFE of $7.8 million, unchanged compared with NFE for the same period in fiscal 2024.

Home Services and Other Operations

Home Services and Other Operations reported first-quarter fiscal 2025 NFE of $0.6 million, compared to NFE of $(0.6) million for the same period in fiscal 2024, largely due to higher operating revenues.

Capital Expenditures and Cash Flows:

NJR is committed to maintaining a strong financial profile:

•	During the first quarter of fiscal 2025, capital expenditures were $149.6 million, including accruals, compared with $118.1 million during the same period of fiscal 2024. The increase in capital expenditures was primarily due to higher expenditures at NJNG.

•	During the first quarter of fiscal 2025, cash flows used in operations were $9.0 million, compared to cash flows from operations of $46.4 million during the same period of fiscal 2024. The decrease was largely due to changes in the mix of working capital components.

NJR Reports Fiscal 2025 First Quarter Results

Page 5 of 12

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 estimates of 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 2025, projected NFEPS growth rates and our guidance range, forecasted contributions of business segments to NJR’s NFE for fiscal 2025, customer growth at NJNG and their expected contributions, impact of the sale of NJR’s residential solar portfolio, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs, including BGSS, the financial impact of the outcome of base rate cases with the BPU, the outcome or timing of Adelphia’s rate case with FERC, 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 website, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Information:

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

NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization 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.

NJR Reports Fiscal 2025 First Quarter Results

Page 6 of 12

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 Report on Form 10-K, Item 7.

About New Jersey Resources

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

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

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

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

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

•	Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar 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.

“Like” us on facebook.com/NewJerseyNaturalGas.

NJR Reports Fiscal 2025 First Quarter Results

Page 7 of 12

NEW JERSEY RESOURCES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended
	December 31,
(Thousands, except per share data)	2024			2023
OPERATING REVENUES
Utility	$	333,427		$	293,093
Nonutility		154,934			174,117
Total operating revenues		488,361			467,210
OPERATING EXPENSES
Gas purchases
Utility		127,680			116,120
Nonutility		67,808			59,477
Related parties		1,718			1,879
Operation and maintenance		88,632			94,439
Regulatory rider expenses		22,476			19,189
Depreciation and amortization		45,329			40,287
Gain on sale of assets		(54,859	)		—
Total operating expenses		298,784			331,391
OPERATING INCOME		189,577			135,819
Other income, net		11,617			6,341
Interest expense, net of capitalized interest		33,891			31,473
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES		167,303			110,687
Income tax provision		37,384			22,936
Equity in earnings of affiliates		1,400			1,660
NET INCOME	$	131,319		$	89,411

EARNINGS PER COMMON SHARE
Basic	$	1.32		$	0.91
Diluted	$	1.31		$	0.91

WEIGHTED AVERAGE SHARES OUTSTANDING
Basic		99,855			97,869
Diluted		100,478			98,563

NJR Reports Fiscal 2025 First Quarter Results

Page 8 of 12

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES

(Unaudited)

	Three Months Ended
	December 31,
(Thousands)	2024			2023
NEW JERSEY RESOURCES

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

Net income	$	131,319		$	89,411
Add:
Unrealized loss (gain) on derivative instruments and related transactions		6,368			(5,400	)
Tax effect		(1,513	)		1,282
Effects of economic hedging related to natural gas inventory		(9,527	)		(16,228	)
Tax effect		2,264			3,857
NFE tax adjustment		(17	)		(478	)
Net financial earnings	$	128,894		$	72,444

Weighted Average Shares Outstanding
Basic		99,855			97,869
Diluted		100,478			98,563

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

Basic earnings per share	$	1.32		$	0.91
Add:
Unrealized loss (gain) on derivative instruments and related transactions	$	0.06		$	(0.05	)
Tax effect	$	(0.01	)	$	0.01
Effects of economic hedging related to natural gas inventory	$	(0.10	)	$	(0.17	)
Tax effect	$	0.02		$	0.04
Basic net financial earnings per share	$	1.29		$	0.74

NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, SRECs and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company’s performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.

NJR Reports Fiscal 2025 First Quarter Results

Page 9 of 12

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)

(Unaudited)

	Three Months Ended
	December 31,
(Thousands)	2024			2023
NATURAL GAS DISTRIBUTION

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

Operating revenues	$	333,765		$	293,430
Less:
Natural gas purchases		130,005			118,444
Operating and maintenance ⁽¹⁾		26,009			26,401
Regulatory rider expense		22,476			19,189
Depreciation and amortization		32,084			26,917
Gross margin		123,191			102,479
Add:
Operating and maintenance ⁽¹⁾		26,009			26,401
Depreciation and amortization		32,084			26,917
Utility gross margin	$	181,284		$	155,797
(1) Excludes selling, general and administrative expenses of $26.1 million and $28.3 million for the three months ended December 31, 2024 and 2023, respectively.

