Fiscal 2025 Third Quarter and Year-to-Date Financial Results  August 2025   Investor Presentation 

 Forward-Looking Statements and Non-GAAP Measures  Forward-Looking Statements  This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings presentation include, but are not limited to, statements regarding NJR’s NFEPS guidance for fiscal 2025, including NFEPS guidance by Segment, long term growth targets and guidance range, long term annual growth projections and targets, our CIP, IIP and Savegreen programs, NFEPS expectations from utility operations, Capital Plan expectations, 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, the outcome or timing of Adelphia's rate case with FERC, 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  Non-GAAP Measures  This presentation includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin, utility gross margin, adjusted funds from operations and adjusted debt. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.  NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJR Energy Services Company.  NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin.   Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense.  Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments.  Management uses NFE/net financial loss, utility gross margin, financial margin, adjusted funds from operations and adjusted debt, as supplemental measures to other GAAP results to provide a more complete understanding of the Company’s performance. Management believes these non-GAAP measures are more reflective of the Company’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. In providing NFE guidance, management is aware that there could be differences between reported GAAP earnings and NFE/net financial loss due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and therefore is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts. In addition, in making forecasts relating to S&T’s Adjusted EBITDA and adjusted funds from operations and adjusted debt, management is aware that there could be differences between reported GAAP earnings, cash flows from operations and total long-term and short-term debt due to matters such as, but not limited to, the unpredictability and variability of future earnings, working capital and cash positions. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported GAAP measures and therefore is not able to provide a reconciliation to the corresponding GAAP equivalent for such forecasts without unreasonable efforts. NFE/net financial loss, utility gross margin and financial margin are discussed more fully in Item 7 of our Report on Form 10-K and, we have provided presentations of the most directly comparable GAAP financial measure and a reconciliation of our non-GAAP financial measures, NFE/net financial loss, utility gross margin, financial margin, adjusted funds from operations and adjusted debt, to the most directly comparable GAAP financial measures, in the appendix to this presentation. This information has been provided pursuant to the requirements of SEC Regulation G. 

 Contents NJR At a Glance  Fiscal 2025 Third Quarter and Year-to-Date Conference Call  4  Fiscal 2025 Third Quarter and Year-to-Date Highlights  5  Raises Lower End of Fiscal 2025 NFEPS Guidance by $0.05 to $3.20 to $3.30  6  NFEPS Guidance by Segment  7  New Jersey Natural Gas (NJNG): Customer Growth  8  NJNG: Increasing Energy Efficiency CAPEX  9  NJNG: Year to Date CAPEX  10  Clean Energy Ventures (CEV): Strong Investment Options  11  Storage and Transportation (S&T): Maximizing Existing Assets  12  Financial Review  13  Review of Fiscal 2025 Third Quarter and Year-to-Date Results  14  NJR Capital Plan: Chart  15  Superior Credit Metrics, Balance Sheet and Cash Flows  16  Investment Considerations  Appendix: Financial Statements and Additional Information – 17  18  Reconciliation of NFE and NFEPS to Net Income  19  Other Reconciliation of Non-GAAP Measures  20  Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations  21  Fiscal 2025 Third Quarter and Year-to-Date NFE and NFEPS by Business Unit  22  NJR Capital Plan: Table  23  Debt Repayment Schedule  24  Projected Cash Flows  Business Overview – 25  26  NJR: Business Portfolio  27  NJNG: High Quality Utility in Favorable Favorable Regulatory Environment  28  NJNG: Supportive Regulatory Construct  29  CEV: Overview  30  CEV: SREC Hedging Strategy Stabilizes Revenue  31  Storage and Transportation (S&T): Overview  32  Energy Services (ES): Overview  33  Dividend Growth: Committed to Building Shareholder Value  34  Industry Leading Long-Term Growth Rate of 7-9%  35  Shareholder and Contact Information  Corporate Information  Ticker  NYSE: NJR  Corporate Headquarters  Wall, NJ  Incorporated  New Jersey  Website  www.njresources.com  IPO  1982  Share Information  Share Price  $45.76  Shares Outstanding  100.4M   Market Cap  $4.6B  Dividend Information  Annual Dividend  $1.80  Dividend Yield  3.93%  All daily trading information/multiples as of 8/1/2025 

