Form 8-K
8-K — NEW JERSEY RESOURCES CORP
Accession: 0001140361-26-018880
Filed: 2026-05-04
Period: 2026-05-04
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 — ef20071212_8k.htm (Primary)
EX-99.1 — EXHIBIT 99.1 (ef20071212_ex99-1.htm)
EX-99.2 — EXHIBIT 99.2 (ef20071212_ex99-2.htm)
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8-K
8-K (Primary)
Filename: ef20071212_8k.htm · Sequence: 1
false000035630900003563092026-05-042026-05-04
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): May 4, 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 May 4, 2026, New Jersey Resources Corporation (“NJR”) issued a press release reporting financial results for the second fiscal quarter ended March 31,
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 May 5, 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 May 4, 2026 (furnished, not filed)
99.2
Presentation dated May 4, 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: May 4, 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: ef20071212_ex99-1.htm · Sequence: 2
Exhibit 99.1
NEW JERSEY RESOURCES REPORTS FISCAL 2026 SECOND-QUARTER RESULTS
Increases Net Financial Earnings Guidance for Fiscal 2026 Due to Energy Services' Continued Outperformance
WALL, N.J., May 4, 2026 — New Jersey Resources Corporation (NYSE: NJR) today reported financial
and operating results for its fiscal 2026 second quarter ended March 31, 2026.
Financial Highlights:
•
Fiscal 2026 second-quarter consolidated net income of $218.9 million, or $2.17
per share, compared with $204.3 million, or $2.04 per share, in the second quarter of fiscal 2025
•
Fiscal 2026 second-quarter consolidated net financial earnings (NFE), a non-GAAP financial measure, of $221.5 million, or $2.20 per share, compared with $178.3 million, or $1.78 per share, in the second quarter of fiscal 2025
•
Fiscal 2026 year-to-date net income totaled $341.4 million, or $3.39 per share, compared with $335.6 million, or $3.35 per share, for the same period in fiscal
2025
•
Fiscal 2026 year-to-date NFE totaled $339.6 million, or $3.37 per share, compared with $307.2 million, or $3.07 per share, for the same period in fiscal 2025
Fiscal 2026 Outlook
•
Increases fiscal 2026 net financial earnings per share (NFEPS) guidance to a range of $3.48 to $3.63, from $3.28 to $3.43, a $0.20 increase, as a result of the continued strong performance of Energy Services. This marks the second increase to fiscal 2026 guidance, following a $0.25
increase announced in February 2026.
•
Maintains 7 to 9 percent long-term net financial
earnings per share (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 exceptional operating performance throughout the winter season delivered reliable service, while
New Jersey Natural Gas' strong hedging program helped mitigate costs for our customers. Additionally, as a result of Energy Services' continued outperformance, we were able to increase our fiscal 2026 NFEPS guidance for the second time this year.”
Fiscal 2026 NFEPS Guidance and Expected NFE Contributions by Segment
NJR is raising its fiscal 2026 NFEPS guidance range by $0.20 to a range of $3.48 to $3.63, subject to the risks and uncertainties identified below under "Forward-Looking Statements." The following chart represents NJR’s current expected NFE contributions from its
business segments for fiscal 2026:
Segment
Expected fiscal 2026
net financial earnings
contribution
New Jersey Natural Gas
58 to 62 percent
Clean Energy Ventures
9 to 13 percent
Storage and Transportation
8 to 11 percent
Energy Services
19 to 23 percent
Home Services and Other
0 to 1 percent
NJR Reports Fiscal 2026 Second-Quarter
Results
Page 2 of 12
In providing fiscal 2026 NFE guidance, management is aware that there could be differences between reported GAAP net income and NFE due to matters such as, but not limited
to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding
GAAP equivalent for its operating earnings guidance without unreasonable efforts.
Financial Metrics
Three Months Ended
March 31,
Six Months Ended
March 31,
($ in Thousands, except per share data)
2026
2025
2026
2025
Net income
$
218,912
$
204,287
$
341,402
$
335,606
Basic EPS
$
2.17
$
2.04
$
3.39
$
3.35
Net financial earnings*
$
221,463
$
178,296
$
339,636
$
307,190
Basic net financial earnings per share*
$
2.20
$
1.78
$
3.37
$
3.07
*A reconciliation of net income to NFE for the three and six months ended March 31, 2026 and 2025, respectively is provided in the financial statements below.
Net Financial Earnings (Loss) by Business Segment
Three Months Ended
March 31,
Six Months Ended
March 31,
($ in Thousands)
2026
2025
2026
2025
New Jersey Natural Gas
$
148,513
$
144,531
$
232,342
$
211,439
Clean Energy Ventures
(5,223
)
(3,958
)
4,367
44,172
Storage and Transportation
7,708
2,343
15,071
8,007
Energy Services
72,286
35,301
88,566
43,134
Home Services and Other
(219
)
(678
)
260
(63
)
Subtotal
223,065
177,539
340,606
306,689
Eliminations
(1,602
)
757
(970
)
501
Total
$
221,463
$
178,296
$
339,636
$
307,190
New Jersey Natural Gas (NJNG)
NJNG reported fiscal 2026 second-quarter NFE of $148.5 million, compared to NFE of $144.5 million during the same period in fiscal 2025. The increase in NFE for the period was driven primarily by customer growth and higher
BGSS incentives.
