PEG Public Service Enterprise Group 8-K 2026-08-04 slides

Forward-Looking Statements

Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

• any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects;
• significant resource adequacy challenges that present affordability and reliability concerns that could cause policymakers to implement responsive measures that could have a material, adverse impact on our business, strategy, growth rates, cash flows, results of operations, and financial condition and increase regulatory uncertainty for utility investment initiatives and programs;
• the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;
• any equipment failures, gas explosions, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our customers;
• any inability to recover the carrying amount of our long-lived assets;
• disruptions or cost increases in our supply chain, including labor shortages;
• any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;
• the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems;
• failure to attract and retain a qualified workforce;
• increases in the costs of equipment, materials, fuel, services and labor;
• the impact of our covenants in our debt instruments and credit agreements on our business;
• adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements;
• any inability to enter into or extend certain significant contracts;
• development, adoption and use of Artificial Intelligence by us and our third-party vendors;
• fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;
• the ability to obtain adequate nuclear fuel supply;
• changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;
• third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;
• any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules;
• risks associated with generation activities at, and operation of, the Peach Bottom plants, which are similar to those to which nuclear generation plants that we operate are subject;
• the impact of changes in state and federal legislation and regulations on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments;
• PSE&G’s proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned;
• our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, and/or production tax credits;
• adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns;
• risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks;
• changes in or violation of federal, state and local environmental laws and regulations and enforcement;
• delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and
• changes in tax laws and regulations.

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

GAAP Disclaimer

PSEG presents Operating Earnings in addition to its Net Income/(Loss) reported in accordance with accounting principles generally accepted in the United States (GAAP). Operating Earnings is a non-GAAP financial measure that differs from Net Income/(Loss). Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items. The last two slides in this presentation (Slides A and B) include a list of items excluded from Net Income/(Loss) to reconcile to non-GAAP Operating Earnings.

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG’s financial performance to previous financial results. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of Net Income/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies.

PSEG also includes forward-looking estimates of non-GAAP Operating Earnings and non-GAAP Funds From Operations (FFO), including the forward-looking non-GAAP FFO/Debt ratio target, in its presentations.

Non-GAAP FFO reflects cash from operations excluding working capital and adjusts for certain items including taxes on asset sales, cost of removal and energy efficiency investments. Non-GAAP Debt consists of long-term debt, short-term debt and other imputed debt primarily related to an unfunded pension obligation. Non-GAAP FFO, as referenced in this presentation, may not be comparable to similarly titled measures used by other companies. Given the forward-looking nature of non-GAAP Operating Earnings and non-GAAP FFO estimates and our inability to project certain reconciling items that would be excluded from the most directly comparable GAAP measures – such as MTM and NDT gains (losses), with respect to non-GAAP Operating Earnings; working capital (including accounts receivable/payable, cash collateral), adjustments to Net Income/(Loss) (including changes in regulatory assets/liabilities, deferred taxes) with respect to non-GAAP FFO and non-GAAP debt and imputed debt (including unfunded pension obligation) with respect to non-GAAP debt - due to the volatility, complexity and low visibility of these items, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results. Guidance included herein is as of August 4, 2026.

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage here. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this communication.

PSEG Q2 and Year-to-Date 2026 Highlights

Second Quarter and YTD Results

• Net Income of $0.67 per share in Q2 2026 and $2.15 per share YTD
• Non-GAAP Operating Earnings of $0.86 per share in Q2 2026 and $2.41 per share YTD

Operational Excellence

• PSE&G responded to one of the largest restoration efforts in its history by quickly and safely restoring power to ~380,000 electric customers and completing 7,000+ A/C repairs following a week of extreme weather events in early July
• PSE&G successfully managed a summer peak load of 10,446 MW on July 2nd, the highest system load since 2012
• PSEG Nuclear achieved a capacity factor of 92.0% for the quarter following completion of scheduled refueling outage at Salem Unit 2 and 93.7% YTD

Disciplined Investment

• Regulated investment was ~$1 billion in Q2; regulated capital spending plan for full year 2026 of ~$4.2 billion on track
• Total PSEG capital program of $24B - $28B for 2026-2030, >90% regulated investments

See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP).

Note: PSEG Power & Other includes nuclear generating fleet, gas supply operations, PSEG Long Island, competitively bid regulated transmission investments, Parent and other.