 Fiscal 2025 Third Quarter and Year-to-Date Highlights  Executing on our Strategic Plan to Drive Growth  New Jersey   Natural Gas  Clean Energy Ventures  Storage and Transportation  Adelphia: Rate Case Resolution by the End of 2025   Leaf River: Assessing Potential Expansion Opportunities   ~63MW2 placed into service in FY 2025   Record Investment Under New SAVEGREEN® Program  1. A reconciliation from NFE to net income can be found in the Appendix.  2. As of July 31, 2025  Solid Execution Across all of NJR's Complementary Portfolio of Businesses  Raised Lower End of FY 2025 NFEPS1 Guidance Range  Increased Capex Range Driven by Strong Utility Investments 

 Raises Lower End of Fiscal 2025 NFEPS Guidance by $0.05 to $3.20 to $3.30  Net Financial Earnings per Share  Guidance Range Above 7% - 9% Long-term Projected NFEPS Growth  Guidance Range  $3.20 - $3.30  7-9%  Long-Term   Annual Growth  $2.50  $2.70  Outperformance Above Long-Term Growth Rate   $2.20 - $2.30  $2.42 - $2.52  Strong energy prices(NJNG, CEV, ES)  Winter Storm Elliot  January 2024   weather event   Initial Guidance Range  Represents the midpoint of NJR's Long-Term Growth Rate  $2.70 - $2.85  Base of  $2.83 Per Share   $2.95  Sale of Residential   Solar Portfolio  Energy Services   Strong Performance   during the   2025 Winter Season  Actuals  Estimates 

 NFEPS Guidance by Segment  NJNG Remains the Largest Contributor to NFEPS Following the Conclusion of its Base Rate Case   Fiscal 2025 NFEPS Guidance  by Segment  New Jersey Natural Gas  64% - 67%  Energy Services  10% - 12%  Home Services  0% - 1%  S&T  4% - 6%  CEV  20% - 22%  68% - 73%  30% - 35%  Q3 2025: Consistent Performance From All Business Units  No Significant Changes from Q2  ~65% of Fiscal 2025 NFEPS Expected from Utility Operations  Over 70% Excluding the Gain from the Sale of the Residential Solar Portfolio 

 New Jersey Natural Gas (NJNG): Customer Growth  Strong Trend of Customer Growth Through a Mix of New Construction and Conversions Across New Jersey  Through Q3  93% Residential  97% Located in Monmouth / Ocean / Morris Counties  Favorable Demographics   Innovative investments (natural gas heat pump, carbon capture) provide additional growth opportunities  NJNG's service territory is experiencing significant development, driven by strong demand and a shift towards year-round living  NJNG Total Customers  (in thousands) 

 NJNG: Increasing Energy Efficiency   8  NJNG is authorized to invest $385.6 million over the 30-month period (6/30/2027)  Launched in 2009, SAVEGREEN® provides energy efficiency solutions that meet the unique needs and budgets of residential and commercial customers   — including low- and moderate income, multifamily, hospitals and municipalities.   FY25 SAVEGREEN® CAPEX Grows Over 30%   to $90M - $95M driven by strong customer demand and operational efficiencies  Investments in SAVEGREEN® are incremental to rate base and earn near-real time returns through a rider that is updated annually  Favorable Construct  Significant Runway for Further Investment  Record Levels of Investment 

 NJNG: Year to Date CAPEX  YTD Fiscal 2025 Capital Expenditures1,2,3  (Actuals, $ in M)  47% of NJNG Capital Expenditures Earnings a Near Real-Time Return  Total change in PP&E (cash spent, capex accrued and AFUDC). Includes SAVEGREEN investments, which for GAAP purposes are included as part of cash flows from operations.  Facilities included in “Other”.   The sum of actual amounts may not equal due to rounding.  ~47%  Capital Expenditures Earning a Near Real-time Return  ~$383M 

 Clean Energy Ventures (CEV): Strong Investment Options   CEV Owns and Operates Solar Projects with Approximately 449MW of Commercial Solar Capacity  MWs  ~38% of pipeline located in NJ  ~62% of pipeline located outside of NJ  ~63MW   New In-Service in Fiscal 2025  "Big Beautiful Bill" Enacted:   Proactive Positioning Preserved Pipeline  131MW expected in service in the next two years  Total size of the solar pipeline remains consistent, with ~1GW of solar opportunities  CEV project pipeline is generally structured to preserve NJR’s returns -- we have grown our pipeline through structured investments and partnerships that provide optionality while limiting at-risk capital  CEV has delivered strong returns on solar projects through multiple legislative cycles, including changes to the ITC  1.0 GW  Investment Options for Future Solar Growth (including  projects under contract or  exclusivity)  Expected In-Service Over the Next Two Years; Representing Over $350 Million in Investment 