Fiscal 2026 year-to-date NFE totaled $232.3 million, compared with NFE of $211.4 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 March 31, 2026, NJNG serviced approximately 594,000 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 Second-Quarter
Results
Page 3 of 12
Basic Gas Supply Service (BGSS) Incentive Programs1:
•
BGSS incentive programs generated $93.2 million of gross customer savings during the first six months of fiscal 2026, which helped offset the unhedged portion of gas costs driven by market volatility and colder‑than‑normal weather.
•
BGSS incentive programs also contributed $17.3 million to utility gross margin during the first six months of fiscal 2026, compared with $10.6
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 $46.5 million in the first
six 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 a rider that is updated annually.
•
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 second-quarter
net financial loss of $(5.2) million, compared with $(4.0) million during the same period
in the second quarter of fiscal 2025, reflecting higher depreciation and interest expense associated
with capital invested over the past year, partially offset by higher revenue.
Fiscal 2026 year-to-date NFE totaled $4.4 million, compared with NFE of $44.2 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 six months of fiscal 2026, CEV
placed three commercial projects into service, adding 13.4 megawatts (MW)* to installed
capacity.
•
As of March 31, 2026, CEV had approximately 493MW
of commercial solar capacity in service across New Jersey, New York, Connecticut, Pennsylvania, Rhode Island, Indiana, and Michigan.
•
Subsequent to quarter end, CEV placed additional projects into service, adding 19.9MW of installed capacity for a total of 512.7MW in service as of May 1, 2026.
* All MWs noted in DC
Storage and Transportation (S&T)
S&T reported fiscal 2026 second-quarter
NFE of $7.7 million, compared with NFE of $2.3 million during the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $15.1 million, compared with NFE of $8.0 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.
Energy Services (ES)
ES reported fiscal 2026 second-quarter
NFE of $72.3 million, compared with NFE of $35.3 million for the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $88.6 million, compared with NFE of $43.1 million for the same period in fiscal 2025.
The increase in NFE was primarily due to higher natural gas price volatility during both periods that allowed ES to capture additional financial margin.
NJR Reports Fiscal 2026 Second-Quarter
Results
Page 4 of 12
Home Services and Other Operations
Home Services and Other Operations reported fiscal 2026 second-quarter net financial loss of $(0.2) million, compared with $(0.7)
million for the same period in fiscal 2025.
Fiscal 2026 year-to-date NFE totaled $0.3 million, compared with a net financial loss of $(0.1) million for the same period in fiscal 2025.
Capital Expenditures and Cash Flows:
•
During the first six months of fiscal 2026,
capital expenditures were $353.9 million, including accruals, compared with $287.1 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 six months of fiscal 2026, cash
flows from operations increased to $589.3 million, compared to cash flows from operations of $414.1
million in the same period in fiscal 2025, due primarily to an increase in base
rates at NJNG.
Conference Call to be Webcast on May 5, 2026
New Jersey Resources will host a live webcast of its fiscal 2026 second
quarter financial results on Tuesday, May 5, 2026, at 10 a.m. ET. A few minutes prior to the webcast, visit www.njresources.com and
select “Investor Relations.” Scroll down and click the webcast link under “Latest Events” on the right side of the page.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a diversified
energy infrastructure and energy services company headquartered in Wall, New Jersey.
NJR is composed of five primary businesses:
•
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.
NJR Reports Fiscal 2026 Second-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 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; 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
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.
NJR Reports Fiscal 2026 Second-Quarter
Results
Page 6 of 12
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 Second-Quarter
Results
Page 7 of 12
NEW JERSEY RESOURCES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
(Thousands, except per share data)
2026
2025
2026
2025
OPERATING REVENUES
Utility
$
640,922
$
618,341
$
1,050,823
$
951,768
Nonutility
298,479
294,686
493,432
449,620
Total operating revenues
939,401
913,027
1,544,255
1,401,388
OPERATING EXPENSES
Gas purchases
Utility
274,947
272,974
444,051
400,654
Nonutility
140,110