ENERGY SERVICES

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

Operating revenues	$	86,308		$	99,668
Less:
Natural Gas purchases		67,868			60,166
Operation and maintenance ⁽¹⁾		1,597			4,689
Depreciation and amortization		47			57
Gross margin		16,796			34,756
Add:
Operation and maintenance ⁽¹⁾		1,597			4,689
Depreciation and amortization		47			57
Unrealized loss (gain) on derivative instruments and related transactions		6,368			(4,266	)
Effects of economic hedging related to natural gas inventory		(9,527	)		(16,228	)
Financial margin	$	15,281		$	19,008
(1) Excludes selling, general and administrative expenses of $0.3 million and $0.4 million for the three months ended December 31, 2024 and 2023, respectively.

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

Net income	$	10,258		$	23,933
Add:
Unrealized loss (gain) on derivative instruments and related transactions		6,368			(4,266	)
Tax effect		(1,513	)		1,013
Effects of economic hedging related to natural gas		(9,527	)		(16,228	)
Tax effect		2,264			3,857
NFE tax adjustment		(17	)		(478	)
Net financial earnings	$	7,833		$	7,831

NJR Reports Fiscal 2025 First Quarter Results

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FINANCIAL STATISTICS BY BUSINESS UNIT

(Unaudited)

	Three Months Ended
	December 31,
(Thousands, except per share data)	2024			2023
NEW JERSEY RESOURCES

Operating Revenues
Natural Gas Distribution	$	333,765		$	293,430
Clean Energy Ventures		26,406			35,295
Energy Services		86,308			99,668
Storage and Transportation		26,628			23,862
Home Services and Other		15,794			14,834
Sub-total		488,901			467,089
Eliminations		(540	)		121
Total	$	488,361		$	467,210


Operating Income (Loss)
Natural Gas Distribution	$	97,106		$	74,175
Clean Energy Ventures		64,274			18,323
Energy Services		16,528			34,337
Storage and Transportation		9,769			7,324
Home Services and Other		995			(208	)
Sub-total		188,672			133,951
Eliminations		905			1,868
Total	$	189,577		$	135,819


Equity in Earnings of Affiliates
Storage and Transportation	$	961		$	993
Eliminations		439			667
Total	$	1,400		$	1,660


Net Income (Loss)
Natural Gas Distribution	$	66,908		$	51,444
Clean Energy Ventures		48,130			10,522
Energy Services		10,258			23,933
Storage and Transportation		5,664			3,640
Home Services and Other		615			(600	)
Sub-total		131,575			88,939
Eliminations		(256	)		472
Total	$	131,319		$	89,411


Net Financial Earnings (Loss)
Natural Gas Distribution	$	66,908		$	51,444
Clean Energy Ventures		48,130			10,522
Energy Services		7,833			7,831
Storage and Transportation		5,664			3,640
Home Services and Other		615			(600	)
Sub-total		129,150			72,837
Eliminations		(256	)		(393	)
Total	$	128,894		$	72,444


Throughput (Bcf)
NJNG, Core Customers		27.2			23.4
NJNG, Off System/Capacity Management		14.4			27.2
Energy Services Fuel Mgmt. and Wholesale Sales		28.3			30.1
Total		69.9			80.7


Common Stock Data
Yield at December 31,		3.9	%		3.8	%
Market Price at December 31,	$	46.65		$	44.58
Shares Out. at December 31,		100,191			98,202
Market Cap. at December 31,	$	4,673,918		$	4,377,857

NJR Reports Fiscal 2025 First Quarter Results

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	Three Months Ended
(Unaudited)	December 31,
(Thousands, except customer and weather data)	2024			2023
NATURAL GAS DISTRIBUTION

Utility Gross Margin
Operating revenues	$	333,765		$	293,430
Less:
Natural gas purchases		130,005			118,444
Operating and maintenance ⁽¹⁾		26,009			26,401
Regulatory rider expense		22,476			19,189
Depreciation and amortization		32,084			26,917
Gross margin		123,191			102,479
Add:
Operating and maintenance ⁽¹⁾		26,009			26,401
Depreciation and amortization		32,084			26,917
Total Utility Gross Margin	$	181,284		$	155,797
(1) Excludes selling, general and administrative expenses of $26.1 million and $28.3 million for the three months ended December 31, 2024 and 2023, respectively.