 Storage and Transportation (S&T): Maximizing Existing Assets  Leaf River (storage) and Adelphia Gateway (transportation)  Adelphia Section 4 Base Rate Case  Filed in Fiscal 2024 Fourth Quarter  Considered numerous investments made in rate base, expenses of pipeline operations, and regulatory driven projects  What's New:  On June 26, 2025, Adelphia reached a settlement in principle with customers participating in the rate case.   Adelphia and the rate case participants plan to file an offer of settlement with the FERC during the fourth quarter of fiscal 2025.  Leaf River Energy Center:  Maximizing Existing Asset     Capacity Recovery Project Ongoing   Salt cavern leaching is a process used to regain capacity lost to salt creep over time   Potential Cavern Expansion  Currently Examining Design Optimization Throughout Facility for Existing or New Cavern Capacity Expansion   Favorable Market Conditions Provide Optionality to Seek Superior Risk-Adjusted Returns 

 Fiscal 2024 YTD – Consolidated NFE ($ in millions)  $ 202.1   NJNG  $ 69.1   Utility Gross Margin1  $ 118.1   Depreciation & Amortization (D&A)  $ (20.9)  Interest Expense, O&M, AFUDC and Income Tax  $ (28.1)  Clean Energy Ventures  $ 39.1   Revenue  $ (12.9)  D&A and Interest Expense  $ 5.8   Gain on Sale of Assets  $ 56.1   Other (including ITC recognition)  $ (9.9)  Storage & Transportation  $ 4.1   Revenue  $ 7.7   D&A and Interest Expense  $ 0.8   AFUDC & Other  $ (4.4)  Energy Services  $ (3.8)  Financial Margin1  $ (14.7)  Interest Expense, Income Tax and Other  $ 10.9   Home Services and Other  $ 2.7   Fiscal 2025 YTD – Consolidated NFE ($ in millions)2  $ 313.4   Fiscal 3Q24 – Consolidated NFE ($ in millions)  $ (8.9)  NJNG  $ 16.2   Utility Gross Margin1  $ 25.0   Depreciation & Amortization (D&A)  $ (7.5)  Interest Expense, O&M, AFUDC, Income Tax  $ (1.3)  Clean Energy Ventures  $ (0.1)  Revenue  $ (2.6)  D&A and Interest Expense  $ 1.6   Gain on Sale of Assets  $ 0.5   Other (including ITC recognition)  $ 0.3   Storage & Transportation  $ 1.8   Revenue  $ 2.7   D&A and Interest Expense  $ 1.5   O&M, AFUDC & Other  $ (2.4)  Energy Services  $ (1.5)  Financial Margin1  $ (6.1)  Interest Expense, Income Tax and Other  $ 4.6   Home Services and Other  $ (1.2)  Fiscal 3Q25 – Consolidated NFE ($ in millions)2  $ 6.2   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 2025 Third Quarter and Year-to-Date Results1  ($ in Millions)  Fiscal Third Quarter  Fiscal Year-to-Date 

 NJR Capital Plan1,2   Includes SAVEGREEN Investments. Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations.  The sum of actual amounts may not equal due to rounding.  $596  $644  $650 - $770  $655 - $835  ($ in Millions)  Capital plan supports long-term NFEPS growth targets of 7-9%  $465 - $515  $470 - $535  $165 - $220  $20 - $35  $10 - $25  $175 - $275  Actuals  Estimates  $529     ~$1.3B - $1.6B  Planned CAPEX Over the Next 2 Years  YTD 