151,617
225,964
219,425
Related parties
1,242
1,666
2,519
3,384
Operation and maintenance
112,496
111,041
199,177
199,673
Regulatory rider expenses
59,450
48,501
92,604
70,977
Depreciation and amortization
50,129
47,967
99,705
93,296
Gain on sale of assets
—
(688
)
—
(55,547
)
Total operating expenses
638,374
633,078
1,064,020
931,862
OPERATING INCOME
301,027
279,949
480,235
469,526
Other income, net
16,295
17,006
27,655
28,623
Interest expense, net of capitalized interest
34,975
32,527
70,651
66,418
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
282,347
264,428
437,239
431,731
Income tax provision
66,176
61,593
100,401
98,977
Equity in earnings of affiliates
2,741
1,452
4,564
2,852
NET INCOME
$
218,912
$
204,287
$
341,402
$
335,606
EARNINGS PER COMMON SHARE
Basic
$
2.17
$
2.04
$
3.39
$
3.35
Diluted
$
2.16
$
2.02
$
3.37
$
3.33
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic
100,849
100,291
100,775
100,073
Diluted
101,482
100,933
101,388
100,705
NJR Reports Fiscal 2026 Second-Quarter
Results
Page 8 of 12
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES
(Unaudited)
Three Months Ended
Six Months Ended
March 31,
March 31,
(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
$
218,912
$
204,287
$
341,402
$
335,606
Add:
Unrealized (gain) loss on derivative instruments and related transactions
(1,285
)
(27,206
)
1,711
(20,838
)
Tax effect
305
6,466
(407
)
4,953
Effects of economic hedging related to natural gas inventory
4,564
(6,650
)
(4,003
)
(16,177
)
Tax effect
(1,085
)
1,580
951
3,844
NFE tax adjustment
52
(181
)
(18
)
(198
)
Net financial earnings
$
221,463
$
178,296
$
339,636
$
307,190
Weighted Average Shares Outstanding
Basic
100,849
100,291
100,775
100,073
Diluted
101,482
100,933
101,388
100,705
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
$
2.17
$
2.04
$
3.39
$
3.35
Add:
Unrealized (gain) loss on derivative instruments and related transactions
$
(0.01
)
$
(0.27
)
$
0.02
$
(0.21
)
Tax effect
$
—
$
0.06
$
(0.01
)
$
0.05
Effects of economic hedging related to natural gas inventory
$
0.05
$
(0.06
)
$
(0.04
)
$
(0.16
)
Tax effect
$
(0.01
)
$
0.01
$
0.01
$
0.04
Basic net financial earnings per share
$
2.20
$
1.78
$
3.37
$
3.07
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 Second-Quarter
Results
Page 9 of 12
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)
(Unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
(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
$
641,160
$
618,645
$
1,051,298
$
952,410
Less:
Natural gas purchases
276,567
275,298
447,291
405,303
Operating and maintenance (1)
14,667
29,510
59,609
55,519
Regulatory rider expense
59,450
48,501
92,604
70,977
Depreciation and amortization
37,509
35,713
74,469
67,797
Gross margin
252,967
229,623
377,325
352,814
Add:
Operating and maintenance (1)
14,667
29,510
59,609
55,519
Depreciation and amortization
37,509
35,713
74,469
67,797
Utility gross margin
$
305,143
$
294,846
$
511,403
$
476,130
(1) Excludes selling,
general and administrative expenses of $51.0 million and $31.7 million for the three months ended March 31, 2026 and 2025, respectively, and $55.1 million and $57.8
million for the six months ended March 31, 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
$
244,155
$
246,390
$
363,262
$
332,698
Less:
Natural Gas purchases
139,938
151,847
225,712
219,715
Operation and maintenance (1)
9,560
10,866
12,475
12,463
Depreciation and amortization
43
62
84
109
Gross margin
94,614
83,615
124,991
100,411
Add:
Operation and maintenance (1)
9,560
10,866
12,475
12,463
Depreciation and amortization
43
62
84
109
Unrealized (gain) loss on derivative instruments and related transactions
(1,285
)
(27,206
)
1,711
(20,838
)
Effects of economic hedging related to natural gas inventory
4,564
(6,650
)
(4,003
)
(16,177
)
Financial margin
$
107,496
$
60,687
$
135,258
$
75,968
(1) Excludes selling,
general and administrative expenses of $0.2 million and $0.3 million during the three months ended March 31, 2026 and 2025, respectively, and $0.5 million and $0.6 million during the six months ended March 31, 2026 and 2025, respectively.
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
Net income
$
69,735
$
61,292
$
90,332
$
71,550
Add:
Unrealized (gain) loss on derivative instruments and related transactions
(1,285
)
(27,206
)
1,711
(20,838
)
Tax effect
305
6,466
(407
)
4,953
Effects of economic hedging related to natural gas
4,564
(6,650
)
(4,003
)
(16,177
)
Tax effect
(1,085
)
1,580
951
3,844
NFE tax adjustment
52
(181
)
(18
)
(198
)
Net financial earnings
$
72,286
$
35,301
$
88,566
$
43,134
NJR Reports Fiscal 2026 Second-Quarter
Results
Page 10 of 12
FINANCIAL STATISTICS BY BUSINESS UNIT
(Unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
(Thousands, except per share data)
2026
2025
2026
2025
NEW JERSEY RESOURCES
Operating Revenues