PSEG Outlook Maintained

2026 guidance midpoint represents ~7% increase over 2025 results

Chart — Operating Earnings

Up arrow: ~7% Year-Over-Year Growth

Continuing Execution of PSEG Strategic Plan

• PSEG maintained 2026 non-GAAP Operating Earnings guidance of $4.28 - $4.40 per share
• 2026 outlook driven by:
  • Regulated rate base increased ~7% at YE 2025 over YE 2024
  • Higher utility margin from T&D and energy efficiency investments
  • Hedged over 95% of expected nuclear output in 2026; market prices for energy and capacity above PTC threshold price
  • Higher costs, including interest and depreciation, based on higher capital spend
• Regulated capital spending plan for 2026 of ~$4.2 billion focused on continued investments in infrastructure modernization, energy efficiency, electrification initiatives and load growth
• PSEG raised 2026 indicative annual common dividend by $0.16 per share, the 15th consecutive annual increase

See Slide A for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP).

All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.

Strong Business Mix and Predictable Growth with Upside

Steady Execution

• PSEG’s outlook for long-term, non-GAAP Operating Earnings CAGR is 6%-8% through 2030
• Total PSEG capital program of $24B - $28B for 2026-2030, >90% regulated investments focused largely on system replacement
• Rate Base CAGR of 6%-7.5% over same period efficiently translates to earnings growth
• Able to fund 5-year capital spending plan without the need to issue equity or sell assets
• Opportunistically hedging nuclear output to support long-term earnings CAGR
• Management track record of 21 consecutive years meeting or exceeding non-GAAP Operating Earnings guidance

Alignment with NJ Energy Policy

• Stringent cost control supports customer affordability
• Regulated capital investment program focused on reliability of utility infrastructure and cost saving energy efficiency
• PSEG’s investments provide economic stimulus and support jobs in New Jersey
• Favorable affordability profile in the state, the mid-Atlantic region and nationally
• Best-in-class operating performance in safety, reliability, storm response and customer satisfaction measures
• PSE&G transparency on connecting renewables to the grid

Energy Solutions Provide Upside

• Potential growth beyond forecasted 6%-8% CAGR in non-GAAP Operating Earnings includes:
  • Contracting existing and planned additions of nuclear output above current market prices
  • Winning incremental competitive transmission solicitations
  • Making incremental system investments to connect solar and battery storage resources to the grid to meet new demand
  • Potential for regulated/contracted supply opportunities

PSEG Q2 Results

PSEG Summary – Three Months ended June 30,

Net Income/(Loss) ($ in millions)

Non-GAAP Operating Earnings ($ in millions)

See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP).

PSEG EPS Reconciliation – Q2 Results

Chart: $ / share

PSE&G

PSEG Power & Other

See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP). Results may not add due to rounding.

PSEG First Half Results

PSEG Summary – Six Months ended June 30,

Net Income ($ in millions)

Non-GAAP Operating Earnings ($ in millions)

See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP).

PSEG EPS Reconciliation – First Half Results

PSEG Second Quarter 2026
Unit: $ / share

See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP).
Results may not add due to rounding.

PSE&G Q2 and Year-to-Date 2026 Highlights

Operations

• Residential Electric customer count grew by ~1% and Residential Gas customer count was flat for the trailing 12 months ended June 30, 2026
• Weather-normalized sales for the trailing 12 months ended June 30:
  • Total Electric sales increased by ~1%
  • Total Gas sales decreased by ~3%
• PSE&G replaced ~165 miles of gas main and ~27,510 associated gas services to homes and businesses under gas main replacement program for the trailing 12 months ended June 30
  • Reduced reported methane emissions by over 34% system wide since 2018 through GSMP

Financial

• PSE&G invested ~$1 billion in Q2; Regulated capital investments for 2026 expected to total ~$4.2 billion

Regulatory and Market Environment

• PSE&G filed with the BPU to lower residential gas heating bills by 5% effective October 2026, maintaining the lowest gas bills in NJ and Mid-Atlantic Region
• BPU approved annual revenue increase of $23 million for investments under GSMP II Extension effective April 1, 2026
• BPU released Phase 1 report on Modernizing New Jersey’s Electric Utility Business Model in July; Phase 2 to now commence
• BPU issued a one-year extension to the second triennium of EE programs running from 7/1/2027 - 6/30/2028 (Triennium 2.5 Framework)
• New BPU President, Ben Hertz-Shargel, assumed office in July 2026
• NJ Governor signed three utility-related bills (Repeal ROE Adder, S1673 / A2757; Advanced Grid Technologies Act, S4411 / A5188; and Data Center Fair Share, S731 / A796) and the Power NJ Act (A4881/S4296) in July
• 2024 Zero Emission Certificates customer refunds started June 2026
• PSE&G currently anticipates filing by year end 2026 to update base rates