 Well Positioned to Achieve Higher than Peer Growth with No Need for Block Equity  Superior Credit Metrics, Balance Sheet and Cash Flows   1. Internal estimates based on Fitch Ratings methodology. Ratio represents inverse of FFO-adjusted leverage ratio. A reconciliation from adjusted funds from operations to cash flows from operating activities and adjusted debt to long-term and short-term debt can be found in the Appendix. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments.   NJR Adjusted FFO / Adjusted Debt1  NJNG  (Secured Rating)  NJR  (Unsecured Rating)  NAIC  NAIC-1.E  NAIC-2.A  Moody's  A1 (Stable)  Fitch  A+ (Stable)  Actuals  Estimated  Superior Credit Metrics  No Block Equity Needs  Cash Flow from Operations of $900 million - $1 billion in the Next Two Years  Staggered Debt Maturity Stack  Substantial liquidity at both NJNG and NJR   $825M of credit facilities available through FY2029  19 - 21% 

 Investment Considerations  Complementary Energy Infrastructure Platform with Predictable Net Financial Earnings and Incremental Growth Opportunities   * Net Financial Earnings Per Share   Consistent   Outperformance  Guidance Increases in Each of the Past 5 Years  Industry Leading   Growth Rate  Stated 7-9% long-term annual NFEPS* growth rate is at the highest end of the utility industry.  NJR has exceeded this growth rate in each of the last 5 years.  Clear Regulatory  Visibility  NJR’s largest business unit is New Jersey Natural Gas, which completed its most recent base rate case in November 2024, securing recovery for investments that ensure safe and reliable service for our roughly 588,000 customers.  This provides NJR with strong visibility into its long-term growth trajectory  Strong   Balance Sheet  Long-term debt is well staggered with no significant maturities in any particular year. This provides financial flexibility and reduced risk, especially in an evolving interest rate environment.   No need for block equity issuances to achieve growth targets 

 Appendix:  Financial Statements and Additional Information  17  18  Reconciliation of NFE and NFEPS to Net Income  19  Other Reconciliation of Non-GAAP Measures  20  Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations  21  Fiscal 2025 Third Quarter and Year-to-Date NFE and NFEPS by Business Unit  22  NJR Capital Plan: Table  23  Debt Repayment Schedule  24  Projected Cash Flows 

 Reconciliation of NFE and NFEPS to Net Income  ($ in 000s)  NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.  NFE eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period  (Unaudited)  Three Months Ended  June 30,  Nine Months Ended  June 30,  2025  2024  2025  2024  NEW JERSEY RESOURCES  A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:  Net (loss) income  $ (15,051)  $ (11,574)  $ 320,555   $ 198,649   Add:  Unrealized loss (gain) on derivative instruments and related transactions   10,766    3,803    (10,072)   23,860   Tax effect   (2,559)   (903)   2,394    (5,670)  Effects of economic hedging related to natural gas inventory   16,924    (385)   747    (19,458)  Tax effect   (4,022)   91    (178)   4,624   NFE tax adjustment   140    69    (58)   116   Net financial earnings (loss)  $ 6,198   $ (8,899)  $ 313,388   $ 202,121   Weighted Average Shares Outstanding  Basic   100,373    98,983    100,173    98,409   Diluted   100,373    98,983    100,813    99,213   A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:  Basic (loss) earnings per share  $ (0.15)  $ (0.12)  $ 3.20   $ 2.02   Add:  Unrealized loss (gain) on derivative instruments and related transactions   0.11    0.04    (0.10)   0.24   Tax effect   (0.03)   (0.01)   0.02    (0.06)  Effects of economic hedging related to natural gas inventory   0.17    —    0.01    (0.20)  Tax effect   (0.04)   —    —    0.05   Basic net financial earnings (loss) per share  $ 0.06   $ (0.09)  $ 3.13   $ 2.05  