Utility Gross Margin, Operating Income and Net Income
Residential	$	130,018		$	108,037
Commercial, Industrial & Other		23,869			20,831
Firm Transportation		23,176			20,764
Total Firm Margin		177,063			149,632
Interruptible		974			784
Total System Margin		178,037			150,416
Basic Gas Supply Service Incentive		3,247			5,381
Total Utility Gross Margin		181,284			155,797
Operation and maintenance expense		52,094			54,705
Depreciation and amortization		32,084			26,917
Operating Income	$	97,106		$	74,175

Net Income	$	66,908		$	51,444

Net Financial Earnings	$	66,908		$	51,444

Throughput (Bcf)
Residential		14.1			13.9
Commercial, Industrial & Other		2.6			2.6
Firm Transportation		3.4			3.6
Total Firm Throughput		20.1			20.1
Interruptible		7.1			3.3
Total System Throughput		27.2			23.4
Off System/Capacity Management		14.4			27.2
Total Throughput		41.6			50.6

Customers
Residential		530,760			523,623
Commercial, Industrial & Other		33,149			32,872
Firm Transportation		22,068			22,989
Total Firm Customers		585,977			579,484
Interruptible		88			83
Total System Customers		586,065			579,567
Off System/Capacity Management*		27			33
Total Customers		586,092			579,600
*The number of customers represents those active during the last month of the period.
Degree Days
Actual		1,399			1,408
Normal		1,523			1,534
Percent of Normal		91.9	%		91.8	%

NJR Reports Fiscal 2025 First Quarter Results

Page 12 of 12

	Three Months Ended
(Unaudited)	December 31,
(Thousands, except customer, RECs and megawatt)	2024		2023
CLEAN ENERGY VENTURES

Operating Revenues
SREC sales	$	17,684	$	25,931
TREC sales		2,505		2,403
SREC II sales		391		247
Solar electricity sales		3,955		3,654
Sunlight Advantage		1,871		3,060
Total Operating Revenues	$	26,406	$	35,295
Depreciation and Amortization	$	6,425	$	6,922
Operating Income	$	64,274	$	18,323
Income Tax Provision	$	14,141	$	3,131
Net Income	$	48,130	$	10,522
Net Financial Earnings	$	48,130	$	10,522
Solar Renewable Energy Certificates Generated		88,707		93,570
Solar Renewable Energy Certificates Sold		85,693		122,439
Transition Renewable Energy Certificates Generated		17,444		16,705
Solar Renewable Energy Certificates II Generated		4,404		2,773
Commercial Solar Megawatts Under Construction		56.9		33.9

ENERGY SERVICES

Operating Income
Operating revenues	$	86,308	$	99,668
Less:
Gas purchases		67,868		60,166
Operation and maintenance expense		1,865		5,108
Depreciation and amortization		47		57
Operating Income	$	16,528	$	34,337

Net Income	$	10,258	$	23,933
Financial Margin	$	15,281	$	19,008
Net Financial Earnings	$	7,833	$	7,831
Gas Sold and Managed (Bcf)		28.3		30.1

STORAGE AND TRANSPORTATION

Operating Revenues	$	26,628	$	23,862
Equity in Earnings of Affiliates	$	961	$	993
Operation and Maintenance Expense	$	10,083	$	10,100
Other Income, Net	$	2,392	$	2,288
Interest Expense	$	5,969	$	5,933
Income Tax Provision	$	1,489	$	1,032
Net Income	$	5,664	$	3,640
Net Financial Earnings	$	5,664	$	3,640

HOME SERVICES AND OTHER

Operating Revenues	$	15,794	$	14,834
Operating Income (Loss)	$	995	$	(208	)
Net Income (Loss)	$	615	$	(600	)
Net Financial Earnings (Loss)	$	615	$	(600	)
Total Service Contract Customers at December 31		99,604		100,840