Natural Gas Distribution
$
641,160
$
618,645
$
1,051,298
$
952,410
Clean Energy Ventures
9,932
7,967
41,692
34,373
Energy Services
244,155
246,390
363,262
332,698
Storage and Transportation
29,434
25,307
57,514
51,935
Home Services and Other
14,958
15,118
30,964
30,912
Sub-total
939,639
913,427
1,544,730
1,402,328
Eliminations
(238
)
(400
)
(475
)
(940
)
Total
$
939,401
$
913,027
$
1,544,255
$
1,401,388
Operating Income (Loss)
Natural Gas Distribution
$
201,919
$
197,876
$
322,231
$
294,982
Clean Energy Ventures
(7,738
)
(7,553
)
7,650
56,721
Energy Services
94,404
83,273
124,511
99,801
Storage and Transportation
11,582
5,800
23,557
15,569
Home Services and Other
192
(393
)
979
602
Sub-total
300,359
279,003
478,928
467,675
Eliminations
668
946
1,307
1,851
Total
$
301,027
$
279,949
$
480,235
$
469,526
Equity in Earnings of Affiliates
Storage and Transportation
$
2,282
$
1,161
$
3,522
$
2,122
Eliminations
459
291
1,042
730
Total
$
2,741
$
1,452
$
4,564
$
2,852
Net Income (Loss)
Natural Gas Distribution
$
148,513
$
144,531
$
232,342
$
211,439
Clean Energy Ventures
(5,223
)
(3,958
)
4,367
44,172
Energy Services
69,735
61,292
90,332
71,550
Storage and Transportation
7,708
2,343
15,071
8,007
Home Services and Other
(219
)
(678
)
260
(63
)
Sub-total
220,514
203,530
342,372
335,105
Eliminations
(1,602
)
757
(970
)
501
Total
$
218,912
$
204,287
$
341,402
$
335,606
Net Financial Earnings (Loss)
Natural Gas Distribution
$
148,513
$
144,531
$
232,342
$
211,439
Clean Energy Ventures
(5,223
)
(3,958
)
4,367
44,172
Energy Services
72,286
35,301
88,566
43,134
Storage and Transportation
7,708
2,343
15,071
8,007
Home Services and Other
(219
)
(678
)
260
(63
)
Sub-total
223,065
177,539
340,606
306,689
Eliminations
(1,602
)
757
(970
)
501
Total
$
221,463
$
178,296
$
339,636
$
307,190
Throughput (Bcf)
NJNG, Core Customers
39.8
35.7
71.5
62.9
NJNG, Off System/Capacity Management
24.9
22.1
49.6
36.5
Energy Services Fuel Mgmt. and Wholesale Sales
28.6
35.2
57.0
63.5
Total
93.3
93.0
178.1
162.9
Common Stock Data
Yield at March 31,
3.5
%
3.7
%
3.5
%
3.7
%
Market Price at March 31,
$
54.92
$
49.06
$
54.92
$
49.06
Shares Out. at March 31,
100,862
100,303
100,862
100,303
Market Cap. at March 31,
$
5,539,336
$
4,920,847
$
5,539,336
$
4,920,847
NJR Reports Fiscal 2026 Second-Quarter
Results
Page 11 of 12
(Unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
(Thousands, except customer and weather data)
2026
2025
2026
2025
NATURAL GAS DISTRIBUTION
Utility Gross Margin
Operating revenues
$
641,160
$
618,645
$
1,051,298
$
952,410
Less:
Natural gas purchases
276,567
275,298
447,291
405,303
Operating and maintenance (1)
14,667
29,510
59,609
55,519
Regulatory rider expense
59,450
48,501
92,604
70,977
Depreciation and amortization
37,509
35,713
74,469
67,797
Gross margin
252,967
229,623
377,325
352,814
Add:
Operating and maintenance (1)
14,667
29,510
59,609
55,519
Depreciation and amortization
37,509
35,713
74,469
67,797
Total Utility Gross Margin
$
305,143
$
294,846
$
511,403
$
476,130
(1) Excludes selling,
general and administrative expenses of $51.0 million and $31.7 million for the three months ended March 31, 2026 and 2025, respectively, and $55.1 million and $57.8
million for the six months ended March 31, 2026 and 2025, respectively.
Utility Gross Margin, Operating Income and Net Income
Residential
$
220,575
$
215,668
$
365,673
$
345,686
Commercial, Industrial & Other
38,007
37,108
65,199
60,977
Firm Transportation
34,226
33,908
61,591
57,084
Total Firm Margin
292,808
286,684
492,463
463,747
Interruptible
643
800
1,661
1,774
Total System Margin
293,451
287,484
494,124
465,521
Basic Gas Supply Service Incentive
11,692
7,362
17,279
10,609
Total Utility Gross Margin
305,143
294,846
511,403
476,130
Operation and maintenance expense
65,715
61,257
114,703
113,351
Depreciation and amortization
37,509
35,713
74,469
67,797
Operating Income
$
201,919
$
197,876
$
322,231
$
294,982
Net Income
$
148,513
$
144,531
$
232,342
$
211,439
Net Financial Earnings
$
148,513
$
144,531
$
232,342
$
211,439
Throughput (Bcf)
Residential
26.0
24.0
42.5
38.1
Commercial, Industrial & Other
4.8
4.5
7.8
7.1
Firm Transportation
5.2
5.0
9.1
8.4
Total Firm Throughput
36.0
33.5
59.4
53.6
Interruptible
3.8
2.2
12.1
9.3
Total System Throughput
39.8
35.7
71.5
62.9
Off System/Capacity Management
24.9
22.1
49.6
36.5
Total Throughput
64.7
57.8
121.1
99.4
Customers
Residential
539,413
532,699
539,413
532,699
Commercial, Industrial & Other
33,712
33,291
33,712
33,291
Firm Transportation
21,047
22,060
21,047
22,060
Total Firm Customers
594,172
588,050
594,172
588,050
Interruptible
30
88
30
88
Total System Customers
594,202
588,138
594,202
588,138
Off System/Capacity Management*
25
26
25
26
Total Customers
594,227
588,164
594,227
588,164
*The number of customers represents those active during the last month of the period.