 Other Reconciliation of Non-GAAP Measures  NJNG Utility Gross Margin  NJNG's utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expenses. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization.  Energy Services Financial Margin  Financial margin removes the timing differences associated with certain derivative and hedging transactions. Financial margin differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization expenses as well as the effects of derivatives instruments on earnings.   (Unaudited)  Three Months Ended  Nine Months Ended  June 30,  June 30,  2025  2024  2025  2024  A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows:  Operating revenues  $ 205,029   $ 158,110   $ 1,157,439   $ 914,741   Less:  Natural gas purchases   74,941    55,699    480,244    380,818   Operating and maintenance1   34,719    35,709    90,238    91,050   Regulatory rider expense   10,979    8,343    81,956    56,761   Depreciation and amortization   35,987    28,491    103,784    82,872   Gross margin   48,403    29,868    401,217    303,240   Add:  Operating and maintenance1   34,719    35,709    90,238    91,050   Depreciation and amortization   35,987    28,491    103,784    82,872   Utility gross margin  $ 119,109   $ 94,068   $ 595,239   $ 477,162   A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows:  Operating revenues  $ 38,850   $ 62,441   $ 371,548   $ 306,971   Less:  Natural Gas purchases   67,781    61,041    287,496    226,841   Operating and maintenance1   1,020    3,814    13,482    21,605   Depreciation and amortization   30    45    139    158   Gross margin   (29,981)   (2,459)   70,431    58,367   Add:  Operating and maintenance1   1,020    3,814    13,482    21,605   Depreciation and amortization   30    45    139    158   Unrealized loss (gain) on derivative instruments and related transactions   10,766    3,804    (10,072)   28,736   Effects of economic hedging related to natural gas inventory   16,924    (385)   747    (19,458)  Financial margin  $ (1,241)  $ 4,819   $ 74,727   $ 89,408    Excludes selling, general and administrative expenses  ($ in 000s) 

 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations  Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense  Adjusted debt is total long term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease backs, debt issuance costs, and other Fitch credit metric adjustments  Cash Flow from Operations   $385.2   Add back   Components of working capital   $50.2   Cash paid for interest (net of amounts capitalized)   $98.9   Capitalized Interest   $8.2   SAVEGREEN loans, grants, rebates and related investments   $72.9   Operating cash flows from operating leases   $6.7   Adjusted FFO (Non-GAAP)   $622.1   Long-Term Debt (including current maturities)   $3,076.7   Short-Term Debt   $306.7   Exclude  Cash on Hand   ($2.0)  CEV Sale-Leaseback Debt   ($336.9)  Include  CEV Sale lease-back Contractual Commitments    $231.2   Debt Issuance Costs   $13.6   Operating Lease Debt estimate (8x lease expense)   $66.8   Adjusted Debt (Non-GAAP)   $3,356.1   Adjusted Debt,   YTD FY2025   (Millions)  Adjusted Funds from Operations,   YTD FY2025  (Millions) 

 Fiscal 2025 Third Quarter and Year-to-Date NFE and NFEPS by Business Unit1  ($ in 000s)   (Thousands)  Three Months Ended June 30,  Nine Months Ended June 30,  2025  2024  Change  2025  2024  Change  New Jersey Natural Gas  $10,079  $(6,139)  $16,218  $221,518  $152,400  $69,118  Clean Energy Ventures  $(6,857)  $(6,714)  $(143)  $37,315  $(1,808)  $39,123  Storage and Transportation  $5,898  $4,140  $1,758  $13,905  $9,761  $4,144  Energy Services  $(3,734)  $(2,244)  $(1,490)  $39,400  $43,231  $(3,831)  Home Services and Other  $812  $2,058  $(1,246)  $1,250  $(1,463)  $2,713  Total  $6,198  $(8,899)  $15,097  $313,388  $202,121  $111,267   (Thousands)  Three Months Ended June 30,  Nine Months Ended June 30,  2025  2024  Change  2025  2024  Change  New Jersey Natural Gas  $0.10  $(0.07)  $0.17  $2.21  $1.55  $0.66  Clean Energy Ventures  $(0.06)  $(0.07)  $0.01  $0.38  $(0.02)  $0.40  Storage and Transportation  $0.05  $0.04  $0.01  $0.14  $0.10  $0.04  Energy Services  $(0.04)  $(0.02)  $(0.02)  $0.39  $0.44  $(0.05)  Home Services and Other  $0.01  $0.03  $(0.02)  $0.01  $(0.02)  $0.03  Total  $0.06  $(0.09)  $0.15  $3.13  $2.05  $1.08  Net Financial Earnings (NFE)  Net Financial Earnings per Share (NFEPS)  The sum of actual amounts may not equal due to rounding. 