Exhibit 99.2

Fiscal 2025 First Quarter Financial Results February 2025 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 estimates of 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 2025, including NFEPS guidance by Segment and EPS, long term growth targets and guidance range, long term annual growth projections and targets, Capital Plan expectations, projections of dividend and financing activities, customer growth at NJNG, future NJR and NJNG capital expenditures, potential CEV capital projects, project pipeline (under construction, contract or exclusivity) through Fiscal 2029, total expected shareholder return projections, dividend growth, CEV revenue and service projections, our debt repayment schedule, contributions from Leaf River, Steckman Ridge and Adelphia Gateway, SREC Hedging strategies and Asset Management Agreements, the financial impact of the outcome of Base Rate Case settlement and new rates put in place with the BPU, our Energy Efficiency Expansion as approved by the BPU, our solar project pipeline and commercial solar growth goals, the outcome or timing of Adelphia's rate case with FERC, emissions reduction strategies and clean energy goals, environmental social and governance efforts, 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 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 and adjusted debt. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G. NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization 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. 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 and adjusted debt, 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 NJR At a Glance Fiscal 2025 First Quarter Conference Call 4 Fiscal 2025 First Quarter Highlights 5 Fiscal 2025 NFEPS Guidance of $3.05 to $3.20 6 NFEPS Guidance by Segment 7 New Jersey Natural Gas (NJNG) 8 Clean Energy Ventures (CEV): Investment Opportunities 9 Storage and Transportation (S&T): Organic Growth Initiatives 10 Financial Review 11 Review of Fiscal 2025 First Quarter Results 12 NJR Capital Plan 13 Superior Credit Metrics, Balance Sheet and Cash Flows 14 2024 Sustainability Report 15 Industry Leading Long-Term Growth Rate of 7-9% Appendix: Financial Statements and Additional Information – 16 17 Reconciliation of NFE and NFEPS to Net Income 18 Other Reconciliation of Non-GAAP Measures 19 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 20 Fiscal 2025 First Quarter NFE and NFEPS by Business Unit 21 Capital Plan Table 22 Debt Repayment Schedule 23 Projected Cash Flows Business Overview - 24 25 NJR: Business Portfolio 26 NJNG: High Quality Utility in Favorable Favorable Regulatory Environment 27 NJNG: Supportive Regulatory Construct 28 CEV: Overview 29 CEV: SREC Hedging Strategy Stabilizes Revenue 30 Storage and Transportation (S&T): Overview 31 Energy Services (ES): Overview 32 Dividend Growth: Committed to Building Shareholder Value 33 Shareholder and Contact Information Corporate Information Ticker NYSE: NJR Corporate Headquarters Wall, NJ Incorporated New Jersey Website www.njresources.com IPO 1982 Share Information Share Price $47.95 Shares Outstanding 100.2M Market Cap $4.8B Dividend Information Annual Dividend $1.80 Dividend Yield 3.75% All daily trading information/multiples as of 1/31/2025

Fiscal 2025 First Quarter Highlights Executing on our Strategic Plan to Drive Growth Energy Services $19.7M AMA provides approximately $19.7 million in fixed revenue annually from fiscal 2025 - 2031 (~$4.9 million during the first quarter) Retained upside from strategically positioned assets New Jersey Natural Gas $3.2B New rate base of $3.2 billion following settlement of Base Rate Case, with new rates in place on November 21, 2024 Energy Efficiency Expansion Received NJ BPU approval for a new $385.6M million SAVEGREEN® program, which is incremental to rate base Clean Energy Ventures ~1GW 1GWs solar project pipeline Increased capacity by 11MW in the first quarter of fiscal 2025 Completed sale of residential solar portfolio: sharpens focus on commercial solar growth; further strengthens balance sheet Storage and Transportation Rate Case Adelphia: Section 4 rate case with FERC continues; expected resolution in 2025 Leaf River: Continuing capacity recovery project $1.32 FY 2025 Q1 EPS FY 2025 Q1 NFEPS1 $1.29

Fiscal 2025 NFEPS Guidance of $3.05 to $3.20 Net Financial Earnings per Share Guidance Range Above 7% - 9% Long-term Projected NFEPS Growth Due to One-time Gain from Sale of Residential Solar Portfolio Guidance Range $3.05 - $3.20 7-9% Long-Term Annual Growth $2.50 $2.70 Outperformance Above Long-Term Growth Rate and Initial Guidance Range $2.20 - $2.30 $2.42 - $2.52 Strong energy prices(NJNG, CEV, ES) Winter Storm Elliot January 2024 weather event Initial Guidance Range Represents the midpoint of NJR's Long-Term Growth Rate $2.70 - $2.85 Base of $2.83 Per Share $2.95 Sale of Residential Solar Portfolio Actuals Estimates * The starting point for our previously communicated long-term growth guidance was the midpoint of our FY 2022 initial NFEPS guidance of $2.20 - $2.30. This compounded for three years using the mid-point of our NFEPS 7 to 9 percent long-term annual growth projections is $2.83.

NFEPS Guidance by Segment NJNG Remains the Largest Contributor to NFEPS Following the Conclusion of its Base Rate Case Fiscal 2025 NFEPS Guidance by Segment New Jersey Natural Gas 67% - 73% Energy Services 4% - 7% Home Services 0% - 1% S&T 3% - 7% CEV 20% - 25% 70% - 80% 24% - 33% Q1 2025: Slight Tightening of Ranges Throughout the Business Units

New Location: Hopatcong, NJ (Sussex County) New Jersey Natural Gas (NJNG) ~43% of capital expenditures earning a near real-time return NJNG Total Customers Fiscal 2025 Capital Expenditures1,2,3 (Actuals) ~$127M Strong Trend of Customer Growth Through a Mix of New Construction and Conversions Across New Jersey (in thousands) Total change in PP&E (cash spent, capex accrued and AFUDC). Includes SAVEGREEN investments, which for GAAP purposes are included as part of cash flows from operations. Facilities included in “Other”. The sum of actual amounts may not equal due to rounding. Through Q1