Degree Days
Actual
2,493
2,375
4,150
3,774
Normal
2,384
2,384
3,895
3,907
Percent of Normal
104.6
%
99.6
%
106.5
%
96.6
%
NJR Reports Fiscal 2026 Second-Quarter
Results
Page 12 of 12
(Unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
(Thousands, except customer, RECs and megawatt data)
2026
2025
2026
2025
CLEAN ENERGY VENTURES
Operating Revenues
SREC sales
$
1,049
$
134
$
23,457
$
17,818
TREC sales
2,907
2,554
6,129
5,059
SREC II sales
473
312
988
703
Merchant Power
2,424
2,613
5,209
4,349
PPA / Other
3,079
2,355
5,909
4,574
Residential solar portfolio
—
(1
)
—
1,870
Total Operating Revenues
$
9,932
$
7,967
$
41,692
$
34,373
Depreciation and Amortization
$
7,121
$
5,504
$
14,153
$
11,929
Operating (Loss) Income
$
(7,738
)
$
(7,553
)
$
7,650
$
56,721
Income Tax (Benefit) Provision
$
(1,828
)
$
(1,079
)
$
910
$
13,062
Net (Loss) Income
$
(5,223
)
$
(3,958
)
$
4,367
$
44,172
Net Financial (Loss) Earnings
$
(5,223
)
$
(3,958
)
$
4,367
$
44,172
Solar Renewable Energy Certificates Generated
36,949
50,662
109,322
139,369
Solar Renewable Energy Certificates Sold
5,603
809
121,123
86,502
Transition Renewable Energy Certificates Generated
19,335
17,244
40,822
34,688
Solar Renewable Energy Certificates II Generated
5,700
3,372
11,109
7,776
ENERGY SERVICES
Operating Income
Operating revenues
$
244,155
$
246,390
$
363,262
$
332,698
Less:
Gas purchases
139,938
151,847
225,712
219,715
Operation and maintenance expense
9,770
11,208
12,955
13,073
Depreciation and amortization
43
62
84
109
Operating Income
$
94,404
$
83,273
$
124,511
$
99,801
Net Income
$
69,735
$
61,292
$
90,332
$
71,550
Financial Margin
$
107,496
$
60,687
$
135,258
$
75,968
Net Financial Earnings
$
72,286
$
35,301
$
88,566
$
43,134
Gas Sold and Managed (Bcf)
28.6
35.2
57.0
63.5
STORAGE AND TRANSPORTATION
Operating Revenues
$
29,434
$
25,307
$
57,514
$
51,935
Equity in Earnings of Affiliates
$
2,282
$
1,161
$
3,522
$
2,122
Operation and Maintenance Expense
$
12,222
$
12,910
$
22,688
$
22,993
Other Income, Net
$
1,863
$
1,933
$
3,850
$
4,325
Interest Expense
$
5,448
$
5,817
$
11,014
$
11,786
Income Tax Provision
$
2,571
$
734
$
4,844
$
2,223
Net Income
$
7,708
$
2,343
$
15,071
$
8,007
Net Financial Earnings
$
7,708
$
2,343
$
15,071
$
8,007
HOME SERVICES AND OTHER
Operating Revenues
$
14,958
$
15,118
$
30,964
$
30,912
Operating Income (Loss)
$
192
$
(393
)
$
979
$
602
Net (Loss) Income
$
(219
)
$
(678
)
$
260
$
(63
)
Net Financial (Loss) Earnings
$
(219
)
$
(678
)
$
260
$
(63
)
Total Service Contract Customers at March 31
97,634
99,121
97,634
99,121
EX-99.2 — EXHIBIT 99.2
EX-99.2
Filename: ef20071212_ex99-2.htm · Sequence: 3
Exhibit 99.2
Fiscal 2026 Second Quarter and First Half Financial Results May 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 Second Quarter and First Half Conference
Call 4 Agenda 5 Winter Review: Reliability Delivered Through Extreme Conditions 6 NJNG: Aligned with Stakeholders on Affordability 7 NJNG: Customer Growth and Expanded Franchise Opportunities 8 S&T: Short and Long-Term Growth
Drivers 9 CEV: Project Pipeline 10 Financial Review and Outlook 11 Fiscal 2026 Second Quarter Highlights 12 Fiscal 2026 Second Quarter and Year-to-Date Results 13 Capital Investment (CAPEX) Outlook 14 Strong Credit
Metrics 15 Fiscal 2026: NFEPS Guidance and Segment % 16 7-9% NFEPS Growth Rate Supported by Complementary Businesses 17 Appendix: Financial Statements and Additional Information 18 Fiscal 2026 Second Quarter and First Half NFE and NFEPS
by Business Unit 19 Reconciliation of NFE and NFEPS to Net Income 20 Other Reconciliation of Non-GAAP Measures 21 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 22 Capital Plan Table 23 Cash Flows
Table 24 Debt Repayment Schedule 25 NJR: Complementary Energy Infrastructure Platform 26 NJR: Business Portfolio 27 NJR: Dividend Growth: Raised for 30 Consecutive Years 28 NJR: Drivers of Long-Term Growth Rate of 7-9% 29 NJNG:
Growing Rate Base Expected in the 7-9% Range 30 S&T: Strategically Located Assets 31 S&T: Adjusted EBITDA 32 CEV: Diverse Commercial Solar Portfolio 33 CEV: “Utility Like” Revenue Stack with Optionality 34 Energy Services:
Overview 35 Energy Services: Strong NFE Contribution 36 Energy Services: Asset Management Agreements 37 Home Services (NJRHS) 38 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 $56.31 Shares Outstanding 100.9M Market Cap $5.7B Dividend Information Annual Dividend $1.90 Dividend Yield 3.4% All daily trading information as of 4/30/2026
Winter Review: Reliability Delivered Through Extreme Conditions NJR recorded
significant operational milestones during Winter 2025-2026 while maintaining safe, reliable operations without any service interruptions New Jersey Natural Gas Highest sendouts in history (2/7 – 2/8) Reliable performance with no
weather-related service outages reported throughout the winter period Energy Services Proactive and nimble operations allowed team to manage risks in volatile market conditions S&T Sustained winter conditions drove record operating
levels at Adelphia and Leaf River, with 100% of performance obligations met and zero safety incidents CEV No sustained delays for projects under construction despite long periods of inclement weather Home Services Enhanced responsiveness
and communication supported customers throughout the winter NJR’s complementary businesses continue to execute consistently, leveraging shared expertise to deliver reliable performance
NJNG: Aligned with Stakeholders on Affordability Basic Gas Supply Service
("BGSS") Incentive Program Supporting Safety, Reliability, and Affordability NJNG generated approximately $93 million* of gross customer savings through FY 2026 YTD Natural Gas Remains the Most Affordable and Reliable Method of Heating
Your Home $1.6B Customer Savings Over the Life of the BGSS Incentive Program * BGSS incentive savings represent gross value created through supply and capacity optimization and shared with customers through the BGSS clause.