 Capital Plan Table1,2  ($ in Millions)  Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations.  The sum of actual amounts may not equal due to rounding.     FY2024A  FY2025A  FY2025E  FY2026E  Near Real Time Return?  New Jersey Natural Gas  New Customer  $100  $83  $110  -  $115  $100  -  $110  Yes  IIP  $42  $24  $25  -  $35  $—  -  $—  Yes  SAVEGREEN  $71  $73  $90  -  $95  $70  -  $80  Yes  IT  $60  $42  $45  -  $55  $5  -  $15  System Integrity  $172  $122  $135  -  $145  $200  -  $220  Cost of Removal   $51  $33  $35  -  $40  $50  -  $55  Other  $7  $7  $25  -  $30  $45  -  $55  $503  $383  $465  -  $515  $470  -  $535  Clean Energy Ventures  $96  $130  $165  -  $220  $175  -  $275  Storage and Transportation  Adelphia Gateway  $7  $5  $5  -  $15  $5  -  $15  Leaf River  $39  $11  $15  -  $20  $5  -  $10  $46  $16  $20  -  $35  $10  -  $25  Total  $644  $529  $650  -  $770  $655  -  $835  Actuals  Estimates  YTD 

 Debt Repayment Schedule  No Significant Maturity Towers in Any Particular Year  Term debt only (excludes short-term debt of $306.7 million, capital leases of $35.4 million and solar financing obligations of $336.9 million).   Term Debt1 Maturity Schedule   as of June 30, 2025 / $ in Millions, unless otherwise noted  $1.3B  NJR Unsecured Senior Notes  FY Maturity  Principal  3.54%  2026   $100,000   4.38%  2027   $110,000   3.96%  2028   $100,000   3.29%  2029   $150,000   3.50%  2030   $130,000   3.13%  2031   $120,000   3.60%  2032   $130,000   3.25%  2033   $80,000   6.14%  2033   $50,000   3.64%  2034   $50,000   5.55%  2035   $100,000   Total NJR LT Debt   $1,120,000   NJNG First Mortgage Bonds  FY Maturity  Principal  3.15%  2028   $50,000   5.56%  2033   $50,000   5.49%  2034   $75,000   4.37%  2037   $50,000   3.38%  2038   $10,500   2.75%  2039   $9,545   3.00%  2041   $46,500   3.50%  2042   $10,300   3.00%  2043   $41,000   4.61%  2044   $55,000   3.66%  2045   $100,000   3.63%  2046   $125,000   4.01%  2048   $125,000   3.76%  2049   $100,000   3.13%  2050   $50,000   3.13%  2050   $50,000   2.87%  2050   $25,000   2.97%  2052   $50,000   4.71%  2052   $50,000   5.47%  2053   $125,000   5.85%  2054   $50,000   5.82%  2054   $125,000   2.45%  2059   $15,000   3.86%  2059   $85,000   3.33%  2060   $25,000   2.97%  2060   $50,000   3.07%  2062   $50,000   Total NJNG LT Debt   $1,597,845   Substantial liquidity at both NJNG and NJR -   $825M of credit facilities available through FY2029  No Debt Maturities Remaining in   FY 2025 

 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).   In Fiscal 2025, year-to-date capital expenditures include $136.9 million in net proceeds from the sale of the residential solar portfolio. These proceeds, net of closing costs, are excluded from the capital expenditure estimates for Fiscal 2025 and Fiscal 2026.  Dividend growth for fiscal 2025 and fiscal 2026 are based upon the midpoint of forecasted 7-9% growth rate.  FY 2024A  YTD FY2025A  FY2025E  FY2026E  Cash Flows (used in) from Operations  $427  $385  $460  -  $500  $510  -  $550  Uses of Funds  Capital Expenditures2, 3  $569  $306  $600  -  $700  $650  -  $750  Dividends4  $165  $135  $174  -  $178  $188  -  $192  Total Uses of Funds  $734  $441  $774  -  $878  $838  -  $942  Financing Activities  Common Stock Proceeds – DRIP  $74  $31  $37  -  $39  $18  -  $20  Debt Proceeds/ (Repayments)/Other  $232  $25  $277  -  $339  $310  -  $372  Total Financing Activities  $307  $56  $314  -  $378  $328  -  $392  Projected Cash Flows1  ($ in Millions)  Actuals  Estimates  (unchanged from prior disclosure)  Operating cash flows are primarily affected by variations in working capital, which can be impacted by several factors, including:  seasonality of our business  fluctuations in wholesale natural gas prices and other energy prices, including changes in derivative asset and liability values;  timing of storage injections and withdrawals;  the deferral and recovery of natural gas costs; changes in contractual assets utilized to optimize margins related to natural gas transactions;   broker margin requirements;   impact of unusual weather patterns on our wholesale business;  timing of the collections of receivables and payments of current liabilities;  volumes of natural gas purchased and sold;   and timing of SREC deliveries. 