Clean Energy Ventures (CEV) CEV Owns and Operates Solar Projects with Approximately 396MW of Commercial Solar Capacity Total ~1.4GW MWs Pipeline of ~1.0GW including projects under construction, contract, or exclusivity ~396MW of commercial projects in-service ~43% of pipeline located in NJ ~57% of pipeline located outside of NJ Q1 2025 ~11W New In-Service

Storage and Transportation (S&T) Leaf River (storage) and Adelphia Gateway (transportation) Adelphia Section 4 Base Rate Case Filed in Fiscal 2024 Fourth Quarter Considered numerous investments made in rate base, expenses of pipeline operations, system modernization, and regulatory driven projects Adelphia anticipates that FERC will allow it to place the rates into effect during the second half of 2025, subject to refund and the outcome of a hearing to be established by FERC. Leaf River Energy Center: Maximizing Existing Asset S&T Capacity Recover Project to expand leaching plant facilities Salt cavern leaching is a process used to regain capacity lost to salt creep over time Successful completion of open season with investment to continue throughout fiscal 2025

10 10 Financial Review

Review of Fiscal 2025 First Quarter Results1 ($ in Millions) 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. Fiscal 1Q24 – Consolidated NFE ($ in millions) $ 72.4 NJNG $ 15.5 Utility Gross Margin1 $ 25.5 Depreciation & Amortization (D&A) $ (5.2) Interest Expense, O&M, AFUDC, Income Tax $ (4.8) Clean Energy Ventures $ 37.6 Revenue $ (8.9) D&A and Interest Expense $ 1.6 Gain on Sale of Assets $ 54.9 Other (including ITC recognition) $ (9.9) Storage & Transportation $ 2.0 Revenue $ 2.8 D&A and Interest Expense $ (0.4) O&M, AFUDC & Other $ (0.4) Energy Services $ — Financial Margin1 $ (3.7) Interest Expense, Income Tax and Other $ 3.7 Home Services and Other $ 1.4 Fiscal 1Q25 – Consolidated NFE ($ in millions)2 $ 128.9

NJR Capital Plan1,2 Includes SAVEGREEN Investments. 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. $596 $644 $610 - $790 $655 - $835 ($ in Millions) Capital plan supports long-term NFEPS growth targets of 7-9% $430 - $490 $470 - $535 $160 - $265 $20 - $35 $10 - $25 $175 - $275 Actuals Estimates $168 ~$1.3B - $1.6B Planned CAPEX Over the Next 2 Years YTD

Well Positioned to Achieve Higher than Peer Growth with No Need for Block Equity Superior Credit Metrics, Balance Sheet and Cash Flows 1. 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. NJR Adjusted FFO / Adjusted Debt1 NJNG (Secured Rating) NJR (Unsecured Rating) NAIC NAIC-1.E NAIC-2.A Moody's A1 (Stable) Fitch A+ (Stable) Actuals Estimates Superior Credit Metrics No Block Equity Needs Cash Flow from Operations of $900 million - $1 billion in the Next Two Years Staggered Debt Maturity Stack Substantial liquidity at both NJNG and NJR $825M of credit facilities available through FY2029 18-20%

2024 Sustainability Report 16th Corporate Sustainability Report Dating Back to 2008 Link to: 2024 Sustainability Report Innovative, lower-carbon energy solutions, with New Jersey Natural Gas becoming the first natural gas utility in New Jersey to install and operate distributed carbon capture technology and fuel a portion of its fleet operations with renewable diesel. Highest, single-year investment in our SAVEGREEN® energy-efficiency program, deploying over $71.3 million in fiscal 2024 to help customers save energy and money and reduce their carbon emissions. NJR Clean Energy Ventures completed its first capped landfill community solar facility in New Jersey NJR was named one of America’s Most Responsible Companies by Newsweek for 2024 — earning the recognition for the fifth consecutive year. Over $1.1 million in commitments through our charitable foundations to New Jersey Audubon and Monmouth Conservation Foundation to enhance coastal resiliency within our service territory. Highlights

Industry Leading Long-Term Growth Rate of 7-9% Net Financial Earnings per Share Highly Visible 7-9% NFEPS Growth with Potential for Additional Upside, No Block Equity Needs, "Utility-like" Earnings Contribution 7-9% LONG-TERM ANNUAL GROWTH NJNG CEV S&T Energy Services Improved 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 + one-time gain from sale of residential portfolio 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 Guidance Range $3.05 - $3.20 4% DIVIDEND YIELD1 11 - 13% Expected Shareholder Return1 Expected shareholder return includes projected NFEPS long-term growth rate of 7 – 9% in addition to an annualized dividend yield of 3.8%, based on dividend per share of $1.80 and closing share price of $47.95 on January 31, 2025.

