NEW JERSEY RESOURCES CORP Q1 FY2025 earnings call

• Strategic initiatives: New Jersey Natural Gas implemented new rates and launched the $386 million SAVEGREEN energy efficiency program. Clean Energy Ventures placed commercial solar projects and sold its residential solar portfolio. Storage and Transportation advanced its rate cases. Energy Services continued to derive value from its assets. - Sustainability: Issued the Fiscal 2024 Corporate Sustainability Report, installed distributed carbon capture technology, and used renewable diesel. - Capital investments: Fiscal 2025-2026 planning CapEx ranges from $1.3 billion to $1.6 billion, with NJNG investing $127 million and CEV having 11 MW in service and 63 MW under construction.

New Jersey Natural Gas: Invested $127 million in the quarter, with 43% of CapEx providing near real-time returns. Clean Energy Ventures: Successfully placed ~11 megawatts of commercial solar projects into service, with an additional 63 megawatts under construction and a project pipeline of over 1 gigawatt. Storage and Transportation: Delivers stable returns through fee-based revenues, with the Adelphia Gateway rate case progressing and the Leaf River capacity recovery project advancing. Energy Services: Derives value from its portfolio of strategically located storage and transportation assets and asset management agreements.

• Fiscal 2025 NFEPS guidance is $3.05 to $3.20 per share, exceeding the long-term growth rate. - Sale of residential solar portfolio enhances the balance sheet. - Adelphia Gateway rate case is expected to conclude later in 2025.

• Factors beyond control affecting forward-looking statements. - Non-GAAP financial measures not intended to substitute for GAAP.

Q: Shar Pourreza asks about the trend within the 2025 EPS guidance range and CEV growth.

A: Roberto states they are well within the range and CEV's portfolio is diversified.

Q: Richard Sunderland inquires about winter impact on Energy Services and the Adelphia rate case.

A: Weather was constructive across businesses, and Adelphia rate case is expected to be settled in 2025.

Q: Gabe Moreen asks about CEV CapEx acceleration and IIP renewal.

A: CEV CapEx is accelerated and IIP will be evaluated and updated when ready.

Q: Travis Miller asks about SAVEGREEN regulatory treatment and tariffs impact.

A: SAVEGREEN is recovered annually, and no significant tariff impact is seen at this time.