NJNG: Customer Growth and Expanding Franchise Opportunities Operates and
Maintains Natural Gas Transportation and Distribution Infrastructure in New Jersey (predominately in core territories of Monmouth, Ocean, and Morris Counties, but also in Middlesex, Sussex and Burlington Counties) 594,227 Total
Customers 6 Counties Across New Jersey NJNG Total Customers (in 000s) ~630 - 640 NJNG customer base continues to expand New Franchise Location in Chester Township, NJ in March 2026 YTD As of 3/31 At September 30
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 post-FERC filing Planned New Cavern Leaf River has Multiple Sites for Potential Organic Cavern
Expansion Beyond this 55 BCF FERC Filing October 31, 2025 Expects to increase working gas capacity by over 70% in the coming years S&T NFE Expected 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) Short Term: Next 2 Years Long-Term Growth: 3 years+ Available Working Gas Capacity (BCF)
CEV: Project Pipeline CEV Owns and Operates Solar Projects with Approximately
513MW of In-Service Commercial Solar Capacity MWs Record ~93MW Placed In-Service in Fiscal 2025 1.2 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 ~33MW Placed In-Service YTD Fiscal 2026 In-Service Capacity All MWs noted in DC
10 Financial Review and Outlook
Fiscal 2026 Second Quarter Highlights Strong Performance Improved
Outlook Distinct Growth Drivers $2.20 Fiscal 2026 Second Quarter NFEPS $3.37 Fiscal 2026 YTD NFEPS Increases Fiscal 2026 NFEPS Guidance by $0.20 to $3.48 to $3.63 as a Result of Energy Services Outperformance Second NFEPS Guidance
Increase This Fiscal Year 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) $ 307.2 NJNG $ 20.9
Utility Gross Margin1 $ 35.3 Depreciation & Amortization (D&A) $ (6.7) Interest Expense, O&M, AFUDC and Income Tax $ (7.7) Clean Energy Ventures $ (39.8) Revenue $ 7.3 D&A and Interest Expense $ (6.5) Gain on
Sale of Assets $ (55.5) Other (including ITC recognition) $ 14.9 Storage & Transportation $ 7.1 Revenue $ 5.6 D&A and Interest Expense $ 3.4 AFUDC & Other $ (1.9) Energy Services $ 45.4 Financial Margin1 $ 59.3
Interest Expense, Income Tax and Other $ (13.9) Home Services and Other $ (1.1) Fiscal 2026 YTD – Consolidated NFE ($ in millions)2 $ 339.6 Fiscal 2Q25 – Consolidated NFE ($ in millions) $ 178.3 NJNG $ 4.0 Utility Gross
Margin1 $ 10.3 Depreciation & Amortization (D&A) $ (1.8) Interest Expense, O&M, AFUDC, Income Tax $ (4.5) Clean Energy Ventures $ (1.3) Revenue $ 2.0 D&A and Interest Expense $ (3.9) Gain on Sale of Assets $
(0.7) Other (including ITC recognition) $ 1.3 Storage & Transportation $ 5.4 Revenue $ 4.1 D&A and Interest Expense $ 1.7 O&M, AFUDC & Other $ (0.4) Energy Services $ 37.0 Financial Margin1 $ 46.8 Interest
Expense, Income Tax and Other $ (9.8) Home Services and Other $ (1.9) Fiscal 2Q26 – Consolidated NFE ($ in millions)2 $ 221.5 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 Second Quarter and Year-to-Date Results1 ($ in Millions) Fiscal Second Quarter Fiscal Year-to-Date
Capital Investment1 (CAPEX) Outlook $775 - $930 Actuals (No Change from Prior
Quarter) $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 $520 - $580 $540 -$600 $399M $850M ($ 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 Increased Guidance to a Range of $3.48 - $3.63 $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 (updated to reflect guidance raise) NJNG 58 - 62% S&T 8-11% CEV 9-13% ES 19 - 23% HS 0-1% Strong Contribution from Energy Services During Winter Season
7-9% NFEPS Growth Rate Supported by Complementary Businesses Total CAPEX of
$4.8 - $5.2 Billion Through FY 2030 Over 60% in Utility Investment No Block Equity NJNG High single digit rate base growth expected through 2030 S&T NFE expected to more than double by 2027 Leaf River capacity expected to grow by
over 70% through 2030 CEV Installed capacity expected to grow over 50% from 2025 to 2027
Appendix: Financial Statements and Additional Information 17 18 Fiscal 2026
Second Quarter and First Half NFE and NFEPS by Business Unit 19 Reconciliation of NFE and NFEPS to Net Income 20 Other Reconciliation of Non-GAAP Measures 21 Reconciliation of Adjusted Funds from Operations to Cash Flow from
Operations 22 Capital Plan Table - Two Year Detailed 23 Cash Flows - Two Year Projected 24 Debt Repayment Schedule
Fiscal 2026 Second Quarter and First Half NFE and NFEPS by Business Unit1 ($ in
000s) Net Financial Earnings (NFE) Net Financial Earnings per Share (NFEPS) (Thousands) Three Months Ended March 31, Six Months Ended March 31, 2026 2025 Change 2026 2025 Change New Jersey Natural
Gas $148,513 $144,531 $3,982 $232,342 $211,439 $20,903 Clean Energy Ventures $(5,223) $(3,958) $(1,265) $4,367 $44,172 $(39,805) Storage and Transportation $7,708 $2,343 $5,365 $15,071 $8,007 $7,064 Energy