Appendix: Financial Statements and Additional Information 16 Appendix: Financial Statements and Additional Information – 16 17 Reconciliation of NFE and NFEPS to Net Income 18 Other Reconciliation of Non-GAAP Measures 19 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 20 Fiscal 2025 First Quarter NFE and NFEPS by Business Unit 21 Capital Plan Table 22 Debt Repayment Schedule 23 Projected Cash Flows

Reconciliation of NFE and NFEPS to Net Income ($ in 000s) NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE. 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 December 31, 2024 2023 NEW JERSEY RESOURCES A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: Net income $ 131,319 $ 89,411 Add: Unrealized loss (gain) on derivative instruments and related transactions 6,368 (5,400) Tax effect (1,513) 1,282 Effects of economic hedging related to natural gas inventory (9,527) (16,228) Tax effect 2,264 3,857 NFE tax adjustment (17) (478) Net financial earnings $ 128,894 $ 72,444 Weighted Average Shares Outstanding Basic 99,855 97,869 Diluted 100,478 98,563 A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: Basic earnings per share $ 1.32 $ 0.91 Add: Unrealized loss (gain) on derivative instruments and related transactions 0.06 (0.05) Tax effect (0.01) 0.01 Effects of economic hedging related to natural gas inventory (0.10) (0.17) Tax effect 0.02 0.04 Basic net financial earnings per share $ 1.29 $ 0.74

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. (Unaudited) Three Months Ended December 31, 2024 2023 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: Operating revenues $ 333,765 $ 293,430 Less: Natural gas purchases 130,005 118,444 Operating and maintenance1 26,009 26,401 Regulatory rider expense 22,476 19,189 Depreciation and amortization 32,084 26,917 Gross margin 123,191 102,479 Add: Operating and maintenance1 26,009 26,401 Depreciation and amortization 32,084 26,917 Utility gross margin $ 181,284 $ 155,797 A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows: Operating revenues $ 86,308 $ 99,668 Less: Natural Gas purchases 67,868 60,166 Operating and maintenance1 1,597 4,689 Depreciation and amortization 47 57 Gross margin 16,796 34,756 Add: Operating and maintenance1 1,597 4,689 Depreciation and amortization 47 57 Unrealized loss (gain) on derivative instruments and related transactions 6,368 (4,266) Effects of economic hedging related to natural gas inventory (9,527) (16,228) Financial margin $ 15,281 $ 19,008 Excludes selling, general and administrative expenses ($ in 000s)

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 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 Cash Flow from Operations ($9.0) Add back Components of working capital $187.9 Cash paid for interest (net of amounts capitalized) $34.8 Capitalized Interest $2.8 SAVEGREEN loans, grants, rebates and related investments $18.6 Operating cash flows from operating leases $2.4 Adjusted FFO (Non-GAAP) $237.5 Long-Term Debt (including current maturities) $3,081.0 Short-Term Debt $337.0 Exclude Cash on Hand ($2.6) CEV Sale-Leaseback Debt ($288.0) Include CEV Sale lease-back Contractual Commitments $209.9 Debt Issuance Costs $14.2 Operating Lease Debt estimate (8x lease expense) $21.7 Adjusted Debt (Non-GAAP) $3,373.2 Adjusted Debt, YTD FY2025 (Millions) Adjusted Funds from Operations, YTD FY2025 (Millions)

Fiscal 2025 Q1 NFE and NFEPS by Business Unit1 ($ in 000s) (Thousands) Three Months Ended December 31, 2024 2023 Change New Jersey Natural Gas $66,908 $51,444 $15,464 Clean Energy Ventures $48,130 $10,522 $37,608 Storage and Transportation $5,664 $3,640 $2,024 Energy Services $7,833 $7,831 $2 Home Services and Other $359 $(993) $1,352 Total $128,894 $72,444 $56,450 (Thousands) Three Months Ended December 31, 2024 2023 Change New Jersey Natural Gas $0.67 $0.52 $0.15 Clean Energy Ventures $0.48 $0.11 $0.37 Storage and Transportation $0.06 $0.04 $0.02 Energy Services $0.08 $0.08 $— Home Services and Other $— $(0.01) $0.01 Total $1.29 $0.74 $0.55 Net Financial Earnings (NFE) Net Financial Earnings per Share (NFEPS) The sum of actual amounts may not equal due to rounding

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. FY2024A FY2025A FY2025E FY2026E Near Real Time Return? New Jersey Natural Gas New Customer $100 $26 $100 - $110 $100 - $110 Yes IIP $42 $10 $25 - $35 $— - $— Yes SAVEGREEN $71 $19 $65 - $75 $70 - $80 Yes IT $60 $9 $45 - $55 $5 - $15 System Integrity $172 $51 $135 - $145 $200 - $220 Cost of Removal $51 $11 $35 - $40 $50 - $55 Other $7 $2 $25 - $30 $45 - $55 $503 $127 $430 - $490 $470 - $535 Clean Energy Ventures $96 $34 $160 - $265 $175 - $275 Storage and Transportation Adelphia Gateway $7 $2 $5 - $15 $5 - $15 Leaf River $39 $5 $15 - $20 $5 - $10 $46 $7 $20 - $35 $10 - $25 Total $644 $168 $610 - $790 $655 - $835 Actuals Estimates YTD