PSEG Power & Other

Nuclear Generation Measures

Refueling Outages:

• 2026: Spring – S2; Fall – S1, PB2
• 2025: Spring – S1; Fall – HC, PB3

Financial Considerations

• For 2026, total nuclear generation is forecasted to be 30-32 TWh
• Realized energy price historically aligned with the PECO hub
• Over 95% of expected nuclear output hedged for 2026
• Hope Creek extended fuel cycle from 18 months to 24 months in fall 2025
• Capacity uprate potential at Salem of nearly 200 MW total (~112 MW PSEG share)
• Notified NRC of intention to file for extension of operating licenses for Salem Units 1&2 and Hope Creek by 20 years to 2056, 2060 and 2066, respectively
• Optionality around data centers/large load customers and PPAs at premium pricing to PTC; Submitted proposals into PJM RBP process

PJM Capacity Auction Results

Illustrative Gross Margin Change Above PTC

Note: Generation indicates net generation. Average Prices and Cleared Capacity reflect base and incremental auctions.

PJM’s new conversion of ICAP (installed capacity) to UCAP (unforced capacity, which is what is bid), has resulted in less UCAP per MW of ICAP. PSEG Nuclear sold the full UCAP value of the units.

PSEG Maintains a Solid Financial Position

PSEG

PSEG Senior Unsecured Credit Ratings

PSEG Power Senior Unsecured Credit Ratings

Public Service Electric & Gas

PSE&G Senior Secured Credit Ratings

PSEG Liquidity

PSEG Liquidity and Net Cash Collateral Postings

• PSEG had approximately $3.4B of total available liquidity, including $192M of cash and cash equivalents, at June 30, 2026
• As of June 30, 2026, PSEG’s variable rate debt was ~3% of total debt
• PSEG Power had net cash collateral postings of $414M at June 30, 2026

PSEG Maturity Profile 2026 - 2030

Principal Maturing ($ Millions). The y-axis labels are 0, 500, 1,000, 1,500, 2,000, and 2,500. Individual bar values are not labelled on the slide.

All data is as of June 30, 2026 unless otherwise noted.

(1) 364-Day Term Loan is at a variable rate and is included in Short-Term Debt as Commercial Paper & Loans. In December 2025, PSEG Power amended its existing $400 million 364-day variable rate term loan, which increased the balance to $500 million and extended the maturity to December 2026.

Note: Total long-term debt outstanding amounts may not add to PSEG Consolidated total long-term debt outstanding due to rounding. Amounts on slide are rounded up to two decimal places.

PSEG Liquidity as of June 30, 2026

($ millions)

(A) Master Facility of $2.75B with a PSEG sub-limit of $1.5B and PSEG Power sub-limit of $1.25B, which can be adjusted subject to terms within the credit agreement.

(B) PSEG Power has $425 million in uncommitted credit facilities with $305 million in letters of credit outstanding under these facilities. PSE&G has a $30 million uncommitted credit facility with an immaterial amount of letters of credit outstanding under this facility.

PSEG Glossary of Terms

PSEG Investor Relations
80 Park Plaza
Newark NJ 07102
PSEG-IR-GeneralInquiry@pseg.com

Right-pointing triangle: Link to PSEG Investor Relations Website
Right-pointing triangle: Link to PSEG Sustainability Webpage

The information on the PSEG Investor Relations Website and the PSEG Sustainability Webpage is not incorporated herein and is not part of this slide presentation or the Form 8-K to which it is an exhibit.

Reconciliation of Non-GAAP Operating Earnings

Public Service Enterprise Group Incorporated – Consolidated Operating Earnings (non-GAAP) Reconciliation

($ millions, Unaudited)

PSEG Fully Diluted Average Shares Outstanding (in millions)

($ Per Share Impact - Diluted, Unaudited)

(a) Includes the financial impact from positions with forward delivery months.

(b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds.

Please see Slide 3 for an explanation of PSEG’s use of Operating Earnings as a non-GAAP financial measure and how it differs from Net Income.

Reconciliation of Non-GAAP Operating Earnings

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

($ millions, Unaudited)

(a) Includes the financial impact from positions with forward delivery months.

(b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds.

Please see Slide 3 for an explanation of PSEG’s use of Operating Earnings as a non-GAAP financial measure and how it differs from Net Income/(Loss).