Services $72,286 $35,301 $36,985 $88,566 $43,134 $45,432 Home Services and Other $(1,821) $79 $(1,900) $(710) $438 $(1,148) Total $221,463 $178,296 $43,167 $339,636 $307,190 $32,446 (Thousands) Three Months Ended March
31, Six Months Ended March 31, 2026 2025 Change 2026 2025 Change New Jersey Natural Gas $1.48 $1.44 $0.04 $2.31 $2.11 $0.20 Clean Energy Ventures $(0.06) $(0.04) $(0.02) $0.04 $0.44 $(0.40) Storage and
Transportation $0.08 $0.03 $0.05 $0.15 $0.09 $0.06 Energy Services $0.72 $0.35 $0.37 $0.88 $0.43 $0.45 Home Services and Other $(0.02) $— $(0.02) $(0.01) $— $(0.01) Total $2.20 $1.78 $0.42 $3.37 $3.07 $0.30 1 The sum
of actual amounts may not equal due to rounding.
Reconciliation of NFE and NFEPS to Net Income ($ 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 March 31, Six Months Ended March 31, 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 $ 218,912 $ 204,287 $ 341,402 $ 335,606 Add: Unrealized (gain) loss on derivative instruments and related transactions (1,285) (27,206) 1,711 (20,838) Tax effect 305 6,466 (407) 4,953 Effects
of economic hedging related to natural gas inventory 4,564 (6,650) (4,003) (16,177) Tax effect (1,085) 1,580 951 3,844 NFE tax adjustment 52 (181) (18) (198) Net financial earnings $ 221,463 $ 178,296 $
339,636 $ 307,190 Weighted Average Shares Outstanding Basic 100,849 100,291 100,775 100,073 Diluted 101,482 100,933 101,388 100,705 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 $ 2.17 $ 2.04 $ 3.39 $ 3.35 Add: Unrealized (gain) loss on derivative instruments and related transactions (0.01) (0.27) 0.02 (0.21) Tax
effect — 0.06 (0.01) 0.05 Effects of economic hedging related to natural gas inventory 0.05 (0.06) (0.04) (0.16) Tax effect (0.01) 0.01 0.01 0.04 Basic net financial earnings per share $ 2.20 $ 1.78 $ 3.37
$ 3.07
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 Six Months
Ended March 31, March 31, 2026 2025 2026 2025 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: Operating revenues $ 641,160 $ 618,645 $ 1,051,298 $ 952,410
Less: Natural gas purchases 276,567 275,298 447,291 405,303 Operating and maintenance1 14,667 29,510 59,609 55,519 Regulatory rider expense 59,450 48,501 92,604 70,977 Depreciation and amortization
37,509 35,713 74,469 67,797 Gross margin 252,967 229,623 377,325 352,814 Add: Operating and maintenance1 14,667 29,510 59,609 55,519 Depreciation and amortization 37,509 35,713 74,469 67,797
Utility gross margin $ 305,143 $ 294,846 $ 511,403 $ 476,130 A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows: Operating revenues $ 244,155 $ 246,390 $ 363,262 $
332,698 Less: Natural Gas purchases 139,938 151,847 225,712 219,715 Operating and maintenance1 9,560 10,866 12,475 12,463 Depreciation and amortization 43 62 84 109 Gross margin 94,614 83,615
124,991 100,411 Add: Operating and maintenance1 9,560 10,866 12,475 12,463 Depreciation and amortization 43 62 84 109 Unrealized (gain) loss on derivative instruments and related transactions (1,285)
(27,206) 1,711 (20,838) Effects of economic hedging related to natural gas inventory 4,564 (6,650) (4,003) (16,177) Financial margin $ 107,496 $ 60,687 $ 135,258 $ 75,968 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 $589.3 Add back Components of working capital ($32.5) Cash paid for interest (net of amounts capitalized) $73.0
Capitalized Interest $6.6 SAVEGREEN loans, grants, rebates and related investments $46.5 Other adjustments ($1.0) Adjusted FFO (Non-GAAP) $681.9 Long-Term Debt (including current maturities) $3,446.3 Short-Term Debt
$150.0 Exclude Cash on Hand ($126.4) CEV Sale-Leaseback Debt ($498.7) Lease adjusted debt ($12.8) Include CEV Sale lease-back Contractual Commitments $335.9 Debt Issuance Costs $13.8 Adjusted Debt (Non-GAAP) $3,308.1
Adjusted Debt, FY2026 YTD (Millions) Adjusted Funds from Operations, FY2026 YTD (Millions)
Capital Plan Table1,2 ($ 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 $64 $120 - $130 $130 - $140 Yes SAVEGREEN $71 $98 $47 $90 - $100 $90 - $100 Yes Safety and
Reliability3 $332 $331 $155 $310 - $350 $320 - $360 $503 $548 $265 $520 - $580 $540 - $600 Clean Energy Ventures $96 $271 $109 $210 - $290 $270 - $370 Storage and Transportation Adelphia
Gateway $7 $11 $2 $5 - $10 $5 - $10 Leaf River $39 $19 $22 $40 - $50 $55 - $65 $46 $30 $24 $45 - $60 $60 - $75 Total $644 $850 $399 $775 - $930 $870 - $1,045 No Change From Prior Quarter
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 $589 $550 - $590 $540 - $580 Uses of Funds Cash Flows Used in Investing Activities2, 3 $569 $568 $376 $700 - $800 $800 - $900 Dividends $165 $180 $96 $188 - $192 $198 - $202 Total Uses of
Funds $734 $748 $471 $888 - $992 $998 - $1,102 Financing Activities Common Stock Proceeds – DRIP $74 $35 $8 $18 - $20 $18 - $20 Debt Proceeds/ (Repayments)/Other $232 $247 $(126) $320 - $382 $440 - $502 Total