Debt Repayment Schedule No Significant Maturity Towers in Any Particular Year Term debt only (excludes short-term debt of $337.0 million, capital leases of $39.4 million and solar financing obligations of $288.0 million). Term Debt1 Maturity Schedule as of December 31, 2024 / $ in Millions, unless otherwise noted $1.3B 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 3.25% 2033 $80,000 6.14% 2033 $50,000 3.64% 2034 $50,000 5.55% 2035 $100,000 Total NJR LT Debt $1,120,000 NJNG First Mortgage Bonds FY Maturity Principal 2.82% 2025 $50,000 3.15% 2028 $50,000 5.56% 2033 $50,000 5.49% 2034 $75,000 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% 2052 $50,000 4.71% 2052 $50,000 5.47% 2053 $125,000 5.85% 2054 $50,000 5.82% 2054 $125,000 2.45% 2059 $15,000 3.86% 2059 $85,000 3.33% 2060 $25,000 2.97% 2060 $50,000 3.07% 2062 $50,000 Total NJNG LT Debt $1,647,845 Substantial liquidity at both NJNG and NJR - $825M of credit facilities available through FY2029

FY 2024A YTD FY2025A FY2025E FY2026E Cash Flows (used in) from Operations $427 ($9) $460 - $500 $510 - $550 Uses of Funds Capital Expenditures2 $569 $19 $600 - $700 $650 - $750 Dividends3 $165 $45 $174 - $178 $188 - $192 Total Uses of Funds $734 $64 $774 - $878 $838 - $942 Financing Activities Common Stock Proceeds – DRIP $74 $24 $37 - $39 $18 - $20 Debt Proceeds /Other $232 $49 $277 - $339 $310 - $372 Total Financing Activities $307 $73 $314 - $378 $328 - $392 Projected Cash Flows1 ($ in Millions) 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). Dividend growth for fiscal 2025 and fiscal 2026 are based upon the midpoint of forecasted 7-9% growth rate. 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 timing of SREC deliveries.

Business Overview 24 24 Business Overview - 24 25 NJR: Business Portfolio 26 NJNG: High Quality Utility in Favorable Favorable Regulatory Environment 27 NJNG: Supportive Regulatory Construct 28 CEV: Overview 29 CEV: SREC Hedging Strategy Stabilizes Revenue 30 Storage and Transportation (S&T): Overview 31 Energy Services (ES): Overview 32 Dividend Growth: Committed to Building Shareholder Value 33 Shareholder and Contact Information

NJR Home Services offers customers home comfort solutions, including equipment sales and installations; solar lease and purchase plans; and a service contract product line, including heating, cooling, water heating, electric and standby generator contracts Recognized as a Top 20 Ruud® National Pro Partner™ for 8 Consecutive Years 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 serving approximately 586,000 customers in New Jersey New Jersey Natural Gas (NJNG) Clean Energy Ventures (CEV) Storage and Transportation (S&T) Energy Services (ES) New Jersey Resources Home Services (NJRHS) CEV develops, invests in, owns and operates energy projects that generate clean power, provide low carbon energy solutions and help our customers save energy and money in a sustainable way Invests in, owns and operates midstream assets including natural gas pipeline and storage facilities. Our companies provide transportation and storage services to a broad range of customers in the natural gas market Provides unregulated, wholesale natural gas to consumers across the Gulf Coast, Eastern Seaboard, Southwest, Mid-continent and Canada. In addition to energy supply, NJRES provides a full-range of customized energy management services Demonstrated leadership as a premier energy infrastructure and environmentally-forward thinking company

NJNG: High Quality Utility in Favorable Regulatory Environment Operates and Maintains Natural Gas Transportation and Distribution Infrastructure Serving Approximately 586,000 Customers in Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties 586,000 Total Customers 6 Counties Across New Jersey $3.2B Rate Base $900M - $1.1B Forecasted investments FY2025-FY2026 9.6% Approved ROE Ranked highest in overall residential and business customer satisfaction among large utilities in the East according to JD Power and were named a Customer Champion, Most Trusted Brand, Easiest to Do Business with by Escalent.