 Business Overview  25  25  26  NJR: Business Portfolio  27  NJNG: High Quality Utility in Favorable Favorable Regulatory Environment  28  NJNG: Supportive Regulatory Construct  29  CEV: Overview  30  CEV: SREC Hedging Strategy Stabilizes Revenue  31  Storage and Transportation (S&T): Overview  32  Energy Services (ES): Overview  33  Dividend Growth: Committed to Building Shareholder Value  34  Industry Leading Long-Term Growth Rate of 7-9%  35  Shareholder and Contact Information 

 NJR Home Services offers customers home comfort solutions, including equipment sales and installations; solar lease and purchase plans; and a service contract product line, including heating, cooling, water heating, electric and standby generator contracts  Recognized as a Top 20 Ruud® National Pro Partner™ for 9 Consecutive Years  NJR: Business Portfolio  Natural Gas and Renewable Fuel Distribution; Solar Investments, Wholesale Energy Markets; Storage & Transportation Infrastructure; Retail Operations  Operates and maintains Natural Gas transportation and distribution infrastructure serving approximately 588,300 customers in New Jersey  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, provide low carbon energy solutions and help our customers save energy and money in a sustainable way  Invests in, owns and operates midstream assets including natural gas pipeline and storage facilities. Our companies provide transportation and storage services to a broad range of customers in the natural gas market  Provides unregulated, wholesale natural gas to consumers across the Gulf Coast, Eastern Seaboard, Southwest, Mid-continent and Canada. In addition to energy supply, NJRES provides a full-range of customized energy management services   Demonstrated leadership as a premier energy infrastructure and environmentally-forward thinking company 

 NJNG: High Quality Utility in Favorable Regulatory Environment  Operates and Maintains Natural Gas Transportation and Distribution Infrastructure Serving Approximately 588,300 Customers in New Jersey (predominately located in Monmouth, Ocean, Morris Counties,   as well as Middlesex, Sussex and Burlington Counties)  588,300  Total Customers  6  Counties Across New Jersey  $3.2B1  Rate Base  $900M - $1.1B  Forecasted investments FY2025-FY2026  9.6%  Approved ROE  54%  Equity Layer  Ranked highest in overall residential and business customer satisfaction among large utilities in the East according to JD Power and were named a Customer Champion, Most Trusted Brand, Easiest to Do Business with by Escalent.   As of the most recent base rate case, settled on November 21, 2024 

 Launched in 2009, SAVEGREEN® provides energy efficiency solutions that meet the unique needs and budgets of residential and commercial customers — including low- and moderate income, multifamily, hospitals and municipalities.   Investments in SAVEGREEN® are incremental to our rate base and earn near-real time returns through a rider that is updated annually.   NJNG: Supportive Regulatory Construct  28  Stable Rate Case Results  Rate case results are stable  Current ROE of 9.60% with a common equity ratio of 54%  Full recovery of plant investments to date  Rate cases are settled (generally not litigated)  Resolution of cases has been timely  Rate Cases Completed in: 2016, 2019, 2021, and the most recent November 2024  Decoupled Rates for majority of customers  Volume risk due to weather or energy conservation mitigated through the Conservation Incentive Program (CIP). This decoupling mechanism allows NJNG to earn a fixed margin per customer1.  NJNG’s natural gas commodity price is a pass-through cost in the Basic Gas Supply Service (BGSS) program  Minimization of Regulatory Lag  Investments in customer growth and Infrastructure Investment Program (IIP) earn real-time recovery or accelerated recovery through annual mechanisms  Through the SAVEGREEN program, energy efficiency investments also have an annual cost recovery mechanism that accelerate recovery of investments and returns  Margin Sharing Incentives  Like other utilities, NJNG contracts for supply and transportation to meet customer needs  NJNG’s BPU-approved “BGSS Incentive Programs” allow temporary release of capacity or supply when not needed  NJNG shares margin generated with customers (85% for customers/15% for NJNG)  BGSS Incentive margin is not counted in NJNG’s ROE calculation for overearning   For residential and small commercial customers, which make the vast majority of NJNG’s customers.  