Financing Activities $307 $282 $(118) $338 - $402 $458 - $522 CFFO Increased From Prior Quarter
Debt Repayment Schedule No Significant Maturity Towers in Any Particular
Year Term debt only (excludes short-term debt of $150.0 million, capital leases of $43.6 million and solar financing obligations of $498.8 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 2.45% 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 March 31, 2026 / $ in
Millions, unless otherwise noted $1.4B
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 26 NJR: Business Portfolio 27 NJR: Dividend
Growth: Raised for 30 Consecutive Years 28 NJR: Drivers of Long-Term Growth Rate of 7-9% 29 NJNG: Growing Rate Base 30 S&T: Strategically Located Assets 31 S&T: Adjusted EBITDA 32 CEV: Diverse Commercial Solar
Portfolio 33 CEV: “Utility Like” Revenue Stack with Optionality 34 Energy Services: Overview 35 Energy Services: Strong NFE Contribution 36 Energy Services: Asset Management Agreements 37 Home Services (NJRHS) 38 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 Growth: Raised for 30 Consecutive Years Committed to Returning
Capital to Shareholders Dividend History Dividends per Share Record Date Payable Date Amount Per
Share 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 3/17/2021 4/01/2021 $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: 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: Strategically Located Assets 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 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 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 Maximize
capabilities of existing assets as pipeline and storage constraints highlight the benefit of storage and transportation infrastructure
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) $ 15,071 Add Interest expense, net 11,014 Income tax expense 4,844 Depreciation and amortization 10,434 Corporate
overhead 4,851 Less: Other Income, net 3,850 Adjusted EBITDA (Non-GAAP) $ 42,364 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 New Jersey CEV owns and operates commercial solar projects in New Jersey, Rhode Island, New York, Connecticut, Pennsylvania, Indiana, and Michigan with approximately 513MW of
installed capacity Over $1 billion invested in the solar marketplace Over 80 commercial projects in service Woodstock Solar One Placed into Service in Q2 2026 Windsor Solar One is a ~4MW feed-in tariff solar project located in
Woodstock, CT (Windham County)
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 NJRCEV’s solar fleet 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) $41.7M
34 34 Energy Services (ES) Operates in key market zones across the U.S.,
utilizing pipeline and storage assets to create geographic and seasonal optimization opportunities Maintains a long-option position to generate value Capital-light, Fee-based earnings Cash Generating Service Businesses Support Growth of
Capital Investment 34
Energy Services: Strong NFE Contribution Managing a Diversified Portfolio of
Physical Natural Gas Transportation and Storage Assets to Serve Customers Across North America; Fee-based Revenue through Asset Management Agreements Proven track record of success, leveraging natural gas market volatility to drive
value Minimal long-term capital commitments and significant cash generation during outperformance years has significantly reduced NJR equity needs A reconciliation of Financial Margin to Operating Income can be found in the Appendix Strong
Energy Service NFE Contribution ($ in Millions) Fiscal 2022 - 2025 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 ~ 150 licensed
technicians, installers, plumbers, electricians and skilled workers Provides residential service contracts for heating, cooling, water heating, electrical and standby 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 79,000 service calls and 4,000 HVAC, plumbing and generator installations in Fiscal 2025 Maintains a nearly
five-star customer satisfaction rating* * Rating determined by Shopper Approved. See njrhomeservices.com/reviews for more information. Cash Generating Service Businesses Support Growth of Capital Investment Responding to the Storm:
Proactively Addressing Common Problems with Digital Marketing Optimized contact streams and responsiveness to ensure we reached as many customers as possible before and after the storm Increased monitoring of Customer Experience emails,
phone calls Proactively addressed common customer questions digitally with social media posts
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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May 04, 2026
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