Launched in 2009, SAVEGREEN™ provides energy efficiency solutions that meet the unique needs and budgets of residential and commercial customers — including low- and moderate income, multifamily, hospitals and municipalities. On October 30, 2024, NJNG received approval from the Board of Public Utilities for the next generation of SAVEGREEN™ energy-efficiency offerings, its largest filing to date. Investments in SAVEGREEN™ are incremental to our rate base and earn near-real time returns through a rider that is updated annually. NJNG: Supportive Regulatory Construct 27 Stable Rate Case Results Rate case results are stable Current ROE of 9.60% with a common equity ratio of 54% Full recovery of plant investments to date Rate cases are settled (generally not litigated) Resolution of cases have been timely Last completed case filed in January 2024 and rates effective in November 2024 Decoupled Rates for majority of customers Volume risk due to weather or energy conservation mitigated through the Conservation Incentive Program (CIP). This decoupling mechanism allows NJNG to earn a fix margin per customer1. NJNG’s natural gas commodity price is a pass-through cost the Basic Gas Supply Service (BGSS) program Minimization of Regulatory Lag Investments in customer growth and Infrastructure Investment Program (IIP) earn real-time recovery or accelerated recovery through annual mechanisms Through the SAVEGREEN program, energy efficiency investments also have an annual cost recovery mechanism that accelerate recovery of investments and returns Margin Sharing Incentives Like other utilities, NJNG contracts for supply and transportation to meet customer needs NJNG’s BPU-approved “BGSS Incentive Programs” allow temporary release of capacity or supply when not needed NJNG shares margin generated with customers (85% for customers/15% for NJNG) BGSS Incentive margin is not counted in NJNG’s ROE calculation for overearning For residential and small commercial customers, which make the vast majority of NJNG’s customers.

CEV: Overview Largest Solar Owner-Operator in New Jersey CEV owns and operates commercial solar projects in New Jersey, Rhode Island, New York, Connecticut, Indiana, and Michigan with approximately 396MW of installed capacity ~$1 billion invested in the solar marketplace to date A total of ~72 commercial projects in service

CEV: SREC Hedging Strategy Stabilizes Revenue Based on Energy Year1, as of December 31, 2024 Energy Years run from June 1 of the prior year to May 31 of the respective year; for example, Energy Year 2025 began on June 1, 2024 and ends on May 31, 2025. Based on Fiscal Year, as of December 31, 2024 100% Hedged Through Fiscal Year 2025 86% Hedged Through Energy Year 2025 Percent Hedged Average Price Current Price (EY) 95% $179 $195 65% $165 $184 50% $154 $173 32% $146 $159 Percent Hedged Average Price Current Price (FY) 84% $177 $190 80% $165 $179 38% $150 $114 32% $146 $105 Represents CEV Commercial Solar Business 86% $190 $206 100% $195 $201

Storage and Transportation (S&T): Overview Leaf River (storage), Steckman Ridge (storage), and Adelphia Gateway (transportation) 32.2 mmdth high deliverability salt cavern storage facility in southeastern Mississippi Acquired October 2019 100% owner & operator Serving Gulf Coast/Southeast the fastest growing natural gas market in North America with a growing reliance on regional supply imports 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 0.9 mmdth/d interstate pipeline from NE PA to greater Philadelphia area Acquired January 2020 / Placed in-service September 2022 100% owner & operator Serving the Northeast region, where the current pipeline grid is constrained Maximizing capabilities at existing assets as pipeline and storage constraints continue to highlight the benefit of storage and transportation assets

Energy Services (ES): Overview 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 Asset Management Agreements De-risking transaction for Energy Services business by securing 10 years of contracted cash payments with minimal counterparty credit risk Long Option Strategy 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 NJR expects to recognize approximately $19.7 million annual in revenues between FY 2025 - FY 2031; recognized ratably across each quarter ES has Reported Positive Financial Margin1 in Every Year Since Inception Max: 2014 - $172.4M Min: 2020 - $9.9M Over $1 billion ($1.03B) of long-option financial margin over last 15 years (average of $69 million per year) A reconciliation of Financial Margin to Operating Income can be found in the Appendix

Dividend Growth: Committed to Building Shareholder Value Strong Track Record of Dividend Growth $1.80 FY 2025 Dividend Dividend History Dividends per Share Record Date Payable Date Amount Per Share 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 3/17/2021 4/01/2021 $0.3325 12/16/2020 1/04/2021 $0.3325 Highlighted Rows Reflect Changes in Quarterly Cash Dividends * 7.1% increase in the quarterly dividend rate to $1.80 per share from $1.68 per share

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

Document and Entity Information	Feb. 03, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 03, 2025
Entity File Number	001-08359
Entity Registrant Name	NEW JERSEY RESOURCES CORPORATION
Entity Central Index Key	0000356309
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-2376465
Entity Address, Address Line One	1415 Wyckoff Road
Entity Address, City or Town	Wall
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07719
City Area Code	732
Local Phone Number	938-1480
Title of 12(b) Security	Common Stock - $2.50 par value
Trading Symbol	NJR
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

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NJR New Jersey Resources Corp