 CEV: Overview   Largest Solar Owner-Operator in New Jersey; Diverse and Innovative Commercial Solar Projects Throughout Six States  CEV owns and operates commercial solar projects in New Jersey, Rhode Island, New York, Connecticut, Indiana, and Michigan with approximately 449MW of installed capacity   ~$1 billion invested in the solar marketplace to date  ~77 commercial projects   in service  Lansing, MI  Orange County, NY  Mount Olive, NJ  East Hampton, CT  Howard, RI  Images shown are illustrative and represent a subset of CEV's broader portfolio  Kokomo, IN 

 CEV: SREC Hedging Strategy Stabilizes Revenue  Based on Energy Year1, as of June 30, 2025  Energy Years run from June 1 of the prior year to May 31 of the respective year; for example, Energy Year 2025 began on June 1, 2024 and ends on May 31, 2025.  Based on Fiscal Year, as of June 30, 2025  100%   Hedged Through   Fiscal Year 2025  91% Hedged Through Energy Year 2025  Percent Hedged  Average Price  Current Price (EY)  97%  $179  $181  70%  $166  $169  65%  $157  $155  32%  $146  $143  Percent Hedged  Average Price  Current Price (FY)  92%  $179  $177  85%  $166  $164  54%  $155  $103  32%  $146  $95  Represents CEV Commercial Solar Business  91%  $191  $206  100%  $195  $198 

 Storage and Transportation (S&T): Overview  Leaf River (storage), Steckman Ridge (storage), and Adelphia Gateway (transportation)  32.2 mmdth high deliverability salt cavern storage facility in southeastern Mississippi  Acquired October 2019  100% owner & operator  Serving Gulf Coast/Southeast the fastest growing natural gas market in North America with a growing reliance on regional supply imports  12.6 mmdth reservoir storage facility in southern PA  Placed in service April 2009  50% ownership interest  Serving the Northeast Region with a high dependence on storage and increasingly constrained pipeline capacity  0.9 mmdth/d interstate pipeline from NE PA to greater Philadelphia area  Acquired January 2020 / Placed in-service September 2022  100% owner & operator  Serving the Northeast region, where the current pipeline grid is constrained  Maximizing capabilities at existing assets as pipeline and storage constraints continue to highlight the benefit of storage and transportation assets 

 Energy Services (ES): Overview  Managing a Diversified Portfolio of Physical Natural Gas Transportation and Storage Assets to Serve Customers Across North America;  Fee-based Revenue through Asset Management Agreements   Asset Management Agreements  De-risking transaction for Energy Services business by securing 10 years of contracted cash payments with minimal counterparty credit risk  Long Option Strategy  Proven track record of success, leveraging natural gas market volatility to drive value  Minimal long-term capital commitments and significant cash generation during outperformance years has significantly reduced NJR equity needs  NJR expects to recognize approximately $19.7 million annually in revenues between FY 2025 - FY 2031;  recognized ratably across each quarter  ES has Reported Positive Financial Margin1 in Every Year Since Inception   Max: 2014 - $172.4M2  Min: 2020 - $9.9M  Over $1 billion ($1.6B) of financial margin over last 20 years  (average of ~$80 million per year)  A reconciliation of Financial Margin to Operating Income can be found in the Appendix  Fiscal 2022 - 2024 Financial Margin included revenue recognition from those Asset Management Agreements noted above, with fiscal 2024 Financial Margin totaling $185.7 million 

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

 Industry Leading Long-Term Growth Rate of 7-9%   Net Financial Earnings per Share  Highly Visible 7-9% NFEPS Growth with Potential for Additional Upside, No Block Equity Needs, "Utility-like" Earnings Contribution  7-9%  LONG-TERM ANNUAL GROWTH  NJNG  CEV  S&T  Energy  Services  Improved   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 + gain from sale of residential portfolio  Long-term Contracted Capacity  Organic Capacity Expansion Projects   Successful Recontracting Driven by Improving Storage Market  Short-term capacity optimization  Stable Cash Flows from AMA Fixed Payments  Normalized Contribution from "Long-Option" Strategy  (Does not consider potential positive impacts from significant weather events.)  Natural gas price volatility due to weather events  Guidance Range  $3.20 - $3.30  4%  DIVIDEND YIELD1  11 - 13%  Expected Shareholder Return1  Expected shareholder return includes projected NFEPS long-term growth rate of 7 – 9% in addition to an annualized dividend yield of 3.9%, based on dividend per share of $1.80 and closing share price of $45.76 on August 1, 2025. 

 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